TCRAP_Public/060920.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  

          Wednesday, September 20, 2006, Vol. 9, No. 187

                            Headlines

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

ADSTEAM MARINE: SvitzerWijsmuller to Decide on Takeover Bid
AUSCLASS HOLDINGS: Prepares to Declare Dividend to Creditors
BRONWYN TAYLOR: Names Fatupaito and Agnew as Liquidators
BURCHLEY PTY: Shuts Down Business Operations
BURRABOI PASTORAL: Liquidator to Present Wind-Up Report

CHALLISTON PTY: Set to Declare Dividend on September 27
CRC FOR INTELLIGENT: Enters Voluntary Liquidation
E.C. MENZIES: Creditors' Proofs of Claim Due on Oct. 2
ELECTRONIC ACCESSORIES: Under Liquidation With AU$1.2-Mil Debt
ENVIROLOGIC INTERNATIONAL: Final Meeting Scheduled on October 31

FBA HOLDINGS: Members to Convene on September 28
FELTEX CARPETS: Posts NZ$57,654,000 Loss for FY 2006
FOOD WORX: Appoints Joint and Several Liquidators
FORTESCUE METALS: Awards Locomotives Contract to GE
FORTESCUE METALS: Appoints J. Blanning as Mining Head

FREMANTLE SHIPWRIGHTING: Members to Receive Wind-Up Report
FSL HOLDINGS: Final Meeting Scheduled on September 28
GULF BUILDERS: Creditors' Proofs of Debt Due on Sept. 30
HESTAK PTY: Members Decide to Cease Operations
HERBIE HOLDINGS: Creditors Must Prove Debts by October 6

HOLKER PTY: Liquidator Reilly to Present Wind-Up Report
HAURAKI CONCRETE: Court to Hear CIR's Liquidation Bid on Nov. 23
INNOVATIVE LIFESTYLES: Names Brown and Rodewald as Liquidators
JOHNO'S SKILLED: Court Issues Wind-Up Order
KARMIC TRANSPORT: Names Shephard and Dunphy as Liquidators

M.Q.F. QUEENSLAND: Members Opt for Voluntary Liquidation
MAINLY ELECTRICAL: Creditors' Proofs of Claim Due on Sept. 25
MANDARIN RESTAURANT: Appoints Joint and Several Liquidators
MIB MANAGEMENT: Members Agree to Voluntarily Liquidate Business
NETWORK EVENTS: Final Meeting Scheduled for October 20

N.Z. SCHOOL OF BUSINESS: Creditors Must Prove Debts by Oct. 13
ORIGIN AFRICA: Commenced Liquidation Proceedings
OSBORNE HOLDINGS: Hearing of CIR's Liquidation Bid Set on Nov.30
PANDORA PASTORAL: Members to Receive Wind-Up Report on Oct. 26
PASMINCO COCKLE: To Declare Dividend on September 28

PASMINCO FINANCE: To Declare Dividend on September 28
PASMINCO PACIFIC: Creditors' Proofs of Claim Due on September 20
PATANNE FLOORS: Members and Creditors to Hear Wind-Up Report
PERMANANCE PTY: Members Opt to Shut Down Operations
PETELAN PTY: Members and Creditors Set to Meet on Sept. 22

PHARMACY WHAREHOUSE: Shareholders Opt for Voluntary Liquidation
RED PC: Creditors Proofs of Claim Due on Nov.24
REDLAKE NOMINEES: Final Meeting Slated for October 3
ROTHSCHILD AUSTRALIA (AIRCRAFT): Enters Voluntary Wind-Up
ROTHSCHILD AUSTRALIA (BUSINESS): Members Opt for Wind-Up

SALINAS AIR: Placed Under Voluntary Liquidation
SCHUTT PRODUCTIONS: Enters Voluntary Wind-Up
SPG PROPERTY: Members Resolve to Wind Up Firm
STARPLAN VENTURES: Winds Up Business Operations
STEEL IMPORTS: Faces Liquidation Proceedings

SYKES RESIDENTIAL: Creditors Must Prove Debts by Sept. 22
TP EXTENDED: Appoints Danny Vrkic as Liquidator
T.W. TYRES: Creditors' Proofs of Claim Due on Sept. 29
TAURANGA GLASS: Appoints Brown and Rodewald as Liquidators
UNISOURCE EQUIPMENT: Falls into Liquidation

VILLAGE ROADSHOW: Annual General Meeting Set on Nov. 20, 2005
WORTHINGTON MANAGEMENT: Appoints Shephard, Dunphy as Liquidators


