TCRAP_Public/070712.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Thursday, July 12, 2007, Vol. 10, No. 137

                            Headlines

A U S T R A L I A

ANDERSON PETROLEUM: Final Meeting of Members Set for July 25
AUSTRALIAN CAPITAL: Investor Vents Anger on ASIC
BOTTOM OF THE HARBOUR: Members Opt to Wind Up Operations
BULGA INVESTMENTS: Members Resolve to Liquidate Business
DENOON PTY: Members' Final Meeting Set for August 6

FORTESCUE METALS: Signs Infrastructure Sharing Deal with BC Iron
GNPL PTY: Commences Liquidation Proceedings
MACEDON BALLUSTRADING: Inability to Pay Debts Prompts Wind-Up
NMRB PTY: James Patrick Downey Named as Liquidator
OCEANAIR LTD: Undergoes Wind-Up Proceedings

ORECK CORPORATION: Moody's Drops Corporate Family Rating to Caa1
PRIMUS TELECOMM: Concludes Sale of 22.5MM Shares of Common Stock
PSIVIDA LIMITED: Entered Into Agreements to Sell ADS & Warrants
PSIVIDA LIMITED: Enters Into Evaluation Deal w/ Med. Devise Firm
SWIFT & COMPANY: Moody's Keeps Ratings Under Review

TESCOL-TWO: To Declare Third Interim Dividend on Aug. 9
WILD HOLDINGS: Enters Voluntary Liquidation
WOMBOIN PTY: Members to Receive Wind-Up Report on Aug. 7


C H I N A   &   H O N G  K O N G

ALERIS INTL: Inks Deal to Buy Wabash Alloys for US$194 Million
ASAHI GLASS: Liquidators Quit Posts
BENQ CORP: To Sell Office Buildings to Shin Kong for NT$5.04BB
CHINA CONSTRUCTION: To Start Stock Incentive Plans to Employees
CHINA TRADE: Liquidator to Give Wind-Up Report on Aug. 10

CITIC RESOURCES: United Star Sells US110 Million in Shares
CITIC RESOURCES: Temasek to Buy United Star's Shares in Company
DANA CORPORATION: Reaches Agreement with USW and UAW
DANA CORP: Mauritius Unit Closes 4% Capital Buy of Dongfeng Dana
DIGITAL CREATION: Members to Hold General Meeting on Aug. 10

EUROPEAN TRANSPORT: Creditors to Meet on July 30
FIBAN LIMITED: Receiving Proofs of Debt Until August 6
GOLDEN NET: Members to Hold Final Meeting on Aug. 8
LIANG HUAT: Liquidator Quits Post
NEO-CHINA: Deutsche Bank, BOC to Handle Dollar Bond Issue

PACIFIC RIM: Creditors' Meeting Set for July 27
PEPSON INVESTMENT: Members to Receive Wind-Up Report on Aug. 8
TRELOCK HONG KONG: Members to Hold Final Meeting on Aug. 10
WIDE STRONG: Members' Final Meeting Set for August 8


I N D I A

AES CORP: Says Commission Improperly Gets Proof for Zoning Law
BANK OF BARODA: Shareholders Approve 30% Final Dividend
BHARTI AIRTEL: Ranked 3rd by BusinessWeek for Best Returns
BRITISH AIRWAY: Panmure Gordon Puts Hold Rating on Firm's Shares
CANARA BANK: Considering Slashing Interest Rates on Deposits

EMCO LTD: Schedules Annual General Meeting on August 18
PRIDE INT'L: Inks US$612 Mil. Purchase Pact with Samsung Heavy
PRIDE INT'L: Increases Salaries & Bonuses of Executive Officers
TATA STEEL: S&P Cuts Corporate Credit Rating From 'BBB' to 'BB'
TATA STEEL: S&P Gives 'B' Short-Term Debt Rating to U.K. Unit

TATA STEEL: To Hold Members' Annual General Meeting on July 18


I N D O N E S I A

ANEKA TAMBANG: Seeks Partner for Alumna Smelter Plan in Bintan
AVNET INC: Unit Signs Distribution Agreement With Diodes Inc.
BANK NEGARA: Books IDR8.7 Trillion in New Loans for 1st Half
BANK NEGARA: To Advertise Planned Secondary Public Offering
FOSTER WHEELER: To Join NASDAQ-100 Index Starting July 12, 2007

LIPPO BANK: S&P Assigns 'B+' Long-Term Credit Ratings
PARKER DRILLING: Appoints David Mannon as Company President
PERTAMINA: Develops Sudanese Oil Block With China National


J A P A N

ALL NIPPON: New Boeing 787 Will Augment Revenue to About JPY6BB
RESONA HOLDINGS: To Sell Shares to Nippon Life and T&D Holdings


K O R E A

CORECROSS INC: CNH Wood Systems Acquires 10.38% Stake
CURON INC: Acquires Patent on July 9
KOREA DEVELOPMENT: Gov't Transfers Investment-Banking Business


M A L A Y S I A

FCW HOLDINGS: Extends Completion of Sale and Purchase Agreement
MOL.COM BERHAD: Securities Commission OKs Kenanga's Appointment


N E W  Z E A L A N D

BRIDGECORP: Receivers Slash 13 Workers, Including 2 Senior Execs
LUVIT FOODS: Commences Liquidation Proceedings
MRS WASH: Requires Creditors to File Claims by Aug. 31
PC RECYCLING: Names Fisk and Sanson as Liquidators
PCR CONTRACTING: Enters Wind-Up Proceedings

PCRC PROPERTY: Taps Fisk and Sanson as Liquidators
PREPFESSIONALS MARINE: Names Fatupaito and Agnew as Liquidators
TILES ON THE MOVE: Names Fatupaito and Agnew as Liquidators
TRU FREIGHT: Court to Hear Wind-Up Petition on July 12
VENDOR TRADING: Fixes August 10 as Last Day to File Claims

ZAFFRE HOLDINGS: Creditors' Proofs of Debt Due on Sept. 7


P H I L I P P I N E S

AFP-RSBS: Ombudsman OKs Graft Charges v. Former Executives
BANCO DE ORO-EPCI: Annual Stockholders' Meeting Set for July 27
MANILA ELECTRIC: Energy Commission OKs Time-of-Use Rating Scheme
NAT'L POWER: Energy Regulator Acquits PSALM; Turns on NAPOCOR
* Gov't Earns PHP17.1 Billion From Sale of 20% PNOC-EDC Stake

* Coalition Blames ADB's Energy Programs for Huge Gov't Debts


S I N G A P O R E

333 SUPERMARKET: Pays First & Final Dividend
AAR CORP: Posts US$17.7-Mil. Net Income in 4th Qtr. Ended May 31
INNOVATIVE STRUCTURAL: Court to Hear Wind-Up Petition on July 20
MARK-ASIA: Enters Wind-Up Proceedings
PETROLEO BRASILEIRO: Resumes Oil Production in P-50 Platform

PETROLEO BRASILEIRO: Workers Want Unit to Extend Union Benefits
SEA CONTAINERS: Gives Update on FSD Warning from U.K. Regulator


T H A I L A N D

TMB BANK: Predicts 40% Decline in Loan Portfolio for 2007
TONGKAH HARBOUR: Faces THB52.8MM Fine for Illegal Gold Shipment
TONGKAH HARBOUR: SET Lifts Suspension on Trading of Stocks

     - - - - - - - -

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

ANDERSON PETROLEUM: Final Meeting of Members Set for July 25
------------------------------------------------------------
Anderson Petroleum Company Esp Pty Ltd will hold a final meeting
for its members on July 25, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         John Bouwman
         Sinclair Wilson
         Accountants & Business Advisors
         177 Koroit Street
         Warrnambool, Victoria 3280
         Australia

                    About Anderson Petroleum

Located in Victoria, Australia, Anderson Petroleum Company ESP
Pty Ltd is an investor relation company.


AUSTRALIAN CAPITAL: Investor Vents Anger on ASIC
------------------------------------------------
Australian Capital Reserve Limited "preyed on vulnerable people.
. .and older pensioners" claims investor Mauro Folghera to Vanda
Carson of the Sydney Morning Herald.

Mr. Folghera, a retired Air Force aircraft technician, vents out
his anger at the Australian Securities and Investments
Commission for not warning potential investors of the volatility
of their investments, conveys Ms. Carson.

According to the SMH article, Mr. Folghera invested his
AU$450,000 compensation payout to ACR confident that the trustee
was responsible for refunding his investment should the company
default based on ACR's television advertisement.  Before
investing, Mr. Folghera looked up the ASIC Web site and only
found that the ASIC was a registered company and nothing else to
bring his "attention to the fact that things were wrong" and
assumed things were okay.

Ms. Carson quotes Mr. Folghera as saying, "[ASIC] allowed us to
place our trust and our future in the hands of wolves, then they
pulled the plug and are now about to leave us with nothing,
although the secured creditors, such as Investec, will make sure
they get their money, at the cost of the noteholders' future.

"In this day and age I would have thought there were checks and
balances in place and enough protection for the Government or
government agencies to look after investors, particularly
vulnerable people like pensioners, but there obviously isn't,"
Mr. Folghera adds.

As reported in the Troubled Company-Reporter in June 7, 2007,
ACR was placed in voluntary administration in late May amid
fears that 7,000 noteholders could lose substantial amounts
of money.  Reportedly, ACR has been running out of cash with
less than AU$10 million left at the end of 2006.

An ASIC report on May 29, 2007, stated that the finance company,
which finances the activities of Estate Property Group, raises
money from the public by issuing unsecured deposit notes to
public investors and loans those funds to EPG to finance its
various property activities.  As a result of the funding, ACR
was able to raise over AU$300 million between 2000 and 2007
through the issue of nine prospectuses.

However, the report related, the funding was stopped by ASIC on
March 9, 2007, when it issued and Interim Stop Order on the 9th
prospectus due to some concerns relating to disclosure in the
prospectus.

ACR and Estate Property Samuel Pogson apologized to investors
saying that they will be coordinating with the administrators
"to get the best result for them," the report added.

               About Australian Capital Reserve

Australian Capital Reserve Limited -
http://www.acrlimited.com.au/-- an investment group based in   
North Sydney New South Wales, Australia, was placed in voluntary
administration on the last week of May 2007.  


BOTTOM OF THE HARBOUR: Members Opt to Wind Up Operations
--------------------------------------------------------
At an extraordinary general meeting held on June 18, 2007, the
members of Bottom of the Harbour (Carlton) Pty Ltd resolved to
wind up the company's operations.

William Bernard Abeyratne and Loke Ching Wong were appointed as
liquidators.

The Liquidators can be reached at:

         William Bernard Abeyratne
         Loke Ching Wong
         c/o Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone:(03) 9696 2885

                  About Bottom of the Harbour

Bottom of the Harbour (Carlton) Pty Ltd operates meat and fish
markets.  The company is located in Victoria, Australia.


BULGA INVESTMENTS: Members Resolve to Liquidate Business
--------------------------------------------------------
During a general meeting held on June 1, 2007, the members of
Bulga Investments Pty Limited resolved to liquidate the
company's business and appointed David Levi of Levi Consulting
as liquidator.

The Liquidator can be reached at:

         David Levi
         c/o Levi Consulting
         GPO Box 4681
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9223 9044
         Facsimile:(02) 9231 5288

                     About Bulga Investments

Located in ACT, Australia, Bulga Investments Pty Limited is an
investor relation company.


DENOON PTY: Members' Final Meeting Set for August 6
---------------------------------------------------
The members of Denoon Pty Limited will have their final meeting
on August 6, 2007, at 9:00 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         David Shehade
         c/o Edney Ryan Chartered Accountants
         Level 2, 357 Military Road
         Mosman, New South Wales 2000
         Australia

                        About Denoon Pty

Located in ACT, Australia, Denoon Pty Limited is an investor
relation company.


FORTESCUE METALS: Signs Infrastructure Sharing Deal with BC Iron
----------------------------------------------------------------
Fortescue Metals Group Limited has signed an infrastructure
sharing agreement with iron ore explorer BC Iron Ltd., reports
Australian Associated Press.

According to the report, the non-binding memorandum allows BC
Iron to negotiate the use of Fortescue's rail haulage, port and
ship loading facilities on commercial terms to transport its ore
because BC Iron's Nullagine project, which is still in the
exploration phase, is located northeast of Fortescue's Cloud
Break deposit and close to its rail line.

This is the second time that Fortescue has made arrangements
with another iron ore company in allowing them to use its port
handling, ship loading and rail haulage services at its project.


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

                          *     *     *

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

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


GNPL PTY: Commences Liquidation Proceedings
-------------------------------------------
The members of GNPL Pty Ltd met on June 19, 2007, and agreed to
voluntarily liquidate the company's business.

James Patrick Downey was appointed as liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         J. P. Downey & Co
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                          About GNPL Pty

GNPL Pty Ltd is involved with the livestock business.  The
company is located in New South Wales, Australia.


MACEDON BALLUSTRADING: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------------
On June 20, 2007, the members and creditors of Macedon
Ballustrading Pty Limited met and passed a resolution to wind up
the company's operations due to its inability to pay its debts
when it falls due.

The company's liquidator is:

         Mitchell Ball
         c/o Paladin Partners
         Suite 102, 118 Great North Road
         Five Dock, New South Wales 2046
         Australia
         Telephone:(02) 9712 8195

                  About Macedon Ballustrading

Macedon Ballustrading Pty Limited is involved with architectural
metalwork.  The company is located in New South Wales,
Australia.


NMRB PTY: James Patrick Downey Named as Liquidator
--------------------------------------------------
During a meeting held on June 19, 2007, the members of NMRB Pty
Ltd resolved to voluntarily liquidate the company's business and
appointed James Patrick Downey as liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         J. P. Downey & Co
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                         About NMRB Pty

NMRB Pty Ltd operates offices of holding companies.  The company
is located in Victoria, Australia.


