TCRAP_Public/060911.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  

           Monday, September 11, 2006, Vol. 9, No. 180

                            Headlines

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

A-ONE BLINDS: Shareholders Opt for Voluntary Liquidation
AS GROUP: Receivers and Managers Cease to Act for Company
AUSTRALIAN DISCOUNT: Final Meeting Set on September 25
AWA MIRA: Court to Hear CIR's Liquidation Bid on September 18
AWB LIMITED: Iraq Scandal Costs May Increase to AU$280 Million

AWB LIMITED: Court Denies Public Release of Documents
BALLARAT COLONY: To Declare First and Final Dividend
D S FORESTERS: Court Appoints Joint Liquidators
DAMERE TRANSPORT: Supreme Court Issues Wind-Up Order
DVG ROOFING: Appoints Official Assignee as Liquidator

EPIC ENERGY: Members' Final Meeting Slated for September 25
FANTASTIC FRESH: Prepares to Pay Dividend to Creditors
FELTEX CARPETS: Receives Turners' Offer; Awaits Bank's Response
GLIDING ACCESSORIES: Final Meeting Scheduled on September 25
GOLD HERON: Official Assignee to Act as Liquidator

GREEN'S WHG: Liquidation Bid Hearing Fixed on September 18
HOPMAN BULBS: Faces Liquidation Proceedings
IONA PTY: Members Resolve to Wind Up Operations
JAIMCAM PTY: Final Meeting Slated for September 26
LAYERDALE PTY: Members Resolve to Wind-up Operations

M & J DIXON: Members Opt to Shut Down Firm
MILE HIGH: Receivers and Managers Step Aside
MULTIPLEX GROUP: Files AU$863-Million Claim Against English FA
NEWLAND PRODUCTS: Members Resolve to Wind Up Operations
NORNET PTY: Final Meeting Slated for September 25

PETER COLLIAS: Supreme Court Issues Wind-Up Order
PRECISION FINISHES: Members Opt to Shut Down Firm
PRIMELIFE CORPORATION: Posts AU$6.16 Mln Net Profit for FY2006
PROLEC ENTERPRISES: To Declare First and Final Dividend
RAMJET CONTRACTORS: Hearing of Liquidation Bid Set on Sept.18

RAY DEUTSHER: Members Pass Resolution to Wind Up Operations
REHILL AGRICULTURE: Members Agree to Shut Down Business
SAMEILEEN PTY: Undergoes Voluntary Liquidation
SOUTH PACIFIC: Court Issues Wind-Up Order
STEIN & STEIN: Members' Final Meeting Set on September 27

STEPRAC PTY: Members Pass Resolution to Wind Up Operations
TATAI CONTRACTING: Names Official Assignee as Liquidator
TECHNICAL AND HYGENICS: Court Sets Date to Hear Petition
TIMTRES PTY: Members Opt to Shut Down Firm
TJ BLATCHFORD: Undergoes Voluntary Liquidation

VICALU PTY: Commences Wind-Up of Operations
WEDMORA CHURCH: Creditors Appoint Official Liquidators
WORLD OF STARS: Members and Creditors Meeting Set for Sept. 25


C H I N A   &   H O N G  K O N G

ALCATEL SA: Inks Deal with China's Ministry of Public Security
ALCATEL SA: To Provide Optical Solution Service to Taiwan's APTG
ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter
ALERIS INT'L: Merging with Texas Pacific in US$3.3-Bln Deal
ALERIS INTERNATIONAL: Texas Pacific Deal Cues S&P's NegWatch

ALERIS INT'L: Completes Tender Offer on 10-3/8% & 9% Sr. Notes
ALERIS INTERNATIONAL: Board of Directors Okay Aurora Merger Pact
ASIA DIRECT: Court to Hear HKR's Wind-Up Bid on October 11
BERRY PLASTICS: Moody's Assigns Low B Ratings on Senior Notes
BERRY PASTICS: S&P Maintains B+ Corp. Credit Rating on NegWatch

BERRY PLASTICS: S&P Changes B+ Rating's Outlook to Negative
BERRY PLASTICS: Earns US$9.7 Mil in Second Quarter Ended July 1
BERRY PLASTICS: Gets Tenders and Consents on 10.75% Sr. Notes
BERTON LTD: Wind-Up Bid Hearing Set on Sept.20
DICKSON CONSTRUCTION: Hearing of Wind-Up Bid Fixed on Oct. 4

EVER LUCKY: Court to Hear Wind-Up Petition on October 18
FIAT SPA: European Commission Okays AFIN Leasing Takeover
FISHERMEN'S PLACE: Appoints Joint and Several Liquidators
GLOBAL CROSSING: Unit Offering US$96.1 Mil. to Acquire Fibernet
H.K FESTIVAL: Wind-Up Bid Hearing Slated for Oct.4

JING YING: Liquidator Ceases to Act for the Company
JUMBO WONDER: Court Sets Date to Hear Wind-Up Bid
RATONAL INDUSTRIAL: Creditors, Contributories Hold First Meeting
RUTH'S CHRIS STEAK: Current Deficit Up by 6%
TANKO DEVELOPMENT: Hearing of Wind-Up Bid Slated for Oct.18

TELETECH COMMUNICATION: Court to Hear Wind-up Bid on Sept.27
TRUE LIGHT: Court Sets Date to Hear Lin's Wind-Up Bid
VALENCE TECH: Posts US$5.7 Mil Net Loss in Quarter Ended June 30
VINSON ENGINEERING: Faces Wind-Up Proceedings
WIN HING: Creditors and Contributories Hold Meeting

WINNER DECORATION: Creditors and Contributories Hold Meeting
YU KAI: Liquidators Step Aside


I N D I A

BANK OF INDIA: S&P Assigns 'BB-' Rating to Upper Tier II Notes
METALDYNE CORP: Ford's Production Cuts Cue S&P's Negative Watch


I N D O N E S I A

ADARO INDONESIA: S&P Affirms B+ Corporate Credit Rating
AVNET INC: Moody's Assigns Ba1 Rating to US$250-Mln Notes
AVNET INC: Reports 27.8% Increase in Revenues for Fourth Quarter
BUKAKA TEKNIK: Gets Delisted From Jakarta Bourse
METSO CORP: Completes Purchase of Paper Machine Maker in China

METSO CORP: To Supply Equipment to Xstrata Plc's Mt. Isa Mine
METSO CORP: Aker Unit's Acquisition Reaches Second EU Review
METSO CORP: Inks Supply Pact with Russian Copper Mine
METSO CORP: Names Kalle Reponen SVP for Strategy and M&A
METSO CORP: JP Morgan Hikes Paid Up Share Capital to 5.03%

* Surubaya Stock Exchange Suspends Companies
* Surubaya Stock Exchange Delists Companies


J A P A N

BANCO BRADESCO: Moody's Reviews B1 Rating for Possible Upgrade
MITSUBISHI MOTORS: Former Execs Fined for Avoiding Mass Recall
K O R E A
EDS CORP: Earns US$104 Million in Second Quarter Ended June 30


M A L A Y S I A

REGIONAL PLANTATIONS: Faces Wind-Up Proceedings
SBC HOMES: Placed Under Members' Voluntary Wind-Up
SIAH BROTHERS: Parent Opts for Wind-Up
SUGAR BUN: Unveils Proposed New ESOS; Taps New Adviser
SUTRATI DEVELOPMENT: Enters Wind-Up Proceedings

TALAM CORPORATION: Auditors Raise Doubt on Going Concern Ability
TALAM CORPORATION: Falls Into Practice Note 17 Category
TALAM CORPORATION: Defaults on Bonds and Banking Facilities
TIARA DEVELOPMENT: Winds Up Dormant Operations
WINSOME VENTURES: Members Agree to Shut Down Business


P H I L I P P I N E S

ABS-CBN BROADCASTING: Board Appoints M. Navarrete as CFO
ATLAS CONSOLIDATED: Expects to Commence Carmen Project by 2007
DIVERSIFIED FINANCIAL: Stockholders Elect Board Members
MABUHAY HOLDINGS: Posts PHP540,899 Revenue for 2nd Quarter 2006
METRO PACIFIC: Board Clarifies Shareholding of Each Shareholder

MIRANT CORP: Philippine Unit Employees May Seek Government Help


S I N G A P O R E

AAR CORPORATION: Sales Grow 21% in Fourth Quarter
AAR CORP: Closes New US$140 Million Revolving Credit Facility
ADEXA SINGAPORE: Creditors' Proofs of Debts Due on October 2
AVANZI ENTERPRISE: Pays First and Final Dividend
GN PACKAGING: Creditors Must Prove Debts by September 27

KIN HOE HANG: Creditors' Meeting Slated for September 18
LKN-PRIMEFIELD: General Meeting Slated for September 29
PDC CORP: Unveils Changes to Board Composition
SEE HUP SENG: Inks Share Sale Agreement with Liu Yi Cheng


T H A I L A N D

ASIA HOTEL: Gains THB58.23-Million in First Half 2006
TMB BANK: Moody's Raises Financial Strength Rating to D-


V I E T N A M
* S&P Raises Vietnam's Foreign Currency Credit Rating to 'BB'

     - - - - - - - -

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

A-ONE BLINDS: Shareholders Opt for Voluntary Liquidation
--------------------------------------------------------
Shareholders of A-One Blinds Ltd resolved on August 24, 2006, to
voluntary liquidate the company and appoint Clive Ashley Johnson
as official Liquidator.

Accordingly, Mr. Johnson requires creditors to submit their
proofs of claim by September 29, 2006, for them to share in any
distribution the company will make.

The Liquidator can be reached at:

         C.A. Johnson
         P.O. Box 33-171, Auckland
         New Zealand
         Telephone: (09) 377 5536
         Facsimile: (09) 377 5537


AS GROUP: Receivers and Managers Cease to Act for Company
---------------------------------------------------------
Robert Hutson and John Park ceased to act as joint receiver and
manager for AS Group Developments Pty Ltd on August 11, 2006.

The Joint Receiver and Manager can be reached at:

         Robert Hutson
         John Park
         KordaMentha (Queensland)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4900
         Facsimile:(07) 3225 4999


AUSTRALIAN DISCOUNT: Final Meeting Set on September 25
------------------------------------------------------
Creditors and members of Australian Discount Stockbroking
Holding Pty Ltd will convene on September 25, 2006, at 11:00
a.m., to receive Liquidator Michael E. Wayland's accounts of the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         Michael E. Wayland
         Level 4
         23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


AWA MIRA: Court to Hear CIR's Liquidation Bid on September 18
-------------------------------------------------------------
A petition to liquidate Awa Mira Freightline Ltd will be heard
before the High Court of Whangarei on September 18, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 25, 2006.

The Solicitor for the Plaintiff can be reached at:

         M.B. Smith
         c/o P. J. Smith, Crown Solicitor
         Marsden Woods Inskip & Smith, Solicitors
         122 Bank Street (P.O. Box 146)
         Whangarei, New Zealand


AWB LIMITED: Iraq Scandal Costs May Increase to AU$280 Million
--------------------------------------------------------------
A new estimate predicts that AWB Limited's legal costs and fines
associated with the Iraq wheat scandal could surge to
AU$280 million, ABC News Online reports.

The report cites Sharemarket analyst Austock as saying that
possible legal action by North American farmers and Australian
shareholders, and potential fines from the Australian Tax Office
and the Australia Federal Police will affect costs.

However, lawyers representing North American farmers estimate
that their claim alone will cost AWB AU$1 billion, ABC News
relates.  ABC News notes that Atlanta lawyer Rodney Edmund says
growers want to make AWB accountable for its actions.

Mr. Edmund says that that they are working with lawyers in
Australia and Washington DC.

However, AWB believes that the action is ill-conceived and it
will not comment on speculation about future costs, ABC News
relates.

                        About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1- billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of
AU$4.54 billion, showing total equity of AU$1.16 billion.


AWB LIMITED: Court Denies Public Release of Documents
-----------------------------------------------------
According to Labor Opposition, government documents relating to
AWB Limited are less likely to be made public after a decision
by the High Court, the Australian Associated Press reports.

The report relates that Labor's public accountability spokesman,
Kelvin Thomson, said he had made nine requests for documents
from the Department of Foreign Affairs and Trade relating to the
AWB kickback scandal.

Labor had been denied information in some cases on the grounds
that to release it would be contrary to the public interest,
News.com.au says.

On September 8, 2006, the High Court ruled that Treasurer Peter
Costello had reasonable grounds to make a similar denial -- that
release of documents would not be in the public interest -- in
relation to Treasury documents, the AAP relates.

News.com.au notes that the decision is being interpreted as
strengthening the powers of ministers to deny access to
information on public interest grounds.

The AAP cites Mr. Thomson as saying that the High Court decision
was a blow to accountability "at a time where, as the AWB
scandal has shown, transparency couldn't be more important."

"In July, some of the small number of documents I managed to
access under the FOI Act showed that the Howard government
colluded with AWB to stop the United States Senate from
investigating the kickbacks scandal," Mr. Thomson asserts.

                        About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of
AU$4.54 billion, showing total equity of AU$1.16 billion.


BALLARAT COLONY: To Declare First and Final Dividend
----------------------------------------------------
Ballarat Colony Quest Resort Pty will declare its first and
final dividend for creditors on September 27, 2006, to the
exclusion of those who were not able to prove their claims by
September 27, 2006.

The Liquidator can be reached at:

         Richard Judson
         Members of Voluntarys Pty Ltd
         1/F, 10 Park Road
         Cheltenham 3192
         Australia


D S FORESTERS: Court Appoints Joint Liquidators
-----------------------------------------------
The High Court of Gisborne ordered on August 4, 2006, for the
appointment of Iain Bruce Shephard and Christine Margaret Dunphy
as joint and several liquidators for D S Forester Ltd.

The Joint Liquidators can be reached at:

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


DAMERE TRANSPORT: Supreme Court Issues Wind-Up Order
----------------------------------------------------
The Supreme Court of New South Wales released on August 24,
2006, an order for the wind-up of Damere Transport Pty Ltd's
operations.

The Court also directed the appointment of Steven Nicols as
liquidator.

The Liquidator can be reached at:

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


DVG ROOFING: Appoints Official Assignee as Liquidator
-----------------------------------------------------
The Official Assignee was on August 24, 2006, appointed as
liquidator of DVG Roofing Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard on August 24, 2006, a liquidation
petition against the company filed by Brownbuilt Metal Folding
Ltd.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: www.insolvency.govt.nz/


EPIC ENERGY: Members' Final Meeting Slated for September 25
-----------------------------------------------------------
Members of Epic Energy (WA) Investments Pty Ltd will convene for
their final meeting at the office of Taylor Woodings on
September 25, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

         Taylor Woodings
         Chartered Accountants
         Level 6, 30 The Esplanade
         Perth 6000
         Western Australia
         Australia


FANTASTIC FRESH: Prepares to Pay Dividend to Creditors
------------------------------------------------------
Fantastic Fresh Pty Ltd will pay its first and final dividend to
creditors on September 27, 2006.

In this regard, David James Hambleton will be receiving
creditors' proofs of claim until September 12, 2006.

The Joint Liquidator can be reached at:

         David James Hambleton
         R. E. Murphy & Co
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


FELTEX CARPETS: Receives Turners' Offer; Awaits Bank's Response
---------------------------------------------------------------
Feltex Carpets Limited confirms that it has received an offer
from the Turners for a recapitalization and refinancing of the
company.  The Feltex Board of Directors has evaluated the
proposal and submitted it to ANZ Bank for its consideration on
the basis that it is acceptable to the Directors and they would
be prepared to recommend it to shareholders in the absence of a
superior offer.  

Feltex is now waiting for ANZ Bank's response.

In summary, the offer consists of Feltex's issuance of
convertible notes to an amount of NZ$40 million to the Turners
and a named group of core investors.  The Core Investors would
also underwrite a renounceable rights issue of securities to
existing shareholders to an amount of NZ$11 million.  The
securities would be priced at 10 cents each.

After the rights issue, and assuming 100% take-up by existing
shareholders, the Turners and the Core Investors would each hold
30.3% of the Feltex equity.  The Turners would also be issued
with 115 million warrants over the un-issued securities.  The
Warrants have a four-year exercise period at an exercise price
of 15 cents per Warrant.  If all Warrants were exercised, the
Turners' interest would rise to 40.7%.

The offer also envisages that a refinancing package would be
arranged for Feltex from first tier lending institutions.  The
Turners are expecting credit-approved letters of offer to enable
the refinancing of Feltex's debt with the ANZ Bank.  The
Turners' offer is conditional on the terms of these letters of
offer being acceptable to them.

The transaction would require the approval of 50% of the votes
of shareholders present or by proxy at a special meeting of
shareholders, which is expected to be called by the end of
October 2006.

The Board will provide further details of the offer after it has
received a response from the ANZ Bank, Feltex notes.

                  Receivership Still Possible

However, a report from the New Zealand Press Association says
that it is unclear whether the new offer is enough to satisfy
ANZ.  The report recounts that Feltex owes NZ$135 million which
is expected to reach NZ$143 million at the end of the month.

At that level, the now-withdrawn offer by Godfrey Hirst would
have been able to offer shareholders nothing, NZPA says.

ShareChat News cites analyst Brian Gaynor telling National Radio
that receivership still remains a possibility for Feltex.

Mr. Gaynor notes "the key aspect of it is the comment at the
very beginning which says the board has evaluated a proposal and
submitted it to the ANZ for its consideration."

"So really it just indicates that the ANZ Bank is going to
decide whether this proposal is acceptable or not.  It's not in
the hands of directors and it's not in the hands of
shareholders," Mr. Gaynor adds.

Shareholders Association chairman Bruce Sheppard said it was not
clear whether the Turners' offer was a good deal for
shareholders, ShareChat News relates.

ShareChat also cites Mr. Sheppard telling National Radio that
the convertible notes were the core issue.

Mr. Sheppard said "if the convertible note converts into even
more equity at some later date on unfavorable terms to ordinary
shareholders then it would be a rather hollow deal."

"But if the convertible note is to be repaid by the Turners out
of the exercise of their warrants at 15c at some future point
then it's not such a bad deal," Mr. Sheppard further said.

                          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.


GLIDING ACCESSORIES: Final Meeting Scheduled on September 25
------------------------------------------------------------
Members and creditors of Gliding Accessories Australia Pty Ltd
will convene for their final meeting at the office of the
Liquidator Adrian Stewart Duncan on September 25, 2006, at 11:00
a.m.

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

The Liquidator can be reached at:

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


GOLD HERON: Official Assignee to Act as Liquidator
--------------------------------------------------
The Official Assignee was appointed as liquidator for Gold Heron
Variety Ltd on August 21, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed on June 15, 2006, a
petition to liquidate the company.  The petition was heard
before the Court of Whangarei on August 21, 2006.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz/


GREEN'S WHG: Liquidation Bid Hearing Fixed on September 18
----------------------------------------------------------
A petition to liquidate Green's WHG Construction Ltd will be
heard before the High Court of Whangarei on September 18, 2006,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 25, 2006.

The Solicitor for the Plaintiff can be reached at:

         M.B. Smith
         c/o P. J. Smith, Crown Solicitor
         Marsden Woods Inskip & Smith, Solicitors
         122 Bank Street (P.O. Box 146)
         Whangarei, New Zealand


HOPMAN BULBS: Faces Liquidation Proceedings
-------------------------------------------
A petition to liquidate Hopman Bulbs New Zealand 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 April 13, 2006.

The Solicitor for the Plaintiff 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


IONA PTY: Members Resolve to Wind Up Operations
-----------------------------------------------
Members of Iona Pty Ltd resolved on July 28, 2006, to
voluntarily wind up its operations and appoint P. J. Dowdle to
oversee its liquidation proceedings.

The Liquidator can be reached at:

         P.J. Dowdle
         Kilara Partners
         146 Sanger Street
         Corowa, New South Wales 2646
         Australia
         Telephone:(02) 6033 1133
         Facsimile:(02) 6033 3604


JAIMCAM PTY: Final Meeting Slated for September 26
--------------------------------------------------
Members and creditors of Jaimcam Pty Ltd will convene for their
final meeting on Sept 26, 2006, 11:00 a.m.

During the meeting, the Liquidator A. S. R. Hewitt will present
accounts of the company's wind-up proceedings.

The Liquidator can be reached at:

         A. S. R. Hewitt
         Grant Thornton, Rialto Towers
         Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria
         Australia


LAYERDALE PTY: Members Resolve to Wind-up Operations
----------------------------------------------------
Members of Layerdale Pty Ltd resolved on August 18, 2006, to
voluntarily wind up the company's operations.

In this regard, Liquidator Alison Nicole Schelberg requires the
company's creditors to submit their proofs of claim by
September 19, 2006.

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:

         Alison Nicole Schelberg
         WHK LRK-Walkers
         146 Mort Street
         Toowoomba, Queensland 4350
         Australia


M & J DIXON: Members Opt to Shut Down Firm
------------------------------------------
After a general meeting held on August 14, 2006, the members of
M & J Dixon Pty Ltd resolved to shut down the company's
operations and appoint Antony de Vries and Riad Tayeh as joint
and several Liquidators.

The Joint and Several Liquidators can be reached at:

         Antony de Vries
         Riad Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


MILE HIGH: Receivers and Managers Step Aside
--------------------------------------------
Robert William Hutson and Ginette Dawn Muller ceased to act as
receiver and manager of Mile High Pty Ltd on August 9, 2006.

Mr. Hutson and Ms. Muller can be reached at:

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


MULTIPLEX GROUP: Files AU$863-Million Claim Against English FA
--------------------------------------------------------------
Multiplex Group has confirmed that it is pursuing a claim
against the English Football Association to recover its losses
on the Wembley Stadium project, The Australian reveals, citing a
report from Bloomberg News.

The Australian cites Multiplex spokesman Peter Murphy as saying
that Multiplex has a legitimate claim with the client in respect
to extensions of time and also recovery of some costs.

The Australian recounts that a report in London's Daily
Telegraph dated September 6, 2006, said that Multiplex had
lodged a GBP350-million (AU$863 million) claim against the FA-
owned Wembley National Stadium Ltd.

Multiplex would not hand over the keys to the stadium until
courts had ruled on the claim, which could take three years, The
Australian notes the Daily Telegraph as saying.

According to The Australian, Mr. Murphy said that while
Multiplex was planning to "vigorously" pursue the claim, "we're
not doing anything silly by saying we're not going to do any of
our contractor's work, nor are we saying that we're not going to
hand over keys or anything like that."

