TCRAP_Public/070710.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, July 10, 2007, Vol. 10, No. 135

                            Headlines

A U S T R A L I A

APN NEWS: Shareholders Vote Against Harris and 3 Other Directors
BUCKEYE TECH: Committee OKs Steven Dean's Compensation Increase
CORPORATE TRANSPORT: Courts Serve Wind-Up Order
GAMESTOP CORP: Board Okays Redemption of Sr. Floating Rate Notes
HAY VALLEY: Creditors' Meeting Set for July 26

J. R. BAKER: Shareholders Resolve to Shut Down Business
K & C STAPLETON: To Declare Final Dividend on Sept. 17
LH NOMINEES: To Declare Dividend on July 31
LODCO PTY: Proofs of Debt Due by July 24
NEWMONT WOWNAMINYA: Members to Receive Wind-Up Report on July 19

SCW725 PTY: Members' Final Meeting Set for July 26
SCW299 PTY: Sets Final Meeting for July 26
SYDNEY INTERNET: Supreme Court Appoints Liquidator


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Names Central Bank Governor as New Head
CHINA SOUTHERN: Starts Flying New Routes
HAFLON COMPANY: Enters Wind-Up Proceedings
HARTCOURT COS: Ties Up w/ Rayes Group to Invest in China Online
HOPSON DEVELOPMENT: Fitch Affirms BB Rating; Outlook Stable

ICBC: Inks Trusteeship Agreement with Social Security Fund
KENBERG LIMITED: Liquidators Quit Posts
PARLEX ASIA: Creditors' Proofs of Debt Due by August 6
RAPID SCORE: Members Resolve to Liquidate Business
SHINE FAITH: Placed Under Voluntary Liquidation

SILVER AGE: Members to Hold General Meeting on August 13
SUMMIT INVESTMENT: Names Chan Yau Choi as Liquidator
TCL CORP: Telecom Unit to Produce Trial TD-SCDMA Handsets
UNION MARK: Requires Creditors to File Claims by July 25
WINKO LIMITED: Liquidators Resign from Posts

WORLD CONNECT: Taps Chan Chi Ho & Lau Wai Fung as Liquidators


I N D I A

ICICI BANK: Mulls Doubling Borrowing Limit to INR2,00,000 Crore
ICICI BANK: Board OKs Allotment Pursuant to NSE-Approved Basis
IFCI LIMITED: Turns Around With INR2.5-Billion Net Profit
IFCI LTD: Board Okays Inviting Expressions of Interest
ITI LIMITED: Plans 150% Sales Increase & Cutting Losses to Half

ORIENTAL BANK OF COMMERCE: Members Okay Declaring 47% Dividend


I N D O N E S I A

BANK NEGARA: Indonesia Says Stake Price Not Fixed Yet
PERUSAHAAN GAS: Delays Gas From ConocoPhillips Field
* Indonesia's Budget Deficit Seen to Increase in 2nd Half


J A P A N

BOSTON SCIENTIFIC: Inks Deal with CryoCor in Atrial Fibrillation
COSMO OIL: Resumes Kerosene Shipment After Tank Contamination
FORD MOTOR: Zero% Financing on Ford, Lincoln & Mercury Models
FUJI HEAVY: Shares Rose 5.7% After JPMOrgan Analyst Lifts Rating
MITSUBISHI MOTORS: R&I Lifts Rating to B+ with Stable Outlook

SOJITZ CORP: Completes Bond Conversion Totaling JPY150 Billion


M A L A Y S I A

OCI BERHAD: Failure to File Plan Cues Trading Suspension
TENGGARA OIL: Liquidator Sells Unit's Assets to Alto Armani


N E W  Z E A L A N D

BFM LTD: Wind-Up Petition Hearing Set for July 12
BUSINESS BACKUP: Creditors' Proofs of Debt Due by Sept. 14
CE INVESTMENTS: Fixes July 16 as Deadline for Proofs of Claim
CER GROUP: Shareholders Unanimously Approve Four Resolutions
GRAPE CARE: Court to Hear Wind-Up Petition on Aug. 1

PROFESSIONAL AUDIO: Faces CIR's Wind-Up Petition
REXON LTD: Court to Hear Wind-Up Petition on Aug. 2
SOMERSBY FOREST: Appoints Nikki White as Liquidator
STANIA HOLDINGS: Taps Bhuvan Naran as Liquidator
VERTICAL DESCENT: Subject to CIR's Wind-Up Petition

TAYLOR ROOFING: Requires Creditors to File Claims by Sept. 14


P H I L I P P I N E S

APEX MINING: Media May Have Misunderstood Manager's EMS Report
BANGKO SENTRAL: Finance Dept. Considers OFW Bond Float Proposal
DEVELOPMENT BANK: Launches FOREX Rate Hedging Program
DEVELOPMENT BANK: To Fund Water Supply and Clean-up Projects
MIC HOLDINGS: Elects New Directors & Appoints Auditor for 2007

WELLEX INDUSTRIES: Settles PHP400K Trading Non-Disclosure Fine
* Suspension of Malampaya Royalties Can Cause PHP8.4 Bil. Loss
* Budget Committee Hikes Up GDP Growth Projection to 6.1%-6.8%
* Environmental Agency Turns in PHP35 Mil. Revenues From Fines


S I N G A P O R E

ARINC INC: Company Sale Cues S&P to Revise Watch to Negative
ARINC INC: Six Airlines to Sell Over 90% of Shares to Carlyle
HEXION SPECIALTY: Huntsman Offer Cues S&P's Negative Watch
NATEX PTE: Court to Hear Wind-Up Petition on July 20
SEA CONTAINERS: Court Approves US$176.5 Million DIP Financing

THE COX GROUP: Requires Creditors to File Claims by Aug. 6
THOSAN TRANSPORT: Pays Second and Final Dividend
WONDERBAR SINGAPORE: Court Enters Wind-Up Order


T H A I L A N D

BANGKOK BANK: To Reinforce Presence in Phuket's Property Market
DAIMLERCHRYSLER: Delays 2Q Earnings Report Due to Chrysler Sale
DAIMLERCHRYSLER: S&P Junks Finance Arm's US$2 Billion Term Loan
DAIMLERCHRYSLER AG: Fitch Puts Low-B Ratings on Finance Unit
DAIMLERCHRYSLER: Fitch Assigns Low B Ratings to Chrysler LLC

SR TELECOM: Inks Pact with Lenders for New US$45-Million Loan
TRUE CORP: General Shareholders' Meeting Set for July 16


BOND PRICING: For the Week 09 July to 13 July 2007

     - - - - - - - -

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

APN NEWS: Shareholders Vote Against Harris and 3 Other Directors
----------------------------------------------------------------
Twenty-six percent of APN News & Media Limited shareholders
voted against the reelection of lead independent director Ted
Harris, Stuart Washington writes for The Age.

Aside from Mr. Harris, major shareholders like Perpetual
Investments and Australian Foundation Investment Co. were
reportedly behind the votes against Peter Cosgrove, Liam Healy
and Kevin Luscombe, The Age relates.

According to the report, during APN's annual general meeting
last week, an Australian Shareholders Association representative
spoke against Mr. Harris' reelection because he had been on the
board for 15 years and, in relation to the offer, "did not act
in the best interests of retail shareholders."

Mr. Washington interviewed Mr. Harris, who was quoted as saying,
"There are obviously institutions who believe that some
directors or maybe most of the directors have been on the board
too long.  That's their opinion."  

Also during the meeting, APN announced that it will buy back
about 9% or 45.311 million shares with a face value of
AU$262 million as of the closing of July 3, 2007, Adam Bennet,
of The Courier-Mail, reports.

Meanwhile, APN director and group chief operating officer of
Independent News & Media, Gavin O'Reilly, ruled out another bid
for APN by the Irish media company led by his father, Sir Tony
O'Reilly.

The Age notes that the young O'Reilly said that INM, which has a
38% stake, had made a "very full offer that wasn't accepted by
shareholders."

Additionally, the Courier-Mail article conveys that Chairman
James Parkinson said it still expected the company's earnings
before interest, tax, depreciation and amortization to grow 8.7%
in fiscal 2007.

                     About APN News Limited

APN News & Media Limited -- http://www.apn.com.au/-- is an  
Australian company engaged in printing and publishing of
newspapers, magazines, directories; commercial and security
printing; radio broadcasting; specialist transit, and static
outdoor advertising.  The Company operates in four segments:
publishing of newspapers, magazines, directories and general
printing; broadcasting of radio transmissions; outdoor, and
print.  APN's New Zealand national publishing division includes
The New Zealand Herald, The Herald on Sunday, The Aucklander,
the New Zealand Woman's Weekly, The Listener and Creme. The
regional publishing division publishes 14 regional daily
newspapers in Australia.  The radio division has 12 Australian
stations in key metropolitan markets and 117 New Zealand
stations broadcasting across eight networks in all key cities
and major regional centers.  The APN Online division operates
job Web sites in Auckland and regional Queensland, and mapping,
directory and online auction Web sites.

The Troubled Company Reporter-Asia Pacific, on Jan. 30, 2007,
listed APN News & Media's bond with a 7.250% coupon and a
October 31, 2008 maturity date as distressed.


BUCKEYE TECH: Committee OKs Steven Dean's Compensation Increase
----------------------------------------------------------------
Buckeye Technologies Inc.'s compensation committee approved a
salary increase of US$45,000 per year for Steven G. Dean
effective July 1, 2007, in connection with the recommendation
that Mr. Dean be promoted to senior vice president and chief
financial officer.  

Prior to his July 1 promotion, Mr. Dean was the company's vice
president and CFO, and his base salary was US$200,000.

                   About Buckeye Technologies

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

                        *     *     *

As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies, Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook.  All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.


CORPORATE TRANSPORT: Courts Serve Wind-Up Order
-----------------------------------------------
On June 15, 2007, the Supreme Court of New South Wales and the
Federal Court of Australia released an order to wind up the
operations of Corporate Transport Services Australia Pty Ltd.

Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia

                   About Corporate Transport

Corporate Transport Services Australia Pty Ltd provides courier
services except by air.  The company is located in New South
Wales, Australia.


GAMESTOP CORP: Board Okays Redemption of Sr. Floating Rate Notes
----------------------------------------------------------------
GameStop Corp.'s Board of Directors has authorized the
redemption of all US$120 million of the outstanding bonds
remaining under its and GameStop, Inc.'s Senior Floating Rate
Notes due 2011.  The Notes are redeemable by the Issuers
beginning Oct. 1, 2007.


The Company expects to incur a one-time pre-tax charge of
approximately US$3.8 million in the third quarter of 2007
associated with the redemption, which represents the US$2.4
million premium paid to bondholders to redeem the remaining
bonds and US$1.4 million of deferred financing costs.

The terms and conditions of the Notes permit the Issuers to
unconditionally redeem all of the Notes at a redemption price of
102% plus accrued and unpaid interest up to and including the
date fixed for redemption.  The expected date for redemption by
the Issuers is Oct. 1, 2007.

Formal notice of the redemption will be made to bondholders in
accordance with the terms of the Notes, with such notice to be
mailed at least 30 days but no more than 60 days before the
redemption date.

                    About GameStop Corp.

Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME)
-- http://www.gamestop.com/-- sells video games.  The company  
operates 4,778 retail stores throughout the United States,
Austria, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden,
Switzerland and the United Kingdom.  The company also owns
commerce-enabled Web properties, GameStop.com and ebgames.com,
and Game Informer(R) magazine, a leading video and computer game
publication.  GameStop sells the most popular new software,
hardware and game accessories for the PC and next generation
video game systems from Sony, Nintendo, and Microsoft.  In
addition, the company sells computer and video game magazines
and strategy guides, action figures, and other related
merchandise.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2007, Standard & Poor's Ratings Services raised its
corporate credit and senior unsecured debt ratings on Grapevine,
Texas-based GameStop Corp., a retailer of video game products
and PC entertainment software, to 'BB-' from 'B+'.

At the same time, the ratings on the US$475 million fixed-rate
and the US$475 million floating-rate notes were also changed to
'BB-'.


HAY VALLEY: Creditors' Meeting Set for July 26
----------------------------------------------
The creditors of Hay Valley Pty Ltd will meet on July 26, 2007,
at 10:00 a.m., to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         M. A. Rudaks
         Maris Rudaks & Associates
         Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8236 1500
         Facsimile:(08) 8236 1555

                         About Hay Valley

Hay Valley Pty Ltd is involved with residential construction.  
The company is located in South Australia, Australia.


J. R. BAKER: Shareholders Resolve to Shut Down Business
-------------------------------------------------------
At an extraordinary general meeting held on June 20, 2007, the
shareholders of J. R. Baker Pty Ltd resolved to shut down the
company's business and appointed Alex Koutzoumis as liquidator.

The Liquidator can be reached at:

         Alex Koutzoumis
         c/o Holden & Bolster Avenir Pty Ltd
         Level 31, Australia Square
         264-278 George Street
         Sydney, New South Wales 2000
         Australia

                        About J. R. Baker

J. R. Baker Pty Ltd is involved with local trucking without
storage.  The company is located in New South Wales, Australia.


K & C STAPLETON: To Declare Final Dividend on Sept. 17
------------------------------------------------------
K & C Stapleton Pty Limited, which is in liquidation, will
declare a dividend on Sept. 17, 2007.

Accordingly, Gerry Farlanga, the company's liquidator, requires
its creditors to file their proofs of debt by Sept. 3, 2007, to
be included from sharing in the company's dividend distribution.

                      About K & C Stapleton

K & C Stapleton Pty Limited is involved with the business of
commercial laundry, drycleaning, and pressing machines.  The
company is located in New South Wales, Australia.


LH NOMINEES: To Declare Dividend on July 31
-------------------------------------------
LH Nominees Pty Limited will declare dividend on July 31, 2007.

