TCRAP_Public/060914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

          Thursday, September 14, 2006, Vol. 9, No. 183

                            Headlines

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

A WEST SCREEN: Final Meeting Scheduled on September 27
AFRITIUS PTY: Enters Voluntary Wind-Up
APEX HOME: Court Orders Winding Up
ARCHEFECTS LIMITED: Faces Liquidation Proceedings
BETTA DENTAL: Creditors Opt for Voluntary Liquidation

BLACKTOWN CITY: Members and Creditors to Get Wind-Up Report
CARRBROOK INVESTMENTS: Court to Hear CIR's Petition on Sept. 21
CREMORNE PRESTIGE: To Declare Dividend on September 27
DIKO CONSULTING: Liquidator to Present Wind-Up Report
DIVE IN: Members Agree on Wind-Up

EDOCS ASIA: Undergoes Voluntary Liquidation
EONTEC AUSTRALIA: Members Opt to Shut Down Business
FANTASY LANE: Sole Shareholder Decide to Close Operations
FELTEX CARPETS: NZX Pre-Announcement Extended to September 18
FINANCE & MANAGEMENT: Commences Wind-Up Proceedings

FIVE STAR: Final Meeting Slated for September 25
FOCUS INTERNATIONAL: To Declare Final Dividend on October 2
GEO GROUP: Good Performance Prompts S&P to Upgrade Rating to BB-
HIH INSURANCE: Liquidator Confident in Settling Major Claims
HIH INSURANCE: G. Sturesteps Sues Liquidator McGrath + Nicol

HUNTER TRANSPORT: Members and Creditors Meeting Set on October 5
INFINITY BAR: Court to Hear CIR's Liquidation Bid on Sept.18
KIDFORD HOLDINGS: Creditors Must Prove Debts by September 18
KINGS CREEK: To Declare Final Dividend on October 4
M.C. HOLDING: Creditors Appoint Joint and Several Liquidators

MEWLOW PTY: Undergoes Voluntary Liquidation
MFG HOLDINGS: Placed Under Voluntary Liquidation
MONTGOMERY CONSULTING: Faces Liquidation Proceedings
NARANDA BANNER: Members to Receive Wind-Up Report on Sept. 20
ONE.TEL LIMITED: Liquidator not Compensated by Directors

ONYX DIGITAL: liquidation Bid Hearing Fixed on Sept.21
PLEGA HEALTHCARE: Faces CIR's Liquidation Petition
POOLS PLUS: Court Sets Date to Hear ACC's Liquidation Bid
RAUTARA INVESTMENTS: Shareholders Agree to Voluntary Liquidation
SAKAKA LIMITED: Liquidation Bid Hearing Slated for Sept.21

TALENT BASE: Under Voluntary Liquidation
UNIQUE NIBBLE: Court Set to Hear GS1 Inc.'s Liquidation Bid
* Alvarez & Marsal and McGrath Nicol Enter Affiliation Agreement


C H I N A   &   H O N G  K O N G

AFK HONG KONG: Names Borrelli and Walsh as Liquidators
AXIMAGE INTERNATIONAL: Liquidator Ceases to Act for Company
BESTNOON LTD: Appoints Joint and Several Liquidators
C.C.S. CONSTRUCTION: Wind-Up Bid Hearing Set on October 11
CHINA BEER: Creditors' Proofs of Claim Due on October 3

CHIU SHUN: Liquidators Step Aside
GOLDEN CHEER: Liquidator Ceases to Act for Firm
GUANGDONG DEVELOPMENT: Citigroup to Buy 19.9% Stake for US$3Bil.
H.C.T. LTD: Sole Shareholder Opts for Voluntary Wind-Up
HIGH TALENT: Court to Hear Wind-Up Petition on October 11

JIALING XIN: Joint and Several Liquidators Named
KENFAME INVESTMENT: Wind-Up Petition Hearing Set on October 4
MAY QUEEN: Creditors Must Prove Debts by October 3
POLYCROWN ENGINEERING: Members and Creditors Hold Annual Meeting
SAM KEE: Wind-Up Bid Hearing Set on September 13

SANTEX ENTERPRISES: Court to Hear Wind-Up Bid on October 4
SISLEY FAR EAST: Creditors' Proofs of Claim Due on September 29
SMART LOYAL: Enters Wind-Up Proceedings
SOUTHERN FORTUNE: Creditors Must Prove Debts by October 6
TEEN MISSION: Final Members Meeting Set on October 6

VOLKSWAGEN AG: Mulls Profit Sharing Scheme for Extended Hours


I N D I A

ALLAHABAD BANK: Fitch Assigns C/D Individual Rating
DUNCANS INDUSTRIES: Net Worth Erosion Prompts Referral to BIFR
GENERAL MOTORS: Seeks Creative Agency for Chevy Spark
SILICON GRAPHICS: Wants to Enter Into US$115M Commitment Letter
SILICON GRAPHICS: Has Until Dec. 4 to Decide on Unexpired Leases

SILICON GRAPHICS: Court Gives Final Nod on AFCO Financing Pact
SIV INDUSTRIES: Assets Sell for Double the Upset Price
TRAVANCORE RAYONS: NDEE Wants State to Step Up Revival Efforts


I N D O N E S I A

ALCATEL SA: Shareholders Approve Lucent Merger Deal
ALCATEL SA: New Entity Shares Can Trade in French Exchange
ALCATEL SA: Inks EUR30-Million Contract with Iraq's ITPC
ANIXTER INT'L: Good Performance Cues Fitch to Hold Low-B Ratings
ANIXTER INT'L: Posts Second Quarter Sales of US$1.24 Billion

CA INC: Amends Credit Facility to Repurchase US$2 Bil. of Stocks
CA INC: To Cut 1,700 Jobs to Achieve US$200M Annualized Savings
EXCELCOMINDO PRATAMA: Sets Aside US$500 Million for CAPEX
FOSTER WHEELER: Joseph Melone Retires from Board of Directors
FOSTER WHEELER: Net Income Reaches US$43.1MM in Second Quarter

FOSTER WHEELER: Raymond Milchovich Continues as Pres. & CEO
FOSTER WHEELER: U.K. Units Face 329 Asbestos Claims
FOSTER WHEELER: Records 161,440 Asbestos Claims in the U.S.
FOSTER WHEELER: Has US$435-Million Liability in 2Q06
GOODYEAR TIRE: Sells Tire Fabric Operations to Hyosung

KRONOS INT'L: Declares US$0.25 Per Share Quarterly Dividend
KRONOS INT'L: Parent Posts US$13.6-Mln Net Income in 2nd Quarter
TELKOM INDONESIA: Fitch Assigns BB- Issuer Default Ratings


J A P A N

MITSUBISHI MOTORS: Denies Australian Plant Closure Report
SOFTBANK CORP: Mulls Cellular Broadband Services by 2008
WAVE SYSTEMS: Posts US$4.5-M 2006 Second Quarter Net Loss


K O R E A

CITIBANK KOREA: Pays KRW1.87B in Menstrual Leave Compensation
KOOKMIN BANK: Faces Government Suit Over High Fee Rates
WOORI BANK: Audit Committee Member Suk Won Kim Resigns
WOORI BANK: Sells US$500-Million Five-Year Floating-Rate Notes


M A L A Y S I A

ANTAH HOLDINGS: Unit Files Counter Claim Against Bin Wahi
ANTAH HOLDINGS: Counters Suit by Wheels & Wheels
ARK RESOURCES: Courts Extends Restraining Order to January 5
FOREMOST HOLDINGS: To Consider Nomination of New Auditor
JIN LIN: Court Grants Restraining Order Extension Request

PAN MALAYSIA CORP: Buys Back 145,000 Shares in One Week
PAN MALAYSIAN: To Hold 44th AGM on September 29
PSC INDUSTRIES: Bourse Extends Rehab Plan Submission Deadline
TALAM CORP: Notes Variance Between Audited and Unaudited Results


P H I L I P P I N E S

BANK OF CEBU: Depositors to File Claims Until September 2008
MAYNILAD WATER: MWSS Extends Qualified Bidders' Due Diligence
MAYNILAD WATER: Manila Water Conducting Due Diligence
PHILIPPINE AIRLINES: To Settle PHP2-Bil. Gov't Debt, MIAA Says
* RP Economy Surges as Peso Valuation Rises vs U.S. Dollar


S I N G A P O R E

ISOFT: Government Admits Making Upfront Payments of EUR82 Mil.
JAPAN TRAVEL: Creditors' Proofs of Debt Due on September 25
SEAGATE TECHNOLOGY: Appoints Dave Wickersham as President
SEAGATE TECHNOLOGY: Moody's Assigns Ba1 Rating; Outlook Stable
SEAGATE TECHNOLOGY: Wants to Offer US$1.25 Bil. Debt Securities


S R I   L A N K A

INDUSTRIAL FINANCE LIMITED: Fitch Assigns 'BB+(lka)' Rating


T H A I L A N D

BANGKOK BANK: Head Denies Chinese Partnership
PHELPS DODGE: Moody's Confirms (P)Ba1 Pfd. Stock Shelf Ratings
TOTAL ACCESS: May Face Probe on its Shareholding Structure

     - - - - - - - -

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

A WEST SCREEN: Final Meeting Scheduled on September 27
------------------------------------------------------
A final meeting of the members and creditors of A West Screen
Pty Ltd will be held on September 27, 2006, at 10:00 a.m.

During the meeting, Liquidator Graeme Lean will report on the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         Graeme Lean FCPA
         G. T. Lean & Associates
         424 Fitzgerald Street
         North Perth, Western Australia 6006
         Australia


AFRITIUS PTY: Enters Voluntary Wind-Up
--------------------------------------
Members of Afritius Pty Ltd convened on August 24, 2006, and
decided to voluntarily wind up the company's operations.

Schon Condon and Bruce Gleeson were subsequently named as joint
liquidators.

The Joint Liquidators can be reached at:

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


APEX HOME: Court Orders Winding Up
----------------------------------
The Supreme Court of New South Wales had on August 24, 2006,
ordered the wind-up of Apex Home Improvements Pty Ltd.

The court also ordered the appointment of Riad Tayeh as official
liquidator.

The Liquidator can be reached at:

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


ARCHEFECTS LIMITED: Faces Liquidation Proceedings
-------------------------------------------------
A petition to liquidate Archefects Ltd will be heard before the
High Court of Wellington on September 18, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 7, 2006.

The Solicitor for the Plaintiff can be reached at:

         Mary Kate Crimp
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1067
         Facsimile: (04) 890 0009


BETTA DENTAL: Creditors Opt for Voluntary Liquidation
-----------------------------------------------------
The creditors of Betta Dental Investments Pty Ltd met on
August 24, 2006, and passed a special resolution to voluntarily
liquidate the company's business.

Subsequently, K.L. Sutherland was appointed as liquidator.

The Liquidator can be reached at:

         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia


BLACKTOWN CITY: Members and Creditors to Get Wind-Up Report
-----------------------------------------------------------
A final meeting of the members and creditors of Blacktown City
Rugby League & Sports Club Ltd will be held on September 29,
2006, at 10:00 a.m.

During the meeting, Liquidator Riad Tayeh will report on the
company's wind-up activities and property disposal exercises.

Meanwhile, the company has already declared a second dividend on
July 14, 2006, the Troubled Company Reporter - Asia Pacific
reported.

The Liquidator can be reached at:

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


CARRBROOK INVESTMENTS: Court to Hear CIR's Petition on Sept. 21
---------------------------------------------------------------
On June 26, 2006, 2006, the Commissioner of Inland Revenue filed
Ltd before the High Court of Auckland a petition to liquidate
Carrbrook Investments.

The petition will be heard on September 21, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         S.J. Eisdell Moore
         c/o R.E. Harvey at Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand
         Telephone: (09) 336 7556


CREMORNE PRESTIGE: To Declare Dividend on September 27
------------------------------------------------------
Cremorne Prestige Cars Pty Ltd will declare its first and final
dividend for creditors on September 27, 2006, to the exclusion
of those who cannot prove their claims by September 26, 2006.

The liquidator can be reached at:

         Brian Silvia
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia         
         Telephone:(02) 9286 9999
         Facsimile:(02) 9286 9888


DIKO CONSULTING: Liquidator to Present Wind-Up Report
-----------------------------------------------------
The members and creditors of Diko Consulting Pty Ltd will hold a
final meeting on September 20, 2006, at 11:00 a.m.

At the meeting, Liquidator D. A. Turner will report final
accounts of the company's wind-up and property disposal.

The Liquidator can be reached at:

         D. A. Turner
         PKF Chartered Accountants
         Level 11, 485 La Trobe Street
         Melbourne, Victoria 3000
         Australia


DIVE IN: Members Agree on Wind-Up
---------------------------------
The members of Dive In Australia Pty Ltd convened on August 23,
2006, and agreed that the company should voluntarily wind up its
operations.

In this regard, Michael G. Jones was appointed as liquidator.

The Liquidator can be reached at:

         Michael G. Jones
         Jones Condon
         Chartered Accountants
         Level 13, 189 Kent Street
         Sydney, New South Wales
         Australia     
         Telephone:(02) 9251 5222


EDOCS ASIA: Undergoes Voluntary Liquidation
-------------------------------------------
The members of Edocs Asia-Pacific Pty Ltd convened on August 24,
2006, and passed a resolution to wind up the company's
operations.

Accordingly, Timothy James Cuming and David Clement Pratt were
named official liquidators.

The Liquidators can be reached at:

         Timothy James Cuming
         David Clement Pratt
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


EONTEC AUSTRALIA: Members Opt to Shut Down Business
---------------------------------------------------
The members of Eontec Australia Pty Ltd held a general meeting
on August 24, 2006, and agreed to shut down the company's
operations.

In this regard, Timothy James Cuming and David Clement Pratt
were appointed as official liquidators.

The Liquidators can be reached at:

         Timothy James Cuming
         David Clement Pratt
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


FANTASY LANE: Sole Shareholder Decide to Close Operations
---------------------------------------------------------
On August 24, 2006, the sole shareholder of Fantasy Lane Pty Ltd
decided to close the company's operations and appoint Gideon
Isaac Rathner and David John Coyne as joint and several
liquidators.

The Joint and Several Liquidators can be reached at:

         Gideon Isaac Rathner
         David John Coyne
         Lowe Lippmann
         5 St Kilda Road
         St Kilda, Victoria 3182
         Australia


FELTEX CARPETS: NZX Pre-Announcement Extended to September 18
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 23, 2006, Feltex Carpets Limited advised that it will
make its preliminary announcement in accordance with NZX Listing
Rules on September 13, 2006.

According to the TCR-AP report, Feltex has a balance sheet date
of June 30, 2006, and under the NZSX Listing Rule, was due to
make its annual preliminary announcement to NZX on August 29,
2006.  As Feltex is reporting under the New Zealand
International Financial Reporting Standards for the financial
year commencing July 1, 2005, Feltex has the benefit of a 15-day
extension granted to first-time NZIFRS reporters by the Class
Waiver granted by NZX.

In an update, Feltex sought and obtained the New Zealand Stock
Exchange's approval to further extend to September 18, 2006, the
period within which the company must make the Preliminary
Announcement after the end of the financial year.

Feltex explained that:

   (a) the accounting basis on which it financial year-end
       accounts should be prepared and audited cannot be
       determined until its likely future has been resolved; and

   (b) if Graeme and Craig Turner's Offer is proceeded with, it
       is likely that the financial year-end accounts would need
       to be prepared on the normal "going concern" basis.  In
       the absence of the Turner Offer or any other
       recapitalization transaction proceeding, it is likely
       that the financial year-end accounts would need to be
       prepared on a "break-up" accounting basis.

       Its auditors have advised that accounts should only be
       prepared on a going concern basis if it is reasonably
       foreseeable, for a minimum period of 12 months after the
       directors sign the financial year-end accounts, that the
       company will continue as a going concern.  NZX sought and
       received confirmation of this from Feltex's auditors.

Accordingly, the waiver will enable Feltex to prepare its
accounts and make the Preliminary Announcement at the time when
its Board will have greater certainty as to its future
direction.

NZX's approval is on the condition that Feltex release the
preliminary announcement as soon as possible after it is
available after the decision of the ANZ Bank and in any event on
September 18, 2006.

According to ShareChat News, constructive discussions continuing
among Feltex, the ANZ bank, and the Turners in relation to the
Turners' takeover proposal and variants of it, which would
provide substantially the same outcome to shareholders.

The Turners will need support from ANZ while new loan
arrangements are put in place for Feltex, which owes at least
NZ$135 million but says it is trading profitably, ShareChat
notes.

                          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.


FINANCE & MANAGEMENT: Commences Wind-Up Proceedings
---------------------------------------------------    
The members of Finance & Management Pty Ltd met on August 25,
2006, and agreed that a voluntary wind-up of the company's
operations is appropriate and necessary.

In this regard, Michael Owen was appointed as liquidator.

The Liquidator can be reached at:

         Michael Owen
         Chartered Accountant
         BDO Kendalls, Level 18
         300 Queen Street
         Brisbane, Queensland 4000
         Australia


FIVE STAR: Final Meeting Slated for September 25
------------------------------------------------
A final meeting of Five Star Security Pty Ltd will be held on
September 25, 2006, at of Featherby Reilly, Ground Floor, 1121
Hay Street, West Perth, Australia.

At the meeting, M. D. Reilly will present a report regarding the
Company's wind-up and property disposal activities.

According to the Troubled Company Reporter - Asia Pacific, David
Andrew Field was appointed Administrator of Five Star Facilities
on May 3, 2005.


FOCUS INTERNATIONAL: To Declare Final Dividend on October 2
-----------------------------------------------------------
Focus International Freight Pty Ltd will declare its second and
final dividend for creditors on October 2, 2006, to the
exclusion of those who cannot prove their claims by Sept. 12,
2006.

The Joint and Several Deed Administrator can be reached at:

         Neil G. Singleton
         Chartered Accountants
         Level 24, Australia Square
         264 George Street
         Sydney, New South Wales 2000
         Australia


GEO GROUP: Good Performance Prompts S&P to Upgrade Rating to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on prison
and correction services company The GEO Group Inc.  The
corporate credit rating was raised to 'BB-' from 'B+'.  The
ratings were removed from CreditWatch, where they were placed
with positive implications May 31, 2006, following the company's
announcement that it would offer 3 million shares of its common
stock in an underwritten public offering, intending to use
proceeds to pay down its term loan bank debt.  The rating
outlook is stable.

Boca Raton, Florida-based GEO had about US$172.5 million in
total nonrecourse debt outstanding at July 2, 2006, excluding
operating and pension-related obligations.

"The rating upgrade follows GEO's improved operating
performance, more favorable industry fundamentals, and an
improved capital structure following the reduction of
US$74.6 million in term loan debt, funded through proceeds
obtained from the recently completed common stock offering,"
said Standard & Poor's credit analyst Mark Salierno.

The ratings reflect the company's:

   * narrow business focus;
   * customer concentration; and
   * leveraged financial profile.  

These factors are somewhat mitigated by GEO's strong market
position in the highly regulated U.S. private correctional
facility management industry and favorable demographic trends.

GEO is a narrowly focused company that provides a range of
prison and correctional services to U.S. federal, state, local,
and overseas government agencies.  With more than 50,000 beds,
a substantial portion of which are in the U.S., the company is
the second-largest player in the U.S. privatized corrections
industry, behind market leader Corrections Corp. of America
(BB-/Positive/--), which has more than 70,000 beds.

GEO maintains a strong market position in the consolidating
niche privatized corrections industry.  Nonetheless, Standard &
Poor's believes that the company still faces competitive
pressures from CCA and smaller competitors, including Cornell
Cos. Inc.  (B-/Stable/--) and Management & Training Corp.
(unrated).

Pro forma for the paydown of term loan debt and for the
acquisition of Correctional Services Corporation completed in
November 2005, Standard & Poor's now expects lease- and pension-
adjusted EBITDA coverage of interest expense to be in the 2.5x
area, and adjusted total debt to EBITDA to be in the 3.5x area
(excluding GEO's nonrecourse debt, which Standard & Poor's
considers to be true pass-through arrangements).

The company has operations in Australia.


HIH INSURANCE: Liquidator Confident in Settling Major Claims
------------------------------------------------------------
The liquidator of HIH Insurance Limited is confident of settling
its seven major legal claims against former HIH and FAI
Insurance Limited executives and advisers by the end of 2006,
The Australian says, noting that the settlement would pave the
way for the return of millions of dollars to creditors.

The report cites counsel for McGrath & Nicol partner Tony
McGrath, who is HIH's liquidator, as telling an NSW Supreme
Court registrar that he believes he had "good prospects of
settlement" with companies including Warren Buffett's General
Reinsurance, other reinsurers, former accounting firm Arthur
Andersen and former directors of the failed companies.

On September 12, 2006, Mr. McGrath was granted a three-month
extension to negotiate with the individuals and companies named
in the writs he has filed but is yet to serve, The Australian
reveals.

However, Mr. McGrath believes he had better prospects of
reaching an out-of-court settlement with those companies and
individuals before the statements of claim were formally served,
the paper cites Mr. McGrath's barrister, Elizabeth Collins, as
telling the court.

                          Claim Amounts

The Australian recounts that when HIH collapsed, claims went
back as far as 1998 when FAI was found to have used reinsurance
companies Gen Re and Cologne Re and broker Guy Carpenter to
convert a AU$50-million pre-tax loss to AU$8.6 million profit.

