---

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

             Thursday, May 10, 2007, Vol. 10, No. 92

                            Headlines

A U S T R A L I A

AGCO CORPORATION: Earns US$24.5 Million in Qtr. Ended March 31
ALLSTATE: Restructures, Pay Creditors and Shareholders
ARMOR HOLDINGS: Selling Assets to BAE Systems for US$4.1 Billion
ARMOR HOLDINGS: S&P Places Watch to Positive on BAE Acquisition
BEVTECH SYSTEMS: Members Resolve to Liquidate Firm

BOE SHOPFITTERS: Creditors' Proofs of Debt Due on May 13
BURRIDJ ABORIGINAL: Will Declare Dividend on May 31
CITYGOLD INVESTMENTS: Appoints Nicholas Allingame as Liquidator
CONSTELLATION BRANDS: S&P Keeps BB- Rating Amidst Share Buyback
EXELEC PTY: Members Pass Resolution to Wind Up Firm

GENERAL CABLE: Names Mark Thackeray Sr. VP of North American Ops
JOHN A. CULLITY: Placed Under Members' Voluntary Liquidation
KENOIRA PTY: Undergoes Liquidation Proceedings
MIDWAY-PARK INVESTMENTS: Appoints Maris Rudaks as Liquidator
SCC 546: Members to Receive Wind-Up Report on May 24

SCC 737: Members' Final Meeting Set for May 24
SYMBION: Pathology Staff Plans to Bid to a Private Firm
WESTPOINT REALTY: Creditors Opt to Wind Up Firm


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Moody's Keeps Financial Strength Rating at E
BANK OF CHINA: Moody's Rates Financial Strength at D-
BANK OF COMMUNICATIONS: Moody's Holds Financial Strength at D
BMG ZOMBA: Final General Meeting Slated for June 6
CARGO-LAND: Subject to Clare Freight's Wind-Up Petition

CHANG HWA: Moody's Keeps Financial Strength Rating at D
CHINA CONSTRUCTION: Moody's Hands Stable Outlook on D- BFSR
CHINA EVERBRIGHT: Moody's Rates Financial Strength at D-
CHINA MERCHANTS: Moody's Pulls Financial Strength Rating to D+
CITIC BANK: Moody's Rates Financial Strength at D-

CONMAX ENGINEERING: Annual Meetings Set for May 15
DIAMOND TECHNOLOGY: Members' Final Meeting Set for June 5
DIGITPOWER TECHNOLOGY: Wind-Up Petition Hearing Set for May 16
ELECTRO SOURCE: Creditors to Receive Wind-Up Report on May 11
ESUN BANK: Moody's Holds Financial Strength Rating at D+

EVERGREEN RESTAURANT: Creditors' Proofs of Debt Due by May 25
FIRST COMMERCIAL: Moody's Keeps Financial Strength Rating at D
GUANGDONG DEVELOPMENT: Moody's Reviewing E+ BFS Rating
HILL SOURCE: Members' Final Meeting Set for June 5
HSBC BANK (CHINA): Moody's Rates Financial Strength at D

HUA NAN COMMERCIAL: Moody's Holds Financial Strength Rating at D
ICBC: Moody's Holds Financial Strength Rating at D-
ICBC: Eyes Cooperation With Travelex, Not Acquisition
LAND BANK: Moody's Keeps Financial Strength Rating at D
METRON TECHNOLOGY: Liquidators Quit Posts

SHANGHAI PUDONG: Moody's Rates Financial Strength at D
SHENZHEN DEVELOPMENT: Moody's Rates Financial Strength at E+
SILVER MERIT: Court to Hear Wind-Up Petition on June 20
TAISHIN BANK: Moody's Affirms D+ Financial Strength Rating
* China's Watchdog Shuts Down More Than 3,000 Polluting Firms


I N D I A

CABLE & WIRELESS: Launches Calling Plans & Handset Sale
CABLE & WIRELESS: Launches New Service with American Airlines
EASTMAN KODAK: Moody's Confirms B1 Corporate Rating After Review
EASTMAN KODAK: Taps Dale Patterson to Lead Packaging Segment
GENERAL MOTORS: Offers 0% Financing on Silverado & Sierra Trucks

KOTAK MAHINDRA BANK: Net Profit Up 7% to INR372.58 Million
LML LTD: Posts INR152.8 Million Net Loss in Qtr. Ended March 31
NAGARJUNA FERTILIZERS: Net Profit Drops to INR18.6 Million
ORIENTAL BANK: Board Declares 47% Dividend, Seeks RBI Approval
PUNJAB NATIONAL BANK: Board to Meet on May 23


I N D O N E S I A

BANK MANDIRI: Expects Lending Rate to Fall 11% by End of 2007
BANK RAKYAT: Annual General Meeting Slated for May 22
LIPPO KARAWACI: To Invest US$500MM for Hospital Unit Expansion
NUTRO PRODUCTS: Inks Pact Selling Pet Food Operations to Mars
PARKER DRILLING: Wins Contracts in Mexico and Turkmenistan

PERTAMINA: Hires PwC & Bahana to Sell 60 Units
MEDCO ENERGI: Partners With Kyushu Electric for Energy Projects


J A P A N

BANCO BRADESCO: Eyes Up to 25% Boost in Lending This Year
BANCO BRADESCO: Posts 11.4% Rise in First Qtr. 2007 Net Income
DAIEI: Net Income Slides 90% to JPY41.3BB for FY2006
DELPHI CORP: Posts US$63 Million Net Loss in March 2007
DELPHI CORP: Section 1113/1114 Conference Set for May 23

HIROSHIMA: Moody's Lifts Unsecured Debt Rating to A3
ITOCHU CORPORATION: Increase in Net Profit by 22% for FY2006
KANSAI URBAN: Moody's Maintains 'D' Financial Strength Rating
KINKI OSAKA: Moody's Raises Bank Financial Rating to D
MITSUBISHI UFJ TRUST: Moody's Lifts Financial Strength Rating

SOFTBANK CORP: 4th Quarter Profit Drops 83% to JPY6.88 Billion
SOFTBANK CORP: To Pay Cash Dividend of JPY2.50 per Share
SOFTBANK CORP: Board Seeks Shareholder Approval of Auditor
SUMITOMO MITSUI BANKING: Moody's Lifts Financial Strength Rating


K O R E A

DAEWOO ELECTRONICS: Creditors Prefer Venugopal over Videocon
DAEWOO SHIPBUILDING: To Build 16 Ships Worth US$1.6 Billion
HYNIX SEMICONDUCTOR: Rises to 5th Place in Chipmaking Industry


N E W  Z E A L A N D

EASTSIDE TIMBER: Wind-Up Petition Hearing Set for Tomorrow
EVENTWORKS EVENT: Last Day to File Proofs of Debt is Today
GREENFORDE ENTERPRISES: Receiving Proofs of Debt Until May 18
MAJA CONSTRUCTION: Wind-Up Petition Hearing Slated for May 14
NEWBAC LTD: Subject to Accident Compensation's Wind-Up Petition

QUAIL QUARRY: Enters Wind-Up Proceedings
STANMAR CONSTRUCTION: Proofs of Debt Due by July 18
STARS METAL: Court to Hear Wind-Up Petition Tomorrow
TECHNIQUBE LTD: Faces CIR's Wind-Up Petition
TOTAL TAXATION: Appoints Parsons and Kenealy as Liquidators


P H I L I P P I N E S

BANCO DE ORO: To Divest 25 Million Equitable PCI Common Shares
BANKARD INC: Sets Annual Meeting of the Stockholders on June 20
GEOGRACE RESOURCES: Stock Offering Set On May 15 to 21
MANILA ELECTRIC: Makes Partial Payment to Power Suppliers
MAYNILAD WATER: May Be Able to Expedite Rehabilitation

METROPOLITAN BANK: Announces Remittance Partnership with Al Dar
METROPOLITAN BANK: Freezes New Capital Issue
PETPLANS INC: Court Approves Rehabilitation Plan
PHILCOMSAT HOLDINGS: Majority Shareholders Question TRO
SECURITY BANK: Posts Stronger ROE As First Qtr. Net Increases

UNIWIDE HOLDINGS: Settles Debt with Seven Secured Creditors


S I N G A P O R E

CHEMTURA CORP: Signs Sale Agreement With PERGAN for Peroxide Biz
PETROLEO BRASILEIRO: Gives Final Offer for Bolivian Refineries
SCOTTISH RE: A.M. Best Upgrades Financial Strength Rating to B+
SCOTTISH RE: S&P Raises Counterparty Credit Rating to B+ from B
SEA CONTAINERS: Wants Court to Set July 16 as Claims Bar Date


T H A I L A N D

ADVANCE AGRO PCL: Establishes New Steam Producer Subsidiary
DAIMLERCHRYSLER: Chrysler Launches Ad Campaign to Define Brand
FOSTER WHEELER: Inks Pact to Hike 5-Year Facility to US$100MM
SIAM CITY BANK: Bank of Thailand Seeks Partner for Firm
SIAM GENERAL FACTORING: Names 4 Directors & 3 Auditors for 2007

SIAM GENERAL FACTORING: Notifies SET of Errors in 2006 Report
SRITHAI FOOD AND BEVERAGE: Appoints Auditors for 2007
THAI DURABLE GROUP: Appoints New Directors & Auditor for 2007
TRUE CORP: Re-Elects 7 Directors & Appoints 2 Auditors for 2007
TRUE CORP: Engages in Partnership with Cisco Systems

     - - - - - - - -

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

AGCO CORPORATION: Earns US$24.5 Million in Qtr. Ended March 31
--------------------------------------------------------------
AGCO Corporation reported net income of US$0.26 per share for
the first quarter of 2007.  For the first quarter of 2006, AGCO
reported net income of US$0.19 per share.  Net sales for the
first quarter of 2007 were US$1.3 billion, an increase of
approximately 14% compared to the same period in 2006.

"Strong performance from our South American operations
contributed to our results in the first quarter," stated Martin
Richenhagen, Chairman, President and Chief Executive Officer.  
"The improving conditions in the Brazilian agricultural
machinery market fueled sales growth of approximately 34% in our
South American business.  The additional sales volume allowed us
to leverage the improvements we have made in our cost structure
in South America, resulting in double-digit operating margins
for the region.  We saw sales growth in both our Massey Ferguson
and Valtra brands, which when combined, have a leading market
position in Brazil.  The strength of our full product lines and
our superior dealer networks has us well positioned in this
important region.  In addition, our first quarter earnings
benefited from lower net interest costs resulting from our
improved net debt position."

"The quarter also was marked by the initial production in Europe
of the new Fendt 900 series high horsepower tractors," Mr.
Richenhagen continued.  "This launch reinforces Fendt's role as
a pioneer in agricultural engineering and superior design.  As
previously discussed, our controlled roll-out of the new high
horsepower tractor model impacted our sales mix in the first
quarter of 2007 and resulted in lower margins in our
Europe/Africa/Middle East segment.  Strong performance by our
Massey Ferguson and Valtra brands in Europe partially offset the
weaker sales mix and supplier constraints experienced at Fendt.  
The 900 series is being well received by our customers, and we
expect strong sales and improved margins in our European
business for the remainder of 2007."

                     First Quarter Results

Net sales for the first quarter of 2007 increased approximately
14% to US$1,332.6 million compared to US$1,169.8 million for the
first quarter of 2006.  For the first quarter of 2007, AGCO
reported net income of US$24.5 million, or US$0.26 per share.  
For the first quarter of 2006, AGCO reported net income of
US$17.3 million, or US$0.19 per share.  Adjusted net income,
excluding restructuring and other infrequent expenses, was
US$17.4 million, or US$0.19 per share, for the first quarter of
2006.

AGCO's net sales, excluding the impact of currency translation
of US$75.6 million, increased approximately 7.5% in the first
quarter of 2007 compared to the same period in 2006.  Net sales
increased in all four of AGCO's geographical segments, with the
strongest sales increase in South America where improved market
conditions in Brazil led to higher sales.  European sales
increased due to strong growth in Scandinavia, Finland and the
United Kingdom, partially offset by weaker sales in Germany.  In
North America, net sales increased slightly in 2007 compared to
2006 consistent with the moderate increase in industry demand.  
Sales were slightly higher in AGCO's Asia/Pacific region despite
soft market conditions.

For the first quarter of 2007, income from operations increased
approximately US$1.7 million compared to 2006 resulting from the
increase in net sales.  First quarter gross margins were below
2006 due to brand and product mix. Unit production of tractors
and combines for the first quarter of 2007 was approximately 5%
above 2006 levels.

In AGCO's Europe/Africa/Middle East region, income from
operations decreased approximately US$4.2 million in the first
quarter of 2007 compared to 2006 due to a weaker sales mix and
lower operating margins caused by the phasing of the new Fendt
900 series production, as well as supplier constraints in
Germany that limited sales in the first quarter.  Growth from
the Massey Ferguson and Valtra brands contributed to a 5%
increase in net sales, excluding currency impact, and helped to
partially offset the operating income decline.

Income from operations in AGCO's South America region increased
approximately US$8.5 million for the first quarter of 2007
compared to 2006. Industry demand in South America was above
2006 levels, resulting in an increase in AGCO's net sales in
South America, excluding currency impact, of approximately 30%
for the first quarter of 2007.  Operating margins increased
approximately 2.5% in the first quarter of 2007 compared to the
first quarter of 2006.  Higher sales volumes combined with
ongoing process improvements and cost reduction initiatives
provided favorable operating leverage.

In North America, income from operations decreased approximately
US$1.9 million in the first quarter of 2007 compared to 2006.  
Income from operations in the first quarter of 2007 was lower
primarily due to negative currency impacts on products sourced
from Brazil and Europe, partially offset by sales growth.

Income from operations in the Asia/Pacific region decreased
approximately US$0.6 million in the first quarter of 2007
compared to 2006.  The reduction in operating income was
primarily due to a weaker sales mix in Australia, where the
severe drought has resulted in lower sales of combines and high
horsepower tractors.

                   Regional Market Results

North America -- Industry unit retail sales of tractors for the
first quarter of 2007 increased approximately 1% over the
comparable prior year period resulting from an increase in the
utility tractor segment largely offset by decreases in the
compact and high horsepower tractor segments.  Industry unit
retail sales of combines for the first quarter of 2007 increased
approximately 13% from the prior year period.  AGCO's unit
retail sales of tractors were lower and combines were higher in
the first quarter of 2007 compared to 2006.

Europe -- Industry unit retail sales of tractors for the first
quarter of 2007 increased approximately 3% compared to the prior
year period. Retail demand improved in most of the major markets
of Europe, but declined in Italy and Spain. AGCO's unit retail
sales for the first quarter of 2007 were higher when compared to
the prior year period.

South America -- Industry unit retail sales of tractors
increased approximately 25% and industry unit retail sales of
combines increased approximately 30% for the first quarter of
2007 compared to the prior year period.  Unit retail sales of
tractors and combines in the major market of Brazil increased
approximately 31% and 57%, respectively, during the first
quarter of 2007 compared to 2006.  AGCO's South American unit
retail sales of tractors and combines also increased in the
first quarter of 2007 compared to 2006.

Rest of World Markets -- Outside of North America, Europe and
South America, AGCO's net sales for the first quarter of 2007
were approximately 28% higher than 2006 due to higher sales in
Africa and Asia.

"Strong commodity prices supported industry demand across much
of the globe in the first quarter," stated Mr. Richenhagen.  "In
Europe, industry retail sales are benefiting from higher farm
income in 2006 and the continuing strong growth in Eastern and
Central Europe.  In North America, higher commodity prices and
improving farmer sentiment contributed to modest improvement in
retail demand in the first quarter.  The sugar cane sector
remains strong in Brazil, and a better grain harvest has
increased industry demand."

                           Outlook

Industry retail sales of farm equipment in 2007 in all major
markets are expected to be flat or above 2006 levels.  In North
America, 2007 farm income is expected to increase slightly as
the benefit of strong commodity prices is offset by higher input
costs and lower government subsidies.  As a result, sales of
farm equipment in 2007 are also expected to increase slightly.  
Improved farm income in Brazil is expected to support an
increase in industry sales this year. However, high levels of
farmer debt, especially in the mid-west region, could impact
Brazilian demand for the remainder of 2007.  Industry demand in
Europe is expected to be relatively flat compared to 2006 with
growth in Central and Eastern Europe offsetting small declines
in Western Europe.

AGCO's net sales for the full year of 2007 are expected to grow
8% to 9% compared to 2006, driven primarily by improving market
conditions in South America, continued growth in Europe and
currency impacts.  For the full year, AGCO is targeting earnings
per share of approximately US$1.45 with earnings improvements
resulting primarily from sales growth and lower interest costs.  
The earnings target continues to include investments in the form
of increased engineering expenses, plant restructurings, system
initiatives, new market development, and distribution
expenditures, all of which support the Company's strategic
direction.  In addition, ongoing working capital initiatives are
expected to produce strong cash flow.

                       About Agco Corp.

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of
agricultural equipment and related replacement parts. Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Brazil.  AGCO products include the following brands: AGCO(R),
Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey
Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters.  
AGCO provides retail financing through AGCO Finance.  The
company had net sales of US$5.4 billion in 2005.

The company has its Asia Pacific headquarters in Australia.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for AGCO Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


ALLSTATE: Restructures, Pay Creditors and Shareholders
---------------------------------------------------------

ash/revise

Allstate Explorations NL shareholders and unsecured creditors
will get paid what is due to them more than five years after the
company struck financial trouble.

Allstate and junior joint venture partner, Beaconsfield Gold NL,
have signed a resolution of which Beaconsfield now owns 83% of
Allstate, Michael West of The Australian reports.  Beaconsfield
Gold moved to 83% ownership and control of Allstate after
shareholders voted in favor of the sale of Newmont Australia's
57.2% stake in the group for just AU$1.4 million.

The daily reports that Sydney's Justice and Police Museum,
Beaconsfield chief executive Bill Colvin said, "With the
ownership issue finally resolved our focus is now on the future
and that means drilling at depth and starting a regional
exploration program, which hasn't been possible until now
because of the ownership."

Although the restructuring is good news for shareholders and
creditors, Allstate's administration will live on, the report
relates.

                           About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544

                  Auditor's Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported on
December 6, 2006, that after auditing the company's financial
report, M.L. Port, a partner at PKF, Chartered Accountants,
raised an uncertainty on the process and timing of the company's
divestment of assets.

According to the auditor's report, without the ongoing support
from financiers and creditors, and the successful restructuring
of the current debt facilities, the company and the consolidated
entity will be unable to pay its debts as and when they become
due and payable.  There is also significant uncertainty
concerning the actual timing of any recommencement of commercial
mining operations at the Beaconsfield Mine.


ARMOR HOLDINGS: Selling Assets to BAE Systems for US$4.1 Billion
----------------------------------------------------------------
Armor Holdings, Inc. entered into a definitive merger agreement
to be acquired by BAE Systems, Inc., a wholly owned subsidiary
of BAE Systems plc, for US$4.1 billion, or a price per common
share of US$88 through a one-step merger.

The transaction is subject to approval of Armor Holdings, Inc.
shareholders and to customary closing conditions, including
compliance with The Hart-Scott-Rodino Antitrust Improvements Act
of 1976 and approval under the Exon-Florio National Security
Test for Foreign Investment.  The transaction is expected to
close in the third quarter.

"We are exceptionally pleased to join forces with BAE Systems
plc, a global leader in the defense industry," Warren B.
Kanders, Chairman and Chief Executive Officer of Armor Holdings,
Inc. said.  "We would like to thank our shareholders for the
constant support they have shown our company through numerous
transactions and business initiatives that have enabled us to
deliver superior investment returns.  Importantly, we would also
like to thank our management team and our Board of Directors for
their dedication and stewardship over the years."