The company's creditors are then required to file their proofs
of debt by July 24, 2007, to be included in the dividend
distribution.

The company's liquidators are:

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

                        About LH Nominees

Located in New South Wales, Australia, LH Nominees Pty Limited
is an investor relation company.


LODCO PTY: Proofs of Debt Due by July 24
----------------------------------------
The creditors of Lodco Pty Limited are required to file their
proofs of debt by July 24, 2007, in order to be included in the
company's dividend distribution.

The company will declare dividend on July 31, 2007.

The company's liquidators are:

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

                         About Lodco Pty

Lodco Pty Limited is involved with hardware stores.  The company
is located in New South Wales, Australia.


NEWMONT WOWNAMINYA: Members to Receive Wind-Up Report on July 19
----------------------------------------------------------------
The members of Newmont Wownaminya Pty Ltd will meet on July 19,
2007, at 10:00 a.m., to receive the liquidator's report about
the company's wind-up proceedings and property disposal.

The company's liquidators are:

         S. C. Davies
         T. A. Eszenyi
         c-o McGrathNicol
         99 Gawler Place, Level 13
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8468 3700
         Web site: http://www.mcgrathnicol.com

                    About Newmont Wownaminya

Newmont Wownaminya Pty Ltd operates offices of holding
companies.  The company is located in South Australia,
Australia.


SCW725 PTY: Members' Final Meeting Set for July 26
--------------------------------------------------
SCW725 Pty Ltd will hold a final meeting for its members on
July 26, 2007, at 10:00 a.m.

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

The company's liquidator is:

         R. A. Ferguson
         c/o Fergusons Chartered Accountants
         Level 8, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia

                        About SCW725 Pty

SCW725 Pty Ltd is a distributor of durable goods.  The company
is located in South Australia, Australia.


SCW299 PTY: Sets Final Meeting for July 26
------------------------------------------
A final meeting will be held for the members of SCW299 Pty Ltd
on July 26, 2007, at 10:00 a.m.

R. A. Ferguson, 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:

         R. A. Ferguson
         c/o Fergusons Chartered Accountants
         Level 8, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia

                        About SCW299 Pty

SCW299 Pty Ltd is a distributor of nondurable goods.  The
company is located in South Australia, Australia.


SYDNEY INTERNET: Supreme Court Appoints Liquidator
--------------------------------------------------
On June 15, 2007, the Supreme Court of New South Wales appointed
Christopher J. Palmer as the liquidator of Sydney Internet
Exchange (Six) Pty Limited.

The Liquidator can be reached at:

         Christopher J. Palmer
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia

                     About Sydney Internet

Sydney Internet Exchange (Six) Pty Ltd is involved in the
business of telephone communications, except radiotelephone.  
The company is located in New South Wales, Australia.


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

AGRICULTURAL BANK: Names Central Bank Governor as New Head
----------------------------------------------------------
Xiang Junbo, China's former central bank Deputy Governor, was
named president of Agricultural Bank of China, replacing Yang
Mingsheng, various reports say.  Mr. Yang was transferred to act
as vice chairman of China Insurance Regulatory Commission.

According to reports, China made a series of personnel changes
in its financial sector in its latest move to speed up the
reform of State-owned banks.  "The State Council decided on June
16 to appoint Xiang Junbo as president of Agricultural Bank of
China," sources cited the central government as saying on its
Web site.

The appointment of Mr. Xiang, Bloomberg News says, may speed up
the bailout of Agricultural Bank, the last of China's four
largest state lenders to be cleaned up.  "That would complete a
decade-long, US$500-billion restructuring of China's banking
industry and pave the way for Agricultural Bank to sell shares,"
Lou Jun of Bloomberg notes.


The Agricultural Bank of China -- http://www.abocn.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter-Asia Pacific reported on
June 27, 2006, that the National Audit Office found accounting
irregularities in the bank involving CNY51.6 billion -- CNY14.27
billion of which come from deposit business, CNY27.62 billion
from loan grants, and CNY9.72 billion from fraudulent bill
issuance.

The bank carries Fitch Ratings' Individual strength rating of
'E'.

On May 4, 2007, Moody's Rating Agency implemented its new BFSR
methodologies and affirmed Agricultural Bank of China's Bank
Financial Strength Rating at E.


CHINA SOUTHERN: Starts Flying New Routes
----------------------------------------
China Southern Airlines will launch four new international
routes in July, from Guangzhou to Yangon, Phuket, Siem Reap, and
Vientiane respectively, Business Wire reports.

According to the report, the new services to Yangon and
Vientiane are the first routes operated by China Southern to
Burma and Laos.  The launch of the new routes will bring the
number of China Southern's international and regional routes to
86, the report relates.

Moreover, the airline also plans to open a direct flight route
between Guangzhou and Delhi in September, bringing the total
number of Southeastern countries that China Southern reaches to
12.

The increasingly extensive international network around
Guangzhou enables passengers to fly directly to major cities in
America, Australia, Asia and Europe.


Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com/-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.


HAFLON COMPANY: Enters Wind-Up Proceedings
------------------------------------------
On June 29, 2007, Haflon Company Limited entered wind-up
proceedings and appointed Lee King Yue as the company's
liquidator.

The Liquidator can be reached at:

         Lee King Yue
         Two International Finance Centre
         8 Finance Street, Central
         Hong Kong


HARTCOURT COS: Ties Up w/ Rayes Group to Invest in China Online
---------------------------------------------------------------
The Hartcourt Companies Inc. has reached an agreement in
principal to joint venture with Shenzhen Rayes Group to provide
investment and technical support to China Online, the largest
privately owned ISP in China.  

The agreement calls for Hartcourt to support COL's new business
strategy and implementation plans, including broadband Internet
infrastructure developments.  COL currently has 105 wholly owned
or joint-ventured subsidiaries covering all major provinces and
cities in The Peoples Republic of China.  

Since its inception in 1994, COL and these subsidiaries have
developed over 80 COL-branded portals with localized content.  
At present, the ISP business of COL has over 240,000 customers.

The closing of Hartcourt's acquisition and investment into China
Online is contingent upon the completion of three steps:

   (1) COL development of a new business plan satisfactory to
       Hartcourt's broadband ISP strategy in China;

   (2) Completion of a due diligence process by a leading U.S.
       investment bank appointed by Hartcourt and Rayes to value
       COL's business; and

   (3) All necessary legal documents being completed and
       approved by Chinese authorities and all parties.
    
According to People's Post & Telecommunications, the official
newspaper of Ministry of Information Industry of China, E-
commerce and China are now converging.  As of June 7, 2000,
China has more than 270,000 registered Internet domain names.  
By June 5, China had 90,817 Web sites with registered ".cn"
China domain names, up 50% from 60,267 Chinese domain names
recorded by May, 2000.  These numbers indicate the explosive
growth in China's business Internet service market.  Since 1999,
COL has shifted its ISP strategy towards mainly business
Internet services and thus the number of individual ISP
subscribers has decreased since and business customer base is
growing.

Dr. Alan Phan, Chairman & CEO of Hartcourt said, "Given the fact
that China is rapidly deploying its fiber-optic capacity for
broadband ISP services and other wireless applications,
Hartcourt has been aggressively developing and evaluating our
business partners in China for a timely investment and broadband
internet infrastructure development.  Once the WTO is approved
and implemented, we want to be sure that Hartcourt is the first
foreign company to participate directly in China's broadband
Internet market growth.  Our agreement with COL is one option we
have been evaluating and we are excited about the backbone
infrastructure that COL provides for potential business growth
on a nationwide scale."

        About Shenzhen Rayes Group and COL (China Online)
    
Shenzhen Rayes Group is registered in Shenzhen and its main
business is in developing network infrastructure and services
via China Online (COL).  Since 1994, COL has deployed a large-
scale ISP network with national coverage of 105 major cities in
China.  COL was approved by MII (Ministry of Information
Industry, formerly Ministry of Post and Telecommunications) in
1997 as a national ISP and related services provider. COL and
China Telecom's 169 national ISP network has a strategic
alliance since 1998.

                  About The Hartcourt Companies

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The  
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.

Kabani & Company, Inc., in Los Angeles, Calif., raised
substantial doubt about The Hartcourt Companies, Inc.'s ability
to continue as a going concern after auditing their consolidated
financial statements for the year ended May 31, 2006.  The
auditor pointed to the company's negative cash flow from
operations and accumulated deficiencies.


HOPSON DEVELOPMENT: Fitch Affirms BB Rating; Outlook Stable
-----------------------------------------------------------
On July 9, 2007, Fitch Ratings affirmed Hopson Development
Holdings Limited's Long-term foreign currency Issuer Default
Rating (IDR) and senior unsecured rating at 'BB'.  The Outlook
remains Stable.

According to an announcement by Hopson, it will pay HKD6 billion
for an 80% stake in a Beijing-based residential development
project owned by Hopson's chairman, Chu Mang Yee.  The deal will
be financed with HKD2bn in cash and HKD4bn in a new share
offering to Mr Chu.

The affirmed ratings reflect Fitch's expectations that Hopson's
recent acquisition of a property in Beijing will not materially
affect the credit profile of the company.  As the financing is
not debt-funded, Hopson's balance sheet will be relieved from
further leverage.  Furthermore, the cash consideration of HKD2bn
will be supported by Hopson's vast size of internal cash
reserves.  Fitch notes that Hopson has maintained sound
liquidity, as reflected in an unrestricted cash balance of
HKD2.4bn at end-2006, as well as the proceeds from CNY1.8
billion zero coupon convertible bonds due 2010 issued in January
2007.  Therefore, even after rendering the cash consideration,
the company will have sufficient cash resources to service its
short-term maturing debt obligations, which stood at HKD1.3
billion at end-2006.

On the other hand, Fitch notes that the purchase of the project
is consistent with the company's strategy to focus on large-
scale residential property developments.  Also, the acquisition
reflects Hopson's continuous efforts to diversify its land bank
into other major markets outside its origin, Guangdong Province,
although the Beijing market may be more volatile.  However,
while the project has a prime location with a planned gross
floor area of 700,000 square metres, the agency estimates that
it will not yield significant contribution to Hopson's cashflow
and profit in the next 12-18 months, subject to the completion
of the legal procedures and demolition works.

The Outlook remains Stable as Fitch expects Hopson will continue
to maintain a solid business profile and relatively stable
credit metrics appropriate for the current rating category.  The
pro-forma FFO adjusted net leverage in FY07 will read 4.4x,
compared with 4.0x at end-2006 and 3.8x at end-2005.  Any
significant adverse changes in government regulations and in the
economic environment, or a deterioration in the capital
structure (as indicated by FFO adjusted net leverage sustained
above 5.5x), may result in a negative rating action.  On the
other hand, a significant increase in recurring income,
continuous low-cost land replenishment or a materially improved
capital structure (signaled by FFO adjusted net leverage
sustained below 2.5x) may be positive rating triggers.

Hopson is a leading mainland China-based property developer with
a primary focus on residential property markets in China's
first-tier cities such as Guangzhou, Beijing, Shanghai and
Tianjin.  The company is also engaged in property investment and
property management.  Hopson realised a turnover of
HKD6.9 billion and net income of HKD1.6 billion in FY06.


ICBC: Inks Trusteeship Agreement with Social Security Fund
----------------------------------------------------------
Industrial and Commercial Bank of China signed a trusteeship
agreement with the National Council for Social Security Fund,
making it the third entrusted bank of NSSF, Xinhuanet reports.

The two other banks acting as trustees of the fund are Bank of
Communications and the Bank of China, the report notes.

By the end of 2006, the capital of NSSF had reached
CNY282.77 billion, the paper relates.  

The sources of the National Social Security Fund include fiscal
allocation of the central government, capital and equity assets
derived from reduction of state-owned shares and capital raised
in other manners with approval of the State Council, Yan Liang
of Xinhuanet reveals.


The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial  
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

Moody's Investors Service upgraded on December 6, 2006, to D-
from E+ the Bank Financial Strength Rating for Industrial and
Commercial Bank of China.  The D- BFSR has a stable outlook.  
The upgrade concludes a review of ICBC's BFSR started on
August 9, 2006.


KENBERG LIMITED: Liquidators Quit Posts
---------------------------------------
On June 13, 2007, Wu Chi Tso, John and Wong Man Ching ceased to
act as liquidators of Kenberg Limited.

The former Liquidators can be reached at:

         Wu Chi Tso
         Wong Man Ching
         Asian House, Suites 2109-10
         1 Hennessy Road, Wanchai
         Hong Kong


PARLEX ASIA: Creditors' Proofs of Debt Due by August 6
------------------------------------------------------
The creditors of Parlex Asia Pacific Limited are required to
file their proofs of debt by August 6, 2007, to be included in
the company's dividend distribution.

The company started to liquidate its business on June 29, 2007.

The company's liquidators are:

         Yip Chee Lan
         Chan Kwok Hung
         Johnson Building
         6-22 Dai Shun Street, Tai Po Industrial Estate
         Tai Po, N.T.
         Hong Kong


RAPID SCORE: Members Resolve to Liquidate Business
--------------------------------------------------
During a general meeting held on June 29, 2007, the members of
Rapid Score Investment Limited resolved to liquidate the
company's business and appointed Lee King Yue as the company's
liquidator.

The Liquidator can be reached at:

         Lee King Yue
         Two International Finance Centre, 72-76th Floor
         8 Finance Street, Central
         Hong Kong


SHINE FAITH: Placed Under Voluntary Liquidation
-----------------------------------------------
At an extraordinary general meeting held on June 27, 2007, the
members of Shine Faith Investment Limited resolved to shut down
the company's business and appointed Chan Yau Choi as
liquidator.