This was the year before HIH took over FAI for AU$300 million,
the paper notes.

The Australian relates that other claims are to recover trading
losses and dividends paid in 1999 and 2000 from former directors
of HIH, including jailed businessmen Ray Williams and Rodney
Adler, and former FAI executives Daniel Wilkie and Tim
Mainprize.

One claim that remains afoot is the AU$400-million legal action
against 10 people, including federal MP Malcolm Turnbull and his
assistant, Russel Pillemer, the paper notes.

According to The Australian, it concerns Mr. Turnbull's role as
chairman of Goldman Sachs Australia when it was FAI's takeover
adviser after the September 1998 HIH bid.

The suit was formally served on Mr. Turnbull and the other
defendants in June, the paper says.

                     About HIH Insurance

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

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

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

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


HIH INSURANCE: G. Sturesteps Sues Liquidator McGrath + Nicol
------------------------------------------------------------
Former HIH Insurance Limited chief Ray Williams' lieutenant for
over 30 years George Osvald Sturesteps, is suing the company's
liquidator, arguing he is owed more than AU$3 million in
entitlements for superannuation, holiday pay, and other leave
payments, The Australian reports.

The paper relates that on September 7, 2006, lawyers for Mr.
Sturesteps appeared before the NSW Supreme Court for the first
time since the suit was lodged last month.  The suit is expected
to explore whether Mr. Sturesteps resigned as a director or was
pushed, The Australian says.

According to The Australian, the legal battle comes after behind
the scenes negotiations with liquidator Tony McGrath of
insolvency firm McGrath+Nicol ended without a deal.

The Australian reveals that the suit names Mr. McGrath, off-
sider Chris Honey and former partner Alex MacIntosh.

However, Messrs. McGrath, Honey, and MacIntosh have applied to
the court to have their names removed from the suit, the paper
says.

             Mr. Sturesteps Incompetent, APRA Says

The Australian relates that in April 2005 the insurance industry
regulator disqualified Mr. Sturesteps from acting as a director
or senior manager at any general insurer.  The Australian
Prudential Regulatory Authority found that Mr. Sturesteps
demonstrated a lack of knowledge, competence, or diligence in
carrying out his duties, the paper says, noting that Mr.
Sturesteps is now retired and living in Melbourne.

The paper recounts that in September 2000, Mr. Sturesteps ceased
to be a director and left the company at the end of that year,
three months before it collapsed.

During the HIH Royal Commission Mr. Sturesteps admitted that by
2000, HIH's re-entry to the U.S. market had been "disastrous"
and conceded that "a managing director overseeing losses of that
kind would have been dismissed," The Australian notes.

Based on evidence, Mr. Sturesteps failed to tell the HIH board
about substantial shortfalls in its U.S. workers' compensation
business, the paper adds.

Mr. Sturesteps's lawyer, Dieb Khoury from Sydney firm Benjamin &
Khoury, argued that his client had done the right thing in the
wake of the insurer's collapse.

The Australian further reveals that the liquidator has sued Mr.
Sturesteps' wife over the alleged non-repayment of a US$200,000
company loan used to buy an apartment in San Francisco in 1994.  
However, Mr. Williams told the royal commission the apartment
was a "bonus" for Mr. Sturesteps, the paper relates.

The Australian also notes that law firm Blake Dawson Waldron
submitted a AU$1 million invoice two days before the company was
placed into administration and was paid by cheque just hours
before the company crumbled.

                     About HIH Insurance

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

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

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

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


HUNTER TRANSPORT: Members and Creditors Meeting Set on October 5
----------------------------------------------------------------
The members and creditors of Hunter Transport Pty Ltd will hold
a final meeting on October 5, 2006, at 11:00 a.m. and 11:30
a.m., respectively.

At the meetings, Liquidator Richard J. Cauchi will present
accounts of the company's wind-up proceedings and property
disposal exercises.

The joint and several liquidators can be reached at:
         
         Richard J. Cauchi
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone: 9639 4779
         Facsimile: 9639 4773


INFINITY BAR: Court to Hear CIR's Liquidation Bid on Sept.18
------------------------------------------------------------
A petition to liquidate Infinity Bar and Niteclub Ltd will be
heard before the High Court of Wellington on September 18, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 7, 2006.

The Solicitor for the Plaintiff can be reached at:

         Mary Kate Crimp
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1067
         Facsimile: (04) 890 0009


KIDFORD HOLDINGS: Creditors Must Prove Debts by September 18
------------------------------------------------------------
Creditors of Kidford Holdings Ltd, trading as Addington Audio,
are required to prove their claims to Joint and Several
Liquidators David Donald Crichton and Keiran Ann Horne by
September 18, 2006.

On August 21, 2006, shareholders resolved to place the company
under voluntary liquidation.

The Joint Liquidators can be reached at:

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


KINGS CREEK: To Declare Final Dividend on October 4
---------------------------------------------------
Kings Creek Properties Limited will declare a final dividend on
October 4, 2006, to the inclusion of creditors who are unable to
submit their proofs of debts by September 20, 2006.

The Liquidator can be reached at:

         C. P. White
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia


M.C. HOLDING: Creditors Appoint Joint and Several Liquidators
-------------------------------------------------------------
At an extraordinary general meeting on August 24, 2006, the
creditors of M.C. Holding Pty Ltd agreed to voluntarily wind up
the company's operations and appoint John William Cunningham and
John Richard Park as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         John William Cunningham
         John Richard Park
         Ramsay Clout, Suite 2
         63 The Esplanade, Cotton Tree
         Australia


MEWLOW PTY: Undergoes Voluntary Liquidation
-------------------------------------------
At an extraordinary general meeting held on August 24, 2006, the
members of Mewlow Pty Ltd resolved to voluntarily liquidate the
company's business and appoint Gregory Moloney and Peter Geroff
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Gregory Moloney
         c/o Ferrier Hodgson (Queensland)
         Level 7, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


MFG HOLDINGS: Placed Under Voluntary Liquidation
------------------------------------------------
On August 21, 2006, shareholders of MFG Holdings Ltd resolved to
place the company under voluntary liquidation.

Accordingly, John Albert Price and Christopher Robert Ross
Horton were appointed liquidator of the company.

Creditors of the company are required to send their proofs of
claim to the Joint Liquidators on September 29, 2006.  Failure
to prove debts will exclude a creditor from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

         J. A. Price
         Horton Price Limited
         P.O. Box 9125, Newmarket
         Auckland, New Zealand
         Telephone: (09) 366 3700
         Facsimile: (09) 366 7276


MONTGOMERY CONSULTING: Faces Liquidation Proceedings
----------------------------------------------------
On August 23, 2006, the members of Montgomery Consulting Pty
Limited held a general meeting and decided to voluntarily
liquidate the company's business.

Creditors appointed Daniel I. Cvitanovic as liquidator at the
creditors' meeting held later that day.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Daniel I. Cvitanovic Chartered Accountant
         Shop 5 Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia


NARANDA BANNER: Members to Receive Wind-Up Report on Sept. 20
-------------------------------------------------------------
The members of Naranda Banner Pty Ltd will hold a final meeting
on September 20, 2006, at 10:00 a.m., to receive Liquidator
Brown's report on the company's wind-up proceedings and the
property disposal exercises.

As reported by the Troubled Company Reporter- Asia Pacific, the
company commenced a wind-up of operations on December 15, 2006.

The Liquidator can be reached at:

         Adrian Brown
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


ONE.TEL LIMITED: Liquidator not Compensated by Directors
--------------------------------------------------------
Three years after settling his lawsuit with the corporate
watchdog and agreeing he was liable for AU$92 million in
compensation to One.Tel Limited, former managing director Brad
Keeling has not paid one cent to the telco's liquidator, The
Australian reveals.

The Australian adds that former One.Tel chairman John Greaves,
who agreed he was liable for a AU$20-million compensation order,
has paid only 1.7c in the dollar to the liquidator and is
unlikely to pay any more.

According to the paper, the figures were revealed in One.Tel
liquidator Steve Sherman's annual report to creditors still
waiting to be paid after the company's AU$1.7-billion collapse,
The Australian notes.

The Australian cites Mr. Keeling as saying that he was surprised
to hear no money had been paid to creditors and that Mr. Sherman
anticipated receiving only AU$150,000.

According to the paper, Mr. Keeling said his trustee, David
Kerr, had received AU$1 million, his share of the equity in his
Sydney home.  Mr. Kerr is also due to receive funds from the
liquidators of Mr. Keeling's companies, the paper says.

Since 2003, Mr. Keeling has run an Australian company that
provides video streaming for mobile telephones and does all its
business in Europe, The Australian relates.  That company is
finalizing plans to list on London's Alternative Investment
Market, for up to GBP50 million (AU$125 million), The Australian
reveals.

The money Mr. Keeling has earned since the 2003 settlement
cannot be used to pay creditors, the paper says.

According to The Australian, Mr. Keeling and Mr. Greaves'
settlements with the Australian Securities & Investments
Commission excuse them from a mammoth civil case launched by the
ASIC against One.Tel's executive directors.

Despite Mr. Keeling admitting liability for AU$92 million, it is
believed any payment by him would be taken into account if the
ASIC was to win its case against joint managing director Jodee
Rich and finance director Mark Silbermann, who are defending the
suit in the NSW Supreme Court, The Australian says.

The paper relates that Mr. Kerr conceded that the conversion of
Mr. Keeling's AU$43 million in assets had been slow.  Mr. Kerr
blamed the complexity of his financial affairs and the number of
liquidators involved for the delay, the paper adds.

Mr. Kerr expects to pay the liquidator between AU$200,000 and
AU$350,000 within a year, The Australian says.

                          *     *     *

One.Tel Limited is an Australian based telecommunications
company, belonging to One.Tel Group.  One.Tel Ltd. was
established in 1995 soon after the deregulation of the
Australian telecommunications industry, most of which are
currently under external administration by court appointed
liquidators.

One.tel is currently in liquidation due to financial problems.  
Ferrier Hodgson was appointed as voluntary administrator on May
29, 2001.  The administrator's report stated that the company
was insolvent as of March 2001.  Accordingly, the administrator
terminated approximately 3,000 employees in June that same year.

Steve Sherman and Peter Walker of Ferrier Hodgson were then
named liquidators on July 24, 2001.

The Liquidators can be reached at:

         Steve Sherman
         Peter Walker
         Joint Liquidators
         Ferrier Hodgson
         Level 17
         2 Market Street
         Sydney, NSW
         Australia 2000


ONYX DIGITAL: liquidation Bid Hearing Fixed on Sept.21
------------------------------------------------------
A petition to liquidate Onyx Digital Corporation Ltd will be
heard before the High Court of Auckland on September 21, 2006,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on May 30,
2006.

The Solicitor for the Petitioner can be reached at:

         S.J. Eisdell Moore
         c/o R.E. Harvey at Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand
         Telephone: (09) 336 7556


PLEGA HEALTHCARE: Faces CIR's Liquidation Petition
--------------------------------------------------
Plega Healthcare New Zealand Ltd is facing a liquidation
petition filed by the Commissioner of Inland Revenue before the
High Court of Auckland on June 26, 2006.

The petition is scheduled for hearing on September 21, 2006, at
10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         S.J. Eisdell Moore
         c/o R.E. Harvey at Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand
         Telephone: (09) 336 7556


POOLS PLUS: Court Sets Date to Hear ACC's Liquidation Bid
---------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Pools Plus Ltd on September 21, 2006, at 10:45
a.m.

Accident Compensation Commission filed the petition with the
Court on June 27, 2006.

The Solicitor for the Plaintiff can be reached at:

         Dianne S. Lester
         Maude & Miller
         Second Floor, McDonald's Building
         Cobham Court (P.O. Box 50-555 or D.X. S.P. 32-505)
         Porirua City, New Zealand


RAUTARA INVESTMENTS: Shareholders Agree to Voluntary Liquidation
----------------------------------------------------------------
On August 15, 2006, shareholders of Rautara Investments Ltd
resolved to place the company under voluntary liquidation.  

Subsequently, Liquidator Kiran Dutt was appointed to oversee the
company's liquidation.

The Liquidator can be reached at:

         Kiran Dutt
         P.O. Box 9687, Newmarket
         Auckland, New Zealand
         Telephone: (09) 630 3808
         Facsimile: (09) 630 3970


SAKAKA LIMITED: Liquidation Bid Hearing Slated for Sept.21
----------------------------------------------------------
A liquidation petition filed against Sakaka Ltd will be heard
before the High Court of Auckland on September 21, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on June 13, 2006.

The Solicitor for the Petitioner can be reached at:

         S.J. Eisdell Moore
         c/o R.E. Harvey at Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand
         Telephone: (09) 336 7556


TALENT BASE: Under Voluntary Liquidation
----------------------------------------
On August 21, 2006, shareholders of Talent Base Ltd resolved to
place the company under voluntary liquidation.  

Accordingly, Kevin David Pitfield and Gareth Russel Hoole were
appointed joint and several liquidators to oversee the
liquidation of the company.

Creditors are required to file their proofs of claim by
September 19, 2006.  Failure to prove debts will exclude a
creditor from sharing in any distribution the company will make.

The Joint Liquidators can be reached at:

         Gareth Russel Hoole
         c/o Leon Tabb, Staples Rodway Limited
         Chartered Accountants, P.O. Box 3899
         Auckland, New Zealand
         Telephone: (09) 309 0463


UNIQUE NIBBLE: Court Set to Hear GS1 Inc.'s Liquidation Bid
-----------------------------------------------------------
GS1 New Zealand Ltd filed with the High Court of Christchurch a
petition to liquidate The Unique Nibble Co. Pacific Ltd on
August 8, 2006.

The petition will be heard before the Court on September 25,
2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:  

         Dianne S. Lester
         Credit Consultants Debt Services NZ Ltd
         Level Three, 3-9 Church Street
         P.O. Box 213 or D.X. S.X. 10?069
         Wellington, New Zealand
         Telephone: (04) 470 5972


* Alvarez & Marsal and McGrath Nicol Enter Affiliation Agreement
----------------------------------------------------------------
Alvarez & Marsal, the leading independent global professional
services firm, and McGrath Nicol + Partners, the leading
independent corporate advisory and restructuring firm in
Australia and New Zealand, have entered into a strategic
affiliation agreement.

As affiliated firms, Alvarez & Marsal and McGrath Nicol +
Partners will serve as preferred resources for each other in
connection with engagements involving turnaround management and
restructuring, insolvency, and dispute analysis, and forensics
advisory services.

"Since 1983, Alvarez & Marsal has established the largest
geographic footprint of any independent, global professional
services firm with an operational heritage in turnarounds and
restructurings," Tony Alvarez II, the firm's co-chief executive
with co-founder Bryan Marsal, says.

"Our commitment to quality has enabled us to provide an
unmatched level of service to clients in the U.S., Europe, Asia
and Latin America.  We bring on the ground, multi-cultural and
multi-lingual professionals with extensive experience serving
corporate stakeholders as advisors or interim managers in
complex situations," Mr. Alvarez further says.

"Our affiliation with McGrath Nicol allows us to extend our
reach to Australia and New Zealand with a trusted partner that
is also committed to objectivity, quality and results," Mr.
Alvarez adds.  

"McGrath Nicol + Partners is a premier advisory firm with an
established reputation for its work advising companies faced
with strategic challenges and financial difficulties.  They
share our exacting standards in problem solving and value
creation."

Tony McGrath, chairman of McGrath Nicol says, "[w]e look forward
to the opportunity to bring our joint resources to bear in
providing independent and objective advisory services to a
diverse range of clients.  Quality and professionalism in
everything we do are hallmarks of our business and we are
pleased to become associated with Alvarez & Marsal, who share
those values.

"McGrath Nicol offers a wide range of services including
forensic and dispute advisory, corporate advisory and
transaction services.  The affiliation with Alvarez & Marsal
provides a tremendous opportunity for us to further develop our
restructuring and turnaround practice, and cement our position
as a leading business advisory firm," Mr. McGrath adds.

                     About Alvarez & Marsal

Founded in 1983, Alvarez & Marsal --
http://www.alvarezandmarsal.com/-- is the leading independent  
global professional services firm, specializing in providing
turnaround management and restructuring, performance improvement
and corporate advisory services.

With more than 800 professionals based in locations across the
US, Europe, Asia, and Latin America, Alvarez & Marsal excels in
problem solving and value creation.  Drawing on its strong
operational heritage and hands-on approach, Alvarez & Marsal
professionals work closely with organizations and stakeholders
to help tackle complex business issues and maximize value.

Alvarez & Marsal clients have included HealthSouth, Levi
Strauss, Bridge Information Systems, Inc., Varig, Arthur
Andersen, Interstate Bakeries Corp., Treofan and LG Phillips,
among others.

Alvarez & Marsal received the Turnaround Management
Association's "Turnaround of the Year" award in 2003 for its
work with Warnaco, Inc. and again in 2005 for its work with
Spiegel, Inc.

Earlier this year, the firm completed a landmark turnaround of
Ihr Platz, a drug store chain in Germany, in a case that
provided the first test of a relatively new law that paved the
way for U.S.-style restructurings to occur in the country.  

                 About McGrath Nicol + Partners

Founded in 2004 as a spin-off of KPMG's corporate recovery
practice, McGrath Nicol + Partners --
http://www.mcgrathnicol.com/-- comprises around 200 partners  
and staff and has offices in Auckland, NZ and all major
Australian cities.  Its professionals are longstanding market
leaders in the fields of restructuring and insolvency.

More recently, the firm has expanded its resources practicing in
the Government advisory, forensic and transaction service areas.
The firm's clients, which have ranged from middle market
companies to major corporations and spanned multiple industries,
have included Australian Federal and State Governments,
regulators, Australian and international commercial banks,
investment banks and private equity funds.

In Australia, the partners at McGrath Nicol have handled major
insolvencies ranging from HIH Insurance, ION and Pan
Pharmaceuticals to the NSW Airport Link and Victoria's National
Express rail franchises.  In New Zealand, McGrath Nicol has
worked on a number of high profile liquidations and
administrations recently, including Henry Walker Eltin, ION,
Pack and Pedal (CPI Retail Group), CWF Holdings, Virgin Autos
and HIH Insurance Group in New Zealand.  The firm has also
advised stakeholders in numerous confidential restructurings of
large Australian corporations.


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

AFK HONG KONG: Names Borrelli and Walsh as Liquidators
------------------------------------------------------
On August 18, 2006, Cosimo Borrelli and Grace Jacqueline Walsh
were named joint and several liquidators of AFK Hong Kong Ltd.

The Joint and Several Liquidators can be reached at:

         Cosimo Borrelli
         Grace Jacqueline Walsh
         5/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


AXIMAGE INTERNATIONAL: Liquidator Ceases to Act for Company
-----------------------------------------------------------
Lai Kar Yan Derek and Darach E. Haughey ceased to act as
liquidators for Aximage International Ltd on August 28, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
Joint Liquidators presented their wind-up report to the members
of the company on August 28, 2006.

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

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


BESTNOON LTD: Appoints Joint and Several Liquidators
----------------------------------------------------
Members of Bestnoon Ltd appointed Natalia K M Seng and Susan Y H
Lo on August 18, 2006, as its joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


C.C.S. CONSTRUCTION: Wind-Up Bid Hearing Set on October 11
----------------------------------------------------------
A liquidation petition filed against C.C.S Construction Company
Ltd will be heard before the High Court of Hong Kong on Oct. 11,
2006, at 9:30 a.m.

Chan Tai Wan filed the petition with the Court on August 9,
2006.

The Solicitors for the Petitioner can be reached at:

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


CHINA BEER: Creditors' Proofs of Claim Due on October 3
-------------------------------------------------------
Selwyn Mar and Wong Yue Ting, Thomas were appointed by the
members of China Beer (H.K.) Company Ltd as joint and several
liquidators on August 25, 2006.

The Joint Liquidators require the company's creditors to file
their proofs of claim by October 3, 2006.  Failure to comply
with the requirement will exclude a creditor from sharing in any
distribution the company will make.

The Joint and Several Liquidators can be reached at:

         Selwyn Mar
         Wong Yue Ting, Thomas
         11/F, Fortis Bank Tower
         77-79 Gloucester Road
         Hong Kong


CHIU SHUN: Liquidators Step Aside
---------------------------------
On August 26, 2006, Liquidator Chan Sek Kwan ceased to act for
Chiu Shun Engineering Works Ltd.

Mr. Chan can be reached at:

         Chan Sek Kwan
         Unit G, 12/F Seabright Plaza
         9-23 Shell Street, North Point
         Hong Kong


GOLDEN CHEER: Liquidator Ceases to Act for Firm
------------------------------------------------
On August 23, 2006, Liquidator Man-Kou Tan ceased to act for
Golden Cheer Construction Engineering Company Ltd.

Mr. Man-Kou can be reached at:

         Man-Kou Tan
         Flat P, 12/F,
         Kaiser Estate,
         Phase 3, 11 Hok Yuen Street
         Hung Hom, Kowloon


GUANGDONG DEVELOPMENT: Citigroup to Buy 19.9% Stake for US$3Bil.
----------------------------------------------------------------
A Chinese regulator has approved a plan for a consortium led by
United States banking giant Citigroup to buy into Guangdong
Development Bank, a bid that has beat out France's Societe
Generale, The Standard reports, citing a bank official.

According to the report, Citigroup will take a 19.9% stake in
Guangdong Development Bank, said a provincial bank official
Tuesday who insisted on anonymity.

