TCRAP_Public/060907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, September 7, 2006, Vol. 9, No. 178

                            Headlines

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

A&N ROSE: Commences Wind-Up Proceedings
ADSTEAM MARINE: Towage Arm Caused Oil Spill, Investigators Say
ADZE LIMITED: Liquidation Bid Hearing Fixed on November 2
AET OPERATIONS: Members and Creditors to Receive Wind-Up Report
AJAYS TRANSPORT: Supreme Court Issues Wind-Up Order

ALEX WOOD: Liquidator John Vouris to Present Wind-Up Report
ALFRED GRANT: Members' Final Meeting Slated for September 29
ANSETT AUSTRALIA: Administrators Disclose AU$76.9-Mil. Dividend
BEHEMOTH MEDIA: Court Orders Wind-Up of Operations
CAHILL SECURITY: Creditors Opt to Liquidate Business

CHARLES TUNNEY: Members' Final Meeting Scheduled on September 29
CJR & ASSOCIATES: Receivers and Managers Cease to Act
CLARK CONSTRUCTION: Court Appoints Joint Liquidators
COMPLETE BODY: Placed Under Members' Voluntary Wind-Up
CR INDUSTRIES: Members to Hear Wind-Up Report on September 29

CSFB AUSTRALIA: To Declare Final Dividend on September 26
DIRECT LABOUR: Faces Liquidation Proceedings
EASTERN SUN: Supreme Court Appoints Liquidator
FOOD QUEENS: CIR Seeks to Liquidate Company
GR8 PUB INVESTMENTS: Enters Wind-Up Proceedings

HAWK SECURITY: Court to Hear CIR's Liquidation Bid on Oct. 19
HUTCHINSON INTERSTATE: Creditors Resolve to Shut Down Business
INSTANT OFFICE: Appoints Receivers and Managers
ITRON INC: S&P Rates US$345MM Convertible Notes at B
LAWDEX MANUFACTURING: Members and Creditors to Meet on Sept. 28

MARYFIELDS CENTRE: Liquidator Hutchings to Give Wind-Up Report
MCKENZIE AUTOGROUP: Court Sets Date to Hear ACP Media's Petition
MEDIHOLD INTERNATIONAL: Members' Final Meeting Set on Sept. 29
ML LIMITED: Court to Hear Liquidation Bid on September 28
MUSSEL BOYS IP: Appoints Joint and Several Liquidators

MUSSEL BOYS NAPIER: Shareholders Appoint Liquidators
NOTANI PTY: Receivers and Managers Step Aside
ONSTEEL ENGINEERING: Court Appoints S. Nicols as Liquidator
PAPAMOA PROJECT: Creditors' Proofs of Claim Due on September 15
PARKVIEW HOTEL PTY LTD: Liquidator to Present Wind Up Report

PAUL FERLA: Undergoes Wind Up of Operations
PREMIER BUTCHERY: Liquidation Petition Hearing Set on Sept.21
RUSSELL & COHEN: Creditors' Proofs of Debt Due on September 19
S8 LIMITED: C. Scott will be MFS Managing Director
SMARTIRE SYSTEMS: Employs BDO Dunwoody as Accountants

SOLORA SOUTH: To Declare Dividend on September 20
THEATRES INTERNATIONAL: Members and Creditors to Hold Meeting
TRANSOL PTY: Receivers and Managers Cease to Act
UNITED TOOLING: Shareholders Opt for Voluntary Liquidation
W.H. ELECTRICS: Will Declare Dividend on September 29

WAVELENGTH BUILDING: Creditors Must Prove Debts by September 15
WELLSFORD PEST: CIR's Liquidation Bid Hearing Set on Sept.7
WESTPOINT GROUP: Court Prohibits Company from Removing Assets
WINDUELLA (CROOKWELL): Members Resolve to Liquidate Business
WOODBINE PARK: Members Resolve to Close Business


C H I N A   &   H O N G  K O N G

ACW CONSULTING: Creditors Must Prove Debts by September 25
AFFINITY GLOBAL: Creditors Pass Resolution to Wind Up Operations
AGILE PROPERTY: Mulls Debut in International Debt Market
BCV INVESTMENT: Members' Final Meeting Slated for Sept. 29
BESTWIN TEXTILE: Shareholders Pass Resolve to Wind Up Operations

CB RICHARD: Members' Final Meeting Fixed on Sept. 29
C.B.M. PROPERTIES: Members Set to Meet on Sept. 30
CONSTANT TRAVEL: Liquidator to Present Wind-Up Details
DAISYFIELD LIMITED: Appoints Joint Liquidators
FORTUNE MIND: Sole Shareholder Opts for Voluntary Wind-Up

HARBOUR CRAFT: Members' Final Meeting Slated for Sept. 29
HUA XIA BANK: Mulls CNY17-Bil. Debt Issuance to Boost Capital
KIN TAI: Members Pass Resolution to Wind Up Firm
KOREA INDUSTRIAL: Appoints New Liquidator
LEADEASY CORPORATION: Members Opt for Voluntary Wind Up

M I L (FAR EAST): Members' Final Meeting Slated for Sept.25
MINSHENG BANK: Branch Head in Police Custody for Possible Fraud
SHIN MUN: Members' Final Meeting Fixed on September 25
SKYCITY UNIVERSAL: Members Opt for Voluntary Wind-Up
TIAN AN: Creditors Must Prove Debts by September 25

WORLD GRADE: Members' Final Meeting Scheduled On October 3
WRAY INTERNATIONAL: Members Resolve to Wind-Up Operations


I N D I A

AES CORP: IPALCO Enterprises' Current Deficit Up by 69%
ANDREW CORP: Comsearch Offers Relocation Services to FCC
ANDREW CORP: Repurchases 2.4 Mil. Shares at US$9.10 Per Share
CELLCAST PLC: Posts GBP1.8 Million Net Loss in 2006 First Half
DUNLOP INDIA: Ambattur Plant Restarts Production

DUNLOP INDIA: Sahagunj Plant to Launch New Product Range
HINDUSTAN MOTORS UTTAPARA: Formulates Revival & Renewal Plan
SILICON GRAPHICS: Wants Court Nod on Revised KPMG Hourly Rates
SILICON GRAPHICS: Taps Paul Hastings as Special IP Counsel


I N D O N E S I A

GENERAL NUTRITION: Aborted IPO Prompts S&P to Affirm B Rating
MEDIA NUSANTARA: Deutsche Bank Prices US$168 Million Deal
PAKUWON JATI: Moody's Assigns 1st-Time Provisional (P)B2 Rating
SHAW GROUP: IIS to Improve Transactional Business Processes
SHAW GROUP: Secures US$250MM Tech Assistance Contract from FEMA

SHAW GROUP: Appoints Michael Mancuso to Board of Directors
SHAW GROUP: Reports US$9.2M Liability For Environmental Cleanups
WILLBROS GROUP: Posts US$4.6 Mil. Net Loss in 2006 First Quarter
WILLBROS GROUP: Settles Consolidated Tex. Securities Fraud Suit


J A P A N

DAIEI INCORPORATED: Wal-Mart & Aeon Submit Bids for Stake
DURA AUTOMOTIVE: Hires Buckfire as Restructuring Consultant
DURA AUTOMOTIVE: To Close Stratford Plant & Trim Workforce
LIVEDOOR CO: Key Witness Confirms Window Dressing
LIVEDOOR CO: Shelves Plan to Merge with USEN

MISUBISHI MOTORS: Denies Russia Plant Report
MITSUI LIFE: Moody's Reviews Ba1 Rating for Possible Upgrade


K O R E A

DRESSER INC: Makes US$25 Million Voluntary Debt Prepayment
KOREA EXCHANGE: Fitch Affirms Individual Rating at 'C'
NOVELIS INC: Obtains US$2.85-Bln Financing Pledge from Citigroup
NOVELIS INC: Declares $0.01 Dividend on Outstanding Common Stock
NOVELIS INC: Earns US$90 Million for Fiscal Year 2005

NOVELIS INC: Will Proceed with Selling Some Brazilian Assets
* FSC to Tighten Regulations on Delisting and Backdoor Listing
* FSE Reports Figures on Creditor-Led Workouts for Enterprises
* Unsecured Corporate Bonds by Credit Rating
* Substandard Bank Loans Total KRW9.7 Trillion at End-June


M A L A Y S I A

AVANGARDE RESOURCES: June 30 Balance Sheet Shows Insolvency
AVANGARDE RESOURCES: Has Yet to Submit AAA 2005
AYER HITAM: Deals Withdrawn Due to SC's Rejection of Revamp Plan
BUKIT KATIL: Books MYR2-Million Loss in Fourth Quarter
LITYAN HOLDINGS: August Default Amount Tops MYR14.4 Million

PANGLOBAL BERHAD: Second Quarter Net Loss Drops to MYR15 Million
SUGAR BUN: Quotes and Lists 1 Million More Shares
WEMBLEY INDUSTRIES: Provides Default Update
* Malaysia Ratings Unaffected by 2007 Budget, S&P Says


P H I L I P P I N E S

ATLAS CONSOLIDATED: Stockholders Elect Directors
NATIONAL FOOD: Offers to Buy Rice from Vizcaya Farmers
NATIONAL FOOD: Earmarks PHP3 Million for Palay Procurement
* Inflation Eased to 6.3% in August; Lowest Since June 2004
* North Samar Posts 4.1% IR in June, Lowest In Samar Island


S I N G A P O R E

ABIC INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 25
AFFYMETRIX INC: Defaults Under 0.75% Senior Note Indenture
AFFYMETRIX INC: Court Issues Markman Order in Illumina Suit
DEVON INVESTMENTS: Pays First and Final Dividend
FLEXTRONICS INTERNATIONAL: Sells Software Biz to KKR for US$900M

ODYSSEY RE: Files Form 10-Q for Second Quarter Ended June 2006
WASHINGTON MANAGEMENT: Court to Hear Wind-Up Bid on Sept. 22


T H A I L A N D

ABICO HOLDINGS: Posts THB9.48-Mil. Net Profit in 2nd Quarter '06
IAP WORLDWIDE: S&P Lowers Corporate Credit Rating to B from B+

     - - - - - - - -

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

A&N ROSE: Commences Wind-Up Proceedings
---------------------------------------
At an extraordinary general meeting held on August 22, 2006, the
members of A&N Rose Pty Limited resolved to voluntarily wind up
the company's operations.

Creditors appointed Peter P. Krejci as liquidator at a separate
meeting held later that day.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


ADSTEAM MARINE: Towage Arm Caused Oil Spill, Investigators Say
--------------------------------------------------------------
Investigators have criticized a subsidiary of Australia Adsteam
Marine Ltd -- Adsteam Harbour -- saying its engine maintenance,
towing procedures, and staff training contributed to
Queensland's worst oil spill in more than 30 years, the Sydney
Morning Herald reports.

The report relates that an Australian Transport Safety Bureau
investigation has found that an engine on the tugboat, Tom
Tough, failed, causing it to crash into a bulk carrier in
Gladstone Harbor on January 24, 2006, while helping it berth.

According to the Australian Associated Press, more than 25,000
liters of heavy fuel oil leaked from the Korean-owned,
Panamanian-registered bulk coal carrier "Global Peace" into
mangroves, the port area, and river estuaries.

The AAP notes that the spill covered an area of about 80 square
kilometers, adding that it is believed to be the worst spill in
Queensland since 1998, when 15,000 liters spilled into the
Brisbane River.

Cleaning of central Queensland port cost millions of dollars,
the Sydney Herald says.

A report on the investigation noted that "the towage company had
no system of professional development in place to ensure the
ongoing training and performance monitoring of tug masters," the
AAP relates.

The Sydney Herald cites ATSB as saying that the tug master
failed to set an alarm alerting him to the engine shutdown
before the boat slammed into the bulk carrier.

"Had the alarms alerted him, it may have given him more time in
which to take action," the paper stated.

Adsteam Harbour operates in 42 ports in Australia and the
Pacific.

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a  
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.

The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.  Adsteam's debt was
estimated to be AU$360 million.  As of June 30, 2005, the
Company reported an "improved balance sheet" as it was able to
reduce its debt to AU$302 million, achieved through the sale of
non-core assets, improved earnings, improved debtor management
and a tight dividend policy.


ADZE LIMITED: Liquidation Bid Hearing Fixed on November 2
---------------------------------------------------------
On July 10, 2006, the Commissioner of Inland Revenue filed
before the High Court of Auckland a liquidation petition against
Adze Ltd.

The petition will be heard on November 2, 2006, at 10:00 a.m.

The Plaintiff's Solicitor can be reached at:

         P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


AET OPERATIONS: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------------
Members and creditors of AET Operations Pty Ltd will hold a
joint meeting on September 29, 2006, at 11:00 a.m., to receive a
report on the company's wind-up proceedings and the property
disposal exercises from Joint Liquidators Peter Morris and Todd
Kelly.

The Joint Liquidators can be reached at:

         Peter Morris
         Todd Kelly
         c/o Foremans Business Advisors
         Suite 1, 29 Lake Street
         Cairns, Queensland 4870
         Australia


AJAYS TRANSPORT: Supreme Court Issues Wind-Up Order
---------------------------------------------------
The Supreme Court of New South Wales issued on August 17, 2006,
an order to wind up AJAYS Transport Pty Ltd and appoint Steven
Nicols as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


ALEX WOOD: Liquidator John Vouris to Present Wind-Up Report
-----------------------------------------------------------
Members and creditors of Alex Wood Consulting Pty Limited will
convene on September 26, 2006, at 10:00 a.m., to hear accounts
of the company's wind-up and property disposal exercises from
Liquidator John Vouris.

The Liquidator can be reached at:

         John Vouris
         Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9232 6800


ALFRED GRANT: Members' Final Meeting Slated for September 29
------------------------------------------------------------
A final meeting will be held for the members of Alfred Grant
Pastoral Properties Pty Ltd on September 29, 2006, at
10:00 a.m.

During the meeting Liquidator P. A. Hennessy will report on the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         P. A. Hennessy
         c/o McGrathNicol+Partners
         Level 32, Central Plaza One
         345 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3333 9820
         Web site: http://www.mcgrathnicol.com/


ANSETT AUSTRALIA: Administrators Disclose AU$76.9-Mil. Dividend
---------------------------------------------------------------
Ansett Australia Pty Ltd's administrators, Mark Korda and Mark
Mentha, disclose that a sixth dividend of AU$76.9 million will
be paid today, September 7, 2006.

The sixth dividend brings to AU$650.5 million the total payments
made to Ansett's 15,000 former staff.

Mr. Korda relates that meetings of creditors took place on
August 31, 2006, during which Ansett Group creditors approved
pooling resolutions across 40 of the Ansett Group companies and
trusts.  The Ansett Group has now been pooled in its entirety.

Pooling is a shorthand way of describing the legal process,
which enables the assets and liabilities of some or all of the
companies in an insolvent group of related companies to be
merged into one of those companies, thereby simplifying the
administration of the insolvent group of related companies.

The pooling of the 40 Ansett Group companies and trusts together
with further asset sales has made payment of the dividend
possible.

According to Mr. Korda, "the sixth dividend payment is 30% of
each employee's outstanding entitlements.  It is an average of
approximately AU$5,000 per employee, with some employees
receiving more than AU$49,000."  Payments by electronic transfer
will be made on September 7.

The sixth dividend consists of AU$46.9 million to former Ansett
employees and AU$30 million to the Federal Government to repay
staff entitlements previously paid under the Commonwealth SEESA
scheme.

Further to the successful pooling application, Ansett continues
to sell off its spare parts inventory and the remaining assets.  
Currently there is in excess of 9 million units of inventory
across 217,000 line items to be sold, four aircraft and two
remaining properties.

Further dividends subsequent to the Sixth dividend will be paid
over the next one to two years dependent on further asset
realizations.

                    Prior Dividend Payments

On December 18, 2003, the first of AU$150 million of further
redundancy dividend payment was made by electronic transfer into
the bank accounts of former Ansett staff.

On December 15, 2004, distribution of third dividend to former
employees of AUD$16 million and AUD$10.4 million to the
Commonwealth.  Including the third dividend, employees have
received AUD$562.8 million of the AUD$760.0 million owed to
them.

                     About Ansett Australia

Ansett Australia Pty Ltd. -- http://www.ansett.com.au/-- was a  
major Australian domestic and international airline at its
height in 1996.  Ansett operated for 66 years and 11 days after
its first take off from Hamilton in Western Victoria.

On September 12, 2001, the acting chairman of Air New Zealand,
Jim Farmer, announced that Ansett Holdings and a number of its
subsidiary businesses, including airlines, have resolved into
voluntary administration.  Gregory Hall, Peter Hedge and Allan
Watson of PricewaterhouseCoopers were appointed as
administrators to take control of Ansett.

On September 17, 2001, Mr. Hedge stood down as administrator.  
Accordingly, Mark Korda and Mark Mentha of KordaMentha Pty Ltd
were named as the new administrators of the Ansett Group of
Companies.  The new administrators estimated Ansett's debt to be
as high as
AU$2 billion.

On May 2, 2002, 36 Ansett companies under administration
executed Deeds of Company Arrangement.  Copies of the DOCAs can
be accessed for free at:

        http://www.ansett.com.au/administrator/doca.htm

Since March 4, 2002, flights operated by the Ansett Australia
Group ceased.

A timeline of announcements made by the Ansett Administrators
from the time of Ansett's resolve into Voluntary Administration
is available for free at:

        http://www.ansett.com.au/timeline/timeline_f.htm


BEHEMOTH MEDIA: Court Orders Wind-Up of Operations
--------------------------------------------------
On August 18, 2006, the Supreme Court of New South Wales has
ordered Behemoth Media Pty Limited to wind up its operations.

The court also directed the appointment of Paul Cook as
liquidator.

The Liquidator can be reached at:

         Paul Cook
         c/o Paul Cook & Associates
         105 Macquarie Street
         Hobart Tasmania 7000
         Australia

         or

         Level 31, ABN AMRO Tower
         88 Phillip Street
         Sydney, Australia
         Telephone:(03) 6223 2555
         Facsimile:(02) 6223 2556
         Australia
         e-mail: info@pjc.com.au


CAHILL SECURITY: Creditors Opt to Liquidate Business
----------------------------------------------------
Members and creditors of Cahill Security Services Pty Ltd
convened on August 18, 2006, and decided to liquidate the
company's business.

Accordingly, R. A. Sutcliffe was named liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277


CHARLES TUNNEY: Members' Final Meeting Scheduled on September 29
----------------------------------------------------------------
Members of Charles Tunney & Sons Proprietary Limited will meet
on September 29, 2006, at 10:00 a.m., to hear the liquidator's
report on the company's wind-up and property disposal exercises.

The solicitors for the liquidators can be reached at:

         Rankines Solicitors
         Level 1, 190 Flinders Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8233 5055


CJR & ASSOCIATES: Receivers and Managers Cease to Act
-----------------------------------------------------
Brian McMaster and Oren Zohar ceased to act as receivers and
managers of CJR & Associates Pty Ltd on August 15, 2006.

Mr. McMaster and Mr. Zohar can be reached at:

         Oren Zohar
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia 6000
         Australia


CLARK CONSTRUCTION: Court Appoints Joint Liquidators
----------------------------------------------------
The High Court of Palmerston North has appointed David Stuart
Vance and Bruce McCallum as joint and several liquidators of
Clark Construction Ltd.

Creditors of the company are required to submit their proofs of
claim to the Joint Liquidators by September 12, 2006.

On August 11, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company was facing a liquidation petition
filed by the Commissioner of Inland Revenue on June 23, 2006.  
The petition was heard on August 14, 2006.

The Joint Liquidators can be reached at:

         David Vance
         c/o Robert Campbell
         McCallum Petterson, Level 8
         The Todd Building
         95 Customhouse Quay (P.O. Box 3156)
         Wellington, New Zealand
         Telephone: (04) 499 7796
         Facsimile: (04) 499 7784


COMPLETE BODY: Placed Under Members' Voluntary Wind-Up
------------------------------------------------------
At a general meeting of Complete Body Repairs Pty Ltd on August
21, 2006, members decided to voluntarily wind-up the company's
operations and appoint Nicholas Crouch as liquidator.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


CR INDUSTRIES: Members to Hear Wind-Up Report on September 29
-------------------------------------------------------------
Members of CR Industries Pty Ltd will hold a meeting on
September 29, 2006, at 10:00 a.m., to receive the liquidators'
report on the company's wind-up proceedings and property
disposal exercises.

The liquidators can be reached at:

         Stephen Graham Longley
         David Laurence McEvoy
         PricewaterhouseCoopers
         Freshwater Place
         2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia


CSFB AUSTRALIA: To Declare Final Dividend on September 26
---------------------------------------------------------
CSFB Australia Administration Pty Limited will declare a final
dividend to creditors on September 26, 2006, to the exclusion of
those who will be able to prove debts by September 20, 2006.

The liquidators can be reached at:

         Keiran Hutchison
         John Gibbons
         Ernst & Young
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9248 5862


DIRECT LABOUR: Faces Liquidation Proceedings
--------------------------------------------
A petition to liquidate Direct Labour Services Ltd will be heard
before the High Court of Auckland on October 5, 2006, at 10:45
a.m.

Foundation Securities NZ Ltd filed the petition with the Court
on July 27, 2006.

The Plaintiff's Solicitor can be reached at:

         Sean McAnaly
         Keegan Alexander, Barristers & Solicitors
         Level Twelve, AMI Insurance Building
         63 Albert Street
         Auckland, New Zealand


EASTERN SUN: Supreme Court Appoints Liquidator
----------------------------------------------
The Supreme Court of New South Wales has ordered Eastern Sun
Restaurant Pty Ltd to liquidate its business and appoint Steven
Nicols as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


FOOD QUEENS: CIR Seeks to Liquidate Company
-------------------------------------------
On July 10, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Food Queens Catering Services Ltd.

