TCRAP_Public/070705.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  

             Thursday, July 5, 2007, Vol. 10, No. 132

                            Headlines

A U S T R A L I A

ALLINGTON PTY: Names Anthony Robert Cant as Liquidator
ANROCCA PTY: Undergoes Voluntary Liquidation
AUSTRALIAN GOLD: Members to Receive Wind-Up Report on July 26
B J & L V: Members' Final Meeting Set for July 26
COLES GROUP: Moody's Continues Review of Ratings

COLES GROUP: Wesfarmer Takeover Bid Shaky Due to Shares Dipping
HAVIARIDIS CORPORATION: Members Resolve to Shut Down Business
INDEPENDENT FAN: To Declare Priority Dividend on August 6
N.S.K.S. NOMINEES: Members Agree on Voluntary Liquidation
QNI SUPERANNUATION: Placed Under Voluntary Liquidation

SEWELL ENTERPRISES: Appoints Warren Brian White as Liquidator
VACUUM CLEANER: Appoints B. J. Marchesi as Liquidator


C H I N A   &   H O N G  K O N G

ASHMORE ENERGY: Completes Calidda Acquisition from SUEZ Energy
BALLY TOTAL: Secures US$292 Million DIP & Exit Financing
BANK OF TAIWAN: Moody's Affirms D+ Financial Strength Rating
BEIHAI GOLF: Undergoes Voluntary Liquidation
BUBBLES AND FIZZ: Names Kwok Chi Sun, Vincent as Liquidator

CHINA CONSTRUCTION: In Final Talks with Ping An About Planned JV
CHINA GLASS: To Issue Five-Year US$100 Million Bonds
CHINA GLASS: S&P Assigns B+ to Credit and Bond Ratings
FAST SERVICES: Enters Voluntary Liquidation
FORTUNEX INVESTMENT: Names Wong Poh & Wong Tak as Liquidators

GLOBAL LINK: Sets Final General Meeting for July 31
HANESBRANDS INC: Advances Planned Cost-Reduction Strategy
INTEX INVESTMENT: Shareholders Resolve to Shut Down Business
STANDARD CHARTERED (TAIWAN): Fitch Keeps C/D Individual Rating
WORLD FAITH: Placed Under Voluntary Wind-Up


I N D I A

BRITISH AIRWAYS: Dresdner Kleinwort Holds Buy Rating on Shares
DECCAN AVIATION: Ties Up With Karnataka's Post Offices
IMAX: Moody's Junks Corp. Family Rating; May Further Cut Ratings
INDUSTRIAL DEV'T. BANK: Revises Rates on Deposit Schemes
JIK INDUSTRIES: Board Agrees to Allot Equity Shares and Bonds


I N D O N E S I A

ARPENI PRATAMA: Fitch Affirms 'BB-' Long-Term IDRs
CENTRAL PROTEINAPRIMA: Fitch Assigns Final 'B+' Rating to Notes
GARUDA INDONESIA: Meets Floating Rate Noteholders in Singapore
HANOVER COMPRESSOR: To Release 2Q 2007 Results on July 31
INDOSAT: Appoints Thales for New Satellite Construction

PERTAMINA: Wants to Import 500,000 Tons of LPG in 2008
PERUSAHAAN LISTRIK: Sets Coupons on Planned Bond Issues


J A P A N

ASHIKAGA BANK: Settles Mizuho Suit; To Get JPY262MM in Damages
HITACHI ZOSEN: R&I Lifts Issuer Rating to BB+ w/ Stable Outlook
JVC CORP: Closes 10 Offices in Japan to Focus on Overseas Sales
JVC CORP: James Packer Eyes Matsushita's Stake in Company
NIPPON SHEET: CSR Buys Australia and NZ Units for AU$690 Million


K O R E A

SHINHAN BANK: Buys 3 Million Shares in KT&G Group
SK CORP: To Ship Fuel Aid to North Korea
SK CORP: Fitch Says Ratings Will Apply to SK Energy
SK CORP: S&P Assigns 'BBB-' Long-Term Credit Rating to SK Energy


M A L A Y S I A

KUMPULAN BELTON: Hameetuh Khan Withdraws Wind-Up Petition
SETEGAP BHD: Obtains Approval to Extend Assets Disposal
SOLUTIA INC: Wants to Make US$5 Million Litigation Pact Payment
SOLUTIA INC: Wants Financial Balloting as Subscription Agent
THERMADYNE HOLDINGS: To Amend Sr. Credit & Second Lien Facility


N E W  Z E A L A N D

54 CUBA: Fixes July 13 as Last Day to File Claims
AXIOM ROLLE: Appoints Callum James Macdonald as Liquidator
B. & S. HARRISON: Requires Creditors to File Claims by July 5
CAMBRIDGE CENTRE: Receiving Proofs of Debt Until July 10
KEEBLE PROPERTIES: Commences Liquidation Proceedings

MOUNT TEXTURE: Taps Parsons and Kenealy as Liquidators
PRP WELLINGTON: Commences Liquidation Proceedings
RYTHM NEW ZEALAND: Creditors' Proofs of Debt Due Today
SIGNWAYS LTD: Names Levin and Jordan as Liquidators
WISE OWL: Names Parsons and Kenealy as Liquidators


P H I L I P P I N E S

BANGKO SENTRAL: Expects 2.2-2.9% Annual Inflation for June
BANGKO SENTRAL: Will Retain Interest Rates
EAST ASIA POWER: Board Approves Amendments of By-laws
IPVG CORP: PSE Lifts Suspension on Trading of Stocks
IPVG CORP: Board Approves 41.67-Million Share Issue to ING Bank

PAL HOLDINGS: Assumes PHP14 Billion-Debt in 5 Units to Trustmark
PHIL LONG DISTANCE: Sees Higher Income for 2007 Second Quarter
UNION BANK: Will Make Stockholder Dividend Payments on July 27
VULCAN IND'L: AB Capital to Act as Adviser for Rights Placement
* Trade Congress Asks Banks to Ease up on Layoffs Due to Mergers


S I N G A P O R E

AAR CORP: To Release 4th Qtr. & FY 2007 Results on July 11
DIGILAND INTERNATIONAL: Shareholder Increases Stake
FOODBEX GLOBAL: Court to Hear Wind-Up Petition on July 13
MTK CHEMICALS: Requires Creditors to Prove Claims by July 30
PILLAR CORPORATION: Filing Proofs of Debt Due by July 13


T H A I L A N D

TMB BANK: S&P Lowers Issuer Credit Rating From 'C' to 'D'
TOTAL ACCESS: CAT Asks NTC to Rule on Access Charges Dispute
TRUE MOVE: CAT Asks NTC to Rule on Access Charges Dispute

     - - - - - - - -

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

ALLINGTON PTY: Names Anthony Robert Cant as Liquidator
------------------------------------------------------
Anthony Robert Cant was appointed liquidator of Allington Pty
Ltd on June 15, 2007.

The company went into liquidation on that same day.

The Liquidator can be reached at:

         Anthony Robert Cant
         Romanis Cant, Chartered Accountants
         106 Hardware Street, Melbourne
         Australia

                      About Allington Pty

Allington Pty Ltd, which is also trading as North Haven Cellars,
operates liquor stores.  The company is located in South
Australia, Australia.


ANROCCA PTY: Undergoes Voluntary Liquidation
--------------------------------------------
On June 15, 2007, the members of Anrocca Pty Ltd had a meeting
and agreed to voluntarily liquidate the company's business.

Anthony Robert Cant of Romanis Cant was appointed as liquidator.

The Liquidator can be reached at:

         Anthony Robert Cant
         Romanis Cant, Chartered Accountants
         106 Hardware Street
         Melbourne
         Australia

                        About Anrocca Pty

Anrocca Pty Ltd provides business services.  The company is
located in Victoria, Australia.


AUSTRALIAN GOLD: Members to Receive Wind-Up Report on July 26
-------------------------------------------------------------
Australian Gold Council will hold the final meeting for its
members on July 26, 2007, at 11:00 a.m.

Richard J. Cauchi, the company's liquidator, will give at the
meeting a report about the company's wind-up proceedings and
property disposal.

The Liquidator can be reached at:

         Richard J. Cauchi
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone: 9639 4779
         Facsimile: 9639 4773

                      About Australian Gold

Australian Gold Council provides business services.  The company
is located in New South Wales, Australia.


B J & L V: Members' Final Meeting Set for July 26
-------------------------------------------------
B J & L V Green (Properties) Pty Ltd will hold a final meeting
for its members on July 26, 2007, at 11:00 a.m.

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

The company's liquidator is:

         Geoff Ridgeway
         Jenkins Peake
         Chartered Accountants
         PO Box 1570, Geelong 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                         About B J & L V

B J & L V Green (Properties) Pty Ltd is a distributor of lumber
and other building materials.  The company is located in
Victoria, Australia.


COLES GROUP: Moody's Continues Review of Ratings
------------------------------------------------
Moody's Investors Service has said that the ratings of Coles
Group Limited remain on review with direction uncertain.  This
follows the announcement that the Coles board has unanimously
recommended to shareholders that they accept the acquisition
offer put forward by Wesfarmers Limited (unrated) through a
scheme of arrangement.

"At this point in time, there are a number of material
uncertainties surrounding the acquisition, including the final
capital structure of the consolidated group and the position of
Coles existing debt holders within that structure," says Peter
Fullerton, a Moody's AVP/Analyst.

"Moody's further notes that the additional debt incurred as part
of the acquisition would materially weaken key leverage based
metrics when compared to the stand-alone profiles of both
Wesfarmers and Coles," says Fullerton.

"However, the consolidated group will benefit from a substantial
improvement in diversification of earnings streams, with
approximately 70% of EBIT expected to derive from retail-based
operations," says Fullerton.

Moody's also notes that a number of key retail formats within
the Coles group, primarily the core food and liquor segment and
Kmart, are performing below expectations, as evidenced by weak
like for like sales growth.  Rejuvenating these core segments
entails a material level of execution risk that will constrain
the group's overall credit profile.

"The review will focus on the consolidated group's resulting
financial profile, incorporating its final capital structure and
the status of Coles debt holders within the overall capital
structure.  Moody's will also focus on capital expenditure plans
and any consequent strategy to apply excess cash flows to reduce
debt over coming years," says Fullerton.

"In addition, it will consider the consolidated group's
operating profile, including substantial diversification of
operations, including various retail formats, coal and energy
production and insurance," says Fullerton.

The review will also further focus on the execution risk
associated with supply chain transformation, reinvigoration of
the group's core supermarkets and Kmart stores.  This includes
the risks associated with re-branding under performing formats.

Moody's notes certain protections exist for debt holders, such
as change of control provisions, restrictions on asset sales,
and certain financial covenants.

"Such a situation materially incentivises Wesfarmers to
refinance or negotiate with existing debt holders," says
Fullerton.

Coles Group, based in Melbourne, is one of Australia's largest
retailers.  Approximately 80% of its revenues are obtained from
its core supermarkets division, which encompasses the retailing
of food and groceries, liquor and fuel.  The company also
operates a number of other retail formats, including Kmart and
Target, which retail general merchandise and apparel, and
Officeworks.

Wesfarmers Limited, based in Perth, has a portfolio of
diversified businesses in Australia and New Zealand, including
interests in home improvement products and building supplies,
coal mining, gas processing and distribution, industrial and
safety product distribution, chemicals and fertilizers
manufacture and insurance.

                      About Coles Group

Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in  
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions.  During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores.  In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group.  The
Company operates in Australia, New Zealand and Asia.

Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.


COLES GROUP: Wesfarmer Takeover Bid Shaky Due to Shares Dipping
---------------------------------------------------------------
According to market analysts interviewed by ABC News, what is
considered to be Australia's biggest corporate takeover bid
might yet be derailed if shares for both Coles Group Limited and
Wesfarmers Limited continue to plunge.

Reportedly, as of July 3, 2007, 1:00 p.m. AEST, Coles' stock
price went down to AU$15.55, while Wesfarmers slumped more than
6%.