                         About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

The Company's troubles continue with plunging share prices,
extortion attempts, and threats of class action from disgruntled
shareholders.  The Roberts family, as founder and controlling
shareholder of Multiplex, opted to offer AU$50 million indemnity
in a bid to appease dissatisfied shareholders.  In May 2005,
Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of
February 2006, the Company is faced with liquidity crisis after
posting a massive AU$474 million loss on Wembley and is
currently in talks to bring down possible delay fees, pegged at
AU$138,000 per day beyond the scheduled March 31, 2006,
completion date.

The Troubled Company Reporter - Asia Pacific reported on
August 18, 2006, that Multiplex Group financial results for the
year ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


NEWLAND PRODUCTS: Members Resolve to Wind Up Operations
-------------------------------------------------------
Members of Newland Products Pty Ltd resolved on August 11, 2006,
to voluntarily wind up the company's operations and appoint P.
Ngan to oversee the proceedings.

The Liquidator can be reached at:

         P. Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


NORNET PTY: Final Meeting Slated for September 25
-------------------------------------------------
Members and creditors of Nornet Pty Ltd will convene on
September 25, 2006, at 11:00 a.m., to receive Liquidator A. R.
Nicholls' accounts on the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         A. R. Nicholls
         Nicholls & Co
         Suite 6, 459 Peel Street
         Tamworth, New South Wales 2340
         Australia


PETER COLLIAS: Supreme Court Issues Wind-Up Order
-------------------------------------------------
On August 24, 2006, the Supreme Court of New South Wales ordered
the wind-up of Peter Collias Pty Ltd's operations.

The Court also directed the appointment of Steven Nicols as
liquidator.

The Liquidator can be reached at:

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


PRECISION FINISHES: Members Opt to Shut Down Firm
-------------------------------------------------
After an extraordinary general meeting held on August 17, 2006,
the members of Precision Finishes Pty Ltd resolved to shut down
the company's operations and appoint Andrew Stewart Reed Hewitt
as liquidator.

The Liquidator can be reached at:

         A. S. R. Hewitt
         Grant Thornton
         Rialto Towers
         Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


PRIMELIFE CORPORATION: Posts AU$6.16 Mln Net Profit for FY2006
--------------------------------------------------------------
Primelife Corporation Limited posted a net profit of
AU$6.16 million for the year ended June 30, 2006, a turnaround
from the AU$37.52-million loss recorded in the previous year,
the Australian Associated Press reports.

The report relates that Primelife plans to move towards
developing and selling units at a rate of 300 annually, this
year.

Achieving this development target would further enhance the
growth in its deferred management fee book, creating a long-term
annuity income stream.

The Australian cites Primelife Managing Director Jim Hazel as
saying that the 2005-2006 result heralded a turnaround for the
company as it put its issues with the Australian Securities and
Investments Commission regarding its investment syndicates
behind it.

"The result marks a turning point for Primelife and a return to
profitability," Mr. Hazel said.

"We continue to make improvements in each of our operating
divisions, while also making significant progress on the
resolution of legacy issues.

"We envisage Primelife will soon be rid of its residual legacy
issues and will strengthen its position as a leading player in
the growing retirement living and aged-care sectors."

The Australian recounts that last year, Primelife agreed to wind
up 23 managed investment schemes it admitted it had not
registered under the Corporations Act.

In its financial report, Primelife indicated that five remaining
schemes relating to its facilities and developments still to go
through winding up process.  These schemes will be finalized by
the end of this calendar year, the company notes.

The company also disclosed that since June 30, 2005, it has
resolved these Managed Investment Schemes:

   * Repurchased Montclaire AC;

   * Renegotiated management agreements in relation to Trevi
     Court AC, Glen Woodley RV, Vermont RV, and Bayside AC as
     part of sale to third party;

   * Repurchased Camberwell Green RV;

   * Repurchased the new Mount Evelyn RV development;

   * Agreed to repurchase Highwood Court AC, Avonlea AC,
     Lexington RV & AC, and Red Bluff development.

Meanwhile, Primelife continues to have discussions with
investment group Babcock & Brown about establishing a managed
fund in the retirement sector.

PrimeLiving Trust -- an unlisted acquisition trust jointly owned
and managed by Primelife, Babcock & Brown and MFS -- has
purchased the Annesley Bowral and the approved Gibraltar Park
retirement development assets in the NSW Southern Highlands for
an undisclosed sum.

According to Mr. Hazel, the company is "moving to a clear
strategy of ownership and management of retirement villages and
aged-care facilities, away from the management model of third
party syndicates that [it] grew up on."

The group did not declare a dividend, the AAP reveals.

A full-text copy of Primelife's full-year 2006 financial results
is available for free at:

    http://bankrupt.com/misc/Primelife_fulllyearJune2006.pdf

                        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.


PROLEC ENTERPRISES: To Declare First and Final Dividend
-------------------------------------------------------
Prolec Enterprises Pty Ltd will declare its first and final
dividend for creditors on September 29, 2006, to the exclusion
of those who are unable to prove their claims by September 22,
2006.

The joint liquidators can be reached at:

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


RAMJET CONTRACTORS: Hearing of Liquidation Bid Set on Sept.18
-------------------------------------------------------------
On July 25, 2006, the High Court of Whangarei received a
liquidation petition filed against Ramjet Contractors Ltd from
the Commissioner of Inland Revenue.

The petition will be heard on September 18, 2006, at 10:45 a.m.

The Solicitor for the Plaintiff can be reached at:

         M.B. Smith
         c/o P. J. Smith, Crown Solicitor
         Marsden Woods Inskip & Smith, Solicitors
         122 Bank Street (P.O. Box 146)
         Whangarei, New Zealand


RAY DEUTSHER: Members Pass Resolution to Wind Up Operations
-----------------------------------------------------------
On August 16, 2006, members of Ray Deutsher Pty Ltd passed a
special resolution to wind up the company's operations.

Subsequently, F.H. Bathurst was appointed as liquidator.

The Liquidator can be reached at:

         F. H. Bathurst
         Ballards Solicitors
         426 Burwood Highway
         Wantirna, South Victoria 3152
         Australia


REHILL AGRICULTURE: Members Agree to Shut Down Business
-------------------------------------------------------
The members of Rehill Agriculture Co. Ltd held a general meeting
on August 15, 2006, and resolved to shut down the company's
business.

Accordingly, Stephen Robert Dixon and Michael James Humphris
were appointed as Joint and Several Liquidators.

The Joint and Several Liquidators can be reached at:

         Stephen Robert Dixon
         Michael James Humphris
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


SAMEILEEN PTY: Undergoes Voluntary Liquidation
----------------------------------------------
At a general meeting held on August 2, 2006, the members of
Sameileen Pty Ltd resolved to voluntarily wind up the company's
operations and appoint P. Ngan as liquidator.

The Liquidator can be reached at:

         P. Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


SOUTH PACIFIC: Court Issues Wind-Up Order
-----------------------------------------
On August 17, 2006, the Federal Court of Australia ordered the
wind-up of South Pacific Dried Seafood Pty Ltd's operations.

The Court also directed the appointment of Justin Denis Walsh as
liquidator.

The Liquidator can be reached at:

         Justin Denis Walsh
         Ernst & Young
         Chartered Accountants
         Level 5, Waterfront Place
         1 Eagle Street
         Brisbane Queensland 4000
         Australia        
         Telephone:(07) 3011 3158


STEIN & STEIN: Members' Final Meeting Set on September 27
---------------------------------------------------------
The final meeting of the members of Stein & Stein Pty Ltd will
be held on September 27, 2006, during which P. Ngan will present
a report regarding the company's wind-up proceedings and
property disposal activities.

The Liquidator can be reached at:

         P. Ngan
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


STEPRAC PTY: Members Pass Resolution to Wind Up Operations
----------------------------------------------------------
On August 14, 2006, members of Steprac Pty Ltd passed a special
resolution to wind up the company's operations.

Accordingly, Peter Anthony Lucas was appointed as liquidator.

The Liquidator can be reached at:

         Peter Anthony Lucas
         P. A. Lucas & Co.
         Chartered Accountants
         Level 8, ING Building
         100 Edward Street
         Brisbane, Queensland 4000
         Australia


TATAI CONTRACTING: Names Official Assignee as Liquidator
--------------------------------------------------------
On August 24, 2006, the Official Assignee for Tatai Contracting
Ltd was appointed as the company's Liquidator.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard on August 24, 2006, a liquidation
petition against the company filed by Commercial Factors Ltd.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: www.insolvency.govt.nz


TECHNICAL AND HYGENICS: Court Sets Date to Hear Petition
--------------------------------------------------------
The High Court of Rotorua will hear a liquidation petition filed
against Technical and Hygenics Services Ltd on September 11,
2006, at 10:45 a.m.

Dema International Inc., and Me 3 Pty Ltd filed the petition
with the Court on July 19, 2006.

The Solicitor for the Petitioner can be reached at:

         Tony Beach
         Corban Revell, First Floor
         20 Alderman Drive
         Waitakere City, Auckland
         New Zealand


TIMTRES PTY: Members Opt to Shut Down Firm
------------------------------------------
After a general meeting held on August 16, 2006, the members of
Timtres Pty Ltd resolved to shut down the company's operations
and appoint R.M. Sutherland as liquidator.

Creditors of the company are required to prove their claims by
September 19, 2006, to be included in the company's distribution
of dividend.

The Liquidator can be reached at:

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


TJ BLATCHFORD: Undergoes Voluntary Liquidation
----------------------------------------------
At a general meeting held on August 17, 2006, the members of TJ
Blatchford resolved to voluntarily wind up the company's
operations and appoint Ronald James Hare as liquidator.

The Liquidator can be reached at:

         Ronald James Hare
         Level 2, 55 York Street
         Sydney, New South Wales
         Australia


VICALU PTY: Commences Wind-Up of Operations
-------------------------------------------
Members of Vicalu Pty Ltd held a meeting on August 15, 2006, and
resolved to voluntarily liquidate the company's business.

Creditors who were not able to prove debts by September 5, 2006,
will be excluded in the company's distribution of dividend.

The 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


WEDMORA CHURCH: Creditors Appoint Official Liquidators
------------------------------------------------------
On August 16, 2006, the creditors of Wedmora Church St
Parramatta Pty Ltd convened and decided to liquidate the
company's business.

In this regard, Steven John Sherman and Brian Raymond Silvia
were appointed as liquidators.

The Liquidators can be reached at:

         Steven John Sherman
         Brian Raymond Silvia
         Ferrier Hodgson
         Level 13, Grosvenor Place
         225 George Street
         Sydney New South Wales 2000
         Australia


WORLD OF STARS: Members and Creditors Meeting Set for Sept. 25
--------------------------------------------------------------
The members and creditors of World Of Stars Pty Ltd will hold a
final meeting on September 25, 2006, at 10:00 a.m., to receive
the report of Liquidator Gideon Rathner on the company's wind-up
and property disposal exercises.

The Liquidator can be reached at:

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


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

ALCATEL SA: Inks Deal with China's Ministry of Public Security
--------------------------------------------------------------
Alcatel S.A. has been awarded a contract by China's Ministry of
Public Security to deploy a next generation network.

It is the second nation-wide NGN network deployed by a
government organization in China, following the one deployed by
Alcatel for the China State Council Information Office in 2005.

Under the terms of the contract, Alcatel will provide an
integrated IP communication solution to meet the large capacity
needs of the Ministry and provide efficient and secure
communications across 32 provinces and cities.  In addition to
rich telephony features, the network also supports a wide
variety of advanced IP-based multimedia services, such as
presence-enhanced phone book, which enables a user to see a
contact's current availability, push-to-show, which enables a
user to see a contact's agenda or video conference, push-to-talk
and instant messaging.

Upon the completion of the project by the end of September 2006,
the staff of the Ministry of Public Security of China will be
able to enjoy interactive and multimedia services including
video telephony, video conferencing, Find-Me Follow-Me; which
enables a user to receive calls anytime, anywhere through any
device, voice virtual private network (VPN) and soft phone
applications.

The new network, including the IMS-compliant Alcatel 5020
Softswitch and Alcatel OmniPCX Enterprise, will significantly
enhance the organization's operating efficiency with assured
quality and performance, while maintaining a seamless connection
with the existing voice networks in the second-layer cities.

Ma Xiaodong, Chief Engineer, Information & Communication
Department Ministry of Public Security of China said, "We are
partnering with Alcatel to help us define the optimal way
forward for our traditional voice networks. Not only will the
quality and efficiency of our work be enhanced with reliable and
advanced communications, but Alcatel's industry leading
solutions will also support the development of our networks now
and in the future."

"Reliability and confidentiality are of utmost importance for a
governmental organizations. Leveraging Alcatel's leadership in
both traditional and next-generation voice and data, we are
confident to provide a comprehensive and tailor-made NGN
solution that effectively meet these requirements," said Michel
Rahier, President of Alcatel's fixed communications activities.

                        About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications   
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EUR13.1
billion and 58,000 employees in 2005, Alcatel operates in more
than 130 countries, including Australia, Japan, Korea,
Indonesia, Taiwan, the Philippines, Thailand, Singapore, and
Vietnam.

                         *     *     *

As reported in TCR-Europe on March 28, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
France-based telecommunications equipment maker Alcatel on
CreditWatch with negative implications.


ALCATEL SA: To Provide Optical Solution Service to Taiwan's APTG
----------------------------------------------------------------
Alcatel SA has signed a contract with Asia Pacific Telecom Group
(APTG) -- a leading incumbent operator offering fixed and 3G
mobile services, and cable TV services -- to upgrade and expand
its existing network in Taiwan with Alcatel's optical transport
solution.

The project will allow APTG to support new Ethernet-based
applications for addressing the increased traffic requirements
of research institutions, as well as to enhance mobile traffic
backhaul capabilities.

Alcatel will deploy its optical multi-service and dense
wavelength division multiplexing (DWDM) technologies, enabling
APTG to significantly increase its network capacity, flexibility
and performance.  The Alcatel solution will be based on its 1626
Light Manager (LM) multi-reach DWDM system that maximizes the
capacity of core optical networks, while lowering the overall
transmission cost per bit.

Additionally, Alcatel will supply its data-aware Optical Multi-
Service Node (OMSN) providing APTG with a single platform
optimized to aggregate multiple traffic types and backhaul the
mobile traffic, carried over the APTG CDMA network, from base
stations to the core.  Under the terms of the contract, Alcatel
will also upgrade its Alcatel 1350 management suite -- which
allows the management of packet, TDM and wavelength connectivity
services - further enabling operational cost-savings.

"Fixed-mobile convergence is taking place in Taiwan, throughout
the Asia-Pacific region, and APTG is further enhancing its
network and expanding its service offering," stated Vincent
Chih, Chief Technology Officer of APTG. "Alcatel's leadership in
optical networking will help us leverage advanced features and
give our customers access to the most advanced services and
technologies available."

"As end-users increasingly request fixed and mobile voice, data
and video services, operators need enhanced network capabilities
to support their delivery, while continuing to guarantee the
highest quality," said Romano Valussi, President of Alcatel's
optical networking activities.  "Alcatel's optical technology
will help APTG benefit from higher flexibility and reliability
to cope with its growing end-user service demands."

This achievement strengthens Alcatel's position in Asia-Pacific
and further reinforces its successful cooperation with APTG,
which dates back to May 2000, when Alcatel was selected as
vendor of choice for the deployment of APTG's transmission
network.

                About Asia Pacific Telecom Group

APTG consists of Asia Pacific Broadband Telecom Co. Ltd., Asia
Pacific Online (APOL), and Asia Pacific Broadband Wireless
(APBW). APTG has composed a value chain of broadband networks in
the industries of wireline, wireless and Internet services. APTG
operates its broadband telecom businesses by following the
principles of convergence, innovation, and speed to achieve the
success in the telecom market.

                        About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications   
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of EUR13.1
billion and 58,000 employees in 2005, Alcatel operates in more
than 130 countries, including Australia, Japan, Korea,
Indonesia, Taiwan, the Philippines, Thailand, Singapore, and
Vietnam.

                         *     *     *

As reported in TCR-Europe on March 28, Standard & Poor's Ratings
Services placed its 'BB' long-term corporate credit rating on
France-based telecommunications equipment maker Alcatel on
CreditWatch with negative implications.


ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter
-------------------------------------------------------------
Aleris International Inc. reported record results for the second
quarter of 2006 and the six months ended June 30, 2006.

Operating income increased to a quarterly record of US$102.6
million for the second quarter of 2006 from last year's US$30.8
million, an increase of US$71.8 million, or 233%.

Second quarter net income was a record US$55.4 million, at an
estimated tax rate of 36.9%, compared with reported net income
of US$18.9 million in the second quarter of 2005, based on an
estimated tax rate of 9.8%.

Aleris reported second quarter 2006 revenues of US$1.01 billion.  
For the second quarter of 2005, Aleris reported revenues of
US$603.6 million.

Merger-related synergies from the Commonwealth acquisition and
company wide productivity initiatives aggregated US$15 million
for the quarter while synergies related to the 2005 acquisitions
totaled approximately US$11 million, exceeding the company's
expectations.

The company is raising its estimate of merger-related synergies
from the Commonwealth acquisition and company wide productivity
initiatives to be realized within 18 to 24 months of the merger
to US$65 million from US$50 million.

On Aug. 1, 2006 Aleris closed the acquisition of the downstream
aluminum business of Corus Group plc for a purchase price of
approximately US$887 million.  Simultaneously, the company
entered into new credit agreements, the proceeds from which were
used to fund the acquisition and refinance substantially all of
the company's existing indebtedness.  The company expects to
incur charges in the third quarter of approximately US$53.5
million related to the refinancing.

Steven J. Demetriou, Chairman and Chief Executive Officer of
Aleris, said, "We are extremely pleased with the record results
we achieved for the second quarter of 2006 with operating income
increasing more than 200% from the prior-year period.  The
results not only exceeded our expectations but also reaffirmed
the strength of our businesses.  Our rolled products business
benefited from acquisitions, strengthened margins from improved
scrap spreads, the favorable FIFO impact of the rising London
Metal Exchange on a year- over-year basis and continued
productivity improvements.  Aluminum recycling increased the
momentum begun over the last several quarters, while zinc
continued to generate record earnings.  We are particularly
pleased with the impact of the acquisitions we made in 2005
which are contributing substantially to our increased
profitability."

                              Outlook

Mr. Demetriou said, "We are particularly pleased to have
completed the Corus acquisition, which should strengthen our
product portfolio, expand our global capabilities and contribute
significantly to our future profitability.  We welcome all 4,600
former Corus employees onto the Aleris team and look forward to
building a world-class global aluminum company.  In addition, we
remain focused on achieving maximum benefit from the original
Commonwealth merger and are again raising our estimated synergy
target to US$65 million from US$50 million to be achieved within
18 to 24 months of the original merger."

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?103C

                   About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
Company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review possible downgrade include the B1
Corporate Family Rating and the Ba3 Senior Secured Bank Credit
Facility rating.


ALERIS INT'L: Merging with Texas Pacific in US$3.3-Bln Deal
-----------------------------------------------------------
Troubled Company Reporter , Aug 10, 2006 ( Source: TCREUR)

Aleris International Inc. entered into a definitive merger
agreement under which Texas Pacific Group, wherein Texas Pacific
will acquire all of the outstanding stock of Aleris
International for approximately US$1.7 billion plus the
assumption of or repayment of approximately US$1.6 billion of
debt.

Under the terms of the agreement, Aleris stockholders will
receive US$52.50 in cash for each share of Aleris common stock
they hold, representing a premium of 27% to Aleris's closing
share price on Aug. 7, 2006.

The board of directors of Aleris has unanimously approved the
merger agreement and has resolved to recommend that Aleris's
stockholders adopt the agreement.

Steven J. Demetriou, Aleris's Chairman and Chief Executive
Officer, said, "After careful analysis, our board of directors
has unanimously endorsed this transaction as being in the best
interests of our stockholders."

Pending the receipt of stockholder approval and expiration of
the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as well as satisfaction of other
customary closing conditions, including regulatory approvals,
the transaction is expected to be completed early in 2007.  The
transaction will be financed through a combination of equity
contributed by TPG and debt financing that has been committed by
Deutsche Bank.

The Company's global headquarters will remain in Beachwood,
Ohio.

Citigroup Global Markets Inc. is acting as financial advisor to
Aleris, while Fried, Frank, Harris, Shriver & Jacobson LLP is
acting as legal advisor to the Company.

Deutsche Bank is acting as financial advisor to TPG and Cleary
Gottlieb Steen & Hamilton LLP is acting as their legal advisor.

                    About Texas Pacific Group

Texas Pacific Group -- http://www.texaspacificgroup.com/-- is a  
private investment partnership that was founded in 1992 and
currently has more than US$30 billion of assets under
management.  With offices in San Francisco, London, and Fort
Worth, TPG has extensive experience with public and private
investments executed through leveraged buyouts,
recapitalizations, spinouts, joint ventures and restructurings.  
TPG seeks to invest in world-class franchises across a range of
industries, including branded consumer franchises (Bally, Del
Monte Foods, Ducati), retail (Debenhams, J. Crew, Neiman Marcus,
Petco), airlines (America West, Continental), media and
communications (Findexa, MGM TIM Hellas), industrials (Altivity
Packaging, British Vita, Grohe, Kraton Polymers, Texas Genco),
technology (Lenovo, MEMC, Seagate), financial services
(Endurance Specialty Holdings, Fidelity National Information
Services, Linsco/Private Ledger) and healthcare (IASIS
Healthcare, Oxford Health Plans, Quintiles Transnational), among
others.

                   About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
Company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review possible downgrade include the B1
Corporate Family Rating and the Ba3 Senior Secured Bank Credit
Facility rating.


ALERIS INTERNATIONAL: Texas Pacific Deal Cues S&P's NegWatch
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Beachwood, Ohio-based Aleris
International Inc. on CreditWatch with negative implications.

The rating action follows the announcement that Texas Pacific
Group has come to an agreement to acquire the outstanding stock
of Aleris for approximately US$1.7 billion plus assume or repay
approximately US$1.6 billion of debt.  The CreditWatch placement
reflects our concerns of additional debt in the capital
structure.  Details of Texas Pacific's financing for this
acquisition were not disclosed.

Aleris produces aluminum alloys, aluminum sheet, zinc oxide, and
zinc dust.  The company also recycles aluminum and zinc. On
Aug. 1, 2006, Aleris completed the purchase of the downstream
aluminum business of Corus Group PLC (BB/Stable/B) for
approximately US$887 million.  Texas Pacific is a private
investment firm with more than $30 billion of assets under
management.

"We could lower the ratings if financial leverage materially
increases.  The ratings could be affirmed if financial leverage
remains unchanged after the acquisition and we continue to
expect financial leverage to decline to less than 4x," said
Standard & Poor's credit analyst Marie Shmaruk.

Resolution of the CreditWatch will entail a review of Texas
Pacific's financial policies and Aleris' final capital
structure.  The transaction is expected to close early in 2007
pending the receipt of stockholder approval, the expiration of
the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, and the satisfaction of other
customary closing conditions.