The petition will be heard before the Court of Auckland on
October 19, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         J. W. Chapman
         Knight Coldicutt, Solicitors
         Shed 20, Princes Wharf
         Quay Street, Auckland
         New Zealand


GR8 PUB INVESTMENTS: Enters Wind-Up Proceedings
-----------------------------------------------
At a general meeting on August 21, 2006, the members of GR8 Pub
Investments Pty Limited resolved to close the company's
operations and distribute the proceeds of its assets disposal.

The liquidators can be reached at:

         Barrington Practice Partnership
         Accountants
         4/7 Narabang Way
         Belrose, New South Wales 2085
         Australia


HAWK SECURITY: Court to Hear CIR's Liquidation Bid on Oct. 19
-------------------------------------------------------------
A petition to liquidate Hawk Security Services Ltd will be heard
before the High Court of Auckland on October 19, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 18, 2006.

The Plaintiff's Solicitor can be reached at:

         P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


HUTCHINSON INTERSTATE: Creditors Resolve to Shut Down Business
--------------------------------------------------------------
The creditors of Hutchinson Interstate Pty Ltd decided on August
21, 2006, to shut down the company's operations.

In this regard, R. A. Sutcliffe was appointed as liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277


INSTANT OFFICE: Appoints Receivers and Managers
-----------------------------------------------
William John Fletcher and Katherine Elizabeth Barnet were
appointed as joint and several receivers and managers of
Instant Office Products Pty Ltd on August 15, 2006.

The Joint and Several Receivers and Managers can be reached at:

         William John Fletcher
         Katherine Elizabeth Barnet
         c/o Bentleys MRI
         Level 26, 10 Eagle Street
         Brisbane, Queensland
         Australia


ITRON INC: S&P Rates US$345MM Convertible Notes at B
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Itron Inc.'s US$345 million convertible senior subordinated
notes due Aug. 1, 2026.  At the same time, Standard & Poor's
affirmed all of its other ratings, including its 'BB-' corporate
credit rating, on the meter data technology provider.  The notes
are rated two notches below the corporate credit rating and are
pari passu in terms of payment with the company's existing
subordinated notes, which are also rated 'B'.  Itron intends to
use the proceeds for future acquisitions and general corporate
purposes.

"The ratings on Itron reflect the company's aggressive financial
risk profile, as well as its moderate size," said Standard &
Poor's credit analyst James Siahaan.  The risk factors are
tempered to some extent by Itron's leading market positions in
meter-data collection and electricity-metering sales; by
expectations that the company will generate some free cash flow;
and by the favorable growth characteristics of the automatic
meter-reading market.

Itron Inc., -- http://www.itron.com/-- is a technology provider  
and critical source of knowledge to the global energy and water
industries.  Nearly 3,000 utilities worldwide rely on Itron
technology to provide the knowledge they require to optimize the
delivery and use of energy and water.  Itron creates value for
its clients by providing industry-leading solutions for
electricity metering; meter data collection; energy information
management; demand response; load forecasting, analysis and
consulting services; distribution system design and
optimization; web-based workforce automation; and enterprise and
residential energy management.  

Itron has operations in Taiwan, Australia and New Zealand.


LAWDEX MANUFACTURING: Members and Creditors to Meet on Sept. 28
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
November 18, 2005, Lawdex Manufacturing Pty Limited was
voluntarily wound up and Antony de Vries and Riad Tayeh of de
Vries Tayeh were appointed as Joint and Several Liquidators.

In an update, members and creditors of Lawdex Manufacturing will
convene on September 28, 2006, at 10:00 a.m., to:

   -- receive a report from the Liquidator;

   -- consider the remuneration of the Liquidator;

   -- entertain questions from creditors; and

   -- discuss other business that may be lawfully brought during
      the meeting.

The Liquidator can be reached at:

         Riad Tayeh
         de Vries Tayeh
         Corporate Strategy and Insolvency
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


MARYFIELDS CENTRE: Liquidator Hutchings to Give Wind-Up Report
--------------------------------------------------------------
Members of Maryfields Centre Bendigo Incorporated will meet on
September 22, 2006, at 10:30 a.m., to receive Liquidator
Hutchings' report on the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         D. C. Hutchings
         AFS & Associates Pty Ltd
         61 Bull Street
         Bendigo 3550
         Australia


MCKENZIE AUTOGROUP: Court Sets Date to Hear ACP Media's Petition
----------------------------------------------------------------
The High Court of Rotorua will hear a petition to liquidate
McKenzie Autogroup Ltd on September 11, 2006, at 10:45 a.m.

ACP Media Ltd filed the petition with the Court on July 26,
2006.

The Plaintiff's Solicitor can be reached at:

         K.P. McDonald
         11th Floor, Global House
         19-21 Como Street
         (P.O. Box 331-065 or D.X. B.P. 66-086)
         Takapuna, Auckland
         New Zealand
         Telephone: (09) 486 6827
         Facsimile: (09) 486 5082


MEDIHOLD INTERNATIONAL: Members' Final Meeting Set on Sept. 29
--------------------------------------------------------------
A final meeting will be held for the members of Medihold
International 3 Pty Limited on September 29, 2006, at
10:00 a.m.

During the meeting, Liquidator Murray C. Smith will present the
report on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Murray C. Smith
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2601
         Web site: http://www.mcgrathnicol.com


ML LIMITED: Court to Hear Liquidation Bid on September 28
---------------------------------------------------------
On September 28, 2006, the High Court of Auckland will hear a
liquidation petition filed against ML Ltd.

The Commissioner of Inland Revenue filed the petition with the
Court on July 6, 2006.

The Plaintiff's Solicitor can be reached at:

         P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


MUSSEL BOYS IP: Appoints Joint and Several Liquidators
------------------------------------------------------
On August 10, 2006, shareholders of Mussel Boys IP Ltd appointed
Iain Bruce Shephard and Christine Margaret Dunphy as the
company's Joint and Several Liquidators.

The Joint Liquidators can be reached at:

         Chris Dunphy
         Shephard Dunphy Limited, Level 2
         Zephyr House, 82 Willis Street
         Wellington, New Zealand
         Telephone: (04) 473 6747
         Facsimile: (04) 473 6748


MUSSEL BOYS NAPIER: Shareholders Appoint Liquidators
----------------------------------------------------
On August 14, 2006, shareholders of The Mussel Boys Napier Ltd
appointed Iain Bruce Shephard and Christine Margaret Dunphy of
Shephard Dunphy Limited as the company's Joint and Several
Liquidators.

The Joint Liquidators can be reached at:

         Chris Dunphy
         Shephard Dunphy Limited, Level 2
         Zephyr House, 82 Willis Street
         Wellington, New Zealand
         Telephone: (04) 473 6747
         Facsimile: (04) 473 6748


NOTANI PTY: Receivers and Managers Step Aside
---------------------------------------------
On August 10, 2006, Mark Mentha and Craig Shepard ceased to act
as receivers and managers of Notani Pty Ltd.

The former Receivers and Managers can be reached at:

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


ONSTEEL ENGINEERING: Court Appoints S. Nicols as Liquidator
-----------------------------------------------------------
The Supreme Court of New South Wales has ordered Onsteel
Engineering Pty Ltd to wind up its operations and appoint Steven
Nicols as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


PAPAMOA PROJECT: Creditors' Proofs of Claim Due on September 15
---------------------------------------------------------------
Liquidator Anthony Murray Richardson requires the creditors of
Papamoa Project Managers Ltd to prove their claims by
September 15, 2006.

Failure to show proofs will exclude a creditor from sharing in
any distribution the company will make.

The Liquidator can be reached at:

         A. M. Richardson
         Capital Accounting Associates Limited
         Level Two, Waterside House
         220 Willis Street, Wellington 6011
         New Zealand
         P.O. Box 6696, Marion Square, Wellington 6141
         Telephone: (04) 385 4146
         Facsimile: (04) 385 4246
         Email: julie@tonyrichardson.biz


PARKVIEW HOTEL PTY LTD: Liquidator to Present Wind Up Report
------------------------------------------------------------
Members of Parkview Hotel (Ballarat) Pty Ltd will hold a final
meeting on September 22, 2006, at 9:30 a.m., to hear the report
of Liquidator Dennis M. Foley on the company's wind-up and
property disposal exercises.

The Liquidator can be reached at:

         Dennis M. Foley
         Dennis M. Foley & Associates
         Certified Practising Accountants
         3rd Floor, Lydiard House
         17 Lydiard Street North
         Ballarat
         Australia


PAUL FERLA: Undergoes Wind Up of Operations
-------------------------------------------
At an extraordinary general meeting held on August 14, 2006, the
sole member of Paul Ferla Constructions Pty Ltd resolved to
voluntarily wind up the company's operations.

Creditors appointed Andrew McLellan as liquidator during their
meeting held that same day.

The Liquidator can be reached at:

         Andrew McLellan
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


PREMIER BUTCHERY: Liquidation Petition Hearing Set on Sept.21
-------------------------------------------------------------
Countrywide Meats Ltd filed before the High Court of Auckland a
liquidation petition against Premier Butchery Ltd on June 14,
2006.

The petition will be heard on September 21, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         J. W. Chapman
         Knight Coldicutt, Solicitors
         Shed 20, Princes Wharf
         Quay Street, Auckland
         New Zealand


RUSSELL & COHEN: Creditors' Proofs of Debt Due on September 19
--------------------------------------------------------------
Russell & Cohen Pty Limited will declare the first and final
dividend on October 10, 2006, for its preferred creditors.

Creditors' proofs of debt must be filed by September 19, 2006,
to be included in the company's distribution of dividend.

The Liquidator can be reached at:

         David Leigh
         SimsPartners
         Suite 6A, 10-12 Short Street  
         Port Macquarie, New South Wales 2444
         Australia


S8 LIMITED: C. Scott will be MFS Managing Director
--------------------------------------------------
A number of refinements have been made by S8 Limited and MSF
after their joint announcement with regard to the MFS's proposed
takeover of S8.

The Troubled Company Reporter - Asia Pacific reported on
September 5, 2006, that MFS revealed its proposed merger with S8
Limited, estimated to be worth AU$1.7 billion.

In an update, it was confirmed that S8 Managing Director Chris
Scott will become an executive director of MFS, responsible for
the travel division.  This position will allow Mr. Scott to
oversee groups like Travelscene Amex and Harvey World Travel.

However, all S8 accommodation business will be merged with the
Stella Resorts Group, under the control of MFS Tourism Chief
Executive Officer Rolf Krecklenberg.

Mr. Scott stated that he will escrow all MSF shares issued as a
result of the proposed takeover until 30 days after the release
of the 2007 financial results.  Mr. Scott will be committed in
his position as an executive until that time.

Michael King and Phil Adams have for themselves and for
Blackteak Pty Ltd, Moonlight Pty Ltd, Australasian Investments
Limited, and Fortmore Pty Ltd to escrow their 24.6% MFS shares
in the merged entity 30 days after the release of the 2007
financial results.

The S8 Board has also confirmed that it will only be obliged to
recommend the bid in the event the volume weighted average price
of the MFS share offered for each S8 share exceeded AU$4.28.

MFS Managing Director Phil Adams state that "this demonstrates
an increased commitment on the part of key stakeholders to
deliver the full benefits of the merger to all shareholders."

This latest news follows days after S8 announced that Gulliver's
CEO Bruce Cotterill would become Executive Director of MFS.

                        About S8 Limited

S8 Limited -- http://www.s8.com.au/-- is based in Queensland,  
Australia.  It was listed as a publicly owned company on the
Australian Stock Exchange in 2001 and has since added properties
under its management in various geographical locations.

                          *     *     *

On July 24, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from The Courier-Mail, saying that the Office of
Fair Trading has commenced a "major investigation" into S8
Limited for allegedly collecting "millions of dollars" in
commissions from holiday unit owners.

According to The Courier-Mail, the probe coincides with claims
of commission "double-dipping," by disgruntled Gold Coast unit
owners, who hired a private investigator to expose allegedly
inflated commissions.

S8 Limited was allegedly reaping holiday letting commissions as
high as 42% by directing reservations through a separate booking
agency it also owns, the TCR-AP noted.


SMARTIRE SYSTEMS: Employs BDO Dunwoody as Accountants
-----------------------------------------------------
SmarTire Systems, Inc., has accepted the resignation of KPMG
LLP, as the Company's independent registered public accounting
firm and engaged BDO Dunwoody LLP, as its new independent
registered public accounting firm for the fiscal year ending
July 31, 2006.

The Company's Audit Committee made the decision to change
independent accountants and that decision was approved, ratified
and adopted by the Company's Board of Directors.

The Company disclosed that, the audit report of KPMG on the
consolidated financial statements as of and for the year ended
July 31, 2004, did not contain an adverse opinion or disclaimer
of opinion and was not qualified or modified as to uncertainty,
audit scope, or accounting principles but was modified as to
uncertainty due to substantial doubt regarding the Company's
ability to continue as a going concern.  The audit report of
KPMG on the consolidated financial statements as of and for the
year ended July 31, 2005, did not contain an adverse opinion or
disclaimer of opinion and was not qualified, but was modified as
to uncertainty due to substantial doubt regarding the Company's
ability to continue as a going concern.

The Company also disclosed that BDO will perform procedures
related to the financial statements included in the Company's
quarterly reports on Form 10-QSB, beginning with, and including,
the quarter ended Oct. 31, 2006.  The Company's Audit Committee
considered BDO's experience and expertise related to public
companies traded on the Over-the-Counter Bulletin Board as well
as reviewed auditor independence issues and existing commercial
relationships with BDO.  The Audit Committee concluded that BDO
has no commercial relationship that would impair its
independence and had the appropriate expertise that the Company
required regarding its current operations.

                     About BDO International

BDO International is a worldwide network of public accounting
firms, called BDO Member Firms, serving international clients.
Each BDO Member Firm is an independent legal entity in its own
country.

At Sept. 30, 2005, the 93 BDO member firms in 105 countries
employed 27,828 professionals in 601 offices throughout Europe,
North and Southern Africa, North America and the Caribbean,
Latin America, the Middle East and the Asia Pacific region.

                  About Smartire Systems Inc.

Based in British Columbia, Canada, SmarTire Systems Inc. (OTC
Bulletin Board: SMTR) -- http://www.smartire.com/-- develops  
and markets technically advanced tire pressure monitoring
systems for the transportation and automotive industries that
monitor tire pressure and tire temperature.  Its TPMSs are
designed for improved vehicle safety, performance, reliability
and fuel efficiency.  The company has three wholly owned
subsidiaries: SmarTire Technologies Inc., SmarTire USA Inc. and
SmarTire Europe Limited.  The company has operations in
Australia and New Zealand.

                         Going Concern

In an addendum to its audit report, KPMG pointed to the
company's uncertainty in meeting its current operating and
capital expense requirements after auditing the Company 's
financial statements for the fiscal years ended July 31, 2005
and 2004.


SOLORA SOUTH: To Declare Dividend on September 20
-------------------------------------------------
Liquidator Vine will declare the first and final dividend for
the creditors of Solora South Proprietary Limited on September
20, 2006, to the exclusion of creditors who are unable to prove
their claims by September 19, 2006,

The Liquidator can be reached at:

         S. W. Vine
         Ground Floor, 200 East Terrace
         Adelaide, South Australia 5000
         Australia


THEATRES INTERNATIONAL: Members and Creditors to Hold Meeting
-------------------------------------------------------------
The members and creditors of Theatres International (Tokyo) Pty
Limited will hold a final meeting on September 22, 2006, at
10:00 a.m. to:

   -- receive the wind-up accounts from the liquidator; and

   -- pass resolution to destroy the books & records of the
      company.

The liquidator can be reached at:

         Peter Rodgers
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


TRANSOL PTY: Receivers and Managers Cease to Act
------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
February 8, 2006, the joint receivers and managers of Transol
Corporation Limited has completed the sale of certain Transol
Group assets to Nestor Incorporated, a listed corporation on the
Nasdaq Exchange.

Accordingly, the Receivers and Managers retired from TCL and its
subsidiary, Transol Holdings Pty Limited.  However, they were
still appointed to Transol Pty Limited and expected to retire on
a later date, the TCR-AP noted.

On August 18, 2006, the Receivers and Managers ceased to act as
receivers and managers of all the assets under the fixed and
floating charge of Transol Pty Limited.

The former Receivers and Managers can be reached at:

         Anthony Milton Sims
         Neil Geoffrey Singleton
         SimsPartners
         Level 24, 264 George Street
         Sydney, New South Wales 2000
         Australia

                         *   *   *

The Troubled Company Reporter - Asia Pacific reported last year  
that Transol Corporation fell into receivership on July 14,  
2005, after the appointment of voluntary administrators on the
same date.


UNITED TOOLING: Shareholders Opt for Voluntary Liquidation
----------------------------------------------------------
On May 30, 2006, shareholders of United Tooling Solutions Ltd
resolved to voluntary liquidate the company and appoint Trevor
Edwin Laing as Liquidator.

Creditors of the company are required to file their proofs of
claim by September 30, 2006, or be excluded from sharing in any
distribution the company will make.

The Liquidator can be reached at:

         Trevor Laing
         Trevor Laing & Associates
         P.O. Box 2468, Dunedin
         New Zealand
         Telephone: (03) 454 4559


W.H. ELECTRICS: Will Declare Dividend on September 29
-----------------------------------------------------
W.H. Electrics (Aust.) Pty Ltd will declare dividend on
September 29, 2006, to the exclusion of creditors who are unable
to prove their claims by September 8, 2006.

The joint and several administrator can be reached at:

         N. Giasoumi
         Dye & Co Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


WAVELENGTH BUILDING: Creditors Must Prove Debts by September 15
---------------------------------------------------------------
Liquidator Anthony Murray Richardson requires the creditors of
Wavelength Building Co Ltd to prove their debts by September 15,
2006.

Failure to show proofs will exclude a creditor from sharing in
any distribution the company will make.

The Liquidator can be reached at:

         A. M. Richardson
         Capital Accounting Associates Limited
         Level Two, Waterside House
         220 Willis Street, Wellington 6011
         New Zealand
         P.O. Box 6696, Marion Square, Wellington 6141
         Telephone: (04) 385 4146
         Facsimile: (04) 385 4246
         Email: julie@tonyrichardson.biz


WELLSFORD PEST: CIR's Liquidation Bid Hearing Set on Sept.7
-----------------------------------------------------------
A petition to liquidate Wellsford Pest Control Ltd will be heard
before the High Court of Auckland today, September 7, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition on June
21, 2006.

The Solicitor for the Petitioner can be reached at:

         David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna, Auckland
         New Zealand
         P.O. Box 33-150, Auckland
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


WESTPOINT GROUP: Court Prohibits Company from Removing Assets
-------------------------------------------------------------
A company linked to Westpoint Group's managing director, Norman
Phillip Carey, has been ordered not to remove assets worth more
than AU$1 million, the Sydney Morning Herald reports.

Federal Court Justice Robert French entered an order restraining
Rold Corp. Pty Ltd from disposing of assets, pursuant to a
request by the Australian Securities and Investments Commission,
the paper relates.

As reported in the Troubled Company Reporter - Asia Pacific on
August 9, 2006, Judge French temporarily froze the assets of two
companies linked to Mr. Carey -- Silkchime Pty Ltd and Rold Corp
Pty Ltd -- at the ASIC's "urgent request."

The TCR-AP said that the counsel for the ASIC, Stephen Owen-
Conway, told the Court that there was a "strong and continued"
risk that the assets might vanish unless orders were made to
freeze and preserve them before the companies could realize
court action is afoot.

The TCR-AP noted that in April 2006, AU$200,000 was transferred
out of Rold, which still held AU$1.1 million in two bank
accounts.

The Australian Associated Press relates that Mr. Owen-Conway
told the Federal Court that Rold had agreed to the terms of an
order that would continue to restrain it "from permitting the
removal of any of its assets."

Justice French also agreed to the order, as well as the
extension, which temporarily freezes orders against Silkchime
until that matter can be debated at a new hearing on November 2,
2006, the AAP relates.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


WINDUELLA (CROOKWELL): Members Resolve to Liquidate Business
------------------------------------------------------------
At a general meeting held on August 21, 2006, the members of
Winduella (Crookwell) Pty Limited passed a special resolution to
voluntarily liquidate the company's business and distribute the
proceeds of its assets.

Subsequently, John Leslie Cousins was appointed as liquidator.

The Liquidator can be reached at:

         John Leslie Cousins
         c/o Herries, Davidson & Co
         32 Clifford Street
         Goulburn, New South Wales 2580
         Australia


WOODBINE PARK: Members Resolve to Close Business
------------------------------------------------
On August 21, 2006, the members of Woodbine Park (Crookwell) Pty
Limited held a meeting and decided to close the company's
business and distribute the proceeds of its assets.

In this regard, John Leslie Cousins was appointed as liquidator.

The Liquidator can be reached at:

         John Leslie Cousins
         c/o Herries, Davidson & Co
         32 Clifford Street
         Goulburn, New South Wales 2580
         Australia


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

ACW CONSULTING: Creditors Must Prove Debts by September 25
----------------------------------------------------------
Creditors of ACW Consulting (H.K.) Ltd are required to submit
their proofs of claim to Joint Liquidator Chan Yuen Bik, Jane by
September 25, 2006.

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

The Joint and Several Liquidator can be reached at:

         Chan Yuen Bik Jane
         ACW Consulting (HK) Limited
         31/F, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


AFFINITY GLOBAL: Creditors Pass Resolution to Wind Up Operations
----------------------------------------------------------------
On August 9, 2006, creditors of Affinity Global Co., Limited
passed a special resolution to wind up the company's operations.

Accordingly, Choi Wai Lung, Edward was appointed as liquidator.

The liquidator can be reached at:

         Choi Wai Lung Edward
         Room C, 2/F
         Wing Tat Commercial Building
         121-125 Wing Lok Street
         Central, Hong Kong


AGILE PROPERTY: Mulls Debut in International Debt Market
--------------------------------------------------------
Agile Property Holdings plans to offer an annual coupon rate of
about 9% on its US$350 million seven-year fixed rate note, The
Standard reports.

Road shows will start within this week in Hong Kong, Singapore
and London, and in New York early next week, the report says.