The Standard says that the U.S. and French-led consortiums had
wanted to purchase at least 80% of the troubled bank by teaming
up with mainland partners.  Other newspapers reports that the
Citigroup consortium, which include China Life Group -- the
nation's largest insurer -- and State Grid Corp -- the major
electricity distributor -- offered around US$3 billion for 85%
of the bank.

The official said Citigroup had raised its price for the stake
but refused to provide further details.

The offer from Societe Generale and its partners, including
petroleum giant Sinopec and top steelmaker Shanghai Baosteel
Group Corp, also amounted to about US$3 billion, including
US$600 million to US$650 million from the French bank, the paper
relates.

Both groups had been counting on Beijing to make an exception in
stake restrictions.  But in May, Beijing insisted they respect
current regulations.

Meanwhile, Dow Jones Newswires quotes China Banking Regulatory
Commission chairman Liu Mingkang as saying revisions to rules on
the operations of foreign banks would be released by Dec. 11,
2006.

                 About Guangdong Development Bank

Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a  
bank based in Guangzhou, Guangdong, People's Republic of China.  
The bank was founded in 1988.  

Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual 'E'
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.


H.C.T. LTD: Sole Shareholder Opts for Voluntary Wind-Up
-------------------------------------------------------
H.C.T. Ltd's sole shareholder resolved on August 25, 2006, to
voluntarily wind up the company'soperations.

Accordingly, Puen Wing Fai and Lo Yeuk Ki, Alice were appointed
as joint liquidators.

The Liquidator can be reached at:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         21/F., Kwan Chart Tower
         6 Tonnochy Road, Wanchai
         Hong Kong


HIGH TALENT: Court to Hear Wind-Up Petition on October 11
---------------------------------------------------------
A wind-up petition filed against High Talent Construction Ltd
will be heard before the High Court of Hong Kong on October 11,
2006, at 9:30 a.m.

Yu Siu Wai filed the petition on August 11, 2006.

The Solicitors for the Petitioner can be reached at:

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


JIALING XIN: Joint and Several Liquidators Named
------------------------------------------------
Lai Kar Yan Derek and Darach E. Haughey were appointed joint and
several liquidators of Jialing Xin Tuo International Ltd on
July 26, 2006.

The Troubled Company Reporter - Asia Pacific reported that on
December 14, 2005, the High Court of Hong Kong issued a wind-up
order against the company's operations.

The Joint and Several Liquidators can be reached at:

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


KENFAME INVESTMENT: Wind-Up Petition Hearing Set on October 4
-------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Kenfame Investment Ltd on October 4, 2006, at 9:30 a.m.

Bank of China (Hong Kong) Ltd filed the petition with the Court
on August 3, 2006.

The Solicitors for the Petitioner can be reached at:

         Ford, Kwan & Company
         Suites 1505-1508
         15/F, Chinachem Golden Plaza
         77 Mody Road, Kowloon
         Hong Kong


MAY QUEEN: Creditors Must Prove Debts by October 3
--------------------------------------------------
Creditors of May Queen Ltd are required to submit their proofs
of debt by October 3, 2006, for them to share in the company's
dividend distribution.

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

Earlier, Au Tak Cheong was appointed on August 21, 2006, as
Liquidator of the Company by a special resolution of the
company's shareholders.

The Liquidator can be reached at:

         Au Tak Cheong
         30/F, New World Tower
         18 Queen's Road, Central
         Hong Kong


POLYCROWN ENGINEERING: Members and Creditors Hold Annual Meeting
----------------------------------------------------------------
Members and creditors of Polycrown Engineering Ltd convened for
their annual meetings on September 13, 2006, 11:00 a.m., at 14th
Floor Hong Kong Club Building, 3A Chater Road, Central Hong
Kong.

During the meeting, Liquidator Desmond Chiong presented a report
regarding the company's wind-up.

As reported in the Troubled Company Reporter - Asia Pacific on
June 9, 2005, the High Court granted Onfem Holdings Limited's
wind-up petition against Polycrown Engineering.

On May 23, 2005, the High Court appointed Desmond Chung Seng
Chiong and Roderick John Sutton, both of Ferrier Hodgson
Limited, as the company's joint and several liquidators.  The
Court also ordered that a committee of inspection be appointed
in the winding-up of PEHL, the TCR-AP said.

According to the TCR-AP, Polycrown Engineering had incurred
losses since the year ended December 31, 1998 and had been in a
net liability position since the year ended December 31, 2002.


SAM KEE: Wind-Up Bid Hearing Set on September 13
------------------------------------------------
A liquidation petition filed against Sam Kee Garden (H.K.) Ltd -
- formerly known as Cheung Kee Garden (H.K.) Ltd -- will be
heard before the High Court of Hong Kong on September 13, 2006,
at 9:30 a.m.

Ho Chung Yin Andrew and Liau Lo Lin June filed the petition with
the Court on June 21, 2006.

The Solicitors for the Petitioner can be reached at:

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


SANTEX ENTERPRISES: Court to Hear Wind-Up Bid on October 4
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Santex Enterprises Ltd on October 4, 2006, at 9:30 a.m.

Bank of China (Hong Kong) Ltd filed petition with the court on
August 3, 2006.

The Solicitors for the Petitioner can be reached at:

         Ford, Kwan & Company
         Suites 1505-1508
         15/F, Chinachem Golden Plaza
         77 Mody Road, Kowloon
         Hong Kong


SISLEY FAR EAST: Creditors' Proofs of Claim Due on September 29
---------------------------------------------------------------
On August 18, 2006, the sole member of Sisley Far East Ltd
resolved to voluntary wind-up the company's operations.

Thomas Andrew Corkhill and Iain Ferguson Bruce were appointed as
Joint Liquidators.

Creditors are required to submit their proofs of claim on
September 29, 2006.  Failure to comply with the requirement will
exclude a creditor from participating in any distribution the
company will make.

The Joint and Several Liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong


SMART LOYAL: Enters Wind-Up Proceedings
---------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Smart Loyal Investment Ltd on October 11, 2006, at 9:30 a.m.

Au Yeung Ho Fai filed the petition with the Court on August 9,
2006.

The Solicitor for the Petitioner can be reached at:

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


SOUTHERN FORTUNE: Creditors Must Prove Debts by October 6
---------------------------------------------------------
Members and creditors of Southern Fortune Trading (Hong Kong)
Ltd appointed Cheng Faat Ting Gary as liquidator on August 21,
2006.

Subsequently, Mr. Cheng requires the company's creditors to
prove their debts by October 6, 2006.  Failure to comply with
the requirement will exclude a creditor from sharing in any
distribution the company will make.

According to The Troubled Company Reporter - Asia Pacific, the
High Court of Hong Kong received a wind-up petition against the
company from Wong Fuk Po on June 28, 2006.

The application was heard on August 23, 2006.

The Liquidator can be reached at:

         Cheng Faat Ting, Gary
         8/F, Richmond Commercial Bldg
         109 Argyle Street
         Mongkok, Kowloon
         Hong Kong


TEEN MISSION: Final Members Meeting Set on October 6
----------------------------------------------------
Members of Teen Mission Association (H.K.) Ltd will convene for
their final meeting on October 6, 2006, 10:00 a.m. at Flat C,
16th Floor, Block 1, Lung Mun Oasis, 43 Lung Mun Road, Tuen Mun,
New Territories.

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


VOLKSWAGEN AG: Mulls Profit Sharing Scheme for Extended Hours
-------------------------------------------------------------
Volkswagen AG contemplated on profit-sharing agreement with its
workers in exchange for an extended workweek, Chad Thomas writes
for Bloomberg News.

"Such an arrangement has a lot of potential," Horst Neumann,
Volkswagen personnel director was quoted by Bloomberg as saying.  
"The key is that we must return to normal work hours at
Volkswagen," Mr. Neumann added.

The carmaker threatened to move the production of Golf hatchback
models from its Wolfsburg plant if workers won't agree to extend
work to 35 hours instead of the current 28.8 hours per week,
without any change in the base pay.

Chief Executive Officer Bernd Pischetsrieder planned to increase
pretax profit to EUR5.1 billion in 2008 from EUR1.1 billion in
2004.  To achieve this he is trying to decrease spending on
labor and reduce Volkswagen's global workforce by eliminating
some 20,000 German jobs.

                          *     *     *

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading  
automobile manufacturers and the largest carmaker in Europe.  
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


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

ALLAHABAD BANK: Fitch Assigns C/D Individual Rating
---------------------------------------------------
Fitch Ratings has, on September 13, 2006, assigned an Individual
rating of 'C/D' to India's Allahabad Bank.  At the same time,
the agency affirmed the bank's National long-term rating and the
National rating of the INR5.2 billion subordinated debt at
'AA(ind)'.  The Support rating is affirmed at '4'.  The Outlook
on the ratings is Stable.

The ratings reflect the strengthened financials of the bank,
particularly lower non-performing loan ratios on the back of
aggressive write-offs and loan loss provisions.  The infusion of
INR8.2 billion equity in April 2005 helped support its loan
growth, and Tier 1 ratio was 8.9% in end-June 2006 (total
capital adequacy ratio: 12.24%).  Allahabad Bank's branch
network and its fairly strong franchise have ensured healthy
renewal in deposits, which supports its liquidity.  As with most
government banks, Allahabad Bank's net interest margin and cost-
to-income ratio were under pressure in FY06 but are expected to
stabilize as the interest rate risk on the government securities
portfolio has decreased in recent months through a reduction in
the size and duration of the portfolio.

Fitch however notes that the bank's lending growth in both the
retail and corporate segments were rapid in recent years, and
the loan portfolio nearly doubled between FY04 and FY06.  The
bank's asset quality could therefore be vulnerable to a downturn
in the economy, particularly as part of the retail loan
portfolio is unseasoned.  Allahabad Bank lags the larger
government banks in automating and networking its branches but
the agency notes that its risk management systems are being
upgraded to handle the growing volume and range of loan
products.

Allahabad Bank had traditionally catered to large- and medium-
sized corporates and the agricultural sector.  In recent years,
the bank has diversified into retail lending, including
residential mortgages.  While over 70% of the branches are
located in Uttar Pradesh and Eastern India, the loan portfolio
is more diversified, with recent expansions originating in
northern and western India.  The government holds a 55% stake in
the bank.


DUNCANS INDUSTRIES: Net Worth Erosion Prompts Referral to BIFR
--------------------------------------------------------------
The G.P. Goenka Group's flagship company, Duncans Industries
Limited, has been referred to the Board for Industrial and
Financial Reconstruction, Moneycontrol reports.

Duncans' accumulated losses have completely eroded its net
worth, which prompted the company's board of directors to seek
the BIFR's help, according to the report.

As of March 31, 2006, the company posted INR173.36 crore in
revenues but ended with a net loss of INR798.89 crore.  As a
result, its total accumulated loss jumped to INR954.40 crore as
against INR155.50 crore at March 31, 2005.  The company's
March 31, 2006, balance sheet has shown a net current deficit of
INR239.39 crore.  

In addition to its financial woes, the company lost in a legal
battle against the Union Government at the Allahabad High Court
on the Rentention Price Scheme issue for its fertilizer
division, which was recently reopened after a forced shutdown in
March 25, 2002, Business Line relates.  Subsequently, its
Special Leave Petition was also disallowed by the Supreme Court.

As reported by the Troubled Company Reporter - Asia Pacific on
September 16, 2005, Duncans is liable to pay INR224.67 crore if
it fails to win the RPS case at the apex court.  Moreover, the
RPS accruals of INR140.30 crore made in the earlier years would
also be adjusted.

Meanwhile, the TCR-AP further reported that on September 16,
2005, banks and financial institutions have doled out around
INR31 crore to rehabilitate Duncans.  The amount granted was
half of what the parties have agreed to contribute for Duncans'
corporate debt restructuring.

As per terms of the restructuring package, Duncans is issuing a
total of INR160-crore cumulative redeemable preference shares to
its lenders, which will be redeemed in five annual installments
from 2019-20, the Hindu Business Line reveals.  In order to
accommodate the CRPS, the authorized share capital of the
company is being increased to INR225 crore from INR150 crore.

Duncans Industries, which has operations in fertilizer and tea
in India, has been facing an adverse situation for the last few
years following its dispute with the Union Government over the
Retention Price Subsidy scheme.


GENERAL MOTORS: Seeks Creative Agency for Chevy Spark
-----------------------------------------------------
General Motors India is scouting for a creative agency to market
its upcoming brand, Chevy Spark, which it had bought from Daewoo
Motors, agencyfaqs! reports.

Parties who have reportedly confirmed their interest in the
INR20-22 crore business include:

     1) McCann Erickson;
     2) Rediffusion DY&R;
     3) Euro RSCG; and
     4) Publicis India.

Chevy Spark will be launched in the first quarter of 2007,
agencyfaqs! relates.  However, General Motors India Vice
President P Balendran declined to divulge further details on the
matter.

In a bid to capture 10% of the Indian automobile market by 2010,
General Motors is keen on launching more small cars, beyond its
upcoming launches of hatchback Aveo-Uva and Chevy Spark, Zee
News reveals, citing Mr. Balendran.

"Our stated target is to achieve 10 per cent of the market share
by 2010, which is quite possible if we are able to utilize our
capacities at halol and the new plant at Talegaon that will go
on stream by October 2008," Mr. Balendran said.

As reported by the Troubled Company Reporter - Asia Pacific on
August 15, 2006, GM plans to set up a new unit at Talegaon, near
the western city of Pune, that will have initial annual
production capacity of 140,000 cars and capability for
significant expansion as the market demands.  GM, which is
particularly keen to penetrate the fast-growing small auto
segment, plans to initially make its small car Chevrolet Spark
at the facility.

According to the TCR-AP, the new plant comes on top of plans to
increase production to 85,000 cars at its facility in Halol in
western Gujarat state.  Construction of the 120-hectare
facility, which will cost over US$300 million, started at the
end of August and is due to finish within 20 months.  Production
is slated to start in the third quarter of 2008.

                      About General Motors

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

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

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

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


SILICON GRAPHICS: Wants to Enter Into US$115M Commitment Letter
---------------------------------------------------------------
Silicon Graphics, Inc., and its debtor-affiliates seek authority
from the United States Bankruptcy Court for the Southern
District of New York to:

    -- enter into a commitment letter with Morgan Stanley Senior
       Funding, Inc., and one or more of its affiliates, and
       General Electric Capital Corporation, and one or more of
       its affiliates, in connection with a proposed several,
       not joint, commitment for a senior secured facility of up
       to US$115,000,000; and

    -- pay the fees related to the Senior Secured Facility
       Letter.

The Debtors also ask Judge Lifland to grant administrative
expense priority to the Lead Lenders in connection with their
claims for the fees provided in the Fee Agreement.

According to Gary T. Holtzer, Esq., at Weil, Gotshal & Manges,
LLP, in New York, the Debtors need an exit financing facility
to:

    (a) repay their existing indebtedness under their DIP
        Financing Facility;

    (b) fund payments required to be made under the Plan on the
        effective date; and

    (c) meet the working capital and other corporate needs of
        the Reorganized Debtors.

Under the Plan, the Debtors' exit financing facility will
consist of two facilities -- a revolving line of credit and a
term loan facility.

Mr. Holtzer relates that the Debtors, with the assistance of
Alix Partners, contacted or were contacted by approximately 18
potential lenders, and the Debtors prepared and delivered to
those potential lenders a request for proposals and certain
related diligence materials.  "Based on these materials, several
potential lenders submitted initial proposals.  After reviewing
these proposals, the Debtors decided to pursue further
discussions in respect of four proposals, which were among the
more favorable for the Debtors' needs."

The Debtors continued their negotiations with the four potential
lenders.  During these negotiations, the Debtors, with the
assistance of Alix Partners, compared and analyzed the different
proposals and concluded that Morgan Stanley and GE offered the
most favorable terms for the Debtors' exit financing facility.

The Debtors are required to obtain Court approval of the
Commitment Letter and the Commitment Fee before Sept. 22, 2006.

The salient terms of the Commitment Letter are:

    (a) GE will provide a revolving line of credit of up to
        US$30,000,000 while Morgan Stanley or a syndicate of
        financial institutions will provide a Term Loan B of up
        to US$85,000,000.

    (b) Advances under the Revolver are available up to the
        Maximum Revolver Facility Amount, which includes a
        Letter of credit subfacility not to exceed US$30,000,000
        to be provided by GE, an affiliate of GE, or a financial
        institution.

    (c) The Closing Date of the Commitment Letter is on or
        before Oct. 31, 2006.

    (d) The Facility matures in 60 months.

    (e) The Term Loan B will amortize commencing in the third
        year after the Closing Date at 20% per year, payable in
        equal quarterly installments, with the remaining balance
        due at maturity.

    (f) The Facility will be secured by fully perfected first
        priority security interests in the Borrowers' assets,
        and a pledge of all the issued and outstanding capital
        stock owned by the Borrowers and a stock pledge of 66-
        2/3% of the equity of Silicon Graphics World Trade B.V.
        and any material first-tier foreign subsidiaries that
        become subsidiaries after the Closing Date.

    (g) In an event of default or a liquidation, amounts due on
        the Revolver will rank first in priority and right of
        payment, and amounts due on the Term B Loan will rank
        second.

    (h) Advances outstanding under the Revolver will bear
        interest, at the Borrowers' option, at the Base Rate
        plus 1.75% or at the LIBOR Rate plus 3.00%.

    (i) The outstanding amounts under the Term Loan B will bear
        interest, at the Borrowers' option, at the Base Rate
        plus 5.75% or the LIBOR Rate plus 7.00%.

    (j) The Borrowers will be charged a letter of credit fee
        payable monthly at a rate per annum equal to 3% times
        the undrawn amount of all outstanding Revolver Letters
        of Credit.

    (k) Upon issuance, the Borrowers will be charged a letter of
        credit fee, plus bank issuance charges, equal to 25
        basis points times the face amount of the Revolver
        Letter of Credit issued.

    (l) The Borrowers will also be charged an Unused Revolver
        Facility Fee.

    (m) The Borrowers also agree to pay the Lead Lenders:

        -- a US$287,500 structuring fee,
        -- a US$2,000,000 commitment fee,
        -- a US$100,00 agency fee per annum, and
        -- an additional US$150,000 expense deposit.

    (n) The Borrowers agree to pay all reasonable out-of-pocket
        expenses of Morgan Stanley and GE arising in connection
        with the Financing.

    (o) The Borrowers agree to indemnify the Lead Lenders.

    (p) The Borrowers are required to make mandatory
        prepayments.

    (q) The Borrowers may voluntarily reduce the commitments
        under the Revolver Facility and must pay a commitment
        reduction fee.

    (r) The Borrowers may voluntarily prepay the Term Loan B as
        long as the prepayment is accompanied by the applicable
        prepayment fee.

    (s) The Borrowers covenant that they will not permit their
        Consolidated EBITDA to be less than:

           Quarterly Period Ending               Amount
           -----------------------               ------
           December 31, 2006               US$1,580,000
           March 31, 2007                     6,080,000
           June 30, 2007                     15,310,000
           September 30, 2007                20,600,000
           December 31, 2007                 31,150,000
           March 31, 2008                    31,150,000
           June 30, 2008                     29,420,000
           September 30, 2008                28,710,000
           December 31, 2008                 28,720,000
           March 31, 2009                    28,530,000
           June 30, 2009                     37,000,000
           September 30, 2009                37,000,000
           December 31, 2009                 37,000,000
           March 31, 2010                    37,000,000
           June 30, 2010                     37,000,000
           September 30, 2010                37,000,000
           December 31, 2010                 37,000,000
           March 31, 2011                    37,000,000
           June 30, 2011                     37,000,000
           September 30, 2011                37,000,000
           December 31, 2011                 37,000,000

        Consolidated EBITDA for the periods ending on Dec. 31,
        2006, March 31, 2007, June 30, 2007, and Sept. 30,
        2007, will be adjusted to reflect the effects of
        restructuring charges.

    (t) The Borrowers further pledge not to permit the Total
        Leverage Ratio, on an annualized basis, to be more than:

           Quarterly Period Ending                Ratio
           -----------------------                -----
           December 31, 2006                      23.6x
           March 31, 2007                          9.8x
           June 30, 2007                           5.0x
           September 30, 2007                      5.0x
           December 31, 2007                       3.5x
           March 31, 2008                          3.5x
           June 30, 2008                           3.5x
           September 30, 2008                      3.5x
           December 31, 2008                       3.5x
           March 31, 2009                          3.0x
           June 30, 2009                           3.0x
           September 30, 2009                      3.0x
           December 31, 2009                       3.0x
           March 31, 2010                          3.0x
           June 30, 2010                           3.0x
           September 30, 2010                      3.0x
           December 31, 2010                       3.0x
           March 31, 2011                          3.0x
           June 30, 2011                           3.0x
           September 30, 2011                      3.0x

    (u) The Borrowers covenant to limit Capital Expenditures to
        US$15,000,000 per fiscal year with the ability to carry
        over up to US$3,000,000 of unused capacity to the next
        succeeding year.

    (v) Minimum Liquidity must be maintained at not less than
        US$15,000,000 on or before the first anniversary of the
        Closing Date, and US$10,000,000 thereafter.

    (w) Events of Default include failure to make payments when
        due, breaches of representation and warranties, changes
        in control, and failure to maintain a first priority
        perfected lien on and security interest in the
        collateral granted in favor of GE.