                       About Corus Group

Corus Group PLC -- http://www.corusgroup.com/-- produces metal  
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide,
including Indonesia and the Philippines.  Corus was created
through the merger of British Steel plc and Koninklijke
Hoogovens N.V.The group suffered six years ago from the crisis
in British manufacturing, which prompted it to shake up
management, close plants, cut jobs, and sell assets to lower
debt.  Its debt was thought to stand at GBP1.6 billion in
2002.After posting a net loss of GBP458 million in 2003, it
embarked on a restructuring program, signed a new EUR1.2 billion
banking facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                        *     *     *

Standard & Poor's removed Corus Group PLC's CreditWatch and
raised its long-term corporate credit rating to 'BB' from 'BB-',
reflecting the group's improved financial risk profile.  S&P
said the Outlook is stable.Fitch Ratings changed Corus Group
PLC's Outlook to Positive from Stable and affirmed the Issuer
Default Rating at BB- following the company's announcement of
its 2005 results and plan to dispose its aluminium business for
EUR826 million.  Corus' affirmed debt instruments include:   a)
Corus Group PLC EUR800 mln 7.5% senior notes B+;   b) Corus
Group PLC EUR307 mln 3.0% convertible bonds B+;   c) Corus
Finance PLC GBP200 mln 6.75% guaranteed bonds B+;      and   d)
Corus Finance PLC EUR20 mln 5.375% guaranteed bonds B+.As
reported in the TCR-Europe on May 11, Moody's Investors Service
upgraded Corus Group plc's corporate family rating to Ba2,
upgraded its senior unsecured and supported unsecured
obligations to B1 and raised senior secured bank facility to
Ba1.

                   About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
Company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review possible downgrade include the B1
Corporate Family Rating and the Ba3 Senior Secured Bank Credit
Facility rating.


ALERIS INT'L: Completes Tender Offer on 10-3/8% & 9% Sr. Notes
--------------------------------------------------------------
Aleris International Inc. completed its tender offer to purchase
for cash any and all of its outstanding 10-3/8% Senior Secured
Notes Due 2010 (CUSIP No. 449681AC9) and 9% Senior Notes Due
2014 (CUSIP No. 014477AA1).  

The tender offer expired at 5:00 p.m., New York City time, on
July 31, 2006.  Through the expiration of the tender offer,
US$200,830,000 principal amount, or 96.17%, of the outstanding
principal amount of the 10-3/8% Notes and US$124,910,000
principal amount, or 99.93%, of the outstanding principal amount
of the 9% Notes, and the consents related thereto, have been
validly tendered.  Aleris accepted for purchase all of the Notes
validly tendered prior to the expiration of the tender offer and
the related consents.

On July 14, 2006, the requisite consents were received to
eliminate or make less restrictive substantially all of the
restrictive covenants and events of default and certain related
provisions contained in the indentures governing the Notes.  As
a result of obtaining the requisite consents, Aleris executed
and delivered supplemental indentures setting forth the
amendments to the indentures governing the Notes.  The
supplemental indentures provide that the amendments to the
indentures have become operative as a result of Aleris having
accepted for purchase pursuant to the tender offer the validly
tendered Notes.

Each holder who tendered the 10-3/8% Notes and related consents
on or before the consent date will receive US$1,100.78 per
US$1,000 principal amount of the 10-3/8% Notes, which includes a
US$20 consent payment, and each holder who tendered the 10-3/8%
Notes and related consents after the consent date but on or
before the expiration date will receive US$1,080.78 per US$1,000
principal amount of the 10-3/8% Notes.

Each holder who tendered the 9% Notes and related consents on or
before the consent date will receive US$1,134.96 per US$1,000
principal amount of the 9% Notes, which includes a US$20 consent
payment, and each holder who tendered the 9% Notes and related
consents after the consent date but on or before the expiration
date will receive US$1,114.96 per US$1,000 principal amount of
the 9% Notes.  Holders of the Notes tendered and accepted for
payment pursuant to the Offer also will be paid accrued and
unpaid interest on their Notes to, but not including, the
applicable payment date.

In addition, Aleris is depositing funds with JPMorgan Chase
Bank, N.A., as trustee under the indenture for the 10-3/8% Notes
to effect a covenant defeasance, which terminated its
obligations with respect to substantially all of the remaining
restrictive covenants on the 10-3/8% Notes, and is depositing
funds with LaSalle Bank National Association, as trustee under
the indenture for the 9% Notes to effect a legal defeasance,
which resulted in Aleris being discharged from its obligations
under the 9% Notes and the indenture governing the 9% Notes.

Deutsche Bank Securities Inc. acted as dealer manager for the
tender offer and as the solicitation agent for the consent
solicitation and Mackenzie Partners, Inc. was the depositary and
information agent.

                   About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
Company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review possible downgrade include the B1
Corporate Family Rating and the Ba3 Senior Secured Bank Credit
Facility rating.


ALERIS INTERNATIONAL: Board of Directors Okay Aurora Merger Pact
----------------------------------------------------------------
Aleris International Inc.'s Board of Directors unanimously
approved the Agreement and Plan of Merger with Aurora
Acquisition Merger Sub, Inc.

On Aug. 7, the Company entered into an Agreement and Plan of
Merger pursuant to which Aurora Acquisition Holdings, Inc.'s
wholly owned subsidiary, Aurora Merger, will merge with and into
Aleris.  Aleris will continue as the surviving corporation and
becoming a wholly owned subsidiary of Aurora Holdings.  Aurora
Holdings is owned by affiliates of Texas Pacific Group.

Pursuant to the Merger Agreement:

    * each outstanding share of common stock of Aleris other
      than shares owned by Aurora Holdings, Aurora Merger Sub or
      any subsidiary of Aurora Holdings or Aleris,

    * shares held in the treasury of Aleris, and

    * shares held by any stockholders who are entitled to and
      who properly exercise appraisal rights under Delaware law,
      will be cancelled and converted into the right to receive
      US$52.50 in cash, without interest.

The Merger Agreement also provides for a post-signing "go-shop"
period which permits Aleris to solicit competing acquisition
proposals until 12:01 a.m. on Sept. 7, 2006, from any person who
directly or indirectly through a controlled entity manufactures
or fabricates metals and is not a discretionary private equity
fund or other discretionary investment vehicle.

A full-text copy of the Agreement and Merger Plan dated Aug. 7
is available for free at http://ResearchArchives.com/t/s?f6b  

                   About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
Company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review possible downgrade include the B1
Corporate Family Rating and the Ba3 Senior Secured Bank Credit
Facility rating.


ASIA DIRECT: Court to Hear HKR's Wind-Up Bid on October 11
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Asia Direct Products Company Ltd on October 11, 2006, at
9:30 a.m.

HKR Properties Ltd filed petition with the court on August 4,
2006.

The Solicitors for the Petitioner can be reached at:

         Kao, Lee & Yip
         17/F., Gloucester Tower
         The Landmark, Central
         Hong Kong


BERRY PLASTICS: Moody's Assigns Low B Ratings on Senior Notes
-------------------------------------------------------------
Moody's assigned ratings to Berry Plastics Holding Corp., the
entity that is to be the new parent of Berry Plastics
Corporation or BPC, and took the following rating actions that
concluded the review for possible downgrade of BPC initiated on
June 29, 2006.

Moody's assigned the following ratings to Berry:

   -- US$200 million senior secured first lien revolver due
       2012: Ba2;

   -- US$675 million senior secured first lien term loan B
      due 2013: Ba2;

   -- US$750 million senior secured second lien notes due
      2014, B2;

   -- Speculative Grade Liquidity Rating: SGL-2; and

   -- Corporate Family Rating, B1

Moody's confirmed these ratings of existing BPC notes:

   -- US$335 million 10.75% senior subordinated notes,
      due July 15, 2012: B3

The ratings outlook is stable.

Moody's withdrew these ratings for BPC:

   -- US$150 million senior secured revolver maturing
      March 31, 2010: B1;

   -- US$789 million (original US$795 million) senior secured
      term loan due Dec 2, 2011: B1; and

   -- Corporate Family Rating: B1.

Upon tender of the existing US$335 million 10.75% senior
subordinated notes, due July 15, 2012, the rating will be
withdrawn.

All ratings are subject to review of final documentation.

Private equity funds affiliated with Goldman, Sachs & Co. and
J.P. Morgan Chase & Co. are selling BPC to private equity firms
Apollo Management, L.P. and Graham Partners.  The aggregate
purchase price of US$2.3 billion (including US$1.1 billion of
repurchases and repayment of existing debt) is being funded with
a cash common equity contribution of approximately US$486
million and new borrowings of about US$1.9 billion, including
US$425 million of subordinated notes that are not rated at this
time.  BPC's existing credit facilities and subordinated notes
are being repaid as part of the transaction.  Moody's expects
that the fundamental operations and management of the company
will remain unchanged.

Although the transaction results in a material increase in
financial leverage, Moody's assigned a B1 corporate family
rating to Berry, the same rating as at BPC before the proposed
change in ownership.  EBIT coverage of pro forma interest
expense, while tight in the near term, should remain at
acceptable levels throughout the intermediate term.
Historically, the company has temporarily stretched its credit
profile to the limit of the ratings category and successfully
managed back to acceptable metrics.

Moody's estimates that pro forma for the transaction, Berry's
total debt to EBITDA, adjusted for operating leases and
pensions, would be over 6.5 times, while free cash flow to debt
would be in the low single digits and EBIT interest coverage
would be just above 1.0 times. Moody's expects Berry to maintain
EBIT margins in the low double digits and EBIT to gross
property, plant, and equipment in the high teens to low
twenties.

Strengths in Berry's competitive profile include annual revenue
of US$1.4 billion and a 15-year track record of sequential
growth in operating cash flow.  Moody's views Berry's
substantial market shares in drink cups, plastic tubes, and
prescription vials, which together account for about 30% of
total revenue, and leading market positions for dairy and pry-
off containers as supplying an element of structural stability
in Berry's revenue base.

The stable ratings outlook anticipates that Berry will
meaningfully reduce financial leverage in the intermediate term
and maintain strong operating and competitive profiles that
offset the significant financial leverage and low interest
coverage that are weak for the current corporate family rating.  
The stability of the outlook is highly sensitive to any
acquisitions, even if they were to be moderately sized.

Any sustained increase in adjusted total debt to EBITDA, or
annual free cash flow becoming negative, or interest coverage
falling below 1.0 times is likely to result in a lowering of the
outlook or ratings. Similarly, evidence of deterioration in
Berry's operating margin or competitive position could put
downward pressure on the outlook or ratings.  Should adjusted
total debt to EBITDA move toward the 5.0 times area and free
cash flow to debt move up on a sustained basis to the mid to
high single digit range, there could be positive movement in the
ratings outlook.

The first time assignment of an SGL-2 Speculative Grade
Liquidity rating reflects Moody's expectations of good liquidity
throughout the next twelve months as cash from operations should
fund working capital requirements and capital expenditures.  
Mandatory debt maturities during the period should be minimal
and access to the committed revolver should remain satisfactory.

Berry Plastics Holdings Corp., headquartered in Evansville,
Indiana, is a leading supplier of plastic packaging products,
serving over 12,000 customers in the food and beverage,
healthcare, household chemicals, personal care, home
improvement, and other industries.  Net sales for the twelve
months ended July 1, 2006 were approximately US$1.4 billion.

                       About Berry Plastics

Based in Evansville, Indiana, Berry Plastics
-- http://www.berryplastics.com/-- is a leading manufacturer  
and marketer of rigid plastic packaging products.  Berry
Plastics provides a wide range of rigid open top and rigid
closed top packaging as well as comprehensive packaging
solutions to over 12,000 customers, ranging from large
multinational corporations to small local businesses.  The
company has more than 6,800 employees and 25 manufacturing
facilities in the United States, Mexico, Canada,
Europe and China.


BERRY PASTICS: S&P Maintains B+ Corp. Credit Rating on NegWatch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B+' corporate
credit rating and other ratings on Berry Plastics Corp. remain
on CreditWatch with negative implications, where they were
placed April 4, 2006.

"We will resolve the CreditWatch listing and will likely lower
the corporate credit rating on Berry to 'B' from 'B+' upon
successful completion of the acquisition of the company by
private equity firms, Apollo Management L.P. and Graham
Partners," said Standard & Poor's credit analyst Liley Mehta.  
"The downgrade will reflect the substantial increase in debt
following completion of the transaction."

The outlook will be stable.  After completion of the
transaction, the company will be very aggressively leveraged
with pro forma total debt (adjusted for capitalized operating
leases) to EBITDA at above 7x for the 12 months ended July 1,
2006.

At the same time, Standard & Poor's assigned its 'B+' rating and
its recovery rating of '1' to Berry Plastics Holding Corp.'s
proposed US$875 million senior secured credit facilities, based
on preliminary terms and conditions.   The ratings on the credit
facilities will be one notch above the corporate credit rating
(we expect to lower Berry's corporate credit rating upon closing
of the transaction); this and the '1' recovery rating indicate
the high expectation of full recovery of principal in the event
of a payment default.

Standard & Poor's also assigned its 'CCC+' rating and a '4'
recovery rating to Berry's proposed US$750 million second-
priority senior secured notes due 2014, which are to be issued
under Rule 144A with registration rights.  The '4' recovery
rating indicates an expectation of marginal (25% to 50%)
recovery of principal in the event of a payment default.  The
notes will be guaranteed by substantially all of its domestic
subsidiaries.

Standard & Poor's assigned a 'B+' corporate credit rating to
Berry Plastics Holding Corp., the parent of Berry Plastics
Corp., and placed the rating on CreditWatch with negative
implications.  Berry Plastics Holding Corp. will be the issuer
of the credit facilities, and the proposed second-priority
notes.

Proceeds from the financing will be used to finance the
acquisition and to repay Berry's existing debt.  Pro forma for
the transaction, Evansville, Ind.-based Berry had total debt
outstanding of about US$1.9 billion at July 1, 2006.

The ratings on Berry reflect its highly leveraged financial
profile that is partially offset by the company's fair business
profile with large market shares in its niche segments, a well-
diversified customer base, and strong customer relationships.  
With annual sales of about US$1.4 billion, privately held Berry
is a leading manufacturer and supplier of plastic injection-
molded and thermoformed open-top containers, aerosol overcaps,
drinking cups, housewares, closures for the health care and food
and beverage segments, pharmaceutical bottles, and prescription
vials.

                          About Berry Plastics

Based in Evansville, Indiana, Berry Plastics
-- http://www.berryplastics.com/-- is a leading manufacturer  
and marketer of rigid plastic packaging products.  Berry
Plastics provides a wide range of rigid open top and rigid
closed top packaging as well as comprehensive packaging
solutions to over 12,000 customers, ranging from large
multinational corporations to small local businesses.  The
company has more than 6,800 employees and 25 manufacturing
facilities in the United States, Mexico, Canada,
Europe and China.


BERRY PLASTICS: S&P Changes B+ Rating's Outlook to Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'B+' corporate credit rating on Berry
Plastics Corp. to negative from developing.  The ratings were
initially placed on CreditWatch with developing implications on
April 4, 2006.

The CreditWatch revision follows the company's announcement that
it has commenced a cash tender offer for all of its outstanding
US$335 million of 10.75% senior subordinated notes due 2012.  
The tender offer and consent solicitation are subject to the
satisfaction of certain conditions, including:

   -- The receipt of tenders from holders of a majority in
      principal amount of the outstanding notes;

   -- The consummation of the previously announced acquisition
      of the parent company, BPC Holding Corp., by the private
      equity firms Apollo Management L.P. and Graham Partners
      and their affiliates; and

   -- The availability of funds to pay the total consideration
      with respect to the notes.

The funding is to be raised from borrowings under a proposed
credit facility and sale of newly issued notes.

Berry's announcement removes upside potential for the ratings
stemming from the acquisition.

"The negative implications reflect the likelihood of a
substantial increase in the company's debt levels, given that
the proposed transaction will be mostly debt financed," said
Standard & Poor's credit analyst Liley Mehta.

Ratings could be affirmed or lowered upon resolution of the
CreditWatch listing.  In assessing the impact on the ratings,
Standard & Poor's will examine the implications for the
financial profile, as well as review the company's business and
financial strategies.

In June 2006, private equity firms, Apollo and Graham Partners
signed a definitive agreement to acquire BPC Holding Corp. from
Goldman Sachs Capital Partners and JPMorgan Partners for an
enterprise value of US$2.25 billion in aggregate consideration.  
The transaction is subject to regulatory approval and other
customary closing conditions, and is expected to close by the
end of the third quarter of 2006.  Following the transaction,
Apollo will own a majority of Berry's common stock. Evansville,
Ind.-based Berry had total debt outstanding of about US$1.2
billion at March 31, 2006.

The ratings on Berry reflect the company's large market shares
in its niche segments, a well-diversified customer base, strong
customer relationships, and a highly leveraged financial
profile.  With annual revenues of about US$1.3 billion,
privately held Berry is a leading manufacturer and supplier of
rigid plastic injection-molded and thermoformed open-top
containers, aerosol overcaps, drinking cups, housewares,
closures for the health care and food and beverage segments,
pharmaceutical bottles, and prescription vials.

                          About Berry Plastics

Based in Evansville, Indiana, Berry Plastics
-- http://www.berryplastics.com/-- is a leading manufacturer  
and marketer of rigid plastic packaging products.  Berry
Plastics provides a wide range of rigid open top and rigid
closed top packaging as well as comprehensive packaging
solutions to over 12,000 customers, ranging from large
multinational corporations to small local businesses.  The
company has more than 6,800 employees and 25 manufacturing
facilities in the United States, Mexico, Canada,
Europe and China.


BERRY PLASTICS: Earns US$9.7 Mil in Second Quarter Ended July 1
---------------------------------------------------------------
Berry Plastics Corp.'s parent company, BPC Holding Corporation,
filed a consolidated second quarter financial statements for the
three months ended July 1, 2006, with the Securities and
Exchange Commission.

Net sales increased 33% to US$375.1 million for the quarter from
US$282.9 million for the prior quarter.  This US$92.2 million
increase included approximately US$14.6 million or 5% due to the
pass through of higher resin costs to the Company's customers,
increased base business volume of approximately US$2.3 million
or 1%, and acquisition volume of US$75.3 million or 27%.

The Company's resin pounds sold, excluding acquired businesses,
increased by 1% in the quarter over the prior quarter.  Rigid
open top net sales increased US$18.3 million from the prior
quarter to US$222.8 million for the quarter.

The increase in rigid open top net sales was primarily a result
of increased selling prices and base business volume growth in
several of the division's product lines with significant volume
growth in the thermoformed polypropylene drink cup line of 26%.  
Rigid closed top net sales increased US$73.9 million from the
prior quarter to US$152.3 million for the quarter.

The increase in rigid closed top net sales can be primarily
attributed to net sales in the quarter from the Kerr Acquisition
of US$75.3 million and increased selling prices on base business
partially offset by softness in the overcaps and base closure
businesses.

Gross profit increased by US$26.4 million to US$75.8 million
(20% of net sales) for the quarter from US$49.4 million (17% of
net sales) for the prior quarter.  This 53% dollar increase
includes the combined impact of the additional sales volume,
productivity improvement initiatives, the Company's financial
and mechanical resin hedging programs, and the timing effect of
the 5% increase in net selling prices due to higher resin costs
passed through to its customers.

The increase in gross profit percentage from 17% in the prior
quarter to 20% in the quarter can be primarily attributed to the
5% increase in net selling prices due to higher resin costs
passed through to the Company's customers partially offset by
increased raw material costs as well as improvements in the
margins of acquired businesses.

In addition, in the prior quarter, an expense of US$700,000 was
charged to cost of goods sold related to the write-up and
subsequent sale of Kerr's finished goods inventory to fair
market value in accordance with purchase accounting.  
Significant productivity improvements were made since the prior
quarter, including the installation of state-of-the-art
equipment at several of the Company's facilities.  These
productivity improvements were more than offset by increased
costs from inflation such as higher energy prices.

Selling expenses increased by US$2.1 million to US$9.7 million
for the quarter from US$7.6 million for the prior quarter
principally as a result of increased selling expenses associated
with higher sales, including the Kerr Acquisition, partially
offset by cost reduction efforts.

General and administrative expenses increased by US$7.5 million
from US$9.5 million for the prior quarter to US$17.0 million for
the quarter primarily as a result of general and administrative
expenses from the Kerr Acquisition, increased accrued employee
bonus expense, and US$1.0 million of stock option expense
recorded in the quarter.

Research and development expenses increased by US$500,000 over
the prior quarter primarily due to the Kerr Acquisition and
increased development efforts.

Amortization of intangibles increased US$3.3 million from the
prior quarter to US$5.3 million in the quarter primarily due to
the amortization of intangible assets from the Kerr Acquisition.  
Transition expenses related to integrating acquired businesses
were US$2.7 million and US$400,000 in the quarter and prior
quarter, respectively.  This increase of US$2.3 million is
primarily due to costs associated with the Kerr Acquisition in
the quarter.

Net income was US$9.7 million for the quarter compared with
US$1.8 million for the prior quarter.

At July 1, 2006, the Company's balance sheet showed
US$1,673,286,000 in total assets, US$1,445,617,000 in total
liabilities, and US$227,669,000 in total stockholders' equity.

                         Kerr Acquisition

Berry acquired June 3, 2005, Kerr Group, Inc., for aggregate
consideration of approximately US$454.8 million, including
direct costs associated with the acquisition.

The operations from the Kerr Acquisition are included in Berry's
operations since the acquisition date.  The purchase price was
financed through additional term loan borrowings under an
amendment to Berry's senior secured credit facility and cash on
hand.

Full-text copies of the Company's financials are available for
free at http://ResearchArchives.com/t/s?1080

Based in Evansville, Indiana, Berry Plastics Corporation
-- http://www.berryplastics.com/-- is a leading manufacturer  
and marketer of rigid plastic packaging products.  Berry
Plastics provides a wide range of rigid open top and rigid
closed top packaging as well as comprehensive packaging
solutions to over 12,000 customers, ranging from large
multinational corporations to small local businesses.  The
company has 25 manufacturing facilities worldwide, including one
in Hong Kong, and more than 6,800 employees.

                        *     *     *

Moody's Investors Service confirmed the B3 rating on Berry
Plastics Corp.'s US$335 million 10.75% senior subordinated
notes, due July 15, 2012.

Standard & Poor's Ratings Services revised its CreditWatch
implications on the 'B+' corporate credit rating on Berry
Plastics Corp. to negative from developing.


