TCRAP_Public/070711.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  

             Wednesday, July 11, 2007, Vol. 10, No. 136

                            Headlines

A U S T R A L I A

AJL NOMINEES: To Declare Final Dividend on July 31
ARMOR HOLDINGS: Commences Tender Offer for 8.25% Senior Notes
COEUR D'ALENE: Makes Due Deligence Under Bolnisi Merger Pact
COLES GROUP: ACCC Must Clear Merger First, Treasurer Says
CONSOLIDATED CARGO: Fixes July 31 as Last day to File Claims

CUSTOM NETWORK: Placed Under Voluntary Liquidation
EURO CERAMICS: Members Resolve to Shut Down Business
GEORGE VASIL: Undergoes Wind-Up Proceedings
M.P.M CONSTRUCTIONS: To Declare First Dividend on August 31
MEGA-MONEY PTY: In Liquidation; Owes Investors AU$13.5 Million

NEW INTERIOR: Requires Creditors to File Claims by July 24
PEACHTREE FRAME: Enters Wind-Up Proceedings
PREMIUM BUILD: Appoints Sutherland as Liquidator
SPINNERS HOLDINGS: Commences Liquidation Proceedings
ZINIFEX LIMITED: Shares Rise Due to Rumored Merger with Oxiana


C H I N A   &   H O N G  K O N G

CANARY FINANCE: Faces Guang Rong's Wind-Up Petition
CHEST POINT: Members Resolve to Shut Down Business
CHINA MERCHANTS: Sees More-Than-Double YoY Increase in 1H Profit
CHINA SOUTHERN: Board Approves Purchase of 45 New Planes
CITIC PACIFIC: Mulls Spin-off of Motor and Food Business Unit

EASE COX: Creditors' Proofs of Debt Due by August 6
EFFECTUAL (HONG KONG): Wind-Up Petition Hearing Set for July 25
EFFECTUAL ENTERPRISES: Subject to Guang Rong's Wind-Up Petition
GAINHOLD INTERNATIONAL: Liquidators Resign from Posts
GILLE LIMITED: Liquidators Cease to Act for Company

ICBC: Expects 50% Growth in 1st Half Profit from 1H2006 Period
SINO LUCK: Undergoes Wind-Up Proceedings
UNIVERSAL YIELD: Court to Hear Wind-Up Petition on August 8
VESTA LIMITED: Liquidators Quit Posts


I N D I A

BANK OF BARODA: S&P Gives 'BB' Rating to US$300-Mil. Notes
DECCAN AVIATION: To File Annual Results by Sept. 30
ESSAR OIL: Sells 50,000-Tonne Naphtha Cargo to Vitol
ICICI BANK: Tapped to Arrange Wockhardt's EUR110-Million Loan


I N D O N E S I A

TELKOMSEL: First-Half Mobile Users Top Full-Year 2007 Target


J A P A N

ALL NIPPON: Naha Airport to Help Boost Cargo Revenues
ASAHI MUTUAL: Moody's Lifts Insurance Strength Rating to Baa3
CONTINENTAL AIRLINES: Reports June 2007 Operational Performance
FORD MOTOR: Launches Conversion Offer for 6.50% Trust Securities
FORD MOTOR: June 2007 Total Sales Decrease by 8%

GAP INC: Eyes Closure of Unprofitable United Kingdom Outlets
MAZDA MOTORS: Demio Seen to Help Attain Midterm Target
NOMURA HOLDINGS: Denies Merger Talks with Resona Holdings
NOMURA HOLDINGS: Plans to Expand Equity Business in India
NORTHWEST AIRLINES: AMFA Gives Management "No Confidence" Vote

SOLO CUP: Closes US$130 Million Leaseback Deal of Six Facilities
SUN WAVE: R&I Lifts Issuer Rating to BB with Positive Outlook


K O R E A

KOREA EXCHANGE: Moody's Assigns A2 Rating to Proposed Sr. Notes
SHINHAN BANK: Interested to Acquire Stake in Vietnamese Bank
* Korea's Trade Deficit to Industrialized Nations Rises


M A L A Y S I A

ARK RESOURCES: Wind-Up Petition Against Unit Struck Off
ARK RESOURCES: Updates Bursa on Default Status as of June 29
MANGIUM INDUSTRIES: Bursa to Suspend Securities Trade on July 17


N E W  Z E A L A N D

ASCO AUTOMOTIVES: Fixes July 12 as Last Day to File Claims
BRIAN RICHARDS: Subject to South Pacific's Wind-Up Petition
CENTRAL STEELIEZ: Court to Hear Wind Up Petition on July 16
CONNEXIONZ LIMITED: Brings In Two Directors to Management Team
FAGA CIVIL: Wind-Up Petition Hearing Set for July 19

LION FILM: Sets Wind-Up Petition Hearing on August 9
MAINLY FLOWERS: Fixes July 12 as Last Day to File Claims
NIUS HOLDINGS: Court to Hear Wind-Up Petition on Aug. 23
OLETRA ENTERPRISES: Commences Liquidation Proceedings
ORMISTON DEVELOPMENTS: Appoints Bhuvan Naran as Liquidator

PARK BAR: Shareholders Tap Whittfield & Finnigan as Liquidators
SEALEGS CORPORATION: To Hold Annual Meeting on July 31


P H I L I P P I N E S

ALLIED BANK: Inks Deal to Buy New York Life Insurance Phils.
LODESTAR INVESTMENT: SEC Exempts May 25 Share Issuance to Cyan
* First Half Deficit Can Be Recovered, Finance Department Says
* Tax in IPO Should be Removed to Spur Market Growth, CMDC Says


S I N G A P O R E

ARINC INC: Carlyle Agreement Cues Moody's to Review Ratings
ATSCO INTERNATIONAL: Requires Creditors to File Claims by Aug. 1
DFDS TRANSPORT: Creditors' Proofs of Debt Due by August 6
ISOFT GROUP: FSA Mulls Ex-Torex Chairman as Scandal Witness
ISOFT GROUP: Shareholders OK IBA's All-Share Offer Under Scheme

LEAR CORP: American Real Estate Ups Offer to US$37.25 Per Share
LEAR CORP: To Adjourn Annual Meeting to July 16 on Amended Offer
WUTHELAM PROPERTIES: Fixes Aug. 6 as Last Day to File Claims


T H A I L A N D

BANGKOK BANK: HMC Polymers Secures US$475-Mil. Credit Facility
HANTEX PCL: Starts Trading Stocks Under New Name and Symbol
KASIKORN BANK: Earns PHP10 Million From June 29 Warrant Exercise
KUANG PEI SAN: Board Appoints Audit Committee Members for 2007
KRUNG THAI BANK: Board Appoints Dusit Nontanakorn as Director


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AJL NOMINEES: To Declare Final Dividend on July 31
--------------------------------------------------
AJL Nominees Pty Limited, which is in liquidation, will declare
the final dividend on July 31, 2007.

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

The members will also have their final meeting on August 21,
2007, at 11:00 a.m., to receive the liquidator's report about
the company's wind-up proceedings and property disposal.

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 AJL Nominees

AJL Nominees Pty Limited is an investor relation company.  The
company is located in New South Wales, Australia.


ARMOR HOLDINGS: Commences Tender Offer for 8.25% Senior Notes
-------------------------------------------------------------
Armor Holdings Inc. has commenced a cash tender offer for any
and all of its US$150 million in aggregate principal amount of
8.25% Senior Subordinated Notes due 2013 (CUSIP No. 042260AB5).

The Offer shall expire at 12:00 midnight, New York City time, on
July 30, 2007, unless extended or earlier terminated.  Holders
who validly tender and do not validly withdraw their Notes and
deliver their consents on or prior to 5:00 p.m., New York City
time, on July 16, 2007, unless extended, will be eligible to
receive the Total Consideration.

The Total Consideration to be paid for each Note validly
tendered on or prior to the Consent Date and accepted for
payment, will be determined as specified in the Offer to
Purchase on the basis of a yield to the first redemption date
for the Notes equal to the sum of (i) the yield, based upon the
bid side price of the 4.125% U.S. Treasury Note due Aug. 15,
2008, as calculated by UBS Investment Bank in accordance with
standard market practice on the price determination date, as
described in the Offer to Purchase, plus (ii) a fixed spread of
50 basis points.

The Total Consideration for each Note tendered includes a
consent payment of US$20 for each US$1,000 principal amount.  
Holders whose valid tenders are received after the Consent Date,
but on or prior to the Expiration Date, will receive the Tender
Offer Consideration, but will not receive the Consent Payment.  
The Tender Offer Consideration is the Total Consideration less
the Consent Payment.

The early payment date is expected to be promptly after the
satisfaction of the merger condition described below if the
Notes are accepted for purchase by Armor.  The final payment
date is expected to be after the Expiration Date.

Holders of Notes who validly tender and do not validly withdraw
their Notes in the Offer will also receive accrued and unpaid
interest from the last interest payment date to the applicable
settlement date.

In conjunction with the Offer, Armor is also soliciting consents
to certain proposed amendments to the indenture governing the
Notes that would eliminate substantially all restrictive
covenants and certain event of default provisions in the
indenture.

Any holder who tenders Notes pursuant to the Offer must also
deliver a consent.  The Offer and Solicitation were made upon
the terms and subject to the conditions set forth in the related
Offer to Purchase and Consent Solicitation Statement dated July
2, 2007.

Armor's obligation to accept for purchase and pay for the Notes
validly tendered and consents validly delivered, and not validly
withdrawn or revoked, pursuant to the Offer is subject to and
conditioned upon the satisfaction of Armor's waiver of, certain
conditions including:

   a) the consummation of the proposed merger of Jaguar
      Acquisition Sub Inc., a Delaware corporation and a wholly        
      owned subsidiary of BAE Systems Inc., with and into Armor
      pursuant to an Agreement and Plan of Merger among Armor,
      BAE Systems Inc. and Merger Sub dated as of May 7, 2007;

   b) tender of at least a majority in principal amount of the
      outstanding Notes prior to the acceptance for purchase of
      any Notes tendered pursuant to the Offer, and obtaining
      the requisite consents for the execution of a supplemental
      indenture giving effect to the proposed amendments to the
      underlying indenture; and

   c) certain other general conditions, each as described in
      more detail in the Offer to Purchase.

Armor has retained UBS Investment Bank to serve as Dealer
Manager and Solicitation Agent, U.S. Bank National Association
to serve as Depositary and Global Bondholder Services
Corporation to serve as Information Agent for the Offer and
Solicitation.

Requests for documents may be directed:

     Global Bondholder Services Corporation
     65 Broadway - Suite 723
     New York, NY 10006
     Tel (866) 804-2200 (toll free)
         (212) 430-3774

Questions regarding the terms of the Offer and Solicitation
should be directed to UBS Investment Bank at (888) 722-9555,
ext. 4210 (toll-free) or (203) 719-4210 (collect).

                    About Armor Holdings Inc.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and  
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.  The company has operations in Australia in the Asia
Pacific, in England for Europe and Brazil for its Latin-American
operations.

                          *     *     *

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


COEUR D'ALENE: Makes Due Deligence Under Bolnisi Merger Pact
------------------------------------------------------------
Coeur d'Alene Mines Corporation, Bolnisi Gold NL and Palmarejo
Silver and Gold Corporation announced that Coeur has completed
its due diligence under the terms of the Merger Implementation
Agreement with Bolnisi and that the companies expect to complete
the transaction in the fourth quarter of 2007.

The Joint Operating Committee has completed its work and a
Project Development Committee responsible for daily management
of the mine's construction consisting of professional staff from
Coeur, Bolnisi and Palmarejo has been established.  The
companies have agreed to appoint an interim project manager to
be a senior Coeur executive with substantial development and
operational expertise.

While the initial focus will be to develop the Rosario deposit
using open pit mining methods, the Project Development Committee
will complete a pre-feasibility study by the end of August,
which will include a combined open-pit and underground mine
development scenario.

Based on a recently-completed scoping study and optimization
work for this combined open-pit and underground mine
development, the total estimated capital costs to bring the
Palmarejo Project into production, including pre-stripping,
underground development, mining fleet, power line, ongoing
permitting, owner's costs and contingency, will be approximately
US$200 million and initial production from open pit mining is
expected in the fourth quarter of 2008.

