TCRAP_Public/060908.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  

            Friday, September 8, 2006, Vol. 9, No. 179

                            Headlines

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

A1 SPECIAL TRANSPORT: Commences Wind-Up of Operations
ABORIGINAL AIR: Gov't Accuses Administrator of Alarmist Comments
AICKIN STORAGE: To Declare First and Final Dividend on Sept. 27
ALFA HOMES: Court to Hear Liquidation Bid on September 11
AN YING: Court Appoints Joint Liquidators

BECKER ENGINEERING: Faces Liquidation Proceedings
BEDROCK BAR: Creditors' Proofs of Claim Due on September 14
BLAZER HOSPITALITY: Members and Creditors to Convene on Sept. 22
BURRABOI PASTORAL: Placed Under Members' Voluntary Liquidation
BUSINESS EVOLUTION: Liquidator to Present Wind-Up Report

C.O.S. ENTERPRISE: Inability to Pay Debt Prompts Wind-Up
CONVICTION DEVELOPMENTS: Appoints Receivers and Managers
DANCEY & DONOHOE: Enters Wind-Up Proceedings
E-GISTICS.COM: Members and Creditors Meeting Set on Sept. 25
FABRICARE INTERNATIONAL: Liquidation Bid Hearing Set on Nov. 2

FARROW JAMIESON: Court to Hear Liquidation Petition on Sept. 14
FELTEX CARPETS: No Further Drawdown Against Facilities, ANZ Says
FOYER CATERING: Members Resolve to Close Business
GITCO PTY: Undergoes Liquidation Proceedings
GRIMES KENT: Creditors' Proofs of Debt Due on September 27

HIH INSURANCE: Former Secretary Faces Four Charges for Fraud
INGESTRE CORPORATE: Appoints Official Liquidator
INSTANT HAIR: Final Meeting Slated for September 22
MACQUARIE FILM: Members Agree to Wind Up Operations
MRRG LIMITED: Court Appoints Crichton Horne as Joint Liquidators

MWM MANAGEMENT: Liquidator to Present Wind-Up Report
NORTHSTAR DEVELOPMENT: Supreme Court Orders Wind Up
PA & TASH: Court to Hear CIR's Liquidation Bid on Nov. 9
PANDORA PASTORAL: Members Opt to Shut Down Business
PARWAY INVESTMENTS: Placed Under Voluntary Liquidation

PIXEL-FX PTY: Liquidator Whitton to Present Wind-Up Report
PRIMELIFE CORPORATION: PrimeLiving Trust Still Expanding in NSW
RODTRISAN PTY: Creditors Must Prove Debts by September 27
S-TECH ENGINEERING: Members Resolve to Wind Up Business
SIMPLY FRENCH: Final Meeting Set on September 25

SKY HIRE: Creditors Must Prove Debts by September 12
SOUTHERN TRACTORS: Shareholders Opt for Voluntary Liquidation
THE NEW MANAGEMENT: Creditors Appoint Joint Liquidators
TINDERLEY PTY: To Declare First and Final Dividend on Sept. 27
TOP GUN FLIGHTS: Names Worrell and Lane as Joint Liquidators

VICALU PTY: Members Agreed to Close Operations
ZENAS SHARETRADING: Liquidator Duncan to Give Wind-Up Report
ZOLMARI PTY: Members and Creditors to Convene on September 12


C H I N A   &   H O N G  K O N G

ACW CONSULTING: Members Resolve to Wind-Up Operations
ART VISION: Joint Liquidators Cease to Act for Company
ASIAN SERVICES: Members' Final Meeting Slated for September 28
BESTWIN TEXTILE: Creditors Must Prove Debts by September 24
DAISYFIELD LTD: Members Pass Resolution to Wind Up Operations

DRACCO INTERNATIONAL: Members' Final Meeting Slated for Sept. 29
FORTUNE MIND: Joint and Several Liquidators Named
FUSION DESIGN: Joint Liquidators Cease to Act for Company
GOLDEN TOP: Creditors Meeting Scheduled on September 18
GREAT CHINA: Posts US$2.5-Million Net Loss in First Half

IPCO CONSTRUCTORS: Members Pass Resolution to Wind Up Operations
KIN TAI: Creditors Must Prove Debts by September 30
LEAD SUPPLY: Shareholders Appoint Chiu Chi Kin as Liquidator
LINK GARMENT: Final Members' Meeting Set on September 29
MIZUHO CORPORATE: Final Members Meeting Set on September 28

MULTI-POINT: Lawrence Ceases to Act for the Company
NUCLEAR CONSTRUCTION: Appoints Joint and Several Liquidators
OUTMATCHING TELECOM: Creditors First Meeting Fixed on Sept. 8
PARK MANAGEMENT: Liquidator Steps Aside
RIGHTLINK SHIPPING: Members' Final Meeting Scheduled for Sept.25

SHERECON PROPERTIES: Members' Final Meeting On October 6
SKYCITY UNIVERSAL: Appoints Official Liquidator
SKY RAINBOW: Members Final Meeting Set for September 26
SOUNDTEX INTERNATIONAL: Creditors Must Prove Debts by Sept. 30
VICLAND LIMITED: Liquidator Ceases to Act for the Company



I N D I A

FORD MOTOR: Names Alan Mulally as President and CEO
FORD MOTOR: Looks at New Business Models to Ensure Recovery
FORD MOTOR: S&P Ratings Remain on Watch Neg with New CEO
GENERAL MOTORS: Renault Taps BNP Paribas for Three-Way Tie-Up
ICICI BANK: Unveils 12th AGM Results

READER'S DIGEST: Moody's Places Ratings on Review for Downgrade


I N D O N E S I A

BANK MANDIRI: Takes Errant Debtors to Court
BANK PERMATA: Consortium Buys Additional 26% Stake
INCO LTD: CVRD Gets Canadian & U.S. Antitrust OK for Inco Offer
INCO LTD: Terminates Merger Agreement with Phelps Dodge
NORTEL NETWORKS: Selling UMTS Business to Alcatel for US$320MM
PAKUWON JATI: Raylight Investment Gets 323 Million Shares

PAKUWON JATI: UBS Hired As Bookrunner for High-Yield Bond
VERITAS DGC: S&P Places 'BB' Credit Rating on Negative Watch
VERITAS DGC: Inks Definitive Merger Agreement with CGG


J A P A N

BANCO BRADESCO: Fitch Ups Foreign Currency Rating to BB from BB-
BANCO BRADESCO: Fitch Ups Local Currency Rating to F3 from B
DAIEI INCORPORATED: Aims to Cut Outstanding Debts by 50%
METALDYNE CORP: Moody's Cuts B3 Corporate Family Rating to Caa1
METALDYNE COMPANY: S&P Puts B Rating on US$574M Debt Facilities

XM SATELLITE: SEC Wants a Peek Into Subscriber Targets and Costs


K O R E A

LYONDELL CHEMICAL: Citgo Buy Cues Fitch to Affirm Ratings
LYONDELL CHEMICAL: Tenders Offer for 9.625% Ser. A Secured Notes
NOVELIS INC: Spin-Off Prompts Moody's to Downgrade Ratings


M A L A Y S I A

ANTAH HOLDINGS: Court Grants Restraining Order
ELBA HOLDINGS: Seeks to Regularize Financial Condition
ELBA HOLDINGS: June 30 Balance Sheet Reveals Insolvency
ELBA HOLDINGS: June 30 Public Spread Level Pegged at 62.89%
ELBA HOLDINGS: Defaults on Loan Facilities

METROPLEX BERHAD: Needs to Submit Revamp Plan by December 8
NORTH BORNEO: Auditors Still Working on 2005 Annual Accounts
PAXELENT CORPORATION: Has Four Months to Submit Rehab Plan
TALAM CORPORATION: Securities Resume Trading
TENAGA NASIONAL: Fully Redeems MYR600M IRUF

WEMBLEY INDUSTRIES: SC Denies Time Extension Request


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Subscribes to 791,871,100 Phinma Shares
BANCO FILIPINO: Shares Trading Still Suspended
BAYAN TELECOMMUNICATIONS: To Conduct Educational IPTV Trials
* S&P Rates New Global Bonds Offered for Exchange 'BB-'
* End-August Forex Reserves Hit Record US$21.427 Billion


S I N G A P O R E

ADVANCED SYSTEMS: Welcomes New CEO and CFO
GETRONICS N.V.: Banks Cancel EUR30-Mln Cut on Credit Facility
ISOFT GROUP: FY2006 Net Losses Widen to GBP382.2 Million
COLLINS & AIKMAN: 10-3/4% Bonds' Price Plummets to All-Time Low
REFCO INC: Panel Inks Deal with E&Y on Document Production


T H A I L A N D

PAE THAILAND: Spins with THB7 Mil. Net Profit in 2nd Quarter '06


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

A1 SPECIAL TRANSPORT: Commences Wind-Up of Operations
-----------------------------------------------------
At a general meeting held on August 24, 2006, the members of A1
Special Transport Pty Limited resolved to voluntarily wind up
the company's operations and appoint Bruce Gleeson and
Schon G. Condon as joint liquidators.

The Joint Liquidators can be reached at:

         Bruce Gleeson
         Schon G. Condon RFD
         Jones Condon Chartered Accountants
         Level 1, 34 Charles Street
         Parramatta, New South Wales
         Australia
         Telephone:(02) 9893 9499


ABORIGINAL AIR: Gov't Accuses Administrator of Alarmist Comments
----------------------------------------------------------------
The South Australian Government has accused the administrator of
Aboriginal Air Services -- Austin Taylor -- of making "alarmist"
comments, ABC News Online reports.

The report relates that the airline operates patient transfers
from remote communities and its administrator says people could
die as a direct result of the company's liquidation.

ABC News says that Mr. Taylor has accused the South Australian
Government of ignoring an unfolding medical crisis.

According to Mr. Taylor, negotiations have begun with the
Northern Territory Government for assistance in insuring that
flights to the communities continue.  However, Mr. Taylor noted
that he has not received a response from the South Australian
Government, ABC News relates.

The report cites South Australia's Indigenous Affairs Minister
Jay Weatherill as saying that the Government is working with the
Commonwealth and one of the airlines involved to minimize
disruption to communities.

ABC News further relates that the Federal Government will look
at alternative plans if any of the Commonwealth subsidized
services stop.

                      About Aboriginal Air

Aboriginal Air Services -- http://www.aboriginalair.com.au/--  
is a corporation, which runs four air companies:

   1. Ngaanyatjarra Air servicing the Western communities
      through to Kalgoorlie;

   2. Ngurratjuta Air operating North and West of Alice Springs;

   3. PY Air is supplying communities in the northern part of
      South Australia; and

   4. Janami Air, the RPT route to Katherine Via communities

Aboriginal Air Services also has its own maintenance arm,
Aboriginal Aircraft Maintenance Services.

The Air and Maintenance companies are owned and controlled by
Aboriginal Corporations.
  
The Troubled Company Reporter - Asia Pacific reported on
September 6, 2006, that the board of directors of Aboriginal Air
Services voted to bring in an administrator.  Aboriginal Air has
never made a profit in its 20-year history and has been propped
up by its shareholders -- four Aboriginal groups from central
Australia -- with large management fees, the TCR-AP said citing
a report from The Australian.


AICKIN STORAGE: To Declare First and Final Dividend on Sept. 27
---------------------------------------------------------------
Aickin Storage Pty Ltd will declare the first and final dividend
for its creditors on September 27, 2006, to the exclusion of
those who cannot prove their claims on that day.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia


ALFA HOMES: Court to Hear Liquidation Bid on September 11
---------------------------------------------------------
The High Court of Rotorua will hear a liquidation petition filed
against Alfa Homes 2003 Ltd on September 11, 2006, at 10:00 a.m.

Carters -- a division of Carter Holt Harvey Ltd -- filed the
petition with the Court on July 25, 2006.

The Plaintiff's Solicitor can be reached at:

         Karl Robinson
         Edmund Lawler & Associates
         P.O. Box 25-931, St Heliers
         Auckland, New Zealand


AN YING: Court Appoints Joint Liquidators
-----------------------------------------
The High Court of Auckland ordered the appointment of Stephen
Mark Lawrence and Anthony John McCullagh to act as joint and
several liquidators for An Ying International Financial Ltd on
August 24, 2006.

The company's creditors are, therefore, required to prove their
debts by September 26, 2006, to the appointed Liquidators.
Failure to show proofs of debt will exclude a creditor from
participating in any distribution the company will make.

On August 21, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company was facing a liquidation petition
filed by J.M.T. Wells on June 1, 2006.  The petition was heard
on August 24, 2006.

The Joint Liquidators can be reached at:

         Stephen Mark Lawrence
         Horwath Corporate (Auckland) Ltd
         P.O. Box 3678, Shortland Street
         Auckland 1015
         New Zealand
         Telephone: (09) 306 3440
         Facsimile: (09) 302 0536


BECKER ENGINEERING: Faces Liquidation Proceedings
-------------------------------------------------
A liquidation petition filed against Becker Engineering Ltd --
formerly Becker and Lyall Engineering Ltd -- will be heard
before the High Court of Auckland on November 9, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 11, 2006.

The Solicitor for the Plaintiff can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


BEDROCK BAR: Creditors' Proofs of Claim Due on September 14
-----------------------------------------------------------
Creditors of Bedrock Bar and Casino Ltd are required to file
their proofs of claim to Joint Liquidators Richard Brian Burge
and Edward Christian Jansen by September 14, 2006.

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

The Joint Liquidators can be reached at:

         Richard Burge
         Sherwin Chan & Walshe
         Chartered Accountants & Business Advisers
         P.O. Box 30-568, Lower Hutt
         New Zealand
         Telephone: (04) 569 9069


BLAZER HOSPITALITY: Members and Creditors to Convene on Sept. 22
----------------------------------------------------------------
The members and creditors of Blazer Hospitality International
Pty Limited will convene on September 22, 2006, at 10:00 a.m.,
to:

   -- receive the liquidator's accounts on the company's wind-up
      proceedings and property disposal exercises;

   -- approve the early destruction of all books and
      records of the company; and

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

The liquidator can be reached at:

         S. J. Sherman
         Ferrier Hodgson
         Chartered Accountants
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia


BURRABOI PASTORAL: Placed Under Members' Voluntary Liquidation
--------------------------------------------------------------
At a general meeting held on August 22, 2006, the members of
Burraboi Pastoral Company agreed to voluntarily liquidate the
company's business and distribute the proceeds of its assets
disposal.

Subsequently, Brian McCleary was appointed as liquidator.

The Liquidator can be reached at:

         Brian McCleary
         Brian McCleary & Co Accountants
         126 End Street
         Deniliquin, New South Wales 2710
         Australia


BUSINESS EVOLUTION: Liquidator to Present Wind-Up Report
--------------------------------------------------------
Members and creditors of Business Evolution Pty Limited will
convene on September 25, 2006, at 10:00 a.m.

During the meeting, Liquidator McDonald will present the report
on the company's wind-up proceedings and will ask the members
and creditors to empower him to destroy the company's books and
records.

The Liquidator can be reached at:

         Geoffrey McDonald
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


C.O.S. ENTERPRISE: Inability to Pay Debt Prompts Wind-Up
--------------------------------------------------------
The members and creditors of C.O.S. Enterprise Pty Limited held
a general meeting on August 25, 2006, and passed a special
resolution to wind up the company's operations due to its
inability to pay outstanding debts.

The liquidator can be reached at:

         Richard Albarran
         c/-o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


CONVICTION DEVELOPMENTS: Appoints Receivers and Managers
--------------------------------------------------------
First Capital Services Limited appointed Ginette Muller and John
Park on August 9, 2006, as joint and several receivers and
managers of Conviction Developments Pty Ltd.

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

         Ginette Muller
         KordaMentha (Queensland)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4900
         Facsimile:(07) 3225 4999


DANCEY & DONOHOE: Enters Wind-Up Proceedings
--------------------------------------------
On August 22, 2006, the members of Dancey & Donohoe Company
convened and passed a special resolution to voluntarily wind up
the company's operations and distribute the proceeds of its
assets disposal.

Subsequently, Brian McCleary was appointed as liquidator.

The Liquidator can be reached at:

         Brian McCleary
         Brian McCleary & Co Accountants
         126 End Street
         Deniliquin, New South Wales 2710
         Australia


E-GISTICS.COM: Members and Creditors Meeting Set on Sept. 25
------------------------------------------------------------
The members and creditors of E-Gistics.com Pty Limited will hold
a final meeting on September 25, 2006, at 12:00 p.m., to receive
accounts of the company's wind-up proceedings and property
disposal exercises from Liquidator Adrian Stewart Duncan.

The Liquidator can be reached at:

         Adrian Stewart Duncan
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


FABRICARE INTERNATIONAL: Liquidation Bid Hearing Set on Nov. 2
--------------------------------------------------------------
On July 27, 2006, the Commissioner of Inland Revenue filed
before the High Court of Auckland a petition to liquidate
Fabricare International (NZ) 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


FARROW JAMIESON: Court to Hear Liquidation Petition on Sept. 14
---------------------------------------------------------------
A petition to liquidate Farrow Jamieson Ltd will be heard before
the High Court of Auckland on September 14, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on June 28, 2006.

The Plaintiff's Solicitor can be reached at:

         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City, New Zealand
         Telephone: (09) 984 2002


FELTEX CARPETS: No Further Drawdown Against Facilities, ANZ Says
----------------------------------------------------------------
The ANZ Bank advised Feltex Carpets Limited that it will not
permit any further drawdown against the company's facilities
this week.  The position is to be reviewed by the ANZ Bank
today.  

Feltex notes that it is able to make payments from its cash
balances but this means that payments to some suppliers may be
deferred.

As previously advised by Directors, the pressure the Company is
experiencing relates to resolving the debt levels of the company
and does not reflect on the current trading performance which is
strong.  August sales exceeded budget and the forward sales
order book remains healthy.

              Godfrey Hirst will not Submit Offer

As reported in the Troubled Company Reported - Asia Pacific on
September 6, 2006, Godfrey Hirst said that is not interested in
getting involved in a bidding war for the assets of Feltex,
accordingly Godfrey Hirst will not be signing formal
documentation with Feltex on the current terms of the draft Sale
and Purchase Agreement.

A recent statement from Feltex disclosed that Godfrey Hirst has
confirmed that it will not be submitting an offer.

Craig and Graeme Turner have advised that they will make their
offer by the stipulated deadline.

                          About Feltex

Established over 50 years ago, Feltex Carpets Limited --
http://www.feltex.com/-- has built a reputation for being one  
of the world's leading manufacturers of superior-quality carpet.
The Feltex operation includes a wool scouring plant, six
spinning mills, three tufted carpet mills, a woven carpet mill
and offices in New Zealand, Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.

In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

The Company is currently undergoing negotiations for a capital
raising exercise, proceeds of which will be used to ease its
NZ$128-million debt to ANZ Bank.


FOYER CATERING: Members Resolve to Close Business
-------------------------------------------------
Members of Foyer Catering Pty Limited resolved on August 17,
2006, to close the company's business.

Creditors subsequently appointed Neil Robert Cussen and Gavin
Charles Morton as joint liquidators at a separate meeting held
later that day.

The Joint Liquidators can be reached at:

         Neil Robert Cussen
         Gavin C. Morton
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia


GITCO PTY: Undergoes Liquidation Proceedings
--------------------------------------------
On August 23, 2006, the members of Gitco Pty Limited held a
general meeting and agreed to voluntarily liquidate the
company's business.

In this regard, Michael Edward Slaven was appointed as
liquidator.