"We are excited to move this business to the next phase of its
development," Robert R. Schiller, President of Armor Holdings,
Inc., commented.  "We have no doubt that BAE Systems will place
the needs of our customer and those of the men and women in
uniform who depend on our products at the center of their
ongoing effort.  We owe a special thanks and a deep debt of
gratitude to each of our over 8,000 employees around the world.  
Their tireless commitment to excellence and innovation has and
will continue to make this organization strong for many years
into the future."

Armor Holdings was advised by Goldman, Sachs & Co., Inc. and
Merrill Lynch & Co., Inc., as financial advisors and Kane
Kessler, P.C., as legal counsel.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc. --
http://www.armorholdings.com/-- manufactures and distributes  
security products and vehicle armor systems for the law
enforcement, military, homeland security, and commercial
markets.  The company has operations in Australia, England and
Brazil.

                        *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.

Additionally, Moody's affirmed its B1 ratings on the company's
2% Convertible Senior Subordinated Notes Due 2024 and 8.25%
Senior Subordinated Notes Due 2013.  Moody's assigned those
debentures an LGD5 rating suggesting noteholders will experience
a 77% loss in the event of default.


ARMOR HOLDINGS: S&P Places Watch to Positive on BAE Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB' corporate credit rating, on Jacksonville, Fla.-based
Armor Holdings Inc. on CreditWatch with positive implications.

"The CreditWatch follows the announcement that Armor has agreed
to be acquired by Farnborough, U.K.-based BAE Systems PLC for a
total consideration of US$4.5 billion, including assumed debt,"
said Standard & Poor's credit analyst Christopher DeNicolo.  The
acquisition is subject to customary regulatory approvals, as
well as approval by Armor's shareholders, and is expected to
close in the third quarter of 2007.  Ratings are likely to be
withdrawn if outstanding rated debt is repaid or converted to
common stock in the case of Armor's US$345 million convertible
notes.

The company's aerospace and defense group (about 80% of revenues
in 2006) produces armored military vehicles, military body
armor, soldier equipment, and crew seats for military
helicopters and transports.  Armor is a leading provider of law
enforcement equipment, including body armor, holsters, riot
gear, and batons, through its Products group.  Armor also
provides commercial vehicle armoring through its Mobile Security
division (5%).


BEVTECH SYSTEMS: Members Resolve to Liquidate Firm
--------------------------------------------------
At a general meeting held on April 13, 2007, the members of
Bevtech Systems Pty Ltd passed a resolution winding up the
company's operations.

John Irving and Andre Janis Strazdins of SimsPartners were
appointed as liquidators.

The Liquidators can be reached at:

         John Irving
         Andre Janis Strazdins
         SimsPartners
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia

                      About Bevtech Systems

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


BOE SHOPFITTERS: Creditors' Proofs of Debt Due on May 13
--------------------------------------------------------
Boe Shopfitters Design & Build Pty Ltd will declare a first and
final dividend on May 23, 2007.

Creditors who cannot prove their debts by May 13, 2007, are
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         D. McLay
         summerscorporate
         Next Building, Level 5
         16 Milligan Street
         Perth, Western Australia 6000
         Australia

                     About Boe Shopfitters

Located in Western Australia, Australia, Boe Shopfitters Design
& Build Pty Ltd is into carpentry work.


BURRIDJ ABORIGINAL: Will Declare Dividend on May 31
---------------------------------------------------
Burridj Aboriginal Group Training Company Pty Ltd, which is
liquidation, will declare a first and final dividend on May 31,
2007.

Creditors are required to file their proofs of debt by May 14,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         G. D. Finch
         KPMG
         18 Smith Street
         Darwin NT 0800
         Australia

                    About Burridj Aboriginal

Located in Northern Territory, Australia, Burridj Aboriginal
Group Training Company Pty Ltd is an investor relation company.


CITYGOLD INVESTMENTS: Appoints Nicholas Allingame as Liquidator
---------------------------------------------------------------
The members of Citygold Investments Pty Ltd met on April 10,
2007, and decided to voluntarily wind up the company's
operations.

Nicholas Allingame was appointed as liquidator.

Mr. Allingame can be reached at:

         Nicholas Allingame
         20 Kennedy Road
         Morley, Western Australia 6062
         Australia

                   About Citygold Investments

Citygold Investments Pty Ltd is a land subdivider and developer,
except for cemeteries.  The company is located in Western
Australia, Australia.


CONSTELLATION BRANDS: S&P Keeps BB- Rating Amidst Share Buyback
---------------------------------------------------------------
Standard & Poor's Ratings Services said that there would be no
effect on the ratings or outlook of Constellation Brands Inc.
(BB-/Stable/--) following the announcement that it has entered
into an accelerated share repurchase transaction with Citibank
N.A. to repurchase a minimum of 16.9 million shares of
Constellation Brands Class A common stock for US$421.1 million
on May 8, 2007.  The company has already repurchased 3.5 million
shares of its Class A common stock at a cost of US$78.9 million
through open market purchases.  These transactions will fully
utilize Constellation Brands' recently authorized US$500 million
share repurchase program.  

Standard & Poor's March 1, 2007, downgrade had already factored
into the current ratings the expectation for a near-term buyback
of company shares under its repurchase authorization.  While the
company's financial profile will weaken somewhat as a result of
the accelerated repurchase transaction, there still remains some
flexibility under Constellation Brands' current ratings for
additional acquisitions, investments, and joint ventures.

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and   
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan and
New Zealand


EXELEC PTY: Members Pass Resolution to Wind Up Firm
---------------------------------------------------
On April 16, 2007, the members of Exelec Pty Ltd passed a
resolution winding up the company's operations.

Richard George Shoobridge of Deloitte Touche Tohmatsu was
appointed as liquidator.

Mr. Shoobridge can be reached at:

         Richard George Shoobridge
         Deloitte Touche Tohmatsu
         Level 9, ANZ Centre
         22 Elizabeth Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6237 7000
         Facsimile:(03) 6237 7001

                        About Exelec Pty

Exelec Pty Ltd, which is also trading as Russell-Smith Pty Ltd,
is involved with electrical work.


GENERAL CABLE: Names Mark Thackeray Sr. VP of North American Ops
----------------------------------------------------------------
General Cable Corp. has appointed Mark A. Thackeray as Senior
Vice President of North American Operations.  The company also
named appointed him to the Leadership Team.

Mr. Thackeray, formerly Vice President of Supply Chain, will
replace Larry E. Fast, who plans to retire from General Cable in
June of 2007.  Mr. Thackeray will report to Gregory B. Kenny,
President and Chief Executive Officer of General Cable.

"Over the past nine years since joining our Company, Larry Fast
has built a superb Operations organization," Mr. Kenny said. "I
would match our team against the best manufacturers in North
America as evidenced by our strong plant performance and
numerous INDUSTRYWEEK Best Plants awards over the past five
years.  Larry's vision for Manufacturing Excellence will
continue to guide our operations team to even higher levels of
performance."

"Mark has proven to be an outstanding leader and has tackled
numerous projects to bring manufacturing and logistics expertise
to our operations all over the world," Mr. Kenny continued.
"I look forward to many years of Mark's counsel and leadership,
and his high expectations and execution of continuous
improvement."

Since joining General Cable in 2001, Mr. Thackeray has served as
Vice President of Advanced Manufacturing Engineering, Vice
President of Manufacturing for our Communications and Assembly
plants, and most recently served as Vice President of Supply
Chain.  

Mr. Thackeray holds a bachelor's degree in Industrial &
Systems Engineering from the Georgia Institute of Technology and
has a Master of Business Administration from Xavier University.
He is also a certified Six Sigma Champion.  Prior to joining
General Cable in April 2001, he was President of Cincinnati
Industrial Consulting, a consulting firm that specialized in
operations and process improvement technology using Lean and Six
Sigma methodologies.

Mr. Thackeray was Vice President of R.D. Garwood Inc., a leading
supply chain and operations consulting firm, from August 1996
through January 1998.

He has also held numerous manufacturing operations and plant
manager positions during his career, including serving as
Operations Manager for Tomkins Industries.

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes    
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).  
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

Moody's Investors Service's, in implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the U.S. manufacturing sector, confirmed the B1 Corporate
Family Rating for General Cable Corporation, as well as the B2
rating on the company's US$285 million 9.5% senior unsecured
notes due 2010.  Those debentures were assigned an LGD4 rating
suggesting that creditors will experience a 70% loss in the
event of a default.

Standard & Poor's Rating Services revised its outlook on General
Cable Corp. to positive from stable, and affirmed the 'B+'
corporate credit rating, the 'BB' secured bank loan rating, and
the 'B' senior unsecured debt rating.  The revised outlook
reflects improved financial leverage metrics stemming from
improved profitability and reduced debt.


JOHN A. CULLITY: Placed Under Members' Voluntary Liquidation
------------------------------------------------------------
At an extraordinary general meeting held on April 18, 2007, the
members of John A. Cullity Pty Ltd resolved to voluntarily wind
up the company's operations.

The company's liquidator is:

         Christopher Munday
         c/o Pitcher Partners
         Chartered Accountants
         17th Level, AMP Building
         140 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9322 2022
         Facsimile:(08) 9322 1262

                         About John A. Cullity

Located in Western Australia, Australia, John A. Cullity Pty Ltd
is an investor-relation company.


KENOIRA PTY: Undergoes Liquidation Proceedings
----------------------------------------------
Kenoira Pty Ltd started to wind up its operations on April 5,
2007, and M. Gibson was appointed as liquidator.

                       About Kenoira Pty

Located in Tasmania, Australia, Australia, Kenoira Pty Ltd is an
investor relation company.


MIDWAY-PARK INVESTMENTS: Appoints Maris Rudaks as Liquidator
------------------------------------------------------------
At an extraordinary general meeting held on April 19, 2007, the
members of Midway-Park Investments Pty Ltd resolved to
voluntarily wind up the company's operations and Maris Andris
Rudaks was appointed as liquidator.

The Liquidator can be reached at:

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

                       About Midway-Park

Midway-Park Investments Pty Ltd is an operator of nonresidential
buildings.  The company is located in South Australia,
Australia.


SCC 546: Members to Receive Wind-Up Report on May 24
----------------------------------------------------
SCC 546 Pty Ltd will hold the final meeting for its members on
May 24, 2007, at 11:00 a.m.

At the meeting, the members will hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The company went into liquidation on Sept. 15, 2006, according
to the Troubled Company Reporter - Asia Pacific.

The company's liquidator is:

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

                          About SCC 546

SCC 546 Pty Ltd, which is also trading as G F Cleland and Sons
Pty Ltd, operates unit investment trusts, face-amount
certificate offices, and closed-end management investment
offices.  The company is located in South Australia, Australia.


SCC 737: Members' Final Meeting Set for May 24
----------------------------------------------
The members of SCC 737 Pty Ltd will have their final meeting on
May 24, 2007, at 11:00 a.m., to receive the accounts of the
company's wind-up proceedings and property disposal.

As reported by the TCR-AP, SCC 737 entered wind-up proceedings
on Sept. 15, 2006.

The company's liquidator is:

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

                          About SCC 737

Located in New South Wales, Australia, SCC 737 Pty Ltd is
engaged with insurance carriers.


SYMBION: Pathology Staff Plans to Bid to a Private Firm
-------------------------------------------------------
Symbion Health Ltd's pathology staff is considering a bid for
the pathology business following a takeover offer for Symbion by
Healthscope Ltd., Reuters reports citing Australian Financial
Review.

According to the report, some 100 of Symbion's 150 pathology
staff, unhappy with current working conditions, have formed a
group to discuss their options, and have held talks about a bid
for the business with a private equity firm.

The report stated that AFR quoted an unidentified spokesperson
for the pathologists as saying that "There is a consideration
that dealing with Healthscope is worse than Symbion and the
staff are also considering leaving Symbion."

Symbion Chief Executive Robert Cooke denied these allegations,
the report notes.

                          About Symbion

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,  
provides health products and services.  The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions. Symbion Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients.  
Symbion Medical Centers provides local communities with
healthcare and family medicine.  Symbion Imaging provides
imaging services to patients on the eastern seaboard of
Australia.  Symbion Pharmacy Services supplies a line of
pharmaceuticals and associated products to pharmacies.  Symbion
Consumer manufactures and markets nutraceuticals (vitamins and
mineral supplements).

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


WESTPOINT REALTY: Creditors Opt to Wind Up Firm
-----------------------------------------------
On April 13, 2007, the creditors of Westpoint Realty Pty Ltd met
and agreed to wind up the company's operations.

Martin Jones and Darren Weaver of Ferrier Hodgson were appointed
as liquidators.

The Liquidators can be reached at:

         Martin Jones
         Darren Weaver
         Ferrier Hodgson
         Level 26 BankWest Tower
         108 St Georges Terrace
         Perth, Western Australia
         Australia

                         About Westpoint Realty

Located in Western Australia, Australia, Westpoint Realty Pty
Ltd do business with real estate agents and managers.


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

AGRICULTURAL BANK: Moody's Keeps Financial Strength Rating at E
---------------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Moody's
affirmed Agricultural Bank of China's Bank Financial Strength
Rating at E.  The outlook for BFSR is stable.  The long-term
Foreign Currency Deposit Rating is A2.  The short-term Foreign
Currency Deposit Rating is P-1.  The outlook for the long-term
deposit rating is positive, reflecting the positive outlook on
the sovereign rating.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


BANK OF CHINA: Moody's Rates Financial Strength at D-
-----------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Moody's rates
Bank of China Limited's Bank Financial Strength at D-.  The
outlook for BFSR is stable.  The long-term Foreign Currency
Deposit Rating is A2.  The short-term Foreign Currency Deposit
Rating is P-1.  The Senior Unsecured U.S. Dollar Rating is A2.  
The outlook for the long-term deposit rating is positive,
reflecting the positive outlook on the sovereign rating.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


BANK OF COMMUNICATIONS: Moody's Holds Financial Strength at D
-------------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Bank of
Communications' D Bank Financial Strength Rating was affirmed.  
The long-term Foreign Currency Deposit Rating is raised to Baa1
from Baa2.  The short-term Foreign Currency Deposit Rating is
raised to P-2 from P-3.  The outlook for all ratings is stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


BMG ZOMBA: Final General Meeting Slated for June 6
--------------------------------------------------
BMG Zomba Production Music Asia Limited will hold a final
general meeting for its members on June 6, 2007, at 10:00 a.m.

The meeting will be held on the 20th Floor of Prince's Building
in Central, Hong Kong.

John James Toohey, the company's liquidator, will present a
report about the company's wind-up proceedings and property
disposal during the meeting.


CARGO-LAND: Subject to Clare Freight's Wind-Up Petition
-------------------------------------------------------
A wind-up petition for Cargo-Land (Futian) Warehouse and
Transportation Company Limited was filed by Clare Freight
International (H.K.) Limited on April 3, 2007.

The petition will be heard before the High Court of Hong Kong on
June 6, 2007, at 9:30 p.m.

Clare Freight's solicitor is:

         Liau, Ho & Chan
         United Chinese Bank Building, 6th Floor
         31-37 Des Voeux Road
         Central, Hong Kong


CHANG HWA: Moody's Keeps Financial Strength Rating at D
-------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Taiwan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the new methodologies, Chang Hwa Commercial Bank's BFSR
remains unchanged at D with positive outlook.  The Long-
Term/Short-Term Foreign Currency Deposit Ratings are unchanged
at A3/Prime-1 with stable outlook.  The Long-Term/Short-Term
Taiwan National Scale Deposit Ratings are unchanged at
Aa2.tw/TW-1 with stable outlook.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain. Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

Based on this framework, the implementation of the JDA
methodology has led to the upgrade in the local currency deposit
ratings of several Taiwanese banks, mainly due to systemic
support.  Moody's assesses systemic support levels for banks in
Taiwan using its high country support guideline.  This guideline
takes into consideration the historic evidence of support for
banks, in addition to the size, strength and the degree of
fragmentation of the Taiwanese banking system.  The average
ratings uplift from the stand-alone baseline credit assessment
implied by the BFSR for all rated banks in Taiwan due to
systemic support was 3.6 notches.

In connection with the JDA rollout for rated banks, issuer
ratings for financial holding companies in Taiwan are
accordingly and mostly adjusted upwards.  In principle, bank-
dominated financial holding companies' ratings were one-notch
down from those of their bank subsidiaries, given Taiwan's high-
support stance towards the financial sector.

Extra notching (i.e. at most 2 notches for Taiwan), however, was
considered for those financial holding companies, which either
show relatively high leverage or may provide financial support
to weaker or growing non-bank subsidiaries important to the
group in terms of business scale or earnings.


CHINA CONSTRUCTION: Moody's Hands Stable Outlook on D- BFSR
-----------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, China
Construction Bank Corporation's Bank Financial Strength Rating
is D-.  The outlook for BFSR is stable.  The long-term Foreign
Currency Deposit Rating is A2.  The short-term Foreign Currency
Deposit Rating is P-1.  The outlook for the long-term deposit
rating is positive, reflecting the positive outlook on the
sovereign rating.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


CHINA EVERBRIGHT: Moody's Rates Financial Strength at D-
--------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, China
Everbright Bank's Bank Financial Strength Rating is D-.  The
long-term Foreign Currency Deposit Rating is Ba1.  The short-
term Foreign Currency Deposit Rating is NP. The outlook for all
ratings is stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


CHINA MERCHANTS: Moody's Pulls Financial Strength Rating to D+
--------------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, China
Merchants Bank's Financial Strength Rating is raised to D+ from
D.  The long-term Foreign Currency Deposit Rating is raised to
Baa3 from Ba1.  The short-term Foreign Currency Deposit Rating
is raised to P-3 from NP.  The outlook for all ratings is
stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.


CITIC BANK: Moody's Rates Financial Strength at D-
--------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, China CITIC
Bank's Bank Financial Strength Rating is D-.  The long-term
Foreign Currency Deposit Rating is Baa3.  The short-term Foreign
Currency Deposit Rating is P-3.  The outlook for all ratings is
stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


CONMAX ENGINEERING: Annual Meetings Set for May 15
--------------------------------------------------
The members and creditors of Conmax Engineering Limited will
have their annual meetings on May 15, 2007, at 3:00 p.m. and
3:30 p.m., respectively, to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held on the 12th Floor of Grand Building at
15 Connaught Road in Central, Hong Kong.


DIAMOND TECHNOLOGY: Members' Final Meeting Set for June 5
---------------------------------------------------------
The members of Diamond Technology Limited will meet on June 5,
2007, at 11:30 a.m. for their final meeting.

The meeting will be held on the 13th Floor of Gloucester Tower,
The Landmark at 15 Queen's Road in Central, Hong Kong.

Wong Kwok Man and Alison Wong Lee Fung Ying will give a report
about the company's wind-up and property disposal during the
meeting.


DIGITPOWER TECHNOLOGY: Wind-Up Petition Hearing Set for May 16
--------------------------------------------------------------
Tyan Ching Yu filed a wind-up petition against Digitpower
Technology (Asia) Limited on Feb. 8, 2007.

The petition will be heard before the High Court of Hong Kong on
May 16, 2007, at 9:30 a.m.