OCEANAIR LTD: Undergoes Wind-Up Proceedings
-------------------------------------------
Oceanair Ltd went into liquidation on June 19, 2007, and
Geoffrey Handberg was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Handberg
         c/o Rodgers Reidy
         Chartered Accountants
         10/200 Queen Street
         Melbourne
         Australia


ORECK CORPORATION: Moody's Drops Corporate Family Rating to Caa1
----------------------------------------------------------------
Moody's Investors Service lowered its Corporate Family Rating
and first lien bank loan ratings for Oreck Corporation to Caa1
from B2 and the probability of default rating to Caa2 from B2.  
All ratings are under review for a further possible downgrade.

At the same time Moody's withdrew its B1 and Caa1 ratings
previously assigned to the proposed US$150 million first lien
credit facility and the proposed US$50 million second lien
credit facility, respectively as the company does not intend to
proceed with these transactions.

The downgrade resulted from expectations that liquidity of the
company will remain challenged following the company's decision
not to proceed with closing of the previously proposed 1st and
2nd lien credit facilities, which Moody's had anticipated would
provide the company with adequate levels of liquidity.  The
company's existing first lien term loan and revolving credit
facilities remain in default of financial covenants and as a
result the company is unable to access the revolving credit
facility.  At the same time the downgrade reflects Moody's
concerns that the pace of recovery of the direct response
business may be more protracted than anticipated and efforts to
improve performance of this business may prove challenging.  At
the same the limited level of liquidity may impede the ability
of the company to increase investment in marketing, product
development as well as facility consolidation.

The ratings have been placed under review for a further possible
downgrade as an inability to reach agreement with the lenders in
its existing credit facilities could further negatively impact
liquidity and reduced liquidity could create challenges for the
company's ongoing operations.  If covenants are not waived and
some form of restructuring becomes more likely ratings could be
lowered further.

These ratings were lowered and assessments were amended:

-- Corporate Family Rating to Caa1 from B2

-- Probability of Default Rating to Caa2 from B2

-- US$20m first lien revolving credit facility to Caa1
    (LGD 3 ' 32%) from B2 (LGD 3 -- 31%)

-- US$177 million first lien term loan to Caa1 (LGD 3 -- 32%)
    from B2 (LGD 3 -- 31%)

These ratings have been withdrawn:

-- US$130 million first lien term loan facility (was B1)
-- US$50 million second lien term loan facility (was Caa1)

Oreck Corporation, based in New Orleans, Louisiana, is a leading
manufacturer and marketer of premium priced vacuum cleaners and
air purifiers under the "Oreck" brand name.

Oreck sells throughout the world, including South America, the
United Kingdom and Australia.


PRIMUS TELECOMM: Concludes Sale of 22.5MM Shares of Common Stock
----------------------------------------------------------------
PRIMUS Telecommunications Group Incorporated has concluded the
sale of 22.5 million shares of registered common stock at a
price of US$0.915 per share to existing and new qualified
institutional buyers and institutional accredited investors.

The US$18.9 million of net proceeds, after fees and expenses,
will be used for general corporate purposes including the
repurchase, repayment or redemption of outstanding debt.

"We are pleased that existing and new investors participated in
this transaction which further enhances our financial
flexibility," Thomas R. Kloster, chief financial officer,
stated. "Additionally, as a result of raising new equity in this
transaction, the accelerated maturity provisions in PRIMUS's
5% Exchangeable Senior Notes are eliminated, thereby
establishing June 2010 as the stated maturity for these notes."

CRT Capital Group LLC served as sole placement agent for the
offering.

                  About PRIMUS Telecommunications

Headquartered in McLean, Virginia, PRIMUS Telecommunications
Group Inc. (OTCBB:PRTL) -- http://www.primustel.com/-- offers  
international and domestic voice, voice-over-Internet protocol,
Internet, wireless, data and hosting services to business and
residential retail customers and other carriers located
primarily in the U.S., Canada, Australia, the U.K. and western
Europe.  PRIMUS provides services over its global network of
owned and leased transmission facilities, including about 350
points-of-presence throughout the world, ownership interests in
undersea fiber optic cable systems, 16 carrier-grade
international gateway and domestic switches, and a variety of
operating relationships that allow it to deliver traffic
worldwide.

As reported in the Troubled Company Reporter on May 7, 2007,
PRIMUS Telecommunications Group, Incorporated, reported total
assets of US$432.6 million and total liabilities of
US$904.8 million, resulting in a total stockholders' deficit of
US$472.3 million as of March 31, 2007.


PSIVIDA LIMITED: Entered Into Agreements to Sell ADS & Warrants
---------------------------------------------------------------
On June 29, 2007, pSivida Limited (NASDAQ:PSDV, ASX:PSD,
Xetra:PSI), entered into definitive agreements to raise
approximately US$18.0 million (AU$21.3 million) in gross
proceeds in a registered direct offering through the sale of its
NASDAQ-traded ADSs and warrants to purchase ADSs, including
US$6.5 million (AU$7.7 million) to Pfizer Inc.  Pfizer's
investment is pursuant to the terms of the Collaborative
Research and License Agreement, dated as of April 3, 2007.

The company estimates that net proceeds from the offering will
be approximately US$16.3 million (AU$19.4 million), after
deducting placement agent fees and estimated offering expenses.
pSivida has entered into subscription agreements with primarily
institutional investors pursuant to which it has agreed to sell
a total of 14,402,000 units, for a purchase price of US$1.25
(AU$1.48) per unit.

Each unit consists of:

    (i) one ADS, representing 10 ordinary shares; and
   (ii) one warrant to purchase 0.40 ADSs,

with a warrant exercise price of US$1.65 (A$1.96) per ADS.

Units will not be issued or certificated.  The ADSs and warrants
are immediately separable and will be issued separately.  The
warrants will be exercisable from the date of issuance through
the fifth anniversary of the issuance.

Cowen and Company, LLC, acted as lead placement agent and JMP
Securities LLC acted as co-agent in this offering.

The ADSs and warrants were offered under pSivida's effective
shelf registration statement previously filed with the
Securities and Exchange Commission on March 6, 2007, which
registration statement became effective on March 9, 2007.

            First Tranche of ADS Offering Closed

In a follow-up disclosure on July 6, pSivida said that it closed
the first tranche of its registered direct offering.  Net of
placement agents' commissions, the company received
approximately US$10.7 million (AU$12.5 million) in proceeds from
the first tranche of the offering, which related to 9,202,000
units.

                       About pSivida

pSivida Limited -- http://www.psivida.com/-- is an Australian  
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


PSIVIDA LIMITED: Enters Into Evaluation Deal w/ Med. Devise Firm
----------------------------------------------------------------
pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI) announced that
it has entered into an evaluation agreement with an undisclosed
large global medical device company to evaluate cardiovascular
delivery of drugs using pSivida's drug delivery technologies.
The agreement follows the expiration of a previous evaluation
agreement with the same medical device company.

                       About pSivida

pSivida Limited -- http://www.psivida.com/-- is an Australian  
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


SWIFT & COMPANY: Moody's Keeps Ratings Under Review
---------------------------------------------------
Moody's Investors Service prospectively assigned a (P)Caa2
rating to new senior unsecured notes totaling $600 million to be
issued by J&F I Finance Co., which will be a subsidiary of J&F
Participacoes, S.A.  Moody's also prospectively assigned a (P)B3
corporate family rating, a B3 probability of default rating, and
a speculative grade liquidity rating of SGL-2 to New Swift.  The
rating outlook is stable.  The ratings are subject to review of
final documentation and subject to a US$500 million equity
component in the approximately US$1.46 billion consideration for
the acquisition of Swift.  Should the equity amount be less than
$500 million or should any other terms of the transaction
change, Moody's may revise the prospective ratings and/or
outlook of New Swift.

The ratings of the existing Swift & Company remain on review for
possible upgrade pending completion of the acquisition.  When
Old Swift is acquired and its existing debt repaid, ratings will
be withdrawn.

Ratings assigned prospectively with a stable outlook:  

J&F I Finance Co., to be renamed Swift & Company:

-- Corporate family rating at (P)B3

-- Probability of default rating at B3

-- New $200 million senior unsecured guaranteed notes due 2015
    at (P)Caa2 (LGD5, 81%)

-- New US$200 million senior unsecured guaranteed toggle notes  
    due 2015 at (P)Caa2 (LGD5, 81%)

-- New US$200 million senior unsecured guaranteed floating rate
    notes due 2014 at (P)Caa2 (LGD5, 81%)

-- Speculative grade liquidity rating at SGL-2

Ratings continuing on review for possible upgrade:

Swift & Company:

-- Corporate family rating at B3
-- Probability of default rating at B3
-- Existing senior unsecured notes at Caa1
-- Existing subordinated notes at Caa1

Swift will be acquired by J&F, a Brazilian company that is the
majority owner of Latin America's largest beef producer, JBS.  
JBS has annual revenues of about US$2.1 billion and EBITDA of
$304 million.

J&F I Finance Co., which will be a subsidiary of J&F, will issue
US$600 million in new senior unsecured notes and will merge into
Swift & Company, currently a subsidiary of Swift Foods Company,
with Swift & Company as the surviving entity.  Swift & Company
will assume the obligations of J&F I Finance under the notes,
and Swift & Company will merge into S&C Holdco, 3 Inc, with S&C
Holdco, 3 Inc. continuing as the surviving entity to be renamed
Swift & Company.

Swift's B3 corporate family rating reflects the company's highly
volatile earnings and cash flow, very high enterprise leverage,
low margins and weak credit metrics, and the continuing
challenging conditions in the volatile US beef industry overall.
New Swift's ratings are supported by its scale as the third
largest beef and pork processor in the US, by Swift's strong
Australian operations, and by the company's solid liquidity.

Moody's analyzes Swift's operations in the context of the Rating
Methodology for Global Natural Product Processors - Protein and
Agriculture.  Using the 22 rating factors cited in this
methodology -- and proforma financials for fiscal 2007 and
Moody's projected financials for 2008 and 2009 -- all proforma
for the new capital structure -- Swift's rating would score at
B2, one notch above its actual rating level.  The company's
actual rating reflects the significant weight that Moody's
places on Swift's currently high leverage and weak credit
metrics and on the possibility of challenges faced by new
management with little experience in the US market.  Moody's
view is that Swift has not yet completely recovered from the
challenges of the last few years that negatively impacted
operating results.  Despite the equity component in the
consideration, the reduction in funded debt upon acquisition is
modest; post-acquisition funded debt of US$957 million will be
only about US$200 million less than the current funded debt at
Old Swift of about US$1.16 billion.

The stable rating outlook for New Swift reflects Moody's
expectation that -- although earnings will continue to modestly
rebound as beef volumes strengthen in the US and Australia and
as the company is able to realize some of the benefits of recent
operational restructuring moves -- near term improvements in
debt protection measures are likely to be modest.

The SGL-2 rating of New Swift is based on Moody's anticipation
that the company's liquidity over the next twelve months will be
good, with moderate usage of its unrated US$700 million senior
secured revolving credit and modest seasonal variations in
internal cash flow generation for a protein company.  Cash flow
available to service debt is projected by Moody's to be
breakeven or slightly negative over the next four quarters as
Swift strengthens its operating performance.  Borrowing base
availability is expected to be ample.  The single covenant in
the revolving credit agreement is not tested unless availability
is less than US$75 million; it is not at all likely that
availability will be this low, so it is unlikely that the
covenant will be tested.  Alternative liquidity is limited as
assets are encumbered.

Swift & Company is one of the world's leading beef and pork
processing companies.  Its largest business segments are
domestic beef processing (Swift Beef, 59% of consolidated sales
for the first 39 weeks ended February 25, 2007), domestic pork
processing (Swift Pork, 22%) and beef operations in Swift
Australia (19%). Consolidated sales for the twelve months ended
Feb. 25, 2007 were about US$9.5 billion.


TESCOL-TWO: To Declare Third Interim Dividend on Aug. 9
-------------------------------------------------------
Tescol-Two Pty Ltd, which is in liquidation, will declare the
third interim dividend on August 9, 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 liquidator is:

         Wayne Benton
         c/o PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                         About Tescol-Two

Tescol-Two Pty Ltd is in the trucking business, except local.  
The company is located in Victoria, Australia.


WILD HOLDINGS: Enters Voluntary Liquidation
-------------------------------------------
Wild Holdings Pty Ltd entered voluntary liquidation on June 14,
2007, and Ronald Leslie Male was appointed as liquidator.

The Liquidator can be reached at:

         Ronald Leslie Male
         220 Chesterville Road
         Moorabbin, Victoria 3189
         Australia

                       About Wild Holdings

Wild Holdings Pty Ltd is a distributor of electrometallurgical
products.  The company is located in Queensland, Australia.


WOMBOIN PTY: Members to Receive Wind-Up Report on Aug. 7
--------------------------------------------------------
A final meeting will be held for the members of Womboin Pty Ltd
on August 7, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Adam Shepard
         c/o Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9223 2944
         Facsimile:(02) 9223 3011

                       About Womboin Pty

Womboin Pty Ltd, which is also trading as Girilambone Station,
is in the business of livestock, mainly sheep and goats.  The
company is located in New South Wales, Australia.


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

ALERIS INTL: Inks Deal to Buy Wabash Alloys for US$194 Million
--------------------------------------------------------------
Aleris International Inc. has entered into a definitive
agreement to acquire Wabash Alloys from Connell Limited
Partnership.  Aleris will pay approximately US$194 million, with
certain adjustments for working capital and other items.

Aleris expects the acquisition to be neutral to accretive to its
leverage ratio prior to any benefits from synergies, and
anticipates financing the acquisition from a combination of cash
flows from operations, additional draws of its revolving credit
facility, or the incurrence of additional debt, which may
include term credit facilities or bonds.

"Closing is expected to occur in the third quarter and is
subject to regulatory approvals and customary closing
conditions," Steve Demetriou, chairman and chief executive
officer, stated. "We believe the acquisition of Wabash Alloys
will be an excellent strategic fit with Aleris's existing
specification alloy operations."

"The transaction provides outstanding opportunities to broaden
our customer base, optimize processing capabilities and enhance
our ability to meet the needs of our customers." Mr. Demetriou
added.

                      About Wabash Alloys

Founded in 1958, Wabash Alloys-- http://www.wabashalloys.com/--  
produces aluminum casting alloys and molten metal at its eight
plants located in Canada, Mexico and the United States.

                About Aleris International Inc.

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled  
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 50 production
facilities worldwide, including China.