The Liquidator can be reached at:

         Chan Yau Choi
         Room 1101A, 1-5 Sugar Street
         Hong Kong


SILVER AGE: Members to Hold General Meeting on August 13
--------------------------------------------------------
The members of Silver Age Electronics (HK) Limited will have
their final general meeting on August 13, 2007, at 10:00 a.m.,
to receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The meeting will be held on the 31st Floor of Gloucester Tower,
The Landmark at 11 Pedder Street in Central, Hong Kong.


SUMMIT INVESTMENT: Names Chan Yau Choi as Liquidator
----------------------------------------------------
On June 27, 2007, the members of Summit Investment Limited
appointed Chan Yau Choi as the company's liquidator.

The company went into liquidation on that same day.

The Liquidator can be reached at:

         Chan Yau Choi
         Room 1101A, 1-5 Sugar Street
         Hong Kong


TCL CORP: Telecom Unit to Produce Trial TD-SCDMA Handsets
---------------------------------------------------------
TCL Communication Technology Holdings Ltd., a subsidiary of TCL
Corporation, will produce trial TD-SCDMA handsets by this
October, Xinhuanet News relates.

Citing a statement from TCL Communication, the report says that
the production will be implemented through cooperation between
TCL Communication's wholly owned subsidiary JRD Communication
(Shenzhen) Ltd. (JRDC) and the TCL Technology Center, which is a
100 percent-owned subsidiary of TCL Corp.

Pursuant to the agreement, the TCL Technology Center will
develop the TD-SCDMA handsets models, while JRDC will pay
CNY3 million (US$394,400) to the technology center and will also
provide the center with access to a mobile communications
platform and structural information about certain handset
models, as well as arrange trial production and network entry
testing for the models, the paper says.  JRDC will also be
responsible for the manufacture and sales of the TD-SCDMA
handsets based on the models developed by the technology center.

Meanwhile, the TCL Technology Center will develop about 50
handsets in the first phase of trials, scheduled to finish in
October, and will then produce another 200 sets after the models
pass the Ministry of Information Industry's network entry test.  
These TD-SCDMA handsets are mainly meant for the upcoming
bidding for TD-SCDMA terminals by China Mobile, Xinhuanet adds.  

If TCL Communication wins the tender to produce handsets for the
carrier, the company will start large-scale production of TD-
SCDMA handsets, the paper relates, citing a report from the
China Business News, which cited a TCL Communication official as
its source.


Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com/-- Corporation is principally engaged in the  
manufacture of TV sets and handset products.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication.

TTE Europe SAS, TCL's European unit, filed a declaration of
insolvency on May 24, 2007 in France after it failed to settle a
number of outstanding liabilities.

TCL Corporation has set up research and development offices,
together with a dozen research and development branch offices,
in China, the US, France and Singapore.  It has over 20
manufacturing and processing plants located in various countries
including China, Poland, Mexico, Thailand and Vietnam.

Xinhua Far East China Ratings downgraded on April 7, 2006, the
domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


UNION MARK: Requires Creditors to File Claims by July 25
--------------------------------------------------------
Union Mark Enterprises Limited started to liquidate its business
on June 29, 2007.

The company requires its creditors to file their proofs of debt
by July 25, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tam Kan Wing
         Asia Orient Tower, 23rd Floor
         Town Place, 33 Lockhart Road
         Wanchai, Hong Kong


WINKO LIMITED: Liquidators Resign from Posts
--------------------------------------------
Wu Chi Tso, John and Wong Man Ching quit as liquidators of Winko
Limited on June 13, 2007.

The former Liquidators can be reached at:

         Wu Chi Tso
         Wong Man Ching
         Asian House, Suites 2109-10
         1 Hennessy Road, Wanchai
         Hong Kong


WORLD CONNECT: Taps Chan Chi Ho & Lau Wai Fung as Liquidators
-------------------------------------------------------------
During a meeting held on June 26, 2007, the members of World
Connect Limited resolved to close the company's business.

Chan Chi Ho and Lau Wai Fung, the company's liquidators, are
receiving proofs of debt from its creditors until July 26, 2007.

The Liquidators can be reached at:

         Chan Chi Ho
         Lau Wai Fung
         Room 1501, 397 Hennessy Road
         Hong Kong


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

ICICI BANK: Mulls Doubling Borrowing Limit to INR2,00,000 Crore
---------------------------------------------------------------
ICICI Bank Ltd is aiming to double borrowing limit to
INR2,00,000 crore, principally to fund expansion of its
international business, the Business Standard reports.
According to the news agency, the bank also is planning to seek
its shareholders' authorization to issue depository receipts
against preference shares.

The bank believes that the international business is one of the
key growth drivers.  According to the bank, the expected growth
in its international banking group would entail higher funding
requirement.  The bank had last augmented its borrowing limit on
May 3, 2002, to INR1,03,550 crore from INR3,000 crore set on
June 15, 1998, Business Standard points out.

Furthermore, the bank also believes that additional capital is
needed to allocate for operational risk under the revised
capital adequacy norms called Basel II.  Pursuant to Basel II
norms, banks are required to set aside about 12% of total income
as capital for operational risk, BS notes.

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

The bank has operations in Russia and the United States.

                          *     *     *

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

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


ICICI BANK: Board OKs Allotment Pursuant to NSE-Approved Basis
--------------------------------------------------------------
ICICI Bank Ltd's Committee of the Board of Directors, at its
meeting held on July 5, 2007, approved the allotment of the
shares to the applicants in the public issue of shares of the
bank that closed on June 22, 2007, based on the Basis of
Allocation, as approved by the National Stock Exchange of India
Ltd.  The Committee also allotted the equity shares underlying
the American Depositary Share issue undertaken simultaneously by
the Bank.  The fully-paid and partly-paid shares were credited
to the beneficiaries' accounts on July 5, 2007.

The listing permission for the shares issued in the public issue
in India was received on July 5, 2007, and the fully-paid shares
were permitted to trade on Friday by the NSE and the BSE.  At
present, as per the terms mentioned in the Prospectus, the
partly-paid shares cannot be traded on the exchanges until the
requisite additional amounts are received.  In respect of non-
institutional bidders, the partly paid shares will not trade and
fully paid shares will be credited to their accounts following
receipt of the balance amount, within the time specified in the
Prospectus.  Partly paid shares issued to retail bidders will
trade only on receipt of the additional amounts due and receipt
of trading approvals for the partly paid shares following
receipt of such amount, within the time specified in the
Prospectus.  The concerned investors will receive in due course
the notice for payment of balance amount payable (where
applicable), CAN-cum-refund orders, allotment advice, etc.

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

The bank has operations in Russia and the United States.

                          *     *     *

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

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


IFCI LIMITED: Turns Around With INR2.5-Billion Net Profit
---------------------------------------------------------
IFCI Limited turns around with a net profit INR2.47 billion in
the first quarter ended June 30, 2007, compared to the net loss
of INR156.1 million in the corresponding quarter last year.

The company's revenues almost doubled in the April-June 2007
quarter to INR4.86 billion, comprised of INR3.5 billion in
interest revenues and INR1.36 billion in other income.

In the latest quarter under review, the company booked interest
expenses of INR1.79 billion and operating expenses of
INR127.5 million, bringing the operating profit to
INR2.93 billion.

In the 1st quarter of FY2008, the company recorded
INR207.8 million in provision and contingencies, which
represented write off of doubtful assets.

A copy of the company's financial results for the quarter ended
March 31, 2007, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?217b

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

                          *     *     *

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

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



IFCI LTD: Board Okays Inviting Expressions of Interest
------------------------------------------------------
IFCI Ltd's board of directors, at its meeting on July 6, 2007,
has approved in principle, a proposal for inviting 'Expression
of Interest' from strategic investors in accordance with long-
term vision and business objectives of the company.

As reported by the Troubled Company Reporter-Asia Pacific on
July 3, IFCI has tapped Ernst & Young to look for a strategic
investor, in whom the company plans to divest a 26% stake.  
After the induction of the strategic investor, the equity base
of IFCI will expand and the shareholding of existing investors
will come down.

According to the TCR-AP, IFCI wants to raise as much as
US$250 million by selling up to 26% in fresh equity to the
strategic investor.  Citigroup and Lehman Brothers are
reportedly leading the race to acquire the stake.

Also during the meeting, the board approved the appointment of
Whole-Time Director Atul Kumar Rai as CEO and Managing Director
to replace R. M. Malla who resigned from the CMD post.  
Mr. Malla's resignation came after his appointment as CMD of
Small Industries Development Bank of India.  Mr. Rai's
appointment is effective on July 11, 2007.

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

                          *     *     *

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

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


ITI LIMITED: Plans 150% Sales Increase & Cutting Losses to Half
---------------------------------------------------------------
ITI Limited set sights on more than doubling its sales and
reducing its losses.  

According to the Press Trust of India, ITI is aiming to increase
its sales by 150% at INR4,770 crore and reduce losses to half
this financial year.  For the financial year ended March 31,
2007, ITI posted a net loss of INR4.12 billion.

The company's optimism is reportedly driven by the growth in the
mobile sector.

ITI has been building systems for two Indian telecom companies
-- a global system for mobile network for Bharat Sanchar Nigam
Ltd and broadband systems for Mahanagar Telephone Nigam Ltd.

"The requirement of BSNL itself will be large in the coming
years," PTI quotes Mr. Singh as saying.  "We will be able to
generate business of INR2,600 crore out of this in this year
itself."

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

                          *     *     *

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

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

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


ORIENTAL BANK OF COMMERCE: Members Okay Declaring 47% Dividend
--------------------------------------------------------------
Oriental Bank of Commerce's members, at their 13th annual
general meeting, have agreed to the declaration of dividend of
47% on equity shares (including interim dividend of 20%) for the
financial year 2006-07.

During the meeting, the members have also accorded to the
adoption of:

   -- the bank's balance sheet as of March 31, 2007;

   -- its profit and loss account for the year ended March 31,
      2007;

   -- the report of the board of directors on the working and
      activities of the bank for the period covered by the
      accounts; and

   -- the auditors report on the balance sheet and accounts.

As previously reported by the Troubled Company Reporter-Asia
Pacific, the bank, for the financial year ended March 31, 2007,
recorded a net profit of INR5.81 billion, an improvement from
the INR5.57 billion gained in the previous year.  Total income
increased from INR46.72 billion in the year ended March 31,
2006, to INR57.68 billion in the year ended March 31, 2007.
The bank posted a net profit of INR548.60 million for the
quarter ended March 31, 2007, down 73% from the INR2.05 billion
profit booked in the corresponding quarter in 2006.

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

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, changed Oriental Bank of Commerce's BFSR to D+ from D.
The bank's Foreign Currency Deposit Rating is unchanged at Ba2.

The Troubled Company Reporter-Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been affirmed at
C/D.  On March 15, 2007, Fitch upgraded the support rating of
the bank to '3' from '4'


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

BANK NEGARA: Indonesia Says Stake Price Not Fixed Yet
-----------------------------------------------------
The Indonesian Government has not yet fixed the selling price of
its stake in PT Bank Negara Indonesia Tbk, Reuters reports,
citing Said Didu, secretary to the state enterprises ministry.

According to Reuters, Mr. Didu said that an earlier prospectus,
which published an offer price of IDR2,025 per share, was not
accurate.  He said that the Government will not set the price at
that level.

The prospectus, which was published on June 28, stated that the
Government planned to sell a 26% stake in the bank, worth nearly
US$900 million, Reuters recounts.  The prospectus said that the
Government specifically planned to sell a 13% stake in August
and the proceeds of around IDR4 trillion would be used to
strengthen the bank's capital base.  It also said the bank
planned to simultaneously sell the other 13% stake through
another secondary public share offering in an effort to plug the
state budget deficit.

Reuters explains that Indonesia's stock market has hit repeated
record highs recently and the share price of Bank Negara is now
well above the level stated by the prospectus.  BNI shares ended
1% higher at IDR2,525 on Friday, while the Jakarta stock index
ended up 0.28%.

The share sale, the report relates, comes as the Government
expects to capitalize on strong gains in the Jakarta stock
market.

                        About Bank Negara

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

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


PERUSAHAAN GAS: Delays Gas From ConocoPhillips Field
----------------------------------------------------
PT Perusahaan Gas Negara has delayed until October its plans to
supply gas from a field operated by ConocoPhillips in South
Sumatra due to pipeline problems, Reuters reports, citing PGN
President-Director Sutikno.

The report recounts that PGN signed in 2004 a contract with
ConocoPhillips to supply 2.3 trillion cubic feet of natural gas
for 17 years from March 2007.

According to Reuters, the Grissik-Pagardewa pipeline project is
part of a 661-km (413-mile) long gas pipeline from South Sumatra
to West Java with peak volume of 400 million cubic feet per day.
"There are problems in the 196 kilometre pipeline project from
Grissik (ConocoPhillips gas field) to Pagardewa in South
Sumatra.  The problems are flooding and land clearing," Mr.
Sutikno told Reuters.

PGN, the report says, has already started supplying 60 million
cubic feet per day of gas from Pagardewa to industries in
Cilegon, West Java, from March this year.

Reuters cites another PGN official as saying that there was a
risk PGN could face a penalty from ConocoPhillips because of the
delay, without elaborating.

                     About Perusahaan Gas

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

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

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

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

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

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

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


* Indonesia's Budget Deficit Seen to Increase in 2nd Half
---------------------------------------------------------
Indonesia's budget deficit is expected to increase in the second
half of the year, Reuters says, citing a government document it
obtained on July 6.  The expected increase, according to
Reuters, comes after sluggish government spending in the first
six months of 2007.

The report relates that the Government has proposed to
parliament to revise the deficit to 1.6% of gross domestic
product from 1.1%, partly to fund rebuilding after a series of
disasters.