One analyst, Hans Kunnen, the research head at Colonial First
State Investments, expressed to ABC News that if the slide goes
much further, the parties could possibly abandon the deal and
"for either party to pullout."

Coles Group Limited, formerly known as Coles Myer Ltd. --
http://www.colesgroup.com.au/Home/-- operates predominantly in  
the retail industry and is comprised of five business segments:
Food, Liquor and Fuel, which includes retail of grocery, liquor
and fuel products; Kmart, which is engaged in the retail of
apparel and general merchandise; Officeworks, which retails
office supplies; Target, which retails apparel and general
merchandise, and Property and Unallocated, which is engaged in
the management of the Company's property portfolio and
unallocated or corporate functions.  During the fiscal year
ended July 30, 2006, Coles Group Limited opened seven new Kmart
stores.  In June 2006, Coles Group Limited completed the
acquisition of the Hedley Hotel Group. In December 2006, the
Company acquired Queensland-based Talbot Hotel Group.  The
Company operates in Australia, New Zealand and Asia.

Moody's Investor Service gave a 'Ba1' rating on the company's
preference stock.


HAVIARIDIS CORPORATION: Members Resolve to Shut Down Business
-------------------------------------------------------------
On June 13, 2007, the members of Haviaridis Corporation Pty Ltd
had a meeting and resolved to shut down the company's business.

Barry Keith Taylor was appointed as liquidator at the creditors'
meeting held later that day.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                  About Haviaridis Corporation

Haviaridis Corporation Pty Ltd, which is also trading as Ashwood
International, provides miscellaneous personal services.  The
company is located in Victoria, Australia.


INDEPENDENT FAN: To Declare Priority Dividend on August 6
---------------------------------------------------------
Independent Fan Supplies Pty Ltd, which is in liquidation, will
declare its first priority dividend on August 6, 2007.

Warren White, the company's liquidator, requires the priority
creditors to file their proofs of debt by July 18, 2007.

                     About Independent Fan

Independent Fan Supplies Pty Ltd is a distributor of industrial,
commercial fans and blowers.  The company is located in
Victoria, Australia.


N.S.K.S. NOMINEES: Members Agree on Voluntary Liquidation
---------------------------------------------------------
The members of N.S.K.S. Nominees Pty. Ltd. met on June 15, 2007,
and resolved to voluntarily liquidate the company's business.

Anthony Robert Cant was appointed as liquidator.

The Liquidator can be reached at:

         Anthony Robert Cant
         Romanis Cant, Chartered Accountants
         106 Hardware Street, Melbourne
         Australia

                    About N.S.K.S. Nominees

Located in Victoria, Australia, N.S.K.S. Nominees Pty Ltd is an
investor relation company.


QNI SUPERANNUATION: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on June 12, 2007, the
members of QNI Superannuation Nominees Pty Ltd resolved to
voluntarily liquidate the company's business and appointed John
Georgakis as liquidator.

The Liquidator can be reached at:

         John Georgakis
         Ernst & Young
         8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9288 8000

                    About QNI Superannuation

Located in Queensland, Australia, QNI Superannuation Nominees
Pty Ltd is an investor relation company.


SEWELL ENTERPRISES: Appoints Warren Brian White as Liquidator
-------------------------------------------------------------
At an extraordinary general meeting held on June 18, 2007, the
members of Sewell Enterprises Pty Ltd decided to voluntarily
wind up the company's operations and Warren Brian White was
appointed as liquidator.

The Liquidator can be reached at:

         Warren White
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                    About Sewell Enterprises

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


VACUUM CLEANER: Appoints B. J. Marchesi as Liquidator
-----------------------------------------------------
Vacuum Cleaner City (Aust) Pty Ltd was placed under creditors'
voluntary liquidation on June 14, 2007, and B.J. Marchesi was
appointed as liquidator.

The Liquidator can be reached at:

         B. J. Marchesi
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                      About Vacuum Cleaner

Vacuum Cleaner City (Australia) Pty Ltd operates household
appliance stores.  The company is located in Victoria,
Australia.


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

ASHMORE ENERGY: Completes Calidda Acquisition from SUEZ Energy
--------------------------------------------------------------
Ashmore Energy International, in partnership with Promigas, has
completed its acquisition of Calidda from SUEZ Energy
International.  Calidda is a natural gas distribution company
serving Lima and Callao in Peru.  AEI and Promigas hold 60% and
40% ownership positions in Calidda, respectively.
AEI owns 52.9% of Promigas.

The transaction, which was first announced in February 2007, has
received all of the necessary approvals, including that of
Peru's Minister of Energy and Mines.  AEI and Promigas also have
created Compania Peruana de Servicios Energeticos SA (Copeser)
to manage the operations of Calidda, to focus on the expansion
of services in the Lima and Callao service areas and to develop
other natural gas projects throughout Peru.

AEI and Promigas have developed a long-term business plan for
their operations in Peru.  The companies believe that their plan
will benefit a large portion of the Peruvian population and they
are confident that more people in the country will have access
to natural gas than before.

Calidda will pursue an aggressive strategy to sign up new
customers.  AEI and Promigas also hope to expand the coverage
area for the natural gas-powered vehicles market, so that the
vehicles become a competitive and viable transportation option
in Peru.  Meanwhile, Calidda will work to identify and implement
important energy solutions for its industrial clients and to
position itself as a responsible corporate citizen in Peru.

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com? owns and operates a portfolio of  
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

The company also has operations in China.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook is
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


BALLY TOTAL: Secures US$292 Million DIP & Exit Financing
--------------------------------------------------------
Bally Total Fitness Holding Corporation has entered into a
commitment letter with Morgan Stanley Senior Funding, Inc., as
sole lead arranger and sole bookrunner for US$292 million of
super-priority secured debtor-in-possession and senior secured
exit credit facilities.  Both facilities provide for a US$50
million revolving credit facility and a US$242 million term
loan.  The DIP facility will refinance the existing senior
secured credit facility and provide working capital during the
pendency of the contemplated Chapter 11 case.  Upon consummation
of a prepackaged plan of reorganization and satisfaction of
certain other conditions, the DIP facility will convert into a
senior secured exit facility, including a revolving credit
facility with a maturity of no more than five years and a term
loan with a maturity of no more than 6 years. The commitment
letter is subject to customary closing conditions for a DIP
financing.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is  
a commercial operator of fitness centers in the U.S., with over
375 facilities located in 26 states, Mexico, Canada, Korea,
China and the Caribbean under the Bally Total Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada (R) brands.  Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.

                       *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain
holders of over 80% in amount of its 9-7/8% Senior Subordinated
Notes due 2007.  The company plans to implement the proposed
restructuring through a pre-packaged Chapter 11 bankruptcy
filing of the parent company, Bally Total Fitness Holding
Corporation, and certain of its subsidiaries.


BANK OF TAIWAN: Moody's Affirms D+ Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service has affirmed Bank of Taiwan's ratings
of long- and short-term deposit ratings of Aa3 and Prime-1 as
well as its bank financial strength rating of D+, on its merger
with the Central Trust of China on July 1, 2007.  BOT is the
surviving entity and CTC the deceasing entity as a result of the
merger.

"The merger's overall impact on BOT's financials is not expected
to be significant, given BOT's sufficient capital base relative
to its peers," says Cherry Huang, a Moody's VP/Senior Analyst,
adding, "CTC's outstanding loans and deposits comprised 15% and
8% of those of BOT.  As such, BOT believes CTC's integration
will be manageable given the latter's relatively small size and
the former's experience in merging credit cooperatives."

CTC was a relatively small bank with around 1.30%/0.84% of
Taiwan's loans/deposits markets respectively. Originally
established in accordance with the Statute of the Central Trust
of China, CTC had carried out various policy functions.  It
engaged mainly in banking, insurance (for both public and
private sectors), procurement (mostly for government agencies),
trade, and trustee banking.

"The acquisition of CTC will grow BOT's branch network from 155
to 177 and diversify its business mix into insurance and trustee
banking.  BOT's objective is to reinforce its wealth management
franchise through this expanded network.  However, the combined
bank with its much broader customer base will require a more
proactive sales force and a strengthening of its product offer,"
says Huang.

BOT is headquartered in Taipei, Taiwan, with reported assets of
NT$2,703 billion (approximately US$81.8 billion) as of end-2006.
Established in 1899 and reorganized in 1946, BOT is wholly owned
by the central government of Taiwan, and performed central
banking functions until the reactivation of the Central Bank of
China (CBC) in 1961. Currently, BOT still performs a supportive
role for the central bank in addition to its commercial banking
activities, acting as the clearing and treasury bank for the
central government.


BEIHAI GOLF: Undergoes Voluntary Liquidation
--------------------------------------------
The shareholders of Beihai Golf Club (HK) Company Limited met on
June 22, 2007, and decided to voluntarily liquidate the
company's business.

The company's liquidator is:

         Pang Siu Chik, Alick
         China Merchants Building
         152-155 Connaught Road, Central
         Hong Kong


BUBBLES AND FIZZ: Names Kwok Chi Sun, Vincent as Liquidator
-----------------------------------------------------------
On June 15, 2007, the members of Bubbles and Fizz Limited passed
a resolution appointing Kwok Chi Sun, Vincent as the company's
liquidator.

Creditors are required to file their proofs of debt by July 16,
2007, to be included in the company's dividend distribution.

The Liquidator can be reached at:

         Kwok Chi Sun, Vincent
         Vincent Kwok & Co.
         Certified Public Accountants
         Suite 1703, 17th Floor
         88 Hing Fat Street, Causeway Bay
         Hong Kong


CHINA CONSTRUCTION: In Final Talks with Ping An About Planned JV
----------------------------------------------------------------
China Construction Bank is in final negotiations with Ping An
Insurance on an insurance venture where the bank will take the
majority stake, The Standard reports, citing China Securities
Journal.

According to the Securities Journal, the lender would hold a 51%
stake in the venture.

The venture, analysts told The Standard, is seen as favorable to
CCB, but analysts believe benefits are mostly longer term.  "The
major benefits are allowing Ping An to enlarge its bancassurance
channels and secure a greater distribution network through CCB,"
said Bear Stearns analyst Francis Chan.

"Although this investment can help CCB diversify its financial
services, short-term benefits are not so apparent," adds UOB-Kay
Hian's Joe Wong.

Sharon Ng of The Standard recounts that the two companies had
already forged a cooperation agreement last year where Ping An
and CCB's Shenzhen branch jointly introduced an insurance and
wealth management module, which then-CCB chairman Chang Zhenming
referred to as "a small step" in efforts to cultivate a "higher
level of cooperation."


The China Construction Bank -- http://www.ccb.cn/-- is one of  
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D'
individual rating.

On May 4, 2007, Moody's Rating Agencies rates Construction Bank
Corporation's Bank Financial Strength Rating at D-.  The outlook
for BFSR is stable.


CHINA GLASS: To Issue Five-Year US$100 Million Bonds
----------------------------------------------------
China Glass Holdings Ltd. will sell five-year US$100-million
denominated bonds at a yield of around mid to high 9%, a source
close to the deal told Reuters.

The fund raised, according to the news agency's, source, will be
used for refinancing and for general corporate purposes.  

Standard Chartered is the lead manager and sole bookrunner of
the issue which is likely to be priced today, Reuters adds.

This issue, the news agency relates, is being closely watched by
investors after volatile markets last week forced Kia Motors
Corp. and Malaysia's MISC Bhd to delay their bond issues.

Moody's Investors Service has rated the issue B1 while Standard
& Poor's Ratings Services has assigned it a B-plus rating.

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

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

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


CHINA GLASS: S&P Assigns B+ to Credit and Bond Ratings
------------------------------------------------------
Standard & Poor's Ratings Services had assigned its B+ longterm
corporate credit rating to China Glass Holdings Ltd.  The
outlook is positive.  At the same time, Standard & Poor's
assigned its B+ issue rating to the company's proposed senior
unsecured notes due 2012.  The size of the bond will be
finalized upon completion of the transaction.