A full-text copy of the Commitment Letter is available for free
at http://researcharchives.com/t/s?112f

                    About Silicon Graphics

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

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

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

Debtor affiliates filing separate chapter 11 petitions:

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

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

As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.


SILICON GRAPHICS: Has Until Dec. 4 to Decide on Unexpired Leases
----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York extends the time within which Silicon Graphics, Inc.,
and its debtor-affiliates may assume or reject their Unexpired
Leases through and including the earlier of:

    (i) the effective date of a plan of reorganization in the
        Debtors' Chapter 11 cases; and

   (ii) December 4, 2006.

The extension is without prejudice to the Debtors' right to seek
further extensions of time to assume or reject Unexpired Leases.

                         DOLP Objects

Prior to Court's approval, DOLP 655 Properties II, LLC, the
owner and landlord of the premises located at 655 Third Avenue,
15th Floor, in New York, asks the Court to deny the Debtors'
request.

Neil C. Dwork, Esq., at Rosenberg & Estis, P.C., in New York,
notes that Silicon Graphics, Inc., entered into:

    (1) a lease for the Premises, dated March 22, 1996, with
        Royal Realty Corp., as agent for DOLP, which lease was
        Modified on March 18, 1997; and

    (2) an agreement with Markum & Kliegman LLP to sublease a
        portion of the Premises, which DOLP consented to on
        March 21, 2003, and which was modified in February 2004.

Because the DOLP Lease and the M&K Sublease terms will expire on
Sept. 30, 2006, DOLP entered into a lease agreement with M&K for
the Premises, which term commences on October 1.

Mr. Dwork asserts that the Debtors should not be permitted to
extend their time to accept or reject the DOLP Lease and the M&K
Sublease beyond Sept. 5, 2006.

Mr. Dwork adds that Silicon has no personal property remaining
in the Premises and will have no lawful continuing interest in
the Premises after Sept. 30, 2006.

Furthermore, Judge Lifland rules that the DOLP Lease is rejected
effective as of Sept. 30, 2006, provided that:

    * any party will be forever barred, estopped, and enjoined
      from asserting any claims arising from or based on the
      DOLP Lease' rejection against the Debtors; and

    * the Debtors are forever discharged from any indebtedness
      or liability with respect to claims related to the DOLP
      Lease' rejection.

                     About Silicon Graphics

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

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

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

Debtor affiliates filing separate chapter 11 petitions:

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

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

As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.


SILICON GRAPHICS: Court Gives Final Nod on AFCO Financing Pact
--------------------------------------------------------------
On a final basis, Judge Burton R. Lifland of the United States
Bankruptcy Court for the Southern District of New York
authorizes Silicon Graphics, Inc., and its debtor-affiliates to:

    -- enter into, and pay all sums due under, the Premium
       Finance Agreement with AFCO Premium Acceptance, Inc.; and

    -- grant AFCO a security interest that extends to all
       unearned insurance premiums, which may become payable
       under the insurance policies, and loss payments that
       reduce the unearned insurance premiums subject to any
       mortgagee or loss payee interests.

In the event the Debtors default on any of the terms of the
Agreement, the automatic stay will be modified solely to the
extent necessary to permit AFCO to exercise its rights, without
prejudice to the Debtors' rights, and without the necessity of
further application to the Court, to cancel the Insurance
Policies financed under the Agreement, Judge Lifland says.

AFCO may receive and apply all unearned premiums returned to the
Debtors upon cancellation of the Insurance Policies to any
amounts owed by the Debtors to AFCO, without further Court
order.

If the unearned premiums received by AFCO are insufficient to
pay the Debtors' total amount due, any remaining amount owing to
AFCO will be given administrative expense priority in any
distribution of assets pursuant to the Debtors' Plan of
Reorganization.

Judge Lifland further authorizes the Debtors to execute and
deliver the necessary documents and amendments to the Agreement.

The validity of the lien granted to AFCO will not be affected by
any reversal or modification on appeal of the authorization
under the Order and Section 364 of the Bankruptcy Code.  AFCO's
rights pursuant to the Agreement will be preserved and protected
and will not be impaired by, among others, the pendency of the
Chapter 11 cases.

                     About Silicon Graphics

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

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

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

Debtor affiliates filing separate chapter 11 petitions:

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

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

As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.


SIV INDUSTRIES: Assets Sell for Double the Upset Price
------------------------------------------------------
Assets of SIV Industries Limited, which is now in liquidation,
has reaped proceeds of more than 50% of the upset price, the
Hindu Business Line reports.

According to the report, various individuals paid a total of
INR6.56 crore for SIV's seven plantation lands in The Nilgiris
and Kodaikanal.  The reserve price was INR2.88 crore.

The sale of four wind farms belonging to SIV Industries with
13.57 acres and another lot of 24 wind farms with 97.47 acres
was confirmed at a total of INR16.9 crore against an upset price
of INR1.5 crore and INR8.25 crore respectively, Business Line
adds.

Headquartered in Tamil Nadu, India, SIV Industries Limited
manufactured rayon grade dissolving wood pulp, viscose filament
yarn and viscose staple fiber.  The company commenced
liquidation proceedings on August 25, 2004.


TRAVANCORE RAYONS: NDEE Wants State to Step Up Revival Efforts
--------------------------------------------------------------
Travancore Rayons Limited's promoter -- the NDEE Group -- has
urged the State Government to aggressively pursue the company's
revival, the Hindu Business Line reveals.

The NDEE Group asserted that the non-cooperative attitude of a
consortium of banks, led by the Indian Bank, had stalled the
company's rehabilitation so the Government needs to take a pro-
active approach, Business Line relates.  

The Troubled Company Reporter - Asia Pacific reported on
July 20, 2006, that the company was expected to resume
operations by October this year after the State Government
ordered a consortium of banks to participate in the one-time
settlement agreement offered by the Industrial Development Bank
of India.

The consortium is composed of:

     * Indian Bank;
     * Bank of India;
     * State Bank of Travancore; and
     * Canara Bank.

According to the TCR-AP, the NDEE Group and IDBI have arrived at
an agreement to settle Travancore Rayon's debt last year.  
However, the major lender failed to convince other financial
institutions to do the same.

As per the agreement, all the loan liabilities including those
taken by the company under government guarantee would be taken
over by the Promoter and would be settled through one-time
settlement.  Similarly, all the dues to the State Government and
government agencies would also be settled.

The promoter had vowed to keep the existing workforce and employ
more people as soon as the company's facility restarts
operations, according to the TCR-AP.

Now, it is understood that the Government is looking for another
promoter, citing that the NDEE Group was not capable of reviving
the Travancore Rayons, adding that it was not attending the
meetings convened by the Government, Business Line reveals.  

The NDEE Group, however, defended that the only impediment to
the company's' revival was the failure of the one-time-
settlement with the Indian Bank-led consortium to materialize.

                    About Travancore Rayons

Travancore Rayons Company manufactured viscose filament rayon
yarns, cellulose films, cotton linter pulps and cellulose
powders, which are biodegradable and eco-friendly.

The Board for Industrial and Financial Reconstruction had
ordered the closure of the sick government unit in 2002.  It was
at this juncture that the new promoter came forward with a
revival package and as it had been under the consideration of
the State Government, the Kerala High Court had stayed the
closure of the unit.  The Company has been idle for over two
years now and about 1,200 workers are without wages.  At
present, the unit is maintained by a skeleton staff of 70 people
on a monthly wage of INR500.


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

ALCATEL SA: Shareholders Approve Lucent Merger Deal
---------------------------------------------------
Shareholders of Alcatel S.A. approved all proposed resolutions
related to the merger with Lucent Technologies Inc.

All other resolutions were also approved by the Alcatel
shareholders, with the exception of a proposed resolution
related to the cancellation of double voting rights which was
not recommended by the Board of Directors.

"I'm delighted that Alcatel's shareholders have approved our
strategic merger with Lucent Technologies, and I thank them for
their trust," Alcatel Chairman and CEO Serge Tchuruk said.  
"This significant transaction is about creating the world leader
in our industry.  This offensive strategy, strengthened by the
projects to acquire some of Nortel's assets and the
reinforcement of our partnership with Thales, aims to increase
Alcatel's value for its shareholders, and to provide its
customers with the broadest portfolio and to give its employees
great opportunities.  We remain confident in the closing of
these three strategic moves by the end of the year, when all the
necessary approvals are granted."

Lucent shareholders approved the merger at the Lucent
Shareholders' Meeting, held on Sept. 8.

The Shareholders' Meeting also approved the 2005 consolidated
financial statements and the payment of a dividend of Euro 0.16
per Alcatel ordinary share or Alcatel ADS comprising the capital
of the company on Dec. 31, 2005, and being entitled to dividends
as of Jan. 1, 2005.  This dividend will be paid in cash as of
Sept. 11, 2006.

                          About Lucent

Headquartered in New Jersey, United States of America, Lucent
Technologies (NYSE: LU) -- http://www.lucent.com/-- designs and     
delivers the systems, services and software that drive next-
generation communications networks.  Backed by Bell Labs
research and development, Lucent uses its strengths in mobility,
optical, software, data and voice networking technologies, as
well as services, to create new revenue-generating opportunities
for its customers, while enabling them to quickly deploy and
better manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

                          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 Indonesia, Japan, Korea,
Taiwan, the Philippines, Thailand, Singapore, and Vietnam.

                          *     *     *

Alcatel carries Standard & Poor's Ratings Services' 'BB' long-
term corporate credit rating on CreditWatch with negative
implications.


ALCATEL SA: New Entity Shares Can Trade in French Exchange
----------------------------------------------------------
Lucent Technologies and Alcatel SA disclosed that the French
securities regulator, the Autorite Des Marches Financiers,
granted approval for Alcatel's French admission to trading
prospectus relating to its new ordinary shares to be issued
relative to the proposed merger transaction.

The Note D'Operation, along with Alcatel's annual report dated
March 31, 2006, constitute the prospectus regarding the issuance
of new Alcatel ordinary shares and is available on the Web sites
of Alcatel and the AMF http://www.amf-france.org/  

The Company also disclosed that on Aug. 4, 2006, the United
States Securities and Exchange Commission declared effective the
registration of Alcatel's ordinary shares with the SEC.  The
registration statement also included the Company's proxy
statement for its special meeting of shareowners to be held on
Sept. 7, 2006, at which shareowners will vote on a proposal to
approve and adopt the merger agreement and the proposed merger
transaction.

The Company's shareowners with questions regarding the special
meeting of shareowners or the voting of their shares may contact
MacKenzie Partners, Inc., at 800-322-2885 or Morrow & Co., Inc.,
at 800-573-4370.

                  About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the    
systems, services and software that drive next-generation
communications networks. Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

                          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 Indonesia, Japan, Korea,
Taiwan, the Philippines, Thailand, Singapore, and Vietnam.

                          *     *     *

Alcatel carries Standard & Poor's Ratings Services' 'BB' long-
term corporate credit rating on CreditWatch with negative
implications.


ALCATEL SA: Inks EUR30-Million Contract with Iraq's ITPC
--------------------------------------------------------
Alcatel (Paris: CGEP.PA and NYSE: ALA) has been awarded a
EUR30-million contract with Iraqi Telecommunications & Post
Corporation, the sole fixed operator in Iraq, to deliver a
turnkey high capacity nation-wide microwave backbone.

With this turnkey solution, ITPC will be able to handle the
ever-growing national traffic caused by continuous increasing
demands in the capital and in the country.  The network will
allow ITPC to provide fixed, mobile and data services very
quickly according to the Telco activity development the operator
wants to promote.  Alcatel will provide a backbone covering 62
sites along three important routes in the country.

The World Bank will finance this contract.

Under the terms of this contract, Alcatel will supply its
Alcatel 9600 LSY high-capacity long haul digital microwave radio
transmission backbone along with Optical Multi-Service Node
(OMSN) systems, PDH multiplex and cross connect, complemented by
a powerful end-to-end network management, power supply equipment
and towers providing efficient control & routing throughout the
network.  The robustness, reliability and scalability of the
Alcatel 9600 LSY solution make of it the preferred choice for
fixed and mobile operators

"We are confident that our long-term partner will deliver such
unique network backbone in the agreed time frames in order to
have it fully operational by beginning 2008," says H.E. Mohamed
S. Mohamed El Hamadany, Iraq Deputy Minister of Communications.  
We have an urge to reconstruct the network in Iraq and we are
convinced that Alcatel is the right partner for that,"

"Taking advantage of our deep knowledge of the Iraqi
telecommunications services, we are convinced that this cutting-
edge network will contribute to help Iraq to accelerate the
reconstruction of their country," comments Vincenzo Nesci, Vice
president of Alcatel's activities in the Middle East.  "This
award is a proof of the Alcatel's commitment to provide
communication access to the "next billion" people around the
world.  It will as well reinforce our position in Iraq and in
the region in which we have been present for more than 35 years
by now."

With more than 400,000 point-to-point microwave radios installed
in more than 150 countries, Alcatel is a technology leader and
top player in the wireless transmission 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 Indonesia, Japan, Korea,
Taiwan, the Philippines, Thailand, Singapore, and Vietnam.

                          *     *     *

Alcatel carries Standard & Poor's Ratings Services' 'BB' long-
term corporate credit rating on CreditWatch with negative
implications.


ANIXTER INT'L: Good Performance Cues Fitch to Hold Low-B Ratings
----------------------------------------------------------------
Fitch Ratings affirmed these ratings for Anixter International
Inc. and its wholly owned operating subsidiary, Anixter Inc.:

  Anixter:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured debt 'BB-'

  AI:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured notes 'BB+'
    -- Senior unsecured bank credit facility at 'BB+'

Fitch's action affects approximately US$700 million of public
debt securities.   The Rating Outlook is Stable.

The ratings and Outlook reflect Anixter's improved operating
performance driven by a combination of:

   * a stable end-market demand environment;

   * market share gains in the company's small but growing sales
     of fasteners and C-class components to original equipment
     manufacturers (approximately 18% of current sales);

   * operating leverage enhanced by higher than anticipated
     copper prices; and

   * cost savings from integrating recent acquisitions.  

Also considered is Anixter's well-diversified product, customer
and supplier portfolios, and the information technology
distribution industry's ability to generate cash from working
capital during a downturn.   Fitch also expects that Anixter
will continue to be able to generate cash from operations even
at growth rates in the low double-digits.

Rating concerns mainly center on the company's adequate but
reduced liquidity position and Fitch's expectations that Anixter
will continue using free cash flow for a combination of special
dividends and acquisitions, although the company expects the
pace of acquisition activity to slow over the near term as it
shifts focus to integrating recent acquisitions.  

Fitch also considers the thin operating EBIT margins associated
with the IT distributors and Anixter's unhedged exposure to
commodity prices, which would affect operating income negatively
if copper prices were to decline significantly.

Fitch believes that Anixter's EBITDA margins, which have
steadily increased to 7% for the first half of 2006 compared to
5% in 2004, will remain near current levels due to the company's
expectations for revenue growth of 2-3x world-wide gross
domestic product over the next few years and ongoing benefits
from integrating historical acquisitions.   Cost reductions
should be somewhat mitigated by moderating benefits from rising
copper prices, which have contributed meaningfully to Anixter's
margin expansion over the past six quarters due to the company's
cost plus pricing model.  

As a result, Anixter's credit protection measures should be flat
to slightly stronger over the next few years, with EBITDA to
interest expense near 11.0x, up from 10.3x for the latest 12
months ended June 30, 2006, and total debt adjusted for rent
expense to EBITDAR remaining between 3.0x and 3.5x.

After using approximately US$65 million of cash over the past
six quarters to fund organic revenue growth and working capital,
Fitch expects Anixter will generate up to US$100 million of
annual free cash flow the next few years.   Anixter's cash
conversion cycle, which Fitch estimates fell to just under 90
days for the second quarter ended June 30, 2006, from almost 95
days in the prior year's quarter, is likely to remain near
current levels and should enable Anixter to grow in excess of
10% without using cash from operations.  

Fitch believes debt reduction from record high levels is
unlikely given the company's historical bias of using excess
cash for shareholder-friendly actions.   For example, Anixter
paid almost US$210 million in special dividends in 2004 and 2005
and repurchased US$36 million of shares in 2003.  

Nonetheless, the ratings incorporate Fitch's expectations that
Anixter will use increasing cash balances over the next few
years for additional special dividends and/or small
acquisitions.

Fitch believes Anixter's liquidity was sufficient but limited
consisting of these as of June 30, 2006:

   -- approximately US$21 million of cash and cash equivalents;

   -- US$275 million, five-year revolving credit agreement
      maturing June 2009 ($163 million undrawn and available);

   -- US$40 million Canadian revolving credit facility expiring
      June 2009 (approximately US$6 million undrawn and
      available);

   -- revolving credit facilities at other foreign subsidiaries
      totaling approximately US$35 million (nominal amounts
      undrawn and available); and

   -- US$225 million on-balance-sheet accounts receivable
      securitization program expiring September 2007
      (approximately US$60 million was available as of
      June 30, 2006).

Total debt as of June 30, 2006, was approximately US$700 million
and consisted of:

   -- AI's US$200 million 6% senior unsecured notes due 2015;

   -- Anixter's approximately US$158 million accreted value of
      3.25% zero coupon convertible senior notes due 2033; and

   -- the aforementioned US$178 million and US$165 million of    
      borrowings under the company's credit facilities and
      accounts receivable securitization program, respectively.

Anixter's zero coupon convertible senior notes are not
guaranteed by AI and, therefore, are structurally subordinated
to AI's debt.

Anixter International Inc.  -- http://www.anixter.com-- is the  
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and our presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.  


ANIXTER INT'L: Posts Second Quarter Sales of US$1.24 Billion
------------------------------------------------------------
Anixter International Inc. has reported results for the quarter
ended June 30, 2006.

                   Second Quarter Highlights

   * Record quarterly sales of US$1.24 billion, including a
     combined US$74.8 million from the acquisitions of Infast
     Group plc in July 2005 and IMS, Inc., in May 2006, rose 32%
     compared to sales of US$936.1 million in the year ago
     quarter.

   * Record quarterly operating income of US$91.0 million
     reflected a 97% increase from the US$46.2 million reported
     in the second quarter of 2005.

   * Net income in the quarter increased 102%, to
     US$49.4 million, from US$24.4 million in last year's second
     quarter.

   * Diluted earnings per share rose 89% to US$1.15 per share
     from 61 cents per share in the prior year quarter.

   * Second quarter copper prices averaged US$3.39 per pound
     versus US$1.53 per pound in the year ago quarter.  This
     increase added an estimated US$48 million to sales,
     US$16 million to operating profits, US$10 million to net
     income and 24 cents to earnings per share as compared to
     the year ago quarter.

                     Second Quarter Results

For the three-month period ended June 30, 2006, sales of
US$1.24 billion produced net income of US$49.4 million, or
US$1.15 per diluted share.  Included in the current year's
second quarter results were sales of US$74.8 million from the
Infast and IMS acquisitions, which were completed in July 2005
and May 2006, respectively.  In the prior year period, sales of
US$936.1 million generated net income of US$24.4 million, or 61
cents per diluted share.

Operating income in the second quarter increased 97% to
US$91.0 million as compared to US$46.2 million in the year ago
quarter.  For the latest quarter, operating margins were 7.3% as
compared to 4.9% in the second quarter of 2005.

Robert Grubbs, President and CEO, said, "We were very pleased
with our results, with sales in the most recent quarter
reflecting a significant acceleration of the trends of the past
several quarters.  We experienced very solid, broad-based sales
growth in nearly all of the end markets we serve and we made
continued progress on our initiatives to grow our security
business and supply chain service offerings.  Second quarter
growth was particularly strong in the electrical and electronic
wire & cable market due to strong end-market customer demand,
global expansion of the markets served and higher copper prices.  
Our success in these areas during the second quarter led to
record quarterly sales and operating performance for the
company."

                    First Half 2006 Results

For the six-month period ended June 30, 2006, sales of
US$2.31 billion produced net income of US$80.7 million, or
US$1.89 per diluted share.  Included in the 2006 six-month
results were sales of US$144.9 million related to the
acquisitions of Infast and IMS.  In the prior year period, sales
of US$1.81 billion produced net income of US$44.8 million or
US$1.12 per diluted share.

Operating income in the first six months of fiscal 2006
increased 75% to US$150.6 million as compared to US$85.8 million
in the year ago period.  Operating margins in the first six
months of 2006 were 6.5% as compared to 4.7% in the prior year
period.  

                  Second Quarter Sales Trends

Commenting on second quarter sales trends, Grubbs said, "Sales
in the second quarter grew at a 23% organic rate year-over-year
after adjusting for the Infast and IMS acquisitions and the
favorable foreign exchange impact of US$14.0 million on second
quarter sales.  This was one of the highest quarterly organic
growth rates in the company's history, even after allowing for
sharply higher copper prices, and clearly exceeded our target
organic growth rate of 8 to 12%."

Grubbs continued, "The factors driving our strong organic growth
were consistent with those we have seen the past few quarters,
although at a significantly accelerated pace.  In the most
recent quarter, we saw very strong growth in larger project
business particularly as it relates to data center builds in the
enterprise cabling market and with natural resources customers
within our electrical and electronic wire & cable market.  At
the same time, we have seen continued strong growth in security
product sales.  Lastly, rising copper prices again contributed
to our organic growth in the most recent quarter.  During the
quarter, market-based copper prices averaged approximately
US$3.39 per pound, compared to US$1.53 per pound in the year ago
second quarter and US$2.25 per pound in the first quarter of
2006.  We estimate that the higher copper prices accounted for
an estimated US$48 million of our year-on-year increase in sales
within the electrical wire & cable market in the second quarter.  
Taking the impact of copper prices, acquisitions and foreign
exchange out of the mix, however, we were still able to grow by
nearly 18% over the prior year second quarter."