Tyan Ching's solicitor is:

         Benny Kong & Peter Tang
         Tesbury Centre, 21st Floor
         28 Queen's Road, East Wanchai
         Hong Kong


ELECTRO SOURCE: Creditors to Receive Wind-Up Report on May 11
-------------------------------------------------------------
The creditors of Electro Source Limited will meet on May 11,
2007, at 3:30 p.m., to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The meeting will be held in the office of Baker Tilly on the
12th Floor of China Merchants Tower, Shun Tak Centre at 168-200
Connaught Road in Central, Hong Kong.


ESUN BANK: Moody's Holds Financial Strength Rating at D+
--------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Taiwan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the new methodologies, ESUN Bank's BFSR is unchanged at D+.  
The Foreign Currency Deposit Rating is unchanged at Baa2/Prime-
3.  The Long-Term/Short-Term Taiwan National Scale Deposit
Ratings are unchanged at A1.tw/TW-1. The outlook for all ratings
is stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain. Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

Based on this framework, the implementation of the JDA
methodology has led to the upgrade in the local currency deposit
ratings of several Taiwanese banks, mainly due to systemic
support.  Moody's assesses systemic support levels for banks in
Taiwan using its high country support guideline.  This guideline
takes into consideration the historic evidence of support for
banks, in addition to the size, strength and the degree of
fragmentation of the Taiwanese banking system.  The average
ratings uplift from the stand-alone baseline credit assessment
implied by the BFSR for all rated banks in Taiwan due to
systemic support was 3.6 notches.

In connection with the JDA rollout for rated banks, issuer
ratings for financial holding companies in Taiwan are
accordingly and mostly adjusted upwards.  In principle, bank-
dominated financial holding companies' ratings were one-notch
down from those of their bank subsidiaries, given Taiwan's high-
support stance towards the financial sector.

Extra notching (i.e. at most 2 notches for Taiwan), however, was
considered for those financial holding companies which either
show relatively high leverage or may provide financial support
to weaker or growing non-bank subsidiaries important to the
group in terms of business scale or earnings.


EVERGREEN RESTAURANT: Creditors' Proofs of Debt Due by May 25
-------------------------------------------------------------
Evergreen Restaurant Limited will declare a second and final
dividend.

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

The company's liquidator is:

         Kong Chi How, Johnson
         Wing On Centre, 29th Floor
         No. 111 Connaught Road
         Central, Hong Kong


FIRST COMMERCIAL: Moody's Keeps Financial Strength Rating at D
--------------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Taiwan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the new methodologies, First Commercial Bank's BFSR is
unchanged at D.  The Long-Term/Short-Term Foreign Currency
Deposit Rating is unchanged at A3/Prime-1.  The Long-Term/Short-
Term Taiwan National Scale Deposit Ratings are unchanged at
Aa2.tw/ TW-1.  The outlook for all ratings is stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain. Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

Based on this framework, the implementation of the JDA
methodology has led to the upgrade in the local currency deposit
ratings of several Taiwanese banks, mainly due to systemic
support.  Moody's assesses systemic support levels for banks in
Taiwan using its high country support guideline.  This guideline
takes into consideration the historic evidence of support for
banks, in addition to the size, strength and the degree of
fragmentation of the Taiwanese banking system.  The average
ratings uplift from the stand-alone baseline credit assessment
implied by the BFSR for all rated banks in Taiwan due to
systemic support was 3.6 notches.

In connection with the JDA rollout for rated banks, issuer
ratings for financial holding companies in Taiwan are
accordingly and mostly adjusted upwards.  In principle, bank-
dominated financial holding companies' ratings were one-notch
down from those of their bank subsidiaries, given Taiwan's high-
support stance towards the financial sector.

Extra notching (i.e. at most 2 notches for Taiwan), however, was
considered for those financial holding companies which either
show relatively high leverage or may provide financial support
to weaker or growing non-bank subsidiaries important to the
group in terms of business scale or earnings.


GUANGDONG DEVELOPMENT: Moody's Reviewing E+ BFS Rating
------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Guangdong
Development Bank's E+ Bank Financial Strength Rating remains on
review for possible upgrade.  The long-term Foreign Currency
Deposit Rating is raised to Ba3 from B1, and also remains on
review for possible upgrade.  The NP short-term Foreign Currency
Deposit Rating is unchanged.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


HILL SOURCE: Members' Final Meeting Set for June 5
--------------------------------------------------
A final meeting will be held for the members of Hill Source
Limited on June 5, 2007, at 10:00 a.m., in Unit 1202 on the 12th
Floor of Malaysia Building at No. 50, Gloucester Road in
Wanchai, Hong Kong.

During the meeting, the members will hear the liquidator's
report about the company's wind-up proceedings and property
disposal.


HSBC BANK (CHINA): Moody's Rates Financial Strength at D
--------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, HSBC Bank
(China) Company's Bank Financial Strength Rating is D.  The
long-term Local and Foreign Currency Deposit Ratings are A2.  
The short-term Local and Foreign Currency Deposit Ratings are P-
1.  The outlook for the long-term deposit ratings are positive,
reflecting the positive outlook on the sovereign rating.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.


HUA NAN COMMERCIAL: Moody's Holds Financial Strength Rating at D
----------------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in Taiwan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the new methodologies, Hua Nan Commercial Bank's BFSR is
unchanged at D.  The Long-Term/Short-Term Foreign Currency
Deposit Rating is unchanged at A3/Prime-1.  The Long-Term/Short-
Term Taiwan National Scale Deposit Ratings are unchanged at
Aa2.tw/ TW-1.  The outlook for all ratings is stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain. Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

Based on this framework, the implementation of the JDA
methodology has led to the upgrade in the local currency deposit
ratings of several Taiwanese banks, mainly due to systemic
support.  Moody's assesses systemic support levels for banks in
Taiwan using its high country support guideline.  This guideline
takes into consideration the historic evidence of support for
banks, in addition to the size, strength and the degree of
fragmentation of the Taiwanese banking system.  The average
ratings uplift from the stand-alone baseline credit assessment
implied by the BFSR for all rated banks in Taiwan due to
systemic support was 3.6 notches.

In connection with the JDA rollout for rated banks, issuer
ratings for financial holding companies in Taiwan are
accordingly and mostly adjusted upwards.  In principle, bank-
dominated financial holding companies' ratings were one-notch
down from those of their bank subsidiaries, given Taiwan's high-
support stance towards the financial sector.

Extra notching (i.e. at most 2 notches for Taiwan), however, was
considered for those financial holding companies which either
show relatively high leverage or may provide financial support
to weaker or growing non-bank subsidiaries important to the
group in terms of business scale or earnings.


ICBC: Moody's Holds Financial Strength Rating at D-
---------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating is
affirmed at D-.  The outlook for BFSR is stable.  The long-term
Foreign Currency Deposit Rating is A2.  The short-term Foreign
Currency Deposit Rating is P-1.  The outlook for the long-term
deposit rating is positive.

Industrial & Commercial Bank of China (Asia) Ltd's BFSR is
changed to C- from D+ with stable outlook.  The Foreign Currency
Deposit Ratings are unchanged at A2/P-1 with positive outlook.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


ICBC: Eyes Cooperation With Travelex, Not Acquisition
-----------------------------------------------------
Pan Gosheng, secretary to the Industrial and Commercial Bank of
China's board of directors, denied a newspaper report that it is
in talks with UK-based Travelex for a possible acquisition,
according to Reuters.

Mr. Pan, in an e-mailed statement obtained by Reuters, said:
"The bank is in discussions with Travelex about potential
business cooperation.  These discussions do not involve the bank
taking over Travelex or acquiring any interests in Travelex."

The Troubled Company Reporter - Asia Pacific, citing South China
Morning Post, reported on May 9, 2007, that Industrial and
Commercial Bank of China has participated in preliminary talks
to buy Travelex.  The newspaper reported that Travelex and ICBC
have held several rounds of talks since last year, the TCR-AP
said.

                          *     *     *

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

On May 4, 2007, Moody's Investors Service held Industrial &
Commercial Bank of China Ltd's Bank Financial Strength Rating at
D- after application of its refined joint default analysis and
updated bank financial strength rating methodologies.  The
outlook for BFSR is stable.  The long-term Foreign Currency
Deposit Rating is A2.  The short-term Foreign Currency Deposit
Rating is P-1.  The outlook for the long-term deposit rating is
positive.

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


LAND BANK: Moody's Keeps Financial Strength Rating at D
-------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in Taiwan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the new methodologies, Land Bank of Taiwan's BFSR is
unchanged at D.  The Long-Term Foreign and Local Currency
Deposit Ratings were upgraded to Aa3 from A2.  The Short-Term
Foreign and Local Currency Deposit Ratings are unchanged at
Prime-1.  The outlook for all ratings is stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain. Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

Based on this framework, the implementation of the JDA
methodology has led to the upgrade in the local currency deposit
ratings of several Taiwanese banks, mainly due to systemic
support.  Moody's assesses systemic support levels for banks in
Taiwan using its high country support guideline.  This guideline
takes into consideration the historic evidence of support for
banks, in addition to the size, strength and the degree of
fragmentation of the Taiwanese banking system.  The average
ratings uplift from the stand-alone baseline credit assessment
implied by the BFSR for all rated banks in Taiwan due to
systemic support was 3.6 notches.

In connection with the JDA rollout for rated banks, issuer
ratings for financial holding companies in Taiwan are
accordingly and mostly adjusted upwards.  In principle, bank-
dominated financial holding companies' ratings were one-notch
down from those of their bank subsidiaries, given Taiwan's high-
support stance towards the financial sector.

Extra notching (i.e. at most 2 notches for Taiwan), however, was
considered for those financial holding companies which either
show relatively high leverage or may provide financial support
to weaker or growing non-bank subsidiaries important to the
group in terms of business scale or earnings.


METRON TECHNOLOGY: Liquidators Quit Posts
-----------------------------------------
On April 30, 2007, Ying Hing Chiu and Chung Miu Yin, Diana quit
as the liquidators of Metron Technology (Hong Kong) Limited and
Metron Technology (Far East) Limited.

The former Liquidators can be reached at:

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


SHANGHAI PUDONG: Moody's Rates Financial Strength at D
------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Shanghai
Pudong Development Bank's Bank Financial Strength Rating is D.  
The long-term Foreign Currency Deposit Rating is Ba1.  The
short-term Foreign Currency Deposit Rating is NP. The outlook
for all ratings is stable.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


SHENZHEN DEVELOPMENT: Moody's Rates Financial Strength at E+
------------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Shenzhen
Development Bank Co., Ltd's Bank Financial Strength Rating is
E+.  The long-term Foreign Currency Deposit Rating is Ba3.  The
short-term Foreign Currency Deposit Rating is NP.  The outlook
for all ratings is positive.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The updated BFSR methodology has relatively small impact on the
BFSRs of most Chinese banks.  


SILVER MERIT: Court to Hear Wind-Up Petition on June 20
-------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Silver Merit Limited on June 20, 2007, at 9:30 a.m.

The petition was filed by the director of Legal Aid on April 18,
2007.


TAISHIN BANK: Moody's Affirms D+ Financial Strength Rating
----------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Taiwan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the new methodologies, Taishin International Bank's BFSR is
unchanged at D+ with stable outlook.  The Long-Term/Short-Term
Local Currency Deposit Ratings were upgraded to Baa1/Prime-2
from Baa2/Prime-3, with positive outlook.  The Long-Term/Short-
Term Foreign Currency Deposit Ratings were assigned at
Baa1/Prime-2 with positive outlook.  The Foreign Currency Long-
Term Issuer Rating was upgraded to Baa1 from Baa2, with positive
outlook.  The Long-Term/Short-Term Taiwan National Scale Deposit
Ratings were upgraded to Aa3.tw/TW-1 from A1.tw/TW-1, with
positive outlook.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain. Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

Based on this framework, the implementation of the JDA
methodology has led to the upgrade in the local currency deposit
ratings of several Taiwanese banks, mainly due to systemic
support.  Moody's assesses systemic support levels for banks in
Taiwan using its high country support guideline.  This guideline
takes into consideration the historic evidence of support for
banks, in addition to the size, strength and the degree of
fragmentation of the Taiwanese banking system.  The average
ratings uplift from the stand-alone baseline credit assessment
implied by the BFSR for all rated banks in Taiwan due to
systemic support was 3.6 notches.

In connection with the JDA rollout for rated banks, issuer
ratings for financial holding companies in Taiwan are
accordingly and mostly adjusted upwards.  In principle, bank-
dominated financial holding companies' ratings were one-notch
down from those of their bank subsidiaries, given Taiwan's high-
support stance towards the financial sector.

Extra notching (i.e. at most 2 notches for Taiwan), however, was
considered for those financial holding companies which either
show relatively high leverage or may provide financial support
to weaker or growing non-bank subsidiaries important to the
group in terms of business scale or earnings.


* China's Watchdog Shuts Down More Than 3,000 Polluting Firms
-------------------------------------------------------------
China's State Environmental Protection Administration closed
down a total of 3,176 polluting enterprises amid a campaign in
which 720,000 companies have been checked for their pollution
discharges last year, Xinhuanet News reports.

According to the report, SEPA, with the help of other government
agencies including the Ministry of Supervision, started
investigating 28,000 cases of violations related to
environmental laws and regulations and settled 13,000 of the
total.

Among the targets of the watchdog are those firms that are
threats to sources of drinking water, industrial parks densely
distributed with polluting enterprises, and construction
projects likely to damage the environment, the report says.

An official of the administration told Xinhua that "pollution by
industrial parks has been curbed effectively."  According to the
report, the unnamed official also said that a total of 1,981
industrial parks across the country, involving 29,890
enterprises, were subject to investigation, and 4,162 polluting
companies got severe punishment.

Xinhua notes that China failed to meet its energy conservation
and pollution control targets last year, and environmental
degradation remains a prominent problem stifling China's
economic and social development.

China reported 161 pollution accidents last year and the
administration suspended 163 projects that would damage the
environment with a total investment of CNY770 billion or US$96
billion, the report says.  The projects include construction of
steel and power plants.


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

CABLE & WIRELESS: Launches Calling Plans & Handset Sale
-------------------------------------------------------
Cable & Wireless Jamaica has launched two new calling plans and
a three-month handset sale, in an to deepen its penetration in
the mobile phone market, the Jamaica Observer reports.

The Observer relates that Cable & Wireless Chief Executive
Officer Rodney Davis said during the launching for the three
products at the company's headquarters in Kingston, "We will be
increasing our value propositions in the marketplace
significantly as we launch another momentous phase in our mobile
operations by rolling out two new big calling plans and a Big
Sale extravaganza that is bound to stir up the market.  Cable
and Wireless remains committed to leading the market in every
area of telecommunications that we compete in.  We intend to
achieve this by giving customers the best product, the best
service, and quite frankly the best value."

According to The Observer, one of the new calling plans called
"Anyone Freetime" requires a weekly payment of J$200.  It offers
prepaid clients:

          -- two hours free talk time,
          -- 20 free text messages,
          -- 20% off international calls daily,
          
The report says that the plan requires a monthly subscription of
US$800 for post-paid clients, who will then get:

          -- a 20% discount off all calls to the US, Canada and
             the United Kingdom (fixed lines only),

          -- 3,600 off-peak minutes, and

          -- 600 text messages to inter-network numbers.

The Observer notes that another plan Cable & Wireless launched
is the "Anyone World" plan, which is available to prepaid
customers who will then have up to 2,500 minutes of calling time
to the US, Canada and the United Kingdom for a monthly fee of
US$999.

Cable & Wireless also launched its "Big Sale," which offers
discounts of up to 50% on handsets.  It is available from May 7
until July 31, according to the report.  

"Eighteen months ago when we had the big launch for our 'Anyone
Plan,' at that time we thought that it was the clearest,
cleanest and most simple plan in the marketplace which simply
offered the best value to consumers when seeking out a mobile
plan.  We said our objective was to break the barrier of
communications in Jamaica by making it more affordable to
Jamaicans to communicate using whatever method they chose.  We
also indicated that 'Anyone' will serve as a platform on which
we would continue to offer unprecedented offerings to our mobile
customers using 'Anyone' as a launch pad," Mr. Davies commented
to The Observer.

"The Anyone plan was the first plan in Jamaica that offered a
single rate to call across any network at anytime -- the only
rate that gives cross net calling at the same rate as calling on
networks, in other words, reduces the need to have two phones.  
It's as much as a 45% reduction in price to any of our
competitors for calling across networks.  The truth is that,
with 'Anyone' and the innovations associated with that and the
promotions that we have done over the last 18 months, we have
become the clear market leader when it comes to offering value
for money...the numbers don't lie," Mr. Davies told The
Observer.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet  
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

Cable & Wireless Plc carry these ratings:

    * Moody's Investors Service
    
      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B1
      -- Short-Term: NP
      -- Outlook: Negative

    * Standard & Poor's

      -- Long-Term Foreign Issuer Credit Rating: BB-
      -- Long-Term Local Issuer Credit Rating: BB-
      -- Short-Term Foreign Issuer Credit Rating: B
      -- Short-Term Local Issuer Credit Rating: B
      -- Outlook: Negative          


CABLE & WIRELESS: Launches New Service with American Airlines
-------------------------------------------------------------
Cable & Wireless has launched a new service with American
Airlines to allow b-mobile postpaid clients to redeem their
reward points for AA Advantage Miles, Caribbean Broadcasting
Corporation reports.

The AA Advantage program is American Airlines' travel awards
program.  It was the original travel awards program established
more than 20 years ago.  AA Advantage members earn miles each
time they purchase an eligible published-fare ticket and fly on
American Airlines, AmericanConnection, American Eagle, or any of
the more than 21 airline partners.  They also earn bonus miles
for flying on an eligible purchased-fare Business Class or First
Class ticket on American Airlines or any of our airline partners
as follows:

    -- An additional 25% of flight mileage flown in Business
       Class, or

    -- An additional 50% of flight mileage flown in First Class.

According to CBC, each b-mobile reward point is valued at US$1.  
It will grant Cable & Wireless mobile subscribers four Advantage
Miles.

Collaborations with other firms are strategies the company will
take going forward, CBC notes, citing Cable & Wireless.

Cable & Wireless Marketing Manager Emmerson Hewitt told CBC that
the company is still seeing growth in market share.

                   About American Airlines

American Airlines, Inc. (NYSE:AMR) -- http://www.AA.com/--  
American Eagle, and the AmericanConnection regional airlines
serve more than 250 cities in over 40 countries with more than
3,800 daily flights.  The combined network fleet numbers more
than 1,000 aircraft.  American Airlines, Inc. and American Eagle
are subsidiaries of AMR Corporation.  It has Latin operations in
Mexico, Dominican Republic, Puerto Rico, Argentina, Bolivia,
Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Venezuela,
Uruguay, Belize, Costa Rica, El Salvador, Guatemala, Honduras,
Nicaragua and Panama.

                   About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet  
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

Cable & Wireless Plc carry these ratings:

    * Moody's Investors Service
    
      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B1
      -- Short-Term: NP
      -- Outlook: Negative

    * Standard & Poor's

      -- Long-Term Foreign Issuer Credit Rating: BB-
      -- Long-Term Local Issuer Credit Rating: BB-
      -- Short-Term Foreign Issuer Credit Rating: B
      -- Short-Term Local Issuer Credit Rating: B
      -- Outlook: Negative


EASTMAN KODAK: Moody's Confirms B1 Corporate Rating After Review
----------------------------------------------------------------
Moody's Investors Service has confirmed Eastman Kodak Company's
B1 corporate family rating, concluding a review for possible
downgrade, which had been prompted by Eastman Kodak's May 2006
announcement of its health business sale.  On April 30, 2007,
Kodak sold its health imaging business to Onex Healthcare
Holdings and received about US$2.35 billion cash (excluding
Eastman Kodak's opportunity to earn an additional US$200 million
if Onex realizes an internal rate of return in excess of 25% on
its investment).  The rating outlook is stable.