The proceeds will be primarily used to refinance short-term bank
loans and extend the company's debt maturity profile.  The issue
rating is subject to our review of the final transaction
documents.

"Our ratings reflect the cyclical and volatile nature of the
global flat glass industry, a fragmented and competitive
domestic environment, and the company's aggressive expansion
strategy and product concentration," said Standard & Poor's
credit analyst Shawn Liu.

These factors are tempered by:

    -- strong construction demand in China;

    -- the company's diverse customer base;

    -- experienced management team; and

    -- planning, technology, and financial management support
       from strategic and financial investors, including Hony
       International Ltd., Pilkington PLC, and International
       Finance Corp.

China Glass' operating results are improving, but remain weak.  
The company operates in the Chinese flat glass industry, which
is cyclical, volatile, and fragmented; the industry also faces
margin compression due to over-capacity.  China Glass' sales
increased to CNY573.0 million in 2006 from CNY386.0 million in
2005.  However, EBITDA declined to CNY46.0 million from CNY52.0
million and net income declined to CNY5.6 million from CNY16.0
million over the same period, due to higher fuel and raw
material costs.  Standard & Poor's expects China Glass' adjusted
EBITDA interest coverage to improve to 8.0x (from 2.8x in 2006)
and its adjusted ratio of total debt to capital to decrease to
about 35% (from 46% in 2006) over the medium term, as the
domestic industry cycle picks up.

China Glass concentrates on commodity flat glass products in the
construction sector, and starting to add more high-valued flat
glass, such as low-e and solar glass.  The company has no
exposure to auto glass or flat panel display glass.  We expect
investment in China's real-estate construction to continue to
grow at 15%-20% a year, as shown in the past decade.  This would
create sustainable demand for China's flat glass industry.

China Glass's liquidity is adequate.  As of Dec. 31, 2006, the
company had CNY67.3 million in cash and cash equivalents.


FAST SERVICES: Enters Voluntary Liquidation
-------------------------------------------
On June 15, 2007, the shareholders of Fast Services (HK) Limited
had a meeting and agreed to voluntarily liquidate the company's
business.

The company's liquidators are:

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


FORTUNEX INVESTMENT: Names Wong Poh & Wong Tak as Liquidators
-------------------------------------------------------------
Wong Poh Weng and Wong Tak Man, Stephen were appointed as
liquidators of Fortunex Investment Limited on June 22, 2007.

The Liquidators can be reached at:

         Wong Poh Weng
         Wong Tak Man, Stephen
         Allied Kajima Building, 7th Floor
         138 Gloucester Road
         Hong Kong


GLOBAL LINK: Sets Final General Meeting for July 31
---------------------------------------------------
Global Link Textile Trading Limited will hold a final general
meeting on July 31, 2007, at 10:00 a.m., on the 21st Floor of
Fee Tat Commercial Centre at No. 0613 Nathan Road in Kowloon,
Hong Kong.

Yu Lai Fong, the company's liquidator, will give at the meeting
a report about the company's wind-up proceedings and property
disposal.


HANESBRANDS INC: Advances Planned Cost-Reduction Strategy
---------------------------------------------------------
Hanesbrands Inc. continued progress in executing its
consolidation and globalization cost-reduction strategy.

The latest company streamlining, including consolidation through
nine plant closures in four countries and a worldwide reduction
of management and administrative jobs, is part of a multiyear
effort the company began when it was spun off as an independent
company in September 2006.

Hanesbrands expects to take restructuring and related charges of
approximately US$3 million for the closures, including
severance, lease exit costs and accelerated depreciation of
fixed assets.  "We are making significant progress in
consolidating our organization and executing our global supply
chain strategy," Hanesbrands Chief Executive Officer Richard A.
Noll said.  "This streamlining is part of our larger cost-
reduction and process-standardization strategies to increase
competitiveness and become a more effective organization.
Taking these actions will better position us to achieve our
long-term growth goals and financial objectives and help us in
our efforts to offset independent company costs and selected
investments we are making in our business."

Hanesbrands has long-term annual growth goals of 1% to 3% for
sales, 6% to 8% for operating profit excluding actions and
double-digit gains for earnings per share excluding actions.  
The foundation for achieving these long-term growth goals is
baseline performance in 2007.

Most of the cost-saving actions are expected to be completed by
the end of the year.  Approximately 5,300 employees will be
affected, while the company has added or will add approximately
3,000 positions at other company manufacturing plants to absorb
shifted production.

The company will close plants and operations affecting nearly
5,000 employees in Canada, the Dominican Republic, Mexico, and
the United States and Puerto Rico, while moving production to
lower-cost operations in Central America and Asia.  In addition,
approximately 350 management and administrative positions will
be eliminated, with the majority of these positions based in the
United States.

"These efforts are a competitive necessity to strengthen our
overall company and its growth opportunities, but we regret that
employees will be affected by losing jobs," Mr. Noll said.  "We
have an outstanding workforce that exhibits continued commitment
and professionalism even when receiving difficult news. We will
work diligently to assist in their transition."

Hanesbrands expects to incur restructuring and related charges
for these actions, including severance costs and accelerated
depreciation of fixed assets, totaling approximately US$42
million, primarily in the second quarter of fiscal 2007 with the
majority of the remainder in the second half of fiscal 2007.  
Approximately US$12 million of the charges will be noncash.
These charges, plus restructuring charges of US$74 million,
represent nearly half of the approximately US$250 million in
restructuring charges the company expects to incur in the three
years following its spinoff.

Hanesbrands will continue to execute its global supply chain
strategy of moving production and operations to lower-cost
countries, operating fewer and bigger facilities and aligning
production flow for maximum flexibility.  In the long-term, the
company expects to balance its supply chain between the Western
Hemisphere and Asia

The moves will help the company concentrate bra sewing and
manufacturing to lower-cost operations in Central America and
Asia, will further efforts to create a lower-cost sewing network
for knit products in Central America, and will help consolidate
the supply chain that was supporting retail sales in Canada and
Mexico with our overall supply chain.

"In addition to improving cost competitiveness, these moves will
improve the alignment of our sewing operations with the flow of
textiles and will leverage the company's large scale in high-
volume products," Gerald Evans, Hanesbrands executive vice
president and chief global supply chain officer, said.  "This
realignment will also better position us for expansion of our
Asian supply chain.  In November, we acquired a sewing facility
in Thailand, our first self-owned Asian production facility."

                     Actions by Country

In Canada the company's intimate apparel fabric cutting plant in
Montreal will cease production, affecting approximately 50
employees.  Production will shift to Asia.

In the Dominican Republic, the company will cease production at
sewing plants in Santo Domingo and Santiago, shifting production
to company sewing plants in Central America and Thailand.  The
plant closures will affect approximately 2,500 employees.

In Mexico, production will cease at sewing or fabric cutting
plants for knit products and intimate apparel in Cadereyta de
Montes, Madero, Merida and Nueva Rosita, affecting 2,200
employees.  Production will shift to Central America and
elsewhere in Mexico.

In Puerto Rico, the company will close its innerwear fabric
cutting plant in Vega Baja, employing approximately 150.  
Production will move to company cutting plants in Central
America and Thailand.

In the United States, intimate apparel fabric lamination and
sewing in Statesville, North Carolina, with 70 employees, will
cease operations and shift to Central America.

Of the approximately 350 management and administrative positions
that will be eliminated worldwide, approximately 90% are in the
United States.

                     About Hanesbrands

Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets  
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.  
Hanesbrands has approximately 50,000 employees in 24 countries,
Including Dominican Republic, Mexico, Puerto Rico, India and
China.

                       *     *     *

Standard & Poor's Ratings Services affirmed Hanesbrands Inc.'s
B+ corporate family rating on December 2006.


INTEX INVESTMENT: Shareholders Resolve to Shut Down Business
------------------------------------------------------------
At a meeting on June 22, 2007, the shareholders of Intex
Investment Limited passed a resolution to shut down the
company's business.

Pang Sui Chik, Alick was appointed as liquidator.

The Liquidator can be reached at:

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


STANDARD CHARTERED (TAIWAN): Fitch Keeps C/D Individual Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Standard Chartered
Bank (Taiwan) Limited - a consolidated entity renamed as such
after Standard Chartered Bank acquired Hsinchu International
Bank in late 2006 and merged the latter with its three local
branches at end-June 2007.  

The ratings of SCBT are affirmed as:

    -- Long-term Foreign Currency Issuer Default Rating at A
       with Stable Outlook
    
    -- Short-term Foreign Currency IDR at F1

    -- National Long-term Rating at AA+(twn) with Stable Outlook

    -- National Short-term Rating at F1+(twn),

    -- Individual Rating at C/D and

    -- Support Rating at 1.

SCBT's ratings are underpinned by the strong support expected
from its parent, SCB.  Following the acquisition, SCB injected
USD300 million of capital into SCBT and boosted its capital
adequacy ratio by about 2 percentage points to above 11% at end-
June 2007 against HIB's capital adequacy ratio at end-2006.  The
merged bank had total assets of TWD564 billion (a market share
of 2%) on a pro forma basis at end-March 2007, as well as 85
branches spread out across Taiwan.  As of end 2006, the
consolidation made SCBT the fifth largest entity in the SCB
Group by income, representing over 6% of SCB's consolidated risk
weighted assets.  Fitch will continue to closely monitor the
bank's post-merger development and performance.


WORLD FAITH: Placed Under Voluntary Wind-Up
-------------------------------------------
At an extraordinary general meeting held on June 15, 2007, the
members of World Faith Trading Limited agreed to voluntarily
wind up the company's operations and appointed Yuen Shu Tong was
appointed as liquidator.

The Liquidator can be reached at:

         Yuen Shu Tong
         Malaysia Building, Unit 301, 3rd Floor
         50 Gloucester Road, Wanchai
         Hong Kong


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

BRITISH AIRWAYS: Dresdner Kleinwort Holds Buy Rating on Shares
--------------------------------------------------------------
Dresdner Kleinwort analyst Andrew Evans has kept his "buy"
rating on British Airways Plc's shares, Newratings.com reports.

According to Newratings.com, the target price for British
Airways' shares was set at 600 pounds.

Mr. Evans said in a research note that the stocks of the firms
in the airline sector might be under pressure on July 2 due to
recent security threats.

However, "British Airways' fundamentals continue to be robust,
excluding any significant security incident," Mr. Evans told
Newratings.com.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                       *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways Plc

                                                     Projected
                          Old      New      LGD      Loss-iven
  Debt Issue              Rating   Rating   Rating   Default
  ----------              -------  -------  ------   ----------
  GBP100-million 10.875%
  Sr. Unsec. Regular
  Bond/Debenture
  Due 2008                Ba2      Ba2      LGD5     84%

  GBP250-million 7.25%
  Sr. Unsec. Regular
  Bond/Debenture
  Due 2016                Ba2      Ba2      LGD5     84%


DECCAN AVIATION: Ties Up With Karnataka's Post Offices
------------------------------------------------------
Deccan Aviation Limited signed an agreement with India Post for
the sale of Air Deccan tickets at post offices in Karnataka.
Under the pact, Air Deccan tickets can be purchased across the
500 post offices in the state.

"If this pilot project became successful, it would be extended
to other postal circles in the country, and air tickets could be
purchased at 7,000-odd post offices," Konkaniworld.com quotes
Meera Datta, chief postmaster-general as saying.

Konkaniworld also cited Deccan Aviation's Executive Chairman,
G.R. Gopinath as saying, "The Postal Department's vast network
is an easy way to reach the 'real consumers' who are in rural
and semi-urban areas.  The new arrangement, aimed at creating a
shift in the traveling pattern of consumers in 'the other
India', is bound to trigger an explosion in air travel, if not
today, tomorrow."

The tie-up is one the various innovative distribution channels
that the airline operates for dispensing tickets, like petrol
pumps, retail outlets, online kiosks and web outlets,
Indiantelevision.com says.  