"Specifically, in North America we saw year-on-year sales grow
by 31% to US$922.7 million in the most recent quarter.  In
addition to strong end-market demand, North American sales were
up US$14.7 million due to the stronger Canadian dollar,
US$9.4 million due to the acquisitions of Infast and IMS, and an
estimated US$43 million due to higher copper prices," commented
Grubbs. "Outside of North America, we saw sales climb by 46% in
Europe as compared to the year ago quarter.  The major factor
driving European sales growth, with exchange rate differences in
the quarter being immaterial, was the July 2005 acquisition of
Infast, which added US$65.5 million to European sales in the
quarter.  Adjusting for the Infast sales, European sales grew by
6% as compared to the year ago quarter.  Most of the increase is
attributable to a combination of market share gains and higher
copper prices, which added an estimated US$5 million to sales in
the electrical wire & cable business in that area."

"In the emerging markets of Latin America and Asia Pacific, we
saw a 13% increase in year-on-year sales, with a negligible
impact from currency exchange rate effects.  The primary driver
of the overall revenue increase was very strong year-on-year
sales growth of 29% in Asia Pacific," continued Grubbs.

                Second Quarter Operating Results

"As a result of very strong sales growth, second quarter
operating margins were a record 7.3% as compared to 4.9% in the
year ago period," said Grubbs.  "In North America, the 31% sales
growth resulted in better operating leverage that generated
operating margins of 8.3% as compared to 5.4% in the prior year
second quarter.  While strong market conditions and market share
gains were the primary drivers of the sales growth and improved
profitability, copper prices also played a major part in the
strong second quarter operating results in North America.  
Record copper prices added an estimated US$43 million to the
sales of our North American electrical wire & cable sales.  At
the same time, the quick run-up in copper prices
during the quarter significantly raised gross margins on
electrical wire & cable sales from the sell-through of lower
cost inventory.  All in all, this year's second quarter North
American operating profits benefited by an estimated
US$15 million due to the volume effects of higher copper prices
combined with the gross margin effects."

Grubbs added, "In Europe, operating margins in the most recent
quarter were 4.3% as compared to 3.4% in the year ago quarter.  
This improvement reflects a combination of organic sales growth,
tight controls that resulted in a reduction of expenses,
excluding expenses from the acquired Infast operations and an
estimated US$1 million benefit from higher copper
prices.  Organic sales growth in Europe continues to be a
challenge given general economic conditions.  Nonetheless, we
were encouraged by the results in the most recent quarter
because we achieved not only year-on-year sales growth but also
significant quarter-on-quarter organic sales growth in our
largest end market - enterprise cabling and security solutions."
"Operating margins in the Emerging Markets in the second quarter
were 5.5% as compared to 4.4% in the year ago quarter.  
Continued sales growth throughout these markets has allowed us
to better leverage infrastructure costs and improve operating
margins," added Grubbs.

                     Cash Flow and Leverage

"Given the incremental working capital requirements that
accompany strong organic sales growth, as expected we reported
negative cash flow from operations in the second quarter of
US$52.5 million," said Dennis Letham, Senior Vice President-
Finance.  "When the second quarter negative cash flow is
combined with the positive cash flow from operations in the
first quarter, our year-to-date cash flow from operations is a
negative US$39.6 million.  Despite the incremental borrowings to
support the increased sales-volume-driven working capital
requirements and to fund the purchase of IMS, strong net income
performance has created a slight reduction of our debt-to-total
capital leverage ratio from 47.0% at year-end to 46.2% at the
end of the second quarter."

"For the second quarter our weighted average cost of borrowed
capital was 5.3% compared to 5.1% in the year ago quarter.  At
the end of the second quarter, 66% of our total borrowings of
US$704.4 million were fixed, either by the terms of the
borrowing agreements or through hedging arrangements.  We had
US$230.2 million of available, unused credit facilities at June
30, 2006.  These available, unused credit facilities provide us
with the resources to support continued strong organic growth
and to pursue other strategic alternatives, such as
acquisitions, in the coming quarters."

                        Business Outlook

Grubbs concluded, "The first half of 2006 has been a record-
setting period of revenue growth and operating profitability for
Anixter.  This record performance is the result of strong
underlying market fundamentals, solid progress on our strategic
initiatives to build our security business, additions to our
supply chain services offering, expansion of our product
offering and the benefits of increased copper prices.  As we
enter the second half of the year, our ability to continue to
execute our strategic initiatives, together with further
progress on the integration of recent acquisitions, will be the
keys to our success in the coming quarters.  Matching our
revenue growth rate from the second quarter is unlikely;
however, assuming a reasonable level of successful execution on
our part and barring a dramatic drop in copper prices or
significant overall economic softening, we do expect to generate
solid year-on-year earnings growth resulting from organic
revenue growth that will likely exceed our annual target of 8 to
12% through the balance of the year."

                  About Anixter International

Anixter International Inc. -- http://www.anixter.com/-- is the  
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.  The
company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and our presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.

Fitch Ratings affirmed these ratings for Anixter International
Inc. and its wholly owned operating subsidiary, Anixter Inc.:

  Anixter:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured debt 'BB-'

  AI:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured notes 'BB+'
    -- Senior unsecured bank credit facility at 'BB+'

Fitch's action affects approximately US$700 million of public
debt securities.   The Rating Outlook is Stable.


CA INC: Amends Credit Facility to Repurchase US$2 Bil. of Stocks
----------------------------------------------------------------
CA Inc. has entered into an amendment to its existing credit
facility that satisfies the financing condition under its
US$1 billion tender offer.  The amendment modifies certain
covenants in the credit agreement in order to permit CA to
repurchase up to US$2 billion of its common stock under its
fiscal year 2007 share repurchase program and incur additional
indebtedness in connection with those repurchases.

CA expects to use the borrowings under the revolving credit
facility to complete a portion of the US$1 billion tender offer
launched Aug. 16, 2006, and to pay related fees and expenses.  
CA has stated that it plans to use a combination of available
cash and bank borrowings to finance the tender offer.  The
successful completion of debt financing on terms and conditions
satisfactory to CA in an amount sufficient to purchase shares
offered in the tender offer was a condition to the completion of
the tender offer.  This condition has now been satisfied by CA.

The US$1 billion tender offer is the first phase of the US$2
billion stock repurchase program announced June 29, 2006 by the
company.  CA is considering various options to execute the
second phase of the program and will provide further details
when appropriate.  The Company expects to complete the full US$2
billion share repurchase plan by the end of its 2007 fiscal
year.

                         About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management   
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in the
Asia-Pacific region, including Indonesia.

                        *    *    *

Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on June 30,
2006.  The Ba1 rating confirmation reflects the company's
completed accounting review and reestablishment of current
filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


CA INC: To Cut 1,700 Jobs to Achieve US$200M Annualized Savings
---------------------------------------------------------------
Software company CA Inc. disclosed a fiscal year 2007 cost
reduction and restructuring plan designed to significantly
improve the Company's expense structure and increase its
competitiveness.  The plan's objectives include a workforce
reduction of approximately 1,700 positions, including 300
positions associated with consolidated joint ventures, and
global facilities consolidations and other cost reduction
initiatives, which CA expects to deliver about US$200 million in
annualized savings when completed in late fiscal year 2008.

CA Inc. expects to incur pre-tax restructuring charges of
US$200 million associated with the workforce reductions and
facilities consolidations, with the majority of these charges to
be incurred over the next two quarters.  The Company also
expects to implement other programs over the remainder of its
fiscal year to further reduce costs throughout the organization
including tighter control of travel and a reduction in the use
of consultants.

The software company estimates that half of the workforce
reductions will take place in North America.

"CA's senior management is focused on making the Company's cost
structure competitive with that of its peers and aligning it
with CA's strategic market opportunities and initiatives," said
Michael Christenson, CA's chief operating officer.  "The
initiative we announced today reflects our ongoing commitment to
improve the efficiency of our operations, reduce our operating
expenses, improve our rate of return on invested capital and
deliver a stronger bottom-line performance."

                 FY 2007 Financial Results

Revenue for the first quarter of the fiscal year 2007 ended
June 30, 2006, was US$956 million, an increase of 3% over the
US$927 million reported in the similar period last year.  The
increase in revenue was primarily attributed to growth in
subscription and professional services revenue.

CA Inc. recorded GAAP net income of US$35 million for the first
quarter, compared to net income of US$97 million in the prior
year comparable period.

"We continue to focus on building and integrating our solutions
portfolio to meet the needs of customers and we are encouraged
by their positive reaction to our Enterprise IT Management
vision," John Swainson, CA's president and chief executive
officer, said.  "However, we are not satisfied with our cost
structure and we are implementing an expense reduction plan to
improve the Company's efficiency and competitive position.  
These are the first steps in a long-term program to achieve a
best-of-breed cost structure."

For the first quarter, CA reported a use of cash flow from
operations of US$46 million, compared to US$93 million in cash
flow generated from operations reported in the prior year
period.  The decline in cash flow from operations was the result
of increased disbursements to vendors associated with a
concerted effort to reduce the Company's payable cycle, 401(k)
contributions not pre-funded in fiscal year 2006 and increased
commission payments related to the fourth quarter of fiscal year
2006.

                     Capital Structure

The balance of cash, cash equivalents and marketable securities
at June 30, 2006, was US$1.522 billion.  With US$1.811 billion
in total debt outstanding, the Company has a net debt position
of US$289 million.

                     Repurchase Program

CA Inc. expects to commence the first phase of its US$2 billion
stock repurchase program through a tender offer that will price
and launch this week.  CA plans to repurchase US$1 billion in
common stock in the first phase through a combination of cash on
hand and bank financing and will provide further information
when it commences the tender offer.

CA is considering various options to execute the second phase of
the program and will provide further details when appropriate.  
The Company expects to complete the full US$2 billion share
repurchase plan by the end of fiscal year 2007.

During the quarter, the Company repurchased 7 million shares of
its common stock at an aggregate cost of US$157 million.

                           About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management   
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in the
Asia-Pacific region, including Indonesia.

                          *    *    *

Moody's Investors Service confirmed CA Inc.'s Ba1 senior
unsecured rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on June 30,
2006.  The Ba1 rating confirmation reflects the company's
completed accounting review and reestablishment of current
filing of its 10-K and subsequent 10-Q's, including the
company's filing of its 10-K for its March 2006 fiscal year on
July 31, 2006.

Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


EXCELCOMINDO PRATAMA: Sets Aside US$500 Million for CAPEX
---------------------------------------------------------
PT Excelcomindo Pratama will set aside US$500 million for
capital expenditure in 2007 or about the same amount set for
2006, Antara News says.

Excelcomindo is expected to significantly expand its market
share, the report says, citing Yusof Annuar Yaacob, chief
executive officer of Telekom Malaysia International, which
controls the country's third largest mobile phone operator.  Mr.
Yaacob adds that the company is trying to become the second
largest telecommunications company in Indonesia.

                       About Excelcomindo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications  
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
(VoIP) services.  In addition, Excelcomindoprovides voice, data
and other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
call centers.  Excelcomindo starter packs and voucher reloads
are also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

A May 23, 2006 report of the Troubled Company Reporter - Asia
Pacific stated that Moody's Investors Service upgraded the
foreign currency senior unsecured bond rating of Excelcomindo
Finance Company B.V. to Ba3 from B1.  The outlook is stable.  At
the same time, Moody's affirmed PT Excelcomindo Pratama's Ba2
local currency corporate family rating.  The rating outlook
remains stable.

A subsequent TCR-AP report says that Fitch Ratings, on June 5,
2006, upgraded PT Excelcomindo Pratama's Long-term foreign
currency and local currency Issuer Default Ratings to 'BB-' from
'B+'.  The outlook on the ratings is stable.


FOSTER WHEELER: Joseph Melone Retires from Board of Directors
-------------------------------------------------------------
Foster Wheeler Ltd. disclosed that Joseph J. Melone will retire
from the company's board of directors, effective Dec. 31, 2006.

"I would like to thank Joe for his work on the board of
directors and for his eighteen years' dedicated service to
Foster Wheeler," said Raymond J. Milchovich, chairman, president
and CEO.

Mr. Melone was elected to the board of directors in September
1988 and was appointed deputy chairman in September 2002.  He is
also chairman of the compensation committee and a member of the
audit committee.

                       About Foster Wheeler

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

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation.  The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility.  The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs.  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.


FOSTER WHEELER: Net Income Reaches US$43.1MM in Second Quarter
--------------------------------------------------------------
Foster Wheeler Ltd. reported net income for the three months
ended June 30, 2006, of US$43.1 million, or US$0.61 per diluted
share, excluding a net gain of US$79.6 million from an asbestos
insurance settlement, a US$12.3 million charge relating to debt
reduction initiatives completed in May 2006, and stock option
expenses of US$2.0 million.  Including these items, net income
for the quarter was US$108.4 million, or US$1.53 per diluted
share.

For the first six months of 2006, net income was US$59.7 million
or US$0.85 per diluted share, excluding the second-quarter items
described above, as well as US$1.8 million of first-quarter 2006
stock option expenses and, for EPS calculations only, the fair
value of additional shares issued in January 2006 as part of the
warrant offers.  First-half 2006 net income including these
items was US$123.0 million, or US$1.48 per diluted share.

"I am delighted with our performance this quarter," said Raymond
J. Milchovich, chairman, president and chief executive officer.  
"In particular, our Global Engineering and Construction Group
has once again delivered an outstanding operational performance
and has continued to build high quality backlog.  Compared with
the year-ago quarter, E&C EBITDA increased by 67%.  Measured in
Foster Wheeler scope, which excludes flowthrough costs, E&C
revenues increased by 20 percent, new orders booked increased by
54 percent and backlog increased by 67%.  The E&C markets we
serve remain extremely strong and we have continued to add
capacity in our Global E&C Group.  We have increased this
Group's capacity by an additional eight percent during the
second quarter of 2006 and will continue to expand its capacity
intelligently and as quickly as possible, to meet the needs of
our clients."

Consolidated second-quarter 2006 EBITDA (earnings before income
taxes, interest expense, depreciation and amortization),
excluding the insurance settlement gain, debt reduction charge
and stock option expense items referred to above, increased by
37% to US$87.2 million, compared with US$63.5 million for the
second quarter of 2005.  For comparison purposes, the second-
quarter 2005 EBITDA amount excluded a US$1.3 million charge
relating to debt reduction initiatives.  Including these items,
consolidated second-quarter 2006 EBITDA was US$152.5 million,
compared with US$62.2 million for the second quarter of 2005.  
Consolidated EBITDA, excluding the above items, was
US$135.0 million for the first half of 2006, an increase of
43 percent from US$94.7 million for the first half of 2005.  
Consolidated EBITDA, including the above items, was
US$198.4 million for the first half of 2006, compared with
US$93.4 million for the second quarter of 2005.

The company achieved another very strong bookings quarter.  New
orders booked in the second quarter of 2006, measured in scope,
increased to US$908.7 million, up 66 percent from
US$547.7 million in the year-ago quarter.  For the first six
months of 2006, bookings measured in scope increased
significantly to US$1.74 billion, up 77% from US$986.4 million
for the same period last year.

Operating revenues in the second quarter of 2006, measured in
scope, increased by 32% to US$623.5 million, up from
US$470.8 million in the second quarter of 2005.  Operating
revenues for the second quarter of 2006, including flowthrough
costs, increased to US$745.3 million, up 42% from
US$526.0 million in the second-quarter of 2005.  For the first
half of 2006, operating revenues measured in scope were
US$1.14 billion, up by 29% from US$885.9 million for the first
half of 2005.  Including flowthrough costs, first-half 2006
operating revenues were US$1.39 billion, up by 33% from
US$1.05 billion for the first half of 2005.

Backlog measured in scope has continued to grow very strongly,
increasing to US$2.84 billion at the end of the second quarter
of 2006, an increase of 83% compared with backlog of US$1.56
billion at the end of the second quarter of 2005.

Total cash and short-term investments at the end of the second
quarter of 2006 were US$358.1 million, of which US$268.0 million
were held by non-U.S. subsidiaries.  This compares with
US$425.6 million at the end of the first quarter of 2006 and
US$326.4 million at the end of the second quarter of 2005.  
During the second quarter of 2006, the company spent
US$79.9 million in corporate debt reduction initiatives and
funded US$19.1 million of costs of asbestos litigation, defense,
and case resolution.

As announced on July 7, 2006, the company's subsidiaries reached
an agreement on June 30, 2006, to settle their asbestos-related
claims for insurance coverage with an additional insurer.  As a
result of this settlement, the company has increased its
recorded asbestos-related insurance assets by US$79.6 million,
and has recorded a second-quarter 2006 gain of US$79.6 million.  
The company continues to litigate its claims against its
remaining unsettled insurers while engaging in active settlement
negotiations with these insurers.

                       About Foster Wheeler

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

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.

                           *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation.  The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility.  The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs.  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.


FOSTER WHEELER: Raymond Milchovich Continues as Pres. & CEO
-----------------------------------------------------------
Foster Wheeler Ltd. disclosed that Raymond J. Milchovich,
chairman, president and chief executive officer of Foster
Wheeler Ltd., has signed a new agreement, effective Aug. 11,
2006, to continue to lead the company.  Mr. Milchovich joined
Foster Wheeler in October 2001.

"The Foster Wheeler Board is extremely pleased with the
leadership that Ray has demonstrated over the past five years,"
said Joseph J. Melone, deputy chairman, chairman of the
compensation committee and lead outside director of the Board of
Foster Wheeler Ltd.  "We are all very proud of the tremendous
achievements that have been made during Ray's tenure and are
delighted that we are able to provide Foster Wheeler's
stakeholders with senior leadership continuity at this exciting
time for the company."

"I am very pleased that the Foster Wheeler Board and I have been
able to agree to terms that will extend my tenure with the
company," said Raymond J. Milchovich.  "I am delighted to
continue in a role which I enjoy tremendously and to work with
my motivated and talented senior management team to maximize
enterprise value for our shareholders."

                       About Foster Wheeler

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

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.

                           *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation.  The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility.  The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs.  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.


FOSTER WHEELER: U.K. Units Face 329 Asbestos Claims
---------------------------------------------------
Foster Wheeler Ltd.'s subsidiaries in the United Kingdom
recorded 329 open asbestos-related claims as of June 30, 2006.
To date, 800 claims have been filed against the company's U.K.
subsidiaries.

According to the Class Action Reporter, as of March 31, 2006,
the company's U.K. subsidiaries had 325 open asbestos-related
claims.  To date, 783 claims have been filed against the
company's U.K. subsidiaries.

As of June 30, 2006, the company had recorded total liabilities
of US$27,700,000 comprised of an estimated liability relating to
open claims of US$2,900,000 and an estimated liability relating
to future unasserted claims of US$24,800,000.

Of the total, US$1,100,000 was recorded in accrued expenses and
US$26,600,000 was recorded in asbestos-related liability.

The liability and asset estimates are based on a recent U.K.
court of appeal ruling that pleural plaque claims do not amount
to a compensable injury. If the ruling would be reversed, the
asbestos liability and asset recorded in the U.K. would be about
US$66,200,000.

                       About Foster Wheeler

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

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation.  The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility.  The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs.  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.


FOSTER WHEELER: Records 161,440 Asbestos Claims in the U.S.
-----------------------------------------------------------
Foster Wheeler Ltd. recorded 161,440 open asbestos-related
claims pending in the United States for the three months ended
June 30, 2006, compared with 165,900 open claims for the three
months ended July 5, 2005.

For the three months ended June 30, 2006, the company noted
2,590 claims filed, compared with 4,420 claims filed for the
three months ended July 1, 2005.

The company resolved 5,390 claims for the three months ended
June 30, 2006, compared with 6,320 resolved claims for the three
months ended July 1, 2005.

The Class Action Reporter states that at the end of the 2006-1st
quarter, the company had 164,240 open asbestos-related claims
pending in the U.S., compared with 167,800 claims at the end of
the 2005-4th quarter.

As of June 30, 2006, the company had US$399 million asbestos-
related assets, compared with US$320 million as of Dec. 31,
2005. As of June 30, 2006, the company had US$478,400,000
asbestos-related liabilities, compared with US$516,000,000 as of
Dec. 31, 2005.

The company spent US$19,200,000 on asbestos litigation, defense,
and case resolution for the three months ended June 30, 2006,
and US$37,600,000 for the six months ended June 30, 2006. This
compared with US$22,300,000 for the three months ended July 1,
2005, and US$44,800,000 for the six months ended July 1, 2005.

The company funded US$19,100,000 of the payments during the
three months ended June 30, 2006, and US$35,500,000 during the
six months ended June 30, 2006.

Through June 30, 2006, total cumulative indemnity costs paid
were about US$538,500,000 and total cumulative defense costs
paid were about US$146,400,000. The overall average combined
indemnity and defense cost per resolved claim since 1993 has
been about US$2,300.

