TCRAP_Public/060815.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Tuesday, August 15, 2006, Vol. 9, No. 161

                            Headlines

A U S T R A L I A   &   N E W  Z E A L A N D

ABLE DREDGING: Members Opt for Voluntary Liquidation
ADVANCED COMMUNICATIONS: Creditors Resolve to Wind-Up Firm
AIR NEW ZEALAND: In Talks with Air Tahiti on Optimizing Links
AJV CONSTRUCTIONS: Joint Receivers Cease to Act for Company
ALKENT DEVELOPMENTS: Liquidator to Present Wind-Up Report

BAIAMA PTY: Placed Under Voluntary Wind-Up
BRIDGEBAR PTY: Receivers and Managers Step Aside
BURBONG INVESTMENTS: Undergoes Members Voluntary Wind-Up
CASMAS PTY: Enters Wind-Up Proceedings
CITY BAKERY: Creditors' Proofs of Claim Due on August 24

CLC CONSTRUCTION: Liquidation Bid Hearing Set on Sept. 11
CTL PROPERTIES: Members to Receive Wind-Up Report on Sept. 11
DEVELOPMENT ACCESS: Enters Liquidation Proceedings
DOMINION LIFESTYLE: Receiver and Manager Ceases to Act for Firm
DORROUGH INVESTMENTS: Liquidator to Present Wind-Up Report

E.J. BRAUND: Members Decide to Close Firm
FIRST STATE: Members and Creditors to Meet on September 8
HIH INSURANCE: Creditors can Expect 5c in the Dollar Next Year
HONEY GIRL: Liquidator Saltoon to Give Wind-Up Report
HULSING PTY: Members and Creditors to Hear Liquidator's Report

JONES MOTOR: Creditors Must Prove Debts by August 24
JOD LIMITED: Appoints Joint and Several Liquidators
JOHN GEARY: To Declare First and Final Dividend on Sept. 4
LINSA INSURANCE: In Voluntary Liquidation
MAID INVESTMENTS: Members Pass Resolution to Wind Up Operations

MINGAH PTY: Members to Receive Wind-Up Report
N.D. FASHIONS: Creditors Appoint Official Liquidator
OCEAN RACING: To Declare Dividend on September 4
ORIGIN PACIFIC: Freightways Conducts Due Diligence, Reports Say
ORIGIN PACIFIC: On Track in Creditor Payments, Founder Says

ORIGIN PACIFIC: Mike Pero Ready to Take Over Freight Business
PAINT FACTORY: Enters Liquidation Proceedings
PHOENIX DESIGN: Members Resolve to Wind Up Firm
POLYWORKS AUSTRALIA: Appoints Receivers and Managers
PRIMA ENTERPRISES: To Receive Claims Until October 20

QUEENSLAND WINE: Placed Under Voluntary Wind-Up
REAL ESTATE (SYDNEY): Receivers and Managers Step Aside
STACCATO INVESTMENTS: Court to Hear Liquidation Bid on August 24
SUNRAYSIA BROADCASTERS: Members Agree to Close Operations
SUPA SHINE: Receiver and Manager Named

SUZJOH PTY: Members and Creditors to Receive Wind-up Report
TATLERS LIMITED: Names Macdonald as Liquidator
TERRY R. LANCASHIRE: Members Resolve to Wind Up Firm
VEHICLE WHOLESALE: Faces Liquidation Proceedings
VENTURE PUBLISHING: Court to Hear Liquidation Bid on August 21

WBR TRANSPORT: Receivers and Managers Cease to Act for Firm
WELLINGTON AUDIO: Liquidation Petition Hearing Fixed on Sept. 7
WESTOL HOLDINGS: Undergoes Members' Voluntary Wind-Up
* Not All New Zealand Finance Companies Are Equal, S&P Says


C H I N A   &   H O N G  K O N G

AGRICULTURAL COOPERATIVE: Moody's Raises Short-Term Debt Rating
BALLY TOTAL: Revises Growth Forecast
BALLY TOTAL: Names Ronald G. Eidell as Chief Financial Officer
BALLY TOTAL: Moody's Holds US$300-Mil Sr. Notes' Rating at Ca
BIG POWER: Court Favors Wind-Up Petition

BRILLIANT OSCAR: Liquidator Ho Ceases to Act for Company
CASTLE PEAK: Appoints Joint and Several Liquidators
DORFLINE LIMITED: Liquidators Cease Step Aside
FLEDGELING NOMINEES: Liquidators Cease to Act for Company
FOREVER BRILLIANT: Members' Final Meeting Set on September 8

HINTONS PROPERTIES: Liquidators Kam and Yu Step Aside
JADELING ADMINISTRATIVE: Joint Liquidators Quit Post
J.P. MORGAN SECRETARIES: Lo and Lee Ceases to Act for Company
KOKUSAI SALES: Court Orders Wind-Up
OLIVER-DAVEY: Members to Receive Liquidator's Wind-Up Report

SKYCITY UNIVERSAL: Creditors Meeting Slated for August 11
STANDARD BANK: Fitch Keeps Individual C Rating
SUNSWAY LIMITED: Final Members' Meeting Set on September 5
TAI FUNG: Fitch Upgrades Individual Rating to C
VIVALY ENTERPRISES: Liquidator to Present Wind-Up Report

WAH MING ENGINEERING: Liquidator Yu to Present Wind-Up Report
* ABCP's and CLO's Likely to Dominate Taiwan's Credit Market
* S&P Warns Credit Default Could Rise Next Year
* Fitch Keeps Individual and Support Ratings of 4 Chinese Banks


I N D I A

GENERAL MOTORS: Targets 10% of Indian Market by 2010
HINDUSTAN SHIPYARD: Awaits Government's Revival Support
INDIAN OIL: Assesses Dwindling Sales at Sri Lankan Unit
KERALA STATE: Government Initiates Revival Exercise


J A P A N

KANA SOFTWARE: March 31 Balance Sheet Upside-Down by US$9.9 Mln
MITSUBISHI MOTORS: New Models Will Add Jobs and Increase Output


K O R E A

HANAROTELECOM: Delays NASDAQ Delisting and SEC Deregistration
HANAROTELECOM: Records 51.10% Fall in 2nd Quarter 2006 Net Loss
KWANGJU BANK: Fitch Affirms 'C' Individual Rating
KWANGJU BANK: Makes KRW55.19 Billion in First Half 2006
KYONGNAM BANK: Posts KRW93.62-Billion Net Income in 1H 2006

SHINHAN BANK: Gets Into Dollar Bonds Deal
SHINHAN BANK: Fitch Upgrades Individual Rating to 'B/C'
WOORI BANK: Records KRW847.93-Billion Net Income in First Half
WOORI FINANCE: First Half 2006 Net Income Reaches KRW1 Trillion


M A L A Y S I A

ANTAH HOLDINGS: May Raise Funds to Revive Toll Road Project
FURQAN BUSINESS: Terminates Share Sale Pact with Singavation
MALAYSIA AIRLINES: Cargo Unit Expands Operations
PROTON HOLDINGS: Sees 19% Rise in Auto Parts Sale
PROTON HOLDINGS: Mulls Special Unit to Up Synergies with Lotus

SUGAR BUN: Inks MYR8.7-Million Share and Purchase Deal


P H I L I P P I N E S

BANCO DE ORO: BSP OKs Issuance of PHP5-Bil Deposit Certificates
BAYAN TELECOMMUNICATIONS: Posts PHP979-Mln Net Loss in 1st-Half
MANILA MINING: Sets Aside PHP200 Million for a Drilling Program
MAYNILAD WATER: Marubeni Fails to Find Partner and Withdraws Bid
MIRANT CORP: Bids for Phil. Facilities Must be In by Month-End

PHILIPPINE AIRLINES: Baguio Gold Merger Needs CAB Approval
UNITED COCONUT: To Sell PHP5.5 Bln Idle Assets Via Joint Venture


S I N G A P O R E

FLEXTRONICS INTL: Post Net Sales of US$4.1 Billion for 1Q/FY2006
LIANG HUAT: Creditors' Meeting Slated for August 25
LIANG HUAT: Notes Further Modifications to Scheme Arrangement
LINDETEVES-JACOBERG: Plans to Take 248,056,294 Ordinary Shares
ODYSSEY RE HOLDINGS: Earns US$202 Mil. in Quarter Ended June 30

OVERSEAS SHIPHOLDING: Discloses Partnership with TransCanada
SEA CONTAINERS: High Court Sides with ORR on Railway Use Dispute
SEA CONTAINERS: Christopher Garnett Steps Down as GNER CEO
SEA CONTAINERS: S&P Ratings Still on Watch Negative
STATS CHIPPAC: Posts US$18M Net Income in Second Quarter of 2006

STATS CHIPPAC: Lists with NASDAQ


T H A I L A N D

SEAGATE TECHNOLOGY: Launches US$2.5B Stock Repurchase Scheme


* BOND PRICING: For the Week 14 August to 18 August 2006

     - - - - - - - -

============================================  
A U S T R A L I A   &   N E W  Z E A L A N D
============================================  

ABLE DREDGING: Members Opt for Voluntary Liquidation
----------------------------------------------------
At a general meeting on July 26, 2006, the members of
Able Dredging Pty Ltd agreed to voluntarily liquidate the
Company's business and appoint Richard Herbert Judson as
liquidator.

The Liquidator can be reached at:

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


ADVANCED COMMUNICATIONS: Creditors Resolve to Wind-Up Firm
----------------------------------------------------------
The creditors of Advanced Communications Technologies
(Australia) Pty Ltd convened on July 27, 2006 and resolved to:

   -- terminate the Deed of Company Arrangement;

   -- wind up the Company's operations; and

   -- appoint Gideon Rathne as liquidator.

The Liquidator can be reached at:

         Gideon Rathner
         Lowe Lippmann
         Chartered Accountants
         5 St Kilda Road
         St Kilda, Victoria 3182
         Australia


AIR NEW ZEALAND: In Talks with Air Tahiti on Optimizing Links
-------------------------------------------------------------
Air New Zealand and French Polynesia's flag carrier, Air Tahiti
Nui, have reached an agreement to achieve economies of scale on
their common destinations and to make their respective flights
more flexible, Pacific Magazine says, citing a report from
Oceania Flash.

The report says that Air Tahiti Chief Executive Officer Eric
Pommier and Air New Zealand's Norman Thompson have focused on
"optimizing regional links" in a difficult regional and
international context marked by ever-increasing fuel prices and
terrorist threats.

Both airlines' regional links were mainly between New Zealand
and French Polynesia, but also between French Polynesia and
Northern America, Pacific Magazine says.

The paper recounts that in 2005, Air Tahiti launched two new
direct routes to Sydney and New York.  Yet, recent
recommendations from an audit firm earlier this month questioned
their profitability of the Pape'ete-New York route, which Mr.
Pommier says could be scrapped.

After the airlines' talks, it was understood that one of the
options that could be retained would be for both companies to
join resources and modulate their respective schedules and
destinations, according to the ups and downs of the seasons,
Oceania Flash relates.

This could also mean that the New York destination, if it were
to be salvaged, could only be retained during the United States
peak holiday season, the paper notes.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.  

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1,071 million held
as at June 30, 2005.  However, while Air NZ has a solid position
in New Zealand and other parts of the international network are
performing well, intense competition on trans-Tasman routes has
resulted in it being unprofitable for Air NZ.  International
competition also limits Air NZ's ability to expand.  Its
management is also aware of the airline's vulnerability to
external shocks and the actions of key competitors.  


AJV CONSTRUCTIONS: Joint Receivers Cease to Act for Company
-----------------------------------------------------------
On June 7, 2006, Neil G. Singleton and Anthony M. Sims ceased to
act as receivers for the property of AJV Constructions Pty Ltd.

The former Receivers can be reached at:

         Neil G. Singleton
         Anthony M. Sims
         SimsPartners
         Chartered Accountants
         Level 24 Australia Square
         264 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9241 3422


ALKENT DEVELOPMENTS: Liquidator to Present Wind-Up Report
---------------------------------------------------------
The members of Alkent Developments Pty Ltd will convene on
September 7, 2006, at 10:00 a.m., to receive the Liquidator Nick
Orfanos' accounts of the Company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific on
July 21, 2006, the Company commenced a wind-up of its operations
on June 9, 2006.

The Liquidator can be reached at:

         Nick Orfanos
         Nicholas Orfanos
         Level 1
         147 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8224 0440
         Facsimile:(08) 8224 0470,
         e-mail: Nick.orfanos@adelaide.on.net


BAIAMA PTY: Placed Under Voluntary Wind-Up
------------------------------------------
At a general meeting held on July 24, 2006, the members of
Baiama Pty Limited passed a resolution to voluntarily wind up
the Company's operations and appoint Marc Peskett as liquidator.

The Liquidator can be reached at:

         Marc Peskett
         MPR Group
         Level 11
         499 St Kilda Road
         Melbourne, Victoria 3004
         Australia


BRIDGEBAR PTY: Receivers and Managers Step Aside
------------------------------------------------
Terry van der Velde and Glenn Shannon stepped down as receivers
and managers of Bridgebar Pty Ltd on July 14, 2006.

The former Receivers and Managers can be reached at:

         Terry van der Velde
         Glenn Shannon
         c/o SV Partners Pty Ltd
         Insolvency Accountants and Risk Managers
         Web site: http://www.svpartners.com.au/


BURBONG INVESTMENTS: Undergoes Members Voluntary Wind-Up
--------------------------------------------------------
Members of Burbong Investments Pty Ltd met on July 28, 2006, and
decided to voluntarily wind-up the Company's operations.

In this regard, Ian Edwin Yeo was appointed as liquidator.

The Liquidator can be reached at:

         Ian Edwin Yeo
         McConachie, Stedman & Co Public Accountants
         619 Ruthven Street
         Toowoomba, Queensland
         Australia


CASMAS PTY: Enters Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting of the members of Casmas Pty
Ltd held on July 27, 2006, it was resolved that a voluntary
liquidation of the Company's business is appropriate and
necessary.

Creditors appointed Loke Ching Wong and William Bernard
Abeyratne as joint and several liquidators at a separate meeting
held that day.

The Joint and Several Liquidators can be reached at:

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


CITY BAKERY: Creditors' Proofs of Claim Due on August 24
--------------------------------------------------------
Creditors of City Bakery & Cafe Ltd are required to submit their
proofs of claim by August 24, 2006, to Joint Liquidators John
Howard Ross Fisk and Richard Dale Agnew

Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.

The Joint Liquidators can be reached at:

         J.H. Ross Fisk
         PricewaterhouseCoopers
         113-119 The Terrace (P.O. Box 243)
         Wellington, New Zealand
         Telephone: (04) 462 7000
         Facsimile: (04) 462 7492


CLC CONSTRUCTION: Liquidation Bid Hearing Set on Sept. 11
---------------------------------------------------------
A liquidation petition filed against CLC Construction Ltd will
be heard before the High Court of Rotorua on September 11, 2006,
at 10:45 a.m.

Byfords Readi-Mix Ltd filed the petition with the Court on
July 12, 2006.

The plaintiff's solicitor can be reached at:

         A.E. Christie
         Messrs Sharp Tudhope, Solicitors
         35 Grey Street, Tauranga
         New Zealand
         Postal Address:
         P.O. Box 12-020, Tauranga


CTL PROPERTIES: Members to Receive Wind-Up Report on Sept. 11
-------------------------------------------------------------
A final meeting of the members of CTL Properties Pty Limited
will be held on September 11, 2006, at 3:00 p.m.

At the meeting, the liquidators will present accounts of the
Company's wind-up and property disposal activities.

The Troubled Company Reporter - Asia Pacific reported on
April 3, 2006, that the Company was placed under members'
voluntary liquidation on February 28, 2006.

The liquidators can be reached at:

         Clive R. Sergent
         Thomas B. Wykoff
         c/o 6/20 Bonner Avenue
         Manly, New South Wales 2095
         Australia


DEVELOPMENT ACCESS: Enters Liquidation Proceedings
--------------------------------------------------
Development Access Builders Ltd commenced liquidation
proceedings on July 20, 2006.

In this regard, the Company's creditors are required to file
their proofs of claim by October 20, 2006, to Joint Liquidators
Vivian Judith Fatupaito and Richard Dale Agnew.  Failure to
comply with the requirement will exclude a creditor from sharing
in any distribution the Company will make.

The Troubled Company Reporter - Asia Pacific reported on July
12, 2006, that the Company was facing a liquidation petition
filed by the Commissioner of Inland Revenue.  The Court heard
the petition on July 20, 2006.

The Joint Liquidators can be reached at:

         Vivian Judith Fatupaito
         PricewaterhouseCoopers, Level Eight
         PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013  


DOMINION LIFESTYLE: Receiver and Manager Ceases to Act for Firm
---------------------------------------------------------------
Mark Francis Xavier Mentha and Craig Peter Shepard ceased to act
as receivers and managers for Dominion Lifestyle Tower
Apartments Pty Ltd on July 14, 2006.

Mr. Mentha and Mr. Shepard were appointed as receivers and
mangers for the Company on June 20, 2006.

The former Receivers and Managers can be reached at:

         Mark Francis Xavier Mentha
         Craig Peter Shepard
         KordaMentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


DORROUGH INVESTMENTS: Liquidator to Present Wind-Up Report
----------------------------------------------------------
A final meeting of the members and creditors of Dorrough
Investments Pty Ltd will be held on September 8, 2006, at 10:00
a.m.

At the meeting, Liquidators I. A. Currie and P. G. Biazos will
present the Company's wind-up report.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared its first and final dividend on June 30, 2006.

The Liquidators can be reached at:

         I. A. Currie
         P. G. Biazos
         Currie Biazos
         Insolvency Accountants
         PO Box 10098 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3220 0994
         Facsimile:(07) 3220 0996


E.J. BRAUND: Members Decide to Close Firm
-----------------------------------------
The members of E.J. Braund & Sons Pty Ltd convened on
July 26, 2006, and resolved to voluntarily wind up the Company's
operations.

Subsequently, Richard Herbert Judson was appointed as
liquidator.

The Liquidator can be reached at:

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


FIRST STATE: Members and Creditors to Meet on September 8
---------------------------------------------------------
Members and creditors of First State Group Pty Limited will meet
on September 8, 2006, to receive to receive Liquidator Vincent
Heufel's accounts of the Company's wind-up and property disposal
activities.