The B1 corporate family rating reflects the significant
challenges that Eastman Kodak faces to replace revenue and cash
flow from its declining legacy film businesses, as well as the
company's market position, operating profit margin and free cash
flow volatility, asset returns (net of cash), financial
leverage, and liquidity.

The stable rating outlook reflects Moody's expectation that
Eastman Kodak will continue to maintain liquidity and generate
earnings sufficient to withstand further secular declines of its
legacy film businesses, lack of substantial profitability in
certain of its digital businesses, and its sizeable new business
start up costs.

The ratings would experience downward rating pressure if the
company were to resume stock purchases, restructuring payments
were to exceed the company's forecast (range of US$575 million
to US$625 million in 2007), digital earnings were to decline,
cash balances were to fall below US$1 billion, or the company's
ratio of debt to EBITDA were to exceed 4.0x.  The ratings would
experience upward rating pressure if the company's recurring
digital operating earnings were to grow in excess of US$350
million and the company's ratio of debt to EBITDA were to
represent 3.9x or less on a sustained annual basis.  By Moody's
estimates, Eastman Kodak had an approximate 2.2x ratio of debt
to pre restructuring charge EBITDA for the twelve months ended
March 2007, adjusted for leases, under funded pensions, the
health business sale, and repayment of US$1.15 billion term
loans.

Rating upgraded:

   -- US$1 billion 5 Yr Revolving Credit Facility (expires
      2010), Secured, Ba3 --> Ba1, LGD2, 18%

Ratings confirmed:

   -- B1 Corporate Family Rating

   -- US$500 million Senior Notes due 2013, Unsecured,
      B2 LGD4, 68%

   -- US$3 million Senior Term Note Debenture due 2018,
      Unsecured, B2 LGD4, 68%

   -- US$575 million Convertible Senior Notes due 2033,
      Unsecured, B2 LGD4, 68%

   -- US$250 million Senior Medium Term Notes due 2008,
      Unsecured, B2 LGD4, 68%

   -- US$10 million Senior Notes due 2021, Unsecured,
      B2 LGD4, 68%

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company has operations in India,
Australia, China, Hong Kong, Japan, Korea, Malasia, New Zealand,
Philippines, Singapore, Taiwan and Thailand.


EASTMAN KODAK: Taps Dale Patterson to Lead Packaging Segment
------------------------------------------------------------
Eastman Kodak Company has named Dale Patterson to the position
of Segment Manager, Packaging and Product Manager, Flexo Plates,
Kodak's Graphic Communications Group.  Mr. Patterson brings more
than 25 years in the package printing industry to his role with
Kodak.

At Kodak, he will oversee all marketing activities for Kodak's
full product portfolio for package printing, with specific
responsibility for marketing Kodak's line of flexographic
printing plates.

"Dale's experience in the packaging industry on the product
marketing side and as an owner in the package printing market is
valuable to Kodak and our customers," Vic Stalam, Director of
Market Segments and Vice President, Packaging Products, Kodak's
Graphic Communications Group, said.  "He understands the issues
facing our customers and will be an advocate for solutions that
help solve these challenges."

Mr. Patterson has served in a variety of roles within the
packaging industry, including experience in marketing and
product management for DuPont Cyrel; Vice President of Marketing
at Artwork Systems; Vice President of Sales and Marketing at
Harper Corporation; and President and owner of Absolutely Micro
Clean LLC.

He currently serves on the 2007 Board of Directors for the
Flexographic Pre-Press Platemakers Association.

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company has operations in India,
Australia, China, Hong Kong, Japan, Korea, Malasia, New Zealand,
Philippines, Singapore, Taiwan and Thailand.

                          *     *     *

In February 2007, Moody's Investors Service said it is
continuing its review on Eastman Kodak's ratings for possible
downgrade including Corporate Family Rating at B1, Senior
Unsecured Rating at B2, and Senior Secured Credit Facilities at
Ba3.

In January 2007, Standard & Poor's Ratings Services placed its
ratings on Eastman Kodak Co. (B+/Watch Neg/--) on CreditWatch
with negative implications.  The Rochester, New York-based
imaging company had US$3.5 billion in debt as of June 30, 2006.


GENERAL MOTORS: Offers 0% Financing on Silverado & Sierra Trucks
----------------------------------------------------------------
General Motors Corp. is proposing zero-percent financing on
36-month loans for the 2007 Chevrolet Silverado and GMC Sierra,
various sources report.  A reduced-rate financing on 60-month
loans for the pickup trucks is also available.    

The move is in reaction to incentives deals offered by other
automakers as a result of rising gasoline prices.

As an alternative to the financing offer, clients can choose
US$1,250 cash back on the Sierra or US$1,500 on the Silverado.

The financing program for the pickup trucks commenced on Friday
and will end on July 9, 2007, according to various sources.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the   
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India,  Mexico, and its vehicles are sold
in 200 countries.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


KOTAK MAHINDRA BANK: Net Profit Up 7% to INR372.58 Million
----------------------------------------------------------
Kotak Mahindra Bank Ltd's unaudited results for the three months
ended March 31, 2007, showed net profit growing by 7% to
INR372.58 million from the INR347.33 million booked in the same
period last year.  The profit increase is very small considering
the 78% jump in revenues -- INR5.21 billion in the March 2007
quarter compared to INR2.93 billion in the same quarter in 2006.

The bank's expenditures soared 84% from INR2.31 billion in the
March 2006 quarter to INR4.25 billion in the latest quarter
under review.  What brought down the bottom line further is the
huge provision and contingencies in the March 2007 quarter --
INR503.99 million compared to the INR106.76 million booked in
the same quarter last year.

Other provisions and contingencies for the year ended March 31,
2007, includes INR280.45 million (write back of INR3.872 million
for year ended March 31, 2006) and INR45.50 million for the
quarter ended March 31, 2007 (quarter ended March 31, 2006
INR911,000) in respect of non-performing assets acquired from
other banks and non banking financial company.  Provisions and
contingencies are net of recoveries made against accounts that
have been written off as bad in the previous period.

A full-text copy of the bank's financial results for the quarter
ended March 31, 2006, is available for free at:

               http://ResearchArchives.com/t/s?1ec1

For the financial year ended March 31, 2007, the bank posted a
profit after tax of INR1.41 billion, compared with INR1.18
billion in the year ended March 31, 2006.  Total income rose to
INR16.38 billion for the year ended March 31, 2007, from the
INR9.37 billion recorded in FY2005-06.

A full-text copy of the bank's financial results for the year
ended March 31, 2007, is available for free at:

               http://ResearchArchives.com/t/s?1ec2

The bank's board of directors, at its meeting on May 8,
recommended dividend at 7.0%, the bank informed the Bombay Stock
Exchange in a regulatory filing.

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial   
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

On Jan. 19, 2007, Fitch assigned a 'C/D' Individual rating to
Kotak Mahindra Bank Ltd. and affirmed the bank's support rating
at '5'.


LML LTD: Posts INR152.8 Million Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
LML Limited's net loss narrowed by 41% to INR152.8 million in
the quarter ended March 31, 2007, from the INR260 million loss
booked in the corresponding period last year.  The company
registered revenues of INR6.4 million in the current quarter
under review compared with the INR658.5 million booked in the
March 2006 quarter.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the company executed a labor agreement pursuant to
which, inter alia, the strike of its workers has been withdrawn
and the lockout was lifted on Apr. 15, 2007.  With the lifting
of the lockout, the operations in the company's two-wheeler
plant have just commenced, hence the minimal revenues for the
March 2007 quarter.

The company booked operating expenditures of INR52.8 million and
interest charges of INR46.8 million in the March 2007 quarter.

A full-text copy of the company's financial results for the
quarter ended March 31, 2007, is available for free at:

               http://ResearchArchives.com/t/s?1ec4

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

LML'S board of directors, at a meeting on Sept. 8, 2006, decided
that the company has become a sick industrial company under the
Sick Industrial Companies (Special Provisions Act) 1985.  The
company is currently working for the restructuring of its
business.


NAGARJUNA FERTILIZERS: Net Profit Drops to INR18.6 Million
----------------------------------------------------------
Despite increased revenues, Nagarjuna Fertilizers & Chemicals
Ltd.'s net profit dropped sharply by 89% to INR18.6 million in
the three months ended March 31, 2007, from the INR168 million
profit in the corresponding period last year.

The company's total income increased 21% to INR4.33 billion in
the March 2007 quarter.  Operating expenses, however, increased
27% from INR2.89 billion in the March 2006 quarter to INR3.67
billion in the current quarter under review.  Interest charges
and depreciation also increased to INR323.8 million and INR308.1
million, respectively.  The net profit was further brought down
by the tax provision of INR8.2 million compared with the
deferred tax debit of INR108.3 million in the corresponding
period in 2006.

A full-text copy of the company's financial results for the
quarter ended March 31, 2007, is available for free at:

              http://ResearchArchives.com/t/s?1ec5

Headquartered in Andhra Pradesh, India, Nagarjuna Fertilizers &
Chemicals Ltd. -- http://www.nagarjunafertilizers.com/--    
manufactures and distributes ammonia, urea and several plant
protection products that consist of herbicides, insecticides and
fungicides.  The Company also sells fertilizers, seeds and
provides assistance of cultivation practices, pest control and
planting destiny.

Credit Analysis and Research Limited gave the company Senior
Unsecured Debt and Fixed Deposit 'D' ratings.


ORIENTAL BANK: Board Declares 47% Dividend, Seeks RBI Approval
--------------------------------------------------------------
Oriental Bank of Commerce's board of directors has declared a
dividend of 47% (including interim dividend of 20% paid), the
bank informed the Bombay Stock Exchange in a regulatory filing.  
The dividend is still subject to the Reserve Bank of India's
approval.

As reported in the Troubled Company Reporter - Asia Pacific last
week, Oriental Bank posted a net profit of INR548.60 million for
the quarter ended March 31, 2007, down 73% from the INR2.05
billion profit booked in the corresponding quarter in 2006.  For
the financial year ended March 31, 2007, the bank recorded a net
profit of INR5.81 billion, an improvement from the INR5.57
billion gained in the previous year.  

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

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, changed Oriental Bank of Commerce's BFSR to D+ from D.
The bank's Foreign Currency Deposit Rating is unchanged at Ba2.

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


PUNJAB NATIONAL BANK: Board to Meet on May 23
---------------------------------------------
Punjab National Bank informed the Bombay Stock Exchange that the
bank's board of directors will hold a meeting on May 23, 2007,
to take on record the audited financial results for the quarter
and financial year ended March 31, 2007.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the bank posted a net profit of INR4.299 billion for
the quarter ended Dec. 31, 2006, a 16% increase from the
INR3.704 billion booked in the corresponding quarter in 2005.

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public sector commercial bank    
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual
rating on June 1, 2005.


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

BANK MANDIRI: Expects Lending Rate to Fall 11% by End of 2007
-------------------------------------------------------------
PT Bank Mandiri expects its lending rates will fall to as low as
11% by the end of the year as Bank Sentral Republik Indonesia
cuts its policy rates, Bloomberg News reports.

The report noted that Bank Indonesia cut its policy rate to
8.75%, the lowest since August, and is still open for reduction.

Bank Mandiri President Director Agus Martowardojo told Bloomberg
that the central bank's action will result to businesses
inclining to expand and, if this is the case, Mandiri's lending
rate may fall to between 11% and 13%.

                      About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is    
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service revised some ratings of
Indonesia's Bank Mandiri as part of the application of the
agency's refined joint default analysis and updated bank
financial strength rating methodologies.

The specific ratings changes are:

   * BFSR is changed to D- from E+.

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on August 1, 2006.

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime.

   * Foreign Currency Debt Rating for senior and subordinated
     obligations is unchanged at Ba3

     -- Foreign Currency Deposit and Foreign Currency Debt
        Ratings have positive outlooks in line with the outlook
        on the country's sovereign ratings outlook

Fitch Ratings affirmed these ratings of Bank Mandiri: Long- term
foreign and local currency Issuer Default ratings at 'BB-',
Short-term rating at 'B', National Long-term rating at AA(idn)',
Individual at 'D', and Support at '4'.  The Outlook for the
ratings was revised to Positive from Stable.


BANK RAKYAT: Annual General Meeting Slated for May 22
-----------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk will hold its Annual
General Meeting at 9:00 a.m. on May 22 at:

         BRI Building I, 21st Floor
         Jl. Jend.
         Sudirman Kav. 44 - 46
         Jakarta
         10210ID

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise  
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
December 31, 2005, the bank had one branch office in Cayman
Islands and two representative offices in New York and Hong
Kong, respectively.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service changed the ratings of
Indonesia's PT Bank Rakyat Indonesia (Persero) Tbk's as part of
the application of its refined joint default analysis and
updated bank financial strength rating methodologies.

The specific ratings changes are:

   * BFSR is changed to D+ from D-

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on July 4, 2006.

   * Global Local Currency Deposit Ratings assigned are
     Baa2/Prime-3

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime

   * Foreign Currency Debt Rating for subordinated obligations
     is unchanged at Ba3

     -- Foreign Currency Deposit and Foreign Currency Debt
        Ratings have positive outlooks in line with the outlook
        on the country's sovereign ratings outlook

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk's:

   * Long-term foreign Issuer Default rating 'BB-',

   * Short-term rating 'B',

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

   * Individual 'C/D', and

   * Support '4'.

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


LIPPO KARAWACI: To Invest US$500MM for Hospital Unit Expansion
--------------------------------------------------------------
PT Lippo Karawaci plans to invest US$500 million within the next
10 years to expand its healthcare business by increasing its
four Siloam Hospitals Group hospitals in Java Island, to 10
across Indonesia, Bloomberg News reports.

According to the report, the construction of Siloam Hospital
Semanggi in Jakarta's central business district will start this
year and will be completed by the end of next year.

The company also plans to build three other hospitals in Jakarta
and one in Bandung, West Java, Bloomberg adds.

                   About Lippo Karawaci Tbk

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is  
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.  

The Troubled Company Reporter -- Asia Pacific reported on
November 24, 2006, that Moody's Investors Service changed to
negative from stable its outlook on PT Lippo Karawaci Tbk's B1
corporate family rating and the B1 senior unsecured bond rating
of Lippo Karawaci Finance BV and guaranteed by LK.

On Oct 23, 2006, Fitch Ratings assigned a National Long-term
rating of 'BBB+(idn)' to Indonesia-based PT Lippo Karawaci Tbk.  
The Outlook for the rating is Stable.

Standard & Poor's Ratings Services said its ratings on PT Lippo
Karawaci Tbk. (B+/Stable/--) was not affected by the company's
decision to sell its entire interest in a property development
project in Singapore.


NUTRO PRODUCTS: Inks Pact Selling Pet Food Operations to Mars
-------------------------------------------------------------
Nutro Products Inc. has signed a definitive agreement with Mars
Incorporated, pursuant to Mars' acquisition of the global pet
food operations.  

Bain Capital Partners LLC, a global private investment firm, has
advised the closing of the purchase of Nutro from funds, subject
to normal regulatory approvals and is expected to complete
within a few months.  Terms of the deal were not disclosed.

The transaction will bring together two of the most recognized
names in the petcare industry.  Nutro will operate as a stand-
alone organization within the Mars family of companies and will
maintain its commitment to the pet specialty channel.

"This acquisition will enhance the company's business by
providing Mars with Nutro's high quality brands," Bob Gamgort,
North American president for Mars, said.  "These brands are
known for quality ingredients, unsurpassed nutrition and high
consumer loyalty.  Nutro's product portfolio, exceptional sales
force, operational excellence, and strong focus on customer
service will be an outstanding addition to Mars' business," said
Gamgort.

"Together with the current management team, Nutro will continue
to operate the business from its headquarters in City of
Industry, California, Nutro president and CEO David Kravis,
said.  "The company is proud of its relationship with Nutro pet
parents, and of the long-standing, mutually supportive
relationships, the company has developed with its specialty pet
store partners.  The company looks forward to building on those
strengths and the company's continued commitment to them with
the support of Mars," Kravis said.

Goldman, Sachs & Co. is serving as financial advisor, and
Skadden, Arps, Slate, Meagher & Flom LLP is acting as counsel to
Mars, Incorporated.

JP Morgan Chase is serving as financial advisor, and Ropes &
Gray LLP is acting as counsel to Nutro Products.

                     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 U.S.
And Canada.  Nutro's products are also distributed worldwide,
including Indonesia, Peru and Austria, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
May 7, 2007, Moody's Investors Service changed its review for
possible downgrade of the ratings of Nutro Products, Inc.,
including the corporate family rating of B2, to a review for
possible upgrade.  This change in direction of the review
follows the announcement that Mars, Incorporated will acquire
the global pet food operations of Nutro, subject to regulatory
approvals.  Terms of the acquisition by Mars have not been
disclosed.  LGD assessments are also subject to change.

Ratings under review for possible upgrade are:

      * Corporate family rating at B2

      * Probability of default rating at B2

      * Senior secured bank term loan at Ba3

      * Senior secured bank revolving credit agreement at Ba3

      * Senior unsecured notes at B3

      * Senior subordinated notes at Caa1

On April 4, 2007, Standard & Poor's Ratings Services placed its
ratings (including the 'B-' corporate credit rating) on premium
pet food manufacturer and marketer Nutro Products Inc. on
CreditWatch with negative implications, meaning the ratings
could be lowered or affirmed following the completion of S&P's
review. City of Industry, California-based Nutro Products had
about US$781 million in debt outstanding as of Dec. 30, 2006.


PARKER DRILLING: Wins Contracts in Mexico and Turkmenistan
----------------------------------------------------------
Parker Drilling Company won new contracts for three
international land rigs.

Parker Drilling was awarded a two rig, three-year contract for
land drilling services in southern Mexico.  Parker rigs 266 and
267, two new build 2000HP rigs, will begin mobilizing to
location during the second quarter and are expected to begin
drilling operations during the third quarter.  These rigs will
work in the same field as three rigs that were previously
awarded three-year contracts for the same customer in March
2007.  

In Turkmenistan, Parker has signed a two-year contract with an
option for an additional year, utilizing Rig 230 for work in
eastern Turkmenistan.  The rig is expected to mobilize and begin
operations in the second quarter.

                      About Parker Drilling

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

The Troubled Company Reporter - Asia Pacific reported on
Oct. 12, 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 oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Parker Drilling
Company, as well as it B2 rating on the company's 9.625% Senior
Unsecured Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


PERTAMINA: Hires PwC & Bahana to Sell 60 Units
----------------------------------------------
PT Pertamina has hired PricewaterhouseCoopers LLP and PT Bahana
Securities to sell and revamp about 60 units so it can focus on
its oil business, Bloomberg News reports.  

According to the report, Pertamina Finance Director Ferederick
Siahaan said that the company is now focusing on their core
business, and the plan to sell the units will help the company
cut costs and become more efficient.

The sale and possible merger of some of Pertamina's subsidiaries
may be ready by August, Bloomberg adds.

                        About PT Pertamina

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

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

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

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


MEDCO ENERGI: Partners With Kyushu Electric for Energy Projects
---------------------------------------------------------------
PT Medco Energi Internasional's units PT Medco Power Indonesia
and PT Medco Geothermal Indonesia have partnered with Japan's
Kyushu Electric Power to provide a platform for collaboration in
the future for power business and other countries, Forbes.com
reports.

According to the report, Kyushu said that the agreement will
surely give momentum to develop more projects and business
related to electric energy services in Indonesia.