As of June 30, 2006, total asbestos-related liabilities were
comprised of an estimated US$186,100,000 relating to open claims
being valued and an estimated liability of US$292,300,000
relating to future unasserted claims through year-end 2020.

As of June 30, 2006, the company estimated US$46,100,000 as the
value of its asbestos insurance asset contested by its
subsidiaries' insurers in ongoing litigation.

                       About Foster Wheeler

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

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.

                           *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation.  The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility.  The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs.  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.


FOSTER WHEELER: Has US$435-Million Liability in 2Q06  
----------------------------------------------------
Foster Wheeler Ltd.'s total non-current asbestos-related
liability was US$435,023,000 as of June 30, 2006, compared with
US$466,163,000 as of Dec. 31, 2005.

The company's total non-current asbestos-related insurance
recovery receivable was US$382,227,000 as of June 30, 2006,
compared with US$321,008,000 as of Dec. 31, 2005.

For the three and six months ended June 30, 2006, the company
recorded a US$79,590,000 net gain on asbestos settlement.

Several of the company's U.S. and U.K. subsidiaries face
asbestos-related lawsuits and out-of-court informal claims
pending in the United States and United Kingdom.

Plaintiffs claim damages for personal injury alleged to have
arisen from exposure to or use of asbestos in connection with
work performed by the company's units during and before the
1970s.

                       About Foster Wheeler

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

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.

                           *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

Moody's Investors Service has assigned a Ba3 rating to Foster
Wheeler LLC's proposed US$350 million senior secured domestic
credit facility subject to final documentation.  The credit
facility is expected to consist of a five-year US$200 million
revolving credit facility and a five-year US$150 million
synthetic letter of credit facility.  The proposed facility will
replace Foater Wheeler's existing US$250 million senior secured
credit facility and provide increased bonding capacity to
support Foster Wheeler's growing operations while reducing
bonding costs.  In addition, Moody's affirmed all existing
ratings.  The rating outlook is positive.


GOODYEAR TIRE: Sells Tire Fabric Operations to Hyosung
------------------------------------------------------
The Goodyear Tire & Rubber Company has agreed to sell its global
tire fabric operations to Hyosung Corporation, pending
government and regulatory approvals, a company press release
said.

The transaction is also subject to certain closing conditions.

Goodyear and its affiliates will receive approximately US$80
million for their tire fabric manufacturing plants and assets,
which include operations in Decatur, Alabama; Utica, New York;
Americana, Brazil; and Colmar-Berg, Luxembourg, subject to post-
closing adjustments.  The facilities, which employ about 1,000
people, produce and treat fabric that is used in Goodyear's
tires.

In addition, Goodyear and Hyosung, a multinational corporation
with substantial tire reinforcement operations, would, upon
closing, sign a multi-year supply agreement.  Goodyear
anticipates purchases of approximately US$350 million to
US$400 million in the first year.  The tiremaker said it
believes that this agreement could provide it with significant
cost savings and improved cash flow. The asset transaction is
not expected to result in a material gain or loss.

"As Goodyear drives for improved profitability, we are focusing
more activity and investment on our core business of providing
innovative consumer and commercial tires for our customers,"
said Robert J. Keegan, Goodyear chairman and chief executive
officer.

"Our fabric associates manufacture outstanding products and have
made important contributions to Goodyear over the decades. We
thank them for these contributions," he said.

Hyosung, headquartered in Seoul, South Korea, has produced tire
fabric since 1968.  It has operations in its home country as
well as in China and the United States.

Goodyear is one of the world's largest tire companies. The
company manufactures

                  About Hyosung Corporation

Hyosung, headquartered in Seoul, South Korea, has produced tire
fabric since 1968. It has operations in its home country as well
as in China and the United States.

                     About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's Asia Pacific headquarters is in
Shanghai, China.

                          *     *     *

Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.


KRONOS INT'L: Declares US$0.25 Per Share Quarterly Dividend
-----------------------------------------------------------
Kronos Worldwide Inc., the parent company of Kronos
International, disclosed that its board of directors has
declared a regular quarterly dividend of twenty-five cents
(US$0.25) per share on its common stock, payable on Sept. 22 to
stockholders of record at the close of business on Sept. 8.

Kronos Worldwide, Inc. is a major international producer of
titanium dioxide pigments.

Kronos International Inc. -- http://www.kronostio2.com/-- is a    
wholly owned subsidiary of Kronos Worldwide, Inc., headquartered
in Dallas, Texas, and produces titanium dioxide (TiO2) pigments
in Europe.  It has sales offices in the Asia Pacific, including:
Australia, Indonesia, Japan, Korea and the Philippines.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on Valhi Inc. and its indirect subsidiary Kronos
International Inc. to 'BB-' from 'BB'.  At the same time,
Standard & Poor's lowered its rating on Kronos' EUR400 million
senior secured notes issue due 2013 to 'B' from 'B+'.  All
ratings remain on CreditWatch with negative implications, where
they were placed earlier this year in connection with an adverse
verdict in a Rhode Island lead pigment lawsuit.


KRONOS INT'L: Parent Posts US$13.6-Mln Net Income in 2nd Quarter
----------------------------------------------------------------
Kronos Worldwide Inc., the parent company of Kronos
International, reported a US$13.6 million net income for the
second quarter of 2006, compared with a US$32.9 million net
income in the second quarter of 2005.  

For the first six months of 2006, Kronos reported net income of
US$28.6 million, compared with net income of US$54.3 million in
the first six months of 2005.

Net sales of US$345.1 million in the second quarter of 2006 were
US$33.4 million, or 11%, higher than the second quarter of 2005.
Net sales of US$649.4 million for the first six months of 2006
were US$45.9 million, or 8%, higher than the first six months of
2005.  Net sales increased in the second quarter of 2006
primarily due to higher TiO2 sales volumes, partially offset by
lower average TiO2 selling prices, and the unfavorable effect of
fluctuations in foreign currency exchange rates, which decreased
sales by approximately US$4 million.  

TiO2 segment profit for the second quarter of 2006 was US$38.4
million compared with US$59.2 million in the second quarter of
2005, and was US$74.6 million for the first six months of 2006
compared with US$107.2 million for the first six months of 2005.
Segment profit decreased in the second quarter of 2006, compared
to the second quarter 2005, due to the net effects of lower
average TiO2 selling prices, higher manufacturing costs,
particularly raw materials and energy costs, higher sales
volumes, and the effect of fluctuations in foreign currency
exchange rates, which negatively impacted segment profit
comparisons by approximately US$11 million.

TiO2 sales volumes in the second quarter 2006 increased 14% from
the second quarter of 2005, primarily due to higher sales
volumes in the US, Europe and export markets offsetting the
effects of lower sales volumes in Canada.  TiO2 sales volumes
for the first six months of 2006 increased 11% from the first
six months of 2005.  TiO2 production volumes were 2% and 3%
higher in the second quarter and first six months of 2006
respectively, as compared to the same periods in 2005, with
operating rates at near full capacity in all periods.  At
June 30, 2006, finished goods inventories, which represented
approximately 2 months of average sales, were lower compared to
March 31, 2006.  TiO2 sales and production volumes in the first
six months of 2006 were both records for Kronos.

In April 2006, Kronos International issued an aggregate of
EUR400 million principal amount of new 6.5% Senior Secured Notes
due April 2013.  KII used the proceeds from the issuance of the
6.5% Senior Secured Notes to redeem all of its 8.875% Senior
Secured Notes in May 2006 at 104.437% of the aggregate principal
amount of EUR375 million.  

The company recognized a US$22.3 million pre-tax charge
(US$14.8 million, or US$.30 per diluted share, net of income tax
benefit) in the second quarter of 2006 related to the early
extinguishment of the 8.875% Senior Secured Notes.  Other
interest income increased for the second quarter and the first
six months of 2006, due primarily to the interest earned from
the net proceeds of the new 6.5% Senior Secured Notes which were
held in escrow for approximately one month until the 8.875%
Senior Secured Notes were redeemed.

Income tax benefit in the first six months of 2006 includes an
aggregate tax benefit of US$12.6 million, or US$.26 per diluted
share (US$11.6 million, or US$.24 per diluted share, for the
second quarter of 2006) related to the withdrawal of certain
income tax assessments previously made by the Belgian and
Norwegian tax authorities, the favorable resolution of certain
income tax issues related to our German and Belgian operations
and the enactment of a reduction in the Canadian federal income
tax rate.

Kronos International Inc. -- http://www.kronostio2.com/-- is a    
wholly owned subsidiary of Kronos Worldwide, Inc., headquartered
in Dallas, Texas and produces titanium dioxide (TiO2) pigments
in Europe.  It has sales offices in the Asia Pacific, including:
Australia, Indonesia, Japan, Korea and the Philippines.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on Valhi Inc. and its indirect subsidiary Kronos
International Inc. to 'BB-' from 'BB'.  At the same time,
Standard & Poor's lowered its rating on Kronos' EUR400 million
senior secured notes issue due 2013 to 'B' from 'B+'.  All
ratings remain on CreditWatch with negative implications, where
they were placed earlier this year in connection with an adverse
verdict in a Rhode Island lead pigment lawsuit.


TELKOM INDONESIA: Fitch Assigns BB- Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has assigned PT Telekomunikasi Indonesia Tbk Long-
term foreign and local currency Issuer Default Ratings of 'BB-'.
The rating Outlook is Stable.

Telkom's ratings take into account its diversified operations
and entrenched position in the Indonesian telecoms sector, with
a dominant share of fixed-line services and a leading share of
the rapidly expanding cellular services market through its 65%-
owned subsidiary, PT Telekomunikasi Selular.  Following a
sustained period of impressive subscriber growth, the cellular
business has become the key driver of Telkom's overall profile
contributing around 49% of consolidated revenues and around 60%
of EBITDA for FY05.  Meanwhile, though traditional fixed-line
usage is under pressure from mobile substitution, fixed services
(including CDMA-based fixed-wireless) are expected to remain an
important contributor to earnings and cash flow over the medium
term.

Fitch anticipates the group incurring large capex of up to
IDR22.0 trillion per annum over the next two years (mainly
related to GSM network investment), leading free cash flow to
turn slightly negative based upon current shareholder return
levels. Consequently, the company's leverage metrics may
potentially experience mild pressure over the next one or two
years, but are expected to remain strong for the ratings.  As at
FYE05, Telkom had net adjusted leverage of 0.5x, total adjusted
debt to capitalisation of 37.2% and FFO/net interest cover of
26.3x.

The ratings also consider rising competition across Telkom's
business segments, and especially intensifying cellular
competition with new entrants anticipated to launch their
services by late 2006 and sustained heavy network investments by
existing operators.  Fixed-line competition is anticipated to
progress rather more gradually, with Telkom expected to maintain
its dominance in this segment over the medium term.

As the Indonesian government holds a 51.19% majority stake in
the company, and also exerts significant influence on its major
business and financial decisions, Telkom's ratings are closely
correlated with those of the sovereign.  Telkom's ratings also
reflect the slowly developing and persistently uncertain
regulatory regime as well as the risks that are inherent in
Indonesia, including political and social instability, economic
and currency volatility and a legal framework that lacks
robustness.  That said, the regulatory framework is at present
broadly favourable to Telkom, in view of the fact that the
Government exerts a degree of influence over regulatory policy
and direction.

The Stable Outlook for the ratings is based on Fitch's
expectation that Telkom will maintain its dominant position
within the key fixed-line and cellular segments without material
change in its financial position over the medium term,
notwithstanding mild pressure on key coverage ratios mainly
owing to heavy network investments by its cellular subsidiary.

On account of the company's close linkage with the Indonesian
government, any positive or negative sovereign rating action
would likely lead to a corresponding rating action for Telkom.
Going forward, upward rating pressure would arise with reduction
of the government's stake below 50% (including waiver of rights
associated with the Series "A" share).  Conversely, downward
pressure would arise with evidence of political interference
that triggers actions detrimental to the interests of creditors
or in the event of significant debt-funded acquisitions.


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

MITSUBISHI MOTORS: Denies Australian Plant Closure Report
---------------------------------------------------------
Mitsubishi Motors Corporation has assured the South Australian
Government that it will not shut down its facility in Tonsley
Park, ABC News reports.

ABC Radio had earlier reported that Mitsubishi was considering
four options for the closure of the plant before Christmas,
after sales of the locally made 380 sedan failed to meet
expectations, The Advertiser reveals.

According to the Advertiser, the ABC report also claimed the
South Australian Trade and Economic Development Department was
working closely with Mitsubishi to find alternative uses for the
Tonsley Park plant should it close.

ABC News later reported that a newsletter from the head of
Mitsubishi Motors Australia, which states there are no plans to
close the company's Adelaide factory, has been circulated to
employees.  A spokesman for Mitsubishi's chief executive oficer,
Robert McEniry, says he has issued the newsletter because the
business has been the subject of inaccurate media speculation.

Meanwhile, Prime Minister John Howard told the public that any
decision on Mitsubishi's future is a matter for the carmaker,
The Age relates.  Mr. Howard said both the Federal and South
Australian Governments had provided assistance to Mitsubishi in
the past, in recognition of the motor manufacturing industry's
importance to the state but in the end the company's decision
will prevail.

                    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."

                          *     *     *

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.


SOFTBANK CORP: Mulls Cellular Broadband Services by 2008
--------------------------------------------------------
Softbank Corporation plans to launch broadband Internet services
on its mobile phones by 2008, the Mainichi Shimbun reports.

According to the report, the Internet and communications
conglomerate aims to provide data transmission at more than ten
times the speed of current third-generation cellular handsets,
and hopes to increase its market shares by offering multiple
digital television channels.

Softbank is looking to use MediaFlo technology developed by
United States mobile phone chip developer Qualcomm Inc, and
offer contents from its Internet portal site unit Yahoo Japan
Corp, the Mainichi Shimbun adds.

                      About Softbank Corp.

Based in Tokyo, Japan, Softbank Corporation
-- https://www.softbank.co.jp/ -- is a leading Japanese
telecommunications and media corporation, with operations in
broadband, fixed-line telecommunications, e-Commerce, Internet,
broadmedia, technology services, finance, media and marketing,
and other businesses.  SoftBank was established on September 3,
1981, and had a market capitalization of approximately US$32.8
billion at February 28, 2006.

SoftBank's corporate profile includes various other companies
such as Japanese broadband company Cable & Wireless IDC, cable
company BB-Serve, and gaming company GungHo Online
Entertainment.  On March 17, 2006, SoftBank announced its
agreement to buy Vodafone Japan, giving it a stake in Japan's
US$78 billion mobile market.

                          *     *     *

According to a Troubled Company Reporter - Asia Pacific report
on April 18, 2006, Standard & Poor's Rating Services agency
affirmed its 'BB-' long-term corporate credit rating on the
Company, with negative implications.

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


WAVE SYSTEMS: Posts US$4.5-M 2006 Second Quarter Net Loss
---------------------------------------------------------
Wave Systems Corp.'s net revenues rose over 250% to US$910,000,
compared to 2005 second quarter net revenues of US$258,000 and
an increase of 85% versus the first quarter of 2006 net revenues
of US$493,000.

The improvement in the 2006 second quarter net revenues
reflected increases in both license and services revenues as
compared to Q2/2005 and Q1/2006.  The increase in license
revenues was principally due to higher royalties earned from
increased shipments of Wave software.  Services revenue
increased versus the year ago and Q1 2006 quarters primarily due
to the substantial completion of a service contract for the U.S.
Government.

In the second quarter of 2006, Wave reported a US$4.5 million
net loss, including non-cash, share-based compensation expense
of US$408,000, which was recorded in accordance with the
implementation of SFAS 123(R) for "Share-based Payment,"
effective Jan. 1, 2006.  Wave's Q2 2005 net loss of US$4.2
million did not include any share-based compensation expense.  

For the first six months of 2006, Wave's net revenues rose to
$1.4 million, compared to net revenues of US$335,000 in the
year-ago six month period.  For the first six months of 2006
Wave reported a net loss of US$9.5 million including non-cash,
share-based compensation expense of US$761,000.

Wave's net loss of US$8.7 million in the first six months of
2005 did not include any share based compensation expense.  The
weighted average number of basic shares outstanding in the first
six months of 2006 and 2005 were 33,998,000 and 26,393,000,
respectively.

As of June 30, 2006 Wave had total current assets of US$3
million and no long-term debt.  Deferred revenue increased to
US$564,000 at June 30, 2006 compared to US$440,000 at March 31,
2006 and US$504,000 at year-end 2005.

Steven Sprague, Wave's president and CEO, commented, "We are
very pleased that our OEMs' shipments have increased this
quarter.  We believe our strategy to partner with major
manufacturers and OEMs is beginning to yield positive results,
and we continue to make significant investments in our software
and in the marketing of trusted computing solutions to support
those relationships.  It is our view that the integration of
hardware security into the PC provides an excellent platform to
address many of the security issues that have plagued PC users.  
As the industry discovers this new capability, we believe Wave
should be well positioned to participate in resulting growth
opportunities.  As with many previous PC industry standards, we
believe that there will be broad based adoption of Trusted
Computing in the PC industry, and we look forward to helping the
industry realize the full security benefit of this technology.

"Of course, there is significant work still to be done.  Wave
will continue to invest in our software solutions to support
three core markets for trusted computing: Strong Authentication,
Data Protection including Full disk encryption, and Network
Access control.  We believe that ongoing investments will
continue to support our market share, our revenue and our
intellectual property portfolio.  Though it has been and
continues to be a challenging road, this is an exciting time for
Wave and its employees and shareholders."

                      Going Concern Doubt

KPMG, LLP, expressed substantial doubt about Wave Systems
Corp.'s ability to continue as a going concern after auditing
the Company's financial statements for the years ended Dec. 31,
2005, and 2004.  The auditing firm pointed to the Company's
recurring losses from operations and accumulated deficit.

                        About Wave Systems

Wave Systems Corp. -- http://www.wave.com/-- holds a portfolio  
of significant fundamental patents in security and e-commerce
applications.  The company maintains operations in Japan.


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

CITIBANK KOREA: Pays KRW1.87B in Menstrual Leave Compensation
-------------------------------------------------------------
Citibank Korea shelled out KRW1.87 billion to 1,298 female
employees -- KRW1.44 million each -- in unpaid compensation for
menstrual leave.

The sum will cover a two-year period of menstrual holidays.

The payment, made on August 1, 2006, arose from a decision by
the Seoul Central District Court regarding a dispute between
Citibank Korea and its labor union.  

The union asserts that KorAm Bank, which Citibank Korea acquired
in 2004, failed to compensate female employees who had not used
all their menstrual leave before the acquisition.

The dispute, however, is still ongoing with the bank appealing
the court's decision.  Citibank Korea can ask the employees to
return the payment if it wins.

The union believes that the bank made the payment because of its
slim chances of winning the appeal.

                    About Citibank Korea

Citibank Korea Inc. -- http://www.citibank.co.kr/-- provides a  
variety of commercial banking, trust, and investment services.  
The bank's services include consumer loans, deposits, trust
accounts, credit cards, Internet banking, financial derivatives,
foreign exchange, and securities dealing and brokeraging.

Moody's Investors Service gave Citibank Korea a Bank Financial
Strength Rating of 'D+' effective on June 28, 2005.  Fitch
Ratings gave the bank a 'B/C' Individual Rating on August 1,
2005.


KOOKMIN BANK: Faces Government Suit Over High Fee Rates
-------------------------------------------------------
The Korean Government filed a complaint against, among others,
Kookmin Bank in the Seoul Central District Court asserting
KRW320,800,000,000 in damages, plus interest.

The complaint, notice of which Kookmin received on August 29,
2006, alleges that the bank, together with Korea Lottery
Services, Ernst & Young Hanyoung and three other defendants,
agreed on a fee rate that was high, resulting in a reduction of
KRW320.8 billion in contributions to the Lottery Fund.

The amount purportedly represents excessively paid commission to
Korea Lottery Services.  The money should instead be reserved
for the Lottery Fund, Korea's Lottery Commission asserts.

Pursuant to a contract dated June 24, 2002, Kookmin Bank agreed
to a 9.523% commission to total sales with Korea Lottery
Services.  The Lottery Commission later determined the
commission rate as too high.  Since April 2004, Kookmin has
applied a 3.144% rate.

                       About Kookmin Bank

Kookmin Bank -- http://inf.kbstar.com/-- provides various   
commercial banking services, such as deposits, credit cards,
trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

                          *     *     *

Moody's Investors Service gave Kookmin Bank a Bank Financial
Strength rating of D+ effective March 27, 2006.

Fitch Ratings gave the bank a B/C rating.


WOORI BANK: Audit Committee Member Suk Won Kim Resigns
------------------------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, Woori Bank discloses the resignation of Suk
Won Kim, its non-standing director and audit committee member.

Mr. Kim resigned from both posts effective September 8, 2006.

Mr. Kim's tenure for both positions started on March 24, 2006,
and will supposedly end at the annual general meeting of Woori
Bank's shareholders in 2007.

The SEC filing did not provide the reason for the resignation.

                         About Woori Bank

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

                          *     *     *

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

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

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


WOORI BANK: Sells US$500-Million Five-Year Floating-Rate Notes
--------------------------------------------------------------
Woori Bank sold US$500 million of five-year global floating-rate
notes in the 144a private placement market, Reuters reports,
citing market sources.

According to the report, ABN AMRO/LaSalle, J.P. Morgan, Merrill
Lynch & Co. served as joint lead managers for the sale.