HSBC and Morgan Stanley were mandated to lead its debut offshore
bond deal, sources told The Standard.

Finance Asia relates that the notes, -- rated at the issuers
ceiling of Ba3/BB rating -- mark the debut of Agile in the
international debt markets.  Agile had already sold its debut
IPO last December -- when it listed on the Hong Kong Stock
Exchange, the paper adds.

Presently, Agile has a market cap of HK$21 billion or US$2.7
billion.

The Troubled Company Reporter - Asia Pacific reported that
Standard and Poors rating services assigned on September 4,
2006, its 'BB' issue rating to a proposed issue of seven-year
US$350 million unsecured fixed-rate notes, redeemable after four
years.

Agile announced earlier that US$160 million of the bond proceeds
will be used for its Chengdu Shuangliu project, US$66 million
for the Nanjing Qinhuai project and US$62 million for the Heyuan
project.  The rest will be used for land acquisition and working
capital.

                          *     *     *

Agile Property Holdings Limited -- http://www.agile.com.cn-- is  
a land developer of Guangdong Province, China.  It was
established in 1985 as a furniture maker in Zhongshan City, and
entered the property business in 1992.  On December 15, 2005,
Agile Property was listed on the Hong Kong Stock Exchange

Agile has a current land bank of 8.3 million square metres.  

As at July 1, it had 26 property development projects in major
cities in the Pearl River Delta region; including Zhongshan,
Guangzhou, Huizhou, and Foshan.

Agile holds a range of properties, such as villas, duplexes,
apartments and condominiums.  Besides residential property
business, Agile is also engaged in the development of commercial
properties, including retail shops and commercial complexes.

Standard & Poor's Ratings Services on September 4, 2006,
assigned its 'BB' long-term corporate credit rating to Agile
Property Holdings Ltd.  The outlook is stable.  At the same
time, it assigned its 'BB' issue rating to a proposed issue of
seven-year US$350 million unsecured fixed-rate notes, redeemable
after four years.


BCV INVESTMENT: Members' Final Meeting Slated for Sept. 29
----------------------------------------------------------
Members of BCV Investment Asia Ltd will convene for their final
meeting on September 29, 2006, 10:00 a.m. at Suite 2302-03 23rd
Floor, Great Eagle Center, 23 Harbour Road, Wanchai, Hong Kong.

At the meeting, Chong Shiao Feng will present a report regarding
the company's wind-up and property disposal activities.


BESTWIN TEXTILE: Shareholders Pass Resolve to Wind Up Operations
----------------------------------------------------------------
On August 21, 2006, shareholders of Bestwin Textile Co. Ltd
passed a special resolution to wind up the company's operations.

Accordingly, Liquidator Fung Tat Man was appointed to oversee
its liquidation.

The liquidator can be reached at:

         Fung Tat Man
         10/F, Xiu Ping Commercial Building
         104 Jervois Street
         Sheung Wan
         Hong Kong


CB RICHARD: Members' Final Meeting Fixed on Sept. 29
----------------------------------------------------
A final members' meeting of CB Richard Ellis Property Management
(China) Ltd will be held on September 29, 2006, 10:00 a.m. at
20/F, Prince's Building, Central, Hong Kong.

During the meeting, Joint Liquidator John Toohey will present a
report regarding the company's wind-up and property disposal
activities.


C.B.M. PROPERTIES: Members Set to Meet on Sept. 30
--------------------------------------------------
Members of C.B.M. Properties Limited will convene on
September 30, 2006, at 28/F., New World Tower, 18 Queen's Road
Central, Hong Kong.

At the meeting, Liquidator Shum Lap Chi will present a report
regarding the company's wind-up and property disposal
activities.


CONSTANT TRAVEL: Liquidator to Present Wind-Up Details
------------------------------------------------------
The members Constant Travel Development will hold a final
meeting on September 25, 2006, at 10:00 a.m. at Room 1512-13,
Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong.

During the meeting, Liquidator Lui Siu Tang will present
accounts of the company's wind up and property disposal
exercises.


DAISYFIELD LIMITED: Appoints Joint Liquidators
----------------------------------------------
Shareholders of Daisyfield Limited appointed Chang Lai Ying and
Lau Kwok Hung as joint and several liquidators on August 16,
2006.

Mr. Chang and Mr. Lau require the company's creditors to file
their proofs of claim by September 25, 2006, for them to share
in any distribution the company will make.  

The Joint Liquidators can be reached at:

         Chang Lai Ying
         2205-06, Island Place Tower
         510 King's Road, North Point
         Hong Kong


FORTUNE MIND: Sole Shareholder Opts for Voluntary Wind-Up
---------------------------------------------------------
The sole shareholder of Fortune Mind Enterprise Limited resolved
on August 16, 2006, to voluntary wind-up the company's
operations and name Stephen Liu Yiu Keung and Robert Armor
Morris as joint and several liquidators.

The Joint Liquidators require the creditors of the company to
prove their claims by September 25, 2006.  Failure to present
proofs of claim will exclude a creditor from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         18/F., Two International Finance Centre
         8 Finance Street Central
         Hong Kong


HARBOUR CRAFT: Members' Final Meeting Slated for Sept. 29
---------------------------------------------------------
Members of Harbour Craft Services Limited will convene on
September 29, 2006, 4:30 p.m. at Rooms 3104-7, 31st Floor,
Central Plaza, 18 Harbour Road, Hong Kong.

At the meeting, Liquidator Wu Wing Kit, will present a report
regarding the company's wind-up and property disposal
activities.

The Liquidator can be reached at:

         Wu Wing Kit
         Rooms 3104-7, 31st Floor
         Central Plaza
         18 Harbour Road
         Hong Kong


HUA XIA BANK: Mulls CNY17-Bil. Debt Issuance to Boost Capital
-------------------------------------------------------------
Hua Xia Bank Co. plans to issue as much as CNY17 billion or
US$2.12 billion of debt "as soon as possible" to boost its
capital adequacy, the Wall Street Journal reports, citing a
senior bank official.

Zhao Jingxue, Hua Xia Bank's board secretary told Wall Street
that the issuance, including subordinated and financial bonds,
will be aimed at keeping the lender's capital adequacy above the
regulatory requirement of 8% and will be carried out quickly
after regulatory approval is received.

Hua Xia Bank has already received shareholder approval to issue
as much as CNY2 billion in subordinated bonds and CNY15 billion
in financial bonds.

Mr. Zhao said "the possibility is not great" for Hua Xia Bank to
issue additional shares on the open market before the end of the
year.

The Wall Street Journal relates that the bank has been seeking
to boost its capital to allow for expansion.  The debt issuance
and the foreign equity investment completed earlier in May
should help achieve that, the paper adds.

The bank's capital-adequacy ratio fell to 8.23% by the end of
last year from 8.61% at the end of 2004.

Hua Xia Bank also said its unaudited first-half net profit was
CNY745 million, up 16% from a year earlier.  The bank said core
revenue rose 28% to CNY8.23 billion.

                          *     *     *

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

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

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

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


KIN TAI: Members Pass Resolution to Wind Up Firm
------------------------------------------------
At a general meeting held on August 17, 2006, members of Kin Tai
Bonding Technology (F.E.) Limited passed a special resolution to
voluntarily wind up the company's operations.

In this regard, Liquidator Cheuk Yee Man was appointed to
oversee its liquidation.

The Liquidator can be reached at:  

         Cheuk Yee Man
         Room 2810, 28/F
         113 Argyle Street
         Kowloon
         Hong Kong


KOREA INDUSTRIAL: Appoints New Liquidator
-----------------------------------------
Members and creditors of Korea Industrial Leasing Company (Hong
Kong) Ltd. held a general meeting on September 5, 2006, and
appointed Au Kam Ying Grace as liquidator in place of Oh Jae-
Hoon Eugene.

The Liquidator can be reached at:

         Au Kam Ying Grace
         Unit A, 2nd Floor
         Lockhart Centre
         301-307 Lockhart Road
         Wanchai, Hong Kong


LEADEASY CORPORATION: Members Opt for Voluntary Wind Up
-------------------------------------------------------
On July 26, 2006, members of Leadeasy Corporation Limited passed
a special resolution to wind up the company's operations.

Accordingly, Chu King Hei was appointed to oversee the company's
liquidation.

The Liquidator can be reached at:

         Chu King Hei
         Rooms 905-909
         Yu To Sang Building
         37 Queen's Road Central
         Hong Kong


M I L (FAR EAST): Members' Final Meeting Slated for Sept.25
-----------------------------------------------------------
Members of M I L (Far East) Limited will convene for their final
meeting on September 25, 2006, 10:00 a.m. at Floor, Gloucester
Tower, The Landmark, 11 Pedder Street, Central, Hong Kong.

At the meeting, Iain Ferguson Bruce, will present a report
regarding the company's wind-up and the manner its properties
were disposed of.


MINSHENG BANK: Branch Head in Police Custody for Possible Fraud
---------------------------------------------------------------
A branch manager in China Minsheng Banking Corp is under police
custody for suspected fraud, involving CNY56.7 million, the Wall
Street Journal reports.

According to the report, a Shandong province-based company and
five individuals sued Minsheng in a series of cases starting in
January this year to recover funds improperly taken by the
branch manager, Sun Peng.

In a statement, the Shanghai-listed lender said the bank is
working with police to minimize losses resulting from the case
and will continue to strengthen training efforts to improve
incentive structures and risk controls.

The civil lawsuits against Minsheng have been terminated by the
local court, while the police are now conducting a criminal
investigation against Mr. Sun, the statement said.

World Street relates that Chinese regulators and banks are
struggling to clean up a financial system burdened with fraud
and poor lending practices.  Increased spending to modernize
reporting systems and the introduction of modern risk-management
practices have led to some improvement, though the scale of the
problem remains large.

China Securities Regulatory Commission recounts that in the
first half of the year, 480 cases involving fraud or other
financial crimes were discovered in China's bank.  Less than 240
recorded in the second half of 2005.

                          *     *     *

China Minsheng Banking Corporation Ltd's principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term and
long term loans, making domestic and international settlement,
discounting bills and issuing financial bonds.

On September 4, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed on September 5,
2006, China Minsheng Banking Corp.'s Individual D/E and Support
4 ratings.


SHIN MUN: Members' Final Meeting Fixed on September 25
------------------------------------------------------
A final members' meeting of Shin Mun Company Limited will be
held on September 30, 2006, 10:00 a.m. at No. 271 Chung Hsine N.
Street, San Chung City, Taipei Hsien, Taiwan.

During the meeting, Liquidator Sze Lin Tang will present a
report regarding the company's wind-up and its property disposal
activities.


SKYCITY UNIVERSAL: Members Opt for Voluntary Wind-Up
----------------------------------------------------
At a general meeting on June 19, 2006, the members of Skycity
Universal Ltd resolved to wind up the company's business
operations.

Subsequently, Bernie Fuk Yuen Suen was appointed to act as
liquidator.

The Liquidator can be reached at:

         Bernie Fuk Yuen Sun
         Adamsmiller Consultancy Ltd
         10/F., Hong Kong Trade Centre
         161 Des Voeux Road Central
         Hong Kong


TIAN AN: Creditors Must Prove Debts by September 25
---------------------------------------------------
Creditors of Tian An Development Company Limited are required to
prove their debts by September 25, 2006.  Proofs of claim are to
be submitted to Liquidator Lo Wai On.

Failure to prove debts will exclude any creditor from sharing in
any distribution the company will make.

The Troubled Company Reporter - Asia Pacific previously reported
that on August 23, 2006, Tian An's shareholders resolved to
voluntary wind up the company's operations.

The Liquidator can be reached at:

         Lo Wai On
         Room 1901-2
         Park-In Comm. Centre
         56 Dundas Street
         Mongkok, Kowloon
         Hong Kong        


WORLD GRADE: Members' Final Meeting Scheduled On October 3
----------------------------------------------------------
Members of the World Grade Trading Limited will hold a final
meeting on October 3, 2006, 10:00 a.m., at Suite 1, 8/F., New
Henry House, 10 Ice House Street, Central Hong Kong.

At the meeting, Joint Liquidators Chan Cheuk Ying and Lee Cho
Yiu, Julia will present a report regarding the company's wind-up
and property disposal exercises.


WRAY INTERNATIONAL: Members Resolve to Wind-Up Operations
---------------------------------------------------------
On August 18, 2006, members of Wray International Ltd resolved
to voluntary wind-up the company's operations and appoint Wong
Leung Wai as Liquidator.

The Liquidator can be reached at:

         Wong Leung Wai
         Room 2001-4
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


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

AES CORP: IPALCO Enterprises' Current Deficit Up by 69%
-------------------------------------------------------
The AES Corporation's wholly owned subsidiary, IPALCO
Enterprises Inc., saw its liquidity position weaken by 69%,
standing for a US$38.92 million increase in working capital
deficit, from US$56.71 million at Dec. 31, 2005, to
US$95.63 million at June 30, 2006.

The Company had US$179.61 million in current assets and
US$275.25 million in current liabilities at June 30, 2006,
compared with US$204.95 million in current assets and
US$261.66 million in current liabilities at Dec. 31, 2005.

At March 31, 2006, the Company had a US$40.44 million working
capital deficit.

Net cash provided by operating activities was US$144.84 million
for the six months ended June 30, 2006, compared with
US$102.40 million for the same period in 2005.

Net cash used in investing activities was US$115.70 million for
the six months ended June 30, 2006, compared with US$55.50
million for the same period in 2005.

Net cash used in financing activities was US$31.37 million for
the six months ended June 30, 2006, compared with
US$47.35 million for the same period in 2005.

As of June 30, 2006, the Company had cash and cash equivalents
of US$3.8 million and highly liquid short-term investments of
US$1 million.  As of June 30, 2006, Indianapolis Power & Light
Company, a regulated electric utility subsidiary, also had
available borrowing capacity of US$12.7 million under its
US$80 million committed credit facility after outstanding
borrowings of US$66.6 million and existing letters of credit.  
In addition, in July 2006, the Company requested an increase
through a feature in its credit facility to make an additional
US$29.4 million of borrowing capacity available.

IPL has approval from Federal Energy Regulatory Commission to
borrow up to US$500 million of short-term indebtedness
outstanding at any time through July 27, 2008.

In December 2005, IPL filed a financing petition with the
Indiana Utility Regulatory Commission requesting authority to
issue a total of US$60 million of debt in 2006 and to refinance
US$80 million of debt that matures in 2007. An Order was issued
approving its Financing Petition on March 22, 2006.

In May 2006, IPL entered into a new credit agreement in the
aggregate principal amount of US$120.6 million which includes an
US$80 million committed line of credit and a US$40.6 million
liquidity facility.  The committed line of credit also provides
a sub limit for the issuance of letters of credit. The credit
agreement allows the committed line of credit to be increased to
US$109.4 million upon IPL's request.

Accordingly, in July 2006, the Company requested an increase in
its borrowing capacity of US$29.4 million to utilize this
feature.  The maturity date for the new agreement is May 16,
2011.  This agreement replaced two existing 364-day agreements
with an aggregate borrowing capacity of US$115.6 million which
included a US$75 million committed line of credit and a
US$40.6 million liquidity facility.  Additionally, in May 2006,
the Company amended its receivable sale agreement to extend the
maturity date to May 29,
2007.

IPALCO Enterprises Inc. generates, transmits, distributes and
sells electric energy to more than 465,000 retail customers in
the city of Indianapolis and neighboring areas within the state
of Indiana. It is a wholly owned subsidiary of The AES
Corporation.

                        About AES Corp.

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a  
power company with operations in South America, Europe, Africa,
Asia and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, Kazakhstan,
Oman, Qatar, Pakistan, Sri Lanka and India.  Fuels include coal,
diesel, hydro, gas and oil.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'.  Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  The Rating Outlook for all
remaining instruments is Stable.

As reported in the TCR on March 31, 2006, Standard & Poor's
Ratings Services raised its corporate credit rating on
diversified energy company The AES Corp. to 'BB-' from 'B+'.  
S&P said the outlook is stable.

As reported in the TCR on Jan. 11, 2006, Moody's affirmed the
ratings of The AES Corporation, including its Ba3 Corporate
Family Rating and the B1 rating on its senior unsecured debt.  
Moody's said the rating outlook remains stable.


ANDREW CORP: Comsearch Offers Relocation Services to FCC
--------------------------------------------------------
Comsearch, an Andrew Corp. subsidiary, has introduced a turnkey
set of services that will assist winners in the Federal
Communications Commission's advanced wireless spectrum auctions
with deploying new services in a timely and cost-effective
manner.

Comsearch's incumbent relocation solutions are tailored to
address the FCC's requirements for those acquiring 1.7 GHz and
2.1 GHz spectrum, specifically the need to address interference
with existing federal government and commercial systems in those
radio bands.  Comsearch uses its iQ.clearXG software to identify
channels that can be shared without causing interference to 1.7
GHz and 2.1 GHz incumbents.  In instances where spectrum sharing
is not an option, Comsearch will facilitate relocating an
incumbent to a different band through negotiation and project
management.

"Comsearch provides a one-stop relocation solution covering all
stages of the deployment process," said Chris Hardy, vice
president and general manager, Comsearch.  "Comsearch is
uniquely qualified--by virtue of our extensive experience in the
PCS bands, our proprietary software and databases, and our vast
program management resources--to offer the most cost-effective
and time-saving incumbent relocation solutions."

Sharing spectrum between AWS systems and incumbent fixed and
mobile systems in the 1.7 GHz and 2.1 GHz bands, and immediate
relocation of potentially impacted incumbent systems, will be
critical to deployment of new advanced services.  Comsearch's
turnkey offerings for AWS providers, which combine specialized
services, highly accurate databases, and program management
skills, include:

   -- Spectrum sharing studies;
   -- Incumbent negotiation and contract execution;
   -- Relocation program management;
   -- Coordination with federal government and commercial
      incumbents;
   -- System assessment and review;
   -- Frequency clearing for drive testing;
   -- Site audits and radio frequency measurements.

"No one is more qualified in spectrum management and the AWS
process than the people of Comsearch," Mr. Hardy said.  "For
more than 29 years, we have addressed the specific challenges of
identifying, analyzing, and resolving radio frequency
interference for an evolving wireless industry. We look forward
to supporting auction winners, as we have done in the past, to
meet their unique deployment requirements."

                         About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in India and China.  Andrew is
an S&P 500 company founded in 1937.

                          *     *     *

Standard & Poor's Ratings Services retained on Aug. 7, 2006, its
'BB' ratings on Westchester, Illinois-based Andrew Corp. remain
on CreditWatch, where they were placed with positive
implications on May 31, 2006; the implications are revised to
developing from positive.

The revision reflects an unsolicited offer by CommScope Inc. to
acquire Andrew for approximately US$1.5 billion cash to Andrew's
shareholders, which represents a US$400 million premium to the
current equity value of Eden Prairie, Minnesotta-based ADC
Telecommunications Inc.'s shares.  Additionally, CommScope would
assume Andrew's debt. ADC had initially agreed to merge with
Andrew on a stock-for-stock transaction on May 31, 2006.


ANDREW CORP: Repurchases 2.4 Mil. Shares at US$9.10 Per Share
-------------------------------------------------------------
Andrew Corp. has repurchased 2.4 million shares of common stock
at an average price of US$9.10 per share, including commissions
and fees, during the last three weeks.  Total shares repurchased
under the company's previously authorized share repurchase
program represent approximately 1.5% of the 159.7 million shares
outstanding at June 30, 2006.  Following the recent open market
transactions during the company's fiscal fourth quarter, the
company has 7.4 million shares remaining available for
repurchase under its share repurchase program.

"We believe the share repurchase program demonstrates our
confidence in the long-term growth and margin expansion
opportunities of the company," said Ralph Faison, president and
chief executive officer of Andrew Corporation.  

"We believe the strength and value of Andrew is not accurately
reflected by the market and that share repurchases are an
effective use of capital to build long-term shareholder value."

The timing and amount of any future share repurchases will be at
the company's discretion, subject to market conditions and other
factors, and may be suspended or discontinued at any time.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in India and China.  Andrew is
an S&P 500 company founded in 1937.

                          *     *     *

Standard & Poor's Ratings Services retained on Aug. 7, 2006, its
'BB' ratings on Westchester, Illinois-based Andrew Corp. remain
on CreditWatch, where they were placed with positive
implications on May 31, 2006; the implications are revised to
developing from positive.

The revision reflects an unsolicited offer by CommScope Inc. to
acquire Andrew for approximately US$1.5 billion cash to Andrew's
shareholders, which represents a US$400 million premium to the
current equity value of Eden Prairie, Minnesotta-based ADC
Telecommunications Inc.'s shares.  Additionally, CommScope would
assume Andrew's debt. ADC had initially agreed to merge with
Andrew on a stock-for-stock transaction on May 31, 2006.


CELLCAST PLC: Posts GBP1.8 Million Net Loss in 2006 First Half
--------------------------------------------------------------
Cellcast plc disclosed its interim results for the six months
ended June 30, 2006.

"With the Board having taken the necessary steps to restore the
profitability of our UK operations, and with an increasing
proportion of our revenues coming from international markets, I
feel confident that Cellcast will prosper in this exciting
marketplace," Julian Paul, Chairman of Cellcast plc, said.

"The first half of 2006 has been a very challenging period for
the Company due to external events that effected our UK
operations.  [The] Board reacted both swiftly and positively to
counter this temporary set-back and as a result stability is now
being restored to our UK operations.  Importantly, during this
period the Board remained focused on the continuing successful
international roll-out and this is reflected in our results,"
Mr. Paul said.

                     2006 Interim Results

For the six months ended June 30, 2006, the company posted an
unaudited GBP1.8 million net loss on GBP820,592 in gross profit,
compared with a GBP506,184 net loss on GBP1.4 million in gross
profit for the same period last year.

At June 30, 2006, the company's unaudited balance sheet showed
GBP6.1 million in total assets, GBP4.1 million in total
liabilities and GBP1.9 million in stockholders' equity.