As reported by the Troubled Company Reporter - Asia Pacific on
July 31, 2006, the Company commenced a wind-up of its operations
on February 16, 2006.

The Liquidator can be reached at:

         Vincent Heufel
         Heufel Partners
         20 Kemp Street
         Wallsend, New South Wales 2287
         Australia


HIH INSURANCE: Creditors can Expect 5c in the Dollar Next Year
--------------------------------------------------------------
After the initial payment of 5 cents in the dollar to 8,000 HIH
Insurance Limited creditors in June 2006, creditors can expect
to receive another 5 cents in the dollar early next year, The
Australian reports, citing HIH liquidator Tony McGrath.

In an interview with The Australian, Mr. McGrath says that HIH
creditors could expect to receive a total of around 20 cents in
the dollar over the next two years, including the June payment.

Payments due to creditors of the seven HIH companies in
liquidation, including FAI Insurance Limited, have been set at
between 5 cents and 50 cents in the dollar, depending on the
company's financial position, the paper says.

The Australian cites Mr. McGrath as telling The Weekend
Australian that around AU$2.1 billion has been raised from the
liquidation process.  Further recovery efforts could raise
between AU$600 million and AU$1 billion more, particularly if
litigation against executives, advisers, and companies
associated with HIH and FAI are successful, the paper relates.

Mr. McGrath's two main sources of future funds are claims
against companies that sold reinsurance policies to the HIH
companies and two potential legal actions, The Australian says.

"We have to finalize the reinsurance recoveries and the
litigation before we can bring it to an end," Mr. McGrath
explains, adding, "it will take quite a long time to get the
remaining assets in."

However, the paper notes that Mr. McGrath is sticking with his
official estimate of the HIH shortfall ranging between
AU$3.6 billion and AU$5.3 billion.

Mr. McGrath discloses that the HIH liquidation could take
another five years to finalize  -- a little longer than
initially expected.

According to The Australian, the Federal Government has already
paid out more than AU$520 million to more than 11,000 applicants
under the HIH policyholders support scheme set up in July 2001.

Total payouts under the scheme are expected to rise to about
AU$800 million, the paper says.

The Australian also notes that Canberra is now the largest
single creditor of HIH, followed by the state governments of NSW
and Queensland, which used HIH companies to underwrite their
compulsory third-party motor insurance schemes, and the Law
Society of NSW.

The Australian further notes that Mr. McGrath has made
settlements with 15 to 20 smaller creditors over the past 12
months and prefers to avoid costly litigation.

The paper also relates that Mr. McGrath is believed to be open
to further discussions of a possible settlement with the parties
involved in the action against FAI executives and advisers.

                     About HIH Insurance

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
collapse, the HIH Group was known as the second largest general
insurer in Australia, and had operations in many other
countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.  
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


HONEY GIRL: Liquidator Saltoon to Give Wind-Up Report
-----------------------------------------------------
A final meeting will be held for the members of Honey Girl Pty
Ltd on September 8, 2006, at 9:00 a.m., to receive Liquidator
Albert Saltoon's report on the Company's wind-up proceedings and
the manner of property disposal.

The Liquidator can be reached at:

         Albert Saltoon
         733A Old South Head Road
         Vaucluse, New South Wales 2030
         Australia


HULSING PTY: Members and Creditors to Hear Liquidator's Report
--------------------------------------------------------------
A joint meeting of the members and creditors of Hulsing Pty Ltd
will be held on September 8, 2006.

During the meeting, Liquidator Vincent Heufel will report on the
Company's wind-up and the manner of property disposal.

According to the Troubled Company Reporter - Asia Pacific on
March 15, 2006, the Company commenced a wind-up of its
operations on February 16, 2006.

The Liquidator can be reached at:
        
         Vincent Heufel
         Heufel Partners
         20 Kemp Street
         Wallsend, New South Wales 2287
         Australia


JONES MOTOR: Creditors Must Prove Debts by August 24
----------------------------------------------------
Karen Mason and Lloyd James Howard were on July 24, 2006,
appointed as joint liquidators of Jones Motor Bodies Limited.

The Liquidators require the creditors of the Company to submit
their proofs of claim by August 24, 2006, for them to share in
any distribution the Company will make.

The Joint Liquidators can be reached at:

         L.J. Hayward
         Meltzer Mason Heath, Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


JOD LIMITED: Appoints Joint and Several Liquidators
---------------------------------------------------
JOD Limited  -- formerly known as Jones Odell Motor Bodies Ltd -
- commenced a wind-up of its operations on July 25, 2006.

Subsequently, Karen Betty Mason and Lloyd James Hayward were
named joint and several liquidators.

The Liquidators require the creditors of the Company to submit
their proofs of claim by August 25, 2006, for them to share in
any distribution the Company will make.

The Joint Liquidators can be reached at:

         L.J. Hayward
         Meltzer Mason Heath, Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152
  

JOHN GEARY: To Declare First and Final Dividend on Sept. 4
----------------------------------------------------------
John Geary (Properties) Pty Limited notifies parties-in-interest
of its intention to declare its first and final dividend on
September 4, 2006.

Creditors who were not able to prove their claims will be
excluded from the sharing in the dividend distribution.

The Liquidators can be reached at:

         Brian H. Allen
         Peter G. Burton
         c/o Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia
         Telephone:(02) 9904 4644
         Facsimile:(02) 9904 9644


LINSA INSURANCE: In Voluntary Liquidation
-----------------------------------------
Linsa Insurance has gone into voluntary liquidation and
appointed Tom Rodewald from Tauranga as liquidator on August 11,
2006, the New Zealand Herald reports.

According to Mr. Rodewald, at this stage, it looks like
creditors will recover most, if not all of what they are owed,
Newstalk ZB relates.

Mr. Rodewald notes that the Company still has to have enough
money set aside to honor any possible insurance claims over the
next three years, adding that claims can be made under insurance
policies until the policy expires.  He asserts that liquidation
does not stop that, and that this is one of the issues he will
have to work through, the NZ Herald relates.

The major liability appeared to be insurance claims that could
be made in the future and the expiry dates of the policies are
being examined, Mr. Rodewald says.  He is also checking the
number of claims currently filed, The Bay of Plenty Times
relates.

According to the paper, Mr. Rodewald said that the May 2006
creditors had been paid and the numbers in June do not seem to
be major.

Linsa had NZ$1 million worth of Government stock, cash in the
bank, and other assets, The Bay of Plenty reveals.

Mr. Rodewald will present a preliminary report to creditors on
August 17, 2006, the NZ Herald notes.

                     Reason for Liquidation

Jim Smylie started Premium Insurance in April 2003 and renamed
it Linsa in April 2006 when it branched out to funeral,
accident, and illness cover.  Linsa also provided insurance for
loan repayments, cars and mechanical breakdowns, mainly to its
sister company, Western Bay Finance, but also to five other
finance companies, The Bay of Plenty relates.

The paper recounts that in late June 2006, Standard and Poor's
Ratings Services lowered Linsa's rating soon after Covenant
Trustee Company gave Western Bay Finance a 14-day notice of
default for breaching its debt to equity ratio.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Standard & Poor's downgraded its insurer financial
strength rating on Linsa to 'CC' from 'B-'.   At the same time,
Linsa was placed on CreditWatch with negative implications.

The report stated that the rating actions follow heightened
financial difficulties facing sister company Western Bay, which
was not rated.

Mr. Smylie explains that he put Linsa into liquidation because
it was inappropriate that he had control of a Company holding
public funds while issues concerning the receivership of Western
Bay were being resolved, The Bay of Plenty notes.

On August 4, 2006, the TCR-AP reported that Western Bay has been
put into receivership.


MAID INVESTMENTS: Members Pass Resolution to Wind Up Operations
---------------------------------------------------------------
At a general meeting on July 28, 2006, the members of Maid
Investments Pty Ltd decided to wind-up the Company's operations
and distribute the proceeds of its assets disposal.

Subsequently, Peter Ivan Macks and Timothy James Clifton were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Peter Ivan Macks
         Timothy James Clifton
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, Australia


MINGAH PTY: Members to Receive Wind-Up Report
---------------------------------------------
The members of Mingah Pty Ltd will hold a final meeting on
September 5, 2006, at 10:00 a.m., to receive the Company's wind-
up report and the manner of property disposal from Liquidator         
Matthew I. Joiner.

As reported by the Troubled Company Reporter - Asia Pacific on
October 5, 2005, the Company commenced a wind-up of its
operations on August 29, 2005.

The Liquidator can be reached at:

         Matthew I. Joiner
         c/o JCJ Partners Pty Ltd
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


N.D. FASHIONS: Creditors Appoint Official Liquidator
----------------------------------------------------
The members of N.D. Fashions Pty Ltd convened on July 31, 2006,
and agreed to voluntarily wind up the Company's operations.

Accordingly, Stan Traianedes was appointed as liquidator.

The Liquidator can be reached at:

         Stan Traianedes
         Hall Chadwick
         Chartered Accountants
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia


OCEAN RACING: To Declare Dividend on September 4
------------------------------------------------
Ocean Racing Club of Australia Limited will declare its first
and final dividend on September 4, 2006.

Creditors are required to prove their claims for them to share
in the dividend distribution.

The joint and several liquidators can be reached at:

         Brian H. Allen
         Peter G. Burton
         c/o Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia
         Telephone:(02) 9904 4644
         Facsimile:(02) 9904 9644


ORIGIN PACIFIC: Freightways Conducts Due Diligence, Reports Say
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific Airways "has lost its struggle
to survive" and has suspended operations, putting most of its
260 staff out of work immediately.  Thus, Origin Pacific halted
its passenger services on August 10, 2006, after it was unable
to secure the capital urgently needed to reduce its debt.  
Origin Pacific, however, indicated hopes of continuing its
freight operations.

A follow-up report from The Dominion Post reveals that Origin
Pacific has granted listed freight operator, Freightways
Limited, exclusive rights to conduct due diligence on Origin
Pacific's air-freight business.

Stuff.co.nz says that Freightways is understood to have several
weeks to complete its analysis of Origin Pacific's books before
making a decision whether to buy it.  However, there was concern
that Origin's freight customers would desert the Company before
a deal was completed, The Dominion notes.

According to Dominion Post, Origin Pacific's freight business
largely consists of the rights to the cargo space on Qantas
Airways domestic Boeing 737 services and a nightly Qantas 767
freighter between Auckland and Christchurch.  Earlier this year,
Origin said that the freight business made up about half of the
airline's revenue.

Dominion Post notes that, according to Origin Pacific Founder
and Managing Director Robert Inglis, several parties had been
given the rights to conduct due diligence on Origin's freight
business.  Nelson accounting firm West Yates had been engaged to
advise the airline on what to do with the freight business,
which Mr. Inglis described as a "solid business".

Freightways Managing Director Dean Bracewell, however, would not
comment on "speculation" that the company is interested in
Origin Pacific's freight business, Dominion Post says.

According to Dominion Post, it is understood that Qantas has
told Origin it would not move any freight from August 14, 2006,
unless it is paid up front at the weekend.  Qantas is thought to
be owed NZ$600,000 in arrears, the paper adds.

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.


ORIGIN PACIFIC: On Track in Creditor Payments, Founder Says
-----------------------------------------------------------
Origin Pacific Airways' founder and managing director, Robert
Inglis, says that creditors would be contacted this week about
the fate of the money owed to them, The Dominion Post says.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific creditors, owed a total of
NZ$11.4 million, agreed to a compromise in 2005 wherein they
were required to write off 60% of their debt, so as to keep the
airline flying.  The remaining 40% was to be paid out in three
installments over five years.

Dominion Post notes that two installments of 5 cents in the
dollar each have already been made.  The last payment of 30
cents in the dollar is due not later than 2009.

Mr. Inglis asserts that the Company is still on track to make
the final payment, the paper notes.

The paper further notes that if Origin Pacific's freight
business is sold, obligations under the creditors' compromise
are expected to be passed on to the new owner.

Mr. Inglis would not reveal Origin Pacific's specific debt
amount, but says that most of it was owed to foreign aircraft
lease companies, which had been supportive and were considering
a range of options, Dominion Post relates.

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific "has lost its struggle to
survive" and has suspended operations, putting most of its 260
staff out of work immediately.  Thus, Origin Pacific halted its
passenger services on August 10, 2006, after it was unable to
secure the capital urgently needed to reduce its debt.

Origin Pacific, however, indicated hopes of continuing its
freight operations.


ORIGIN PACIFIC: Mike Pero Ready to Take Over Freight Business
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 11, 2006, that Origin Pacific Airways staved off
bankruptcy in May 2002 by sacking 93 staff and dramatically
cutting back its services.  According to the report, mortgage
broking millionaire Mike Pero, who bought a 25% stake in the
airline and took a seat on its board of directors, bailed it
out.

The Dominion Post relates that Mr. Pero is again prepared to
take over Origin Pacific's freight business, and to pay the cost
to keep it operating in the short term.  However, Mr. Pero noted
that he had been barred from conducting due diligence, so could
not take his offer further.

Mr. Pero said that he has the support of Qantas Airways for his
bid.

Dominion Post cites Mr. Pero as saying that "[t]he value of the
freight business was falling by the hour, and a decision on its
future had to be made in the next two days."

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific "has lost its struggle to
survive" and has suspended operations, putting most of its 260
staff out of work immediately.  Thus, Origin Pacific halted its
passenger services on August 10, 2006, after it was unable to
secure the capital urgently needed to reduce its debt.

Origin Pacific, however, indicated hopes of continuing its
freight operations.


PAINT FACTORY: Enters Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on July 27, 2006, the
members of Paint Factory Australia Pty Ltd resolved to
voluntarily wind up the Company's operations.

Loke Ching Wong and William and Bernard Abeyratne were appointed
as joint and several liquidators at a creditors' meeting held
later that day.

The Joint and Several Liquidators can be reached at:

         Loke Ching Wong
         William Bernard Abeyratne
         Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone: 9696 2885


PHOENIX DESIGN: Members Resolve to Wind Up Firm
-----------------------------------------------
The members of Phoenix Design & Construct Pty Ltd held a general
meeting on July 27, 2006, and passed a special resolution to
voluntarily wind up the Company's operations.

Accordingly, Gess Michael Rambaldi and D. R. Vasudevan were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Gess Michael Rambaldi
         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


POLYWORKS AUSTRALIA: Appoints Receivers and Managers
----------------------------------------------------
On July 4, 2006, Bibby Financial Services Australia Pty Ltd
appointed Bruno A. Secatore and Daniel P. Juratowitch as
receivers and managers of all the assets, undertakings and
rights of Polyworks Australia Pty Ltd.

The Receivers and Managers can be reached at:

         Bruno A. Secatore
         Daniel P. Juratowitch
         Cor Cordis Chartered Accountants
         406 Collins Street
         Melbourne, Australia


PRIMA ENTERPRISES: To Receive Claims Until October 20
-----------------------------------------------------
Joint Liquidators Vivian Judith Fatupaito and Richard Dale Agnew
will receive proofs of claim from the creditors of Prima
Enterprises Ltd until October 20, 2006.

Failure to prove claims by the due date will exclude a creditor
from sharing in any distribution the Company will make.

The Joint Liquidators can be reached at:

         Vivian Judith Fatupaito
         PricewaterhouseCoopers, Level Eight
         PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


QUEENSLAND WINE: Placed Under Voluntary Wind-Up
-----------------------------------------------
The members of Queensland Wine Sales Pty Ltd convened on
June 18, 2006, and agreed to voluntarily wind up the Company's
operations.

In this regard, Andrew Fielding was appointed as liquidator.

The Liquidator can be reached at:

         Andrew Fielding
         PPB Chartered Accountants &
         Business Reconstruction Specialists
         Level 4, 31 Sherwood Road
         Toowong, Queensland 4066
         Australia


REAL ESTATE (SYDNEY): Receivers and Managers Step Aside
-------------------------------------------------------
John Patrick Cronin and William James Harris ceased to act as
receivers and managers for Real Estate (Sydney) Pty Ltd on
July 6, 2006.

The former Receivers and Managers can be reached at:

         John Patrick Cronin
         William James Harris
         McGrathNicol+Partners
         Level 32, Central Plaza One
         345 Queen Street
         Brisbane, Queensland 4000
         Web site: http://www.mcgrathnicol.com/


STACCATO INVESTMENTS: Court to Hear Liquidation Bid on August 24
----------------------------------------------------------------
The High Court of Dunedin will hear a liquidation petition
against Staccato Investments Ltd on August 24, 2006, at 10:00
a.m.

Leady Distributors -- a division of Lewis Eady Ltd -- filed the
petition with the Court on July 3, 2006.

The plaintiff's solicitor can be reached at:

         J.P. Hogan
         AEL Law, 31 33 Great South Road
         Newmarket, Auckland
         New Zealand


SUNRAYSIA BROADCASTERS: Members Agree to Close Operations
---------------------------------------------------------
At a general meeting held on July 26, 2006, the members of
Sunraysia Broadcasters Pty Ltd agreed to voluntarily wind up the
Company's operations and appoint Richard Herbert Judson as
liquidator.

The Liquidator can be reached at:

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


SUPA SHINE: Receiver and Manager Named
--------------------------------------
On July 3, 2006, Leigh Dudman was appointed as receiver and
manager of all the assets and undertakings of Supa Shine Car
Clean Australia Pty Ltd.

The Receiver and Manager can be reached at:

         Leigh Dudman
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne 3004
         Australia


SUZJOH PTY: Members and Creditors to Receive Wind-up Report
-----------------------------------------------------------
The members and creditors of Suzjoh Pty Limited will hold a
final meeting on September 8, 2006, at 10:00 a.m.

At the meeting, Liquidator R. M. Sutherland will report on the
Company's wind-up proceedings and the manner of property
disposal.

The Troubled Company Reporter - Asia Pacific reported on
December 26, 2005, that the Company commenced a wind-up of its
operations on December 1, 2005.

The Liquidator can be reached at:

         R. M. Sutherland
         Jirsch Sutherland
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


TATLERS LIMITED: Names Macdonald as Liquidator
----------------------------------------------
Shareholders of Tatlers Limited on June 15, 2006, appointed
Liquidator Alan Raymond Macdonald to oversee the Company's
wind-up.