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

The Troubled Company Reporter - Asia Pacific reported on
June 29, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


IMAX: Moody's Junks Corp. Family Rating; May Further Cut Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of IMAX Corporation to Caa1 from B3 and downgraded the rating on
its senior unsecured bonds to Caa2 from Caa1.  Moody's also
downgraded the probability of default rating to Caa1 from B3.
Ratings remain under review for further downgrade.

IMAX announced on June 29 that it would not file its financial
statements by June 30 and would not seek additional waivers for
the financial reporting covenant of its bonds.  Moody's believes
the prolonged delay intensifies the risk that bondholders will
accelerate the obligation.  The downgrade also reflects
increased concern over the negative impact of rising fees and
management distraction as the delay in filing of the financial
statements lengthens.

IMAX Corporation

-- Corporate Family Rating, Downgraded to Caa1 from B3

-- Probability of Default Rating, Downgraded to Caa1 from B3

-- Senior Unsecured Bonds, Downgraded to Caa2, LGD4, 60% from
    Caa1

Moody's expects to conclude its review upon receipt and analysis
of updated financial statements for IMAX.

IMAX had previously received waivers from bondholders which
extended its deadline for filing financial statements to
June 30.  July 2 represents the first day that bondholders could
send notice of default, which would then trigger a 30 day cure
period during which IMAX could file its financial statements and
avoid acceleration of the obligation.  Bank lenders have granted
an additional waiver for IMAX to deliver its audited financial
statements by July 31.

Moody's placed IMAX ratings under review on March 30 following
its announcement on March 29 that it would further delay filing
of its Form 10-K for fiscal 2006, resulting in a default under
the financial reporting covenant within the indentures of its
senior notes.

If IMAX remains unable to file its 10-K beyond Sept. 30, 2007,
Moody's could withdraw IMAX ratings due to the lack of
sufficient information to assess possible significant changes in
the company's credit profile.  Moody's could then reinstate
ratings upon provision of financial statements.

Headquartered jointly in New York City and Toronto, Canada, IMAX
Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one of  
the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully-integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.


INDUSTRIAL DEV'T. BANK: Revises Rates on Deposit Schemes
--------------------------------------------------------
Industrial Development Bank of India Limited has revised the
interest rates on non-resident external deposit schemes --
foreign currency non-resident (B) deposits and NRE Rupee term
deposits  -- with effect from July 1, 2007.

The interest rates on FCNR (B) deposits denominated in US$,
stand revised as follows:

   -- 4.68% for deposits in the "one year to less than two
      years" and "two years to less than three years" maturity
      bucket; and

   -- 4.71% for "three years to less than four years".

Similarly, the NRE Rupee deposit rates have also been revised to
5.43% for "one year to less than two years" and "two years to
less than three years", and 5.46% for three years.

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+'.


JIK INDUSTRIES: Board Agrees to Allot Equity Shares and Bonds
-------------------------------------------------------------
JIK Industries Ltd's board of directors has decided to allot:

   -- 20,00,000 equity shares of INR10 each at a premium of
      INR3.80 per share to Stressed Assets Stabilization Fund;

   -- 14,85,507 equity shares of INR10 each at a premium of
      INR3.80 per share to Life Insurance Corporation of India;

   -- 4,65,000 equity shares of INR10 each at a premium of
      INR3.80 per share to five investors on private placement
      basis; and

   -- 32,27,623 number of fully convertible bonds of face value
      of INR69 per bond, on private placement basis, to two
      investors to be compulsorily converted into five equity
      shares, in one or more tranches, at any time within the
      period of 18 months from the date of allotment.

The board made the move at its meeting on July 2, 2007.

Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade
non-lead crystalware segment and is the only organized player in
the country.  JIK's products also include crystal glassware such
as, glass tumblers, bowls, stemware, showpieces, and vases,
manufactured at Balkum, Thane, Maharashtra.  The company
collapsed following accidents at its chemical waste recycling
plant and at its crystal-making unit.  The company, which had
diversified interests -- crystal making, money changing and
chemical waste recycling -- was forced to exit the money
changing business after its net worth was eroded, and pursuant
to the Reserve Bank of India stipulations.

On April 17, 2006, the CDR Committee approved JIK's debt-
restructuring package.  The CDR package entitled the company to
a INR105-million debt waiver, in addition to the reduction in
loan interest rate to 9%.  The package allowed the company to
complete the major part of its debt and business restructuring.
So far, the company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the company will
remove and reduce approximately 48% of outstanding debt and
increase share capital and network.


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

ARPENI PRATAMA: Fitch Affirms 'BB-' Long-Term IDRs
--------------------------------------------------
Fitch Ratings has affirmed the 'BB-'Long-term Foreign and Local
Currency Issuer Default Ratings, and the 'A+(idn)' National
Long-term Rating of PT Arpeni Pratama Ocean Line Tbk.  The
Outlook for the ratings remains Stable.  At the same time, Fitch
has affirmed the 'BB-'rating on Arpeni's US$160 million senior
notes due 2013.

Arpeni's ratings reflect its long-term contract oriented
business model, which provides earnings visibility and insulates
the company from volatile shipping cycles.  The ratings also
take into account the company's strong and established position
within Indonesia's domestic coal transportation market.  In
2006, about 75% of Arpeni's revenue flowed out of long-term
contracts of affreightment and time charters.  Given its focus
on intra-Indonesian seaborne transportation, many of Arpeni's
long-term contracts have minimal linkage to the international
freight rates.  In addition, its contracts typically contain
bunker adjustment clauses that enable Arpeni to pass-on fuel
price increases to its customers.  The company is among the key
beneficiaries of the application of Cabotage law in Indonesia,
which makes it mandatory for all domestic shipping to be carried
out by Indonesian flagged vessels.  Notwithstanding the possible
rise in competition in the future, Fitch believes Arpeni will be
able to further consolidate its position in the domestic coal
transportation business with the envisaged increase in
Indonesia's coal consumption for power generation purposes,
supported by Cabotage and the company's position as the only
end-to-end solution provider for the domestic transportation of
coal.

Arpeni's revised fleet expansion plan is more aggressive
compared to its plan when it issued the US$160m notes in 2006.
As a result, the company's leverage, as measured by net adjusted
debt/EBITDAR, will likely remain close to 3.0x over the next
three years.  However, the agency expects this level of leverage
to be appropriate for the current ratings, given that the
company is relatively insulated from shipping cycles.

The company's customer concentration is high with its top ten
customers accounting for around 60% of its revenues.  However,
Fitch notes that this list is somewhat dynamic and in the past,
extension of contracts has not proven to be difficult.  Also of
concern is the key person risk at Arpeni.  Although the company
has a strong operational team, its strategies are driven almost
entirely by Mr. Oentoro Surya, Arpeni's founder and President
Director.  He is also instrumental in managing the key
relationships with regulators and customers. Fitch notes that a
succession plan has not been put in place.

The Stable Outlook reflects Fitch's expectation that Arpeni's
business model will continue to be driven by long-term contracts
and Arpeni will maintain credit metrics appropriate for the
current ratings despite the more aggressive capital expenditure
programme.  A change in business mix away from the stable long-
term contracts and/or an increase of leverage with net adjusted
debt/EBITDAR sustained over 3.5x may trigger a negative rating
action.  Fitch does not envisage any positive rating action on
Arpeni's ratings over the next 18 to 24 months.

Arpeni is Indonesia's second largest shipping company with a
revenue of IDR1,354 billion and a net income of IDR194 billion
(US$19.7m) in 2006.  Arpeni is held 51.71% by its founder Mr.
Surya and his family members, and 48.29% by the public.  
Arpeni's core business is dry bulk transportation but it also
derives revenue from liquid carriers, general cargo and shipping
services.  Dry bulk, which has a primarily domestic focus,
contributed 68% of the company's revenue and 65% of EBITDA in
2006.

                      About Arpeni Pratama

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is  
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.


CENTRAL PROTEINAPRIMA: Fitch Assigns Final 'B+' Rating to Notes
----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B+' and a final
recovery rating of 'RR4' to the US$325 million senior notes due
2012 issued by Blue Ocean Resources Pte. Ltd. and guaranteed by
PT Central Proteinaprima Tbk (CPP, rated 'B+'/Stable).

The final rating action follows the completion of the notes
issue and receipt of documents conforming to information
previously received.  The final ratings are the same as the
expected ratings assigned on 12 June 2007.

                   About Central Proteinaprima

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.


GARUDA INDONESIA: Meets Floating Rate Noteholders in Singapore
--------------------------------------------------------------
PT Garuda Indonesia held a meeting with holders of its Floating
Rate Notes in Singapore.  At the Singapore meeting, Garuda
updated noteholders on selected financial and operating results
and detailed general principles for the restructuring of its
debt.

Garuda also confirmed to noteholders that its current situation
requires the continuation of a standstill on the repayment of
principal on Garuda's unsecured financial indebtedness, although
payment of contractual interest requirements will continue to be
made.  Garuda further confirmed that this standstill had been
extended to the payment of  amounts  in  respect of  principal  
with respect to  six A330 lease financings and that such  
payments were not being made this month.  Garuda continues to
pay operating lessors in full.

As Garuda had described previously, it has proposed a
restructuring framework that divides its debt into two tranches
with one tranche being restructured with a commercial repayment
profile and the other tranche being bought back at a discount
through an auction mechanism or restructured with an extended  
maturity.  Garuda plans to submit a detailed restructuring
proposal to its creditors after a revised business plan is
completed in July.

Emirsyah Satar, President & CEO of Garuda Indonesia, said that
"Garuda has already received commitments for significant
Government support that form the framework for a restructuring.
The Government hopes that Garuda can complete its restructuring
in a timely fashion and that the airline can be revitalized."

In 2006, the Government of Indonesia approved the conversion
into equity of Garuda debt of approximately US$36 million due to
PT (Persero) Angkasa Pura I and PT (Persero) Angkasa Pura II.   
In addition, the Indonesian government and parliament approved
plans to inject new capital into Garuda of approximately IDR1
trillion, of, which IDR500 billion has been contributed.   These
funds are retained in a segregated account pending a successful
debt restructuring.  Mr. Satar said, "the debt conversion and
financial support already agreed by the Government represents
approximately US$145 million to be provided to Garuda."

In addition to the US$145 million in support, the Indonesian   
Government has decided to extend the conversion period for  
convertible bonds of IDR168,409,087,446.40 and US$80,000,000  
that Garuda issued to PT (Persero)Bank Mandiri Tbk by a period  
of two years to November 2008.  Garuda had sought to have this
debt converted into equity in 2006.  Garuda is also in
discussions with certain other Indonesian state-owned
enterprises with respect to government support for amounts
payable for to such SOEs.

Garuda also informed the noteholders that the Government has
suspended its search for a strategic partner for Garuda pending
the successful completion of a debt restructuring.

Mr. Satar said that "It is extremely positive that we are
engaged in frank and open talks with our financial creditors.
Completing a restructuring is not easy, but meetings like we had
with our floating rate noteholders and their financial advisors
are a first step forward."
  
Finally, Mr. Satar extends his appreciation to the customers,
creditors, and all the stakeholders who have supported Garuda
during such challenging times, and looks forward to
strengthening a working relationship in the future.

                     About Garuda Indonesia

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

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

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

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


HANOVER COMPRESSOR: To Release 2Q 2007 Results on July 31
---------------------------------------------------------
Hanover Compressor Company disclosed the following schedule and
teleconference information for its second quarter 2007 earnings
release:

    --  Earnings Release: Tuesday, July 31, 2007, before market
        open by public distribution through Business Wire and
        the Hanover Web site at http://www.hanover-co.com/

    --  Teleconference: Tuesday, July 31, 2007, at 11 a.m. EDT
        hosted by Stephen York, Vice President, Investor
        Relations and Technology.  Speakers will be John E.
        Jackson, President and CEO, and Lee E. Beckelman, Senior
        Vice President and CFO.  To access the call, United
        States and Canadian participants should dial 800-811-
        8824.  International participants should dial 913-981-
        4903 at least 10 minutes before the scheduled start   
        time.  Please reference Hanover conference call number
        4801055.