                              * * *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by US$125 million. With the add-on, the total amount
of the facility is now US$1.23 billion.


ASAHI GLASS: Liquidators Quit Posts
-----------------------------------
On June 26, 2007, Rainier Hok Chung Lam and John James Toohey
quit as the liquidators of Asahi Glass Hong Kong Limited.

The former Liquidators can be reached at:

         Rainier Hok Chung Lam and John James Toohey
         Prince's Building, 22nd Floor
         Central, Hong Kong


BENQ CORP: To Sell Office Buildings to Shin Kong for NT$5.04BB
--------------------------------------------------------------
BenQ Corp. has agreed to sell two of its office buildings in
Taipei to Shin Kong Life Insurance Co. Ltd. for NT$5.04 billion
(US$153.6 million), Reuters reports.

The company, according to the report, expects to gain
NT$1.2 billion on the sale of the buildings and the transaction
would be completed in 40 to 60 days.

After the completion of the agreement, BenQ would then lease
back the buildings from Shin Kong Life Insurance, a unit under
the larger Shin Kong Financial Holding Co. Ltd, the news agency
relates.

"This is part of the ongoing plan to improve the overall
financial strength of the company," BenQ spokesman Eric Yu was
quoted by Reuters as saying.


Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

The Troubled Company Reporter-Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CHINA CONSTRUCTION: To Start Stock Incentive Plans to Employees
---------------------------------------------------------------
China Construction Bank Corp disclosed in a filing with the Hong
Kong Stock Exchange that it will start a stock incentive plan
for its employees, covering about 270,000 staff and involving
CNY800 million of the bank's shares.  

According to the bank's statement, the incentive plan will cover
all contract employees that have been working at the bank for
more than three years.  

Sources of funds for the incentive plan will include voluntary
payments by participating employees, a special performance fund
and an incentive fund provided by the bank, the statement said.  
The plan will be administered by an independent trustee.

An employee's voluntary payment will be 5% to 10% of his annual
payment.

The plan aims to "increase employees' sense of belonging to the
company and to attract and retain employees to serve the bank
over the long term", according to the statement.


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

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

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


CHINA TRADE: Liquidator to Give Wind-Up Report on Aug. 10
---------------------------------------------------------
China Trade International (HK) Limited will hold the final
meeting for its members on August 10, 2007, at 10:30 a.m., on
Room 509 of Bank of America Tower at 12 Harcourt Road in
Central, Hong Kong.

Chan Bing Chung, the company's liquidator, will give at the
meeting a report about the company's wind-up proceedings and
property disposal.


CITIC RESOURCES: United Star Sells US110 Million in Shares
----------------------------------------------------------
United Star International, a top shareholder in CITIC Resources
Holdings Ltd., has sold 150 million shares it held in the
company for US$110 million (HK$857 million), a person familiar
with the matter told Reuters.

United Star, according to Reuters' data, owned 522 million
shares in Citic Resources prior to the sale.

The shares were priced at HK$5.71 each.


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

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


CITIC RESOURCES: Temasek to Buy United Star's Shares in Company
---------------------------------------------------------------
Temasek Holdings, the investment arm of the Singapore
government, plans to increase its stake in CITIC Resources
Holdings Ltd., as it aims to strengthen its position in the
company, Reuters relates, citing a report from the South China
Morning Post.

According to the report, Temasek will buy a quarter of the 200
million shares offered by CITIC Resources' third-largest
shareholder, United Star International.  The shares were being
sold at HK$5.64 and HK$5.88 each.

UBS is the sole bookrunner of the offering, Reuters notes.

Temasek owns an 11.28% stake in CITIC Resources, short of the
52.4% held by China state-owned CITIC Group.


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

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


DANA CORPORATION: Reaches Agreement with USW and UAW
----------------------------------------------------
Dana Corporation on Friday disclosed a series of interrelated
agreements that will substantially reduce the company's
operating costs and provide important momentum toward its
emergence from bankruptcy as a competitive, sustainable
business.

The agreements consist of:

    -- A settlement agreement with each of the United Steel
       Workers and the United Auto Workers, which will lower
       Dana's labor costs and replace the company's health care
       and long-term disability obligations for retirees and
       employees represented by these unions with Voluntary
       Employees' Beneficiary Association trusts to which Dana
       will contribute in aggregate approximately US$700 million
       in cash, less certain benefit payments made prior to the
       effective date of the company's plan of reorganization,
       and approximately US$80 million in common stock of the
       reorganized Dana;

    -- An agreement with Centerbridge Capital Partners, L.P.,
       and its affiliates on the terms under which the firm will
       invest up to US$500 million in cash for convertible
       preferred stock in the reorganized Dana and facilitate an
       additional investment by other investors of up to US$250
       million in convertible preferred stock; and

    -- A plan support agreement with the USW, the UAW, and
       Centerbridge, under which these parties will support a
       plan of reorganization filed by Dana that includes both
       the labor settlements and the Centerbridge investment
       agreement.

These agreements are subject to approval by the Bankruptcy Court
for the Southern District of New York, where the company's
Chapter 11 bankruptcy proceeding is pending. The union
settlement agreements are also subject to ratification by Dana's
USW and UAW employees, which the unions will seek in the near
term.

"Through our negotiations with the USW and the UAW, and
negotiations with Centerbridge for the investment that will
contribute to our ability to fund the VEBAs, we have reached
what we believe are fair and constructive agreements," said Mike
Burns, Dana's chairman and chief executive officer. "I am
particularly pleased that these agreements were reached as a
result of a shared commitment - from all of the involved parties
-- to the long-term success and viability of Dana Corporation."

"We welcome the investment by Centerbridge, a private equity
investor with considerable expertise in the automotive industry
and complex restructurings. Centerbridge brings a long-term
perspective and a strong commitment to assisting us in building
a solid future for Dana," Mr. Burns added. "While there is a
good deal of work yet to be done, we are on track to file a
reorganization plan by the beginning of September and to emerge
from bankruptcy by year end."

              Settlements with USW and UAW

Encompassed in the settlements with the USW and UAW are four-
year extensions of Dana's collective bargaining agreements with
all of its USW- and UAW-organized facilities in the United
States and new agreements with several recently organized
facilities. Among other items, the extended and new bargaining
agreements will provide for the establishment of a two-tier wage
structure at certain affected U.S. operations, changes in
disability benefits, and a freeze on credited service and
benefit accruals under the pension plans for active employees
represented by the USW and UAW.

"These agreements will resolve significant ongoing cost issues
when implemented and they provide important momentum toward our
completion of a reorganization plan that will position us to
operate as a competitive, sustainable business after emergence,"
Mr. Burns said.

Each of the union settlement agreements also calls for the
establishment of a VEBA to replace the company's current retiree
health care plans and long- term disability obligations for
employees covered by USW and UAW collective bargaining
agreements. A VEBA is a special, tax-deductible trust that can
be used to provide certain benefits, such as medical
reimbursement, to participants and their beneficiaries.

The settlement agreements provide that upon Dana's emergence
from bankruptcy, the company will contribute, in aggregate,
approximately US$700 million in cash (less certain benefit
payments made prior to the effective date of the company's plan
of reorganization) and approximately US$80 million in common
stock of reorganized Dana to the VEBAs in exchange for the
termination of Dana's obligation to provide non-pension retiree
welfare benefits for USW- and UAW-represented retirees and long-
term disability benefits to USW- and UAW-represented employees.
The company will continue to provide benefits for these retirees
and employees under its existing plans until emergence. Dana
currently has an aggregate of approximately US$1.1 billion in
unfunded non- pension benefit and long-term disability
obligations under its U.S. post-retirement health care plans for
USW- and UAW-represented retirees and employees.

Dana estimates that the modifications to the USW and UAW
collective bargaining agreements and other provisions of the
union settlement agreements will collectively result in annual
savings of more than US$100 million.

             Agreement for Issuance of New Equity

Under terms of the investment agreement, Centerbridge will
purchase up to US$500 million of convertible preferred stock of
the reorganized Dana and facilitate an additional investment of
up to US$250 million in convertible preferred stock.

The conversion price will be based on trading prices of common
stock of the reorganized Dana during a short period after
emergence. Using preliminary forecasts and a preliminary
valuation as an estimate of future market trading prices for the
reorganized Dana's common stock, the company estimates that the
US$500 million of convertible preferred shares would represent
less than 25% of the fully diluted common stock of the
reorganized Dana on an as- converted basis.

Proceeds from the investment will be deployed in part to fund
the VEBA trusts that will be established under the settlement
agreements with the USW and UAW.

The closing of the Centerbridge investment will be subject to
Dana's filing of a plan of reorganization and a disclosure
statement by September 3, 2007, as well as other customary
conditions, but will not be subject to further due diligence.

Dana will be able to terminate its arrangements with
Centerbridge to accept an alternative transaction or plan under
certain circumstances, with the reasonable consent of the USW
and UAW.

                          Initiatives

"Last November, to address the harsh reality that Dana had
generated more than US$2 billion in losses over the past five
years, we announced a series of interdependent restructuring
initiatives," Mr. Burns added. "These initiatives, affecting all
of the company's constituencies - our customers, suppliers, both
union and non-union employees and retirees - were designed to
result in an aggregate pre-tax annual income improvement of
US$405 million to US$540 million."

The Dana initiatives call for savings in five interrelated
areas:

1. Achieving substantial price recovery from customers;

2. Optimizing Dana's U.S. manufacturing footprint, including
   the moving of certain operations to lower-cost sites;

3. Reducing labor costs by creating a more industry-
   competitive cost structure;

4. Eliminating retiree health and welfare costs; and

5. Reducing administrative costs.

"Without the settlements with the USW and UAW, essential savings
in other areas could be jeopardized," Mr. Burns said. "With
these settlements, we will be solidly within the range of
savings we need to move forward with our plan of reorganization
and emerge as a competitive, sustainable business."

            About Centerbridge Capital Partners L.P.

Centerbridge is a US$3.2 billion multi-strategy private
investment firm. The firm is dedicated to partnering with world-
class management teams in a range of industry verticals.
Centerbridge's investment style provides the flexibility to
employ various strategies to help companies achieve their
operating and financial objectives. The limited partners of
Centerbridge include many of the world's most prominent
financial institutions, university endowments, pension funds,
and charitable trusts.

                        About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC  
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies. Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept.
30, 2005, the Debtors listed US$7,900,000,000 in total assets
and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007. They have until Nov. 2, 2007, to solicit acceptances of
that plan.


DANA CORP: Mauritius Unit Closes 4% Capital Buy of Dongfeng Dana
----------------------------------------------------------------
Dana Corporation's wholly owned subsidiary, Dana Mauritius
Limited, closed the purchase of 4% of the registered capital of
Dongfeng Dana Axle Co, Ltd. from Dongfeng Motor Co, Ltd. and
certain of its affiliates under the amended sale and purchase
agreement among the parties that have been reported previously.

Dana Mauritius paid about US$5 million for this equity interest.

Under the amended sale and purchase agreement, Dana Mauritius
has agreed, subject to certain conditions, to purchase an
additional 46% equity interest in Dongfeng Dana Axle Co, Ltd.
within the next three years for about US$55 million.

Dongfeng Dana is a Chinese commercial vehicle axle manufacturer
formerly known as Dongfeng Axle Co, Ltd.

                      About Dana Corp

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC  
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept.
30, 2005, the Debtors listed US$7,900,000,000 in total assets
and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders. Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007. They have until Nov. 2, 2007, to solicit acceptances of
that plan.


DIGITAL CREATION: Members to Hold General Meeting on Aug. 10
------------------------------------------------------------
Digital Creation Company Limited will hold the final general
meeting for its members on Aug. 10, 2007, at 3:00 p.m.

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

The company's liquidators are:

         Hau Wun Fai
         Li Siu Fung
         Unit 1302, 13th Floor
         Tower 1, Admiralty Centre
         18 Harcourt Road, Admiralty
         Hong Kong


EUROPEAN TRANSPORT: Creditors to Meet on July 30
------------------------------------------------
The creditors of European Transport System Limited will meet on
July 30, 2007, at 4:00 p.m., for the purpose provided for in
Sections 241, 242, 243, 244 and 251 of the Companies Ordinance.

The meeting will be held in John Lees & Associates Limited
1904, Hong Kong Club Building at 3A Chater Road in Central
Hong Kong.


FIBAN LIMITED: Receiving Proofs of Debt Until August 6
------------------------------------------------------
The sole member of Fiban Limited passed a resolution to
liquidate the company's business on June 22, 2007.

Creditors who can file their proofs of debt by August 6, 2007,
will be included from sharing in the company's dividend
distribution.

The company's liquidators are:

        Thomas Andrew Corkhill
        Iain Ferguson Bruce
        8th Floor, Gloucester Tower, The Landmark
        15 Queen's Road, Central
        Hong Kong


GOLDEN NET: Members to Hold Final Meeting on Aug. 8
---------------------------------------------------
Golden Net Limited will hold the final meeting for its members
on August 8, 2007, at 11:00 a.m., on Unit 1-3, 5th Floor of Far
East Consortium Building at 121 Des Voeux Road in Central,
Hong Kong.

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


LIANG HUAT: Liquidator Quits Post
---------------------------------
John Robert Lees of John Lees & Associates Limited ceased to act
as liquidator of Liang Huat (Hong Kong) Limited on June 25,
2007.

The former Liquidator can be reached at:

         John Robert Lees
         John Lees & Associates Limited
         1904, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


NEO-CHINA: Deutsche Bank, BOC to Handle Dollar Bond Issue
---------------------------------------------------------
Deutsche Bank and BOC International are handling Neo-China Group
(Holdings) Ltd's maiden debt issue, which will be accompanied by
5-year warrants with a 15% to 20% premium guidance for the
strike price, Reuters reports.   

According to the news agency, Neo-China will sell 7-year dollar
bonds at a yield of around 9.5%.  The issue size for the
transaction has yet to be decided.

Neo China Group (Holdings) Limited (Neo China) is a Chinese
property developer engaged in residential and mixed-use
developments.  It has 11 major projects under development in 8
cities in China and a land bank of over 9.8 million sqm (in
saleable area), including around 6.9 million sqm under title.  
It also has two primary land development projects in Tianjin and
Chengdu with a total area of 8.4 million sqm.