BERRY PLASTICS: Gets Tenders and Consents on 10.75% Sr. Notes
-------------------------------------------------------------
Berry Plastics Corporation received tenders and consents on its
tender offer representing approximately 68.14% of the US$335
million aggregate principal amount of its 10.75% Senior
Subordinated Notes due 2012 (CUSIP No. 085790AJ2) under the
Offer to Purchase and Consent Solicitation Statement dated July
25, 2006, as of 5:00 p.m., New York City time, on August 4,
2006.

Berry Plastics disclosed that, in accordance with the Offer to
Purchase, it is extending the Consent Date from 5:00 p.m., New
York City time, on August 7, 2006 to 5:00 p.m., New York City
time, on September 5, 2006, and is extending the Expiration Date
from 12:00 midnight, New York City time, on August 21, 2006, to
12:00 midnight, New York City time, on September 19, 2006.  
Holders who have previously tendered Notes do not need to re-
tender their Notes or take any other action in response to this
extension.

Except for the extension of the Consent Date and Expiration Date
as described, the Offer and the Offer to Purchase remain in full
force and effect and the Price Determination Date for the tender
offer shall be 2:00 p.m., New York City time, at least ten
business days prior to the Expiration Date.  The Company expects
the Price Determination Date to be on or about September 5,
2006, unless the Offer is further extended.  The consummation of
the Offer is subject to the conditions set in the Offer to
Purchase, including:

   -- the receipt of consents of holders of Notes representing
      the majority in aggregate principal amount of the Notes;

   -- the consummation of the previously announced acquisition
      of BPC Holding Corporation, the Company's parent, by
      affiliates of the private equity firms Apollo Management,
      L.P. and Graham Partners and their affiliates;

   -- the availability of sufficient funds to pay the total
      consideration with respect to all Notes, such funds to be
      raised from borrowing under a credit facility and sale of
      newly issued notes; and

   -- the execution of a supplemental indenture implementing
      the proposed amendments.

The tender offer will expire at 12:00 midnight, New York City
time, on September 19, 2006, unless the Offer is further
extended or terminated by the company.  Berry Plastics may,
subject to certain restrictions, amend, extend or terminate the
Offer at any time in its sole discretion without making any
payments with respect thereto.  The complete terms and
conditions of the Offer are described in the Offer to Purchase.

Copies of the Offer to Purchase may be obtained by contacting
the information agent for the offer at:

          MacKenzie Partners, Inc.
          Tel: (212) 929-5500 (collect)
               (800) 322-2885 (U.S. toll-free)

Additional information concerning the Offer may be obtained by
contacting exclusive dealer manager and solicitation agent for
the offer at:

          Deutsche Bank Securities Inc.
          Tel: (212) 250-6008


                   About Berry Plastics

Based in Evansville, Indiana, Berry Plastics
-- http://www.berryplastics.com/-- is a leading manufacturer  
and marketer of rigid plastic packaging products.  Berry
Plastics provides a wide range of rigid open top and rigid
closed top packaging as well as comprehensive packaging
solutions to over 12,000 customers, ranging from large
multinational corporations to small local businesses.  The
company has more than 6,800 employees and 25 manufacturing
facilities in the United States, Mexico, Canada,
Europe and China.

                        *    *    *

Moody's assigned on Aug. 3, 2006, these ratings to Berry:

   -- US$200 million senior secured first lien revolver due
       2012: Ba2;

   -- US$675 million senior secured first lien term loan B
      due 2013: Ba2;

   -- US$750 million senior secured second lien notes due
      2014, B2;

   -- Speculative Grade Liquidity Rating: SGL-2; and

   -- Corporate Family Rating, B1

Moody's confirmed these ratings of existing BPC notes:

   -- US$335 million 10.75% senior subordinated notes,
      due July 15, 2012: B3

                        *    *    *

Standard & Poor's Ratings Services said on Aug. 3,2006, that its
'B+' corporate credit rating and other ratings on Berry Plastics
Corp. remain on CreditWatch with negative implications, where
they were placed April 4, 2006.

"We will resolve the CreditWatch listing and will likely lower
the corporate credit rating on Berry to 'B' from 'B+' upon
successful completion of the acquisition of the company by
private equity firms, Apollo Management L.P. and Graham
Partners," said Standard & Poor's credit analyst Liley Mehta.  
"The downgrade will reflect the substantial increase in debt
following completion of the transaction."


BERTON LTD: Wind-Up Bid Hearing Set on Sept.20
----------------------------------------------
A liquidation petition filed against Berton Ltd will be heard
before the High Court of Hong Kong on September 20, 2006, at
9:30 a.m.

Ng Siu Cheong filed the petition with the Court on July 24,
2006.


DICKSON CONSTRUCTION: Hearing of Wind-Up Bid Fixed on Oct. 4
------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Dickson Construction (Maintenance) Ltd on October 4, 2006, at
9:30 a.m.

Cheung Lo Cheung filed the petition with the Court on August 7,
2006.

The Solicitor for the Petitioner can be reached at:

         Joe Poon
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


EVER LUCKY: Court to Hear Wind-Up Petition on October 18
--------------------------------------------------------
A wind-up petition filed against Ever Lucky Development Ltd will
be heard before the High Court of Hong Kong on October 18, 2006,
at 9:30 a.m.

Bank of China (Hong Kong) filed the petition with the Court on
august 17, 2006.

The Solicitors for the Petitioner can be reached at:

         Deacons
         5/F., Alexandra House
         18 Chater Road, Central
         Hong Kong


FIAT SPA: European Commission Okays AFIN Leasing Takeover
---------------------------------------------------------
The European Commission has granted clearance under the E.U.
Merger Regulation to the acquisition of sole control of AFIN
Leasing A.G. by Iveco International Trade Finance S.A., a unit
of Fiat S.p.A.

IITF deals with the trading of IVECO commercial vehicles in East
European Countries.  AFIN is active in the financial leasing and
stock financing for IVECO vehicles in Czech Republic, Slovak
Republic, Hungary, Estonia, and Lithuania.  The operation was
examined under the simplified merger review procedure.

                      About Afin Leasing

Headquartered in Vienna, Austria, Afin Leasing AG --
http://www.afinleasing.com/-- operates cross-border leasing  
operations for Iveco, particularly in the Central and Eastern
Europe.

                          About Iveco

Headquartered in Turin, Italy, Iveco S.p.A. --
http://www.iveco.com/-- manufactures commercial vehicles, fire  
and rescue vehicles, buses, specialty vehicles, and engines.  
Brands include Iveco (light-, medium-, and heavy-duty trucks),
Iveco Motors (marine, automotive, and industrial engines), Iveco
Magirus (fire fighting apparatus), Astra (construction
vehicles), Seddon Atkinson (waste collection vehicles), and
Irisbus (buses).  The company, a unit of Fiat S.p.A. sells its
products through a network of nearly 850 dealers worldwide.

                        About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.  The company
has operations in India and China.

                        *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB '.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FISHERMEN'S PLACE: Appoints Joint and Several Liquidators
---------------------------------------------------------
On July 26, 2006, shareholders of The Fishermen's Place Seafood
Restaurant Ltd appointed Law Yui Lun and Mok Chi Wai, Zeke as
Joint and Several Liquidators.

The Joint Liquidators can be reached at:

         Law Yui Lun
         Mok Chi Wai
         Unit 3903, Tower 2
         Lippo Centre, 89 Queensway
         Hong Kong


GLOBAL CROSSING: Unit Offering US$96.1 Mil. to Acquire Fibernet
---------------------------------------------------------------
Global Crossing disclosed that its subsidiary, GC Acquisitions
UK Limited has made a cash offer to acquire all of the issued
and to-be-issued shares of Fibernet Group Plc, a provider of
specialist telecommunications networks to large enterprises and
other telecommunications and Internet service companies.

The offer values the issued and to-be-issued shares of Fibernet
at approximately US$96.1 million (GBP50.6 million) and has been
unanimously recommended by Fibernet's board of directors.  If
they accept the offer, Fibernet shareholders would receive 78
pence (approximately US$1.48) per share in cash at closing of
the transaction.  Fibernet's directors have irrevocably
undertaken to accept the offer with respect to all of their
direct and beneficial holdings.  In addition, certain
institutions have also agreed to accept the offer, subject to
conditions.  The directors' shares combined with the
institutional shares represent approximately 39% of Fibernet's
outstanding shares.

"This is a great transaction for our company and for Fibernet,"
said John Legere, chief executive officer of Global Crossing.  
"Global Crossing and Fibernet have complementary businesses in
the UK.  The opportunity to combine and grow these businesses is
compelling and exciting for us.  I look forward to a quick and
seamless integration upon closing and to better serving existing
customers and welcoming new customers with the expanded range of
products we will offer."

Global Crossing is executing a strategy focused on its "invest
and grow" segment, namely that part of the business serving
multinational enterprises and service providers with innovative
IP services.  Global Crossing believes that this transaction
will accelerate its development by increasing and diversifying
Global Crossing's customer base of "invest and grow" clients in
the United Kingdom through the addition of Fibernet's marquee
roster of UK corporate enterprise and carrier customers.  
Examples of these new customers include the Bank of England,
Citigroup, IBM and Carphone Warehouse.

Global Crossing and Fibernet have complementary long haul
networks. This complementary network infrastructure will
facilitate the integration, allowing the combined company to
offer Global Crossing's broad array of innovative IP- based
service offerings to Fibernet's current customer base.  It will
also result in the creation of a strong market position from
which to expand this list of enterprise customers.

Charles McGregor, chief executive of Fibernet said, "In an
increasingly competitive market, where the consolidation of two
complementary businesses can deliver a stronger combined
company, I believe that this union will provide an enhanced
position for the interests of stakeholders overall."

"The acquisition of Fibernet will be a terrific example of how
we are building upon Global Crossing's unique value proposition
and growing our business through targeted acquisitions to
accelerate our organic business plan," added Mr. Legere.  "As
the telecommunications industry continues to consolidate, we'll
capitalize on select opportunities to augment our customer base,
extend our reach and capabilities, and grow as the nimble,
flexible IP- based telecommunications leader that is today's
Global Crossing."

The acquisition is expected to close in the fourth quarter of
2006 and is conditioned on acceptance by Fibernet shareholders
and regulatory approvals.  Additional detail on the transaction
will be forthcoming upon completion of the offer following the
procedures established by the City Code on Takeovers and Mergers
in the United Kingdom.

Hawkpoint Partners Limited is acting as sole financial advisor
on the transaction to Global Crossing Limited and GC
Acquisitions UK.

                         About Fibernet

Fibernet provides its services from a national fiber network in
the UK and also from its metropolitan networks in London,
Bristol, Birmingham, Edinburgh, Frankfurt, Glasgow, Leeds,
Manchester and Reading.  The company has more than 100 points of
presence in the UK and an additional 12 in Frankfurt, Germany.
In the financial year ended August 31, 2005, Fibernet reported
revenue of GBP47.9 million and Earnings Before Interest, Taxes,
Depreciation and Amortization of GBP15.9 million, or US$91.0
million and US$31.2 million, respectively, at current exchange
rates.  These financial results were previously reported by
Fibernet in accordance with UK Generally Accepted Accounting
Principles.

                       About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication  
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Hong Kong.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from Chapter 11 on December 9, 2003.

As of December 31, 2005, Global Crossing's balance sheet
reflected a US$173 million equity deficit compared to US$51
million of positive equity at December 31, 2004.


H.K FESTIVAL: Wind-Up Bid Hearing Slated for Oct.4
--------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Hong Kong Festival Catering Management Ltd on October 4,
2006, at 9:30 a.m.

Heung Chun Hung filed the petition with the Court on August 2,
2006.

The Solicitor for the Petitioner can be reached at:

         Joe Poon
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


JING YING: Liquidator Ceases to Act for the Company
---------------------------------------------------
Derek Lai and Darach E. Haughey ceased to act as Liquidators for
Jing Ying She Ltd on May 16, 2006.

The former Liquidators can be reached at:

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


JUMBO WONDER: Court Sets Date to Hear Wind-Up Bid
-------------------------------------------------
A wind-up petition filed against Jumbo Wonder Ltd will be heard
before the High Court of Hong Kong on October 11, 2006, at 9:30
a.m.  

HKR Properties Ltd filed the petition with the Court on August
4, 2006.

The Solicitors for the Petitioner can be reached at:

         Kao, Lee & Yip
         17/F., Gloucester Tower
         The Landmark, Central
         Hong Kong


RATONAL INDUSTRIAL: Creditors, Contributories Hold First Meeting
----------------------------------------------------------------
Creditors and contributories of Ratonal Industrial Ltd convened
for their first meeting on September 7, 2006, at the Official
Receiver's Office.

The Official Receiver can be reached at:

         E. T. O'connell
         10th Floor, Queensway
         Government Offices
         66 Queensway
         Hong Kong


RUTH'S CHRIS STEAK: Current Deficit Up by 6%
--------------------------------------------
The liquidity position of Ruth's Chris Steak House Inc.,
weakened by 6%, representing an US$894,000 increase in working
capital deficit, from US$14.60 million at December 25, 2005 to
US$15.49 million at June 25, 2006.

The Company recorded US$22.81 million in current assets and
US$38.31 million in current liabilities at June 25, 2006,
compared with US$28.81 million in current assets and US$43.42
million in current liabilities at December 25, 2005.

Net cash provided by operating activities was US$16.79 million
for the 26 weeks ending June 25, 2006, compared with US$12.06
million for the same period in 2005.

Net cash used in investing activities was US$6.67 million for
the 26 weeks ending June 25, 2006, compared with US$2.46 million
for the same period in 2005.

Net cash used in financing activities was US$10.02 million for
the 26 weeks ending June 25, 2006, compared with US$10.79
million for the same period in 2005.

On September 27, 2005, the Company entered into a new credit
agreement with Wells Fargo Bank, National Association, as
administrative agent, Bank of America, N.A., as documentation
agent, and JP Morgan Chase Bank, National Association and Wells
Fargo Bank, National Association as co-lead arrangers and
Wachovia Bank, N.A.

The Company used the US$38.5 million funded at closing under the
Credit Agreement to prepay and retire borrowings under its
previous credit facility and to pay related fees and expenses.

On May 17, 2006, the Company completed an amendment to its
existing senior revolving credit facility to increase its
availability under the facility to US$100 million.  This
amendment provides the further increased of the revolving credit
facility by US$25 million upon the Company's request (for a
total commitment of US$125 million).  The financial covenants,
restrictive covenants and terms of the increased revolving
credit facility are the same as those in the Company's existing
revolving credit facility.

The Company is currently in compliance with the financial
covenants under its credit agreement.  At June 25, 2006, the
Company had US$28.0 million outstanding under its senior credit
facility and US$70.1 million of availability net of US$1.9
million of outstanding letters of credit. The Company's total
weighted average effective interest rate at June 25, 2006, was
5.830%.

On May 17, 2006, the Company completed an amendment to its
existing senior revolving credit facility to increase its
availability under the facility to US$100 million.  This
amendment also provides that the revolving credit facility could
be further increased by US$25 million upon the Company's
request.

                          *     *     *

Based in Heathrow, Florida, Ruth's Chris Steak House Inc. --
http://www.ruthschris.com-- operates about 95 restaurants  
worldwide, including those in Hong Kong and Taiwan.


TANKO DEVELOPMENT: Hearing of Wind-Up Bid Slated for Oct.18
-----------------------------------------------------------
The High Court of Hong Kong will hear a wind-pup petition filed
against Tanko Development Ltd on October 18, 2006, at 9:30 a.m.

A petition to wind up the company's operations was filed by the
Bank of China (Hong Kong) before the Court on August 17, 2006.

The Solicitors for the Petitioner can be reached at:

         Deacons
         5/F., Alexandra House
         18 Chater Road, Central
         Hong Kong


TELETECH COMMUNICATION: Court to Hear Wind-up Bid on Sept.27
------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Teletech Communication Ltd on September 27, 2006, at
9:30 a.m.   

A petition to wind up the company's operations was filed by Chi
Kee Investment Co Ltd on July 26, 2006.

The Solicitors for the Petitioner can be reached at:

         Wilkinson & Grist
         6/F., Prince's Building
         10 Chater Road, Central
         Hong Kong


TRUE LIGHT: Court Sets Date to Hear Lin's Wind-Up Bid
-----------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against True Light Civil Contractors Ltd on October 4, 2006, at
9:30 a.m.

Lin Faguang filed the petition with the Court on August 4, 2006.

The Solicitor for the Petitioner can be reached at:

         Joe Poon
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


VALENCE TECH: Posts US$5.7 Mil Net Loss in Quarter Ended June 30
----------------------------------------------------------------
Valence Technology Inc., reported revenues of US$3.2 million for
the three-month period ending June 30, 2006, compared to US$3.4
million in the first quarter of fiscal year 2006.

Revenue for the quarter was negatively impacted by production
delays of the N-Charge small format battery, which was affected
by the Underwriters Laboratories' re-certification process.  
This created a backlog of N-Charge batteries that the Company
expects to fulfill during the second quarter of fiscal 2007.

The company reported a net loss available to common stockholders
of US$5.7 million in the first quarter of fiscal year 2007,
compared to a net loss available to common stockholders of
US$8.2 million in the first quarter of fiscal year 2006, and a
net loss available to common stockholders of US$9.6 million in
the fourth quarter of fiscal year 2006.

At June 30, 2006, the company's balance sheet showed total
assets of US$15,027,000 and total liabilities of US$78,437,000,
resulting in a stockholders' deficit of US$72,020,000.

"We are pleased with the results of our cost reduction programs
over the last year and we are seeing the benefits of a lot of
hard work by our team which is evidenced by our reaching a key
goal of positive gross margin in the first quarter of fiscal
2007.  The recent demand for our large-format Saphion(R)
batteries further demonstrates that we are well positioned to
gain market share in our core markets," said Dr. James R.
Akridge, President and Chief Executive Officer of Valence
Technology Inc.  "We will remain focused on growing revenue,
reducing costs and improving gross margins, while improving
shareholder value."

During the quarter, Valence also:

   -- achieved positive Gross Margin;

   -- reduced operating expenses by 22% compared to first
      quarter fiscal last year;

   -- reduced operating cash flow by 38% compared to first
      quarter fiscal last year;

   -- increased large-format battery systems sales to 74% of the
      sales mix, compared to 37% for the prior year; and

   -- shipped six new models of the U-Charge(R) Power System
      large-format lithium-ion batteries as well as a new
      Battery Management System and battery discharge indicator.

                             Outlook

Valence forecasts revenue for the second quarter of fiscal year
2007 to be in the range of US$5 million to US$6 million.  The
expected increase in revenue for the second quarter is a result
of an increase in sales of large format systems as well as
filling small format N-Charge system orders that were scheduled
to be shipped in the first quarter but which were postponed
until the second quarter of fiscal year 2007 after receiving UL
re-certification.

                             Stock Sale

On August 3, 2006, Valence sold US$2 million of its common stock
to West Coast Venture Capital, Inc., an affiliate of Carl E.
Berg, chairman of Valence's Board of Directors.  The proceeds
will be used to fund corporate operating needs and working
capital.  

Under the terms of the purchase, the Company issued 1,298,702
shares of common stock, par value US$0.001 per share, in a
private placement transaction exempt from the registration
requirements of the Securities Act of 1933, as amended, pursuant
to Section 4(2) thereof.  

West Coast purchased these shares at US$1.54 per share.  The
purchase price per share equaled the closing bid price of the
Company's common stock as of August 3, 2006.  Under Rule 144 of
the Securities Act, these shares are restricted from being
traded by West Coast for a period of one year from the date of
issuance, unless registered, and thereafter may be traded only
in compliance with the volume restrictions imposed by this rule
and other applicable restrictions.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 5, 2006,
Deloitte & Touche LLP expressed substantial doubt about
Valence's ability to continue as a going concern after auditing
the Company's financial statements for the fiscal year ending
March 3, 2006.

Deloitte & Touche pointed to the Company's recurring losses from
operations, negative cash flows from operations and net
stockholders' capital deficiency.

                         About Valence

Headquartered in Austin, Texas, Valence Technology, Inc., --
http://www.valence.com/-- develops and markets battery systems  
using Saphion(R) technology, the industry's first commercially
available, safe, large-format Lithium-ion rechargeable battery
technology.  Valence Technology holds an extensive, worldwide
portfolio of issued and pending patents relating to its Saphion
technology and lithium-ion rechargeable batteries.  The company
has facilities in Texas, Las Vegas, Nevada, and Suzhou and
Shanghai, China.  Valence is traded on the Nasdaq Capital Market
under the symbol VLNC.


VINSON ENGINEERING: Faces Wind-Up Proceedings
---------------------------------------------
A petition to wind up the operations of Vinson Engineering Ltd
will be heard before the High Court of Hong Kong on September
13, 2006, at 9:30 a.m.

Kin Shing Engineering (H.K.) Co Ltd filed the petition with the
Court on July 18, 2006.

The Solicitors for the Petitioner can be reached at:

         Peter Lau & Co
         Suites 1906-07, Two Pacific Place
         88 Queensway, Admiralty
         Hong Kong


WIN HING: Creditors and Contributories Hold Meeting
---------------------------------------------------
The creditors and contributories of Win Hing Civil Engineering
Ltd convened for their first meeting on September 6, 2006, at
Room 103, Duke of Windsor Social Service Bldg, 15 Hennessy Road,
Wanchai, Hong Kong.

Accordingly, Kennic Lai Hang Lui and Lau Wu Kwai King Lauren
were appointed as joint liquidators.


WINNER DECORATION: Creditors and Contributories Hold Meeting
------------------------------------------------------------
The creditors and contributories of Winner Decoration &
Contracting Co. Ltd convened for their first meeting on
September 9, 2006, at Rm 203, Duke of Windsor Social Service
Bldg., No. 15 Hennessy Road, Wanchai Hong Kong.

The Troubled Company Reporter - Asia Pacific previously reported
that on December 28, 2005, Wong Lin Tak filed a petition for
the winding up of the company.  Subsequently, the Court issued a
wind-up order on February 15, 2006.


YU KAI: Liquidators Step Aside
------------------------------
On August 8, 2006, Liquidators Derek Lai and Darach E. Haughey
ceased to act for Yu Kai Asia Ltd.

The former Liquidators can be reached at:

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


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I N D I A
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BANK OF INDIA: S&P Assigns 'BB-' Rating to Upper Tier II Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Bank of India's (BoI; BB+/Positive/B) proposed upper Tier II
subordinated and hybrid Tier I notes under its US$1 billion MTN
program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to 'BB' from 'BB-'.

The differential between the 'BB+' counterparty credit rating on
BoI and the 'BB' rating on the lower Tier II notes reflects the
subordinated nature of the notes.  The lower Tier II
subordinated notes will have a minimum tenor of five years.