                        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 reported 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 weak 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
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).


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

BANCO BRADESCO: Eyes Up to 25% Boost in Lending This Year
---------------------------------------------------------
Banco Bradesco Chief Executive Officer Marcio Cypriano said in a
conference call that the bank expects to increase lending by
20% to 25% in 2007, compared to 2006.

Mr. Cypriano told Business News Americas, "Lending growth is
tied to economic growth.  If GDP grows 4% to 4.1% this year,
then our loan book will certainly grow 25%."

Banco Bradesco expects an up to 30% boost in retail lending on
more home loans and vehicle funding operations.  It also sees an
up to 22% growth in commercial lending, BNamericas notes, citing
Investor Relations Manager Milton Vargas.

Banco Bradesco said in its financial statements that its
lending, including receivables, increased 25.1% to BRL122
billion at the end of March 2007, compared to March 2006.  
Lending in March 2007 grew 5.30%, compared to December 2006.

According to BNamericas, higher lending led increased Banco
Bradesco's net profits 11.4% in the first quarter 2007, compared
to the same quarter in 2006.

"Our challenge was to increase lending with tighter margins and
that's what we did last quarter," Mr. Cypriano told BNamericas.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and  
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                        *    *    *

In January 2007, Fitch Ratings affirmed these issuer default
ratings on Bradesco, with a Stable Outlook: Long-term foreign
currency at 'BB+'; Long-term local currency at 'BBB-';
Individual rating at 'B/C'; Local currency short-term at 'F3';
Short-term at 'B'; Support rating of '4'; National short-term
rating 'F1+(bra)'; and National long-term rating 'AA+(bra)'.

In November 2006, Standard & Poor's Ratings Services maintained
the 'BB+' ratings on both of Banco Bradesco SA's foreign and
local currency counterparty credit rating, however it changed
the ratings outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-


BANCO BRADESCO: Posts 11.4% Rise in First Qtr. 2007 Net Income
--------------------------------------------------------------
Banco Bradesco reported first quarter 2007 results.
    
Highlights:

   -- Net Income in 1Q07 was BRL1.705 billion, 11.4% compared
      to 1Q06 (equivalent to BRL0.85 per share).

   -- In the three-month period of 2007, the annualized Return
      on Average Stockholders' Equity stood at 30.2% and
      at 34.6% in 1Q06.

   -- Total Assets reached BRL281.944 billion in March 2007,
      30.3% compared to March 2006 and 6.2% compared to
      December 2006, BRL101.473 billion or 36.0% of which
      represented by Loan and Leasing Operations.

   -- Unrealized Net Income, represented by the difference
      between market values of assets and liabilities and
      their respective book values, totaled BRL3.877 billion
      in March 2007 against BRL1.822 billion in March 2006,
      a BRL2.055 billion increase (note 32b to the Financial
      Statements).

   -- Net Income Breakdown in 1Q07 was: 31.0% originated by
      Insurance, Private Pension Plans and Certificated
      Savings Plans, 25.3% by Loan Operations, 29.5% by Fee
      Income, 7.5% by Securities and Treasury and 6.7% by
      Funding Results.

   -- Adjusted Net Interest Income reached BRL5.019 billion
      in 1Q07, a 0.9% increase compared to 1Q06 and a 0.5%
      decrease compared to 4Q06.

   -- Fee Income totaled BRL2.559 billion, increasing by
      BRL519 million, or 25.4% against 1Q06.  Compared to
      4Q06, it grew by BRL135 million, or 5.6%.

   -- Operating Efficiency Ratio, for the accumulated 12-month
      period, continued to present consistent improvement,
      standing at 42.1% in March 2007, against 44.1%, in
      March 2006.

   -- Remuneration to Stockholders as Interest on Own
      Capital/Dividends paid and provisioned, related to the
      year 2007, amounted to BRL601 million (BRL$539 million
      in the same period of 2006).

   -- On April 27, Moody's Investors Service upgraded
      Bradesco's Bank Financing Strength Rating from C-
      to B-.  This rating is the highest one granted to
      Brazilian banks in that category.

   -- On March 30, 2007, Banco Bradesco's Market Capitalization
      reached BRL83.507 billion, corresponding to a 15.6% jump
      compared to the same period of 2006.  Based on the most
      recent stock price, as of May 4, 2007, Bradesco's Market
      Cap stood at BRL90.169 billion.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and  
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.
                        *    *    *

In January 2007, Fitch Ratings affirmed these issuer default
ratings on Bradesco, with a Stable Outlook: Long-term foreign
currency at 'BB+'; Long-term local currency at 'BBB-';
Individual rating at 'B/C'; Local currency short-term at 'F3';
Short-term at 'B'; Support rating of '4'; National short-term
rating 'F1+(bra)'; and National long-term rating 'AA+(bra)'.

In November 2006, Standard & Poor's Ratings Services maintained
the 'BB+' ratings on both of Banco Bradesco SA's foreign and
local currency counterparty credit rating, however it changed
the ratings outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-


DAIEI: Net Income Slides 90% to JPY41.3BB for FY2006
----------------------------------------------------
Daiei Inc. announced its financial results for the year ended
February 28.  The results, according to Kiyori Ueno of Bloomberg
of Bloomberg News, showed that:

   * Net income downslides to 90% year-on-year to JPY41.3
     billion from the previous year's JPY413 billion;

   * Revenue fell 23% to JPY1.28 trillion from the previous     
     fiscal year.  This results from Daiei's selling of its 25
     companies;

   * Daiei earned JPY7.7 billion in operating profit from its
     supermarket business in the year ended Feb. 28;

   * Revenue from supermarket operations accounted for 80% of     
     sales for the year, while profit from such operations
     accounted for 16% of total operating profit;

   * Same-store sales dropped 2% for this fiscal year; and

   * Japan's supermarket sales decreased 1.6% to JPY1.25
     trillion due to the warm weather preventing consumers from
     buying winter clothing.

                           About Daiei

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through   
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter - Asia Pacific on
August 18, 2006, Marubeni Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei.  Marubeni now holds a 44.6%
stake in the company.

A subsequent TCR-AP report on September 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Although Daiei cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier, Marubeni views
the debt level as still being too high.


DELPHI CORP: Posts US$63 Million Net Loss in March 2007
-------------------------------------------------------
                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                       As of March 31, 2007
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                             US$113
   Restricted cash                                          108
   Accounts receivable, net
      General Motors and affiliates                       1,649
      Other third parties                                   977
      Non-Debtor subsidiaries                               389
   Notes receivable from non-Debtor subsidiaries            352
   Inventories, net
      Productive material, work-in-process and supplies     826
      Finished goods                                        302
   Prepaid expenses and other                               297
                                                       --------
      TOTAL CURRENT ASSETS                                5,013

Long-term assets:
   Property, net                                          2,134
   Investment in affiliates                                 376
   Investments in non-Debtor subsidiaries                 3,402
   Goodwill                                                 152
   Other intangible assets                                   33
   Other                                                    336
                                                       --------
TOTAL ASSETS                                          US$11,446

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
   Debtor-in-possession financing                      US$3,072
   Accounts payable                                       1,272
   Accounts payable to non-Debtor subsidiaries              446
   Accrued liabilities                                      815
                                                       --------
   TOTAL CURRENT LIABILITIES                              5,605

Long-term liabilities not subject to compromise:
   Employee benefit plan obligations and other              639
                                                       --------
   TOTAL LONG-TERM LIABILITIES                              639

Liabilities subject to compromise                        17,607
                                                       --------
   TOTAL LIABILITIES                                     23,851

Stockholders' deficit:
   Common stock                                               6
   Additional paid-in capital                             2,772
   Accumulated deficit                                  (12,274)
   Accumulated other comprehensive loss                  (2,857)
   Treasury stock, at cost (3.2 million shares)             (52)
                                                       --------
   TOTAL STOCKHOLDERS' DEFICIT                          (12,405)
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT           US$11,446

                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                    Month Ended March 31, 2007
                          (In Millions)

Net sales:
   General Motors and affiliates                         US$849
   Other customers                                          567
   Intercompany non-Debtor subsidiaries                      95
                                                       --------
Total net sales                                           1,511
                                                       --------
Operating expenses:
   Cost of sales                                          1,387
   Selling, general and administrative                       82
   Depreciation and amortization                             53
                                                       --------
Total operating expenses                                  1,522
                                                       --------
Operating loss                                              (11)

Interest expense                                            (31)
Loss on extinguishment of debt                              (23)
Other income, net                                             7

Reorganization items                                         (6)
Income tax benefit (expense)                                 (3)
Equity income from non-consolidated subsidiaries              5
Equity income from non-Debtor subsidiaries, net of tax       (1)
                                                       --------
NET LOSS                                                 (US$63)

                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                    Month Ended March 31, 2007
                          (In Millions)

Cash flows from operating activities:
   Net loss                                              (US$63)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:
    Depreciation and amortization                            53
    Pension and other postretirement benefit expenses        42
    Equity loss from unconsolidated subsidiaries, net        (5)
    Equity loss from non-Debtor subsidiaries, net of tax      1
    Reorganization items                                      6
    Loss on debt extinguishment                              23
   Changes in operating assets and liabilities:
    Accounts receivable, net                               (149)
    Inventories, net                                         41
    Prepaid expenses and other                               (4)
    Accounts payable, accrued and other long-term debts     (65)
    U.S. employee special attrition program                 (29)
    Pension contributions                                    (1)
    Other postretirement benefit payments                   (17)
    Receipts (payments) for reorganization items, net       (15)
    Other                                                    (8)
                                                       --------
Net cash used in operating activities                      (190)

Cash flows from investing activities:
   Capital expenditures                                     (11)
   Proceeds from sale of property                             2
   Other                                                     (2)
                                                       --------
Net cash used in investing activities                       (11)

Cash flows from financing activities:
   Net proceeds from DIP facility                           177
   Net repayment of borrowings under other debt agreements   (2)
                                                       --------
Net cash used in financing activities                       175
                                                       --------
Decrease in cash and cash equivalents                       (26)
Cash and cash equivalents at beginning of period            139
                                                       --------
Cash and cash equivalents at end of period               US$113

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.

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi  
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

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 Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).

The Debtors' exclusive plan-filing period expires on July 31,
2007.


DELPHI CORP: Section 1113/1114 Conference Set for May 23
--------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York directed Delphi Corp. and its
debtor-affiliates, certain parties, and the Official Committee
of Equity Security Holders to hold a conference concerning the
1113/1114 Motion and related matters at 2:00 p.m., Prevailing
Eastern Time, on May 23, 2007.

The parties include:

    * UAW
    * IUE-CWA
    * USW
    * IBEW Local 663
    * IAMAW District 10
    * IUOE
    * Appaloosa Management L.P.
    * Wexford Capital LLC
    * Wilmington Trust Company
    * General Motors Corporation
    * Official Committee Of Unsecured Creditors

The Court will conduct an in-person, in-camera chambers
conference pursuant to Section 105(d)(1) of the Bankruptcy Code
with the Parties at 3:00 p.m., Prevailing Eastern Time, on
May 31, 2007, so that it may be apprised of the status of the
Debtors' framework agreements with, among others, Appaloosa
Management L.P., and the parties' negotiations regarding the
consensual resolution of the 1113/1114 Motions.

Judge Drain extended the date by which he will rule on the
1113/1114 Motions to May 31, 2007, with the consent of the
Debtors and the Respondents and to the extent required by
statute.

If the Debtors file a disclosure statement on or prior to
May 31, 2007, the ruling dates on the 1113/1114 Motions will be
further extended to July 31, 2007, Judge Drain ruled.

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.

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi  
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

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 Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).

The Debtors' exclusive plan-filing period expires on July 31,
2007.


HIROSHIMA: Moody's Lifts Unsecured Debt Rating to A3
----------------------------------------------------
Moody's Investors Service upgraded the unsecured debt rating of
Hiroshima Bank, Ltd. as part of the application of its refined
joint default analysis and updated bank financial strength
rating methodologies.

   * Bank financial strength rating: D+ from D-;

   * Long-term deposit ratings: A3 from Baa1;

   * Short-term deposit ratings: P-2 from P-2;

   * Senior subordinated debt rating: A3 from Baa1.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The methodologies are being implemented country by country, with
results being announced on a weekly basis.  Results for those
banks with a parent bank located in another country where the
methodologies have not yet been implemented will be concluded at
the same time as the parent.


ITOCHU CORPORATION: Increase in Net Profit by 22% for FY2006
------------------------------------------------------------
Itochu Corporation's consolidated financial results for the year
ended March 31, 2007, showed a 22% increase in its net profit to
JPY177.1 billion from JPY145.1 the previous fiscal year.

The company's increased profit results from improved revenues,
which the company attributed to increase in automobile
transactions under its Machinery operation section, sales volume
increase and price rise in natural resources such as crude oil
in Energy, Metals and Minerals segment and turning Nippon
Access, Inc. into a consolidated subsidiary under the Food
segment.

Revenue went up 19% to JPY2.65 trillion, a difference of JPY429
billion from last year's JPY2.22 trillion.

Gross trading profit rose 27% to JPY908.7 billion from JPY714.4
billion the previous year.

A copy of Itochu's financial result for FY2006 is available for
free at:

                http://ResearchArchives.com/t/s?1e6f

For the next fiscal year, Itochu estimates its net income to
move up to JPY210 billion, an increase of JPY32.9 billion.  The
company also foresees that the increase in wages brought about
from increase of demands for employment is going to accelerate
rising of the personal consumption, while its expansion of
capital investment and export is going to slow down, therefore
keeping the pace of economic growth stable.

                         About Itochu Corporation

Itochu Corporation -- http://www.itochu.co.jp-- is a Japan-
based trading company.  It operates in eight business segments.  
The Textile segment offers clothing and interior products, such
as wool, synthetic fabrics, silk and others.  The Machinery
segment is engaged in the automobile, industrial machinery,
plants and related businesses.  The Space, Information and
Multimedia segment is involved in the media network, high
technology and related businesses.  The Metal and Energy segment
is involved in the mining, metal, energy and related businesses.  
The Living Materials and Chemicals segment is involved in the
precision chemistry, rubber, timber, glass, cement and other
related businesses.  The Food segment is involved in the
production, distribution and sale of wheat, rice, corn, frozen
food and others.  The Financial, Real Estate, Insurance and
Logistics segment provides financial consultation, real estate,
transportation and other services.  The Overseas Corporation
segment is involved in various trading activities.

The company has operations in Bulgaria, France, Colombia, and
Argentina, among others.

Fitch Ratings gave Itochu Corp's long-term local credit issuer a
BB+ rating on October 2, 2005.  Fitch had earlier given the
company a BB+ rating for its senior unsecured debt and long-term
foreign credit default on March 10, 2004.

Moody's Investors Service gave the company a Ba1 rating on its
issuer rating and local currency long term debt and an NP on its
short term rating on February 7, 2005.  Moody's had earlier
given the company's senior unsecured debt a Ba1 rating.


KANSAI URBAN: Moody's Maintains 'D' Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service upgraded the long-term rating of
Kansai Urban Banking Corporation as part of the application of
its refined joint default analysis and updated bank financial
strength rating methodologies while maintaining the BFSR:

   * Bank financial strength rating: D unchanged;

   * Long-term deposit ratings: Aa2 from A1;

   * Short-term deposit ratings: P-1 from -P-1;

   * Senior subordinated debt rating: Aa3 from A2.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The methodologies are being implemented country by country, with
results being announced on a weekly basis.  Results for those
banks with a parent bank located in another country where the
methodologies have not yet been implemented will be concluded at
the same time as the parent.


KINKI OSAKA: Moody's Raises Bank Financial Rating to D
------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of Kinki Osaka Bank Limited as part of the application of
its refined joint default analysis and updated bank financial
strength rating methodologies.

   * Bank financial strength rating: D from D-;

   * Long-term deposit ratings: A1 from A3;

   * Short-term deposit ratings: P-1 from P-2.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The methodologies are being implemented country by country, with
results being announced on a weekly basis.  Results for those
banks with a parent bank located in another country where the
methodologies have not yet been implemented will be concluded at
the same time as the parent.


MITSUBISHI UFJ TRUST: Moody's Lifts Financial Strength Rating
-------------------------------------------------------------
On May 4, 2007, Moody's Investors Service published the rating
results for banks in Japan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

Moody's noted improvements in the financial fundamentals of
Mitsubishi UFJ Trust and Banking Corporation.  For this reason,
Moody's upgraded Mitsubishi UFJ Trust's bank financial strength
rating to C from D+.  Moody's also lifted the bank's long-term
and short-term deposit ratings to Aa2/P-1 from A1/P-1, and
senior subordinated debt ratings to Aa3 from A2.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors. BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating. The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain. Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities. Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

           About Mitsubishi UFJ Trust and Banking Corp.

Mitsubishi UFJ Trust and Banking Corporation --
http://www.tr.mufg.jp-- is the core member and a wholly owned  
subsidiary of Mitsubishi UFJ Financial Group,
Inc., which is a global financial institution basted in Tokyo,
providing commercial banking, trust banking, credit card and
personal finance operations.  MUTB, Japan's largest trust bank,
has a network of 77 branches, 15 local offices in Japan and 5
branches, 2 local offices in North America, Europe and Asia.  As
of September 2006, MUTB had trust assets of around US$860
billion and the Wills entrusted to MUTB reached around 18,000,
of which amount reached over US$41 billion.

   
SOFTBANK CORP: 4th Quarter Profit Drops 83% to JPY6.88 Billion
--------------------------------------------------------------
Softbank Corp. posted a bigger-than-expected 83% drop in fiscal
fourth quarter profit, according to various reports.  

For the January-March 2007 quarter, Softbank's net income
tumbled to JPY6.88 billion or US$57 million, down from JPY39.7
billion for the same period the previous year.  Masaki Kondo,
writing for Bloomberg News, relates that the company blamed
higher taxes for the profit decline.  The Associated Press noted
that profit was also hurt by "higher costs associated with
running the company's expanded sales operations, with non-
operating expenses dragging on the bottom line."

"Operating profit, which excludes taxes, more than doubled to
JPY73.8 billion on contributions from the mobile-phone business
acquired from Vodafone Group Plc last year," Mr. Kondo writes.
Softbank booked taxes of JPY60.4 billion in the fourth quarter,
partly because of goodwill relating to the Vodafone purchase, he
added.

AFX News Limited reported that in a news conference, Softbank
President and Chief Executive Masayoshi Son said: "The most
important question was whether the acquisition of Vodafone Japan
was a success, and I would say the answer was 'yes'."  Mr. Son
noted that all other segments also saw "a much improved profit."

Sales for the year, however, jumped to JPY2.544 trillion, up
from JPY1.11 trillion a year earlier and the highest the company
has achieved since it was established, Softbank said, according
to the AP.

Softbank gave no forecasts for this fiscal year.

"When the performance of our mobile phone service business
starts to stabilize, we will consider providing earnings
forecasts," Mr. Son told reporters, according to AFX News.  "But
at this point, we will not make any projections which may cause
some disorderly developments in the market."

According to AFX News, Softbank plans to spend about JPY300
billion in this fiscal year to increase the number of its base
stations for its third-generation cellphone service.  

                   About Softbank Corporation

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese  
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was JPY163.3
billion.  

                          *     *     *

According to the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone
K. K.

Standard & Poor's Ratings Services on September 19, 2006,
affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on Softbank Corporation, excluding
Softbank's euro-denominated senior unsecured notes due 2011.  At
the same time, the ratings were removed from CreditWatch, where
they were placed on March 6, 2006, following the announcement of
the company's acquisition of Vodafone K.K., a Japanese
subsidiary of Vodafone Group PLC. Softbank's capital structure
is deteriorating due to the increased debt burden as a result of
the acquisition.