Indonesia suffered an earthquake around Yogyakarta in 2006,
while Jakarta was hit by floods in February and East Java a mud
volcano, Reuters recounts.

The report says that, as shown in the document, the country's
budget deficit at the end of the first half of the year is
estimated to have only reached 0.05% of GDP, or equivalent to
IDR2 trillion (US$222.1 million).

The Government intends to boost spending in the second half of
2007 to achieve the new deficit target of 1.6% of GDP.  The
report states that budget deficit is expected to reach
IDR62 trillion by the end of the year compared with an estimated
2007 GDP of 3,875 trillion.

                          *     *     *

As reported in the TCR-AP on July 27, 2006, Standard & Poor's
Ratings Service raised its long-term foreign currency rating for
Indonesia to 'BB-' from 'B+', and the long-term local currency
rating to 'BB+' from 'BB'.  S&P also affirmed the country's 'B'
short-term rating.

Fitch gave Indonesia a BB- long-term foreign currency rating.
Indonesia carries Moody's 'B1' rating.


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

BOSTON SCIENTIFIC: Inks Deal with CryoCor in Atrial Fibrillation
----------------------------------------------------------------
Boston Scientific Corporation and CryoCor, Inc., entered into a
strategic collaboration in the field of cryoablation, or the use
of extreme cold, for the treatment of cardiac arrhythmias.  The
collaboration involves the co-development of therapeutic
solutions for atrial fibrillation, or Afib.  Afib is the most
common cardiac arrhythmia and affects approximately 6 million
patients around the globe, and it is estimated that over
US$9 billion is spent annually in the United States on
healthcare costs associated with Afib.

The collaboration involves the co-development of a console
intended to deliver cryo energy to Boston Scientific's
proprietary cryo balloon catheter for the treatment of Afib.  
Under the collaboration, CryoCor will be responsible for the
development, and possible manufacture, of a cryoablation console
for use with Boston Scientific's internally developed cryo-
therapy balloon, which may incorporate some of CryoCor's
catheter technologies.  Upon successful achievement of pre-
established development milestones, Boston Scientific has agreed
to make certain payments to CryoCor.  Boston Scientific also has
agreed to pay CryoCor royalties on the sale by Boston Scientific
of the products developed under the collaboration.  In addition
to the development program, Boston Scientific purchased shares
of CryoCor common stock for an aggregate purchase price of
US$2.5 million, and agreed to purchase an additional
US$2.5 million of common stock upon successful achievement of
certain development milestones.

Boston Scientific intends to market its cryo-therapy balloon for
the treatment of Afib, subject to regulatory approvals.  Boston
Scientific's cryo balloon is being developed to attempt to
provide a safe, standardized, and broadly applicable method to
isolate the electrical activity originating from the pulmonary
veins, which are believed to be a source for the initiation and
propagation of Afib.

Joe Fitzgerald, President of Boston Scientific's  
Electrophysiology Division, stated, "we believe that the
proposed combination of CryoCor's proprietary console design and
cryogenics expertise, along with Boston Scientific's extensive
history of balloon catheter leadership, will be a significant
strategic and competitive advantage in the Afib market."

Ed Brennan, Chief Executive Officer of CryoCor, said, "we are
pleased that Boston Scientific chose to collaborate with CryoCor
for the development of this important product.  We view this
relationship as further validation of cryoablation, and CryoCor
specifically, and we believe that Boston Scientific can provide
valuable assistance to us as we prepare for the launch of our
cryoablation system in the United States."

                          About CryoCor

CryoCor Inc. -- http://www.cryocor.com/-- is a medical  
technology company that has developed and manufactures a
disposable catheter system based on its proprietary cryoablation
technology for the minimally invasive treatment of cardiac
arrhythmias.  CryoCor's product, the CryoCor Cardiac
Cryoablation System, or the Cryoablation System, is designed to
treat cardiac arrhythmias through the use of cryoenergy, or
extreme cold, to destroy targeted cardiac tissue.

The Cryoablation System has been approved in Europe for the
treatment of Afib and Atrial Flutter, the two most common and
difficult to treat arrhythmias since 2002.  In the United
States, CryoCor is conducting a pivotal trial to evaluate the
safety and efficacy of the Cryoablation System for the treatment
of Afib, and has submitted an application for premarket approval
for the treatment of Atrial Flutter.

                   About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                       *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including
its Baa3 senior unsecured and Prime-3 short term, under review
for possible downgrade.  The rating action reflects Moody's
expectation that, absent any material debt reduction, financial
strength measures over the near term will be below those
identified for an investment grade company under Moody's Global
Medical Products & Device Industry Rating Methodology.


COSMO OIL: Resumes Kerosene Shipment After Tank Contamination
-------------------------------------------------------------
Cosmo Oil Company, Limited, has resumed its kerosene shipment
after it said on July 4, 2007, that it had to cancel its
shipments of kerosene from its Yokkaichi refinery in the central
prefecture of Mie due to a contamination of fuel in its storage
tank, reports Shigeru Sato of Bloomberg News.

In a Bloomberg News report on July 4, Cosmo Oil spokesman
Tatsuya Yano revealed that the oil company discovered that
kerosene stored in a tank had been accidentally mixed with
residue.  Mr. Yano said that they will resume shipments after
cleaning the contaminated tank.

Bloomberg cited an analyst as saying that the shipment halt will
not affect Cosmo Oil's business as the demand for kerosene is
typically low during the summer season, which starts from late
June until early September, compared to that of the winter
season.

                          About Cosmo Oil

Headquartered in Tokyo, Japan, Cosmo Oil Company, Limited --
http://www.cosmo-oil.co.jp/-- is primarily an oil refining  
company.  The company is also involved in the purchase and sale
of real estate, the manufacture and sale of alpha lipoic acid
(ALA) products, as well as the provision of leasing and
insurance services.

Moody's Investors Service, on April 18, 2007, placed under
review for possible upgrade the Ba1 senior unsecured debt rating
and issuer rating of Cosmo Oil Co., Ltd. (Cosmo).  The rating
review is prompted by Moody's expectation that Cosmo will likely
be able to maintain the stability of its operating performance
and capital structure, despite a rather difficult business
environment, over the intermediate term through successful
business diversification.


FORD MOTOR: Zero% Financing on Ford, Lincoln & Mercury Models
-------------------------------------------------------------
Ford Motor Company is giving customers zero percent financing on
the 2007 Ford Edge, F-150, Mercury Milan and Lincoln MKX' and
every other 2007 model year Ford, Lincoln or Mercury car, truck
and SUV.  In addition, customers who select a 2007 model year
truck or SUV will receive US$2,007 cash back.

"There's never been a better time to be a Ford or Lincoln
Mercury customer," said Randy Ortiz, general manager for Ford
and Lincoln Mercury sales.  "With America's best-selling trucks,
the freshest line of crossovers in the industry and mid-size
sedans that outperform the competition in head-to-head
comparison tests and owner surveys, our product lineup delivers
what consumers are looking for. These sales events add even more
value to our outstanding vehicles."

                 Spotlight on Product Excellence

Advertising for the 2007 Ford Model Year Clearance Event began
on June 28, 2007, with 30-second commercials airing on network
television.  The ads, created by JWT Team Detroit, showcase
Ford's full car, truck and SUV lineups.  Ads featuring
individual products -- including the Ford Fusion, Edge, F-150,
Focus, Mustang, and Explorer -- also will air beginning this
week.

Print executions will appear nationally in USA Today and in
major newspapers in 25 top markets beginning on June 29, 2007.  
Radio spots have started airing nationally, regionally and
locally.  Digital advertising for the 2007 Model Year Clearance
also will appear on a variety of sites including Google, Yahoo!,
MSN and other automotive research sites Hispanic versions of
select ads also will be available.

                         Program Details

Ford's 2007 Model Year Clearance and Lincoln Mercury's Summer
Drive Sales Event promotions run nationwide through July 9,
2007.  Details include:

    * Zero percent financing for 36 months on all 2007 Ford,
      Lincoln and Mercury models;

    * Customers who purchase a 2007 model Ford or Lincoln
      Mercury truck or SUV will receive an additional US$2,007
      in Bonus Cash (Bonus Cash offer does not extend to Ford
      Edge, Freestyle, E-Series, or Lincoln MKX); and

    * Customer cash of US$500 - US$2,500 is available on several
      2007 models in lieu of zero percent financing.

                       About Ford Motor Co.

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

                          *    *    *

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

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

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


FUJI HEAVY: Shares Rose 5.7% After JPMOrgan Analyst Lifts Rating
----------------------------------------------------------------
Shares of Fuji Heavy Industries Ltd. rose after JPMorgan
Securities Japan Co. raised its rating on the stock, attributing
it to an improved profit outlook based on the depreciation of
the yen, Makiko Kitamura writes for Bloomberg News.

Mr. Kitamura relates that Fuji Heavy's stock rose as much as
JPY34 or 5.7% and traded at JPY611 as of July 4, 2007, 11 a.m.
trading break on the Tokyo Stock Exchange.

Citing a July 3, 2007 report by JPMorgan's Takaki Nakanishi, the
article conveys that Mr. Nakanishi boosted the operating profit
forecast for the makers of Subaru-brand cars because of a
weaker-than-expected currency.  In line with this, the auto
analyst revised his forecast to JPY118 to the dollar from JPY115
previously, and JPY160 to the euro from JPY150 earlier.

According to Mr. Kitamura, Mr. Nakanishi is Japan's top-rated
auto analyst who has lifted his rating on the stock of Fuji
Heavy to "neutral" from "underweight."

                          About Fuji Heavy

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is a manufacturing company engaged in  
the production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.


MITSUBISHI MOTORS: R&I Lifts Rating to B+ with Stable Outlook
-------------------------------------------------------------
Rating and Investment Information, Inc., has announced the
latest ratings for Mitsubishi Motors Corporation:

   * Issuer Rating: B+ from B;

   * Rating Outlook: Stable;

   * Domestic Commercial Paper Programme: B (Affirmed).

Mitsubishi Motors has been working to restructure its operations
since it announced its Mitsubishi Motors Revitalization Plan in
January 2005.  Despite difficult domestic market conditions
caused by factors like shrinking vehicle demand, Mitsubishi
Motors has managed to leverage new model introductions to
gradually restore its earnings base.  The Thai pickup truck
business is also doing well, turning in stable earnings, sales
are strong in Russia and other CIS states, and the company is,
generally speaking, fulfilling its revitalization plans.  

Mitsubishi Motors continues to face a multitude of issues in
restoring its competitiveness by reconstructing its global
earnings base.  Examples include improving the profitability of
the North American automobile business, structural reform of the
Australian plant, and a revamping of the European production
system.  However, in recognition of the significant improvement
in its ability to secure outside financing, R&I has upgraded its
Issuer Rating to B+.  The Rating Outlook is Stable.

Moving forward, R&I will pay particular attention to the
directions set forth in the company's next management plan (the
one following the Mitsubishi Motors Revitalization Plan), and
will continue to watch conditions with regard to both investment
and capital procurement policies, and financing cooperation the
company is able to gain from its main bank and other financial
institutions.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three- year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.


SOJITZ CORP: Completes Bond Conversion Totaling JPY150 Billion
--------------------------------------------------------------
Sojitz Corporation has completed its conversion for the full
amount of its fourth series of unsecured convertible bond with
stock acquisition rights as of July 3, 2007, Reuters reports.

The total bond conversion amounted to JPY150 billion, relates
Reuters.

According to the report, the bonds were issued by Sojitz on
May 25, 2006, into 36,486,872 shares of its common stock.


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

                          *     *     *

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


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

OCI BERHAD: Failure to File Plan Cues Trading Suspension
---------------------------------------------------------
The Bursa Malaysia Securities Berhad will suspend the trading of
OCI Bhd's securities on July 12, 2007, after the company failed
to submit its regularization plan to the Securities Commission
and other relevant authorities for approval.

The company was required to submit the plan on July 5, 2007.

In addition to the suspension, Bursa Securities will also
commence delisting procedures against the company.  A notice
will be served on OCI for its representations to be made to
Bursa Securities as to why its securities should not be delisted
from the Official List.

                          About OCI Bhd

OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries.

The company is an affected listed issuer under Bursa Malaysia
Securities Berhad's Practice Note 17 category as the auditors
have expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006.  Moreover, the
shareholders' equity of the company on a consolidated basis as
at June 30, 2006, represented 40.8% of the company's issued and
paid-up capital.


TENGGARA OIL: Liquidator Sells Unit's Assets to Alto Armani
------------------------------------------------------------
Tenggara Oil Bhd disclosed with the Bursa Malaysia Securities
Bhd that the liquidator of its wholly owned unit, Tenggara Plaza
Sdn Bhd, had entered into a Sale and Purchase Agreement with
Alto Armani Sdn. Bhd.

The agreement calls for the unit's disposal of the land and
foreclosed building charged to Malayan Banking Berhad for a
total consideration of MYR10,800,000.

Tenggara Plaza has been placed in liquidation on February 6,
2007.


Headquartered in Kuala Lumpur, Malaysia, Tenggara Oil Berhad is
undertaking a divestment and restructuring exercise, which will
reposition it as a service oriented and trading group from its
current resource-based businesses.  Current businesses include
investment holding, supply of ready mixed concrete, property
holding, management and construction.  As part of a corporate
revamp exercise, the Company has repositioned itself in the oil
and gas business, which will be its core business.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.


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

BFM LTD: Wind-Up Petition Hearing Set for July 12
-------------------------------------------------
A petition to wind up the operations of BFM Ltd. Will be heard
before the High Court of Auckland on July 12, 2007, at 10:45
a.m.

The petition was filed by New Zealand Breweries Limited on
March 19, 2007.