On July 6, 2007, Moody's Investors Service assigned a (P) B1
corporate family rating to Neo China Group (Holdings) Ltd.  At
the same time, Moody's has assigned a (P) B1 foreign currency
senior unsecured rating to Neo China's proposed 7 years bond
issue.  The outlook for both ratings is stable.


PACIFIC RIM: Creditors' Meeting Set for July 27
-----------------------------------------------
The creditors of Pacific Rim Asia Limited will have their final
meeting on July 27, 2007, at 11:00 a.m., for the purpose
provided for in Sections 241, 242, 243, 244 and 251 of the
Companies Ordinance.

The meeting will be held on Room 503, 5th Floor of Hart Avenue
Plaza, on 5-9 Hart Avenue, Tsimshatsui in Kowloon, Hong Kong.


PEPSON INVESTMENT: Members to Receive Wind-Up Report on Aug. 8
--------------------------------------------------------------
A final meeting will be held for the members of Pepson
Investment Limited on August 8, 2007, at 10:30 a.m., on Unit 1-
3, 5th Floor of Far East Consortium Building at 121 Des Voeux
Road in Central, Hong Kong

Wong Sun Keung, the company's liquidator, will give at the
meeting, a report about the company's wind-up proceedings and
property disposal.


TRELOCK HONG KONG: Members to Hold Final Meeting on Aug. 10
-----------------------------------------------------------
The final meeting for the members of Trelock Hong Kong Limited
will be held on Aug. 10, 2007, at 10:00 a.m., on Room 509 of
Bank of America Tower at 12 Harcourt Road in Central, Hong Kong.

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


WIDE STRONG: Members' Final Meeting Set for August 8
----------------------------------------------------
The members of Wide Strong Limited will have their final meeting
on August 8, 2007, at 10:00 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The meeting will be held on Unit 1-3, 5th Floor of Far East
Consortium Building at 121 Des Voeux Road in Central, Hong Kong.


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

AES CORP: Says Commission Improperly Gets Proof for Zoning Law
--------------------------------------------------------------
The AES Corporation told the Daily Record that the Maryland
Critical Area Commission, which oversees local regulations for
protecting coastlines, improperly gathered evidence when it
approved the zoning law in June 2007.

The Daily Record relates that AES filed a complaint in Anne
Arundel County Circuit Court last week, saying that the
commission illegally ratified a Baltimore County law barring a
proposed liquefied natural gas terminal at Sparrows Point.  AES
had planned to build the project.

AES claimed that the commission didn't give correct
consideration to several details about the project's
environmental impact, the report says.  AES has asked the court
to order the commission to reconsider its decision.

According to the Daily Record, counties can make rules for
development around the coast.  The laws need the commission's
authorization.  

The Daily Record notes that the newly approved law adds
liquefied natural gas terminals to a list of banned projects
within 1,000 feet of the Chesapeake Bay.  The law has been
supported by a federal judge after a challenge by AES and is
being appealed further.  A change in the commission's position
on the law could affect the county's ability to implement it.

AES has asked for a judgment that the commission's approval of
the law was "arbitrary, capricious, unreasonable, not supported
by substantial evidence and an abuse of discretion," the Daily
Record relates.  The company also has asked the court to declare
that the commission's decision breached due process, as the
"commission accepted evidence from Baltimore County before it
voted but after the record in the case was closed."

The Daily Record reports that AES claimed that the "commission
ignored a potential conflict of interest" when it failed to
disallow its Baltimore County representative, who had testified
in favor of the law, from voting on the regulation.

Sparrows Point Project Director Kent Morton said in a statement
that the planned project would improve the environment around
the area.  According to him, the project would be in a
previously developed area, and planners have encouraged
development in coastal areas to be concentrated in those
locations.  He said, "As an 'intensely developed area' it is an
excellent candidate site for sensitive growth via re-development
with a clean industry such as we have planned."

Before the law was approved by the commission, a panel
considering the change urged members to deny the county's
request to add liquefied natural gas facilities to its critical
area protection plan, which then prompted Baltimore County
officials to ask that the commission temporarily postpone its
review of the change, the Daily Record states.

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

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


BANK OF BARODA: Shareholders Approve 30% Final Dividend
-------------------------------------------------------
Bank of Baroda's shareholders have unanimously passed a
resolution for the bank's declaration of a final dividend of 30%
on the paid-up equity capital of the bank (i.e. at INR3 per
equity share of INR10 each fully paid up) in addition to the
interim dividend of 30% already paid by the bank on March 30,
2007.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the bank, for the year ended March 31, 2007, reported a
net profit of INR10.26 billion on revenues of INR103.86 billion.  

The shareholders also approved a resolution adopting the:

   -- audited balance sheet of the bank as at March 31, 2007;

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

   -- the report of the board of directors on the working and
      activities of the bank for the period covered by the
      accounts and auditors report on the financial statements.


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.

                         *     *      *

As reported by the Troubled Company Reporter - Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.   The agency also affirmed the
bank's Individual Rating of 'C/D'.  The outlook on all ratings
is stable.


BHARTI AIRTEL: Ranked 3rd by BusinessWeek for Best Returns
----------------------------------------------------------
Bharti Airtel, India's leading telecom service provider, has
been ranked 3rd globally for best returns to the shareholders by
the BusinessWeek Magazine in 'The Infotech 100' list.  The
BusinessWeek IT 100 list is an annual ranking of best performing
technology companies across the globe.  The companies featured
in the BusinessWeek IT 100 ranking were selected from 28000
listed companies worldwide.

Bharti Airtel is the only Indian company to be featured among
the top ten companies worldwide that have offered the best
returns.  Other companies featured in the 'Best returns' list
include Apple at 7th and Amazon at 8th position.

Manoj Kohli, President & CEO, Bharti Airtel Limited said, "It's
a proud moment for all of us at Bharti to be featured among the
best companies in the world.  This recognition is a testimony to
the shareholders' value created by the company.  It also
reinforces our relentless pursuit to create a world-class
organisation by providing the best in class products and
services.  This has been made possible by the committed efforts
of the entire team at Bharti Airtel."

With an overall ranking of 14, Bharti Airtel is also the only
Indian company to be featured in the overall top 20 companies
list ahead of Accenture (16) Nokia (17), Google (19) and Cisco
(20).  

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


BRITISH AIRWAY: Panmure Gordon Puts Hold Rating on Firm's Shares
----------------------------------------------------------------
Panmure Gordon & Co. analysts have upgraded their rating on
British Airways Plc's shares to "buy" from "hold,"
Newratings.com reports.

According to Newratings.com, the target price for British
Airways' shares was set at 540 pounds.

The analysts said in a research note that British Airways' share
price dropped by 25% since February 2007.  

The analysts told Newratings.com that the recent "Open Skies
agreement" between the European Union and the US is unlikely to
have a "significant adverse impact on British Airways."

The fuel prices have increased in the recent past.  The revenue
environment, especially in the economy cabin, has become more
challenging, Newratings.com states, citing Panmure Gordon.

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

                          *     *     *

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

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

* Issuer: British Airways Plc

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

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


CANARA BANK: Considering Slashing Interest Rates on Deposits
------------------------------------------------------------
Canara Bank is examining lowering its deposit rates, press
reports say, citng Canara CMD MBN Rao.  Mr. Rao reportedly sees
a 50 basis points reduction in deposit rates up to one-year and
corporate rates lowering substantially.

According to Moneycontrol.com, Mr. Rao expects interest rates to
be stable-to-soft in the near-term.

Mr. Rao didn't specify when Canara will make a decision on the
rates but told Moneycontrol that the bank's Asset-Liability
Management Committee will meet "sometime during the course of
the week" to take a look at its deposit rates.

The bank will also look at the lending rates once the liability
rates stabilize, Mr. Rao added.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com -- provides services to a diverse  
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility. Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services. Its Agricultural Consultancy Services handled
60 projects during the fiscal year ended March 31, 2006.

Standard & Poor's Ratings Services, on July 4, 2007, assigned
its 'BB' issue rating to Canara Bank's US$250 million Upper Tier
II subordinated notes due in 2021.  


EMCO LTD: Schedules Annual General Meeting on August 18
-------------------------------------------------------
Emco Ltd will hold its 42nd annual general meeting on Aug. 18,
2007, according to a regulatory filing lodged with the Bombay
Stock Exchange.

In that regard, the company's Register of Members & Share
Transfer Books will remain closed from Aug. 10, 2007, to
Aug. 18, 2007.

The company also plans to pay dividends.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the company posted a net profit of INR405.97 million on
income totaling INR6.56 billion for the year ended March 31,
2007.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters; automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions; and high-end metering solutions like
trivector meters.  It also offers energy and revenue management
solutions.  Through its Projects Division, Emco offers turnkey
solutions from concept to commissioning for electrical
substation projects.  It also undertakes entire industrial
electrification work from designing to execution.  Emco offers
information technology solutions for power distribution
management.  Through its International Division, EMCO offers
transformers and energy meters conforming to international
specifications.

As of May 23, 2007, Emco's senior unsecured debt carries Credit
Analysis and Research Limited's BB rating.  The rating agency
downgraded the rating from A to BB on April 1, 2004, citing the
high level of debtors and increased collection period, which
resulted in cash flow problems and delays in payment of interest
on negotiable certificate of deposits, and increase in overall
gearing of the company.


PRIDE INT'L: Inks US$612 Mil. Purchase Pact with Samsung Heavy
--------------------------------------------------------------
Pride International Inc. entered into an agreement pursuant to
which Samsung Heavy Industries Co, Ltd. agreed to construct for
Pride an advanced-capability drillship for ultra-deepwater
drilling use.  The agreement provides that, following shipyard
construction, commissioning and associated testing, the rig is
to be delivered to Pride on or before June 30, 2010.  

The agreement provides for an aggregate purchase price of
US$612 million, subject to adjustment for delayed delivery,
payable in installments during the construction process.  In
connection with the construction contract, Pride entered into a
license agreement with Transocean Offshore Deepwater Drilling
Inc. with respect to certain patents related to the drillship's
dual-activity capabilities.  

Under the license agreement, Pride will pay Transocean a fee
of US$10 million for the initial drillship and an additional
US$15 million for any additional drilling units that use the
patented technology, plus 5% of the revenue earned by the
drillship and any additional units, reduced by a US$5 million
credit per unit for any of the additional units, in
jurisdictions where the license is applicable.

                    About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides      
onshore and offshore contract drilling and related services in
more than 25 countries, including India, operating a diverse
fleet of 277 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and
platform rigs, and 214land rigs.

                      *     *     *

As of July 10, 2007, the company carries Moody's Ba1 long-term
corporate family rating and probability of default rating.  
Moody's also rates the company's senior unsecured debt at Ba2.  
The outlook is stable.

Standard & Poor's rates the company's long-term foreign and
local issuer credits at BB.  The outlook is stable.

Fitch rates the company's long-term issuer default rating and
senior unsecured debt at BB.  The outlook is stable.


PRIDE INT'L: Increases Salaries & Bonuses of Executive Officers
---------------------------------------------------------------
Pride International Inc. increased the base salaries and 2007
target bonus percentages under its annual incentive compensation
plan for certain of its executive officers.  

The base salaries and target bonus percentages as of July 1,
2007, for Pride's named executive officers who are currently
executive officers of the company are:
         
        Name                 Salary              Target Bonus
        ----                 ------              ------------
  Louis A. Raspino          $900,000                  90%
  Rodney W. Eads            $535,000                  75%
  Brian C. Voegele          $405,000                  60%
  W. Gregory Looser         $382,000                  55%
  Lonnie D. Bane            $335,000                  55%

Under Pride's annual incentive compensation plan for 2007,
bonuses for executive officers will be paid based on the
achievement of metrics established by Pride's compensation
committee.  The metrics under the plan for 2007 consist of
earnings per share (30%), operating and general and
administrative expense control (15%), operating efficiency
(10%), working capital (10%), safety performance on a company-
wide basis (10%) and personal performance goals (25%).  The
maximum bonus equals two times the target bonus.

Pride International Inc. provides onshore and offshore contract
drilling and related services in more than 25 countries
including India.

                      *     *     *

As of July 10, 2007, the company carries Moody's Ba1 long-term
corporate family rating and probability of default rating.  
Moody's also rates the company's senior unsecured debt at Ba2.  
The outlook is stable.

Standard & Poor's rates the company's long-term foreign and
local issuer credits at BB.  The outlook is stable.

Fitch rates the company's long-term issuer default rating and
senior unsecured debt at BB.  The outlook is stable.


TATA STEEL: S&P Cuts Corporate Credit Rating From 'BBB' to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services, on July 10, 2007, lowered
its corporate credit rating on India's Tata Steel Ltd. to 'BB'
from 'BBB.'  The outlook is positive.  The rating is removed
from CreditWatch, where it was placed on Oct. 18, 2006, with
negative implications after its announcement on acquiring Corus
Group PLC (Corus, BB-/Stable/--).

At the same time, the ratings on Tata Steel's senior unsecured
bank loans of US$750 million and US$500 million have been
lowered to 'BB' from 'BBB.'  The rating downgrade reflects the
impact of the leveraged acquisition financing on the risk
profile of the consolidated entity.

"The rating on Tata Steel reflects the consolidated credit
profile of the company and its subsidiaries, including Corus,"
said Standard & Poor's credit analyst Anshukant Taneja.  Tata
Steel intends to fund its US$12.9 billion acquisition of Corus
primarily through debt, which is legally structured as non-
recourse to the parent company.

Notwithstanding this arrangement, Standard & Poor's considers
that the size and strategic significance of Corus and its
prominence in the future plans of Tata Steel create substantial
economic incentive for Tata Steel to support Corus.  The US$3.2
billion of equity investment proposed to be made by Tata Steel,
including the infusion from its parent company Tata Sons Ltd.,
supports this view and emphasizes the need to look at both
companies as a single economic entity.

The 'BB' rating on Tata Steel primarily reflects its
significantly weakened financial profile, as a result of the
substantial debt included in the proposed financing structure
for the acquisition of Corus.