The differential between the 'BB+' counterparty credit rating
and 'BB-' rating on the upper Tier II and hybrid Tier I
securities reflects the subordinated nature of the notes and
embedded interest deferral feature.  The interest deferral
feature is linked to the compliance of the regulatory
capital adequacy ratio (RCAR) and a profit test.  This is, in
turn, linked to the 'balance in profit & loss account,' which is
a component of the reserves and surplus on a bank's balance
sheet.  A 'net loss' is defined as a negative balance in this
account.

If the bank is in compliance with the RCAR but reports a 'net
loss,' the bank will require Reserve Bank of India's permission
before the bank can make interest payments on the notes.  If the
bank is not in compliance with the RCAR and reports a 'net
loss,' it will be mandatory for the bank to defer interest
payments.

If the bank is not in compliance with the RCAR but does not
report a 'net loss,' BoI will not be obliged to pay interest.
This is only applicable for the upper Tier II notes.

The upper Tier II subordinated notes will have a minimum tenor
of 15 years.  The hybrid Tier I notes are perpetual, non-
cumulative, subordinated debt.  Both upper Tier II and the
hybrid Tier I notes have a call option 10 years from the date of
issue.

The upper Tier II and hybrid Tier I notes are not included in
Standard & Poor's measure of core capital, which is adjusted
common equity.  This is in line with Standard & Poor's treatment
of other forms of hybrid capital, including preference shares,
in its analysis of capital.  Standard & Poor's will, however,
recognize equity capital credit in the bank's adjusted total
equity of up to 25% (strong equity content) for the hybrid Tier
I securities, and 10% (adequate equity content) for the upper
Tier II securities.


METALDYNE CORP: Ford's Production Cuts Cue S&P's Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed Metaldyne Corp.'s
rating on CreditWatch with negative implications.  The
CreditWatch placements reflect Standard & Poor's decision to
review the company's rating in light of Ford Motor Co.'s
announcement that it will sharply lower its North American
production in the second half of 2006, with the largest cuts
coming in the fourth quarter.

Ford's production of light trucks in the fourth quarter will be
down 155,000 units, or 28%, versus fourth-quarter 2005
production. These cuts will adversely affect on several fronts
those suppliers with substantial Ford exposure.

Fourth-quarter cash flow and liquidity will likely be reduced
from previous expectations, perhaps significantly.  The
magnitude of the reduction in liquidity will depend on other
calls on cash in the quarter, availability under existing bank
facilities, and any mitigating actions, although such offsets
within the quarter may be limited.

The long-term effect on supplier ratings will depend on Ford's
ability to stem its market share losses, which will drive 2007
production levels.  Ford's very dramatic fourth-quarter
production cuts may turn out to be an alternative to lesser cuts
extending over several quarters into 2007.  But the negative
effect on cash flow and liquidity in the fourth quarter will
increase challenges for certain suppliers in 2007, regardless of
whether more stable production levels occur in 2007.

Standard & Poor's will assess the effect of Ford's announcement
in light of the other business challenges facing Metaldyne Corp.  
Standard & Poor's expects to conclude its reviews within the
next two months.

Rating Placed on Creditwatch With Negative Implication:

                              To               From
                              --               ----
       Metaldyne Corp.:  B/Watch Neg./--   B/Negative/--

                         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; Yokohama, Japan; and Jamshedpur,
India.


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

ADARO INDONESIA: S&P Affirms B+ Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services today affirmed its 'B+'
corporate credit rating on PT Adaro Indonesia.  The outlook is
stable.

At the same time, Standard & Poor's affirmed its 'B+' rating on
the senior secured notes issued by Adaro's wholly owned
subsidiary, Adaro Finance B.V.  The issue is unconditionally and
irrevocably guaranteed by Adaro, and its related company, PT
Indonesia Bulk Terminal.  Adaro had total assets of
US$1.4 billion at March 31, 2006.  It is the largest single-mine
coal producer in Indonesia, with capacity of 38 million tons per
year in 2006 and reserves of at least 14 years.

"The rating on Adaro factors in its aggressive, but improving,
financial profile, inherent industry risks, and the uncertain
regulatory environment for Indonesia's mining industry," said
Standard & Poor's credit analyst Yasmin Wirjawan.  "These
weaknesses are, however, partially offset by Adaro's low cost
profile, secured supply and price contracts, adequate reserve
life, and limited currency risk."

Adaro has an aggressive capital structure.  The pro forma total
debt, which includes mezzanine debt, to capitalization of Adaro
and its related companies was 80% at March 31, 2006, while total
debt to annualized EBITDA was 4x.  Nevertheless, Adaro's
profitability is improving, as recently negotiated long-term
sales contracts take into account higher spot prices and
increased production volume.  The group's combined pro forma
operating margin was 22% in 2005, supported by higher selling
prices of coal, increased production, and better operating
efficiency.  These, combined with gradual repayment of its
debt and mezzanine financing, should allow combined pro forma
debt to capital to fall to 60%-70% in the near to medium term,
while total debt to EBITDA is projected at 3x. Funds from
operations to total debt is expected to remain low, averaging
10% due to the high financing cost of the mezzanine debt.

Adaro faces inherent industry risk, as the price of coal is
cyclical and subject to volatility.  This results in some
unpredictability in Adaro's long-term cash flow.  In addition,
there is limited hedging available for coal prices.
Nevertheless, all of Adaro's coal production in 2006 and more
than half of its expected production in 2007 are committed under
supply contracts at fixed prices.  In addition, the outlook for
coal prices is favorable, and demand is expected to rise due to
growing preference for the use of coal in power generation in
some Asian countries.  The rating on Adaro also benefits
from its competitive production cost of steaming coal, which is
one of the lowest in the world because of its open pit mining
and low strip ratio.

"The stable outlook on Adaro reflects our expectation that
Adaro's steady cash flow will be supported by the favorable
outlook for coal prices and the company's ongoing initiatives to
improve its operating efficiency," said Ms. Wirjawan.

The outlook or rating on Adaro could be negatively affected if
the company pursues growth initiatives at the expense of its
debt reduction strategy.  In addition, the outlook or rating
could be adversely affected by a sharp increase in its cash
production cost or softer coal prices, which could lead to
weaker financial metrics.  Conversely, a revision of the outlook
to positive or a rating upgrade would hinge on Adaro's ability
to maintain its favorable cost profile, a steady increase in
production from existing or new pits, and sustainable
improvement of cash flow measures, with FFO to debt of above
20%.


AVNET INC: Moody's Assigns Ba1 Rating to US$250-Mln Notes  
---------------------------------------------------------
Moody's Investors Service upgraded the corporate family and
senior unsecured debt ratings of Avnet, Inc., to Ba1 from Ba2
and assigned a Ba1 rating to the proposed offering of up to
US$250 million senior notes due 2016.   The new issue proceeds
together with cash-on-hand and other financial resources will be
used to repurchase not less than US$250 million of the
outstanding US$361.4 million 9.75% senior notes due February
2008.   The ratings outlook is stable.   

The ratings upgrade considers the potential refinancing, which
should enhance pro forma credit metrics and improve financial
flexibility by reducing borrowing costs and extending near-term
debt maturities.   

Importantly, the upgrade reflects realized operating efficiency
improvements that have resulted in operating margin expansion,
higher gross cash flow levels and an enhanced business model
that has the propensity to deliver consistently higher levels of
positive free cash flow compared to prior year periods.   

It also factors in the enhanced market position, more favorable
product mix and operating leverage via the Memec acquisition
coupled with better than anticipated results from the
integration plan.   

The company's execution on realizing annualized cost synergies
of US$150 million beginning in fiscal 2007 is higher than the
original plan of US$120-130 million.   The company's success in
completing this sizeable integration in one year is reflective
of Avnet's experience in integrating over 30 acquisitions over
the past 11 years.   

The stable outlook reflects:

   -- Moody's expectations that organic revenues will grow in
      line with the industry's mid-to-high single digit growth
      rate;

   -- Avnet's diversified geographic presence; and

   -- the value of working capital and operating improvements,
      which have increased operating efficiency.   

The outlook also captures Avnet's low single-digit, albeit
improving, operating margins, which leave limited cushion for
unexpected setbacks or a disruptive competitive environment.   

The ratings or outlook could be positively influenced if Avnet:

   -- sustains progress in improving its operating performance
      lifting operating margins;

   -- continues to improve financial leverage via debt reduction
      and/or higher operating cash flow leading to enhanced debt
      protection measures; and

   -- demonstrates continued evidence of high levels of gross
      cash flow and stability in free cash flow generation,
      muting the inherent volatility of the semiconductor and
      computer products cycles.   

New ratings assigned:

   -- Up to US$250 million Senior Unsecured Notes due 2016, Ba1;

Ratings upgraded:

   -- Corporate Family Rating, to Ba1 from Ba2;

   -- Senior Unsecured Notes with various maturities, to Ba1
      from Ba2; and

   -- Senior/Subordinated shelf ratings, to (P)Ba1/(P)Ba2 from
      (P)Ba2/(P)Ba3.   

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.   
Revenues for the fiscal year ended July 1, 2006, were
US$14.3 billion.   

Avnet has operations in these Asia-Pacific countries: Australia,
China, Hong Kong, India, Japan, Malaysia, New Zealand,
Philippines, Singapore and Indonesia.


AVNET INC: Reports 27.8% Increase in Revenues for Fourth Quarter
----------------------------------------------------------------
Avnet, Inc., has reported a revenue of US$3.61 billion for the
quarter ended July 1, 2006, representing an increase of 27.8%
over the results for the fourth quarter fiscal 2005, according
to the company's press release.

The prior year quarter did not include revenue of Memec Group
Holdings, Inc. ('Memec'), which was acquired on July 5, 2005.   
Revenue was up 5.6% over the prior year quarter adjusted to
include Memec's sales of US$596.1 million in the same period.   
Excluding the impact of recent divestitures, fourth quarter pro
forma revenue grew 8.2% over the year-ago quarter.   

GAAP net income for fourth quarter fiscal 2006 was
US$58.8 million, or US$0.40 per share on a diluted basis, as
compared with net income of US$47.3 million, or US$0.39 per
share on a diluted basis, for the fourth quarter last year.   
Excluding certain charges noted below, net income was
US$91.0 million, or US$0.62 per share on a diluted basis,
representing a 93% and 59% increase, respectively, over the
year-ago period.

Operating income for fourth quarter fiscal 2006 was
US$131.5 million, up 53% as compared with operating income of
US$85.7 million in the year ago quarter.   Excluding certain
charges in fourth quarter fiscal 2006, operating income
increased 85% over the prior-year quarter to US$158.3 million.   
Operating income as a percent of sales, excluding certain
charges, was 4.4%, up 135 basis points from last year's fourth
quarter with both operating groups contributing to the
improvement.

Roy Vallee, Chairman and Chief Executive Officer, commented, "We
are very pleased with our performance in the fourth quarter.   
These results represent new post-bubble highs for operating
income, operating income margin, earnings per share, return on
working capital, and return on capital employed excluding
certain items.   We are consistently improving returns on
capital and are committed to growing shareholder value as we
drive to become the premier technology distributor in the
world."

Revenue of US$14.25 billion for fiscal 2006 was up 28.8% over
fiscal 2005 revenues of US$11.07 billion.   Revenue was up 6.8%
over the prior year adjusted to include Memec's sales of
US$2.28 billion in fiscal year 2005.   GAAP net income for
fiscal 2006, which included certain charges that are described
below, was US$204.5 million, or US$1.39 per share on a diluted
basis, as compared with net income of US$168.2 million, or
US$1.39 per share on a diluted basis, in fiscal 2005.   
Excluding certain charges in fiscal 2006, net income and diluted
earnings per share were up 71% and 41% to US$288.4 million and
US$1.96, respectively, as compared with fiscal 2005.

Fiscal 2006 operating income grew 34.0% to US$430.5 million as
compared with fiscal 2005 operating income of US$321.3 million.   
Excluding these charges in fiscal 2006, operating income grew
63.0% year over year to US$523.8 million and operating income as
a percent of sales was 3.7%, an increase of 78 basis points over
fiscal year 2005 operating income margin of 2.9%.   This
represents the fourth consecutive year of growth in both
operating income and operating income margin.

Mr. Vallee further commented, "I am proud of what our team
accomplished during fiscal year 2006.   Our pro forma revenue
grew 7% and pro forma operating income, excluding certain
charges, grew nearly six times faster than revenue.   We
completed the Memec integration on schedule, exceeded our
original synergy target by approximately US$30 million, and have
substantially retained all of the revenues of the combined
businesses.   As a result, in fiscal year 2006 we established
many new records including revenue, net income (excluding
certain items) and asset velocity.   In addition, we took
actions to reduce and refinance some high interest rate debt
which allowed us to exit the year with our balance sheet in the
best condition in years."

The results for the fourth quarter and fiscal year 2006 include
charges for the following items, the mention of which management
believes is useful to investors when comparing operating
performance results with prior periods.   More discussion of the
reasons for highlighting these items are set forth in the Non-
GAAP Financial Information section, which begins on page 4 of
this press release.

Restructuring and other charges, including inventory writedowns
for terminated lines (recorded in cost of sales), severance,
integration costs and other charges, including in the fourth
quarter tax impacts of overseas legal entity reorganizations,
resulting primarily from the company's acquisition and
integration of Memec into Avnet's existing business.

Restructuring charges, including severance and reserves for non-
cancelable lease commitments, and other charges resulting
primarily from actions taken following the divestitures of
certain end user business lines of Technology Solutions in the
Americas, certain cost-cutting initiatives in the Technology
Solutions business in the EMEA region and other charges,
including impairment charges of an owned but vacant building and
charges associated with a reassessment of an existing
environmental liability.

Incremental stock-based compensation expense resulting from the
company's adoption of SFAS 123R and modifications to stock-based
compensation plans in fiscal 2006.

Amortization expense associated with amortizable intangible
assets recorded in fiscal 2006 as a result of the Memec
acquisition.

Recent divestitures resulted in a net loss consisting of a net
gain on the sale of Technology Solutions' single tier businesses
in the Americas recorded in the third quarter of fiscal 2006 and
a loss on the sale of two small, non-core Electronics Marketing
specialty businesses in the EMEA region recorded in the fourth
quarter of fiscal 2006 for which no tax benefit is available.

Debt extinguishment costs associated with the early repurchase
of US$254.1 million of the company's 8% Notes due November 15,
2006, in the first quarter of fiscal 2006 and US$113.6 million
of the company's 9 _% Notes due February 15, 2008 in the fourth
quarter of fiscal 2006.

The company generated US$151.5 million of free cash flow (as
defined later in this release) during the fourth quarter of
fiscal 2006.   At the end of the quarter, the company
repurchased US$113.6 million of 9 _% Notes due February 15,
2008, primarily using cash on hand.   As a result, the company
ended the quarter with US$276.7 million of cash and cash
equivalents and net debt (total debt less cash and cash
equivalents) of US$958.1 million.

Ray Sadowski, Chief Financial Officer, stated: "With the
improvement in our operating income margin and asset velocity
metrics, we are closing in on our 12.5% ROCE goal.   At the same
time, we have created a business model that can more
consistently generate free cash flow providing greater
flexibility to fund growth.   With the integration of Memec
behind us, we were able to generate free cash flow this quarter
and pay down some high interest rate debt which will lower our
interest expense in future periods."

                        Operating Groups

Electronics Marketing (EM) sales of US$2.45 billion in the
fourth quarter fiscal 2006 were up 51.0% on a year over year
basis.   On a pro forma basis, including Memec's sales in the
prior year period, fourth quarter fiscal 2006 sales were up
10.4% on a year over year basis and, excluding the divestures
that occurred during the current quarter, sales were up 11.5%
over the prior year.   On a pro forma basis, EM sales in the
Americas, EMEA and Asia increased 5.3%, 11.4% and 17.8%,
respectively, year over year with the Americas and Asia coming
in slightly below expectations although in line with normal
seasonality.   EM operating income of US$134.9 million for
fourth quarter fiscal 2006 was more than double the prior year
fourth quarter operating income of US$65.3 million.   Operating
income margin for the fourth quarter was 5.5%, up 148 basis
points over the prior year quarter.

Mr. Vallee added, "EM's performance this quarter is a reflection
of the leverage we have created in our model and the excellent
job our team did with the integration of Memec.   The
acquisition of Memec was the largest in the history of Avnet and
all indications to date show that it will also be the most
profitable.   EM increased return on working capital, excluding
certain charges noted above, by 868 basis points over the prior
year quarter with significant improvements coming from all three
regions.   For the full year, excluding restructuring and other
charges and adjusting to include Memec in fiscal 2005 on a pro
forma basis, EM grew revenue 8.4% and operating income grew over
five times faster than revenue."

Technology Solutions sales of US$1.16 billion in the fourth
quarter fiscal 2006 were down 3.4% year over year; however,
excluding the impact of divestitures that occurred during the
year, sales were up 1.9%.   Fourth quarter sales in EMEA
increased 4.7% while sales in the Americas and Asia were down
4.5% and 25.3%, respectively, year over year.   However,
excluding the impact of divestitures, sales in the Americas were
up 2.9% year over year.   TS operating income was
US$40.3 million, a 7.6% increase as compared with fourth quarter
fiscal 2005 operating income of US$37.4 million, and operating
income margin of 3.5% increased by 35 basis points over the
prior year fourth quarter.

Mr. Vallee further added, "TS quarterly revenue was negatively
impacted by a slowdown in sales of microprocessors and the
exiting of the single tier end-user business.   However, we were
very pleased with our Partner Solutions Group, which distributes
enterprise computing equipment, as they grew revenue double
digits sequentially in all three regions.   With the recent
addition of the Sun product line and our continued focus on
solutions-selling, we are well positioned to continue to grow
market share and accelerate shareholder value creation."

                            Outlook

For Avnet's fiscal first quarter 2007, management expects sales
at EM to be in the range of US$2.32 billion to US$2.42 billion
and anticipates sales for TS to be in the range of US$1.18
billion to US$1.23 billion.   Therefore, Avnet's consolidated
sales should be in the range of US$3.50 billion to
US$3.65 billion for the first quarter fiscal 2007 ending on
September 30, 2006.   Management expects the first quarter
earnings to be in the range of US$0.50 to US$0.54 per share,
including approximately US$0.03 per share related to the
expensing of stock-based compensation.

                        About Avnet Inc.

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.   
Revenues for the fiscal year ended July 1, 2006, were
US$14.3 billion.   

It has operations in these Asia-Pacific countries: Australia,
China, Hong Kong, India, Japan, Malaysia, New Zealand,
Philippines, Singapore and Indonesia.


BUKAKA TEKNIK: Gets Delisted From Jakarta Bourse
------------------------------------------------
PT Bukaka Teknik Utama has been delisted from the Jakarta Stock
Exchange, Koran Tempo reports.

Eddy Sugito, the director of listing at the bourse, explains
that the company failed to meet a deadline at the end of July to
provide audited financial reports without disclaimers.

The Tempo report adds that Bukaka Teknik accepted the bourse's
decision, citing President Director Achmad Kalla.

PT Bukaka Teknik Utama Tbk -- http://www.bukaka.com/-- provides  
services for design engineering, construction, and manufacturing
related to infrastructure sector in the energy, transportation,
and telecommunication fields.  The company's products and
services include engineering, plant and road construction, steel
structures, special vehicle as well as machinery, oil, gas, and
airport support equipment.

The Troubled Company Reporter - Asia Pacific reported on
September 1, 2006, that Bukaka Teknik has a shareholders'
deficit of US$107 million.


METSO CORP: Completes Purchase of Paper Machine Maker in China
--------------------------------------------------------------
Metso Paper has received relevant regulatory approvals from the
Chinese authorities for the acquisition of Shanghai-Chenming
Paper Machinery Co. Ltd agreed in February 2006.  The entire
share capital of the company was transferred to Metso as of  
Aug. 31, 2006.  The debt-free purchase price and the investments
related to the development of the unit total about EUR35  
million.  The company was previously owned by Shandong Chenming  
and Shanghai Heavy Machinery.  

The acquired company, operating from now on under the name of
Metso Paper Technology (Shanghai) Co. Ltd., comprises a
workshop, a foundry and a design department.  The unit is
located in the Shanghai area in Jiading and it employs around
550 people.  The unit will mainly concentrate on manufacturing
paper and board machine sections for Metso Paper's delivery
projects in China.  However, the plant already has the
capability to manufacture a major part of a conventional  
linerboard machine for the Chinese market.  The unit can also  
supply some components for projects outside of China, which will  
strengthen Metso's global sourcing.  

The Shanghai unit will further strengthen Metso Paper's
capabilities to serve the fast growing Chinese paper industry
and will simultaneously open new opportunities to serve also
markets outside of China.  

Metso Paper also has a joint venture company, Valmet-Xian
Machinery Co. Ltd. in China.  Valmet-Xian employs approximately
1,110 people and focuses on small and medium size paper and
board machines.  Metso owns 48.3% of the joint venture.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries, including China,
India, Japan, Korea, Indonesia, serve customers in the pulp and
paper industry, rock and minerals processing, the energy
industry and selected other industries.

                          *     *     *

The Company's 5-1/8% Senior Notes due 2009 carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.

Standard & Poor's Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit, as well as the 'BB' senior
unsecured debt rating on the group were affirmed.


METSO CORP: To Supply Equipment to Xstrata Plc's Mt. Isa Mine
-------------------------------------------------------------
Metso Minerals will supply grinding, crushing and screening
equipment to Xstrata Plc's Mt. Isa Mine operation in Queensland,
Australia.

The value of the order is approximately EUR20 million.  The
delivery will be completed by end of 2007.

The order comprises a SAG mill with dual drive 2 x 5,750 kW and
two ball mills with dual drives 2 x 5,750 kW each, a cone
crusher and a discharge vibrating screen, complemented by
installation services and spare parts.  The equipment is for
expanding the mine operation with a new lead and zinc
concentrator plant.

With deposits in silver, lead, zinc and copper, Mt. Isa mine is
considered highly productive.  Following this expansion it will
become the world's third largest zinc mine producing 800,000
tonnes of zinc concentrate annually.

                          About Xstrata

Xstrata plc (LSE: XTA) -- http://www.xstrata.com/-- is a major   
global diversified mining group, listed on the London and
Swissstock exchanges.  The Group is and has approximately 24,000
employees worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the U.K. and Canada.
  
                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries, including China,
India, Japan, Korea, Indonesia, serve customers in the pulp and
paper industry, rock and minerals processing, the energy
industry and selected other industries.

                          *     *     *

The Company's 5-1/8% Senior Notes due 2009 carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.

Standard & Poor's Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit, as well as the 'BB' senior
unsecured debt rating on the group were affirmed.