New Zealand Breweries' solicitor is:

         Richard John Burrell
         c/o Lovegroves
         11 Polygon Road, St Heliers
         Auckland
         New Zealand
         Telephone:(09) 575 6540
         Facsimile:(09) 575 7399


BUSINESS BACKUP: Creditors' Proofs of Debt Due by Sept. 14
----------------------------------------------------------
Business Backup Limited is receiving proofs of debt from its
creditors until Sept. 14, 2007.

The company went into liquidation on June 14, 2007.

The company's liquidator is:

         Vivian Fatupaito
         PricewaterhouseCoopers
         Level 8, PricewaterhouseCoopers Tower
         188 Quay Street
         Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


CE INVESTMENTS: Fixes July 16 as Deadline for Proofs of Claim
-------------------------------------------------------------
CE Investments Ltd. requires its creditors to file their proofs
of debt by July 16, 2007.

The company went into liquidation on June 14, 2007.

The company's liquidators are:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         Horwath Corporate (Auckland) Limited
         PO Box 3678, Shortland Street
         Auckland 1140
         New Zealand
         Telephone:(09) 306 3440
         Facsimile:(09) 302 0536


CER GROUP: Shareholders Unanimously Approve Four Resolutions
------------------------------------------------------------
At CER Group Ltd's special meeting, shareholders passed
unanimously, on a show of hands, a resolution that the company
issue up to 18,000,000 ordinary fully paid shares as part
consideration for the acquisition of Australian sustainable
environmental management company, Vital Resource Management
Group Business Assets.

The Troubled Company Reporter-Asia Pacific reported on June 8,
2007, that CER Group signed a conditional heads of agreement to
acquire Vital Resource Management.  VRM is a privately-owned
company based in Townsville, Queensland.  It manufactures and
markets pro-biotic formulation-based products used in
applications as diverse as water and soil treatment, sustainable
farming, commercial and domestic cleaning.  Its products are
sold across Australia and New Zealand, along with Europe and the
Middle East.

During the meeting, the shareholders also unanimously passed
these resolutions:

   -- Authority for Directors to issue up to 11,000,000 ordinary
      fully paid shares pursuant to a private placement.

   -- Ratification of the previous issue of issue of Equity
      Securities pursuant to Listing Rule 7.3.5, dated Nov. 17,
      2006.

   -- Issue of options to directors and senior management

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.


GRAPE CARE: Court to Hear Wind-Up Petition on Aug. 1
----------------------------------------------------
Fruitfed Supplies filed on May 23, 2007, a petition to wind up
the operations of Grape Care Ltd.

The petition will be heard before the High Court of Blenheim on
August 1, 2007, at 10:00 a.m.

Fruitfed's solicitor is:

         A. J. Sherlock
         Hesketh Henry, Lawyers
         Level 11, 41 Shortland Street
         Auckland
         New Zealand


PROFESSIONAL AUDIO: Faces CIR's Wind-Up Petition
------------------------------------------------
On May 25, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Professional Audio Ltd.

The petition will be heard before the High Court of Palmerston
North on July 16, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Julia Beech
         c/o Legal and Technical Services
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


REXON LTD: Court to Hear Wind-Up Petition on Aug. 2
---------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Rexon Ltd. on August 2, 2007, at 10:00 a.m.

BOC Limited filed the petition on April 27, 2007.

BOC Limited's solicitor is:

         R. A. Fraser
         c/o Credit Services (NZ) Limited
         Level 6, 138 Victoria Street
         Christchurch
         New Zealand


SOMERSBY FOREST: Appoints Nikki White as Liquidator
---------------------------------------------------
On June 14, 2007, Somersby Forest Ltd. went into liquidation and
Nikki White was appointed as liquidator.

The Liquidator can be reached at:

         Nikki White
         c/o Candy Gillespie Limited
         PO Box 182 Matamata
         New Zealand
         Telephone:(07) 888 7089
         Facsimile:(07) 888 7084


STANIA HOLDINGS: Taps Bhuvan Naran as Liquidator
------------------------------------------------
Bhuvan Naran was appointed as liquidator of Stania Holdings Ltd.
on June 14, 2007.

The Liquidator can be reached at:

         Bhuvan Naran
         c/o Hussey & Co
         Level 7, 55-65 Shortland Street
         PO Box 1325, Auckland
         New Zealand
         Telephone:(09) 300 5480
         Facsimile:(09) 300 5489


VERTICAL DESCENT: Subject to CIR's Wind-Up Petition
---------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Vertical Descent Adventures Ltd. on August 16,
2007, at 10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on
May 17, 2007.

The CIR's solicitor is:

         Julia Beech
         c/o Legal and Technical Services
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


TAYLOR ROOFING: Requires Creditors to File Claims by Sept. 14
-------------------------------------------------------------
Taylor Roofing (Whangarei) Ltd. commenced liquidation
proceedings on June 14, 2007.

Vivian Fatupaito, the company's liquidator is receiving proofs
of debt from its creditors until Sept. 14, 2007.

The Liquidator can be reached at:

         Vivian Fatupaito
         PricewaterhouseCoopers
         Level 8, PricewaterhouseCoopers Tower
         188 Quay Street
         Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


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

APEX MINING: Media May Have Misunderstood Manager's EMS Report
--------------------------------------------------------------
Apex Mining Inc. has clarified with the Philippine Stock
Exchange an article published by the Philippine Daily Inquirer
concerning plans to expand mining operations in Compostela
Valley.

On July 6, the Inquirer published an article quoting Apex's
environmental manager, Rogel Cabauatan, as saying that the
company plans to expand its 500-hectare mining area to 2,300
hectares.  The report said that this would enable the company to
cover the entire mineable area in Masara, Maco, in Compostela
Valley.

In its disclosure with the PSE, the company said that
Mr. Cabauatan is not fully informed or knowledgeable of the
company's operations, and is not authorized to disclose
operational matters.  Therefore, it could not warrant the
article's veracity.

However, the company also raised the possibility of
Mr. Cabauatan being misquoted or misunderstood by the media in
attendance during his discussion before the Chamber of Mines on
June 5.  Mr. Cabauatan had been invited by the Chamber of Mines
to give a report on what processes that the company's
Environmental Management System team had took to establish the
system, and the benefits experienced from the implementation of
the EMS.

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

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

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

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

Apex Mining Company, Inc. reported a net loss of
PHP53.92 million for the year ended Dec. 31, 2006, its biggest
net loss following the PHP30.13 million and PHP7.31 million for
the years 2005 and 2004.

As of Dec. 31, 2006, the company had total assets of
PHP464.44 million and total liabilities of PHP521.58 million,
resulting in a capital deficiency of PHP57.14 million.


BANGKO SENTRAL: Finance Dept. Considers OFW Bond Float Proposal
---------------------------------------------------------------
The Bangko Sentral ng Pilipinas' proposal to float bonds in
order to encourage overseas Filipino workers to invest rather
than deposit their savings is being considered by the Department
of Finance, Finance Undersecretary Roberto Tan told the
Philippine Daily Inquirer.

"[The agency] is considering ways to help OFWs and serve the
needs of the government at the same time," Mr. Tan said in an
interview.  

However, according to the Inquirer, Mr. Tan also revealed that
the DoF is yet to consider several issues in the planned bond
float, like place of issue and the manner of sale of the bonds.

Amando Tetangco Jr., BSP Governor, had earlier said that he is
supporting the sale of bonds to OFWs, the report relates.  He
also pointed out the necessity to educate OFWs on investment
options for the protection of their income from the
strengthening local currency.

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.


DEVELOPMENT BANK: Launches FOREX Rate Hedging Program
-----------------------------------------------------
The Development Bank of the Philippines has launched its hedging
program to protect exporters from losses arising from a
strengthening peso, the SunStar reports.

DBP President Reynaldo G. David told 500 members of the
Philippine Exporters Confederation Inc. during the launching
that there are two products -- the foreign exchange insurance
and forward foreign rate protection schemes -- within the
program.  He also said these products are exclusive only to
exporters and exporter consolidators.

Sunstar notes that Mr. David explained that the FX exchange
insurance scheme protects the exporter from both peso
appreciation and depreciation, from which the exporter can make
a gain from the service.

The system allows the exporter to sell of his dollar earning at
the higher exchange rate in the event that the peso weakens upon
payment of his shipment, Mr. David said.  On the other hand, the
insurance will compensate the exporter for exchange rate losses
in case the peso strengthens itself when he pays for his
exports.

To avail of the FX exchange scheme, an insurance fee of about 45
centavos per dollar is charged for one-month insurance, the
report notes.  The insurance will be based on open market rates
from the Reuters/Bloomberg price system, Mr. David added.

The forward exchange rate protection program, on the other hand,
offers a simpler and inexpensive protection from only the
difference between the exchange rate upon availing the program
and the rate when the shipment is delivered.  "The exporter and
the bank will only be trading change under the program," Mr.
David said.

Under the program, the DBP will only pay the exporter the
exchange rate difference upon appreciation of the peso, and will
keep the difference in the event that the peso weakens.

The exporter will have to open a dollar account with the DBP or
enter into a credit contract with it, but will not be required
to pay any fees.  The minimum amount covered by either of the
two facilities is US$10,000 worth of exports covered by a
purchase order or LC but not more than the value of a single
shipment, the report adds.

                            About DBP

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the  
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006 that Fitch Ratings has affirmed Manila-based
Development Bank of the
Philippines' ratings as follows:

   -- Long-term foreign currency Issuer Default rating of 'BB',

   -- Long-term local currency IDR of 'BB+',

   -- Individual raring of 'C/D' and

   -- Support ratings of '3'.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 5, 2006 that Standard & Poor's Ratings Services
assigned its 'BB-'rating to the Development Bank of the
Philippines' (DBP: foreign currency BB-/Stable/B, local currency
BB+/Stable/B) PHP2.35 billion existing lower Tier II
subordinated notes due 2016, which will have a tenor of ten
years with a call option at the end of five years.  The
differential between the 'BB+'
counterparty credit rating and the 'BB-' rating on the lower
Tier II notes reflects the subordinated nature of the notes.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006 that Moody's Investors Service has revised the
outlook of Development Bank of the Philippines' foreign currency
long-term deposit rating of B1 and local currency long-term
deposit rating of Ba2 from negative to stable.

The outlooks for DBP's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of D remain
stable.


DEVELOPMENT BANK: To Fund Water Supply and Clean-up Projects
------------------------------------------------------------
The Development Bank of the Philippines together with the Asian
Development Bank and other foreign and local financing
institutions have offered to fund water supply and sanitation
projects despite strained national government resources, the
Manila Bulletin reports.

Representatives from ADB and DBP presented their proposals and
schemes for funding water projects during the forum held on June
21 at the Manila Hotel between the Local Water Utilities
Administration and the country's water districts, the article
says.  Representatives from the Japan International Cooperation
Agency, the Land Bank of the Philippines and the United States
Agency for International Development-Environment Cooperation for
Asia were also in attendance during the event.

                            About DBP

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the  
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006 that Fitch Ratings has affirmed Manila-based
Development Bank of the
Philippines' ratings as follows:

   -- Long-term foreign currency Issuer Default rating of 'BB',

   -- Long-term local currency IDR of 'BB+',

   -- Individual raring of 'C/D' and

   -- Support ratings of '3'.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 5, 2006 that Standard & Poor's Ratings Services
assigned its 'BB-'rating to the Development Bank of the
Philippines' (DBP: foreign currency BB-/Stable/B, local currency
BB+/Stable/B) PHP2.35 billion existing lower Tier II
subordinated notes due 2016, which will have a tenor of ten
years with a call option at the end of five years.  The
differential between the 'BB+'
counterparty credit rating and the 'BB-' rating on the lower
Tier II notes reflects the subordinated nature of the notes.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006 that Moody's Investors Service has revised the
outlook of Development Bank of the Philippines' foreign currency
long-term deposit rating of B1 and local currency long-term
deposit rating of Ba2 from negative to stable.

The outlooks for DBP's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of D remain
stable.


MIC HOLDINGS: Elects New Directors & Appoints Auditor for 2007
--------------------------------------------------------------
MIC Holdings Corp. elected seven directors and new officers for
the year 2007 during its annual stockholders' meeting held on
June 6, according to a disclosure with the Philippine Stock
Exchange.

The company's stockholders elected these new directors for the
current year:

    * Omar B. Mendoza
    * Arturo B. Diago (Independent Director)
    * Jose A. Feria Jr.
    * Ricardo D. Bautista
    * Jose Maria A. Franco (Independent director)
    * Michael B. Tantoco
    * Arturo M. Hilado

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

    * Jose A. Feria Jr.         -- Chairman of the Board of
                                   Directors

    * Omar B. Mendoza           -- President

    * Arturo M. Hilado          -- Treasurer

    * Ma. Amaya M.Y.B. Soriano  -- Corporate Secretary

The company also elected to retain KPMG Manabat Sanagustin & Co.
as external auditor.


Headquartered in Quezon City, Philippines, MIC Holdings
Corporation's board of directors approved the following
amendments to the articles of incorporation: change of name from
Metropolitan Insurance Company to its present one; change of
primary and secondary purposes from insurance to that of a
holding company; and removal of preemptive rights. On July 1999,
the Securities and Exchange Commission approved the amended
articles.

The company is still on the process of exploring possible
investments and acquisitions.

As of March 31, 2007, the company had PHP52.36 million in total
assets and PHP54.57 million in total liabilities, resulting in a
PHP2.2 million stockholders' equity deficit.  The company's
current liabilities, represented by the total liabilities of
PHP54.47 million, exceeded the company's current assets of
PHP8.58 million signifying an illiquid state as of March 31,
2007.


WELLEX INDUSTRIES: Settles PHP400K Trading Non-Disclosure Fine
--------------------------------------------------------------
Wellex Industries INc. has paid the Philippine Stock Exchange
PHP150,000 to settle its fines and penalty against the company
for the alleged disclosure regulation violations in trading done
by two of its directors.