"We are pleased to have completed the due diligence process, and
continue to believe that this transaction is in the best
interests of Coeur's shareholders," said Dennis E. Wheeler,
Coeur's Chairman, President and Chief Executive Officer. "With
this transaction, the companies are establishing the new Coeur
as the clear leader in the silver mining industry with the
addition of this world-class silver/gold asset located in
Mexico. In addition, we believe the combined company's balance
sheet will sufficiently fund all three of our major development
projects over the next two years -- San Bartolome, Kensington,
and Palmarejo -- without a need to further access the capital
markets."

Norman A. Seckold, Chairman of Bolnisi and Palmarejo, said, "We
continue to be very excited about this transaction, as it
provides our shareholders with the opportunity to participate in
the upside potential of what we believe will be the world's
premier silver company.  By leveraging Coeur's expertise in
underground and open cut project development, we expect to
realize the full value of the Palmarejo Project."

The companies expect to begin mailing information to Coeur,
Bolnisi, and Palmarejo shareholders in September.  All three
companies' shareholder meetings are expected to be held in
October.  Assuming timely completion of the required regulatory
processes and receipt of the required shareholder and court
approvals, the companies expect the transaction to be completed
in the fourth quarter of 2007.

                       About Bolnisi

Bolnisi Gold NL is an Australia-based company engaged in mining
and exploration for gold and minerals.  The Company's activities
are all Mexican precious metals operations with an existing
portfolio of projects, which include the Palmarejo Silver-Gold
project (including Trogan), Chihuahua; the Yecora Gold-Silver
project, Sonora, and the El Realito Gold-Silver project,
Chihuahua.

                      About Palmarejo

Palmarejo Silver And Gold Corporation is a silver/gold
exploration company listed on the TSX Venture Exchange under the
symbol "PJO."  Palmarejo's principal activity is to explore and
develop gold and silver properties located in the Temoris
District of Chihuahua, Mexico within the Sierra Madre Occidental
mountain range.

                     About Coeur d'Alene

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

                       *     *     *

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


COLES GROUP: ACCC Must Clear Merger First, Treasurer Says
---------------------------------------------------------
According to Federal Treasurer Peter Costello, the Coles Group
Limited and Wesfarmers Limited merger must be dealt with by the
Australian Competition and Consumer Commission before it can go
through, reports Australian Associated Press.

According to the report, Mr. Costello said that if the planned
AU$22-billion takeover will push through, Wesfarmers will become
the nation's biggest retailer and any potential issues that
would affect retail competition as a result of Australia's
largest corporate take-over bid will be dealt with and cleared
by the consumer watchdog.

The report quotes Mr. Costello as saying, "The bid will have to
be cleared from a competition angle.  I don't believe it (ACCC
investigations) will involve any foreign investment
considerations because Wesfarmers is an Australian company."


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

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


CONSOLIDATED CARGO: Fixes July 31 as Last day to File Claims
------------------------------------------------------------
Consolidated Cargo Services (N.S.W) Pty Limited requires its
creditors to file their proofs of debt by July 31, 2007.

The company went into liquidation on June 15, 2007.

The company's liquidator is:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 4, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9236 8333
         Facsimile:(02) 9236 8334

                    About Consolidated Cargo

Consolidated Cargo Services (N.S.W.) Pty Ltd is in the business
of packing and crating.  The company is located in New South
Wales, Australia.


CUSTOM NETWORK: Placed Under Voluntary Liquidation
--------------------------------------------------
On June 12, 2007, the members of Custom Network Solutions Pty
Limited resolved to voluntarily liquidate the company's business
and appointed Danny Vrkic as liquidator.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co - Wollongong
         Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone:(02) 4225 2545
         Facsimile:(02) 4225 2546


EURO CERAMICS: Members Resolve to Shut Down Business
----------------------------------------------------
During a general meeting held on June 12, 2007, the members of
Euro Ceramics Pty Ltd decided to shut down the company's
business.

Antony de Vries and Riad Tayeh of de Vries Tayeh were appointed
as liquidators.

The Liquidators can be reached at:

         Antony de Vries
         Riad Tayeh
         c/o de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia

                      About Euro Ceramics

Euro Ceramics Pty Ltd is a dealer of lumber and other building
materials.  The company is located in New South Wales,
Australia.


GEORGE VASIL: Undergoes Wind-Up Proceedings
-------------------------------------------
During a general meeting held on June 12, 2007, the members of
George Vasil Pty Limited agree to wind up the company's
operations and appointed Danny Vrkic as liquidator.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co - Wollongong
         Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone:(02) 4225 2545
         Facsimile:(02) 4225 2546

                       About George Vasil

George Vasil Pty Limited is a distributor of durable goods.  The
company is located in New South Wales, Australia.


M.P.M CONSTRUCTIONS: To Declare First Dividend on August 31
-----------------------------------------------------------
M.P.M Constructions Pty Ltd will declare the first dividend on
August 31, 2007.

Creditors are required to file their proofs of debt by July 25,
2007, to be included in the company's dividend distribution.

The company's deed administrator is:

         David G. Young
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                    About M.P.M Constructions

M.P.M Constructions Pty Ltd is a general contractor of single-
family houses.  The company is located in New South Wales,
Australia.


MEGA-MONEY PTY: In Liquidation; Owes Investors AU$13.5 Million
--------------------------------------------------------------
The Federal Court of Australia has appointed a liquidator over
New South Wales central coast property development scheme Mega-
Money Pty. Ltd. and its associated companies following an
application by ASIC.

The Australian Securities and Investments Commission alleges
that Mega-Money (trading as Sevelle Financial Services), its
related companies, and their director, Mr. David Dayan Sevelle,
of Wyong Creek New South Wales, operated an unregistered managed
investment scheme between February 2004 and August 2006.  The
ASIC further alleges that these companies and Mr. Sevelle
carried on a financial services business without holding an
Australian Financial Services License as required by law.

During the time the scheme was in operation, approximately
AU$8 million was raised from retail investors to fund property
development projects along NSW coastal and hinterland areas.

The Court ordered, by consent, the appointment of Justin Walsh
of Ernst & Young as liquidator of the scheme and its related
companies to secure and ensure the orderly distribution of their
assets to investors and creditors.  Approximately 70 investors
are owed AU$13.5 million (including interest).

Mr. Sevelle has also been permanently restrained by injunction
from providing financial advice, dealing in financial products
and carrying on a financial services business to members of the
public including, without limitation, through the promotion and
operation of any managed investment scheme.

The ASIC previously obtained interlocutory consent orders on 17
November 2006 to protect assets and restrain parties from
operating and promoting the scheme.

The ASIC's investigations are continuing.       

Sevelle Financial Services is a unit of the Sevelle Corporation.  
Sevelle Corporation Ltd. --
http://www.sevellerealty.com.au/company_profile.php-- is an  
Australia-based company engaged in the financing of, or taking
an equitable interest in, property development projects.  The
Company focuses on achieving a spread of investments across a
range of property development types, including both residential
and commercial property projects; a range of property developers
(including projects it will undertake itself), and range of
geographic locations.  The Company's investments are limited to
property development projects within Australia.  As of February
22, 2007, it had not undertaken any property development
projects.   

The Sevelle Corporation is made up of a number of divisions
including "Sevelle Realty", "Sevelle Developments", "Sevelle
Constructions", "Sevelle Property Maintenance", "Sevelle
Marketing Services" "Sevelle Financial Services" "Sevelle
Financial Planning", "Sevelle Insurance Services", "Sevelle
Accounting Services" and "Sevelle Legal Services".


NEW INTERIOR: Requires Creditors to File Claims by July 24
----------------------------------------------------------
The creditors of New Interior Kitchens Pty Limited, which is in
liquidation, are required to file their proofs of debt by
July 24, 2007.

The company will declare dividend on August 9, 2007.

The company's liquidator is:

         Danny Vrkic
         Jirsch Sutherland
         Chartered Accountants
         PO Box 573, Wollongong
         New South Wales 2500
         Australia


PEACHTREE FRAME: Enters Wind-Up Proceedings  
-------------------------------------------
On June 21, 2007, the members of Peachtree Frame & Truss Pty
Limited met and agreed to voluntarily wind up the company's
operations.

Roderick Mackay Sutherland of Jirsch Sutherland was appointed as
liquidator.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Level 4, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9236 8333
         Facsimile:(02) 9236 8334

                      About Peachtree Frame

Peachtree Frame & Truss Pty Ltd is in the business of structural
wood members.  The company is located in New South Wales,
Australia.


PREMIUM BUILD: Appoints Sutherland as Liquidator
------------------------------------------------
On June 19, 2007, Premium Build Pty Limited went into
liquidation and appointed Roderick Mackay Sutherland as
liquidator.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 4, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9236 8333
         Facsimile:(02) 9236 8334


SPINNERS HOLDINGS: Commences Liquidation Proceedings
----------------------------------------------------
On June 19, 2007, the members of Spinners Holdings (Operations)
Pty Ltd had a meeting and agreed to liquidate the company's
business.

Roderick Mackay Sutherland was appointed as liquidator.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Level 4, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9236 8333
         Facsimile:(02) 9236 8334


ZINIFEX LIMITED: Shares Rise Due to Rumored Merger with Oxiana
--------------------------------------------------------------
Zinifex Limited and Oxiana Limited shares soared amid
speculation that both companies could be planning a merger as
part of a defensive move to fend off predators such as Xstrata
and Teck Cominco, the Australian Associated Press reports.

According to the AAP, Zinifex shares surged to a record high of
AU$21.60 on July 9, 2007, before finally closing to AU$21.32,
while Oxiana closed at AU$3.85.

The AAP interviewed Man Financial broker Anthony Anderson who
expressed that it was unlikely for Oxiana to make a bid for
Zinifex but admitted that a friendly merger could help in
fending off predators.

Mr. Anderson added that if speculations about Zinifex and Oxiana
will push through, together they will make a big company by
"having a blend of assets."

Citigroup, contributing its perspective on the rumored merger,
said that the merger would create a group with a combined
enterprise value of about AU$11 billion and fill the void left
in the market by MIM Holdings and WMC Resources, conveys the
AAP.

The report notes that both companies declined to comment on the
speculation.

                      About Zinifex Limited

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in   
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.    
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                         *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately CDN$360    
million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.


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

CANARY FINANCE: Faces Guang Rong's Wind-Up Petition
---------------------------------------------------
Guang Rong Finance Company Limited filed, on April 20, 2007, a
petition to wind up the operations of Canary Finance Limited.

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

Guang Rong's solicitor is:

         Kenneth Sit
         Euro Trade Centre, Room 1203, 12th Floor
         13-14 Connaught Road, Central
         Hong Kong


CHEST POINT: Members Resolve to Shut Down Business
--------------------------------------------------
At an extraordinary general meeting held on June 29, 2007, the
members of Chest Point Development Limited resolved to
voluntarily liquidate the company's business and appointed Lee
King Yue as liquidator.

The Liquidator can be reached at:

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


CHINA MERCHANTS: Sees More-Than-Double YoY Increase in 1H Profit
----------------------------------------------------------------
China Merchants Bank Co. Ltd expects to post more than 100%
growth in its net profit for the first half of 2007 compared
with that of the same period last year on rapidly-expanding core
business, Reuters reports.

According to a filing with the Shanghai Stock Exchange, the bank
said that the expected earnings surge was fuelled by sharp
growth in interest and fee income, as well as tax reductions.

It did not give details, but said the forecast results were
unaudited and were prepared in accordance with Chinese
accounting standard, Reuters notes.

The news agency recounts that for the first half of 2006, the
company posted a net profit of CNY2.8 billion (US$368.5
million), or CNY0.23 per share.


China Merchants Bank -- http://www.cmbchina.com/-- is the  
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).  
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

On August 3, 2006, The Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'.  At the same time, the
bank's Support rating was affirmed at '3'.

Moody's Investors Service, on May 4, 2007, published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.  With the implementation of the
new methodologies, China Merchants Bank's Financial Strength
Rating is raised to D+ from D.  The long-term Foreign Currency
Deposit Rating is raised to Baa3 from Ba1.  The short-term
Foreign Currency Deposit Rating is raised to P-3 from NP.  The
outlook for all ratings is stable.


CHINA SOUTHERN: Board Approves Purchase of 45 New Planes
--------------------------------------------------------
China Southern Airlines Co. Ltd. Has obtained the approval of
its board of directors to sign two agreements in relation to the
acquisition of 20 Airbus A320 series aircraft from Airbus SNC
and the acquisition by Xiamen Airlines Company Limited -- a 60%-
owned subsidiary -- of 25 Boeing B737-800 aircraft from the
Boeing Company, Infocast News relates.