C H I N A   &   H O N G  K O N G

ACTIVE GAINER: High Court Issues Wind-Up Order
ACXIOM CORP: Posts Final Results of Dutch Auction Tender Offer
AGILE PROPERTY: Non-Investment Grade Bond Earns US$400-Mil.
AGRICULTURAL BANK: Plans to Set Up Fund Management Venture
ANJALI (H.K.): Names Yuen as Liquidator

BALLY TOTAL: Amends Employment Pacts with Senior Executives
BETAKE MARKETING: Members' Final Meeting Slated for Oct. 16
BETONSPORTS: Costa Rican Employees Allegedly Sell Customer Names
BETONSPORTS PLC: Ban on U.S. Ops Extended; Gambles on Asia
BLACK JADE: Wind-Up Petition Hearing Set on October 18

BONNE BONNE: To Wind Up Operations
ECO INFORMATION: Court Approves Wind-Up Petition
FONTECH INDUSTRIAL: Appoints Leung as Liquidator
FRIENDFIELD LABEL: Wind-Up Petition Hearing Slated for Oct. 18
GILMAN CONTAINER: Faces Wind-Up Proceedings

HARVEST EMPEROR: Appoints Joint and Several Liquidators
HAYES LIMITED: Liquidator Ceases to Act for Company
HING YIP: Faces Wind-Up Proceedings
HONG KONG PACKING: Court Sets Date to Hear Wind-Up Bid
HUTCHISON SATELLITE: Liquidators Steps Aside

KENBERG LTD: Names Tso and Ching as Joint Liquidators
MANDARIN ORIENTAL: Shareholders Resolve to Wind-Up Company
MASSEY ENERGY: Can Access up to US$175M in Amended Debt Facility
METRON TECHNOLOGY (HK): Creditors Must Prove Debts by Oct. 6
METRON (FAR EAST): Creditors' Proofs of Claim Due on Oct. 6

OUTMATCHING TELECOM: Creditors Must Prove Debts by Oct. 16
SILVER ROOF: Liquidation Process Initiated
SUPER DATA: Creditors' First Meeting Fixed on October 3
TEXCHEM RESOURCES: Incorporates Chinese Subsidiary
TOPMOND FOOD: Creditors Appoint Liquidator

VESTA LTD: Members Resolve to Wind Up Operations
YORKSHIRE BIHK: Creditors' Proofs of Claim Due on Sept. 29


I N D I A

BANK OF BARODA: Net Profit Up 4.06% in First Quarter
BANK OF BARODA: Opens New Overseas Branches
BANK OF BARODA:  Plans INR10-Billion Bond Issue
CANARA BANK: Posts INR1.91 Billion for First Quarter FY 2006-07
CANARA BANK: CRISIL Rates INR5.75-Billion Bond Issue 'AAA'

CANARA BANK: Finalizes Overseas Capital Raising Plan
CENTURION BANK: To Raise INR417 Crore Via Preferential Issue
CORPBANK: Allies with Oriental Bank and Indian Bank
CORPBANK: Records INR1.44-Billion Net Profit in June Quarter
GENERAL MOTORS: Ford Merger Unlikely, Analysts Say

GMAC LLC: Offers to Buy Deferred Interest Debentures
HDFC BANK: Net Profit Rises to INR1,157 Crore in First Quarter
HDFC BANK: Allots 268,800 Shares to Employees Under ESOS
ICICI BANK: CRISIL Rates Tier-I Perpetual Bonds 'AAA'
INDUSTRIAL DEVELOPMENT: CRISIL Reaffirms Ratings Post-UWB Merger

PUNJAB NATIONAL: CRISIL Reaffirms Ratings on Unit
PUNJAB NATIONAL: Ventures Into Credit Card Business
PUNJAB NATIONAL: Posts INR3.68-Bil Net Profit for June Quarter


I N D O N E S I A

LIPPO BANK: Fitch Affirms 'D' Individual Rating


J A P A N

BANCO BRADESCO: Enters Partnership with AirPlus International
FORD MOTOR: General Motors Merger Unlikely Says Analysts
FORD MOTOR: Critics Hit on Latest Restructure Plan
JAPAN AIRLINES: To Add Flight After Thai Airport Opens


K O R E A

AMKOR TECHNOLOGY: Seeks Consents for Waivers of Default
AMKOR TECNOLOGY: U.S. SEC Expands Probe
ARROW ELECTRONICS: Names Four New Heads
JINRO LTD: To Raise KRW475 Billion Via Seoul Listing to Pay Debt
SANDISK CORP: To Release 3rd Quarter Financials on Oct. 19

SANDISK CORP: German Court Quashes Injunction Seizing Products
SK CORP: Incheon Oil to Curb September Operations