"In addition, the rating remains constrained by the weak
business profile of Corus, which is characterized by lack of
integration or upstream linkages and relatively high cost of
operations in the United Kingdom, resulting in lower-than-
average operating profitability," Mr. Taneja noted.

The rating on Tata Steel is supported by the enhanced scale of
the combined entity in the rapidly consolidating steel industry,
the broader market coverage and client base, and the higher
contribution of value-added products in the business portfolio
of the combined entity.

"The positive outlook reflects the likelihood of a one-notch
upgrade in the rating on Tata Steel to 'BB+' upon its issuance
of the proposed hybrid securities (US$2.56 billion) and new
equity (US$545 million), accompanied by a reduction in total
debt by this amount, all other elements of the transaction
remaining intact," said Mr. Taneja.  The outlook also factors in
the infusion of US$1.9 billion from Tata Sons in the near term.

                          About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro  
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.


TATA STEEL: S&P Gives 'B' Short-Term Debt Rating to U.K. Unit
-------------------------------------------------------------
Standard & Poor's Ratings Services, on July 10, 2007, assigned
its 'BB-' long-term and 'B' short-term corporate credit ratings
to U.K.-based steel producer Tata Steel U.K. Ltd. (TSUK), the
new intermediate parent holding company of U.K.-based steel
manufacturer Corus Group PLC and wholly owned subsidiary of Tata
Steel Ltd. (BB/Positive/--), India's second-largest integrated
steel producer.  The outlook is positive.

Standard & Poor's also assigned its 'BB' senior secured debt
rating and a recovery rating of '2' to the GBP3.67 billion
senior secured debt issued by TSUK and subsidiaries, indicating
our expectation of substantial (70%-90%) recovery in the event
of a payment default.  The issue rating is one notch above the
corporate credit rating.

At the same time, the long-term corporate credit rating on Corus
Group was lowered to 'BB-' from 'BB' and removed from
CreditWatch with developing implications.  The outlook is
stable.  The short-term corporate credit rating on Corus Group
was affirmed at 'B' and removed from CreditWatch with positive
implications.  Both ratings were initially placed on CreditWatch
on Oct. 18, 2006.  The lowering of the long-term rating reflects
Corus Group's much higher leverage following the completion of
its takeover by Tata Steel.

The senior unsecured debt ratings on Corus Group's
EUR800 million 7.5% bonds due 2011 and Corus Finance PLC's
GBP200 million 6.75% guaranteed bonds due 2008 have been lowered
to 'B+' from 'BB-' and removed from CreditWatch with developing
implications.  The one-notch downgrade maintains the existing
one-notch differential with the corporate credit rating,
reflecting structural subordination.

"The positive outlook on TSUK reflects the likelihood of a one-
notch upgrade should Tata Steel complete its planned longer term
financing including proposed hybrid securities and new equity,"
said Standard & Poor's credit analyst Alex Herbert.

This would signal stronger evidence of Tata Steel's ability to
provide financial support to TSUK in a potential distress
situation.  Separately, we expect TSUK to continue to benefit
from favorable steel prices and to improve its business profile.

"We do not, however, expect material enhancements to its
operations, despite new ownership by Tata Steel, which will
limit further upside potential," Mr. Herbert added.  "In
addition, much higher leverage will act as a constraining factor
in coming years."

A ratio of FFO to adjusted debt of 20%-25% over the cycle is in
line with the rating.  Downside risk could develop if the steel
market should markedly weaken.

The stable outlook on Corus Group reflects our expectation that
the outstanding bonds will be repaid from drawings under TSUK's
new senior secured bank facilities, which is likely in the
coming months.  We then expect to withdraw all ratings on Corus
Group.

                          About Tata Steel

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro  
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.


TATA STEEL: To Hold Members' Annual General Meeting on July 18
--------------------------------------------------------------
The 100th annual general meeting of the members of Tata Steel
Ltd will be held on July 18, 2007, according to a filing with
the Bombay Stock Exchange.

Tata Steel has recently signed a Memorandum of Cooperation with
Vietnam Steel Corporation, Vietnam's largest steel company. The
MoC.

Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- manufactures steel, and ferro  
alloys and minerals.  Tata Steel's products are targeted at the
auto sector and construction industry.  With wire manufacturing
facilities in India, Sri Lanka and Thailand, the company plans
to emerge as a major global player in the wire business.

In April 2007, the company completed the acquisition of Corus
Group plc.  Corus' main steelmaking operations are located in
the United Kingdom and the Netherlands with other plants located
in Germany, France, Norway and Belgium.  Corus produces carbon
steel by the basic oxygen steelmaking method at three integrated
steelworks in the United Kingdom at Port Talbot, Scunthorpe and
Teesside, and at one in the Netherlands at IJmuiden.


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

ANEKA TAMBANG: Seeks Partner for Alumna Smelter Plan in Bintan
--------------------------------------------------------------
PT Aneka Tambang Tbk plans to seek a new partner to build an
alumina smelter on the Bintan island in Riau Island, Antara News
reports.

According to the report, Antam Director Syahriri Ika said that
the company did not accept the offer of China's Xinfa Alumina to
build the US$250-million project.

However, Mr. Syahrir did not rule out other Chinese investors as
a replacement, the report points out.

The report adds that the smelter is scheduled to be operational
in 2010, with an annual capacity of 400,000 tons of alumina.

                      About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,    
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Dec. 4, 2006, that Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Indonesian state-owned
mining company PT Antam Tbk. to 'B+' from 'B'.  The outlook is
stable.  At the same time, Standard & Poor's also raised to
'B+', from 'B', the rating on the senior unsecured notes issued
by Antam Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


AVNET INC: Unit Signs Distribution Agreement With Diodes Inc.
-------------------------------------------------------------
Avnet, Inc.'s unit SILICA signed a distribution agreement with
Diodes Incorporated, a leading manufacturer and supplier of
high-quality application specific standard products within the
broad discrete and analog semiconductor markets.

SILICA is a highly specialized semiconductor distributor with 36
branch offices throughout Europe providing customers with a
broad portfolio of semiconductor products along with in-depth
technical and logistic support as well as other value-added
services.  With local teams of application engineers and
technology specialists, SILICA is dedicated to supporting its
OEM customers technically and to providing the design-in
expertise needed for customers to compete successfully. As a
division of Avnet Electronics Marketing in Europe, Silica is
supported by Avnet Logistics for warehousing, programming and
other value-added services.

"We are very excited to add SILICA to our European distribution
network," commented Mark A. King, Senior Vice President, Sales &
Marketing of Diodes Incorporated.  "Their specialized focus on
semiconductor products and extensive local presence in Europe
will improve our ability to service our customer's logistic
requirements, enhance our competitiveness and strengthen our
brand recognition."

"Since entering the European market in 2001, we have
consistently grown our sales and expanded our market share,
successfully building our European customer base in the
automotive, communications and industrial end-markets," said Dr.
Keh-Shew Lu, President & Chief Executive Officer of Diodes, Inc.
"Diodes' innovative products have been well received and we
believe that Europe will make an important contribution to
Diodes' long term profitable growth."

"SILICA is very pleased to be associated with Diodes, Inc., a
company that enjoys an excellent reputation for innovation and
quality, and has consistently focused on and introduced leading
edge innovative products.  Their core strengths, combined with
our existing extensive regional distribution network, provide a
strong foundation to meet the needs of existing customers, and
to win new business," said Miguel Fernandez, President of
Silica.

                       About Silica

Silica is a specialized distributor offering a comprehensive
range of semiconductor products and serving all European
countries.  Silica is a division of Phoenix-based Avnet, Inc.,
one of the largest distributors of electronic components,
computer products and technology services and solutions with
more than 250 locations serving 70 countries worldwide.  Avnet
brings a breadth and depth of capabilities, such as maximizing
inventory efficiency, managing logistics, assembling products
and providing engineering design assistance for its 100,000
customers, accelerating their growth through cost-effective,
value-added services and solutions.  For the fiscal year ended
July 1, 2006, Avnet generated revenue of US$14.25 billion. For
more information, visit http://www.avnet.com.

                    About Diodes Incorporated

Diodes Incorporated an S&P SmallCap 600 Index company, is a
leading global manufacturer and supplier of high-quality
application specific standard products within the broad discrete
and analog semiconductor markets, serving the consumer
electronics, computing, communications, industrial and
automotive markets.  Diodes products include diodes, rectifiers,
transistors, MOSFETs, protection devices, functional specific
arrays, power management devices including DC-DC switching and
linear voltage regulators, amplifiers and comparators, and Hall-
effect sensors.  The Company has its corporate offices in
Dallas, Texas, with a sales, marketing, engineering and
logistics office in Southern California; design centers in
Dallas, San Jose and Taipei; a wafer fabrication facility in
Missouri; two manufacturing facilities in Shanghai; a fabless IC
plant in Hsinchu Science Park, Taiwan; engineering, sales,
warehouse and logistics offices in Taipei and Hong Kong, and
sales and support offices throughout the world.  With its recent
asset acquisition of APD Semiconductor, a privately held U.S.-
based fabless semiconductor company, Diodes acquired proprietary
SBR(R) technology.  Diodes, Inc.'s product focus is on high-
growth end-user equipment markets such as TV/Satellite set-top
boxes, portable DVD players, datacom devices, ADSL modems, power
supplies, medical devices, wireless notebooks, flat panel
displays, digital cameras, mobile handsets, DC to DC conversion,
Wireless 802.11 LAN access points, brushless DC motor fans, and
automotive applications. For further information, including SEC
filings, visit the Company's website at http://www.diodes.com.

                         About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT)
-- http://www.avnet.com/-- distributes electronic components  
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden.

                           *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BANK NEGARA: Books IDR8.7 Trillion in New Loans for 1st Half
------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk has met its first-
semester lending target by booking IDR8.7 trillion in new loans
by the end of the January-June period, which is 58% of its full-
year target, The Jakarta Post reports.

The report relates that Sigit Pramono, president director of
BNI, said that IDR5.3 trillion of the loans was disbursed to the
corporate sector and the remaining IDR3.4 trillion to non-
corporate sectors.

As of the end of June 2007, Bank Negara's outstanding loans for
small enterprises rose up 12.5% to IDR15.48 trillion from the
IDR13.75 trillion at the end of December last year, the report
notes.

The Post says that Bank Negara managed to drive down its non-
performing loan rate to 9.5% as of March, from 15.9 % in the
same period of 2006.

                        About Bank Negara

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

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


BANK NEGARA: To Advertise Planned Secondary Public Offering
-----------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk will bring road shows to
a number of countries next week to drum up investor interest in
its planned secondary public offering with president director
Sigit Pramono leading the Singapore team, The Jakarta Post
reports.

According to the report, the overseas road shows will last until
July 26, taking major financial centers, including Singapore,
Hong Kong, London, Edinburgh, Frankfurt, San Francisco, New York
and Boston.  A presentation for domestic investors will be on
July 17.

Bank Negara will sell 1.99 billion new shares, which is 15% of
its total stock at the moment through a rights issue, with each
share being priced at IDR2,025.  Analysts predicted that the
proceeds could reach IDR10 trillion, the report relates.

The Post says that the government, as the majority shareholder,
would exercise its first option to buy 1.97 billion of the new
rights shares, and would then sell them on to the public in the
expectation of a better price.

The second offering was for strengthening bank capitalization as
to prepare for the introduction of Basel II next year, and to
expand its infrastructure.  It was also due to the low rating of
the bank's public ownership making it prone to speculative
trading, which had the potential to result in significant
volatility in its share price, the report points out.

With Bank Negara's corporate action involving a rights issue and
a shareholder action by the government in selling 15% of the
bank's shares, BNI will be happy with the fresh capital coming
in.  The government will also benefit as it will be able to sell
its shares on to the public at a higher price, the report
explained.

                        About Bank Negara

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

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


FOSTER WHEELER: To Join NASDAQ-100 Index Starting July 12, 2007
---------------------------------------------------------------
Foster Wheeler, Ltd. will become a component of the NASDAQ-100
Index(r), the NASDAQ-100 Equal Weighted Index, and the NASDAQ-
100 Ex Technology Index prior to market open on July 12, 2007.  
Foster Wheeler, Ltd. will replace Biomet, Inc.

With a market capitalization of approximately US$8.3 billion,
Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of engineering, procurement,
construction, manufacturing, project development and management,
research and plant operation services.  Foster Wheeler serves
the refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemical, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries.

The NASDAQ-100 Index, launched in January 1985, is one of the
most widely followed benchmarks in the world.

NASDAQ is the largest U.S. equities exchange.  With
approximately 3,200 companies, it lists more companies and, on
average, trades more shares per day than any other U.S. market.
It is home to companies that are leaders across all areas of
business including technology, retail, communications, financial
services, transportation, media and biotechnology.  NASDAQ is
the primary market for trading NASDAQ-listed stocks as well as a
leading liquidity pool for trading NYSE-listed stocks.  For more
information about NASDAQ, visit the NASDAQ Web site at
www.nasdaq.com or the NASDAQ Newsroom at
www.nasdaq.com/newsroom/.


                     About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of  
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                         *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                  Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


LIPPO BANK: S&P Assigns 'B+' Long-Term Credit Ratings
-----------------------------------------------------
Standard & Poor's Ratings Services assigned 'B+' long-term and
'B' short-term counterparty credit ratings to Indonesia-based PT
Lippo Bank Tbk.  The outlook is stable.  Standard & Poor's also
assigned its 'D' bank fundamental strength rating to the bank.
At the same time, Standard & Poor's assigned its 'B-' issue
rating to Lippo Bank's US$200 million subordinated notes due in
2016.  The differential between the 'B+' counterparty credit
rating on Lippo Bank and the 'B-' rating on its subordinated
notes reflects the subordinated feature of the notes.

The counterparty credit ratings on Lippo Bank take into account
its improving market position in the domestic market, healthy
profits, and the focused business strategy of the new management
team put in place by Khazanah Nasional Bhd., its 87% owner and
the Malaysian government's investment holding company.  Although
the bank's asset quality is improving, it remains weak and below
the industry average.

"Lippo Bank has a high of level of repossessed assets, which
resulted in overall low loan provisioning coverage and
vulnerability to market conditions," said Standard & Poor's
credit analyst Ivy Tan.  "Substantial ownership by Khazanah
improves the bank's flexibility of raising more capital, when
needed."