The Liquidator can be reached at:

         Alan Raymond Macdonald
         16 Main Street, Gore
         New Zealand
         Telephone: (03) 209 0390
         Facsimile: (03) 208 9129


TERRY R. LANCASHIRE: Members Resolve to Wind Up Firm
----------------------------------------------------
At the meeting held on July 28, 2006, the members of Terry R.
Lancashire Pty Ltd resolved to wind up the Company's operations.

Subsequently, Paul Vartelas was appointed as liquidator.

The Liquidator can be reached:

         Paul Vartelas
         B. K. Taylor & Co.
         8th Floor, 608 St Kilda Road
         Melbourne, Australia


VEHICLE WHOLESALE: Faces Liquidation Proceedings
------------------------------------------------
An application to liquidate Vehicle Wholesale Direct Ltd will be
heard before the High Court of Christchurch on August 21, 2006,
at 10:00 a.m.

Builders Hardware Co Ltd filed the petition with the Court on
July 5, 2006.

The plaintiff's solicitor can be reached at:

         R. A. Osborne
         Duncan Cotterill, Solicitors
         Level Nine, Clarendon Tower
         Corner of Worcester Street and Oxford Terrace
         Christchurch, New Zealand


VENTURE PUBLISHING: Court to Hear Liquidation Bid on August 21
--------------------------------------------------------------
The High Court of Wellington will hear a liquidation petition
against Venture Publishing Ltd on August 21, 2006, at 10:00 a.m.

PMP Digital Ltd filed the petition with the Court on July 11,
2006.

The plaintiff's solicitor can be reached at:

         P.J. Woods
         Anthony Harper, Lawyers
         Level Five, Anthony Harper Building
         47 Cathedral Square (P.O. Box 2646)
         Christchurch, New Zealand
         Facsimile: (03) 366 9277



WBR TRANSPORT: Receivers and Managers Cease to Act for Firm
-----------------------------------------------------------
On July 11, 2006, Bruno A. Secatore and Daniel P. Juratowitch
ceased to act as receivers and managers of WBR Transport Aus Pty
Ltd.

The former Receivers and Managers can be reached at:

         Bruno A. Secatore
         Daniel P. Juratowitch
         Cor Cordis Chartered Accountants
         406 Collins Street
         Melbourne 3000
         Australia


WELLINGTON AUDIO: Liquidation Petition Hearing Fixed on Sept. 7
---------------------------------------------------------------
A liquidation petition against Wellington Audio Visual Ltd will
be heard before the High Court of Auckland on September 7, 2006,
at 10:00 a.m.

St. Stephens & Queen Victoria Schools Trust Board filed the
petition with the Court on June 8, 2006.

The plaintiff's solicitor can be reached at:

         D. J. Neutze
         Brookfields, Lawyers
         Eleventh Floor, 19 Victoria Street West
         Auckland 1, New Zealand


WESTOL HOLDINGS: Undergoes Members' Voluntary Wind-Up
-----------------------------------------------------
The members of Westol Holdings Pty Ltd held a general meeting on
July 26, 2006, and resolved to voluntarily wind up the Company's
operations.

Accordingly, Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

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


* Not All New Zealand Finance Companies Are Equal, S&P Says
-----------------------------------------------------------
Standard & Poor's Ratings Services has released an analysis of
the top 20 finance companies operating in New Zealand, based on
publicly available information.  The analysis found that, with
the exception of a handful of the larger or more seasoned
companies, the general credit quality of the sector is clustered
toward the lower end of the credit spectrum, representing
probabilities of default in the region of 3%-5% over 12 months.  
"Put another way, there may be a few more defaults over the next
12 months," Craig Bennett, credit analyst Financial Institutions
Ratings, says.

The report also noted that the general lack of comparable and
sufficiently detailed information on finance companies'
operating performance has hindered the development of relative
company reviews.  "Our analysis highlighted that, in the absence
of a comparable risk benchmark, investors have been unable to
easily differentiate between debenture issuers' relative risk,
and how risk profiles correspond to investors' returns," Mr.
Bennett says.  "Not surprisingly, the result has been a general
undermining of investors' confidence in the sector."

Standard & Poor's believes that the establishment of an
appropriate risk benchmark is important as the ability to make
timely payments of interest and principal on debentures varied
significantly across the industry.  An enhanced level and
quality of disclosure by the finance companies would also
enhance comparability of industry participants.

"Ultimately, investors should ensure that they are getting
returns commensurate with the level of risk they are taking,"
Mr. Bennett concludes.


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

AGRICULTURAL COOPERATIVE: Moody's Raises Short-Term Debt Rating
--------------------------------------------------------------
Moody's Investors Service raised National Agricultural
Cooperative Federation's Short-Term Debt Rating from P-2 to P-1.  
The revised rating has a stable outlook.

National Agricultural's Senior/Subordinated Debt of 'A3'/'Baa1',
Long-Term/Short-Term Deposit of 'A3'/'P-2' and Bank Financial
Strength Rating of 'D-' are unaffected.  The outlook is positive
for the long-term ratings and stable for the short-term rating
and BFSR.

       About National Agricultural Cooperative Federation

National Agricultural Cooperative Federation
-- http://www.nonghyup.com/-- and its member cooperatives were  
established in 1961 to enhance the social and economic status of
member farmers and balance the development of the national
economy.  The Cooperatives main business activity is the
provision of specialized agricultural and commercial credit and
banking services.  It has overseas branches in Belgium, China,
Japan and the United States.

Moody's Investors Service gave NACF a 'D-' Bank Financial
Strength Rating effective on June 10, 2003.


BALLY TOTAL: Revises Growth Forecast
------------------------------------
Bally Total Fitness Holding Corporation disclosed that due, in
substantial part, to continued softness in member joins compared
to prior periods, its prior indication as to potential growth in
"cash contribution" in 2006 versus 2005 will not be achieved,
the Company said in a press release.

The Company anticipates the amount for 2006 will be 10% to 20%
lower than the US$120 million cash contribution previously
disclosed for 2005.  However, the Company continues to
anticipate that its cash flow and availability under its senior
secured credit facility will be sufficient to meet its liquidity
needs for working capital and other cash requirements through
the first quarter of 2007.  

Bally Total also stated that its previously announced process to
evaluate strategic alternatives, which had focused on a sale or
merger of the Company, is now expected to focus on exploring
other financing alternatives, such as a recapitalization,
private placement, underwritten rights offering or other
corporate restructuring.  In light of these developments, and
the fact that its discussions with potential interested parties
have not, to date, resulted in any proposal, agreement or
transaction involving a sale or merger of the Company, the
Strategic Alternatives Committee of Bally Total has determined,
after consultation with its outside financial advisors, that
other alternatives should now be pursued.

Bally Total cautions that there can be no assurance as to the
outcome of the strategic alternatives process, and Bally does
not undertake any obligation to provide further updates.

Bally also announced that while the Company will not be filing
its Quarterly Report on Form 10-Q for the three months ended
June 30, 2006, in a timely manner, it expects to file that
report before the September 11, 2006 expiration of the initial
waiver period previously obtained from the Company's senior bank
lenders and bondholders.  On August 10, 2006, the Company filed
a Form 12b-25 pertaining to this delay in filing the second
quarter Form 10-Q.

                       About Bally Total

Bally Total Fitness Holding Corp.
-- http://www.Ballyfitness.com/ -- is the largest and only  
U.S.-wide commercial operator of fitness centers, with over 400
facilities located in 29 states, and in Mexico, Canada, Korea,
the Caribbean, and China under the Bally Total Fitness, Bally
Sports Clubs and Sports Clubs of Canada brands.  Bally offers a
unique platform for distribution of a wide range of products and
services targeted to active, fitness-conscious adult consumers.

                          *     *     *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.


BALLY TOTAL: Names Ronald G. Eidell as Chief Financial Officer
--------------------------------------------------------------
Ronald G. Eidell was appointed as senior vice president, chief
financial officer and principal financial officer of Bally Total
Fitness Holding Corp.

Bally Total disclosed that it entered into an interim executive
services agreement with Tatum LLC, pursuant to which Mr. Eidell,
a partner of Tatum LLC, was engaged as the Company's Senior Vice
President, Finance.

Prior to joining Bally, Mr. Eidell, served as interim president
and chief executive officer of NeoPharm, Inc. from March 2005 to
Oct. 2005.  Mr. Eidell has been a partner with Tatum LLC, a
national professional services firm, since Oct. 2004.  Prior to
that he served as the chief financial officer of each of
Esoterix, Inc., a provider of medical testing services, from
2001 to 2003, NovaMed, Inc., a healthcare provider, from 1998-
2001, and Metromail Corp., a provider of information services,
from 1996-1998.  He also serves as a director of NeoPharm, Inc.,
where he serves on the audit committee.

                Separate Agreement With Former CFO

The Company also disclosed that Carl J. Landeck ceased serving
as chief financial officer of the Company effective on April 13,
2006.  In connection with Mr. Landeck's departure, the Company
entered into a Separation Agreement with Mr. Landeck on Aug. 1,
2006.  The separation agreement released the Company from any
and all claims or causes of action that Mr. Landeck might have
against the Company.

    Modification of Chairman and CEO's Employment Agreement

The Company further disclosed that on Aug. 6, 2006, the board of
directors, with Mr. Toback recusing himself, approved a
modification to the Employment Agreement with Paul A. Toback,
the Company's Chairman and Chief Executive Officer, in exchange
for Mr. Toback's agreement to resolve his various claims,
including the Company's obligation to implement a supplemental
retirement plan for his benefit.  Certain directors dissented
from the decision.

A full text-copy of the agreements with Mr. Toback and Mr.
Landeck may be viewed for free at:

           http://ResearchArchives.com/t/s?f2a

                       About Bally Total      

Bally Total Fitness Holding Corp.
-- http://www.Ballyfitness.com/-- is the largest and only  
United States-wide commercial operator of fitness centers, with
over 400 facilities located in 29 states, and in Mexico, Canada,
Korea, the Caribbean, and China under the Bally Total Fitness,
Bally Sports Clubs and Sports Clubs of Canada brands.  Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.
                          *     *     *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.


BALLY TOTAL: Moody's Holds US$300-Mil Sr. Notes' Rating at Ca
-------------------------------------------------------------
Moody's Investors Service affirmed all the credit ratings of
Bally Total Fitness Holding Corporation.  The rating outlook
remains negative.

The rating action reflects:

    (1) significant near term debt maturities and a probable
        need for a recapitalization or sale of the company

    (2) negative free cash flow generation

    (3) litigation and regulatory risks and

    (4) extensive material weaknesses in internal controls.

The ratings also reflect the company's recent filing of
financial statements through the first quarter of 2006 with the
Securities and Exchange Commission and business model changes
implemented to address flat revenues and weak profitability.

Moody's affirmed these ratings:

   * US$143 million senior secured term loan B facility due
     2009, rated B3

   * US$100 million senior secured revolving credit facility due
     2008, rated B3

   * US$235 million 10.5% senior unsecured notes due 2011, rated
     Caa1

   * US$300 million 9.875% senior subordinated notes due 2007,
     rated Ca

   * Corporate family rating, rated Caa1

The negative rating outlook reflects Moody's expectation that,
absent a sale of the company, Bally may need to restructure its
debt to stabilize its capital structure.

The outlook could be changed to stable or positive if:

    (i) the senior subordinated notes are refinanced on
        reasonable terms prior to April 15, 2007;

   (ii) adequate availability is maintained under the revolving
        credit facility;

  (iii) regulatory and legal risks are substantially reduced;

   (iv) material progress is made in remediating internal
        control weaknesses; and

   (iv) positive free cash flows are expected to be sustained.

The rating could be downgraded if:

   (i) efforts to sell the company and refinance near term debt
       maturities are not successful and the probability of
       default increases or

  (ii) continued negative free cash flow generation results in a
       decrease in Moody's assessment of Bally's enterprise
       value at default.

                       About Bally Total      

Bally Total Fitness Holding Corp.
-- http://www.Ballyfitness.com/-- is the largest and only  
United States-wide commercial operator of fitness centers, with
over 400 facilities located in 29 states, and in Mexico, Canada,
Korea, the Caribbean, and China under the Bally Total Fitness,
Bally Sports Clubs and Sports Clubs of Canada brands.  Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.
                          *     *     *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.


BIG POWER: Court Favors Wind-Up Petition
----------------------------------------
The High Court of Hong Kong issued a wind-up order for Big Power
Industries Limited on July 26, 2006.

According to The Troubled Company Reporter - Asia Pacific, the
Company was facing a liquidation petition filed by Lee Fung Kuen
on May 26, 2006.  The Court heard the petition on July 19, 2006.


BRILLIANT OSCAR: Liquidator Ho Ceases to Act for Company
-------------------------------------------------------
Ho Wai Chi ceased to act as liquidator of Brilliant Oscar Ltd on
July 26, 2006.

The former liquidator can be reached at:

         Ho Wai Chi
         20th Floor, Golden Centre
         No 188, Des Voeux Road
         Central, Hong Kong


CASTLE PEAK: Appoints Joint and Several Liquidators
---------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton were on July
28, 2006, appointed as joint and several liquidators of Castle
Peak Limited.

The Joint and Several Liquidators can be reached:

         Desmond Chung Seng Chiong
         Ferrier Hodgson Ltd
         14/F., Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


DORFLINE LIMITED: Liquidators Cease Step Aside
----------------------------------------------
Gabriel Chi Kok Tam and Edward Simon Middleton on July 25, 2006,
ceased to act as joint and several liquidators of Dorfline
Limited.

According to The Troubled Company Reporter - Asia Pacific, the
Joint Liquidators on July 25, 2006, presented their final
accounts to the members of the Company regarding the Company's
wind-up and the manner its properties were disposed of.

The former liquidators can be reached at:

         Edward Middleton
         8th Floor, Prince's Bldg
         10 Chater Road, Central
         Hong Kong


FLEDGELING NOMINEES: Liquidators Cease to Act for Company
---------------------------------------------------------
Lo Wai Tsun and Lee Oi Sheung on July 31, 2006, ceased to act as
joint and several liquidators of Fledgeling Nominees Ltd.

The former liquidators can be reached at:

         Lo Wai Tsun
         27th Floor, Chater House
         8 Connaught Road Central
         Hong Kong


FOREVER BRILLIANT: Members' Final Meeting Set on September 8
------------------------------------------------------------
Members of Forever Brilliant Investments Ltd will convene for
their final meeting at 8th Floor, Henley Building, 5 Queen's
Road, Central, Hong Kong.

At the meeting, Liquidator Eliza S. Y. Wu will present final
accounts of the Company's wind-up and property disposal
exercises.

According to The Troubled Company Reporter - Asia Pacific, the
Company commenced voluntary liquidation on July 3, 2006.


HINTONS PROPERTIES: Liquidators Kam and Yu Step Aside
-----------------------------------------------------
Kam Chi Kan Elson and Yu Shi Kuen on July 26, 2006, ceased to
act as joint and several liquidators of Hintons Properties Ltd.

The Troubled Company Reporter - Asia Pacific reported that on
July 25, 2006, members of the Company received liquidators Kam
and Yu's final account on the Company's wind-up.

The former liquidators can be reached at:

         Kam Chi Kan, Elson
         Room 801, The Centre Mark
         287-299 Queen's Road Central
         Hong Kong


JADELING ADMINISTRATIVE: Joint Liquidators Quit Post
----------------------------------------------------
Lo Wai Tsun and Lee Oi Sheung on July 31, 2006 ceased to act as
joint and several liquidators of Jadeling Administrative
Services (Hong Kong) Ltd.

The Troubled Company Reporter - Asia Pacific reported that Joint
Liquidators Lo and Lee on June 13, 2006, presented to the
members of the Company their report regarding the Company's
wind-up and property disposal activities.

The former liquidators can be reached at:

         Lo Wai Tsun
         22nd Floor, Chater House
         8 Connaught Road Central
         Hong Kong


J.P. MORGAN SECRETARIES: Lo and Lee Ceases to Act for Company
-------------------------------------------------------------
Lo Wai Tsun and Lee Oi Sheung on July 31, 2006, ceased to act as
joint and several liquidators of J.P. Morgan Secretaries (Hong
Kong) Ltd.

The former liquidators can be reached at:

         Lo Wai Tsun
         22nd Floor, Chater House
         8 Connaught Road Central
         Hong Kong


KOKUSAI SALES: Court Orders Wind-Up
-----------------------------------
The High Court of Hong Kong on July 26, 2006, issued a wind-up
order against Kokusai Sales Projects Company Ltd.

The Court on May 26, 2006, received a petition to wind-up the
Company's operation.


OLIVER-DAVEY: Members to Receive Liquidator's Wind-Up Report
------------------------------------------------------------
The members of Oliver-Davey (Asia) Ltd will be hearing
Liquidator Lam Wing Cheong's final accounts of the Company's
wind-up on September 4, 2006, at 11:00 a.m.

The Liquidator can be reached at:

         Lam Wing Cheong
         Unit Nos. 301-02
         3/F., New East Ocean Centre
         No. 9 Science Museum Road
         Tsimshatsui, Kowloon


SKYCITY UNIVERSAL: Creditors Meeting Slated for August 11
---------------------------------------------------------
The creditors of Skycity Universal Ltd convened on August 11,
2006, to discuss the Company's wind-up.

The meeting was held at Room 203, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.


STANDARD BANK: Fitch Keeps Individual C Rating
----------------------------------------------
Fitch Ratings affirmed United Kingdom-based Standard Bank PLC's
ratings at Issuer Default BBB+, Short-term F2, Individual C and
Support 2.  The Outlook remains Stable.

At the same time Fitch is assigning a final Long-term rating of
BBB to SB PLC's issue of US$200 million Step-Up Perpetual
Subordinated Notes.

The IDR, Short-term and Support ratings for SB PLC reflects the
high probability of support from Standard International
Holdings' parent, Standard Bank Group and its main operating
entity The Standard Bank of South Africa.  This is based on a
strong statement of support in SBG's annual accounts, and the
high level of integration between SIH, SB PLC and SBG.

The Individual ratings reflect SB PLC's growing franchise in the
wholesale, cross-border emerging market line of business, and
sound risk management, while liquidity and capitalization are
considered satisfactory.  As a consequence of the emerging
markets exposure, the potential for volatility exists and market
risk is fairly high.  The strategy to diversify by geography and
critical mass has helped spread risks, although critical mass
remains an issue in some areas.

