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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, March 14, 2007, Vol. 10, No. 52

                            Headlines

A U S T R A L I A

ANDREW CURTIS: Members & Creditors' Meeting Set for March 30
AUSTRALIAN MOWER: Will Declare First & Final Dividend on April 5
BETBOY PTY: Placed Under Voluntary Liquidation
DOM & CONNIE: Placed Under Voluntary Wind-Up
J.K. & J. BURGESS: Members' Final Meeting Slated for March 15

LEIGHOAK LTD: Members & Creditors Set to Meet on April 10
MCENNALLY INDUSTRIES: Members Resolve to Close Firm
ROSCOMMON FINANCE: Undergoes Liquidation Proceedings
TEAMCOPY PTY: Members & Creditors to Meet on April 11
VWM PROPERTY: Members & Creditors' Meeting Set for April 11


C H I N A   &   H O N G  K O N G

APEX TRADE: Yip Sau Fong Quits Liquidator Post
BANK OF BEIJING: Fitch Affirms Individual 'D/E' Rating
BANK OF COMMUNICATION: Fitch Affirms Individual Rating at 'D'
BANK OF SHANGHAI: Fitch Affirms BB- LT Issuer Default Rating
GOOD VANTAGE: Commences Liquidation Proceedings

HUA HIN: Creditors to Prove Debts by April 10
HUA XIA: Plans to Sell More A-Shares in Second Half of 2007
INDUSTRIAL BANK: Fitch Affirms Individual Rating at 'D/E'
MOSSIDE ENTERPRISES: Shareholders Resolve to Shut Down Firm
PHILIP Y. CHEUNG: Placed Under Members' Voluntary Wind-Up

REGENT WELL: Members' Final General Meeting Set for April 10
SHANGHAI PUDONG: Fitch Affirms 'D' Individual Rating
SHOEI (HONG KONG): Liquidators Quit Posts
SINOCHEM PLASTICS: Members' Final Meeting Set for April 12
TCI (HK): Appoints Arboit and Blade as Liquidators

TETRA PAK: Liquidator to Present Wind-Up Report on April 11
XIN FA: Members to Receive Wind-Up Report on April 10


I N D I A

AFFILIATED COMPUTER: S&P Lifts Corporate Credit Rating to BB
AFFILIATED COMPUTER: Earns US$72.1 Mln in Quarter Ended Dec. 31
ANDHRA BANK: Considers Interim Dividend Payment for 2006-07
ANDHRA BANK: Names T. Ravindranath as Workmen Employee Director
BANK OF BARODA: Plans Medium-Term Note Program of Up To US$1.5BB

BANK OF BARODA: Board to Consider Interim Dividend on March 17
BRITISH AIRWAYS: Eyes 5-6 Percent Revenue Increase in 2007-2008
ITI LTD: CARE Revises Rating on 2006 Short-Term Bond to PR3
KOTAK MAHINDRA: Fitch Maintains 'C/D' Individual Rating
UCO BANK: Government Names N. P. Sinha as New Director


I N D O N E S I A

BANK NEGARA: IDR1.38-Trillion Loan to Semesta Marga Questioned
FREEPORT-MCMORAN: Fitch Assigns 'BB' Issuer Default Rating
INDOFOOD SUKSES: Unit Raises SGD423 Mil. to Develop Plantations
MEDCO ENERGI: Settles Lawsuit on Bawean Block
NUTRO PRODUCTS: To Discuss 2006 Earning Results on March 28

PHILLIPS-VAN HEUSEN: To Release 2006 Earning Results on March 26


J A P A N

77 BANK: Records JPY9.4-Bil. Net Income For Year to March 2006
AMR CORP: Dec. 31 Balance Sheet Upside-Down by US$606 Million
DELPHI CORP: InPlay Sells US$7.5 Million Settlement Claim
DELPHI CORP: Plan Investors Extend Termination Deadline
DELPHI CORP: Seeks Approval of Valeo/Metcalf Transaction

FORD MOTOR: Inks Pact to Sell Aston Martin for US$925 Million
MIZUHO FINANCIAL: Reveals Management Changes
MIZUHO FINANCIAL: Mizuho Corp. Bank To Strengthen Organization
NIKKO CORDIAL: Tokyo Stock Exchange Won't Delist Nikko Stock
NIKKO CORDIAL: JCR Changes Credit Monitor Direction To Positive

NIKKO CORDIAL: Likely To Sell Off Nikko Principal's Assets
US AIRWAYS: S&P Rates US$1.6 Bil. Secured Credit Facility at B
USINAS SIDERURGICAS: Sales Volume to Reach 8 Mil. Tons in 2007


K O R E A

* FSS Sets New Measures for Junk Bond Funds


M A L A Y S I A

ALLIANCE BANK: Seeks to Cut Net NPL Ratio to 4% in 2008
ALLIANCE BANK: Less NPLs Prompts Fitch Rating Upgrade to D
ANTAH HOLDINGS: Petitioner Wants to Drop Injunction Application
ANTAH HOLDINGS: February Loan Default Reaches MYR260.32 Million
ARK RESOURCES: Court Sets Aside Wind-Up Order Against Unit

CHIN FOH: Court Extends Restraining Order to September 11
CRIMSON LAND: Terminates Assets Purchase Agreement with Vendors
MALAYSIA AIRLINES: Looks to Promote Presence in Indian Market
TITAN CHEMICALS: Draws Plan to Lessen Impact of Stiff Rivalries


N E W  Z E A L A N D

ANGEL CAPITAL: Creditors Must Prove Debts by March 19
D.M.T LTD.: Creditors' Proofs of Debt Due on April 19
HORIZON-WORLDWIDE: Creditors Must Prove Debts by March 21
INTERTRANS LTD: Shareholders Appoint John Managh as Liquidator
WAIKATO SOLID: Shareholders Appoint N.J. Hayes as Liquidator


P H I L I P P I N E S

ALLIED BANK: Net Income Up 20% to PHP1.49 Billion in 2006
RIZAL COMMERCIAL: Sets March 29 as Stock Dividend Payment Date
* Debt Consolidation Program Trims Philippine Debt


S I N G A P O R E

CYGRON PTE: Court Appoints T.Y. Kan & Company as Liquidator
DIGI BUILDER: Creditors Must File Proofs of Claim by March 30
HOLA DEVELOPMENT: Will Pay Dividends to Creditors on March 23
PETROLEO BRASILEIRO: May Buy Grupo Empresarial's Port Facility
PETROLEO BRASILEIRO: To Build US$800-Mil. Plant with Petroperu

PETROLEO BRASILEIRO: Pres. Lula & Bush Visit Guarulhos Units
TUNG HSIN LONG: Creditors Must File Proofs of Claim by March 23
ZENITH MEDIA: Creditors Must Prove Debts by April 9


T H A I L A N D

ADVANCED PAINT: Explains Low Revenue and High Net Loss
DAIMLERCHRYSLER AG: Will Develop Hybrid Drive System with BMW
ITV PCL: SET To Delist Securities Without New Business Plan
ITV PCL: Minister Dhipavadee To Ask Public Opinion On Operation


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ANDREW CURTIS: Members & Creditors' Meeting Set for March 30
------------------------------------------------------------
On March 30, 2007, the members and creditors of Andrew Curtis
Photography Pty Ltd will meet for their general meeting.

During the meeting, Liquidator G. S. Andrews will present a
report about the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

         G. S. Andrews
         G S Andrews & Assoc.
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                      About Andrew Curtis

Andrew Curtis Photography Pty Ltd operates photographic studios.
The company is located in Victoria, Australia.


AUSTRALIAN MOWER: Will Declare First & Final Dividend on April 5
----------------------------------------------------------------
Australian Mower Company (Manufacturing) Pty Ltd, which is
subject to a deed of company arrangement, will declare a first
and final dividend on April 5, 2007.

Creditors who cannot prove their debts by March 15, 2007, will
be excluded from sharing in the company's distribution of
dividend.

The company's deed administrator is:

         G. J. Keith
         Grant Thornton
         Rialto Towers, Level 35 South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Australian Mower

Headquartered in Victoria, Australia, Australian Mower Company
(Manufacturing) Pty Ltd is a distributor of lawn and garden
tractors and other equipments.


BETBOY PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At a general meeting held on Feb. 13, 2007, the members of
Betboy Pty Ltd decided to voluntarily wind up the company's
operations.

Richard Judson was appointed as liquidator.

Mr. Judson can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                        About Betboy Pty

Headquartered in South Australia, Australia, Betboy Pty Ltd
operates novelty and souvenir shops.


DOM & CONNIE: Placed Under Voluntary Wind-Up
--------------------------------------------
On Feb. 21, 2007, the members of Dom & Connie Pty Ltd resolved
to voluntarily wind up the company's operations.

In this regard, Geoffrey Charles Ridgeway was appointed as
liquidator.

The Liquidator can be reached at:

         Geoffrey Charles Ridgeway
         Chartered Accountant of Jenkins Peake & Co
         1st Floor, Lexen Building
         200 Malop Street
         Geelong 3220
         Australia

                       About Dom & Connie

Dom & Connie Pty Ltd  -- also trading as The Distributors
Geelong -- is involved with the confectionery business.  The
company is located in Victoria, Australia.


J.K. & J. BURGESS: Members' Final Meeting Slated for March 15
-------------------------------------------------------------
The members of J.K. & J. Burgess Pty. Ltd. will have a final
meeting on March 15, 2007, at 10:00 a.m.

The meeting will be held at Lot 12 Engstrom Cl, Bermagui in New
South Wales 2546, Australia.

During the meeting, the members will be asked to:

   -- receive and adopt the liquidator's report on the company's
      wind-up proceedings and property disposal;

   -- receive and adopt Australian Securities and Investments
      Commission Form 524 Accounts and the liquidator's
      statement; and

   -- transact other business, which may properly be brought
      forward.

                     About J K & J Burgess

J K & J Burgess Pty Ltd -- also trading as The Village Store --
operates miscellaneous general merchandise stores.  The company
is located in New South Wales, Australia.


LEIGHOAK LTD: Members & Creditors Set to Meet on April 10
---------------------------------------------------------
The members and creditors of Leighoak Ltd will hold their final
meeting on April 10, 2007, at 9:15 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

In a report by the Troubled Company Reporter - Asia Pacific, the
company started to liquidate its business on Aug. 17, 2006.

The company's liquidator is:

         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         East Hawthorn, Victoria 3123
         Australia
         Telephone: 9882 6666

                       About Leighoak Ltd

Headquartered in Victoria, Australia, Leighoak Ltd operates
coin-operated amusement devices.


MCENNALLY INDUSTRIES: Members Resolve to Close Firm
---------------------------------------------------
On Feb. 13, 2007, the members of McEnnally Industries Pty Ltd
met and resolved to close the company's business.

In this regard, Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                  About McEnnally Industries

Headquartered in New South Wales, Australia, McEnnally
Industries Pty Ltd operates offices of holding companies.


ROSCOMMON FINANCE: Undergoes Liquidation Proceedings
----------------------------------------------------
The members of Roscommon Finance Pty Ltd met on Feb. 13, 2007,
and decided to liquidate the company's business.

Accordingly, Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                    About Roscommon Finance

Headquartered in New South Wales, Australia, Roscommon Finance
Pty Ltd is involved with management investment offices.


TEAMCOPY PTY: Members & Creditors to Meet on April 11
-----------------------------------------------------
The members and creditors Teamcopy Pty Limited will meet on
April 11, 2007, at 9:30 a.m.

The meeting will be held at Level 1, 32 Martin Place, Sydney in
New South Wales, Australia.

Liquidator Nicholas Malanos will present a report about the
company's wind-up proceedings and property disposal during the
meeting.

                       About Teamcopy Pty

Teamcopy Pty Limited is a manufacturer and distributor of women,
children, and infants' clothing and accessories.  The company is
located in New South Wales, Australia.


VWM PROPERTY: Members & Creditors' Meeting Set for April 11
-----------------------------------------------------------
The members and creditors of VWM Property Holdings Pty Limited
will meet on April 11, 2007, at 10:00 a.m., at Level 1, 32
Martin Place, Sydney in New South Wales, Australia.

During the meeting, Liquidator Nicholas Malanos will present a
report about the company's wind-up proceedings and property
disposal

                       About VWM Property

Located in New South Wales, Australia, VWM Property Holdings Pty
Limited provides services and repairs of refrigerator and air-
conditioning units.


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

APEX TRADE: Yip Sau Fong Quits Liquidator Post
----------------------------------------------
Yip Sau Fong ceased to act as liquidator of Apex Trade
Investments Limited on Feb. 28, 2007.

According to the Troubled Company Reporter - Asia Pacific,
Mr. Yip presented his report about the company's wind-up
proceedings on Feb. 27, 2007.

The former Liquidator can be reached at:

         Yip Sau Fong
         Unit 201, Discovery Bay Office Centre
         No. 2 Plaza Lane, Discovery Bay
         Hong Kong


BANK OF BEIJING: Fitch Affirms Individual 'D/E' Rating
------------------------------------------------------
On March 12, 2007, Fitch Ratings upgraded the Support ratings of
Bank of Beijing to 3 from 4, reflecting the improved ability of
the government to support domestic financial institutions and
the close relationship between the bank and the central and
local governments.

At the same time, the agency affirmed the bank's individual
rating at D/E.

The Support rating upgrade of the bank, in which its major
shareholder is its local government, reflects the improved
financial standings of the central and local governments,
together with its ongoing close relationships with the bank.
The agency also noted that Bank of Beijing have a large foreign
financial institutions as significant shareholders -- all of
whom could serve as a potential source of support.


BANK OF COMMUNICATION: Fitch Affirms Individual Rating at 'D'
-------------------------------------------------------------
On March 12, 2007, Fitch Ratings upgraded the Support ratings of
Bank of Communication to 1 from 2, reflecting the improved
ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.

At the same time, the agency affirmed the bank's individual
rating at D.

The Support rating upgrade for Bank of Communication reflects
the bank's close historical relationship with the government, as
well as a significant 5% market share in loans and deposits.
The Chinese central government is the bank's majority
shareholder, with a combined 40.5% stake; this is followed by
HSBC, which owns 19.9%.

The agency noted that the recent inclusion of BCOM into the
category of state-owned commercial banks for supervisory
purposes, which are now referred to as the "Big 5" inclusive of
BCOM, also points to a stronger likelihood of future regulatory
support for the bank.


BANK OF SHANGHAI: Fitch Affirms BB- LT Issuer Default Rating
------------------------------------------------------------
On March 12, 2007, Fitch Ratings upgraded the Support ratings of
Bank of Shanghai to 3 from 4, reflecting the improved ability of
the government to support domestic financial institutions and
the close relationship between the bank and the central and
local governments.

At the same time, the agency affirmed the bank's:

   * Long-term Issuer Default rating at BB-/Stable;
   * Short-term rating affirmed at B; and
   * Individual rating affirmed at D

The Support rating upgrade of the bank, in which its major
shareholder is its local government, reflects the improved
financial standings of the central and local governments,
together with its ongoing close relationships with the bank.
The agency also noted that Bank of Shanghai has large foreign
financial institutions as significant shareholders -- all of
whom could serve as a potential source of support.


GOOD VANTAGE: Commences Liquidation Proceedings
-----------------------------------------------
At an extraordinary general meeting held on Feb. 28, 2007, the
members of Good Vantage Limited passed a resolution to wind up
the company's operations.

In this regard, Poon Chi Woo and Poon Chin Chung, Philip were
appointed as liquidators.

The Liquidators can be reached at:

         Poon Chi Woo
         Poon Chin Chung, Philip
         Room 1307, Dominion Centre
         43 Queen's Road East, Wanchai
         Hong Kong


HUA HIN: Creditors to Prove Debts by April 10
---------------------------------------------
Hua Hin (S) Company Limited, which is in members' voluntary
liquidation, requires its creditors to prove their debts by
April 10, 2007.

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

According to the TCR-AP, the company started winding up its
operations on Feb. 9, 2007.

The company's liquidator is:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


HUA XIA: Plans to Sell More A-Shares in Second Half of 2007
-----------------------------------------------------------
China's Hua Xia Bank Co aims to issue additional yuan-
denominated A shares in the second half of 2007 and has no plans
at present to list in Hong Kong, Market Watch reports, citing
the bank's chairman, Liu Haiyan.

The proceeds of the planned offering of new shares would help
improve the bank's capital adequacy, the report cites Mr. Liu,
as saying.

Without disclosing other details, Mr. Liu noted that the plan is
yet to be finalized.

Market Watch relates that the planned share-offering came after
Hua Xia Bank's shareholders approved a proposal for the bank to
sell up to CNY4.5 billion worth of hybrid bonds on the interbank
bond market by January next year.

He Yuanyuan, an analyst at China Research Corp., said the share-
offering plan would help boost Hua Xia Bank's capital, but she
expects the share price has limited room to rise because it is
fairly priced and the mid-sized bank appears to lack a clear
development strategy, Market Watch notes.

                          *     *     *

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers
financial services to both corporate and individual clients.  At
the end of 2005, it has 27 branches and 257 offices nationwide.