METSO CORP: Aker Unit's Acquisition Reaches Second EU Review
------------------------------------------------------------
Metso Corp.'s application for the clearance of its purchase
agreement of Aker Kvaerner's Pulping and Power businesses has
been extended into the second phase in the EU review process.  

The European Commission has indicated that it has identified
certain potential competition issues in the markets for pulp
mill equipment.  Metso and Aker Kvaerner continue to cooperate
constructively with the Commission to lift any doubt that might
exist and to solve any potential competition concerns.

Both Metso and Aker Kvaerner continue to believe that the
acquisition does not pose significant competition issues.  
Furthermore, the companies believe that it will create synergies
and development potential that will benefit customers in the
future.  The second phase will involve the continuation of the
European Commission's review of the acquisition for a period up
to 90 working days, with possible extensions.

The acquisition of Aker Kvaerner's Pulping and Power businesses
fits well with Metso's strategy of profitable growth.  Kvaerner
Power's products and services, i.e. chemical recovery systems
for the pulping industry and power generation solutions, are not
part of Metso's current offering.  The pulping equipment and
related services delivered by Kvaerner Pulping are mainly
complementary to Metso's current fiber technology offering.

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries, including China,
India, Japan, Korea, Indonesia, serve customers in the pulp and
paper industry, rock and minerals processing, the energy
industry and selected other industries.

                          *     *     *

The Company's 5-1/8% Senior Notes due 2009 carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.

Standard & Poor's Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit, as well as the 'BB' senior
unsecured debt rating on the group were affirmed.


METSO CORP: Inks Supply Pact with Russian Copper Mine
-----------------------------------------------------
Metso Minerals will supply grinding and flotation equipment to
Gaisky copper mine for Ural Mining and Metallurgical Company's
raw material complex.  The delivery is expected to be completed
by the end of 2007.  The value of the order is over EUR20
million.  About EUR17 million was included in the second-quarter
order intake, while the rest will be included in the third
quarter orders.

The order comprises two SAG mills of 5,000 kW each, two ball
mills of 4,100 kW each and seventeen units of RCS (Reactor Cell
System) flotation cells, complemented by installation and
commissioning support services.

Metso's solution is for the processing plant of the Gaiskoe,
Osennee and Letnee deposits development project in the
Orenburgsky region in the southern Ural mountains.  The
deposits' estimated resources comprise approximately 300 million
tons of copper sulfide ore.  Once in operation, the estimated
annual production of the process plant will be 8 million tons of
copper/copper ore per year.

Ural Mining and Metallurgical Company is one of the largest
Russian mining and metallurgical companies, producing an
estimated 40% of Russia's copper.  The company employs over
75,000 people.  In 2004 its sales reached RUB73 billion (EUR 2.1
billion).

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries, including China,
India, Japan, Korea, Indonesia, serve customers in the pulp and
paper industry, rock and minerals processing, the energy
industry and selected other industries.

                          *     *     *

The Company's 5-1/8% Senior Notes due 2009 carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.

Standard & Poor's Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit, as well as the 'BB' senior
unsecured debt rating on the group were affirmed.


METSO CORP: Names Kalle Reponen SVP for Strategy and M&A
--------------------------------------------------------
Metso Corp. disclosed the appointment of Kalle Reponen, as its
Senior Vice President, Strategy and M&A effective Aug. 14.  Mr.
Reponen will report to Jorma Eloranta, President and CEO.

Mr. Reponen is currently Partner and the head of the Helsinki
office at MCF Corporate Finance.  He has previously worked at
Nordea Corporate Finance as Head of Capital Goods and Basic
Materials Sector, and at Wartsila Corp. where he most recently
held the position of Vice President, Corporate Development and
Treasury.

Metso is a global technology corporation serving customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.  In 2004, the net
sales of Metso Corporation were approximately EUR4 billion, and
it has some 22,000 employees in more than 50 countries.  Metso's
shares are listed on the Helsinki and New York Stock Exchanges.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries, including China,
India, Japan, Korea, Indonesia, serve customers in the pulp and
paper industry, rock and minerals processing, the energy
industry and selected other industries.

                          *     *     *

The Company's 5-1/8% Senior Notes due 2009 carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.

Standard & Poor's Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit, as well as the 'BB' senior
unsecured debt rating on the group were affirmed.


METSO CORP: JP Morgan Hikes Paid Up Share Capital to 5.03%
----------------------------------------------------------
Metso Corp. has been informed about a change in the holding of
the mutual funds managed by J.P. Morgan Chase & Co. of the paid
up share capital of Metso Corp.

On July 31, 2006, J.P. Morgan Chase & Co.'s holdings amounted to
5.03% of the paid up share capital of Metso Corp. from 4.98% on
Jan. 19, 2006.

The threshold of five percent was crossed on July 31, when J.P.
Morgan Asset Management (UK) Limited purchased 146,138 Metso
shares.

According to their announcement, holdings by mutual funds of
J.P. Morgan Chase & Co. on July 31, 2006 were:

                    Entity                         Shares
                    ------                         ------
   J.P. Morgan Investment Management Inc.       1,646,014
   J.P. Morgan Trust Bank                         118,000
   JP Asset Management (Taiwan) Limited            30,610
   JP Asset Management Limited                    124,145
   JP Morgan Fleming Asset Management
      (Japan) Limited                              56,379
   JPMorgan Asset Management (UK) Limited       4,737,437
   JPMorgan Chase Bank                            240,640
   J.P. Morgan Securities Ltd.                    172,221
                                                ---------
   Total                                        7,125,446

This holding corresponds to 5.03% of the paid up share capital
of Metso Corp.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries, including China,
India, Japan, Korea, and Indonesia, serve customers in the pulp
and paper industry, rock and minerals processing, the energy
industry and selected other industries.

                          *     *     *

The Company's 5-1/8% Senior Notes due 2009 carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB rating.

Standard & Poor's Services revised its outlook on Finland-based
machinery and engineering group Metso Corp. to positive from
stable, reflecting improvements in the group's operating
performance and capital structure that offer it the potential to
return to a low investment-grade rating.  The 'BB+' long-term
and 'B' short-term corporate credit, as well as the 'BB' senior
unsecured debt rating on the group were affirmed.


* Surubaya Stock Exchange Suspends Companies
--------------------------------------------
Indonesia's Surubaya Stock Exchange has suspended six companies
as of September 9, 2005.

The companies, the date of suspension and the reasons for the
suspension are as follows:

                       Suspended                 
  Company                Since                  Reason
----------------    ----------------   -------------------------
Sara Lee Body         July 1, 2002     The company has not  
                                       converted its shares into
                                       scripless.

Sekar Bumi Tbk.      March 24, 2005    The issuer has been sued
                                       by a creditor.

Super Mitory        October 28, 2005   The issuer has not
                                       submitted the financial
                                       report as of June 30,
                                       2005.

Super Mitory         March 10, 2005    The issuer has not
Utama Tbk.                             fulfilled its obligation  
                                       to pay the annual listing
                                       fee period of 2004/2005.

Great River         October 28, 2005   Issuer has not
Int'l Tbk.                             submitted the financial
                                       report as of June 30,
                                       2005   

Makindo Tbk.          May 29, 2006     Change of Status


* Surubaya Stock Exchange Delists Companies
-------------------------------------------
Surubaya Stock Exchange discloses that a total of 80 companies
have been delisted from the stock exchange since December 1996,
until September 8, 2006.

The companies, date of delisting and the issued instruments are:

                                           Date of     Issued
Company                        Ticker     Delisting  Instrument
-------                       --------    ---------  ----------
Surya Toto Indonesia            TOTO     12/12/1996    Stock
Metro Supermarket Realty        MTSM      2/26/1997    Stock
Praxair Indonesia               SSGS      3/10/1997    Stock
Astrijati Industri Rotan        AIRI      6/23/1997    Stock
Indonesia Tbk  
Hero Supermarket Tbk            HERO      9/22/1997    Stock
Perdana Bangun Pusaka Tbk       KONI      9/22/1997    Stock
Duta Pertiwi Nusantara          DPNS     11/10/1997    Stock
Intan Wijaya Chemical Ind. Tbk  INCI      12/8/1997    Stock
Bank Ficorinvest Tbk            FCOR       9/1/1998    Stock
Dharmindo Adidhuta Tbk          DMAD       9/1/1998    Stock
Voksel Electric                 VOKS       9/1/1998    Stock
Sucaco Tbk                      SCCO      9/15/1998    Stock
Dharmala Agrifood Tbk.          TPFC     11/16/1998    Stock
Hexindo Adiperkasa Tbk          HEXA      2/12/1999    Stock
Bank Dagang Nasional Indonesia  BDNI       3/1/1999    Stock
Bank Surya Indonesia Tbk        BNSY       3/1/1999    Stock
Bank Umum Nasional Tbk          BNUM       3/1/1999    Stock
Bank Arya Panduarta Tbk         ARYA      3/15/1999    Stock
Bank Bahari Tbk                 BARI      3/15/1999    Stock
Bank Mashill Utama Tbk          BNBM      3/15/1999  Stock/Bond
Bank Papan Sejahtera Tbk        BNPS      3/15/1999  Stock/Bond
Bank Umum Servitia Tbk.         BUSV      3/15/1999    Stock
Bank Indovest Tbk               IDVS      4/26/1999    Stock
Mulia Industrindo Tbk           MLIA       5/5/1999    Stock
Bank Inter-Pacific Tbk          INPC      6/16/1999    Stock
Central Proteinaprima Tbk       CPPR      6/30/1999    Stock
Branta Mulia Tbk                BRAM       9/5/1999  Stock/Bond
Asahimas Flat Glass Tbk         AMFG      11/1/1999    Stock
Dynaplast Tbk.                  DYNA      11/5/1999    Stock
Nasio Dutamitra Electric Tbk.   NMDE     12/31/1999    Stock
Bank PDFCI Tbk                  PDFC       1/4/2000    Stock
Centris Multi Persada P. Tbk    CMPP      1/29/2000    Stock
Pudjiadi & Sons Estate Tbk      PNSE      2/29/2000    Stock
Fiskaragung Perkasa Tbk         FISK      5/19/2000    Stock
Putra Surya Multidana Tbk.      PSMD      5/19/2000    Stock
Bayer Indonesia Tbk.            BYSB      6/26/2000    Stock
Bayer Indonesia Tbk.            BYSP      6/26/2000    Stock
Bank Duta Tbk                   BDTA       7/6/2000    Stock
Bank Rama Tbk                   RAMA       7/6/2000    Stock
Bank Tamara Tbk                 TMBN       7/6/2000  Stock/Bond  
Bank Tiara Asia Tbk.            BNTA       7/6/2000    Stock
Suryainti Permata Tbk.          SIIP      7/21/2000    Stock
Siloam Gleneagles Health        CARE      10/4/2000    Stock
Care Tbk.  
Dharmala Sakti Sejahtera Tbk    DSST     10/16/2000    Stock
Multi Saran Rasa Agung Tbk      MSRA     10/16/2000    Stock
Siantar Top Tbk.                STTP      12/1/2000    Stock
Surabaya Agung Industri         SAIP       5/3/2001    Stock
Pulp & Kertas Tbk.  
International Nickel            INCO      5/16/2001    Stock
Indonesia Tbk.  
Igar Jaya Tbk                   IGAR      8/20/2001    Stock
Alter Abadi Tbk                 ALDI       9/5/2001    Stock
Suparma Tbk.                    SPMA      9/10/2001    Stock
Siwani Trimitra Tbk.            MITI      10/8/2001    Stock
Prasidha Aneka Niaga Tbk.       PSDN     10/18/2001    Stock
Alakasa Industrindo Tbk         ALKA     11/26/2001    Stock
Sofyan Hotels Tbk.              SHOT       5/6/2002    Stock
Roda Vivatex Tbk.               RDTX       9/9/2002    Stock
Reksadana Perdana Tbk           DANA      9/10/2002    Stock
Bank Universal Tbk.             BUNI      10/1/2002    Stock
Indocopper Investama            IICO     10/28/2002    Stock
Corporation Tbk.  
Pfizer Indonesia Tbk.           PFZR     10/31/2002    Stock
Kasogi International Tbk.       GDWU      8/11/2003    Stock
Global Financindo Tbk.          MTFN      9/30/2003  Stock/Bond
Manly Unitama Finance Tbk.      MANY     11/20/2003    Stock
Anta Express Tour & TS Tbk      ANTA      1/16/2004    Stock
Procter & Gamble Indonesia Tbk. PGIN       6/7/2004    Stock
Aryaduta Hotels Tbk             HPSB       8/2/2004    Stock
Lippo Land Development Tbk.     LPLD       8/2/2004    Stock
Siloam Health Care Tbk.         BGMT       8/2/2004    Stock
Pioneerindo Gourmet Inter Tbk.  PTSP       9/6/2004    Stock
Daya Guna Samudera Tbk.         DGSA      9/17/2004    Stock
Indosiar Visual Mandiri Tbk     IDSR      10/4/2004  Stock/Bond
Sierad Produce Tbk.             SIPD     11/22/2004    Stock
Bank Pikko Tbk.                 BNPK     12/15/2004    Stock
Aster Dharma Industri Tbk       ASTR      5/27/2005    Stock
Bayu Buana Tbk                  BAYU      9/16/2005    Stock
Multi Agro Persada Tbk.         TRPK      9/23/2005    Stock
Dankos Laboratories Tbk         DNKS     12/21/2005  Stock/Bond
Eka Dharma Jaya Sakti Tbk.      EDJS      2/20/2006    Stock
Bintuni Minaraya Tbk.           BMRA      4/13/2006    Stock
Great Golden Star Tbk.          GGST      5/24/2006    Stock


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

BANCO BRADESCO: Moody's Reviews B1 Rating for Possible Upgrade
--------------------------------------------------------------
Moody's Investors Service placed Banco Bradesco S.A.'s B1 long-
term foreign currency deposits under review for possible
upgrade.

Moody's Investors Service placed on review for possible upgrade
the long-term foreign currency deposit ratings of certain
Brazilian banks.

These rating actions are the direct result of Moody's having
placed on review for possible upgrade Brazil's Ba3 country
ceiling for foreign currency bonds and notes, as well as
Brazil's B1 country ceiling for foreign currency bank deposits.

Moody's noted that the ratings review does not affect the
foreign currency bond ratings of Brazilian banks, except those
of Banco Votorantim, because of the particular mix of rating
factors including the issuer's global local currency rating, the
foreign currency government bond rating, the country ceiling for
bonds, and the debt's eligibility to pierce that ceiling.  
Moody's also noted that these actions do not affect the
financial strength ratings of the rated Brazilian banks.

                       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 Ratings also upgraded Banco Bradesco S.A.'s short-term
local currency rating to 'F3' from 'B.'


MITSUBISHI MOTORS: Former Execs Fined for Avoiding Mass Recall
--------------------------------------------------------------
Japanese prosecutors filed a suit on September 6, 2006,
demanding Mitsubishi Motors Corp and three of its former
executives each pays a fine of JPY200,000, or US$1,740, for
falsifying reports on wheel defects of their products to avoid
mass recalls, Xinhua News reveals.

The prosecutors claimed that the defendants had covered up
defects in a report to the Ministry of Land, Infrastructure and
Transport in February 2002, one month after a fatal accident in
Yokohama, in which a wheel came off a Mitsubishi trailer truck
and hit and killed a woman, according to Xinhua, citing Kyodo
News.

Xinhua relates that the defendants falsely claimed that the
falling off of the wheel was due to poor maintenance by truck
users, the prosecutors said, adding that the defendants' conduct
of the case constitutes a violation of the Road Trucking Vehicle
Law.

The three charged -- former vice president of Mitsubishi Motors
and former chairman of Mitsubishi Fuso Truck & Bus Corp Takashi
Usami, former Mitsubishi Motors Managing Director Akio Hanawa
and former Mitsubishi Fuso Executive Officer Tadashi Koshikawa -
- have all pleaded not guilty in the trial at Yokohama Summary
Court.

                    About Mitsubishi Motors

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

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

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

                          *     *     *

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

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


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

EDS CORP: Earns US$104 Million in Second Quarter Ended June 30
--------------------------------------------------------------
EDS Corp. reported second quarter net income of US$104 million
versus net income of US$26 million in last year's second
quarter.

EDS' pro forma second quarter net income was US$107 million
versus second quarter 2005 pro forma net income of
US$27 million.

Pro forma second quarter 2006 net income and EPS excludes after-
tax losses of US$5 million for discontinued operations and a
pre-tax reversal of US$4 million of previously recognized
restructuring expenses.

When further excluding the impact of expensing stock options and
performance-based restricted stock units (US$43 million pre-
tax), pro forma net income was US$136 million versus comparable
second quarter 2005 pro forma net income of US$54 million.

"EDS continued to drive operational and financial improvements
in the second quarter," said Mike Jordan, EDS chairman and chief
executive officer.  "Our bottom line benefited from the improved
performance of some of our largest accounts, and we expect our
margins to continue to expand as we ramp up our productivity and
Best Shore initiatives.

"Our more than US$15 billion in first-half contract signings
reflected EDS' best six-month total since 2001.  Importantly,
this new business was balanced across industries, services lines
and geographies and reflects an increasing number of new
clients, putting EDS on a path to achieve solid growth," Mr.
Jordan said.

EDS signed US$5.4 billion in contracts in the second quarter, up
103% from US$2.6 billion in the year-ago quarter.  Significant
contracts for the quarter include Kraft Foods Inc., a
US$1.6 billion new logo, and wins with existing clients Bank of
America, US$700 million, and the Commonwealth Bank of Australia,
US$350 million.

EDS also completed the acquisition of a majority stake in
MphasiS BFL Limited, a leading applications and business process
outsourcing services company based in Bangalore, India.

The acquisition provides EDS with strong complementary
capabilities in applications development and business process
outsourcing, particularly customer relationship management;
enhances the company's domain expertise in the financial sector;
and immediately quadruples the size of EDS' India workforce to
approximately 15,000.

EDS posted second quarter revenue of US$5.19 billion, up 5% on
an organic basis (which excludes the impact of currency
fluctuations, acquisitions and divestitures) from US$5 billion
in the year-ago quarter.

Free cash flow was US$362 million in the second quarter, an
improvement of US$244 million versus the year-ago period.

EDS' operating margin for the second quarter was 3.%, up from
1.7% in the year-ago quarter.  Pro forma operating margin was
2.9%, up from 1.5% in the year-ago quarter.  When further
excluding the impact of expensing stock options and performance-
based restricted stock units, pro forma operating margin was
3.7%, compared to 2.4% in the year-ago quarter.

The company's effective tax rate from continuing operations for
the second quarter of 2006 was 16%.  This was primarily due to a
US$46 million reduction of liabilities for tax contingencies,
including the impact of a settlement with the U.S. Internal
Revenue Service, partially offset by other items.  This resulted
in a 3 cent per share favorable impact to the tax rate assumed
in the company's second quarter guidance.

Second Quarter Results by Segment

    -- Americas: Second quarter revenue was US$2.37 billion, up
       3% compared to the prior-year period.  Operating profit
       was US$364 million, up 15% from US$318 million in the
       prior-year period, due to improved operating performance
       on certain major contracts.

    -- EMEA: Second quarter revenue was US$1.60 billion, up 9%
       compared to the prior-year period, driven by the
       company's U.K. Ministry of Defence DII contract.
       Operating profit was US$215 million, down slightly from
       US$218 million in the year-ago quarter.

    -- Asia-Pacific: Second quarter revenue was US$352 million,
       down 8% compared to the prior-year period.  Operating
       profit was US$39 million, flat compared with the prior-
       year period of US$39 million.

    -- U.S. Government: Second quarter revenue was
       US$789 million, up 8% compared to the prior-year period.
       Operating profit was US$122 million, up 35% from
       US$90 million in the prior-year period.  Both revenue and
       operating margin improvements were driven in large part
       by improved performance of the Navy Marine Corps Intranet
       contract.

                          About EDS Corp.

Headquartered in Plano, Texas, EDS Corp. -- http://www.eds.com/
-- is a global technology services company delivering business
solutions to its clients.  EDS founded the information
technology outsourcing industry more than 40 years ago.  EDS
delivers a broad portfolio of information technology and
business process outsourcing services to clients in the
manufacturing, financial services, healthcare, communications,
energy, transportation, and consumer and retail industries and
to governments around the world.

EDS has locations in Australia, China, Hong Kong, India, Japan,
Malaysia, Singapore, Taiwan, Thailand and South Korea.

                          *     *     *

EDS Corp.'s 7-1/8% Notes due 2009 carry Moody's Investors
Service's Ba1 rating.


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

REGIONAL PLANTATIONS: Faces Wind-Up Proceedings
-----------------------------------------------
Regional Plantations Sdn Bhd has ceased to be a subsidiary of
General Corporation Berhad by virtue of a members' voluntary
wind-up commenced on September 7, 2006.


SBC HOMES: Placed Under Members' Voluntary Wind-Up
--------------------------------------------------
SBC Homes Sdn Bhd was placed under member's voluntary wind-up on
September 1, 2006.

SBC Homes was incorporated on August 5, 1993.  It has an
authorized share capital of MYR100,000 divided into 100,000
ordinary shares of MYR1 each, of which three shares were issued
and fully paid up.  It is a wholly owned subsidiary of Siah
Brothers Land Sdn. Bhd., which in turn is a wholly owned
subsidiary of SBC Corporation Berhad.

SBC decided to wind up Siah Brothers to save costs in
maintaining the dormant subsidiary.


SIAH BROTHERS: Parent Opts for Wind-Up
--------------------------------------
Siah Brothers Project Management Sdn Bhd was placed under
member's voluntary wind-up on September 1, 2006.

Siah Brothers was incorporated on August 9, 1993.  It has an
authorized share capital of MYR100,000 divided into 100,000
ordinary shares of MYR1 each, of which 25,000 shares were issued
and fully paid up.  It is a wholly owned subsidiary of SBC
Corporation Berhad.

SBC decided to wind up Siah Brothers to save costs in
maintaining the dormant subsidiary.


SUGAR BUN: Unveils Proposed New ESOS; Taps New Adviser
------------------------------------------------------
Sugar Bun Corporation Berhad's proposed termination of its
employee share option scheme under the supervision of Commerce
International Merchant Banker's Berhad was not implemented as
the ESOS had expired on September 20, 2006.

Subsequently, Sugar Bun's board of directors appointed Malaysia
International Bankers Berhad to act as adviser for the proposed
new ESOS, in replacement of CIMB.

Under the proposed new ESOS, the maximum number of new ordinary
shares of MYR1 each in Sugar Bun to be granted under the new
scheme shall not exceed 15% of the total issued and paid-up
ordinary share capital of the company at any point of time
during the existence of the proposed new ESOS.

The new ESOS will be made available for participation by the
eligible Directors and employee of Sugar Bun and its subsidiary
companies, provided the subsidiary companies are not dormant.