Standard International Holdings is the holding company
(established in 1992) for the international investment banking
activities of SBG and is regulated on a consolidated basis by
the FSA in the U.K.  In addition to SB PLC, other principal
operating subsidiaries are located in Hong Kong, Brazil,
Argentina, Russia, and the U.S.  SIH has further subsidiaries in
Turkey, Singapore and Malaysia.

SB PLC, in addition to having a branch in Dubai and being
represented by a number of SIH's subsidiaries, has further
representation in Australia, China, the Czech Republic, Iran,
Italy, Mexico, and Peru.  SIH specializes in emerging market and
natural resource transactions and is managed on a group basis
rather than as separate subsidiaries.


SUNSWAY LIMITED: Final Members' Meeting Set on September 5
----------------------------------------------------------
The members of Sunsway Limited will convene for their final
meeting at Suites 1403-4,14/F., Nan Fung Tower, 173 Des Voeux
Road, Central Hong Kong on September 5, 2006, at 4:00 p.m.

At the meeting, Liquidator Tse Wai Hing will present final
accounts of the Company's wind-up and property disposal
exercises.

The Troubled Company Reporter - Asia Pacific reported that on
May 3, 2006, a special resolution was passed by the members to
voluntary liquidate the Company.


TAI FUNG: Fitch Upgrades Individual Rating to C
-----------------------------------------------
Fitch Ratings on August 14, 2006, upgraded Macau-based Tai Fung
Bank's Individual rating to C, from C/D.  At the same time,
Fitch affirms its Support rating at 3.

The upgrade reflects Tai Fung's significantly improved asset
quality, partly aided by Macau's booming property market that
has enabled the bank to make substantial recoveries from
disposal of collateral held on long time non-performing loans,
as well as its conservative lending approach adopted in recent
years.  

Its impaired loan ratio in 2005 has declined to 1.1%, with loan
loss reserves coverage high at 215%.  The bank now has a very
conservative balance sheet with bank deposits and treasury bills
at 55% of its total assets.

In regards to lending, it tends to focus on syndicated loans to
high quality Hong Kong corporates, and residential mortgages in
Macau.  Given its low risk asset base, its capitalization is
also good with an equity to asset ratio of 8.4% and CAR at 15.2%
respectively at end 2005.

Rising interest rates also benefited Tai Fung's net interest
margins, which was up 42bps to 1.5% in 2005, although it was
still relatively moderate compared with its peers, given its
lower risk assets structure. This, together with improved cost
income ratio (34% in 2005), has resulted in a better but still
modest pre-provision profit to average assets ratio of 1.24%.  
However, this level of core profitability was satisfactory in
view of its lower credit risk profile and thus lower level of
provision costs expected.


VIVALY ENTERPRISES: Liquidator to Present Wind-Up Report
--------------------------------------------------------
Liquidator Ho Chee Ching, Alice will present to the members of
Vivaly Enterprises Ltd final accounts on the Company's wind-up
on September 5, 2006, at 10:00 a.m.

The Liquidator can be reached at:

         Ho Chee Ching
         21/F., Fee Tat Commercial Centre
         No.613 Nathan Road
         Kowloon, Hong Kong


WAH MING ENGINEERING: Liquidator Yu to Present Wind-Up Report
-------------------------------------------------------------
Liquidator Yu Hung Lai will present to the members of Wah Ming
Engineering (H.K.) Ltd a report on the Company's wind-up
September 6, 2006, at 3:00 p.m.


* ABCP's and CLO's Likely to Dominate Taiwan's Credit Market
------------------------------------------------------------
Fitch Ratings said that issuance of primary Collateralized Loan
Obligations and Asset-Backed Commercial Paper are likely to
dominate Taiwanese structured credit issuance in the short to
medium term.  This is a key conclusion of a report published
today titled, "What Drives Taiwan's Structured Credit Market?",
which examines the existing and emerging drivers of Taiwanese
structured credit issuance.

In 2005, CDO technology was used to repackage illiquid Taiwanese
structured bonds and this led to explosive growth in Taiwan's
CDO market.  Fitch believes the Taiwanese CDO market is entering
a new phase in 2006, with some new drivers emerging.  

While the agency expects overall CDO issuance in Taiwan to
remain stable, it expects more issuance of ABCP rather than term
notes in coming months.  This is being driven by both the buy
side and the sell side.  Fitch recently rated the first
Taiwanese ABCP transaction backed by a local insurer, Taiwan
Life 2006-1 ABCP Securitisation Trust.  "This transaction is
likely to provide the impetus for other Taiwan insurance
companies to explore how they can advance their risk-return
profiles through the use of CDO technology," says Jackie Lee,
associate director in Fitch's Structured Credit team in Taipei.

"Issuance of CLOs backed by domestic assets is also expected to
increase," continued Mr. Lee.  "Most domestic banks, many of
whom have exhausted their lending capacity for specific
industries and obligors, deem CDO technology a solution to
rebalance their portfolios and to enhance the efficiency of
their capital utilisation," added April Chen, Structured Credit
analyst in Taipei.

The agency adds that CDO issuance driven by further repackaging
of structured bonds or principal only ("PO") securities may
continue to contribute to issuance into next year.  Fitch's
highlights that many local bond funds are holding a substantial
amount of PO paper on their books and are under pressure to
dispose of them.

Fitch notes Taiwan's structured credit market performance has
been largely stable thus far.  The agency recently affirmed its
ratings on Taishin SPTs 1 to 5, together with the synthetic CDOs
within Taishin SPTs 1, 2, 3 and 5 (Beryl Finance Series 2005-10,
11, 12 and 15 respectively).  One SCDO, Beryl Finance 2005-14,
was downgraded to 'A+' from 'AA-' (AA minus) but the rating of
the associated SPT, Taishin SPT 4, was affirmed.


* S&P Warns Credit Default Could Rise Next Year
-----------------------------------------------
Asian corporations are lining up for high-yield credit issuance
in spite of concerns over defaults at aluminum products maker
Ocean Grand Holdings, according to Standard & Poor's.  The
ratings agency cautioned that the corporate credit default rate
could rise in 2007 and 2008.

"We still hold on to our belief that the default rate of the
region will remain low in the months to come, although
increasing credit volatility indicates that credit default
should rise in 2007 and 2008," said John Bailey, managing
director, Corporate and Infrastructure Ratings Asia of S&P.

"The Asian market credit default rate now is under 1%, a
historical low, and below the 4% default rate globally", Mr.
Bailey said.  "I do not believe it will repeat the high level of
12 percent post-1997 financial crisis again" he added.

In addition, he said once the market fully absorbs the recent
interest rates pause by the US Federal Reserve, confidence will
increase.  "High yield products always have a market, as a lot
of investors do make money in distressed-debt," Mr. Bailey said.

He believes Asian corporate debt issuers will return to the
market in September, but the pace will depend on factors such as
interest rates, product pricing and market demand.

Asia had a low credit default rate for years, S&P data show.  
From 1998 to 2001, there were two to six corporate credit
defaults every year. There was one corporate credit default each
in 2003 and 2005.

Still, the OGH default which is the only case so far this year
has triggered concern over the high-yield high-risk market.

OGH issued a guaranteed note last November and topped it up in
March for a total issuance of US$180 million (HK$1.4 billion).

It obtained a BB-rating from S&P, but following fraud at the
company, S&P downgraded its rating to D.

The rating D is assigned when the default becomes a general
default, and the company fails to pay all or substantially all
of its obligations when due.

Hong Kong-based crude oil products transporter Titan
Petrochemicals Group, which was downgraded both by S&P and
Moody's Investors Services, has also hurt the market's
confidence.

Mr. Bailey warned that credit volatility has increased due to
aggressive merger and acquisition activities, economic factors
and interest rates uncertainties.

He said investors with low risk tolerance should avoid
companies, which invest in non-core business, change auditors
when the chief financial officer resigns or when there are
changes in corporate governance.


* Fitch Keeps Individual and Support Ratings of 4 Chinese Banks
---------------------------------------------------------------
Fitch Ratings on August 14, 2006, affirmed the Individual and
Support ratings of four Chinese banks.

    * Agricultural Bank of China: Individual 'E' and Support
      '1';

    * China Everbright Bank: Individual 'E' and Support '3';

    * Guangdong Development Bank: Individual 'E' and Support  
      '4'; and

    * Shenzhen Development Bank: Individual 'D/E' and Support
      '4'.

Agricultural Bank of China's Individual 'E' rating reflects the
bank's deep-rooted asset quality issues, low capital and
earnings, and underdeveloped risk management.  ABC is the last
of China's Big Four banks to undergo major restructuring.  
Following this completion, financial parameters will improve
noticeably, although Fitch foresees the bank still facing an
uphill battle transitioning to a more commercial footing in an
increasingly competitive environment.

Encouragingly, risk management practices are improving, although
ABC's financial metrics still remain the weakest among China's
nationwide commercial banks.  The bank's '1' Support rating
indicates a very high likelihood of government support in the
event of stress, reflecting the bank's 100% state ownership and
large 13% share of banking system assets.

Meanwhile, China Everbright Bank's Individual 'E' rating
reflects its still weak, though improving, financial profile,
and continued poor public transparency and disclosure.  CEB is
also in the process of undergoing major restructuring and is
waiting in queue for government support.  While financial
metrics should improve dramatically upon receipt of government
assistance, Fitch notes that CEB's cost base is also
comparatively high and must be trimmed in order to boost ROA
from its 2001 to 2003 average of just 0.1%.

Furthermore, CEB's large stock of nonperforming loans is also a
major weakness.  CEB's Support rating of '3' signals a fairly
high probability of support from its parent, China Everbright
Group and ultimately the government in the event of stress,
reflecting CEG's status as an important commercial entity under
China's State Council.

Guangdong Development Bank's Individual 'E' rating reflects its
very weak profitability, large stock of NPLs, low capital, and
poor disclosure.  Return on assets remains very low at 0.03% due
to high expenses and falling net interest revenue, resulting
from the bank's large overhang of problem loans.  NPLs as a
share of total loans rose 2 ppts to 16.6% in 2004 (by Chinese
accounting standards), while the ratio of equity to assets
declined to 1.5%.

Fitch considers the sale of more than 80% of the bank's shares
to a foreign-led consortium to be credit positive.  GDB's '4'
Support rating indicates a limited probability of full and
timely regulatory support in the event of stress, reflecting the
bank's small market share, the absence of direct government
ownership, and the impending sale of a majority stake to a
foreign-led consortium.

Finally, Shenzhen Development Bank's Individual 'D/E' rating
reflects its weak credit profile, including sizeable
undercapitalization and weak asset quality relative to peers.  
The recent failure of the bank's non-tradable share reform
proposal has placed negative pressure on its rating, as
additional capital cannot be raised until the reform is
completed.  SZDB's capital adequacy improved in 2005, with the
bank's total capital adequacy ratio rising to 3.7% from 2.3% the
prior year. However, this ratio remains well below the
regulatory requirement of 8%.

Fitch considers the efforts being made by Newbridge to revive
SZDB's operations to be credit positive, although the presence
of foreign management in and of itself does not outweigh the
bank's challenges. SZDB's '4' Support rating signals a limited
probability of full and timely support in the event of stress,
reflecting the bank's small market share and less than 1% state
ownership.


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

GENERAL MOTORS: Targets 10% of Indian Market by 2010
----------------------------------------------------
General Motors aims to capture 10% of India's booming car market
by 2010, AFX News reports.  The statement came after the Company
unveiled plans to build a second manufacturing facility in the
country to boost production.

GM recently announced plans to set up a new unit at Talegaon,
near the western city of Pune, that will have initial annual
production capacity of 140,000 cars and capability for
significant expansion as the market demands, the reports says.  
GM, which is particularly keen to penetrate the fast-growing
small auto segment, plans to initially make its small car
Chevrolet Spark at the facility.

According to AFX, the new plant comes on top of plans to
increase production to 85,000 cars at its facility in Halol in
western Gujarat state.

Construction of the 120-hectare facility, which will cost over
US$300 million, will start at the end of August and is due to
finish within 20 months.  Production is slated to start in the
third quarter of 2008, AFX says.

                      About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries, including
India.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.


On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the 'B'
corporate credit rating and the 'B+' bank loan rating, but
excluding the '1' recovery rating -- on CreditWatch with
negative implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery
Rating of 'RR1' to General Motor's new US$4.48 billion senior
secured bank facility.  The 'RR1' (recovery of 90%-100%) is
based on the collateral package and other protections that are
expected to provide full recovery in the event of a bankruptcy
filing.

On June 21, 2006, Moody's Investors Service assigned a B2 rating
to the secured tranches of the amended and extended secured
credit facility of up to US$4.5 billion being proposed by
General Motors Corporation, affirmed the company's B3 corporate
family and SGL-3 speculative grade liquidity ratings, and
lowered its senior unsecured rating to Caa1 from B3.  Moody's
said the rating outlook is negative.


HINDUSTAN SHIPYARD: Awaits Government's Revival Support
-------------------------------------------------------
Hindustan Shipyard Limited has turned around in 2005-06 and is
now awaiting a revival package from the Government to sustain
its growth, Hindu Business Line reports.

According to Business Line, Hindustan Shipyard has booked a net
profit of INR6.5 crore in fiscal 2005-06 following years of
losses.  The turnover had rapidly increased from INR127 crore in
2003-04 to INR237 crore in 2004-05 and then to INR318 crore
during 2005-06.

However, despite the profit, the Company is still mired with
accumulated losses, Business Line says.  The Company is counting
on the approval of its revival package so it could obtain loans
from banks and eventually improve its net worth.

As reported by the Troubled Company Reporter - Asia Pacific on
March 30, 2006, Hindustan Shipyard has received orders worth
INR1,400 crore but it could not serve them because the yard is
perpetually plagued by working capital paucity and has to depend
on advances from clients to execute the work orders.  

The Company's workers unions demand INR50 crore from the
Government for working capital and strengthening of
infrastructure.  They said there is an urgent need to install
new machinery, construct a new building block and expand the
berths, the TCR-AP had stated.

The workers continue to call for the Government to fulfill its
promise or risk losing a potential profit-making business.

Andrah Pradesh Chief Minister Y S Rajashekhara Reddy also urged
the Centre to take urgent steps to revive Hindustan Shipyard to
clear some pending projects in the state, Zee News reports.

During his meeting with Shipping and Highways Minister T R Baalu
on July 14, 2006, Mr. Reddy said that the Hindustan Shipyard
Limited has the capability of becoming a profitable unit
provided it is made financially secure, and the turnaround could
be achieved this year itself, Zee News relates.

                  About Hindustan Shipyard Ltd

Headquartered in Gandhi Gram, Visakhapatnam, India, Hindustan
Shipyard Limited is a public sector organization, involved in
the manufacturing and repair of commercial as well as naval
combat ships.  Situated on the outskirts of the town and easily
accessible by public transport, the organization provides an
ideal learning center for students of Electrical and Electronics
and Mechanical Engineering students.  

The Company started accumulating losses in the early 1990s due
to outdated machinery, ageing workforce, and cashflow woes.  It
was referred to the Board for Industrial and Financial
reconstruction, which declared the Company sick in August 1998.  
The Government has earlier planned to revive the ailing state
firm.  The Andhra Pradesh Government, on its part, has agreed to
waive the Company's sales tax arrears of about INR50 crore to
help yard back on its feet.   The Navy is also doing its bit to
help the struggling firm by placing submarine refit orders with
the yard.  Hindustan Shipyard has a submarine retrofit division
and is now working on INS Vagli and INS Sindu Kirti.


INDIAN OIL: Assesses Dwindling Sales at Sri Lankan Unit
-------------------------------------------------------
Indian Oil Corporation is sizing up the recent sales decline in
its Sri Lankan subsidiary, Lanka Indian Oil Corporation,
Business Standard relates.

As reported by the Troubled Company Reporter - Asia Pacific on
August 14, 2006, sales in Lanka Indian Oil Corporation plunged
by 50% after it raised petrol prices by INR5 on August 1 while
its rival, Ceylon Petroleum Corp, had hiked prices by only INR3
liter.

After the price hike, Lanka Indian Oil's petrol cost INR98 per
liter compared with Ceylon Petroleum's INR96 a liter, Business
Standard reveals.  Even after the price hike, there was a need
to further increase the prices by INR15 a liter in order to make
the Company commercially viable.  

Indian Oil told Business Standard that it may further raise
retail prices to compensate for the lost sales but said that it
may take some time to arrive at a decision because "there are a
lot of issues involved."

The Sri Lankan Government has said that it will not give any
subsidies to Lanka Indian Oil after June 30, 2006, for selling
petrol and diesel below the cost of production, Business
Standard says.  However, it has allowed the Company to raise the
prices of petroleum products.  
  
The TCR-AP reported on July 7, 2006, that there had been a
dispute between the Lanka Indian Oil and the Sri Lankan
Government over an amount of INR740 crore, which the Government
owed to the Company in the form of subsidies.  

According to the TCR-AP, Lanka Indian Oil's fuel pumps ran dry
for nearly two months following the dispute.  However, a
settlement has been reached between the two parties and the
company is resuming gasoline sales.  The Government has agreed
to pay Lanka Indian Oil INR100 crore in cash and INR400 crore in
the form of government bonds.  

                     About Indian Oil Corp.

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.

According to press reports, in spite of its large production
capacity and smooth operations, Indian Oil incurred huge losses
as a result of a Government mandate, which prohibits public
sector oil marketing firms from raising fuel prices despite high
global prices.  For years, Indian Oil has been selling fuel at
subsidized prices, which is way below the costs it pays for
importing fuel from overseas markets.  The Company has not been
able to pass on the high prices leading to large under-
recoveries and losses.

In early 2006, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt.  Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices.  The move was expected to
improve their balance sheets.


KERALA STATE: Government Initiates Revival Exercise
---------------------------------------------------
The Government has signed a memorandum of understanding for the
complete restructuring of Kerala State Drugs and Pharmaceuticals
Limited, as part of its program to retain and modernize ailing
public sector undertakings, the Hindu Business Line reports.

Under the MoU, the Industries Department would reconstitute the
Company's board of directors by appointing experts and granting
autonomy to the Company's new management, Business Line says.

The Finance Department, on the other hand, will release
INR3 crore immediately for maintenance, introduction of good
manufacturing practices and clearing urgent liabilities.  The
Government would also make available financial assistance for
developing the company's infrastructure, modernization and to
liquidate long-pending dues, according to Business Line.