A BFSR of 'D' indicates that Lippo Bank, in the absence of
extraordinary assistance or interference from its corporate
group, regulator or government, is vulnerable to a greater
degree than higher-rated financial institutions to adverse
circumstances in its operating environment.  The stable outlook
on the ratings for Lippo Bank reflects our expectations that the
bank will maintain its current financial profile and further
consolidate its market position in the Indonesian banking
industry.  A significant improvement in its financial profile,
coupled with improved risk management practices, could be
positive on the ratings.  Conversely, a significant
deterioration in its profitability, capitalization or asset
quality will put downward pressure on the ratings.

                      About Bank Lippo

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:     
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four-payment service
offices nationwide.


PARKER DRILLING: Appoints David Mannon as Company President
-----------------------------------------------------------
Parker Drilling Company appointed David C. Mannon as its
president and chief operating officer.  Mr. Mannon joined Parker
Drilling in 2004 as senior vice president and chief operating
officer.  He succeeds Robert L. Parker Jr., who resumes his role
as chairman and chief executive officer.  Mr. Mannon will
continue to report to Parker.

"Our organization welcomes the strategic and operational
expertise that David brings to this important role," said
Parker.  "He has been instrumental in creating a strategic plan
which is a major contributor toward the impressive growth of our
company, and has been the driving force behind our advances in
operational efficiency and fleet technology.  We look forward to
his continued contributions toward the advancement of Parker
Drilling as one of the industry's leading drilling services
providers."

Mr. Mannon has 27 years experience in the drilling industry,
holding positions of increasing responsibility.  He began his
career with SEDCO-FOREX, formerly SEDCO, in 1980 as a drilling
engineer and joined Triton Engineering Services Company, a
subsidiary of Noble Drilling, in 1988, where he held a number of
managerial positions culminating with his appointment as
president and chief executive officer in 2003.

Mannon earned a Bachelor of Science degree in civil engineering
from Southern Methodist University and a master of business
administration from the University of Houston.

Parker Drilling is a Houston-based global energy company
specializing in offshore drilling and workover services in the
Gulf of Mexico and international land and offshore markets.
Parker also owns Quail Tools, a provider of premium industry
rental tools.  Parker Drilling employs approximately 3,000
people worldwide and has 46 marketed rigs.

                     About Parker Drilling

Headquartered in Houston, Texas, Parker Drilling Company
-- http://www.parkerdrilling.com/-- provides contract drilling    
and drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

The Troubled Company Reporter - Asia Pacific reported on July 4,
2007, that Standard & Poor's Ratings Services assigned its 'B-'
rating to contract drilling and rental tool provider Parker
Drilling Co.'s proposed US$115 million convertible senior notes
due 2012.  At the same time, S&P affirmed the 'B' corporate
credit rating on Parker and the 'B-' rating on its US$150
million senior floating rate notes due 2010 and US$225 million
senior notes due 2013.  The outlook is positive.

On Oct. 12, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Parker Drilling
Company, as well as it B2 rating on the company's 9.625% Senior
Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.

     
PERTAMINA: Develops Sudanese Oil Block With China National
----------------------------------------------------------
PT Pertamina (Persero) will develop a Sudanese offshore oil
block with China National Petroleum Corp, as a result of its
strategic partnership with Sudan, World Tribune reports.

World Tribune, citing Newsline, relates that the contract, which
included exploration and development, was signed on June 28 in
Khartoum, Middle East.

The exploration phase would last six years, with a 20-year
concession for future oil production for China National, the
report says, citing China Petroleum Daily.

The report relates that the contract was disclosed amid an
international effort to block foreign companies from developing
Sudan's oil sector.  Western governments have asserted that
Sudan was using oil revenues to finance the war in Darfour.

                     About PT Pertamina

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

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

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

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


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

ALL NIPPON: New Boeing 787 Will Augment Revenue to About JPY6BB
---------------------------------------------------------------
All Nippon Airways Co., Limited, said that its order of 50 plane
units of the new Boeing Co. 787 will increase revenue by about
JPY6 billion and cut costs by JPY4.6 billion, reports Chris
Cooper of Bloomberg News.

According to the report, ANA predicts that profit will rise to a
record this fiscal year, aided by the use of new aircraft and
the sale of 13 hotels.  The Tokyo-based airlines also predicts
net income to rise 96% to JPY64 billion for the current fiscal
year, from JPY33 billion in 2006, Mr. Cooper relates.

Mr. Cooper, citing the Nikkei Business Daily, says that the
introduction of the new aircraft would improve earnings by about
JPY10 billion a year.  

As part of its plans to replace aging aircraft with new ones,
including the 787, ANA intends to retire three Boeing 747-400
planes.  The 787s has carbon fiber composites features that
reduce weight and improve fuel efficiency, Mr. Cooper notes.

                       About All Nippon

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.


RESONA HOLDINGS: To Sell Shares to Nippon Life and T&D Holdings
---------------------------------------------------------------
Resona Holdings Inc. may sell preferred shares to Nippon Life
Insurance Co. and T&D Holdings Inc. insurance group for several
billions of yen, in which the money of the sale will be used by
the bank to repay taxpayer's money to the government, reports
Reuters.

In a report by The Asahi Shimbun, sources revealed that Nippon
Life was considering investing tens of billion of yen in Resona
through the purchase of a big portion of the JPY300-billion
worth of preferred shares Resona plans to issue by the end of
the year.

Resona, for its part, has been looking at business tie-ups that
involve capital alliances to hasten its repayment of more than
JPY2.3 trillion in public funds, Reuters relates.

A June 19, 2007 report by the Troubled Company Reporter-Asia
Pacific stated that Resona and Dai-ichi Mutual Life Insurance
Co. were close to striking a deal on capital and operational
tie-ups.

According to the TCR-AP, the deal is for Resona to issue about
JPY100 billion worth of preferred shares to Dai-Ichi and
hopefully be able to reach an agreement by the end of this
month.

                   About Resona Holdings

Resona Holdings, Inc., based in Osaka, Japan, --
http://www.resona-gr.co.jp/-- is a holding company. Through its  
subsidiaries and associated companies, the Company is engaged in
general banking, trust operation, credit card and financial
services. The Company is comprised of 15 domestic subsidiaries
and 21 overseas subsidiaries, as well as two associated
companies. It has operations in Japan, the United Kingdom,
Indonesia, Thailand and the Cayman Islands.

On December 13, 2005, Troubled Company Reporter-Asia Pacific
reported that Rating and Investment Information, Inc gave a BBB
issuer rating to Resona Holdings reflecting the group's overall
creditworthiness and the financial structure of the holding
company.


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

CORECROSS INC: CNH Wood Systems Acquires 10.38% Stake
-----------------------------------------------------
CoreCross, Inc., disclosed that CNH Wood Systems Ltd. has
acquired 1,424,000 shares of the company, Reuters Key
Developments reports.

According to the report, CNH's acquisition represented a 10.38%
stake in CoreCross.

                   About CoreCross Inc.

Headquarters in Seoul, CoreCross, Inc., formerly Makus Inc.
-- http://english.makus.co.kr/-- is engaged in the  
semiconductor, mobile communication and Internet industries.
The company has three main divisions: Application-specific
integrated circuit/system-on-chip (ASIC/SoC) business division,
which provides ASIC-related products and services used in
wired/wireless communications, multimedia, precision apparatus
and medical instrument fields; Digital media division, which
provides digital multimedia broadcasting products such as
conditional access systems (CASs), gap fillers and cable cards,
and Device division, which produces field-programmable gate
array (FPGA) chips, complex programmable logic devices (CPLDs)
and hard disk drives (HDD).

Korea Investors Service gave the company's bonds with warrants
issue a B- rating on July 31, 2006.


CURON INC: Acquires Patent on July 9
------------------------------------
Curon Inc. has acquired a patent on July 9, 2007, for method of
moving picture experts group (MPEG)-7 meta data hiding and
detection to retrieve multimedia for multimedia indexing
retrieval system, Reuters Key Developments reports.

                        About Curon Inc.

Seoul-based Curon Inc. -- http://www.curon.co.kr-- is engaged   
in the provision of diaphragms, vaporizers and Video On Demand
servers.  The company provides three main products: diaphragms
and vaporizers, which are used in gas meters, speakers,
automobiles, medical applications, heavy machinery, industrial
valves and pumps; VOD servers such as StreamXpert, which supply
High Definition Television (HDTV) multimedia content; and
Telematics, which are used in entertainment, games, digital
multimedia players, traffic information, satellites, digital
versatile discs, TVs and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on February 22, 2007.


KOREA DEVELOPMENT: Gov't Transfers Investment-Banking Business
--------------------------------------------------------------
Korea Development Bank's investment-banking business maybe
transferred by the South Korean Government to the bank's
affiliate, Daewoo Securities, by the end of 2008, the Wall
Street Journal reports.

According to the report, a lot of industry experts have
suggested the transfer of KDB's track record.  KDB is set to
first transfer to Daewoo Securities its corporate-bond
underwriting, merger-and-acquisition advisory, private-equity
fund businesses and international network.

KDB will maintain its nonperforming-loan underwriting and
corporate-restructuring advisory services, plus its role as a
policy bank, WSJ notes.

The changes at KDB are part of the Government's move to
reorganize the functions of state-run policy banks in a way that
reduces competition with commercial banks and financial
institutions, but still maintains their role as executors of
government policy, the report adds.

                     About Korea Development

Korea Development Bank -- http://www.kdb.co.kr/-- is South  
Korea's long-term funds provider to major industrial projects.
The company is wholly owned by the Korean Government.  KDB also
offers short and long-term loans, investments, guarantees and
trusts to international finance.  Its major funding sources are
Industrial Finance Bonds, client deposits, special-purpose funds
and foreign-currency funds.

The Troubled Company Reporter - Asia Pacific listed Korea
Development Bank's bond with a 8.450% coupon and December 15,
2026 maturity date in its July 10, 2007 report as a distressed
bond.

Moody's Investors Service gave KDB a 'D-' Bank Financial
Strength Rating effective January 24, 2006.


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

FCW HOLDINGS: Extends Completion of Sale and Purchase Agreement
---------------------------------------------------------------
FCW Holdings Bhd's wholly owned subsidiaries, Federal
Telecommunications Sdn Bhd and FCW Industries Sdn Bhd, along
with other parties involved in separate sale and purchase
agreements among them, have agreed to extend the deadline for
the fulfillment of the conditions of the contracts to
October 11, 2007.

The two agreements are:

   a. Sale and Purchase Agreement dated January 12, 2007,
      between Federal Telecommunications and Goh Ban Huat Berhad
      for the proposed acquisition by FT from GBH of all the
      pieces of freehold land held under Geran Mukim 1452 Lot
      4722 and Geran Mukim 335 Lot 32661, both in the Mukim of
      Batu, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan
      together with 9 independent blocks of warehouses erected
      thereon bearing postal address Lot 32661, in Jalan
      Segambut, 51200 Kuala Lumpur, for a total cash
      consideration of MYR55 million; and

   b. Sale and Purchase Agreement dated January 12, 2007,
      between FCW Industries Sdn Bhd and GBH Clay Pipes Sdn Bhd,
      a wholly owned subsidiary of GBH, for the proposed
      acquisition by FCWI from GCP of the piece of freehold land
      held under Geran Mukim 6242 Lot 54833, Mukim of Batu,
      Daerah Kuala Lumpur, Negeri Wilayah Persekutuan together
      with a single storey office with 4 adjoining single-storey
      factories erected thereon bearing postal address 368,
      Jalan Segambut, 51200 Kuala Lumpur for a total cash
      consideration of MYR31 million.

According to the company's disclosure with the bourse, the date
for complying with the conditions set under these two agreements
had been moved.

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.  
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

On May 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that FCW Holdings was classified under Bursa Malaysia
Securities Berhad's Practice Note 17 category since the
company's shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the company
was required to submit a plan to regularize its financial
condition.

The Troubled Company Reporter - Asia Pacific on June 20, 2007,
reported that FCW Holdings Bhd obtained the Securities
Commission's approval to implement various proposals under its
restructuring plan.


MOL.COM BERHAD: Securities Commission OKs Kenanga's Appointment
---------------------------------------------------------------
Mol.Com Bhd disclosed with the Bursa Malaysia Securities Bhd
that it has obtained the approval from the Securities Commission
to appoint Kenanga Investment Bank Bhd as an independent adviser
with regards to a take over offer presented to the company.

On June 25, 2007, the Troubled Company Reporter - Asia Pacific
reported that Mol.Com Bhd received from AmInvestment Bank Bhd,
in behalf of the "Offeror", a takeover offer for the remaining
25.94% that it does not already owned in the company.

The "Offerors" are:

    -- Tan Sri Dato' Seri Vincent Tan Chee Yioun
    -- Berjaya VTCY Sdn Bhd
    -- Ganda Kuat Sdn Bhd and
    -- Pantai Cemerlang Sdn Bhd

According to the TCR-AP, the remaining 58,561,083 ordinary
shares of MYR1.00 each, which are not held directly or
indirectly by the Offeror and the parties deemed acting in
concert with them, will be bought for a cash consideration of
MYR0.20 per share.

                        About the Company

Based in Malaysia, Mol.Com Bhd provides electrical engineering
services, and is engaged in contracting and trading of
electrical machinery and apparatus.  Other activities include
operation and maintenance of web portals, registration and
marketing of internet domain names, provision of web and
information technology solutions, advertising, promotional
activities and investment holding.

Operations are carried out in Malaysia, British Virgin Islands
and Singapore.

Mol.Com is an Affected Listed Issuer pursuant to the Amended
Practice Note 17/2005 of the Listing Requirements of Bursa
Malaysia and is therefore required to implement a regularization
plan to the Securities Commission.

                          Going Concern Doubt

After auditing the company's annual financial report ended June
30, 2006, the auditors expressed doubt on the ability of the
Group and of the Company to continue as a going concern in view
current liabilities exceeding current assets by MYR6.3 million.  
The ability of the Group and of the Company to continue as a
going concern is dependent upon the successful outcome of the
proposed disposal of a property and the Group's plan to
regularize its financial condition, continuing financial support
from a significant shareholder and financial institutions as
well as achieving successful future operations.