According to disclosures with the PSE, the company had
previously paid US$250,000 to the PSE representing the basic
fines imposed on it.  This latest payment have brought the total
payments by the company to PHP400,000.

In a letter dated July 2 and addressed to the President of the
PSE, the company asked the Exchange to reconsider its penalties
imposed on the company concerning the transactions.  The company
maintained that the trading transactions by its directors
Messrs.  William Gatchalian and Rogelio Garcia were undertaken
in their individual capacities.   

The company faces a trading suspension of one month for repeated
violation of the disclosure requirements under Section 13 of the
Revised Disclosure Rules.  The PSE also imposed PHP400,000 in
monetary penalties, which the company has already settled.  

According to the letter, the two directors undertook those
transactions from April 23 until April 25 this year, which were
reported in only one disclosure.  Because the dates of
occurrence were close to each other, the company said that the
trading should have been interpreted as a continuing act and
only one violation, and contested the PSE's ruling that the
company violated the disclosure requirement three times.

                     About Wellex Industries

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

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development. Mining, however, will continue to be one
of the company's secondary purposes. In 1997, it subsequently
transformed to a holding company for manufacturing concerns with
the entry of the Wellex Group. The company has since then been
able to initiate projects which have been true to its vision. In
November 1999, WIN formalized the entry of Plastic City
Industrial Corporation (PCIC) into the group. PCIC is the
Philippines' first fully integrated manufacturer of plastic
products used in a number of industries.

                   Going Concern Doubt

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

The auditor cited these factors:

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

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


* Suspension of Malampaya Royalties Can Cause PHP8.4 Bil. Loss
--------------------------------------------------------------
The Philippine Government may lose an estimated PHP8.4 billion
yearly if it suspends collection of royalty taxes from the
Malampaya natural gas project, the Department of Finance told
ABS-CBN News.

The Semiconductor and Electronics Industries in the Philippines
had earlier proposed suspension of royalties from the Malampaya
project, saying that it would help reduce power costs in the
country.  SEIPI said that its members' competitiveness is
adversely affected by the high costs of power in the
Philippines, the report notes.

According to ABS-CBN News, the Malampaya consortium operates the
2,700 MW deep water-to-gas project, and consists of Shell
Philippines Exploration B.V. (Spex) and Chevron Texaco, each
holding a 45% stake in the project.  Philippine National Oil
Co.-Exploration Corp., the government's exploration arm, holds a
10% stake.

The agency said that the country's budget process will be
distorted by the suspension these royalties because it already
accounted for the annual collection amount in the government's
fiscal program.  The DOF said that as of the past three years,
the country has PHP15.466 million in shares from the project.  
These shares had been used to pay for the National Power Corp.'s
deficit obligation to the Malampaya proponents.

The collection is also provided for in the constitution, the DOF
added.  However, the DOF agrees that electricity costs should be
reduced and asked power producers to take steps to reduce costs.  
The agency suggested that the producers increase their
efficiency rates and eliminate costs that are passed on to
consumers.

                          *     *     *

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.


* Budget Committee Hikes Up GDP Growth Projection to 6.1%-6.8%
--------------------------------------------------------------
A rise in production in the agricultural and tourism sectors and
an investment hike has prompted the Philippine Government to
raise its gross domestic product growth projection for 2008 from
a range of 5.8% to 6.6% to between 6.1% and 6.8%, ABS-CBN News
reports.

According to the report, the government believes that the
economy, as measured by the GDP, cannot maintain the same growth
for the rest of the year, despite a growth of 6.9% in the GDP
during the first three months of this year.

The article notes that the Development Budget Coordination
Committee also changed its assumptions for the peso-dollar
exchange rate, expecting that the peso will rise from PHP47 to
PHP49 per dollar in 2008 because of strong inflows, foreign
direct investments and the Bangko Sentral ng Pilipinas'
liberalized policy on dollar entries.  The committee had earlier
assumed a PHP48-PHP50 rate against the American currency.  

The 91-day Treasury bill, export and import growth rates were
also revised by the DBCC, the report adds.

The DBCC also see a 12% growth in 2008 in merchandise exports,
from the expected US$51.2 billion revenues this year to
US$57.3 billion next year.  The committee also sees a 12% growth
in imports, putting in US$65.4 billion next year from the
expected US$58.4 billion for 2007.  Dubai oil prices are also
seen by the DBCC to rise to US$62-US$70 per barrel, after
previously assuming US$57-US$62 per barrel.  

However, ABS-CBN sources within the DBCC indicated that the
revisions are yet to be approved at the Cabinet level.

                          *     *     *

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.


* Environmental Agency Turns in PHP35 Mil. Revenues From Fines
--------------------------------------------------------------
The Department of Environment and Natural Resources has turned
in an impressive PHP35 million in revenues generated from
February until May this year, consisting of fines for violations
of environmental laws and regulations, the Manila Bulletin said.

The DENR resolved 248 out of 806 cases for violations of various
air and water pollution laws, which were lodged since 1989, the
report says.  The agency also issued 27 cease and desist orders
during the period, as well as formal lifting orders or dismissal
from dockets for 55 cases and temporary lifting orders, fines,
or investigations for 164 cases.

The DENR's performance is attributable to the regular hearings
for speeding progress of pending cases, the report relates.

                          *     *     *

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

ARINC INC: Company Sale Cues S&P to Revise Watch to Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'BB' corporate credit rating and other
ratings on ARINC Inc. to negative from developing.
      
"The revision follows the announcement that ARINC will be sold
to the Carlyle Group," said Standard & Poor's credit analyst
Christopher DeNicolo.  Although the financial terms were not
disclosed, the positive scenario of an IPO or minority equity
investment is no longer possible and leverage could increase.  
The transaction is subject to customary regulatory approvals and
is expected to close in the third quarter of 2007.  ARINC is
currently owned primarily by several large U.S. airlines.  
Ratings could be withdrawn if rated debt is repaid.

                           About ARINC

Annapolis, Maryland-based, ARINC Inc. -- http//www.arinc.com/ --
provides communications and IT services to the global aviation
industry and the U.S. military and other government agencies.

The company has locations in Germany, Spain, China, Japan,
Taiwan, Thailand and Singapore, among others.


ARINC INC: Six Airlines to Sell Over 90% of Shares to Carlyle
-------------------------------------------------------------
Six U.S. airlines, holding more than 90% of Arinc Inc., have
agreed to sell their respective stakes to an affiliates of The
Carlyle Group, The Wall Street Journal reported Friday.

The airlines include:

   * AMR Corp.'s American Airlines,
   * UAL Corp.'s United Airlines Inc.,
   * Continental Airlines Inc.,
   * Delta Air Lines Inc.,
   * Northwest Airlines Corp. and
   * US Airways Group Inc.

Under the agreement, which is expected to close before Oct. 31,
2007, the airlines will sell their stake to Radio Acquisition
Corp., a Carlyle affiliate.  WSJ relates that the deal is
expected to generate as much as US$1 billion.

The report adds that financial details of the agreement wasn't
disclosed, citing an Arinc spokeswoman.

                         About Carlyle

Founded in 1987, The Carlyle Group -- http://www.carlyle.com/--  
is an equity firm with US$46.9 billion under management.  
Carlyle invests in buyouts, venture & growth capital, real
estate and leveraged finance in Asia, Europe and North America,
focusing on aerospace & defense, automotive & transportation,
consumer & retail, energy & power, healthcare, industrial,
technology & business services and telecommunications & media.  
The firm has invested US$24 billion of equity in 576
transactions for a total purchase price of US$101.8 billion.  
Carlyle portfolio companies have more than US$68 billion in
revenue and employ more than 200,000 people around the world.

                        About ARINC Inc.

ARINC Inc. -- http://www.arinc.com/-- provides communications  
and IT services to the global aviation industry and the U.S.
military and other government agencies.  The company has
locations in Germany, Spain, China, Japan, Taiwan, Thailand and
Singapore, among others.

                          *     *     *
Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'BB' corporate credit rating and other
ratings on ARINC Inc. to negative from developing.  According to
S&P, "[t]he revision follows the announcement that ARINC will be
sold to the Carlyle Group."


HEXION SPECIALTY: Huntsman Offer Cues S&P's Negative Watch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and other ratings on Columbus, Ohio-based Hexion
Specialty Chemicals Inc. on CreditWatch with negative
implications.  The ratings on related entities were also placed
on CreditWatch.

"The rating action follows Hexion's announcement that it has
made a definitive proposal to acquire Huntsman Corp. for
US$10.14 billion, including debt," said Standard & Poor's credit
analyst Paul Kurias.

In addition, there is a provision for an 8% increase in the
offer should the transaction, which is subject to shareholder
and regulatory approval, take more than nine months to complete.

At March 31, 2007, Hexion had approximately US$3.7 billion in
adjusted debt and about US$5.3 billion in revenues.

The proposed acquisition is large relative to Hexion's existing
operations, and will result in a global and highly diversified
chemicals producer with over US$15 billion in annual revenue.  
If completed, the transaction could elevate Hexion's business
profile given the improved product mix, better diversification,
and less dependency on Hexion's core resins product.  However,
the financing of the transaction is likely to result in a highly
aggressive capital structure, more than offsetting the expected
benefits to the business profile.  S&P's note that Hexion is
already highly leveraged with total debt to EBITDA above 5x, and
that a debt-financed transaction could further stretch the
financial profile, even beyond a level appropriate for the
existing 'B' corporate credit rating.

S&P ratings on Salt Lake City, Utah-based Huntsman Corp. and all
related entities remain on CreditWatch with negative
implications, where they were placed on June 26, 2007.  The
initial CreditWatch listing reflected concerns following the
announcement that Luxembourg-based Basell AF S.C.A. and Huntsman
had entered into a definitive agreement under which Basell plans
to acquire Huntsman for US$9.6 billion.  The transaction, which
is subject to shareholder and regulatory approval, has been
approved by Huntsman's board of directors and has the support of
MatlinPatterson and the Huntsman family, who collectively own
57% of Huntsman's common stock.  It is now unclear which
transaction will be successful, although both have the strong
potential to result in downgrades.

S&P will resolve the CreditWatch on Hexion after meeting with
management to evaluate in detail the financing plans, financial
policies and strategy for the combined company, and the impact
of such a combination on the business and financial risk
profiles.


NATEX PTE: Court to Hear Wind-Up Petition on July 20
----------------------------------------------------
The High Court of Singapore will hear a petition to wind up the
operations of Natex Pte Ltd on July 20, 2007, at 10:00 a.m.

The petition was filed by M-Precision Centre Pte Ltd on June 25,
2007.

M-Precision's solicitor is:

         Bih Li & Lee
         79 Robinson Road
         #24-08 CPF Building
         Singapore 068897


SEA CONTAINERS: Court Approves US$176.5 Million DIP Financing
-----------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware authorized Sea Containers Ltd. and its
debtor-affiliates to obtain US$176 million Debtor-in-Possession
Financing Facility from Mariner LCD, Dune Capital LLC and Dune
Capital LP, along with Trilogy Capital LLC and Caspian Capital
Partners LP.

The DIP Facility consists of a term loan of up to
US$151,500,000, and a US$25,000,000 revolving credit facility.

The Term Loan provides for a non-amortizing term loan available
in a single drawing on the Closing Date.

The Debtors intend to use the proceeds of the Term Loan to make
a capital contribution to SPC Holdings, Ltd., a non-debtor
subsidiary of which SCL holds the entire economic interest.

In turn, Holdings will make a capital contribution to Sea
Containers SPC Ltd., a bankruptcy remote subsidiary.  SPC will
then use the proceeds of the capital contribution to repay an
existing debt securitization facility.

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

In addition, the Term Loan will also be used to pay all costs
and expenses of the DIP Lenders and the DIP Agent relating to
the structuring of the proposed financing for SCL or SPC.

The proceeds of the Revolving Credit Facility will be used for
general corporate purposes of SCL in the ordinary course of
business.

The Debtors believe that the DIP Lenders' proposal is beneficial
to the estate as it offers attractive financing terms, including
no cash up-front fees or break-up fees.

The material terms of the DIP Facility reflected in the DIP
Credit Agreement also contains provision regarding:

(a) Interest Rate

     The rate of interest per annum with respect to the unpaid
     amount of all DIP Loans will be the Eurodollar Rate for
     the relevant Interest Period plus the Applicable Margin.
     Non-Default Rate interest on the DIP Obligations will be
     payable monthly in arrears.

(b) Default Rate

     The annual interest rate to the unpaid amount of all DIP
     Loans during the continuance of an Event of Default will
     be the one-month Eurodollar Rate, calculated daily, plus
     the Applicable Margin plus 2.0%.

     With respect to the unpaid amount of all other DIP
     Obligations during the Event of Default, the annual
     interest rate is the default rate that would be applicable
     to Revolving Credit Loans.  The Default Rate interest on
     the DIP Obligations will be payable in cash on demand and
     will be compounded daily.

The DIP Credit Agreement includes customary events of default
for DIP Financings.

SCL's DIP Obligations is secured by a perfected, first priority
security interest and lien on (i) its equity interests in
Holdings and SPC, (ii) all of its cash and cash equivalents, and
(iii) amounts it received or is receivable from Holdings and
SPC.

Holdings will guarantee the full payment of the DIP Obligations
when it comes due.

The Guarantee will be secured by a perfected, first priority
security interest in all assets of Holdings.  The amount of the
Guarantee, however, will be limited to the value of Holdings'
assets at the time the guarantee is given.

All DIP Obligations will be granted superpriority administrative
expense claim with priority over all other costs and expenses of
any kind.

As additional protection, SCL agrees not to seek any order that
attempts to grant any other party a superpriority claim or
otherwise subordinate the DIP Obligations or the DIP Lien.