    --  Live Webcast: The Webcast will be available in listen-
        only mode via the Company's Web site:
        http://www.hanover-co.com/

    --  Webcast Replay: For those unable to participate, a
        replay will be available from 1:30 p.m. EDT on Tuesday,
        July 31, until 1:30 p.m. EDT Tuesday, August 7, 2007.
        To listen to the replay, please dial 888-203-1112 in the
        U.S. and Canada, or 719-457-0820 internationally and
        enter access code 4801055.

                About Hanover Compressor Company

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service   
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.  

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co.
and its related entity Hanover Compression L.P. on CreditWatch
with positive implications.


INDOSAT: Appoints Thales for New Satellite Construction
-------------------------------------------------------
PT Indosat Tbk had appointed French firm Thales Alenia Space
France to help in the construction and launch of its new
satellite, Reuters reports.

According to the report, the new satellite, called Palapa-D,
will cost between US$200 million and US$300 million, and will
replace Palapa-C2 which will come to the end of its service life
in 2011.

Indosat President Johnny Swandi Sjam said the satellite will be
provided to TV broadcasters, VSAT providers and other corporate
customers.  It will also be a backbone to support other Indosat
services, such as cellular, fixed voice telecommunications and
fixed data services, Thomson Financial relates.

Thomson Financial notes that that the new satellite will have a
larger capacity than its predecessor, with its coverage
extending to Indonesia, other Asian countries, the Middle East
and Australia.

Thales Alenia Space is 67 percent-owned by France's Thales and
33 percent by Finmeccanica of Italy, Reuters 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
June 19, 2007, that Moody's Investors Service affirmed PT
Indosat Tbk's Ba1 local currency issuer rating and has also
changed the outlook to stable.  

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.


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.


PERTAMINA: Wants to Import 500,000 Tons of LPG in 2008
------------------------------------------------------
PT Pertamina (Persero) wants to import 500,000 tonnes of
liquefied petroleum gas next year to meet domestic demand,
Reuters reports.

According to the report, Indonesia plans to gradually replace
kerosene consumed by households with LPG from this year to
reduce the country's high cost of subsidized fuel.

The report relates that Hanung Budya, Pertamina's deputy
director, said that they are talking with Qatar, Itochu, BP, and
ConocoPhillips to import LPG for delivery in 2008.  He expects
Pertamina to import around 100,000 tonnes this year.

The report notes that director general of oil and gas in the
energy ministry, Luluk Sumiarso, said that kerosene consumption
was forecast to fall to 8.6 million kl in 2008 from 9.9 million
kl in 2007.

Pertamina, as part of a pilot project, started supplying small
amounts of LPG to some households in Jakarta.  The move will
also be expanded to other parts of Java Island, Reuters says.

The report adds that Mr. Budya said domestic LPG output is
expected to increase to 1.4 million tonnes next year from an
estimated 1.2 million this year.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a    
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, the rest is supplied by
imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


PERUSAHAAN LISTRIK: Sets Coupons on Planned Bond Issues
-------------------------------------------------------
PT Perusahaan Listrik Negara has set coupons on its planned 10-
year and 15-year bond issues, totaling IDR3 trillion, at 10.4%
and 10.9% per annum respectively, Thomson Financial reports.

According to the report, the proceeds will fund the company's
operational spending, including fuel purchases.

The company's offer will comprise of 10-year conventional bonds,
10-year sharia bonds, and 15-year conventional bonds worth
IDR1.5 tillion, IDR300 billion, and IDR1.2 trillion
respectively.   The bonds are scheduled to be offered from
July 4 to 6, the report relates.

The report adds that the company has appointed PT Danareksa
Sekuritas, PT Bahana Securities, PT Mandiri Securities and PT
Trimegah Securities as underwriters.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity    
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

PLN posted a IDR4.92-trillion net loss in 2005, against a net
loss of IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on
June 19, 2007, that Moody's Investors Service assigned a B1
senior unsecured rating to PT Perusahaan Listrik Negara's
proposed U.S. dollar bond issuance.

At the same time, Moody's has affirmed PLN's B1 corporate family
rating and A1.id national scale rating.  The outlook for all the
ratings is positive, which is in line with the sovereign's
positive outlook.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. ollar enior unsecured notes issued by PLN's wholly
owned subsidiary, Majapahit Holding B.V.


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

ASHIKAGA BANK: Settles Mizuho Suit; To Get JPY262MM in Damages
--------------------------------------------------------------
Ashikaga Bank, Ltd., agreed to settle the accounting lawsuit
against Misuzu Audit Corp., where Ashikaga sought around
JPY1.1 billion in damages over a bungled financial statement for
fiscal 2000, Kyodo News relates, citing a lawyer for the bank.

The agreement, reached at the Utsunomiya District Court in
Tochigi Prefecture, provides that Misuzu pay the regional lender
JPY250 million.  This amount is on top of the JPY12 million that
four of the bank's former auditing officers will have to pay,
relates Kyodo News.

Reportedly, Ashikaga, who said that the settlement was
"tantamount to a victory", filed the lawsuit in September 2005
against Misuzu's predecessor, ChuoAoyama PricewaterhouseCoopers,
and the four auditing officers, accusing them of permitting the
bank to book more deferred tax assets and less loan-loss
reserves than it should have for the year ended March 2001 to
enable it to pay dividends and, as a consequence, causing the
bank to collapse and come under government control in late 2003.

Along with the lawsuit, Ashikaga demanded that the audit firm
and the four former auditors pay damages totaling JPY1.1
billion, which is equivalent to the dividends paid out.

Kyodo News adds that aside from the lawsuit filed by Ashikaga,
Misuzu also faces litigation initiated by the bank's
shareholders seeking damages for losses they incurred as a
result of the bank's nationalization, which rendered their
holdings of preferred shares valueless.

                     About Ashikaga Bank

The Ashikaga Bank, Ltd. -- http://www.ashikagabank.co.jp/-- is  
a regional bank operating mainly in Tochigi prefecture in the
Northern Kanto area.  The bank handles banking, loans,
mortgages, foreign exchanges and investment trust through its
106 branches and 68 representative offices.  It also operates a
debt collection business, a real estate survey service, a system
programming and development business and a credit card business
through its 13 consolidated subsidiaries.

                        *     *     *

In March 2007, Fitch Ratings affirmed Ashikaga Bank's ratings as
follows:

   -- Long-term foreign and local currency Issuer Default
      ratings 'BBB-' with a Stable Outlook;

   -- Short-term foreign and local currency IDRs 'F3';

   -- Individual rating 'E'; and

   -- Support rating '2'.

Ashikaga's ratings reflect the existing and expected strong
support from the Japanese government.  The Individual rating of
'E', the lowest of Fitch's nine-notch scale, is commensurate
with the bank's negative net worth.


HITACHI ZOSEN: R&I Lifts Issuer Rating to BB+ w/ Stable Outlook
---------------------------------------------------------------
Rating and Investment Information, Inc., has upgraded the issuer
rating of Hitachi Zosen Corporation to BB+ from BB- with a
stable outlook.

Hitachi Zosen Corp. is a general heavy equipment manufacturer
involved in a wide range of business areas including
environmental systems, plants, steel structures, construction
machinery, general and process machinery, and precision tools.  
It has particular strengths in machinery and process tools in
areas such as automotive plant presses, marine engines, and
environmental systems including garbage incineration.  Its
shipbuilding business, however, was spun off and is accounted
for as a non-core business under the equity method.

Taking into account financial results announced by Hitachi Zosen
for the year ending March 2007, R&I changed the Rating Outlook
to Positive on May 25 and subsequently commenced a review of the
rating focusing on details relating to the earnings base and
asset content.  As a result of the review, R&I determined that
the company was establishing an earnings base where it could
secure operating profit of a certain level or above with general
and process machinery including automotive presses and marine
engines as its mainstay businesses.  In addition to this, risk
of impairment of equity capital in real estate and other assets
had been reduced to a limited level.  Therefore, R&I deemed that
there had been a clear improvement in creditworthiness and
upgraded the Issuer Rating two notches to BB+.  The Rating
Outlook is Stable.

Among its mainstay businesses, competition for orders in
environmental plants remains fierce but the company is securing
stable earnings in its after-service and management
subcontracting business, and Hitachi Zosen's business segments
on the whole have returned to the black.  Profit in general and
process machinery is also growing significantly.  In view of
current brisk order conditions for general and process
machinery, R&I believes that there is a strong possibility
Hitachi Zosen will be able to secure a relatively high level of
profit for some time.  The environmental systems segment is
unlikely to fall back in red with its strategy to transform
business structure, to heighten profitability and to win the
competition by carefully selecting new project orders to avoid
falling into deficit and by shifting personnel into areas that
have better growth potential.  The reorganization of steel
structure businesses, which had fallen into deficit due to the
downturn of public sector demand, is progressing.  Hitachi Zosen
also plans to keep a tight control on overseas projects with
significant risk in areas such as plants.  Therefore R&I
believes that there is little likelihood of a recurring deficit
and that the company has established an earnings base which can
achieve profits of a consistent level or above.

On the financial side, reduction in debt is making progress and
equity capital rebounded to a level of JPY54.4 billion by the
end of March 2007, thanks to the conversion of convertible
bonds.  The risk of impairment of assets such as real estate has
also become limited, so R&I believes that the company has in
place a financial base that can absorb anticipated risk of
fluctuations in earnings and losses.

For further improvement of creditworthiness, R&I considers the
company will have to reestablish environmental business a stable
source of income by securing certain profits from new orders in
environmental systems.

                      About Hitachi Zosen

Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp-- develops, manufactures, sells  
and maintains machinery and systems.  The company has five
business segments.  The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others.  The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures.  The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others.  The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines.  The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.


JVC CORP: Closes 10 Offices in Japan to Focus on Overseas Sales
---------------------------------------------------------------
Victor Company of Japan, Limited, or JVC, plans to close 10
sales offices in Japan for its JVC-branded car audio equipment
at the end of September to focus on overseas sales, Yoshinori
Eki and Hiroshi Suzuki of Bloomberg News reports.

JVC spokesman Makoto Hikita revealed to Mr. Eki and Mr. Suzuki
that the 30 employees working in the car audio marketing will be
relocated to other businesses.  Moreover, Bloomberg confirmed a
Nikkei Business Daily report that JVC has stopped shipping JVC-
branded car audio gear in Japan.

JVC, which posted its fourth straight annual loss last month,
said that it will spend JPY16 billion in the year ending
March 31, 2008 to cut 7.5% of its workforce, close two factories
in China and combine two factories in Malaysia, relates Mr. Eki
and Mr. Suzuki.

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

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


JVC CORP: James Packer Eyes Matsushita's Stake in Company
---------------------------------------------------------
James Packer, owner of Consolidated Press Holdings Ltd.,
expressed its interest to buy a stake in Victor Company of
Japan, Limited, from its parent company, Matsushita Electric
Industrial Co., Ltd., Young-Sam Cho writes for Bloomberg News,
citing Dow Jones Newswires.

According to the report, CPH may join Kenwood Corp.'s bid for
Victor, commonly known overseas for its JVC brand, or partner
with another bidding group.  Mr. Cho says that the Dow Jones
report did not elaborate on the financial details of the planned
acquisition.

In a June 28, 2007 report by the Troubled Company Reporter -
Asia Pacific, it conveyed that JVC has started its full-scale
merger talks with Kenwood.

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

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


NIPPON SHEET: CSR Buys Australia and NZ Units for AU$690 Million
----------------------------------------------------------------
Nippon Sheet Glass Company Limited's Pilkington, Australia and
New Zealand units were acquired by CSR Ltd. for an aggregate of
AU$690 million, Robert Fenner, of Bloomberg News, reports.