On Feb. 12, 2007, the Troubled Company Reporter - Asia Pacific
reported that Softbank Corp.'s net profit slipped 66% to
JPY7.4 billion in the 2006 third quarter because of higher taxes
and declines in extraordinary income.  The company's revenue
more than doubled to JPY702.1 billion in the 2006 third quarter
from JPY287.5 billion in the same period the previous fiscal
year.


SOFTBANK CORP: To Pay Cash Dividend of JPY2.50 per Share
--------------------------------------------------------
Softbank Corp.'s Board of Directors, at its meeting held on
May 8, 2007, resolved to pay cash dividends from retained
earnings to shareholders of record as of the base date on
March 31, 2007.

The board approved a cash dividend of JPY2.50 per share and
total dividends of JPY2.6 billion.  The effective date of the
dividend is June 25, 2007.

The company has adopted a basic policy for allocating profit
appropriately to stakeholders including shareholders by making
every effort to increase the profits to shareholders through the
improvement of corporate value.  Reflecting this dividend
policy, the Company decided the dividend payout in view of the
balance between enhancement of management base and continuity of
stable dividend payout from the mid-long term viewpoint.  This
matter is planned to be brought to the 27th Annual General
Meeting of Shareholders, which is scheduled for June 22, 2007,
for discussion.

                   About Softbank Corporation

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese  
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was JPY163.3
billion.  

                          *     *     *

According to the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone
K. K.

Standard & Poor's Ratings Services on September 19, 2006,
affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on Softbank Corporation, excluding
Softbank's euro-denominated senior unsecured notes due 2011.  At
the same time, the ratings were removed from CreditWatch, where
they were placed on March 6, 2006, following the announcement of
the company's acquisition of Vodafone K.K., a Japanese
subsidiary of Vodafone Group PLC. Softbank's capital structure
is deteriorating due to the increased debt burden as a result of
the acquisition.

On Feb. 12, 2007, the Troubled Company Reporter - Asia Pacific
reported that Softbank Corp.'s net profit slipped 66% to
JPY7.4 billion in the 2006 third quarter because of higher taxes
and declines in extraordinary income.  The company's revenue
more than doubled to JPY702.1 billion in the 2006 third quarter
from JPY287.5 billion in the same period the previous fiscal
year.


SOFTBANK CORP: Board Seeks Shareholder Approval of Auditor
----------------------------------------------------------
Softbank Corp.'s board of directors passed a resolution on
May 8, 2007, to submit the "Request to appoint an independent
auditor" for approval during the 27th annual meeting of
shareholders scheduled for June 22, 2007.  The board of auditors
concurs with the resolution.

ChuoAoyama PricewaterhouseCoopers nka MISUZU Audit Corporation
was suspended from its business by order of the Financial
Services Agency on May 10, 2006, for a period of two months from
July 1, 2006 to August 31, 2006.  Accordingly, ChuoAoyama
PricewaterhouseCoopers lost its qualification and resigned as
Softbank's independent auditor as of July 1, 2006.

To avoid the absence of independent auditor and to ensure
continuous audit, Softbank's board of auditors appointed
Deloitte Touche Tohmatsu as its temporary independent auditor on
July 3.  Deloitte Touche Tohmatsu's term of office as temporary
independent auditor will expire at the conclusion of the 27th
annual meeting of shareholders.  To ensure continuous audit, the
board of directors resolved to request approval that Deloitte
Touche Tohmatsu be appointed independent auditor at this annual
meeting of shareholders.

                   About Softbank Corporation

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese  
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was JPY163.3
billion.  

                          *     *     *

According to the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone
K. K.

Standard & Poor's Ratings Services on September 19, 2006,
affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on Softbank Corporation, excluding
Softbank's euro-denominated senior unsecured notes due 2011.  At
the same time, the ratings were removed from CreditWatch, where
they were placed on March 6, 2006, following the announcement of
the company's acquisition of Vodafone K.K., a Japanese
subsidiary of Vodafone Group PLC. Softbank's capital structure
is deteriorating due to the increased debt burden as a result of
the acquisition.

On Feb. 12, 2007, the Troubled Company Reporter - Asia Pacific
reported that Softbank Corp.'s net profit slipped 66% to
JPY7.4 billion in the 2006 third quarter because of higher taxes
and declines in extraordinary income.  The company's revenue
more than doubled to JPY702.1 billion in the 2006 third quarter
from JPY287.5 billion in the same period the previous fiscal
year.


SUMITOMO MITSUI BANKING: Moody's Lifts Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Japan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

Prompted by improvements in financial fundamentals, Moody's
upgraded these ratings:

   * Sumitomo Mitsui Banking Corporation

     -- bank financial strength rating to C from D+;

     -- long-term and short term deposit ratings to Aa2/P-1 from
        A1/P-1;

     -- long-term issuer and senior unsecured debt rating to Aa2
        from A1; and

     -- senior and junior subordinated debt ratings to Aa3 from
        A2.

   * Sumitomo Mitsui Banking Corporation Europe

     -- bank financial strength rating to C from D+; and

     -- long-term and short-term deposit ratings to Aa2/P-1 from
        A1/P-1.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors. BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating. The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain. Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities. Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

            About Sumitomo Mitsui Banking Corporation

Headquartered at Chiyoda-ku, in Tokyo, Japan, Sumitomo Mitsui
Banking Corporation -- http://www.smbc.co.jp/-- provides   
commercial banking services including deposits, loans, foreign
exchange transactions, and correspondents banking services
around the world.  The bank also provides leasing, securities
brokerages, credit cards, consumer loans, venture capital, and
mortgage securitization services.



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

DAEWOO ELECTRONICS: Creditors Prefer Venugopal over Videocon
------------------------------------------------------------
Daewoo Electronics Corporation's creditors prefer Venugopal
Dhoot, a company-led consortium, over Videocon Industries Ltd
and its bidding partner, a fund headed by Ripplewood Holdings
LLC's founder, to buy a 97.6% stake in the company, Daily News &
Analysis reports, citing Korea Economic Daily.

The report did not say how much Venugopal Dhoot will pay for the
controlling stake.

According to the report, creditors rejected Videocon's bid in
January after Videocon sought to lower a KRW700 billion offer
for Daewoo.  A memorandum of understanding was signed between of
understanding was signed in October to sell Daewoo to the
Videocon-led consortium, but the parties could not agree on the
price.

                     About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer  
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

According to the Troubled Company Reporter - Asia Pacific,
Daewoo Electronics has been under a debt workout program since
January 2000, months after its parent group -- the Daewoo Group
-- collapsed under debts of nearly US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.

The TCR-AP reported on Nov. 14, 2005, that creditors of Daewoo
Electronics placed the firm for sale for US$1 billion.  ABN
Amro, PricewaterhouseCoopers and Woori Bank were appointed to
find a buyer for the business.  In September 2006, the
consortium led by Videocon Industries submitted a bid for a
controlling stake in Daewoo.


DAEWOO SHIPBUILDING: To Build 16 Ships Worth US$1.6 Billion
-----------------------------------------------------------
Daewoo Shipbuilding and Marine Engineering Co. won a contract to
build 16 ships worth US$1.6 billion for several firms, Reuters
reports.

According to the report, the orders include an agreement to
build two car carriers for U.S-based Liberty Maritime Corp and a
contract to deliver three oil carriers for an unidentified
Liberian firm.

The company said that it would deliver the vessels by April
2011, Reuters added.

              About Daewoo Shipbuilding and Marine

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr/-- has  
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that Daewoo Shipbuilding posted a KRW45-billion net loss
for the first quarter ended March 31, 2006, as compared to the
KRW31.4-billion net loss for the corresponding period in 2005.
The Company blamed the result on low ship prices.


HYNIX SEMICONDUCTOR: Rises to 5th Place in Chipmaking Industry
--------------------------------------------------------------
Hynix Semiconductor Inc. ranked fifth among the world's
chipmaking companies during the first quarter of this year from
the last year's seventh place, Antara News reports, citing
researcher IC Insights.

According to the report, the company's first quarter earnings,
including overseas operations, increased 45.7% to KRW429 billion
compared a year earlier.

The company was put under supervision by creditors in 2001 due
to heavy debts, the report noted.

                    About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.     
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The Troubled Company Reporter - Asia Pacific reported on May 7,
2007, that Fitch Ratings assigned Hynix Semiconductor Inc. a
Long-term Foreign Currency Issuer Default rating of 'BB'.  The
rating Outlook is Stable.

Standard & Poor's Ratings Services revised to positive from
stable the outlook on its 'B+' long-term corporate credit
ratings on Hynix Semiconductor Inc. and its U.S. subsidiary,
Hynix Semiconductor Manufacturing America Inc.  At the same
time, Standard & Poor's affirmed its long-term corporate credit
and senior debt ratings on the company.

The TCR-AP reported on July 14, 2005, that Moody's Investors
Service upgraded the rating of the senior secured notes issued
by Hynix Semiconductor Manufacturing America Inc. to Ba3 from
Caa2.  The rating actions follow Moody's decision to affirm the
Ba3 corporate family rating (previously called senior implied
rating) of Hynix Semiconductor Inc., the majority shareholder of
HSMA, and remove it from provisional status.  The TCR-AP
reported on July 13, 2005, that Moody's Investor Service
affirmed its B1 senior unsecured rating for Hynix Semiconductor
Inc.'s US$500 million bonds upon its successful closing.


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

EASTSIDE TIMBER: Wind-Up Petition Hearing Set for Tomorrow
----------------------------------------------------------
An application to wind up the operations of Eastside Timber Ltd.
will be heard before the High Court of Christchurch on May 11,
2007, at 10:00 a.m.

The petition was filed by Accident Compensation Corporation on
March 15, 2007.

Accident Compensation's solicitor is:

         Dianne S. Lester
         c/o Maude & Miller
         McDonald's Building, 2nd Floor
         Cobham Court, Porirua City
         New Zealand


EVENTWORKS EVENT: Last Day to File Proofs of Debt is Today
----------------------------------------------------------
Lyall Walton Brown, as the liquidator of Eventworks Event
Specialists Ltd., is receiving creditors' proofs of debt until
May 10, 2007.

The company started to wind up its operations on April 12, 2007.

The Liquidator can be reached at:

         Lyall Walton Brown
         PO Box 99841, Newmarket
         Auckland, New Zealand
         Telephone:(09) 520 9200
         Facsimile:(09) 520 9201


GREENFORDE ENTERPRISES: Receiving Proofs of Debt Until May 18
-------------------------------------------------------------
Greenforde Enterprises Ltd requires its creditors to file their
proofs of debt by May 18, 2007.

The company entered wind-up proceedings on April 17, 2007.

The company's liquidator is:

         John Francis Managh
         Gladstone Chambers
         50 Tennyson Street
         PO Box 1022, Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280


MAJA CONSTRUCTION: Wind-Up Petition Hearing Slated for May 14
-------------------------------------------------------------
On March 5, 2007, Accident Compensation Corporation filed a
wind-up petition against Maja Construction Ltd.

The petition will be heard before the High Court of Rotorua on
May 14, 2007, at 10:45 a.m.

Accident Compensation's solicitor is:

         Dianne S. Lester
         c/o Maude & Miller
         McDonald's Building, 2nd Floor
         Cobham Court
         PO Box, Porirua City
         New Zealand


NEWBAC LTD: Subject to Accident Compensation's Wind-Up Petition
---------------------------------------------------------------
Accident Compensation Corporation filed on March 26, 2007, a
wind-up petition against Newbac Ltd.

The High Court of Rotorua will hear the wind-up petition on
May 14, 2007, at 10:45 a.m.

Accident Compensation's solicitor is:

         Dianne S. Lester
         Maude & Miller
         McDonald's Building, 2nd Floor
         Cobham Court
         PO Box 50555, Porirua City
         New Zealand


QUAIL QUARRY: Enters Wind-Up Proceedings
----------------------------------------
On March 30, 2007, it was resolved by special resolution that
Quail Quarry Holdings Limited should be voluntarily wound up and
that Sharon Wedlock be appointed as liquidator.

The Liquidator can be reached at:

         Sharon Wedlock
         PO Box 504, Christchurch
         New Zealand


STANMAR CONSTRUCTION: Proofs of Debt Due by July 18
---------------------------------------------------
Stanmar Construction Ltd. started to liquidate its business on
April 18, 2007.

Vivian Judith Fatupaito and Richard Dale Agnew, the appointed
liquidators, require creditors to file their proofs of debt by
July 18, 2007.

The Liquidators can be reached at:

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


STARS METAL: Court to Hear Wind-Up Petition Tomorrow
----------------------------------------------------
The High Court of Christchurch will hear a wind-up petition
against Stars Metal Polishing Ltd. on May 11, 2007, at
10:00 a.m.

The petition was filed by Accident Compensation Corporation on
March 15, 2007.

Accident Compensation's solicitor is:

         Dianne S. Lester
         c/o Maude & Miller
         McDonald's Building, 2nd Floor
         Cobham Court
         PO Box 50555, Porirua City
         New Zealand


TECHNIQUBE LTD: Faces CIR's Wind-Up Petition
--------------------------------------------
On March 26, 2007, the Commissioner of Inland Revenue filed a
wind-up petition against Techniqube Ltd.

The petition will be heard before the High Court of Christchurch
on May 11, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Julia Dykema
         c/o Inland Revenue Department
         Technical and Legal Support Group
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


TOTAL TAXATION: Appoints Parsons and Kenealy as Liquidators
-----------------------------------------------------------
On April 13, 2007, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as liquidators of Total Taxation &
Accounting Services Ltd.

The Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Web site: http://www.indepth.co.nz


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

BANCO DE ORO: To Divest 25 Million Equitable PCI Common Shares
--------------------------------------------------------------
Banco de Oro Universal Bank will be selling its 24,778,761
Equitable PCI Bank, Inc. common shares to SM Investments
Corporation, the bank disclosed with the Philippine Stock
Exchange.

The selling price per share, which is yet to be announced, will
be equivalent to the average of the closing prices of EPCIB
fifteen trading days following board approval, or its equivalent
BDO per share price from point of conversion of EPCIB's shares
into BDO shares pursuant to the merger of the two banks.

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

                          *     *     *

On May 4, 2007, Moody's Investors Service affirmed the bank's D
bank financial strength rating.

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

   * Individual C/D, and

   * Support 3.


BANKARD INC: Sets Annual Meeting of the Stockholders on June 20
---------------------------------------------------------------
Bankard Inc. has set its annual meeting of the stockholders on
June 20, 2007, to discuss, inter alia:

   - the annual report of the president for the year 2006;

   - approval of the audited financials statement for the year
     2006;

   - ratification of the actions taken by the board of directors
     and officers of the corporation since the last annual
     meeting;

   - election of directors for 2007; and

   - appointment of external auditors.

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

On top of the PHP597.6 million net loss for the year ended
December 31, 2006, the bank also suffered two yearly net losses
of PHP422.4 million and PHP597.6 million for the years ended
December 31, 2005 and 2004, respectively.


GEOGRACE RESOURCES: Stock Offering Set On May 15 to 21
------------------------------------------------------
Geograce Resources Philippines Inc. would be offering up to
560.5 million common shares at PHP1 each from May 15 to 21,
2007, GMA News reports.

The Troubled Company Reporter - Asia Pacific reported on Mar. 8,
2007, that Geograce's board of directors approved the 1:3.5
stock rights offering to its shareholders.  At that time,
however, the record date and offer period has not been fixed.

Each investor will be entitled to subscribe to one right per
share, at PHP1.00 per offer share, for every three and a half
Geograce shares held as of record date.

The TCR-AP report also said that proceeds from the offer will be
used to finance the company's project development programs,
acquisition of more mining tenements, drilling programs, payment
of advances made by shareholders and additional working capital.

GEOGRACE Resources was originally incorporated as La Suerte Gold
Mining Corporation on April 20, 1970, primarily to engage in the
exploration, exploitation, and development of mineral resources;
to purchase, lease and otherwise acquire mining claims and
concessions anywhere in the Philippines; and to carry on the
business of mining, extracting, smelting, treating, and
otherwise producing and dealing in metals and minerals of all
kinds including all its products and by-products.

The company was included in the Troubled Company Reporter - Asia
Pacific's Feb. 9 "Large Companies with Insolvent Balance Sheet"
column -- having total assets of US$24.18 million and
stockholders' deficit of US$1.81 million.

The parent company and subsidiaries have recorded negative
stockholders' equity of PHP263.302 million as of Sept. 30, 2006,
and PHP27.207 million as of Sept. 30, 2005.


MANILA ELECTRIC: Makes Partial Payment to Power Suppliers
---------------------------------------------------------
For the second month in a row, Manila Electric Company has been
making partial payments to its power suppliers, including the
National Power Corporation and independent power producers as it
is still hobbled by a Supreme Court ruling to fully pass on cost
adjustments on its generation charges, the Manila Bulletin
relates.

The Bulletin reports that this dilemma shackling it financially
due to accruing under-recoveries would soon be resolved if the
Joint Congressional Power Commission moves immediately in
approving the amendments to Section 4 (e) of the implementing
rules and regulations of the Electric Power Industry Reform Act.

The Bulletin explains that the first time Meralco made partial
payment to power suppliers was in March 2007 and this is seen to
continue until such time that the defect in the policy on cost
recoveries is rectified or when the Energy Regulatory Commission
approves its application for generation charge adjustments,
whichever comes first.

The Bulletin cites First Gen Corporation, which indicated in a
disclosure to the Philippine Stock Exchange that "Meralco has
made partial payments of the amounts billed under First Gas
Power Corporation and FGP's invoices corresponding to the most
recent PPA (purchased power adjustment) billing period."

The Bulletin expounds that First Gas Power Corporation is the
corporate vehicle of First Gen for its 1,000-megawatt Sta. Rita
natural gas-fired power facility; while FGP Corp. is the
corporate entity for its 500-MW San Lorenzo power facility.

According to the Bulletin report, First Gen added that Meralco's
partial payment "is part of an across-the-board payment scheme
being implemented by Meralco with all its electricity
suppliers."

The report further explains that the utility firm previously
noted that such action has been aligned as a stop-gap measure to
temporarily ease the strain on its financials due to deemed
temporary lag on its ability to fully collect generation-related
costs from its customers.  "We understand that Meralco is
currently working with the ERC and the Department of Energy to
permanently address these issues, "First Gen stressed further in
its disclosure.

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

                          *     *     *

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

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


MAYNILAD WATER: May Be Able to Expedite Rehabilitation
------------------------------------------------------
Maynilad Water Services Inc. may be able to cut short its eight-
year rehabilitation plan due to run until 2013 down to two
years, Business Mirror says.

According to the Business Mirror, the group of DMCI Holdings
Inc. and Metro Pacific Investments Corp. has committed to pay a
total consideration of US$503.9 million for a 83.97% stake in
Maynilad, which was bidded out by the Metropolitan Waterworks
and Sewerage System last year.  The amount comprised of a
minimum cash bid of US$56.7 million and a financial supplement
of US$447.2 million, which would serve as a new equity into the
company over a succeeding three-year period.

Business Mirror reports that the consortium would also be
submitting with the MWSS "a transitional document indicating the
consortium's plan to wipe out the US$240-million debts owed to
creditors."  It also details a capital expenditure program.

The Mirror explains that the early settlement of its debts would
allow Maynilad to have a healthy balance sheet, making it  
easier to secure its future financial requirements, according to
DMCI Chief Finance Officer Herbert Consunji.