The 20 Airbus planes would be scheduled for delivery between
March 2009 and August 2010, according to the airline's filing
with the Shanghai Stock Exchange.  The Boeing planes, on the
other hand, would be delivered between July 2011 and November
2013.

According to the information provided by Airbus SNC to the
Infocast, the catalogue price for each of the Airbus A320 series
aircraft is in the range from US$66.5 to US$85.9 million,
involving US$1.33-1.718 billion while the catalogue price of a
Boeing B737-800 aircraft is in the range of
US$70.5-US$79 million, involving US$1.7625-1.975 billion.

Financing for the purchases would be met with internal resources
and bank loans, Reuters notes, citing the airline's statement.


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-.


CITIC PACIFIC: Mulls Spin-off of Motor and Food Business Unit
-------------------------------------------------------------
CITIC Pacific Co. Ltd. is considering spinning off its motor
vehicle and consumer products distribution unit in two separate
listings, various reports say.

In an interview with The Standard, the company's managing
director, Henry Fan Hung-ling, confirmed the reports by saying
"We are studying a spinoff of Dah Chong Hong."  Mr. Fan,
however, did not indicate a timetable as no definite decision
has been made, the paper relates.

According to Reuters, CITIC Pacific has shifted its focus to
China in the recent years with investments in steel, power
plants and properties to capture the country's economic growth.  
Da Chong Hong, a distributor of motor vehicles, food commodities
and consumer products, has been expanding rapidly in the
mainland.

The Standard notes that DCH also distributes food commodity and
consumer products, including frozen meat, rice and cereals,
edible oils, cosmetics and home electrical appliances, in Hong
Kong.

DCH also had about 30% of the Hong Kong auto market share last
year and also has businesses in Japan, Singapore, Macau and
Canada, The Standard further notes.

In the mainland, DCH has regional headquarters in Shanghai and
Guangzhou to provide distribution and logistics service for both
local and overseas suppliers.


Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of  
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter-Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


EASE COX: Creditors' Proofs of Debt Due by August 6
---------------------------------------------------
Ease Cox International Company Limited went into liquidation on
June 26, 2007.

Creditors are required to file their proofs of debt by August 6,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Lee Tak Cheung Vincent
         Hopewell Centre, Room 3704, 37th Floor
         183 Queen's Road East, Wanchai
         Hong Kong


EFFECTUAL (HONG KONG): Wind-Up Petition Hearing Set for July 25
---------------------------------------------------------------
On April 20, 2007, a wind-up petition was filed against
Effectual (Hong Kong) Finance Company Limited, which was amended
by Guang Rong Finance Company Limited.

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

Guang Rong's solicitor is:

         Kenneth Sit
         Euro Trade Centre, Room 1203, 12th Floor
         13-14 Connaught Road, Central
         Hong Kong


EFFECTUAL ENTERPRISES: Subject to Guang Rong's Wind-Up Petition
---------------------------------------------------------------
A petition to wind up the operations of Effectual Enterprises
Company Limited will be heard before the High Court of Hong Kong
on July 25, 2007, at 9:30 a.m.

The petition was filed by Guang Rong Finance Company Limited on
April 20, 2007.

Guang Rong's solicitor is:

         Kenneth Sit
         Euro Trade Centre, Room 1203, 12th Floor
         13-14 Connaught Road, Central
         Hong Kong


GAINHOLD INTERNATIONAL: Liquidators Resign from Posts
-----------------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana quit as the liquidators
of Gainhold International Investment Limited on July 3, 2007.

The Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


GILLE LIMITED: Liquidators Cease to Act for Company
---------------------------------------------------
On June 13, 2007, Wu Chi Tso, John and Wong Man Ching quit as
the liquidators of Gille 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


ICBC: Expects 50% Growth in 1st Half Profit from 1H2006 Period
--------------------------------------------------------------
Industrial and Commercial Bank of China expects to post more
than 50% growth in its first-half net profit compared with that
of the same period in 2006, due in part to increases in lending
and non-interest income, Reuters reports.

In a filing with the Shanghai Stock Exchange, the bank said it
"saw decent growth momentum in its businesses in the first half
of 2007."  "The net profit jump mainly stemmed from growth in
lending and treasury businesses," it said, adding that its fee
income grew significantly in the period, Reuters relates.

Reuters recounts that in the first half of 2006, the bank
reported net profit of CNY25.14 billion (US$3.31 billion), or
CNY0.10 per share.


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 Aug. 9,
2006.


SINO LUCK: Undergoes Wind-Up Proceedings
----------------------------------------
On June 29, 2007, the members of Sino Luck Industries Limited
passed a resolution to wind up the company's operations and Chan
Kong Ho was appointed as liquidator.

The Liquidator can be reached at:

         Chan Kong Ho
         Flat B, 16th Floor, Skyview Cliff
         49 Conduit Road, Mid-Level
         Hong Kong


UNIVERSAL YIELD: Court to Hear Wind-Up Petition on August 8
-----------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Universal Yield International Limited on August 8,
2007, at 9:30 a.m.

Guang Rong Finance Company Limited filed the petition on June 4,
2007.

Guang Rong's solicitor is:

         Kenneth Sit
         Euro Trade Centre, Room 1203, 12th Floor
         13-14 Connaught Road, Central
         Hong Kong


VESTA LIMITED: Liquidators Quit Posts
-------------------------------------
Wu Chi Tso, John and Wong Man Ching ceased to act as liquidators
of Vesta 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


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

BANK OF BARODA: S&P Gives 'BB' Rating to US$300-Mil. Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB-' long-term
and 'A-3' short-term counterparty credit ratings to India-based
Bank of Baroda.  The outlook is stable.  Standard & Poor's also
assigned a bank fundamental strength rating of 'C' on the bank.

At the same time, Standard & Poor's assigned its 'BB' issue
rating to Bank of Baroda's US$300 million upper Tier-II
subordinated notes due in 2022.  The differential between the
'BBB-' counterparty credit rating on Bank of Baroda and the 'BB'
rating on its subordinated notes reflects the subordination and
interest deferral features.

This interest deferral feature is linked to compliance to the
regulatory capital adequacy ratio and a profit test, which in
turn is linked to  the "balance in P&L account," a component of
the reserves and surplus on the bank's balance sheet.  A "net
loss" is defined as a negative balance in this account.

"If the bank's RCAR is below the minimum regulatory requirement
stipulated by the Reserve Bank of India and registers a net
loss, it will be mandatory for the bank to defer interest
payments," said Standard & Poor's credit analyst Ritesh
Maheshwari.

If the bank is in compliance with the RCAR but registers a "net
loss," the bank will require RBI's permission before the bank
can make interest payments on the notes.  If the bank is not in
compliance with the RCAR but does not register a "net loss," the
bank has the option to defer interest payments.

As of March 31, 2007, Bank of Baroda's RCAR was 11.80%, compared
with the minimum regulatory requirement of 9%.

The upper Tier-II subordinated notes will not be included in
Standard & Poor's measures of capital, which are the adjusted
total equity and adjusted common equity.  This is in line with
Standard & Poor's treatment of other forms of hybrid capital,
including preference shares, in its analysis of capital.

The counterparty credit ratings on Bank of Baroda take into
account its strong market position as the fifth-largest bank in
India and its adequate financial and business profiles.

"Profitability and capitalization of the bank are adequate and
its liquidity profile is comfortable. However, the bank's asset
quality is weaker compared with the industry average," noted Mr.
Maheshwari.

A BFSR of 'C' indicates that Bank of Baroda has adequate
fundamental strength.  However, the bank is more sensitive to
uncertainties and adverse circumstances than the higher-rated
entities.

The stable outlook on the ratings for Bank of Baroda reflects
our expectations that the bank will maintain its current
financial and business profiles.

                      About Bank of Baroda

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking   
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.  

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.


DECCAN AVIATION: To File Annual Results by Sept. 30
---------------------------------------------------
Deccan Aviation Ltd informed the Bombay Stock Exchange that it
will publish its audited financial results for the period from
July 1, 2006, to June 30, 2007, on or before Sept. 30, 2007.  
The company does not intend to furnish the unaudited financial
results for the quarter ended June 30, 2007.

Last year, the company changed its financial year to end to
June 30, 2006, from March 30.  Accordingly, the figures for the
FY2006 are from April 1, 2005 to June 30, 2006, a period of 15
months. For that 15-month period, the company incurred a net
loss of INR3.4 billion on revenues of INR13.5 billion.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Deccan Aviation posted a net loss of INR2.1 billion for
the three months ended March 31, 2007, on net sales of
INR4.38 billion.

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

The Troubled Company Reporter-Asia Pacific reported on
July 6, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


ESSAR OIL: Sells 50,000-Tonne Naphtha Cargo to Vitol
----------------------------------------------------
Essar Oil Limited has sold a 50,000-tonne cargo of naphtha to
Vitol Group via a tender at a premium of around US$7 a tonne to
Middle East spot quotes, The Economic Times reports, citing
market sources that it did not identify.

According to The Time's sources, the cargo will be loaded from
Vadinar during July 19-21.

In its previous tender, Essar sold a 30,000-tonne lot for July
7-8 loading to US trader Sempra Energy at an undisclosed
premium, free-on-board Vadinar basis, the news agency noted.

Headquartered in Gujarat, India, Essar Oil Limited --
http://www.essar.com/-- is a fully integrated oil company of
international size and scale, covering the entire value chain
from exploration and production to refining and retailing of
oil.  Essar has set up over 900 retail outlets, which are fully
operational and plans to set up 2500 retail outlets by the end
of 2007.  Essar Oil employs highly qualified and experienced
technical staff at its refinery.

                          *     *     *

Essar Oil has incurred at least two years of consecutive net
losses.  The company recorded a net loss of INR555.9 million for
the financial year ended March 31, 2007, a 41% decrease from the
INR936.8 million net loss incurred a year ago.

On Aug. 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


ICICI BANK: Tapped to Arrange Wockhardt's EUR110-Million Loan
-------------------------------------------------------------
Wockhardt Limited has tapped ICICI Bank Limited to arrange a
EUR110-million loan to pay the acquisition of France's Negma
Group.

According to the report, the loan has a term of seven years and
has an interest margin of 175 basis points more than the Euro
Libor or London interbank offered rate.

ICICI Bank got State Bank of India Ltd. and CM-CIC to join the
loan before inviting other banks to take part in it, Bloomberg
said citing a statement made by the bank.  According to ICICI,
banks are usually given a fee ranging from 65 basis points to 85
basis points, depending on the amount they lend.

Headquartered in Mumbai, Wockhardt Limited manufactures and
markets pharmaceutical products.

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.


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

TELKOMSEL: First-Half Mobile Users Top Full-Year 2007 Target
------------------------------------------------------------
PT Telekomunikasi Selular had 42.8 million customers by the end
of the first six months of the year, topping its full year
target of 42 million, Reuters reports, citing Telkomsel
President-Director Kiskenda Suriahardja.

The company, which is jointly owned by PT Telekomunikasi
Indonesia and Singapore Telecommunications Ltd., had
34.9 million mobile phone users in 2006, the report says.  Most
of the company's customers are signed up to its prepaid
services.

According to Reuters, Mr. Suriahardja said that he did not yet
have data on average revenue per user for the period.  He had
said that Telkomsel, which controls more than half of around
70 million mobile phone users in Indonesia, would focus on
improving the quality of its services in the second half of
2007.

The report notes that Telkomsel has allotted US$1.5 million for
capital spending this year.

                        About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

ALL NIPPON: Naha Airport to Help Boost Cargo Revenues
-----------------------------------------------------
All Nippon Airways Co., Limited, and Okinawa Prefecture have
agreed to develop Naha Airport into a major hub for cargo
flights linking Japan with other Asian countries in 2009 or
later, Japan Today reports.

The agreement will benefit both parties.  ANA, which is planning
to boost its revenue, will be consolidating its cargo operations
at Naha, while Okinawa hopes that this development will add
momentum to planned expansion of the airport, the report says.


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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

The Troubled Company Reporter-Asia Pacific reported on
April 20, 2007, that Moody's Investors Service placed the Ba1
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
under review for possible upgrade.  The rating action reflects
ANA's high and stable profitability despite the ongoing price
hikes of aircraft fuel, as well as Moody's view that the
company's financial flexibility is likely to be further improved
by its recently announced asset disposition related to its hotel
business.