The DIP Lenders' superpriority administrative expense claim will
be payable from all of the Debtors' properties.

SCL will pay all costs and expenses of the DIP Lenders and the
DIP Agent relating to the structuring of the proposed financing
SCL or SPC.

SCL will also pay a refinancing fee equal to 1% of the aggregate
amount of the cash proceeds of the Term Loan on the Closing
Date.

Under the DIP Credit Agreement, refinancing is defined as the
repayment or replacement of the DIP Obligations.

SCL will also pay a non-emergence fee on the one-year
anniversary of the DIP Effective Date, in an amount equal to 1%
of the aggregate principal amount then outstanding under the DIP
Facility, unless all outstanding DIP Obligations have already
been fully paid.

An unutilized commitment fee will be paid by SCL at an annual
rate of 1% on the average daily unused portion of the Revolving
Credit Facility, which is payable monthly in arrears.

The DIP Lien and the superpriority of the DIP Obligations will
be subject only to a carve-out for:

   * unpaid fees payable pursuant to Section 1930 of the
     Judiciary and Judicial Procedures Code,

   * all claims for fees and expenses of the Court-approved
     professionals.

The DIP Credit Agreement will terminate once:

   -- all the DIP Obligations are paid in full,
   -- SCL's plan of reorganization is confirmed,
   -- the DIP Obligations are accelerated,
   -- a Sale Order for all of SCL's assets is entered, or
   -- the Debtors' case is converted into a Chapter 7 case.

In either case, the stated maturity of the DIP Credit Agreement
is two years after the Closing Date.

The DIP Lenders' proposal will allow the Debtors to lock in
permanent financing, which will enable them to focus on efforts
going forward on key restructuring initiatives and developing a
confirmable Chapter 11 plan.

On May 3, 2007, Sea Containers Ltd. agreed with Mariner LCD,
Dune Capital LLC and Dune Capital LP, along with Trilogy Capital
LLC and Caspian Capital Partners LP, on a Commitment Letter that
set forth the terms for a DIP facility.

A full-text copy of the May 3, 2007 DIP Financing Agreement is
available for free at: http://ResearchArchives.com/t/s?2172

The parties subsequently amended the DIP Financing Agreement,
which revision was presented to the Court on June 15, 2007.  A
full-text copy of the revised DIP Financing Agreement is
available for free at: http://ResearchArchives.com/t/s?2173

                      About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 22; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


THE COX GROUP: Requires Creditors to File Claims by Aug. 6
-----------------------------------------------------------
The Cox Group (International) Pte Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by August 6,
2007.

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

The company's liquidators are:

         Yeap Lam Kheng
         Bob Yap Cheng Ghee
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


THOSAN TRANSPORT: Pays Second and Final Dividend
------------------------------------------------
Thosan Transport Pte Ltd paid the second and final dividend to
its creditors on June 28, 2007.

The company paid 0.101% to all received claims.

The company's liquidator is:

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


WONDERBAR SINGAPORE: Court Enters Wind-Up Order
-----------------------------------------------
The Court entered on June 29, 2007, an order to wind up the
operations of K C Dat Freight Solutions Pte Ltd and appointed
the official receiver as the company's provisional liquidator.

The petition was filed by K C Dat Freight Solutions Pte Ltd on
May 7, 2007.


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

BANGKOK BANK: To Reinforce Presence in Phuket's Property Market
---------------------------------------------------------------
Bangkok Bank PCL is planning on a larger presence in the real
estate market of Thailand's Phuket Island, the Bangkok Post
reports.

The Phuket market is expected to grow by 20% to 30% annually
within the next three to four years, from its current market
worth of THB20 billion per year, the article relates.

BBL's executive vice president, Piya Sosothikul, told the
Bangkok Post that about 250 units of condominium, detached home
and vacation villa projects were already underway in Phuket.
This project has a market size of around THB85 billion, he said.  
Mr. Piya added that "80% are villas or vacation homes sold under
30-year leases."  "All the rest are condominiums sold on a free-
hold basis."

The bank expects foreign buyers to outstrip Thai investors in
Phuket by a ratio of four to one, according to Mr. Piya.  Unit
sale prices will range from THB20 million to THB200 million.  He
also said that 70% of the buyers are European customers.  Most
of the transactions are by wealthy businessmen looking for homes
to spend their vacation in, the report relates, since the Bank
of Thailand restricted local bank lending to foreigners in order
to tame speculation in the Phuket market.

Sales for this year are almost three times the figure reported
for 2004, and are estimated to be at about THB20 billion, the
report relates.

Mr.Piya revealed that although they are the highest points of
the tourist season, transactions in the months of January and
February were low.  He cited concerns about the Foreign Business
Act and nominee shareholdings as a factor for the low
transactions for the first two months of the year.  The
situation recovered in April, as investors were clarified about
the legal situation.

Mr. Piya also gave suggestions or improvement projects in Phuket
Island, including enlargement of the Phuket International
Airport in order to allow long-haul flights to Europe without
necessitating a stopover in Bangkok.  He also suggested an
international convention centre and marine to be built on the
island, saying that yacht owners are high net-worth individuals.  

The Post adds that Bangkok Bank plans another PHP5 billion in
loans to 20 other property projects in Phuket.  Mr. Piya further
said that foreign buyers expressed considerable interest on the
islands of Pattaya, Samui, Hua Hin and Pran Buri.

                        About Bangkok Bank

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

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
was re affirmed on September 20, 2006, following the military
coup in Thailand.

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

The bank also carries Fitch's C Individual rating.

In addition, Standard & Poor's Rating Services assigned a C
Financial Rating to the bank.


DAIMLERCHRYSLER: Delays 2Q Earnings Report Due to Chrysler Sale
---------------------------------------------------------------
The upcoming transfer of a majority interest in Chrysler
Automotive and Chrysler Financial to Cerberus Capital Management
and the upcoming closing of the transaction will result in
substantial changes in DaimlerChrysler AG's financial reporting
on the second quarter of 2007.

Chrysler Automotive and Chrysler Financial will be shown in the
second quarter financial statements as "discontinued
operations."  For this reason, it will not be possible to
publish the full interim report as planned on July 26, 2007.

However, in order to report its key figures as soon as possible,
on July 25, 2007, DaimlerChrysler will disclose unit sales,
revenues and EBIT (earnings before interest and taxes) for the
Mercedes Car Group and Truck Group divisions as well as for the
Van, Bus, Other segment on the basis of preliminary figures.  
A conference call for journalists and analysts will be held on
July 25, 2007, at 4.00 p.m. CEST.  Originally, the second
quarter 2007 interim report was scheduled to be released on
July 26, 2007.

It will not be possible to report Financial Services' figures
separately for Chrysler and Daimler on July 25, 2007, because
the accounting work of separating the business volume of
Financial Services that is to be allocated to the Chrysler Group
will not have been completed by then.

DaimlerChrysler intends to publish its full interim report on
the second quarter of 2007, including the financial statements,
on August 29, 2007.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,  
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER: S&P Junks Finance Arm's US$2 Billion Term Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating on Chrysler LLC.  At the same time, Standard &
Poor's assigned its 'B' long-term counterparty credit rating to
Chrysler affiliate DaimlerChrysler Financial Services Americas
LLC.  The outlooks on both companies are negative.  

The linkage of the ratings on the two companies reflects S&P's  
consideration of DCFS as a captive finance company and is driven
primarily by the strong business ties between the two entities.

Standard & Poor's also assigned these bank loan and recovery
ratings:

  -- A 'B+' issue rating, one notch higher than the Chrysler
     corporate credit rating, and a '2' recovery rating to
     Chrysler's proposed US$10 billion, first-lien term loan due
     2014;

  -- A 'B-' issue rating, one notch below the Chrysler corporate
     credit rating, and a '5' recovery rating to Chrysler's
     proposed US$2 billion, second lien-term loan due 2014;

  -- A 'BB-' rating, two notches higher than the DCFS
     counterparty credit rating, and a '1' recovery rating to
     DCFS's proposed US$2 billon revolving credit facility and
     US$4 billion first-lien term loan; and

  -- A 'CCC+' rating, two notches below the DCFS counterparty
     credit rating, and a '6' recovery rating to DCFS's proposed
     US$2 billion second-lien term loan.

Chrysler Holding LLC and Chrysler LLC are new legal entities
being formed in connection with the acquisition of a controlling
interest in the Chrysler automotive and financial businesses
from parent DaimlerChrysler AG (DCX; BBB/Watch Pos/A-2) by an
affiliate of Cerberus Capital Management L.P. (DCFS is an
existing entity.)  Upon consummation of the transaction,
Cerberus will own approximately 80.1% of the equity interests in
unrated Chrysler Holding, the indirect parent of Chrysler and
direct parent of DCFS, with DCX retaining a 19.9% stake in
Chrysler Holding.  The sale is not expected to close until late
July, and terms and conditions are subject to change.
Accordingly, our ratings are preliminary and are subject to
consummation of the transaction and receipt and review of final
documentation.

Following the close of the purchase, Auburn Hills, Mich.-based
Chrysler will be a privately held company and is not expected to
report financial results.  The company is the fourth-largest
automaker in North America, based on unit sales.

The ratings on Chrysler reflect the wide-ranging challenges the
company faces in North America, where the vast majority of its
automotive operations are located.  "The company relies more
heavily on North American sales of light trucks than either of
its other Michigan-based competitors," said Standard & Poor's
credit analyst Robert Schulz.  "While it benefits from having a
strong presence in the more stable minivan segment and ownership
of the iconic Jeep brand, the company is in the early stages of
trying to turn around its North American operations," he
continued.  Although the company has been profitable in recent
years, Chrysler has reported steep losses for the past three
quarters, and we expect the company to remain unprofitable until
into 2009.  We are concerned about Chrysler's negative cash flow
generation during 2007 and into 2008 as it works to turn around
its financial performance, despite its more than adequate
liquidity relative to near-term demands.

Chrysler's management and strategies, aimed at returning to
profitability by 2009, are not expected to change significantly
under the new ownership, at least for the near term; rather, we
expect Chrysler to continue executing the turnaround plan
announced in February 2007.  The plan calls for a return on
sales of 2.5% in 2009.  A crucial aspect of the plan is cost
reductions. Chrysler has benefited from past restructurings and
seemingly has less to accomplish this time.  Based on past
results, S&P believes Chrysler will be successful, at least in
part, in reducing its cost structure.  Still, although cost
reductions may prove significant, they will take considerable
time to fully materialize and even longer to translate into cash
flow benefits.

The outlooks on Chrysler and DCFS are negative.  S&P's primary
concern is Chrysler's need to return its North American
automotive operations--the vast majority of the company's
business--to profitability.  The ratings could be lowered if
setbacks, whether industry-related or Chrysler-specific, were to
increase the company's use of cash, delay cash savings from the
latest cost-cutting and restructuring efforts, or constrict
liquidity.  Chrysler would need to reverse its current financial
and operational trends, and sustain such a reversal, before we
would revise our outlooks to stable.

Based in Stuttgart, Germany, DaimlerChrysler AG
(NYSE:DCX)(FRA:DCX) -- http://www.daimlerchrysler.com/--
develops, manufactures, distributes, and sells various
automotive products, primarily passenger cars, light trucks, and
commercial vehicles worldwide.  It primarily operates in four
segments: Mercedes Car Group, Chrysler Group, Commercial
Vehicles, and Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.


DAIMLERCHRYSLER AG: Fitch Puts Low-B Ratings on Finance Unit
------------------------------------------------------------
Fitch Ratings has initiated rating coverage on Daimler Chrysler
Financial Services Americas LLC by assigning these ratings:

  -- Long-term Issuer Default Rating (IDR) 'BB-';
  -- Short-term Issuer Default Rating (IDR) 'B';
  -- US$4 billion first lien term loan 'BBB-';
  -- US$2 billion second lien term loan 'BB'.

The Rating Outlook for CFS is Stable.

The assignment of CFS' IDR rating follows the expected
acquisition of 80.1% of Chrysler Holding LLC, the parent of CFS
by CG Acquisition Co, an affiliate of Cerberus Capital
Management L.P. As part of the transaction, all intercompany
debt from Daimler Chrysler AG to CFS will be repaid.

The IDR rating of CFS reflects a one-notch lift over that of
Chrysler LLC.  This reflects the structural protections put in
place to insulate CFS creditors from potential issues at
Chrysler.  CFS and Chrysler will operate as separate legal
entities, with not cross-collateralization or guarantees with
respect to each entity's financing.  Relations and transactions
between the two companies are governed under a master services
agreement and each company will have a separate board of
directors.  While CFS primarily finances Chrysler dealers and
their customers, Fitch believes the structural protections are
adequate at the current ratings level, to recognize a ratings
distinction in the IDR ratings between CFS and Chrysler.
Nonetheless, Fitch will link the ratings of CFS to Chrysler,
given that Fitch believes CFS performance is highly correlated
with that of Chrysler.  As such a change in ratings of Chrysler
would result in a similar change to CFS.

Aside from the strong relationship with Chrysler and relevant
structural elements, Fitch regards CFS as a well-managed captive
finance company.  CFS has demonstrated consistent credit quality
in its retail, lease, and wholesale automotive portfolios over
an extended period.  In addition, CFS is currently operating
with very sound capital levels for the assigned ratings. Fitch
also feels liquidity adequately supports the company's ongoing
business needs.  Fitch's concerns center on Chrysler's ability
to navigate through a difficult operating environment in North
America, industry trend towards 72-month loans, which increases
loss severity, and the highly encumbered nature of CFS' balance
sheet, which may limit financial flexibility.

The ratings of the term loans are notched above the IDR
reflecting their well-secured nature by generally highly liquid
automotive finance related assets.

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.