On September 21, 2005, Deutsche Bank entered into a preliminary
agreement to purchase a holding of about 10% in Huaxia Bank, a
medium-sized Beijing-based lender, for about US$200 million.
People close to the situation said Deutsche had teamed up with
another European financial institution to buy a total of about
15 per cent in Shanghai-listed Huaxia for more than
US$300 million -- a slight premium to its market value.

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.

Hua Xia Bank's Individual D/E rating reflects its weak capital
position, inadequate profitability, and potential asset quality
risks stemming from very rapid loan growth.  Total loans
expanded 29% in 2005, the second fastest growth among local
peers.


INDUSTRIAL BANK: Fitch Affirms Individual Rating at 'D/E'
---------------------------------------------------------
On March 12, 2007, Fitch Ratings upgraded the support ratings of
Industrial Bank to 3 from 4, reflecting the improved ability of
the government to support domestic financial institutions and
the close relationship between the bank and the central and
local governments.

At the same time, the agency affirmed the bank's individual
rating at D/E.

The Support rating upgrade of the bank, in which its major
shareholder is its local government, reflects the improved
financial standings of the central and local governments,
together with its ongoing close relationships with the bank.
The agency also noted that Industrial Bank has large foreign
financial institutions as significant shareholders - all of whom
could serve as a potential source of support.


MOSSIDE ENTERPRISES: Shareholders Resolve to Shut Down Firm
-----------------------------------------------------------
The shareholders of Mosside Enterprises Limited met on Feb. 26,
2007, and agreed to shut down the company's business.

Moreover, Ying Hing Chiu and Chung Miu Yin were appointed as
liquidators.

The company's Liquidators can be reached at:

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


PHILIP Y. CHEUNG: Placed Under Members' Voluntary Wind-Up
---------------------------------------------------------
The members of Philip Y. Cheung Company Limited held a general
meeting on March 2, 2007, and decided to wind up the company's
operations.

Creditors are required to submit their proofs of debt by
April 2, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Cheung Man Lai Lorraine
         Flat A3, Carolina Gardens
         20-26 Coombe Road
         Hong Kong


REGENT WELL: Members' Final General Meeting Set for April 10
------------------------------------------------------------
Regent Well Limited, which is in members' voluntary liquidation,
will hold a final general meeting for its members on April 10,
2007, at 10:00 a.m., at 20B, Shek-O Headland in Shek O,
Hong Kong.

The company's liquidator, Tse Wing Sing, Victor, will give a
report about the company's wind-up proceedings and property
disposal during the meeting.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on Jan. 23, 2007.

The Liquidator can be reached at:

         Tse Wing Sing Victor
         Flat B, 16/F, Kwong On Bank
         (Mongkok Branch) Building
         728-730 Nathan Road, Mongkok
         Hong Kong


SHANGHAI PUDONG: Fitch Affirms 'D' Individual Rating
----------------------------------------------------
Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.

At the same time, the agency affirmed the bank's individual
rating at D.

The Support rating upgrade of the bank, in which its major
shareholder is its local government, reflects the improved
financial standings of the central and local governments,
together with its ongoing close relationships with the bank.
The agency also notes that Shanghai Pudong has large foreign
financial institutions as significant shareholders - all of whom
could serve as a potential source of support.


SHOEI (HONG KONG): Liquidators Quit Posts
-----------------------------------------
On Feb. 6, 2007, Rainier Hok Chung Lam and John James Toohey
Shoei resigned as liquidators of Shoei (Hong Kong) Limited.

The former Liquidators can be reached at:

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


SINOCHEM PLASTICS: Members' Final Meeting Set for April 12
----------------------------------------------------------
The members of Sinochem Plastics (Hong Kong) Limited will have
their final meeting on April 12, 2007, at 10:30 a.m., to hear
the liquidator's report regarding the company's wind-up
proceedings and property disposal.

The meeting will be held at the 35th Floor of One Pacific Place,
in 88 Queensway, Hong Kong.

The company's liquidators are:

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


TCI (HK): Appoints Arboit and Blade as Liquidators
--------------------------------------------------
On Feb. 26, 2006, the members of TCI (HK) Limited held a meeting
and decided to voluntarily wind up the company's operations.

Accordingly, Bruno Arboit and Simon Richard Blade were appointed
as liquidators.

The liquidators can be reached at:

         Bruno Arboit
         Simon Richard Blade
         12/F China Merchants Tower
         Shun Tak Centre, 168 Connaught Road Central
         Hong Kong


TETRA PAK: Liquidator to Present Wind-Up Report on April 11
-----------------------------------------------------------
The members of Tetra Pak East Asia Limited will hold a final
general meeting on April 11, 2007, at 11:00 a.m., at the 22nd
Floor of Prince's Building in Central, Hong Kong.

Liquidator Rainier Hok Chung Lam will give a report regarding
the company's wind-up proceedings and property disposal.

The Liquidator can be reached at:

         Rainier Hok Chung Lam
         22/Floor Prince's Building
         Central, Hong Kong


XIN FA: Members to Receive Wind-Up Report on April 10
-----------------------------------------------------
The members of Xin Fa (International Trading) Limited will have
their final general meeting on April 10, 2007, at 3:00 p.m., to
hear the liquidator's report about the company's wind-up
proceedings and property disposal.

The meeting will be held at Room 506, 5th floor of Haleson
Building, 1 Jubilee Street in Central, Hong Kong.

The company's liquidator is:

         Lai Wai Man, Vincent
         5th Floor, Room 506-7
         Haleson Building
         1 Jubilee Street, Central
         Hong Kong


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

AFFILIATED COMPUTER: S&P Lifts Corporate Credit Rating to BB
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior secured ratings on Affiliated Computer Services Inc.
to 'BB' from 'B+' and removed the ratings from CreditWatch
positive (the initial CreditWatch placement with negative
implications was on Jan. 27, 2006).  The outlook is stable.

"The rating actions reflect the filing of audited financial
reports and the elimination of any triggering events that might
have caused a payment acceleration on the company's US$2 billion
of term debt," said Standard & Poor's credit analyst Philip
Schrank.  The company has completed its internal investigation
into its historical stock option practices.  In response to the
investigation's findings, the company recognized a noncash,
cumulative pretax restatement for previously unrecognized stock-
based compensation expense of US$51.2 million.

The current ratings incorporate the capacity Affiliated Computer
has put in place to add significantly more debt through both a
US$1 billion debt revolver, and uncommitted accordion loans,
with very flexible loan covenants.  "At the 'BB' rating level,
our expectation is that Affiliated Computer will manage its debt
leverage at between 3x-5x times over the intermediate term, and
may pursue further repurchases or acquisitions," said Mr.
Schrank.

Affiliated Computer has maintained higher margins than many of
its information technology outsourcing peers; some competitors
have experienced revenue deceleration and margin contraction.
While Affiliated Computer faces competitive threats from larger,
more globally positioned information technology providers, the
company's very strong position in state and local government
outsourcing services provides a measure of ratings stability.

Dallas-based Affiliated Computer Services Inc. has operations in
Brazil, China, Dominican Republic, Guatemala, Ireland,
Philippines, Poland, Singapore and India.


AFFILIATED COMPUTER: Earns US$72.1 Mln in Quarter Ended Dec. 31
---------------------------------------------------------------
Affiliated Computer Services Inc. reported net income of
US$72.1 million on revenues of US$1.426 billion for the second
quarter of fiscal 2007 ended Dec. 31, 2006, compared with net
income of US$102.4 million on revenues of US$1.347 billion for
the second quarter of the prior year.

"I am very pleased with our results this quarter.  We saw
improvements in operating margins in both the Commercial and
Government segments.  Our renewal rates were excellent at
approximately 90% for the second quarter and approximately 95%
for the first six months of the year.  I would like to thank our
clients for their continued confidence in ACS," said Lynn
Blodgett, ACS' president and chief executive officer.

"Internal revenue growth in our Government segment improved to
4% which is a sign that the steps we started taking 18 months
ago to restructure our sales force have driven the desired
results.  We achieved good cash flow results in the second
quarter and reduced capital expenditures in absolute terms and
as a percent of revenue from the prior year and prior quarter.
All in all this was a good quarter for ACS.  We could not have
achieved these results without our resilient and dedicated
workforce and I appreciate all of their efforts."

Other key highlights from ACS' fiscal 2007 second-quarter report
include:

  -- Total revenue growth for the second quarter was 6% from
     prior year quarter.  Total revenue growth was 10% after
     adjusting for the divestiture of the welfare to workforce
     services business, substantially all of which was divested
     in the second quarter of fiscal 2006.  Consolidated
     internal revenue growth for the second quarter was 4%.

  -- Cash flow from operations was approximately US$132 million,
     or 9% of revenues.  Capital expenditures and additions to
     intangible assets were approximately US$75 million, or 5%
     of revenues.  Cash flow results included cash interest paid
     on debt, cash paid related to legal and other costs
     associated with the ongoing stock option investigations and
     shareholder derivative lawsuits, offset by cash interest
     income, totaling US$65 million, or 5% of revenues.

  -- During the second quarter, the company acquired Systech
     Integrators Inc. for US$65 million, plus contingent
     payments of up to US$40 million based upon future
     performance.  Systech, with trailing twelve months of
     revenue of approximately US$61 million, is a premier
     partner of SAP Americas and will expand ACS' existing SAP
     service offering with consulting and systems integration
     services.

  -- During the quarter, the company signed contracts with
     US$166 million of annual recurring revenue and total
     contract value of approximately US$1.1 billion.  The
     company renewed US$162 million of annual recurring revenue
     with total contract value of US$553 million during the
     quarter.

At Dec. 31, 2006, the company's balance sheet showed
US$5.928 billion in total assets, US$4.038 billion in total
liabilities, and US$1.89 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2006, are available
for free at http://researcharchives.com/t/s?1ae7

                     About Affiliated Computer

A FORTUNE 500 company, Affiliated Computer Services Inc.,
(NYSE: ACS) -- http://www.acs-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has operations in Brazil,
China, Dominican Republic, Guatemala, Ireland, Philippines,
Poland, Singapore and India.


ANDHRA BANK: Considers Interim Dividend Payment for 2006-07
-----------------------------------------------------------
Andhra Bank informs the Bombay Stock Exchange that it is
considering payment of interim dividend for 2006-07.

In this regard, the bank will be passing a resolution for the
proposed interim dividend amongst its board of directors on
March 15.

The bank fixed March 23 as the record date for the purpose of
payment of the interim dividend.  The dividend pay-out date will
be on March 30.

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

As of June 2006, the Bank rendered services through 1,788
business delivery channels consisting of 1,216 branches, 123
extension counters, 412 ATMs and 37 satellite offices spread
over 21 states and two union territories in India.

                          *     *     *

On Sept. 16, 2002, Fitch Ratings assigned Andhra Bank a C/D
Individual Rating.


ANDHRA BANK: Names T. Ravindranath as Workmen Employee Director
---------------------------------------------------------------
India's Ministry of Finance has named T. Ravindranath as workmen
employee director on Andhra Bank's board of directors, the bank
discloses in a regulatory filing with the Bombay Stock Exchange.

Mr. Ravindranath is appointed to his new post for a period of
three years and thereafter until his successor is duly appointed
or until he ceases to be a workmen employee of the bank or until
further orders, whichever is earliest, provided that he will not
hold office continuously for a period exceeding six years.

The government has also nominated B. Maheshwaran as director on
the bank's board with immediate effect.

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

As of June 2006, the Bank rendered services through 1,788
business delivery channels consisting of 1,216 branches, 123
extension counters, 412 ATMs and 37 satellite offices spread
over 21 states and two union territories in India.

                          *     *     *

On Sept. 16, 2002, Fitch Ratings assigned Andhra Bank a C/D
Individual Rating.


BANK OF BARODA: Plans Medium-Term Note Program of Up To US$1.5BB
----------------------------------------------------------------
Bank of Baroda is in the process of establishing a "Medium Term
Note Programme" up to US$1.5 billion.  Under the MTN Programme,
the Bank will issue foreign currency bonds in International
market from time to time depending upon its funds requirements
through Bank's London or Nassau or any other foreign branch.
These bonds will be listed on Singapore Stock Exchange.

The brief particulars are:

   1. The Bank would be issuing various senior, junior
      subordinated or other debt instruments from time to time
      of medium or long term under the said programme.  This is
      in terms of Bank's endeavor to strengthen its Capital
      Adequacy Ratio in the long run and also to meet its long
      term funding requirements.

   2. The Bank has appointed Barclays Capital, Citigroup and
      Deutsche Bank as Joint Lead Managers.  The Bank signed
      various documents for the establishment of the programme
      and also for engagement of the Lead Managers or other
      intermediaries for the said programme on March 7, 2007.

   3. The Programme has been awarded credit rating of "Baa2"
      (for senior and junior subordinated notes Tier II) &
      "Baa3" (for Perpetual Non cumulative subordinated debts
      i.e. hybrid Tier I debts) by Moody's and "BB" (for
      unsecured subordinated Upper Tier II notes & hybrid Tier I
      debts) & "BBB minus" (for senior debts) by Fitch.

Headquartered in Mumbai, 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.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF BARODA: Board to Consider Interim Dividend on March 17
--------------------------------------------------------------
Bank of Baroda's board of directors will hold a meeting on
March 17, 2007, inter alia, to consider a proposal to declare
interim dividend for the year 2006-07.

The bank has set March 23, as the record date for the purpose of
the dividend payment.  The payment date is fixed on March 30.

Headquartered in Mumbai, 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.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BRITISH AIRWAYS: Eyes 5-6 Percent Revenue Increase in 2007-2008
---------------------------------------------------------------
At its annual Investor Day on March 7, British Airways plc
released market guidance for the financial year 2007-2008.

Revenue is forecast to increase by 5 to 6 percent based on
capacity measured in available-seat-kilometers up 1.3 percent,
traffic measured in revenue-passenger-kilometers up 2.4 percent
and yield measured in pence per RPK up 3.4 percent.

Fuel is forecast to be up by some GBP100 million for 2007-2008.
Total costs, excluding fuel are forecast to be up GBP50 million.

This will leave the company on track to achieve a 10% operating
margin in the year to March 2008.

                       About the Company

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 Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


ITI LTD: CARE Revises Rating on 2006 Short-Term Bond to PR3
-----------------------------------------------------------
Credit Analysis & Research Ltd. has revised the rating assigned
to the Short Term Bond issue (2006) of ITI Limited to PR3 (SO)
from PR1 (SO) with credit watch.

The rating revision takes into account the persistent delay in
earmarking of working capital limits to the extent of rated
amount (i.e. INR390cr), which is one of the credit enhancements
supporting the rating.  The bonds are continued to be backed by
"Letter of Comfort" from Department of Telecommunications,
Government of India.

The initial rating for the STB issue (2006 Series) was assigned
in July 2006.  The rating was supported by credit enhancements
in the form of LOC from Department of Telecommunications,
Government of India and proposed earmarking of working capital
limits to the extent of rated amount.  ITI is yet to carry out
earmarking of limits despite repeated reminders.

As the rating of the instrument is largely based on the credit
enhancement due to the weak standalone financial position of
ITI, the credit quality of the rated instrument is lowered
significantly due to the absence of one of the credit
enhancements which warrants a revision in rating.

CARE would continuously monitor the steps taken by ITI to carry
out earmarking of limits and would take suitable rating
action(s) as and when required.

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, Fitch Ratings assigned final National ratings
of 'D(ind)(SO)' to  ITI's INR550 million 'J-1' Series long-term
bonds.

Credit Analysis and Research Limited has revised the rating
assigned to the 'M' series long term bond issue of ITI Limited
to CARE D (SO) Single D (Structured Obligation) from CARE AAA
(SO) with Credit Watch.


KOTAK MAHINDRA: Fitch Maintains 'C/D' Individual Rating
-------------------------------------------------------
Fitch Ratings, on March 12, 2007, assigned an 'AA+(ind)'
National rating to the INR750 million and INR500m subordinated
(Lower Tier 2) debt programmes of Kotak Mahindra Bank Ltd.

Meanwhile, the agency also affirmed the bank's existing ratings
as follows:

   -- National Long-term rating 'AA+(ind)';

   -- term deposit programme at 'tAAA(ind)';

   -- INR4,500m subordinated debt (Lower Tier 2) programme
      'AA+(ind); and

   -- INR500m Upper Tier 2 subordinated issue 'AA(ind)'.

The Outlook for each of these ratings is Stable.

KMBL's National Short-term rating 'F1+(ind), Individual of 'C/D'
and Support of '5' are also affirmed.

The subordinated debt being raised is part of KMBL's capital
raising programme aimed at maintaining the total capital
adequacy ratio in excess of 11% (total CAR at end-December 2006:
11.6%, Tier 1 ratio: 8.6%), even as loans continue to grow by
more than 50% year-on-year.

Fitch had earlier affirmed the bank's outstanding ratings based
on its strong financials and the dominant position of some of
its group companies in the Indian financial services sector.


UCO BANK: Government Names N. P. Sinha as New Director
------------------------------------------------------
The Government of India has appointed N. P. Sinha as director in
UCO Bank Ltd's board with effect from Feb. 27, 2007, the bank
informs the Bombay Stock Exchange in a regulatory filing.

UCO Bank further informs BSE of the retirement of Sandip Ghose
from its board effective Feb. 27.