The number of options to be offered and granted to any eligible
employees of the Sugar Bun Group under the new ESOS shall be
decided at the discretion of an ESOS Committee to be appointed
by the Board and shall be in compliance with the prevailing
Listing Requirements issued by Bursa Malaysia Securities Berhad
or any other relevant authorities.

The Proposed New ESOS shall be in force for a period of five
years from the effective date of implementation of the new ESOS.
Nonetheless, the new ESOS may be extended for another period of
five years, at the discretion of the ESOS Committee appointed by
the Board.

The price for the subscription of each Share pursuant to the
option granted under the new ESOS will be fixed based on the
five-day weighted average market price of the SBCB Shares, with
a discount of not more than 10%, if deemed appropriate by the
ESOS Committee, provided that it is not less than the par value
of Sugar Bun Shares.

Sugar Bun will make the necessary application to Bursa
Securities for the listing of and quotation for the new Sugar
Bun Shares to be issued pursuant to the exercise of the Options
under the new ESOS.

The purpose of the new ESOS is to motivate, retain and reward
the eligible employees of the Sugar Bun Group, and to provide an
opportunity for them to participate as shareholders in Sugar
Bun's equity without adversely affecting the cashflows of the
SBCB Group whilst at the same time, contributing positively to
its continuing growth through the intended stimulation of
greater commitment, dedication and productivity on the part of
the eligible employees.

The gross proceeds arising from the exercise of the Options
pursuant to the new ESOS will be utilized for working capital
purposes of the Sugar Bun Group.

                       About Sugar Bun Corp.

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

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


SUTRATI DEVELOPMENT: Enters Wind-Up Proceedings
-----------------------------------------------
Sutrati Development Snd Bhd was placed under member's voluntary
wind-up on September 1, 2006.

Sutrati was incorporated on September 29, 1994.  It has an
authorized share capital of MYR5,000,000 divided into 5,000,000
ordinary shares of MYR1 each, of which 25,000 shares were issued
and fully paid up.  It is a wholly owned subsidiary of South-
East Best Sdn. Bhd., which in turn is a wholly owned subsidiary
of SBC Corporation Berhad.

SBC decided to wind up Sutrati to save costs in maintaining the
dormant subsidiary.


TALAM CORPORATION: Auditors Raise Doubt on Going Concern Ability
----------------------------------------------------------------
Talam Corporation Berhad's external auditors, Ernst & Young, has
qualified the company's audited financial statements for the
financial year ended January 31, 2006.

According to Ernst & Young:

   -- the Group and the Company incurred net losses of
      MYR771,796,000 and MYR466,782,000 respectively and, as of
      that date.  In addition, the Group's and Company's current
      liabilities exceeded their current assets by
      MYR484,025,000 and MYR29,733,000, respectively;

   -- the Group and the Company have defaulted on the repayment
      of various financing obligations and further discloses
      that the management together with their consultants are
      currently formulating restructuring schemes to restructure
      the said financing obligations.  The outcome of the
      restructuring exercise may result in adjustments being
      made to certain amounts and reclassification of assets and
      liabilities of the Group and of the Company, the final
      outcome of which is uncertain as at the date of the
      auditors' report;

   -- on March 28, 2006, the Kuala Lumpur High Court granted a
      Restraining Order pursuant to Section 176 of the Companies
      Act, 1965 to a subsidiary, Maxisegar Sdn. Bhd.  The
      directors of MSSB together with their consultants are
      currently working on a debt restructuring scheme which is
      conditional upon the approval of the relevant regulatory
      authorities.  The nature and the outcome of the debt
      restructuring scheme may result in adjustments being made
      to certain amounts and classification of assets and
      liabilities of the Group and MSSB, the final outcome of
      which is uncertain as at the date of this report.  As a
      result, there are significant uncertainties regarding the
      future operations of the Group and MSSB, the
      recoverability of their assets and their ability to repay
      debts.  The financial statements of the Group and MSSB do
      not include any adjustments that might result from these
      uncertainties.

The auditors stated that these factors cause them to raise
substantial doubt that the Group and the Company will be able to
continue as a going concern.  The ability of the Group and of
the Company to continue as a going concern is dependent upon the
successful implementation of the restructuring exercise and
resumption of normal operations and return to profitability of
the Group and of the Company.  The financial statements of the
Group and of the Company do not include any adjustments to the
amounts and classification of assets and liabilities that might
be necessary should the Group and the Company be unable to
continue as a going concern.

Furthermore, Ernst & Young says said that investment in
Irredeemable Convertible Unsecured Loan Stocks of Venue Venture
Sdn Bhd is carried at cost of MYR76,332,000.  The financial
statements further disclose that the amount due from VVSB stood
at MYR65,000,000 as of January 31, 2006.  The management has
represented that the total investments in VVSB are supported by
the assets held by VVSB and thus are recoverable.  However, as
no recent independent professional valuations were conducted on
the underlying assets, the auditors were unable to ascertain as
to whether the carrying amount of the total investments in VVSB
is fairly stated.

Meanwhile, the net realizable value of certain development
properties costing MYR373,189,000 have not been ascertained as
no recent independent professional valuations were conducted.
Accordingly, Ernst & Young was unable to ascertain as to whether
the carrying amounts of the said development properties are
fairly stated.

Certain transactions were omitted from the financial statements
of the Group and MSSB in the prior years.  The auditors were
unable to obtain sufficient appropriate audit evidence as to the
amounts and disclosures made in the financial statements.

Included in trade receivables are amounts of MYR56,169,000 due
from certain contractors of the Group.  The management is of the
opinion that these receivables are fully recoverable.  The
auditors were unable to obtain sufficient appropriate audit
evidence to satisfy itself that the said amounts are fully
recoverable.

The property development costs of the Group amounted to
MYR1,039,926,000 and for the year ended January 31, 2006,
revenue from development properties and cost of development
properties recognized in the Group's consolidated income
statement amounted to MYR565,153,000 and MYR740,346,000
respectively.  During the year, the Group's review of the
estimates of costs attributable to certain property development
projects indicates that the estimated financial outcome of the
said property development projects could have been varied if
compared to the prior estimates.  However, the project costings
have not been updated accordingly.  As the financial outcome of
the property development projects have not been fully estimated,
Ernst & Young was unable to satisfy itself as to whether the
Group's property development costs, revenue from development
properties and cost of development properties sold for the year
then ended have been stated in accordance with the requirements
of FRS 201: Property Development Activities.

No provision for liabilities in respect of the corporate
guarantees has been made in the Company's financial statements
as the quantum of the shortfall of which the Company is liable
to make good cannot be presently determined pending the
resolution of the uncertainties.  These corporate guarantees
have been disclosed as contingent liabilities in the financial
statements.  As of January 31, 2006, the corporate guarantees to
financial institutions and non-financial institutions amount to
approximately MYR202,539,000 and MYR539,206,000 respectively.

Talam's board of directors wishes to highlight that the
qualifications reported in the Auditors' Report will be
addressed accordingly.

The Group is working with its advisers to formulate a Group wide
debt restructuring exercise.  The directors are of the opinion
that the debt restructuring will be successfully implemented and
the Group will achieve future profitable operations.

Independent professional valuations will be obtained as the
valuation exercise is on-going and the directors reckon that it
will take approximately three to six months for the issuance of
the said reports.  Necessary adjustments, if any, will be
recorded in accordance to the valuation reports.

The directors will appoint an independent project consultant to
ascertain and advise on the matter accordingly.  Necessary
adjustments, if any, will be recorded in accordance with the
requirements of FRS 201: Property Development Activities.

The Board of Directors is confident that all matters expressed
by the auditors which lead to their inability to express their
opinion are financial based and will be regularized upon the
completion of the financial debts restructuring exercise.

                     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.


TALAM CORPORATION: Falls Into Practice Note 17 Category
-------------------------------------------------------
Based on the Audited Financial Statements of Talam Corporation
Berhad for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.

In accordance with PN 17, the company is required to submit an
implement a plan to regularize its financial condition within
eight months from September 1, 2006.

In the event the Company fails to comply with the obligations to
regularize its finances, all of its listed securities will be
suspended from trading, and delisting procedures will be taken
against the Company.

Talam's board of directors is currently formulating a
Regularization Plan to be submitted to the relevant authorities
for approval in due course.  The Board is confident that all
matters expressed by the auditors which lead to their inability
to express their opinion are financial based and will be
regularized upon the completion of the financial debts
restructuring exercise.

                     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.


TALAM CORPORATION: Defaults on Bonds and Banking Facilities
-----------------------------------------------------------
An event of default in payment of various bonds and banking
facilities by Talam Corporation Berhad and its subsidiary
companies, except for Ample Zone Berhad, have occurred.

Talam and its subsidiary companies are unable to service the
loan repayments to the lending banks due to their very tight
overall working capital positions arising from work stoppage
over a series of factors.

The group is in discussion with all the lending banks to
negotiate on a restructuring scheme for the various bonds and
banking facilities of the Company and its subsidiary companies
in order to regularize their financial position.

With the default, the lending banks could recall their
respective bonds and banking facilities and demand for
repayments.  However, the lending banks are prepared to enter
into negotiations with the Company and its subsidiaries on a
financial restructuring scheme to regularize the Company's and
its subsidiaries' financial position.

The default in payments will cause cross default in all bonds
and banking facilities granted to Talam and its subsidiary
companies.

The Company and its subsidiary companies said they will be able
to settle all their debts in full within a period of 12 months
from the date of this announcement upon the restructuring scheme
for the various bonds and banking facilities of the Company and
its subsidiary companies being agreed to by the
bondholders/lending banks and undertakes to provide Bursa
Securities the Solvency Declaration duly executed by the Board
of Directors of the Company.

                     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.


TIARA DEVELOPMENT: Winds Up Dormant Operations
----------------------------------------------
Tiara Development Sdn Bhd was placed under member's voluntary
wind-up on September 1, 2006.

Tiara Development was incorporated on May 14, 1993.  It has an
authorised share capital of MYR100,000 divided into 100,000
ordinary shares of MYR1 each, of which three shares were issued
and fully paid up.  It is a wholly owned subsidiary of Siah
Brothers Land Sdn. Bhd., which in turn is a wholly owned
subsidiary of SBC Corporation Berhad.

SBC decided to wind up Sutrati to save costs in maintaining the
dormant subsidiary.


WINSOME VENTURES: Members Agree to Shut Down Business
-----------------------------------------------------
Winsome Ventures Sdn Bhd was placed under member's voluntary
wind-up on September 1, 2006.

Winsome was incorporated on September 19, 1996.  It has an
authorized share capital of MYR100,000 divided into 100,000
ordinary shares of MYR1 each, of which two shares were issued
and fully paid up.  It is a wholly owned subsidiary of Mixwell
(Malaysia) Sdn. Bhd., which in turn is a wholly owned subsidiary
of SBC Corporation Berhad.

SBC decided to wind up Winsome to save costs in maintaining the
dormant subsidiary.


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

ABS-CBN BROADCASTING: Board Appoints M. Navarrete as CFO
--------------------------------------------------------
ABS-CBN Broadcasting Corporation's Board of Directors confirm
the appointment of Miguel Jose T. Navarrete as the company's
Chief Financial Officer.

Mr. Navarrete has 20 years extensive experience in financial
management, holding key corporate positions in various
companies.  Mr. Navarrete previously served as Group Business
Director of Manila Water Company, Inc.  He also held key
positions in other prestigious companies.

Mr. Navarrete holds a degree in Industrial Management
Engineering from De la Salle University and obtained an MS
degree in Operations Research from Case Western University.

                   About ABS-CBN Broadcasting

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a  
leading Philippine radio and television broadcasting network and
multimedia company.  It was the first television station founded
in the Philippines in 1953.  The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.

ABS-CBN's senior secured debt was given a Ba3 rating by Moody's
Investor Service.


ATLAS CONSOLIDATED: Expects to Commence Carmen Project by 2007
--------------------------------------------------------------
In a filing with the Philippine Stock Exchange Commission, Atlas
Consolidated Mining and Development Corporation confirmed a
report from the Manila Standard Today dated September 7, 2006,
regarding the company's project in Carmen, Cebu.

In its letter to the PSE, the company cites the newspaper as
saying:

   "listed mining company [Atlas Consolidated] will allot US$157
   million for the development of its copper mining project in
   Cebu.  Atlas President and Chairman Alfredo Ramos told
   reporters after the company's annual stockholders' meeting
   that its unit Carmen Copper Corp., would start copper
   production by January next year and begin shipment by
   November 2007.  Initial shipments will amount to 6,000 tons
   with succeeding ores reaching up to 50,000 tons once the
   company completes rehabilitation of Toledo mine. . .."

Accordingly, Atlas Consolidated explains that assuming financing
is completed by the end of December 2006, the company expects to
commence its Carmen Copper project by the end of January 2007.

The company discloses that capital expenditure for 2007 would
then be US$157 million and the first copper concentrate
production should occur in November.  Shipments of up to 6,000
tons of copper in concentrate could happen in the last two
months of 2007.  Shipments in 2008 are expected to amount to
40,000 tons of copper concentrate, Atlas Consolidated says.

                    About Atlas Consolidated

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

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

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


DIVERSIFIED FINANCIAL: Stockholders Elect Board Members
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 24, 2006, Diversified Financial Network, Inc., advises
that its annual stockholders meeting will be held on
September 8, 2006.

In an updated, Diversified Financial discloses that during the
meeting, the stockholders approved:

   (a) the election of the members of its Board of Directors to
       serve for a one-year term or until their successors have
       been elected and qualified:
     
        1. Ramon C. Garcia, Jr.,
        2. Monico V. Jacob,
        3. Roberto F. de Ocampo,
        4. Eric Francis P. Ongkauko,
        5. Jean Henri D. Lhuillier,
        6. Ronald L. Arambulo,
        7. Marco Antonio R. Urera,
        8. James Beltran,
        9. Edwin B. Villanueva,
       10. Antonio A. Lope, and
       11. Joseph Y. Roxas.

       Messrs. Jacob and Roxas were elected as the company's
       independent directors;

   (b) the Audited Financial Statements as at December 31, 2005;

   (c) the Amendment of the company's by-laws to include the
       procedure for nomination and election of Independent
       Directors; and

   (d) the appointment of Sycip Gorres Velayo & Co., as the
       company's external auditor.

                 About Diversified Financial

Diversified Financial Network, Inc. -- http://www.dfnn.com/--  
is an I.T. solutions provider and systems integrator.  Backed by
its domain expertise in financial services, the Company has
become a proprietary software technology, wireless and secure
solutions partner of leading corporations.  The DFNN Group of
Companies generates revenue through solutions, custom, tailor-
fit I.T. solutions to retail financial institutions, rental
revenue and wireless and other I.T. products and services.

The Troubled Company Reporter - Asia Pacific reported on May 19,
2006, that Diversified Financial Network, Inc.'s net loss for
the year ended December 31, 2005, dropped 5% to
PHP56.59 million, from a PHP59.62 million in 2004.  The
company's revenue also fell 15% to PHP96.20 million in 2005,
from PHP113.15 million in 2004.  Amidst a significant decrease
in cost, the Company suffered a 23.5% slowdown in service fees
due to longer project completion time and a 20% drop in
advertising revenues.

Adding to the Company's insolvent balance sheet, DFNN might have
further liquidity problems, the TCR-AP noted.


MABUHAY HOLDINGS: Posts PHP540,899 Revenue for 2nd Quarter 2006

---------------------------------------------------------------

For the quarter ended June 30, 2006, Mabuhay Holdings
Corporation posted a PHP540,899 revenue, lower than the
PHP776,963 revenue posted in the same period last year.



For the first-half of 2006, the company posted a decrease in
total revenues of 30.38% compared to the same period last year.  
This was due to the decrease in rental income of the Registrant
on account of non-renewal of the lease contract of a tenant.  
The company was able to find a suitable tenant only in May 2006.



Total operating expenses likewise decreased by 153% mainly due
to the unrealized gain on foreign exchange of PHP4.5 million
experienced in the first semester this year versus the
unrealized loss of PHP2.8 million for the same period last year.  
There was a recovery in the value of marketable securities
amounting to PHP27.7 million against a decline last year of
PHP15.8 million.



Mabuhay Holdings posted a net income of PHP39,517,806 for the
quarter ending June 30, 2006, as compared to the same period
last year which posted a net loss of  PHP19,493,973.

For the first-half of 2006, the company posted a net income
PHP31,706,441 compared to a net loss of PHP272,778 posted on the
same period last year.

As of June 30, 2006, the company's total current assets
increased to PHP195,047,642 from PHP163,312,487 in June 2005.  
Total Current Liabilities also increased to PHP107,003,007 from
PHP104,693,312 in June 2005.



Mabuhay Holdings' unaudited consolidated balance sheet revealed
total assets of PHP526,055,780 and total liabilities of
PHP111,262,407, resulting in total shareholders' equity of
PHP414,793,374, as of June 30, 2006.



The Company's second quarter 2006 financial report is available

for free at:



http://www.pse.org.ph/html/ListedCompanies/pdf/2006/MHC_17Q_Jun2
006.pdf



                     About Mabuhay Holdings



Mabuhay Holdings Corporation was incorporated as a holding
company.  It is engaged in the acquisition and disposition of
investments in securities, stocks, real and personal properties,

and any kind of properties and of investments in other entities.  
Within this general framework, the Company is empowered to
commit its resources in pre-selected areas of investment, like
direct real estate investments, real estate equities, venture
capital projects, listed and unlisted securities.



The Company's current strategy is to concentrate its investment
in four areas: infrastructure, basic industry, finance, and
properties.  Mabuhay has taken a significant stake in Magellan

Capital Holdings Corporation, which is involved in the
development of three power stations in Pinamucan, Batangas;
Rosario, Cavite; and Mactan, Cebu, with a total expected
generating capacity of over 700 Megawatts.



After auditing Mabuhay Holdings' 2005 Annual Report, Francis B.
Albalate, of Punongbayan & Araullo, expressed material doubt on
the Company's ability to continue as a going concern.  Mr.
Albalate said that the recoverability of the Group's
consolidated assets as of December 31, 2005, and the Group's
ability to settle its liabilities are dependent on the success
of its future operations and those of its related parties.  He
notes that the financial statements do not include any
adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and
classification of liabilities or any other adjustments that
might result from the outcome of this uncertainty.


MABUHAY HOLDINGS: Posts PHP540,899 Revenue for 2nd Quarter 2006
---------------------------------------------------------------
For the quarter ended June 30, 2006, Mabuhay Holdings
Corporation posted a PHP540,899 revenue, lower than the
PHP776,963 revenue posted in the same period last year.

Mabuhay Holdings posted a net income of PHP39,517,806 for the
second quarter, as compared to the PHP19,493,973 net loss posted
in the same period last year.

For the first-half of 2006, the company posted a decrease in
total revenues of 30.38% compared to the same period last year.  
This was due to the decrease in rental income of the Registrant
on account of non-renewal of the lease contract of a tenant.  
The company was able to find a suitable tenant only in May 2006.

Total operating expenses likewise decreased by 153% mainly due
to the unrealized gain on foreign exchange of PHP4.5 million
experienced in the first semester this year versus the
unrealized loss of PHP2.8 million for the same period last year.  
There was a recovery in the value of marketable securities
amounting to PHP27.7 million against a decline last year of
PHP15.8 million.

For the first-half of 2006, the company posted a net income
PHP31,706,441 compared with a PHP272,778 net loss posted in the
same period last year.

As of June 30, 2006, the company's total current assets
increased to PHP195,047,642 from PHP163,312,487 as of end-June
2005.  Total Current Liabilities also increased to
PHP107,003,007 from PHP104,693,312 as of June 30, 2005.

As of June 30, 2006, Mabuhay Holdings' unaudited consolidated
balance sheet revealed total assets of PHP526,055,780 and total
liabilities of PHP111,262,407, resulting in total shareholders'
equity of PHP414,793,374.

The Company's second quarter 2006 financial report is available
for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/MHC_17Q_Jun2006.pdf

                     About Mabuhay Holdings

Mabuhay Holdings Corporation was incorporated as a holding
company.  It is engaged in the acquisition and disposition of
investments in securities, stocks, real and personal properties,
and any kind of properties and of investments in other entities.  
Within this general framework, the Company is empowered to
commit its resources in pre-selected areas of investment, like
direct real estate investments, real estate equities, venture
capital projects, listed and unlisted securities.

The Company's current strategy is to concentrate its investment
in four areas: infrastructure, basic industry, finance, and
properties.  Mabuhay has taken a significant stake in Magellan
Capital Holdings Corporation, which is involved in the
development of three power stations in Pinamucan, Batangas;
Rosario, Cavite; and Mactan, Cebu, with a total expected
generating capacity of over 700 Megawatts.

After auditing Mabuhay Holdings' 2005 Annual Report, Francis B.
Albalate, of Punongbayan & Araullo, expressed material doubt on
the Company's ability to continue as a going concern.  Mr.
Albalate said that the recoverability of the Group's
consolidated assets as of December 31, 2005, and the Group's
ability to settle its liabilities are dependent on the success
of its future operations and those of its related parties.  He
notes that the financial statements do not include any
adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and
classification of liabilities or any other adjustments that
might result from the outcome of this uncertainty.


METRO PACIFIC: Board Clarifies Shareholding of Each Shareholder
---------------------------------------------------------------
During its meeting on September 6, 2006, the Board of Directors
of Metro Pacific Corporation passed a resolution clarifying the
manner by which the resulting shareholding of each shareholder
will be determined, after the company's approved decrease in its
authorized capital stock.

Particularly, the Board resolved that:

   1) the actual consolidation of the outstanding shares of
      stock of Metro Pacific will take effect as of the date of
      the approval by the SEC of the capital decrease; and

   2) in determining the resulting shareholding of each
      shareholder, the ordinary rules on rounding-up -- and not
      rounding-off -- of numbers will apply.

The Troubled Company Reporter - Asia Pacific reported on
August 30, 2006, that the Board of Directors and stockholders of
Metro Pacific, as well as the Securities and Exchange
Commission, have approved the decrease in the company's
authorized capital stock from:

   -- PHP30,000,000,000 divided into 29,000,000,000 common
      shares, 997,500,000 Preferred-"Series 1" and 2,500,000
      Preferred-"Series 2" shares all with a par value of PHP1
      per share, to:

   -- PHP1,500,000,000 divided into 1,450,000,000 common shares,
      49,875,000 Preferred-"Series 1" and 125,000 Preferred-
      "Series 2" shares all with the par value of PHP1 per
      share.

                          *     *     *

Metro Pacific Corporation -- http://www.metropacific.com/-- is  
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co.,
raised significant doubts on MPC's ability to continue as a
going concern after auditing the Company's annual report for the
period ended December 31, 2005.