According to Bloomberg, Nippon Sheet will use the proceeds of
the acquisition to cut its JPY561.1-billion debt.

The article quotes Nippon Sheet spokesman Masakazu Ozaki as
saying, "We're considering a variety of measures to cut debt,
but we aren't thinking of selling other glass businesses."  The
report also notes that the glass manufacturer claims that it is
still calculating how much it will gain from the disposal.

CSR, Australia's No. 3 building-products maker according to Mr.
Fenner, said that this move is part of the company's plan to
expand into making windows for homes and offices.  CSR Chief
Executive Officer Jerry Maycock revealed in an interview, that
the reason they bought the only window maker in Australia is so
they could tap rising demand for energy- efficient glass and add
to his existing roof-tiling, insulation and fiber-cement
products.

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited
-- http://www.nsg.co.jp-- Company operates in four business  
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The company has operations in Argentina, the United States, and
Austria.

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


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

SHINHAN BANK: Buys 3 Million Shares in KT&G Group
-------------------------------------------------
Shinhan Bank has purchased 3 million treasury shares in tobacco
monopoly KT&G Corp, Thomson Financial reports, citing eDaily.

According to the report, Shinhan Bank insiders said that they
know there is much speculation, but they cannot give any
confirmation regarding their investment in a specific stock.

KT&G Corp disclosed that it planned to sell a stake of 2.03% in
a block trade that would fetch KRW201.9 billion, and use the
proceeds to boost shareholder value, the report relates.

The report recounts that, last month, KT&G purchased a stake of
0.92% in Shinhan Financial for KRW196.7 billion for "investment
purposes".

eDaily said that the companies seemed to have forged a
cooperative link via the virtual equity swap, the report adds.

                     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 CORP: To Ship Fuel Aid to North Korea
----------------------------------------
SK Corp., among the major refineries contacted by the
Unification Ministry, is likely to be picked to supply the fuel
oil to North Korea as part of a disarmament-for-aid deal
according to a market consensus, Reuters reports.

According to the report, South Korea said that it would start
shipping within two weeks 50,000 tonnes of oil to North Korea as
a part of a nuclear deal, in which the impoverished state would
begin shutting its nuclear reactor in exchange for the energy
aid.

The report explains that under the agreement reached in February
among the two Koreas, China, Japan, Russia and the United
States, North Korea will receive the oil when it starts shutting
down the Yongbyon complex.  South Korea will pay for the 50,000
tonnes of oil.

GS Caltex was first picked to supply the oil, but as the
February agreement became bogged down in a money squabble, South
Korea cancelled its initial contract, the report says.

Yet, the report points out that, according to an SK Corp
spokeswoman, the company had not received an official request on
the fuel oil supply.

                       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.


SK CORP: Fitch Says Ratings Will Apply to SK Energy
---------------------------------------------------
Fitch Ratings has said that Korea-based SK Corporation's
existing ratings -- its 'BBB-'Long-term foreign currency Issuer
Default rating and Short-term foreign currency IDR of 'F3' --
will apply to SK Energy Co., Ltd., as of July 1, 2007, upon the
latter's establishment.  The ratings are on Rating Watch
Positive.  The rating for SK's US$300 million senior unsecured
notes due May 2011 is 'BBB-'.

SK Corporation will be split into two entities, SK and SK
Holdings Co., Ltd. on 1 July 2007, and the transfer of the
aforementioned notes to SK will take place on the same day.  SK
will be reorganised as an operating company specialising in the
energy and chemical business, while SK Holdings will concentrate
on business investments.

The RWP reflects the expected impact on SK's credit profile of
the reorganisation, including the adoption of a holding company
structure and debt reduction resulting from the split.  For
further details of the transaction and the rationale for the
RWP, please refer to Fitch's disclosure dated 11 April 2007.

                       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.


SK CORP: S&P Assigns 'BBB-' Long-Term Credit Rating to SK Energy
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' long-term
corporate credit rating to SK Energy Co. Ltd., a newly
established operating company that will take over all oil-
related business from SK Corp. as a result of the company's
shift to a holding-company structure and its split into two
entities.  Standard & Poor's also assigned its 'BBB-' rating to
SK Energy's senior unsecured US$300 million bonds, which have
been transferred from SK Corp.  At the same time, Standard &
Poor's withdrew its 'BBB-' long-term corporate credit and senior
unsecured debt ratings on SK Corp.  The outlook on the long-term
corporate credit rating on SK Energy is stable.

This rating action follows SK Corp.'s restructuring of the group
on July 1, 2007, which resulted in the creation of two
companies-?a newly established oil-related operating company, SK
Energy; and a non-operating holding company as a remaining legal
entity, SK Holdings Co. Ltd.  The rating on SK Energy reflects
the company's leading position in Korea's downstream petroleum
market, its extensive distribution and marketing network, and
favorable operating conditions with limited competition in the
domestic market.  However, the rating is weighed down by the
track record of SK Group's weak corporate governance standards,
shown by its past bailouts of group companies unrelated to its
core oil-refining business.

The reorganization of the group has reduced the complexity of
the ownership structure and Standard & Poor's views this as a
positive development and a meaningful indication of SK Group's
commitment to improving its corporate governance.  However, we
believe that reorganization of the group itself may not be
automatically viewed as an immediate improvement of the group's
corporate governance and overall credit quality.

The stable outlook reflects the expectation that SK Energy will
maintain a strong market position and gradually improve its
financial profile.  The company's stable-?albeit low-?margins
and cash flows is expected to help the company to lower its debt
gradually.  The rating on SK Energy could be raised if notable
improvements are seen in the degree of leverage present on its
balance sheet, and provided there are no further calls to
support group companies.  Conversely, the rating could be
lowered if we see further financial support offered to group
companies, or debt leverage increases substantially.

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

KUMPULAN BELTON: Hameetuh Khan Withdraws Wind-Up Petition
---------------------------------------------------------
Kumpulan Belton Bhd disclosed with the Bursa Malaysia Securities
Bhd that the solicitors for the Petitioner, Hameetuh Khan Bin A.
AM Sallehu, have withdrawn the entire Winding-Up Petition
against the company and its six named directors.

On Dec. 8, 2006, the Troubled Company Reporter - Asia Pacific
reported that Kumpulan Belton Bhd, along with six of its
directors, are facing a wind-up petition filed by Hameeth Khan
bin A. AM Sallehu before the Ipoh High Court.

The six directors are:

    1. Leong Kim Hoe
    2. Sow Yeng Chong
    3. Looi See Chiong
    4. Leong Kim Foo
    5. Leong Hing Wah
    6. En Mohd Nizam bin Mohd Hassan.

Mr. Hameeth filed the petition in relation to the alleged
deviation in the use of the fund arising from the rights issue
in 1999/2000.

The petition did not claim any amount but Kumpulan Belton says
it may incur cost and other relief deemed fair and just by the
Court.


Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com/-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatmentservices and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was identified as an affected listed issuer of
Practice Note 17, as its consolidated shareholders' equity as of
December 31, 2005, was less than 25% of its issued an paid up
capital.  As an affected issuer, the Company is required to
submit a Regularization Plan to the relevant authorities for
approval and implement the Regularization Plan within the
timeframe stipulated by the relevant authorities.


SETEGAP BHD: Obtains Approval to Extend Assets Disposal
-------------------------------------------------------
Setegap Bhd obtained the approval of the Securities Commission
to extend the time within which it may dispose of its assets in
Paving Plant and Processes (M) Sdn Bhd, Asphalt Industries Sdn
Bhd and the Serdang Land.

In a disclosure with the Bursa Malaysia Securities Bhd, the
company said that the SC, on July 2, 2007, extended, through its
request, until September 28, 2007, the time for it to complete
the implementation of the proposed disposal of landed properties
in Serdang.

Further, Alpha Positive Sdn Bhd, purchaser of Paving Plant and
Processes, and the company had mutually agreed in writing to
extend the period to fulfill conditions precedent stipulated in
the sale and purchase agreement up to September 30, 2007.


Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.

Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997 and 1998.

Setegap Bhd's unaudited balance sheet as of Dec. 31, 2006,
showed total assets of MYR65.71 million and total liabilities of
MYR187.85 million, resulting to a shareholders' deficit of
MYR122.14 million.


SOLUTIA INC: Wants to Make US$5 Million Litigation Pact Payment
---------------------------------------------------------------
Solutia Inc. seeks authority from the U.S. Bankruptcy Court for
the Southern District of New York to make a US$5,000,000
litigation settlement payment consistent with certain
installment payment orders and in accordance with a global
settlement agreement relating to litigation in Anniston,
Alabama, and a related side agreement among Solutia, Monsanto
Company and Pharmacia Corporation.

On August 11, 2004, Solutia sought authorization to pay
US$5,000,000 in litigation settlement payments in accordance
with the Anniston Global Settlement and Side Agreement.

Solutia sought authorizations to pay two additional US$5,000,000
litigation settlement payments on July 8, 2005, and July 28,
2006.

The Court authorized the payments.

Solutia had entered into the Global Settlement Agreements with
Monsanto and Pharmacia to resolve certain lawsuits pending
against them.  The agreements require an aggregate of
US$5,000,000 to be paid annually from Aug. 26, 2004, to Aug. 26,
2013.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
says that payment of the US$5,000,000 due on August 26. 2007,
under the Side Agreement and the Litigation Settlement
Agreements is in the best interests of Solutia and its estate
because it:

   * will help preserve its ability to argue that Monsanto's
     release of the Anniston indemnity claim -- a claim of
     approximately US$550,000,000 -- under the Side Agreements
     remains in effect; and

   * is contemplated by the Debtors' business plan, is
     permitted by the Debtors' postpetition financing
     agreement, and is consistent with the Installment Payment
     Orders.

According to Solutia, one could interpret the Side Agreement as
an executory contract that it could assume or reject during the
Chapter 11 cases.  But this interpretation may be subject to
dispute and would require an analysis of whether assumption of
the Side Agreement is warranted.  Even if the agreement were
deemed to be subject to rejection, Solutia notes that a
rejection could trigger damage claims far exceeding the cost of
the proposed payment.  Thus, Solutia has decided not to bring
these issues before the Court at this time.

Mr. Henes asserts that if the fourth settlement installment is
not paid, Solutia will face an increased risk that Monsanto's
release of Anniston Indemnity Claim, potentially a
US$550,000,000 claim, is unenforceable.  Solutia would also face
the potential disruption to its business operations from
litigation that could ensue relating to the Fourth Settlement
Installment, he adds.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization Plan
on July 10, 2007.  The Debtors' exclusive period to file a plan
expires on July 30, 2007.  (Solutia Bankruptcy News, Issue No.
90; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  


SOLUTIA INC: Wants Financial Balloting as Subscription Agent
------------------------------------------------------------  
Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve an
amended retention agreement appointing Financial Balloting Group
LLC as their subscription agent in addition to its role as
special noticing, balloting and tabulating agent.

On Oct. 6, 2004, the Court approved FBG's appointment as the
Debtors' Special Noticing, Balloting and Tabulating Agent, nunc
pro tunc to Aug. 23, 2004.  FBG was retained on the terms and
conditions set forth in an agreement between the parties dated
Aug. 23, 2004.

Under the Original Retention Agreement, FBG agreed to provide
notice to, and tabulate the votes of, creditors with respect to
a plan of reorganization.  In connection with confirmation of
Solutia, Inc.'s plan of reorganization, FBG, therefore, will
mail voting document and other notice documents to all creditors
and holders of securities in Solutia, as well as forward the
appropriate documents to the banks and brokerage firms holding
Solutia's securities.  FBG will also receive, examine and
tabulate all votes cast by creditors and security holders in
connection with Solutia's plan.

On May 16, 2007, the Debtors filed an Amended Plan of
Reorganization and accompanying disclosure statement.  Pursuant
to the terms of the Amended Plan, certain eligible claimants
have the right to subscribe for shares of new common stock in
reorganized Solutia.