Maynilad Water -- http://www.mayniladwater.com.ph/-- was  
incorporated on January 22, 1997 as a joint venture between the
Parent Company and Suez-Lyonnaise Des Eaux, now known as Suez
Environnement, primarily to bid for the operation of the
privatized system of waterworks and sewerage services of the
Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

According to a report by the TCR-AP on November 19, 2003, the
company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.

On August 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.

Metropolitan Bank and Trust Co. has signed a remittance
partnership with Al Dar for Exchange Works, an exchange company
in Qatar, the bank says in  a press release.


METROPOLITAN BANK: Announces Remittance Partnership with Al Dar
---------------------------------------------------------------
Metrobank Executive Vice President Carmelita Araneta said tha
the partnership is in line with the bank's strategy to
strengthen its presence in the Middle East by forgin remittance
tie-ups with stable and licensed remittance centers in the
region.  The bank currently has 30 tie ups in the region.

The Middle East market provided significant growth contribution
in the bank's remittance business in 2006 with a 47% increase in
volume and a 46% increase in value.

Al Dar is the biggest exchange company in Qatar in terms of
capital size.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

On May 4, 2007, Moody's Investors Service affirmed the bank's D
bank financial strength rating.

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


METROPOLITAN BANK: Freezes New Capital Issue
--------------------------------------------
Metropolitan Bank & Trust Company has put on hold any plans to
further improve its capital base until it has fully digested the
impact of the stricter risk weight-to-capital Basle 2 ruling,
the Manila Bulletin reports.

The Bulletin, citing Metrobank President Arthur Ty as saying
that the management, for now, is "comfortable" with the current
capital adequacy ratio of the bank, which stands at 17.9% as of
end December 2006.

The Bulletin explains that the bank's CAR could go down by 2.5
percentage points to 15.4% with the adoption of Basle 2 this
July.

Metrobank Senior Vice President for Risk Management Bernardito
Lapuz, on the other hand, expounded the lender will have to
depend on the bank's earning capacity, at the moment, to
strengthen its capital, the Bulletin says.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

On May 4, 2007, Moody's Investors Service affirmed the bank's D
bank financial strength rating.

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


PETPLANS INC: Court Approves Rehabilitation Plan
------------------------------------------------
PETPlans Inc. has said that the Makati Regional Trial Court had
given it the go-ahead to proceed with its rehabilitation plan,
the Philippine Daily Inquirer reports.

According to the Inquirer, under the company's approved
rehabilitation plan, all pre-need contracts would be replaced
with shares in a unified trust fund called the "Enhanced Value
Plan," which it said would be solely and independently managed
by a professional fund manager.  The company also disclosed that
the total fund now amounts to PHP3.04 billion, against PHP2.6
billion when PETPlans filed for rehabilitation in June last
year.

PETPlans, the Inquirer says, explains that it maintained a trust
fund for each type of pre-need plan it issued -- educational
plan, pension plan, and life plan -- such that the value of a
pre-need plan would be equivalent to its pro-rata share in the
value of the particular trust fund created for it.  

The Inquirer report explains further that for example,
educational plan holders will not share in the trust fund of the
life plans or the pension plans, it said.

The Inquirer further explains that pursuant to the
rehabilitation plan, the company will, however, combine the
three funds to save on administrative cost and make better
profits.  The combined liquidity of the three funds will also
improve the capability to the unified trust to pay out the
benefits due the plan holders.

Founded in 1988, PETPlans, Inc. -- http://www.petplans.com/--   
is an ISO-certified pre-need firm that offers education,
pension, memorial/life and dollar pension pension plans to
customers, with a PHP2.7-billion trust fund with 44% liquidity
and PHP140 million in corporate funds and real estate property
worth PHP60 million.  The company decided to voluntarily stop
selling new pre-need plans in March 2006 due to the difficulties
facing the pre-need industry.


PHILCOMSAT HOLDINGS: Majority Shareholders Question TRO
-------------------------------------------------------
The Court Of Appeals decision to stop majority shareholders from
taking over Philcomsat Holdings Corp. from nominees of the
Presidential Commission on Good Government was "flawed," the
Philippine Daily Inquirer reports.

According to the Inquirer, PHC President Erlinda Ilusorio-
Bildner said in a news briefing that the Court of Appeals'
issuance of a temporary restraining order (TRO) on the decision
of the Makati Regional Trial Court allowing the takeover "was
attended by legal infirmities."  Ms. Bildner contends that the
CA was not aware that PCGG nominee Enrique Locsin had filed an
earlier petition with the court of Appeals, and "thus, is guilty
of forum shopping.  This is a ground for the outright dismissal
of the case."

The Troubled Company Reporter - Asia Pacific reported that in an
Apr. 12, 2007 ruling, the Makati Regional Trial Court handed
over full ownership and control of PHC to its "rightful owners,"
evicting the board representing the Presidential Commission on
Good Government.  The TCR-AP report adds that the order issued
by Judge Zenaida Galapate-Laguilles of the Makati RTC Branch 138
was the formal execution of an Oct. 14, 2006 ruling by the same
court that nullified the elections of the PCGG board headed by
Enrique Locsin in 2004.  That board consisted of Locsin, Julio
Jalandoni, Manuel Andal, Luis Lokin Jr., Manuel Nieto Jr.,
Roberto V. San Jose, Philip Brodett, Oliverio Lapaeral, Benito
Araneta and Roberto Abad.

The decision, according to the TCR-AP report, effectively
recognized as "valid" the board headed by Victor V. Africa with
members Erlinda Ilusorio-Bildner, Katrina Ponce-Enrile, Honorio
Poblador III, Fedrico Agcaoili, Sylvia Ilusorio and Jose
Ozamiz.

Mr. Locsin's group, according to another TCR-AP report on May 7,
applied for and received a temporary restraining order issued by
the Court of Appeals enjoining the Makati Regional Trial Court,
its agents and representatives, from enforcing or implementing
or otherwise giving effect to the order.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.

On January 10, 1997, the company approved amendments to its
Articles of Incorporation, changing its primary purpose from
embarking in the discovery, exploitation, development and
exploration of mineral oils, petroleum in its natural state,
rock or carbon oils, natural oils and other volatile mineral
substances to a holding company.

According to a Troubled Company Reporter - Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.

Philcomsat is involved in an anomaly brought about by huge
losses.  The company reported a PHP6.965-million loss in 2004,
and a PHP22-million loss in 2005.  The Philippine Senate has
initiated an inquiry into the matter.

Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill gotten, had
been confiscated by the Government.


SECURITY BANK: Posts Stronger ROE As First Qtr. Net Increases
-------------------------------------------------------------
Security Bank Corporation posted an average return on equity of
24.5%, a 20% improvement over the 1st quarter 2006.  The higher
ROE was achieved on a 40% increase in the bank's net income
which amounted to PHP757.6 million for the first quarter of 2007
versus the PHP540.3 million earnings for recorded a year
earlier.

The continued growth pace recorded by the bank was spurred by a
23% increase in revenues over the same period last year to
PHP2.2 billion.  The revenue growth is comprised of a 19%
improvement in net interest income and 27% improvement in non-
interest income.  The healthy increase in net interest margins
were supported by a 38% quarter-on-quarter expansion in earning
assets to PHP129.3 billion.  The robust growth in earning assets
helped defray the impact of a 273 basis point decline in average
interest rates versus the same period last year.

Security Bank achieved the growth in earning assets while
maintaining its asset quality indices among the highest in the
industry as its NPL ratio stood 4.1% and its NPL cover
registered a more than adequate 138% as of the first quarter of
2007.  Consequently, the bank's capital adequacy ratio of 22.8%
should more than sufficiently cover for incremental capital
charges contemplated under Basel II guidelines.

The increase in earning assets was complemented by a PHP40.9
billion or 67.8% buildup in total deposits over the same quarter
last year to register PHP101.4 billion.  The incremental
deposits were predominantly savings and current accounts which
doubled to PHP73.4 billion, up P36.7 billion or 100% compared to
the first quarter 2006.  Time deposits likewise reflected a
growth of 4.3 billion or 17.9% to PHP28.0 billion.

While the lower interest rate environment proved challenging to
the net interest margin component of revenues, it nonetheless
contributed favorably to the bank's trading gains which
reflected a 23% quarter-on-quarter increase to PHP780.2 million.

For its part, service charges, fees and commissions totaled
PHP198.2 million, higher by 46% over the 1st quarter 2006 and
growing at a faster pace than the other non-interest income
components.  Miscellaneous income, on the other hand, improved
29% to PHP113.7 million.

In contrast to the revenue performance, operating expenses were
modestly higher at PHP927.4 million, up by 4% over the first
quarter 2006.  The combined performance of revenue and operating
expense components enabled a robust increase in net income
to PHP757.6 million net of minority interest in consolidated
subsidiaries.  This translates into earnings per share for the
period of PHP2.30 versus the PHP1.64 recorded for the comparable
period last year.  This equates to an annualized earnings per
share of PHP9.20, higher by PHP3.43 or 59% higher than that
recorded at year-end 2006.

Makati City-based Security Bank Corporation --
http://www.securitybank.com.ph/-- offers a wide variety of  
financial products and services.  The bank's services include
peso, dollar and third currency deposits, domestic and
international fund transfers, deposit pick-up and payroll
services, and ancillary services.  Security Bank also provides
working capital financing, term arrangements and loan
syndication services.

Fitch Ratings gave Security Bank a D individual rating and a 4
support rating.


UNIWIDE HOLDINGS: Settles Debt with Seven Secured Creditors
-----------------------------------------------------------
Uniwide Holdings, Inc., in an update to its rehabilitation plan,
discloses that it has settled its liabilities with seven of its
secured creditors, as of Mar. 31, 2007.

The creditors are:

   * East Asia Capital - Total debt of PHP60.40 million
   * Metrobank - PHP62.74 million
   * Asian Alliance Investment Corp. - PHP64.00 million
   * UCPB - PHP1.04 billion
   * IE Bank - PHP475.32 million
   * BPI - PHP720.08 million
   * PCCI - PHP70.64 million

The company still has PHP3.16 billion in liabilities to secured
creditors.  The company also has another PHP2.38 billion in
unsecured debt, bring the total of its outstanding debt to
PHP5.53 billion.

A schedule of these debts can be downloaded here:

        http://bankrupt.com/misc/debtsettlement.pdf

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.

The company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.

The Troubled Company Reporter - Asia Pacific reported that Aris
Malantic at Sycip Gorres Velayo & Co. raised significant doubt
on the group's ability to continue as a going concern, pointing
out the group's continued losses and capital deficiency.

Uniwide Holdings, Inc. registered a PHP324.68 million net loss
for the year ended 2006, a 60.85% decrease from the recorded net
loss of PHP829.4 million in 2005.

As of Dec. 31, 2006, consolidated assets amounted to PHP3.09
billion, while total liabilities including loans payable of
PHP1.68 billion, were recorded at PHP4.98 billion giving the
company a capital deficiency of PHP1.89 billion.


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

CHEMTURA CORP: Signs Sale Agreement With PERGAN for Peroxide Biz
----------------------------------------------------------------
Chemtura Corporation has signed a definitive agreement to sell
its organic peroxides business to German organic peroxides maker
PERGAN GmbH in an all-cash transaction for an undisclosed
amount, in order to place greater focus on its core businesses.  

Included in the transaction will be Chemtura's Marshall, Texas
manufacturing facility.  The transaction, which requires the
approval of certain regulatory bodies, is expected to close
within 90 days.  Proceeds from the sale will be used primarily
for debt reduction.

"This sale is a small but important step in the restructuring of
our Plastic Additives portfolio," said Chemtura Chairman and CEO
Robert L. Wood.  "We are divesting product lines where we don't
have competitive advantage to better focus on areas where we
do."

"PERGAN, which already has organic peroxide facilities in
Germany and China, will gain a position in the North American
market through this transaction.  We are pleased to be
transferring this business to a buyer who is interested in
growing it, which should benefit both customers and Marshall
employees," Mr. Wood concluded.

The organic peroxides business being sold had revenues for 2006
of approximately US$20 million.  Chemtura employs approximately
40 people in its Marshall, Texas facility.

                       About PERGAN GmbH

PERGAN GmbH -- http://www.pergan.com/-- is a world-class  
supplier of organic peroxides and other polymer additives to the
polymer production and processing industries.

                  About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In the Asia Pacific, Chemtura has facilities in
Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan and Thailand.

                          *     *     *

In November 2006, Moody's Investors Service assigned a Ba1
rating to Chemtura Corp.'s US$400 million of senior notes due
2016 and affirmed the Ba1 ratings for its other debt and the
corporate family rating.


PETROLEO BRASILEIRO: Gives Final Offer for Bolivian Refineries
--------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras, in a letter addressed to
Yacimientos Petroliferos Fiscales Bolivianos, the state-owned
petrol company of Bolivia, and to the Bolivian Hydrocarbons
Ministry, has presented the terms of its final proposal for the
sale of the Guillermo Elder Bell Refinery, in Santa Cruz de La
Sierra, and of the Gualberto Villaroel Refinery, in Cochabamba,
Bolivia.  The offer is for the full sale of Petrobras' share
participation in both refineries.

Aiming at reaching an agreement with YPFB, Petrobras' offer was
for the lowest value possible, which would still be compatible
with the refineries' revenue-generation capacity.  Petrobras
hopes it will be possible to transfer the refineries via a
negotiated solution.

Petrobras will wait for 48 hours for an answer to the offer it
made on Monday.

If an agreement cannot be reached, Petrobras will appeal to all
suitable legal stages to preserve its shareholders' rights.

                 About Petroleos de Venezuela

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/-- was founded in   
1953.  The company explores, produces, refines, transports,
markets, and 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 Investors Service.

Fitch Ratings assigned BB+ ratings on Petroleo Brasileiro's
US$400 million 9% senior unsecured notes due April 1, 2008;
US$750 million 9.125% senior unsecured notes due July 2, 2013;
US$650 million 7.75% senior unsecured notes due Sept. 15, 2014;
and US$750 million 8.375% senior unsecured notes due Dec. 10,
2018.

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.


SCOTTISH RE: A.M. Best Upgrades Financial Strength Rating to B+
----------------------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating to B+
(Good) from B (Fair) and the issuer credit ratings to "bbb-"
from "bb+" for the primary operating insurance subsidiaries of
Scottish Re Group Limited (Cayman Islands) [NYSE: SCT].

A.M. Best has also upgraded the ICR to "bb-" from "b" and the
various debt ratings of Scottish Re.

All ratings have been removed from under review with positive
implications and assigned a stable outlook.

These rating actions follow the completion of the previously
announced agreement in which MassMutual Capital Partners, LLC
and Cerberus Capital Management, LP each would invest $300
million into Scottish Re.  Under the agreement, Scottish Re will
issue convertible preferred shares, which is the equivalent of a
68.7% ownership interest in the company.  The capital investment
is permanent and enables Scottish Re to meet both its short-term
and longer-term capital and cash flow needs.

A.M. Best notes the support demonstrated by its new ownership
and expects financial and risk management controls will improve
as a result of this change.  Capital levels at the insurance
entities currently support a "Secure" rating.

However, Scottish Re recorded a substantial loss in 2006 on both
a statutory and GAAP basis.  Moreover, A.M. Best expects that
improvement in earnings may be slow to emerge in the near term,
as costs related to operational and corporate governance
measures are incurred.  In addition, rebuilding its brand in the
reinsurance market will likely take time.  The generation of new
business has been negatively impacted by rating downgrades and
Scottish Re's financial difficulties, and retention of current
treaties will need to be monitored.  Operating leverage also
remains at a high level.

The stable outlook reflects A.M. Best's opinion that Scottish Re
will benefit from the discipline from its new Board of Directors
and the stability provided by its investors.  A.M. Best will
closely monitor the profit emergence of its inforce business as
well as the ability to generate new business profitably.

The FSR has been upgraded to B+ (Good) from B (Fair) and the
ICRs to "bbb-" from "bb+" for the following subsidiaries of
Scottish Re Group Limited:

    * Scottish Annuity & Life Insurance Company (Cayman) Ltd.
    * Scottish Re (U.S.), Inc.
    * Scottish Re Life Corporation
    * Scottish Re Limited
    * Orkney Re, Inc.

The ICR has been upgraded to "bb-" from "b" for Scottish Re
Group Limited.

These debt ratings have been upgraded:

Scottish Re Group Limited-

    * to "b" from "ccc+" on US$125 million non-cumulative
      preferred shares

Stingray Pass-thru Trust-

    * to "bbb-" from "bb" on US$325 million 5.902% senior
      secured pass-thru certificates, due 2012

These indicative ratings for debt securities have been upgraded:

Scottish Re Group Limited-

    * to "bb-" from "b" on senior unsecured debt
    * to "b+" from "b-" on subordinated debt
    * to "b" from "ccc+" on preferred stock

    * Scottish Holdings Statutory Trust II and III-to "b+" from
      "b-" on preferred securities

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of   
life insurance assets and liabilities

                          
SCOTTISH RE: S&P Raises Counterparty Credit Rating to B+ from B
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty
credit rating on Scottish Re Group Ltd. to 'B+' from 'B' and
removed it from CreditWatch with developing implications, where
it was placed on Dec. 6, 2006.  (The CreditWatch implications
had been revised twice since the ratings were originally placed
on CreditWatch on July 31, 2006.)
     
Standard & Poor's also said that it raised its counterparty
credit and financial strength ratings on Scottish Re's operating
companies as well as its ratings on dependent unwrapped
securitized deals related to Scottish Re to 'BB+' from 'BB' and
removed them from CreditWatch developing.
     
The outlook on Scottish Re and its operating companies is
developing.
     
In addition, Standard & Poor's affirmed its ratings on
securitizations that are wrapped or independent of the credit
quality of Scottish Re.
      
"The upgrades reflect the completed transaction with MassMutual
Capital Partners LLC and affiliates of Cerberus Capital
Management L.P.," explained Standard & Poor's credit analyst
Neil T. Strauss.  In this transaction, an equity investment of
US$600 million (US$300 million from each) was obtained in
exchange for a 68.7% stake in Scottish Re.  After the repayment
of a liquidity facility and other expenses, the proceeds provide
Scottish Re with strong capital and good liquidity for the in-
force business.  "The upgrades also reflect that virtually all
of the company's level term policies subject to Regulation XXX
reserve requirement will soon be pre-funded with respect to
collateral needs," Mr. Strauss added.
     
The transaction significantly improves Scottish Re's financial
condition and settles much of the financial-related uncertainty
that has plagued the company since last summer.  However,
Standard & Poor's expect that earnings will remain sub-par over
the near term, as underlying profitability will take time to
emerge, and several nonrecurring items will be recorded.  The
company posted an after-tax US$377 million loss in 2006.  On the
business side, the company has been able to maintain the third-
largest market position in U.S. life reinsurance market for in-
force business as of Dec. 31, 2006.  Nevertheless, selling new
reinsurance business will be challenging as the company looks to
regain its credibility in the market.
     
The company has begun to address the issues of weak enterprise
risk management as it improves its inadequate operational
processes, which led to earnings surprises over the past several
quarters.  Corporate governance will benefit from a renewed
focus from a new board of seasoned executives under a new
structure, which should provide a strong oversight role.
     
The developing outlook means that the ratings could go up, stay
the same, or go down in the short to medium term.  Standard &
Poor's will likely raise the ratings if operational issues are
resolved such that earnings volatility decreases, new sales
grow, and management is able to provide leadership to the
company and thereby recover from the events of the past several
quarters.  If financial management remains strong but sales and
earnings are stagnant, the ratings will likely remain unchanged.  
If earnings volatility remains high, revenue growth remains low,
and management is unable to refocus the company on consistent,
profitable growth, the ratings will probably be lowered.
     