DAIMLERCHRYSLER: Fitch Assigns Low B Ratings to Chrysler LLC
------------------------------------------------------------
Fitch has initiated rating coverage on Chrysler LLC by assigning
these ratings:

  -- Long-term Issuer Default Rating (IDR) 'B+';
  -- US$10 billion first-lien loan 'BB+/RR1';
  -- US$2 billion second-lien loan 'BB+/RR1'.

The US$12 billion in senior secured financing will be raised
following the pending acquisition of 80.1% of Chrysler's parent,
Chrysler Holding LLC, by affiliates of Cerberus Capital
Management, L.P. The 'RR1' Recovery Rating (RR) is based on
Fitch's expectation of full recovery in the event of bankruptcy.
The Rating Outlook is Stable.

The rating reflects the severe competitive environment in the
U.S. auto market, recent operating losses that are expected to
continue through at least 2008, uncertainties regarding the
extent of restructuring efforts and the pending UAW contract
talks, and a deeply stressed supplier base. The Stable Outlook
is based on Chrysler's market share performance since 2000,
which has held up fairly well given the stiff competition and
capacity expansion of transplant manufacturers as well as
shifting buying patterns. The current product lineup across a
number of segments, along with near-term new product
introductions and a growing export market, should provide
sufficient revenue support that will allow cost reductions to
improve operating margins over the near term.

Chrysler has made healthy improvements in its North American
manufacturing operations since its merger with DaimlerChrysler
AG (Daimler).  Steady improvement in such key areas as capacity
utilization, production efficiency and flexible manufacturing,
when combined with the company's market share performance, have
limited operating losses despite an uncompetitive cost
structure.  As a result, Chrysler's restructuring efforts are
far less dramatic than at Ford and GM, with only a single
assembly plant currently scheduled for closure.

However, over-production by Chrysler in 2006, particularly in
larger vehicle segments, created bloated inventories and
problematic dealer relationships. Subsequent inventory
reductions through the first quarter of 2007 have returned
inventories to acceptable levels with an improved mix across
product segments.  Nevertheless, the inventory reductions were
done at a heavy cost, resulting in higher incentives, higher
fleet sales, operating losses, lower residual values and damage
to brand image.

Consolidated operating results also disproportionately suffered
from volume and price deterioration in the key pickup segment
due to a cyclical decline in the housing market, heavy
incentives, and tough competition from new GM and Toyota
products.  By the time the Dodge Ram is refreshed, the current
version may be the most dated product in the market, although
two pending derivatives could enhance its presence in the
segment over the near term. Over the longer term, the U.S.
manufacturers appear well-positioned to hold or improve their
competitive position in this market, and should benefit from any
eventual upturn in construction activity.  Although Chrysler
remains heavily exposed to larger vehicle segments, the company
has been proportionately less exposed to the steep decline in
mid-size and large SUV's than Ford and GM.

In the second half of 2007, key product introductions include
the Dodge and Chrysler minivans, and the Jeep Liberty.  Chrysler
enjoys a solid market position in minivans, (although the
segment remains in decline due to cannibalization by crossover
vehicles), and could be poised to capture additional share as
Ford and GM contract in this segment.  Also supporting volumes
and revenues in 2007 and into 2008 are the Jeep Wrangler, Dodge
Charger and Dodge Caliber.  Balanced strength across a range of
new and existing products, including smaller vehicles, should
allow production efficiencies achieved over the past several
years to positively impact margins, despite continuing price
erosion across the industry. However, large SUV products such as
the Chrysler Aspen and Jeep Commander were introduced just as
this segment was in steep decline.

A primary support factor for the rating is the continuing
relationship between Chrysler and Daimler.  In addition to a
19.9% stake that Daimler will retain in Chrysler Holding LLC,
various agreements will be put in place that will cement the
operating and product development ties between the two
companies.  Areas of cooperation include axles, a common SUV
platform, V-6 engine development and more.  In particular, a
technology sharing agreement provides Chrysler with rights to
technologies that are currently in, or designated for Chrysler
products.  These agreements allow Chrysler to greatly leverage
its R&D efforts and capitalize on Daimler's technologies.
Chrysler's access to Daimler diesel technology could provide
Chrysler with a competitive advantage over the long term as the
U.S. market opens to diesel applications.

Chrysler is also seeking to wring major cost reductions and
efficiencies out of its production process, through parts
commonality, platform-sharing, reductions in engine families,
re-sourcing to low-cost countries, both alone and in partnership
with Daimler.  Although the synergies with Daimler have not met
the levels or timeline first envisioned, efficiencies and cost
savings will continue to accrue over the intermediate term.

Hourly buyout programs, salaried employee reductions and an
expected UAW health care deal (similar to agreements signed by
the UAW with Ford and GM) provide confidence that near-term
fixed cost savings are achievable.  Although Chrysler has
announced US$3 billion of capital spending related to powertrain
products, capital spending will be reduced from heavy investment
spending over the past several years.

Although liquidity is very healthy, and more than sufficient to
offset near-term operating losses and restructuring costs,
Chrysler remains capital constrained and lacks the scale of
competitors, particularly in terms of long-term product
development.  The agreement with Daimler represents a critical
offset to this competitive disadvantage, but does not eliminate
it. Legislative and regulatory issues, including higher CAFE
requirements and emission standards, present long-term
uncertainties and are likely to further increase the capital
intensity of the industry.

The significant revenue and margin pressures at Ford and GM will
require significant changes to the UAW contract terms in order
to reverse negative cash flows.  Chrysler's fixed cost position
are expected to benefit from changes in a number of areas
including, outsourcing, use of non-union labor, work rules, job
classifications, etc., through both the national contract and
through continuing local agreements.  Significant uncertainties
remain around the results of the upcoming contract talks, and
the risks of a labor disruption remain.

Given its liquidity, operating profile and the size of its
healthcare liabilities, Chrysler is uniquely positioned among
the Detroit-3 in its capacity to finance a final solution to its
health care liabilities (along the lines of a Goodyear-style
deal).  Chrysler is likely to be aggressive in pursuing such a
transaction, but it is uncertain that a one-size-fits-all
agreement can be reached between the UAW and Ford/GM/Chrysler
within the timeline of the current talks.

Chrysler's U.S. pension obligations are fully funded (on a U.S.
GAAP basis), and are likely to improve further following 2007
YTD returns and an eventual re-measurement of liabilities that
incorporate recent buyouts. Legacy health care liabilities
remain an onerous burden on cash flow, but are likely to be
reduced through an expected agreement with the UAW and through
the hourly buyout program.  A healthy percentage of workers
accepting buyout packages are taking offers that exclude future
health care and pension benefits.

The 'RR1' rating is based primarily on a stress analysis of
recoveries valuing Chrysler on a going-concern basis.  Fitch
also analyzed recoveries against physical assets (incorporating
limitations imposed by a borrowing base) and in terms of the
market price implied in the current transaction.  Fitch's
methodology incorporated changes to assumptions on Chrysler's
cost-structure, margins and other liabilities that would impact
going-concern valuations under a bankruptcy scenario.  Recovery
values do not benefit from any values associated with Chrysler
Financial, given the separate ownership structures.

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX)
(FRA:DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.


SR TELECOM: Inks Pact with Lenders for New US$45-Million Loan
-------------------------------------------------------------
SR Telecom Inc. entered into an agreement with a syndicate of
lenders comprised of shareholders and lenders of the company
providing for a term loan of up to US$45 million, of which
US$35 million was drawn on July 3, 2007.  

An additional $10 million will be available for drawdown for a
period of up to one year from closing, subject to certain
conditions.

The term loan has a five-year term and is subject to the same
security as the existing loans under the company's existing
credit facility, but ranking senior to the existing loans.  The
term loan bears cash interest at a rate equal to the greater of
6.5% or the three-month US dollar LIBOR rate plus 3.85% and
additional interest that may be paid in cash or in kind, at the
option of the Company, at a rate equal to the greater of 7.5% or
the three-month US dollar LIBOR rate plus 4.85%.  The cash
portion of the interest will be payable in kind until December
2008.  A payout fee of 5% of the term loan will be paid to
lenders upon repayment or maturity of the loan.

"The level of support we have received from our shareholders
and lenders is a strong indication of their ongoing belief in SR
Telecom, its people, its products and its WiMAX strategy," said
Serge Fortin, SR Telecom's president and chief executive
officer.  "While it is clear that much remains to be done for SR
Telecom to regain positive and sustainable momentum, these
additional funds will enable us to execute on our growth
strategy even though the delay in finalizing today's
announcement has had a negative impact on manufacturing
schedules and deliveries, and will have an unfavourable effect
on second and third quarter results."

                       Amendments to terms

In connection with entering into this new term loan, the
syndicate of lenders has agreed to amend some of the terms of
the initial advances under the credit facility and the
convertible term loan.  The maturity date has been amended to
match the maturity date of this new financing and the cash
portion of the interest will be payable in kind until December
2008.

In addition, amendments were also made to the terms of the
credit facility and the convertible term loan for the portion of
the debt held by two of the lenders, who are not company
insiders, whereby their respective portions would be convertible
into common shares of the company at a price of $0.114 per
share.  As well, the conversion price of the portion of the
convertible term loan held by one of the lenders was amended to
the same price.

As some of the parties participating in the financing are
related parties of the company, as defined by applicable
securities legislation in Quebec and Ontario, the financing is
considered a related-party transaction.  However, it is exempt
from the valuation and minority approval requirements, as it is
a loan to the company obtained on reasonable commercial terms
that are no less advantageous to the company than if the loan
had been obtained from persons that were dealing at arm's length
with the company.


The company will file a material change report less than 21 days
prior to the closing date of the financing, a shorter period
that is reasonable and necessary under the circumstances, which
will allow the company to complete the transaction in a timely
manner in order to finance its operations and execute on its
growth strategy.

                    Status update on results

The company intends to update its financial statements and
accompanying management's discussion and analysis for the
periods ended Dec. 31, 2006, and March 31, 2007, in the coming
days.

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the uncertainty
concerning the outcome of the company's financing initiatives
and because of the company's losses for the current and prior
years, negative cash flows, reduced availability of supplier
credit and lack of operating credit facilities.  

For the quarter ended March 31, 2007, the company realized a net
loss of CDN$12.2 million and used cash of CDN$12.4 million in
its continuing operating activities.  The company had a net loss
of CDN$115.6 million and used cash of CDN$45.2 million in its
continuing operations for the year ended Dec. 31, 2006.

                         About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access     
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.


TRUE CORP: General Shareholders' Meeting Set for July 16
--------------------------------------------------------
True Corp. will hold an extraordinary general meeting of
shareholders on July 16, at 2:00 pm, to be held at the company's
head office, according to a disclosure with the Stock Exchange
of Thailand.

Only shareholders of record as of June 26 will be eligible for
notice of the general meeting.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

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

The Troubled Company Reporter - Asia Pacific reported on
Nov. 27, 2006 that Moody's Investors Service affirmed True
Corporation Public Company Ltd's Ba3 corporate family rating and
at the same time changed the rating outlook to negative from
stable.  


BOND PRICING: For the Week 09 July to 13 July 2007
--------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.73
APN News & Media Ltd           7.250%  10/31/08     AUD     5.02
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.85
Arrow Energy NL               10.000%  03/31/08     AUD     2.80
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.20
Becton Property Group          9.500%  06/30/10     AUD     0.86
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD    10.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD    10.00
Cardno Limited                 9.000%  06/30/08     AUD     6.75
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.30
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.75
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.39
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.15
Fletcher Building Ltd          7.800%  03/15/09     NZD     9.05
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.25
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.64
Geon Group                    11.750%  10/15/09     NZD    10.00
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.25
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.65
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.70
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.16
Nuplex Industries Ltd          9.300%  09/15/07     NZD     9.00
Primelife Corporation         10.000%  01/31/08     AUD     1.01
Salomon SB Aust                4.250%  02/01/09     USD     7.38
Silver Chef Ltd               10.000%  08/31/08     AUD     1.08
Software of Excellence         7.000%  08/09/07     NZD     2.51
Speirs Group Ltd.             10.000%  06/30/49     NZD    60.00
TrustPower Ltd                 8.300%  09/15/07     NZD     8.30
TrustPower Ltd                 8.300%  12/15/08     NZD     8.25
TrustPower Ltd                 8.500%  09/15/12     NZD     8.55
TrustPower Ltd                 8.500%  03/15/14     NZD     8.75


JAPAN
-----
Nara Prefecture                1.520%  10/31/14     JPY     9.70


KOREA
-----
Korea Development Bank         8.450%  12/15/26     KRW    69.72


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     1.37
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.65
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.46
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.70
Camerlin Group                 5.500%  07/15/07     MYR     2.17
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.53
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.55
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.81
Equine Capital                 3.000%  08/26/08     MYR     2.71
EG Industries Bhd              5.000%  06/16/10     MYR     0.62
Greatpac Holdings              2.000%  12/11/08     MYR     0.20
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.49
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.52
Insas Bhd                      8.000%  04/19/09     MYR     0.75
Kamnar Group Bhd               3.000%  11/09/09     MYR     0.55
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.52
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.96
Kumpulan Jetson                5.000%  11/27/12     MYR     0.59
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.77
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.77
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.77
Media Prima Bhd                2.000%  07/18/08     MYR     1.97
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.75
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.27
Pelikan International          3.000%  04/08/10     MYR     1.80
Pelikan International          3.000%  04/08/10     MYR     1.97
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     1.18
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.90
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.90
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.28
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.37
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.63
Southern Steel                 5.500%  07/31/08     MYR     1.66
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.15
Tradewinds Corp.               2.000%  02/08/12     MYR     1.36
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.72
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.60
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.16





                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
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publication in any form (including e-mail forwarding,
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                 *** End of Transmission ***