The notes, due to mature on September 14, 2011, came at par on a
coupon of 36bp over three-month LIBOR.  First pay date is due
December 14, 2006.

                         About Woori Bank

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

                          *     *     *

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

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


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

ANTAH HOLDINGS: Unit Files Counter Claim Against Bin Wahi
---------------------------------------------------------
Antah Holdings Berhad's wholly owned subsidiary, Kaseh Lebuhraya
Sdn Bhd, filed on September 4, 2006, a Statement of Claim and
Counter Claim against a Writ of Summons filed by Dato' Haji
Razaly Bin Wahi.

The Troubled Company Reporter - Asia Pacific reported that on
June 17, 2006, Kaseh Lebuhraya was served with a Writ of Summons
dated June 30, 2006, by Dato' Haji Razaly Bin Wahi.  Mr. Bin
Wahi alleges that his termination as Kaseh's Employer's
Representative on September 3, 2003, for the Kajang-Seremban
Highway Project was unlawful.

In this regard, Mr. Bin Wahi wants:

   -- a declaration that his termination was unlawful;

   -- payment of MYR2,196,100 in damages;

   -- payment of MYR600,000 in lieu of notice of termination;

   -- Kaseh's contribution to the Employee Provident Fund for
      the period between January 2002 until September 2003;

   -- interests at 8% per annum from September 20, 2003;

   -- legal costs and other relief as the Kuala Lumpur High
      Court deems fit.

Kaseh disputed Mr. Bin Wahi's claims and filed the Defence and
Counter Claim.   The company alleges that as the Managing
Director of Wheels & Wheels Sdn Bhd -- the designated Management
Company for the Project -- Mr. Bin Wahi had contractual
obligations to Kaseh, which were allegedly breached, in that he
had purportedly permitted incomplete and unsupported Progress
Claims from the Main Contractor to be certified and recommended
for payment by Kaseh.

In certifying and recommending such purportedly incomplete and
unsupported Progress Claims for payments, Kaseh alleges that Mr.
Bin Wahi has breached his duty of care and fiduciary duties owed
to Kaseh thus causing substantial sums being disbursed on
Kaseh's account of  by Bank Pembangunan and Infrastruktur
Malaysia Berhad, to numerous parties.

Mr. Bin Wahi's claims for loss of remuneration from January 2002
until September 2003 of MYR100,000 per month and reimbursements
for expenses incurred have been denied categorically on since:

     -- there was never any agreement between Kaseh and Mr. Bin
        Wahi as his fees as Employer's Representative;

     -- there was no contractual or legal obligation for Kaseh
        to issue any six-month notice to Mr. Bin Wahi prior to
        terminating his appointment as Employer's Representative
        as the same was based on a mutual understanding;

     -- as Mr. Bin Wahi was not an employee of Kaseh, there was
        no obligation on Kaseh's part to make EPF contributions
        towards Mr. Bin Wahi; and

     -- Kaseh denies altogether the existence of any outstanding
        claim for remuneration and outstanding debt for
        expenses incurred by Mr. Bin Wahi such as presentation
        materials.

Since Kaseh was exposed to overpayments and suffered losses, it
demands from Mr. Bin Wahi:

     * an account of all the amounts in cash or otherwise
       handled by Mr. Bin Wahi while he was in service as the
       Employer's Representative to Kaseh;

     * an account of all the amounts in cash or otherwise, which
       may have been received by Mr. Bin Wahi and which may
       constitute profits obtained illegally while he was in
       service as the Employer's Representative to the
       Defendant;

     * an Order and Judgment for all the sums shown on account
       that are due and payable to Mr. Bin Wahi;

     * General Damages;

     * interest on all outstanding sums ordered to be paid at a
       rate and time deemed by the Court to be appropriate and
       reasonable; and

     * damages for the breach of contract and negligence and
       breach of fiduciary duties owed by Mr. Bin Wahi to the
       Kaseh and costs.

                      About Antah Holdings

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

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

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


ANTAH HOLDINGS: Counters Suit by Wheels & Wheels
------------------------------------------------
Antah Holdings Berhad, on September 4, 2006, submitted a
Statement of Defence and Counter Claim on a suit filed against
its wholly owned subsidiary, Kaseh Lebuhraya Sdn Bhd, by Wheels
& Wheels Sdn Bhd.

The Troubled Company Reporter - Asia Pacific reported on
July 25, 2006, that Kaseh Lebuhraya received a Writ of Summons
filed by Wheels & Wheels on June 30, 2006.  The plaintiff
claimed that its termination as Kaseh's Project Management
Consultant on September 3, 2003, for the Kajang - Seremban
Highway Project was unlawful.

Consequently, Wheels and Wheels demanded:

   -- a declaration that its terminations was illegal;
   
   -- MYR5,270,000 as payment for outstanding consulting fees;

   -- MYR125,423 as payment for expenses incurred;

   -- MYR9,841,211 as payment for balance of consultant's fees;

   -- compensation for damages resulting from the illegal
      termination plus an 8% annual interest from September 30,
      2003; and

   -- payment of legal costs and other relief as the Kuala
      Lumpur High Court deems fit.

In its counter claim, Antah contends that plaintiff has breached
its contractual obligations to Kaseh, as it allegedly
recommended payment for incomplete and unsupported progress
claims from the main contractor, contrary to requirements set
out by the mo\memorandum of agreement signed by both parties.  
As a result, Kaseh's bank -- Bank Pembangunan and Infrastruktur
Malaysia Berhad -- had disbursed substantial sums to numerous
parties.

Kaseh also denied Wheels & Wheels financial claims since:

     -- there was never any agreement and/or condition in the
        Memorandum of Agreement between KASEH and the Plaintiff
        that the tenure of the Plaintiff's appointment would
        continue for the entirety of the said Project;

     -- Kaseh denies that there were no reasons or grounds of
        termination given to the Plaintiff and KASEH maintains
        that the said termination was done with the full consent
        of the Plaintiff and was based on a mutual understanding
        between the two parties; and

     -- Kaseh denies altogether the existence of any outstanding
        claim for remuneration and/or outstanding debt for
        expenses incurred by the Plaintiff such as presentation
        materials and further or alternatively states that all
        the claims particularized in the Plaintiff's Statement
        of Claim are expenses which would be naturally incurred
        in the course of the Plaintiff's business.

Since Kaseh was exposed to overpayments and suffered losses, it
demands from the Plaintiff:

     * an account of all the monies cash or otherwise handled by
       the Plaintiff while the Plaintiff was in service as the
       Employer's Representative to Kaseh;

     * an account of all the monies cash or otherwise, which may
       have been received by the Plaintiff which may constitute
       profits obtained illegally while the Plaintiff was in
       service as the Employer's Representative to the
       Defendant;

     * an Order and Judgment for all the sums shown on account
       that are due and payable to the Plaintiff;

     * General Damages;

     * interest on all outstanding sums ordered to be paid at a
       rate and time deemed by the Court to be appropriate and
       reasonable; and

     * damages for the breach of contract and/or negligence and
       breach of fiduciary duties owed by the Plaintiff to the
       Defendant and costs.

                      About Antah Holdings

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

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

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


ARK RESOURCES: Courts Extends Restraining Order to January 5
------------------------------------------------------------
The Kuala Lumpur High Court extended for another 120 days a
restraining order it granted to ARK Resources Berhad, formerly
known as Lankhorst Berhad, and to its eight subsidiaries:

   1. Lankhorst Pancabumi Contractors Sdn. Bhd.;
   2. Cardon (M) Sdn. Bhd.;
   3. Lankhorst Hartanah Sdn. Bhd.;
   4. Lankhorst M&E Sdn. Bhd.;
   5. Port Dickson Sepang Quarry Sdn. Bhd.;
   6. Lankhorst Track Construction Sdn. Bhd.;
   7. Rampai Budi Jaya Sdn. Bhd.; and
   8. Tradepro Sdn. Bhd.

The High Court granted the Restraining Order pursuant to Section
176 of the Companies Act 165 to facilitate ARK Resources'
restructuring exercise.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company is in the process of formulating a debt and capital
restructuring scheme to improve its financial position.

The Restraining Order, originally granted on May 30, 2005, has
been extended a number of times.

With the current extension, the Restraining Order will expire on
January 5, 2007.

          ARK has Until December 23 to Submit Proposal

ARK Resources advises Bursa Malaysia Securities Berhad that the
Company is still considering various issues in formulating a
restructuring.  ARK assures the Bourse that, once finalized, a
full announcement outlining the plan will be announced.

The Company has until December 23, 2006, to submit its proposed
scheme to the relevant authorities for approval.

                    About Ark Resources

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category or face delisting
procedures.

Currently, ARK Resources is under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

ARK posted a net loss of MYR10.2 million in 2004 and
MYR104.1 million in 2005.  For the six-month period ending
June 30, 2006, the Company recorded a net loss of
MYR38.3 million.


FOREMOST HOLDINGS: To Consider Nomination of New Auditor
--------------------------------------------------------
Foremost Holdings Berhad received, on September 5, 2006, a
notice of nomination from shareholders Ooi Cheing Sim for the
appointment of JB Lau & Associates as the company's auditors for
the year ending December 31, 2006.

JB Lau & Associates, if appointed, will replace Auditors Wong
Liu & Partners who were not reappointed at the company's 8th
Annual General Meeting held on June 30, 2006.

The company will hold another general meeting to consider the
nomination.

                     About Foremost Holdings

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".  
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


JIN LIN: Court Grants Restraining Order Extension Request
---------------------------------------------------------
Jin Kin Wood Industries and its subsidiaries have been granted a
90-day extension of the restraining period from September 5,
2006, to December 3, 2006, by the Kuala Lumpur High Court.

The restraining order was obtained for the company to implement
its restructuring scheme, which was already approved by the
Securities Commission.

The Troubled Company Reporter - Asia Pacific reported that on
August 25, 2006, Jin Lin's shareholders have approved the
company's proposed scheme of arrangement and proposed
restructuring scheme.

                         About Jin Lin

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment, and investment holding.

As of June 30, 2006, the Company's balance sheet showed total
assets of MYR66,849,000 and total liabilities of MYR100,292,000,
resulting into a stockholders' deficit of MYR33,443,000.


PAN MALAYSIA CORP: Buys Back 145,000 Shares in One Week
-------------------------------------------------------
In seven days, Pan Malaysia Corporation Berhad bought back a
total of 145,000 ordinary shares of MYR0.50 at these
considerations:

   Buy-Back Date      Shares Purchased      Consideration Paid
   -------------      ----------------      ------------------
    09/05/2006              20,000                 MYR5,334.49
    09/06/2006              10,000                    2,669.96
    09/07/2006              20,000                    5,349.99
    09/09/2006              10,000                    2,669.96
    09/11/2006              10,000                    2,619.64
    09/12/2006              35,000                    8,513.14
    09/13/2006              40,000                    9,485.46

After the September 13 purchase, the cumulative outstanding
treasury shares reached 59,608,400.

As previously reported by the Troubled Company Reporter - Asia
Pacific, Pan Malaysia, on September 4, bought back 10,000
ordinary shares of MYR0.50 for a total consideration of
MYR2,628.20.

                 About Pan Malaysia Corporation

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.

Pan Malaysia has suffered consecutive losses in the past due to
skyrocketing operating expenses.  The group has been selling
assets to curb losses.  In the fiscal year ending December 31,
2005, the Company booked a net loss of MYR6.8 million.


PAN MALAYSIAN: To Hold 44th AGM on September 29
-----------------------------------------------
Pan Malaysian Industries Berhad will hold its 44th Annual
General Meeting at Crystal Ballroom, Corus Hotel Kuala Lumpur,
Jalan Ampang, 50450 Kuala Lumpur on September 29, 2006, at 2:30
p.m.

During the meeting, members will be asked to:

     -- receive the audited financial statements for the
        financial year ended March 31, 2006, and the Reports of
        the Directors and the Auditors thereon;
     
     -- consider and if thought fit, re-elect as directors:

          * Haji Ibrahim bin Abdul Rahman;
          * Ngui Chon Hee @ Ngui Choo Hee; and
          * Mohd Ibrahim bin Mohd Zain;

     -- reappoint BDO Binder as auditors and to authorize the
        Directors to fix their remuneration;

     -- authorized the Directors to allot and issue shares in
        the Company at any time until the conclusion of the next
        Annual General Meeting or until the expiration of the
        period within which the next Annual General Meeting,
        provided always that the aggregate number of shares to
        be issued pursuant to this resolution does not exceed
        10% the issued and paid-up share capital of the Company
        for the time being; and

     -- transact any other matters of which due notice will be
        given.

                 About Pan Malaysian Industries

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  Its other activities
include investment and property holding.  The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.

The Company has been suffering recurring losses since 1999.  
Moreover, as of June 30, 2006, Pan Malaysian has total assets of
MYR705,300,000 and total liabilities of MYR727,790,000,
resulting into a stockholders' deficit of MYR33,338,000.


PSC INDUSTRIES: Bourse Extends Rehab Plan Submission Deadline
-------------------------------------------------------------
Bursa Malaysia Securities Berhad approved on August 30, 2006,
PSC Industries Berhad's application to extend until December 31,
2006, the deadline for the company to submit its financial
regularization plan.

The extension of time is required in view of the additional time
required by the Company to ensure that the restructuring plan
formulated is viable for all its stakeholders.

Pursuant to Practice Note 17, PSC Industries was required to
regularize its financial condition by July 31, 2006.

                       About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan for
the Group pursuant to Practice Note 17/2005 of the Bursa
Malaysia Securities Berhad's Listing Requirements.  As of
March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


TALAM CORP: Notes Variance Between Audited and Unaudited Results
----------------------------------------------------------------
Talam Corporation Berhad disclosed that the additional losses
provided between the unaudited financial results and its audited
statements for the year ended January 31, 2006, is
MYR258,395,000.

The variance is 50.3% as compared with the unaudited financial
results.  

The additional losses consist of:

1) Additional development cost charged out   MYR122,699,000.00
due to revision in gross development value
as a result of changing market conditions
and market perception of the Company
that has affected the sales

2) Additional provision for doubtful debts    MYR52,439,000.00

3) Development expenditure written off        MYR25,515,000.00
due to change in the status of the
construction activities on site as then and now

4) Additional provision for tax penalty       MYR30,879,000.00

5) Reversal of over provision of tax          (MYR7,853,000.00)

6) Additional accrual of interest cost         MYR9,063,000.00

7) Fair value written off                     MYR25,653,000.00
                                              ----------------
Variance                                     MYR258,395,000.00

                        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.

As reported by the Troubled Company reporter - Asia Pacific on
September 11, 2006, Ernst & Young has raised doubt on Talam's
going concern ability, citing the group's losses and default in
loan repayments.


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

BANK OF CEBU: Depositors to File Claims Until September 2008
------------------------------------------------------------
The Philippine Deposit Insurance Corporation has started
servicing The Bank of Cebu depositors' claims for insured
deposits on September 8, 2006.  This is in keeping with PDIC's
commitment to start claims servicing in single-digit turn-
around-time from bank takeover.  

In a statement, PDIC advised depositors to proceed directly to
the branch where they maintained their deposit accounts and
present their:

   (a) evidence of deposits like savings passbooks, certificates
       of time deposits, or bank statements; and

   (b) two valid identification cards with depositor's signature
       to PDIC representatives.   

PDIC will service claims at the banks' head office and Lapu-
lapu, Mandaue and MEPZ branches during office hours, Monday to
Friday, from September 8 to 29, 2006.

Claims servicing at the bank's Carcar, Consolacion and Tabunoc
branches also started on September 8, 2006, but will end on
September 22, 2006.

After the service dates, depositors may file their claims:

   1) personally at the:

      Claims Processing Department
      PDIC Extension Office
      6/F SSS Bldg.
      Ayala Avenue corner V.A. Rufino St. (formerly Herrera St.)
      Makati City

      -- or --

   2) by mail to:

      The Manager
      Claims Processing Department
      PDIC
      2228 Chino Roces Avenue
      1231 Makati City

As of June 30, 2006, the estimated insured deposits of the bank
amounted to PHP171.30 million, representing 7,870 accounts,
which is about 70% of the total deposit amount of
PHP244.39 million.  

The bank's depositors are given 24 months from bank takeover to
file their claims or until September 1, 2008.

                          *     *     *

The Troubled Company Reporter - Asia Pacific previously reported
that on September 1, 2006, the Bank of Cebu was deemed insolvent
by the Bangko Sentral ng Pilipinas.  Thus, BSP closed all seven
branches of the bank located in:

   1. Carcar,
   2. Consolacion,
   3. Lapu-Lapu City,
   4. Mandaue City,
   5. Mactan Economic Zone, and
   6. Tabunok

According to the TCR-AP, the bank may reopen depending on its
board members' rehabilitation plan.  The bank's owners were
given 90 days to present a viable rehabilitation plan, which
PDIC will evaluate to determine their capacity manage the bank,
the TCR-AP noted.

The Bank of Cebu's main office address is at:

   The Bank of Cebu (A Development Bank)
   Contact: Ephraim C. Salcedo
   Position: Officer-In-Charge
   Address: The Bank of Cebu Bldg.,
            131 V. Gullas St. cor. Osme a Blvd.,
            Cebu City 6009
   Contact: (032) 253-9552; 255-6070
   Fax: (032) 255-5147


MAYNILAD WATER: MWSS Extends Qualified Bidders' Due Diligence
-------------------------------------------------------------
Metropolitan Waterworks and Sewerage System has extended the due
diligence period for Maynilad Water Services, Inc., from
September 12 to October 20, 2006, Iris Cecilia C. Gonzales of
BusinessWorld reports.

The report says the extension gives Maynilad Water's qualified
bidders enough time to study the company's finances as well as
the technical aspect of operations.

BusinessWorld recounts that the four investor groups have
started their due diligence on September 5, 2006.

The Troubled Company Reporter - Asia Pacific reported on
August 15, 2006, the four groups, which have submitted financial
and technical bids currently vying for the Government's stake,
are:

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

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

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

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

Government corporate counsel Agnes VST Devanadera tells
BusinessWorld that "[w]e want to give the bidders more time to
prepare for their bids.  They may need to revalidate their
examination so we extended it for more than a month."

MWSS also wants to give bidders time to conduct plant visits and
see Maynilad's day-to-day operations, BusinessWorld notes.

BusinessWorld reveals that the government will open the
financial bid on November 10, 2006.  A notice of award to the
winning bidder will be issued on November 14, 2006.

Formal turnover of operations is slated for December 12, 2006,
BusinessWorld notes.

                           Suez Stake

According to BusinessWorld, the Government has set a minimum bid
of US$56.4 million and a performance bond of AU$30 million.  The
winning bidder will have the option to acquire the 16% equity
held by French firm Suez and 0.035% stake held by Metropolitan
Bank and Trust Co., BusinessWorld adds.

"Suez has not informed the government of what it plans to do
with its stake," BusinessWorld cites Ms. Devanadera, as saying.

"We don't see any problem if they sell their stake.  It will be
a commercial decision.  They can wait for the winner and see if
they can partner with them," Ms. Devanadera explains.

                      About Maynilad Water

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

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

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

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

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

            Debt Capital and Restructuring Agreement

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


MAYNILAD WATER: Manila Water Conducting Due Diligence
-----------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 12, 2006, the Board of Directors of Manila Water Co., Inc.,
a subsidiary of Ayala Corp., bid for the Philippine Government's
83.97% stake in Maynilad Water Services, Inc.

In an update, a report from BusinessWorld relates that Manila
Water is on the second phase of its due diligence with visits to
Maynilad Water's facilities from September 11 until 13, 2006.

Metropolitan Waterworks and Sewerage System, which is presently
the majority owner of Maynilad, said the visits include
inspections at the La Mesa Dam and Maynilad's treatment plants
and pumping stations as well as Maynilad's 16 business centers
all over its service areas, Iris Cecilia C. Gonzales of
BusinessWorld reports.

"The visits are a crucial part of the due diligence," the report
cites MWSS senior deputy administrator Macra Cruz, as saying in
an interview.

Ms. Cruz noted that the consortium led by the Consunji family's
DM Consunji, Inc. and Metro Pacific Corp., is scheduled to
conduct its visit on September 13, 2006.

The TCR-AP previously reported that the consortium expressed
interest in acquiring the 16% stake of French utility firm Ondeo
Services in Maynilad Water aside from the Government's 83.9%.

Noonday Asset Management Asia Pte. Ltd of Singapore and
Karunakaran Ramchand of India will also conduct due diligence
after Manila Water and DMCI conclude their inspections,
BusinessWorld says.

BusinessWorld relates that the MWSS will inform bidders who are
eligible to participate in a pre-bid conference scheduled on
September 27, 2006.

According to the TCR-AP, the bid deadline is on October 24,
2006.  MWSS expects to award the contract to the winning bidder
before December 2006, the TCR-AP noted.

                      About Maynilad Water

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

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

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

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

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

            Debt Capital and Restructuring Agreement

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


PHILIPPINE AIRLINES: To Settle PHP2-Bil. Gov't Debt, MIAA Says
--------------------------------------------------------------
Philippine Airlines will settle the PHP2 billion it owes the
Government from unpaid aeronautical fees, Malaya News reports,
citing Manila International Airport Authority general manager
Alfonso Cusi.

Mr. Cusi said PAL stopped paying the fees after it filed a
corporate rehabilitation program in 1999, the report relates.

Aeronautical fees include the cost of landing and takeoff,
parking, lighting and other operational charges like use of
navigational equipment.