The Liquidator can be reached at:

         Michael Edward Slaven
         Rangott Slaven Hundy
         Level 3, Engineering House
         11 National Circuit
         Barton, Australian Capital Territory 2600
         Australia


GRIMES KENT: Creditors' Proofs of Debt Due on September 27
----------------------------------------------------------
Grimes Kent St. Garage Pty Ltd will declare its first and final
dividend to creditors on September 27, 2006, to the exclusion of
those who cannot prove their claims on that day.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia


HIH INSURANCE: Former Secretary Faces Four Charges for Fraud
------------------------------------------------------------
On September 6, 2006, the former secretary of HIH Insurance
Limited, Frederick Lo, appeared in the Downing Centre Local
Court in Sydney, New South Wales, on four charges arising from
an investigation by the Australian Securities and Investments
Commission.

Mr. Lo is charged with:

   1) making a materially false or misleading statement to
      officers of Westpac Banking Corporation with the intention
      of obtaining a financial advantage for FAI Insurance
      Limited on May 26, 2000.  This false statement related to
      the availability of consolidated accounts of the FAI Group
      for the financial period ending June 20, 1999.  These
      accounts were required to comply with a covenant under
      AU$150 million Medium Term Note Program between FAI
      Insurances Ltd and certain note holders.  ASIC alleges
      that in making the false statement, Mr. Lo assisted FAI in
      avoiding the risk of the note holders calling in amounts
      owing under FAI Notes;

   2) failing to properly exercise his powers and discharge his
      duties for a proper purpose as an officer of HIH by
      signing a letter on 19 October 2000 on behalf of HIH to
      Note Holders under the AU$150 million FAI Medium Term Note
      Program.  This letter misleadingly stated HIH managed FAI
      so that it complied with its obligations under the Note
      Program, despite being in breach of certain fundamental
      obligations;

   3) acting with reckless disregard in making false or
      misleading statements to the Australian Prudential
      Regulation Authority by not disclosing, contrary to the
      Insurance Act, that assets of CIC Insurances Ltd were
      pledged to secure the liabilities of entities other than
      CIC between May 12, 1999, and May 24, 2000; and

   4) acting with reckless disregard in the making of a false or
      misleading statement on November 22, 1999, to APRA that
      CIC had exceeded the minimum solvency requirements of the
      Insurance Act by AU$17 million, even when there was a
      deficiency of AU$111 million.

The matter was transferred to the Supreme Court for mention on
October 6, 2006.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                     About HIH Insurance

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

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

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

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


INGESTRE CORPORATE: Appoints Official Liquidator
------------------------------------------------
Shareholders of Ingestre Corporate Trustees Ltd appointed Derek
Farrely on August 23, 2006, as liquidator.

The Liquidator can be reached at:

         Derek Farrely
         P.O. Box 32-389, Devonport
         Auckland, New Zealand
         Telephone/Facsimile: (07) 892 2801
         e-mail: dfarrelly@xtra.co.nz


INSTANT HAIR: Final Meeting Slated for September 22
---------------------------------------------------
The members and creditors of Instant Hair Pty Ltd will hold a
final meeting on September 22, 2006, at 10:00 a.m., to receive
Liquidator G. J. Keith's accounts of the company's wind-up
proceedings and property disposal exercises.

The liquidator can be reached at:

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


MACQUARIE FILM: Members Agree to Wind Up Operations
---------------------------------------------------
The members of Macquarie Film Corporation Limited held a general
meeting on August 22, 2006, and agreed to voluntarily wind up
the company's operations.

In this regard, M. C. Smith was appointed as liquidator.

The Liquidator can be reached at:

         M. C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au


MRRG LIMITED: Court Appoints Crichton Horne as Joint Liquidators
----------------------------------------------------------------
On August 24, 2006, the High Court of Dunedin appointed David
Donald Crichton and Kieran Ann Horne of Crichton Horne &
Associates Limited as Joint and Several Liquidators for MRRG
Ltd.

Accordingly, the Joint Liquidators required the creditors of the
company to submit their proofs of claim by September 21, 2006.

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

The Troubled Company Reporter - Asia Pacific reported on August
16, 2006, that the company was facing a liquidation petition
from the Accident Compensation Commission.  The petition was
heard before the Court on August 24, 2006.

The Joint Liquidators can be reached at:

         K. A. Horne
         c/o Marie Inch
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone: (03) 379 7929


MWM MANAGEMENT: Liquidator to Present Wind-Up Report
----------------------------------------------------
Members and creditors of MWM Management Group Pty Ltd will hold
a final meeting on September 25, 2006, at 9:00 a.m., to hear
Liquidator Marc Peskett's report on the company's wind-up
proceedings and the property disposal exercises.

The Troubled Company Reporter - Asia Pacific, reported on
August 8, 2006, that the company commenced a wind up of
operations on July 18, 2006.

The Liquidator can be reached at:

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


NORTHSTAR DEVELOPMENT: Supreme Court Orders Wind Up
---------------------------------------------------
On August 22, 2006, the Supreme Court of New South Wales has
ordered Northstar Development Holdings Pty Limited to wind up
its operations and appoint D. I. Mansfield as liquidator.

The Liquidator can be reached at:

         D. I. Mansfield
         Moore Stephens
         Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


PA & TASH: Court to Hear CIR's Liquidation Bid on Nov. 9
--------------------------------------------------------
A petition to liquidate PA & Tash Ltd will be heard before the
High Court of Auckland on November 9, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
court on August 2, 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


PANDORA PASTORAL: Members Opt to Shut Down Business
---------------------------------------------------
At a general meeting held on August 22, 2006, the members of
Pandora Pastoral Company passed a special resolution to
voluntarily liquidate the company's business and distribute the
proceeds of its assets.

Accordingly, Brian McCleary was appointed as liquidator.

The Liquidator can be reached at:

         Brian McCleary
         Brian McCleary & Co Accountants
         126 End Street
         Deniliquin, New South Wales 2710
         Australia


PARWAY INVESTMENTS: Placed Under Voluntary Liquidation
------------------------------------------------------
On August 11, 2006, the members of Parway Investments Pty
Limited held a general meeting and agreed to voluntarily
liquidate the company's business.

In this regard, Douglas John Farram was appointed as liquidator.

The Liquidator can be reached at:

         Douglas J. Farram
         c/o Carruthers Farram & Co Services Pty Ltd
         Suite 4, Level 4
         105 Pitt Street
         Sydney, New South Wales 2000
         Australia


PIXEL-FX PTY: Liquidator Whitton to Present Wind-Up Report
----------------------------------------------------------
A joint meeting will be held for the members and creditors of
Pixel-FX Pty Ltd on September 25, 2006, at 10:00 a.m.

At the meeting, Liquidator Whitton will present the company's
wind-up report and the manner of property disposal exercises.

The Liquidator can be reached at:

         R. W. Whitton
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


PRIMELIFE CORPORATION: PrimeLiving Trust Still Expanding in NSW
---------------------------------------------------------------
Primelife Corporation Limited discloses that the PrimeLiving
Trust, an unlisted acquisition trust jointly owned and managed
by Primelife, Babcock & Brown Limited, and MFS Limited has
completed the acquisition of the Annesley Bowral and the
approved Gibraltar Park retirement development assets in the
Southern Highlands of New South Wales.

Jim Hazel, Primelife Managing Director says "Primelife is very
proud to have Annesley and Gibraltar Park as part of the
PrimeLiving Trust portfolio.  Annesley is considered to be
the premier retirement community in the Southern Highlands,
providing a high standard of accommodation and facilities, and
will become the premium brand in the Primelife portfolio.  This
acquisition takes total units owned by PrimeLiving Trust to
2,350, and total units under development to 575."

"This acquisition will further enable Primelife to expand its
footprint in this important growth corridor south west of Sydney
and compliments the Trust's Henry Kendall portfolio with its
large and established villages on the Central Coast of New South
Wales and its new development, Coastal Waters, at St. George's
Basin on the South Coast," Jim Hazel adds.

Primelife, in conjunction with John Uliana, Chairman of the
Annesley Group, will be responsible for the operational
management of Annesley and the development management of
Gibraltar Park.  Primelife will have an option to acquire the
retirement villages from the Trust at appropriate market prices.

                       About the Villages

Annesley Bowral is located within the Southern Highlands region
of NSW at Bowral 110 km south-west of the Sydney CBD.  Annesley
Bowral originally began in 1924 as 'Annesley Methodist Girls
College' but was purchased in 1998 for conversion into a
retirement community.  Annesley comprises 72 independent living
units, being a mixture of villa and apartment style
accommodation.  

Gibraltar Park is an approved retirement development located in
the township of Mittagong, within the Southern Highland Region
of NSW, about 108kms south-west of the Sydney CBD.  Notable
amenities in the area include Gib Gate Primary School, Bowral
Country Club and Golf Course and Bowral RSL Club, all located
within close proximity.  The proposed village will comprise 66
detached single level independent living units, a central
community centre and associated facilities, set in fully
landscaped grounds.  Construction is expected to commence this
year.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.
  
Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

ASIC alleged that the schemes are not registered, as required
under the Corporations Act.  ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.   

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


RODTRISAN PTY: Creditors Must Prove Debts by September 27
---------------------------------------------------------
Liquidator Judson will declare the first and final dividend for
the creditors of Rodtrisan Pty Ltd on September 27, 2006, to the
exclusion of creditors who cannot prove their debts on that day.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia


S-TECH ENGINEERING: Members Resolve to Wind Up Business
-------------------------------------------------------
Members of S-Tech Engineering Pty Limited met on August 17,
2006, and resolved to voluntarily wind up the company's
operations and appoint Schon Condon and Bruce Gleeson as
liquidators.

The Liquidators can be reached at:

         Schon G. Condon RFD
         Bruce Gleeson
         c/o Jones Condon
         Chartered Accountants
         Australia
         Telephone: (02) 9893 9499


SIMPLY FRENCH: Final Meeting Set on September 25
------------------------------------------------
The members and creditors of Simply French Armadale Pty Limited
will convene on September 25, 2006, at 11:30 a.m., to receive
Liquidator Duncan's report on the company's wind-up proceedings.

The Liquidator can be reached at:

         Adrian Stewart Duncan
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


SKY HIRE: Creditors Must Prove Debts by September 12
----------------------------------------------------
Liquidator Aaron Armstrong requires the creditors of Sky Hire
(N.Z.) Holdings Ltd to submit their proofs of claim on September
12, 2006.   

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

The Liquidator can be reached at:

         Aaron Armstrong
         Armstrong Henderson Limited
         P.O. Box 109-696, Newmarket
         Auckland, New Zealand
         Telephone: (09) 917 7357
         Facsimile: (09) 917 7379


SOUTHERN TRACTORS: Shareholders Opt for Voluntary Liquidation
-------------------------------------------------------------
On August 24, 2006, shareholders of Southern Tractors Ltd
resolved to voluntary liquidate the company's operations and
appoint Richard George Hughes as official Liquidator.

The Liquidator can be reached at:

         Richard Hughes
         291 Madras Street (P.O. Box 13-170)
         Christchurch, New Zealand
         Telephone: (03) 366 0169
         Facsimile: (03) 366 6319


THE NEW MANAGEMENT: Creditors Appoint Joint Liquidators
-------------------------------------------------------
At an extraordinary general meeting held on August 17, 2006, the
members of The New Management Company Pty Ltd decided to
liquidate the company's business.

Creditors appointed Gavin Charles Morton and Neil Robert Cussen
as liquidator at their meeting held on that day.

The Liquidator can be reached at:

         Gavin C. Morton
         Neil Robert Cussen
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia


TINDERLEY PTY: To Declare First and Final Dividend on Sept. 27
--------------------------------------------------------------
Tinderley Pty Ltd will declare the first and final dividend on
September 27, 2006.

Failure to submit proofs of debts on that day will exclude the
creditor from sharing in the company's distribution of dividend.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia


TOP GUN FLIGHTS: Names Worrell and Lane as Joint Liquidators
------------------------------------------------------------
Members of Top Gun Flights Pty Limited held a meeting on
August 16, 2006, and appointed Ivor Worrell and Morgan Lane as
joint liquidators.

The Joint Liquidators can be reached at:

         Ivor Worrell
         Morgan Lane
         Worrells
         Solvency & Forensic Accountants
         Level 3, 333 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9249 1208
         Facsimile:(02) 9249 1211
         Web site: http://www.worrells.net.au


VICALU PTY: Members Agreed to Close Operations
----------------------------------------------
At a general meeting held on August 15, 2006, the members of
Vicalu Pty Ltd agreed to close the company's operations and
appoint Peter G. Yates and David J. F. Lombe as joint and
several liquidators.

The Joint and Several Liquidators can be reached at:

         Peter G. Yates
         David J. F. Lombe
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000


ZENAS SHARETRADING: Liquidator Duncan to Give Wind-Up Report
------------------------------------------------------------
The members of Zenas Sharetrading Pty Limited will convene on
September 25, 2006, at 10:30 a.m., receive the Liquidator's
report on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Adrian Stewart Duncan
         c/o Hall Chadwick Level 29
         31 Market Street
         Sydney, New South Wales 2000
         Australia


ZOLMARI PTY: Members and Creditors to Convene on September 12
-------------------------------------------------------------
Members and creditors of Zolmari Pty Limited will hold a meeting
on September 12, 2006, at 11:00 a.m., to:

   -- receive the final receipts and payments from the
      liquidator;

   -- receive formal notice of the end of the administration;

   -- resolve that the company be dissolved; and

   -- resolve that the books and records of the company be
      destroyed.

The Liquidator can be reached at:

         Anthony Warner
         Conference Room
         CRS Warner Sanderson  
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia


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

ACW CONSULTING: Members Resolve to Wind-Up Operations
-----------------------------------------------------
Members of ACW Consulting (H.K.) Ltd resolved on August 14,
2006, to voluntarily wind up its operations and appoint Young
Chun Man Kenneth and Chan Yuen Bik Jane as liquidators.

The Liquidators can be reached at:

         Young Chun Man Kenneth
         Chan Yuen Bik Jane
         31/F, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong


ART VISION: Joint Liquidators Cease to Act for Company
------------------------------------------------------
Lai Kar Yan, Derek and Darach E. Haughey ceased to act as joint
and several liquidators of Art Vision Hong Kong Co. Ltd on
August 16, 2006.

On April 10, 2006, the Troubled Company Reporter - Asia Pacific
reported that sole shareholder, Kaoru Horikawa, resolved on
March 24, 2006, to voluntarily wind up the company's operations.

Mr. Lai and Mr. Haughey received creditors' proofs of claims on
May 2, 2006, in preparation for the distribution of the
company's assets.

Mr. Lai and Mr. Haughey can be reached at:

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


ASIAN SERVICES: Members' Final Meeting Slated for September 28
--------------------------------------------------------------
Members of Asian Services Fashion & Garments Co. Ltd will
convene for their final meeting at the Casella Postale 34, Corso
San Gottardo 32, CH-6830 Chiasso, Switzerland on September 28,
2006 at 11:00 a.m.

During the meeting, Liquidator Alessandra Maria Emilia Bullani
will present a report regarding the Company's wind-up and the
manner its properties were disposed of.

According to the Troubled Company Reporter - Asia Pacific,
creditors were required by the Liquidator to submit their proofs
of claim on August 4, 2006, for them to share in any
distribution the company will make.


BESTWIN TEXTILE: Creditors Must Prove Debts by September 24
-----------------------------------------------------------
Creditors of Bestwin Textile Co. Ltd are required to submit
their proofs of debt by September 24, 2006, to Liquidator Fung
Tat Man, for them to share in the company's dividend
distribution.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on August 21,
2006.   

The Liquidator can be reached at:

         Fung Tat Man
         Suites 2205-6
         Island Place Tower
         510 King's Road
         North Point
         Hong Kong


DAISYFIELD LTD: Members Pass Resolution to Wind Up Operations
-------------------------------------------------------------
On August 16, 2006, members of Daisyfield Ltd passed a special
resolution to wind up the Company's operations.

Accordingly, Lau Kwok Hung and Chang Lai Ying were appointed as
joint and several liquidators.

The Joint Liquidators can be reached at:

         Lau Kwok Hung
         Chang Lai Ying
         Suites 2205-06
         Island Place Tower
         510 King's Road
         North Point
         Hong Kong


DRACCO INTERNATIONAL: Members' Final Meeting Slated for Sept. 29
----------------------------------------------------------------
Members of Dracco International Ltd will convene for their final
meeting on September 29, 2006, at Unit 808, 8/F., Star House, 3
Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

At the meeting, Chua Tin Chor, will present a report regarding
the Company's wind-up and property disposal activities.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a member's voluntary wind-up of its operations
on April 4, 2006.


FORTUNE MIND: Joint and Several Liquidators Named
-------------------------------------------------
Shareholders of Fortune Mind Enterprise Ltd appointed Stephen
Liu Yiu Keung and Robert Armor Morris as joint and several
liquidators for the company on August 16, 2006.

Mr. Liu and Mr. Morris can be reached at:

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


FUSION DESIGN: Joint Liquidators Cease to Act for Company
---------------------------------------------------------
Lui Wan Ho and Lui Yee Lin ceased to act as joint and several
liquidators for Fusion Design Asia Limited on August 21, 2006.

According to the Troubled Company Reporter - Asia Pacific,
members received the Joint Liquidators' wind-up report on
August 21, 2006.

The Joint Liquidators can be reached at:
      
         Lui Wan Ho
         Lui Yee Lin
         Rm 1701, Olympia Plaza
         255 King's Road
         North Point
         Hong Kong


GOLDEN TOP: Creditors Meeting Scheduled on September 18
-------------------------------------------------------
Creditors of Golden Top Industries Ltd will convene for their
first meeting on September 18, 2006, at Room 1206, 12/F, New
Victory House, 93 Wing Lok Street, Central, Hong Kong.

The meeting was called for the creditors to discuss various
matters provided under different sections of the Companies
Ordinance of Hong Kong.


GREAT CHINA: Posts US$2.5-Million Net Loss in First Half
--------------------------------------------------------
Great China International Holdings, Inc. posted US$2.498 million
consolidated net loss in the first half period ending June 30,
2006, compared with US$176,608,000 net loss recorded in the same
period the previous year.

The company's consolidated balance sheet for the first half
period in 2006, showed strained liquidity with total current
assets at US$15.915-million available to pay US$130.74 million
in total current liabilities coming due within the next 12
months.

Great China's consolidated total assets as of June 30 amounted
to US$133.95 million while total liabilities is at US$132.95
million.  Total stockholders equity of the company amounted to
US$133,952,595 million.

                          
                           Going Concern Doubt

The Company was in default on US$35,642,750 of bank loans and
US$20,000,000 of additional current bank loans as of June 30,
2006.  Moreover, the Company also had a working capital deficit
of US$114,827,084 as of June 30, 2006.  

Murrell, Hall, McIntosh & Co., PLLP expressed a substantial
doubt on the Company's ability to continue as a going concern
after it audited the company's second quarter and first half
report for the period ended June 30, 2006.


A full-text copy of the company's financial statements for the
year ended Dec. 31, 2005, is available for free at:

http://www.sec.gov/Archives/edgar/data/828878/000102048806000192
/gchina-10qsb_063006.htm


                           About Great China

Founded in 1989, Great China International Holdings' wholly
owned subsidiary, Shenyang Maryland International Industry Co.,
Ltd., is one of the largest non-state-owned real estate
developers in Northeast China.  The company's core business is
premium residential and commercial development and management.

It currently owns and manages the President Building, which was
completed in April 2002, with 25 tenants comprised of Fortune
500 companies, including General Electric (China) Co., Ltd.,
Johnson & Johnson, Kodak and Philip Morris.