ASAHI MUTUAL: Moody's Lifts Insurance Strength Rating to Baa3
-------------------------------------------------------------
Moody's Investors Service has upgraded to 'Baa3' from 'Ba3' the
insurance financial strength rating of Asahi Mutual Life
Insurance Company.  The rating outlook is stable.  This
concludes the review for upgrade initiated on April 5, 2007.

The upgrade incorporates Asahi Life's improving capital base and
financial leverage, which previously weighed heavily weigh on
its rating.  Its capital has been underpinned by an improved
business performance, backed by its solid customer base, as well
as its focus on new business persistency rates.

Asahi Life, one of Japanese major life insurers, has lowered its
surrender and lapse rates and improved profitability.  And the
surrender and lapse rates, which have been maintained at low
levels when compared with its peers, are partly attributable to
the company's ability to focus its sales forces on acquiring not
only new contracts but also those with high persistency.  Asahi
Life is especially strengthening its medical insurance business,
responding to a saturated death insurance business.  This
strategy should lead to improvements in profitability.

Having said that, Moody's views its current capital position as
relatively vulnerable to equity market conditions; hence its
risk-based capital position is weaker than that of other
Japanese major life insurers as well as its global competitors.

The stable outlook reflects Moody's view that Asahi Life will
maintain its business performance and continue to strengthen its
capital base via earnings accumulation.  Also the outlook is
based on Moody's view that the insurer does not intend to
increase by a significant extent its investment risks.

Going forward, Moody's will continue to monitor its capital
position especially relative to its risk components.  A further
upgrade could stem from improvements in its risk-based capital
position, not only through earnings accumulation but also
through lowering its risk amounts.

On the other hand, if the insurer faces any deterioration in its
business performance, which could be indicated by increases in
surrender and lapse rates or drops in profitability, or if it
aggressively takes on other investment risks, downward pressure
could occur.

Moody's last rating action with respect to Asahi Life was taken
on April 5, 2007, when the Ba3 rating was placed review for
possible upgrade.

Asahi Mutual Life Insurance Company, headquartered in Tokyo, is
one of Japan's major life insurance companies, with total assets
of JPY6.3 trillion as of March 2007.

                      About Asahi Mutual Life

Headquartered in Tokyo, Japan, Asahi Mutual Life Insurance
Company -- http://www.asahi-life.co.jp/-- is a life insurance  
company that focuses on individual life insurance.   The group
also sells non-insurance products provided by its partners and
provides investment trust products.


CONTINENTAL AIRLINES: Reports June 2007 Operational Performance
---------------------------------------------------------------
Continental Airlines disclosed a June consolidated (mainline
plus regional) load factor of 85.7 percent, 1.2 points above the
June 2006 consolidated load factor, and a mainline load factor
of 86.1%, 1.3 points above the June 2006 mainline load factor.  
The carrier reported a domestic mainline load factor of 87.7%,
1.0 point above June 2006, and an international mainline load
factor of 84.4%, 1.7 points above June 2006.  All four were
records for June.

During the month, Continental recorded a U.S. Department of
Transportation on-time arrival rate of 67.9% and a mainline
completion factor of 99.4%.

In June 2007, Continental flew 8.6 billion consolidated revenue
passenger miles (RPMs) and 10.1 billion consolidated available
seat miles (ASMs), resulting in a traffic increase of 5.0% and a
capacity increase of 3.4% as compared to June 2006.  In June
2007, Continental flew 7.8 billion mainline RPMs and 9.0 billion
mainline ASMs, resulting in a mainline traffic increase of 6.9%
and a 5.3% increase in mainline capacity as compared to June
2006.  Domestic mainline traffic was 4.1 billion RPMs in June
2007, up 5.8% from June 2006, and domestic mainline capacity was
4.7 billion ASMs, up 4.5% from June 2006.

For June 2007, consolidated passenger revenue per available seat
mile (RASM) is estimated to have increased between 1.5% and 2.5%
compared to June 2006, while mainline passenger RASM is
estimated to have increased between 3.5% and 4.5% compared
to June 2006.  For May 2007, consolidated passenger RASM
decreased 0.8% compared to May 2006, while mainline
passenger RASM increased 1.1% from May 2006.

Continental ended the second quarter of 2007 with unrestricted
cash and short-term investments of approximately US$3.17
billion.

Continental's regional operations had a record June load factor
of 82.8%, 0.5 points above the June 2006 load factor.
Regional RPMs were 857.9 million and regional ASMs were 1,036.5
million in June 2007, resulting in a traffic decrease of 9.8%
and a capacity decrease of 10.4% versus June
2006.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout the Americas, Europe and
Asia.  It serves 15 European cities, 7 South American cities,
Tel Aviv, Hong Kong and Tokyo.  International operations are
carried out throughout Europe, Canada, Mexico, Central and South
America, Caribbean and also Tel Aviv, Hong Kong and Tokyo.  More
than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' long-term and 'B-3' short-term corporate
credit ratings, on Continental Airlines Inc.  The outlook is
revised to stable from negative.  Houston, Texas-based
Continental has about US$17 billion of debt and leases.

Moody's Investors Service assigned ratings of Caa1, LDG5-75% to
the $200 million of senior unsecured notes issued by Continental
Airlines, Inc.'s.  Moody's affirmed the B3 corporate family
rating.  The outlook is stable.

Fitch Ratings has upgraded Continental Airlines Inc.'s Issuer
Default Rating (IDR) to 'B-' from 'CCC' and Senior Unsecured
Debt to 'CCC/RR6' from 'CC/RR6'.  Rating outlook was stable.


FORD MOTOR: Launches Conversion Offer for 6.50% Trust Securities
----------------------------------------------------------------
Ford Motor Company has commenced a conversion offer related to
the outstanding 6.50% Cumulative Convertible Trust Preferred
Securities of Ford's wholly owned subsidiary trust, Ford Motor
Company Capital Trust II.

The trust preferred securities, which were issued in 2002, have
an aggregate liquidation value of about US$5 billion.  Each
trust preferred security has a liquidation value of US$50 and is
convertible into 2.8249 shares of Ford common stock at the
holder's option.  The subsidiary trust's sole assets are
US$5.2 billion principal amount of 6.5% Junior Subordinated
Convertible Debentures due 2032 of Ford Motor Company, which
will be cancelled to the extent trust preferred securities are
converted into Ford common stock.  Through the debentures and
other instruments, Ford has effectively guaranteed the trust
preferred securities.

The conversion offer is scheduled to expire at 5:00 p.m.,
Eastern Time, on July 31, 2007, unless extended or earlier
terminated, and is expected to settle on Aug. 3, 2007.

Holders who elect to convert their trust preferred securities
into shares of Ford's common stock will receive 2.8249 shares of
Ford common stock plus a premium consisting of shares of Ford
common stock valued at US$14.25 for each trust preferred
security.  The number of premium shares received will be
determined by the average market price of Ford common stock on
July 25, 26 and 27, 2007 (assuming the offer is not extended).

"As we continue to make progress on restructuring our automotive
operations to return to profitability, we also are focused on
improving our balance sheet, which this conversion offer will
do," said Don Leclair, Ford's executive vice president and chief
financial officer.

The conversion offer is being made pursuant to an offering
circular and related documents, each dated July 2, 2007.  The
completion of the offer is subject to conditions described in
the conversion offer documents.  Subject to applicable law, Ford
may waive the conditions applicable to the offer or extend,
terminate or otherwise amend the offer.

Holders of trust preferred securities may address questions
about the conversion offer or make requests for copies of the
offering circular and related documents for free to Georgeson,
Inc., the information agent for the conversion offer, by calling
toll-free at 888-605-7541.  Ford Motor Company Capital Trust II,
a statutory business trust, was formed in 2001 under the laws of
the state of Delaware and is a wholly owned subsidiary of Ford
Motor Company.  Ford Motor Company, a global automotive industry
leader based in Dearborn, Mich., 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 and Mazda.  The company provides
financial services through Ford Motor Credit Company.

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

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

                       *     *     *

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

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

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


FORD MOTOR: June 2007 Total Sales Decrease by 8%
------------------------------------------------
Ford Motor Company's total sales (including sales to fleet
customers) were 247,599, down 8%.  The decline in total sales
reflected a planned reduction in sales to daily rental
companies.  Daily rental sales were down 39% (22,000 units)
compared with a year ago.  In the first half, sales to daily
rental companies were 89,000 units lower than a year ago (down
30%).

Soaring demand for new and redesigned crossover vehicles,
including the all-new Ford Edge, "edged" Ford, Lincoln and
Mercury retail sales to their first combined increase since
October 2006.

Edge sales were 12,470 and Lincoln MKX sales were 3,400.  Edge
was recognized as the industry's top performing new vehicle in
J.D. Power and Associates' 2007 Automotive Performance,
Execution and Layout Study TM (APEAL).

"These new crossovers are proof we are building more products
people want to buy," Mark Fields, Ford's President of the
Americas, said.  "The Edge and Lincoln MKX and other new and
redesigned products are helping us to stabilize our retail
market share, a key goal in our plan to return to profitability
in North America."

The redesigned 2008 model Ford Escape and Mercury Mariner
crossovers set sales records in June, with Escape sales reaching
19,147, up 33% from a year ago, and Mariner sales totaling
3,788, up 97%.  In addition, the Escape and Mariner hybrid
models set June sales records, with Escape hybrid sales of 2,192
and Mariner hybrid sales of 334.

In total, Ford, Lincoln and Mercury crossovers were up 83%
compared with a year ago as the company continues to achieve the
largest sales increase in the industry's fastest-growing
segment.

Other new and redesigned products contributed to Ford's strong
retail performance in June.  Retail sales for the Ford
Expedition were higher than a year ago, the full-size sport
utility vehicle's tenth consecutive month of sales increases.

June sales of Ford's F-Series, America's best-selling truck,
were essentially flat compared with a year ago, while sales of
the Ford Focus small car climbed 20%.  A redesigned Ford Focus
will debut later this year.

The Lincoln brand posted its ninth month in a row of higher
retail sales.  June sales were 30% higher than a year ago.  In
the first six months of 2007, Lincoln sales were 15% higher than
the same period a year ago.  Lincoln's rebound reflects the new
Lincoln MKX crossover, the new Lincoln MKZ sedan (up 38% in
June), and the redesigned Navigator.

Land Rover dealers reported an 8% sales increase in June,
reflecting the addition of the all-new LR2 crossover.

                      About Ford Motor Co.

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

                          *    *    *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


GAP INC: Eyes Closure of Unprofitable United Kingdom Outlets
------------------------------------------------------------
Gap Inc. will close underperforming stores in secondary
locations in the United Kingdom as part of a comprehensive
review of its property portfolio, Jonathan Russell writes for
The Sunday Telegraph.

Gap has appointed property agent Churston Heard to review its
171-strong U.K. chain.  According to a source close to the
company, Gap could not afford to pay the current rent level of
around GBP40 per square foot, the Telegraph adds.

A spokeswoman for Gap however said the fashion retailer is
committed to Europe which it feels will be the growth engine of
the business.

Gap is set to open its first Banana Republic outlet on Regent
Street later this year.  If successful, the US retailer may
convert suitable Gap outlets to the new format, The Sunday
Telegraph relates.

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an  
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 10, 2007,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  The Rating Outlook is Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


MAZDA MOTORS: Demio Seen to Help Attain Midterm Target
------------------------------------------------------
Mazda Motor Corporation has redesigned its Demio for the first
time in five years, and is expected to help achieve the car
manufacturer's midterm business target in the 2010, reports Kaho
Shimizu of Japan Times.

According to Mr. Shimizu, the midterm business plan aims to sell
about 1.6 million vehicles worldwide in the 2010 business year.

The article quotes Mazda Chief Executive Officer Kazuhisa Imaki
as saying, "Since its initial launch in 1996, the Demio's
cumulative sales have exceeded 1 million and it has become one
of Mazda's core models.  The new Demio is an important strategic
model that represents Mazda's brand identity."

Despite the pessimistic outlook on domestic sales for the newly
designed Demio, Mazda plans to introduce the revamped model,
also known as Mazda 2, in Europe, China and Australia.  This is
also part of the manufacturer's global strategy, relates Mr.
Shimizu.  

Mr. Imaki revealed in the article that they have no plans to
sell the model to North America despite the growing popularity
of compact cars in the continent.