Malaya recounts that Jaime Bautista, PAL president and chief
operating officer, estimated the airlines' total book value at
about US$201.548 million (PHP10 billion) or PHP1 a share.

According to the Manila Times, the airline owed US$2.3 billion
to its creditors, but has cut its debt to about US$1.1 billion
as of end-June 2006.

The Troubled Company Reporter - Asia Pacific reported on
September 4, 2006, that Mr. Bautista forecast profits of
US$18 million for the fiscal year ending March 2007, lower than
the US$28.7 million the company earned for fiscal year ending
March 2006, due to higher fuel costs.

                   About Philippine Airlines

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

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

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

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


* RP Economy Surges as Peso Valuation Rises vs U.S. Dollar
----------------------------------------------------------
A report from the Philippine Information Agency dated
September 12, 2006, said that the comprehensive picture of the
Philippine economy undoubtedly shows a nation on a roll, and an
enterprising people reaching for the limit in a period of rapid
political stability and consolidation.

This developed when the peso gathered more strength in early
trade, touching a new high record in more than four years
against the US dollar, amid steady influx of foreign funds and
remittances from Filipino workers abroad, the PIA said.

The local financial markets surged, buoyed by an upbeat economic
outlook and falling oil prices, with the peso climbing to a
fresh four-year high of PHP50.33 last week against the US
dollar. Volume traded at the Philippine Dealing System reached
US$67 million.

"Foreign funds continues to flow into the Philippine assets and
remittances are still very strong," Lito Biacora, assistant vice
president and head of foreign exchange at the Bank of the
Philippine Islands says.

According to Mr. Biacora, given the peso's upward momentum, the
pair could test the 49 level in the next few sessions.

Meanwhile, international visitor arrivals grew to 6.6% year-on-
year in July, faster than the 3.9% growth registered in June, on
the back of double-digit increase in tourists from Korea, China,
and other Asian countries.  Data from the Department of Tourism
shows that foreign visitors in July totaled to 251,884, up from
236,233 in the year-earlier month.

The PIA notes that Phase I of the economic plan of the
government has been achieved as evidenced by the sustained
growth of the economy.  The gains in Phase I will propel the
country in achieving the same result in Phase II or the
restructuring of the Philippines into five Super Regions.

Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange.


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

ISOFT: Government Admits Making Upfront Payments of EUR82 Mil.
--------------------------------------------------------------
The government, through Health Secretary Patricia Hewitt, had
admitted making upfront payments of EUR82 million to iSoft,
raising some speculations that it was trying to rescue iSoft
from its financial crises, the Guardian says.

The payments of EUR58 million and EUR23.8 million, which were
made on 2005 and 2006 respectively, were transacted just days
before the company's financial year came to a close on April 30,
2006.

To help meet the city's expectations, a certain amount of EUR82
million was booked for the firm's accounts.  

The Troubled Company Reporter - Asia Pacific reported on Aug.
28, 2006, that Deloitte & Touche and Eversheds LLP found
evidence of accounting irregularities affecting the financial
years ended April 30, 2004, and April 30, 2005.  Moreover iSoft
issued a statement that it was unable to complete the contract
with the NHS ahead of its year-end in two days time, the
Guardian adds.

Tory MP Richard Bacon, member of the Public Accounts Committee
said that, "It is hard to avoid the conclusion that Connecting
for Health -- the NHS's IT procurement arm -- has repeatedly
bent over backwards to try to rescue this company from its
financial crisis, presumably to avoid the disaster that would
hit it if a vital software supplier were to collapse.

"What good reason could there possibly be for what looks like
another giant free public subsidy to a failing company?"
Mr. Bacon added.

According to Ms. Hewitt, the upfront payments were in exchange
for a EUR20 million saving to the NHS over three years. The deal
replaced 1,800 individual iSoft contracts, across 393 trusts,
with one centralised deal with Connecting for Health.  The
payments were made against letters of credit from iSoft and
underwritten by its lending banks.  

The Guardian reveals that the trusts were told to keep paying
iSoft, which would then gradually repay Connecting for Health.

Ms. Hewitt added that despite upfront payments of EUR82 million,
iSoft collected and passed back to the Department of Health just
EUR37.9 million.

Ms. Hewitt further said that, "The iSoft upfront payments
arrangement is not part of the National Programme for IT."  The
government has repeatedly stressed that suppliers to the
programme would not receive any upfront payments and would be
paid only for services delivered.

The Guardian relates that the government's upfront payments to
iSoft were laid bare when the company reported its twice-delayed
2006 results last month, showing a EUR344 million pre-tax loss.  
The company's auditors refused to sign off the accounts while
its banks extended borrowing facilities for just 15 months at
onerous rates of interest.

According to iSoft Chairman John Weston, the firm's previous
accounting policy had been "in certain circumstances a disaster
waiting to happen".

                           About iSoft

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical  
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

An initial probe, conducted by Deloitte & Touche and Eversheds
LLP, found evidence of accounting irregularities affecting the
financial years ended April 30, 2004, and April 30, 2005.  The
group submitted the findings, which contained grounds for a more
formal investigation, to the Financial Services Authority, a
British regulator.  According to the company, Deloitte was
appointed as the group's auditor in July 2005 and was not
therefore acting for the group during the period covered by the
investigation.  After the initial review, the board suspended
Steve Graham, the group's commercial director, pending the
outcome of the formal investigation.

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


JAPAN TRAVEL: Creditors' Proofs of Debt Due on September 25
-----------------------------------------------------------
Liquidator Lim Say Wan required the creditors of Japan Travel
Bureau Asia Pte Ltd to submit their proofs of debt by Sept. 25,
2006.

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

The Liquidator can be reached at:

         Lim Say Wan
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


SEAGATE TECHNOLOGY: Appoints Dave Wickersham as President
---------------------------------------------------------
Dave Wickersham, Seagate Technology's chief operating officer,
was also appointed as president of the company.

Mr. Wickersham, will continue to report directly to Chief
Executive Officer Bill Watkins, who previously held the position
as the company's president.

According to Mr. Watkins, "Dave is an extremely talented
executive who has played a critical leadership role in Seagate's
strong performance.  Under Dave's leadership, our global
operations have functioned at the highest levels this industry
has ever seen and have helped establish Seagate as an elite
technology company at the heart of the on-demand world.  Dave
has helped define and execute on a strategy that has resulted in
Seagate's technological leadership, world-class operational
excellence and record performance.  Dave understands that
continuous innovation is the hallmark of our success, and he
will continue to play a central role in keeping innovation at
the forefront of all aspects of our business."

Mr. Wickersham oversees Seagate's global operations, and
responsible for all aspects of product research and development,
design and development, along with materials, logistics,
manufacturing and quality, for both components and finished
products.

                    About Seagate Technology  

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

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

                          *     *     *

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

                          *     *     *

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


SEAGATE TECHNOLOGY: Moody's Assigns Ba1 Rating; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Seagate
Technology HDD Holdings and its subsidiary, Maxtor Corporation.  
Approximately US$1.9 billion of rated debt were affected which
comprises of the proposed new debt issuance of US$1.25 billion
to finance Seagate's recently announced US$2.5 billion stock
buyback program, as well as refinance Seagate's existing US$400
million 2009 notes.

These ratings were affirmed:

  * Seagate's Corporate Family Rating      -- Ba1
  * Maxtor's remaining US$135 million
    of the US$230 million 6.8% convertible
    senior notes, due 2010                 -- Ba1
  * Maxtor Corporation's US$60 million
    5-3/4% convertible subordinated
    debentures, due 2012                   -- Ba2


These ratings have been assigned to the company:


  * floating rate notes due 2009
   "amount to be determined"               -- Ba1
  * Senior notes due 2011
   "amount to be determined"               -- Ba1
  * Senior notes due 2016
   "amount to be determined"               -- Ba1

On the other hand, this rating will be withdrawn upon
refinancing:

  * Seagate's US$400 million senior notes 8%, due 2009 -- Ba1

The rating outlook remains stable.

The ratings continue to reflect Seagate's dominant position in
the disk drive industry and incorporate the sector's capital
intensity, volatility, and the commoditized nature of the disk
drive business that is characterized by short product life-
cycles and maturation linked ASP declines.  

Seagate's financial performance has been robust in recent years
with generally stable gross margins, improving operating
margins, and increasing generation of free cash flow.  As a
result, credit metrics are strong for the Ba1 rating category.  
Moody's is increasingly subscribing to the view that the HDD
industry volatility may have become less severe going forward
due to the sector's on-going consolidation, channel visibility
may have improved which may reduce excess inventory buildup in
the future, and Seagate's credit metrics may be less impacted in
the next down cycle.

However, several factors offset the company's strong metrics and
possible upward pressure on the ratings currently.  Key among
these is a more aggressive financial policy, as partly evidenced
by the current largely debt-financed share buyback, and the
possibility that leverage may increase further in the future.
Other factors Moody's has cited previously are execution risk in
the current product transitioning to perpendicular technology,
and some integration risks vis-a-vis the Maxtor acquisition,
both of which we will evaluate over the next 12-18 months as the
company completes its product transitioning and the Maxtor
integration.

                 What could move the ratings up

1) Continued strong financial performance, including revenue
   growth consistent with industry growth, stable to improving
   profitability metrics, and free cash flow generation despite
   a sizable step-up in capital expenditures planned for the
   next two years.

2) Maintenance of a reasonable capital structure, including
   prudent management of share buybacks and dividends, with
   credit metrics maintained at current levels, pro forma for
   current financings.

3) Successful product transitioning to perpendicular technology
   and integration of the Maxtor acquisition.

4) Greater visibility with respect to management's future
   acquisition strategies and financial policies following the
   company's transition from private to public ownership.

                What could move the ratings down

1) Significant decline in cash flow generation as a result of
   product transitioning issues vis-a-vis perpendicular
   technology, the Maxtor integration, and emerging technology
   becoming a more meaningful threat.

2) Significant increase in leverage as a result of dividends and
   additional share buyback programs.

3) Significant decline in the company's liquidity position as a
   result of operating issues and/or funds returned to   
   shareholders.

                    About Seagate Technology  

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

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

                          *     *     *

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

                          *     *     *

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


SEAGATE TECHNOLOGY: Wants to Offer US$1.25 Bil. Debt Securities
---------------------------------------------------------------
Seagate Technology has disclosed that it wants to offer
US$1.25 Billion of Senior Unsecured Notes, which will be
comprised of:

     -- three-year floating rate notes; and

     -- five- and ten-year fixed rate notes.

Accordingly, Seagate Technology will guarantee the notes on full
and unconditional basis and will be issued by its direct wholly
owned subsidiary, Seagate Technology HDD Holdings.

The net proceeds from the offering will be use to redeem the
US$400 million principal amount of its 8% Senior Notes due on
2009, to fund a portion of its previously announced
US$2.5 billion stock repurchase program and for general
corporate purposes.

Morgan Stanley, JPMorgan and Goldman, Sachs & Co. are acting as
joint book-running managers of the offering.

Seagate also announced today that it intends to enter into an
amended and restated unsecured revolving credit facility
providing for borrowings of up to $500 million with a five-year
maturity. Seagate may use borrowings under this facility from
time to time to fund, among other things, additional share
repurchases under the program described above.

The notes are expected to be issued by Seagate Technology HDD
Holdings, a direct wholly owned subsidiary of Seagate
Technology, and guaranteed by Seagate Technology on a full and
unconditional basis

Seagate Technology Announces Offering of US$1.25 Billion of
Senior Unsecured Notes and Intention to Enter into New $500
Million Credit Facility

                    About Seagate Technology  

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

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

                          *     *     *

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

                          *     *     *

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


=================
S R I   L A N K A
=================

INDUSTRIAL FINANCE LIMITED: Fitch Assigns 'BB+(lka)' Rating
-----------------------------------------------------------  
Fitch Ratings Lanka has assigned a 'BB+(lka)' National Long-term
rating to Industrial Finance Limited.  The Outlook on the rating
is Stable.

IFL is primarily focused on providing financing for commercial
motor vehicles to small- and medium-sized enterprise clienteles
mainly in the Western Province of Sri Lanka.  IFL's rating
reflects its good profitability, conservative credit policies,
and good asset quality.

However, IFL's rating is constrained by its limited customer
franchise, low product diversity and its relatively small size.
These factors reduced its risk diversification and increased its
overall market and credit risks.

The agency also notes that IFL's small equity base
(LKR81 million at FYE06) heightens its vulnerability to the
possible erosion of capital from NPL accretion.  The Central
Bank of Sri Lanka increased the minimum capital requirement for
all Registered Finance Companies to LKR200 million in 2005.  
This means that all RFCs have to increase their minimum initial
capital to LKR100 million by end January 2007 and finally to
LKR200 million by end July 2008.  In order to comply with this
requirement, IFL's management has indicated that they are
considering a rights issue in late-2006 and a private placement
thereafter.

IFL's lending portfolio was LKR421 million at FYE06, placing it
amongst the smaller players in the sector.  At FYE06, finance
leases and hire purchase agreements accounted for 55% and 38% of
the portfolio, respectively, while loans accounted for the
balance.  In FY06, asset growth was 46% yoy, albeit from a small
base.  IFL's low NPLs/Gross Loans of 5.7% at FYE06 (7.8% at
FYE05) demonstrates that its asset quality was better than its
peers in the sector and reflected its stringent credit policies.
(NPLs are defined by Fitch as loans in arrears for over three
months).  Fitch notes that in order to achieve its growth
expectations, it would be necessary for IFL to relax its present
stringent credit policies in order to accommodate any new
clients.

IFL's overall profitability was robust, with the company
enjoying reasonably comfortable net interest margin of 11.9% in
FY06 compared to 11.2% in FY05, coupled with its relatively low
cost structures (43.4% cost/income in FY06).  Fitch expects
IFL's spreads to narrow somewhat due to competition but
nevertheless remain healthy.

Established in 1962, IFL is a registered finance company
currently regulated by the CBSL.  Over 68% of IFL's voting
shares are owned by the Tudawe and de Costa families, who have
interests in construction, apparel manufacturing and hospitals.


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

BANGKOK BANK: Head Denies Chinese Partnership
---------------------------------------------
Bangkok Bank's executive chairman, Kosit Panpiemras, denies
seeking partnership with Chinese banks, as they will focus on
branch expansion only, The Nation reports.

"Even though many Chinese banks are looking for foreign
strategic partners due to the country's merger and acquisition
trends, this area is not our focus," Mr. Kosit said.

Bangkok Bank, Thailand's largest bank in terms of assets has
four branches in China, located in Beijing, Shanghai, Shantou
and Xiamen.

According to Mr. Kosit, all Bangkok Bank branches in China have
generated good returns and they are looking forward to set-up up
more branches there.  Assets at the Chinese branches account for
12% of BBL's offshore operations.

The Nation relates that China plans to liberate its financial
sector in December under an agreement with the World Trade
Organization and Mr. Kosit believes Bangkok Bank is ready to
cope with the big change through its strong network there.

"With China playing such a significant role in today's global
economy, its rapid growth impacts macro-economic and financial
sectors in the world. BBL has invested in China for more than 10
years and today we are ready to expand in this country," he
said.

Headquartered in Bangkok -- http://www.bangkokbank.com/--  
Bangkok Bank is Thailand's largest bank, with total assets of
THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D.  The
bank's debt and deposit ratings are unaffected.  The outlook for
all ratings is stable.  The upgrade concludes the revision in
the outlook for BBL to positive from stable.


PHELPS DODGE: Moody's Confirms (P)Ba1 Pfd. Stock Shelf Ratings
--------------------------------------------------------------
Moody's Investors Service confirmed Phelps Dodge's Baa2 senior
unsecured debt rating and revised its outlook to positive.  The
outlook was stable prior to the ratings being placed under
review.

The confirmation and outlook revision follow the announcement
that Phelps Dodge has terminated its combination agreement with
Inco.  This concludes Moody's review of Phelps Dodge's ratings,
which were placed under review for possible downgrade on June
26.

Outlook Actions:

* Issuer: Cyprus Amax Minerals Company

   -- Outlook, Changed To Positive From Rating Under Review;

* Issuer: PD Capital Trust I

   -- Outlook, Changed To Positive From Rating Under Review;

* Issuer: PD Capital Trust II

   -- Outlook, Changed To Positive From Rating Under Review; and

* Issuer: Phelps Dodge Corporation

   -- Outlook, Changed To Positive From Rating Under Review.

Confirmations:

* Issuer: Cyprus Amax Minerals Company

   -- Senior Unsecured Regular Bond/Debenture, Confirmed at
Baa2;

* Issuer: PD Capital Trust I

   -- Preferred Stock Shelf, Confirmed at (P)Baa3;

* Issuer: PD Capital Trust II

   -- Preferred Stock Shelf, Confirmed at (P)Baa3;

* Issuer: Phelps Dodge Corporation

   -- Junior Preferred Stock Shelf, Confirmed at (P)Ba1;

   -- Junior Subordinated Shelf, Confirmed at (P)Baa3;

   -- Preferred Stock Shelf, Confirmed at (P)Ba1;

   -- Preferred Stock 2 Shelf, Confirmed at (P)Ba1;

   -- Senior Unsecured Regular Bond/Debenture, Confirmed at
      Baa2;

   -- Senior Unsecured Shelf, Confirmed at (P)Baa2.

The Baa2 rating reflects:

   -- Phelps Dodge's position as the world's second largest
      producer of copper and molybdenum,

   -- its solid capital structure, and

   -- its strong cash flow in the currently very robust markets
      for copper and molybdenum.

However, the rating also considers:

   -- the substantial amount of cash being returned to
      shareholders via special dividends,

   -- a still relatively high cost structure, exposure to
      cyclical metals markets through two closely related
      metals copper and molybdenum, and

   -- a demonstrated appetite for potentially highly levered
      acquisitions.

The revision in outlook to positive reflects the very strong
fundamentals in the copper and molybdenum markets and Moody's
expectation that Phelps Dodge's financial performance will
continue to be strong over the next twelve to fifteen months.

However, any upgrade consideration of the rating will be
tempered by the current program of shareholder returns, recent
aggressive acquisition activities, and uncertainty about the
future direction these activities may take.

                     About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the   
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, China, the Philippines
and Japan, among others.


TOTAL ACCESS: May Face Probe on its Shareholding Structure
----------------------------------------------------------
Total Access Communications DTAC may face potential questions
over its shareholding structure and as to whether Thailand's
foreign business laws have been violated, the Bangkok Post
reports.

According to the Post, Thai authorities are expanding their
investigation into the widespread use of nominee companies by
foreign investors to bypass shareholding restrictions.

Thailand's Foreign Business Act and the Telecommunications Act
specifically note that foreign shareholdings are limited to 49%
ownership for telecom operators.

The widespread investigation started when the Commerce Ministry
of Thailand proved into the status of Kularb Kaew and its
shareholdings in telecom giant Shin Corp.  According to reports,
Temasek Holdings -- the investment arm of the Singapore
Government -- set up Kularb Kaew and two other holding companies
as part of its takeover of Shin Corp in late January.  
Authorities are looking into whether Kularb Kaew, now 68%-owned
by Sino-Thai businessman Surin Upatkoon, is a legitimate Thai
company, or is in fact a nominee for Temasek.

Meanwhile, the Post recounts that in October 2005, Norway's
Telenor ASA announced in that it was taking effective control of
United Communication Industry and mobile affiliate Total Access
Communications in a THB9.2-billion buyout of shares held by
Ucom's founders, the Bencharongkul family.

The deal was carefully structured to avoid violating the 49%
foreign limit, with Telenor Asia's direct holdings limited to
24.85% in Ucom and 29.94% in TAC.

But indirect holdings, however, were much higher, with Telenor
effectively controlling 86% of Ucom and 70.6% of TAC, according
to Telenor's own financial statements.

The Post relates that Thai Telco, which controls 58.6% of Ucom,
was the primary shareholding vehicle for Telenor.  Thai Telco is
49% held by Telenor Asia, with the remaining 51% held through
two classes of preferred shares controlled by numerous other
companies with names such as Boreio (Thai), Kee Country (Thai),
Aliby County (Thai) and Tak Wu Holdings -- all of which
ultimately linked back to Telenor.

In addition, the Post said that Ucom is now essentially a shell
company for Telenor, with no significant ongoing operations
following the divestment of its data-transmission and broadband
operations to the Bencharongkul family's Benchachinda Holdings
last year.  Ucom's core asset is its 41% shareholding in TAC,
which Telenor is expected to eventually delist from the Stock
Exchange of Thailand.

DTAC's chief executive officer, Sigve Brekke, declined to
comment directly about the company's shareholding structure, the
Post says.

"We are in compliance with the law," Mr Brekke told the Post,
adding that the Business Development Department had certified
the shareholding structure as legal.

A former Ucom executive said the shareholding structure came
into place following Telenor's takeover of Ucom and its
mandatory tender offer for outstanding shares, the paper said.

"The aim of the structure is to ensure that Ucom and TAC both
remain nominally held by Thais.  But from a financial and voting
rights perspective, it's all Telenor," the executive said.

Telenor's structure emphasizes the voting dominance of the
Norwegian company over that of the Thai shareholders, with
voting rights for preferred shareholders counted as little as
one-tenth that of the common shares held by Telenor.

Total Access Communications, DTAC -- http://www.dtac.co.th/--  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Catherine Gutib, Valerie Udtuhan, Francis
Chicano, Reiza Dejito, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
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