UCO Bank Limited -- http://www.ucobank.in/-- is a commercial
bank that also operates two international financial centers, in
Hong Kong and Singapore.  It has approximately 2000 service
units spread all over India.  It undertakes foreign exchange
business in more than 50 centers in India.  The company also has
foreign exchange dealing operations at four centers.  It caters
to the segments of economy, such as agriculture, industry, trade
& commerce, service sector and infrastructure sector.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual
rating to 'D' from 'D/E'. At the same time, Fitch affirms the
bank's support ratings at 4. All ratings are with a stable
outlook.


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

BANK NEGARA: IDR1.38-Trillion Loan to Semesta Marga Questioned
--------------------------------------------------------------
Many groups questioned PT Bank Negara Indonesia Tbk and PT Bank
Rakyat Indonesia Tbk's provision of a IDR1.38-trillion loan to
PT Semesta Marga Raya, Tempo Interactive reports.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2007, the two banks signed a loan syndication
agreement to provide a 10-year maturity loan of IDR1.38 trillion
to Semesta Marga Raya, a Bakrie Group subsidiary.  The loan will
be used for the construction of a 35-kilometer tollway as part
of the government's program to accelerate infrastructure
development.

The groups, which were not identified in the Tempo report,
questioned why the two banks provided the loans when the Bakrie
Group is still involved in a mudflow incident in May 2006
allegedly caused by Lapindo Brantas' drilling operations.

The government is prepared to provide IDR3.8 trillion in bail-
out funds for relocating infrastructure ruined due to the
Lapindo mudflows in an East Java province, according to Tempo
Interactive.

The Bakrie Group can provide funds for the toll-road project,
the report cites Economic observer Faisal Basri as saying.  Mr.
Basri finds the loan as odd and notes how the Group seemed to
run away from handling responsibility for the mudflows.

                       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,
a 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
Feb. 6, 2007, Moody's Investors Service revised the outlook from
positive to stable the ratings of PT Bank Negara Indonesia's
senior debt and foreign currency long-term deposit ratings to
positive from stable.

The bank's short-term deposit rating and long-term subordinated
debt rating continue to carry the rating agency's stable outlook
and the bank financial strength rating a positive outlook.

The bank's detailed ratings are:

   -- senior/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of E.

TCR-AP reported on Feb. 1, 2007, Fitch Ratings has affirmed all
the ratings of Bank Negara as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-'

   * Short-term rating 'B',

   * National Long-term rating 'A+(idn)',

   * Individual 'D', and

   * Support '4'.

The Outlook for the ratings was revised to Positive from Stable.

Standard & Poor's Ratings Services revised the outlook on the
local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


FREEPORT-MCMORAN: Fitch Assigns 'BB' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings assigned the following ratings to Freeport-McMoRan
Copper & Gold and downgraded the ratings of Phelps Dodge in
connection with FCX's pending acquisition of Phelps Dodge for
approximately US$25.9 billion in cash and stock.  The
transaction is subject to the approval of the shareholders of
FCX and Phelps Dodge; the vote is scheduled March 14, 2007 with
closing expected March 19, 2007.  The transaction is expected to
give rise to about US$16 billion in additional debt.

Fitch has assigned the following ratings:

Freeport-McMoRan Copper & Gold (FCX)

   -- Issuer Default Rating 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver 'BBB-';

   -- US$1 billion Secured Bank Revolver 'BB';

   -- US$2.5 billion Secured Bank Term Loan A 'BB';

   -- US$7.5 billion Secured Bank Term Loan B 'BB';

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014.

   -- 7% convertible notes due 2011 'BB-'.

   -- FCX New Unsecured Notes due 2015 and 2017 at 'BB-'

   -- FCX Convertible Preferred Stock at B+.

Phelps Dodge

   -- Cyprus Amax 7.375% Notes due May 2007, to be secured and
      to be guaranteed by FCX downgraded from 'BBB' to 'BB-';

   -- Senior Unsecured Notes and Debentures to be guaranteed by
      FCX downgraded from 'BBB' to 'BB-';

   -- 8.75% notes due 2011;

   -- 7.125% debentures due 2027;

   -- 9.50% notes due 2031;

   -- 6.125% notes due 2034.

Phelps Dodge Bank Revolver ratings have been withdrawn.

Some US$18.7 billion in securities are affected.  The Ratings
Outlook is Stable.

The debt ratings of Phelps Dodge have been removed from Ratings
Watch Negative.

Pro Forma December 31, 2006 Debt of about US$17.6 billion
compares at 2.26 times pro forma 2006 EBITDA of US$7.8 billion.
Fitch notes that earnings and cash flows are highly levered to
metals prices and US$0.20/lb. decline in copper prices could cut
EBITDA by US$800 million over a twelve-month period.  In
particular, the price of copper averaged US$3.05/lb. on the
London Metal Exchange in 2006 and US$2.57/lb. for the first two
months of 2007.

Liquidity is quite strong with slight usage expected on the
US$1.5 billion in revolvers for letters of credit.  Pro forma
December 31, 2006 cash balances are US$3.4 billion.

Results of both companies continue to benefit from strong metals
prices albeit at lower levels than the very high prices in 2006.
Metals prices, over the short to medium term, should allow
significant debt reduction and permit leverage to remain in a
range consistent with the ratings in a modestly lower earnings
environment.

The PT Freeport Revolver benefits from a superior security
package and therefore warrants a higher rating than the IDR.

The bank facilities and some of FCX's notes will be secured by:

   -- the stock of certain domestic subsidiaries and 65% of
      certain first-tier foreign subsidiaries,

   -- the intercompany indebtedness owed to FCX by its
      subsidiaries and

   -- deposits and investment accounts of FCX and will be
      unconditionally guaranteed by certain of FCX's existing
      and subsequently acquired or organized subsidiaries.

The Cyprus Amax Notes will be secured by pledges of the
outstanding shares of capital stock of Phelps Dodge's wholly
owned domestic subsidiaries and a portion of the capital stock
of Phelps Dodge's wholly owned first-tier foreign subsidiaries;
these are due in the very near term and repayment is supported
by strong liquidity.

                      About Freeport-McMoRan

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.


INDOFOOD SUKSES: Unit Raises SGD423 Mil. to Develop Plantations
---------------------------------------------------------------
PT Indofood Sukses Makmur's subsidiary, Indofood Agri Resources
Ltd., sold 338 million new shares raising SGD423 million,
Bloomberg News reports.  The proceeds of the shares, which were
sold at SGD1.25 a piece, will be used to develop oil palm
plantations, the news agency says.

The report notes that the company seeks to meet rising demand
for palm oil, which is not only used as cooking oil and an
ingredient for soap making but also as an alternative fuel.

According to the report, in August 2006, Indofood agreed to sell
its palm oil unit to Cityaxis Holdings Ltd., for SGD392.7
million and for a control in the company.  Cityaxis said it will
buy Indofood's land bank of about 138,542 hectares, six palm oil
milling plants and four refineries.  Cityaxis changed its name
to Indofood Agri in January.

Arijit Ghosh of Bloomberg relates that CIMB-GK Securities Pte.,
Credit Suisse and Kim Eng Securities Pte helped Indofood Agri
sell the shares.

                     About Indofood Sukses

PT Indofood Sukses Makmur Tbk (Indofood)
-- http://www.indofood.co.id/-- is Indonesia's premier
processed foods company.  Its products, including instant
noodles, wheat flour, branded edible oils and fats, baby foods,
snack foods, food seasoning, lead domestic market shares.
Indofood is currently the largest instant noodles manufacturer
and the largest flour miller in the world, with installed
capacities of approximately 13 billion packs and 3.6 million
tons per annum, respectively.  Indofood's products are
distributed mainly through its subsidiaries, including
Indomarco, independent distributors, as well as some
cooperatives, which bring the Company's products to more than
150,000 retail outlets in the country.  Total employees as of
December 1999 were 42,172.  A combination of shrinking profits,
escalating costs, losses, competition and a declining rupiah
prompted the Company to cut around 2,000 or 4.4% of its
workforce and slash 40 products from its range in 2005.

In 2005, Indofood's total outstanding debt fell to IDR6.8
trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007.
The Company also plans to redeem all the outstanding balance of
the Eurobonds this year.

The Troubled Company Reporter - Asia Pacific reported on
July 19, 2006, that Standard & Poor's Ratings Services has
withdrawn its 'B' corporate credit rating on Indofood at the
company's request.


MEDCO ENERGI: Settles Lawsuit on Bawean Block
---------------------------------------------
Medco Energi Internasional Tbk. revealed the settlement of a
lawsuit previously filed by Indo-Pacific Resources Limited and
its shareholder, Fortune Oil and Gas Inc., with the Court of
Queen's Bench in Calgari, Alberta, Canada, on August 2005,
November 2005, and September 2006.  The settlement was made
prior to the completion of the trial.

The Minutes of Settlement has been signed by the Plaintiffs and
the defendants, which consists of:

   -- The Company and its subsidiary companies, Medco
      International Ventures Ltd.,

   -- Camar Resources Canada Inc. and;

   -- Badan Pelaksana Kegiatan Usaha Hulu Minyak dan gas Bumi;

on February 8, 2007 in Alberta, Canada, and has been submitted
and registered to the Court of Queen's Bench in Calgari,
Alberta, Canada, on February 9, 2007.

The Minutes stated that all parties agreed fully and finally
settle matters in issue between them which were previously filed
and also to fully and finally release claims which the Parties
have made including but not limited to everything that has been
laid out in details during the lawsuit or defense.  On the same
date, IPR, Fortune, CRC, MIV, CPBL, and the Company has signed a
Mutual General Release which release all claims whatsoever which
the Parties have made in the First Action, or in respect of the
subject matter thereof.  It is also being the intention of the
Parties to relinquish and release each other from all possible
claims or liabilities to the fullest extent, except only for
those as may arise from any breach of the Minutes.

Also on the same date, IPR and CRC have signed an Assignment
Agreement, which required IPR to transfer 30% of its Working
Interest to CRC and provide CRC with the rights and obligations
of IPR under a production Sharing Contract in accordance to
Indonesian Law.

Once BP MIGAS approves such transfer, the Working Interest
holders of Bawean block would be:

   -- Camar Resources Canada Inc. - 35% and

   -- Camar Bawean Petroleum Ltd. - 65%

On February 8, 2007, Fortune has alos sent an Apology Letter to
Medco Energi and BP MIGAS, which state their regret of their
misbehavior and any inconveniences may have been caused by their
baseless allegations towards all Parties relating to all
misconduct including abuse of authority, conspiracy, and
unlawful intimidation.

Himi Panigoro, CEO of Medco Energi added, "We honor and accept
the apology and settlement proposed by IPR/Fortune.  We hope a
similar issue will not happen again in the near future."

                        About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter - Asia Pacific stated on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.

According to S&P, the negative outlook on Medco reflects the
company's weaker financial profile due to its increased debt
burden to fund its aggressive capital expenditure.

In a TCR-AP report on Aug. 16, 2006, Moody's Investors Service
has changed the outlook on Medco Energi's ratings to negative
from stable.  The ratings affected by the outlook change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


NUTRO PRODUCTS: To Discuss 2006 Earning Results on March 28
-----------------------------------------------------------
Nutro Products, Inc. will host a live conference call to discuss
the financial results for fiscal year ended December 30, 2006,
beginning at 2:00 p.m. PDT on Wednesday, March 28, 2007.

Investors interested in participating in the call should e-mail
Nutro Products' Investor Relations Department at
http://IR@nutroproducts.com

                     About Nutro Products

Based in City of Industry, California, Nutro Products, Inc.
-- http://www.nutroproducts.com/-- formulates and manufactures
dry and canned food, biscuits, and treats for dogs and cats.
The company's brand names include Natural Choice, MAX, and
Gourmet Classics.  Its products are available in feed stores and
pet supply shops, such as Petco and PetSmart, across the US and
Canada.  Nutro's products are also distributed worldwide,
including Indonesia, Peru and Austria, among others.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 18, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. Consumer
Products sector, the rating agency confirmed its B2 Corporate
Family Rating for Nutro Products, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on the company's
loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million Sr.
   Secured Revolving
   Credit Facility
   Due Jan. 26, 2012      B1       Ba3     LGD2       29%

   US$470 million Sr.
   Sec. Term Loan
   Due July 26, 2013      B1       Ba3     LGD2       29%

   US$165 million Sr. Flt.
   Rt. Global Notes
   Due Oct. 15, 2013      B3       B3      LGD5       75%

   US$150 million 10.750%
   Sr. Sub. Global Notes
   Due April 15, 2014    Caa1     Caa1     LGD6       91%


PHILLIPS-VAN HEUSEN: To Release 2006 Earning Results on March 26
----------------------------------------------------------------
Phillips-Van Heusen Corporation will release its year-end 2006
results on March 26, 2007 after the markets close.  PVH will
sponsor a conference call March 27, 2007 at 11:00 A.M. Eastern
Time, hosted by Emanuel Chirico, Chief Executive Officer, Allen
Sirkin, President and Chief Operating Officer and Michael
Shaffer, Executive Vice President and Chief Financial Officer.
The purpose of the call is to discuss PVH's year-end 2006
results.

The call will be broadcast live over the Internet via
http://www.companyboardroom.comand http://www.pvh.com

For those who are unable to listen to the live broadcast, a
replay will be available shortly after the call on the above Web
sites for 12 months.  In addition, an audio replay can be
listened to for 48 hours, commencing approximately two hours
after the call.  To listen to the replay call, dial 888-203-1112
and enter the pass code number 7844112.

                    About Phillips-Van Heusen

Phillips-Van Heusen Corporation -- http://www.pvh.com/-- own
and markets the Calvin Klein brand worldwide.  It is a shirt
company that markets a variety of goods under its own brands:
Van Heusen, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass & Co.,
Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth Cole,
BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by Michael
Kors, Chaps and Donald J. Trump Signature.

It has operations in the Asia-Pacific region, including
Indonesia, China, Philippines, Malaysia, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 14, 2006, that Moody's Investors Service upgraded Phillips
Van Heusen Corporation's corporate family rating to Ba2 from
Ba3.

The company's senior secured notes were upgraded to Baa3 from
Ba1 and the company's senior unsecured notes were upgraded to
Ba3 from B1.

The rating outlook is stable, reflecting Moody's expectations
the company will sustain financial metrics appropriate for the
rating category.


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

77 BANK: Records JPY9.4-Bil. Net Income For Year to March 2006
--------------------------------------------------------------
77 Bank's reported net income amounting to JPY9.42 billion for
the year ended Mar. 31, 2006, as compared with a net income of
JPY9.04 billion for the year ended Mar. 31, 2005.

77 Bank's balance sheet as of Mar. 31, 2006, showed total assets
of JPY5.55 trillion, compared with total assets of
JPY5.61 trillion as of Mar. 31, 2005.

Moreover, the bank reported total liabilities of JPY5.2 trillion
as of Mar. 31, 2006, compared with JPY5.3 trillion as of
Mar. 31, 2005.

Stockholder's equity as of end-March 2006 was JPY359.46 billion.

A full-text copy of 77 Bank's financial results for fiscal year
ended Mar.31, 2006, can be viewed for free at:

http://bankrupt.com/misc/77bank06report.pdf

                       About 77 Bank

Headquartered in Miyagi Prefecture, The 77 Bank, Ltd. --
http://www.77bank.co.jp/english/top.htm-- along with seven
subsidiaries, is a Japan-based financial institution.  The bank
has three business segments.  The Banking segment is involved in
deposits, loans, commodities and securities trading, marketable
securities and investment, foreign currency exchange services,
bonds and trusts and other registered business, debt guarantees,
over-the-counter securities sales, investment trust services,
cash management services, manpower recruitment and real estate
collateral surveys.  The Leasing segment is engaged in
financial-related leasing activities.  The Others segment is
involved in the provision of credit guarantee services, the
entrustment of electronic computation and the provision of
credit card services.

Fitch Ratings gave 77 Bank a 'C' individual rating on Oct. 31,
2005.


AMR CORP: Dec. 31 Balance Sheet Upside-Down by US$606 Million
-------------------------------------------------------------
AMR Corp. reported net earnings for the year ended
Dec. 31, 2006, of US$231 million, compared with net loss of
US$857 million for the previous year.  The company's 2006
results reflected an improvement in revenues somewhat offset by
fuel prices and certain other costs that were higher in 2006,
compared to 2005.

The company's total operating revenues were US$22.56 billion,
which consisted of US$17.86 billion in revenues from American
Airlines, US$2.5 billion in revenues from Regional Affiliates,
US$827 million cargo revenues, and US$1.37 billion in other
revenues, for the year ended Dec. 31, 2006.  The company had
total operating revenues of US$20.71 billion for the year ended
Dec. 31, 2005.

As of Dec. 31, 2006, the company's balance sheet showed
US$29.14 billion in total assets, US$29.75 in total liabilities,
resulting to US$606 million in stockholders' deficit.  The
company's December 31 balance sheet also showed strained
liquidity with US$6.9 billion in total current assets available
to pay US$8.5 billion in total current liabilities.