Turnover both in the UK and internationally, totaling GBP9.6
million, was up substantially on last year's GBP5.8 million for
the same period.  However, the Sky Electronic Programming Guide
(EPG) reorganization that took place in March and April this
year had a negative impact on the Group's profitability.  The
EPG reorganization has created scheduling inefficiencies and has
made navigation difficult for the regular viewers of the
Company's programs. These issues have led to the Company
incurring higher than foreseen costs and have resulted in the
Company reporting a larger than anticipated loss before tax for
the six months to June 30, 2006, of GBP2 million (2005:
GBP539,000).  Losses at the EBITDA level were GBP1.6 million
(operating loss of GBP2 million, less depreciation and
amortisation of GBP285,000 and minority interest share of
overseas losses of GBP142,000).  The equivalent figure for the
six months to June 30, 2005, was an EBITDA loss of GBP327,000.  
No dividend is proposed (2005: GBPnil).

The Company has moved quickly to counter the effect of the EPG
changes, having introduced new formats, redeployed bandwidth and
increased marketing of all its channels to help viewers locate
them on the EPG.  In addition, the Company has reduced
production costs as well as operating expenses, which will
provide significant cost savings in the future.  The Board
believes it is unlikely that Sky Digital will implement another
similar EPG reorganization in the foreseeable future.

The Directors also believe that good progress has been achieved
in the development of Cellcast's international operations,
which, from a negligible base last year, accounted for some 25%
of revenues in the first half of 2006.  Building on momentum
from the second quarter, the Directors expect that the Company's
international operations will represent a rapidly growing
proportion of overall revenues in the second half of 2006.

"The expansion of our international presence at relatively low
cost not only is a demonstration of the scalability of the
Company's business model, but also of the versatility and
straightforward implementation of its technologies, usually in
partnership with local broadcasters," Mr. Paul added.

The company is actively involved in France, Ukraine, across the
Middle East, India, China, Malaysia, Thailand, Indonesia,
Argentina, Brazil and USA.  The Company's emphasis lies in those
markets where mobile phone penetration is growing rapidly.  

                           Outlook

"With the Board having taken the necessary steps to restore the
profitability of our UK operations, and with an increasing
proportion of our revenues coming from international markets, I
feel confident that Cellcast will prosper in this exciting
marketplace," Mr. Paul said.

                         About Cellcast

Headquartered in London, United Kingdom, Cellcast plc --
http://www.cellcast.com/-- has developed strategies for  
integrating mobile content into the multi-channel TV
environment.  Its applications and programming are already
building new traffic for mobile networks and generating
significant revenue for its broadcast partners in Europe, the
Middle East and Asia.  Cellcast also has a presence in Mumbai,
India.

                          *     *     *

As reported in TCR-AP on Sept. 5, 2006, Cellcast PLC said it
intends to place 16,040,384 new ordinary shares in order to
raise approximately GBP1.3 million and avert a possible
liquidation, which would unlikely provide any return to
shareholders.


DUNLOP INDIA: Ambattur Plant Restarts Production
------------------------------------------------
Dunlop India's tire manufacturing facility in Ambattur, Chennai,
commenced production on August 27, 2006, almost eight years
after its closure in 1998, The Economic Times reveals.

Dunlop Chairman Pawan K. Ruia told the Economic Times that
production has begun a month ahead of the scheduled opening in
October due to the "cooperation and commitment shown by the
workers."

As reported by the Troubled Company Reporter - Asia Pacific on
August 22, 2006, production at the Ambattur Plant is expected to
kick off with an initial capital of INR50 crore and with a daily
start-up capacity of 40 tonnes, which would be raised to 130
tonnes per day by December 2006.

According to the TCR-AP, the Ambattur Plant will first produce
tires for light commercial vehicles, while tractor tires will be
manufactured later.  Dunlop said that it would sell its products
to original equipment manufacturers.

The products will be introduced to the market by September 15
under the brand name "Donin" in countries in Africa, Europe,
Middle East and Asia, Chennai Online relates.

As for the Sahagunj unit in West Bengal, which commenced
maintenance work in May 2006 after a five-year closure,
production is likely to start from October with the full
production range.

                       About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.

The Company had reported profit until March 1997.  In January
1998, the Board of Directors decided that the Company had become
sick.  The Board of Directors decided to refer the Company to
the Board for Industrial and Financial Reconstruction and
abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.  In January 2006,
the Ruia Group took over the Company and voted to reopen its
plants.  Both the Sahagunj and Ambattur plants were reopened in
April 2006.


DUNLOP INDIA: Sahagunj Plant to Launch New Product Range
--------------------------------------------------------
Dunlop India will manufacture solid tires and a new range of
products at its Sahagunj facility in Tamil Nadu, in addition to
the ones it has been manufacturing, Kolkota Newsline reports.  
The firm's current product line includes conveyor belts, PVC
belts, steel cord belting, hose of all sizes, fan and V belts,
metal & steel bonding, off the road tires and aircraft tires.

According to the report, the Sahagunj unit will start
manufacturing all of Dunlop's product range within three months
from the start of production in October.  Aside from this, the
plant will introduce new products to make Dunlop's business more
viable.

Newsline relates that the company has decided to produce
tubeless solid tires widely used in trolleys for a quick capture
of the market as there are no prominent Indian players in the
segment.  Most of the requirement in India has to be imported
and Dunlop with its brand name is expected to easily capture the
market.  Another segment at which Dunlop is looking is the low
weight truck tires.  Chinese low-weight tires, generally paired
with a normal tire for the rear wheels, have flooded the market.

Dunlop is exploring the possibility of releasing such tires with
a brand name, Newsline says.

As to the production of aircraft tires, the company has resumed
talks with foreign collaborators for technological tie-ups,
Dunlop Chairman Pawan Ruia told Newsline.

The Troubled Company Reporter - Asia Pacific reported on June 8,
2006, that Dunlop was forced to hold-off aircraft-tire
manufacturing talks as United Kingdom's Dunlop Aircraft Tyres
Limited insists on picking a stake in the Indian venture.

The equity sharing issue with Dunlop's U.K. arm has temporary
hampered the firm's plans to make aero-tires at the Sahagunj
Plant.

                        About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.

The Company had reported profit until March 1997.  In January
1998, the Board of Directors decided that the Company had become
sick.  The Board of Directors decided to refer the Company to
the Board for Industrial and Financial Reconstruction and
abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.  In January 2006,
the Ruia Group took over the Company and voted to reopen its
plants.  Both the Sahagunj and Ambattur plants were reopened in
April 2006.


HINDUSTAN MOTORS UTTAPARA: Formulates Revival & Renewal Plan
------------------------------------------------------------
Hindustan Motors Ltd has developed a comprehensive "Revival &
Renewal Proposal" that would bring its automotive industrial
complex at Uttapara back to profitability and financial health.

Under the proposal, Hindustan Motors Uttapara will:

     -- diversify and expand into the Auto Component Sector by
        developing a modern and large sized automotive forgings,
        castings and stampings business by cost effectively
        leveraging existing facilities and infrastructure;

     -- sustain the existing vehicle business by expanding
        range and upgrading technology; and

     -- transform work practices in line with best in class in
        the auto industry to achieve competitiveness in quality
        cost and delivery.

McKinsey & Co. and other reputed consultants have forecast auto
component exports from India to grow manifold from current
levels of US$1.5 billion.  Hindustan Motors Uttapara is well
placed to ride this growth wave.  The company has piloted this
approach over the past few months and response from original
equipment manufacturers both in India and Europe has been
heartening.

Hindustan Motor's Uttapara facility was established in 1948 and
developed as a fully integrated automotive industrial complex
and township.  For many decades this plant has been a
significant contributor to the State of West Bengal by bringing
in technology and capital, generating direct and indirect
employment and contributing through direct and indirect taxes.  
Post liberalization and opening up of the economy, the unit
handicapped by legacy costs and systems, experienced a whole new
set of challenges and sustained financial stress.  Given this
back drop to fund the expansion and diversification program, the
company had applied to the State Government, seeking permission
for alternate use of 314 acres.

It has been reported that the West Bengal Government, through a
communique to a syndicated news agency, has indicated that the
above application is being approved, under the West Bengal
Industrial Renewal Scheme 2001 & as per West Bengal Land Reforms
Act 1955.  The company is awaiting formal communication.

The company's application envisages development of 314 acres of
land, over a four- to five- year period, into a World Class
Integrated IT & ITES Township and Auto Anciliary Park.  IT, ITES
& Auto Ancillary are three of the fastest growing sectors and
such a development will also maximize socio-economic benefits to
Uttapara and the neighboring belts.

                          *     *     *

Hindustan Motors Limited is an automobile manufacturing company
in India.  The Company produces automobiles, earthmoving
equipment like dump trucks, loaders, crawler tractors,
excavators, specialty vehicles and aggregates, automobile
transmission products including off-highway automatic/powershift
transmission products, and power units.

The Automobile division at Uttarpara, West Bengal near Kolkata,
is engaged in the manufacture of Passenger Cars-Ambassadors,
Contessa and Multi Utility Vehicles-Trekker, Porter and Pushpak.


SILICON GRAPHICS: Wants Court Nod on Revised KPMG Hourly Rates
--------------------------------------------------------------
Silicon Graphics, Inc., and its debtor-affiliates seek authority
from the United States Bankruptcy Court for the Southern
District of New York to supplement and clarify its application
to employ KPMG LLP, solely with respect to the rates under which
the firm will provide accounting and audit services.

Barry Weinert, Esq., vice president and general counsel of
Silicon Graphics, Inc., relates that the Debtors and KPMG
executed a revised engagement letter to accurately reflect the
firm's customary hourly rates.

No other changes were made, Mr. Weinert tells Judge Lifland.

The revised rates reflect a nonmaterial increase from the
previously disclosed rates and the Debtors will continue to
receive a 15% discount, Mr. Weinert further explains.

The revised rates are:

       Professional                           Hourly Rate
       ------------                           -----------
       Partners/Directors                     US$660 to US$780
       Directors/Senior Managers/Managers     US$495 to US$750
       Senior/Staff Accountants               US$250 to US$470
       Paraprofessionals                      US$100 to US$195

                     About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for Chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation
   * Silicon Studio, Inc.
   * Cray Research America Latina Ltd.
   * Cray Research Eastern Europe Ltd.
   * Cray Research India Ltd.
   * Cray Research International, Inc.
   * Cray Financial Corporation
   * Cray Asia/Pacific, Inc.
   * ParaGraph International, Inc.
   * WTI-Development, Inc.

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.


SILICON GRAPHICS: Taps Paul Hastings as Special IP Counsel
----------------------------------------------------------
Barry Weinert, Esq., vice-president and general counsel of
Silicon Graphics, Inc., recounts that the Debtors have employed
Morgan, Lewis & Bockius LLP as their special intellectual
property counsel.  Due to a conflict of interest, however,
Morgan Lewis cannot represent the Debtors with respect to
certain matters.

The Debtors seek the United States Bankruptcy Court for the
Southern District of New York's permission to employ Paul,
Hastings, Janofsky & Walker LLP, as their special intellectual
property counsel, nunc pro tunc to August 1, 2006.

Mr. Weinert notes that the roles of Morgan Lewis and Paul
Hastings will be circumscribed to the greatest extent possible
to prevent unnecessary duplication of services.

Ronald S. Lemieux, a partner of Paul Hastings, has represented
one or more of the Debtors on a wide variety of patent
litigation matters over the last 15 years, Mr. Weinert tells the
Court.  The Debtors anticipate that LG Electronics, Inc., may
commence a patent infringement action against them regarding
eight patents.  Mr. Lemieux and his team are familiar with some
of the asserted patents, Mr. Weinert explains.

According to Mr. Weinert, Paul Hastings is well qualified to
represent the Debtors because of (i) the firm's extensive
expertise, experience and knowledge in the field of intellectual
property, and (ii) Mr. Lemieux's familiarity with the Debtors,
their business, and some of the asserted patents.

As IP Counsel, Paul Hastings will:

    (a) evaluate the impact of certain patents on the Debtors'
        business and reorganization plan;

    (b) defend the Debtors in the event that LGE commences any
        action or litigation in connection with its claims;

    (c) advise and counsel the Debtors on issues relating to
        certain patents, including litigation, negotiation,
        interpretation, and resolution of any disputes related
        to the patents; and

    (d) perform any other necessary legal services in
        furtherance of the firm's role as special counsel for
        the Debtors.

Paul Hastings' professionals will be paid based on their
customary hourly rates:

       Partners                               US$510 to US$750
       Counsel                                US$495 to US$730
       Associates                             US$260 to US$560
       Paraprofessionals and Staff             US$70 to US$285

The firm's attorneys expected to be most active in the Debtors'
Chapter 11 cases and their current hourly rates include:

       Ronald S. Lemieux                              US$685
       Terry D. Garnett                               US$575
       Vincent Yip                                    US$575
       Michael Edelman                                US$550
       Peter Weid                                     US$510
       Jay Chiu                                       US$490
       Vid Bhakar                                     US$485
       Todd Snyder                                    US$395
       Hua Chen                                       US$395
       Daniel Prince                                  US$350

The Debtors will reimburse the firm's reasonable, out-of-pocket
expenses.

Mr. Lemieux assures the Court that Paul Hastings does not
represent or hold any interest adverse to the Debtors or their
estates.  Other than Ableco Finance LLC and General Electric
Capital Corporation, Paul Hastings does not and will not seek to
represent any entity or individual adverse to the Debtors in
their Chapter 11 proceedings, Mr. Lemieux tells Judge Lifland.

The firm's representation of Ableco and GE has been disclosed to
the Debtors.  The firm has asked the Debtors and the adverse
parties for their confirmed consent to the representation and
their consent to waive any actual or potential conflict-of-
interest arising from it, Mr. Lemieux relates.  In addition,
Paul Hastings has established special procedures to segregate
and insulate the firm's attorneys involved in representing the
Debtors and the documents, files and information relating to the
Debtors, from disclosure to any adverse party.

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for Chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation
   * Silicon Studio, Inc.
   * Cray Research America Latina Ltd.
   * Cray Research Eastern Europe Ltd.
   * Cray Research India Ltd.
   * Cray Research International, Inc.
   * Cray Financial Corporation
   * Cray Asia/Pacific, Inc.
   * ParaGraph International, Inc.
   * WTI-Development, Inc.

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.


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

GENERAL NUTRITION: Aborted IPO Prompts S&P to Affirm B Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' corporate credit rating, on Pittsburgh,
Pennsylvania-based General Nutrition Centers Inc.

The ratings are removed from CreditWatch, where they were placed
with positive implications on June 19, 2006.  The outlook is
stable.

"The rating actions reflect the withdrawal of the company's
planned IPO," said Standard & Poor's credit analyst Ana Lai.

If completed, the IPO could have resulted in an upgrade.

The stable outlook reflects GNC's improved operating performance
for the past three quarters due to solid comparable-store sales
growth and better margins.  U.S.-based company-owned stores
experienced 11.5% comparable-store growth for the quarter ended
June 30, 2006; U.S. franchised stores posted 5.9% growth.

For the six months ended June 30, 2006, EBITDA increased to
about US$79 million from US$58 million a year ago. Profitability
improved due to positive sales leverage as well as lower selling
expenses, and operating margins increased to about 10% from 9% a
year earlier.  With better cash flow, total debt to EBITDA
(adjusted for operating leases) declined to 5.6x, from 6.5x at
Dec. 30, 2005.

Despite GNC's position as a large player with a worldwide
network of more than 5,800 locations, the company remains
vulnerable.  The nutritional supplements industry is very
fragmented and GNC faces significant competition from other
specialty retailers, drugstore chains, and mass merchants, as
well as independents.  Mass merchants and drugstores exert
significant margin pressure on commodity products, such as
vitamins and minerals, while specialty retailers like Vitamin
Shoppe Industries Inc. target sophisticated vitamin, mineral,
and supplement users.

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of  
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The  company sells its products
through a worldwide network of more  than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and  
manufacturing/wholesale.

GNC's Asian operations include those in Indonesia and the
Philippines.


MEDIA NUSANTARA: Deutsche Bank Prices US$168 Million Deal
---------------------------------------------------------
AAA Securities and Deutsche Bank have officially priced a
US$168-million five-year offering for PT Media Nusantara Citra,
Finance Asia reports.

Deutsche Bank was the sole bookrunner of the deal.

The deal represents the first publicly sold Asian high-yield
deal since Arpeni Pratama Ocean Line's US$160-million seven year
non-call four year from Citigroup back in April.

Media Nusantara still has to set yield guidance on the five-year
bond, which was given a B+ rating by Standard & Poor's Rating
Services, although there are speculations that it would produce
a yield of up to 10%.

Finance Asia explains that the B+/B1 rated deal prices in line
with revised guidance and at a size that fulfills the borrowers
revised refinancing and general capex requirements.  The notes
closed at a price of 98.126% with a semi-annual coupon of 10.75%
to yield at 11.25%, equivalent to a spread of 654bp over U.S.
Treasuries.

The final order book came two-times oversubscribed with 39
investors taking part.

Geographically, the deal was sold 29% into Singapore, 20% into
Europe, 15% into Hong Kong, another 15% went to Indonesian
accounts, 10% went to U.S. accounts, 7% went to U.K.-based books
with the remaining 4% going to Japan.

By account type, 49% went to fund managers, 27% went to banks,
14% went to corporates, with the remaining 10% going to retail
and insurance accounts.

The order book is an interesting mix of investors that are
typically unforthcoming with high-yield offerings, giving it a
very solid make-up.  Usually, deals of this kind have a tendency
to have a larger percentage of trading accounts or hedge funds,
which were noticeably absent from this trade.

The TCR-AP reported on August 8, 2006, that Media Nusantara
Citra offered a bond issuance worth IDR2.08 trillion to
investors, and has so far attracted IDR1.36 trillion in orders.  
Proceeds from the bond will mainly be used to refinance existing
debt, the planned acquisition of a 40% stake in Indovision, a
local pay-TV company, and general corporate purposes.

Finance Asia explains that although the deal lacks any
definitive comparables, investors were mostly looking at
existing Indonesian high-yield corporates Lippo Karawaci,
Davomas and Gajah Tunggal.

Lippo's deal, a B2/B+ rated US$250 million five-year offering
completed in March, was quoted at the mid-10% level when MNC
priced.  However, Lippo can be expected to trade at a tighter
level than MNC as it has a higher Moody's rating and is a much
larger listed company with a long operating history well known
to offshore investors.

Davomas has a five-year US$125 million B+ rated deal that
matures in 2011. That was trading at 11.30%.

Gajah Tunggal's deal, a US$325 million five-year B2/B deal is
trading at 12.25%.

Additionally, the markets were also focused on two other deals
that were in the market along with MNC.  Citigroup was marketing
a proposed deal for Noble Finance, an Indonesia real estate
holding company.  That deal, a US$150 million five-year single-B
(S&P/Fitch) transaction was initially offered to investors in
the 11.5% area.  Credit Suisse and UBS was in the market with a
three-year deal for Indonesian retailer Matahari looking to
price at 11%.  However, both of those deals have since been
shelved.  

                     About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra --
http://www.mnc.co.id/-- is an integrated media company with    
operations in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
September 1, 2006, that Moody's Investors Service affirmed its
provisional (P)B1 corporate family and bond rating on PT Media
Nusantara Citra.  This follows the company's announcement that
the bond size to be issued will reduce to up to US$182 million
from the initial proposed US$230 million.  The ratings outlook
is stable.

The TCR-AP also reported that  Standard & Poor's Ratings
Services affirmed its 'B+' rating on senior secured debt of up
to US$182 million to be issued by Media Nusantara Citra's
wholly-owned subsidiary, Media Nusantara Citra B.V.  The notes
are unconditionally and irrevocably guaranteed by MNC and some
of its subsidiaries, excluding PT Rajawali Citra Televisi
Indonesia and PT Cipta Televisi Pendidikan Indonesia.  The size
of the issue has been reduced from the initial proposed amount
of US$230 million as the company delays entering its pay TV
business.


PAKUWON JATI: Moody's Assigns 1st-Time Provisional (P)B2 Rating
---------------------------------------------------------------
Moody's Investors Service has assigned its Provisional (P)B2
corporate family rating to PT Pakuwon Jati, Tbk.  At the same
time, Moody's has assigned its (P)B2 senior unsecured rating to
Pakuwon Jati Finance BV's proposed US$120 million bond issuance,
which will be guaranteed by Pakuwon and PT Artisan Wahyu.  AW
will become Pakuwon's subsidiary subsequent to the acquisition
of newly issued shares from AW.  The outlook for both ratings is
stable.  This is the first time that Moody's has assigned
ratings to Pakuwon.

The bond proceeds will be used to partly refinance the company's
US$40 million existing debt and the rest for capex.  Moody's
expects to affirm the ratings and remove them from their
provisional status upon completion of the proposed bond
issuance.

"Pakuwon's significant capex plan and the associated execution
risk are partially offset by the stable and reliable cash flow
from existing operations as well as its proven operating record
and experienced management", says Jeffrey Lam, Moody's lead
analyst for the company.

"The company's financial profile, post-restructuring and after
adjustments for the mandatory convertible bond, is appropriately
positioned at the B2 rating," adds Lam.

The (P)B2 rating reflects Pakuwon's established recognition in
the market and branding in Surabaya, underpinned by a successful
track record in large-scale mixed development and management.
Its business focus remains in the property sector, principally
in Indonesia's fast-growing and largest cities, while existing
operations offer moderate diversification and stable recurring
income.  Growth prospects and supply-demand dynamics further
support medium-term growth for its key industry segments.

At the same time, the above factors are offset by Pakuwon's
significant capex plan to support superblock and township
expansion, which increases its exposure to cyclicality and
development risk.

The rating also considers Pakuwon's small market size, operating
scale and domestic focus that leads to concentration risk and
exposure to the uncertainties associated with Indonesia.  Its
aggressive capital structure with limited financial flexibility,
significant reliance on successful completion of the proposed
bond issuance, achievement of a pre-sale schedule to fund its
sizable committed business plan, and foreign currency exposure
post bond issuance are also important considerations for the
rating.