M A L A Y S I A

CHASE PERDANA: In Talks to Defer RCSLS Redemption
CYGAL BERHAD: SC Denies Deadline Extension Request
GENERAL MOTORS: Forges Partnership with DRB-Hicom
KIG GLASS: Bourse Defers Delisting Pending Decision on Appeal
MALAYSIA AIRLINES: Invites Pitch for Advertising Account

MBF CORPORATION: Places Subsidiary Under Voluntary Wind-Up
MERCES HOLDINGS: Faces Wind-Up Proceedings
METROPLEX BERHAD: August Default Totals MYR1,790,952,184
METROPLEX BERHAD: Court Rules on Liquidator's Remuneration
PANGLOBAL BERHAD: Taisho Wants to Intervene in RO Proceedings

PAXELENT CORPORATION: Unit Serves Judgment on Dibena
PROTON HOLDINGS: Needs to Deal with Control Issues, Analysts Say
TELEKOM MALAYSIA: Unit to be Dissolved By December 7
TENAGA NASIONAL: To List and Quote New Shares Today


P H I L I P P I N E S

APEX MINING: Posts PHP46 Million Net Loss for Fiscal Year 2005
APEX MINING: Starts Pre-Commissioning at the Masara Mine
ASIA AMALGAMATED: Suffers Recurrent Losses, No Turnaround Plan
DEVELOPMENT BANK: Sandiganbayan Dismisses Graft Case v. Execs
MIRANT CORP: FirstGEn Confirms Bid for Philippine Assets


S I N G A P O R E

AVAGO TECHNOLOGIES: Sues Elan in Taiwan for Patent Infringement
FREESCALE: To Sell Company for US$17.6 Bln to Blackstone, et al.
HIBEX SINGAPORE: High Court to Hear Petition on September 25
OVERSEAS SHIPHOLDING: Will Declare 25 Cents-Per-Share Dividend
PACIFIC CENTURY: Posts Revised Financials for Second Quarter

QNITY NETWORKS: Pays First and Final Dividend
REFCO INC: Classification & Treatment of Claims Under Plan
REFCO INC: Files Chapter 11 Reorganization Plan
VAN HIN FURNITURE: Faces Wind-Up Proceedings


T H A I L A N D

DATAMAT PCL: To Appoint Auditors to Review Company's Financials
THAI PETROCHEMICAL: To Sign US800-Mil Loan Deal to Pay Debts


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ADSTEAM MARINE: SvitzerWijsmuller to Decide on Takeover Bid
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 4, 2006, the United Kingdom Office of Fair Trading
will refer the proposed acquisition of Adsteam Marine Ltd by
SvitzerWijsmuller to the U.K. Competition Commission.

The TCR-AP previously reported that SvitzerWijsmuller A/S
revealed a recommended cash takeover offer for all of Adsteam's
shares including those issued on the exercise of share
acquisition rights under Adsteam's long-term incentive plan.  
Under the terms of SvitzerWijsmuller's cash offer, Adsteam
shareholders will receive AU$2.54 per share.

A follow up report from the Sydney Morning Herald relates that
SvitzerWijsmuller has until the end of this week to decide
whether it will extend its AU$2.54 a share offer, which expires
on September 29, 2006, and wait for the U.K. Competition
Commission to make its final decision on the proposed merger on
February 14, 2007.

The report reveals that Adsteam's largest shareholder, Investors
Mutual, agreed to the offer last week.  Thus, Svitzer now has
acceptances for 16% of Adsteam's shares.

However, the Sydney Herald notes that Svitzer has not provided
signals on whether it is willing to waive the condition in the
original offer for the deal not to be referred to the British
competition watchdog.

According to the paper, this condition was already broken when
the OFT referred the matter to the regulator after raising
concerns about a "substantial lessening of competition" stemming
from the merger of Britain's two largest tug companies.

Given the OFT views are not final nor binding, it is possible
that Svitzer could change the condition for the deal to get
Competition Commission approval instead, the Sydney Herald
states.

Submissions on the deal from interested parties are due on
September 22, 2006, the Sydney Herald says, noting that Svitzer
and Adsteam have already provided undertakings to divest certain
businesses in the U.K., but have declined to say which ones.

According to the Sydney Herald, the OFT's findings stated that
"[w]hile this divestment could be enough to protect marginal
customers, it would not guard infra-marginal customers."

There were no details of the OFT's undertakings from its
findings.  Yet, the OFT noted that the "widest structural offer.
. .would not restore premerger competition dynamics," the paper
relates.

According to the Sydney Herald, if the deal went ahead, Svitzer
would be by far the world's largest towage company, controlling
12% of tug jobs globally.