As a result of the Rights Offering, the Debtors will need to
retain a subscription agent and have proposed FBG as their
subscription agent, Jonathan S. Henes, Esq., at Kirkland & Ellis
LLP, in New York, says.

Mr. Henes states that FBG has been working with the Debtors
since 2004 and is familiar with the Debtors' Chapter 11 cases
and businesses.  FBG is already performing similar services with
respect to its role as Special Noticing, Balloting and
Tabulating Agent, he adds.

On June 20, 2007, the Debtors and FBG entered into the Amended
Retention Agreement, which expands the scope of FBG's retention
under the Original Retention Agreement to include the additional
role of Subscription Agent.

As the Subscription Agent, FBG would generally:

  -- advise the Debtors regarding subscription procedures and
     necessary documentation;

  -- establish and administer an interest-bearing account on
     behalf of the Debtors;

  -- coordinate the distribution of subscription documents;

  -- receive and review all subscription forms returned by
     creditors eligible to participate in the Rights Offering;
     and

  -- act as online subscription agent with The Depository Trust
     Company in connection with any subscriptions submitted on
     behalf of beneficial owners of securities.

The Debtors will pay FBG:

(a) A project fee of US$20,000, plus US$3,000 for each issue
     of public debt securities entitled to vote on the Plan;
     and US$6,000 for a common stock issuance if it is entitled
     to vote; and US$3,000 for the common stock if it is not
     entitled to vote but entitled to receive notice.  There
     will not be a separate charge to distribute a notice
     mailing to the holders of warrants;

(b) For the mailing to creditors and record holders of
     securities, the labor charges is estimated at US$2.75 to
     US$3.25 per package, with a minimum of US$500, depending
     on the complexity of the mailing;

(c) A minimum charge of US$2,000 to take up to 250 telephone
     calls from creditors and security holders within a 30-day
     solicitation period.  If more than 250 calls are received
     within the period, the additional calls will be charged at
     US$8 per call.  Any calls to creditors or security holders
     will be charged at US$8 per call;

(d) Web-site hosting charges of US$150 per month; and

(e) A charge of US$125 per hour for the tabulation of ballots
     and master ballots, plus setup charges of US$1,000 for
     each tabulation elements.  Standard hourly rates will
     apply for any time spent by senior executives reviewing
     and certifying the tabulation and dealing with special
     issue that may develop.  The current hourly rates are:

       Executive Director                     US$410
       Director                               US$360
       Senior Case Manager                    US$300
       Case Manager                           US$240
       Junior Case Manager                    US$190
       Programmer II                          US$195
       Programmer I                           US$165
       Clerical                                US$65

Jane Sullivan, FBG's executive director, assures the Court that
neither the firm nor any of its employees currently holds or
represents any interest adverse to the Debtors' estates or
creditors.  FBG is a disinterested person, she attests.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.

The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.

The Court is set to consider approval of the Disclosure
Statement describing Solutia's First Amended Reorganization Plan
on July 10, 2007.  The Debtors' exclusive period to file a plan
expires on July 30, 2007.  (Solutia Bankruptcy News, Issue No.
90; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)  



THERMADYNE HOLDINGS: To Amend Sr. Credit & Second Lien Facility
---------------------------------------------------------------
Thermadyne Holdings Corporation has completed agreements with
its secured lenders to amend its senior secured credit facility
and its second lien facility.

The principal changes to the senior secured credit facility
include extending the maturity to June 2012, increasing the
total revolving credit commitment from US$70 million to US$100
million and revising the asset-based borrowing base formula to
include up to US$20 million in available borrowings under a cash
flow based formula and another $8 million under a property,
plant and equipment based formula.  In addition, the interest
grid was expanded to enable the company to reduce interest costs
and fees.  The amended and restated credit agreement also
establishes financial covenants that provide greater flexibility
for the company.

The primary changes to the terms of its second lien facility
include an extension of the maturity to November 2010 and a
reduction of the interest rate to LIBOR plus 2.75 from LIBOR
plus 4.50.  The company also repaid US$14 million of the
outstanding loan balance of the second lien facility, reducing
the amount outstanding to US$36 million.

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national  
manufacturer of welding and cutting products.  The company has
operations in Malaysia, Indonesia, Singapore, Philippines,
Italy, Mexico, Chile and Brazil.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Moody's Investors Service affirmed the Caa1
corporate family  rating of Thermadyne Holdings Corporation and
the Caa2 rating of the US$175 million senior subordinated notes
due in 2014.  Moody's changed the outlook to stable from
negative.


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

54 CUBA: Fixes July 13 as Last Day to File Claims
-------------------------------------------------
54 Cuba Street (2007) Ltd went into liquidation on June 1, 2007.

The company requires its creditors to file their proofs of debt
by July 13, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         PO Box 101993, North Shore Mail Centre
         Auckland
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


AXIOM ROLLE: Appoints Callum James Macdonald as Liquidator
----------------------------------------------------------
Axiom Rolle PRP Valuation Services (WGTN) Limited went into
liquidation on June 1, 2007, and Callum James Macdonald was
appointed as liquidator.

Mr. Macdonald requires the company's creditors to file their
proofs of debt by July 13, 2007, to be included in the company's
dividend distribution.

The Liquidator can be reached at:

         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         PO Box 101993, North Shore Mail Centre
         Auckland
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


B. & S. HARRISON: Requires Creditors to File Claims by July 5
-------------------------------------------------------------
David Stuart Vance and Barry Phillip Jordan were appointed as
liquidators of B. & S. Harrison Ltd. on June 5, 2007.
Messrs. Vance and Jordan are receiving creditors' proofs of debt
until July 5, 2007.

The Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


CAMBRIDGE CENTRE: Receiving Proofs of Debt Until July 10
--------------------------------------------------------
The shareholders of Cambridge Centre Ltd. resolved on July 10,
2007, to liquidate the company's business.

Creditors are required to file their proofs of debt by July 10,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         George Walker
         16 Parkham Drive
         Christchurch
         New Zealand
         Telephone:(03) 357 0951
         Facsimile:(03) 357 0953


KEEBLE PROPERTIES: Commences Liquidation Proceedings
----------------------------------------------------
Keeble Properties Ltd. entered wind-up proceedings on June 5,
2007.

Creditors who were not able to file their proofs of debt by
June 29, 2007, will be excluded from sharing in the company's
dividend distribution.

The company's liquidator is:

         Edward Jansen
         Sherwin Chan & Walshe
         Chartered Accountants
         and Business Advisers
         New Zealand


MOUNT TEXTURE: Taps Parsons and Kenealy as Liquidators
------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed as liquidators of Mount Texture Coatings Ltd. on
June 5, 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


PRP WELLINGTON: Commences Liquidation Proceedings
-------------------------------------------------
On June 1, 2007, PRP Wellington Limited went into liquidation
and Callum James Macdonald was appointed as liquidator.

Mr. Macdonald requires the company's creditors to file their
proofs of debt by July 13, 2007, to be included in the company's
dividend distribution.

The Liquidator can be reached at:

         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         PO Box 101993, North Shore Mail Centre
         Auckland
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


RYTHM NEW ZEALAND: Creditors' Proofs of Debt Due Today
------------------------------------------------------
Rythm New Zealand Ltd. started to liquidate its business on
May 31, 2007.

Mike Lamacraft, the company's liquidator, is receiving the
creditors' proofs of debt until today, July 5, 2007.

The Liquidator can be reached at:

         Mike Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


SIGNWAYS LTD: Names Levin and Jordan as Liquidators
---------------------------------------------------
Henry David Levin and Barry Phillip Jordan were appointed as
liquidators of Signways Ltd. on May 31, 2007.

Creditors who were not able to file their proofs of debt by
June 28, 2007, will be excluded from sharing in the company's
dividend distribution.

The Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


WISE OWL: Names Parsons and Kenealy as Liquidators
--------------------------------------------------
On June 5, 2007, Dennis Clifford Parsons and Katherine Louise
Kenealy were named as the liquidators of Wise Owl Trading
Company Ltd.

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


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

BANGKO SENTRAL: Expects 2.2-2.9% Annual Inflation for June
----------------------------------------------------------
The Bangko Sentral ng Pilipinas estimates annual inflation in
June this year to be around 2.2% to 2.9%, the Philippine Daily
Inquirer reports.

The Philippines had recorded a 2.4% inflation rate in May.  The
central bank based its estimates on higher oil prices and
personal spending for the start of the 2007-2008 school year.

The BSP will release the June inflation data today.

The central bank also expects average inflation this year to be
lower than 4-5%, the article relates.

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

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

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

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


BANGKO SENTRAL: Will Retain Interest Rates
------------------------------------------
The Bangko Sentral ng Pilipinas has indicated that it would
retain current interest rates at a rates setting meeting to be
held on July 12, the Philippine Daily Inquirer reports.

The Inquirer says that the central bank had retained an
overnight borrowing rate of 7.5% and lending rate of 9.75% for
nine months starting from October last year.

Deputy BSP Governer Diwa Guinigundo told reporters that the
bank's current monetary policy stance is neutral. "Inflation
outlook is essentially the same," he said on the neutral stance.

Availability of special deposit accounts were widened in April
to stem annual money supply growth, which has been pushed to 20%
since December due to record remittances from overseas workers
as well as foreign capital flows.  Mr. Guinigundo explained the
bank's special deposit policy, saying that the bank considers
annual domestic liquidity growth, overseas portfolio investments
and foreign capital inflows in reviewing special deposits.

Annual domestic liquidity growth was recorded to be 21% in May,
5% lower than the 26% reported in April.  Meanwhile, the
Philippines' net portfolio investments reached US$592 million in
May, marking the country's highest monthly inflow in 10 years.
Positive investor sentiment after the generally peaceful May 14
elections have contributed to the high investments in May, the
report relates.  

According to the Inquirer, the central bank had also raised its
balance of payments surplus for 2007 from US$2 billion
previously to somewhere between US$2.4 billion to
US$2.9 billion.

                      About Bangko Sentral

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

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

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

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


EAST ASIA POWER: Board Approves Amendments of By-laws
-----------------------------------------------------
East Asia Power Resources Corp.'s Board of Directors approved
some resolutions for the amendment of the company's by-laws
during a meeting held on Wednesday.

The Board passed resolutions to provide for these items:

    * Procedure to nominate independent directors

    * Specification of the number of directors

    * Permission to send notices of Board meetings through
      facsimile and electronic mail

    * Holding of Board meetings through telephone or
      videoconferencing

    * Sending of notices of stockholders' meeting at least 15
      business days before the meeting

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the company changed its
primary purpose from mining to holdings.  In 1996, the company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the company's financial report for
the year ended December 31, 2005.  SGVC notes that the company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of
Dec. 31, 2005, and 2004.

                          *     *     *

The TCR-AP reported on Dec. 8, 2006, that East Asia Power has
total assets of US$92.55 million and total stockholders' equity
of US$64.61 million as of Dec. 7.


IPVG CORP: PSE Lifts Suspension on Trading of Stocks
----------------------------------------------------
The Philippine Stock Exchange has lifted the suspension
implemented on July 2 on IPVG Corp.'s shares, effective on
July 3, at 9:00 am.

The PSE had earlier suspended trading on the company's stocks
for failing to disclose the complete terms and conditions of the
agreement entered into by its subsidiary IP Contact Center
Outsourcing, Inc. to acquire the fixed assets, material
contracts and the existing customer accounts of Globalstride
Corp. and Globalstride Holdings.

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.


IPVG CORP: Board Approves 41.67-Million Share Issue to ING Bank
---------------------------------------------------------------
IPVG Corp.'s Board of Directors approved the issuance of
41.67 million shares to the Manila Branch of ING Bank NV during
a special meeting held on June 3.

The shares will be issued through a private placement at PHP6
per share out of the authorized and unissued capital stock of
the company.

The company aims to finance its expansion plans into the data
center, online games and contact center businesses through the
planned private placement.

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.