The company's prior developments included the Maryland Building,
Roma Resort Garden, Qiyun New Village, Peacock Garden,
University Campus of Shenyang Teacher's University, and
Chenglong Garden, mostly located in Shenyang.


IPCO CONSTRUCTORS: Members Pass Resolution to Wind Up Operations
----------------------------------------------------------------
On August 15, 2006, members of IPCO Constructors International
Ltd passed a special resolution to wind up the company's
operations.

Accordingly, Andrew David Ross and Robin Frederick Keppel
Radcliffe were appointed as liquidators.

The liquidators can be reached at:

         Andrew David Ross
         Robin Frederick Keppel Radcliffe
         12/F, China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Hong Kong


KIN TAI: Creditors Must Prove Debts by September 30
---------------------------------------------------
On August 17, 2006, Kin Tai Bonding Technology (F.E.) Ltd
appointed Cheuk Yee Man as liquidator.

The company's creditors are, therefore, required to submit their
proofs of debt by September 30, 2006 to Mr. Cheuk.

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

The Liquidator can be reached at:

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


LEAD SUPPLY: Shareholders Appoint Chiu Chi Kin as Liquidator
------------------------------------------------------------
Shareholders of Lead Supply Industrial Ltd appointed Chiu Chi
Kin as official liquidator on August 12, 2006.

The Liquidator can be reached at:

         Chiu Chi Kin
         Block E, 3rd Floor
         Wang Cheong Building
         251 Reclamation Street
         Kowloon
         Hong Kong


LINK GARMENT: Final Members' Meeting Set on September 29
--------------------------------------------------------
Members of Link Garment Manufacturing Company Ltd will convene
for their final meeting at Room 1003, Park Tower, 15 Austin
Road, Tsim Sha Tsui, Kowloon, Hong Kong on September 29, 2006,
at 10:00 a.m.

At the meeting, Liquidator Cheung Yuk Cheung will present a
report regarding the Company's wind-up and the manner its
properties were disposed of.


MIZUHO CORPORATE: Final Members Meeting Set on September 28
-----------------------------------------------------------
Members of Mizuho Corporate Asia (HK) Ltd will convene for their
final meeting on September 28, 2006, at 3:00 p.m., at 27/F,
Alexandra House, 16-20 Chater Road, Central, Hong Kong.

During the meeting, Joint Liquidators Jacky CW Muk will present
a report regarding the Company's wind-up and the manner its
properties were disposed of.


MULTI-POINT: Lawrence Ceases to Act for the Company
---------------------------------------------------
David J. Lawrence ceased to act as Liquidator for Multi-point
Investment Ltd on August 15, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
final members meeting of the company and the presentation of the
Liquidators' wind-up report were conducted on August 14, 2006.


NUCLEAR CONSTRUCTION: Appoints Joint and Several Liquidators
------------------------------------------------------------
On August 15, 2006, director Lu Xiu Jie of Nuclear Construction
and Engineering Company Ltd appointed Stephen Briscoe and Cosimo
Borrelli as Joint and Several Liquidators.

The Joint and Several Liquidators can be reached at:

         Stephen Briscoe
         Cosimo Borrelli
         5/F Allied Kajima Building
         138 Gloucester Road
         Wanchai
         Hong Kong


OUTMATCHING TELECOM: Creditors First Meeting Fixed on Sept. 8
-------------------------------------------------------------
Creditors of Outmatching Telecommunications Ltd, which is in
liquidation, convened for their first meeting on September 8,
2006, at Room 1903, 19/F., World-Wide House, 19 Des Voeux Road
Central, Hong Kong.

The meeting was called for the creditors to discuss various
matters provided under different sections of the Companies
Ordinance of Hong Kong.


PARK MANAGEMENT: Liquidator Steps Aside
---------------------------------------
Hui Yiu Yat Kwan, Dennis ceased to act as Liquidator for Park
Management Ltd Park Finance (HK) Ltd on August 18, 2006.

The former Liquidator can be reached at:

         Hui Yiu Yat Kwan, Dennis
         1 Osmanthus Road
         Yau Yat Chuen
         Kowloon
         Hong Kong


RIGHTLINK SHIPPING: Members' Final Meeting Scheduled for Sept.25
----------------------------------------------------------------
Members of Rightlink Shipping Ltd will convene for their final
meeting on September 25, 2006, 10 a.m. at Rm. 2506, 25/F., China
Insurance Group Bldg., 141 Des Voeux Road Central, Hong Kong.

During the meeting, Lee Angel will present a report regarding
the Company's wind-up and the manner its properties were
disposed of.

The Liquidator can be reached at:

         Lee Angel
         Liquidator
         Room 2506, 25th Floor
         China Insurance Group Building
         141 Des Voeux Road Central
         Hong Kong


SHERECON PROPERTIES: Members' Final Meeting On October 6
--------------------------------------------------------
On October 6, 2006, at 10:00 a.m., members of Sherecon
Properties Ltd will convene for their final meeting at Room
1301, 13/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong
Kong.

During the meeting, Tse Chiang Kwok, Nassar and Tam Chun Wan
will present a report regarding the Company's wind-up and the
manner its properties were disposed of.


SKYCITY UNIVERSAL: Appoints Official Liquidator
-----------------------------------------------
On August 11, 2006, SkyCity Universal Ltd appointed Bernie Fuk
Yuen Suen as Liquidator.

The Liquidator can be reached at:

         Bernie Fuk Yuen Suen
         10/F, Hong Kong Trade Centre
         161 Des Voeux Road, Central
         Hong Kong


SKY RAINBOW: Members Final Meeting Set for September 26
-------------------------------------------------------
On September 26, 2006, members of Sky Rainbow Ltd will convene
for their final meeting at Rm1307-8 Dominion Centre, 43-59
Queen's Road East, Wanchai, Hong Kong.

During the meeting, the Liquidator will present a report
regarding the Company's wind-up and the manner its properties
were disposed of.

The Joint and Several Liquidator can be reached at:

         Chan Chung Wai
         1307-8 Dominion Centre
         43-59 Queen's Road East
         Wanchai
         Hong Kong


SOUNDTEX INTERNATIONAL: Creditors Must Prove Debts by Sept. 30
---------------------------------------------------------------
Creditors of Soundtex International Ltd are required to prove
their debts by September 30, 2006.  Proofs of claim are to be
submitted to Liquidator Tse Wai Hing.

The Liquidator can be reached at:

         Tse Wai Hing
         Suites 1403-4
         Nan Fung Tower
         173 Dex Voeux Road, Central
         Hong Kong


VICLAND LIMITED: Liquidator Ceases to Act for the Company
---------------------------------------------------------
Yuen Wai Ho ceased to act as Liquidator for Vicland Limited on
August 10, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
presentation of Liquidators' wind-up report were conducted on
August 8, 2006.

The Liquidator can be reached at:

         Yuen Wai Ho
         Rm. 03, 16/F
         Seaview Commercial Building
         21-24 Connaught, Road West
         Hong Kong


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

FORD MOTOR: Names Alan Mulally as President and CEO
---------------------------------------------------
Ford Motor Company has elected Alan Mulally as president and
chief executive officer.  He has also been elected to the Board
of Directors.

Bill Ford will continue his duties as executive chairman of the
company.

"One of the three strategic priorities that I've focused on this
year is company leadership.  While I knew that we were fortunate
to have outstanding leaders driving our operations around the
world, I also determined that our turnaround effort required the
additional skills of an executive who has led a major
manufacturing enterprise through such challenges before," Bill
Ford wrote in an e-mail message to Ford employees.

"That's why I'm very pleased to announce that Alan Mulally, who
turned around the Commercial Airplanes division of The Boeing
Company, will become our president and CEO, effective
immediately.  Alan has deep experience in customer satisfaction,
manufacturing, supplier relations and labor relations, all of
which have applications to the challenges of Ford.  He also has
the personality and team-building skills that will help guide
our Company in the right direction."

Bill Ford, who said he would remain "extremely active" in the
business, praised Mr. Mulally as "an outstanding leader and a
man of great character."  He noted that Mr. Mulally had applied
many of the lessons from Ford's success in developing the Taurus
to Boeing's creation of the revolutionary Boeing 777 airliner.  
That experience, chronicled in the book, "Working Together," by
James P. Lewis, tells how the leadership principles Mr. Mulally
learned from Ford and developed at Boeing may be applied to
other businesses.

"Clearly, the challenges Boeing faced in recent years have many
parallels to our own," Bill Ford said.

Mr. Mulally, 61, has spent 37 years at The Boeing Company, most
recently as executive vice president.  In addition, he has also
been president and chief executive officer of Boeing Commercial
Airplanes since 2001.  In that position he was responsible for
all of the company's commercial airplane programs and related
services, which in 2005 generated record orders for new business
and sales of more than US$22.6 billion.  Mr. Mulally was named
president of Commercial Airplanes in September 1998.  The
responsibility of chief executive officer for the business unit
was added in March 2001.

"I think the opportunity to work with Bill Ford and Ford Motor
Company is the only thing that could have attracted me to a job
other than Boeing, where I have so many great friends and
memories," Mr. Mulally said.  "I'm looking forward to working
closely with Bill in the ongoing turnaround of this great
Company. I'm also eager to begin engagement with the leadership
team.  I believe strongly in teamwork and I fully expect that
our efforts will be a productive collaboration."

Mr. Mulally noted that many of the challenges he encountered in
commercial airplane manufacturing are analogous to the issues at
Ford.

"Just as I thought it was appropriate to apply lessons learned
from Ford to Boeing, I believe the reverse is true as well," Mr.
Mulally said.  "I also recognize that Ford has a strong
foundation upon which we can build.  The Company's long
tradition of innovation, developing new markets, and creating
iconic vehicles that represent customer values is a great
advantage that we can leverage for our future."

Bill Ford said he expected Mr. Mulally would assist Mark Fields
and the Way Forward team as they accelerate their business plan.

"After dealing with the troubles at Boeing in the post-9/11
world, Alan knows what it's like to have your back to the wall -
- and fight your way out with a well-conceived plan and great
execution," Bill Ford said in his note to employees.  "He also
knows how to deal with long product cycles, changing fuel prices
and difficult decisions in a turnaround."

Prior to his current position, Mr. Mulally served as president
of Boeing Information, Space & Defense Systems, and senior vice
president of The Boeing Company.  Appointed to that role in
February 1997, he was responsible for Boeing's defense, space
and government business.

Beginning in 1994, he was senior vice president of Airplane
Development for Boeing Commercial Airplanes Group, responsible
for all airplane development activities, flight test operations,
certification and government technical liaison.

Mr. Mulally serves as co-chair of the Washington Competitiveness
Council, and sits on the advisory boards of NASA, the University
of Washington, the University of Kansas, Massachusetts Institute
of Technology, and the U.S. Air Force Scientific Advisory Board.
He is a member of the United States National Academy of
Engineering and a fellow of England's Royal Academy of
Engineering.

Mr. Mulally holds bachelor's and master's of science degrees in
aeronautical and astronautical engineering from the University
of Kansas, and earned a master's in management from the
Massachusetts Institute of Technology as a 1982 Alfred P. Sloan
fellow.

A member of the board since 1988, Bill Ford, 49, was elected
chairman in September 1998, and took office on Jan. 1, 1999.  He
also serves as chairman of the board's Environmental and Public
Policy Committee and as a member of the Finance Committee.  He
was named Chief Executive Officer on Oct. 30, 2001.

Bill Ford, who led the Company to three straight years of
profitability through 2005, told employees in his e-mail message
that he looked forward to an excellent working partnership with
Mr. Mulally on global strategic issues.

"Let me assure you: I'm not going anywhere," Bill Ford wrote to
Ford workers.  "As executive chairman, I intend to remain
extremely active in the direction of this Company.  I'll be here
every day and I will not rest until a prosperous future for this
Company is secured."

                         About Ford Motor

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world, including India.

Fitch Ratings downgraded on August 18, 2006, the Issuer Default
Rating of Ford Motor Company and Ford Motor Credit Company to
'B' from 'B+'.  Fitch also lowered Ford's senior unsecured
rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior
unsecured rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook
remains Negative.

Standard & Poor's Ratings Services on August 18, 2006, placed
its 'B+' long-term and 'B-2' short-term ratings on Ford Motor
Co., Ford Motor Credit Co., and related entities on CreditWatch
with negative implications.  The 'BB-' long-term rating and 'B-
2' short-term ratings on FCE Bank PLC, Ford Motor Credit's
European bank, were also placed on CreditWatch with negative
implications, reflecting its linkage to the Ford rating.


FORD MOTOR: Looks at New Business Models to Ensure Recovery
-----------------------------------------------------------
Ford Motor Co.'s executive chairman, Bill Ford, informed
employees in a memo last week that "the business model that
sustained [the Company] for decades is no longer sufficient to
sustain profitability," the Associated Press reports.

Mr. Ford plans to revitalize the ailing automaker by locking in
on three key areas of change -- accelerating the "Way Forward"
plan, leveraging global assets and strengthening leadership, AP
adds.

The admission came as Ford gears up for an aggressive reduction
of North American production as part of broader efforts to
accelerate the pace of its "Way Forward" turnaround.  The North
American restructuring calls for, among other things:

   -- material cost reductions of at least US$6 billion by 2010;

   -- a 26% capacity reduction by 2008; and

   -- a reduction of plant-related employment by 25,000 - 30,000
      in 2006 to 2012.

As reported in the Troubled Company Reporter on Aug. 21, 2006,
the revised plan will cut fourth-quarter production by 21% -- or
168,000 units -- compared with the fourth quarter a year ago,
and reduce third-quarter production by approximately 20,000
units.

Recently, Ford disclosed that it has started exploring strategic
options for the Aston Martin sports-car unit, including a
potential sale of the brand.  Mr. Ford had stated that Aston
Martin may be an attractive opportunity to raise capital and
generate value for the Company.

Last month, talks also surfaced about the possible sale of the
Company's Jaguar unit to Sir Anthony Bamford, JC Bamford
Excavators Ltd.'s Chairman.  Along with Volvo, Land Rover, and
Aston Martin, Jaguar forms Ford's Premier Automotive Group.  The
PAG segment incurred a $180 million net loss in the second
quarter of 2006.

                        About Ford Motor

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world, including India.

Fitch Ratings downgraded on August 18, 2006, the Issuer Default
Rating of Ford Motor Company and Ford Motor Credit Company to
'B' from 'B+'.  Fitch also lowered Ford's senior unsecured
rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior
unsecured rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook
remains Negative.

Standard & Poor's Ratings Services on August 18, 2006, placed
its 'B+' long-term and 'B-2' short-term ratings on Ford Motor
Co., Ford Motor Credit Co., and related entities on CreditWatch
with negative implications.  The 'BB-' long-term rating and 'B-
2' short-term ratings on FCE Bank PLC, Ford Motor Credit's
European bank, were also placed on CreditWatch with negative
implications, reflecting its linkage to the Ford rating.


FORD MOTOR: S&P Ratings Remain on Watch Neg with New CEO
--------------------------------------------------------
Standard & Poor's Ratings Services said on September 6, 2006,
that its 'B+' long-term and 'B-2' short-term ratings on Ford
Motor Co., Ford Motor Credit Co., and related entities remain on
CreditWatch with negative implications where they were placed
August 18.  The 'BB-' long-term and 'B-2' short-term ratings on
FCE Bank PLC, Ford Motor Credit's European bank, also remain on
CreditWatch with negative implications, reflecting its linkage
to the Ford rating.

"Ford's announcement that it has hired a senior executive from
Boeing Co. as the new Ford CEO broadens Ford's senior management
team and so we consider it a modest positive," said Standard &
Poor's credit analyst Robert Schulz.

The Ford CreditWatch reflects S&P's decision to review the
ratings in light of the sharply lower production schedule
announced for light trucks in the fourth quarter (down 155,000
units, or 28%, versus fourth-quarter production in 2005).  These
cuts, along with the very likely significant cost reductions to
be announced later in September, reveal the magnitude of
turnaround efforts needed to deal with Ford's deteriorating
product mix, lower market share, and excess production capacity
in North America.  The lower production will have a significant
negative effect on Ford's cash flow in the fourth quarter.

Although Ford's North American automotive operations are cash-
flow negative, Ford's liquidity should still be sufficient
relative to near-term requirements, as the company has a large
liquidity position composed of these:

   * Cash, marketable securities, and short-term assets in its
     VEBA trust (which it could use to meet certain near-term
     benefits costs, thereby freeing up other cash) totaled
     US$23.6 billion at June 30, 2006 (excluding Ford Credit).
     At June 30, Ford's cash position exceeded debt by about
     US$6 billion, and Ford expects to end 2006 with a cash
     balance of at least US$20 billion (excluding Ford Credit);

   * As of June 30, 2006, Ford had US$6.3 billion of committed
     credit facilities with various banks, most of which are
     committed through June 30, 2010; parent-level debt
     maturities are moderate for the near term (US$1.3 billion
     for the 12 months from June 30, 2006), and long-term debt
     has an exceptionally high average maturity of about 25
     years; and

   * Even under the new pension legislation, we do not currently
     believe Ford faces any significant ERISA-mandated pension
     fund contributions for the next few years or the need to
     make contributions to avoid Pension Benefit Guaranty Corp.
     variable-rate premiums.

                        About Ford Motor

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world, including India.

Fitch Ratings downgraded on August 18, 2006, the Issuer Default
Rating of Ford Motor Company and Ford Motor Credit Company to
'B' from 'B+'.  Fitch also lowered Ford's senior unsecured
rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior
unsecured rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook
remains Negative.

Standard & Poor's Ratings Services on August 18, 2006, placed
its 'B+' long-term and 'B-2' short-term ratings on Ford Motor
Co., Ford Motor Credit Co., and related entities on CreditWatch
with negative implications.  The 'BB-' long-term rating and 'B-
2' short-term ratings on FCE Bank PLC, Ford Motor Credit's
European bank, were also placed on CreditWatch with negative
implications, reflecting its linkage to the Ford rating.


GENERAL MOTORS: Renault Taps BNP Paribas for Three-Way Tie-Up
-------------------------------------------------------------
Renault SA has named BNP Paribas to advise on a possible three-
way alliance with General Motors Corp. and Nissan Motor Co., AFX
News Limited reports, citing a source privy to the matter.

According to AFX, the French carmaker has also drawn up a
shortlist of around eight British and US banks from which it
will choose a second adviser.  The selection process is likely
to take several weeks to finalize, the report says.

Anne-Sylvaine Chassany and David Pearson of The Wall Street
Journal cited a source saying that Renault is "now seriously
considering a potential alliance."

Carlos Ghosn, chief executive of Renault and Nissan, refused to
make public statements until internal feasibility studies are
completed in mid-October and Renault decides whether to proceed,
the Wall Street Journal relates.

Renault-Nissan is a collaboration between Nissan Motor Co.,
Ltd., and Renault S.A.  A GM shareholder, Kirk Kerkorian,
broached the idea of pulling in GM into the two-way tie-up.  Mr.
Kerkorian owns 9.9% equity stake in GM through his investment
firm Tracinda Corp.

The WSJ reported last week that Ford Motor Co. Chairman Bill
Ford Jr. has approached Mr. Ghosn about a possible alliance with
Ford if the proposed tie-up with GM fails.

According to GM CEO Rick Wagoner, the company is considering an
alliance but is focusing on its turnaround efforts, which don't
hinge on the outcome of the talks, WSJ adds.