                     About SvitzerWijsmuller

SvitzerWijsmuller -- http://www.svitzerwijsmuller.com/-- is a   
major global towage and salvage company headquartered in
Copenhagen, Denmark with activities in 35 countries within
harbour towage, terminal towage, salvage, emergency response and
rescue, ocean towage and crew boat operations.  
SvitzerWijsmuller is a subsidiary of A.P. Moller - Maersk A/S.  
Last year, SvitzerWijsmuller had a turnover of US$355 million
and it employs approximately 2,500 people.  

                          About Adsteam

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

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

AUSCLASS HOLDINGS: Prepares to Declare Dividend to Creditors
------------------------------------------------------------
Ausclass Holdings Pty Ltd -- formerly CSE Freightlines -- will
declare its first and final dividend on September 27, 2006.

Creditors who cannot prove their claims by September 26, 2006,
will be excluded from sharing

The Deed Administrator can be reached at:

         A. M. Travers
         PO Box 1332, Canning Bridge
         Western Australia 6153
         Australia


BRONWYN TAYLOR: Names Fatupaito and Agnew as Liquidators
--------------------------------------------------------
On August 24, 2006, Vivian Judith Fatupaito and Richard Dale
Agnew were named joint and several liquidators for Bronwyn
Taylor Accounting Services Ltd.

The Joint Liquidators will be receiving proofs of claim from the
company's creditors on November 24, 2006.  Failure to present
proofs of debt will exclude a creditor from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

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


BURCHLEY PTY: Shuts Down Business Operations
--------------------------------------------
Members of Burchley Pty Ltd on August 18, 2006, resolved that a
wind-up of the Company's operations is appropriate and
necessary.

In this regard, Stephen Robert Dixon and Michael James Humphris
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Stephen R. Dixon
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


BURRABOI PASTORAL: Liquidator to Present Wind-Up Report
-------------------------------------------------------
Members of Burraboi Pastoral Company Pty Ltd will convene at a
final meeting on October 26, 2006, at 11:00 a.m. pursuant to
section 509 of the Corporations Act 2001.

During the meeting, Liquidator Brian McCleary will present final
accounts of the Company's wind-up operations.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on August 22,
2006.

The Liquidator can be reached at:

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


CHALLISTON PTY: Set to Declare Dividend on September 27
-------------------------------------------------------
Challiston Pty Ltd will declare first and final dividend to
creditors on September 27, 2006, to the exclusion of those who
cannot prove their claims by September 26, 2006.

The Deed Administrator can be reached at:

         A. M. Travers
         PO Box 1332, Canning Bridge
         Western Australia 6153
         Australia


CRC FOR INTELLIGENT: Enters Voluntary Liquidation
-------------------------------------------------
Members of CRC For Intelligent Manufacturing Systems and
Technologies Ltd held a general meeting on August 22, 2006 and
agreed to voluntary wind-up the Company's business.

In this regard, Gregory John Keith was appointed liquidator.

The Liquidator can be reached at:

         G. J. Keith
         Grant Thornton Recovery (Vic) Pty Ltd
         Rialto Towers, Level 35 South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


E.C. MENZIES: Creditors' Proofs of Claim Due on Oct. 2
------------------------------------------------------
On August 31, 2006, members of E.C. Menzies Services Ltd
resolved to liquidate the company's business and appointed
Douglas John Wilson as official Liquidator.

Accordingly, Mr. Wilson requires the company's creditors to file
their proofs of claim by October 2, 2006.  Failure to comply
with the requirement will exclude a creditor from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

         Douglas John Wilson                
         MGI Wilson Eliott, Chartered Accountants
         Level Two, Fidelity House
         81 Carlton Gore Road
         Newmarket, Auckland
         New Zealand
         Postal Address: P.O. Box 2296
         Shortland Street, Auckland 1140
         New Zealand         
         Telephone:(09) 377 1362
         Facsimile:(09) 307 2740


ELECTRONIC ACCESSORIES: Under Liquidation With AU$1.2-Mil Debt
--------------------------------------------------------------
Queensland-based hardware distributor, Electronic Accessories
Australia has been liquidated, owing AU$1.2 million to
creditors, Lilia Guan of CRN Australia reports.

On August 11, 2006, Electronic Accessories voluntarily appointed
Worrell Solvency and Forensic Accountants as administrator
before officially liquidating the company on September 7.

CRN cites a spokesperson for Worrell as saying that the company
had a proof of debt of AU$1.2 million, with no likelihood of
dividends to be paid to around 23 unsecured creditors.