Unrestricted cash and short-term investments held by the company
as of Dec. 31, 2006, was US$121 million and US$4.59 billion,
respectively, as compared with cash of US$138 million and
US$3.67 billion, respectively, as of Dec. 31, 2005.  AMR Corp.'s
working capital deficit decreased by US$505 million, from
US$2.11 billion at Dec. 31, 2005 to US$1.6 billion at Dec. 31,
2006.

AMR Corp. continues to recapitalize its balance sheet and in
May 2006, issued 15 million shares of common stock for net
proceeds of US$400 million.  On Jan. 26, 2007, it issued an
additional 13 million shares of common stock for net proceeds of
US$497 million.

                          Credit Facility

American Airlines, Inc. has a fully drawn US$740 million credit
facility which consists of a fully drawn US$295 million senior
secured revolving credit facility, with a final maturity on
Jun. 17, 2009, and a fully drawn US445 million term loan
facility, with a final maturity on Dec. 17, 2010.  American's
obligations under the Credit Facility are guaranteed by AMR
Corp.

The Credit Facility contains a covenant requiring American to
maintain, as defined, unrestricted cash, unencumbered short term
investments and amounts available for drawing under committed
revolving credit facilities of not less than US$1.25 billion for
each quarterly period through the life of the Credit Facility.

The required ratio was 1.2 to 1 for the four-quarter period
ending Dec. 31, 2006, and will increase gradually for each
four-quarter period ending on each fiscal quarter thereafter
until it reaches 1.5 to 1 for the four-quarter period ending
Jun. 30, 2009.

A full-text copy of the company's annual report for 2006 is
available for free at http://ResearchArchives.com/t/s?1b0e

                          About AMR Corp.

Forth Worth, Tex.-based AMR Corp., operates with its principal
subsidiary, American Airlines, Inc., -- http://www.aa.com/-- a
worldwide scheduled passenger airline.  At the end of 2006,
American provided scheduled jet service to approximately 150
destinations throughout the world.  American Airlines flies to
Belgium, Brazil, Japan, among others.  The combined network
fleet numbers more than 1,000 aircraft.  American Airlines is a
founding member of the oneworld Alliance, whose members serve
more than 600 destinations in over 135 countries and
territories.  American is also a scheduled airfreight carrier,
providing freight and mail services to shippers throughout its
system.

Its wholly-owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines, Inc. and Executive
Airlines, Inc. and does business as "American Eagle."  American
Beacon Advisors, Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Moody's Investors Service confirmed its B3 Corporate Family
Rating of AMR Corp. and its subsidiary, American Airlines Inc.,
in connection with the rating agency's implementation of its
Probability-of-Default and Loss-Given-Default rating
methodology.


DELPHI CORP: InPlay Sells US$7.5 Million Settlement Claim
---------------------------------------------------------
InPlay Technologies(R) disclosed Monday that it sold its allowed
US$7.5 million general unsecured non-priority claim against
Delphi Automotive Systems LLC.

InPlay sold the claim for a value no less than the face amount
of the allowed claim.

In February 2007, the U.S. Bankruptcy Court for the Southern
District of New York approved a settlement agreement between
InPlay and Delphi under which InPlay was granted an allowed
general unsecured non-priority claim against Delphi Automotive
Systems, LLC in the amount of US$7.5 million.

InPlay's claim stems from an agreement signed between Duraswitch
and Delphi in 2000.  Delphi paid a non-refundable payment of
US$4 million and committed $12 million minimum royalties to
Duraswitch through 2007 for exclusive rights to use Duraswitch
technologies in the automotive industry.

Delphi had paid US$3 million of that US$12 million commitment to
InPlay, with an additional US$3 million due in July 2006 and
US$6 million in July 2007.  As part of its bankruptcy filing in
October 2005, Delphi filed a motion seeking rejection of this
agreement under relevant bankruptcy law.  The Court allowed the
rejection subject to InPlay's right to claim damages for the
breach of the agreement.  InPlay subsequently filed a damages
claim for the remaining US$9 million in minimum royalties.

                  About InPlay Technologies

InPlay Technologies -- http://www.inplaytechnologies.com/--
(NASDAQ: NPLA) develops, markets and licenses proprietary
emerging technologies.  Working with its licensees and OEM
customers, InPlay offers technology solutions that enable
innovative designs and improved functionality for electronic
products.  The company's MagicPoint(R) technology is the only
digital-based pen-input solution for the rapidly growing tablet
PC and mobile computing markets.  Its Duraswitch(R) brand of
electronic switch technologies couples the friendly tactile
feedback of mechanical pushbuttons and rotary dials with the
highly reliable, thin profile of membrane switches, making it
ideal in a wide range of commercial and industrial applications.
InPlay is focused on further commercializing these technologies
and seeking additional innovative technologies to enhance its
portfolio.

                   About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.


DELPHI CORP: Plan Investors Extend Termination Deadline
-------------------------------------------------------
David M. Sherbin, vice president, general counsel, and chief
compliance officer of Delphi Corporation, disclosed in a
Form 8-K filing with the Securities and Exchange Commission that
Delphi and the Plan Investors entered into an amendment of the
Equity Purchase Commitment Agreement on Feb. 28, 2007.

The Plan Investors are:

   -- A-D Acquisition Holdings LLC, an affiliate of Appaloosa
      Management L.P.;

   -- Harbinger Del-Auto Investment Co. Ltd., an affiliate of
      Harbinger Capital Partners Master Fund I, Ltd.;

   -- Dolce Investments LLC, an affiliate of Cerberus Capital
      Management, L.P.;

   -- Merrill Lynch, Pierce, Fenner & Smith Incorporated; and

   -- UBS Securities LLC.

Under the EPCA Amendment, the date by which Delphi, A-D
Acquisition Holdings, LLC, or Dolce Investments LLC have the
right to terminate the EPCA on account of Delphi not having
completed tentative labor agreements with its principal U.S.
labor unions and a consensual settlement of legacy issues with
General Motors Corporation is extended beyond Feb. 28, 2007,
to a future date to be established pursuant to a 14-day notice
mechanism among the parties.

Delphi, ADAH and Dolce have agreed not to exercise the
termination right before Mar. 15, 2007, Mr. Sherbin relates.

The EPCA Amendment also extends the deadline to make certain
regulatory filings under the federal anti-trust laws in
connection with the framework transaction.

A full-text copy of the EPCA Amendment is available for free at
the Securities and Exchange Commission:

               http://ResearchArchives.com/t/s?1a90

                   About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.


DELPHI CORP: Seeks Approval of Valeo/Metcalf Transaction
--------------------------------------------------------
Delphi Corporation and its debtor-affiliates ask the Honorable
Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York to authorize an affiliate, Delphi
Automotive Systems, LLC, to enter into a Purchase Agreement,
Assignment Agreement, Lease, Sublease, and Escrow Agreement, and
effectuate the Valeo/Metcalf Transaction.

The Purchase Agreement, Assignment Agreement, Lease, Sublease,
and Escrow Agreement were negotiated at arm's-length and in good
faith, John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate,
Meagher & Flom LLP, in Chicago says avers.

Moreover, the Debtors' entry into the Transaction will generate
US$123,000,000 worth of net savings over 10 years, with a one-
time capital spending and expenses of approximately
US$41,000,000 over two years.

The Debtors also seek the Court's permission to reject two of
their property leases in connection with their entry into and
consummation of the Transaction.

The Debtors have determined that it would be strategically
advantageous to consolidate multiple office and technical sites
in Michigan and Illinois into one new location in Michigan.
Subsequently, in the latter part of 2006, the Debtors conducted
a search for a facility that would allow them to meet their
objective.

In October 2006, the Debtors located an appropriate site in
Auburn Hills, Michigan.  The Property comprises approximately of
347,000 square feet of office space and 90,000 square feet of
lab space situated on roughly 35 acres of land.

The Property will allow the Debtors to locate a single state-of-
the-art technical center closer to their major customers like
General Motors Corp., Ford, DaimlerChrysler, and Hyundai,
Mr. Butler says.

After locating the Property, the Debtors proceeded to negotiate
a multiparty transaction pursuant to which the Property would be
acquired by a third-party investor and leased to Delphi
Automotive Systems, LLC.  DAS negotiated with the Property's
current owner, Valeo Electrical Systems, Inc., to acquire the
Property for US$33,000,000.

Over a period of several months, the Debtors solicited offers
from numerous parties for proposals to purchase the Property and
lease it to DAS on an initial 10-year lease term, Mr. Butler
relates.  After reviewing more than 10 offers, the Debtors
determined that the Metcalf Family Trust presented the best
offer.

The agreements that make up the Valeo/Metcalf Transaction
include a purchase agreement, an assignment agreement, a lease,
a sublease, and an escrow agreement.

                        Purchase Agreement

To effectuate the Transaction, DAS executed a Purchase Agreement
and immediately assigned the Purchase Agreement to Metcalf under
an Assignment Agreement.  Once Metcalf closes the transactions
contemplated under the Purchase Agreement and attains possession
of the Property, the Lease from Metcalf to DAS will commence.

The parties have agreed that DAS and Metcalf will have until
Apr. 6, 2007, to complete their due diligence of the Property
and title.  Prior to the expiration of the Due Diligence Period,
Metcalf is required to give written notice of its approval of
the Property to Valeo.

Within three business days of execution of the Purchase
Agreement, Metcalf will deposit $825,000 with a title company.
After giving the Approval Notice, Metcalf will deposit an
additional US$825,000 with a title company.  Once the Approval
Notice is sent to Valeo, the Deposit will be non-refundable.

The parties have slated Apr. 30, 2007, as the closing date of
the Purchase Agreement.

A full-text copy of the Purchase Agreement, with attached copies
of the Sublease and the Escrow Agreement, is available for free
at http://ResearchArchives.com/t/s?1b28

                       Assignment Agreement

In addition to assigning the Purchase Agreement to Metcalf, the
Assignment Agreement provides that if the Lease Transaction is
terminated through DAS' direction and through no fault of
Metcalf, DAS will compensate Metcalf up to US$50,000 for its
actual and reasonable expense.

Pursuant to the Assignment Agreement, Metcalf will assign to
DAS LLC its interest, if any, in any rents collected under the
Sublease between DAS and Valeo.

A full-text copy of the Assignment Agreement between DAS and
Metcalf is available for free at:

               http://ResearchArchives.com/t/s?1b29

                              Lease

The Lease provides for an initial term of 10 years, with two
optional additional terms of five years each.  The monthly base
rental for the initial 10-year term is US$268,125, or $7.35 per
square foot, per annum.  DAS will be responsible for all
operating expenses and real estate taxes.  As a result, the
effective cost per square foot, including base rent and
operating costs, is approximately US$19.98 for the first year.

DAS relates that its extensive market analysis indicate that the
rental rate is within market rates for similar situated
properties.

A full-text copy of the Lease between DAS and Metcalf is
available for free at http://ResearchArchives.com/t/s?1b2a


                             Sublease

Under the Sublease, Valeo will sublet a portion of the Property
from DAS while it transitions out of the Property.  For the
first 120 days after the effective date of the Lease, Valeo will
sublet 141,800 square feet from DAS.  For the succeeding 30
days, Valeo will sublet 57,000 square feet.  Prior to the 150th
day after the Lease' effectivity, Valeo will completely depart
from the Property and the Sublease will terminate by its terms.

The total rent for the Sublease term amounts to US$780,250,
provided that Valeo does not elect to exit the Property before
the end of the Sublease, Mr. Butler notes.  The Sublease will
therefore enable DAS to earn revenue from a portion of the
Property while it is transitioning certain operations to the
Property.

                         Escrow Agreement

As security for the rent due under the Sublease and to protect
DAS from any potential damages related to its subtenancy, Valeo
will deposit US$880,250 into escrow under the terms of an Escrow
Agreement.

The size of the Property, according to Mr. Butler, will enable
the Debtors to consolidate six of their leased office and
technical centers in Michigan and Illinois and a portion of one
owned site in Flint, Michigan.  The facilities that would be
moved to the Property or other Delphi facilities and their
current lease end dates are:

                                                       Lease
   City            State  Address                     End Date
   ----            -----  -------                     --------
   Brighton          MI   12501 East Grand River      06/30/2008
   Troy              MI   1322 Rankin                 04/30/2007
   Troy              MI   1441 Long Lake Road         04/30/2007
   Troy              MI   1401 Crooks Road            03/31/2010
   Shelby Township   MI   51786 Shelby Parkway        07/31/2010
   Downers Grove     IL   3110 Woodcreek Drive        08/14/2010
   Flint             MI   1601 North Averill Avenue   N/A

With respect to the Brighton, Rankin, and Long Lake facilities,
the Debtors would vacate those facilities and complete the
transition of the functions performed in those facilities to the
Property by the end of the current lease terms for each of the
facilities.  With respect to the Crooks Road property, the
Debtors would terminate the lease under its terms by exercising
a negotiated termination provision in the lease.  Some of the
employees in the Flint Technical Center would move to the
Property and the Flint Technical Center would await further
disposition.

As the Debtors sell or wind-down their non-core businesses, they
will only be using approximately 76% of their office capacity at
the Shelby facility and 33% of their office capacity at the
Downers Grove facility, Mr. Butler tells the Court.

In conjunction with their financial and real estate advisors,
the Debtors have determined that the Shelby Lease and the
Downers Grove Lease cannot be profitably assumed and assigned to
a third party.  With both leases set to expire in 2010, the
Debtors need to reject the leases to avoid paying for excess
capacity for the remainder of the lease terms, Mr. Butler
maintains.

The Debtors expect that they will need until Sept. 30, 2007,
to vacate the Shelby facility and transition operations to the
Property.  Similarly, the Debtors expect to vacate the Downers
Grove facility by Nov. 30, 2007.

Accordingly, the Debtors seek the Court's authority to reject:

   (i) the Shelby Lease effective as of Sep. 30, 2007; and
   (ii) the Downers Grove Lease effective as of Nov. 30, 2007.

In the event the Debtors are able to vacate the Shelby and
Downer's Grove facilities earlier than anticipated, the Debtors
seek the Court's permission to reject the Shelby Lease effective
as of Aug. 31, 2007, and the Downers Grove Lease effective as
of Oct. 31, 2007, upon 10 days' written notice to the lessors
of those premises.

                   About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.


FORD MOTOR: Inks Pact to Sell Aston Martin for US$925 Million
-------------------------------------------------------------
Ford Motor Company has entered into a definitive agreement to
sell Aston Martin, its prestigious sports car business, to a
consortium comprised of David Richards, John Sinders, Investment
Dar and Adeem Investment Co.

This transaction is the result of Ford's decision, as announced
in August 2006, to explore strategic options for the
Aston Martin business as the company restructures its core
automotive operations and builds liquidity.

The sale is expected to close during the second quarter and is
subject to customary closing conditions, including applicable
regulatory approvals.  The transaction values Aston Martin at
GBP479 million (US$925 million).  As part of the transaction,
Ford will retain a GBP40 million ($77 million) investment in
Aston Martin.  Other terms and conditions specific to the sale
are not being disclosed at this time.

"The sale of Aston Martin supports the key objectives of the
company, to restructure to operate profitably at lower volumes,
changed model mix, and to speed the development of new
products," Ford President and Chief Executive Officer Alan
Mulally said.

"From Aston Martin's point of view, the sale will provide access
to additional capital, which will allow Aston Martin to continue
the growth it has experienced under Ford's stewardship.  Today's
announcement is good for Ford Motor Company, good for Aston
Martin and good for the UK.  We wish Aston Martin every possible
success for the future."

The new owner of Aston Martin is a consortium comprised of:

   -- David Richards, founder and chairman of Prodrive, a
      world-leading motorsport and automotive technology
      company;

   -- John Sinders, an avid Aston Martin collector and a backer
      of Aston Martin Racing; and

   -- Investment Dar and Adeem Investment Co, international
      investment companies headquartered in Kuwait.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company also has operations in Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

The TCR reported on Dec. 7, 2006, Fitch Ratings downgraded Ford
Motor Company's senior unsecured ratings to 'B-/RR5' from
'B/RR4' due to the increase in size of both the secured
facilities and the senior unsecured convertible notes being
offered.

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


MIZUHO FINANCIAL: Reveals Management Changes
--------------------------------------------
Mizuho Financial Group, Inc., discloses changes in the
directors, corporate auditors and executive officers (including
changes in their areas of responsibility) of these group
companies:

   -- Mizuho Financial Group, Inc.;

   -- Mizuho Bank, Ltd.;

   -- Mizuho Corporate Bank, Ltd.;

   -- Mizuho Securities Co., Ltd.; and

   -- Mizuho Trust & Banking Co., Ltd.

Details on the management changes are available for free at:

      http://ResearchArchives.com/t/s?1b49

                    About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial
institution.  The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The company
has 130 consolidated subsidiaries and 19 associated companies.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.


MIZUHO FINANCIAL: Mizuho Corp. Bank To Strengthen Organization
--------------------------------------------------------------
Effective April 1, 2007, Mizuho Corporate Bank, Ltd. (MHCB:
President & CEO, Hiroshi Saito) will implement measures to
strengthen its organization and structure in the aim of further
enhancing its global strategies, aiming to respond more quickly
and accurately to the increasingly global and sophisticated
business and financial objectives of its clients.