Moody's notes the company treats its mandatory convertible bond
issued by AW as equity.  In accordance with Moody's methodology
for hybrid securities analysis, the MCB has been given Basket B
(75% debt-like) treatment, which has a moderate credit impact on
its already highly leveraged ratios.  In determining the
appropriate basket on the debt-equity continuum, Moody's
considers the basic characteristics of the MCB, including
maturity, call options, conversion options, deferral mechanisms,
and priority of claim in liquidation.  All relevant ratios,
which include either debt or equity, are adjusted accordingly to
reflect adjustments for MCB and its impact on the company's
capital structure.

The rating outlook is stable, reflecting the steady recurrent
rental income from Pakuwon's existing operations in Surabaya, as
well as Moody's expectation that the company will successfully
achieve its sales plan and manage the development expenses and
associated risks of its new projects.

The ratings could experience upward pressure if Pakuwon
successfully:

   1) establishes a sustainable track record in maintaining a
      stable financial profile through Indonesia's property
      cycle;

   2) demonstrates an ability to achieve its sales projections
      over the next 2-3 years; and

   3) manages to strengthen its liquidity position by building
      up its balance sheet liquidity or putting in place
      appropriate committed bank facilities.

In terms of financial metrics, Moody's sees adjusted leverage
consistently below 50%, OCF/adjusted debt over 25-30% and
OCF/interest above 3.5 - 4x as signals for considering an
upgrade.

On the other hand, the B2 rating could undergo a downgrade if
adjusted leverage rises above 60%, OCF/adjusted debt drops below
10-15% and OCF/interest drops under 2-2.5x on a consistent
basis.  This could be a result of:

   1) significant capex spending due to aggressive land
      acquisitions and/or debt-funded investments/acquisitions;

   2) lower-than-expected pre-sales proceeds and/or a slower-
      than-projected pre-sales schedule due to market
      adversities;

   3) negative changes in the economy and/or property market of
      Indonesia; or

   4) a material depreciation of the Rupiah, therefore
      increasing the company's debt-servicing obligations.

Headquartered in Surabaya, Indonesia, PT Pakuwon Jati Tbk is
engaged in the development, management and operation of shopping
centers, office buildings, hotels and residential, mainly in
Surabaya, East Java.  The company was listed on the Jakarta
Stock Exchange in 1989.


SHAW GROUP: IIS to Improve Transactional Business Processes
-----------------------------------------------------------
Image Integration Systems aka IIS, disclosed that its DocuSphere
software suite will provide an integrated workflow and document
management solution to improve transactional business processes
at The Shaw Group.

The Shaw Group will implement the DocuSphere software throughout
the Accounting Department for all of The Shaw Group's 170
locations worldwide.  The software is expected to improve key
transactional business processes, especially Accounts Payable
(A/P) and billing.

The IIS solution for The Shaw Group includes DocuSphere
Workflow, DocuSphere Auto Voucher, DocuSphere Electronic Report
Management and DocuSphere for Documentum, which provides an
interface to The Shaw Group's existing Documentum document
repository from EMC.  The DocuSphere JDE Integration module will
be implemented to provide seamless interaction with The Shaw
Group's current ERP system, Oracle JD Edwards World.

"The Shaw Group selected Image Integration Systems because IIS
has an impressive track record of improving the transactional
processes of companies in the construction industry," said James
Sabin, Vice President & Director of Business Systems, The Shaw
Group.  "We expect IIS DocuSphere software to enhance accounting
processes throughout the company, which will help us improve
productivity and accuracy, strengthen our document tracking
abilities, and ultimately create significant value and cost
savings compared to the current processes."

The initial planning and business process redesign work for the
solution is currently underway.  The solution is expected to go
live early in 2007.

IIS will work with Trinity Technologies, a leader in
configuring, customizing and implementing the Documentum content
management system, to integrate the IIS DocuSphere solution with
The Shaw Group's existing Documentum document management
software and repository.

"Image Integration Systems is excited to be working with The
Shaw Group to enhance and strengthen its Accounting system,"
said Bradley White, President of Image Integration Systems.  
"The Shaw Group is highly regarded, and ranks as one of the
largest construction companies in the United States. IIS is
pleased to help the company improve its process efficiencies and
effectiveness, resulting in improved relations with both
customers and vendors."

                      About Shaw Group

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading  
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in North America, Europe, the Middle
East and the Asia-Pacific region, including China, Malaysia, and
Indonesia.

On July 27, 2005, Shaw Group was assigned a BB rating by
Standard & Poor's.


SHAW GROUP: Secures US$250MM Tech Assistance Contract from FEMA
---------------------------------------------------------------
The Shaw Group Inc. disclosed its Environmental & Infrastructure
business unit has been awarded an Individual Assistance
Technical Assistance Contract (IA-TAC) by the Federal Emergency
Management Agency or FEMA.  The US$250 million indefinite
delivery/indefinite quantity (ID/IQ) contract will be in effect
over a 2-year period starting in August 2006.  The IA-TAC, which
was awarded through a full and open competitive process, is
intended to support FEMA's implementation of the Agency's
Individual Assistance programs.

The work to be performed would include consulting, technical,
and project management services in response to small, mid-size,
large, and catastrophic disasters in the United States.   
Specific tasks would include site assessments, inspections,
planning, staging operations, design, construction,
installation, and maintenance of temporary housing areas.  The
scope of services would also include the establishment and
operation of a disaster-specific, toll-free call center and
supporting other FEMA disaster operations.

Shaw will support FEMA's ability to care for disaster victims,
providing immediate relief to those in need of basic life
support including food, shelter, and medical attention.  Under
this contract, the Shaw team is prepared to support multiple,
concurrent, and simultaneous tasks, nationwide with local
workforce and small business support in the affected areas.

The new IA-TAC program includes expedited task order
finalization procedures, which should provide for improved task
order, documentation and payment processes, to allow Shaw and
FEMA to better assist individuals and communities in need.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of
Shaw, said, "I have never been more proud of the Shaw team than
I was this past hurricane season when Shaw employees worked
tirelessly in relief and response efforts to Hurricanes Katrina,
Rita and Wilma.  A large part of that work was our IA-TAC tasks
to provide quality temporary housing for displaced persons.  
That mission is ongoing even as we put in place this new
contract which covers the next two years."

Mr. Bernhard continued, "We are very pleased to continue our
work with FEMA and excited about the opportunity to build upon
our past successes and support FEMA's mission going forward.  We
are confident that with FEMA's new contracting program and the
lessons learned from our past projects, FEMA and Shaw are even
better positioned to respond and perform when another crisis
situation occurs."

                      About Shaw Group

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading  
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in North America, Europe, the Middle
East and the Asia-Pacific region, including China, Malaysia and
Indonesia.

On July 27, 2005, Shaw Group was assigned a BB rating by
Standard & Poor's.


SHAW GROUP: Appoints Michael Mancuso to Board of Directors
----------------------------------------------------------
The Shaw Group Inc. named Michael J. Mancuso to the company's
Board of Directors.  Mr. Mancuso is an aerospace, engineering,
and manufacturing industry veteran with over forty years of
corporate management experience particularly in the areas of
financial controls, accounting, and reporting for large complex
contracts, programs, and organizations both domestic and
international.  With the addition of Mr. Mancuso, Shaw's Board
of Directors now has nine members.  He will serve on the board's
audit committee.

Mr. Mancuso recently retired from General Dynamics, a leading
supplier of high-level defense systems to the United States and
its allies, where he served as Senior Vice President and Chief
Financial Officer.  In this role, he was responsible for
corporate-wide financial management, consolidation and
reporting, information systems and real estate.  Mr. Mancuso
also had operations management responsibility for the company's
Resources group in aggregates and coal.  He was named Chief
Financial Officer of the company in 1994 and was elected Senior
Vice President by General Dynamics' board of directors in March
1997.

Prior to his employment at General Dynamics, Mr. Mancuso held
several senior financial positions with United Technologies
Corp. including Vice President and Controller for UTC's Pratt
and Whitney Commercial Engine business unit.  Mr. Mancuso began
his career with General Electric, where he served over twenty
years in various financial management positions.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of
Shaw, said, "Mr. Mancuso has a remarkable track record in
corporate financial and operations management with organizations
that are similar to Shaw in terms of the complexity of products
and services, rapid growth and global reach.  He will bring a
unique perspective to Shaw's governing body that will complement
our already impressive group of board members.  We welcome
Michael to Shaw and look forward to working with him as we
continue to meet the strategic objectives of our clients while
maximizing return to our valued shareholders."

Mr. Mancuso also serves on the board of directors for SPX Corp.,
a publicly-held industrial manufacturer headquartered in
Charlotte, North Carolina, and Agere Systems, Inc., a publicly-
held global leader in semiconductors for storage, wireless data,
and public and enterprise networks.  He is a native of
Philadelphia, Pennsylvania and holds a Bachelor of Science
degree in business from Villanova University and a Master of
Business Administration degree from Eastern University.

                      About Shaw Group

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading  
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in North America, Europe, the Middle
East and the Asia-Pacific region, including China, Malaysia, and
Indonesia.

On July 27, 2005, Shaw Group was assigned a BB rating by
Standard & Poor's.


SHAW GROUP: Reports US$9.2M Liability For Environmental Cleanups
----------------------------------------------------------------
Shaw Group Inc. recorded US$9.2 million in environmental
liabilities as of May 31, 2006, compared with US$9.7 million at
Aug. 31, 2005.

LandBank Group Inc., a subsidiary of the Company's environmental
and infrastructure segment, acquires and remediates
environmentally impaired real estate.  The Company had US$33
million of these real estate assets at May 31, 2006.

"The real estate is recorded at cost, which typically reflects
some degree of discount due to environmental issues related to
the real estate.  As remediation efforts are expended, the book
value of the real estate is increased to reflect improvements
made to the asset," the Company explained in its July 10, 2006
filing with the U.S. Securities and Exchange Commission.

In addition, LandBank Group records a liability for estimated
remediation costs for real estate that is sold, but for which
the environmental obligation is retained.  The Company also
records an environmental liability for properties held by
LandBank if funds are received from transactions separate from
the original purchase to pay for environmental remediation
costs.

The Shaw Group Inc. provides consulting, engineering,
construction, remediation, and facilities management services to
the environmental, infrastructure, and homeland security markets
worldwide.  

                      About Shaw Group

The Shaw Group Inc. -- http://www.shawgrp.com/-- is a leading  
global provider of technology, engineering, procurement,
construction, maintenance, fabrication, manufacturing,
consulting, remediation, and facilities management services for
government and private sector clients in the energy, chemical,
environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over US$3 billion
in annual revenues, Shaw employs approximately 20,000 people at
its offices and operations in North America, Europe, the Middle
East and the Asia-Pacific region, including China, Malaysia and
Indonesia.

On July 27, 2005, Shaw Group was assigned a BB rating by
Standard & Poor's.


WILLBROS GROUP: Posts US$4.6 Mil. Net Loss in 2006 First Quarter
----------------------------------------------------------------
Willbros Group Inc. (NYSE: WG) has filed its results for third
quarter 2005 on Form 10-Q, for the year ended Dec. 31, 2005, on
Form 10-K and for the first quarter 2006 on Form 10-Q.

The 2005 and 2006 Forms will be available on the Company's Web
site at http://www.willbros.com/

Willbros also reported that its backlog, adjusted for the sale
of the Opal TXP-4 Plant, stood at US$820 million at the end of
March 2006, as compared to US$816 million at Dec. 31, 2005.

"We are moving beyond many of the challenges we have dealt with
over the past eighteen months," stated Michael F. Curran,
Chairman and CEO.

"After a lot of hard work, we believe we have become a more
efficient company, and we are in the process of working through
the majority of the remaining legacy work in Nigeria. We
continue to see increasing opportunities to expand both our
backlog and our revenue at improved contract margins."

                     First Quarter 2006

For the quarter ended March 31, 2006, the Company posted
operating income of US$500,000 on revenue of US$248.5 million.   
Contract costs were US$227.1 million, resulting in a gross
margin of 8.6%.  General and Administrative costs were
US$15.7 million (or 6.3% of revenue).

The tax provision was US$6.0 million primarily due to taxes
payable on a deemed profit basis in Nigeria.  Net loss was
US$4.6 million compared to a net loss of US$9.9 million in the
first quarter of 2005.

International revenue of US$149.9 million increased by
US$62.9 million over the same period in 2005, primarily due to
increased work in Nigeria.  In the United States & Canada,
revenue of US$98.6 million was up US$54.0 million as compared to
results for the same period in 2005, primarily as a result of
increased engineering activities in Tulsa, increased
construction activity at Willbros RPI and increased work in the
oil sands region of Canada.

The increase in contract income of US$4.6 million to
US$21.4 million in the first quarter of 2006 compared to the
same quarter last year was almost evenly split between our
International and United States & Canada business segments.

However, contract margin was down 4.1 percentage points
primarily due to the recent events in Nigeria that resulted in
project delays and additional costs on virtually all projects in
Nigeria.

General and Administrative costs were US$15.7 million for the
first quarter of 2006.  This was a decrease of US$1.4 million or
8% compared to the same quarter of 2005.  This reduction in G&A
costs included increased insurance and additional staffing costs
totaling approximately US$1.5 million.

Depreciation and amortization costs for the period ending
March 31, 2006, were approximately US$5.2 million, compared to
US$5.3 million for the same period in 2005.

The Company recognized a gain of US$2.4 million on the sale of
equipment, primarily the TXP-4 Plant in Opal, Wyoming, partially
offset by net interest and other expense of approximately
US$1.6 million, resulting in other income of US$800,000.

                       Full Year 2005

For the year ended Dec. 31, 2005, Willbros reported an operating
loss of US$16.1 million on US$706.5 million in revenue.   
Contract costs were US$624.6 million, resulting in a gross
margin of 11.6%. G&A costs were US$75.4 million (or 10.7% of
revenue).  

The tax provision was US$18.3 million primarily due to taxes
payable on a deemed profit basis in Nigeria.  Net loss was
US$38.8 million compared to a net loss of US$(20.8) million in
2004.

The increase in revenue is attributable to:

   -- increased construction activity in Nigeria on four large
      EPC contracts with major oil companies partially offset by
      work completed in 2004 in Iraq, Venezuela, Oman, Bolivia
      and Ecuador;

   -- commencement of work on new engineering and pipeline
      construction projects in the United States; and

   -- continuation of work relating to maintenance and
      fabrication contracts in the Canadian oil sands.

Contract income increased US$16.3 million to US$82.0 million in
2005 compared to the previous year due to the increase in
revenue.  However, contract margin decreased 2.0 percentage
points to 11.6%.  The decrease in contract margin was primarily
due to low margin projects in Nigeria, start-up costs and cost
overruns in Canada and interruptions of work in progress in the
United States by Hurricanes Katrina and Rita.

Contract income and contract margin percentage in both segments
were negatively impacted in 2005 by unresolved change orders
which are expected to be resolved in future periods.

G&A expense increased US$28.8 million to US$75.4 million in 2005
compared to US$46.6 million in 2004.  The increase in G&A
expense in 2005 was primarily related to the costs associated
with the investigations, restatement of prior periods financial
results and shareholders' lawsuits.

Depreciation and amortization costs for the year ended Dec. 31,
2005, were US$21.6 million, compared to US$16.7 million for the
same period in 2005.

Other expense decreased US$5.1 million to US$4.3 million for the
year ended Dec. 31, 2005.  Net interest expense increased
US$1.3 million to US$3.9 million in 2005 compared to the prior
year.   Other expenses decreased US$6.4 million to
US$0.4 million primarily as a result of a reduction in bad debt
expense in 2005.

Willbros Group, Inc. (NYSE:WG) -- http://www.willbros.com/-- is  
an  independent contractor serving the oil, gas and power
industries, providing engineering and construction, and
facilities development and operations services to industry and
government entities worldwide.  Willbros has operations in
Indonesia.

                     Long-term Debt Waivers

During the period from Nov. 23, 2005, to June 14, 2006, the
company entered into four additional amendments and waivers to
the 2004 Credit Facility with its syndicated bank group to waive
non-compliance with certain financial and non-financial
covenants. Among other things, the amendments provided that: (1)
certain financial covenants and reporting obligations were
waived and modified to reflect the Company's current and
anticipated future operating performance; (2) the ultimate
reduction of the facility to US$70,000 for issuance of letter of
credit obligations only; and (3) a requirement for the Company
to maintain a minimum cash balance of $15,000.


WILLBROS GROUP: Settles Consolidated Tex. Securities Fraud Suit
---------------------------------------------------------------
Willbros Group, Inc., reached an agreement in principle to
settle a consolidated securities class action filed in 2005
against the company and certain of its current officers and a
former officer of its international subsidiary, according to the
company's report for the second quarter.

Under the terms of the agreement in principle, Willbros and the
plaintiffs will negotiate and seek court approval of the
definitive settlement.  The settlement will be funded by
Willbros' insurance carrier, and will include the dismissal of
all claims against all defendants.

On May 18, 2005, a securities class action, "Legion Partners,
LLP v. Willbros Group, Inc. et al.," was filed in the United
States District Court for the Southern District of Texas against
the company and certain of its present and former officers and
directors.

Thereafter, three nearly identical lawsuits were filed.  
Plaintiffs purport to represent a class composed of all persons
who purchased or otherwise acquired Willbros Group, Inc., common
stock and other securities between May 6, 2002, and May 16,  
2005, inclusive.  

These complaints generally allege violations by the defendants
of Section 10(b) of U.S. the Exchange Act, Rule 10b-5 under the
Exchange Act and Section 20(a) of the Exchange Act and allege,
among other things, that defendants made false or misleading
statements of material fact about the company's financial
statements.  The plaintiffs seek unspecified monetary damages
and other relief.  

On October 17, 2005, the court ordered these actions
consolidated and appointed ADAR Investments, LLC as lead
plaintiff and Bernstein Liebhard & Lifshitz of New York as lead
plaintiff's counsel.  As ordered by the court, the plaintiff
filed a consolidated amended complaint on Jan. 9, 2006.  The
consolidated amended complaint alleges that WGI and certain of
its present and former officers and directors, including Michael
Curran, Warren Williams, and J. Kenneth Tillery, violated the
Securities Exchange Act of 1934 through a series of false and
misleading statements and a "scheme to defraud."  

The alleged misrepresentations and scheme to defraud relate to
the activities of Mr. Tillery in Nigeria and Bolivia, certain
alleged accounting errors, the restatement of past financial
results, and alleged Foreign Corrupt Practices Act violations.  

The plaintiffs seek to recover damages on behalf of all
purchasers of WGI common stock during the purported class
period.  The complaint seeks unspecified monetary damages and
other relief.  WGI filed a motion to dismiss the complaint on
March 9, 2006, and briefing on that motion was completed on
June 14, 2006, according to the company's June 16, 2006 Form 10-
K filing for the period ended Dec. 31, 2005.

The suit is "Legion Partners, LLP v. Willbros Group, Inc. et
al., Case No. 4:05-cv-01778," filed in the U.S. District Court
for the Southern District of Texas under Judge Keith P. Ellison.

Consolidated Plaintiff            Counsel

Adar Investment Management, LLC   Ronald J. Aranoff
                                  Bernstein Liebhard Lifshitz
                                  10 East 40th Street
                                  22nd Floor
                                  New York, NY 10016
                                  Phone: 212-779-1414  
                                  Fax: 212-779-3218  
                                  e-mail: aranoff@bernlieb.com

Defendant                         Counsel

Willbros Group Inc.               Laurie B. Smilan
                                  Michele E. Rose
                                  Latham & Watkins LLP
                                  11995 Freedom Dr
                                  Ste 500
                                  Reston, VA 20190-1000
                                  Phone: 703-456-1000
                                  Fax: 703-456-1001  
                                  e-mail: michele.rose@lw.com  

Willbros Group, Inc. (NYSE:WG) -- http://www.willbros.com/-- is  
an  independent contractor serving the oil, gas and power
industries, providing engineering and construction, and
facilities development and operations services to industry and
government entities worldwide.  Willbros has operations in
Indonesia.

                     Long-term Debt Waivers

During the period from Nov. 23, 2005, to June 14, 2006, the
company entered into four additional amendments and waivers to
the 2004 Credit Facility with its syndicated bank group to waive
non-compliance with certain financial and non-financial
covenants. Among other things, the amendments provided that: (1)
certain financial covenants and reporting obligations were
waived and/or modified to reflect the Company's current and
anticipated future operating performance; (2) the ultimate
reduction of the facility to $70,000 for issuance of letter of
credit obligations only; and (3) a requirement for the Company
to maintain a minimum cash balance of $15,000.


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

DAIEI INCORPORATED: Wal-Mart & Aeon Submit Bids for Stake
---------------------------------------------------------
United States-based Wal-Mart Stores Inc. has bid to form a
business tie-up with Japanese supermarket chain Daiei Inc.,
Financial News U.S.A. reports.

Submitting a rival bid to help rehabilitate Daiei is Japanese
retailer Aeon Co.

According to the Financial News report, the bids were submitted
to Daiei's biggest shareholder, Marubeni Corp., which is
overseeing the company's recovery.

As reported by the Troubled Company Reporter - Asia Pacific on
September 1, 2006, Marubeni said last month that it was open to
strategic partners in operating Daiei, but denied news reports
at that time that it had approached either Wal-Mart or Aeon.  

Sources told Reuters that Wal-Mart and Aeon are among potential
suitors for part of Marubeni's 44.6% holding in Daiei.

Reuters cites the Nihon Keizai newspaper as saying that Marubeni
had asked the two retail giants to make proposals by next month
on plans to restructure Daiei.

Separately, the Mainichi Daily reported that Aeon planned to
take a 10% stake in Daiei from Marubeni, creating Japan's
biggest retail group with combined sales of more than
JPY6 trillion, or US$50 billion.

Spokespersons for Aeon and Wal-Mart declined to comment on the
reports, Reuters says.

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

                         About Daiei Inc.