Ms. Miguel noted in the auditors' report that MPC suffered
significant losses in prior years leading to its inability to
meet its maturing obligations, on principal and interest, to
certain third-party lenders and to a related company.  Although
the Company has generated a PHP194.26-million net income
attributable to equity holders for the year ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of
December 31, 2005, due to prior year's accumulated losses.

In response, the company continues to implement measures geared
towards generating liquidity to meet maturing obligations and
profitability, including debt rehabilitation activities and a
capital restructuring plan.


MIRANT CORP: Philippine Unit Employees May Seek Government Help
---------------------------------------------------------------
Employees of Mirant Philippines Inc., may seek Malacanang's
intervention in ensuring just separation packages before the
sale of Mirant Corporation's Philippine-based assets, Niel V.
Mugas of The Manila Times states.

The report cites company sources as revealing that the company's
main office in Atlanta has not laid out any separation package
for its Philippine employees.  Mirant Philippines is in the
process of selling its 2,203 megawatts worth of power facilities
in the Philippines and has received indicative bids from
prospective buyers, The Manila Times recounts.

According to the paper, some 1,200 employees of Mirant
Philippines will be affected by the sale.

The Manila Times further notes that sources have confirmed that
Mirant Philippines employees are considering "taking legal
action to get what is due them."  The employees have no idea as
to what's going to happen to them after the sale, the paper
says.

One of the interested groups, sources said, has emphasized the
need to resolve the issue on employees' severance package as
this is one of the crucial matters being taken into
consideration in a sale process, The Manila Times relates.

                          About Mirant

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for Chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000
in assets and US$11,401,000,000 in debts.  The Debtors emerged
from bankruptcy on Jan. 3, 2006.

                          *     *     *

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

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

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

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

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

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


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

AAR CORPORATION: Sales Grow 21% in Fourth Quarter
-------------------------------------------------
AAR Corporation's fourth quarter net sales of US$253.5 million
and income from continuing operations of US$12.9 million or
US$0.31 per diluted share.  For the fourth quarter of last year,
the Company reported net sales of US$209.9 million and income
from continuing operations of US$5.8 million or US$0.17 per
diluted share.  Sales from new supply chain programs, the ramp
up of operations at the Company's Indianapolis maintenance
facility and continued strong demand for specialized mobility
products were the primary drivers of the 21% year-over- year
sales growth for the quarter as the Company capitalized on the
trends of MRO outsourcing and value-added supply chain
management solutions.  Income from continuing operations
increased 121% in the fourth quarter due mainly to higher
volumes, improved margins and operational efficiencies.

For the fiscal year ended May 31, 2006, the Company reported net
sales of US$897.3 million and income from continuing operations
of US$35.2 million or US$0.94 per diluted share. In the prior
year, net sales were US$747.8 million, and income from
continuing operations was US$18.6 million or US$0.55 per diluted
share. The same drivers that fueled the growth in the fourth
quarter contributed to the 20% sales growth and 89% growth in
income from continuing operations for the year.

"Fiscal 2006 was an excellent year for AAR," said David P.
Storch, Chairman, President and Chief Executive Officer of AAR
CORP.

"During the year we launched several significant new programs,
raised $150 million in capital to fund future growth and
reported solid financial results, including the record net
income achieved in the fourth quarter. We strengthened the
balance sheet and our overall financial position throughout the
year, increasing stockholders' equity by 34% to $423 million and
finishing the year with US$205 million of cash and amounts
available from our credit lines. I believe the Company has
successfully completed its transition from recovery to health."

                  Highlights for Each Segment

Aviation Supply Chain -- Sales increased 12% for the quarter and
18% for the year compared to the same periods a year ago. New
programs with Mesa Air Group and the United Kingdom Ministry of
Defence, as well as overall robust demand for the Company's
parts supply products and repair services, translated into
strong sales and margin gains.

Maintenance, Repair and Overhaul -- Sales increased 57% for the
quarter and 63% for the year compared to the same periods a year
ago. The addition of sales from AAR's Indianapolis-based heavy
maintenance operation was the major driver for the sales growth.
Volumes were also higher at the Company's aircraft maintenance
operation in Oklahoma City and landing gear repair operation in
Miami.

Structures and Systems -- Sales increased 19% for the quarter
and 20% for the year compared to the same periods a year ago.
All businesses within this segment experienced growth in sales
for the year, with the majority of the growth from continued
high levels of demand for specialized mobility products. Margin
pressure related to product mix within this segment continued in
the fourth quarter, while overall performance in this segment
remained strong.

Aircraft Sales and Leasing -- Operating income for this segment
increased significantly in the fourth quarter and for the year
versus the same periods last year. One aircraft was added to a
joint venture during the fourth quarter, bringing the total
number of aircraft held in joint ventures to 16 at May 31, 2006.  
The Company also owns seven aircraft outside of joint ventures.

Sales to defense and commercial customers grew significantly
during fiscal 2006. Growth in defense sales was 25% for the
fourth quarter and 24% for the year. Growth in commercial sales
was 21% for the quarter and 19% for the year.

The gross profit margin was 18.9% in the fourth quarter, up from
16.7% in the fourth quarter of last year. For the year, the
gross profit margin was 18.3% versus 16.2% in the prior year.
Selling, general and administrative costs increased for the
quarter and the year as part of the Company's growth strategy,
but decreased as a percentage of sales. In addition, improved
performance in the aircraft joint ventures drove higher profits
reflected in equity in earnings of joint ventures. The operating
profit margin reached 8.0% in the fourth quarter and 7.2% for
the year. Operating profit margins for the same periods last
year were 4.3% and 4.5%, respectively.

The Company generated operating cash flow of US$22 million and
reduced its net interest expense by US$0.5 million in the fourth
quarter. Large investments in working capital during the first
three quarters of fiscal 2006 resulted in an operating cash
outflow of US$40 million for the year. These investments fueled
significant growth for the Company and are currently earning
solid returns as reflected in the operating results.

Storch continued, "The Company is in a great position to execute
its growth strategy and provide commercial and defense customers
with new and innovative solutions to meet their maintenance,
supply and logistics requirements. During the year, we
strengthened our capital structure, made numerous investments
and aligned our capabilities to high-growth markets."

For the quarter under review, the company has registered a
record net income of US$12.9 million.  As of May 31, 2006, the
group's balance sheet revealed total assets of US$978,819,000
and total liabilities of US$293,624,000, resulting into a
stockholders' equity of US$422,717,000.

A full-text copy of this press release is available for free at:

                http://bankrupt.com/misc/AAR

                      About AAR Corp.

AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides  
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' rating to
AAR Corp.'s 1.75% US$125 million convertible senior notes due
2026 sold via SEC Rule 144A with registration rights.  At the
same time, Standard & Poor's affirmed its ratings, including the
'BB-' corporate credit rating, assigned effective June 16, 2003,
on the aviation support services provider.  S&P said the rating
outlook is stable.


AAR CORP: Closes New US$140 Million Revolving Credit Facility
-----------------------------------------------------------
AAR Corp. has closed on a new senior, unsecured revolving credit
facility.

The facility has an initial limit of US$140 million and can be
increased to US$175 million.  The new agreement has a term of
four years and an interest rate fluctuating between LIBOR plus
125 and 200 basis points.  LaSalle Bank N.A. is the lead bank in
the syndicate of banks making this credit line available to the
Company.

The new financing replaces the Company's US$30 million secured
revolving credit facility, which has been cancelled, and its
US$50 million accounts receivable securitization facility, which
will be cancelled over the next 90 days.

"Our improved financial performance and outlook have allowed us
to simplify our capital structure, replacing multiple secured
credit facilities with one unsecured facility that has more
attractive terms and pricing," Timothy J. Romenesko, Vice
President and Chief Financial Officer, said.  "The new facility
provides us with even greater financial flexibility and
availability of funds to grow our business and position the
company for the future." Mr. Romenesko added.

                       About AAR Corp.

AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides  
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' rating to
AAR Corp.'s 1.75% US$125 million convertible senior notes due
2026 sold via SEC Rule 144A with registration rights.  At the
same time, Standard & Poor's affirmed its ratings, including the
'BB-' corporate credit rating, assigned effective June 16, 2003,
on the aviation support services provider.  S&P said the rating
outlook is stable.


ADEXA SINGAPORE: Creditors' Proofs of Debts Due on October 2
------------------------------------------------------------
Adexa Singapore Pte Ltd notifies parties-in-interest of its
intention to declare dividend to creditors.

The company's creditors are required to file their proofs of
claim by October 2, 2006, for them to share in the dividend
distribution.

The liquidator can be reached at:

         Leow Quek Shiong
         c/o 137 Telok Ayer Street #04-01
         Singapore 068602


AVANZI ENTERPRISE: Pays First and Final Dividend
------------------------------------------------
Avanzi Enterprise Pte Ltd has paid its first and final dividend
to creditors on August 29, 2006.

The dividend paid was 5.8% on all admitted claims.

The Official Receiver can be reached at:

         Chan Wang Ho
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


GN PACKAGING: Creditors Must Prove Debts by September 27
--------------------------------------------------------
Liquidator Don M Ho required the creditors of GN Packaging
Industries Pte Ltd to submit proofs of debt by September 27,
2006.

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

The Liquidator can be reached at:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Facsimile: 6532 0331


KIN HOE HANG: Creditors' Meeting Slated for September 18
--------------------------------------------------------
The creditors of Kin Hoe Hang Construction (Pte) Ltd will hold a
meeting on September 18, 2006, at 2:30 p.m., in 8 Cross Street
#17-00 at PWC Building, Singapore 048424.

At the meeting, creditors will be asked to:

   -- receive the liquidator's report on the proceedings of the
      company's wind-up;

   -- approve the remuneration of the Liquidator; and

   -- discuss any other matters.

The liquidator can be reached at:

         Chew Kia Ngee
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


LKN-PRIMEFIELD: General Meeting Slated for September 29
-------------------------------------------------------
LKN-Primefield Limited will hold a general meeting on
September 29, 2006, at 10:30 a.m., in Copthorne King's Hotel,
Prince 2 at Level 13, 403 Havelock Road in Singapore 169632.

Durong the meeting, members will be asked to:

   -- to give the company an approval to dispose 8,100,000
      ordinary shares in the capital of Primefield Company Pte
      Ltd -- PCPL -- representing all the issued shares in the   
      capital of PCPL, to DBS Bank Ltd -- DBS Bank -- for a cash
      consideration of SGD1 and on the terms and subject to
      the conditions set out in the sale and purchase agreement
      on June 8, 2006, entered between the company and DBS Bank;

   -- to authorize the company's directors to exercise
      discretion, to complete without limitation, to sign, seal,
      execute and deliver all documents and deeds, and to
      approve any amendment, alteration or modification to any
      document, as may be consider necessary, desirable or
      in connection with the Disposal the Resolution.

   -- to approve the proposed change the company's name from
      LKN-Primefield Limited to HLG Enterprise Limited and that
      the latter name be substituted for LKN-Primefield Limited
      whenever it appears in the company's memorandum and
      Articles of Association;

   -- to authorize the company's directors to exercise
      discretion, to complete and do things, including without
      limitation, to sign, seal, execute and deliver all
      documents and deeds, and to approve any amendment,
      alteration or modification to any document, as may be
      consider necessary, desirable or to give effect to the
      Resolution;

   -- to adopt the HLG Enterprise Share Option Scheme 2006,
      which shall be granted to:

          * employees and directors of the company or its
            subsidiaries ;

          * employees and directors of the company's designated
            parent or holding company and its subsidiaries --
            other than the company and its subsidiaries; and

          * employees and directors of associated companies of
            the LKN- Primefield, who are selected to participate
            in the Scheme-- Grantees to acquire ordinary shares
            in the company's capital or known as Shares; and

     -- to amend Article 7 of the company's Articles of
        Association.

                      About LKN-Primefield

LKN-Primefield Ltd is a Singapore-based company involved in
investment holding and investing in property for rental.   
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN is also
involved in the manufacture, retail sale, distribution, import
and export of computer hardware (including computer peripherals)
and software, and the development of multimedia transactional
payphone kiosks.  In addition, it is an ESDN (electronic service
delivery network) provider that owns and operates a large
network of public broadband transactional terminals. The
company's operations are mainly concentrated in Singapore, China
and Indonesia.  

                          *     *     *
On November 29, 2004, LKN-Primefield and certain of its
subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.


PDC CORP: Unveils Changes to Board Composition
----------------------------------------------
Chua Teck Leong and Chang Mak Chow, both the Non-Executive
Directors of PDC Corporation have resigned from their posts on
September 5, 2006.  Likewise, Mr. Chua will cease to act as the
Chairman of the Nominating Committee and as the Member of both
the company's Audit and Renumeration Committees.  Chen Seow Phun
will take over the post as the Chairman of the Nominating
Committee.

The Board will now consist of:

Dr. Wang Kai Yuen -- Chairman/Non-Executive and Independent ]
                     Director
Mah Peek Sze Patsy -- Executive Director
Gan Wui Koh -- Chief Operation Officer and Executive Director
See Tow Siew Chuan --  Non-Executive Director
Luar Eng Hwa -- Non-Executive and Independent Director
Chen Seow Phun, John  -- Non-Executive and Independent Director

The Audit Committee will now consist of:

Luar Eng Hwa -- Chairman, Non-Executive and Independent Director
Dr. Wang Kai Yuen -- Non - Executive and Independent Director
Chen Seow Phun, John -- Non - Executive and Independent Director

The Nominating Committee will now consist of:

Chen Seow Phun, John -- Chairman/Non - Executive and Independent
                        Director
Luar Eng Hwa -- Non - Executive and Independent Director
Wang Kai Yuen -- Non- Executive and Independent Director

The Remuneration Committee will now consist of:

Dr. Wang Kai Yuen -- Chairman/Non-Executive and Independent
                     Director
Luar Eng Hwa -- Non-Executive and Independent Director
Chen Seow Phun, John -- Non-Executive and Independent Director

                      About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.  
                          
                          *     *     *

Auditors Ernst & Young has expressed significant doubt on the
company's ability to continue as a going concern citing its
liabilities and default in repayments.


SEE HUP SENG: Inks Share Sale Agreement with Liu Yi Cheng
---------------------------------------------------------
On September 6, 2006, See Hup Seng Limited entered into a
conditional share sale agreement with Liu Yi Cheng an Assistant
General Manager of the company's Shanghai subsidiary to dispose
the company's China subsidiaries -- See Hup Seng Special Coating
Equipment & Engineering "Guangzhou" Co Ltd and See Hup Seng
Special Coating Equipment & Engineering "Shanghai".

After taking into consideration the subsidiaries' net tangible
assets from its unaudited financials of approximately
CNY2,800,000, the staff headcounts and operating costs from
August 1, 2006,  the purchase amount of  CNY1,500,000 or
SG$300,000 was agreed upon, which will be settled through the
payment of:

   (i) CNY500,000 five days from the date of signing the
       Agreements;

  (ii) CNY500,000 on October 15, 2006, and;

(iii) CNY500,000 on November 15, 2006.


The company's China subsidiaries were sold because of the
financial strains it was giving to the company and the losses it
incurred for the last three years, which are:

  * SG$ 892,000 in 2005;
  * SG$1,336,000 in 2004; and
  * SG$1,592,000 in 2003.

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is    
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.                         

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens--See Hup Seng's independent
auditors--expressed a significant doubt in the company's ability
to continue as going concern on April 7, 2006, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


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

ASIA HOTEL: Gains THB58.23-Million in First Half 2006
-----------------------------------------------------
Asia Hotel Public Co Ltd posted a THB58.23-million consolidated
net profit in the first half period ending June 30, 2006, an
increase from the THB26.98 million net profit posted in the same
period of the previous year.

The company's consolidated balance sheet as of June 30, 2006,
showed strained liquidity with current assets at
THB170.87 million available to pay THB220.492 million in current
liabilities coming due within the next 12 months.

Total liabilities of the company and its subsidiaries at the end
of June 2006 amounted to THB3.310 billion while total assets is
at THB4.210 billion.  Shareholders' equity amounted to
THB900.153 million.

Atipong AtipongSakul expressed a going concern doubt on the
company after reviewing its current financial statement.  The
going concern was specifically blamed on the THB1.141 million
consolidated working capital deficit of the company at the end
of June 30, 2006.

Full-text copies of the company's financial statements for the
period ended June 30, 2006, are available for free at:

    http://bankrupt.com/misc/ASIA_1h_06_.xls

    http://bankrupt.com/misc/ASIA_1h_ar_06.doc

                          *     *     *

Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited was incorporated on March 24, 1964, and has been
publicly listed   since 1989.  The Company and its two
subsidiaries, Asia Pattaya Hotel Company Limited and Asia
Airport Hotel Company Limited, are involved in the hotel
business, with its principal activities consisting of room
service and operating restaurants.  Another subsidiary, Zeer
Property Company Limited is primarily involved in the
construction and the building of shopping complexes.

On July 4, 2006, Asia Hotel Public Company Limited submitted a
report to the Stock Exchange of Thailand outlining the progress
of its rehabilitation plan.

In its update, Asia Hotel discloses that in June 2006, it was
able to amend the terms and conditions of the August 1999 Debt
Restructuring Agreements with the five financial institutions.  
As of June 30, 2006, the Company's total outstanding debt
amounts to THB1.49 billion.  

Specifically, the Company says that the significant amendments
pertain to:

   1. the reduction of the accrued interest from THB599.88
      million to THB214.34 million;

   2. the extension of the payback period from 10 years
      (2006-2016) to 15 years (2006 -2021); and
        
   3. the reduction of the interest rate from MLR-1% in 2006 and
      MLR 2007-2016 to MLR-0.5% for the whole payback period
      from 2006 to 2021.


TMB BANK: Moody's Raises Financial Strength Rating to D-
--------------------------------------------------------
Moody's Investors Service, on September 8, 2006, upgraded the
bank financial strength rating of TMB Bank Public Company
Limited to D- from E+.  The bank's debt and deposit ratings are
unaffected. The outlook for all ratings is stable.  

The upgrade concludes the review of TMB's BFSR for possible
upgrade announced on March 14, 2006.

"The upgrade reflects the bank's successful issuance of its U.S.
dollar hybrid securities in May 2006 and completion of its
rights issue in August 2006, which together raised approximately
US$460 million," says Leo Wah, a Moody's Assistant Vice
President/Analyst.

The rating agency notes that the fund-raising has boosted TMB's
regulatory capital to approximately 12% -- a level closer to
those of the top banks in Thailand.

More importantly, the bank's economic solvency -- adjusted for
possible additional loan losses and the basket treatment of its
hybrid issue -- will now increase to a moderate level of about
6%, supporting its plan to reduce its non-performing loan ratio,
raise loan-loss reserve coverage and expand its consumer lending
exposures.

All these areas are still far from satisfactory and TMB must
deliver significant improvements over a certain period to time
to warrant a BFSR comparable to those of the top Thai banks.

"As long as TMB's financials remain weak, despite improvements,
Moody's will hold it to a high level of economic solvency
relative to the banks with BFSR of D- in other countries," says
Wah.

"The full subscription of the rights issue by TMB's major
shareholders further indicates that they would offer continued
strong support, if needed," notes Wah.

"Separately, Moody's has requested market feedback on its
proposals to adopt a Joint Default Analysis approach to assess
support factors in ratings and a revised rating methodology for
assigning BFSR," says Wah, adding "If adopted, this could
benefit the deposit and debt ratings assigned to TMB."

                          *     *      *

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders  
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

                          *     *     *

Fitch Ratings on September 4, 2006, affirmed TMB Bank's ratings
following the bank's announcement that its rights issue has been
fully subscribed.

The ratings are affirmed at foreign currency Issuer Default
'BB+' with a Positive Outlook, Short-term foreign currency 'B',
Individual 'D' and Support '3'.  Its foreign currency
subordinated debt is affirmed at 'BB' and foreign currency
hybrid Tier 1 securities at 'B+'.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


=============
V I E T N A M
=============

* S&P Raises Vietnam's Foreign Currency Credit Rating to 'BB'
-------------------------------------------------------------
On September 7, 2006, Standard & Poor's Ratings Services raised
its long-term foreign and local currency sovereign credit
ratings on Vietnam to 'BB' and 'BB+', from 'BB-' and 'BB',
respectively.  The outlooks on the long-term ratings are stable,
while both short-term foreign and local currency ratings are
affirmed at 'B'.

"The upgrade reflects the increased economic growth potential of
the Vietnamese economy, which has resulted from the ongoing
efforts of the government to improve essential public
infrastructure and the investment climate.  Measures to
introduce foreign participation in the domestic banking system
have also laid the foundation for greater financial stability
going forward," Standard & Poor's credit analyst Kim Eng Tan, of
the Sovereigns Ratings group says.  "The resulting boost to
future economic growth and financial stability would give the
government greater flexibility in addressing structural
weaknesses in the Vietnamese economy, particularly the
undercapitalized banking system."

The ratings on Vietnam reflect the country's status as a
formerly centrally planned economy, which is still in an early
stage of its transition toward a market economy.  As the country
continues to liberalize, institutions with significant control
over the allocation of economic resources frequently act in a
manner that creates long-term problems for the country.  The
institutions -- including state organs, state-owned enterprises,
and banks -- are not yet completely restructured to perform
their roles in a market economy.  Public enterprises often face
non-market incentives and are sometimes headed by officials with
an incomplete understanding of modern business and market
practices.

Nevertheless, Vietnam is supported in its current ratings
category by the country's strong economic growth potential,
which is underpinned by Vietnam's favorable labor productivity
and a large under-utilized agricultural workforce, as well as a
high domestic savings rate.  The Vietnamese government's
willingness and ability to push the economic reform agenda
forward is another key credit supporting factor.

In recent years, the government has enacted policies, built
international relationships, and introduced administrative
reforms critical to reshape Vietnam into a market economy.  
These reforms are being entrenched by Vietnam's increasing
integration with the global economy, and the need to maintain
strong economic growth to provide employment for its growing
population.

The stable outlook on Vietnam's credit ratings reflects
expectations that the momentum of structural and administrative
reforms in the country will be maintained.  The outlook could
turn positive if reform efforts deepen to allow the private
sector to play a much greater role in the country's economic
development than currently is the case.  At the same time, the
budget deficit needs to be gradually brought down as a
proportion of GDP and the buildup of non-performing assets in
the banking system maintained at significantly below nominal GDP
growth, primarily through an acceleration of banking system
reforms.

Conversely, a negative change in the outlook could be triggered
by a sustained slowdown in real economic growth significantly
below 7%, excessive credit growth that could worsen the burden
of non-performing bank loans, or a failure to rein in the budget
deficit over the medium term.



                            *********

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,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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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 ***