                      About General Motors

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

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

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

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


ICICI BANK: Unveils 12th AGM Results
------------------------------------
Members of ICICI Bank Ltd at the 12th Annual General Meeting
held on July 22, 2006, have accorded the:

   -- adoption of the audited Profit and Loss Account for the
      financial year ended March 31, 2006, the Balance Sheet
      as of that date and the Reports of the Directors and
      Auditors;

   -- declaration of dividend on preference shares at the rate
      of 0.001% for the year ended March 31, 2006;

   -- declaration of dividend on equity shares at the rate of
      INR8.50 per equity share of INR10 each for the year ended
      March 31, 2006;

   -- reappointment of L N Mittal, P M Sinha, V Prem Watsa and
      Lalita D Gupte as directors of the bank, liable to retire
      by rotation;

   -- appointment of S R Batliboi & Co. Chartered Accountants as
      Statutory Auditors of the bank to hold office until the
      conclusion of the next Annual General Meeting;

   -- authorization of the Board to appoint branch auditors, as
      and when required, in consultation with the statutory
      auditors, to audit the accounts in respect of the
      company's branches or offices in India and abroad, on
      remuneration, terms and conditions; and

   -- appointment of R K Joshi and Narendra Murkumbi as
      directors of the bank, liable to retire by rotation.

                        About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.


READER'S DIGEST: Moody's Places Ratings on Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed The Reader's Digest
Association, Inc.'s Ba1 Corporate Family Rating and Ba2 senior
unsecured note rating on review for possible downgrade.  The
review is prompted by increasing debt to fund acquisitions and
return of capital to shareholders, deterioration in cash
generation, and Moody's concern regarding the company's weakened
liquidity position.

Moody's will evaluate the company's plans to stabilize and
reverse the significant operating performance decline in the
consumer business segment, and improve working capital
management in support of new product introductions and the
international expansion strategy.  The agency will also assess
the company's financial policies and priorities for the use of
debt and cash generated to fund acquisitions and capital returns
to shareholders.  

In addition, Moody's will review the liquidity position as
Reader's Digest enters its peak seasonal borrowing period,
including the company's ability to maintain compliance with
restrictive financial covenants in the credit facility at
September 30, 2006 and beyond.

                          *     *     *

Headquartered in Pleasantville, New York, The Reader's Digest
Association Inc -- http://www.rd.com/-- is a global publisher  
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  The company has operations in the North and South
America, Europe and Asia.  Reader's Digest has offices in Korea,
Malaysia, Singapore, Philippines, Thailand and India.


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

BANK MANDIRI: Takes Errant Debtors to Court
-------------------------------------------
PT Bank Mandiri (Persero) Tbk, increasingly burdened by mounting
non-performing loans from large companies, has received a nod
from the Government to take legal action against recalcitrant
debtors, the Jakarta Post reports.

State Minister for State Enterprises Sugiharto has confirmed
that Mandiri's management has been directed to look into legal
action if debtors remain defiant, but didn't name debtor
companies.  Mandiri president Agus D. Martowardojo has mentioned
planning to sue 30 borrowers with NPLs of more than
IDR1 trillion each (US$110 million), if they do not show good
faith and settle their debts.

According to the report, among the debtors with more than
IDR1 trillion NPL are: Garuda Mas Group, PT Kiani Kertas, Domba
Mas Group, PT Garuda Indonesia, A Latief Group and Bosowa Group.

The Post further explains that Mandiri's NPLs as of July 27,
2006, aggregated IDR26.4 trillion, or 26.4% of its total loans,
although the figure is already down from its IDR27.1-trillion,
or 27.7%, position as of May 30, 2006.

The 30 large debtors make up 56% of the NPLs, at
IDR14.8 trillion, down from 75%.

Mandiri director for special assets management Riswinandi said
that Mandiri expects to be able to collect another
IDR4 trillion in debts by the end of the year, from Domba Mas
Group, Argo Pantes, Flora Sawita and Pasific Andes.

Besides Mandiri, Bank Negara Indonesia has also been wrestling
with rising NPLs.  This comes at a time when both state banks
are bidding to become an "anchor bank", trying to fulfill by
2007 the central bank's 5% maximum net NPL requirement, the Post
relates.

Headquartered in Jakarta, Indonesia, PT Bank Mandiri (Persero)
Tbk's -- http://www.bankmandiri.co.id/-- services include:  
Internet banking, consumer banking, commercial banking and
corporate banking.  The bank's subsidiaries consist of: Bank
Mandiri (Europe) Limited, which is the bank's representative in
Europe; PT Bank Syariah Mandiri, which is a bank within the
syariah banking system; PT Usaha Gedung Bank Dagang Negara,
which is a property management company; PT Mandiri Sekuritas,
which is an investment management company, and PT Bumi Daya
Plaza, which is a property management company.  The bank is
supported by 10 regional offices, 54 hub offices, 98 community
offices, 334 spoke offices, 423 cash offices, four international
offices and one representative office.  The bank has overseas
operations in the Cayman Islands, China, Hong Kong, London, and
Singapore.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service upgraded Bank Mandiri's
long-term deposit rating to B2 from B3, with a stable outlook.  
Bank Mandiri's short-term deposit rating of Not-Prime, and bank
financial strength rating of E+ are unaffected.

A subsequent TCR-AP report on May 29, 2006, stated that Moody's
upgraded these ratings for Bank Mandiri Persero (P.T.), Cayman
Islands, under the revised foreign currency ceilings:

   -- Subordinated debt rating: to Ba3 from B1 with stable
      outlook; and

   -- Senior debt rating: to Ba3 from B1 with stable outlook.

A TCR-AP report on May 24, 2006, said that Fitch Ratings
affirmed Bank Mandiri's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.The outlook for the ratings is
     stable.


BANK PERMATA: Consortium Buys Additional 26% Stake
--------------------------------------------------
A consortium led by Standard Chartered Plc and PT Astra
International Tbk acquired an additional 25.9% stake in PT Bank
Permata Tbk from PT Perusahaan Pengelola Aset, a company owned
by the Indonesian Government, Baystreet reports.

The Jakarta Post reports that the Indonesian Government got
IDR1.75 trillion (US$193 million) from the sale.  Pengelola Aset
sold a total of 2,005,671,898 shares at the price of IDR875 a
share, which represents an 11% premium.

The shares were sold through a market placement mechanism on the
stock market, as ordered by Indonesian Finance Minister Sri
Mulyani Indrawati.

The Post relates that Standard Chartered and Astra International
already owned a 63% stake in Bank Permata, with equal ownership
of 31.5%.

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's --
http://www.permatabank.com/-- products and services include  
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

                          *     *     *

The Troubled Company Reporter -- Asia Pacific reported on
July 5, 2006, that Moody's Investors Service gave Bank Permata
an 'E+' bank financial strength rating, with a positive outlook.

These ratings were unaffected:

   * Long-term/short-term deposit ratings of B2/Not Prime.
     Outlook stable.


INCO LTD: CVRD Gets Canadian & U.S. Antitrust OK for Inco Offer
---------------------------------------------------------------
Companhia Vale do Rio Doce has obtained antitrust clearances
from the Canadian Competition Bureau and the United States
competition authorities with respect to its offer to acquire all
the outstanding shares of Inco Limited if the Brazil mining
company can win shareholder support for its US$17-billion cash
bid, reports Associate Press Business Writer Alan Clendenning.

Inco's Board of Directors had continued to recommend that
shareholders vote in favor of the proposed combination between
Inco and Phelps Dodge Corp. at the special meeting of Inco
shareholders on Sept. 7, 2006.  The Board had also recommended
that Inco shareholders reject CVRD's offer to purchase for cash
all of the outstanding common shares of Inco.

Inco has been negotiating with CVRD to increase the bid, but
CVRD has no plans on improving the offer.  Phelps Dodge hasn't
increased its offer either after an initial raise.  Phelps
Dodge's shareholders are concerned over the level of debt the
Company would incur to complete the merger, Mr. Clendenning
relates.

Analysts have said that investors might support the CVRD offer
after Teck Cominco Limited withdrew from the bidding, and Inco's
stock settled at about US$77 -- the value of CVRD's bid --
because it is all cash, writes Mr. Clendenning.

                      About Phelps Dodge

Headquartered in Phoenix, Arizona, Phelps Dodge Corp. (NYSE: PD)
-- http://www.phelpsdodge.com/-- produces copper and molybdenum    
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company and its two divisions,
Phelps Dodge Mining Co. and Phelps Dodge Industries, employ
approximately 13,500 people worldwide.

                         About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining    
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                        About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily  
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, the U.K., and Indonesia.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INCO LTD: Terminates Merger Agreement with Phelps Dodge
-------------------------------------------------------
Inco Limited agreed with Phelps Dodge Corporation to terminate
the Combination Agreement the parties entered into on June 25,
2006.  Inco also cancelled the special meeting of Inco
shareholders called for Sept. 7, 2006.

Consistent with the terms of the agreement entered into between
the parties, Inco will pay Phelps Dodge a termination fee of
US$125 million and a further US$350 million if Inco consummates
an alternative take-over bid or similar transaction on or prior
to Sept. 7, 2007.   Inco would have paid these same amounts had
the agreement been terminated after Inco shareholders failed to
approve the Phelps Dodge transaction at the special meeting.

"It was very clear from the proxies we received that Inco
shareholders were not going to support the Phelps Dodge
transaction, so the two companies agreed that it was in our
respective best interests to move on," Scott Hand, Chairman and
Chief Executive Officer of Inco, stated.

"We have enjoyed working with the Phelps Dodge team," Mr. Hand
said.  "It is a great company and we wish them all the best in
the future."

Following the termination of the Combination Agreement, Inco is
no longer restricted in its ability to solicit acquisition
proposals from, provide confidential information to or enter
into negotiations or agreements with interested parties
concerning potential value enhancing alternatives.  The Board
has authorized Inco's senior management and its advisors to
explore these alternatives consistent with the company's
commitment to maximize value to Inco shareholders.  Inco also
continues to be open to entering into discussions or
negotiations with Companhia do Vale Rio Doce with regard to its
offer of Aug. 14, 2006.  Inco cautions that there can be no
assurance that such actions will lead to Inco entering into
discussions or negotiations resulting in a binding agreement
with respect to any transaction with any party.

                      About Phelps Dodge

Headquartered in Phoenix, Arizona, Phelps Dodge Corp. (NYSE: PD)
-- http://www.phelpsdodge.com/-- produces copper and molybdenum  
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company and its two divisions,
Phelps Dodge Mining Co. and Phelps Dodge Industries, employ
approximately 13,500 people worldwide.

                         About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining   
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                        About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily  
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, the U.K., and Indonesia.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


NORTEL NETWORKS: Selling UMTS Business to Alcatel for US$320MM
--------------------------------------------------------------
Nortel Networks has signed a non-binding Memorandum of
Understanding for the sale of its UMTS access business to
Alcatel for US$320 million.

The move will enable Nortel to simplify its business and
strategically focus its investments for leadership in key
markets while ensuring its customers' UMTS access requirements
will continue to be met.

Nortel disclosed that as part of its business strategy, it is
executing on plans to increase investment in key areas, partner
in others, and divest where there is no path for it to lead or
realize attractive returns.

Mike Zafirovski, president and chief executive officer, said,
"Nortel is sharpening its focus on the markets in which we
intend to lead.  Our UMTS access business lacks the scale and
momentum needed to become profitable."

"With next-generation mobility, we see an opportunity to change
the game by applying our networking expertise and technology
innovation to significantly alter the economic paradigm of
mobility solutions in the future," Mr. Zafirovski said.

"We are absolutely committed to mobility and plan to lead the 4G
evolution and play a key role in the mass market adoption of
mobile video and multimedia services." Richard Lowe, president,
Mobility and Converged Core Networks, said.  "With a strong
position in GSM and CDMA, an established service provider
customer base, and technology leadership in key areas like OFDM-
MIMO, we have a solid foundation for success going forward."

The proposed sale includes the Company's UMTS access product
portfolio made up of the Radio Network Controller and Node B
products and OAM solutions, related services and associated
assets.  Completion of the transaction is subject to the
negotiation and execution of a definitive agreement between the
Company and Alcatel, completion of consultations with work
councils and other employee representatives, and customary
closing conditions including regulatory approvals.  The
transaction is targeted for completion in the fourth quarter of
2006.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized   
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.  
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Indonesia, Australia, China, Hong Kong,
India, Philippines, Singapore, Taiwan and Thailand.

                          *     *     *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed USUS$2billion senior note issue; downgraded the
USUS$200 million 6.875% Senior Notes due 2023 and revised the
outlook to stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
USUS$2 billion notes.  The outlook is stable.


PAKUWON JATI: Raylight Investment Gets 323 Million Shares
---------------------------------------------------------
Raylight Investments Ltd. acquired 322.55 million shares in PT
Pakuwon Jati Tbk, Antara News reports.

Raylight bought out the whole stake of Burgami Investments Ltd
in Pakuwon Jati for US$18.13 million, of IDR167.73 billion.

Pakuwon Jati director Koh Kian Tee said in a letter to the
Jakarta Stock Exchange that the shares are currently subject to
a lock-up period and cannot be transferred until the period
expires on August 23, 2007.

Headquartered in Surabaya, Indonesia, PT Pakuwon Jati Tbk is a
property management company.  The company operates the Tunjungan
Plaza shopping center, the Mandiri Tower office center, the
Sheraton Surabaya Hotel and Towers and the Laguna Indah housing
and industrial estate.

The Troubled Company Reporter - Asia Pacific reported on
September 7, 2006, that Moody's Investors Service 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.

An earlier TCR-AP report on September 5, 2006, stated that Fitch
Ratings has assigned long-term foreign currency and local
currency Issuer Default Ratings of 'B' to Pakuwon Jati.  In
addition, Fitch has assigned a National Long-term rating of
'BBB-(idn)' to Pakuwon.  The Outlook for the ratings is Stable.

Fitch has also assigned an expected rating of 'B' with a
Recovery Rating of 'RR4' to the US$120-million senior unsecured
notes due 2011 to be issued by Pakuwon Jati Finance B.V. and
guaranteed by Pakuwon.  The final rating is contingent upon
receipt of documents conforming to information already received.


PAKUWON JATI: UBS Hired As Bookrunner for High-Yield Bond
---------------------------------------------------------
UBS has been hired as sole bookrunner for a dollar-denominated
high-yield bond offering for PT Pakuwon Jati Tbk.  It will be
the debut offshore issuance for the Indonesian property company,
Finance Asia relates.

The deal has a B-/B2/B rating and began roadshows on Sept. 7,
2006, in Singapore, before heading to Hong Kong and London.  

The deal is expected to be in the US$100 million to
US$120 million range.

UBS will have its work cut out for itself with the deal since -
on the whole - the market is generally unfamiliar with the
company.  Pakuwon Jati is a small company with a market
capitalisation of around IDR700 billion and reported revenues of
IDR357 billion in 2005.

Headquartered in Surabaya, Indonesia, PT Pakuwon Jati Tbk is a
property management company.  The company operates the Tunjungan
Plaza shopping center, the Mandiri Tower office center, the
Sheraton Surabaya Hotel and Towers and the Laguna Indah housing
and industrial estate.

The Troubled Company Reporter - Asia Pacific reported on
September 7, 2006, that Moody's Investors Service 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.

An earlier TCR-AP report on September 5, 2006, stated that Fitch
Ratings has assigned long-term foreign currency and local
currency Issuer Default Ratings of 'B' to Pakuwon Jati.  In
addition, Fitch has assigned a National Long-term rating of
'BBB-(idn)' to Pakuwon.  The Outlook for the ratings is Stable.

Fitch has also assigned an expected rating of 'B' with a
Recovery Rating of 'RR4' to the US$120-million senior unsecured
notes due 2011 to be issued by Pakuwon Jati Finance B.V. and
guaranteed by Pakuwon.  The final rating is contingent upon
receipt of documents conforming to information already received.


VERITAS DGC: S&P Places 'BB' Credit Rating on Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Houston, Texas-based seismic provider Veritas
DGC Inc. on CreditWatch with negative implications.

"The rating action follows the announcement that Veritas and
Compagnie Generale de Geophysique (CGG; BB-/Watch Neg/--) have
entered into a definitive merger agreement," said Standard &
Poor's credit analyst Jeffrey Morrison.

According to terms of the agreement, CGG will acquire Veritas in
a part cash, part stock transaction.  The transaction is valued
at US$3.1 billion.

The ratings on Paris-based seismic provider CGG were also placed
on CreditWatch with negative implications following the
announcement.

If the acquisition goes ahead under the current terms, close to
50% or US$1.5 billion of it will be paid in cash, resulting in a
substantial increase in CGG's consolidated net financial debt to
an estimated EUR1.4 billion.  CGG's unadjusted net financial
debt stood at a low EUR240 million at the end of June 2006.

The very expensive price (with a premium of 35% above Veritas'
30-day average share price as of Aug. 29, 2006) is Standard &
Poor's other key concern.

These factors could be offset by the good geographic fit of the
two entities' operations and the strengthened leading global
position of the combined entity that would be one of two global
leaders.

Finalization of the acquisition is likely to take several
months, as regulatory and shareholder approvals will need to be
obtained.

Standard & Poor's intends to indicate future ratings most likely
before finalization of the acquisition, once the rating agency
has studied the group's updated strategic and financing plan and
are confident that the acquisition terms will not change.

Headquartered in Houston, Texas, Veritas DGC, Inc. --
http://www.veritasdgc.com/-- is a leading provider of  
integrated geophysical information and services to the petroleum
industry worldwide.  Veritas is listed on New York Stock
Exchange under the ticker VTS, and has offices in Malaysia and
Indonesia.


VERITAS DGC: Inks Definitive Merger Agreement with CGG
------------------------------------------------------
Compagnie Generale de Geophysique and Veritas DGC Inc. have
entered into a definitive merger agreement wherein CGG will
acquire Veritas in a part cash, part stock transaction.

Boards of Directors of both companies have unanimously approved
the transaction and following shareholder and regulatory
approvals, the combined group will operate under the name "CGG-
Veritas".

The transaction is expected to be completed around year end
2006, subject to receipt of shareholder and regulatory
approvals, as well as the satisfaction of other customary
closing conditions.

The combination of CGG and Veritas will create a strong global
pure play seismic company, offering a broad range of seismic
services, and geophysical equipment, through Sercel, to the
industry across all markets.  The combined seismic services will
operate the world's leading seismic fleet with 20 vessels,
including 14 high capacity 3D vessels, and land crews operating
with equivalent capacity in both the Western and Eastern
hemispheres.  The multi-client services will benefit from two
complementary, recent vintage, well-positioned seismic data
libraries.  In data processing and imaging, CGG's and Veritas'
respective positions will combine to create the industry
reference.

With a combined workforce of approximately 7,000 staff operating
worldwide, including Sercel, the future group will provide,
through continued innovation, the industry benchmark for seismic
technology and services to a broad base of customers including
independent, international and national oil companies.

CGG's Chairman and CEO, Robert Brunck commented: "We are very
enthusiastic about the business potential of CGG and Veritas
being combined.  CGG-Veritas will be a leading global seismic
company and the only pure play listed investment opportunity of
this scale in the seismic sector.  Because of our many
complementarities, with all its multidisciplinary and talented
personnel, and the strongest asset base in the sector, the
future group will constitute an excellent platform to maximize
the value of our respective businesses and technologies.  In the
context of the seismic sector benefiting from solid
fundamentals, as illustrated by our excellent first half
financial performance, and with the current growth cycle
expected to remain strong and lasting, this transaction will
create value to the shareholders of both CGG and Veritas."

Veritas' Chairman and CEO, Thierry Pilenko commented: "This
transaction presents our combined companies with a tremendous
opportunity.  Together, the talent of our people, the strength
of our technology and technique, our leading edge acquisition
capabilities, state-of-the-art proprietary imaging technology
and high quality data library assets will enable CGG-Veritas to
better serve our customers and deliver superior returns to our
investors.  Our operations and strategy are very well aligned
and I am very excited about the combination of our companies.  I
look forward to working with Robert Brunck to facilitate the
integration of these two outstanding companies".