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

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

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


DURA AUTOMOTIVE: Hires Buckfire as Restructuring Consultant
-----------------------------------------------------------
DURA Automotive Systems Inc. has turned to Miller Buckfire & Co.
for help on its financial debt restructuring, Reuters reports.

Company spokesman Robert Mead told Reuters that Miller Buckfire
was hired last week to evaluate DURA's capital structure.  Mr.
Mead said that while it was too early to speculate on how the
restructuring will be implemented, the Company intends to
maintain sufficient liquidity to operate its business during the
process.

DURA had incurred a US$131.3 million net loss on
US$573.3 million of net revenues for the three months ended
July 2, 2006.  In conjunction with the release of its second
quarter financial results, Larry Denton, Chairman and Chief
Executive Officer of DURA announced that the Company intends to
reduce its labor force by 510 employees by year-end.  The
planned job cuts is in addition to DURA's 50 cubed restructuring
plan, which is focused on structuring the Company's operations.

                      About DURA Automotive

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It has 59 manufacturing and product development
facilities located in the United States, Brazil, Canada, China,
Czech Republic, France, Germany, Mexico, Portugal, Slovakia,
Spain and the United Kingdom.  The group also has a presence in
India and Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.


DURA AUTOMOTIVE: To Close Stratford Plant & Trim Workforce
----------------------------------------------------------
Dura Automotive Systems Inc. is closing its brake cable plant in
Stratford, Ontario, Canada, by 2007, terminating around 280
hourly and salaried employees.

The Company disclosed early this year their "50-cubed"
operational restructuring plan designed to enhance performance
optimization, worldwide efficiency and improve financial
results.  The restructuring plan is expected to impact over 50%
of its worldwide operations either through product movement or
facility closures.

The Company expects to complete this action by year end 2007.  
Cash expenditures for the restructuring plan are expected to be
approximately US$100 million, which includes capital
expenditures between US$25 and US$35 million.  Restructuring
cash expenses will relate primarily to employee severance,
facility closure and product move costs.  The restructuring plan
will be financed with cash on hand and availability under the
Company's existing revolving credit facility.

The Company's management believes that the Company's current
available liquidity will provide the funds necessary to execute
this restructuring plan along with its ongoing operating cash
requirements.  Should the Company's current liquidity not be
adequate to fund the restructuring plan and ongoing cash
requirements for operations, the Company may be required to
modify its restructuring plan, says Keith R. Marchiando, the
Company's Chief Financial Officer.

Major ongoing and completed restructuring actions are:

   -- in May 2006, the Company disclosed that it would close its
      Brantford, Ontario Canada, manufacturing facility by June
      2007.  The 66,000 square foot plant makes a variety of
      automotive column shift assemblies.  The facility closing
      will impact approximately 120 jobs and the Company will
      transfer Brantford production to other DURA facilities to
      improve overall capacity utilization.  Severance related
      charges of US$1.9 million have been recorded in 2006; all
      of which was recorded in the second quarter of 2006.

   -- in June 2006, the Company disclosed the proposed closing
      of its manufacturing facility in Llanelli, United Kingdom.
      The 118,000 square-foot plant makes automotive cable
      Control systems and currently employs approximately 270
      people.  The Company is currently in the consultation
      process with Llanelli's AMICUS trade union concerning the
      proposed closing, and therefore have not determined if the
      plant will in fact be closed.  Other restructuring charges
      of US$0.2 million have been recorded in the second quarter
      of 2006.

   -- the Company incurred year-to-date 2006 severance related
      charges of US$0.2 million for one of its Spanish
      facilities, recorded during the second quarter of 2006.

   -- the Company has notified in July 2006 at its LaGrange,
      Indiana plant that it is closing the facility.  The plant,
      which currently employs approximately 270 people,
      manufactures a variety of window systems for the
      recreation vehicle, mass transit and heavy truck markets.
      Production of the window systems will be transferred to
      Other production facilities.  The Company is currently in
      negotiations with the respective union concerning
      severance and have not yet determined the charge.

   -- the Company incurred year-to-date Lawrenceburg facility
      production movement costs of US$0.5 million, of which
      US$0.3 million was incurred in the second quarter of 2006;

   -- in 2004, the Company disclosed a plan to exit its
      Brookfield, Missouri, facility and combine the business
      With other operations.  This action is complete and
      resulted in year-to-date 2006 total charges of US$0.1
      million, which was recorded during the second quarter of
      2006.  In 2005, the Company incurred charges of US$0.9
      million.

   -- during the fourth quarter of 2005, the Company began the
      streamlining of a North American plant that will be
      completed in 2007.  Certain employee severance related
      charges totaling US$1.4 million were incurred, of which
      US$1.3 million was recorded in the fourth quarter of 2005.
      Additional severance related charges of US$0.1 million
      were recorded in the second quarter of 2006.

   -- during the third quarter of 2005, the Company disclosed a
      plan to streamline an Einbeck, Germany, manufacturing
      operation.  This action is substantially completed and
      resulted in no severance cost in 2006.

   -- during the second quarter of 2005, the Company disclosed a
      plan to streamline a Plettenberg, Germany, manufacturing
      operation during 2005 and 2006.  In the third quarter of
      2005, the Company received approval for this action from
      the appropriate Workers' Council and Union.  Full
      identification of the actual employees has been
      substantially completed.  Total severance costs of US$4.4
      million are expected upon final identifications of all
      applicable employees.  Approximately US$3.6 million has
      already been recorded, including US$0.4 million for the
      six months ended July 2, 2006.

   -- during the first quarter of 2005, the Company reported a
      plan to centralize its enterprise resource planning
      systems and centralize many of its functional operations
      to better align with current business levels.  These
      actions are ongoing domestically as the Company continues
      to migrate its operations.  The Company is unable to
      estimate future severance costs as applicable employees
      have not been identified.  Approximately US$1.3 million of
      severance related charges were incurred in 2005.  No
      additional costs have been incurred for the six months
      ended July 2, 2006.  The Company has not formalized the
      total impact to its international operations, since
      meaningful migration and centralization will not begin
      until late 2006.  The Company does expect that upwards of
      200 individuals could be impacted.  The Company has not
      yet specifically identified which individuals or group of
      individuals will be impacted, or in which international
      locations they reside.  Therefore, the Company is not able
      to estimate the termination liability impact at this time.
      The Company does not expect, however, that the
      international termination costs for this action will e
      exceed the related estimate for our U.S. operations.

On July 27, 2006, the Company also disclosed plans to reduce its
indirect workforce by 510 individuals in addition to the
previously announced "50-cubed" operational restructuring plan.  
The rationale for this workforce reduction is to more
appropriately align our indirect workforce with current sales
volumes.  The Company anticipates having this goal accomplished
by the end of 2006.

                       About DURA Automotive

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It has 59 manufacturing and product development
facilities located in the United States, Brazil, Canada, China,
Czech Republic, France, Germany, Mexico, Portugal, Slovakia,
Spain and the United Kingdom.  The group also has a presence in
India and Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.


LIVEDOOR CO: Key Witness Confirms Window Dressing
-------------------------------------------------
A key prosecution witness claimed at a court hearing on
September 5, 2006, that Livedoor Company manipulated its
earnings by buying and selling its own stocks, The Japan Times
reports.

Hiroshi Onishi, an investment fund president, told the court
that Livedoor's finance head, Hideaki Noguchi, had asked him to
sell shares to companies he suspected were connected to the
Internet portal, Adotas News reveals.

Despite Mr. Onishi's initial assertions that there was no
intention of window-dressing Livedoor's earnings, on cross-
examination he said that stock manipulation may have taken place
within the Livedoor group, Adotas says.  

Mr. Onishi's testimony supported arguments made by prosecutors
on September 4, 2006, that Livedoor founder and former president
Takafumi Horie directed Livedoor executives to use "dummy
companies" to buy up subsidiary shares in a bid to inflate the
profits, The Japan Times relates.

As reported by the Troubled Company Reporter - Asia Pacific on
September 5, 2006, Mr. Horie pleaded not guilty of violating the
securities laws in the first hearing of his trial at the Tokyo
District Court on September 4, 2006.

According to the TCR-AP, Mr. Horie claimed that he did not
inflate financial figures and did not spread false information
on a Livedoor subsidiary's takeover of a publisher in 2004.

Mr. Horie's defense lawyers admitted on July 26, 2006, that the
Company was partially involved in accounting fraud, but claimed
that Mr. Horie was not aware of the illegal activities, the TCR-
AP further disclosed on July 28, 2006.

Adotas says that if convicted, Mr. Horie faces up to five years
in prison and fines of up to JPY5 million.

                          *     *     *

Headquartered in Tokyo, Japan, Livedoor Company, Limited
-- http://corp.livedoor.com/en/-- is involved in out portal  
site "livedoor," financial business, corporate web solutions,
data center and IP telephony business.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor ex-president and founder Takafumi Horie,
and other Livedoor directors were found to have conspired to
cover up the Company's JPY310-million pre-tax loss for the
business year ended September 2004, by tampering financial
accounts to instead show an inflated pre-tax profit of
JPY5.03 billion.  Moreover, Mr. Horie and the Company executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of Livedoor's subsidiary, Livedoor
Marketing Co.

Following the accounting scandal surrounding the Company in
January 2006, Livedoor's stock price plunged to JPY94 per share
from over JPY300 per share.  Livedoor was delisted from the
Tokyo Stock Exchange on April 14, 2006.


LIVEDOOR CO: Shelves Plan to Merge with USEN
--------------------------------------------
Livedoor Company has decided to abandon a merger plan with
broadcasting and media contents firm USEN Corporation, as it
struggles to rehabilitate itself, The Mainichi Daily News
relates.

According to The Mainichi, Livedoor will keep its tie-up with
USEN in the Internet business but will neither incorporate its
planned merger with USEN in its mid-term business plan nor
propose it at its shareholder meeting in December.

Livedoor's move won the approval of its major investors, who
have opposed USEN's proposal to place Livedoor under its
umbrella through a share swap as USEN's share prices have
declined due to its poor business performance, The Mainishi
says.

USEN has expressed support for Livedoor's decision and is poised
to consider a possible merger with Livedoor from a long-term
perspective, the report adds.

Headquartered in Tokyo, Japan, Livedoor Company, Limited
-- http://corp.livedoor.com/en/-- is involved in out portal  
site "livedoor," financial business, corporate web solutions,
data center and IP telephony business.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor ex-president and founder Takafumi Horie,
and other Livedoor directors were found to have conspired to
cover up the Company's JPY310-million pre-tax loss for the
business year ended September 2004, by tampering financial
accounts to instead show an inflated pre-tax profit of
JPY5.03 billion.  Moreover, Mr. Horie and the Company executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of Livedoor's subsidiary, Livedoor
Marketing Co.

Following the accounting scandal surrounding the Company in
January 2006, Livedoor's stock price plunged to JPY94 per share
from over JPY300 per share.  Livedoor was delisted from the
Tokyo Stock Exchange on April 14, 2006.


MISUBISHI MOTORS: Denies Russia Plant Report
--------------------------------------------
Mitsubishi Motors Corporation clarified that it is not planning
to build a factory in Russia, Bloomberg News reports.

The carmaker's statement came after Russian newspaper Kommersant
reported Mitsubishi Motors is keen on building an assembly plant
near St. Petersburg.  The paper further stated that the Japanese
automaker has also been offered sites in the Kaluga region near
Moscow, where Volkswagen AG is set to build an assembly plant.

The automaker has said that it may consider establishing its
first plant in Russia over the next few years to expand in a
country with high growth potential, EasyBourse reports.

Mitsubishi President Osamu Masuko told Dow Jones Newswires in an
interview last year that if the company's annual sales reach
80,000 units or 100,000 units, then it will need to consider
whether it's right to keep exporting products to Russia.

For the business year ended March, the company registered a 53%
rise in sales to 57,000 units in Russia, citing strong sales of
its "Lancer" passenger model.  For the April-July period this
year, Mitsubishi's sales in Russia via a local dealer called
Rolf Holding came to about 26,000 units, up 55% on year,
EasyBourse reveals.

However, Mitsubishi Motors spokesman Fumio Nishizaki told
Bloomberg the company has no plans for local production in
Russia at the moment.

                   About Mitsubishi Motors

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."

Mitsubishi Motors North America Inc. is responsible for all
manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States.  Mitsubishi Motors sells coupes,
convertibles, sedans, sport utility vehicles, and light trucks
through a network of approximately 540 dealers.

                          *     *     *

Japan Credit Rating Agency, Ltd., 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.


MITSUI LIFE: Moody's Reviews Ba1 Rating for Possible Upgrade
------------------------------------------------------------
Moody's Investors Service on September 6, 2006, placed on review
for possible upgrade the Ba1 insurance financial strength rating
of Mitsui Life Insurance Company Limited.  The rating action
reflects Moody's view that Mitsui Life's operating performance
is improving, which has made it possible for the company to
schedule a new share issuance for September 2006.

The company's relationships with its group banks have been
underpinning its performance as deregulation of bancassurance
has continued.  Also Mitsui Life has been changing its focus to
annuity insurance and third-sector insurance from traditional
death benefit insurance, which Moody's sees as creating
opportunities for future growth and business diversification.

The rating review will focus on how Mitsui Life can maintain its
operating performance and capitalization -- measured as ROE, and
adjusted capitalization of more than 4% -- even if capital
markets deteriorate.  As its current performance is partly
backed by sales of variable annuity insurance with minimum
guarantees, if such deterioration were to occur the insurer
would need to compensate for losses on the investments.

Moody's last rating action with respect to Mitsui Life was taken
on May 26, 2005, when the rating was upgraded to Ba1 from Ba3.

Mitsui Life Insurance Company Limited -- headquartered in Tokyo
-- is one of Japan's major life insurance companies, with total
assets of JPY8.1 trillion as of March 2006.


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

DRESSER INC: Makes US$25 Million Voluntary Debt Prepayment
----------------------------------------------------------
Dresser, Inc., has made an optional prepayment of US$25 million
on its senior secured term loan, reducing the balance of the
loan to US$70 million.

The payment brings the total of voluntary prepayments to
US$75 million thus far in 2006.  The company noted its
operations continue to generate positive cash flow and its
backlog and bookings remain strong.

Based in Addison, Texas, Dresser, Inc. -- http://www.dresser.com
-- designs, manufactures and markets equipment and services sold
primarily to customers in the flow control, measurement systems,
and compression and power systems segments of the energy
industry.  The Company has a comprehensive global presence, with
over 8,500 employees and a sales presence in over 100 countries
worldwide, including Korea and Japan.

                          *     *     *

Moody's Investors Service downgraded Dresser, Inc.'s ratings.  
Moody's said the rating outlook is negative. Dresser's Corporate
Family Rating was downgraded to B1 from Ba3.  The rating for the
Company's Senior Secured Tranche C Term Loan maturing 2009 was
downgraded to B1 from Ba3.  Moody's also downgraded the rating
for the Company's Senior Unsecured Term Loan maturing 2010 to B2
from B1.  The Company's Senior Subordinated Notes maturing 2011
was downgraded to B3 from B2.


KOREA EXCHANGE: Fitch Affirms Individual Rating at 'C'
------------------------------------------------------  
Fitch Ratings said that it was maintaining the Rating Watch
Positive on Korea Exchange Bank's Long-term Issuer Default
rating of 'BBB+' as well as its Senior, Lower Tier 2 and Upper
Tier 2 issue ratings of 'BBB+', 'BBB' and 'BBB-', respectively.

Meanwhile, the remainder of the agency's ratings on KEB were
affirmed as follows: Short-term foreign currency 'F2',
Individual 'C' and Support '2'.

KEB's ratings have historically been constrained by credit
quality problems, firstly in regards to large corporates
following Korea's 1998 financial crisis and later by the
country's 2003 credit card crisis.  These problems have now been
rectified with the bank reporting good levels of both
profitability and balance sheet strength and its ratings are on
Rating Watch Positive pending completion of its acquisition by
Kookmin Bank.

In both 2005 and H106, KEB reported exceptionally strong results
(RoAA of 3.1% and 2.9% respectively) thanks to loan loss
recoveries in both its credit card and corporate loan portfolios
with the latter including gains on equity investments which
arose out of debt/equity swaps associated with formerly
problematic corporate loans including Hynix, Hyundai E&C and LG
Card.  This in turn was helped by the very benign economic
conditions in Korea seen over the past few years.

Even on an underlying basis, however, the bank's profitability
is quite good, supported by above-average margins and fee
income, given its strengths in the provision of credit cards,
trade finance, and foreign exchange services.  Notably, KEB's
margins improved over 2005/H106, in contrast to most other
Korean banks, with the bank being less aggressive in loan growth
and thanks to the refinancing of some high-cost subordinated
debt.

With its improved loans quality, KEB's NPLs steadily fell to
just 0.65% of its mid-2006 loans from 2.59% at end-2003.
Meanwhile precautionary loans fell to 1.58% from 4.59%.  Mid-
2006's loan loss reserves were more than sufficient at 190% of
NPLs.  That said, with its focus on exporters, KEB may be more
exposed than most of its peers to any deterioration in Korean
exports arising out of any downturn in the US economy.

With its one-off gain assisted profitability over the 18 months
to mid-2006, and with no dividends being paid out over this
period, there has been a significant improvement in KEB's
capitalization -- with the Tier I CAR almost doubling to a solid
10.8% from 5.5% and the total CAR rising to 13.9%from 9.5%.

KEB's ratings were placed on Rating Watch Positive on March 23,
2006, on the basis that the bank is expected to be 65% acquired
by Kookmin Bank from Lone Star, a U.S.-based investment fund.
The acquisition, however, has been delayed by a prolonged
investigation into the propriety of Lone Star's original
acquisition of KEB from the government in 2003.  If and when
Kookmin's acquisition is completed, the two banks will together
account for about 22% of system-wide assets.  KEB itself
accounts for 6%, although it is not yet clear if or when the two
banks will be merged.

KEB was established in 1967 as a state-owned bank specializing
in foreign exchange and trade-related business and became a
fully-fledged commercial bank in 1989. The related credit update
will be available shortly to subscribers at www.fitchratings.com


NOVELIS INC: Obtains US$2.85-Bln Financing Pledge from Citigroup
----------------------------------------------------------------
Novelis Inc. obtained commitments for backstop financing
facilities totaling US$2.855 billion from Citigroup Global
Markets Inc.

As reported in the Troubled Company Reporter on July 27, Novelis
received a notice of default from the trustee for its 7-1/4%
Senior Notes due 2015.  This action resulted from the financial
restatement and review by Novelis and the subsequent delay in
filing its financial statements, which created a breach of its
bond covenants.  The notice of default triggers a 60-day period
within which the Company can cure the default by filing the
delayed reports.  Novelis stated that it is working towards this
goal; however, there can be no assurance of achievement and,
therefore, the Company has taken the step of securing
commitments for the backstop agreement from Citigroup.

As previously disclosed, the notice of default also accelerates
the deadlines for filing the delayed reports under the Company's
existing Credit Agreement waiver to 30 days from the date of
receipt of the notice.  Novelis will request a waiver from its
Credit Agreement lenders to extend the deadline for filing these
financial reports.

In the event that Novelis is not able to file its delayed
reports by the deadlines defined in the notice of default and in
its Credit Agreement waiver, the backstop financing facilities
would provide the funding necessary to retire the Senior Notes
and, if needed, replace the Company's existing term loan and
revolving credit facility.  The commitments by Citigroup under
the commitment letter are subject to the satisfaction of
customary conditions precedent for financings of this type.

                         About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has operations in
Malaysia and Korea.

                          *     *     *

Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corporation's Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


NOVELIS INC: Declares $0.01 Dividend on Outstanding Common Stock
----------------------------------------------------------------
The Board of Directors of Novelis Inc., declared a quarterly
dividend of US$0.01 per share on its outstanding common stock,
payable on Sept. 25, 2006, to shareholders of record at the
close of business on Sept. 7, 2006.

There are approximately 74 million common shares of the Company
stock outstanding.

The Company disclosed that its Board reduced the dividend for
the quarter in consideration of corporate cost increases and
higher interest rates, as well as the limitations under its
credit agreement related to dividend payments.

The Company also disclosed that it will mail copies of its
Annual Report on Form 10-K to each shareholder along with its
proxy materials.  The Company's annual report is currently
available for download on its Web site.  Shareholders who
require printed copies in advance of the mailing of proxy
materials may contact the Investor Relations department by
telephone at 404-814-4212.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has operations in
Malaysia and Korea.

                          *     *     *

Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corporation's Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


NOVELIS INC: Earns US$90 Million for Fiscal Year 2005
-----------------------------------------------------
Novelis Inc. filed on Aug. 25, its Annual Report under Form 10-K
for the fiscal year ended Dec. 31, 2005, with the United States
Securities and Exchange Commission.

The Company's net sales increased to US$8.36 billion in 2005
compared to US$7.76 billion in 2004, an increase of
US$608 million, or 8%.  The improvement was primarily the result
of an increase in LME metal pricing, which was 10% higher on
average during 2005 compared to 2004.

The Company reported net income of US$90 million, for the year
ended Dec. 31, 2005, compared net income of US$55 million, in
2004.

Interest expense and amortization of debt issuance costs - net
was US$194 million in 2005, significantly higher than the
US$48 million allocated to the Company by Alcan for 2004.  The
increase resulted from the debt the Company undertook to finance
the spin-off.  In addition, the Company incurred US$11 million
in debt issuance costs on undrawn credit facilities that were
used to back up the Alcan notes it received in January 2005 as
part of the spin-off, and included such costs in interest
expense and amortization of debt issuance costs - net.  In
previous quarters during 2005, the costs were included in "Other
income - net".

The Company disclosed that it has material weaknesses in its
internal control over financial reporting and that its
disclosure controls and procedures were not effective.  The
Company is working to remediate the weaknesses to enable it to
timely and accurately prepare and file its reports with the
United States Securities and Exchange Commission.