Meanwhile, Business Line relates that the Health Department
vowed to secure drugs manufactured by Kerala State Drugs.  It
would also direct the Hospital Development Committees to buy the
drugs from the Company instead of from the open market.

The labor unions had also agreed to assist the management in its
revival, modernization and progress by following a suitable work
culture and cooperation, Business Line adds.

With the revival scheme in place, the Government is confident
that Kerala State Drugs will completely recover by fiscal 2009-
10, NewIndpress reveals.

However, State Finance Minister T.M. Thomas Issac pointed out
that the Company's revival would not be an easy affair given its
present financial condition and total liabilities of
INR12.54 crore, says NewIndpress.

Moreover, as reported by the Troubled Company Reporter - Asia
Pacific on July 7, 2006, the Company is facing labor shortage on
top of its cashflow problems.  The Company has already lost 50%
of its employees who have availed of the Company's voluntary
retirement package.  It is now left with 214 workers.

        About Kerala State Drugs and Pharmaceuticals Ltd

Kerala State Drugs and Pharmaceuticals Limited was incorporated
with a paid-up capital of INR4.2 crore under the Company's Act
in December 1971 and started commercial production in September
1974 with a unit to formulate several commonly used drug
preparations.

According to the Public Sector Restructuring and Internal Audit
Board, the Company was a viable firm until it confined itself to
manufacture of formulations or essential drugs in 1983.  When
the Company began production of bulk drugs such as Vitamin A, it
incurred huge losses that led to a negative net worth of the
Company.  Subsequently, orders at hand could not be serviced for
lack of sufficient working capital.  The Company's loan
liability stands at INR49 crore with negative net worth at
INR56.07 crore during 2003-04.


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

KANA SOFTWARE: March 31 Balance Sheet Upside-Down by US$9.9 Mln
---------------------------------------------------------------
KANA Software Inc. filed its first quarter financial report for
the three months ended March 31, 2006, with the United States
Securities and Exchange Commission.

The Company reported a US$1,078,000 net loss on US$11,433,000 of
total revenues for the first quarter ended March 31, 2006,
compared with a US$13,800,000 net loss on US$10,071,000 of total
revenues for the same period in 2005.

At March 31, 2006, the Company's balance sheet showed
US$32,454,000 in total assets and US$42,414,000 in total
Liabilities, resulting in a US$9,960,000 stockholders' deficit.  
The Company also had US$4,304,486,000 of accumulated deficit on
that date.

The Company's March 31 balance sheet also showed strained
liquidity with US$18,297,000 in total current assets available
to pay US$36,671,000 in total current liabilities coming due
within the next 12 months.

Full-text copies of the Company's financials are available for
free at http://ResearchArchives.com/t/s?efd

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
Expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Hong Kong, Korea, Japan, and throughout the United
States and Europe.


MITSUBISHI MOTORS: New Models Will Add Jobs and Increase Output
---------------------------------------------------------------
Mitsubishi Motors Corporation's plan to introduce three new
models in the country is expected to increase domestic output
and create job opportunities, Bloomberg reports.

The car maker's executive officer, Keizo Fuchita, told Bloomberg
that the Company will employ an additional 600 workers, as it
adds second daily shifts at its Okazaki factory and its nearby
Pajero Manufacturing plant starting November this year.

The automaker will transfer part of production of Outlanders to
the Oakazaki factory from the Mizushima plant, which has been
operating at full capacity.  It will build 90,000 Outlanders a
year at the Okazaki plant for sale in North America, Europe and
other overseas markets, Bloomberg says.  The factory, which also
makes models such as the Grandis minivan and Colt minicars, has
only operated one daily shift since April 2004.

The Pajero plant, which has operated just one shift a day since
October 2005, will build revamped Pajero SUVs for sale in
October and redesigned Delica vans to be released in February.
The factory also makes Challenger SUVs.

Meanwhile, the Mizushima plant in southwestern Japan will
continue operating at full capacity, producing models including
i minicars and Lancer sedans for export.  The plant will also
make the redesigned eK minicar, which will be introduced next
month in Japan.

According to Bloomberg, Mitsubishi Motors aims to return to
profit this fiscal year for the first time since 2003.  Its
increased production follows plans by Honda Motor Co. and Suzuki
Motor Corp. to create more than 4,000 jobs with new plants in
Japan, which is heading for the longest postwar economic
expansion amid shrinking population.

In the six months ended June 30, 2006, Mitsubishi Motors saw its
sales figure rise 12% to 144,896 from the same period in 2005.  
Production at the Company's three assembly plants in Japan last
year increased for the first time since 2002, jumping 3.9% to
664,900 units, Bloomberg says.

                     About Mitsubishi Motors Corp.

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

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

                          *     *     *

Japan Credit Rating Agency, Ltd., had on July 18, 2006, upgraded
the Company's senior debts rating to BB- from B- with a stable
outlook, as its restructuring has been going well as planned,
with Mitsubishi group firms increasing their stakes in MMC to
34.3% as of March 31, 2006.

Rating & Investment Information Inc. had on July 31, 2006,
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.


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

HANAROTELECOM: Delays NASDAQ Delisting and SEC Deregistration
-------------------------------------------------------------
Through a resolution of its Board of Directors on February 22,
2006, hanarotelecom Inc. decided to deregister from the United
States Securities and Exchange Commission and delist its
Depository Receipts on NASDAQ in the second half of 2006 after
the relevant SEC law is enacted.

However, the Company says that the delisting/deregistration
process has been delayed because the bill "SEC Rule 12h-6" has
not yet finalized.  The Company says that it will pursue the
process as planned if the bill is enacted.

The Representative Director of hanarotelecom will be delegated
to make decisions regarding the schedule and other details of
the delisting/deregistration.

                      About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second  
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.  
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


HANAROTELECOM: Records 51.10% Fall in 2nd Quarter 2006 Net Loss
---------------------------------------------------------------
hanarotelecom Inc. posted a net loss KRW16.212 billion for the
second quarter of 2006, 164% more than the KRW6.14-billion net
loss it reported in the first quarter, but 51.10% less than the
KRW33.16-billion net loss it reported for the second quarter
last year, according to the company's financials submitted to
the United States Securities and Exchange Commission.

The Korea Times relates that the quarterly loss narrowed after
hanarotelecom, controlled by U.S. investors American
International Group and Newbridge Capital, put its focus on
cutting costs, the company said.  South Korea's broadband
Internet market, with one of the world's highest penetration
rates, is slowing due to market saturation.

hanaro reported a 21.2% gain in revenues to KRW428.7 billion and
a 22.4% increase in EBITDA to KRW132.8 billion for the second
quarter of 2006, a company press release adds.

The company also reported a turnaround in operating profit,
which rose to KRW7.5 billion from an operating loss KRW3.42
billion a year ago.  The company commented that these results
were attributable to the synergy effects from the merger with
Thrunet and the strenuous efforts for overhead reduction.

The company stressed that it achieved the EBITDA margin of 31%
as previously projected due to the synergy effects and its cost
reduction efforts, despite a 15.5% rise in marketing expenses
driven by aggressive sales activities amid fierce competition in
the broadband market.

Such active marketing has led to a broadband net addition of
about 30,000 subscribers in the second quarter, a turnaround
from net decrease in the previous quarter.  Meanwhile, the
number of voice subscribers has continued to grow by around
20,000 net subscribers per month on average.

With increasing cash on hand and continuous debt repayment
backed by strong cash flow, the company's debt level in the
second quarter fell below KRW900 billion for the first time, and
the net debt-to-equity ratio decreased to 45.1%, which
contributed to a more solid financial structure.

                      About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second  
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.  
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


KWANGJU BANK: Fitch Affirms 'C' Individual Rating
-------------------------------------------------
Fitch Ratings has upgraded Kwangju Bank's Long-term Issuer
Default Rating to 'BBB+' from 'BBB' and its Short-term rating to
'F2' from 'F3'.  At the same time, the agency has affirmed the
bank's other ratings at Individual 'C', Support '2'.  The rating
outlook remains stable.

The upgrade reflects:

   * KJB's solid balance sheet strength,
   * adequate profitability, and
   * its ownership by Woori Finance Holdings.

Since Korea's 1997/98 financial crisis, KJB has focused on
lending to the SME and retail/consumer markets in its home
region of Kwangju and Junnam province.  At end-2005, SME loans
accounted for 54% of the bank's total loans, while
retail/consumer loans stood at 28%.  KJB's 2005 loans growth of
22% was particularly strong vs. the industry's 8% (and c. 10%
for KJB in both 2004 and 2003).  It does, however, appear to
have been directed at better quality borrowers and overall loans
quality has remained quite satisfactory.  

Meanwhile, reserves coverage of NPLs at 97% should be
sufficient, including for precautionary loans, which fell to
2.6% of loans from 3.2%.  This is particularly so given the
collateral based nature of the bank's lending to smaller
businesses.

Despite the strong loans growth, KJB's Tier I CAR grew to 7.3%
over 2005, from 6.9%, aided by earnings retention and securities
revaluation gains.  Capitalization is satisfactory given the
bank's good asset quality and the benign economic environment.

In 2005, KJB posted a record high net profit of KRW125 billion
for a 25% ROE and a 1.2% ROA - vs. KRW72bn in 2004.  This,
however, was only achieved through the booking of tax benefits,
vs. 2004's more normal tax charge.  Indeed, on an underlying
basis, KJB's profitability was down on that of 2004, as per its
2005 pre-tax return on average assets of 0.91% vs. 1.07% in
2004.  The main reason for the decline was lower margins, as the
bank pursued an aggressive, pricing-based loans growth strategy,
in line with that for the overall Woori group.  A similar level
of profitability is expected for 2006.

The ratings Outlook is Stable as KJB is a relatively small-sized
regional bank, limiting its upside potential for the near term.
Reportedly, several parties from the Kwangju/Junnam business
community have expressed interest in acquiring KJB. Though
unlikely, should this occur, the ratings could be negatively
affected given that they currently take into account KJB's
ownership by WFH and the consequent support it can provide the
bank in terms of capital, funding and operational development.


KWANGJU BANK: Makes KRW55.19 Billion in First Half 2006
-------------------------------------------------------
Kwangju Bank posted a KRW55.19-billion net profit in the first
half of 2006, according to financials submitted by its parent,
Woori Finance Holdings Co. Ltd., to the United States Securities
& Exchange Commission.

Kwangju's operating revenue amounted to KRW364.96 billion, while
its operating expenses stood at KRW291.61 billion, giving the
bank an operating income of KRW73.35 billion.

The bank's total assets as of June 30, 2006, was at
KRW12.38 trillion, while total liabilities was at
KRW11.79 trillion, resulting in KRW583.47 billion in total
shareholder's equity.

Woori Finance's first-half 2006 results are available for free
at: http://bankrupt.com/misc/Woori_Finance_First_Half_2006.pdf

                  About Woori Finance Holdings

Woori Finance Holdings Co., Ltd. -- http://www.woorifg.com-- is  
a holding company of Woori Bank, Kwangju Bank, Kyongnam Bank,
and Woori Credit Card.  The Company manages and controls its
financial subsidiaries.  It engages in a range of businesses,
including commercial banking, credit cards, capital markets
activities, international banking, asset management, and
bancassurance.

Fitch Ratings gave Woori Finance Holdings a 'B/C' Individual
Rating effective on September 30, 2005.

                       About Kwangju Bank

Kwangju Bank -- http://www.kjbank.com/-- is a local bank that  
primarily serves Kwangju City and Jeonnam Province in South
Korea.  The bank provides domestic customers with commercial and
retail banking services.  Kwangju Bank also provides phone-
banking and cyber-banking services.

As reported by the Troubled Company Reporter - Asia Pacific on
September 20, 2004, Fitch Ratings raised the individual rating
of Kwangju Bank to 'C' from 'C/D'.  The rating carries a stable
outlook.


KYONGNAM BANK: Posts KRW93.62-Billion Net Income in 1H 2006
-----------------------------------------------------------
Kyongnam Bank recorded a net income of KRW93.62 billion in the
six months ended June 30, 2006, on operating revenues of
KRW463.64 billion and operating expenses of KRW343.86 billion,
according to financials submitted by Kyongnam's parent, Woori
Finance Holdings Co. Ltd., to the United States Securities &
Exchange Commission.

Kyongnam's total assets as of June 30, 2006, was at
KRW14.87 trillion, while total liabilities was at
KRW14.14 trillion.

Loans and Securities amounted to KRW13.43 trillion in aggregate.  
Deposits, on the other hand, amounted to KRW10.76 trillion.

Woori Finance's first-half 2006 results are available for free
at: http://bankrupt.com/misc/Woori_Finance_First_Half_2006.pdf

                  About Woori Finance Holdings

Woori Finance Holdings Co., Ltd. -- http://www.woorifg.com/--  
is a holding company of Woori Bank, Kwangju Bank, Kyongnam Bank,
and Woori Credit Card.  The Company manages and controls its
financial subsidiaries.  It engages in a range of businesses,
including commercial banking, credit cards, capital markets
activities, international banking, asset management, and
bancassurance.

Fitch Ratings gave Woori Finance Holdings a 'B/C' Individual
Rating effective on September 30, 2005.

                      About Kyongnam Bank

Kyongnam Bank -- http://www.kyongnambank.co.kr/-- has served as  
a regional financial center of South Gyeongsang Province from
its stronghold bases in Masan, Changwon and Ulsan, the three
major industrial centers in Korea.

Fitch Ratings gave Kyongnam Bank an individual rating of 'C'
effective April 25, 2006.


SHINHAN BANK: Gets Into Dollar Bonds Deal
-----------------------------------------
Shinhan Bank has mandated ABN AMRO, Barclays Capital, JPMorgan
and Morgan Stanley for a proposed dollar-denominated bond
offering, Finance Asia says.

According to the report, the structure and overall terms of the
deal are still being finalized.

Finance Asia explains that in recent years, Shinhan Bank has
been a regular issuer of offshore bank capital transactions,
having sold into both the hybrid tier-1 and upper tier-2 spaces.  
Shinhan, South Korea's second-largest financial services
provider, has a strong track record with international investors
and has historically enjoyed significant support from Europe.
Shinhan's most recent deal attracted a huge order book of
US$1.6 billion, an oversubscription ratio of 5.3-times, with 97
accounts taking part, with 60% of the total allocations going to
European books.

Any deal is also likely to benefit from a recent ratings upgrade
by Moody's of 11 Korean financial institutions, including
Shinhan. The Troubled Company Reporter - Asia Pacific reports
that Moody's Investors Service raised Shinhan Bank's Long-Term
Senior Debt Rating to 'A3' from 'Baa1' and its Long-Term
Deposits also to 'A3' from 'Baa1'.  Both long-term ratings have
a positive outlook.

                       About Shinhan Bank

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

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

Despite Moody's initial concerns, Chohung Bank's credit-
worthiness under its parent, Shinhan Financial Group, has
improved substantially.  Therefore, the absorption of Chohung
Bank into Shinhan Bank will not dilute the financial health of
the combined bank as greatly anticipated at the time of the
acquisition.  Nonetheless, the financial fundamentals place
Shinhan Bank at the low end of the rating band.


SHINHAN BANK: Fitch Upgrades Individual Rating to 'B/C'
-------------------------------------------------------
Fitch Ratings has upgraded Shinhan Bank's Individual rating to
'B/C' from 'C'.

All the bank's other ratings are affirmed:

   * Long-term Issuer Default Rating 'A-',
   * Short-term rating 'F2', and
   * Support rating '1'.

The rating Outlook is Stable.

The upgrade follows Shinhan's smooth merger with Chohung Bank on
April 1, 2006, and takes into account Shinhan's position as the
second-largest bank in Korea with strengths in both the retail
and corporate markets.  The ratings also reflect Shinhan's
historically good and prudent management, sound balance sheet
and adequate profitability.

Shinhan and Chohung together achieved a net profit of KRW948.4
billion in 1H06 -- annualised RoA of 1.32% -- vs KRW788.8
billion in 1H05 -- RoA of 1.17%.  Excluding one-off items --
capital gains on Hynix shares and treasury stock sales, as well
as write-backs on its exposure to LG Card -- 1H06's
profitability would have been in line with 1H05's and still
quite adequate.  Margins in 1H06 were flat on those of 1H05 at
2.4%, with benefits from a higher interest rate environment
offset by intensifying competition.

While there was a slight uptick in NPLs over H106 due to the
application of Shinhan's harsher classification criteria to
Chohung's loans, they remained low at 1.09% of total loans
(0.99% at end-2005) and were well covered by reserves (145%).
Precautionary loans fell to 1.55% from 1.87%.

Capitalisation remained sound over H106, with the Tier I ratio
rising to 7.9% from 7.4%, and the total CAR to 11.8% from 11.6%.
Shinhan's policy is to achieve and maintain Tier I and total
CARs of 8% and 12%. To cover the implementation of Basel II
standards (which will reduce its CAR by around one percentage
point), the bank will most likely issue supplementary capital
instruments later this year.

The Outlook on the bank's ratings is Stable given Korea's
current benign economic environment.  That said, it is noted
that Shinhan's wholly owning holding company, Shinhan Financial
Group, is bidding to acquire LG Card, Korea's largest credit
card company.  Being such a substantial acquisition, there is a
risk of it ultimately resulting in Shinhan having to upstream an
undue amount of dividends/capital to SFG - for example if the
acquisition was largely debt-funded and if LG Card's future
performance fell significantly short of its currently very good
performance.

Established in 1982 by Korean expatriates in Japan, Shinhan
emerged as one of Korea's leading banks after the country's
1997/1998 financial crisis, thanks to its more prudent
management.  Historically strong in corporate banking, the
merger with Chohung has provided it with a considerably more
retail-based operation, particularly with regard to deposits.


WOORI BANK: Records KRW847.93-Billion Net Income in First Half
--------------------------------------------------------------
Woori Bank posts a net income of KRW847.93 billion in the first
half of 2006, according to financials submitted by parent, Woori
Finance Holdings Co. Ltd., to the United States Securities &
Exchange Commission.

The result translates to a 79.3% contribution to Woori Finance's
net income.  Woori Finance recorded a KRW1-trillion net income
for the first half of 2006, an increase of 21.49% from the
previous corresponding period's recorded net income of
KRW826.86 billion, according to the Company's unconsolidated
financials.