The total consideration for the shares of Veritas is fixed at
approximately US$1.5 billion in cash and approximately 47
million CGG ADSs, not including cash paid in respect of employee
stock options in the transaction.  Veritas shareholders will
have the right to elect cash or CGG ADSs, subject to proration
if either cash or stock is oversubscribed.  The cash
consideration will be financed through debt financing fully
committed by Credit Suisse.

While the per-share consideration is initially set in the merger
agreement at US$75 in cash or 2.2501 CGG ADSs, the per-share
consideration is subject to adjustment upwards or downwards so
that each Veritas share receives consideration representing
equal value.  This adjustment will, however, not increase or
decrease the total amount of cash or the total number of ADSs to
be issued in the transaction.

The current value of the transaction to Veritas shareholders,
based on August 29, 2006 closing price of the CGG's ADSs on the
NYSE (US$33.33), is approximately US$3.1 billion.  This
represents a 33.5% premium over Veritas' closing stock price on
the NYSE of US$56.16 on August 29, 2006, and a 34.7% premium
over Veritas' 30-trading day average closing price of US$55.69
for the period ending on the NYSE on August 29, 2006.

The resulting shareholding of CGG-Veritas should be held
approximately 65% by CGG's shareholders and 35% by Veritas'
shareholders.

Based on the two companies' strong businesses, geographic and
client fit, expected pre-tax run rate synergies are estimated by
CGG at approximately US$65 million per annum.  Based on CGG's
estimates, the transaction is expected to be accretive to
earnings per share in CY2008 and approximately neutral to cash
earnings per share in CY2007.  In terms of gearing, CGG is
confident the combined group's anticipated cash flows
characteristics will provide significant debt amortization
capacity that should allow it to maintain its current credit
profile.

The new Board of Directors is expected to reflect the combined
shareholder base with Robert Brunck as Chairman and CEO. Thierry
Pilenko, currently Chairman and CEO of Veritas, will be proposed
for appointment as one of the combined company's new Board
Directors.

After the merger, Geophysical Services will be headed by CGG's
Christophe Pettenati-Auziere, President Geophysical Services,
reporting to him will be Timothy L. Wells, President Western
Hemisphere and Luc Benoit-Cattin, President Eastern Hemisphere.
Mr. Pettenati-Auziere is currently President, Geophysical
Services of CGG, Mr. Benoit-Cattin is currently Executive Vice
President, Offshore of CGG and Mr. Wells is currently President
and COO of Veritas.

The conduct of Sercel's business will be unchanged in the
context of this transaction.

Credit Suisse and Rothschild are acting as financial advisors to
CGG.  Skadden, Arps, Slate, Meagher & Flom LLP, Willkie Farr &
Gallagher LLP, Linklaters and Goodmans LLP are acting as legal
advisors to CGG.  Goldman Sachs is acting as financial advisor
to Veritas.  Vinson & Elkins LLP and Paul, Hastings, Janofsky &
Walker (Europe) LLP are acting as legal advisors to Veritas.

                            About CGG

Compagnie Generale de Geophysique -- http://www.cgg.com/-- is a   
global participant in the oilfield services industry, providing
a wide range of seismic data acquisition, processing and
reservoir services to clients in the oil and gas exploration and
production business.  It is also a global manufacturer of
geophysical equipment through its subsidiary Sercel.

                          About Veritas

Headquartered in Houston, Texas, Veritas DGC, Inc. --
http://www.veritasdgc.com/-- is a leading provider of  
integrated geophysical information and services to the petroleum
industry worldwide.  Veritas is listed on New York Stock
Exchange under the ticker VTS, and has offices in Malaysia and
Indonesia.

Standard & Poor's Ratings Services gave Veritas a 'BB' corporate
credit rating.


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

BANCO BRADESCO: Fitch Ups Foreign Currency Rating to BB from BB-
----------------------------------------------------------------
Fitch Ratings upgrades these ratings of Banco Bradesco S.A., in
the wake of the upgrade of the country's foreign and local
currency Issuer Default Ratings to 'BB'.

   -- Foreign currency long-term IDR: to BB from BB-;

   -- Local currency long-term IDR: to BBB- from BB+; and

   -- National long-term rating: to 'AA+(bra)' from 'AA(bra)'.

The long-term Outlook is Stable.

Fitch Ratings disclosed the several rating upgrades affecting
Brazilian banks, in the wake of the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB'.

The upgrade of the Local currency long-term IDR and national
ratings of:

   -- Banco Bradesco,
   -- Bradesco Leasing Arrendamento Mercantil,
   -- Banco Itau Holding Financeira,
   -- Banco Itau,
   -- Banco Itau BBA,
   -- Banco ItauLeasing,
   -- Unibanco,
   -- Banco Safra and
   -- Safra Leasing

reflect the banks' intrinsic financial strength, evident in the
Individual ratings of the banks.

Fitch's upgrade of Brazil's ratings is a result of the country's
on-going improvement in public and private external finances and
a macroeconomic policy framework that has proved robust in the
face of political and financial market pressures.  The rating
upgrades also reflect Brazil's enhanced external balance sheet
and the fact that the country has weathered the latest storm
affecting the capital markets in emerging countries.  Fitch
believes that Brazil's next administration will continue to
maintain prudent fiscal and monetary policies but that it is
unlikely to implement deep structural reforms.

Fitch recognizes the impact of a improving external accounts of
the sovereign, the benefits of economic stabilization,
decreasing interest rates and inflation on the operating
environment for the Brazilian banking system, which will enable
the strongest institutions to further expand operations and
diversify earnings stream.

                         About Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco
-- http://www.bradesco.com.br/-- prides itself on serving low-
and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.

Bradesco offers Internet banking, insurance, pension plans,
annuities, credit card services (including football-club
affinity cards for the soccer-mad population), and Internet
access for customers.  The bank also provides personal and
commercial loans, along with leasing services.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 23, 2006,
Moody's Investors Service shifted Banco Bradesco S.A.'s 'C-'
bank financial strength rating to positive from stable.


BANCO BRADESCO: Fitch Ups Local Currency Rating to F3 from B
------------------------------------------------------------
Fitch Ratings upgraded Banco Bradesco S.A.'s short-term local
currency rating to 'F3' from 'B.'

Fitch upgraded select Brazilian banks' short-term local currency
ratings to 'F3' from 'B'.  This follows the recent upgrade of
these banks' local currency Issuer Default ratings to 'BBB-'
from 'BB+'.

                         About Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco
-- http://www.bradesco.com.br/-- prides itself on serving low-
and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.

Bradesco offers Internet banking, insurance, pension plans,
annuities, credit card services (including football-club
affinity cards for the soccer-mad population), and Internet
access for customers.  The bank also provides personal and
commercial loans, along with leasing services.

                          *    *    *

As reported in the Troubled Company Reporter on Feb. 23, 2006,
Moody's Investors Service shifted Banco Bradesco S.A.'s 'C-'
bank financial strength rating to positive from stable.

                        *    *    *

Fitch Ratings upgraded on June 30, 2006, these ratings of Banco
Bradesco S.A., in the wake of the upgrade of the country's
foreign and local currency Issuer Default Ratings to 'BB':

   -- Foreign currency long-term IDR: to BB from BB-;    --
Local currency long-term IDR: to BBB- from BB+; and    --
National long-term rating: to 'AA+(bra)' from 'AA(bra)'.  

Fitch said the long-term Outlook is Stable.


DAIEI INCORPORATED: Aims to Cut Outstanding Debts by 50%
--------------------------------------------------------
Daiei Incorporated, currently rehabilitating under the umbrella
of Marubeni Corporation, is looking to halve its outstanding
interest-bearing debt from JPY410 billion to JPY200 billion by
the end of fiscal 2006, The Yomiuri Shimbun reports.

As of the end of February this year, Daiei's debts -- not
including liabilities of consumer credit service subsidiary OMC
Card Inc. -- stood at JPY413 billion on the basis of a
consolidated settlement of accounts, the report says.

According to the Yomiuri, Daiei plans to expedite its debt
repayments using proceeds from the sale of the retailer's
Pachinko parlor chain operator Pandora Inc. and other outlets.
This is on top of a plan to sell Daiei's equity stake in OMC.

As reported by the Troubled Company Reporter - Asia Pacific on
September 6, 2006, Marubeni is urging Daiei to sell around 20%
of its stake in OMC, worth JPY60 billion.  Daiei currently holds
about 52% of OMC Card.

The TCR-AP further reported that Daiei expects to generate
JPY100 billion through the sale of 39 properties, including some
core branches.  The proceeds of the disposal will be used to
repay debts.

Daiei hopes that its latest plan will successfully shrink its
mounting debts, which peaked at JPY2 trillion at the end of
February 2001, Fresh Plaza News relates.

The planned debt reduction is aimed at strengthening Daiei's
finances in order to bolster its negotiating position for a
possible business tie-up with either Aeon Co. or United States-
based Wal-Mart Stores Inc., both of which reportedly submitted
merger proposals to Daiei on September 4, 2006, Fresh Plaza
adds.

                         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 Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei.  Marubeni now holds a 44.6%
stake in Daiei.

A subsequent TCR-AP report on September 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei
to either Aeon Co or Wal-Mart Stores Inc.  However, 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 aboutJPY400
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.


METALDYNE CORP: Moody's Cuts B3 Corporate Family Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service lowered the ratings for Metaldyne
Corporation -- Corporate Family, to Caa1 from B3; guaranteed
senior unsecured notes, to Caa2 from Caa1; guaranteed senior
subordinated notes, to Caa3 from Caa2.

At the same time Moody's affirmed the B3 ratings of the
guaranteed senior secured credit facility and assigned B3
ratings to the company's extended senior secured revolving
credit facility and new synthetic letter of credit facility.  
The lowered ratings reflect the challenging industry conditions
of rising commodity prices, and declining OEM production levels,
which have resulted in Metaldyne's weak credit metrics.

For the 12 months ending July 2, 2006, Debt was 7.2x and EBIT
interest was 0.6x.  The automotive supplier industry is expected
to continue to experience pressures from announced production
volume decreases from US OEMs for the second half of 2006,
limiting the prospects for any meaningful near term improvement
in financial metrics.

Despite these challenging conditions, the outlook is stable for
the Caa1 rating.  The company maintains adequate liquidity of
approximately US$126 million under its revolving credit and
securitization facilities that provides a degree of financial
flexibility until operating performance improves.

The notching of the senior secured credit facilities favorably
reflects the relative strength of the collateral coverage for
the committed amount of the facilities.  While the senior
secured facilities exhibit some coverage deficiency under the
domestic assets, conservative enterprise values for the
consolidated company support full coverage of the senior secured
credit facilities.

The company continues make progress in addressing deficiencies
in internal controls that were identified through independent
investigation by the company's auditors.  It is the company's
goal to satisfy Section 404 requirements of the Sarbanes-Oxley
Act for its fiscal year ending December 30, 2007.

These ratings were lowered:

Metaldyne Corporation:

   * Corporate Family Rating to Caa1 from B3;

   * US$150 million of 10% guaranteed senior unsecured notes due
     November 2013, to Caa2 from Caa1

   * US$250 million of 11% guaranteed senior subordinated notes
     due June 2012, to Caa3 from Caa2;

These ratings were affirmed:

   * B3 rating for Metaldyne LLC's guaranteed senior secured
     credit facilities, consisting of:

   * US$400 million guaranteed senior secured tranche D term
     loans due December 2009;

These ratings were assigned:

   * B3 rating for the extended US$200 million guaranteed senior
     secured revolving credit facility due August 2011,

   * B3 rating for the new US$100 million Synthetic L/C Facility
     due August 2011.

These rating will be withdrawn upon its refinancing:

   * B3 rating for the US$200 million guaranteed senior secured
     revolving credit facility due May 2007;

                         About Metaldyne

Headquartered in Plymouth, Mich., Metaldyne Corp
-- http://www.metaldyne.com/-- is a leading global designer and  
supplier of metal-based components, assemblies and modules for
transportation related powertrain and chassis applications
including engine, transmission/transfer case, wheel end and
suspension, axle and driveline, and noise and vibration control
products to the motor vehicle industry.

The company has operations in these Asian locations: Suzhou,
China; Pyeongtaek, Korea; Jamshedpur, India; and Yokohama,
Japan.


METALDYNE COMPANY: S&P Puts B Rating on US$574M Debt Facilities
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating and
'2' recovery rating to Metaldyne Company LLC's pending
US$574.7 million amended and restated senior secured credit
facilities, indicating the expectation for substantial (80%-
100%) recovery of principal in the event of a payment default.

At the same time, Standard & Poor's affirmed its 'B' corporate
credit rating on parent Metaldyne Corp.  The outlook is
negative.  

The ratings on the Plymouth, Michigan-based auto supply company
reflect:

   * the company's limited liquidity;

   * its highly leveraged capital structure; and

   * the cyclical and competitive pricing pressures of the
     capital-intensive automotive metal component supply
     industry.

Metaldyne is one of the largest independent manufacturers of
engineered metal components for the global automotive market,
with content on about 90% of the top 40 NAFTA light vehicles and
revenues of around US$2 billion.

                         About Metaldyne

Headquartered in Plymouth, Mich., Metaldyne Corp --
http://www.metaldyne.com/-- is a leading global designer and  
supplier of metal-based components, assemblies and modules for
transportation related powertrain and chassis applications
including engine, transmission/transfer case, wheel end and
suspension, axle and driveline, and noise and vibration control
products to the motor vehicle industry.

The company has operations in these Asian locations: Suzhou,
China; Pyeongtaek, Korea; Jamshedpur, India; and Yokohama,
Japan.


XM SATELLITE: SEC Wants a Peek Into Subscriber Targets and Costs
----------------------------------------------------------------
The United States Securities and Exchange Commission has asked
XM Satellite Radio Holdings Inc. to voluntarily provide
documents regarding the Company's subscriber targets, costs
associated with attempting to reach those targets, and related
matters during the third and fourth quarters of 2005.

Joseph M. Titlebaum, the Company's General Counsel and Secretary
said in an SEC filing that the information request appears to
pertain to matters similar to the issues underlying the
previously disclosed securities litigation filed against XM
Satellite earlier this year.  Mr. Titlebaum said the Company
will cooperate fully with the SEC's informal inquiry.

Purported nationwide class of purchasers of XM's common stock
between July 28, 2005, and May 24, 2006, have commenced actions
in the United States District Court for the District of Columbia
against the Company and Hugh Panero, its chief executive
officer.

The complaint seeks an unspecified amount of damages and claims
for alleged violations of Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5.  The shareholder
suit alleges that various statements by the Company and its
management failed to project accurately or disclose in a timely
manner the amount of higher costs to obtain subscribers during
the fourth quarter of 2005.

                        About XM Satellite

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) -- http://www.xmradio.com/-- is a wholly owned  
subsidiary of XM Satellite Radio Holdings Inc.  XM has been
publicly traded on the NASDAQ exchange since Oct. 5, 1999.  XM's
2006 lineup includes more than 170 digital channels of choice
from coast to coast: the most commercial-free music channels,
plus premier sports, talk, comedy, children's and entertainment
programming; and 21 channels of the most advanced traffic and
weather information.  XM has broadcast facilities in New York
and Nashville, and additional offices in Boca Raton, Florida;
Southfield, Michigan; and Yokohama, Japan.

At June 30, 2006, XM Satellite Radio Inc.'s balance sheet showed
a stockholders' deficit of US$358,079,000, compared to a deficit
of US$362,713,000, at Dec. 31, 2005.

                          *     *     *

As reported in the Troubled Company Reporter on April 21, 2006,
Standard & Poor's Ratings Services assigned its 'CCC' rating to
XM Satellite Radio Inc.'s proposed US$600 million senior
unsecured notes.  The senior unsecured notes are rated one notch
below the corporate credit rating because of the sizable amount
of secured debt in the company's capital structure relative to
its asset base.

At the same time, Standard & Poor's assigned its 'B-' rating and
recovery rating of '1' to XM's proposed US$250 million first-
lien secured revolving credit facility, indicating an
expectation of full recovery of principal in the event of a
payment default.


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

LYONDELL CHEMICAL: Citgo Buy Cues Fitch to Affirm Ratings
---------------------------------------------------------
Fitch Ratings affirmed and removed from Rating Watch Evolving
the ratings for Lyondell Chemical Company and Equistar Chemicals
L.P. following Lyondell's announcement to acquire the remaining
41.25% interest held by Citgo Petroleum Corporation in Lyondell-
Citgo Refinery LP for US$2.1 billion.  The affirmed ratings are:

  Lyondell:

    -- Issuer default rating 'BB-'

    -- Senior secured credit facility 'BB+'

    -- Senior secured notes and debentures 'BB+'

  Equistar:

    -- Issuer default rating 'B+'

    -- Senior secured credit facility 'BB+/RR1'

    -- Senior unsecured notes 'BB-/RR3'

At the same time, Fitch downgraded Lyondell's senior
subordinated notes rating to 'B' from 'B+' and prospectively
assigns a 'BB+' rating to Lyondell's new US$800 million senior
secured revolving credit facility and US$2.65 billion senior
secured term loan.

Fitch also affirmed these:

  Millennium Chemicals Inc.'s:

    -- Issuer Default Rating 'B+'

    -- Convertible senior unsecured debentures 'BB/RR2'

  Millennium America Inc.:

    --Issuer Default Rating 'B+'

    --Senior secured credit facility and term loan 'BB+/RR1'

    --Senior unsecured notes 'BB/RR2'

The Rating Outlook for Lyondell, Equistar and Millennium is
Stable.  

For Lyondell, approximately US$5.4 billion of debt is covered;
for Equistar, approximately US$2.2 billion of debt is covered;
and for Millennium Chemicals, approximately US$900 million of
debt is covered by these actions.

The rating actions resolve the Rating Watch Evolving status put
in place on July 21, 2006, following Lyondell's and its partner,
CITGO, announcement to discontinue the auction of LCR.

The rating affirmations for Lyondell's IDR, senior secured
credit facility, and senior secured notes and debentures are
supported by the increased access to cash flow from LCR as a
result of its acquisition of CITGO's remaining 41.25% in the
refinery.

Given the fact that the refinery will be operating under a new
crude supply agreement between LCR and PDVSA (which is expected
to be based fully on market prices) and Fitch's outlook for
continued strength in refining margins, Fitch expects Lyondell's
benefit as the sole owner of LCR will offset the initial
increase in indebtedness to fund the purchase of CITGO's
minority share.

Additionally Lyondell is expected to benefit from LCR's unique
operating capabilities, its advantaged location and recent
capital investments made to the refinery.

Lyondell's consolidated total debt decreased, by US$457 million,
to US$5.84 billion at June 30, 2006, from Dec. 31, 2005.  On a
proforma basis, Fitch expects total consolidated debt subsequent
to the acquisition to be US$8.49 billion and Lyondell's parent
debt level to reach US$5.42 billion.

Fitch also expects Lyondell credit metrics will rebound within
less than 18 months due to higher EBITDA levels and moderate
debt reduction.  By 2007 year-end Fitch anticipates Lyondell's
consolidated as well as Lyondell parent level credit metrics to
improve and surpass 2005 levels.  Total balance sheet debt is
expected to return to near current levels by the end of 2008.

The affirmation also considers debt reduction at Lyondell parent
will be heavily dependent on cash flow received from LCR and
Equistar.  Even though Fitch perceives integration and operating
risks to be low, event risk associated with potential hurricane
activity in the US Gulf and future political actions taken by
the Venezuelan government could have a material negative affect
on the refinery operations.  Fitch views political risk as it
relates to refinery operations higher than before due to the
exit of CITGO as a partner and the potential for Venezuelan
heavy sour crude supplies to be diverted away from the U.S. to
other geographies.