The liquidator had only received proofs of debt from 21
creditors, both secured and unsecured.  However, that number is
likely to rise, the spokesperson adds, declining to reveal the
creditors' identities but confirms that they were domestic and
overseas organizations.

CRN relates that the company's eight employees were terminated
before the appointment of Worrell.

                  About Electronic Accessories

Established in 1988, Electronic Accessories Australia Pty Ltd --
http://www.eaa.com.au/-- is a distributor of high quality  
Computer Accessories, Peripherals for the PC and Apple Mac
platforms and Office Supply products.

According to CRN, the company's vendor partners include
PowerShield, Ultra, and Edimax.

Over the past 14 years, the company has built a solid, national
customer base, with clients across Australia and New Zealand.
Each year Electronics Accessories introduce more new design,
high quality Computer Accessories, and Office supply products
into the market.


ENVIROLOGIC INTERNATIONAL: Final Meeting Scheduled on October 31
----------------------------------------------------------------
Members and creditors of Envirologic International Pty Ltd will
hold a final meeting on October 31, 2006, at 11:00 a.m.

At the meeting, Liquidator Steven Nicols will report on the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         Steven Nicols
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.bankrupt.com.au


FBA HOLDINGS: Members to Convene on September 28
------------------------------------------------
Members of FBA Holdings Pty Ltd will hold a general meeting on
September 28, 2006, at 10:00 a.m., to receive Liquidator G.O.
Freeman's final account showing how the Company was wound up and
how its property was disposed of.

According to the Troubled Company Reporter - Asia Pacific,
members agreed to liquidate the company's business on Jan. 31,
2006.

The Liquidator can be reached at:

         Geoffrey Owen Freeman
         G. O. Freeman & Co
         Ashgrove Centrepoint
         8/229 Waterworks Road, Ashgrove
         Australia


FELTEX CARPETS: Posts NZ$57,654,000 Loss for FY 2006
----------------------------------------------------
Feltex Carpets Limited filed with the New Zealand Stock Exchange
its first set of financial statements prepared based on New
Zealand equivalents to International Financial Reporting
Standards.

For the Fiscal Year ended June 30, 2006, Feltex posted a loss
before income tax of NZ$51,847,000 and loss after tax of
NZ$57,654,000, compared with the profit before tax of
NZ$16,178,000 and profit after tax of NZ$12,063,000 posted for
Fiscal Year 2005-06.

The company discloses that discussions continue to be held with
the ANZ Bank with regard to a recapitalization and refinancing
proposal that the company has received from a group of
investors.

As reported in the Troubled Company Reporter - Asia Pacific on
September 11, 2006, Feltex Carpets has received an offer from
Graeme and Craig Turner for its recapitalization and
refinancing.  The Feltex Board of Directors has evaluated the
proposal and submitted it to ANZ Bank for its consideration on
the basis that it is acceptable to the Directors and they would
be prepared to recommend it to shareholders in the absence of a
superior offer.  

Feltex is still waiting for ANZ Bank's response.

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

Feltex clarifies that its financial statements have been
prepared on a going concern basis, which assumes that the
current proposed recapitalization and refinancing proposal
proceeds and is approved by shareholders.

The Directors cannot be certain of the outcome of the proposed
recapitalization and refinancing proposal.  However, they
currently plan to continue the company's operations on the basis
that the proposal is successful, and believe that the
recapitalization and refinancing of the company would enable it
to operate in its normal manner for the foreseeable future and
at least for a period of 12 months from September 18, 2006.

In the event that the recapitalization and refinancing proposal
does not proceed, there is significant uncertainty whether the
Company and the consolidated entity will continue as going
concerns and, therefore, whether the Company will realize its
assets and extinguish its liabilities in the normal course of
business and at the amounts stated in the financial statements.

The Company's borrowings with the ANZ Bank have been classified
as a current liability.  The assumption is that these borrowings
would be reduced by the equity contribution and the balance
refinanced by another lender as part of the recapitalization and
refinancing proposal that is under consideration.

The company notes that the financial statements take no account
of the consequences, if any, of the effects of the failure of
the recapitalization and refinancing proposal.

Feltex further notes that the financial statements do not
include adjustments relating to the recoverability and
classification of asset amounts nor to the amounts and
classification of liabilities that might be necessary should the
Company and consolidated entity not continue as going concerns.

                          About Feltex

Headquartered in Auckland, New Zealand, and 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.


FOOD WORX: Appoints Joint and Several Liquidators
-------------------------------------------------
On August 23, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators for Food Worx
Ltd.