PAL HOLDINGS: Assumes PHP14 Billion-Debt in 5 Units to Trustmark
----------------------------------------------------------------
PAL Holdings Inc. assumed PHP14 billion worth of debts of five
subsidiaries to Trustmark Holdings Corp. as part of its
financial restructuring to address its shareholders' equity
deficit as of December 31, 2006.

Trustmark, as both creditor and majority owner, agreed to
convert the debt to paid-in capital in the company.  The company
also became the creditor of the five units for the PHP14 billion
dent, and agreed to convert the debt into paid-in capital in the
subsidiaries.

The company is now the creditor to the five subsidiaries for a
total of PHP23 billion since it also assumed PHP9 billion of
their debts in August 2006.

Formerly known as Baguio Gold Holdings Corporation, the
Company's principal activity is that of a holding company. Based
in Makati City, Philippines, the Company's primary purpose is to
purchase, subscribe, acquire, hold, use, manage, develop, sell,
assign, exchange or dispose of real and personal property,
including shares of stocks, debentures, notes and other
securities of any domestic or foreign corporation.  

On August 17, 2006, the Corporation 100% ownership of six
holding companies that colletively own 81.5% of Philippine
Airlines Inc.

PAL Holdings Inc. reported a PHP13.4 billion shareholders'
equity deficit as of December 31, 2006.


PHIL LONG DISTANCE: Sees Higher Income for 2007 Second Quarter
--------------------------------------------------------------
The Philippine Long Distance Telephone Co. predicts a higher
income for the second quarter of 2007 as compared to the first
quarter and attributes it to higher phone usage during the
elction season, ABS-CBN News reports.

Profit had been good during the April to June period from
election-related spending, PLDT chairman Manuel Pangilinan told
reporters.  He revealed that the company's cellular subscribers
in Smart and Talk 'N Text exceeded the 27 million mark as of
June 30, as compared to the 25.5 million figure at March 31.   

The report relates that PLDT had predicted its annual earning
for this year to be between PHP32 billion and PHP33 billion.


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

                          *     *     *

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


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


UNION BANK: Will Make Stockholder Dividend Payments on July 27
--------------------------------------------------------------
The Union Bank of the Philippines will pay its share dividend of
PHP1.60 per share on July 27, the Philippine Daily Inquirer
reports.

The payment will be paid only to stockholders on record as of
July 18.

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. The bank also carries Moody's Bank Financial Strength
Rating of D with stable outlook.


VULCAN IND'L: AB Capital to Act as Adviser for Rights Placement
---------------------------------------------------------------
Vulcan Industrial and Mining Corp. has entered into an agreement
with AB Capital and Investment Corp. concerning the company's
planned placement and rights offer.

Under the agreement, AB Capital will act as financial adviser
and issue manager of the offer.  It might also possibly act as
underwriter for the placement and rights offer.


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.


* Trade Congress Asks Banks to Ease up on Layoffs Due to Mergers
----------------------------------------------------------------
Increased merger activity among Philippine banks could cause
massive labor retrenchments and an increase in unemployment, the
Trade Union Congress of the Philippines told the Visayan Daily
Star.

TUCP's spokesman, Alex Aguilar, issued a statement asking banks
to ease up in layoffs as a result of mergers, and asked the
surviving entities in recent mergers to honor existing labor
contracts and agreements with unions.  Aguilar cited the merger
between Banco de Oro and Equitable PCI Bank, saying that EPCI's
rank-and-file labor union is currently in dispute with BDO as
the surviving entity.

The Bangko Sentral ng Pilipinas expects four to five more
mergers to occur over the next three to five years, since the
banking industry's landscape is turning towrds further
consolidation, the TUCP's statement added.

                          *     *     *

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

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

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


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

AAR CORP: To Release 4th Qtr. & FY 2007 Results on July 11
----------------------------------------------------------
AAR disclosed that it will release financial results for its
fourth quarter and fiscal year 2007, ended May 31, 2007, before
the market opens on Wednesday, July 11, 2007.

At 10:30 a.m. CDT, AAR will hold a conference call to discuss
the results.  The conference call can be accessed by calling
866-206-5917 from inside the U.S. or 703-639-1106 from outside
the U.S.

A replay of the conference call will also be available by
calling 888-266-2081 from inside the U.S. or 703-925-2533 from
outside U.S., access code 1108325.  The replay will be available
from 3:30 p.m. CDT on July 11, 2007 until 11:59 p.m. CDT on
July 18, 2007.

                         About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides   
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 18, 2006, Standard & Poor's Ratings Services upgraded AAR
Corp.'s corporate credit rating from 'BB-' to 'BB'.  The outlook
is stable.

The TCR-AP also reported on Dec. 5, 2006, that Moody's upgraded
AAR's corporate family rating and senior notes to Ba3 from B1,
in response to improving financial performance resulting from
the strong commercial and defense aviation supply and repair
environment.  The ratings outlook is stable.


DIGILAND INTERNATIONAL: Shareholder Increases Stake
---------------------------------------------------
Dr. Vincent Tan Kim Yong, a substantial shareholder of
Digiland International Limited, purchased 25,000,000 additional
shares of the company through an off-market married deal.

Thus, Dr. Yong now holds 5,192,352,500 direct shares with 65.68%
Issued share capital.  Prior to the purchase, Dr. Yong held
5,167,352,500 direct shares with 65.36% issued share capital.  
Dr. Yong still holds 1,687,750 deemed shares with 0.02% issued
share capital.

Digiland International Limited -- http://www.digiland.com.sg/--    
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12.


FOODBEX GLOBAL: Court to Hear Wind-Up Petition on July 13
---------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the
operations of Foodbex Global Pte Ltd on July 13, 2007, at 10:00
a.m.

The petition was filed by DBS Bank Ltd on June 21, 2007.

DBS Bank's solicitor is:

         Messrs. Rajah & Tann
         No. 4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


MTK CHEMICALS: Requires Creditors to Prove Claims by July 30
------------------------------------------------------------
MTK Chemicals Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by July 30,
2007.

Creditors who can't file their claims by the due date will be
excluded from sharing in the company's dividend distribution.

The company's liquidators are:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber
         of Commerce & Industry Building
         Singapore 179365


PILLAR CORPORATION: Filing Proofs of Debt Due by July 13
--------------------------------------------------------
Pillar Corporation Pte Ltd, which is in liquidation, 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:

         Tam Chee Chong
         c/o 6 Shenton Way #32-00
         DBS Building, Tower Two
         Singapore 068809


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

TMB BANK: S&P Lowers Issuer Credit Rating From 'C' to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered the issue credit
rating on Thailand's TMB Bank Public Co. Ltd.'s Hybrid Tier-1
securities to 'D' from 'C', and removed the rating from
CreditWatch, where it was placed with negative implications on
June 14, 2007.  

S&P also affirmed its foreign and local currency counterparty
credit ratings on TMB Bank (BBB-/Negative/A-3).

The downgrade on the issue rating is due to the non-payment of
semi-annual interest payment scheduled for June 30, 2007, on its
US$200 million perpetual non-cumulative Hybrid Tier-1
securities.

TMB Bank had announced on June 18, 2007, that, in accordance
with the hybrid securities' terms and conditions, it would not
be paying interest due on July 2, 2007.  Hence, the issuer
credit rating would not be affected by this missed hybrid coupon
payment and is being kept at 'BBB-' with a negative outlook.  
The negative outlook reflects at least one-in-three chance of
the rating on the bank being lowered in the intermediate term
due to the continued delay in recapitalization of the bank.

"The rating will be lowered if TMB Bank's capitalization does
not improve substantially or if there is further deterioration
in core earnings or asset quality," said S&P credit analyst
Ritesh Maheshwari.  The outlook could be revised to stable if
the bank receives substantial capital infusion and maintains a
financial profile in line with its domestic peers.  The rating
on the bank includes a one-notch uplift for expected government
support due to its systemic importance in the Thai banking
industry.

S&P will change the issue rating on the Hybrid Tier-1 securities
from 'D' within a few days.  The issue rating assigned at that
time will incorporate S&P's expectations of the bank having to
defer on interest payments going forward.


TOTAL ACCESS: CAT Asks NTC to Rule on Access Charges Dispute
------------------------------------------------------------
CAT Telecom PCL has asked the National Telecommunications
Commission to render final judgment on the dispute over access
charges among CAT, The Telephone Organization of Thailand PCL,
Total Access Communications and True Move PCL, the Bangkok Post
reports.

CAT's senior executive vice president for corporate strategy
Tosporn Simtrakarn told the Bangkok Post that his company seeks
clarification from the NTC on the definitions of the access and
interconnection charges.

The Troubled Company Reporter - Asia Pacific, citing a report by
The Nation, reported on June 27 that DTAC owed TOT access
charges from TOT's adjustment of DTAC's network system.  DTAC
and True Move owed TOT access charges for the use of its
facilities for network interconnection, and had ceased paying
after they adopted the NTC's interconnection regulations.

The interconnection regulations came into effect in May last
year.  According to the Bangkok Post, TOT refused to implement
the interconnection system because it might earn less there than
from access charges, from which it earned about THB14 billion in
2006.

Under their original concessions, CAT is obliged to pay TOT for
unpaid access charges from its concessionaires, and could file
suits against the concessionaires for compensation.  The Bangkok
Post relates that CAT could seek payment of twice the amount it
compensated TOT for access charges.

TOT had earlier asked CAT to pay for the THB6 billion allegedly
owed by DTAC and True Move.  According to the report, CAT agreed
to pay THB2.4 billion as first installement in behalf of the two
firms.

                About Total Access Communications

Total Access Communications, DTAC -- http://www.dtac.co.th/--  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter ? Asia Pacific reported on Apr.
03, 2006 that Moody's Investors Service has upgraded its
corporate family and senior unsecured rating for Total Access
Communications Public Co Ltd to Ba1 from Ba2 with a positive
outlook.  This concludes the review for possible upgrade
commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and
foreign issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


TRUE MOVE: CAT Asks NTC to Rule on Access Charges Dispute
---------------------------------------------------------
CAT Telecom PCL has asked the National Telecommunications
Commission to render final judgment on the dispute over access
charges among CAT, The Telephone Organization of Thailand PCL,
Total Access Communications and True Move PCL, the Bangkok Post
reports.

CAT's senior executive vice president for corporate strategy
Tosporn Simtrakarn told the Bangkok Post that his company seeks
clarification from the NTC on the definitions of the access and
interconnection charges.

DTAC and True Move owed TOT access charges for the use of its
facilities for network interconnection, and had ceased paying
after they adopted the NTC's interconnection regulations.

The interconnection regulations came into effect in May last
year.  According to the article, TOT refused to implement the
interconnection system because it might earn less there than
from access charges, from which it earned about THB14 billion in
2006.  

Under their original concessions, CAT is obliged to pay TOT for
unpaid access charges from its concessionaires, and in turn
could file suits for compensation against the concessionaires.  
The report relates that CAT could seek payment of twice the
amount it compensated TOT for access charges.

TOT had earlier asked CAT to pay for the THB6 billion allegedly
owed by DTAC and True Move.  CAT agreed to pay THB2.4 billion as
first installment in behalf of the two firms, the report said.

                         About True Move

True Move Company Limited, formerly TA Orange, is a wholly owned
subsidiary of True Corp Pcl.  The company is headquartered in
Bangkok, Thailand, and is the country's third largest mobile
telecommunications operator.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 27, 2006, Standard & Poor's Ratings Services assigned its
BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

The company carries Standard & Poor's Ratings Services B+
corporate credit rating.  The outlook is negative.

Moreover on Dec. 20, 2006, the TCR-AP reported that Moody's
Investors Services affirmed its B1 corporate family rating for
True Move Company Limited and its B2 senior unsecured long-term
debt ratings for True Move's US$465 million Notes issue, due
2013, and removed all ratings from their provisional status.





                            *********


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Troubled Company Reporter - Asia Pacific is a daily newsletter
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