The one notch downgrade of Lyondell's senior subordinated notes
to 'B' reflects deep subordination with the increased amount of
senior secured debt post acquisition.

Lyondell's exposure to potential weakness in methyl tertiary
butyl ether markets and the loss of profitability if alternative
products are produced remains a rating concern, as does
continued volatility of raw material prices and its impact on
demand, dividends and debt levels.  Operating results in 2006
and 2007 are likely to be unstable quarter to quarter, but
overall tight supply demand fundamentals coupled with low
inventories should prove favorable for Lyondell and its
businesses in the short term.

The Stable Outlook reflects favorable business conditions for
the markets Lyondell participates in and the expectation that
Lyondell and its subsidiaries will continue to use excess cash
for debt repayment.  

Fitch also expects that energy and raw material prices will
continue to be volatile and remain a headwind for the company.
Potential weaknesses related to MTBE as well as Millennium's
business are likely to be offset by strong operations from
petrochemical and refining operations.

The rating affirmations for Equistar are supported by Fitch's
view that the credit profile at Equistar will not materially
change as a result of the purchase of CITGO's remaining share of
LCR. Lyondell's management has been consistent that the target
debt level at Equistar is US$1.8 billion (approximately
US$500 million lower than US$2.3 billion total debt level during
the last cyclical trough).

Fitch expects Lyondell will continue to be committed to
previously stated debt reduction targets.  Furthermore the
rating affirmations incorporate Fitch's outlook for favorable
market conditions for the chemical sector in the near-term;
however in any one quarter margins may be under pressure from
volatile raw materials (crude oil and natural gas).  Margins are
expected to remain well above a mid-cycle level for 2006 and
2007.

Lastly, the ratings also include Equistar's product offerings of
ethylene, ethylene derivatives and co-products, its significant
earnings leverage, as well as strong cash generation.  However,
Equistar's ratings are limited by Lyondell's strong access to
its cash flow, its focus on North American markets, and a
narrower product portfolio compared to Lyondell.

The rating affirmations for Millennium reflect Fitch's view that
the credit profile at Millennium will also not materially change
as a result of the purchase of CITGO's remaining share of LCR.  
The ratings consider the cyclical nature of Millenniun's
commodity products, strong dividends through its 29.5% interest
in Equistar, sizable debt reduction during the last 15-months
and Lyondell's ownership of the company.

Currently, Millennium cannot declare dividends to Lyondell due
to certain restrictions in its existing bond indentures.  
Concerns include weaker than expected results for Millennium's
core businesses and expectations for future cash outflows for
distributions to Lyondell.  Furthermore, Fitch continues to
monitor any new developments regarding Millennium's ongoing lead
paint litigation.

Lyondell holds leading global positions in propylene oxide and
derivatives, plus TiO2, as well as leading North American
positions in ethylene, propylene, polyethylene, aromatics,
acetic acid, and vinyl acetate monomer.  With the recent
acquisition of LCR, Lyondell also expands it refining
operations.  The company benefits from strong technology
positions and barriers to entry in its major product lines.

Lyondell owns 100% of Equistar; 70.5% directly and 29.5%
indirectly through its wholly owned subsidiary Millennium.  
Post-acquisition, LCR is a wholly owned subsidiary of Lyondell
as well.

In 2005, Lyondell and subsidiaries generated US$2.22 billion of
EBITDA on US$18.6 billion in sales.

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is North America's  
third-largest independent, publicly traded chemical company.  
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.


LYONDELL CHEMICAL: Tenders Offer for 9.625% Ser. A Secured Notes
----------------------------------------------------------------
Lyondell Chemical Company has commenced a cash tender offer for
all of its outstanding US$849,160,000 aggregate principal amount
of its 9.625%, Series A, Senior Secured Notes due 2007.

Relative to the offer, the Company is soliciting consents from
holders of Notes to effect certain proposed amendments to the
indenture governing the Notes, including the elimination of
substantially all the restrictive covenants, certain events of
default, and certain other provisions.

The Company intends to fund the Offer with proceeds from a
financing transaction.

The Offer will expire on Oct. 2, 2006 and the Consent
Solicitation will expire on Sept. 18, 2006.  Holders who validly
tender Notes will be deemed to have validly delivered consents
related to such Notes.

The total consideration includes a consent payment of US$30 per
US$1,000 principal amount of Notes to holders who validly tender
and validly deliver consents, at or prior to the Consent Payment
Deadline.  In addition, accrued and unpaid interest from the
last interest payment date to, but not including, the applicable
payment date will be paid on all validly tendered and accepted
Notes.

J.P. Morgan Securities Inc. is the exclusive dealer manager for
the Offer and solicitation agent for the Consent Solicitation.

Questions regarding the Offer and the Consent Solicitation may
be directed to J.P. Morgan Securities Inc., at (212) 270-7407 or
(800) 245-8812 (U.S. toll-free).

Copies of the Offer and Consent Statement and related materials
may be obtained from the Information Agent, D.F. King & Co.,
Inc., at (800) 758-5378 (U.S. toll-free) and (212) 269-5550
(collect).

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is North America's  
third-largest independent, publicly traded chemical company.  
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                          *     *     *

Fitch Ratings affirmed Lyondell Chemical Company's issuer
default rating at 'BB-'; senior secured credit facility at
'BB+'; and senior secured notes and debentures at 'BB+'.  At the
same time, Fitch downgraded Lyondell's senior subordinated notes
rating to 'B' from 'B+' and assigns a 'BB+' rating to Lyondell's
US$800  million senior secured revolving credit facility and
US$2.65 billion senior secured term loan.


NOVELIS INC: Spin-Off Prompts Moody's to Downgrade Ratings
----------------------------------------------------------
Moody's Investors Service downgraded Novelis Inc.'s corporate
family rating to B1 from Ba3, the bank revolver rating to Ba3
from Ba2, the bank term loan rating to Ba3 from Ba2 and its
senior unsecured notes to B2 from B1.  

Moody's also downgraded Novelis Corp's bank term loan rating to
Ba3 from Ba2.  These ratings remain under review for further
possible downgrade.  At the same time, Moody's lowered Novelis'
speculative grade liquidity rating to SGL-4 from SGL-3.

Ratings downgraded are:

Novelis Inc.

   * Corporate Family Rating, Downgraded to B1 from Ba3

   * Speculative Grade Liquidity Rating, Downgraded to SGL-4
     from SGL-3

   * Senior Secured Bank Credit Facility, Downgraded to Ba3 from
     Ba2

   * Senior Unsecured Regular Bond/Debenture, Downgraded to B2  
     from B1

Novelis Corporation

   * Senior Secured Bank Credit Facility, Downgraded to Ba3 from
     Ba2

The downgrades reflect the challenges Novelis faces in its 2006
performance due to its remaining exposure to certain contracts
with price ceilings and the more negative than expected impact
of the differential between used beverage can prices and primary
aluminum prices.  In addition, the downgrade acknowledges the
increased costs associated with the review and restatement of
Novelis' financial statements since its spin-off from Alcan, the
increased interest costs due to waivers required under the bank
agreements, and the step-up in the interest rates on the notes
due to non-registration.

While the rating considers the leading position of Novelis in
the can sheet and conversion markets as well as its large
geographic scope and global footprint, Moody's sees 2006 as a
transition year for Novelis both operationally and from a
management and reporting perspective.  Therefore, Moody's
expects the time frame for meaningful deleveraging to be more
protracted than anticipated.

The continuing review reflects the company's delay in filing
financial statements for 2006 to date and the consequent default
notices received from bondholders.  The company filed its 2005
10K on August 25, 2006, within the required time frame.  To the
extent the company is able to file its 2006 10Q's within the
time frame specified in the bank waivers and bondholders default
notices, and obtain any covenant relief that might be required,
Moody's expects the ratings will likely be confirmed.

The change in the speculative grade liquidity rating to SGL-4
from SGL-3 reflects the potential for covenant shortfalls later
in the year as reduced revenues and increased costs erase
existing covenant cushions.  In addition, step-ups in required
ratios will further stress the company's ability to comply.  As
a consequence, the company remains vulnerable to the bank's
willingness to waive and or adjust covenant levels.

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.  In Asia, the company has
operations in Malaysia and Korea.


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

ANTAH HOLDINGS: Court Grants Restraining Order
----------------------------------------------
On August 9, 2006, Antah Holdings Berhad obtained a restraining
order from the Kuala Lumpur High Court.  The order was secured
to facilitate the implementation of the company's proposed
restructuring scheme, which was submitted on May 9, 2006, to the
Securities Commission and Foreign Investment Committee for
approval.

As reported by the Troubled Company Reporter - Asia Pacific on
May 15, 2006, Antah proposed to implement a restructuring scheme
to restore its strong financial footing through the injection of
new viable businesses.

                      About Antah Holdings

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

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR678.492 million and total liabilities of
MYR1.039 billion, resulting into a shareholders' deficit of
MYR361.167 million.

The Company's default on its credit facilities totaled
MYR286,442,000, as of April 30, 2006.


ELBA HOLDINGS: Seeks to Regularize Financial Condition
------------------------------------------------------
Elba Holdings Berhad is looking into formulating a plan to
regularize its financial condition in accordance with the
requirements of the Bursa Malaysia Securities Berhad's Amended
Practice Note 17.

The company disclosed on May 8, 2006, that it is an affected
listed issuer of the Amended Practice Note 17 category of the
Listing requirements.  Based on the audited consolidated results
for the year ended December 31, 2005, the company's
shareholders' equity on consolidated basis was less than 25% of
its issued and paid up capital and less than the minimum issued
and paid up capital as required by the Listing Requirements.  In
addition, the company's auditors have expressed a debt with
emphasis on the company's going concern for fiscal 2005.

In this regard, Elba is required to formulate and implement a
plan to regularize its financial condition.  In the event the
company fails to comply with the obligations to regularize its
condition, Bursa Malaysia will commence delisting procedures
against the company.

                      About Elba Holdings

Elba Holdings Berhad -- http://www.elbaholdings.com.my/-- is a  
Malaysia-based investment holding company engaged in the
provision of management consultancy services to its
subsidiaries.  Through its subsidiaries, the Company
manufactures, distributes and trades in apparels.  


ELBA HOLDINGS: June 30 Balance Sheet Reveals Insolvency
-------------------------------------------------------
Elba Holdings Berhad has submitted for public release its
unaudited financial report for the second quarter ended June 30,
2006.

Revenue of the group for the quarter under review was lower at
MYR3,789,000, compared with MYR5.556,000 revenue in the same
quarter last year.  For the six months to June 30, 2006, the
group booked MYR11,098,000 revenue as against MYR22,524,000 in
the same period last year.

Loss before taxation for the quarter ended June 30, 2006, was
MYR6,734,000, as against a pre-tax loss of MYR7,174,000 in the
same quarter last year.  For the six months to June 30, 2006,
pre-tax loss was MYR11,992,000, higher than the MYR6,694,000
pre-tax loss in the same period last year.

Elba Holdings' June 30, 2006 balance sheet revealed strained
liquidity with current assets of MYR61,591,000 available to pay
current liabilities of MYR87,460,000, coming due within the next
12 months.  As of June 30, 2006, Elba has total assets of
MYR85,230,000 and total liabilities of MYR90,799,000, resulting
into a stockholders' deficit of MYR5,569,000.

There was no dividend declared for the period under review.

Elba Holdings' Second Quarter Report and its accompanying notes
are available for free at:

http://bankrupt.com/misc/tcrap_elbaholdings090706.xls
http://bankrupt.com/misc/tcrap_elbaholdingsnotes090706.doc

                      About Elba Holdings

Elba Holdings Berhad -- http://www.elbaholdings.com.my/-- is a  
Malaysia-based investment holding company engaged in the
provision of management consultancy services to its
subsidiaries.  Through its subsidiaries, the Company
manufactures, distributes and trades in apparels.  

The company disclosed on May 8, 2006, that it is an affected
listed issuer of the Amended Practice Note 17 category of the
Listing requirements.  Based on the audited consolidated results
for the year ended December 31, 2005, the company's
shareholders' equity on consolidated basis was less than 25% of
its issued and paid up capital and less than the minimum issued
and paid up capital as required by the Listing Requirements.  In
addition, the company's auditors have expressed a debt with
emphasis on the company's going concern for fiscal 2005.

As of June 30, 2006, Elba has total assets of MYR85,230,000 and
total liabilities of MYR90,799,000, resulting into a
stockholders' deficit of MYR5,569,000.


ELBA HOLDINGS: June 30 Public Spread Level Pegged at 62.89%
-----------------------------------------------------------
Elba Holdings Berhad has complied with the level of public
shareholding spread as prescribed under Bursa Malaysia
Securities Berhad's Listing Requirement.

The Bourse requires a listed issuer to have at least 25% of its
listed shares in the hands of a minimum of 1,000 public
shareholders holding not less than 100 shares each.

The public shareholding spread of the Company as of June 30,
2006, stands at 62.89% of the total shareholding in the hands of
2,568 public shareholders.

                      About Elba Holdings

Elba Holdings Berhad -- http://www.elbaholdings.com.my/-- is a  
Malaysia-based investment holding company engaged in the
provision of management consultancy services to its
subsidiaries.  Through its subsidiaries, the Company
manufactures, distributes and trades in apparels.  

The company disclosed on May 8, 2006, that it is an affected
listed issuer of the Amended Practice Note 17 category of the
Listing requirements.  Based on the audited consolidated results
for the year ended December 31, 2005, the company's
shareholders' equity on consolidated basis was less than 25% of
its issued and paid up capital and less than the minimum issued
and paid up capital as required by the Listing Requirements.  In
addition, the company's auditors have expressed a debt with
emphasis on the company's going concern for fiscal 2005.

As of June 30, 2006, Elba has total assets of MYR85,230,000 and
total liabilities of MYR90,799,000, resulting into a
stockholders' deficit of MYR5,569,000.


ELBA HOLDINGS: Defaults on Loan Facilities
------------------------------------------
Elba Holdings Berhad disclosed on September 1, 2006, that an
event of default in payments by the company and its subsidiaries
has occurred.

On March 14, 2006, Elba Holdings received notice for the
repayment of the MYR45-million term loan facility triggered by a
downgrade in corporate credit rating assigned by an independent
credit rating company.  Subsequent to the notice, other
financial institutions have indicated to the Company and its
subsidiaries the wish to recall majority of the credit
facilities.  The credit facilities utilized by the Company and
its subsidiaries amounted to MYR80.75 million as of June 30,
2006.

Under the prevailing circumstances, the management is of the
opinion that all payments to financial institutions be suspended
until a restructuring scheme is put in place.  Towards this
endeavor, a reputable financial advisor has been appointed to
assist the Company in drawing up plans in conjunction with the
input of the major creditors.

The Company is currently negotiating with the creditors,
including financial institutions, to restructure the outstanding
liabilities.  The Company and the Group as a whole are in the
process of exploring the possibility of undertaking a
restructuring exercise as discussed above.

With the default, the financial institutions could recall their
respective banking facilities and demand for repayments.  
Wherein the Company and its subsidiaries are unable to meet
obligations for immediate repayment, the said financial
institutions have rights to institute winding up proceedings
under the statutory regulations.

The defaults in repayment of the Company's MYR45-million term
loan facility could constitute a technical default for other
credit facilities granted by other lenders to the Group as the
Company had given corporate guarantees to certain credit
facilities granted to subsidiaries.

The Company's board of directors believes that the Company will
not be able to settle all its debts in full when they fall due
within a period of 12 months from the date of the announcement
subject to the successful implementation of a restructuring
scheme to be proposed.

A list of the facilities in default is available for free at:

http://bankrupt.com/misc/tcrap_elbaholdingsdefault090706.doc

                     About Elba Holdings

Elba Holdings Berhad -- http://www.elbaholdings.com.my/-- is a  
Malaysia-based investment holding company engaged in the
provision of management consultancy services to its
subsidiaries.  Through its subsidiaries, the Company
manufactures, distributes and trades in apparels.  

The company disclosed on May 8, 2006, that it is an affected
listed issuer of the Amended Practice Note 17 category of the
Listing requirements.  Based on the audited consolidated results
for the year ended December 31, 2005, the company's
shareholders' equity on consolidated basis was less than 25% of
its issued and paid up capital and less than the minimum issued
and paid up capital as required by the Listing Requirements.  In
addition, the company's auditors have expressed a debt with
emphasis on the company's going concern for fiscal 2005.

As of June 30, 2006, Elba has total assets of MYR85,230,000 and
total liabilities of MYR90,799,000, resulting into a
stockholders' deficit of MYR5,569,000.


METROPLEX BERHAD: Needs to Submit Revamp Plan by December 8
-----------------------------------------------------------
Metroplex Berhad has until December 8, 2006, to submit its
proposed composite scheme of arrangement to regularize its
financial condition to relevant authorities for approval.

As reported by the Troubled Company Reporter - Asia Pacific on
July 10, 2006, the Company is negotiating with its lenders on
the Proposed Composite Scheme of Arrangement to regularize its
financial condition.

According to the TCR-AP, Metroplex's unaudited quarterly results
for the financial year ended January 31, 2006, revealed that the
Company has a deficit in the shareholders' equity on a
consolidated basis amounting to MYR196.3 million.  The deficit
in the shareholders' equity is mainly attributable to the
Metroplex Group's accumulated losses exceeding the Group's paid-
up share capital and reserves.  As such, Metroplex is an
affected listed issuer pursuant the Listing Requirements of
Bursa Securities.  

As an affected listed issuer, Metroplex is required to submit a
regularization plan to relevant authorities for approval and
implement the Plan within a timeframe stipulated by the
approving parties.

                     About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the Company will be put into liquidation.

Metroplex Berhad's April 30, 2006 balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.


NORTH BORNEO: Auditors Still Working on 2005 Annual Accounts
------------------------------------------------------------
The North Borneo Corporation Berhad disclosed that its auditor,
Pannell Kerr Forster, has commenced audit on the company's
annual accounts for the financial year ended December 31, 2005,
after the firm's appointment was approved at the company's
extraordinary general meeting on June 29, 2006.

The company further said that the Auditor is still auditing the
2005 Accounts, hence the delay in submission.  The 2005 Annual
Audited Accounts was due on April 30, 2006.

As a consequence of not submitting the 2005 AAA on time, which
is non-compliance of the Listing Requirements, Bursa Malaysia
Securities Berhad may take action against the company.

The Troubled Company Reporter - Asia Pacific reported on
August 2, 2006, that Bursa Malaysia publicly reprimanded and
imposed a fine on The North Borneo Corporation for failing to
issue for public release its annual audited accounts for the
financial year ended December 31, 2005, by the April 30, 2006
deadline.

The TCR-AP also reported that on December 16, 2005, the Company
was publicly reprimanded by Bursa Securities for failing to
submit to Bursa Securities for public release its annual audited
accounts for the financial year ended December 31, 2004, by
April 30, 2005.  The Company only issued its 2004 AAA on
June 16, 2005.

                      About The North Borneo

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.  
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.  On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts.  The Plan, however, met objections from
creditors.  On March 6, 2006, two scheme creditors of North
Borneo Corp. -- Sabah Development Bank and Prokhas Sdn Bhd --
withdrew their support of the Company's proposed debt
restructuring, saying that they are no longer agreeable to the
terms of the planned business disposal as part of the
restructuring program.

The Company's March 31, 2006, balance sheet showed total assets
of MYR1,662,000 and total liabilities of MYR163,379,000
resulting into a MYR161,717,000 deficit in shareholders' funds.