The most significant difference between the old and new Demio is
the weight.  The new, smaller model weighs 100 kg less, without
sacrificing any structural strength.  Also, Mazda claims the new
Demio, with a sticker price between JPY1.13 million and
JPY1.58 million, gets up to 23 km per liter compared with the
older model's 19.2 km, conveys Mr. Shimizu.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and  
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets. The company has
58 subsidiaries.  It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China.  The
Company has a global network.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 27, 2007, that Standard & Poor's Ratings Services raised
Mazda Motor Corp.'s long-term corporate credit rating and the
company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/

   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


NOMURA HOLDINGS: Denies Merger Talks with Resona Holdings
---------------------------------------------------------
Nomura Holdings, Inc., and Resona Holdings, Inc., have denied a
newspaper report stating that the two have begun negotiations
about teaming up in the asset management and retail and
investment banking businesses, Yasuhiko Seki writes for AFX News
Limited.

According to Mr. Seki, Nomura and Resona separately issued a
written statement denying the Nikkei Business Daily report
saying that they have begun talks and will hopefully come up
with a decision sometime in the summer.

The article, citing Nikkei, reports that Nomura would acquire
more than JPY100 billion-worth of bond-like preferred shares to
be issued by Resona, and that Resona would use the proceeds to
accelerate the repayment of more than JPY2.3 trillion in public
funds that it owes.

The report also conveys that Resona Trust & Banking Co. and
Nomura Trust & Banking Co. might cooperate in asset management
and in taking care of pension plans and investment trusts for
businesses and institutional investors.  

Resona Trust lends to smaller businesses, while Nomura Trust
specializes in securities, relates Mr. Seki.

In the retail banking field, a few dozen Nomura Securities
branches will act as agents for Resona Bank in offering
mortgages and other financial products, conveys AFX News.

The Nikkei sources, according to Mr. Seki, revealed to the daily
that in the field of investment banking, Nomura will likely give
advice on mergers and acquisitions to Resona's business
customers and offer fund-raising support.

                     About Resona Holdings

Headquartered in Osaka, Japan, Resona Bank, Limited --
http://www.resona-gr.co.jp/-- had consolidated total assets of  
JPY27 trillion as of September 30, 2006.  Resona Holdings, Inc.,
Resona Bank's parent, has consolidated total assets of JPY39
trillion as of September 30, 2006.

On May 7, 2007, Moody's Investors Service upgraded its bank
financial strength rating to D+ from D-.

On April 27, 2007, Fitch Ratings affirmed its D individual
rating and its 2 support rating following the company's
announcement that it secured JPY350 billon in new preferred
stocks for the purpose of repaying part of its outstanding
balance of JPY1,998.8 billion (issued value) of government-owned
preferred shares.

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a  
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong and Brazil through its subsidiaries.  
Nomura operates in five business segments: Domestic Retail,
which includes investment consultation services to retail
customers; Global Markets, which includes fixed income and
equity trading  and asset finance businesses in and outside
Japan; Global Investment Banking, which includes mergers and
acquisitions advisory and corporate financing businesses in and
outside Japan; Global Merchant Banking, which includes private
equity investments in and outside Japan, and Asset Management,
which includes development and management of investment trusts,
and investment advisory services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


NOMURA HOLDINGS: Plans to Expand Equity Business in India
---------------------------------------------------------
Nomura Holdings, Inc. may consider acquisitions as a possible
route to enter India's stockbroking business, reports Saeed
Azhar of Reuters.

Mr. Azhar interviewed Nomura's head for its global equities
business, Hiromasa Yamazaki, who revealed that the banking and
investment firm plans to build a cash equities and derivatives
business in India either from its own resources or through
acquisitions.

Nomura, writes Mr. Azhar, plans to focus on derivatives, options
trading, futures and a specialized business for hedge funds
called "synthetic prime brokerage", which helps funds use share
swaps to structure trades.  Mr. Yamazaki expresses that the
synthetic prime brokerage will be one of the key products for
global hedge funds seeking access to the Japanese market and
Asia.

Mr. Azhar explains that Nomura is expanding its business outside
Japan in the hopes of doubling its profit from the equity
business in five years.

Mr. Yamazaki said that Nomura's international equity business --
which excludes investment banking -- contributes around a
quarter of the securities firm's profits, the revenue of which
will grow to 50% over the next 2-3 years, relates the article.

India's "huge growth potential" is the main reason why Nomura
wants to enter the country.  In line with this expansion, Nomura
is also looking at Indonesia, Vietnam and Russia as a target to
build its equities business, reveals Mr. Yamazaki.

                    About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a  
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong and Brazil through its subsidiaries.  
Nomura operates in five business segments: Domestic Retail,
which includes investment consultation services to retail
customers; Global Markets, which includes fixed income and
equity trading  and asset finance businesses in and outside
Japan; Global Investment Banking, which includes mergers and
acquisitions advisory and corporate financing businesses in and
outside Japan; Global Merchant Banking, which includes private
equity investments in and outside Japan, and Asset Management,
which includes development and management of investment trusts,
and investment advisory services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


NORTHWEST AIRLINES: AMFA Gives Management "No Confidence" Vote
--------------------------------------------------------------
The national executive council of the Aircraft Mechanics
Fraternal Association working for Northwest Airlines Corp.
approved a "no confidence" vote in the carrier's executive
management team.

In a letter to the AMFA members, Ted Ludwig, president of the
AMFA Local 33 union, stressed that employee morale continues to
be low as long as the airline persists in keeping its operations
lean.

"We have known for multiple months now that the Executive
Management Team has been running the carrier on ultra lean,
expecting their employees to continue to do more with less."

According to Mr. Ludwig, a "highly stressed" maintenance
department contributed to the company's deterioration of its
stock prices, other than having fewer pilots.  "No one should be
surprised that an airline that once employed 8,000 experienced
technicians and currently employs 800 would be unable to
consistently provide reliable scheduled service," Mr. Ludwig
complains.

"In bankruptcy, the NWA EMT showcased their expertise in
stripping the dignity and financial security from their
employees.  The NWA EMT has also lavishly rewarded themselves
with millions in bonuses and stock options, illustrating their
prowess at managing their own financial affairs.  However, what
they have failed to demonstrate pre or post bankruptcy is their
ability to successfully manage an airline."

Mr. Ludwig continues, "It is with this abysmal history of
mismanagement in mind that the AMFA National Executive Council
has unanimously passed a vote of no confidence in this
management team.  Doug Steenland and his management team have
significantly harmed the relationship with their employees.  We
cannot help but question whether this EMT can repair that
relationship and return our airline to the operational stability
it needs to survive."

                    About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/--  
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents, including Italy, Spain, Japan,
China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.  When the Debtors filed for bankruptcy, they listed
US$14.4 billion in total assets and $17.9 billion in total
debts.  On Jan. 12, 2007 the Debtors filed with the Court their
Chapter 11 Plan.  On Feb. 15, 2007, they Debtors filed an
Amended Plan & Disclosure Statement.  The Court approved the
adequacy of the Debtors' Disclosure Statement on March 26, 2007.   
On May 21, 2007, the Court confirmed the Debtors' Plan.  The
Plan took effect May 31, 2007.

                       *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Northwest Airlines Corp. and its Northwest Airlines Inc.
subsidiary, including raising the long-term corporate credit
ratings on both entities to 'B+' from 'D', following their
emergence from Chapter 11 bankruptcy proceedings.  The rating
outlook is stable.


SOLO CUP: Closes US$130 Million Leaseback Deal of Six Facilities
----------------------------------------------------------------
Solo Cup Company has completed the sale and leaseback of six
manufacturing facilities.  Proceeds from the transaction have
been used to pay off the company's US$130 million second lien
term loan in its entirety.  The transaction includes Solo Cup
manufacturing plants in Dallas, Texas, Chicago, Ill., Urbana,
Ill., Augusta, Ga., Conyers, Ga., and Federalsburg, Md.  The
Company has entered into a 20-year lease with four five-year
extension options for each facility.  There will be no change in
day-to-day operations at these or other Solo Cup facilities.

"As previously discussed, one of our key goals for the year is
to unlock value in our assets to reduce our overall leverage and
invest in our business," said Robert M. Korzenski, CEO, Solo Cup
Company.  "This transaction enables us to achieve this objective
while continuing to serve our customers on a business-as-usual
basis. We expect to be a part of the business community in these
locations for many years to come."

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable  
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Japan, Canada, Europe,
Mexico, Panama and the United States.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 12, 2007, Moody's Investors Service confirmed the B3
Corporate Family Rating of Solo Cup Co. and revised the rating
outlook to negative.  Moody's assigned a B1 rating to both the
US$638 million senior secured term loan B and US$150 million
revolver and confirmed all other instrument ratings.  This
confirmation of the ratings concludes a rating review for
possible downgrade that was initiated on Sept. 15, 2006.


SUN WAVE: R&I Lifts Issuer Rating to BB with Positive Outlook
-------------------------------------------------------------
Rating and Investment Information, Inc., has upgraded the issuer
rating of Sun Wave Corporation to 'BB' from "BB-' with a
positive outlook.

Sun Wave Corp. is a kitchen appliance maker belonging to the
Nisshin Steel group.  With the dramatic drop in housing starts
in the latter half of the 1990s, the company took a defensive
position in the market as business declined and earnings
remained in the doldrums.  With homegrown President Shounosuke
Oda at the helm since April 2005, however, Sun Wave has put its
worst period behind it.  Initiatives in reforms in sales and
production have resulted in an increase in the company's market
share, and concerns that operating profit might again lapse into
deficit are receding.  R&I considers that Sun Wave is
maintaining relatively favorable financial composition and in
recognition of its improvement in performance has upgraded the
Issuer Rating from BB- to BB.  The Rating Outlook is Positive.  
The competitive environment remains severe and price rises in
raw materials continue to be an area of concern but the recovery
of Sun Wave's operational base is continuing and there is
further scope for improvement in cost cutting.  Therefore, while
earning power remains at a low level, R&I believes that there is
a strong possibility that it can be stabilized.  If Sun Wave is
able to push ahead with reforms and establish a solid earnings
base, an upgrade in the rating is likely.

                     About Sun Wave Corp.

Headquartered in Tokyo, Sun Wave Corporation is a manufacturing
company primarily engaged in the manufacture and sale of kitchen
appliances, heat equipment, hygienic appliances, kitchen wall
panels, bath-related apparatus, cooling systems and interior and
exterior equipment.  The company is also involved in the
manufacture and sale of facilities equipment for business use
and the provision of post sale services.


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

KOREA EXCHANGE: Moody's Assigns A2 Rating to Proposed Sr. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned an A2 rating to Korea
Exchange Bank's proposed USD senior unsecured notes due 2012,
issued under its USD4 billion Euro Medium Term Note Programme.
The outlook for the rating is stable.

This rating is subject to the receipt of final documentation,
the terms and conditions of which have not changed in any
material way from the draft documents already reviewed by
Moody's.

"The A2 rating incorporates KEB's C- bank financial strength
rating, which is underpinned by the bank's long history, modest
size as well as strong franchise in foreign exchange and trade
finance," says Beatrice Woo, a Moody's VP/Senior Credit Officer.

"It is further supported by the stronger operating and financial
performance achieved under US investment fund, Lone Star, its
largest shareholder since October 2003," adds Woo.

In addition, the rating considers Moody's assessment that
support from the Korean government in a systemic crisis would be
very high.  This view is predicated on KEB's significance in
Korea's banking system as the fifth largest nationwide
commercial bank with a substantial 7% share of system deposits.

KEB was established in January 1967 by the government originally
as a specialist foreign exchange bank.  It retains its strength
in trade finance and foreign exchange.  In terms of assets, it
holds KRW71 trillion and ranks fifth among Korea's nationwide
commercial banks with 6% of system assets. It operated a branch
network of 326 domestic and 28 overseas offices as of March 31,
2007.

KEB's other ratings are: global local currency (GLC) deposit
rating of A2; foreign currency short-term debt rating of Prime-
1; foreign currency long-term/short-term deposit ratings of
A3/Prime-2, on review for possible upgrade; and bank financial
strength rating of C-.  All ratings, except those on review for
possible upgrade, carry a stable outlook.


SHINHAN BANK: Interested to Acquire Stake in Vietnamese Bank  
------------------------------------------------------------
Shinhan Bank said that it is interested in acquiring a stake in
Vietnam's Vietcombank, which is set to go public in August, The
Korea Herald reports, citing Shinhan Bank spokesperson Kwon
Chang-hyun.