Kyongnam Bank, a sister bank contributed 8.8% with a net income
after elimination of unrealized inter-company incomes or losses
of KRW93.65 billion, while yet another affiliate, Kwangju Bank,
made a KRW62.06 billion or 5.8% contribution.

Woori Bank's operating income amounted to KRW978.37 billion,
with operating revenues of KRW7.56 trillion and operating
expenses of KRW6.58 trillion.

Woori Bank's total assets as of June 30, 3006, stood at
KRW149.49 trillion, against total liabilities of
KRW139.35 trillion, resulting in total shareholders' equity of
KRW10.13 trillion.

Woori Finance's first-half 2006 results are available for free
at: http://bankrupt.com/misc/Woori_Finance_First_Half_2006.pdf

                  About Woori Finance Holdings

Woori Finance Holdings Co., Ltd. -- http://www.woorifg.com/--  
is a holding company of Woori Bank, Kwangju Bank, Kyongnam Bank,
and Woori Credit Card.  The Company manages and controls its
financial subsidiaries.  It engages in a range of businesses,
including commercial banking, credit cards, capital markets
activities, international banking, asset management, and
bancassurance.

Fitch Ratings gave Woori Finance Holdings a 'B/C' Individual
Rating effective on September 30, 2005.

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned  
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

                          *     *     *

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.

Standard & Poor's Ratings Services gave Woori Bank a 'C+' Bank
Financial Strength Rating.


WOORI FINANCE: First Half 2006 Net Income Reaches KRW1 Trillion
---------------------------------------------------------------
Woori Finance Holdings Co., Ltd., reported a KRW1-trillion net
income for the first half of 2006, a 21.49% increase from the
previous corresponding period's recorded net income of
KRW826.86 billion, according to the company's unconsolidated
financials.

Woori Finance's operating revenue increased 16.75% to
KRW1.08 trillion in the first half of 2006 from
KRW924.19 billion in the first half of 2005.  Interest income,
meanwhile, fell to KRW7.77 billion.

Woori Finance's operating expenses amounted to KRW74.86 billion
in the 2006 first half, a decrease from KRW97.61 billion a year
ago, giving the company a KRW1-trillion operating income, which
is a 21.50% increase from the previous year's first half
operating income of KRW826.57 billion.

Net non-operating income for the first half of 2006 was
KRW279 million.

Woori Finance also reported total assets of KRW12.79 trillion as
of June 30, 3006, a 6.26% improvement from the figure reported
as of December 31, 2005.  Total liabilities, on the other hand,
fell 6.66% to KRW2.16 trillion at the end of June 2006.  Total
shareholders' equity posted as of the end of the first half was
KRW10.62 trillion.

Woori Finance's first-half 2006 results are available for free
at: http://bankrupt.com/misc/Woori_Finance_First_Half_2006.pdf

                  About Woori Finance Holdings

Woori Finance Holdings Co., Ltd. -- http://www.woorifg.com/--  
is a holding company of Woori Bank, Kwangju Bank, Kyongnam Bank,
and Woori Credit Card.  The Company manages and controls its
financial subsidiaries.  It engages in a range of businesses,
including commercial banking, credit cards, capital markets
activities, international banking, asset management, and
bancassurance.

Fitch Ratings gave Woori Finance Holdings a 'B/C' Individual
Rating effective on September 30, 2005.


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

ANTAH HOLDINGS: May Raise Funds to Revive Toll Road Project
-----------------------------------------------------------
Property firm Antah Holdings Berhad and builder IJM Corporation
Berhad have agreed to revive a MYR1.7-billion toll road project
linking Malaysia and India, The Edge Daily relates.

The project was first awarded to Antah's wholly owned unit,
Kajang-Seremban Highway Sdn Bhd, but it was stalled after the
1997/1998 Asian financial crisis, The Edge says.  Leburaya
Kajang-Seremban Sdn Bhd -- a company jointly owned by IJM and
Antah -- has proposed to take over the project.

According to The Edge, about MYR879 million has been spent on
the highway, as of January 23, 2006.  The Companies are waiting
for the Government to transfer the project to Leburaya.

Sources tell The Edge that Antah and IJM are planning to
generate about MYR1.5 billion to finance the project.  Half of
the amount will be raised through an Islamic bond issue with a
12-year maturity.  The remaining MYR750 million would likely be
raised through Indian rupee loans.

Antah was not immediately available to comment on the
fund-raising plan, The Edge says.

                       About Antah Holdings

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

The Company's March 31, 2006, balance sheet showed total assets
of MYR698,224,000 and total liabilities of MYR1,051,307,000
resulting into a shareholders' deficit of MYR353,083,000.  The
Company's default on its credit facilities totaled
MYR286,442,000, as of April 30, 2006.


FURQAN BUSINESS: Terminates Share Sale Pact with Singavation
------------------------------------------------------------
Furqan Business Organization Berhad's wholly owned subsidiary,
FBO Land (Serendah) Sdn Bhd, has agreed to terminate a share
sale deal with Singavation Sdn Bhd.

On February 27, 2004, FBO Land entered into a MYR2-milion share
sale pact to acquire from Singavation 500,000 ordinary shares of
MYR1 each, through Furqan Business' subsidiary, Taipan Juarat
Sdn Bhd.  The shares represent 100% of the total issued and paid
up capital of Taipan Juarat

                About Furqan Business Organization

Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services.  Other activities
include contractor, leasing and hire purchase financing
facilities.  The Group's operations are substantially carried
out in Malaysia.  

Rating Agency Malaysia has downgraded the rating of the
Company's MYR37.66 million Redeemable Convertible Loan Stocks,
from BB3 to B1, with a negative outlook.  At the same time, the
rating agency is maintaining the Rating Watch on the Company.  
The downgrade is premised on the deterioration in Furqan's
business profile, especially in its leasing business, which is
currently the main revenue contributor to the Group


MALAYSIA AIRLINES: Cargo Unit Expands Operations
------------------------------------------------
Malaysia Airlines' cargo arm, Malaysia Airlines Cargo Sdn Bhd,
is spreading its wings in its European and China markets via
cooperation with other airlines, The Edge Daily reports.

The Edge states that MASkargo is in talks with airlines in China
for flight and ground handling services.  Furthermore, the
impending addition of Milan, Italy, to MASkargo's network may
lead to cooperation with several European carriers.

According to Malaysia Airlines senior general manager for cargo
Datuk J J Ong, the carrier is prioritizing cooperation with
foreign airlines as MASkargo "grappled with high fuel prices and
shortage of fuel-efficient aircraft."

MASkargo, which now has a fleet of two B747-400F and four B747-
200F, identifies Europe, China, Southeast Asia, and Australia as
its main markets, The Edge says.  The firm chose not to enter
the United States market due to cutthroat competition.

Mr. Ong tells The Edge that MASkargo's expansion plan is
hampered by the shortage of aircraft and high oil prices.

"It is really hard to think big over the next one or two years
due to the high oil prices and the limited availability of fuel-
efficient airplanes," Mr. Ong says.

                     About Malaysia Airlines

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

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


PROTON HOLDINGS: Sees 19% Rise in Auto Parts Sale
-------------------------------------------------
Proton Holdings Berhad's car parts manufacturing arm expects
sales to grow 19% to MYR250 million this year from MYR210
million previously, The Star Online reports.

Proton Parts Centre Sdn Bhd's managing director Rali Mohd Nor
tells The Star that sales would be boosted by increased
awareness by Proton car owners of the importance of using
genuine parts.

To prevent imitation parts from entering the market, Proton and
the Domestic Trade and Consumer Affairs Ministry had jointly
raided 13 parts retailers in the Klang Valley, Malacca, and
Prai, The Star reveals.  

In addition, Proton recently launched the Proton Genuine Parts
Awareness Carnival, which is aimed to educate the public
especially Proton car users, on the risks of using imitation
parts, The Star adds.

According to the report, Proton discovered that several of its
products that have been copied are spark plugs, oil filters,
automotive transmission fluid, air filters, water pumps,
radiator hoses and shock absorbers as well as body parts such as
hoods, doors, fenders, and tailgates.

Mr. Rali tells The Star that the Company invested MYR50,000 to
hold the carnival and expects to achieve sales of MYR200,000.  
He adds that the sales from the recent Proton Genuine Parts
Awareness Road Show would account for some 15% to 20% of the
Company's sales this year.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.proton-edar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


PROTON HOLDINGS: Mulls Special Unit to Up Synergies with Lotus
--------------------------------------------------------------
Proton Holdings Berhad is finalizing plans to establish a
special unit that will serve a dual role of tapping synergies
between the Company and its United Kingdom subsidiary, Lotus,
Business Times relates.  The move is part of Lotus' five-year
turnaround plan.

The unit, which will be manned by executives from both Proton
and Lotus, will specialize in high-performance car manufacture
and engineering consultancy, The Times says.  

As a first step in its five-year turnaround strategy, Lotus has
initiated talks with several global car companies to produce
Lotus-branded versions of their cars, the report says.

According to The Times, Lotus has signed contracts with four
Chinese car makers, including Nanjing Automobile Corp, the buyer
of MG Rover's assets, to develop engines and provide chassis
engineering for the MG cars for production mid-next year.

Meanwhile, the Proton management believes that Lotus will play a
significant role in fast tracking its ambitions to expedite its
recovery and become a global automotive brand, The Times adds.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


SUGAR BUN: Inks MYR8.7-Million Share and Purchase Deal
------------------------------------------------------
On August 11, 2006, Sugar Bun Corporation Berhad entered into a
sale and purchase agreement with Orient Paramount Sdn Bhd to
dispose of its industrial land and building for MYR8.7 million.

The sale consideration was arrived at based on a willing buyer,
willing seller basis and after taking into consideration its
market valuation and other factors.

The disposal is in line with the Group's internal reorganization
exercise already implemented to reorganize and streamline its
overall business operations.

The disposal, which represents 18.83% of the Group's audited net
tangible assets as of January 31, 2006, results in a gain of
MYR378,579.  Except for this gain on disposal, the sale will not
have any effect on the paid up share capital and shareholding
structure of the Company.  It will also not have any material
effect on the earnings and NTA of the Company and the Group for
the year ended January 31, 2007.

                      About Sugar Bun Corp.

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is  
engaged in the operation and franchising of restaurants,
bakeries, and confectioneries.  Its other activities include
general trading of machinery, spare parts and phone cards,
investment holding and provision of administrative, management
and marketing services.  Operations of the Group are carried out
mainly in Malaysia.

The Company is currently undertaking a corporate and debt
restructuring program to wipe out its accumulated losses.  As of
April 30, 2006, the Company has accumulated losses of
MYR46,190,000.


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

BANCO DE ORO: BSP OKs Issuance of PHP5-Bil Deposit Certificates
---------------------------------------------------------------
The policy-making Monetary Board of the Bangko Sentral ng
Pilipinas approves Banco de Oro Universal Bank's plan to issue
up to PHP5 billion worth of long-term negotiable certificates of
deposits, the Philippine Daily Inquirer reports.

The Inquirer cites banking sources as saying that Banco de Oro
tapped Standard Chartered Bank to arrange the domestic offering
of five-year LTNCDs in several tranches starting September 2006.

The Philippine Star notes that the selling agents are BDO
Capital & Investment Corp., BDO Private Bank, BDO Securities
Corp., and Standard Chartered Bank.

The Inquirer explains that LTNCDs are negotiable certificates of
deposit indicating the amount of indebtedness of a bank with a
designated maturity.  These represent the bank's obligation to
pay the LTNCD's face value upon maturity and the specified
quarterly interest during the life of the certificate of
deposit.

The paper notes that these instruments can be liquidated any
time at current market prices since they are negotiable.  They
are also covered by insurance under the Philippine Deposit
Insurance Corp., the Inquirer adds.

According to The Philippine Star, Banco de Oro's current LTNCDs
will fall due on 2010 with an annual interest rate of 9.73%,
payable on a quarterly basis.

The issuance of LTNCDs is expected to help mobilize savings and
encourage long-term investments from individual investors, the
Inquirer further explains, adding that investments in LTNCDs are
exempt from withholding tax if held to maturity.

According to The Philippine Star, Banco de Oro previously said
that issuance of LTNCDs is intended to "diversify the maturity
profile of the bank's deposits while the net proceeds will be
used to replace existing short-term funding and/or to expand the
asset base through loans and debt securities."

In 2005, BDO issued PHP5 billion worth of five-year LTNCDs in
two tranches, seeking to diversify the maturity profile, the
Inquirer recounts, noting that these instruments catered to
individuals and corporations in search of a good investment
alternative.

The Inquirer also notes that as a deposit hybrid, the LTNCDs are
competitively priced, carrying a premium over the three-month
Treasury bill benchmark rate.

Banco de Oro subsidiaries and other affiliates are banned from
buying the certificates of deposits, The Philippine Star notes.

                      About Banco de Oro

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.

                          *     *     *

Fitch Ratings Ltd. had on July 27, 2006, upgraded Banco de Oro
Universal Bank's Support rating to '3' from '4', and affirmed
its Individual rating at 'C/D', following a review of the Bank.


BAYAN TELECOMMUNICATIONS: Posts PHP979-Mln Net Loss in 1st-Half
---------------------------------------------------------------
Bayan Telecommunications Inc. incurred a net loss of
PHP978.85 million in the first half of 2006, or 71% higher than
last year's PHP572.8-million loss as revenues fell across the
board, The Philippine Star reports.

According to the report, based on its financial statements filed
with the Securities and Exchange Commission, BayanTel registered
total revenues of PHP2.32 billion, down 20% from PHP2.91 billion
in 2005.  On a per product basis, only data services posted a
positive growth, rising by only 2% to PHP803.9 million largely
due to the double-digit growth of Internet revenues.  This,
however, was not enough to arrest the weakening of voice
services and miscellaneous revenues, The Philippine Star says.

The paper reveals that voice revenues fell 17% to
PHP1.47 billion while miscellaneous revenues slid 86% to
PHP49.1 million.

Internet revenues reached PHP295.7 million, up 22% from
PHP241.8 million, primarily due to new corporate accounts booked
as well as the activation of DSL subscribers from various
markets, The Philippine Star says noting that DSL subscribers
surged 134% from 7,724 as of end-2005 to 18,069 by end-June
2006.

BayanTel believes there is more opportunity for it to get a
bigger slice of the DSL market as industry-wide DSL revenues are
expected to continue to grow, The Philippine Star notes.

Local exchange revenues, on the other hand, dropped 2% from
PHP950.3 million to PHP931.1 million as the number of
subscribers fell to 277,181 from 278,664 a year ago.  The
decline was attributed to the price increase of the product
Phone Basic from PHP449 per month to PHP499 per month, The
Philippine Star explains.

The paper relates that during the period under review, BayanTel
successfully launched its fixed line product, BayanTel SPAN,
which allows individuals or groups to carry their landline
service almost anywhere within their local area of area code.

This service is initially being offered in the Metro Manila
areas of Marikina and Manila and in the provincial cities of
Tacoloban, Davao, and General Santos, The Philippine Star says.

However, BayanTel's general and administrative expenses went
down 12% to PHP1.31 billion, the paper reveals.

The Philippine Star further says that interest and other
financing charges increased slightly by 4% from PHP859.9 million
to PHP890.2 million, mainly due to the booking of Radio
Communications of the Philippines Inc., loans based on
contracted rates.

According to The Philippine Star, BayanTel spent
PHP440.5 million in the first half this year, primarily for the
expansion of its DSL and LEC services and the improvement of
international cable facilities.

                          *     *     *

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC    
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.

In a report by the Troubled Company Reporter - Asia Pacific on
July 4, 2006, the Company has paid over PHP900 million in
principal and interest on its debts amounting to
PHP25.39 billion in aggregate, of which creditors own
PHP14.74 billion, while PHP10.65 billion is due to its
bondholders.

On June 28, 2004, the Pasig Regional Trial Court Branch 158
approved the Company's financial rehabilitation based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.


MANILA MINING: Sets Aside PHP200 Million for a Drilling Program
---------------------------------------------------------------
Manila Mining Corp. has set aside PHP200 million for a drilling
program aimed at determining the viability of resuming
exploration activities on its mining site in Surigao del Norte,
The Philippine Star reports.  The program involves diamond and
reverse circulation drillings on its properties and
metallurgical testing.

The report reveals that funding will come from the Company's
proposed stock rights offering, which is expected to generate
PHP895 million.  The shares to be issued to shareholders will
come from the Company's increase in authorized capital stock
from PHP1.2 billion to PHP1.8 billion, The Philippine Star
explains.

Other proceeds from the offering will be used to settle debt,
the paper notes.

According to The Philippine Star, shareholders can purchase one
share for every two shares held as of August 30, at PHP0.015 per
share.

The Philippine Star relates that Manila Mining is in talks with
foreign mining companies East Asia Minerals Corp. and Anglo-
American Plc., for the joint exploration of its Kalaya-an mining
site in Surigao del Norte, hopefully, within the year.

Manila Mining's other mining projects include the Anislagan and
Macalaya area near Boyongan, Surigao del Norte, and the so-
called Corridor, which is located north of the Anglo American-
Philex deposit, The Philippine Star says.

The paper reveals that in the six months ending June 2006,
Manila Mining incurred a net loss of PHP45.4 million or 27.8%
lower than the previous level's PHP62.87 million.  Cost and
expenses, however, fell to PHP45.4 million from
PHP62.87 million, The Philippine Star notes.

                       About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.  
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

                          *     *     *

After auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the Company's ability to continue as
a going concern, noting the Company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.


MAYNILAD WATER: Marubeni Fails to Find Partner and Withdraws Bid
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 25, 2006, that five out of 11 firms will push through and
bid for the Philippine Government's 83.97% stake in Maynilad
Water Services Inc.  According to the report, a consortium of
DMCI Holdings and Metro Pacific Investment Corp., India's
Karunakaran Ramchand, Manila Water Inc., Marubeni Corp. of
Japan, and Rubia Holdings-Noonday Asset Management Asia Pte have
filed pre-qualification documents for the bidding of Maynilad's
stake.  These firms had qualified for the next stage in the
bidding process, including a review by a special bids and award
committee.

However, a follow-up report from the Manila Standard Today
relates that Japanese conglomerate Marubeni Corp., has backed
out of the public bidding on August 11, 2006, for the
Government's 83.97% interest in Maynilad.