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

BRIDGECORP: Receivers Slash 13 Workers, Including 2 Senior Execs
----------------------------------------------------------------
The receivers of Bridgecorp have cut 13 jobs from the company,
including that of Managing Director Rod Petricevic and Finance
Director Rob Roest.

Bridgecorp has been placed in receivership on July 2, 2007,
after failing to pay principal due to debenture holders.  In
that regard, John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.
The receivers made the decision after reviewing staffing levels
at the company.

According to Mr. McCloy, although the two senior executives no
longer had permanent roles with Bridgecorp, both remained in
touch with the receivers.  "Although Rod and Rob have left the
company they continue to be available to assist us when
required," he said.

Based in New Zealand, Bridgecorp Ltd is a property development
and finance company.

The receivers have set up a Web site --
http://www.pwc.com/nz/Bridgecorp-- to provide information for   
investors on frequently asked questions.


LUVIT FOODS: Commences Liquidation Proceedings
----------------------------------------------
Luvit Foods International Ltd. went into liquidation on June 11,
2007, and Michael Peter Stiassny was appointed as liquidator.

The Liquidator can be reached at:

         Michael Peter Stiassny
         Ferrier Hodgson & Co
         Level 16, Tower Centre
         45 Queen Street
         PO Box 982, Auckland
         New Zealand
         Telephone:(09) 307 7865
         Facsimile:(09) 377 7794


MRS WASH: Requires Creditors to File Claims by Aug. 31
------------------------------------------------------
The creditors of Mrs Wash Laundromat Ltd. are required to file
their proofs of debt by August 31, 2007, to be included in the
company's dividend distribution.

The company started to liquidate its business on May 31, 2007.

The company's liquidator is:

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


PC RECYCLING: Names Fisk and Sanson as Liquidators
--------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
as liquidators of PC Recycling Channel Limited on June 11, 2007.

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

The company's liquidator is:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


PCR CONTRACTING: Enters Wind-Up Proceedings
-------------------------------------------
On June 11, 2007, PCR Contracting Ltd commenced liquidation
proceedings.

John Howard Ross Fisk and Craig Alexander Sanson, the appointed
liquidators, fixed August 10, 2007, as the last day for
creditors to file their claims.

The Liquidators can be reached at:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


PCRC PROPERTY: Taps Fisk and Sanson as Liquidators
--------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed
as liquidators of PCRC Property Group 2 Limited on June 11,
2007.

Creditors who cannot file their claims by Aug. 10, 2007, will be
excluded from sharing in the company's dividend distribution.

The Liquidators can be reached at:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


PREPFESSIONALS MARINE: Names Fatupaito and Agnew as Liquidators
----------------------------------------------------------
Prepfessionals Marine Limited entered liquidation proceedings on
May 31, 2007.

Vivian Judith Fatupaito and Richard Dale Agnew were appointed as
liquidators.

The Liquidators can be reached at:

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


TILES ON THE MOVE: Names Fatupaito and Agnew as Liquidators
-----------------------------------------------------------
On June 7, 2007, Vivian Judith Fatupaito and Richard Dale Agnew
were appointed as liquidators of Tiles on the Move Ltd.

The Liquidators fixed Sept. 7, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

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


TRU FREIGHT: Court to Hear Wind-Up Petition on July 12
------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Tru Freight Ltd. today, July 12, 2007.

The petition was filed by BP Oil New Zealand Limited on
March 20, 2007.

BP Oil'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


VENDOR TRADING: Fixes August 10 as Last Day to File Claims
----------------------------------------------------------
The creditors of Vendor Trading Ltd. are required to file their
proofs of debt by August 10, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 11, 2007.

The company's liquidators are:

         John Howard Ross Fisk
         Craig Alexander Sanson
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         PO Box 243, Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


ZAFFRE HOLDINGS: Creditors' Proofs of Debt Due on Sept. 7
---------------------------------------------------------
Zaffre Holdings Limited is receiving proofs of debt from its
creditors until Sept. 7, 2007.

The company went into liquidation on June 7, 2007.

The company's liquidators are:

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


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

AFP-RSBS: Ombudsman OKs Graft Charges v. Former Executives
----------------------------------------------------------
Ombudsman Merceditas Gutierrez has approved the filing of graft
charges against retired officers Brigadier General Jose Ramiscal
and Col. Oscar Martinez for violation of the Anti-Graft and
Corrupt Practices Act, an ABS-CBN News report says.

Both are former officers of the defunct Armed Forces of the
Philippines-Retirement and Separation Benefits, with
Gen. Ramiscal as president and Col. Martinez as vice-president.

The charges stem from PHP86.08-million interest-free advances
which the AFP-RSBS extended to Bay Resources Development Corp.
from March 23, 1994, until December 13, 1998, allegedly without
the approval of its Board of Trustees.  

BRADCO was a joint venture between the AFP-RSBS and the DM
Wenceslao and Associated Inc., aimed to acquire and development
a part of the Manila-Cavite Coastal Road and Reclamation
Project.

Ombudsman Gutierrez said that the AFP-RSBS was allowed to
release at most only PHP8 million as additional equity, since
BRADCO had an authorized capital of PHP16 million.  The trustees
still have to approve the advances even if they can be
considered additional investments, she added.

                        About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by Presidential Decree 361 as
amended to serve as a self-sustaining fund system from which the
pension, separation, and other benefits of the soldiers maybe
taken.

The Troubled Company Reporter - Asia Pacific reported on Oct. 9,
2006, that military officials revealed the closure of the Armed
Forces of the Philippines Retirement and Separation Benefits
System after an investigation found that some of its officials
have mismanaged the multibillion-peso fund.

According to the report, billions of pesos, which had been
misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.


BANCO DE ORO-EPCI: Annual Stockholders' Meeting Set for July 27
---------------------------------------------------------------
Banco de Oro-EPCI Inc. will hold its annual meeting of
stockholders on July 27 at 2:00 pm, at the Rizal Ballroom "C",
Makati City, Shangri-La, in Ayala Avenue corner Makati Avenue,
Makati City.

Among other things, the meeting will consider these agenda:

    * Election of directors

    * Approval of the amendments of the first and seventh
      articles of the bank's articles of incorporation

    * Approval of the amendments of the bank's by-laws

    * Appointment of External Auditor

Only stockholders of record as of June 15 are entitled to vote
at the meeting.

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

                         *     *     *

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

  * Individual 'C/D', and

  * Support '3'

                        *     *     *

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

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

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

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 11, 2007 that Standard & Poor's Ratings Services withdrew
its 'BB-' counterparty credit ratings on Equitable PCI Bank
Inc., as its merger with Banco De Oro Universal Bank became
effective on May 31.  S&P retained its 'BB-' counterparty credit
rating and the issue ratings on both Equitable and Banco de
Oro's rated debts.  Equitable's rated debts will be transferred
to the Banco de Oro-EPCI.


MANILA ELECTRIC: Energy Commission OKs Time-of-Use Rating Scheme
----------------------------------------------------------------
The Energy Regulatory Commission has approved Manila Electric
Co.'s application to start charging its customers using the
time-of-use scheme, ERC chairman Rodolfo Albano Jr. told the
Philippine Star.

The TOU scheme is a mechanism that charges different costs for
different time periods during the day, and different seasons of
the year, the report exlpains.  It usually consists of two
periods: the peak and offpeak times.  Peak periods are the times
where people most use electricity, and power generation charges
are substantially higher.  Peak and offpeak periods also vary
during weekdays and weekends, and during the wet and dry
seasons.  

The Star notes that peak hours normally run from 10 a.m. until 4
p.m., and from 6 p.m. until 9 p.m.  Off-peak hours, on the other
hand, start at 10 p.m. and ends at 7 a.m..

Under the new scheme, MERALCO's customers can now manage their
electricity use to minimize charges, the article relates.

According to the article, the MERALCO's application, which was
submitted in April, provides for the voluntary implementation of
the scheme in two phases: Phase I and Phase II.

Phase I covers industrial and non-industrial customers with a
monthly average peak demand of at least 750 kilowatts for the
preceding 1 year, as well as residential customers with a yearly
average consumption of at least 2000 kilowatt hours in the
immediate year preceding their application for TOU rates.

Phase II covers residential customers with a yearly average
consumption of 1000 kilowatt hours.

The article also reports that, under MERALCO's application, the
power firm will charge PHP6.48 per kilowatt hour on peak hours
from Monday until Sunday from January to June, and PHP6.1 per
kilowatt hour for the July-December period.  Off-peak hours will
charge PHP3.09 per kilowatt hour, the report adds.

The implementation will require the company to acquire and
install new electricity meters that have time stamping
capability, which would cost PHP8,200 each including cost for
programming, MERALCO told the Philippine Star.

                    About Manila Electric

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

                          *     *     *

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

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


NAT'L POWER: Energy Regulator Acquits PSALM; Turns on NAPOCOR
-------------------------------------------------------------
The Energy Regulatory Commission has absolved the Power Sector
Assets and Liabilities Management Corp. from anti-competitive
behavior and market power abuse charges, the Manila Standard
reports.

The ERC's investigating unit had found no evidence to
incriminate PSALM on the charges, the article relates.  The
charges had stemmed from a complaint by the Philippine
Electronic Market Corp. on an increase in the load weighted
average price in August 2006 and on the bidding behavior of
PSALM's trading team.

However, the investigation found out that NAPOCOR President
Cyril del Callar had contacted PSALM, which traded on behalf of
NAPOCOR, and urged it to sign an agreement on the revenue
requirement for each of its trading team.  Mr. del Callar also
instructed the groups to bid prices based on the Commission's
approved time of use rates.

The ERC is now calling on NAPOCOR to explain its involvement in
the case, chairman Rodolfo Albano Jr. told the press.

                         About NAPOCOR

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on April
5, 2006, that for 2005, National Power posted a PHP16-million
profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that on
November 2, 2006, Moody's Investors Service changed the outlook
to stable from negative for the B1 senior unsecured debt rating
of National Power Corporation, which is guaranteed by the
Republic of Philippines.  This rating action follows Moody's
decision to change the outlook of Philippines' B1 long-term
foreign currency government rating to stable from negative.

The TCR-AP reported that on October 25, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' rating to the proposed
US$500 million unsecured notes to be issued by Philippines'
National Power Corp. (Napocor; foreign currency BB-/Stable/--,
local currency BB+/Stable/--).  The Republic of Philippines
(foreign currency BB-/Stable/B; local currency BB+/Stable/B)
will unconditionally and irrevocably guarantee the notes.  
Napocor will use the proceeds for capital expenditure.

The TCR-AP reported that on October 25, 2006, Fitch Ratings
assigned a rating of 'BB' to the US$500 million fixed-rate notes
issued by National Power Corporation in the Philippines.


* Gov't Earns PHP17.1 Billion From Sale of 20% PNOC-EDC Stake
-------------------------------------------------------------
The Philippine Government earned a net of PHP17.1 billion from
selling 20% out of its 60% stake in the Philippine National Oil
Co.-Energy Development Corp. on Tuesday, the BusinessWorld
reports.

The shares were sold at a price of PHP5.70 per share.

The amount does not include underwriting commissions and other
expenses incurred during the transaction, the company said in a
disclosure with the Philippine Stock Exchange.

According to BusinessWorld, the figure exceed the estimated
PHP13 billion expected to be raised through the sale, which was
also completed ahead of the July 13 completion date imposed by
officials.  Three buyers had also expressed interest following
the completion of the international roadshow aimed to recruit
investors for 20% of the company's stock, officials say.

The government will use the proceeds to catch up with its budget
deficit caused by low revenues from the Bureau of Customs and
Bureau of Internal Revenue, as it hopes to meet its target
deficit through asset sales.  The government also plans to sell
the remaining holdings in PNOC-EDC later this year.

Some officials reportedly oppose the sale of the remaining 40%
of the government's shares, the article reports.

                          *     *     *

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.


* Coalition Blames ADB's Energy Programs for Huge Gov't Debts
-------------------------------------------------------------
The Freedom from Debt Coalition is blaming the Asian Development
Bank's power restructuring program in the Philippines as the
root cause of the huge debts by the national government and by
the state-owned National Power Corp., a Pinoypress.net article
reports.

The Coalition also blamed the higher power rates, unreliable
power supply and the poor's difficulty in accessing such
services to the program, which is being implemented through the
Electric Power Industry Reform Act.  It also threw criticisms at
the process of the energy review, which it said took place in a
time period that is too short for the reviewers to come up with
an informed comment on the draft strategy.

FDC President Ana Maria R. Nemenzo raised issues on the binding
power of the strategy, since it does not have to be approved by
a board.  "Will the 1995 energy policy be maintained? What rule
will govern other energy issues outside the strategy?" she
asked.  

The strategy is expected to address energy security, global
warming/climate change, sector policy reform and governance, and
energy efficiency.  The NGO Forum on the ADB, of which
Ms. Nemenzo is a convener, is also raising issues on the
strategy's not being subjected to the Accountability Mechanism
because of its nature as a strategy rather than a policy.

The ADB will hold its sub-regional consultation among
stakeholders in Southeast Asia and the Pacific on Friday, its
fourth and last review of the draft energy strategy before it is
to be approved in September this year.  The consultation will be
held its headquarters in Ortigas.

                          *     *     *

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

333 SUPERMARKET: Pays First & Final Dividend
--------------------------------------------
333 Supermarket Pte Ltd, which is in voluntary liquidation, paid
the first dividend to its preferential creditors on July 23,
2007.

The company paid 3.5836% to all admitted claims.

The company's liquidator is:

         Dr. Ho Ngiap Kum
         18 Jalan Masjid #02-08
         Singapore 418944


AAR CORP: Posts US$17.7-Mil. Net Income in 4th Qtr. Ended May 31
----------------------------------------------------------------
AAR Corp reported record quarterly net sales of US$305.7 million
and record quarterly income from continuing operations of
US$17.7 million, or US$0.42 per diluted share, for the fourth
quarter of fiscal 2007.  Sales grew 22% year-over-year, and
income from continuing operations increased 33% compared to last
year.