The Korea Herald notes that according to a Korean daily, Shinhan
is pushing to buy a 4% stake in Vietcombank, or the Bank for
Foreign Trade of Viet Nam, for about US$100 million.

Shinhan Bank, however, said that no details have been decided,
the report relates.

The Herald explains that Vietcombank is one of the four state-
run banks in Vietnam that are expected to list shares on the
local stock market this year.  Vietcombank, which is the
country's second largest bank by assets, plans to offer about
30% of its total outstanding shares to the public next month.

The report recounts that Shinhan already has a partnership with
Vietcombank, which holds a 50% stake in Shinhan's locally
incorporated unit, Shinhan Vina Bank.

According to The Herald, if Shinhan's plan materializes, it
would be one of the biggest overseas investments by a Korean
bank.

Credit Suisse Group, which is arranging Vietcombank's IPO, is
looking for one or two strategic investors to buy stakes, the
report says.

                      About Shinhan Bank  

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

                          *     *     *

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


* Korea's Trade Deficit to Industrialized Nations Rises
-------------------------------------------------------  
Korea's trade deficit with industrialized nations is growing
1.5 times faster than its trade surplus with developing
countries, Arirang News reports.

According to Arirang, Korea Customs Service said that during the
first five months of 2007, Korea's trade deficit with
industrialized nations -- including the United States and Japan
-- amounted to more than US$10 billion, which is triple the
amount from the first five months of 2006.

Meanwhile, Arirang adds, Korea's trade surplus with developing
nations from January to May reached US$14.4 billion, double to
that of last year.

Experts, who linked the latest trend to Korea's fast growing
trade deficit with Japan, said that Korea is heavily dependent
on Japanese technology and components, and the weakening
Japanese yen is encouraging inbound shipments, the report
relates.


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

ARK RESOURCES: Wind-Up Petition Against Unit Struck Off
-------------------------------------------------------
Ark Resources Bhd disclosed with the Bursa Malaysia Securities
Bhd that the wind-up petition against its wholly owned unit,
Cardon (M) Sdn Bhd, was struck off on June 28, 2007.

The company received the notification on July 9, 2007.

On May 2, 2007, the Troubled Company Reporter-Asia Pacific
reported that Cardon was facing a wind-up petition from Concrete
Engineering Products Bhd, which was due for hearing on June 28.

According to the TCR-AP, the wind-up petition was presented
against Cardon due to its failure to satisfy a judgment sum of
MYR150,119.08, together with interest at the rate of 1.5% per
month calculated from July 3, 2001, until full settlement and
costs of MYR1,870.00.

The petition seeks:

    a) for Cardon to be wound-up;

    b) for a liquidator to be appointed; and

    c) for the cost of the winding-up petition to be paid to the
       petitioner upon taxation and the cost of the liquidator
       to be paid out of the asset of Cardon.


ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to
MYR32.38 million and total liabilities aggregated to
MYR232.91 million, resulting in a shareholders' deficit of
MYR200.53 million.


ARK RESOURCES: Updates Bursa on Default Status as of June 29
------------------------------------------------------------
Ark Resources Bhd and its subsidiaries disclosed with the Bursa
Malaysia Securities Bhd their status on default payments to
several lenders as of June 29, 2007:

  Lender                   Borrower              Amount Claimed
  ------                   --------              --------------
  Bank Simpanan Nasional   Lankhorst Track            MYR72,160

  Bumiputra Commerce       Lankhorst Pancabumi       10,974,496
  Bank Berhad              Contractors S/B           23,052,316
                                                      3,474,192
                                                      1,723,719
                                                     22,797,719

  Danaharta Urus           Lankhorst Pancabumi       452,005.12
  Sdn Bhd                  Contractors S/B

  Southern Bank Bhd        Lankhorst Pancabumi        2,580,170
                           Contractors S/B

  Malayan Banking Bhd      Lankhorst Pancabumi       13,366,474
                           Contractors S/B

  Danaharta Urus           Port Dickson Sepang       11,118,722
  Sdn Bhd                  Quarry S/B

  Southern Bank Bhd        Port Dickson Sepang          197,939
                           Quarry S/B

  Affin-ACF Finance Bhd    Lankhorst M&E S/B            136,115

The company also informed the bourse that three of its
subsidiaries had been granted an extension of the Restraining
Order by the Kuala Lumpur High Court by an additional 120 days
which will expire on September 17, 2007.

    1. ARK Hartanah Sdn. Bhd. (fka Lankhorst Hartanah Sdn. Bhd.)
    2. ARK M&E Sdn. Bhd. (fka Lankhorst M&E Sdn. Bhd.)
    3. ARK Development Sdn. Bhd. (fka Rampai Budi-Jaya Sdn.
       Bhd.)

Ark said that its debts will be addressed under a Proposed
Corporate Restructuring to be undertaken by the company.

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to
MYR32.38 million and total liabilities aggregated to
MYR232.91 million, resulting in a shareholders' deficit of
MYR200.53 million.


MANGIUM INDUSTRIES: Bursa to Suspend Securities Trade on July 17
----------------------------------------------------------------
The Bursa Malaysia Securities Berhad will suspend the trading
Mangium Industries Berhad's securities with effect from
9:00 a.m. on July 17, 2007.

The suspension, according to the bourse, is based on Paragraph
8.16A of its Listing Requirements, which states that a listed
issuer must ensure that its issued and paid-up capital complies
with the minimum required to warrant continued trading and
listing on the Official List of Bursa Securities.

Mangium's latest issued and paid-up capital as at March 31,
2007, of MYR32,000,000 is less than the minimum issued and paid
up capital of MYR40 million as required by a company listed on
the Second Board of Bursa Securities.

Mangium Industries Berhad's principal activities are the
manufacturing and trading of timber and timber related products.  
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.

The Troubled Company Reporter-Asia Pacific reported on May 25,
2007, that Mangium Industries, on May 22 became an affected
listed issuer pursuant to the provisions of Amended Practice
Note 17/2005, as its shareholders' equity on consolidated basis
is less than 25% of its issued and paid-up capital.  As an
affected listed issuer, Mangium is required to formulate and
implement a plan to regularize its financial condition within a
timeframe stipulated by relevant authorities.

Mangium's balance sheet as of March 31, 2007, showed total
assets of MYR45.09 million and total liabilities of
MYR93.33 million.  Shareholders' deficit in the company totaled
MYR46.11 million.


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

ASCO AUTOMOTIVES: Fixes July 12 as Last Day to File Claims
----------------------------------------------------------
The creditors of Asco Automotives Ltd. are required to file
their proofs of debt by July 12, 2007, to be included in the
company's dividend distribution.

The company went into liquidation on June 12, 2007.

The company's liquidator is:

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


BRIAN RICHARDS: Subject to South Pacific's Wind-Up Petition
-----------------------------------------------------------
On April 23, 2007, South Pacific Tyres N.Z. Limited filed a
petition to wind up the operations of Brian Richards Transport
Ltd.

The High Court of Gisborne will hear the petition on July 24,
2007, at 10:00 a.m.

South Pacific's solicitor is:

         Dianne S. Lester
         c/o Credit Consultants Debt Services NZ Limited
         Level 3, 3-9 Church Street
         PO Box 213, Wellington
         New Zealand
         Telephone:(04) 470 5972


CENTRAL STEELIEZ: Court to Hear Wind Up Petition on July 16
-----------------------------------------------------------
The High Court of Palmerston North will hear a petition to wind
up the operations of Central Steeliez Ltd. on July 16, 2007, at
10:00 a.m.

The petition was filed on May 15, 2007, by Firth, which is a
division of Fletcher Concrete & Infrastructure Limited.

Firth's solicitor is:

         Dianne S. Lester
         c/o Credit Consultants Debt Services NZ Limited
         Level 3, 3-9 Church Street
         PO Box 213, Wellington
         New Zealand
         Telephone:(04) 470 5972


CONNEXIONZ LIMITED: Brings In Two Directors to Management Team
--------------------------------------------------------------
Connexionz Ltd has appointed two of its directors to the
management team -- Richard Riley as managing director and Tony
Kan as finance director.

According to Connexionz Chairman Craig Boyce, the two directors
were brought in the management team to spread the workload on
the Robert Burke, the company's chief executive officer.

The company's investment in a United Kingdom-based joint venture
company late in 2006 has put considerable pressure on the chief
executive, Mr. Boyce says.

Connexionz holds a contract to manage the joint venture with its
UK partners.  The offset in time zones between New Zealand and
the UK has meant that the combined operation has resulted in a
heavy time commitment for Mr. Burke and a workload to match, Mr.
Boyce explains. On top of that, Connexionz also has systems
deployed in New Zealand, Australia, China, Brazil, USA and
Europe.

Christchurch, New Zealand-based Connexionz Limited --
http://www.connexionz.co.nz/-- is a technology company that
develops real-time vehicle tracking systems for the local and
international markets.  The company's products include city-side
systems, airport buses, bus interchanges, the BusFinder and
technical papers.  Connexionz has a real time system for
tracking a fleet of buses across a city, handling up to 10,000
vehicles and up to 2,500 routes. The Company's BusFinder signs
provide passengers with information citywide at bus stops,
within interchange buildings and in malls and restaurants.  The
Company has also customized their system to provide real time
information for airport bus services.

                       Going Concern Doubt

After examining the company's annual report for the financial
year ending March 31, 2006, Deloitte -- the company's
independent auditors -- raised a fundamental uncertainty on the
company's ability to continue as a going concern, which is
dependent upon the ability to fund future activities from
operational cash flows and/or raise further capital.  Deloitte
adds that the company may need to provide for further
liabilities that might arise, and to reclassify non-current
assets as current assets.

                       Trading Suspension

As reported by the Troubled Company Reporter - Asia Pacific on
June 27, 2007, the New Zealand Stock Exchange has suspended the
trading of Connexionz's shares until the company provides its
preliminary full-year results.  Connexionz expects to produce a
preliminary announcement of the results by July 13.


FAGA CIVIL: Wind-Up Petition Hearing Set for July 19
----------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Faga Civil Ltd. on July 19, 2007, at 10:45 a.m.

Firth, which is a division of Fletcher Concrete & Infrastructure
Limited, filed the petition on April 23, 2007.

Firth's solicitor is:

         Dianne S. Lester
         c/o Credit Consultants Debt Services NZ Limited
         Level 3, 3-9 Church Street
         PO Box 213, Wellington
         New Zealand
         Telephone:(04) 470 5972


LION FILM: Sets Wind-Up Petition Hearing on August 9
----------------------------------------------------
A petition to wind up the operations of Lion Film Productions
Ltd. will be heard before the High Court of Auckland on
August 9, 2007, at 10:45 a.m.

Jonathan Carl Klouwens filed the petition on May 11, 2007.

Mr. Klowens' solicitor is:

         M. R. Crotty
         Russell McVeagh
         Vero Centre, Level 30
         48 Shortland Street, Auckland
         New Zealand


MAINLY FLOWERS: Fixes July 12 as Last Day to File Claims
--------------------------------------------------------
On June 14, 2007, the High Court of Auckland appointed Henry
David Levin and Barry Phillip Jordan as the liquidators of
Mainly Flowers Ltd.

Messrs. Levin and Jordan are receiving the creditors' proofs of
debt until July 12, 2007.

The Liquidators can be reached at:

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


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

The petition was filed before the Court on May 21, 2007, by
Senate Finance Limited.

Senate Finance's solicitor is:

         George Bogiatto
         West Plaza Building, Level 1
         3 Albert Street, Auckland
         New Zealand


OLETRA ENTERPRISES: Commences Liquidation Proceedings
-----------------------------------------------------
On June 11, 2007, it was resolved through a special resolution
to wind up the operations of Oletra Enterprises Ltd. and appoint
Kim S. Thompson as the liquidator.

Creditors who can file their proofs of debt by July 13, 2007,
will be included from sharing in the company's dividend
distribution.

The company's liquidator is:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6104


ORMISTON DEVELOPMENTS: Appoints Bhuvan Naran as Liquidator
----------------------------------------------------------
On June 14, 2007, Bhuvan Naran was appointed as liquidator of
Ormiston Developments Ltd.

The company will not hold a creditors' meeting unless a creditor
will give a notice to hold a meeting.

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


PARK BAR: Shareholders Tap Whittfield & Finnigan as Liquidators
---------------------------------------------------------------
The shareholders of Park Bar Ltd. appointed John Trevor
Whittfield and Peri Micaela Finnigan as the company's liquidator
on June 11, 2007.