Thus, the four groups currently vying for the Government's stake
are:

   1. the Ayala-controlled Manila Water Co. Inc. and partners JW
      International and BPI Capital Corp.;

   2. the tandem of Metro Pacific Corp. and DMCI Holdings Inc.;

   3. India's Infrastructure Leasing & Financial Services Ltd.-
      Strategic Alliance; and

   4. the consortium of Rubia Holdings, Noonday Asset Management
      Asia Pte Ltd. and YTL Power International Bhd of Malaysia.

The groups have submitted financial and technical bids, the
Manila Standard Today notes.

The paper relates that Marubeni Corp. did not submit financial
and technical bids after it failed to find a local partner.

The Philippine Inquirer cites Manabu Sugawara, Marubeni's
assistant manager for environment infrastructure investment, as
saying that they would continue to seek other water
infrastructure projects in the country, noting that the company
is inclined to participate even in the final stages of re-
privatizing the west concession if they would be allowed to take
part in it.

The special bids and awards committee is scheduled to open the
financial bid envelope of qualified bidders on August 25, 2006,
to determine the winning bidder, the Manila Standard says.  ABN-
AMRO serves as the Government's financial advisor in the
privatization of its shares in Maynilad, the paper relates.

According to The Philippine Inquirer, bidding rules require that
a participating group must be 60%-owned by Filipinos.

The Interagency Privatization Council, which is under the
supervision of the Department of Finance, will award the
contract to the winning bidder.

Under the term of reference approved by Maynilad's board of
directors, the winning bidder will take over and continue
operations of the west zone for the remaining years of the 25-
year concession, the Manila Standard says.

According to the paper, the winning bidder will also assume
Maynilad's obligations under a "debt and capital restructuring
agreement" with the of the Metropolitan Waterworks & Sewerage
System.  The Manila Standard further relates that the Lopez
family earlier tied up with Lyonnaise Asia Water Holdings Pte
Ltd. of France to win the west service concession zone that was
bid out by the MWSS in 1997.

On the other hand, the Ayala-controlled Manila Water Co. Inc.
continues to service the east service concession zone that it
won together with US-based Bechtel Overseas Corp. and Northeast
Water of England in 1997, the Manila Standard says.

However, The Inquirer cites a source as saying that the MWSS
board discussed concerns raised on Manila Water's move to join
the bidding as the Ayala-owned firm could enjoy a monopoly if it
were to win the concession for the west zone.  Yet, later on the
board decided to still allow Manila Water to participate in the
bidding, The Inquirer relates.

                      About Maynilad Water

Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., 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 Nov. 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 Aug. 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.


MIRANT CORP: Bids for Phil. Facilities Must be In by Month-End
--------------------------------------------------------------
Interested buyers of Mirant Corporation's generation facilities
located in the Philippines have until the end of August to
submit indicative bids, with binding bids due by the end of the
year, Reuters reports.

Potential bidders have received a short sale document of the
asset released by the Company, Charlie Zhu of Reuters says.

Japanese conglomerate Marubeni Corp. has confirmed that it is
bidding for the Philippine assets, according to Bloomberg News.

As previously reported, several parties have expressed
interest to purchase the Philippine units, including The AIG
Group, Mitsubishi Corp., China Light and Power, Korea Electric
Power, Tokyo Electric, Kyushu Electric, and One Energy.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.

When the Debtors filed for protection from their creditors, they
listed US$20,574,000,000 in assets and US$11,401,000,000 in
debts.  The Debtors emerged from bankruptcy on Jan. 3, 2006.  
(Mirant Bankruptcy News, Issue No. 103; Bankruptcy Creditors'
Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/)

                           *     *     *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corporation and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  Additionally, Mirant's Speculative Grade Liquidity
rating was revised to SGL-2 from SGL-1.  The rating outlook is
stable for Mirant, MNA, MAG, and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corporation's Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.


PHILIPPINE AIRLINES: Baguio Gold Merger Needs CAB Approval
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 2, 2006, that Baguio Gold Holdings Corp. is planning to
acquire a majority stake in Philippine Airlines Inc., and is
considering several options in bidding for the stake.

The Manila Times relates that the Philippine Civil Aeronautics
Board clarified that a merger between an airline carrier and a
private entity would need the regulator approval, but emphasized
that the part of the regulator is limited to the granting of
permits.

"It is part of procedure for mergers between airlines with
permits issued by the CAB and private entities not currently
part of the airline industry to inform the regulator of any such
merger and to undergo hearings so that the CAB can sort out the
resultant entity [from the merger] and give new permits as
applicable," a CAB official explains.

The official further stressed out that companies, which acquire
permit-holding airlines, cannot automatically operate legally
under the jurisdiction of CAB as its permits and licenses are
"nontransferable," The Manila Times relates.

"The CAB must also be able to identify who will be held
responsible for responding to passenger grievances, complaints,
and other matters relating to the airline operations of the
resulting company," the CAB official adds.

The procedure and non-transferability of CAB permits are
necessary to keep the public trust in the airline industry, The
Manila Times cites the CAB official, as saying.  

                   About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific says that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 says that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


UNITED COCONUT: To Sell PHP5.5 Bln Idle Assets Via Joint Venture
----------------------------------------------------------------
United Coconut Planters Bank will jointly develop PHP5.5 billion
worth of foreclosed assets with five real estate companies,
BusinessWorld reports, citing the Company's vice-president,
Christine Y. Carandang, as saying.

Ms. Carandang, who heads UCPB's asset management and disposition
division, reveals that the idle assets represent 25% of the
bank's PHP20-billion real and other properties owned or
acquired.

"We feel that we will recover a better amount [by developing the
properties]... If you just sell it in that condition, it will
not fetch a good price because it can either be landlocked or
there is no right of way," Ms. Carandang tells BusinessWorld
adding that an agreement with an experienced developer is
better.

Ms. Carandang says banks get better pricing under joint ventures
but take more risks since they have to wait for the developer to
build the property.

According to BusinessWorld:

   (a) Filinvest Land, Inc., will develop as middle to upper-
       middle income residential project, the 201,873-square
       meter property along Maharlika Highway leading to
       Batangas and Quezon;

   (b) Brittany Corp., will develop the 858,141-square meter
       Portofino Heights in Muntinlupa along Daang Hari to cater
       to upper-middle to high-end consumers;

   (c) Sta. Lucia Realty and Development, Inc. will work on the
       122,546-square meter Ridgewood Heights in Tagaytay as a
       mixed-use middle-income development with residential
       areas and a commercial strip along the national road.  
       UCPB owns 80,787 square meters of property;

   (d) Century Park Properties, Inc. will transform UCPB's
       1,223-square meter property along De la Costa St. in
       Makati into Grand Soho Makati, a 40-storey condominium
       for the mid-income market; and

   (e) Tagaytay Grassland Co., Inc. will develop the 262,115-
       square meter property in Nasugbu, Batangas into a mixed-
       use beach-front recreational and entertainment complex.

Ms. Carandang says UCPB is bent on cleaning its loan portfolio.
While the bank had sold PHP11 billion worth of bad loans to a
special purpose vehicle in the past two years, it has failed to
unload its foreclosed assets due to pricing issues, Ms.
Carandang reveals.

Ms. Carandang further says "[o]verseas contract worker sales are
very strong for us, not only on the joint venture side.  Our
property auctions attract a lot of them.  If that is sustained,
I think pre-selling will be quite strong."

According to BusinessWorld, banks' foreclosed assets are
expected to go down to PHP150 billion this year and to
PHP120 billion in 2007 as financial institutions are given more
time to unload idle assets through asset management firms.

The policy-making Monetary Board has approved the guidelines for
joint ventures between banks and real estate development
companies, BusinessWorld cites a recent report from CLSA Asia-
Pacific Markets.

The paper further cites Alfred Dy, research head of stock
brokerage CLSA Philippines, as saying that he expects more joint
ventures between banks and property companies in the coming
quarters.

The paper adds that Mr. Dy also expects bad loans of the banking
sector to soften further to PHP130 billion this year and
PHP85 billion next year.  UCPB is one of the biggest
beneficiaries of the law extending the SPV law, Mr. Dy notes.

                          About UCPB

United Coconut Planters Bank -- http://www.ucpb.com/-- is a  
leading provider of financial products and services to
corporations, middle market companies, small- and medium- sized
businesses, and consumers in the Philippines.  Established in
1963 as a commercial bank, UCPB grew to become the first private
Philippine universal bank in 1981, enabling it to invest in non-
allied businesses.  Today, the UCPB group ranks among the
largest financial services group in the country.

UCPB offers a full range of expanded commercial banking
services.  The bank has strong capabilities in corporate
banking, commercial credit, international trade financing,
treasury and money market operations, trust banking and consumer
financing.

Moody's Investors Service gave United Coconut Planters Bank a
Bank Financial Strength Rating of E and its Long Term Bank
Deposits a B1 rating effective May 5, 2003.


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

FLEXTRONICS INTL: Post Net Sales of US$4.1 Billion for 1Q/FY2006
----------------------------------------------------------------
For the first quarter ended June 30, 2006, Flextronics
International Ltd reported net sales from continuing operations
of US$4.1 billion, which represents an increase of US$236
million, or 6%, over the first quarter ended June 30, 2005.

"There has been a reacceleration of significant growth in our
core EMS business, which includes design, vertically-integrated
manufacturing services, components and logistics," Mike
McNamara, Flextronics' chief executive officer said.

"Fiscal 2006 was a very strong year in terms of incremental
business wins from both new and existing customers.  As a
result, we exceeded revenue and earnings expectations in the
June quarter and have increased our revenue growth rate
expectations for fiscal 2007 to approximately 25%."

Excluding intangibles amortization, restructuring and other
charges which includes stock based compensation, net income for
the first quarter ended June 30, 2006 increased 4% to US$104
million, compared to US$100 million, in the year ago quarter.

After-tax amortization, restructuring and other charges which
includes stock based compensation amounted to US$19 million in
the current quarter compared to US$41 million in the year ago
quarter.  GAAP net income amounted to US$85 million, in the
first quarter ended June 30, 2006, compared to US$59 million, in
the year ago quarter.

The Company's Financial Report is available for free at:

http://bankrupt.com/misc/tcrap_flextronicsintl081406.pdf
                           
                About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics  
manufacturing services through a network of facilities in over
30 countries worldwide.  Its global locations include operations
in Brazil and Mexico.

                        *    *    *

Moody's Investors Service assigned a Ba2 rating to Flextronics
International Ltd.'s new US$500 million 6.25% senior
subordinated notes, due 2014.  At the same time, the company was
assigned a liquidity rating of SGL-1, reflecting Flextronics'
significant on-hand liquidity, unfettered access to the sizeable
US$1.1 billion revolver and the expectation for generating
moderately positive free cash flow (pre-Nortel payments) over
the next twelve months.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Flextronics' private offering of US$500 million, senior
subordinated notes due 2014.  The notes were offered under Rule
144A, with registration rights.  Proceeds of the offering will
be used to repay outstanding debt under its revolving credit
facilities and for general corporate purposes.  The company's
'BB+/Stable/--' corporate credit rating was affirmed.


LIANG HUAT: Creditors' Meeting Slated for August 25
---------------------------------------------------
The creditors of Liang Huat Limited will hold a meeting on
August 25, 2006, at 3:30 p.m., at 51 Benoi Road, Block 8 Liang
Huat Industrial Complex in Singapore 629908.

At the meeting, creditors will be asked to consider, and if
thought fit, approve the Company's Scheme, the LHAI Scheme, and
the Durabeau Scheme respectively.

                    About Liang Huat Aluminium

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is  
a vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a wind-up
petition filed by Lim Ah Siong trading as Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


LIANG HUAT: Notes Further Modifications to Scheme Arrangement
-------------------------------------------------------------
The Board of Directors of Liang Huat Aluminum refers to its
earlier announcement on December 15, 2005, and September 24,
2004, relating to its proposed terms of Scheme of Arrangement,
which was reviewed by the banks and have not expressed any
objections to be included in the proposed scheme.

Moreover it was proposed that the Debt Restructuring Plan should
be implemented first, by way of a scheme of arrangement pursuant
to section 210 of the Companies Act (Chapter 50) to be made
between the Company and its creditors.

In an update made on August 10, 2006, the Company proposed to
include key modifications to the schemes, but are not to be
limited which are the following:

  On completion of the Investment Agreement

   a) the allotment and issuance of such number of new ordinary
      shares in the Company to its scheme creditors on
      completion date to fully discharge each of their
      respective claims under the Scheme;

   b) the allotment and issuance of such number of new ordinary
      shares in the Company to the scheme creditors of LHAI on
      Completion Date, to fully discharge each of their
      respective claims under the LHAI Scheme;

   c) the payment to each of the scheme creditors of Durabeau
      save for Malayan Banking Berhad (Maybank), a cash
      equivalent of 15% of their respective claims under the
      Durabeau Scheme within 14 days from Completion Date, to
      fully discharge each of their claims under the Durabeau
      Scheme (as modified); and

   d) a capital reduction, a capital amalgamation or such other
      corporate measures to be undertaken by the Company and as
      permitted by law on terms reasonably acceptable to the
      Investor to achieve certain objectives as set out in the
      Investment Agreement.

  On non-completion of the Investment Agreement

   a) the allotment and issuance of such number of new ordinary
      shares in the Company to the Scheme Creditors within two
      months from the Effective Date, to fully discharge each of
      their respective claims under the Scheme;

   b) the allotment and issuance of such number of new ordinary
      shares in the Company to the LHAI Scheme Creditors within
      two months from the Effective Date, to fully discharge
      each of their respective claims under the LHAI Scheme;

   c) payment to each of the Durabeau Scheme Creditors save for
      Maybank, a cash equivalent of 15% of their respective
      claims under the Durabeau Scheme (as modified) in two
      instalments being:

      (aa) 7.5% of their respective claims under the Durabeau
           Scheme within six months from the Effective Date as
           defined in the Durabeau Scheme; and

      (bb) 7.5% of their respective claims under the Durabeau
           Scheme within nine months from the Effective Date as
           defined in the Durabeau Scheme, to fully discharge
           each of their claims under the Durabeau Scheme (as
           modified); and

   d) a capital reduction, a capital amalgamation or such other
      corporate measures to be undertaken by the Company and as
      permitted by law on terms reasonably acceptable to the
      Investor to achieve certain objectives as set out in the
      Investment Agreement.

The proposed modifications to the Schemes which provide for the
non-completion of the Investment Agreement are subject to, inter
alia, the Investor and a co-investor exercising their right to
convert $1,250,000 of the Investment into such number of new
ordinary shares constituting an aggregate of 29.0% of the
Company's issued share capital at the time of allotment and
issuance of the Conversion Shares.

As previously announced by the Company, the Investor and a co-
investor will be entitled to exercise the Conversion Option
under the terms of the Investment Agreement in the event that:

   a) any of the conditions precedent set out in the Investment
      Agreement cannot be fulfilled and is not waived by the
      Investor and a co-investor (if any); or

   b) if the Completion does not occur by December 31, 2006, or
      such other date as the Investor, a co-investor (if any)
      and the Company may mutually agree other than by reason of
      a breach by the Investor and a co-investor (if any) of
      their obligation to complete in accordance with the terms
      of the Investment Agreement.

Liang Huat Aluminum Ltd. subject of a wind-up petition filed by
Lim Ah Siong trading as Lian Siong Aluminium & Trading on August
26, 2004.  Presently, the Company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.

                   About Liang Huat Aluminium

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is  
a vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a wind-up
petition filed by Lim Ah Siong trading as Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


LINDETEVES-JACOBERG: Plans to Take 248,056,294 Ordinary Shares
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on May 19,
2006, that  Lindeteves-Jacoberg Limited is proposing to
undertake a renounceable rights issue of up to 248,056,294 new
ordinary shares in the Company's capital at an issue price of
SGD0.12 for each rights share.

In an update on May 17, 2006, the Company announced that it is
proposing to undertake a renounceable rights issue of up to
248,056,294 new ordinary shares in the capital of the Company at
an issue price of S$0.12 for each Rights Share on the basis of
one Rights Share for every two existing ordinary shares held as
at a time and date to be determined by the Directors for the
purposes of determining shareholders' entitlements under the
Rights Issue, disregarding the fractional entitlements. The
Rights Issue is currently not underwritten and the Company is in
discussions with potential underwriters for this purpose.

Arisaig, a substantial shareholder of the Company, holding
interests in 43,696,000 Shares representing approximately 8.8%
of the issued share capital of the Company, has irrevocably
undertaken to subscribe for all its Rights Shares entitlements
under the Rights Issue pursuant to an undertaking dated July 10,
2006. The 21,847,999 Rights Shares, which are the subject of
Arisaig's Undertaking, would raise approximately S$2.6 million.

            About Lindeteves-Jacoberg Limited

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.
The Company is undergoing a debt restructuring exercise by way
of a Scheme of Arrangement with its creditors.


ODYSSEY RE HOLDINGS: Earns US$202 Mil. in Quarter Ended June 30
---------------------------------------------------------------
Odyssey Re Holdings Corp. reported net income available to
common shareholders of US$202.4 million for the quarter ended
June 30, 2006, compared to US$51.1 million for the quarter ended
June 30, 2005.

Net income available to common shareholders for the six months
ended June 30, 2006 was US$361.8 million, compared to US$82.6
million for the comparable period of 2005.

Total shareholders' equity was US$1.83 billion at June 30, 2006,
an increase of US$208.5 million compared to total shareholders'
equity of US$1.62 billion at Dec. 31, 2005.

Commenting on the second quarter, Andrew A. Barnard, the
Company's president and chief executive officer, stated, "We
achieved the highest level of earnings this quarter in our
history as we continued to benefit from solid underwriting and
investment performance. Book value per share has increased 13.6%
to date in 2006, allowing us to continue the momentum in
compounding book value by 15% over the long term."

Odyssey Re Holdings Corp. is an underwriter of property and
casualty treaty and facultative reinsurance, as well as
specialty insurance.  OdysseyRe operates through its
subsidiaries, Odyssey America Reinsurance Corporation, Hudson
Insurance Company, Hudson Specialty Insurance Company,
Clearwater Insurance Company, Newline Underwriting Management
Limited and Newline Insurance Company Limited.  The Company
underwrites through offices in the United States, London, Paris,
Singapore, Toronto and Latin America.  Odyssey Re Holdings Corp.
is listed on the New York Stock Exchange under the symbol ORH.