The Joint and Several Liquidator can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
        (P.O. Box 13-380), Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: www.rhb.co.nz


FORTESCUE METALS: Awards Locomotives Contract to GE
---------------------------------------------------
Fortescue Metals Group Limited advises the Australian Stock
Exchange that it has awarded the locomotive supply contract to
General Electric.  The lump sum covers the delivery of 15 Dash 9
"CW44" locomotives for commissioning in November 2007.  
Fortescue advises that the contract value was under the budgeted
amount.

The contract to supply the locomotives was identified as a
material contract within the offering memorandum pursuant to the
recent issuance of senior secured notes.  The notes, issued by
Fortescue's wholly owned subsidiary FMG Finance Pty Ltd, are now
trading on the Singapore Stock Exchange.

Fortescue has also awarded a contract to Perth Drafting Company
covering the shop detailing of steel for the ore processing
center to be located at the Cloud Break mine site.

                       About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                          *     *     *

Fortescue reported total assets of AU$221 million and total
liabilities of AU$84 million as of June 30, 2006.

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.


FORTESCUE METALS: Appoints J. Blanning as Mining Head
-----------------------------------------------------
Fortescue Metals Group Ltd appoints Joh Blanning as Head of
Mining.  Mr. Blanning will report to the Executive Director of
Operations, Graeme Rowley.

Mr. Blanning will replace Fortescue's existing Head of Mining,
Jim Williams, who at the age of 68 is looking forward to
retirement after heading the company's feasibility studies and
innovative mine planning over the last three years.

Mr. Blanning's experience as General Manager for a number of
large mining operations has honed his effectiveness in meeting
and exceeding operational production and financial targets.  He
has a proven ability in implementing strategies to improve key
performance targets like safety, productivity, and environmental
performance.

Fortescue notes that Mr. Blanning has worked in the mining
industry for over 20 years with the last six years as General
Manager of BHP Billiton's Saraji and Blackwater coal mines in
Queensland.  The Blackwater mine is the largest black coal mine
in Australia and as General Manager, Mr. Blanning led over 1,800
employees and contractors and controlled an operating budget in
excess of AU$450 million over the last financial year.  During
this period, Mr. Blanning was instrumental in building strong
relationships with the communities of Dysart and Blackwater, the
company relates.

                       About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                          *     *     *

Fortescue reported total assets of AU$221 million and total
liabilities of AU$84 million as of June 30, 2006.

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.


FREMANTLE SHIPWRIGHTING: Members to Receive Wind-Up Report
----------------------------------------------------------
The members of Fremantle Shipwrighting Co. will hold a final
meeting on October 3, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

         M.D. Reilly
         Featherby Reilly
         Ground Floor, 1121 Hay Street
         West Perth
         Australia


FSL HOLDINGS: Final Meeting Scheduled on September 28
-----------------------------------------------------
A general meeting of the members of FSL Holdings Pty Ltd will be
held on September 28, 2006, at 11:00 a.m.

At the meeting, Liquidator Geoffrey Owen Freeman will report on
the Company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         Geoffrey Owen Freeman
         G. O. Freeman & Co
         Ashgrove Centrepoint
         8/229 Waterworks Road, Ashgrove
         Australia


GULF BUILDERS: Creditors' Proofs of Debt Due on Sept. 30
--------------------------------------------------------
On August 30, the shareholders of Gulf Builders Ltd appointed
Ann Loudon as its official liquidator.

Subsequently, creditors of Gulf Builders Ltd are required to
submit their proofs of debt to Ms. Loudon by September 30, 2006,
or be excluded from sharing in any distribution the company will
make.

The Liquidator can be reached at:

         Ann Loudon
         StreetSMART Group Limited
         P.O. Box 11-174
         Ellerslie, Auckland
         New Zealand
         Telephone:(09) 580 1291
         Facsimile:(09) 580 1292


HESTAK PTY: Members Decide to Cease Operations
----------------------------------------------
At a general meeting on August 31, 2006, the members of Hestak
Pty Ltd agreed that it is in the Company's best interests to
wind up its operations.

The Liquidator can be reached at:

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


HERBIE HOLDINGS: Creditors Must Prove Debts by October 6
--------------------------------------------------------
Creditors of Herbie Holdings Ltd are required to prove their
claims to Joint Liquidators John Robert Buchanan and Callum
James Macdonald by October 6, 2006.

The Liquidators can be reached at:

         John Robert Buchanan
         Callum James Macdonald
         Buchanan Macdonald Limited, Chartered Accountants
         P.O. Box 101 993, North Shore Mail Centre
         Auckland, New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


HOLKER PTY: Liquidator Reilly to Present Wind-Up Report
-------------------------------------------------------
Holker Pty Ltd, which is in liquidation, will hold a final
meeting on October 3, 2006, at 9:00 a.m.