The Liquidators fixed July 27, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         John Trevor Whittfield
         Peri Micaela Finnigan
         McDonald Vague, PO Box 6092
         Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Website: http://www.mvp.co.nz


SEALEGS CORPORATION: To Hold Annual Meeting on July 31
------------------------------------------------------
Sealegs Corporation Limited will hold its 2007 Annual Meeting at
the Sealegs Factory, 233 Bush Road, North Harbour Industrial
Estate in Auckland, on July 31, 2007, commencing at 2:00 p.m.

Among the businesses to be transacted in the meeting is the
presentation of the company's annual report for the year ended
March 31, 2007, and the auditor's report on the financials.

At the meeting, the company will also consider passing these
ordinary resolutions:

1. To authorize and approve the:

   -- issue of 5,000,000 share options in the company to David
      McKee Wright;

   -- issue of 5,000,000 share options in the company to Maurice
      Bryham; and

   -- allotment of shares in the company upon an exercise of the
      share options.

2. To authorize and approve the issue by the company of up to
   2,000,000 share options in the company to certain employees,
   and the allotment of shares in the company upon an exercise
   of the share options.

3. To ratify the issue of 1,700,000 ordinary shares in the
   company to Fisher Funds Management Limited at an issue price
   of NZ$0.58 per share, all the shares ranking equally with all
   other shares on issue.

4. To re-elect John Robertson as a director in accordance with
   the company's constitution.  Mr. Robertson retires by
   rotation and, being eligible, offers himself for re-election.

5. To re-elect William Burrell as a director in accordance with
   the company's constitution.  William Burrell was appointed to
   the board prior to the Annual Meeting and retires in
   accordance with Listing Rule 3.3.3 and, being eligible,
   offers himself for re-election.

6. To elect Maurice Bryham as a director in accordance with the
   company's constitution.  Maurice Bryham has been nominated as
   a director in accordance with Listing Rule 3.3.2 and, being
   eligible, offers himself for election.

7. To authorize, for the purpose of Listing Rule 3.5.1, the
   total directors' remuneration per annum, for each financial
   year commencing April 1, 2007, to be:

   (a) up to NZ$25,000 in respect of each director who, from
       time to time, holds office as a director (including the
       chairperson); and

   (b) an additional NZ$25,000 in respect of the chairperson.

8. To record that Ernst & Young is automatically reappointed as
   auditor of the company pursuant to section 200 of the
   Companies Act 1993 and to authorize the directors to fix the
   auditor's remuneration.

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


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

ALLIED BANK: Inks Deal to Buy New York Life Insurance Phils.
------------------------------------------------------------
Allied Banking Corp. has increased its stake in New York Life
Insurance Philippines Inc. from 25% to 75% under a definitive
share purchase agreement with New York Life International LLC,
ABS-CBN News reports.

Allied Bank's major shareholders will own the remaining 25% of
NYLIP.

New York Life International will no longer own equity interest
in NYLIP after the Philippine Insurance Commission approves the
sale.

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

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

                          *     *     *

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

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


LODESTAR INVESTMENT: SEC Exempts May 25 Share Issuance to Cyan
--------------------------------------------------------------
The issuance of 2 million shares in Lodestar Investment Holdings
Corp. to Cyan Management Corp. has been exempted from the
registration requirements of the Securities and Exchange
Commission.

Last week, the SEC issued a resolution exempting the
transaction, which took place on May 25 in accordance with a
subscription agreement between the parties.  The company paid
the exemption fee on June 12.    

Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation (LIHC) was originally incorporated as a
mining and natural resources exploration company. Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991. On 03 October 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

LIHC plans to reengineer the company to enhance shareholders'
value and improve operations. It will undertake a number of
capital-raising activities, which include but not limited to the
following: (a) a call of subscriptions receivable up to P8
million; (b) second public offering of P50 million to P88
million; (c) debt-equity conversion of up to P30 million; and
(d) share-for-share or share-for-asset swaps from P112 million
to P150 million. The company is likewise interested in acquiring
at least a "significant minority" interest in other businesses
and pursuing prospective investments, particularly in the
Internet Service Provider and Business to Business Portal
services.

As of Dec. 31, 2006, Lodestar had a capital deficiency of
PHP598,853.  With virtually no operations, the company didn't
report any profit and loss statements for the year.


* First Half Deficit Can Be Recovered, Finance Department Says
--------------------------------------------------------------
The Department of Finance is confident in its ability to catch
up during the second half of 2007 with its PHP53 billion
estimated deficit for the January-June period so it can keep up
with the PHP63-billion deficit target for this year, Finance
Secretary Margarito B. Teves told the Manila Bulletin.

"The BIR (Bureau of Internal Revenue) will try to bring down its
cumulative shortfall to PHP20 billion," Mr. Teves told
reporters.  According to the secretary, the Bureau of Customs
gave assurance that they will recover its deficit.  The success
of the two agencies' efforts will cause the country to have a
cumulative tax deficit of only PHP20 billion, instead of PHP53
billion.   

The BIR had missed its revenue target for the first half by
about PHP40 billion, while the BOC reported a deficit of
PHP13 billion.  According to Mr. Teves, the government had a
possible budget deficit of PHP37.7 billion for the first half of
2007 with the two agencies' reported shortfalls in revenues.  
This is higher than the ceiling of PHP31.2 billion, he added.

The government needs to improve its collection, and step up the
privatization of government assets, which are tagged as non-tax
revenues, in order to recover revenue and fiscal losses incurred
during the first half, Mr. Teves said.  

The government has set a PHP1.118 trillion earnings goal for
this year.  The government expects to earn PHP105 billion from
the privatization of the government's shares in San Miguel
Corp., the Manila Electric Co., and the PNOC-Energy Development
Corp.. and expects a PHP730 billion contribution from BIR and
PHP228 billion from the Customs Bureau.

                          *     *     *

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.


* Tax in IPO Should be Removed to Spur Market Growth, CMDC Says
---------------------------------------------------------------
The Capital Market Development Council is proposing the removal
of tax imposed on initial public offering and the documentary
stamp tax on transactions involving stocks listed in the
Philippine Stock Exchange to promote growth of the local
equities market, the Philippine Star reports.

Former Socioeconomic Planning Secretary Felipe Medalla said the
taxes imposed on IPOs deters them rather than encourage them,
because tax is imposed on capital and not on income.  He also
said that IPOs should be encouraged, because it promotes
corporate responsibility due to greater public scrutiny of
corporate affairs.

According to the study, the Philippines has a higher transaction
cost for shares transfer than those charged by Hong Kong,
Thailand and Singapore.  Because of this, the PSE records lower
volume of transactions than those countries' stock exchanges,
and fewer companies go public in the country.

Data from the PSE reports that IPO proceeds for the first five
months of 2007 are 67.8% lower than the figure reported for the
same period last year. This year, IPO proceeds amounted to
PHP2.92 billion as compared to the PHP9.09 billion last year.  
Data also showed lower proceeds from private placements, going
down to PHP80.47 million, when it amounted to PHP4.3 billion in
2006.

The study concluded that "any suspension or abolition of IPO
taxes would improve stock exchange conditions at little revenue
loss," and recommended the permanent exemption from the DST for
the sale, barter or exchange of stocks listed in the PSE, as
well as abolition of the IPO taxes.

The Department of Finance said that the domestic capital market
should be developed in order to attract investors for the
country's infrastructure projects, and to induce improvement in
the Philippines' low investment rate, 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: Carlyle Agreement Cues Moody's to Review Ratings
-----------------------------------------------------------
Moody's Investors Service is reviewing the ratings of Arinc for
possible downgrade in response to the announcement that the
Carlyle Group entered into an agreement to purchase Arinc
Incorporated from the consortium of airlines.  Arinc has a
Corporate Family Rating of Ba3.

Moody's review will focus on the impact the proposed transaction
will have on the entity's future capital structure, financial
strategy and credit metrics.  The review will also assess the
degree to which the company's operating strategy will be able to
sustain earnings, cash flow generation and liquidity to support
the new capital structure, which may be comprised of
significantly more debt.  The current debt is primarily composed
of bank debt -- a revolving line of credit and a term loan B.  
Moody's expects that Arinc's existing bank credit facility will
be repaid upon close.  If the bank debt is redeemed in its
entirety, Moody's will withdraw all ratings at the close of the
transaction, expected late in the third quarter.

On review for possible downgrade:

Issuer: Arinc Incorporated

   -- Probability of Default Rating, placed on review for  
      possible downgrade, currently Ba3

   -- Corporate Family Rating, placed on review for possible
      downgrade, currently Ba3

   -- Senior Secured Bank Credit Facility, placed on review for  
      possible downgrade, currently 48 - LGD3

Outlook Actions:

Issuer: Arinc Incorporated

   -- Outlook, changed to rating under review from stable

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.


ATSCO INTERNATIONAL: Requires Creditors to File Claims by Aug. 1
----------------------------------------------------------------
ATSCO International Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by Aug. 1,
2007.

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

The company's liquidator is:

         Chua Keng Khng
         89 Short Street
         #08-11 Golden Wall Centre
         Singapore 188216


DFDS TRANSPORT: Creditors' Proofs of Debt Due by August 6
---------------------------------------------------------
The creditors of DFDS Transport (Indochina) Pte Ltd are required
to file their proofs of debt by August 6, 2007, to be included
in the company's dividend distribution.

The company's liquidators are:

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


ISOFT GROUP: FSA Mulls Ex-Torex Chairman as Scandal Witness
-----------------------------------------------------------
The Financial Services Authority may call former Torex Retail
plc chairman Christopher Moore as a witness in its probe into
possible accounting regularities at iSOFT Group plc, The Times
reports.

According to The Times, Mr. Moore is not a suspect in the FSA's
investigation.  He is yet to be interviewed by the Serious Fraud
Office, which is conducting a separate inquiry into Torex.

Mr. Moore moved to Torex at the time it was sold to iSOFT in
2004, The Times relates.

The FSA is collaborating with the SFO in the iSOFT case.

The FSA and iSOFT, however, refused to comment on the matter.

                         About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical  
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.


ISOFT GROUP: Shareholders OK IBA's All-Share Offer Under Scheme
---------------------------------------------------------------
The shareholder resolutions to approve the recommended offer for
iSOFT Group plc, by a wholly owned subsidiary of IBA Health
Ltd., IBA U.K. Holdings Ltd., to be effected by means of a
scheme of arrangement, were duly passed at the Court Meeting and
the Extraordinary General Meeting held on July 6, 2007.

At the Court Meeting, a majority in number of iSOFT
Shareholders, who voted either in person or by proxy and who
together represented over 75% by value of the votes cast, voted
in favor of the resolution to approve the Scheme.  The
resolution was accordingly passed.

At the Extraordinary General Meeting, the special resolution to
approve the Scheme and provide for its implementation was also
passed by the requisite majority.

                          Court Meeting

The voting on the resolution to approve the Scheme was taken on
a poll and the results were:

    * Number of Meeting Shareholders voting:

      For: 424 (97.03%)
      Against: 13 (2.97%)

    * Number of votes:

      For: 87,780,362 (99.97%)
      Against: 25,781(0.03%)

                Extraordinary General Meeting

The voting on the Special Resolution giving effect to the Scheme
was taken on a poll and the results were as follows:

    * Number of votes:

      For: 89,717,026 (99.97%)
      Against: 29,814 (0.03%)

Implementation of the Offer remains subject to the High Court of
Justice for England and Wales sanctioning the Scheme at the
Court Hearing which is expected to take place on July 25, 2007
and confirming the associated reduction of iSOFT's share capital
at the Court Hearing which is expected to take place on July 27,
2007.  Subject to the Scheme receiving the sanction and
confirmation of the Court on those dates, the effective date of
the Scheme is expected to be July 30, 2007.  It is also expected
that if the Scheme becomes effective on July 30, 2007, listing
of the iSOFT Shares will be cancelled at or about 8:00 a.m. on
July 30, 2007.  The consideration due to shareholders is
expected to be sent no later than 14 days after the effective
date.

Copies of the resolutions passed at the iSOFT Court Meeting and
EGM will shortly be submitted to the Financial Services
Authority and will shortly be available for inspection by the
public during normal business hours on any weekday (except
public holidays) at the FSA's Document Viewing Facility which is
situated at:

         Financial Services Authority
         25 The North Colonnade
         Canary Wharf
         London
         E14 5HS
         England
         Tel. +44 (0)20 7676 1000)

                       Terms of the Offer

As previously disclosed, under the terms of the Offer, iSOFT
Shareholders will be entitled to receive 1.1 IBA Consideration
Shares for each iSOFT Share held.  IBA is listed on the
Australian Securities Exchange with a market capitalization of
AUS$$434 million (GBP183 million).