The three key points of the measures to strengthen MHCB's
organization and structure are outlined:

1. Evolution of the Business Model through Creation and
   Discovery of New Areas of Business

   Since 2002, MHCB's Corporate Restructuring Business Unit has
   focused on revitalizing corporate clients.  Having
   accomplished its initial objectives, this unit will undergo a
   phased winding-down, thus allowing managerial resources to be
   shifted to new areas of business.  Under this strategy, a new
   business unit, the Global Alternative Investment Unit, will
   be established to fully develop MHCB's asset management
   business, an area of business which is experiencing
   remarkable growth and expansion on a global basis.

   To begin with, MHCB is planning to establish, jointly with
   Mizuho Securities, an alternative investment company in New
   York in April 2007.  Thereafter, a global structure will be
   developed, linking New York, Tokyo, and Europe, and we will
   aim to become a pioneer in alternative investment, creating
   and offering sophisticated investment opportunities for
   investors.

2. Strengthening and Enhancing of the Global Business Base

   Having obtained financial holding company (FHC) status in the
   U.S., MHCB plans to actively engage in securities business in
   the U.S. through its subsidiary, Mizuho Securities USA, Inc.
   At the same time, MHCB will strengthen the operations of
   Mizuho Corporate Bank (USA), another subsidiary of MHCB,
   thereby developing in the Americas a full line of financial
   services and efficiently linking banking and securities
   services.

   Also, at the end of last year, MHCB received approval from
   the Chinese financial supervisory authorities to commence
   preparations for the establishment of a banking subsidiary in
   China.  Steady progress is being made on these preparations,
   and establishment of the subsidiary is planned for the first
   half of 2007.  Additionally, MHCB is driving to further
   enhance its global office network in other areas, including
   Tianjin, Milan, Moscow, Riyadh and Dubai.

3. Enhanced Marketing of Global Investment Banking Products

   The organization and structure of the Global Investment
   Banking Group will be transformed in order to, among other
   objectives, strengthen enterprise risk financing through
   methods such as whole business securitization (WBS) and
   project finance.  By doing so, Mizuho will develop and
   promote comprehensive and integrated investment banking
   products on a global basis, in tune with the increasingly
   diverse and complex financing needs of our clients.  In
   addition to the strengthening of business strategies in this
   manner, compliance systems will also be reinforced, based on
   the presumption that MHCB's global investment banking
   business operations will be expanding.

   Under a new organizational structure that is in sync with the
   increasingly diversified and sophisticated needs of clients
   and investors and with trends in the global financial
   markets, MHCB will, by strengthening the undertaking business
   in new areas that have high growth potential, make important
   strides in evolving and developing the global strategies that
   were begun last year.

Supplemental Explanations:

Phased Winding-down of the Corporate Business Restructuring Unit

The Corporate Business Restructuring Unit, which concentrated on
clients with corporate revitalization/restructuring needs, will
undergo a phased winding-down, and its Credit Engineering
Division will be transferred to the Global Investment Banking
Group.  The skills and know-how developed in the corporate
revitalization process, including credit engineering and
corporate restructuring, will be developed into functions to
support the development of new enterprise strategies for
clients.

Establishment of the Global Alternative Investment Unit

Recently, in the global financial wholesale market, alternative
investment management business* aimed at institutional investors
and other players has been showing expansion and growth.  This
has been identified as a strategic business area for MHCB's
evolving business model, and as such, MHCB will accelerate the
full-scale undertaking of business in this area.

With these objectives in mind, MHCB will:

   -- Establish a dedicated business unit in line with evolving
      business strategies

   -- Establish an alternative investment management company in
      New York in cooperation with Mizuho Securities (April
      2007)

Mizuho will move forward with preparation of a structure that
bridges the Americas, Europe, and Asia (including the
establishment of a new alternative investment management company
in Tokyo), thereby strengthening access to global money flows,
with the ultimate aim of creating more advanced and
sophisticated opportunities for investment management.

Strengthening of the Structure of Mizuho Corporate Bank (USA)

Having obtained FHC status in the U.S., MHCB plans to actively
engage in securities business through Mizuho Securities USA,
Inc., and at the same time, strengthen the business operations
and administrative structure of Mizuho Corporate Bank (USA), an
MHCB subsidiary, aiming to offer in the Americas a full line of
financial services and strengthen the linkage between banking
and securities services on a global basis.  Together with the
other MHCB offices in the Americas, this will enable MHCB to
offer a full line of financial services to support the
management and financial objectives of clients in the Americas
and aim for significant expansion of business development.

Further Expansion of MHCB's Global Network

At the end of last year, MHCB received approval from the Chinese
financial supervisory authorities to commence preparations for
the establishment of a banking subsidiary in China.  In addition
to the establishment of the China banking subsidiary in the
first half of 2007, MHCB is also making preparations for the
establishment of offices in Tianjin (China), Milan and Moscow.

Additionally, the establishment of offices in the Middle East --
in Riyadh and Dubai -- is being considered, as expanding
business opportunities are anticipated for this region, in order
to respond to the diverse needs of our clients on a global
basis.

Enhanced Marketing of Global Investment Banking Products

The Global Investment Banking Group will be transformed to
handle a full spectrum of products, in the aim of developing and
promoting comprehensive and integrated investment banking
products on a global basis, in tune with the increasingly
diverse and complex financing needs of our clients.

Specifically, the changes in the group's organizational
structure will be made to strengthen the operations in the area
of enterprise risk financing, utilizing methods such as project
financing and WBS.

The key changes will be made to the following divisions:

   -- Structured Finance Division (changes comprising the
      strengthening of the functions of the former Project
      Finance Division No. 2)

   -- Global Structured Finance Division (changes comprising the
      strengthening of the functions of the former Project
      Finance Division No. 1)

   -- Credit Engineering Division (transferred from the
      Corporate Restructuring Business Unit)

Strengthening of the Business Promotion Structure for
Global Sales and Trading

In addition to traditional fixed income and foreign exchange,
this field will be expanded to include commodities and credit.
In order to further strengthen sales and trading operations, the
structure and organization of the Global Markets Unit will be
revised and reinforced.

Strengthening of Compliance Administration

As part of compliance system reinforcement -- deemed essential
for the strengthening of our global strategies and investment
banking strategies -- the number of the Compliance Group's staff
will be increased and functions will be enhanced.  Also, in
light of MHCB having obtained FHC status, the Americas
Compliance Division will be established in order to strengthen
the compliance administration structure in the Americas.

(*Global Alternative Investment)

Investment management business that arranges and manages a wide
variety of assets not limited to securities and bonds through
advanced structures and methods, and sells these products on a
global basis.  The establishment of a new investment management
company that focuses on this business area will be the first of
its kind in Japan.

                    About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial
institution.  The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The company
has 130 consolidated subsidiaries and 19 associated companies.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.


NIKKO CORDIAL: Tokyo Stock Exchange Won't Delist Nikko Stock
------------------------------------------------------------
The Tokyo Stock Exchange has decided not to delist Nikko Cordial
Corp.'s securities because it cannot confirm whether the
brokerage falsified its financial statements in a systematic
manner, The Japan Times reports, citing TSE President Taizo
Nishimuro.

According to Japan Today Mr. Nishimuro said that the TSE
acknowledges the fact that there were more than one Nikko
Cordial official involved in the accounting scandal, but it was
not able to reach the conclusion that the company conducted the
accounting manipulation systemically or intentionally.

The TSE pointed out that the Nikko Cordial accounting fraud was
less severe compared with other past delisting cases like that
of Seibu Railway Co., which was delisted in December 2004 for
padding its books for 40 years, the report adds.

"Even if the Financial Services Agency and the Securities and
Exchange Surveillance Commission reprimand a company, it may not
always be a good decision to delist that company," The Times
quotes Mr. Nishimuro

The Times states that Nikko Cordial's stock will be removed from
the monitoring post, where it was placed in December 2006 after
the company admitted falsifying its financial statements for
fiscal year 2004.

The report says that the TSE's unanimous decision was good news
for Nikko Cordial, but it may mean trouble for Citigroup, which
was gearing for a tender offer for Nikko Cordial.  Citigroup may
be forced to raise its offer of JPY1,350 per share if it still
wants to buy out the firm.

The Asahi Shimbun, citing a Citigroup official, relates that
Citigroup will not change its plan to acquire more than half of
Nikko Cordial.  However, the report notes, investors who have
bought Nikko Cordial shares at prices higher than Citigroup's
offer are not expected to rally behind Citigroup.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 9, 2007, that Harris Associates LP, Nikko Cordial Corp.'s
biggest shareholder -- with a 7.5% stake -- said that
Citigroup Inc.'s US$10.8-billion takeover offer is too low.

In a subsequent report on Mar. 13, 2007, the TCR-AP said that
Nikko Cordial's other three largest shareholders -- Orbis
Investment Management Ltd., with a 6.9% stake; Southeastern
Asset Management Inc., with 6.6%; and Mackenzie Financial Corp.,
with 5.7% -- have also publicly said that Citigroup's
US$11.42-per-share (JPY1,350 a share) takeover bid is not
sufficient.

The Times, citing Nikko Cordial President Shoji Kuwashima,
assures that Nikko Cordial will keep its side of the agreement
with Citigroup.

In addition, The Times notes that the Osaka Stock Exchange and
the Nagoya Stock Exchange would not delist Nikko Cordial, but
both bourses warned Nikko Cordial for its acts and ordered the
company to submit a report by March 26 on the steps that the
company has taken to improve its management.

                      About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.
The Asset Management segment provides asset management services
for individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.
The Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.
The company has a global network.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 13, 2007, that Fitch Ratings has downgraded Nikko Cordial
Corporation's Long- term foreign and local currency Issuer
Default ratings to 'BBB-' from 'BBB', the Short-term foreign and
local currency IDRs to 'F3' from 'F2', and the Individual rating
to 'C/D' from 'C'.

The TCR-AP reported on Dec. 22, 2006, that Fitch placed its
ratings on Nikko Cordial Corp. and Nikko Cordial Securities Inc.
on Rating Watch Negative following the decision announced on
Dec. 18 by the Tokyo Stock Exchange to place the shares of NCC
on its official watchlist pending the full investigation into
reported accounting breaches by the company.

As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission commenced an investigation
on Nikko Cordial related to the falsification of its annual
financial statements for the business year ended March 30, 2005,
wherein it declared JPY14 billion in false profits, and used
them to procure money from the market.


NIKKO CORDIAL: JCR Changes Credit Monitor Direction To Positive
---------------------------------------------------------------
Japan Credit Rating Agency, Ltd., has revised the direction to
the Credit Monitor on both long-term and short-term ratings for
Nikko Cordial Corporation and Nikko Cordial Securities from
negative to positive, placing them under Credit Monitor as
#A-/Positive and #J-1/Positive, respectively.

Nikko Cordial Corporation:

   Long-term senior debts

     Issue            : bonds no. 9
     Amount           : JPY50 billion
     Issue Date       : Nov. 22, 2005
     Due Date         : NOv. 22, 2012
     Coupon           : 1.56%
     Rating           : #A-/Positive

   Short-term senior debts

      Rating           : #J-1/Positive

Nikko Cordial Securities Inc.:

   Long-term senior debts

      Rating           : #A-/Positive

   Short-term senior debts

      Rating           : #J-1/Positive

The Tokyo Stock Exchange announced that Nikko Cordial Corp.'s
shares did not fall under its delisting criteria.  TSE said that
it would remove the shares from the supervisory post.  The
decision by TSE cleared away concern over the delisting, which
might have negative impact on the corporation.  Nikko Cordial
Corp. entered into a strategic alliance consisting of
operational and capital tie-ups with Citigroup Inc. on Mar. 6,
2007.  Nikko Cordial agreed that Citigroup will make a tender
offer to acquire majority of its shares.  JCR will follow the
future developments including the results of the tender offer,
placing the Credit Monitor on the two continually.

                      About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.
The Asset Management segment provides asset management services
for individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.
The Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.
The company has a global network.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 13, 2007, that Fitch Ratings has downgraded Nikko Cordial
Corporation's Long- term foreign and local currency Issuer
Default ratings to 'BBB-' from 'BBB', the Short-term foreign and
local currency IDRs to 'F3' from 'F2', and the Individual rating
to 'C/D' from 'C'.

The TCR-AP reported on Dec. 22, 2006, that Fitch placed its
ratings on Nikko Cordial Corp. and Nikko Cordial Securities Inc.
on Rating Watch Negative following the decision announced on
Dec. 18 by the Tokyo Stock Exchange to place the shares of NCC
on its official watchlist pending the full investigation into
reported accounting breaches by the company.

As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission commenced an investigation
on Nikko Cordial related to the falsification of its annual
financial statements for the business year ended March 30, 2005,
wherein it declared JPY14 billion in false profits, and used
them to procure money from the market.


NIKKO CORDIAL: Likely To Sell Off Nikko Principal's Assets
----------------------------------------------------------
Nikko Cordial Corp. is likely to disband Nikko Principal
Investments Japan Ltd. by selling off its assets, The Asahi
Shimbun states, citing unidentified sources.

The report recounts that Nikko Principal is the Nikko Cordial
subsidiary at the center of the accounting scandal.

According to The Shimbun, Nikko Cordial is expected to sell
Nikko Principal's stock holdings in various companies, such as
Seibu Holdings Inc. and StylingLife Holdings Inc.

The report explains that Nikko Principal, using its own funds to
buy shares in companies, earns profits on the initial public
offerings of those companies or by selling its acquired shares.

The Shimbun says that U.S. and European investment funds are
interested to buy Nikko Principal's shares in other companies,
but any move by Nikko Principal to unload all its shareholdings
to different investors, equivalent to selling off all its
assets, would amount to a de facto disbandment.

Nikko Principal, being sold to a single investor, should the
parent and suitor agree on a price, is one possible scenario
that is being considered, the report relates.

The Troubled Company Reporter - Asia Pacific reported on
March 7, that Citigroup Inc. and Nikko Cordial agreed to form
capital and operational alliances that would enable Citigroup to
launch a public tender offer to acquire more than half the
shares in the Japanese brokerage.

The Shimbun says that Citigroup's JPY1,350-per-share offer for
Nikko Cordial includes the current value of Nikko Principal.

The Shimbun, citing a senior Nikko Cordial official, says that
it would be better for shareholders if Nikko Principal's shares
are sold at profits.

                            Background

Nikko Cordial is suspected of falsifying its annual financial
statements for the business year ended March 30, 2005, declaring
JPY14 billion in false profits, and using them to procure money
from the market.  Moreover, Nikko Cordial allegedly issued
JPY50 billion in bonds in November 2005, using the fiscal 2004
earnings statements to explain its financial conditions to
investors.  Thus, people may have invested in Nikko Cordial
based on inaccurate information.

Moreover, Nikko Cordial acquired call center operator
Bellsystem24 Inc. in fiscal 2004 for JPY240 billion, through a
special purpose company, NPI Holdings, that underwrote newly
issued stocks and carried out a tender offer from August 2004 to
January 2005.

To finance the deal, NPI Holdings issued corporate bonds worth
JPY104 billion to Nikko Principal, which owns 100% of shares in
NPI Holdings.  The contract between NPI Holdings and Nikko
Principal stated that the special purpose company was to pay
back the bonds with Bellsystem stock.

Nikko Principal posted JPY14 billion in profit when it acquired
the Bellsystem stock from NPI Holdings, thanks to the complex
mechanism of derivative transactions that had been designed to
yield profits as the stock price rose.

Bellsystem had been listed on the Tokyo Stock Exchange, but was
delisted in January 2005.

Nikko Cordial's consolidated earnings reports cover Nikko
Principal but do not include NPI Holdings.  The Securities and
Exchange Surveillance Commission thinks it inappropriate for
Nikko Cordial to have included only the valuation profit in its
fiscal 2004 earnings results.  The SESC believes that the profit
claimed by Nikko Principal was canceled out by a loss sustained
by NPI Holdings through the derivative transactions, and that
the Nikko Cordial Group deliberately misled the market with
inappropriate accounting methods

                        About Citigroup

Headquartered in New York, Citigroup --
http://www.citigroup.com/-- is today's pre-eminent financial
services company, with some 200 million customer accounts in
more than 100 countries.  Other major brand names under
Citigroup's trademark red umbrella include Citi Cards,
CitiFinancial, CitiMortgage, CitiInsurance, Primerica, Diners
Club, The Citigroup Private Bank, and CitiCapital.


            About Nikko Principal Investments Japan Ltd

Headquartered in Tokyo -- http://www.npi.co.jp/-- Nikko
Principal Investments Japan Ltd., a merchant banking subsidiary
of Nikko Cordial Corporation, invests its own capital in both
public and private businesses on medium- and long-term
perspectives, offering cutting-edge investment and management
technologies to help management enhance corporate value.  As a
so-called principal, relying on its own capital, not on funds
raised elsewhere, NPI, backed by Nikko Cordial Group, makes even
multi-billion dollar investments possible with a high degree of
flexibility.