PAXELENT CORPORATION: Has Four Months to Submit Rehab Plan
----------------------------------------------------------
Paxelent Corporation Berhad is left with four months to submit
its financial regularization plan to relevant parties for
approval.

As of September 1, 2006, the company said its is still
negotiating with various creditors for the restructuring of its
finances.

As reported by the Troubled Company Reporter - Asia Pacific on
June 12, 2006, the Company is formulating a scheme to regularize
its financial condition pursuant to Practice Note 17/2005 of
Bursa Malaysia Securities Berhad's Listing Requirements, of
which it is an affected issuer.

                    About Paxelent Corporation

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


TALAM CORPORATION: Securities Resume Trading
--------------------------------------------
Trading in Talam Corporation Berhad's securities resumed on
September 4, 2006, after the shares were suspended on Sept. 1,
2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Talam Corporation's shares were suspended on Sept. 1 due to a
wind-up petition served on the company's wholly owned
subsidiary, Lestrai Puchong Sdn Bhd.

According to the TCR-AP, Talam would file an appeal with the
Court of Appeal against the High Court's wind-up order, and also
an application for stay of the Official Receiver in exercising
his powers as a liquidator.

                        About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.

The Company has accumulated losses and debt in the past few
years.  As of January 31, 2006, the Company registered
accumulated losses of MYR253,898,000.  In a bid to cut back on
its liabilities, the firm has proposed a debt restructuring
scheme, which is still pending approval of relevant authorities.


TENAGA NASIONAL: Fully Redeems MYR600M IRUF
-------------------------------------------
Tenaga Nasional Berhad's MYR600 million Murabahah Underwritten
Notes Issuance Facility (1999/2006) expired on August 18, 2006,
and its MYR600 million Islamic Revolving Underwritten Facility
(1996/2006) was fully redeemed on its maturity date on
August 27, 2006.  

In this regard, the P1 ratings of both the IRUF and MUNIF are no
longer valid and Rating Agency Malaysia has no more rating
obligations on the said instruments.  That aside, RAM will
continue to monitor Tenaga's other debt issues, the AA1/P1
ratings of which were reaffirmed in May 2006.

                     About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's gave the Company a 'Ba' rating due to the Company's
relatively high financial leverage and significant PPA
obligations.


WEMBLEY INDUSTRIES: SC Denies Time Extension Request
----------------------------------------------------
The Securities Commission on August 29, 2006, rejected Wembley
Industries Holdings Berhad's application to extend until
January 31, 2007, the time for the company to execute the
development agreement with Dewan Bandaraya, Kuala Lumpur.

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Wembley Industries, on July 3, submitted to
the Securities Commission an application to extend for another
year the signing of a supplemental joint venture agreement and
completion of the company's restructuring scheme.

According to the TCR-AP, the SC granted Wembley Industries'
wholly owned subsidiary, Plaza Rakyat Sdn Bhd, until July 31,
2006, to sign a supplemental agreement with Dewan Bandaraya in
relation to a joint venture agreement, which is part of the
Company's restructuring scheme.  But the Company has instructed
its adviser, Alliance Merchant Bank Berhad, to make a formal
application for the extension from July 31, 2006, to July 7,
2007, or the period as advised by Alliance Merchant.

The restructuring scheme involves a proposed:

   * capital reduction and consolidation;

   * debt-restructuring; and

   * rights issue.

A subsequent TCR-AP report noted that Plaza Rakyat and Dewan
Bandaraya are still negotiating on the terms and conditions of
the supplemental agreement between them.  Government ministries
and departments are also involved in the discussions

                    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.


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

BACNOTAN CONSOLIDATED: Subscribes to 791,871,100 Phinma Shares
--------------------------------------------------------------
In a filing with the Philippine Stock Exchange, Bacnotan
Consolidated Industries, Inc., disclosed that, as approved by
its Board of Directors in a meeting on July 14, 2006, it
participated in the rights offering of Phinma Property Holdings
Corporation.

The company subscribed to 791,871,100 shares of PPHC amounting
to PHP79,187,110 which was paid last August 30, 2006.

                          About BCI

Makati-based Bacnotan Consolidated Industries, Incorporated,
Phinma Group's flagship company, was founded by a group of
industrialists led by the Escaler family in 1957.  BCI is a
holding company that, through its operating subsidiaries, is
engaged primarily in the production, distribution and sale of
clinker, cement and concrete products.  It also has an interest
in the paper and packaging industry and it has also ventured
into property development and reinforced steel bars
manufacturing.

The Company's principal source of revenue is from the cement
sales of its cement subsidiary.  Historically, its cement
subsidiary has been responsible for at least 80% of its sales
revenues.  It is primarily engaged in the quarrying, production,
distribution and marketing of portland and pozzolan cement.

On March 22, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from the Philippine Daily Inquirer saying that
the Philippine Stock Exchange planned to remove Bacnotan
Consolidated from its index due to insufficient tradability.


BANCO FILIPINO: Shares Trading Still Suspended
----------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 29, 2006, the Philippine Stock Exchange advised that
Banco Filipino Savings & Mortgage Bank, whose trading of shares
was suspended, has not submitted its Quarterly Report for the
period ended June 30, 2006.  Accordingly, the trading of the
bank's shares remained suspended pending compliance with the
PSE's requirements.

A recent Memo for Brokers from the PSE further advised that
Banco Filipino's shares trading continues to be suspended.

The TCR-AP previously reported that the bank has yet to submit
its 2005 annual report to the Securities and Exchange
Commission, after the deadline, set on May 31, 2006, expired.  
Therefore, the bank was ordered to pay a fee of PHP50,000 as
punishment for non-compliance.  The SEC said it would suspend
Banco Filipino's securities registration unless it settled the
fine, the report noted.

                     About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
principally to engage in the general business of savings and
mortgage banking and of a trust company and to perform such acts
as may be incidental thereto.  It started operations on July 9,
1964.

Banco Filipino offers to the public full domestic banking
services, which are five main types, namely: cash services;
commercial services; loans; money market services; and trust
services.

The Troubled Company Reporter - Asia Pacific reported on May 17,
2006, that the Bangko Sentral ng Pilipinas approved an emergency
loan of PHP190 million to Banco Filipino in order for it to
remain liquid, after certain branches experienced heavy
withdrawals.

The state central bank had ordered Banco Filipino's closure in
1985 due to insolvency.  However, the Supreme Court overturned
Bangko Sentral's decision and ordered the bank to reopen in
1994 and resume business as a full service savings bank with
trust operations.


BAYAN TELECOMMUNICATIONS: To Conduct Educational IPTV Trials
------------------------------------------------------------
BayanTel will conduct trials on Internet protocol TV service
early next year, affirming its plans to eventually offer
"triple-play" services in the country, Joel D. Pinaroc of The
Manila Bulletin reports.

However, the report notes that the trials will be used in
providing educational programs to public high schools in the
country.

The paper cites Tunde Fafunwa, BayanTel chief executive
consultant, as saying that the company will conduct trial IPTV
services as part of its participation at the Gearing up Internet
Literacy and Access for Students project.

The paper explains that the project is a private sector-led
master plan to provide broadband connection to Philippine high
schools.

According to The Manila Bulletin, it is estimated that some
PHP1.7 billion will be needed for the project to cover the
country's 5,433 public high schools by 2010.

BayanTel however will still offer "triple play" services, which
include voice, video and data, on a commercial basis, The Manila
Bulletin notes.

The company expects a spark in the broadband market for triple
play services.

                          *     *     *

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

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

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


* S&P Rates New Global Bonds Offered for Exchange 'BB-'
-------------------------------------------------------
Standard & Poor's Ratings Services assigns its 'BB-' senior
unsecured rating to the Republic of Philippines' (foreign
currency BB-/Stable/B, local currency BB+/Stable/B) proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange.  However, the ratings on these issues will be
withdrawn if they are successfully exchanged.

Standard & Poor's revised its outlook on the sovereign ratings
for the Philippines to stable from negative in February 2006.  
The stable outlook reflects revised expectations concerning the
prospects of policy continuity and adherence to fiscal
consolidation after the recent implementation of the expanded
VAT law.  These developments indicate an increased likelihood
that overall deficit reduction and fiscal rationalization will
continue and deepen, even as risks like political instability
(albeit reduced), implementation, and administrative weaknesses
could persist.

The Philippines' fiscal outcomes for the first half of 2006 were
better than expected, bolstered by improved revenue collection
and constrained expenditure, given that a reenacted 2005 budget
is still in effect.  The deficit for the year should be met, but
the fiscal outlook can be vulnerable.  This stems from the need
to increase spending, especially capital expenditure, to lift
future growth prospects, even as revenue gradually rises.  The
political situation is relatively calm after the state of
emergency in February, although any disruption from such a
recurrence and general politicking could detract from economic
reform.

The principal factor constraining the ratings on the Philippines
is its high debt and the accompanying impairment of fiscal
flexibility.  The net general government debt is projected at
around 65% of GDP in 2006, compared with the median 38.1%
projected for similarly-rated sovereigns.  Furthermore,
contingent liability posed by the accumulated debt and ongoing
losses of government corporations, especially that of National
Power Corp., amount to an estimated 12% of GDP.  Despite higher
revenues, interest payments still consume around 33% of central
government revenue this year, well above the 22% in 1999, and
are constraining discretionary spending.

Also limiting the ratings is the government's continuing
dependence on external funds, owing to its weak fiscal profile
and shallow domestic capital markets.  The resultant high
portion of general government foreign currency debt (about 45%
of total) raises both the vulnerability of its fiscal profile to
adverse external developments and the risk to macroeconomic
stability.  The creditworthiness of the Philippines is also
constrained by a narrow tax base, which is a main contributing
factor to its weak public finances.

Notwithstanding recent improvements, tax revenues are a low 13%
of GDP, compared with 17% in 1997.  Further fiscal consolidation
and addressing of critical infrastructure spending needs will
require substantial and lasting improvements to expand the
revenue base and increase compliance.

The ratings on the Philippines, however, are supported by
adequate external liquidity.  Prudent exchange-rate management
and large and steadily rising remittance inflows generally
ensure a safe level of external reserves.

Short-term liquidity risk for the Philippines is moderate,
compared with its similarly-rated peers.  For 2006, the ratio of
gross financing requirement to usable reserves (current account
plus short-term debt plus amortization) is projected at 70%,
similar to the median for sovereigns in the 'BB' rating
category, although total external debt at a forecast 110% of
current account receipts is slightly higher than the 'BB'
median.

The Philippines' record of steady economic growth also supports
the ratings.  The economy displayed considerable resilience in
the face of external shocks and ongoing domestic political
uncertainty, with real GDP growth averaging 4.7% over the past
six years without significant fluctuation.  This has moderated
the country's debt dynamics, and would provide a solid basis for
further debt reduction, if the appropriate fiscal framework is
put in place.

The outlook and ratings on the Philippines could benefit if
fiscal and public sector reforms, including privatization of the
electricity sector, become sufficiently entrenched to effect a
material decline in government debt.  That would ease external
vulnerability, given that almost half its debt is foreign
currency denominated.  If, however, the process lapses, or
becomes derailed by political imperatives, the outlook could
again come under downward pressure.


* End-August Forex Reserves Hit Record US$21.427 Billion
--------------------------------------------------------
The country's gross international reserves were at a new record
high of US$21.427 billion at the end of August 2006, compared to
US$21.274 billion at the end of July, boosted by government
borrowing, the Central Bank discloses.

The GIR had already overshot the central bank's target of
US$21 billion by the end of this year, and Governor Amando
Tetangco Jr., of the central bank had said it would likely hit
US$22 billion this year.

The preliminary August GIR figure can cover about 4.3 months of
imports of goods and payments for services and income.  It is
also 3.6 times the country's short-term debt, based on original
maturity, or 1.9 times, based on residual maturity, the central
bank said in a statement.

"The GIR level was boosted mainly by the national government's
deposit of the proceeds from the re-opening of its global bonds.
Part of the inflows, however, was used to finance the national
government's debt service payments on its foreign currency
obligations," Mr. Tetangco relates.


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

ADVANCED SYSTEMS: Welcomes New CEO and CFO
------------------------------------------
Woo Kwek Kiong and Cher Lew Siang were appointed as Chief
Financial Officer and Chief Executive Officer of Advanced
Systems Automation respectively on September 6, 2006.

                          *     *     *

Advanced Systems Automation Limited -- http://www.asa.com.sg--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry. The company's
subsidiaries include Avalon Technology Pte. Ltd.; Microfits Pte.
Ltd.; Beijing Microfits Precision Electronics Engineering Co.,
Ltd. and Beijing Advanced Precision Electronics Engineering Co.,
Ltd., both of which are engaged in the manufacture of precision
tools, dies and moulds; Acetech Solutions Ltd.; Advanced Systems
Automation, Inc., and Advanced Systems Automation (Europe)
Limited, which is engaged in the sale and provision of services
to the European semiconductor manufacturing market.

As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, auditors Ernst & Young reported in the company's
Annual Report that, "The group has incurred significant losses
and has been experiencing severe cash shortage in the past four
financial years. The group incurred a net loss of SGD3.4 million
for the financial year ended March 31, 2006, and the group's and
the company's current liabilities exceeded current assets by
SGD20.9 million and SGD22.9 million respectively. As of March
31, 2006, the group and the company were in net shareholders'
deficit


GETRONICS N.V.: Banks Cancel EUR30-Mln Cut on Credit Facility
-------------------------------------------------------------
Getronics N.V. has been able to reach an agreement with its
banking syndicate on the following amendment to its 2005
Syndicated Revolving Credit Facilities:  

   -- following the announced sale of HRS, the Company has
      regained full lending commitment from its banks, without
      any further stipulation on other transactions; and

   -- as a result of this the earlier announced decrease with
      EUR30 million of the Syndicated Revolving Credit
      Facilities on Sept. 30, has been cancelled.

This means that Getronics keeps full access to the Syndicated
Credit Facilities of EUR284 million in total until maturity in
March 2008, consisting of EUR225 million Revolving Credit
Facilities and a Term Loan Facility of EUR59 million for
acquisition purposes.  Its Banking Syndicate consists of:

   -- ABN AMRO,
   -- Rabobank,
   -- ING Bank,
   -- SNS Bank and
   -- NIBC.

"I am very happy with this agreement as it is a clear vote of
confidence from our banking syndicate, which allows us -- after
the sale of Italy and HRS - to fund our normal working capital
needs going forward," CEO Klaas Wagenaar commented.

                      About Getronics N.V.

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.   

                          *     *     *

As reported in Troubled Company Reporter - Asia Pacific, on
Aug. 25, Getronics N.V.'s 'B' long-term corporate credit rating,
along with the 'CCC+' senior unsecured debt, 'B' bank loan, and
'3' recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.  The '3'
recovery rating indicates Standard & Poor's expectation of
meaningful (50%-80%) recovery of principal for secured lenders
in the event of a payment default.       

The TCR-AP reported on Aug. 8, that Moody's Investors Service
downgraded Getronics' corporate family rating to B2 from B1 and
placed the ratings on review for possible downgrade following
the company's announcement of half year results showing a
widening of net losses and fall in margins below the company's
expectations.  Concurrently the rating on the EUR100 million
senior unsecured convertible Dutch bonds due 2008 has been
downgraded to Caa1 from B3.


ISOFT GROUP: FY2006 Net Losses Widen to GBP382.2 Million
--------------------------------------------------------
iSOFT Group plc disclosed its audited results for the year ended
April 30, 2006.  The Group's full year results are reported
under IFRS regulations for the first time.  The Group has also
changed its accounting policy for revenue recognition, as
disclosed on June 8, 2006.

For the year ended April 30, 2006, the company posted a GBP382.2
million net loss on GBP201.7 million of revenues, compared with
a GBP5.9 million net income on GBP186.1 million in revenues for
the same period last year.

"The second half of the financial year ended April 30, 2006 was
a turbulent period for iSOFT and long-term shareholders will be
feeling deeply disappointed by the events of recent months.  I
joined the Group as Chairman in October last year and share that
disappointment, but I am determined to see through a series of
actions and change that I believe are necessary to put this
company back on a solid footing and enable it to capitalize on
its underlying product strengths and experience," Chairman and
acting Chief Executive Officer John Weston said.

                     Borrowing facilities

At April 30, 2006, the Group had bank facilities of GBP144
million, including a revolving credit facility of GBP105 million
and a term loan facility of GBP39 million, both expiring in
2008.

In the past, a significant proportion of cash flows were derived
from customers willing to pay up-front for product and services
or from the financing of customer receivables.  In the main,
these up-front payments fell into two categories;

  (1) payments supported by letters of credit and guarantees,
      which amounted to GBP88.2 million at April 30, 2006,
      provided under the GBP105 million revolving credit
      facility; and

  (2) payments via third-party contract financing arrangements
      which amounted to approximately GBP62 million at April 30,
      2006.  Following the adoption of IFRS and further detailed
      review of these contract financing arrangements have been
      brought on to the balance sheet.

The Group's principal covenants under its bank facilities were
that net financial indebtedness, including letters of credit
issued in support of up front payments (but excluding non
recourse financing), may not exceed three times earnings before
tax, interest, depreciation and amortization, and net interest
cover must be greater than five times earnings before interest
and taxation.

Due to the adoption of the new accounting policy and the
expected future cash flow profile of the business, some aspects
of the Group's banking facilities have had to be amended.  The
Group has therefore undertaken discussions with its banks with
the objective of agreeing new terms.  The outcome of those
discussions is that the Group will retain the current facilities
with no further amortization of the term loan and additional
facilities of GBP25 million which will be available in certain
circumstances until November 2007 on new terms.  

These terms include an up-front fee of GBP1.2 million and higher
costs of borrowing including Payment In Kind (PIK) interest from
Jan. 1, 2007, of 5% per annum, for the three months to March 31,
2007, 7.5% per annum for the three months to June 30, 2007, and
10% per annum thereafter.  Within those terms, the Group will
issue warrants amounting to 3.7% of iSOFT equity to the banks,
with a strike price of 10 pence, when shareholder approval is
obtained.  

An exit fee of GBP15 million is payable at the end of the
facility, on refinancing or on change of control of the Company,
and if the warrants are not issued prior to Oct. 31, 2006.  If
the warrants are issued prior to Oct. 31, 2006, then no exit fee
is payable.  

               Revenue Recognition Accounting Policy

In June 2006, the Board said it had decided to change the
Group's accounting policy for revenue recognition to an
appropriate policy for today's commercial situation.  In the
past, iSOFT was primarily a software product company serving
independent hospital and family doctor trusts.  The Group is now
engaged with larger, more complex and longer-term projects, in
which it is increasingly difficult to distinguish between the
supply of product licenses and their implementation.  As a
result, the current Board has decided that the use of the
previous accounting policy has become inappropriate and have
decided that license revenues will in future typically be
recognized over the period of implementation, which may range
from a few months to a number of years from contract signature,
and over the full contract duration in the case of bundled
services.

The change in revenue recognition policy has been implemented by
way of a prior year adjustment as mandated by International
Financial Reporting Standard 1.  This requires the Group to
provide comparable figures prepared on a consistent basis for
the financial year ended April 30, 2005.  The accounting policy
restatement has involved reversing revenues of GBP76 million,
GBP54 million and GBP44 million (total: GBP174 million) which
were recognized in the years ended April 30, 2005, 2004 and 2003
or earlier, respectively.  Those revenues will now be recognized
in future years in accordance with the provisions of the new
accounting policy.  In calculating the prior year adjustment,
note 1 outlines the limitations in the historical data available
to the Board.