                          *     *     *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


OVERSEAS SHIPHOLDING: Discloses Partnership with TransCanada
------------------------------------------------------------
Overseas Shipholding Group, Inc. disclosed a strategic
partnership agreement with TransCanada CNG Technologies Ltd, a
subsidiary of TransCanada Corporation.

Under the agreement, the Company will own and operate a new type
of tanker vessel, capable of moving large quantities of
compressed natural gas using TransCanada's patented technology
for the design, construction and operation of Gas Transport
Modules for the transportation of CNG from stranded gas fields
throughout the world.

Morten Arntzen, president and chief executive officer, said, "We
are very excited about working with TransCanada on both the
development of these unique gas carriers and the projects for
which they are intended.  As the world seeks alternative energy
resources and fuel substitutions, this proprietary technology is
a real breakthrough for facilitating the recovery of natural gas
from fields that were once not cost effective to reach." Mr.
Arntzen continued, "Combining TransCanada's unique technology
with OSG's in-depth knowledge of marine transportation and
vessel construction, will enable our respective companies to be
the first to develop an efficient and commercially viable CNG
vessel."

                       About TransCanada

TransCanada (NYSE, TSX: TRP) is a leader in the responsible
development and reliable operation of North American energy
infrastructure.  TransCanada's network of more than 41,000
kilometres (25,600 miles) of wholly owned pipeline transports
the majority of Western Canada's natural gas production to key
Canadian and U.S. markets.  A growing independent power
producer, TransCanada owns, or has interests in, approximately
6,700 megawatts of power generation in Canada and the United
States.

                           About OSG

Overseas Shipholding Group, Inc. (NYSE:OSG)
-- http://www.osg.com/-- is one of the largest publicly traded  
tanker companies in the world with an owned, operated and
newbuild fleet of 117 vessels, aggregating 13.0 million dwt and
865,000 cbm, as of June 30, 2006.  As a market leader in global
energy transportation services for crude oil and petroleum
products in the U.S. and International Flag markets, the Company
is committed to setting high standards of excellence for its
quality, safety and environmental programs.  OSG is recognized
as one of the world's most customer-focused marine
transportation companies, with offices in New York, Athens,
London, Newcastle and Singapore.

                           *     *     *

As reported in the Troubled Company Reporter on Aug. 9, 2006,
Moody's Investors Service affirmed the debt ratings of Overseas
Shipholding Group, Inc.'s Senior Unsecured at Ba1.  The outlook
has been changed to stable from negative.


SEA CONTAINERS: High Court Sides with ORR on Railway Use Dispute
----------------------------------------------------------------
Great North Eastern Railway, the United Kingdom rail subsidiary
of Sea Containers Ltd. is extremely disappointed with the
conclusions reached by the High Court on GNER's application for
judicial review of the decision by the Office of Rail Regulation
to grant access rights on the East Coast Mainline to Grand
Central Railways and Hull Trains based on a different charging
regime to franchised train operators.

GNER sought an order quashing the ORR's March 23, 2006, decision
and a declaration that the ORR's charging regime is unlawful.  
Mr. Justice Sullivan declined to grant the order or the
declaration. GNER considers that the judgment is fundamentally
flawed.  It considers that two train operators calling at the
same station and picking up the same set of passengers are not
in competition because of their differing contractual
arrangements with government.  It is obvious that GNER and its
competitors operate in the same market.

GNER continues to believe that the ORR's charging regime is
discriminatory, is in breach of national and European law,
amounts to an unlawful grant of state aid and distorts
competition.  It also continues to believe that the decision to
grant access rights was unfair.

GNER has always been a supporter of competition both on the East
Coast Mainline and in the rail industry in general.  However, it
believes that franchised and open access operators should
operate on a level-playing field, which is not the position
under the current charging arrangement.  This regime makes
franchised operators pay significantly higher charges than open
access operators for access to the same infrastructure.  
Additionally, GNER believes that by stopping at York, which
already has 61 services a day to and from London, under an
industry revenue allocation system at least 80 percent of Grand
Central's revenues will be abstractive from GNER's premium-
paying franchise.

GNER is taking legal advice in respect of the options now open
to it, including the possibility of an application to the Court
of Appeal or a complaint to the European Commission.

GNER will need to look more closely at Mr. Justice Sullivan's
decision before being able to quantify the precise impact on the
company.

Bob MacKenzie, President and CEO of Sea Containers, the parent
company of GNER, said: "[Thurs]day's decision is truly
extraordinary.  It has serious commercial consequences for GNER
and for the Department for Transport.  It undermines the
profitability of GNER, which already operates to modest margins,
and devalues a recently-awarded public contract agreed with
government and the East Coast franchise in perpetuity.  It will
also make bidders for other franchises elsewhere on the network
more risk-adverse.

"We believe we had a strong case to contest the ORR's decision.  
The real losers from today's judgment are not just those who
believe in fair competition, but also passengers on the East
Coast Main Line and other rail users on the network who may not
see as much money reinvested into their railway.

"We will be discussing the serious implications of (the)
decision with the Department for Transport, as it is likely to
jeopardize GNER's ability to pay some of the premium payments
agreed with the government over the course of our franchise.  
This cannot be what the government intended to happen to any of
its newly-awarded rail franchises."

Once it has considered the consequences of the High Court's
decision in full, Sea Containers, GNER's parent company, intends
to issue a further statement in August, which will also include
a financial update on trading matters relating to GNER.

                     About Sea Containers Ltd

Sea Containers Ltd -- http://www.seacontainers.com/-- is a  
Bermuda registered company with regional operating offices in
London, Genoa, New York City, 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.  The Company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the Company has associated investments in property,
publishing, and plantations.

                         *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
Moody's said the outlook is negative.

As reported in the Troubled Company Reporter on May 4, 2006,
Standard & Poor's Ratings Services lowered its ratings on
SeaContainers, including lowering the corporate credit rating to
'CCC-' from 'CCC+'.  All ratings remain on CreditWatch with
negative implications.


SEA CONTAINERS: Christopher Garnett Steps Down as GNER CEO
----------------------------------------------------------
Sea Containers Ltd. disclosed that Christopher Garnett, Chief
Executive Officer of GNER and Senior Vice President - Rail of
Sea Containers, will be stepping down after 10 years with the
Company.

Mr. Garnett, 60, will leave the Company on Aug. 31.  Bob
MacKenzie, President and CEO of Sea Containers, will become
Executive Chairman of GNER, supported by the other GNER
directors.

"After ten challenging and rewarding years helping to transform
GNER into a company renowned for customer service, now is the
right time to step down and hand over to others to lead the next
stage in GNER's development," Mr. Garnett said.

Commenting on Mr. Garnett's departure, Mr. MacKenzie said: "We
thank Christopher for his sterling work building GNER into the
first class train operating company which it is, and for his
efforts and commitment to the company since 1996.  Looking
ahead, GNER does face a number of challenges, which in the
current financial environment need urgent attention. I will be
working with the GNER team to address these."

                    About Sea Containers Ltd

Sea Containers Ltd -- http://www.seacontainers.com/-- is a  
Bermuda registered company with regional operating offices in
London, Genoa, New York City, 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.  The Company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the Company has associated investments in property,
publishing, and plantations.

                         *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
Moody's said the outlook is negative.

As reported in the Troubled Company Reporter on May 4, 2006,
Standard & Poor's Ratings Services lowered its ratings on
SeaContainers, including lowering the corporate credit rating to
'CCC-' from 'CCC+'.  All ratings remain on CreditWatch with
negative implications.


SEA CONTAINERS: S&P Ratings Still on Watch Negative
---------------------------------------------------
Standard & Poor's Ratings Services on August 11, 2006, said that
its ratings on Sea Containers Ltd., including the 'CCC-'
corporate credit rating, remain on CreditWatch with negative
implications.  Ratings were lowered to current levels May 1,
2006; they were initially placed on CreditWatch with negative
implications on Aug. 25, 2005.

The CreditWatch update follows Sea Containers' update today on
its operational and financial restructuring efforts, including
the statement that it will not pay its $115 million due Oct. 15,
2006, on the 10_% senior notes "unless the company concludes
that it will be able to pay.its other public notes maturing in
2008, 2009, and 2012, and all other unsecured creditors, and
retain sufficient working capital."  Sea Containers also said it
"intends in the next few weeks to begin discussions with.
advisors to public noteholders and others in respect of a
potential restructuring of the company's unsecured financial
obligations."

"If a restructuring is undertaken that does not provide full
value to the noteholders, we would lower our ratings on the
affected notes to 'D' and the corporate credit rating to 'SD'
[selective default]," said Standard & Poor's credit analyst
Betsy Snyder.

Sea Containers provided also an update on various other ongoing
restructuring efforts:

     * Sale of its Silja ferry unit was completed July 19, 2006,
       and proceeds applied to reduce debt, which has declined
       by US$648 million since Dec. 31, 2005, to US$610 million
       at July 31, 2006.

     * Three ferries were sold for US$48 million, which was used
       to repay secured debt on the vessels, and the company is
       seeking to sell other ferries with an estimated value of
       US$127 million to US$137 million.

     * Cash used in operating activities was US$88 million for
       the first six months of the year, almost double the US$46
       million cash consumption of the prior-year period.

     * The Great North Eastern Railway is significantly
       underperforming original projections, due to
       lower-than-forecast revenues including the effect of
       terrorist attacks in London in July 2005 and
       higher-than-forecast costs.

The Company noted also that it remains in covenant default on
various debt instruments, including its public notes, though no
creditors has taken action to exercise remedies.

                    About Sea Containers Ltd

Sea Containers Ltd -- http://www.seacontainers.com/-- is a  
Bermuda registered company with regional operating offices in
London, Genoa, New York City, 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.  The Company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the Company has associated investments in property,
publishing, and plantations.

                         *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
Moody's said the outlook is negative.

As reported in the Troubled Company Reporter on May 4, 2006,
Standard & Poor's Ratings Services lowered its ratings on
SeaContainers, including lowering the corporate credit rating to
'CCC-' from 'CCC+'.  All ratings remain on CreditWatch with
negative implications.


STATS CHIPPAC: Posts US$18M Net Income in Second Quarter of 2006
----------------------------------------------------------------
STATS ChipPAC Ltd. has announced results for the second quarter
ended June 30, 2006, according to a company press release.

Revenue for the three months ended June 30, 2006 increased 58%
to US$418.1 million, compared to US$264.3 million in the same
quarter a year ago or an increase of 8% compared to the prior
quarter.  

On a US GAAP basis, net income for the three months ended June
30, 2006 was US$18.0 million or US$0.09 per diluted ADS,
compared to a net loss of US$(15.1) million or a loss of
US$(0.08) per diluted ADS in the same quarter a year ago. US
GAAP results for the second quarter of 2006 include US$16.0
million in special items and costs associated with the merger of
STATS and ChipPAC. US GAAP results for the second quarter of
2005 include US$14.1 million in special items and costs
associated with the merger of STATS and ChipPAC.

Excluding the special items and including certain adjustments,
non-US GAAP djusted net income for the three months ended June
30, 2006 was US$34.1 illion or US$0.16 per diluted ADS, compared
to a net loss of US$(1.0) million or US$(0.01) per diluted ADS
in the same quarter a year ago.

Results for the second quarter of 2006 include approximately
US$2.8 million in share-based compensation expenses as required
under SFAS 123(R).

                           Outlook

Tan Lay Koon, president and chief executive officer of STATS
ChipPAC said, "In terms of guidance for the third quarter of
2006, we expect revenue in the third quarter of 2006 will be
approximately 2% to 7% lower than the second quarter of 2006,
with US GAAP net income in the range of US$13.0 million to
US$24.0 million, which represents US GAAP net income per diluted
ADS of US$0.06 to US$0.11, including the impact of US$0.02 per
DS for the expensing of share-based compensation and the impact
of approximately US$0.01 per ADS due to restructuring activities
in the quarter. Non-US GAAP adjusted net income is expected to
be in the range of US$21.5 million to US$32.5 million or in the
range of US$0.10 to US$0.15 per diluted ADS, including the
impact of US$0.02 per ADS for the expensing of share-based
compensation. Non-US GAAP adjusted net income is calculated
without the effect of certain merger and integration expenses,
purchase accounting adjustments and restructuring activities."

                      About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd.
-- http://www.statschippac.com-- provides semiconductor test  
and assembly services.  The company assembles leaded and
laminate packages and provides related services such as package
design and leadframe and substrate designs. The company provides
these tests and assembly services to semiconductor companies,
which do not have their own manufacturing facilities.

With a strategic manufacturing presence spanning Singapore,
China, Malaysia, South Korea, Taiwan and the United States, and
customer support offices throughout the United States, Europe,
and Asia, STATS ChipPAC provides customers with total supply
chain solutions tailored to their needs. Technology development
centers are located in California, Arizona and South Korea.

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on October 21, 2004
and the company's Senior Unsecured Debt a 'Ba2' rating on
October 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credrit Rating effective on October 7, 2004.


STATS CHIPPAC: Lists with NASDAQ
--------------------------------
STATS ChipPAC Ltd has been included in the new NASDAQ Global
Select Market, the company announces in a press release.

The NASDAQ Global Select Market has the highest initial listing
standards of any exchange in the world based on financial and
liquidity requirements. Prior to the change, the company had
been listed on the NASDAQ National Market.

Beginning July 3, 2006, NASDAQ-listed companies were classified
under three listing tiers - NASDAQ Global Select Market, NASDAQ
Global Market, and NASDAQ Capital Market. NASDAQ also plans to
launch indexes based on these new tiers.

Tan Lay Koon, president and chief executive officer, STATS
ChipPAC, "Achieving the NASDAQ Global Select market designation
is the latest acknowledgement of STATS ChipPAC's global
leadership, our support of the world's most prestigious and
innovative customers, and our commitment to our investors."

NASDAQ announced the new three tier listing classification in
February 2006.  All three market tiers will maintain rigorous
listing and corporate governance standards. For additional
information about the NASDAQ Global Select Market, please go to:
www.nasdaq.com/GlobalSelect.

                      About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd.
-- http://www.statschippac.com-- provides semiconductor test  
and assembly services.  The company assembles leaded and
laminate packages and provides related services such as package
design and leadframe and substrate designs. The company provides
these tests and assembly services to semiconductor companies,
which do not have their own manufacturing facilities.

With a strategic manufacturing presence spanning Singapore,
China, Malaysia, South Korea, Taiwan and the United States, and
customer support offices throughout the United States, Europe,
and Asia, STATS ChipPAC provides customers with total supply
chain solutions tailored to their needs. Technology development
centers are located in California, Arizona and South Korea.

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on October 21, 2004
and the company's Senior Unsecured Debt a 'Ba2' rating on
October 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credit Rating effective on October 7, 2004.


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

SEAGATE TECHNOLOGY: Launches US$2.5B Stock Repurchase Scheme
-------------------------------------------------------------
Seagate Technology board of directors has authorized the Company
to repurchase up to US$2.5 billion of its outstanding shares of
common stock over the next 24 months, according to a company
release.

This program reinforces Seagate's ongoing commitment to enhance
shareholder value in which, during fiscal year 2006, Seagate
returned over US$500 million to its shareholders through stock
repurchases and quarterly dividends.  Based on today's stock
price the new repurchase program would represent approximately
20% of the company's capitalization.  As of July 28, 2006
Seagate had approximately 576 million shares of stock
outstanding.

Seagate expects to fund the stock repurchase through a
combination of cash on hand, future cash flow from operations
and potential alternative sources of financing. Stock
repurchases under this program may be made through a variety of
methods, which may include open market purchases, privately
negotiated transactions, block trades, accelerated share
repurchase transactions or otherwise, or by any combination of
such methods. The timing and actual number of shares repurchased
will depend on a variety of factors including the stock price,
corporate and regulatory requirements and other market and
economic conditions. The stock repurchase program may be
suspended or discontinued at any time.

                     About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology -
- http://www.seagate.com/-- is the worldwide leader in the  
design, manufacturing and marketing of hard disc drives,
providing products for a wide-range of Enterprise, Desktop,
Mobile Computing, and Consumer Electronics applications.  
Seagate's business model leverages technology leadership and
world-class manufacturing to deliver industry-leading innovation
and quality to its global customers, and to be the low cost
producer in all markets in which it participates.  The company
is committed to providing award-winning products, customer
support and reliability to meet the world's growing demand for
information storage.

Seagate Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore. Manufacturing and customer service sites
are located in: California; Colorado; Minnesota; Oklahoma;
Northern Ireland; China; Malaysia; Singapore and Thailand.

                          *     *     *

Moody's confirmed Seagate's Corporate Family Rating of Ba1 and
upgraded ratings of Seagate's US$400 million senior notes 8%,
due 2009 to Ba1, Maxtor's remaining US$135 million of the US$230
million 6.8% convertible senior notes, due 2010 to Ba1 from B2
and Maxtor Corporation's US$60 million 5-3/4% convertible
subordinated debentures, due 2012 to Ba2 from Caa1.  The rating
outlook is stable.

                           *     *     *

Seagate Technology Int'l-- http://www.seagate-asia.com-- is  
based in Singapore.  Standard and Poor's gave the company a 'BB'
rating for both its long term foreign and long term local issuer
credit effective on November 6, 2000.


* BOND PRICING: For the Week 14 August to 18 August 2006
--------------------------------------------------------

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

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 8.850%    03/15/10     7
Fletcher Building Ltd                 7.550%    03/15/11     7
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     5
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     7
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Tower Finance Ltd                     8.750%    10/15/07     7
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     7
TrustPower Ltd                        8.300%    12/15/08     7
TrustPower Ltd                        8.500%    09/15/12     7
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     1
Westpac Banking Corporation           6.250%    08/30/11     6

KOREA
-----
Korea Electric Power                  7.950%    04/01/96    54

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     1
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     4
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
Lebar Daun Bhd                        2.000%    01/06/07     3
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Titisan Modal Sdn Bhd.                4.000%    04/28/14    73
Titisan Modal Sdn Bhd.                5.000%    04/28/20    74
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    74
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tincel Ltd                            7.400%    06/13/11     1


                            *********

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.  Catherine Gutib, Valerie Udtuhan, Francis
Chicano, Erica Fernando, Reiza Dejito, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2006.  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.
   
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thereof are $25 each.  For subscription information, contact
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                 *** End of Transmission ***