                      About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.
The Asset Management segment provides asset management services
for individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.
The Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.
The company has a global network.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 13, 2007, that Fitch Ratings has downgraded Nikko Cordial
Corporation's Long- term foreign and local currency Issuer
Default ratings to 'BBB-' from 'BBB', the Short-term foreign and
local currency IDRs to 'F3' from 'F2', and the Individual rating
to 'C/D' from 'C'.

The TCR-AP reported on Dec. 22, 2006, that Fitch placed its
ratings on Nikko Cordial Corp. and Nikko Cordial Securities Inc.
on Rating Watch Negative following the decision announced on
Dec. 18 by the Tokyo Stock Exchange to place the shares of NCC
on its official watchlist pending the full investigation into
reported accounting breaches by the company.

As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission commenced an investigation
on Nikko Cordial related to the falsification of its annual
financial statements for the business year ended March 30, 2005,
wherein it declared JPY14 billion in false profits, and used
them to procure money from the market.


US AIRWAYS: S&P Rates US$1.6 Bil. Secured Credit Facility at B
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to US
Airways Group Inc.'s US$1.6 billion secured credit facility due
2014, currently being syndicated.

In addition, the rating agency assigned a '1' recovery rating,
indicating a high expectation of full recovery of principal in
the event of a payment default.  Proceeds from the proposed
credit facility will be used to refinance the company's existing
US$1.25 billion credit facility put in place in March 2006.

"The ratings on US Airways Group Inc. reflect the inherent high
risk profile of the U.S. airline industry, a more limited route
network than those of some larger competitors, and a substantial
debt burden," said Standard & Poor's credit analyst Betsy
Snyder. "Ratings also incorporate the company's relatively low
cost structure, and significantly improved liquidity."

US Airways Group is the product of a merger.

On Sept. 27, 2005, America West Holdings Corp., parent of
America West Airlines Inc., completed a reverse merger of US
Airways Group Inc., parent of US Airways Inc., the same day US
Airways emerged from Chapter 11 bankruptcy protection.
In 2006, US Airways' earnings performance was among the best of
the U.S. airlines, due in large part to strong revenue growth.

In addition, the company has realized over US$500 million of
synergies from the merger, in excess of the expected
US$350 million. As a result, the company earned US$304 million
in 2006, even after the inclusion of US$203 million in special
charges, and has improved its liquidity.  At Dec. 31, 2006, it
had US$2.4 billion of unrestricted cash compared with
US$1.6 billion a year earlier.

Further profit improvement is expected in 2007, despite more
difficult revenue comparisons.  On Mar. 3, 2007, the company
completed the consolidation of its reservations system and, in
the second quarter, intends to combine the two airline
operations (they have been operating independently since the
merger). However, the company still faces a major hurdle in that
it has yet to successfully integrate the two predecessor airline
labor forces.

As a result of the company's better-than-expected earnings
performance, its credit ratios, while still weak, have improved,
with lease-adjusted EBITDA interest coverage of 1.5x in 2006,
funds from operations to debt of 13%, and debt to capital of
90%.  Further modest improvement is expected over the near to
intermediate term due to increasing earnings and cash flow, but
any progress will continue to be constrained by the company's
heavy debt burden.

US Airways has made progress in improving its financial profile,
primarily through strong revenue growth, but also from
integrating the two airlines, trends expected to continue.
Further progress could result in a modest upgrade over the
intermediate term.  If the company were to encounter
difficulties integrating its labor forces, resulting in
operational disruptions or added costs, the outlook could be
revised to stable.

                      About US Airways

Headquartered in Arlington, Virginia, US Airways' primary
business activity is the ownership of the common stock of US
Airways, Inc., Allegheny Airlines, Inc., Piedmont Airlines,
Inc., PSA Airlines, Inc., MidAtlantic Airways, Inc., US Airways
Leasing and Sales, Inc., Material Services Company, Inc., and
Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 11, 2007,
Standard & Poor's Ratings Services stated that its ratings on US
Airways Group, including the 'B-' corporate credit ratings on US
Airways Group and its major operating subsidiaries America West
Holdings Corp., America West Airlines Inc., and US Airways Inc.,
remain on CreditWatch with developing implications, where they
were initially placed on Nov. 15, 2006.


USINAS SIDERURGICAS: Sales Volume to Reach 8 Mil. Tons in 2007
--------------------------------------------------------------
Usinas Siderurgicas de Minas Gerais SA Investor Relations
Director Paulo Penido said in an analyst conference that the
firm expects that its sales volume will total eight million tons
this year.

Mr. Penido told Business News Americas that Usinas Siderurgicas
aims to export 30% of sales in 2007.

"We have high-quality products to meet demand abroad,"
Mr. Penido commented to BNamericas.

BNamericas underscores that Usinas Siderurgicas expects that
Chinese steel exports are lower this year, compared to last
year.  Prices will recover during the first half of 2007.

Usinas Siderurgicas expects that there will be supply and demand
stability throughout the second half of 2007, BNamericas notes,
citing Mr. Penido.

According to BNamericas, investments this year will total about
US$800 million, mainly for:

          -- a thermoelectric project and a coking facility for
             Usinas Siderurgicas, and

          -- a thermoelectric plant and new continuous casting
             equipment for unit Cosipa.

Mr. Penido told BNamericas, "We plan to reach 2015 with a
company of 15 million tons per year."

Usinas Siderurgicas will disclose by the end of 2007 more
details on plans to construct a new five million ton per year
steel mill, BNamericas states, citing Mr. Penido.

                   About Usinas Siderurgicas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

The Troubled Company Reporter - Asia Pacific reported on Jan. 3,
2007, that Standard & Poor's Ratings Services revised its
outlook on Brazil-based steelmaker Usinas Siderurgicas de Minas
Gerais S.A., aka Usiminas, to positive from stable.  Standard &
Poor's also said that it affirmed its 'BB+' local and foreign
currency corporate credit ratings on Usiminas.


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

* FSS Sets New Measures for Junk Bond Funds
-------------------------------------------
The Financial Supervisory Service issued new supervisory
measures for high-yield funds commonly known as "junk bond
funds" pursuant to recently amended tax law provisions that
apply a reduced tax rate for funds that invest 10% or more of
the assets on speculative-grade corporate bonds and commercial
papers.  The new measures set forth the scope of corporate debt
securities to be open to junk bond funds as well as stipulations
and disclosures to be made in the investment contractand
prospectus for junk bond funds.

Under the amended tax law provisions, an investor who invests in
a junk bond fund for more than a year and up to three years is
eligible for a 5% tax rate for any gains from investment up to
KRW100 million.  There is no additional tax benefit for
investment held in a junk bond fund beyond the three-year or the
KRW100 million cap.  For foreign investors, there is no limit on
investment amount eligible for the reduced tax rate.  These
rules apply to junk bond funds that are newly created after
January 1, 2007, and invest only in domestic assets with 60% or
more in bonds and 10% or more in the eligible debt securities.

            Debt securities designated eligible for
                       reduced tax rate

Corporate bonds rated between BB and C and commercial papers
rated either B or C by at least two credit-rating companies are
eligible for the reduced tax rate.

Investment-grade ratings vary from AAA to BBB for bonds and from
A1 to A3 for commercial papers.  Speculative-grade ratings range
from BB to D for bonds and from B to D for commercial papers.

                Investor protection measures

   * Investment contracts for junk bond funds are to stipulate
     the portfolio requirements to be met to be eligible for the
     reduced tax rate.

   * For investment in subordinated debt, which is expected to
     be open to junk bond funds, the investment contract should
     stipulate both the credit rating and the proportion of the
     subordinated debt to be included in the fund portfolio.

   * The prospectus should come with full disclosures on the
     heightened likelihood of losses and other risk
     characteristics of investing in junk bond funds as well as
     the investment holding period to be satisfied to be
     eligible for the reduced tax rate.

   * Investors should be made aware of the liability of junk
     bond funds for damage from failure to manage assets so as
     to take advantage of the reduced tax rate in the
     prospectus.


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

ALLIANCE BANK: Seeks to Cut Net NPL Ratio to 4% in 2008
-------------------------------------------------------
Alliance Bank Malaysia Bhd looks to reduce its net non-
performing loans ratio to 4% by March 2008, The Edge Daily
states.  The report notes that as of Dec. 31, 2006, Alliance
Bank's net NPL ratio was 6.7%, down from 9.5% in 2005.

According to Alliance Bank Chief Executive Officer Bridget Lai,
the bank will be setting up a MYR4-million central automated
collection and recovery center next month to help achieve this
goal.

"The system would enable the center to measure predictability,
efficiency of staff and customer payment behavior," Ms. Lai
said.

Ms. Lai further explained to reporters after launching the
bank's upgraded Subang Jaya branch that the new system would
compile an extensive database on its customers to help the bank
determine whether late payments from a particular customer were
a potential NPL.

The new center will be located at the bank's MYR16.5-million
Subang Jaya branch, which has been renamed as 3 Alliance, the
report says.  The branch also includes a contact center that
will serve all customers nationwide.

Meanwhile, Ms. Lai also said that for the financial year ending
March 31, 2008, Alliance Bank would be investing some
MYR50 million to open at least 10 new branches and refurbish 25
existing branches.  She added that the bank would open a branch
each in Ampang, Rawang and Muar soon.  Alliance Bank currently
has 79 branches and over a million customers nationwide.

Alliance Bank also expects to register 20% growth in its
consumer banking and small and medium enterprise segments this
year, Ms. Lai told the paper.

                          *     *     *

Alliance Bank was formed through the merger of Multi-Purpose
Bank with several financial institutions in 2001.  It is 100%-
owned by Malaysian Plantations Berhad, a publicly-listed holding
company with the bank as its main subsidiary -- wit other
smaller property interests.  Vertical Theme, a 51:49 joint-
venture between Langkah Bahagia, the largest shareholder in
MPlant, and Temasek Holdings, has held a combined 30.14% in
MPlant since March 2005.

On March 12, 2007, Fitch Ratings upgraded the Individual Rating
of Alliance Bank Malaysia Berhad to D from D/E and affirmed its
Support Rating at 3.


ALLIANCE BANK: Less NPLs Prompts Fitch Rating Upgrade to D
----------------------------------------------------------
On March 12, 2007, Fitch Ratings upgraded the Individual Rating
of Alliance Bank Malaysia Berhad to D from D/E and affirmed its
Support Rating at 3.

The upgrade reflects the improvement in Alliance Bank's solvency
ratios as seen in the reduced although still high non-performing
loans level, much stronger provisioning and generally stable
capitalization.

The agency notes the increased efforts made by the newly
installed management team at tackling asset quality problems.
The bank's loan classification and provisioning policies have
been realigned to industry best practice with additional
provisions now set aside for aged NPLs that are five years and
older.  Asset quality has also improved, albeit from a
previously weak base, with the gross NPL ratio at 11.5% at end-
December 2006, versus 15% to 20% between 2003 and 2004 (industry
average: 8.5%).

Provision cover is now almost comparable with the industry
average, at 57% at end-December 2006.  The bank posted a net
loss in the financial year ended March 2006 due to hefty
provisioning, but returned to profitability in FY07 although its
ROA was still weak at 0.3% at end-December 2006.

The agency notes that the bank's longer-term constraints on
profitability could emanate from rising competition and
possibly, weaker operating leverage, given its smaller-sized
operations.

Meanwhile, capital adequacy ratios remained satisfactory, with
Tier 1 CAR ratio moderately higher at 10.85% at end-September
2006 (Total CAR: 16.62%) due partly to a decline in loan assets
-- down 11% between FY04 and H1FY07.  However, consumer loans
posted good growth and comprised 49% of total loans, followed by
SME/ commercial lending at 31%.

Alliance Bank was formed through the merger of Multi-Purpose
Bank with several financial institutions in 2001.  It is 100%-
owned by Malaysian Plantations Berhad, a publicly-listed holding
company with the bank as its main subsidiary -- wit other
smaller property interests).  Vertical Theme, a 51:49 joint-
venture between Langkah Bahagia, the largest shareholder in
MPlant, and Temasek Holdings, has held a combined 30.14% in
MPlant since March 2005.


ANTAH HOLDINGS: Petitioner Wants to Drop Injunction Application
---------------------------------------------------------------
On August 1, 2006, the Troubled Company Reporter - Asia Pacific
reported that Antah Holdings Berhad's wholly owned subsidiary,
Kaseh Lebuhraya Sdn Bhd, received a Writ of Summons from Azam
Developer & Construction Sdn Bhd.

Azam Developer asserts a MYR19.4-million compensation claim plus
interests at a rate determined by the Kuala Lumpur High Court.

In addition, the TCR-AP noted that Azam Developer also seeks an
injunction order restraining Kaseh from proceeding with and
completing the sale of its shares in Lebuhraya Kajang Seremban
Sdn Bhd to Fancy Celebrations Sdn Bhd, without Azam Developer's
consent, until Kaseh pays the MYR19.4 million claim.

In an update, Antah said in a disclosure with the Bursa Malaysia
Securities Bhd that Azam wants to withdraw its injunction
application with costs.  However, Azam failed to withdraw the
application immediately as the judge assigned to the case was
attending a hearing in the Johor Bahru High Court.

In this regard, the hearing for the withdrawal of the
application was moved to March 23, 2007.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Antah Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah Holdings' total assets as of Dec. 31, 2006, reached
MYR691.69 million and total liabilities reached MYR1.06 billion.
Shareholders' deficit in the company reached MYR376.51 million.


ANTAH HOLDINGS: February Loan Default Reaches MYR260.32 Million
---------------------------------------------------------------
Antah Holdings Bhd filed with the Bursa Malaysia Securities Bhd
a report on the default status of its credit facilities as of
Feb. 28, 2007.

As of end-February 2007, Antah Holdings' default, plus interest,
owed to financial institutions totaled MYR260.32 million:

   Lender                                      Loan Default
   ------                                      ------------
   RHB Sakura Merchant Bankers Berhad          MYR8,651,000
   RHB Bank Berhad                                3,063,000
                                                  4,403,000
   OCBC Bank Berhad                               7,897,000
                                                  1,392,000
   Mizuho Corporate Bank Ltd                     37,596,000
   Standard Chartered Bank Malaysia Berhad        7,104,000
   EON Bank Berhad                                5,385,000
   Bank of Tokyo-Mitsubishi (M) Berhad            1,963,000
   Aseambankers Malaysia Berhad                   1,001,000
   AmBank Berhad                                  1,249,000
   Arab Malaysian Bank Berhad                     4,394,000
   Bank Pertanian Malaysia                       10,736,000
   Malayan Banking Berhad                        17,362,000
   DBS Bank Ltd                                 120,645,000
   Deutsche Bank (M) Berhad                       5,298,000
   Affin Bank Berhad                              8,830,000
   Malayan Banking Berhad                        10,793,000
                                                  2,561,000
                                              -------------
                                             MYR260,322,000

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Antah Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah Holdings' total assets as of Dec. 31, 2006, reached
MYR691.69 million and total liabilities reached MYR1.06 billion.
Shareholders' deficit in the company reached MYR376.51 million.


ARK RESOURCES: Court Sets Aside Wind-Up Order Against Unit
----------------------------------------------------------
Ark Resources Bhd disclosed with the Bursa Malaysia Securities
Bhd that the High Court of Malaya, Shah Alam, has issued an
order pertaining to the wind-up petition filed by Integral
Concrete Technology (M) Sdn Bhd against Lankhorst Pancabumi
Contractors Sdn Bhd, a wholly owned unit of the company.

According to Ark Resources, the Court ordered on March 6, 2007,
that:

    i) the wind-up order obtained by ICT on Sept. 8, 2006,
       against Lankhorst be struck out or set aside;

   ii) all proceedings pertaining to the winding up order are
       adjourned;

  iii) cost of the setting aside be borne by Lankhorst.

ICT filed its wind-up petition against Lankhorst on account of a
MYR225,376.16 claim, with interest at 8% per annum from April 1,
2004, until the date of full settlement.  The amount claimed was
for waterproofing and piling works done by the petitioner at the
Universiti Technologi, Petronas, Tronoh.

                          *     *     *

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

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

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


CHIN FOH: Court Extends Restraining Order to September 11
---------------------------------------------------------
At Chin Foh Bhd's request, the Kuala Lumpur High Court entered
an order extending until Sept. 11, 2007, the restraining order
it had granted to the company.

The restraining order in favor of Chin Foh bars any individual
or group to commence any legal action against the company and
its subsidiaries.

According to the Court, the extension was made to protect the
company and its units from any legal action after Chin Foh filed
its regularization plan with the Securities Commission and other
relevant authorities.  The plan is currently pending approval
from the authorities.

                          *     *     *

Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my--
is principally involved in trading and distribution of metal
base and non-metal base products, construction materials, panels
and non-ferrous metal products.  Its other activities include
manufacturing of glass, aluminium extrusions, stainless steel
and related products, rotary aluminium ventilators, providing,
cutting and slitting of metal and other related services,
general contracting, design, fabrication, supply and
installation of curtain wall and cladding and holding properties
and investments.  Operations are carried out in Malaysia,
Australia, and China.

Chin Foh is listed under Bursa Malaysia's Amended Practice Note
17 category and is therefore required to submit a regularization
plan to the Securities Commission and other relevant authorities
for approval.