The Group believes that of the GBP174 million revenues reversed
approximately GBP40-50 million will be recognized in each of the
years ending April 30, 2007 and 2008, and the majority of the
balance in the following three years.  The main benefit of this
change will be that revenues will reflect more closely the
Group's trading activities and be more closely aligned with the
Group's operational cash flows for the financial year 2009 and
subsequently.

                  Director Steve Graham Suspended

As a result of work carried out by its auditors to review the
adjustment to past revenues, possible accounting irregularities
have come to light which have been the subject of an
investigation by Deloitte & Touche LLP and Eversheds LLP.  
Deloitte & Touche LLP was appointed as the Group's auditor in
July 2005 and was not therefore acting for the Group during the
period covered by the investigation.  After an initial review,
the Board has deemed it appropriate to suspend Steve Graham, the
Group's Commercial Director, pending the outcome of a more
formal investigation.

The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years ended April 30, 2004 and
2005 in accordance with the accounting policy in force at that
time.  The irregularities uncovered to date do not appear to
have affected the cash position of the Group.  

As reported in TCR-Europe on Aug. 28, the Financial Services
Authority will be undertaking a more formal investigation into
possible accounting irregularities at iSOFT Group plc, which
could take months to complete.

                   Streamlining the Cost Base

The Group has been taking, and continues to take, action to re-
align its operating costs with future revenue expectations.  As
part of this process, it is examining in detail the operating
cost structure of each of its operations, both in the U.K. and
internationally, to identify areas for cost reduction and
improved organizational efficiency.  The Group is targeting to
reduce its total operating cost base from an annual run rate of
just over GBP209 million at May 1, 2006, to below GBP185 million
by the end of the current financial year.  The current run-rate
is higher than the total actual cost incurred for the year just
ended because the Group has increased significantly its level of
development resources to support both existing and future
applications.

As part of the plan to reduce costs, the Group entered into a
consultation process with employees in the U.K. in early May
2006 and it is likely that at least 150 employees, representing
approximately 15% of total headcount in the U.K., will be made
redundant.  The cost of this action will be about GBP3 million,
but is expected to reduce the current annual cost base by
approximately GBP6 million.

The Group also intends to reduce staff levels in some of its
international operations and has taken steps to reduce sub-
contract and overhead costs as part of the financial year 2007
budget review process.  The total cost of action already in hand
to reduce the cost base, which will be taken as a one-time
charge in the year ending April 30, 2007, is estimated to be at
least GBP7 million.


COLLINS & AIKMAN: 10-3/4% Bonds' Price Plummets to All-Time Low
---------------------------------------------------------------
Prices at which the 10-3/4% Senior Notes due 2011 issued by
Collins & Aikman Products Co. have fallen to all-time lows on
Aug. 11, 2006 -- trading dipped to 10 cents-on-the dollar.

Pricing data from Bloomberg shows trades occurred near these
prices since Collins & Aikman filed for Chapter 11 protection:

   Week Ending   Indicative Bond Pricing
   -----------   -----------------------
   11-Aug-2006   10.000 +++++
   04-Aug-2006   15.750 +++++++
   28-Jul-2006   21.000 ++++++++++
   14-Jul-2006   24.250 ++++++++++++
   07-Jul-2006   30.000 +++++++++++++++
   30-Jun-2006   30.688 +++++++++++++++
   23-Jun-2006   30.563 +++++++++++++++
   16-Jun-2006   30.500 +++++++++++++++
   09-Jun-2006   39.000 +++++++++++++++++++
   02-Jun-2006   45.000 ++++++++++++++++++++++
   26-May-2006   35.000 +++++++++++++++++
   19-May-2006   34.000 +++++++++++++++++
   12-May-2006   37.500 ++++++++++++++++++
   05-May-2006   35.500 +++++++++++++++++
   28-Apr-2006   33.000 ++++++++++++++++
   21-Apr-2006   33.000 ++++++++++++++++
   14-Apr-2006   31.250 +++++++++++++++
   07-Apr-2006   32.500 ++++++++++++++++
   31-Mar-2006   33.000 ++++++++++++++++
   24-Mar-2006   30.500 +++++++++++++++
   17-Mar-2006   32.500 ++++++++++++++++
   10-Mar-2006   30.500 +++++++++++++++
   03-Mar-2006   27.500 +++++++++++++
   24-Feb-2006   28.125 ++++++++++++++
   17-Feb-2006   30.000 +++++++++++++++
   10-Feb-2006   31.000 +++++++++++++++
   03-Feb-2006   29.500 ++++++++++++++
   27-Jan-2006   30.000 +++++++++++++++
   20-Jan-2006   33.500 ++++++++++++++++
   13-Jan-2006   39.000 +++++++++++++++++++
   06-Jan-2006   43.000 +++++++++++++++++++++
   30-Dec-2005   42.000 +++++++++++++++++++++
   23-Dec-2005   44.000 ++++++++++++++++++++++
   16-Dec-2005   42.250 +++++++++++++++++++++
   09-Dec-2005   42.000 +++++++++++++++++++++
   02-Dec-2005   43.500 +++++++++++++++++++++
   25-Nov-2005   44.330 ++++++++++++++++++++++
   18-Nov-2005   43.000 +++++++++++++++++++++
   11-Nov-2005   45.750 ++++++++++++++++++++++
   04-Nov-2005   49.038 ++++++++++++++++++++++++
   28-Oct-2005   47.000 +++++++++++++++++++++++
   21-Oct-2005   48.000 ++++++++++++++++++++++++
   14-Oct-2005   48.000 ++++++++++++++++++++++++
   07-Oct-2005   50.771 +++++++++++++++++++++++++
   30-Sep-2005   44.000 ++++++++++++++++++++++
   23-Sep-2005   42.375 +++++++++++++++++++++
   16-Sep-2005   41.500 ++++++++++++++++++++
   09-Sep-2005   40.000 ++++++++++++++++++++
   02-Sep-2005   36.000 ++++++++++++++++++
   26-Aug-2005   36.875 ++++++++++++++++++
   19-Aug-2005   36.250 ++++++++++++++++++
   12-Aug-2005   30.000 +++++++++++++++
   05-Aug-2005   29.688 ++++++++++++++
   29-Jul-2005   29.500 ++++++++++++++
   22-Jul-2005   27.000 +++++++++++++
   15-Jul-2005   29.500 ++++++++++++++
   08-Jul-2005   29.625 ++++++++++++++
   24-Jun-2005   28.875 ++++++++++++++
   17-Jun-2005   41.000 ++++++++++++++++++++
   10-Jun-2005   39.500 +++++++++++++++++++
   03-Jun-2005   43.500 +++++++++++++++++++++
   27-May-2005   41.000 ++++++++++++++++++++
   20-May-2005   40.000 ++++++++++++++++++++
   13-May-2005   47.250 +++++++++++++++++++++++
   06-May-2005   71.000 +++++++++++++++++++++++++++++++++++

At the close of trading on August 14, prices of the 10-3/4%
Senior Notes slightly increased to 11 cents-on-the-dollar.

The 10-3/4% Senior Notes were issued in an Exchange Offer in
June 2002.  

A full-text copy of the Prospectus circulated in connection with
the US$500 million Exchange Offer is available at no charge at:

            http://researcharchives.com/t/s?fd6

In his letter to shareholders for the fiscal quarter ending
April 30, 2005, Martin J. Whitman, Co-Chief Investment Officer &
Portfolio Manager of Third Avenue Value Fund, disclosed that the
Fund started to aggressively acquire Collins and Aikman's 10-
3/4% Senior Notes following the company's chapter 11 filing.  
"At the time of this writing, Third Avenue holds US$250,750,000
Principal Amount of Collins and Aikman Seniors, or slightly over
half of the outstanding issue," Mr. Whitman indicated, making
Third Avenue the largest holder of the Senior Notes.

For the five years and nine months through September 2004, Mr.
Whitman told the Fund's shareholders, Collins and Aikman's
annual operating income before non-recurring charges ranged from
a low of US$61,500,000 in 2001 to a high of US$224,600,000 in
2002.  Annual interest charges for the Collins and Aikman
Seniors together with the Collins and Aikman Subordinates total
US$107,000,000 per year.

In Chapter 11, Mr. Whitman indicated, these US$107,000,000 of
cash costs are eliminated, offset in part by professional costs
in Chapter 11 should range from about US$4 million to US$6
million per month.

Mr. Whitman was hopeful that Collins & Aikman could be
reorganized in Chapter 11 relatively quickly, perhaps in as
little as 180 days.  Mr. Whitman envisioned a plan of
reorganization that would reinstate secured debt, deliver 90% of
the new common stock to holders of Senior Debt, give 10% of the
new common stock to subordinated debtholders, wipe out the
existing shareholders, and provide management with options for
5% of the new common stock.

"If future annual operating income is to average, say,
US$150,000,000 then the Fund would have acquired its position in
the new Collins and Aikman Common Stock at probably less than
five times earnings.  If Collins and Aikman can get annual
operating income up to $200,000,000, the PE ratio for TAVF would
decline to around three times," Mr. Whitman told shareholders in
early 2005.

Mr. Whitman pointed out two "very real risks" in the Collins &
Aikman investment to Third Avenue shareholders:

   (1) Reorganization Risk.  If TAVF and other creditors
       can not relatively quickly reorganize Collins and
       Aikman along the lines outlined above, and a
       protracted Chapter 11 ensues, the bulk of the values
       in Collins and Aikman probably will belong to the
       professionals -- lawyers and investment bankers --
       not to pre-petition creditors.  Unknowns, such as a
       need to renegotiate labor contracts, could prolong
       the Chapter 11 proceeding, even if the Company, itself,
       is cooperating with TAVF and other holders of Collins
       and Aikman Seniors.  Old Collins and Aikman Common
       would be wiped out in any event.

   (2) Business Risk.  Maybe operating income for this
       automotive supplier will never again approach the
       average levels of the past six years.  75% of Collins
       and Aikman revenues come from the "Big Three"
       automobile manufacturers who have been losing
       market penetration.  Also, much of the company's
       raw materials costs are in resins where prices are
       correlated to the price of oil.  A persistent margin
       squeeze may be a fact of life.

David Barse, as a TAVF representative, chairs the Official
Committee of Unsecured Creditors in Collins & Aikman's chapter
11 cases.

"Collins and Aikman is a considerably more troubled debtor than
we had assumed based on Pre-Chapter 11 public filings," Mr.
Whitman indicated in another letter to Third Avenue shareholders
in 2005.  "The situation may be difficult to work out, but I
think the odds favor Third Avenue becoming the dominant common
shareholder in a reorganized, and feasible, Collins and Aikman.
There are, of course, no guaranties.  In our long history of
investing in distressed debt, our most successful investments
were full of Collins and Aikman type unpleasant surprises that
arose immediately subsequent to Chapter 11 filings. The eventual
workouts, though, were spectacular for Nabors Industries,
Danielson Holding Corporation and Kmart."

                     About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries, including Singapore.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the
Debtors filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.


REFCO INC: Panel Inks Deal with E&Y on Document Production
----------------------------------------------------------
Section 7216(a) of the Internal Revenue Code entitled
"Disclosure or Use of Information by Preparers of Returns" and
26 C.F.R. Section 301.726-1 prohibit the disclosure of "tax
return information," particularly certain information furnished
by a taxpayer in connection with preparation of tax returns.

Under Section 301.7216-2(c), the provisions of Section 7216(a)
and Section 301.726-1 do not apply to any disclosure of tax
return information where that disclosure is made pursuant to an
order of any court of record.

The Official Committee of Unsecured Creditors of Refco Inc., and
its debtor-affiliates tells the U.S. Bankruptcy Court for the
Southern District of New York that compliance by Ernst & Young
LLP, with a subpoena directing production of documents
contemplates the production to the Creditors Committee of tax
return information furnished by Refco, Inc.

In a Court-approved stipulation, the Creditors Committee and
Ernst & Young agree that consistent with Section 301.7216-2,
Ernst & Young's production of and the Committee's use of the tax
return information will be governed by the terms of a protective
order governing production and use of confidential material
entered on April 26, 2006.

As reported in the Troubled Company Reporter on July 6, 2006,
the Creditors Committee asked the Court to compel 22 respondents
to produce documents on or before the date that is 30 days after
a corresponding subpoena is served.

The Court had previously authorized the Committee to serve
subpoenas calling for production of documents on 16 individuals
and entities regarding Refco, Inc.'s operations.  The Committee
has been pursuing discovery from the subpoena recipients.

Based on the Debtors' public statements, the criminal complaint
for securities fraud filed against Phillip R. Bennett, and the
committee's preliminary investigation, the Committee has learned
of additional persons and entities who likely have information
relevant to:

   (i) the Debtors' property and its location;

  (ii) the assets, liabilities and financial condition of the
       Debtors;

(iii) matters that may affect the administration of the
       Debtors' estates; and

  (iv) the identification and prosecution of certain potential
       claims against third parties by a representative of the
       Debtors' estates.

Ernst & Young was listed as one of the 22 respondents.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


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

PAE THAILAND: Spins with THB7 Mil. Net Profit in 2nd Quarter '06
----------------------------------------------------------------
PAE Thailand Public Co Ltd posted a THB7-million consolidated
net profit for the second quarter ended June 30, 2006, a
turnaround from the THB62.341-million net loss reported in the
same period last year.

The company's consolidated balance sheet as of June 30, 2006,
showed current assets of THB423.017 million available to pay
total current liabilities of THB411.615 million coming due
within the next 12 months.

Total assets as of June 30, 2006, was THB670.501 million while
total liabilities was THB417.800 million.

A full-text copy of the company's financial statements for the
period ended June 30, 2006, is available for free at:

   http://bankrupt.com/misc/PAE_bs_0630.xls

                          *     *     *

Headquartered in Bangkok, Thailand, PAE (Thailand) Public
Company Limited -- http://www.pae.co.th/-- provides  
construction services including building and drilling site
constructions; industrial services including lasting and
technical inspections, as well as communication and manpower
supply services.  The Company also distributes construction and
agricultural equipment.  
   
The Company has been operation with a capital deficit for years,
culminating in a THB3.05 billion deficit in 2003.  That and a
series of net losses set the stage for the Company's entry into
Thailand's REHABCO, or Companies Under Rehabilitation sector.

On July 3, 2006, the Stock Exchange of Thailand returned PAE
Thailand to its original sector; however, the company's
securities would be refrained from trading until the completion
of its rehabilitation program.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                       Total
                                           Total   Shareholders
                                           Assets      Equity
Company                        Ticker       ($MM)      ($MM)
------                         ------    ------------  ------

AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd. AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        14.01      -4.86
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       135.23     -41.84
Tooth & Company Limited           TTH        99.25     -74.39
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931        29.19     -18.65
Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.48     -76.83
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        54.71    -179.23
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Everpride Biopharmaceutical
   Company Limited               8019        10.16      -2.16
Fujian Changyuan Investment
   Holdings Limited               592        31.36     -54.04
Gold-Face Holdings Limited        396        40.60     -63.11
Guangdong Meiya Group
   Company Ltd.                   529       107.16     -49.54  
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557        62.19    -115.50
Hainan Dadonghai Tourism          613        19.74      -5.81
Hainan Dadongh-A               200613        19.74      -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd.    832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech.                620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       121.30     -74.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Anplas Co., Ltd.            156        94.17     -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286        87.44     -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Orient Power Holdings Ltd.        615       176.86     -64.20
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd.  600385       19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenyang Hejin Holding
   Company Ltd.                   633        83.18     -20.87
Shenz China Bi-A                   17        39.13    -224.64
Shenz China Bi-B                   17        39.13    -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.84     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34        95.27     -44.65
Shenzen Techo Telecom Co., Ltd.   555        14.84      -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd.   600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        13.47     -87.63
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71
Zarva Technology Co. Ltd.         688       101.76    -102.01

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        64.54      -2.31
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Steady Safe Tbk                  SAFE        19.65      -2.43
Suba Indah Tbk                   SUBA        85.17      -9.18
Surya Dumai Industri Tbk         SUDI       105.06     -30.49
Unitex Tbk                       UNTX        29.08      -5.87

JAPAN

Hanaten Co., Ltd.                9870       167.79      -1.63
Mamiya-OP Co., Ltd.              7991       152.37     -67.11
Montecarlo Co. Ltd.              7569        66.29      -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771        23.82      -1.10
Sumiya Co., Ltd.                 9939        89.32     -11.57
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd.    5756       106.49     -12.55
Yakinikuya Sakai Co., Ltd.       7622        79.44     -11.14

MALAYSIA

Antah Holdings Bhd                ANT       241.10     -39.36
Ark Resources Berhad              ARK        25.91     -28.35
CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        58.47     -69.79
Comsa Farms Bhd                   CFB        63.60      -5.00
Consolidated Farms Berhad       CFARM        36.32     -17.21
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Kig Glass Industrial Berhad       KIG        15.76     -24.61
Lankhorst Bhd                    LKHT        25.91     -28.35
Mentiga Corporation Berhad       MENT        22.13     -18.25
Metroplex Bhd                     MEX       323.51     -49.28
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        22.22     -19.11
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        11.04     -13.58
PSC Industries Bhd                PSC        62.80    -116.18
Polymate Holdings Bhd            PYMT        64.73      -7.28
Setegap Berhad                    STG        19.92     -26.88
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       111.72    -204.61

PHILIPPINES

APC Group Inc.                    APC        67.04    -163.14
Atlas Consolidated Mining and
   Development Corp.               AT        33.59     -57.17
Cyber Bay Corporation            CYBR        11.54     -58.06
East Asia Power Resources Corp.   PWR        92.55     -64.61
Fil-Estate Corporation             FC        33.30      -5.80
Filsyn Corporation                FYN        19.20      -8.83
Filsyn Corporation               FYNB        19.20      -8.83
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        17.34      -9.59
Gotesco Land, Inc.                GOB        17.34      -9.59
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI        98.36     -74.34
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI        10.64      -9.86
United Paragon Mining Corp.       UPM        21.19     -21.52
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Uniwide Holdings Inc.              UW        61.45     -30.31
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        54.36     -25.64
Digiland Intl.                   DIGI        31.32     -11.94
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.80     -27.74
Informatics Holdings Ltd         INFO        22.30      -9.14
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.70     -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC         0.72     -12.07
Pacific Century Regional          PAC      1381.26    -107.11
See Hup Seng Ltd.                 SHS        17.36      -0.09

SOUTH KOREA

BHK Inc                          3990        24.36     -17.38
C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Cenicone Co. Ltd.               56060        36.82      -1.46
Cheil Entech Co. Ltd.           53330        37.25      -0.31
Dewell Elecom Inc.              32590        10.93      -6.92
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
EG Semicon Co. Ltd.             38720       166.70     -12.34
Inno Metal Inc.                 70080        25.61       1.41
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
SungKwang Co., Ltd.             41140        19.06      -1.60
Tong Yang Major                  1520      2332.81     -86.95
TriGem Computer Inc             14900       629.32    -292.96  

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        20.37     -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F        20.37     -64.80
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        39.12     -12.05
Hantex PCl                        HTX         7.51      -7.88
Hantex PCl                      HTX/F         7.51      -7.88
Kuang Pei San Food Products
   Public Co.                  POMPUI        12.51      -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI        18.29     -43.37
Sri Thai Food -F                SRI/F        18.29     -43.37
Tanayong PCL                    TYONG       178.27    -734.30
Tanayong PCL -F               TYONG/F       178.27    -734.30
Thai-Denmark PCL                DMARK        21.37     -18.88
Thai-Denmark -F               DMARK/F        21.37     -18.88
Thai-Wah PCL                      TWC        91.56     -41.24
Thai-Wah PCL -F                 TWC/F        91.56     -41.24



                            *********

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 ***