The Company also disclosed, it restated its consolidated and
combined financial statements for the quarters ended March 31
and June 30, 2005.  Other filings were delayed or remain
outstanding, including its quarterly reports on Form 10-Q for
the quarters ended Mar. 31, 2006 and June 30, 2006.  The
expenses incurred in connection with the restatement and review
process were approximately US$30 million through June 30, 2006.  
These expenses include professional fees, audit fees, credit
waiver and consent fees, and special interest on its
US$1.4 billion 7.25% senior unsecured debt securities due 2015,
which it will continue to incur until, among other things, the
Company is current with its SEC filings and complete its
registered exchange offer for its Senior Notes.

A full text-copy of Novelis Inc's financial report may be viewed
at no charge at http://ResearchArchives.com/t/s?108f  

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has operations in
Malaysia and Korea.

                          *     *     *

Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corporation's Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


NOVELIS INC: Will Proceed with Selling Some Brazilian Assets
------------------------------------------------------------
A press official of Novelis Inc. told Business News Americas
that the resignation of Brian W. Sturgell as the firm's chief
executive officer will not change plans of selling some of
Novelis' assets in Brazil.

According to BNamericas, Novelis would consider selling:

     -- a primary aluminum plant in Bahia;

     -- an integrated mill in Minas Gerais, which includes a
        bauxite mine plus alumina and aluminum production;

     -- 50% stake in the 140-megawatt Risoleta Neves
        hydroelectric power plant in Minas Gerais, a 50:50 JV
        with Brazilian miner CVRD;

     -- eight small hydroelectric plants; and

     -- 25% stake in Sao Paulo state-based calcined coke
        producer Petrocoque.

BNamericas reported in July that Novelis' asset sale aims to
align Brazil with firm's worldwide strategy to focus on the
rolled aluminum area.

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has operations in
Malaysia and Korea.

                          *     *     *

Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corporation's Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


* FSC to Tighten Regulations on Delisting and Backdoor Listing
--------------------------------------------------------------
The Financial Supervisory Commission will amend delisting rules
this month to expedite the delisting of financially distressed
companies from the KOSDAQ market to protect investors and
improve market soundness, the Financial Supervisory Service
revealed in a press release.

Amendments under FSC consideration include reviewing the capital
stock and shareholders' equity of KOSDAQ-listed companies more
frequently on a semiannual basis to ensure that their capital is
not significantly impaired, creating a minimum shareholders'
equity requirement of KRW1 billion, and requiring KOSDAQ-listed
companies to submit a new auditor's report when they prove that
they have made appropriate measures to address capital
impairment.

The FSC is also considering amendments to the rules on backdoor
listing in the Stock Market (formerly KSE).  After the rules on
backdoor listings in the KOSDAQ market were strengthened in
June, the number of backdoor listings in the Stock Market has
been on the rise.  An analysis of the companies that were listed
in the Stock Market via backdoor listing from January 2005 to
July 2006 also showed that most companies did not meet financial
requirements before mergers or stock exchanges and that most
mergers and stock exchanges were just made for listing purposes.
To address these problems, backdoor listing rules similar to
those introduced for the KOSDAQ market in June 2006 are being
considered for the Stock Market.


* FSE Reports Figures on Creditor-Led Workouts for Enterprises
--------------------------------------------------------------
The Financial Supervisory Service stated that of the 510 small
and medium-sized enterprises that were newly selected for
creditor-led debt workouts in the second quarter of 2006, 383
SMEs completed the workouts while 84 SMEs were suspended from
the workouts due to bankruptcies or diminished prospects for a
business turnaround.

The total number of SMEs that have participated in creditor-led
workouts since they were first introduced in July of 2004 came
to 3,667.

                        Workout at SMEs

                                                Since
                        Q1 2006     Q2 2006   July 2004
                       ---------   ---------  ---------
   New Entries              272         510      3,667
   Completed                334         383      1,180
   Suspended                 66          84        624
   SMEs under Workout     1,820       1,863      1,863

The total amount of debt restructuring for the SMEs under
workouts came to KRW1.35 trillion in second quarter of 2006.
Maturity extension totaled KRW1.81 trillion, new credits
KRW239.3 billion, and interest reductions KRW6 billion.

                  Debt Restructuring for SMEs
                       (In KRW, billions)

                                                Since
                        Q1 2006     Q2 2006   July 2004
                       ---------   ---------  ---------
   Maturity Extension     677.1     1,080.6    3,667.0
   Interest Reductions      2.5         6.0    1,180.0
   New Credits             80.1       239.3      624.0
   Others*                  7.7        25.1    1,863.0
   Total                  767.4     1,351.0    6,857.4

* Including debt-equity swaps, debt forgiveness, and debt sales


* Unsecured Corporate Bonds by Credit Rating
--------------------------------------------
There were a total of 17 unsecured corporate bond issuances --
excluding financial bonds -- totaling KRW869.6 billion in July
2006, down 24.6% from June, according to the Financial
Supervisory Service.

Unsecured corporate bonds with A or higher credit rating and
with BB or lower rating fell 66.2% and 68.0% to KRW300.0 billion
and KRW9.6 billion, respectively.  Bonds with a BBB rating
sharply increased 138.3% to KRW560.0 billion.

           Unsecured Corporate Bonds by Credit Rating
                       (In KRW, billions)

              June    July           January to July
              2006    2006   Change    2005     2006   Change
            -------  ------  ------ --------  -------  ------
A or higher   887.9   300.0   -66.2  9,251.0  4,867.9   -47.4
BBB           235.0   560.0   138.3  4,885.9  3,704.5   -24.2
BB or lower    30.0     9.6   -68.0     40.0    320.6   701.5
            -------  ------  ------ --------  -------  ------
Total       1,152.9   869.6   -24.6 14,176.9  8,893.0   -37.3


* Substandard Bank Loans Total KRW9.7 Trillion at End-June
----------------------------------------------------------
Bank loans classified as substandard or below -- substandard,
doubtful, or presumed loss -- totaled KRW8.8 trillion at the end
of June 2006, down from KRW9.7 trillion at the end of 2005,
according to the Financial Supervisory Service.

The ratio of SBLs to total outstanding loans fell from 1.22% to
1.02%, the lowest ratio since the forward-looking criteria were
first adopted in 1999.  Disposition of borrower collateral,
aggressive write-off of SBLs, and a smaller increase in new SBLs
equal to KRW6.0 trillion, compared with KRW8.8 trillion for the
first half of 2005 and KRW7.1 trillion for the second half of
2005 -- with the 2005 results mainly contributed to the drop in
SBL ratio for the first half of 2006.

                    Bank SBLs and SBL Ratio
                      (In KRW, trillions)

                                                      1H
                  1999 2000 2001 2002 2003 2004 2005 2006
                  ---- ---- ---- ---- ---- ---- ---- ----
SBL               61.0 42.1 18.8 15.1 18.7 13.9  9.7  8.8
SBL Ratio (%)     12.9 8.00 3.41 2.33 2.63 1.90 1.22 1.02

The SLB ratios fell for all the key borrower groups during the
first half from end-2005, averaging 1.09% for corporate loans,
0.86% for household loans, and 1.80% for credit card
receivables.  The ratio fell for 14 banks but modestly rose for
four others.


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

AVANGARDE RESOURCES: June 30 Balance Sheet Shows Insolvency
-----------------------------------------------------------
The Group has achieved a turnover of MYR0.013 million and a loss
before tax of MYR1.617 million for the second quarter of 2006.

The Group reported a lower pre-tax loss for the quarter ended
June 30, 2006, compared to a loss before tax of MYR2.380 million
in the quarter ended March 31, 2006.

Net loss for the quarter under review was down to MYR0.312
million from MYR2.38 million in the same quarter last year.  The
group has accumulated MYR172.423 million in losses as of
June 30, 2006, as against a retained loss figure of MYR10.305
million at June 30, 2005.

As of June 30, 2006, the group has a net current deficit of
MYR138.53 million resulting from current liabilities of
MYR147.824 million exceeding current assets of MYR9.294 million.  
The group has total assets of MYR20.349 million and total
liabilities of MYR147.824 million, resulting into a
stockholders' deficit of MYR127.475 million.

There was no dividend paid during the financial year-to-date.

The company's Second Quarter Report and its accompanying notes
are available for free at:

http://bankrupt.com/misc/tcrap_avangarderesources090606.xls
http://bankrupt.com/misc/tcrap_avangarderesourcesnotes090606.doc
http://bankrupt.com/misc/tcrap_avangarderesourcesnotes2.doc

                     About Avangarde Resources

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR20.349 million and total liabilities of
MYR147.824 million, resulting into a stockholders' deficit of
MYR127.475 million.


AVANGARDE RESOURCES: Has Yet to Submit AAA 2005
-----------------------------------------------
Avangarde Resources Berhad disclosed that it has yet to issue
its Audited Annual Accounts for the year ended December 31,
2005, which was due on April 30, 2006.

The expected date to submit the outstanding financial statements
depends on the finalization of the accounts.

In the event the company fails to comply with all the provisions
under paragraph 9.23, subject to any extension of time granted
by the Bursa Malaysia Securities Berhad, the Bourse may take
action against the company including the possibility of
delisting.

                    About Avangarde Resources

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR20.349 million and total liabilities of
MYR147.824 million, resulting into a stockholders' deficit of
MYR127.475 million.


AYER HITAM: Deals Withdrawn Due to SC's Rejection of Revamp Plan
----------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
September 4, 2006, the Securities Commission on August 22, 2006,
rejected Ayer Hitam Tin Dredging Malaysia Berhad's appeal
pertaining to the SC's earlier order rejecting the company's
proposed restructuring scheme.

According to the TCR-AP report, the Securities Commission turned
down the Company's restructuring plan on February 27, 2006,
saying that it was not a comprehensive proposal capable of
resolving all the Company's financial issues.

Following the SC's rejection of the appeal, a project management
agreement dated March 22, 2006, between Sri Aman Development Sdn
Bhd and AHT Land Sdn Bhd is deemed terminated, as AHT Land is
unable to fulfill the conditions precedent relating to the
procurement of the SC's approval for the Proposed Restructuring
Scheme.  In this regard, both parties will be released and
discharged from all actions, claims and demands under the
Project Management Agreement.

The rejection also resulted into the termination of:

     -- a joint venture agreement dated May 22, 2006, between
        Pembinaan Karisma Efektif Sdn Bhd and Harta AHT Sdn Bhd;

     -- a joint venture agreement dated June 5, 2006, between
        See Hong Chen & Sons Sdn bhd and AHT Estates Sdn Bhd;
        and

     -- a joint venture agreement dated August 18, 2006,
        between Janlim Holdings (M) Sdn Bhd and AHT Technology
        Adn Bhd.

The termination of the agreements will not result in the Ayer
Hitam Group having to assume any additional financial or legal
obligations.

                        About Ayer Hitam

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.

The Company has been incurring losses in the past years and has
defaulted on several loan facilities.  As of May 31, 2006, Ayer
Hitam's payment defaults have reached MYR40 million.  The
Company has presented a restructuring proposal, which was
rejected by the Securities Commission after determining that the
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.


BUKIT KATIL: Books MYR2-Million Loss in Fourth Quarter
------------------------------------------------------
Bukit Katil Resources Berhad has submitted for public release
its financial report for the fourth quarter ended June 30, 2006.

The company recorded a lower turnover of MYR0.763 million for
the quarter under review as compared with a turnover of
MYR0.795 million recorded in the same quarter last year.

The company's pre-tax loss of MYR2.022 million for the current
quarter is lower than the pre-tax loss of MYR2.66 million
registered in the quarter ended June 30, 2005, due to cost
cutting exercises implemented by the company.

As of June 30, 2006, the company's balance sheet showed strained
liquidity with MYR0.469 million in current assets available to
pay MYR134.127 million in current liabilities coming due in the
next 12 months.  The company has total assets of
MYR56.557 million and total liabilities of MYR136.751 million,
resulting into a stockholders' deficit of MYR80.194 million.

There was no dividend been paid in the current financial
quarter.

In view of the uncertainties in global economic conditions and
the company's current financial position, the directors expect
the Company to operate under a very challenging environment for
the subsequent financial year.

Bukit Katil's Fourth Quarter Report is available for free at:

http://bankrupt.com/misc/tcrap_bukitkatil090606.doc

                       About Bukit Katil

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.  The Company has defaulted on
several loan facilities and admits that it does not have
sufficient cash to pay its debts.

As of December 31, 2005, the Company recorded a deficit of
MYR129,981,000.  The Company, on December 16, 2005, presented an
application to regularize its financial condition through debt
restructuring, which was subsequently rejected by the Securities
Commission.

As of June 30, 2006, the Company's balance sheet showed that the
company has total assets of MYR56.557 million and total
liabilities of MYR136.751 million, resulting into a
stockholders' deficit of MYR80.194 million.


LITYAN HOLDINGS: August Default Amount Tops MYR14.4 Million
-----------------------------------------------------------
As of August 31, 2006, Lityan Holdings Berhad and its
subsidiaries has defaulted on a total of MYR14,439,250 of its
various credit facilities granted by these financial
institutions:

                                                   Principal &
   Lender                  Facility               Interest (MYR)
   ------                  --------               --------------
RHB Bank Berhad         Overdraft Facility             276,238
                         of MYR225,000/-

RHB Bank Berhad         Overdraft Facility             548,444
                         of MYR450,000/-

Bank Islam Malaysia     LOC Facility/Murabaha        7,693,036
Berhad Labuan           Working Capital Financing/
Offshore Branch         Revolving Al-Bai-Bithaman-
                         Ajil Facility of US$5 Mln
                         (Secured)

Bank Islam Malaysia     Revolving Al-Bai-Bithaman-   4,708,855
Berhad Labuan           Ajil Facility of US$5 Mln
Offshore Branch         (Secured)

Ambank Berhad           Overdraft Facility of        1,212,676
                         MYR1 million

Based on its current financial position, Lityan Holdings is
deemed insolvent.

The Company had submitted its Proposed Restructuring Scheme to
the Securities Commission, Foreign Investment Committee and Bank
Negara Malaysia for approval on January 20, 2006.  The Company
has also commenced discussion and currently is in negotiations
with the lenders on the Creditors Scheme of Arrangement.

However, the Securities Commission rejected the Scheme on
June 6, 2006.  The Company, on July 6, 2006, submitted to the SC
an application for a review of the decision.

Meanwhile, Lityan is concurrently looking into other business
opportunities within its core activities and also actively
taking steps to dispose the Group's non-core investments and
non-operating assets to address its current financial position.

                      About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring the Company onto stronger financial footing via an
injection of new viable businesses.  

Lityan's consolidated balance sheet as of June 30, 2006,
revealed current assets of MYR38,695,000 available to pay total
liabilities of MYR142,144,000 coming due within the next 12
months.  The company has total assets of MYR70,551,000 and total
liabilities of MYR145,676,000, resulting into a stockholders'
deficit of MYR78,839,000.


PANGLOBAL BERHAD: Second Quarter Net Loss Drops to MYR15 Million
----------------------------------------------------------------
PanGlobal Berhad has released its unaudited financial report for
the second quarter ended June 30, 2006.

For the quarter under review, the group reported a
MYR67.488-million revenue compared to a MYR73.62-million revenue
in the same quarter last year.

Pre-tax loss for the quarter ended June 30, 2006, stood at
MYR14.831 million, lower than loss before tax of
MYY21.67 million in the quarter ended June 30, 2005.  Net loss
for the quarter under review is MYR15.127 million.

The group's June 30, 2006, balance sheet revealed strained
liquidity with current assets of MYR205.675 million available to
pay current liabilities of MYR268.94 million, coming due within
the next 12 months.  The group has a net current deficit of
MYR63.265 million.  The balance sheet also showed the group has
total assets of MYR692.907 million, total liabilities of
MYR905.548 million, and stockholders' deficit of
MYR354.833 million.

There was no dividend declared during the quarter under review.

PanGlobal Berhad's Second Quarter Report and its accompanying
notes are available for free at:

http://bankrupt.com/misc/tcrap_panglobalberhad090606.xls
http://bankrupt.com/misc/tcrap_panglobalberhadnotes090606.doc

                     About PanGlobal Berhad

Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad
-- http://home.panglobal.com.my/-- is engaged in underwriting  
all classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.  PanGlobal is a Practice
Note 4/2001 company.  The Bursa Malaysia Securities has required
the Company to regularize its financial condition, curb huge
losses and settle debts in order to continue operating.  The
Company has already submitted a Proposed Restructuring Scheme to
the Securities Commission on September 9, 2005.  On April 6,
2006, the Securities Commission approved PanGlobal Berhad's
proposed restructuring scheme.

The Company's June 30, 2006 balance sheet revealed total assets
of MYR692.907 million and total liabilities of
MYR905.548 million, resulting to a stockholders' deficit of
MYR354.833 million.


SUGAR BUN: Quotes and Lists 1 Million More Shares
-------------------------------------------------
Sugar Bun Corporation Berhad's additional 1,000,000 new ordinary
shares of MYR1 each were granted listing and quotation on
September 5, 2006.

The new shares were derived from the exercise of 1,000,000
warrants 2002/2012.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 29, 2006, that Sugar Bun Corporation Berhad's additional
1,000,000 new ordinary shares of MYR1 each were granted listing
and quotation.  The new shares were derived from the exercise of
1,000,000 warrants 2002/2012.

                      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.


WEMBLEY INDUSTRIES: Provides Default Update
-------------------------------------------
Wembley Industries Berhad said that there has been no change to
the status of default in payments of payments of interest and
principal sums to its lenders.

The company further declares that:

     -- the default in payment is in respect of the Company and
        a major subsidiary, Plaza Rakyat Sdn Bhd; and

     -- the Company is insolvent as at the date of this
        announcement but the directors are of the opinion that
        the Company will regain its solvency upon successful
        implementation of its Proposed Restructuring Scheme.

In compliance with Paragraph 3.2 of PN1/2001, the Company
disclosed that it is in the process of taking steps to secure an
extension of the said cut-off date to fulfill the conditions
precedent stipulated in the debt-restructuring agreement and
thereafter to implement the restructuring therein.

The company's board of directors will make available to Bursa
Malaysia Securities Berhad any updates on the restructuring of
the debt-restructuring scheme.

                    About Wembley Industries

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The Company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the Company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the Company's Proposed Debt Restructuring.  
The Company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.

As of June 30, 2006, the group has total assets of
MYR422,526,000 and total liabilities of MYR1,229,086,000,
resulting into a shareholders' deficit of MYR806,560,000.


* Malaysia Ratings Unaffected by 2007 Budget, S&P Says
------------------------------------------------------
The sovereign credit ratings and outlook on Malaysia with a
foreign currency rating of A-/Stable/A-2 and local currency
rating of A+/Stable/A-1 remain unchanged after the 2007 Budget
was announced on Sept. 1, 2006, according to a report published
today by Standard & Poor's Rating Services, titled "Credit FAQ:
Malaysia After 2007 Budget, Other Recent Developments."
  
The report says the 2007 Budget, which forecast a fiscal deficit
of 3.4% of GDP in 2007 versus 3.5% in 2006, underscores the
gradual pace of fiscal consolidation that will continue over the
next few years as the government adopts a pro-growth policy.
  
"Such a policy is not inappropriate given Malaysia's stage of
development, although there are some risks associated with this
slower pace of fiscal consolidation," said Standard & Poor's
credit analyst Sani Hamid.
  
The primary risk would be a material downturn in the economic
cycle where the government would likely have to respond by
adopting additional fiscal stimulus to meet its growth target.
This would worsen the country's fiscal position and debt levels.
As it stands, the country's general government deficit, at 2.9%
of GDP in 2005, is above the current median of 0.2% for 'A'-
rated sovereigns.
  
The stable rating outlook on Malaysia incorporates the
expectations that the government will consolidate its finances
only modestly over the next few years.  While Malaysia's fiscal
deficit is not expected to worsen materially over the medium
term, hopes for any consolidation or a balanced budget are now
being pushed beyond 2010.
  
"The various incentives announced in the Budget to promote the
Malaysia Islamic Financial Centre initiative are further
evidence of the government's commitment to establishing an
international Islamic financial hub in Malaysia," said Mr. Sani.
Standard & Poor's expects Islamic finance to expand even more
rapidly, making the industry one of the most dynamic in
international finance with Malaysia well-positioned to benefit
from such growth.
  
Regarding the on-going political tension between Prime Minister
Abdullah Badawi and former PM Mahathir, Standard & Poor's
believes that the former's position remains tenable, although
this relationship could deteriorate further.

"We do not expect the situation to deteriorate to the extent
that it will prove disruptive to the economy," Mr. Sani added.


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

ATLAS CONSOLIDATED: Stockholders Elect Directors
------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Atlas Consolidated Mining & Development Corp.
postponed its annual stockholders' meeting, which was initially
scheduled on July 31, 2006, to September 6.

On that day, the stockholders, represented by the required
number of votes, approved:

   1. Minutes of Special/Advance General Meeting of Stockholders
      held on March 31, 2003;

   2. The Audited Financial Statements for the years ended
      December 31, 2002 and 2003;

   3. Annual Report and Audited Financial Statements for the
      years ended December 31, 2004 and 2005;

   4. The Acts and Resolutions of the Board of Directors and
      Management;

   5. The Stock Option to be offered to qualified Directors,
      Officers, and Employees; and

   6. The Increase in the Authorized Capital Stock from
      PHP1,200,000,000 to PHP2,000,000,000.

The Stockholders also:

   (i) elected these directors:
   
       (a) Alfredo C. Ramos,
       (b) Jose C. Ibazeta,
       (c) Martin C. Buckingham,
       (d) Frank N. Lubbock,
       (e) Noel T. del Castillo,
       (f) Ricardo V. Quintos,
       (g) Felipe R. Relucio, Jr.,
       (h) Kim Freeman,
       (i) Christopher M. Gotanco,
       (j) Gerard H. Brimo (as Independent Director), and
       (k) Alfredo R. Rosal (as Independent Director)

  (ii) appointed SGV & Company as External Auditors

At the organizational meeting held right after the stockholders'
meeting by and among the newly elected directors, officers and
members of committees were appointed and qualified to hold
office:

A. Executive Officers and Compliance Officer:

   Officer                  Position
   -------                  --------
   Jose C. Ibazeta          Chairman Emeritus
   Alfredo C. Ramos         Chairman of the Board
   Alfredo C. Ramos         President
   Kim Freeman              Managing Director
   Martin C. Buckingham     Executive Vice President & CFO
   Noel T. del Castillo     Treasurer
   Felipe R. Relucio, Jr.   Compliance Officer
   Constante P. Bumanglag   Vice President for Operations
   Rodrigo C. Cal  Asst.    Vice President/Resident Manager
   Jesus C. Valledor, Jr.   Administrative Officer & Comptroller
   Efren T. Dalimot         Resident Comptroller

B. Nomination Committee

   Alfredo C. Ramos         Chairman
   Frank N. Lubbock         Member
   Christopher M. Gotanco   Member

C. Audit Committee

   Alfredo R. Rosal, Jr.    Chairman
   Noel T. del Castillo     Member
   Ricardo V. Quintos       Member

D. Remuneration and Compensation Committee

   Felipe R. Relucio, Jr.   Chairman
   Martin C. Buckingham     Member
   Gerard H. Brimo          Member

                    About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
December 31, 2005.  Moreover the Company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.