CRIMSON LAND: Terminates Assets Purchase Agreement with Vendors
---------------------------------------------------------------
Crimson Land Bhd said in a disclosure with the Bursa Malaysia
Securities Bhd that the memorandum of agreement for the proposed
purchase of assets from several vendors signed on Jan. 5, 2007,
has been mutually terminated.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 15, 2007, Comsa inked an agreement to purchase assets with
these vendors:

    1. Citraplus Sdn Bhd;
    2. Olden Goldies (M) Sdn Bhd;
    3. Century Empire Sdn Bhd;
    4. Redang Beach Resort Sdn Bhd;
    5. East West Borneo Sdn Bhd; and
    6. Golden Mig Sdn Bhd.

According to its salient terms, the agreement will be valid for
a period of three months with effect from January 5, 2007, and
will automatically terminate if the terms and conditions
relating to the acquisition of the Assets from the Company are
not acceptable to the parties.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's
activities are property development, maintenance, investment and
rental services.  The Company is also into investment holding,
property cultivation, growing and trading of marine products,
rental of promotional space, management services and investment
holding.

Crimson Land is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd and is
therefore required to formulate and implement a plan to
regularize its financial condition.


MALAYSIA AIRLINES: Looks to Promote Presence in Indian Market
-------------------------------------------------------------
Malaysia Airlines will remain focused on growing its presence in
the Indian sub-continent and further improve its route
performance, New Sabah Times reports.

"With many initiatives being carried out, especially for Visit
Malaysia Year 2007, Malaysia is well positioned to attract
traffic from the Indian sub-continent," the airline's commercial
director, Datuk Rashid Khan, was quoted by the paper as saying.

The airline started its Indian operations in 1974 and is
currently operating 43 weekly flights through nine different
gateways out of South Asia, including New Delhi, Mumbai, Chennai
and Dhaka which offer daily connectivity, and Bangalore,
Hyderabad, Colombo, Male and Karachi with thrice weekly flights.

Malaysia Airlines' operation in India was hampered with the
financial crisis and was even made more difficult as the airline
undertook the withdrawal from Kolkata and Ahmedabab under the
first phase of its network rationalization last year, Mr. Rashid
said.

According to Mr. Rashid, part of the airline's business
turnaround plan for this year is the launching of a customer
value proposition roadmap to spearhead various initiatives to
enhance its product and service and win more customers.

The flag carrier has already conducted two route CVP labs and is
in the midst of conducting the third route and choose South Asia
as the pioneer for this project, Mr. Rashid added.

The director also urged travel agents to work with the airline
to continuously innovate to improve sales capability in order to
retain market share of the business and to strengthen its
competitive edge, the paper says.

                          *     *     *

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


TITAN CHEMICALS: Draws Plan to Lessen Impact of Stiff Rivalries
---------------------------------------------------------------
Titan Chemicals Corp Bhd is bracing itself for greater
competition from late 2008 onwards from mega petrochemical
projects in the Middle East and China by diversifying its
product lines, The Edge Daily reports.

The company's managing director, Thomas Patrick Grehl, told The
Edge that strategies will be in place to minimize the impact,
including diversifying product lines and strengthening feedstock
position.

In addition, Mr. Grehl said he would also continue with the
direction set by previous managing director Donald Condon and
his board, which is to carve niche markets for the company.

According to Mr. Grehl, he expects the oncoming major
petrochemical projects to corner the larger mainstream markets
like the Middle East, North America, Europe and the Far East.
In addition, the company is eyeing to penetrate other markets
such as Vietnam, possibly by this year.

"Given our strong position in Malaysia where 46% of our products
are sold, and if we continue to build our business in Indonesia
where we have a 22% market share, we will be firmly entrenched
with our customer base," Mr. Grehl stated.

Titan also plans to double its market presence in Indonesia to
50% by end-2008, The Edge notes.  Mr. Grehl hopes that with this
strong presence in its niche market, the impact of stiff
competition will be lessened.

Meanwhile, on the diversification of feedstocks, Mr. Grehl told
The Edge that they "primarily use naphtha with a small portion
of LPG (liquefied petroleum gas).  Our plant in Pasir Gudang has
the option of increasing LPG use to 50%.  We could take in
heavier naphthas and there are new technologies in methanol.  We
are also looking at ethanol to ethylene. We are also looking at
coal as opposed to oil base."

Titan has also previously announced plans to increase its
propylene production capacity and build a new butadiene plant by
year-end for about MYR380 million, The Edge recounts.

Furthermore, the company is also looking at increasing output of
crude C4 and "de-bottlenecking" its polypropylene plant to
increase capacity by another 100,000 tonnes.

These initiatives would have a positive impact on the company's
top and bottom lines by the end of 2008, Mr. Grehl told The
Edge.

Titan is also studying the possibility of setting up an ethylene
plant in Indonesia in three years to supply feedstock to its
subsidiary PT Titan Petrokimia Nusantara's plant.  Petrokimia
now obtained one third of its ethylene supply from Titan's plant
in Pasir Gudang and two-thirds from other sources, Mr. Grehl
said.

"We are looking at longer-term solutions and having our own
ethylene supply in Indonesia.  Acquiring the only ethylene
supplier in Indonesia is not part of our long-term plans," he
said.

The planned plant is expected to produce 500,000 tonnes of
ethylene to meet Titan's full need.

                          *     *     *

Based in Malaysia, Titan Chemicals Corp. Berhad --
http://www.titangroup.com/--  has two main business segments,
manufacture and sale of olefin products, and manufacture and
sale of polyolefins products. Its subsidiaries include Titan
Petchem (M) Sdn. Bhd., Titan Trading Corp. Sdn. Bhd., Titan
Capital (L) Limited, Titan Petrochemicals (M) Sdn. Bhd., Titan
Vinyl (M) Sdn. Bhd., Titan Ethylene Glycol (M) Sdn. Bhd., Titan
Styrene (M) Sdn. Bhd. and Titan Trading Corp. Limited.

Standard and Poors gave the company a BB on its long-term issuer
default rating on July 8, 2005.


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


ANGEL CAPITAL: Creditors Must Prove Debts by March 19
-----------------------------------------------------
The creditors of Angel Capital Corporation Ltd. are required to
prove their debts by March 19, 2007.

Creditors who cannot prove their debts by the due date will be
excluded from the company's dividend distribution.

In a report by the Troubled Company Reporter - Asia Pacific, the
petition filed by the Commissioner of Inland Revenue against the
company was heard on Feb. 19, 2007.

The company's Liquidators are:

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


D.M.T LTD.: Creditors' Proofs of Debt Due on April 19
-----------------------------------------------------
John Howard Ross Fisk Craig and Alexander Sanson were appointed
as liquidators of D.M.T Ltd. on Feb. 19, 2007.

Accordingly, Messrs. Fisk and Sanson fixed April 19, 2007, as
the deadline within which the creditors must prove their debts.

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


HORIZON-WORLDWIDE: Creditors Must Prove Debts by March 21
---------------------------------------------------------
On Feb. 16, 2007, the shareholders of Horizon-Worldwide Moving &
Shipping Ltd. appointed Paul Graham Sargison and Gerald Stanley
Rea as liquidators.

Accordingly, the Liquidators fixed March 21, 2007, as the last
day for the creditors to prove their debts.

The Liquidators can be reached at:

         Paul Graham Sargison
         Gerald Stanley Rea
         Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


INTERTRANS LTD: Shareholders Appoint John Managh as Liquidator
--------------------------------------------------------------
The shareholders of Intertrans Ltd. appointed John Francis as
the company's liquidator on Feb. 19, 2007.

The Liquidator can be reached at:

         John Managh
         Gladstone Chambers
         50 Tennyson Street
         PO Box 1022, Napier
         New Zealand
         Telephone/Facsimile: (06) 835 6280
         e-mail: jmanagh@xtra.co.nz


WAIKATO SOLID: Shareholders Appoint N.J. Hayes as Liquidator
------------------------------------------------------------
The shareholders of Waikato Solid Plasterers Ltd. appointed
Nicholas John Hayes as its liquidator through a resolution
passed on Feb. 13, 2007.

Mr. Hayes requires the company's creditors to prove their debts
until March 16, 2007.

According to the TCR-AP, the High Court of Hamilton heard the
petition against the company on Feb. 26, 2007.  The Commissioner
of Inland Revenue filed the petition.

The company's Liquidator can be reached at:

         Nicholas John Hayes
         Nicholas Hayes
         PO Box 9323, Hamilton 2015
         New Zealand
         Telephone:(07) 849 0664
         Facsimile:(07) 849 0634


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

ALLIED BANK: Net Income Up 20% to PHP1.49 Billion in 2006
---------------------------------------------------------
Allied Bank posted a net income of PHP1.489 billion in 2006, a
20% from 2005's PHP1.237 billion as it expanded its revenues
from earning assets and fee-based sources.

According to its president, Reynaldo A. Maclang, the bank took
advantage of the market's appetite for consumer products,
resulting to a 48% growth in its consumer lending.  Remittance
volume, likewise, posted growth of 41%.

The bank's resources in 2006 stood at PHP127.457 billion,
PHP6.348 billion higher compared to the same period last year.
This came from deposits, which expanded by 10% or PHP10.041
billion to PHP108.528 billion, particularly low cost deposits,
as the bank's strategically-located branches intensified their
deposit-generation efforts.

                          *     *     *

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

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Allied Banking Corp.'s foreign currency long-term deposit rating
of B1 to stable from negative.  The bank's foreign currency Not-
Prime short-term deposit rating and bank financial strength
rating of E+ remain stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.

On Oct. 31, 2006, Fitch Ratings affirmed Allied Banking
Corporation's Individual rating at 'D' and Support rating at '4'
after a review of the bank.


RIZAL COMMERCIAL: Sets March 29 as Stock Dividend Payment Date
--------------------------------------------------------------
Rizal Commercial Banking Corp. informs the Philippine Stock
Exchange that the payment date for its 15% stock dividend is on
March 29, 2007.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 1, the bank will declare a 15% stock dividend to holders of
its common and preferred shares to support its plan to increase
its capital stock to PHP13 billion.

The record date for the stock dividend is on March 14, 2007.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--
is a universal bank principally engaged in all aspects of
banking, and provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

The TCR-AP reported on Nov. 6, 2006, that Moody's Investors
Service revised the outlook for the bank's foreign currency
senior debt rating of Ba3, foreign currency Hybrid Tier 1 of B3,
and foreign currency long-term deposit rating of B1 to stable
from negative.  The outlook for the foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
E+ remains stable.

In October 2006 Standard & Poor's Ratings Services assigned its
'CCC' rating to RCBC's US$100 million non-cumulative step-up
callable perpetual capital securities.


* Debt Consolidation Program Trims Philippine Debt
--------------------------------------------------
The Philippine Government's debt consolidation scheme has
trimmed its debt as a percentage of the country's gross domestic
product to 64% in 2006, BusinessWorld reports citing National
Treasurer Omar T. Cruz.  In 2005, the country's debt was 72% of
its GDP.

"The 2006 ratio was an improvement from the target of 68% for
the year," BusinessWorld points out.  "Government debt has been
declining in proportion to economic output over the past three
years."

For 2008, the Government aims to bring its debt down to 56% of
GDP.   "The Arroyo administration is aiming for 43% by the end
of the decade," the news agency relates.

The country's total outstanding debt went down by 0.9% to
PHP3.851 trillion as of end-2006 from PHP3.888 trillion a year
earlier, the report relates citing data from the Bureau of the
Treasury.

According to BusinessWorld, the declining debt trend raises
prospects of a credit rating upgrade and a further appreciation
of the peso.

                          *     *     *

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 Jan. 10, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Stable/B, local currency
BB+/Stable/B) proposed US$1.0 billion global bond issue maturing
in 2032.

On Nov. 3, 2006, the Troubled Company Reporter - Asia
Pacific 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
=================

CYGRON PTE: Court Appoints T.Y. Kan & Company as Liquidator
----------------------------------------------------------
The High Court of the Republic of Singapore appointed T.Y. Kan &
Company as liquidator for Cygron Pte Ltd.

At the request of Mindmaker Inc., the court ordered a winding up
of Cygron on Feb. 23, 2007.  Gateway Law Corp. acts as the
solicitors for Mindmaker.

The company liquidator can be reached at:

         T.Y. Kan & Company
         150 South Bridge Road
         #04-01/02 Fook Hai Building
         Singapore 058727


DIGI BUILDER: Creditors Must File Proofs of Claim by March 30
-------------------------------------------------------------
Digi Builder Pte Ltd., which is in liquidation proceedings,
requires its creditors to file their proofs of claim by
March 30, 2007.

Creditors who fail to file their proofs of claim by the deadline
will be excluded on the company's dividend distribution.

The company's liquidator is:

         Kung Seah Lim
         c/o 336 Smith Street #05-310
         New Bridge Centre
         Singapore 050336


HOLA DEVELOPMENT: Will Pay Dividends to Creditors on March 23
-------------------------------------------------------------
Hola Development Pte Ltd., which is in wind-up proceedings, will
pay its first and final dividends to creditors on March 23,
2007.

The company will pay 100% of their creditors' claims.

The company's liquidator is:

         Goh Boon Kok
         1 Claymore Drive #08-11
         Orchard Tower Rear Block
         Singapore 229594


PETROLEO BRASILEIRO: May Buy Grupo Empresarial's Port Facility
--------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA is
negotiating with Grupo Empresarial Ence SA over the possible
sale of the latter's port facility and other business in Fray
Bentos, Uruguay, sources told news daily Negocio.

Clovis Correa, the chairperson of Petroleo Brasileiro's
Uruguayan operations, told Negocio that the firm has been
interested in Grupo Empresarial's port on the river Uruguay.

Grupo Empresarial had plans to transport cellulose using the
port.  However, the firm didn't rule out selling it, the sources
confirmed to Negocio.

                    About Petroleo Brasileiro

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

Petrobras has operations in China, India, Japan, and Singapore.

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

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

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

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


PETROLEO BRASILEIRO: To Build US$800-Mil. Plant with Petroperu
--------------------------------------------------------------
Brazilian state-run oil company Petroleo Brasileiro SA has
signed an accord with Petroperu, its Peruvian counterpart, to
construct a US$800-million plant to produce ammonia and urea,
Business News Americas reports.

BNamericas relates that that agreement also includes the
construction of a US$2.00-billion for a polyethylene plant.

According to BNamericas, the two plants will be fueled with
natural gas from the Camisea field.

Petroperu said in a statement that production from the
petrochemicals complex is estimated at a yearly average of one
million tons.

According to Petroperu's statement, the firm also signed a deal
with French firm Suez to study future gas transport and
electricity and steam supply services for the new acility, which
will need an estimated US$500 million investment.

BNamericas underscores that the studies will be conducted in a
first pre-feasiblity stage that will last for two months and a
subsequent four-month feasibility study.

A Petroperu spokesperson told BNamericas that Suez could get the
contract for the construction of the gas pipeline and supply of
power after the six-month feasibility studies are completed.

The petrochemicals complex could be situated in ports Ilo in
Moquegua department or Matarani in Arequipa department,
BNamericas states.

                   About Petroleo Brasileiro

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

Petrobras has operations in China, India, Japan, and Singapore.

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

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

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

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


PETROLEO BRASILEIRO: Pres. Lula & Bush Visit Guarulhos Units
------------------------------------------------------------
The presidents of Brazil, Luiz Inacio Lula da Silva, and of the
United States of America, George W. Bush, visited Petroleo
Brasileiro S.A.'s facilities in Guarulhos, State of Sao Paulo,
Friday.  Pres. Lula, accompanied by Petrobras' president, Jose
Sergio Gabrielli de Azevedo, showed the American president the
several stages involved in ethanol and biodiesel production.
The visit lasted 30 minutes.

President Lula considered signing the memorandum aimed at
incorporating ethanol to the American energy grid, "an answer to
the 21st century's energy challenge."  The Brazilian president
highlighted establishing the bases for the global biofuel market
as a huge contribution to the environment.  "Anything we can do
to deter global warming is welcome.  We who polluted the planet
last century have the duty to advance sustainable development in
the 21st century," he said.  Lula mentioned that Brazil more
than tripled sugarcane productivity with no prejudice to food
production and reduced Amazon forest deforestation. I am
convinced the US will be an outstanding partner in this
project," he concluded.

President George W. Bush said he was "very excited with the
possibilities afforded by ethanol and biodiesel" and highlighted
Petrobras' performance.  "I appreciated my conversation with
president Sergio Gabrielli and the company's efforts to seek
innovations in the biofuel area.  The United States is very
interested in biofuels because depending on foreign oil is a
matter of national safety to us.  It is an economic problem.  If
demand grows in countries such as China, for example, prices go
up.  We intend to add 10% ethanol to our fuels in ten years.
This means 35 billion gallons.  Since I took office, we have
already spent US$12 billion in research and technology in
alternative sources of energy, and you have great scientists.  I
am optimistic and believe America will benefit from these
sources."

                            Ethanol

Petrobras has been operating in the ethanol segment for more
than 30 years.  In the 1970's, it supported the deployment of
the National Ethanol Program (known as Proalcool).  With its
nationwide structure dedicated to liquid oil byproduct
transportation, storage and distribution and to adding ethanol
to gasoline, Petrobras was able to provide the agility,
efficiency, and effectiveness the program needed to develop.