At the meeting, Liquidator M.D. Reilly will present final
accounts of the company's wind-up proceedings.

The Liquidator can be reached at:

         M.D. Reilly
         Featherby Reilly
         Ground Floor, 1121 Hay Street
         West Perth, Australia


HAURAKI CONCRETE: Court to Hear CIR's Liquidation Bid on Nov. 23
----------------------------------------------------------------
On August 2, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Hauraki Concrete Ltd before the
High Court of Auckland.

The petition will be heard on November 23, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

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


INNOVATIVE LIFESTYLES: Names Brown and Rodewald as Liquidators
--------------------------------------------------------------
Shareholders of Innovative Lifestyles Ltd, on August 31, 2006,
appointed Kenneth Peter Brown and Thomas Lee Rodewald as joint
and several liquidators.

The Joint and Several Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         (P.O. Box 13-380), Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz/


JOHNO'S SKILLED: Court Issues Wind-Up Order
-------------------------------------------
On August 25, 2006, the Federal Court of Australia ordered
Johno's Skilled Services Pty Ltd to wind up its operations.

Accordingly, R. Whitton was appointed as official liquidator.

The Liquidator can be reached at:

         R. Whitton
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia         
         Telephone:(02) 8346 6000


KARMIC TRANSPORT: Names Shephard and Dunphy as Liquidators
----------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were named
joined and several liquidators of Kramic Transport Ltd on
Aug. 29, 2006.

The Joint Liquidators can be reached at:

         Iain Shephard
         Shephard Dunphy Limited
         Level Two, Citibank Centre
         23 Customs Street, Auckland
         New Zealand
         Telephone: (09) 309 3264
         Facsimile: (09) 309 3265
         P.O. Box 11-793, Wellington


M.Q.F. QUEENSLAND: Members Opt for Voluntary Liquidation
--------------------------------------------------------
Members of M.Q.F. Queensland Pty Ltd resolved on August 18,
2006, to liquidate the company's business.

The Joint and Several Liquidators can be reached at:

         Christopher R. Campbell
         David J. F. Lombe
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia


MAINLY ELECTRICAL: Creditors' Proofs of Claim Due on Sept. 25
-------------------------------------------------------------
On August 28, 2006, the High Court at Wellington appointed David
Stuart Vance and Bruce McCallum as joint and several liquidators
of Mainly Electrical Ltd.

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

The Troubled Company Reporter - Asia Pacific previously reported
that on July 17, 2006, the Commissioner of Inland revenue filed
a liquidation petition against the company.

The Joint Liquidators can be reached at:

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


MANDARIN RESTAURANT: Appoints Joint and Several Liquidators
-----------------------------------------------------------
John Robert Buchanan and Callum James McDonald were appointed on
August 29, 2006, to act as joint and several liquidators of The
Mandarin Restaurant Ltd.

The Joint Liquidators require the creditors of the company to
prove their debts by October 6, 2006.  Failure to show proofs of
claim will exclude a creditor from sharing in any distribution
the company will make.

The Joint Liquidators can be reached at:

         John Robert Buchanan
         Buchanan Macdonald Limited
         Chartered Accountants, P.O. Box 101 993
         North Shore Mail Centre, Auckland
         New Zealand
         Telephone: (09) 441 4165
         Facsimile: (09) 441 4167


MIB MANAGEMENT: Members Agree to Voluntarily Liquidate Business
---------------------------------------------------------------
At a general meeting on August 25, 2006, the members of MIB
Management Pty Ltd passed a special resolution to voluntarily
liquidate the Company's business.

In this regard, Elizabeth Jane Stackhouse was named as
liquidator.

The Liquidator can be reached at:

         Elizabeth Jane Stackhouse
         Scott Dawkins and Associates Pty Ltd
         Level 2, 93 York Street
         Launceston, 7250
         Australia


NETWORK EVENTS: Final Meeting Scheduled for October 20
------------------------------------------------------
A final meeting of the members and creditors of Network Events &
Media Pty Ltd, will be held on October 20, 2006, at 11:40 a.m.

At the meeting, Liquidator John Vouris will present final
accounts of the company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

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


N.Z. SCHOOL OF BUSINESS: Creditors Must Prove Debts by Oct. 13
--------------------------------------------------------------
On August 30, 2006, shareholders of New Zealand School of
Business and Technology Ltd appointed Peter Reginald Jollands
and Rory Iain Grieve as Joint and Several Liquidators in the
company's liquidation.   

In this regard, creditors are required to present their proofs
of claims by October 13, 2006.  Failure to prove a claim will
exclude a creditor from sharing in any distribution the company
will make.