The Offer values each iSOFT Share at 58.1 pence and the entire
issued and to be issued share capital of iSOFT at approximately
GBP140 million, based on the price of an IBA Share of AUS$1.255,
being the closing mid-market price on the ASX on May 4, 2007
(being the last day prior to the date on which IBA was granted a
trading halt for its shares by the ASX).  IBA is raising new
equity and adjusted for the impact of this equity issue, the
Offer values each iSOFT share at 54.7 pence and the entire
issued and to be issued share capital of iSOFT at approximately
GBP132 million.

A TCR-Europe report on June 20, 2007 relates that iSOFT has
reached agreement with Computer Sciences Corp. on mutually
beneficial changes to the terms of the National Programme for IT
contract between iSOFT and CSC and that CSC has formally
consented to the change in control of iSOFT that would result
from the merger of iSOFT and IBA Health.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical  
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                            *   *   *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


LEAR CORP: American Real Estate Ups Offer to US$37.25 Per Share
---------------------------------------------------------------
Lear Corporation disclosed Monday that its Board of Directors
has approved an amendment to the Merger Agreement with American
Real Estate Partners, L.P.

Under this amendment, AREP has agreed to increase its offer
price for shares of Lear common stock from US$36 to US$37.25 per
share.

"The Lear Board concluded unanimously that the original Merger
Agreement with AREP was fair and in the best interests of Lear's
stockholders.  The increased price makes the transaction even
more attractive," commented Larry W. McCurdy, Lear's lead
independent director.  "We believe the revised price represents
a meaningful increase in value for Lear stockholders, and we
strongly encourage a vote in favor of the revised Merger
Proposal," Mr. McCurdy added.

Under the amended Merger Agreement, and subject to certain
exceptions, in the event that holders of a majority of Lear's
outstanding shares do not approve the Merger Proposal by
July 16, 2007, AREP will be entitled to receive a payment of
US$12.5 million in cash as well as 335,570 shares of Lear common
stock.

In addition, the company has agreed to increase the Icahn
group's share ownership limitation under Section 203 of the
Delaware General Corporation Law from 24% to 27% of Lear's
outstanding common stock.  The amended Merger Agreement will
terminate by its terms in the event that Lear's stockholders do
not approve the Merger Proposal by July 16, 2007.

The consummation of the merger is subject to customary
conditions, including approval by the holders of a majority of
the outstanding shares of the Company's common stock.  Lear
stockholders are encouraged to read the definitive Proxy
Statement and Supplements for complete details regarding the
Merger Agreement, and to complete and sign their proxy/voting
instruction cards.

                     About American Real

American Real Estate Partners, L.P. -- http://www.arep.com/--  
(NYSE: ACP), a master limited partnership, is a diversified
holding company engaged in a three primary business segments:
Gaming, Real Estate and Home Fashion.

                        About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and  
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior
unsecured notes, and B2 secured bank term loan.


LEAR CORP: To Adjourn Annual Meeting to July 16 on Amended Offer
----------------------------------------------------------------
Lear Corporation disclosed that in conjunction with the amended
Merger Agreement with American Real Estate Partners, L.P., it
intends to convene its Annual Meeting of Stockholders planned
for Thursday, July 12, 2007 at 10:00 a.m. (Eastern Time) and
then immediately adjourn the meeting, with no vote being taken
on any matter, until Monday, July 16, 2007 at 1:00 p.m. (Eastern
Time).

The location for both meetings is the Hotel du Pont, located on
11th and Market Streets, Wilmington, Delaware 19801.  Lear
stockholders of record as of May 14, 2007 are eligible to vote
on the Merger Proposal and other matters that will be considered
at the July 16, 2007 meeting.

A Proxy Supplement outlining the revised terms will be filed
with the Securities and Exchange Commission, and mailed to all
Lear stockholders of record who do not exercise their appraisal
rights.  If stockholders holding a majority of the outstanding
shares of Lear's common stock approve the revised Merger
Proposal, all Lear stockholders will receive US$37.25 in cash
following the closing.

As reported in the Troubled Company Reporter on June 26, 2007,
the company had previously rescheduled its 2007 Annual Meeting
to July 12, 2007 to allow stockholders sufficient time to
evaluate the company's response to recent criticisms of the
proposed merger with American Real.

                       About American Real

American Real Estate Partners, L.P. -- http://www.arep.com/--  
(NYSE: ACP), a master limited partnership, is a diversified
holding company engaged in a three primary business segments:
Gaming, Real Estate and Home Fashion.

                        About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and  
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.

                         *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior
unsecured notes, and B2 secured bank term loan.


WUTHELAM PROPERTIES: Fixes Aug. 6 as Last Day to File Claims
------------------------------------------------------------
Wuthelam Properties Pte Ltd fixes Aug. 6, 2007, as the last day
for its creditors to file their proofs of debt.

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

The company's liquidators are:

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


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

BANGKOK BANK: HMC Polymers Secures US$475-Mil. Credit Facility
--------------------------------------------------------------
HMC Polymers Co. entered into a US$475-million credit facility
agreement with nine banks, including BBL, in order to fund its
two new facilities for production of polypropylene, the Bangkok
Post reports.

Bangkok Bank PCL holds a major stake in HMC.

HMC President Niels Nielsen told the Bangkok Post that the total
syndicated loans would be halved into offshore loans and onshore
credit.  The offshore loans will be provided by HSBC, Calyon,
Standard Chartered and SMBC, while local banks will provide
onshore credits, including the bank itself, as well as Siam
Commercial Bank, Krung Thai Bank and the Government Savings
Bank, Mr. Nielsen explained.

One of the company's projects is designed to produce propane
dehydrogenation, a raw material for polypropylene, the article
explains, for use in the new facility with the capacity to
produce 310,000 tonnes annually.

The company aims to expand its total annual aggregate
polypropylene production capacity to 750,000 tonnes, from the
current 440,000 tonnes every year.  The programme will be
supported by the Dutch company Bassell, which is also a majority
shareholder of HMC.

The new plant will begin operations in the second quarter of
2009, the article said.

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.

The bank also carries Fitch's C individual rating, and Standard
& Poor's C financial rating.


HANTEX PCL: Starts Trading Stocks Under New Name and Symbol
-----------------------------------------------------------
Hantex PCL will start trading today under its new name "Living
Land Capital PCL" and its new symbol "LL" after completing the
legal process for changing its corporate name.

On July 2, the company announced through a disclosure with the
Stock Exchange of Thailand that it was changing its name to
Living Land Capital and moving its head office to 4/40 Moo 6
Ratpattana Road, Sapansoong, in Sapansoong, Bangkok.

The company also revealed in its disclosure that it had
increased its registered capital to THB1.015 billion by offering
900,000,007 shares in its common stock at par value of THB1.

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd.
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The company's stocks are currently under Stock Exchange of
Thailand's SP (suspension), NP (notice pending), NC (non
compliance) signs.

    * Notice Pending - The issuer failed to submit a quarterly
      or annual financial statement to the SET by the specified
      time.

    * Suspension - Trading in the security is being suspended
      for more than one trading session.

    * Non-Compliance - The securities of a listed company that
      may be delisted.

                       Going Concern Doubt

On June 16, 2006, Miss Chantra Wongsri-Udomporn of Dharmniti
Auditing Company Limited, the company's independent auditor,
raised significant doubt on the company's ability to continue as
a going concern, citing the following reasons:

   * The company has encountered gross losses since 1998 to
     2005.

   * As of December 31, 2005 and 2004 the company's current
     liabilities exceeded its current assets in the amount
     THB628.70 million and THB490.62 million, respectively.

   * The company's total liabilities exceeded its total assets
     THB323.35 million and THB72.50 million, respectively.

   * The company has been suffering on retained loss
     THB1.21 billion and THB1.03 billion, net loss for the years
     ended December 31, 2005, and 2004 in the amount
     THB183.51 million and THB195.85 million, respectively.

   * Other circumstances, such as:

     - The company defaulted repayment in accordance with the
       certain debt restructuring contract amounting to
       THB420.22 million with 3 financial institutions,
       including unable to achieve in negotiate of the debt
       restructuring agreement with the financial institutions.

     - The company also defaulted with another minor certain
       creditors such as the Provincial Electricity Authority,
       Natural and Resource Development, spare part, raw
       material, labor, security, etc.  However, the company has
       a scheme to raise the money from the capital increase
       amounting to THB125 million to solve its significant
       liquidity problem.

The auditor also adds that the company has been facing a
significant liquidity problem for several years.


KASIKORN BANK: Earns PHP10 Million From June 29 Warrant Exercise
----------------------------------------------------------------
Kasikorn Bank PCL earned a total of THB9.92 million during its
exercise period for warrants to purchase ordinary shares in the
bank on June 29, a disclosure with the Stock Exchange said.

A total of 74 individuals exercised their rights, resulting in a
sale of 356,852 shares.  A total of 6,934,084 warrants remain
unexercised after the exercise period.

Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai  
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The bank currently carries Moody's Bank financial strength
rating of D+, which Moody's affirmed on May 4, 2007.  The
outlook is stable.


KUANG PEI SAN: Board Appoints Audit Committee Members for 2007
---------------------------------------------------------------
The Board of Directors of Kuang Pei San Food Products PCL passed
a resolution during a meeting held on July 6 to appoint three
directors into the Audit Committee.

Accordingly, the Board appointed these directors as members of
the Audit Committee with a term of two years:

    * Police Gen. Chan Rattanatam    Chairman of the Audit
                                     Committee

    * Thanadsri Svasti               Audit Committee Member

    * Somsri Wikasitphanich          Audit Committee


Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.

As of December 31, 2006, the company had a shareholders' equity
deficit of THB408,269,091.16 on total assets of
THB568,886,989.98 and total liabilities of THB977,156,081.14.

                       Significant Doubt

The Troubled Company Reporter - Asia Pacific reported on
April 10, 2007, that Wanraya Puttasatiean at S.K. Accountant
Services Company Limited, the company's independent auditors,
raised significant doubt on the company's ability to continue as
a going concern, citing that:

   * the company's net losses of THB96,434,952.69 for the year
     ending December 31, 2006, and THB90,483,711.38 reported a   
     year earlier;

   * the company's insolvency, and

   * the company's illiquidity as of December 31, 2006, when    
     current liabilities exceeded current assets by
     THB764.52 million.


KRUNG THAI BANK: Board Appoints Dusit Nontanakorn as Director
-------------------------------------------------------------
Krung Thai Bank PCL's Board of Directors approved the
appointment of Dusit Nontanakorn as independent director during
a meeting held on June 6.

Independent directors now consist of the following:

    * Santi Vilassakdanont
    * Suri Buakom
    * Tanya Sirivedhin
    * Pachara Yutidhammadamrong
    * Sima Simananta
    * Visut Montrivat
    * Dusit Nuntanakorn

Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation  
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported that Fitch
Ratings, on October 23, 2006, affirmed the C/D individual rating
of Krung Thai Bank and removed them from Rating Watch Negative
on which they were placed on September 20, 2006 following the
military coup.  The outlook on their ratings is now stable.

On May 4, 2007, Moody's retained its D- BSFR and Baa1/P-2
foreign currency deposit ratings for Krung Thai Bank. Moody's
also retained its Baa1 foreign currency deposit rating for long-
term deposite note/CD program for Krung Thai Bank PCL, Singapore
Branch. Moody's changed its foreign currency rating for
preferred stock for Krung Thai Singapore from Ba1 to Baa3.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 17, 2007
  Beard Audio Conferences
    China's New Enterprise Bankruptcy Law
      Telephone: 240-629-3300;
        Web site://www.beardaudioconferences.com/

August 10, 2007
  Turnaround Management Association
    Special Olympics Sportsman's Lunch
      Sofitel, Brisbane, Queensland, Australia
        Telephone: 1300 303 863
          Web site: http://www.turnaround.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

November 14, 2007
  Turnaround Management Association
    TMA Australia 4th Annual Conference and Gala Dinner
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

November 29, 2007
  Turnaround Management Association
    Special Speaker
      Hilton, Sydney, Australia
        Web site: http://www.turnaround.org/

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
     Audio Conference Recording
       Telephone: 240-629-3300
         Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/



                            *********


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

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