NATIONAL FOOD: Offers to Buy Rice from Vizcaya Farmers
------------------------------------------------------
The National Food Authority has launched its procurement program
in Bayombong, Nueva Vizcaya, to help farmers in the province.

Antonio Panganiban, NFA provincial manager, explains that under
the NFA's procurement program, the government support price is
at PHP10 per kilogram including drying and delivery incentives.  
The PHP0.25 per kilogram price is for the Cooperative
Development Incentive Fund of the cooperatives.

Mr. Panganiban assures that NFA will follow the quality
standards and equivalent net weight table as basis for the
pricing of unmilled rice.

Mr. Panganiban also encourages farmers to visit their warehouses
at barangay Magsaysay in Bayombong and in barangay Murong in
Bagabag town.

Mr. Panganiban adds that the NFA will open additional buying
stations in the towns of Quezon, Dupax del Sur, Dupax del Norte,
and Kasibu.

                     About National Food

Headquartered in Quezon City, Philippines, National Food
Authority -- http://www.nfa.gov.ph/-- is a government  
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals.

NFA is among the state-owned firms, which push up the country's
outstanding public sector debt.  In 2005, the agency incurred a
PHP6-billion debt to bankroll cost of rice and corn importation,
as well as payment of import duties.  The Company is seeking a
private sector takeover of its importation role so it could
gradually make a turnaround from its PHP22-billion aggregate
loss in 2005.   

On March 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company is slated to post a loss of
PHP8 billion in 2006.


NATIONAL FOOD: Earmarks PHP3 Million for Palay Procurement
----------------------------------------------------------
The National Food Authority has earmarked PHP3 million for the
current palay-buying operation.  With the onset of peak harvest
season, the volume of procurement is expected to increase thus
funds are replenished regularly to meet procurement target.

Procopio Trabajo II, Provincial Manager of NFA in Antique says
the agency has recently activated three mobile procurement
teams, covering the southern central and northern municipalities
in the province.  These mobile procurement services could be
availed of by the individual farmers, Farmers Organizations or
cooperatives, provided NFA is assured of a big volume to be
purchased to justify and maximize the deployment or scheduling
of the team in a particular area.  Requests could be coursed
through the Municipal Agricultural Officers, cooperatives, or
Farmers Organizations in the locality.

NFA buys at PHP10 per kilo for clean and dry, plus 25 centavos
per kilo as delivery and drying incentives.  Another 25 centavos
per kilo is given to Farmers Organizations or cooperatives as
Cooperative Development Incentive Fund.  The FOs or cooperatives
could later use the accumulated CDIF funds for the purchase of
or construction of post-harvest facilities.  The organizations
concerned have the option to convert the CDIF to rice form
depending on their priority needs.

Gladdys Gallano, NFA Information Officer explains that NFA buys
wet or fresh palay, at an adjusted price, depending on quality
or moisture content, provided that prior coordination has been
done so as to synchronize the availability of mechanical dryers,
both in San Jose main office and Culasi sub-office in northern
Antique.

                     About National Food

Headquartered in Quezon City, Philippines, National Food
Authority -- http://www.nfa.gov.ph/-- is a government  
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals.

NFA is among the state-owned firms, which push up the country's
outstanding public sector debt.  In 2005, the agency incurred a
PHP6-billion debt to bankroll cost of rice and corn importation,
as well as payment of import duties.  The Company is seeking a
private sector takeover of its importation role so it could
gradually make a turnaround from its PHP22-billion aggregate
loss in 2005.   

On March 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company is slated to post a loss of
PHP8 billion in 2006.


* Inflation Eased to 6.3% in August; Lowest Since June 2004
-----------------------------------------------------------
Inflation eased to an annual rate of 6.3% in August, slowing for
the fifth straight month, because of slower rises in the prices
of fuel, electricity, and water, the National Statistic Office
says.

The figure was within the ranges forecast by the market and the
central bank.

It is the slowest inflation recorded since June 2004, when the
annual rate was 5.4%.

The consumer price index rose 0.4% month-on-month, having risen
in July by 0.5% month-on-month.

Inflation averaged 6.9% year-on-year from January to August.

The annual rate of core inflation, which excludes certain items
of food and energy, was 5.3% last month, compared to 5.4% in
July, the NSO says.

Governor Amando Tetangco Jr. of the central bank relates that
the inflation rate last month was in line with the central
bank's expectation of a decelerating trend towards the end of
the year.

Mr. Tetangco says this downtrend also made the central bank more
confident that inflation next year will hit its target of 4%-5%.

However, Mr. Tetangco notes that high oil prices might still
have an effect on inflation.

"There remain upside risks, particularly geopolitical concerns
that could spark another round of oil price increases," Mr.
Tetangco says.

The rise in the fuel, light, and water index was 13% last month,
compared to the rise of 14.5% in July.

The rise in the food, beverage, and tobacco index was 5.6%,
compared to 5.2% in July.

Inflation for services slowed to 9% from 9.4% in July.

Inflation for miscellaneous items was 3%, against 3.1% in July.

The inflation rate for clothing was unchanged at 3.1%.

The inflation rate for housing and repairs was also unchanged at
3.1%.
  

* North Samar Posts 4.1% IR in June, Lowest In Samar Island
-----------------------------------------------------------
Among the provinces in Eastern Visayas, Northern Samar
registered the lowest inflation rate at 4.1% in June from 3.7%
in May and this is the province's third time to register
consecutive low inflation rates in the second quarter months
based on the reports from the National Statistics Office
regional office here.

The province's inflation is lower by 2.3 percentage points than
the region's sustained inflation rate of 6.4%.

Second to have registered low rates in annual prices was Eastern
Samar, which degenerated to 4.9% from 5.3% the previous month.  
Leyte with a 6% inflation rate and Samar with 7.6%, both posted
a current inflation rate of 6.4%.

On the other hand, Southern Leyte registered a double-digit high
inflation of 10.1% from 10.3% in May followed by Biliran with an
IR of 8.6% from 8.7% in May.

With regards to annual price changes, the province of Leyte and
Northern Samar both registered increased price change of 0.4
percentage points while Samar recorded the biggest decrease by
1.2 percentage points.

Similarly, inflationary level slowdown were posted by the
provinces of Biliran with 0.1 percentage points, Southern Leyte
with 0.2 percentage points, and Eastern Samar with 0.4
percentage points


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

ABIC INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 25
-------------------------------------------------------------
The creditors of ABIC International Pte Ltd are required to
submit their proofs of debt by September 25, 2006.

Failure to comply with the requirement will exclude a creditor
from sharing in the company's dividend distribution.

The liquidator can be reached at:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


AFFYMETRIX INC: Defaults Under 0.75% Senior Note Indenture
----------------------------------------------------------
Affymetrix Inc. received a notice of default on Aug. 17, 2006,
under the indenture governing its US$120 million 0.75% Senior
Convertible Notes due 2033 from noteholders owning over 25% of
the principal amount of the outstanding notes.  

The default notice came as a result of the filing delay of the
company's Form 10-Q for the quarter ended June 30, 2006, with
the U.S. Securities and Exchange Commission, in light of
Affymetrix's decision to restate its financial statements.

Under the indenture, the company has 60 days to cure a breach.  
If the company does not cure the breach within that period,
either the trustee or the holders of at least 25% aggregate
principal amount of outstanding Notes may accelerate the
maturity of the Notes, causing the outstanding principal amount
plus accrued interest to be immediately due and payable.  

The company expects to file its restated financial statements
and its Form 10-Q for the period ending June 30, 2006, by
Sept. 30, 2006, which would cure the purported default.

All required interest and principal payments have been timely
made on the Notes.  As of June 30, 2006, the company had
approximately US$261 million of cash and short-term investments.

                      About Affymetrix

Headquartered in Santa Clara, California, Affymetrix Inc.
-- http://www.affymetrix.com/-- analyzes complex genetic  
information that are used by pharmaceutical, biotechnology,
agrichemical, diagnostics and consumer products companies.  The
Company has manufacturing facilities in Sacramento, California,
and Bedford, Massachussetts, and maintains important sales and
marketing operations in Europe and Asia and has about 1,100
employees worldwide.  In Asia, the company operates in Japan and
China, as well as Australia, New Zealand, Hong Kong, India,
Japan, Malaysia, Singapore and Taiwan.

                        *     *     *

Affymetrix Inc.'s noteholders issued a notice of default on Aug.
17 under the indenture governing the US$120 million 0.75% Senior
Convertible Notes due 2033 as a result of the company's failure
to file its Form 10-Q for the quarter ended June 30, 2006, with
the United States Securities and Exchange Commission.


AFFYMETRIX INC: Court Issues Markman Order in Illumina Suit
-----------------------------------------------------------
The Hon. Joseph J. Farnan of the United States District Court
for the District of Delaware issued a Markman order in the
litigation brought by Affymetrix against Illumina.  Affymetrix
has accused Illumina of infringing U.S. Patent Nos. 6,355,432,
6,646,243, 5,545,531, 6,399,365, and 5,795,716.

In a Markman decision, the District Court interprets disputed
claim language.  The Court's Aug. 16 Order addressed 15 disputed
claim terms in the five patents-in-suit.  The Court agreed with
Affymetrix's proposed constructions for most terms and adopted
only two of Illumina's proposed constructions.

The Court rejected Illumina's primary contentions, and found
instead that:

   -- the patents-in-suit are not limited to in situ synthesis.

   -- the patents-in-suit are not limited to probes chemically
      linked to a single surface.

   -- the patents-in-suit are not limited to placement of
      probes at predetermined locations (and therefore cover
      random assembly of arrays).

The Court's decision affirms the breadth of Affymetrix' patent
portfolio in covering the DNA microarray field and related
technology.

In a separate decision, the Court also denied Illumina's motion
to dismiss the '716 patent for lack of standing.  The Court
affirmed Affymetrix' ownership of and right to sue on the '716
patent.

"We are pleased with the Court's Markman decision and look
forward to proceeding to trial," said Barbara Caulfield,
Affymetrix' Executive Vice President and General Counsel.  Trial
is scheduled to begin on Oct. 16.  Affymetrix is seeking
remedies including lost profits, a reasonable royalty, trebled
damages for willfulness, and a permanent injunction.

A full-text copy of the Markman memorandum and opinion is
available for free at:
  
http://www.affymetrix.com/corporate/media/illumina_announcement.
affx  

                     About Affymetrix

Headquartered in Santa Clara, California, Affymetrix Inc.
-- http://www.affymetrix.com/-- analyzes complex genetic  
information that are used by pharmaceutical, biotechnology,
agrichemical, diagnostics and consumer products companies.  The
Company has manufacturing facilities in Sacramento, California,
and Bedford, Massachussetts, and maintains important sales and
marketing operations in Europe and Asia and has about 1,100
employees worldwide.  In Asia, the company operates in Japan and
China, as well as Australia, New Zealand, Hong Kong, India,
Japan, Malaysia, Singapore and Taiwan.

                        *     *     *

Affymetrix Inc.'s noteholders issued a notice of default on Aug.
17 under the indenture governing the US$120 million 0.75% Senior
Convertible Notes due 2033 as a result of the company's failure
to file its Form 10-Q for the quarter ended June 30, 2006, with
the United States Securities and Exchange Commission.


DEVON INVESTMENTS: Pays First and Final Dividend
------------------------------------------------
Devon Investments Pte Ltd has paid its first and final dividend
to creditors on August 29, 2006.

The amount paid was 57.32% on all admitted claims.

The assistant official receiver can be reached at:

         Lim Yew Jin
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


FLEXTRONICS INTERNATIONAL: Sells Software Biz to KKR for US$900M
----------------------------------------------------------------
Flextronics International Limited has sold its Indian software
unit for US$900 million to an affiliate of Kohlberg Kravis
Roberts & Co. -- KKR, The Financial Times reports.  The purchase
amount will be paid with US$600 million in cash and US$250m in
seller's note maturing in eight years.

When the transaction is completed probably this summer, KKR will
hold an 85% equity stake while Flextronics will keep the
remaining 15% and continues as an important business partner and
customer, Red Herring reveals.  

According to Red Herring, the sale is part of Flextronics'
continuing strategy to focus more on capitalizing in its core
business of providing electronics manufacturing services to
other companies by divesting other businesses.

Flextronics Chief Executive Officer Michael McNamara believes
that Flextronics can still reap additional cash from the
software and network services business by retaining an equity
stake in it, Red Herring adds.

"By monetizing non-core assets at substantial gains over
carrying values, Flextronics will have generated cash proceeds
in excess of US$1 billion through the divestitures of software,
network services, and semiconductor businesses, assuming this
transaction is consummated," said Mr. McNamara.  

Meanwhile, Flextronics Chief Financial Officer Thomas J. Smach
expects the transaction to be slightly accretive to the
company's fiscal 2007 earnings per share, The Finanancial Times
relates.  He sees opportunities for using the cash proceeds of
the transaction to invest in working capital to support the
growth in its core business.

According to Financial Times, Flextronics will earn a post-tax
gain of US$175 million from the sale.  The money may be used to
pay down debt, repurchase stock, or both.

PR Newswire reveals that Software Chief Executive Officer Ash
Bhardwaj and his management team will continue to lead the
software business, which is expected to announce a new name in
the near future.

                          About KKR

KKR -- www.kkr.com --is one of the world's oldest and most
experienced private equity firms specializing in management
buyouts, with offices in New York, Menlo Park, California,
London, Paris, Hong Kong, and Tokyo. Over the past year, KKR has
committed over $2.5 billion to technology businesses, including
SunGard Data Systems, Avago Technologies, and the Semiconductors
business of Royal Philips Electronics (pending), which has been
renamed NXP. Over the past thirty years, KKR has invested in
more than 140 transactions with a total value of approximately
US$200 billion. For more information, please visit.

                      About Flextronics

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.


ODYSSEY RE: Files Form 10-Q for Second Quarter Ended June 2006
--------------------------------------------------------------
Odyssey Re Holdings Corp. submitted on August 28, 2006, its
quarterly report in Form 10-Q for the second quarter ended June
30, 2006, to the Securities and Exchange Commission.

On July 27, 2006, the company released its unaudited financial
results for the second quarter ended June 30, 2006.  On that
same day, the company issued a statement that it is restating
its consolidated financial results for the years 2001 to 2005,
and for three months ended March 31, 2006, to correct the
accounting treatment for certain equity investments and
investments containing embedded derivatives.

The Troubled Company Reporter - Asia Pacific, reported on
August 18, 2006, that the company posted US$202.4 million net
income available to common shareholders for the quarter ended
June 2006, as compared to the Form 10-Q report in which the
company has restated US$2.87 per diluted share or US$207.6
million net income available to common shareholders in the same
quarter.

Moreover, in the company's current report the net income
available to common shareholders was US$358.0 million, or
US$4.95 per diluted share for the six months ended June 30,
2006.  When compared to its previous announcement the figure has
slightly decreased from US$361.8 million, or US$5.01 per diluted
share.

The TCR-Asia Pacific, recounts on August 15, 2006, that the
company's shareholders' equity totaled to US$1.83 billion, which
has significantly jumped by US$17.4 million or US$1.85 billion
in the current financial results.

In the Form 10-Q operating income after tax was US$88.2 million,
or US$1.22 per diluted share, for the three months ended June
2006, as compared to US$89.4 million, or US$1.24 per diluted
share, in its previous announcement on July 27, 2006.

Operating income after tax "1" excludes both net realized
capital gains as reported and net realized capital gains of an
equity investee included in net investment income and the loss
on early extinguishment of debt.

The changes in the results reported in the company's Form 10-Q
for the second quarter ended June 30, 2006, and the results
previously announced primarily reflect changes in the historical
carrying value of the Company's equity investment in TRG Holding
Corp., an affiliated investment, the identification of
investments with embedded derivatives in addition to those
previously identified and changes in the realized and unrealized
gains, and losses recognized on certain equity method
investments subject to the restatement.

The total impact of the restatement from all previous periods to
March 31, 2006, was to increase net income by US$16.3 million to
common shareholders as compared to an approximate increase in
net income of US$30 million that was previously perceived by the
company.  The increase in shareholders' equity is attributable
to an increase in the historical carrying value, that was not
previously identified in its investment in TRG Holding Corp.

                        About Odyssey Re

Odyssey Re Holdings Corp. -- http://www.odysseyre.com/-- is an  
underwriter of property and casualty treaty and facultative
reinsurance, as well as specialty insurance.  Odyssey Re
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 Mexico City.  
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.


WASHINGTON MANAGEMENT: Court to Hear Wind-Up Bid on Sept. 22
------------------------------------------------------------
On August 28, 2006, Chng Eng Chye filed an application to wind
up Washington Management Consultancy Services Pte Ltd.

The high Court of Singapore will hear the wind-up petition on
September 22, 2006, at 10:00 a.m.

The Solicitors for the Plaintiff can be reached at:

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


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

ABICO HOLDINGS: Posts THB9.48-Mil. Net Profit in 2nd Quarter '06
----------------------------------------------------------------
Abico Holdings Pcl posted a consolidated THB9.485-million net
profit for the quarter ended June 30, 2006, an increase from the
THB7.68-million net profit recorded in the same period last
year.

The company's consolidated balance sheet as of June 30, 2006,
showed strained liquidity with consolidated total current assets
of THB67.897 million available to pay THB181.787 million of
total current liabilities coming due within the next 12 months.

Consolidated total assets as of June 30, 2006, amounted to
THB880.074 million while consolidated total liabilities equaled
THB801.061 million.

The company's auditor, Sukanya Sutheeprasert of Sam Nak - Ngan
A.M.C. Co Ltd noted uncertainty of the company's continued
operation as a going concern that was previously raised on
January 25, 2006.

Full-text copies of the company's financial statements are
available for free at:

http://bankrupt.com/misc/Abico_2Q_fs.xls
http://bankrupt.com/misc/Abico_2Q_ar.doc

                          *     *     *

Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading  
palm oil, real estate development and raw milk producer and
distributor.

On April 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as the rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.   

The Company has been working under a capital deficit, with a
deficit figure of THB226.34 million as of end-2005 and
THB3.68 billion as of end-2004.  


IAP WORLDWIDE: S&P Lowers Corporate Credit Rating to B from B+
--------------------------------------------------------------
Standard & Poor's Rating Services lowered the ratings on Cape
Canaveral, Florida-based IAP Worldwide Services Inc. including
its corporate credit rating to 'B' from 'B+'.  The outlook is
stable.

As of June 30, 2006, the company had total balance sheet debt of
over $500 million.

"The downgrade reflects weakened credit metrics as delayed
government appropriations have challenged the business
environment," said Standard & Poor's credit analyst Dan
Picciotto.

Consequently, revenues and earnings have declined.  Still, a
rising backlog suggests that operations are set to recover.

The ratings on IAP continue to reflect the company's highly
leveraged financial risk profile, taking into consideration the
recapitalization of the company's balance sheet and related
dividend payment at the end of 2005.  The ratings also reflect
the company's vulnerable business risk profile as a provider of
logistics services, marked by revenue concentration from a few
large contracts and the less-predictable nature of contingency
operations, which contribute a majority of revenues and profits.

These weaknesses are partially mitigated by the company's strong
rebid record on contracts and the low fixed-capital
intensiveness of operations.

IAP Worldwide Services, Inc. -- http://www.iapws.com/-- is a  
premier government contractor providing a broad spectrum of
services focused on global mission support for the federal
market. The company specializes in three top-tier lines of
business: contingency, logistics and procurement support;
facility maintenance/base operations; and technical services.  
With Corporate Operations headquartered in Cape Canaveral, FL,
IAP also has corporate offices in Irmo, S.C.; Panama City, FL;
and Washington, D.C.; and project sites in over 50 locations
worldwide, including Bangkok, Thailand.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific,
Standard & Poor's Rating Services lowered the ratings on Cape
Canaveral, Florida-based IAP Worldwide Services Inc. including
its corporate credit rating to 'B' from 'B+'.  The outlook is
stable.

Moody's adjusted the ratings assigned on December 6, 2005, to
IAP Worldwide in response to changes in its proposed capital
structure.  IAP has announced an incremental increase of
approximately US$65 million to the proposed first lien term loan
B. Despite a proposed decrease in total debt with an
approximately US$105 million permanent reduction in the proposed
second lien term loan and a reduction in the proposed dividend
to US$146 million from US$186 million, the B2 corporate family
rating is unchanged (refer to the Moody's press release dated
December 6, 2005 for details of the original proposal and
ratings rationale).

Moody's took these rating actions:

    * US$75 million (originally US$100 million) proposed first
      lien revolver, maturing 2010, lowered to B2 from B1

    * US$415 million (originally US$350 million) proposed first
      lien term loan, due 2012, lowered to B2 from B1

    * US$120 million (originally US$225 million) proposed second
      lien term loan, due 2013, raised to B3 from Caa1

    * Corporate Family Rating, affirmed B2

Moody's said the ratings outlook is stable.



                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Catherine Gutib, Valerie Udtuhan, Francis
Chicano, 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.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***