For the company's fiscal year 2007, net sales were a record
US$1,061.2 million, and income from continuing operations was a
record US$59.4 million, or US$1.42 per diluted share.  Sales
increased 20% versus the prior year, and income from continuing
operations grew 66%.

The record sales and earnings performance was fueled by the
alignment of the company's products and services to high-growth
markets, effective merchandising and solid execution.  The
company achieved double-digit sales growth in all four segments
for the quarter and the year.  Value-added supply chain
solutions, aftermarket replacement parts, airframe maintenance,
landing gear services, specialized mobility products and
aircraft sales were the main growth areas for the year.

"I am very proud of the exceptional results our team produced in
fiscal 2007," said David P. Storch, Chairman and Chief Executive
Officer of AAR CORP.  "We expanded our business in all four
segments, achieved record sales and earnings, and made
significant investments to position the Company for growth,
including the completion of two acquisitions."

                  Highlights for each segment

Aviation Supply Chain

   -- Sales grew 14% to US$146.6 million for the quarter and 18%   
      to US$543.7 million for the year versus the same periods a       
      year ago.  The growth in this segment is primarily   
      attributable to a full year of activity for two major    
      supply chain programs, the introduction of new programs
      and increased demand in the parts arbitrage business.

Maintenance, Repair and Overhaul

   -- Sales increased 13% to US$65.2 million for the quarter and
      16% to US$211.5 million for the year compared to the same  
      periods last year as the Company benefited from growth in
      its commercial and regional aircraft maintenance and
      landing gear businesses.  AAR acquired the assets of
      Reebaire Aircraft Inc. in January 2007, doubling its
      regional aircraft MRO capacity.

Structures and Systems

   -- Sales grew 34% to US$80.2 million for the quarter and 15%
      to US$264.1 million for the year versus the same periods a
      year ago.  The Company continued to experience higher
      demand for specialized mobility products.  AAR
      acquired Brown International in April 2007, adding higher-
      value systems integration capability.  The composite
      structures business was also a significant contributor for
      the segment.

Aircraft Sales and Leasing

   -- Operating income, which includes earnings from aircraft
      joint ventures, increased US$1.8 million or 144% for the
      quarter and US$8.6 million or 319% for the year on a year-
      over-year basis.  As of May 31, 2007, the total number of
      aircraft held in joint ventures was twelve, and the number
      of aircraft in the Company's wholly-owned portfolio was
      nine.

Sales to both major customer groups, commercial and defense,
increased substantially during the year.  Commercial sales grew
22% for the fourth quarter and 23% for the year.  Defense sales
grew 24% for the quarter and 14% for the year.

As a percentage of sales, selling, general and administrative
costs were 9.4% for the quarter and 9.9% for the year.  The
operating profit margin was 9.2% in the fourth quarter and 9.0%
for the year, up from 8.4% and 7.4%, respectively, in the same
periods last year.

"We made meaningful progress on our margin goals for the year,
and we continue to track toward a 10% operating margin for
fiscal 2008 and a 12.5% operating margin within the next three
year planning cycle," Storch continued.  "As we enter our new
year, we are focused on increasing our presence in Asia and
Europe, growing our business in regional and defense markets and
improving our margins through increased engineering content and
operational efficiencies."

As of May 31, 2007, the company's balance sheet showed current
assets of US$645.72 million and current liabilities of US$182.26
million, excluding debt accounts.  The company also recorded
total assets of US$1.1 billion, total recourse debt of US$284.23
million, total non-recourse debt of US$43.63 million and
stockholder's equity of US$494.24 million.

                Significant Events in Fiscal 2007

Commercial Aviation Market

   * Selected by Southwest Airlines to provide heavy maintenance
     and winglet installations for its fleet of Boeing 737
     aircraft.

   * Awarded an end-to-end supply chain management program by
     Chautauqua Airlines.

   * Selected by Northwest Airlines to perform heavy maintenance
     and interior modifications on select Boeing 757 aircraft.

   * Acquired Reebaire Aircraft Inc. in January to increase
     AAR's presence, capacity and capabilities in the regional
     market.

Defense Services Market

   * Received a US$68 million order for new pallets from the
     U.S. Air Force and subsequent order for US$28M in pallet
     repairs.

   * Selected by Armor Holdings to provide logistics support
     services for the repair of Family of Medium Tactical
     Vehicles (FMTV) trucks.

   * Acquired Brown International in April, which allows AAR to
     provide a wider range of shelter products and services to
     defense customers and establishes an important presence in
     Huntsville, Alabama.

Other

   * Announced moves to strengthen senior leadership team -
     Timothy J. Romenesko promoted to President and Chief
     Operating Officer; Richard J. Poulton appointed Vice
     President, Chief Financial Officer and Treasurer; Peter K.
     Chapman named Vice President and Chief Commercial Officer.

   * Commenced manufacturing of cargo systems and select
     mobility products in a new 200,000 square foot facility in
     North Carolina.

   * For the third consecutive year, 100% of AAR's eligible
     aviation maintenance technicians (AMTs) received FAA
     Diamond Awards for meeting or exceeding FAA training
     requirements, earning AAR special recognition from the FAA.

                         About AAR Corp.

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

                          *     *     *

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

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


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

Technocrete Pte Ltd filed the petition on June 25, 2007.

Technocrete's solicitor is:

         Messrs. Asialegal LLC
         20 Cecil Street
         #18-01, Equity Plaza
         Singapore 049705


MARK-ASIA: Enters Wind-Up Proceedings
-------------------------------------
On June 29, 2007, the High Court of Singapore entered an order
to wind up the operations of Mark-Asia (Inc) Trading Pte Ltd.

The wind-up petition was filed by Jel Corporation (Far East) Pte
Ltd.

The company's liquidator is:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


PETROLEO BRASILEIRO: Resumes Oil Production in P-50 Platform
------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
statement that it has resumed oil production in the P-50
platform after a fire broke out in the unit on July 4.

Petroleo Brasileiro told Business News Americas that P-50 is
producing about 160,000 barrels per day, the same level before
the fire.  The unit's installed capacity is 180,000 barrels per
day.

Petroleo Brasileiro said it has cleaned the transformers room.  
It has also made a complete checkup of other systems in P-50,
BNamericas states.

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

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

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

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

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


PETROLEO BRASILEIRO: Workers Want Unit to Extend Union Benefits
---------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's unionized
workers are asking transportation unit Transpetro to extend
union benefits to its unionized workers, Business News Americas
reports.

The oil workers' federation FUP head Jose Maria Rangel told
BNamericas, "Last week we sent a document to Transpetro asking
for the same benefits that were granted to Petrobras' [Petroleo
Brasileiro] workers."

According to BNamericas, FUP represents employees at Petroleo
Brasileiro and Transpetro.

Mr. Rangel commented to BNamericas, "We had to do it [ask for
Transpetro benefits] because Transpetro is a separate company
from Petrobras, with separate salaries and promotion policies."

Petroleo Brasileiro said labor deals for the federal oil firm
would be offered to employees at its units, BNamericas states,
citing Mr. Rangel.

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

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

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

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

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


SEA CONTAINERS: Gives Update on FSD Warning from U.K. Regulator
---------------------------------------------------------------
In a regulatory filing with the Securities and Exchange
Commission, Sea Containers Ltd. discloses that on June 15, 2007
the Determinations Panel of the United Kingdom government
Pensions Regulator determined to issue financial support
directions to SCL in respect of SCL's 1983 and 1990 Pension
Schemes.

"Our anti-avoidance powers are significant and, as we have
always stressed, we will use them proportionately and where
reasonable.  In this case, we concluded that the issue of a
Financial Support Direction was appropriate and justified,"
Pension Regulator Chief Executive Tony Hobman said in a press
release.

As previously disclosed, the Pensions Regulator issued notices
to SCL on October 19, 2006, warning that it is considering
exercising its powers to issue FSDs to the company under
relevant UK pensions legislation, in respect of the Sea
Containers 1983 Pension Scheme and the Sea Containers 1990
Pension Scheme.  These are multi-employer defined benefit
pension plans of Sea Containers Services Ltd., a UK subsidiary
of the company.

The company responded briefly to the original warning notices,
submitting that it would not be reasonable to issue FSDs, and
actively engaged with the Pensions Regulator to persuade it of
this.  However, the Pensions Regulator reissued the warning
notice on April 26, 2007.  A response was submitted that it
would not be reasonable under the circumstances for the Pensions
Regulator to issue FSDs.

SCL President and Chief Executive Officer Robert MacKenzie
relates that the FSDs will be issued on July 13, 2007 unless the
Company appeals the determinations, which it is currently
considering.

The FSDs will require the company to put in place financial
arrangements whereby it is liable for the part of the pension
scheme deficit which relates to Sea Containers Services Limited.
In the case of the 1983 Scheme, as of June 8, 2006, the estimate
claim was GBP73,600,000 or approximately USD146,900,000.  In the
case of the 1990 Scheme, as of March 31, 2006, the estimated
claim was GBP17,600,000 or approximately USD35,100,000.

Any financial arrangements put in place will need the approval
of the U.S. Bankruptcy Court.  The arrangements will not give
the Schemes a priority claim at the level of the company but
will in fact be claims ranked pari passu with other unsecured
creditors of the Company.

The Determination Notices, dated June 15, 2007, for the Schemes
and the Reasons of the Determinations Panel of the Pensions
Regulator in relation to the Notices, dated June 25, 2007, may
be found on the Pensions Regulator's Web site at  
http://www.thepensionregulator.gov.uk/

SCL stated in a press statement that it has always been its
expectation that any restructuring plan of reorganization
proposed under the Chapter 11 bankruptcy protection process
would be subject to the Pensions Regulator's Clearance
procedure, but the Company is nevertheless disappointed in the
outcome of the hearing.

                     About Sea Containers

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

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

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

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

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

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


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

TMB BANK: Predicts 40% Decline in Loan Portfolio for 2007
---------------------------------------------------------
TMB Bank PCL's loan portfolio may experience a decline of 40%
for 2007 because of loan write-offs and distressed assets sales,
the Bangkok Post reports, citing TMB Chief Executive Officer and
President Subhak Siwaraksa.

The bank's outstanding loans fell over 10% during the first six
months of 2007, Mr. Subhak told the Bangkok Post.  The TMB
executive then cited loan repayments by corporate customers and
small business, and bad debt write-offs, as major factors in the
decline.

According to the article, TMB had THB448 billion in outstanding
loans as of May 31, 2007.  The bank had started the year with a
figure 12.45% bigger than the May record.  As of March this
year, the bank reported non-performing loans of
THB30.88 billion, comprising 6.08% of the bank's total loans.

The bank currently has a capital adequacy level of 10% of risk
assets, the article relates.  Mr. Subhak said that the level was
enough to carry the bank through until the end of 2007.  The
bank continues to maintain for this year a new-loan target of
THB16 billion for corporate loans, THB10 billion for small and
medium-sized businesses, and THB7 billion-THB8 billion for
retails, he added.


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

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

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

On May 4, 2007, Moody's retained TMB's bank financial strength
rating at D-.

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


TONGKAH HARBOUR: Faces THB52.8MM Fine for Illegal Gold Shipment
----------------------------------------------------------------
The Department of Primary Industry and Mines may impose a
THB52.8-million fine against Tongkah Harbour PCL for allegedly
exporting gold without the necessary papers, the Bangkok Post
reports.

THL has not yet submitted an explanation to the Department, the
Bangkok Post relates, citing THL Director-General Anusorn
Nuangpolmark.

The company had reported through a disclosure with the Stock
Exchange of Thailand that its subsidiary, Tungkum Ltd., had
intentionally exported in September 2006 105.5153 kilograms of
gold bullion to Hong Kong without requesting for a
transportation permit.  The DPIM deemed this to be a violation
of Section 103 of the Minerals Act.

The company also said that during a meeting held on July 10 to
discuss the matter, TKL's representatives refused to sign any
documents admitting to the charges levied against THL.  They
instead insisted that DPIM representatives had inspected the
shipment.

THL submitted a letter explaining the situation to the deputy
industry minister Piyabut Cholvijarn.  The company also said
that it will later lodge an appeal with the Industry Minister
himself.


Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co-- is primarily  
engaged in mining operations.  The company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

                       Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported that after
auditing the company's financial report for the third quarter
and nine-month periods ended Sept. 30, 2006, Kesree Narongdej of
A.M.T. & Associates Ltd expressed doubt on Tongkah's continued
operations as a going concern.

According to the auditor, the company and its subsidiaries have
experienced the continuous operating losses, and its
consolidated financial statements for nine-month period ended
September 30, 2006, showed operating losses of THB44.78 million
and a working capital deficit of THB173.74 million.  These may
have significant effect on the liquidity status and the going
concern position of the company.


TONGKAH HARBOUR: SET Lifts Suspension on Trading of Stocks
----------------------------------------------------------
The Stock Exchange of Thailand has lifted its SP -- suspension
-- sign on the trading for Tongkah Harbour PCL's stocks after
the company submitted its amended financial statements for the
year ended December 31, 2006, and the quarter ended March 31,
2007.

The Troubled Company Reporter-Asia Pacific had reported on
June 27 that the SET had required the company to amend its
financial statements for the two periods to reflect these
changes:

   * recording of a THB4.1 million profit sharing agreement with
     the Industry Ministry's Department of Primary Industries
     and Mines as expense for the year 2006;

   * disclosure of THB11.6 million in pre-payment fees as
     subsequent events in the 2006 annual report; and

   * consideration of the relation of the THB5-million legal
     fees to the borrowing cost.

The company submitted the required statements yesterday.


Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co-- is primarily  
engaged in mining operations.  The company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

                       Going Concern Doubt

The Troubled Company Reporter'Asia Pacific reported that after
auditing the company's financial report for the third quarter
and nine-month periods ended Sept. 30, 2006, Kesree Narongdej of
A.M.T. & Associates Ltd expressed doubt on Tongkah's continued
operations as a going concern.

According to the auditor, the company and its subsidiaries have
experienced the continuous operating losses, and its
consolidated financial statements for nine-month period ended
September 30, 2006, showed operating losses of THB44.78 million
and a working capital deficit of THB173.74 million.  These may
have significant effect on the liquidity status and the going
concern position of the company.




                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
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