Standard & Poor's expects Scottish Re's capital to remain
strong.  Liquidity should remain good.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of   
life insurance assets and liabilities


SEA CONTAINERS: Wants Court to Set July 16 as Claims Bar Date
-------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to establish July 16, 2007, 5:30 p.m., as the deadline
for all persons and entities holding or wishing to assert a
claim against any of the Debtors to file a proof of claim in
these Chapter 11 cases.

In the event a Debtor rejects an executory contract or unexpired
lease pursuant to Section 365 of the Bankruptcy Code, the
Debtors anticipate that a claim may be asserted in connection
with that rejection.   Accordingly, the Debtors propose that the
bar date for filing any proof of claim relating to their
rejection of an executory contract or unexpired lease pursuant
to a Court order entered prior to the applicable Debtor's plan
of reorganization will be the later of:

   (i) the general bar date; or

  (ii) 30 calendar days after the effective date of that Court
       order, unless otherwise provided.

Persons or entities who need not file proofs of claim include:

   * any person or entity that already has filed a signed proof
     of claim against the applicable Debtor with either BASIC or
     the Clerk of the Bankruptcy Court for the District of
     Delaware in a form substantially similar to Official
     Bankruptcy Form No. 10;

   * any person or entity who does not dispute its Claim as
     listed on the Debtors' Schedules of Assets and Liabilities;

   * any holder of a claim that previously has been allowed by a
     Court order;

   * any holder of a claim that has been paid in full by any of
     the Debtors in accordance with the Bankruptcy Code or a
     Court order;

   * any holder of a claim for which a specific deadline
     previously has been by the Court;

   * any Debtor asserting a claim against another Debtor;

   * any direct or indirect non-debtor wholly-owned subsidiary
     of a Debtor asserting a claim against a Debtor;

   * any holder of a claim allowable under Section 503(b) and
     507(a)(2) as an expense of administration;

   * any professional retained by the Debtors or Court-approved
     Committees who asserts administrative claims for fees and
     expenses;

   * any current officer or director of any Debtor asserting
     indemnification, contribution or reimbursement claims;

   * any holder of a claim arising with respect to any of
     these issuances of Sea Containers Ltd. public notes:

        -- 10 3/4% notes due October 15, 2006,
        -- 7 7/8% notes due February 15, 2008,
        -- 12 1/2% notes due December 1, 2009,
        -- 10 1/2% notes due May 15, 2012;

   * any individual participant in the Sea Containers 1983 and
     1990 Pension Schemes asserting a claim arising under or in
     respect of those pension plans; and

   * any holder of equity securities of, or other interests in,
     the Debtors solely with respect to that holder's ownership
     interest in or possession of those equity securities or
     other interests.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and  
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders   
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.  
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.  

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 14
and 13; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)  


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

ADVANCE AGRO PCL: Establishes New Steam Producer Subsidiary
-----------------------------------------------------------
Advance Agro PCL has established a new subsidiary named Biomass
Steam Co. Ltd., according to a letter dated April 30, 2007, and
submitted by the company to the Director and Managing Director
of the Stock Exchange of Thailand.

The letter provided these details about the new subsidiary:

     * Nature of business     Production and distribution of
                              steam in the proportion of 300
                              tons per hour

     * Authorized Capital     THB200 million in 20 million
                              ordinary shares with par value of
                              THB10 each.
         
     * Fully paid capital     THB50 million (25% of authorized
                              capital)

     * Value and proportion   The Company will invest in 19.99
       of investment          million ordinary shares, which is
                              99.9% of the authorized capital.

     * Source of capital      Advance Agro PCL's working capital

Advance Agro Public Company Limited --
http://www.advanceagro.com/-- is a pulp and paper manufacturer  
and distributor.  It markets its products under the brand name
Double A.  The company also distributes its products through
Double A Copy Center with over 1,500 branches in Thailand and
overseas and Double A Stationery with approximately 100 shops
nationwide.  In addition, Advance Agro operates three power
plants.  Headquartered in Prachinburi Province, the company has
a branch office in Bangkok. Advance Agro is comprised of a
number of subsidiaries.

The Troubled Company Reporter - Asia Pacific reported on
March 13, 2007, that Moody's Investor Services changed to
positive from stable the outlook for both Advance Agro Public
Company Limited's B3 corporate family rating and the senior
unsecured bond ratings on its notes due in 2007 and 2012.

The Troubled Company Reporter - Asia Pacific reported on Jan. 5,
2006, that Advance Agro Public Co. Ltd. received from Standard &
Poor's Rating Services a B- rating, an upgrade from the previous
CCC rating to its US$250 million 11 percent bonds due 2012.  At
the same time, the issue rating on Advance Agro Capital B.V.'s
US$48.7 million 13% notes due 2007 was also raised to 'B-' from
'CCC'.  The ratings were removed from CreditWatch, where they
were placed with positive implications on November 29, 2005.


DAIMLERCHRYSLER: Chrysler Launches Ad Campaign to Define Brand
--------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group has unveiled a marketing
campaign that includes TV and print ads featuring the new theme
line "Engineered Beautifully," which emphasizes technology, fuel
economy and value.

"More than 80 percent of the Chrysler brand product portfolio is
all-new or refreshed in the last 12 months with the recent
introduction of the all-new 2008 Chrysler Sebring Convertible
and the debut of the all-new 2008 Chrysler Town and Country
later this year," said Chrysler Marketing and Global
Communications Director David Rooney.  "This is the perfect
opportunity for us to showcase that there is more behind the
sheet metal and distinctive style, and that every Chrysler
possesses world-class quality and engineering at an
extraordinary value."

Additionally, the all-new 2008 Chrysler Sebring Convertible
marketing campaign was launched on May 8.  The Sebring
Convertible ads mirror the tone and style of the new Chrysler
brand creative.

"Chrysler is, and always has been, a brand made by and built for
people with a passion for great cars," said Mr. Rooney.  
"Products like the 300 and Town & Country put us at the
forefront of the industry in terms of style and design.  At the
same time, we have made great strides to become competitive and
even surpass our competition in terms of quality and
engineering.  While we have made great strides, the perception
has not caught up with reality in the marketplace.  Our new
communications direction will help get that engineering message
across."

The television schedule features prime time network and cable
shows such as Grey's Anatomy, Boston Legal, Ugly Betty, Dancing
with the Stars, Conan O'Brien, The Tonight Show, NBA Playoffs,
Big Break 7, Larry King, Anderson Cooper, Nancy Grace, Headline
News, Law and Order CI, Law and Order SVU and Dog Whisperer.  
The ads will also appear on other channels including TNT, TBS,
Food Network, Style Network, ESPN, CNBC, Fine Living Network,
Bravo and The Golf Channel.

The print ads follow the same creative direction for a
consistent tone and message.  Product is the star with bold
photography on colorful backgrounds along with highlighted
technology features.  The Chrysler print ads will run in
Automobile Magazine, Aspen Peak Magazine, Car and Driver, Food
Wine, Forbes, Golf Digest, Golf For Women, Jet, Martha Stewart
Everyday, Motor Trend, National Geographic, The New Yorker, Road
and Track, Southern Accents, Sunset, Tennis Magazine,
Traditional Home and Travel Leisure.

In addition to the new advertising, the Chrysler brand will
showcase the all-new Sebring Convertible through two programs
done with Hearst and Forbes magazines.  The Hearst Awaken Your
Senses program includes advertising, web activity
(http://www.awakenyoursenses.com),product displays and test  
drive components with the grand prize of an all-new 2008
Chrysler Sebring Convertible.  The Chrysler brand is also the
exclusive sponsor of one chapter of the Forbes 90th Anniversary
Issue and Networking Special Report covering lifestyle elements
surrounding careers, entertainment, leisure and design.

                      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.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

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.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


FOSTER WHEELER: Inks Pact to Hike 5-Year Facility to US$100MM
-------------------------------------------------------------
Foster Wheeler Ltd. signed an amendment, effective May 4, 2007,
to its five-year senior secured domestic credit facility to:

   a) increase the facility by US$100 million;

   b) reduce the pricing applicable to the US$150 million
      synthetic portion of the facility by 50 basis points per
      annum; and

   c) provide a new option to increase the facility by an
      additional US$100 million at a later date.

"This amendment to the facility provides the increased bonding
capacity that we require to support the continued growth of our
operations and volume of business," said John T. La Duc,
executive vice president and chief financial officer.  "The
facility's improved pricing reflects the recent upgrades to our
credit ratings by Moody's Investors Service and Standard &
Poor's."

The company does not intend to borrow under the facility during
2007.

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

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

                           *     *     *

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

                   Asbestos Management Program

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


SIAM CITY BANK: Bank of Thailand Seeks Partner for Firm
-------------------------------------------------------
The Financial Institutions Development Fund of Thailand is
seeking a partner with the potential to be able to create
synergy for Siam City Bank PCL, according to the Thai Press
Reports' article citing the Nation as a source.

According to the report, when interviewed by the Nation, Bank of
Thailand Assistant Governor and FIDF Manager Phairoj Hengsakul
said that the merger and acquisition route is an option in order
to sharpen Siam City Bank's competitiveness.  Mr. Hengsakul also
indicated that many investors "have shown interest in investing
in Siam City Bank, but the fund is in no hurry to sell out
because we want a good price."

The Bank of Thailand had made an earlier statement endorsing
Thai banks to merge amongst themselves to strengthen
competitiveness.  According to the Nation, the Bank said that
any obstacles for the merger, including taxes and legal
processes, would be eliminated, Thai Press Reports related.

The Nation cited BOT Deputy Governor Bandid Nijathaworn as
saying that banks will be allowed to make deals by themselves
without intervention, but that the BOT would help facilitate the
process, Thai Press Reports added.

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services, which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

The Troubled Company Reporter - Asia Pacific reported that on
October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of BB;
    * Short-term foreign currency rating of B;

The outlook on the ratings is Stable.  Fitch has also upgraded
the bank's individual rating to D from D/E and affirmed its
Support rating at 4.

As of May 4, 2007, the Bank still carries Moody's Bank financial
strength rating of D.  The Long-term Foreign Currency Deposit
Rating is changed to Baa2 from Baa3 and the Short-term Foreign
Currency Deposit Rating is unchanged at P-3. The outlook for all
ratings is stable.


SIAM GENERAL FACTORING: Names 4 Directors & 3 Auditors for 2007
---------------------------------------------------------------
Siam General Factoring PCL held its Annual General Meeting of
Shareholders for 2007 on April 27, 2007.  About 61 shareholders
and shareholder representatives in attendance elected four
directors and appointed three auditors for the year.

These directors were appointed to replace those that had retired
by rotation:

    * Mr. Chavalit Saleepol        Audit Committee, Chairman
    * Mr. Wisait Panutat           Audit Committee, Member
    * Mr. Pinij Wuthipand          Audit Committee, Member
    * Ms. Apinya Borivachanon      Director

The monthly remuneration rates approved during the meeting are:

      Position                              Remuneration
      --------                              ------------
    * Chairman of the Board of Director        THB30,000
    * Director                                 THB20,000
          
                                          Meeting Allowance
                                          -----------------
    * Chairman of the Executive Board          THB25,000
    * Executive Director                       THB22,000
    * Chairman of the Audit Committee          THB25,000
    * Audit Committee Member                   THB22,000
    * Chairman of the Remuneration Committee   THB25,000
    * Remuneration Committee Member            THB22,000

All directors will receive monthly remuneration.  The allowance
will be awarded to attending directors in a meeting, excluding
meetings for Board of Directors.       

Three accountants from the Office of DIA International Auditing
were appointed during the meeting, namely:

    * Mrs. Suvimol Krittayakiern        CPA No. 2982
    * Ms. Somjintana Polhirunrat        CPA No. 5599
    * Mrs. Vilairat Rojnuckarin         CPA No. 3104

The auditing fee has been fixed at THB1.22 million.

Headquartered in Bangkok, Thailand, Siam General Factoring
Public Company Limited -- http://www.sgf.co.th/-- is engaged in  
the provision of financial services in the forms of factoring,
loans and leasing.  The company offers domestic factoring,
international factoring, leasing, inventory finance, letter of
guarantee, financial support, prefinance and letter of credit
services.  It also provides personal financial services.

The Troubled Company Reporter - Asia Pacific reported on
March 28, 2007 that as of December 31, 2006, the company had
total assets of THB1,112,569,672 and total liabilities of
THB1,306,068,243, resulting in a shareholders' equity deficit of
THB193,498,571.  The TCR-AP report also stated that the company
faces possible delisting from the Stock Exchange of Thailand.


SIAM GENERAL FACTORING: Notifies SET of Errors in 2006 Report
-------------------------------------------------------------
Siam General Factoring PCL notified the Stock Exchange of
Thailand in a letter dated April 27, 2007, regarding errors in
financially highlighted data in its Annual Report for 2006.

According to Siam General, the company erred in reporting that
Debt to Equity Ratio was (6.75) and Return on Equity was
297.09%.  The letter did not supply the correct data to be used
in place of the erroneous information.

Headquartered in Bangkok, Thailand, Siam General Factoring
Public Company Limited -- http://www.sgf.co.th/-- is engaged in  
the provision of financial services in the forms of factoring,
loans and leasing.  The company offers domestic factoring,
international factoring, leasing, inventory finance, letter of
guarantee, financial support, prefinance and letter of credit
services.  It also provides personal financial services.

The Troubled Company Reporter - Asia Pacific reported on
March 28, 2007 that as of December 31, 2006, the company had
total assets of THB1,112,569,672 and total liabilities of
THB1,306,068,243, resulting in a shareholders' equity deficit of
THB193,498,571.  The TCR-AP report also stated that the company
faces possible delisting from the Stock Exchange of Thailand.


SRITHAI FOOD AND BEVERAGE: Appoints Auditors for 2007
-----------------------------------------------------
Srithai Food and Beverage PCL appointed two accountants from SK
Accounting Services Co. Ltd. to be the company's auditors for
the year 2007 during the shareholders' ordinary meeting held
last week.

The Company appointed Mr. Somchai Kurujitkosol and Mr. Ampol
Jumnongwat.  The auditing fee was agreed to be THB550,000.

Headquartered in Amphoe Bang Phli Samut Prakarn, Thailand,
Srithai Food & Beverage Public Co Ltd --
http://www.srithaifood.thailand.com/-- markets and manufactures  
seasoning, sauce, beverages, and personal care products.

The Troubled Company Reporter - Asia Pacific reported that the
securities of Srithai Food & Beverages Public Co Ltd were placed
in the "Non-Performing Group" sector of the Stock Exchange of
Thailand on August 29, 2006.

According to TCR-AP, SRI has been subjected to a rehabilitation
plan under the REHABCO sector of the SET since June 9, 2004.  
The SET, after reviewing the latest financial statements of the
company submitted on August 15, 2006, said that SRI did not
resolve its problems in line with the SET criteria.


THAI DURABLE GROUP: Appoints New Directors & Auditor for 2007
-------------------------------------------------------------
Thai Durable Group PCL appointed two directors and one auditor
during its 2007 annual general shareholders' meeting held on
Monday.

During the meeting, the Company's shareholders re-appointed
Police Lt. Gen. Chaithep Yimlamai as director for another term.
The shareholders also elected Mr. Paripol Dhanasuckanchana in
place of Mr. Mongkorn Dhanasuckanchana who resigned from the            
Board of Directors.  Remuneration for directors has been agreed
to be THB2.2 million at the most.

The shareholders also appointed Mr. Jadesada Hungsapruek (CPA
Registration No. 3759) of Karin Audit Co. Ltd. as the company's
auditor for 2007.  Mr. Jadesada will receive a remuneration of
THB1 million.

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

                       Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Jadesada Hungsapruek at Karin Audit
Company Limited raised significant doubt on the company's
ability to continue as a going concern due to:

   * the company's significant accumulated losses;

   * the company's recurring loss from operations;

   * the company's deficit as of December 31, 2006, of
     THB1.25 billion;

   * incurring negative cash flows from operating activities for
     the year ended December 31, 2006, amounting to
     THB85.92 million;

   * current liabilities exceeding current assets as of
     Dec. 31, 2006 by THB851.13 million;

   * the company's default on short-term loans and long-term
     loans from two local banks which were due.

Mr. Jadesada adds that the continuing operation of the company
in the future substantially depends on:

   a) results of the negotiation with the financial institution
      creditors relating to the postponement of loans, and

   b) the new business plan of the Company and its ability to
      operate successfully in the future and have adequate cash
      flows from operations.


TRUE CORP: Re-Elects 7 Directors & Appoints 2 Auditors for 2007
---------------------------------------------------------------
True Corp.'s shareholders re-elected seven directors who retired
by rotation, and appointed three accountants from
PricewaterhouseCoopers ABAS Ltd. as auditors for the year 2007
during their annual general meeting held on April 24, 2007.

The Company's shareholders re-appointed these directors:

    * Mr. Narong Srisa-an           Independent Director
    * Mr. Athueck Asvanund          Director
    * Mr. Soopakij Chearavanont     Director
    * Mr. Chatchaval Jiaravanon     Director
    * Mr. Vichaow Rakphongphairoj   Director
    * Mr. Umroong Sanphasitvong     Director
    * Mr. Heinrich Heims            Director

The meeting also resolved these remuneration rates of directors
on a monthly basis:

    * Chairman                     THB300,000
    * Honorary Chairman            THB200,000
    * Vice Chairman                THB150,000
    * Director                     THB100,000

In addition, a director who is also an employee of the Company
will receive the remuneration aside from his salary as an
employee.  Independent directors who belong in a committee will
receive these monthly remuneration fees:

    * Independent director acting             THB300,000
      as committee chairman

    * Independent director belonging          THB200,000
      to a committee

The shareholders appointed these accountants from
PricewaterhouseCoopers as 2007 auditors:

    * Mr.  Boonmee Ngotngamwong      CPA No. 3673
    * Mrs. Anothai Leekitwattana     CPA No. 3442
    * Mrs. Nattaporn Phan-Udom       CPA No. 3430

Remuneration rates for auditors in 2007 will be THB5.9 million.

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

The Troubled Company Reporter - Asia Pacific reported that on
November 22, 2006, Standard & Poor's Ratings Services assigned
its BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.  At the same time, Standard & Poor's assigned its B
issue rating to True Move's proposed senior unsecured notes,
assuming a debt size of about US$450 million.

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


TRUE CORP: Engages in Partnership with Cisco Systems
----------------------------------------------------
True Corp. has partnered with Cisco Systems Inc. to provide
managed services to its customers, Diva Narain writes for
TMCNet.

According to Ms. Narain's article, True Corp.'s True-Hosted IP
private branch exchange Multi Multiprotocol Label Switching and
MPLS with Security managed services have satisfied the necessary
conditions of the Cisco Powered Program.  True Corp. is now the
only Thai provider so far with the Cisco Powered logo.

True's Managing Director for Corporate Solutions, Wholesales &
Data told Ms. Narain that True will "work with Cisco to build a
network platform that will be ready for any future
communications applications that run on IP networks."

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

The Troubled Company Reporter - Asia Pacific reported that on
November 22, 2006, Standard & Poor's Ratings Services assigned
its BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.  At the same time, Standard & Poor's assigned its B
issue rating to True Move's proposed senior unsecured notes,
assuming a debt size of about US$450 million.

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


                            *********

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.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez, Frauline Abangan, and
Peter A. Chapman, Editors.

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