Petrobras worked on the process of mixing ethanol with gasoline,
testing 10%, 15%, 20% and 25% anhydrous alcohol additions to the
gasoline used to fuel its own fleet.  The mix rate currently in
effect in Brazil is 23%.

The company was the first to convert its fleet to use hydrated
alcohol, using engines with components that had been developed
and tested at its Research Center (Cenpes).  It installed the
country's first ethanol pumps in its service stations, and
developed and installed the first carburant ethanol storage
tanks, strategically located near the producer zones.  Petrobras
soon had an ethanol tankage capacity superior to a billion
liters.

With Petrobras' decisive participation, particularly in the
transportation and storage sector, the new fuel won the
automotive market over.  Dual fuel vehicles (ethanol & gasoline)
took the Brazilian market over as of 2003: in total, more than
2.6 million of the so-called flex fuel vehicles have already
been sold in Brazil.

                         New Markets

The first foreign market Petrobras sold Brazilian ethanol to was
Japan.  The project was kicked-off by making Japanese industries
sensitive to this dual fuel's importance.

In late 2005, Petrobras and the Japanese state-owned company
Nippon Alcohol Hanbai K.K. joined forces to establish Brazil-
Japan Ethanol Co. LtD.- BJE in Japan, with a 50/50 participation
of each company.  BJE is in charge of importing ethanol, among
others, for use in medications and beverages.

In Brazil, Petrobras undertakes parallel actions to make
production viable and ensure product offer to the Japanese
market.  The company recently signed a Memorandum of
Understanding with Japanese Mitsui to assess upwards of 40
private projects for this purpose.

Petrobras is studying building an ethanol pipeline to connect
the Minas Gerais, Sao Paulo, Mato Grosso, Mato Grosso do Sul,
Goias and Tocantins producer areas to Paul¡nia, and another one
to connect Paulinia to the Sao Sebastiao terminal, in Sao Paulo.
The projects under analysis may be financed with resources
coming from Japanese institutions, form the BNDES, Petrobras, or
from the producers themselves.

Petrobras exports ethanol to Venezuela and is closing the first
load to send to Nigeria.  This year, Petrobras will export 850
million liters of ethanol.  Pursuant to its Strategic Plan, in
2011 exports are expected to top at 3.5 billion liters, mostly
to Japan.

                          Biodiesel

Petrobras is currently deploying its three first industrial
biodiesel production units in Candeias, Montes Claros, and
Quixada.  The biodiesel will be produced from vegetable oils and
animal fat, and each plant will be capable of producing up to 57
million liters of the product per year.  With production
expected to go online in late 2007, these units will be posed to
serve Petrobras Distribuidora's demand in Northeastern Brazil.
More than 4,000 BR service stations nationwide already market
biodiesel.

Raw material provision for biodiesel production by family
agriculture projects will be Petrobras' priority.  By employing
this strategy, the company hopes to contribute to the
development of farmer coops, encouraging increased production
and productivity of the castor seed, cotton, and dende crops
and, in the future, other oleaginous crops such as sunflowers,
peanuts and jatropha seeds.  It is estimated that some 70,000
farmer families will have jobs and income by providing their
crops to the first three Petrobras biodiesel units.

Two more biodiesel plants will be installed in the Southern
Region, each capable of producing 100,000 tons of biodiesel per
year.  The project will benefit about 80,000 families, who will
plant and provide their oleaginous crop inputs to the plants.

Petrobras is also analyzing several projects in other Brazilian
regions to make sure the company is producing 855 million liters
of biodiesel per year by 2011, in accordance with its 2007-2011
Business Plan.

                             HBIO

The HBIO production process Petrobras developed allows vegetable
oils to be mixed to mineral oil directly in the refining unit.
The outcome is diesel with better quality than that produced
solely from oil.  The mix is made at the refinery's
hydrotreatment unit.  Compared to mineral diesel, this diesel
has low sulfur content and a higher cetane number.

Unprecedented in the world, the HBIO process is in its testing
phase and is expected to go online by late 2007 at the Gabriel
Passos -- Regap -- refinery, in Betim, Minas Gerais; Presidente
Getulio Vargas -- Repar -- refinery, in Araucaria, Parana; at
the Alberto Pasqualini -- Refap -- refinery, in Canoas, Rio
Grande do Sul; and at the Paulinia -- Replan -- refinery, in
Paulinia, Sao Paulo.

The project's schedule foresees conventional diesel fuel import
reductions by up to 10% by December 2007, and it is expected 256
million liters of vegetable oil will be used to produce HBIO.

The process is planned to be deployed at eight refineries by
2011, with an annual consumption of 1.050 million liters of
vegetable oil, some 35% of the volume of soybean oil exported in
2005.

Unlike biodiesel, which involves building specific units to be
produced, the HBIO process only requires minor adaptations to
the existing refineries, something that renders this technology,
in addition to innovative, more economical.

                   About Petroleo Brasileiro

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

Petrobras has operations in China, India, Japan, and Singapore.

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

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

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

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


TUNG HSIN LONG: Creditors Must File Proofs of Claim by March 23
---------------------------------------------------------------
Creditors of Tung Hsin Long Construction Co Pte Ltd., which is
in wind-up proceedings, are required to file proofs of claim by
March 23, 2007.

Creditors who fail to timely file their proofs of debt will be
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         Moey Weng Foo
         Assistant Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118.


ZENITH MEDIA: Creditors Must Prove Debts by April 9
---------------------------------------------------
Creditors of Zenith Media Indochina Pte Ltd., which is being
wound up voluntarily, are required to prove their debts by
April 9, 2007.

Creditors who fail to file their proofs of debt on time will be
excluded from the benefit of any distribution.

The company's liquidators are:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


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

ADVANCED PAINT: Explains Low Revenue and High Net Loss
------------------------------------------------------
In a disclosure with the Stock Exchange of Thailand on
Feb. 28, 2007, Advance Paint & Chemical PCL explains the 20%
drop in revenues and net loss as stated in the company's audited
financial statements for the year ended Dec. 31, 2006, and 2005.

The disclosure enumerates these clarifications:

   1. Advance Paint's revenue for the year ended Dec. 31, 2006,
      decreased to THB11.27, or 24.94%, as compared with the
      same period in the previous year because of high oil
      prices and high interest rates.  Moreover, real estate
      investments have slowed down because of political
      instability.

   2. Due to the closure of a sales office in September 2006, a
      temporary stop trademark fee in November 2006, and losses
      on asset impairment amounting to THB11.53 million
      including profit and loss statements in 2005, Advance
      Paint's net loss for the year ended Dec. 31, 2006, rose to
      THB18.20 million, or 41.54%, as compared with the same
      period last year.

              About Advanced Paint & Chemicals PCL

Headquartered in Bangkok, Thailand, Advanced Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The Company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Non-Performing Group Sector of the
Stock Exchange of Thailand.

                       Going Concern Doubt

After auditing the company's 2006 annual financial statements,
ANS Audit Co. Ltd. stated that due to the company's increased
losses and the fact that its current liabilities exceed its
current assets, the company's ability to continue operations as
a going concern is dependent on its ability to generate
sufficient profit and cash flows to serve its debts.

Advance Paint & Chemical PCL Advanced Paint reported losses of
THB25,617,172 on total revenues of THB35,765,236 for the year
ended Dec. 31, 2006, as compared with losses of THB43,822,721 on
total revenues of THB52,186,174 in the same period in 2005.

Advanced Paint's consolidated balance sheet as of Dec. 31, 2006,
showed strained liquidity with THB15,039,732 in current assets
available to pay THB59,218,522 in current liabilities coming due
within the next 12 months.


DAIMLERCHRYSLER AG: Will Develop Hybrid Drive System with BMW
-------------------------------------------------------------
DaimlerChrysler AG and the BMW Group will develop as equal
partners an innovative hybrid module for rear-wheel-drive
premium segment cars in an expansion of their previous
collaboration in the field of hybrid drive systems.

Both carmakers plan to commercialize the new module within the
next three years.  This collaboration will allow the two
companies to share their extensive know-how and to achieve
increased efficiency through economies of scale.

The decision to jointly develop hybrid drive components will
allow DaimlerChrysler and BMW to extend their range of
innovative drive systems for rear-wheel-drive premium segment
cars.

Both manufacturers will benefit from the pooling of development
capacity, which will make for faster commercialization, and from
improved cost efficiencies due to higher unit volumes.

The components will be individually adapted by the two companies
to the different character of the two brands.

"Cooperation in the field of innovative drive systems makes good
sense not only from a technical but also from an economic
standpoint," emphasized Dr. Thomas Weber, member of
DaimlerChrysler's Board of Management responsible for Group
Research and Mercedes Car Group Development.

"It will help to strengthen the competitiveness of two German
manufacturers whose requirements in the premium segment are very
similar.  This is a segment where rapid commercialization of
drive technologies offering high efficiency, performance, and
comfort is particularly important."

"This collaboration will allow us to broaden our technological
base in the area of future hybrid drive systems for the premium
class and will allow the two companies to pool their innovative
resources," said Dr. Klaus Draeger, member of BMW's Board of
Management responsible for Development and Purchasing.

"The distinct identities of the different brands will not be
affected, since the relevant technologies will be tailored to
fit the specific character of the different vehicles."

Both technically and geographically, the core development work
on the proposed hybrid module, which will be of the mild hybrid
type, will take place in Germany, at the relevant engine and
drive-train development sites.

A common project framework will ensure close integration of the
development teams and will harness the combined knowledge base
of both manufacturers.

Synchronized development procedures, joint testing, and state-
of-the-art quality assurance and development methods will assist
the efficient implementation of the project.

This new collaboration between BMW and DaimlerChrysler extends
the existing cooperation at the Hybrid Development Center in
Troy, USA, which began in 2005.

Both companies are rapidly expanding their portfolio of
alternative drive technologies and rounding out their range of
hybrid drive components.

                     About DaimlerChrysler

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

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

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

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

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


ITV PCL: SET To Delist Securities Without New Business Plan
-----------------------------------------------------------
The Stock Exchange of Thailand will delist iTV Pcl from the
market within 30 days unless the company submits a new business
plan on how it wants to remain a viable business, The Bangkok
Post reports.

The report states that when the business plan is submitted, the
company would be given two years to implement it, satisfying SET
regulations for listed firms.  However, if iTV shows no
improvements in its business operations, the network's shares
will be traded under the non-performing group and be set for
delisting.

According to The Post, the Thai Investors' Association could
file a complaint against the company's directors as thousands of
the company's retail investors face heavy losses as iTV also now
faces bankruptcy.  There are also complaints regarding iTV's
full disclosure about its financial status.

The Bangkok Post recounts that iTV had 10,699 shareholders as of
mid-December, and on February 26, the SET noted a disclaimer in
iTV's 2006 financial statements regarding the status of its
concession, resulting in the suspension of iTV's shares from
trade.

The report states that the SEC would talk to the Federation of
Accounting Professions regarding the accuracy of iTV's financial
statements.

Shin Corp -- iTV's largest shareholder with 52.9% -- has yet to
indicate whether the company will remain an ongoing concern, The
Post relates.  iTV shares have been suspended from trade since
late February, last trading at THB1.05 each.

The report says that iTV would be permitted to file for
bankruptcy given the political pressure the network is facing,
and the fact that it has been stripped off its assets and key
staff last week.

As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 9, 2007, the Council of State ruled that the Public
Relations Department could legally run iTV Pcl, which is in
transition from a privately owned to a state-owned entity, after
the government revoked the firm's UHF license on March 9 for
failing to pay its concession fees and penalties.  iTV's name
has been changed to Thai Independent Television, or TITV.

A subsequent TCR-AP report on Mar. 12 stated that five iTV
directors and executives quit their posts as the now-government
owned station braces to face bankruptcy and other legal actions
by the Prime Minister's Office for the non-payment of fines and
concession fees amounting to THB100 billion.

                            About iTV

iTV PLC's principal activity is producing and broadcasting
television programs and channels, including the promotion of
related rights and assets.  Shin Corp Plc is iTV's major
shareholder, with a 53% stake.  Singapore's state investment arm
Temasek Holdings controls more than 96% of Shin, which was
previously owned by caretaker Prime Minister Thaksin
Shinawatra's family.  Earlier this year, it sold its majority
stake in iTV to Temasek.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jun. 23, 2006, that the Prime Minister's Office demanded a
concession fee payment and fines to the government from the
television network.

The demand, TCR-AP recounted, was a result of the Arbitration
Court's consent given to the company to pay an annual concession
fee to the Prime Minister's Office amounting to THB230 million.
The original rate before the consent amounted to THB1 billion
per year.

On Dec. 15, 2006, the TCR-AP reported that the Supreme
Administrative Court upheld the Central Administrative Court's
verdict by voiding the arbitration ruling on concession fee
payments won by iTV in 2004.  The overdue concession payment and
fines that the broadcaster must pay reached THB100 billion.

A TCR-AP report on March 8, 2007, indicated that the station
failed to pay the more than THB100 billion in debts to the PMO.
Subsequently, iTV's operations was turned over to the Public
Relations Department instead of being shut down.  iTV's name is
now Thai Independent Television.  The PMO wishes to commence
certain legal actions against the network as well as against its
executive officers.


ITV PCL: Minister Dhipavadee To Ask Public Opinion On Operation
---------------------------------------------------------------
Prime Minister's Office Minister Khunying Dhipavadee Meksawan is
soliciting ideas from the public on how to operate TITV -- Thai
Independent Television -- which formerly iTV, The Nation
reports.

"We would like to brainstorm ideas.  Within the 30 days of the
legal protection granted by the Administrative Court to the
station, these ideas should provide clear guidelines about how
we can proceed," the report quotes Minister Dhipavadee.

As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 9, 2007, the Council of State ruled that the Public
Relations Department could legally run iTV Pcl.  The TCR-AP said
that Prime Minister Surayud Chulanont immediately ordered the
PRD to allow the station to continue broadcasting without
further interruptions.

The Nation, citing Minister Dhipavadee, said that the opinion of
media members, media consumers, non-governmental organizations,
and the academe will help build a framework that suits the best
interests of the country and the public.

Interested parties can send their suggestions and opinions to
PO Box No 1111, or they can call a hotline telephone number
1111, The Nations states.  A Web site is also available at
http://www.1111.go.th/

The report adds that the Minister will brief the Cabinet on
TITV's situation, including the lawsuits against iTV executives.

                          About iTV

iTV PLC -- now TITV -- produces and broadcasts television
programs and channels, as well as promotes related rights and
assets.  Shin Corp Plc is iTV's major shareholder, with a 53%
stake.  Singapore's state investment arm Temasek Holdings
controls more than 96% of Shin, which was previously owned by
caretaker Prime Minister Thaksin
Shinawatra's family.  Earlier this year, it sold its majority
stake in iTV to Temasek.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that the Prime Minister's Office demanded a
concession fee payment and fines to the government from the
television network.

The demand, TCR-AP recounted, was a result of the Arbitration
Court's consent given to the company to pay an annual concession
fee to the Prime Minister's Office amounting to THB230 million.
The original rate before the consent amounted to THB1 billion
per year.

On Dec. 15, 2006, the TCR-AP reported that the Supreme
Administrative Court upheld the Central Administrative Court's
verdict by voiding the arbitration ruling on concession fee
payments won by iTV in 2004.  The overdue concession payment and
fines that the broadcaster must pay reached THB100 billion.

A TCR-AP report on March 8, 2007, indicated that the station
failed to pay more than THB100 billion in debts to the PMO.
Subsequently, iTV's operations was turned over to the Public
Relations Department instead of being shut down.  iTV's name is
now Thai Independent Television.  The PMO wishes to commence
certain legal actions against the network as well as against its
executive officers.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
March 12-15, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

March 14, 2007
  Turnaround Management Association
    The Great Debate
      Sydney, Australia
        Web site: http://www.turnaround.org/

March 16, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Taipei, Taiwan
        Telephone: +8862 2514 0580
          e-mail: kathy.chang@fitchratings.com

March 21, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Seoul, South Korea
        Telephone: +822 2076 8364
          e-mail: young.ha@fitchratings.com

March 21-22, 2007
  Euromoney
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  Euromoney
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 22, 2007
  Turnaround Management Association
    TMA Australia Launch
      Melbourne Hotel, Perth, WA, Australia
        Web site: http://www.turnaround.org/

March 22-23, 2007
  Euromoney Institutional Investor
    Euromoney Indonesian Financial Markets Congress
      Bali, Indonesia
        Web site: http://www.euromoneyplc.com/

March 26, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Hong Kong
        Telephone: +852 2263 9977
          e-mail: carey.kwan@fitchratings.com

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

March 30, 2007
  Turnaround Management Association
    Zinifex/Pasminco - What a ride?
      Ferriers, Melbourne, Australia
        Web site: http://www.turnaround.org/

April 2-3, 2007
  Fitch Training
    Leveraged Finance Workshop
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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






                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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.  Andrei Sanchez, Rousel Elaine Tumanda, Valerie
Udtuhan, Francis James Chicano, Catherine Gutib, Tara Eliza
Tecarro, Freya Natasha Fernandez, and Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***