The Joint Liquidators can be reached at:

         Rory Grieve
         Jollands Callander
         Accountants and Insolvency Practitioners
         Level Four, 3-13 Shortland Street
         Auckland, New Zealand
         P.O. Box 106-141, Auckland City
         Web site: www.jollandscallander.co.nz


ORIGIN AFRICA: Commenced Liquidation Proceedings
------------------------------------------------
The liquidation of Origin Africa Ltd commenced on August 31,
2006, with the appointment of Grant Bruce Reynolds as
Liquidator.

Accordingly, Mr. Reynolds required creditors to prove their
debts by October 20, 2006.  Failure to present proofs of debt
will exclude a creditor from sharing in any distribution the
company will make.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone: (09) 577 0162
         Facsimile: (09) 577 0243


OSBORNE HOLDINGS: Hearing of CIR's Liquidation Bid Set on Nov.30
----------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Osborne Holdings Ltd on November 30, 2006, at
10:00 a.m.

On August 2, 2006, the Commissioner of Inland Revenue filed the
petition.

The Solicitor for the Petitioner can be reached at:

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


PANDORA PASTORAL: Members to Receive Wind-Up Report on Oct. 26
--------------------------------------------------------------
A final meeting will be held for the members of Pandora Pastoral
Company Pty Ltd, on October 26, 2006, at 11:00 a.m., to receive
Liquidator McCleary's final accounts of the Company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation on August 22, 2006.

The Liquidator can be reached at:

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


PASMINCO COCKLE: To Declare Dividend on September 28
----------------------------------------------------
Pasminco Cockle Creek Smelter Pty Ltd will declare its third
dividend on September 28, 2006.

Creditors who are unable to prove their claims by September 20,
2006, will be excluded from the benefit of the dividend.

The Deed Administrator can be reached at:

         Peter Mccluskey
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


PASMINCO FINANCE: To Declare Dividend on September 28
-----------------------------------------------------
Pasminco Finance Ltd, which is subject to a deed of company
arrangement, will declare its third dividend to creditors on
September 28, 2006.

In this regard, creditors are required to file their proofs of
claim by September 20, 2006, for them to share in the dividend
distribution.

The Deed Administrator can be reached at:

         Peter Mccluskey
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


PASMINCO PACIFIC: Creditors' Proofs of Claim Due on September 20
----------------------------------------------------------------
Pasminco Pacific Pty Ltd will declare the third dividend for its
creditors on September 28, 2006.

Creditors who cannot prove their claims by September 20, 2006,
will be excluded from sharing in any distribution the Company
will make.

The Deed Administrator can be reached at:

         Peter Mccluskey
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


PATANNE FLOORS: Members and Creditors to Hear Wind-Up Report
------------------------------------------------------------
A final meeting of the members and creditors of Patanne Floors
Pty Ltd, will be held on October 2, 2006, at 9:00 a.m.

At the meeting, the members and creditors will be asked, with
respect to the end of administration, to receive:

   -- final receipts and payments; and

   -- formal notice.

The Liquidator can be reached at:

         Michael Griffin
         Worrells Solvency & Forensic Accountants
         8/F, 102 Adelaide Street
         Brisbane Queensland 4000
         Australia
         Telephone:(07) 3225 4391
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au


PERMANANCE PTY: Members Opt to Shut Down Operations
---------------------------------------------------
On August 31, 2006, the members of Permanance Pty Ltd held a
general meeting and agreed to shut down the Company's business
operations.

The Liquidator can be reached at:

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


PETELAN PTY: Members and Creditors Set to Meet on Sept. 22
----------------------------------------------------------
A joint meeting of the members and creditors of Petelan Pty Ltd
formerly known as A & P Mercantile, will be conducted on
September 22, 2006, at 10:00 a.m.

During the meeting, Liquidator Peter Vince will give the
accounts of the Company's wind-up proceedings.

The Liquidator can be reached at:

         Peter Vince
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


PHARMACY WHAREHOUSE: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------------
On August 4, 2006, shareholders of The Pharmacy Warehouse Ltd
resolved voluntarily liquidate the company.  

Accordingly, Atul Mehta was appointed Liquidator.

Creditors are required to prove their debts by September 30,
2006.  Failure to comply with the requirement will exclude a
creditor from sharing in any distribution the company will make.

The Liquidator can be reached at:

         Atul Mehta
         Markhams MRI Auckland Limited
         Level Ten, 203 Queen Street
         (P.O. Box 2194), Auckland
         New Zealand
         Telephone: (09) 309 6011
         Facsimile: (09) 366 0261


RED PC: Creditors Proofs of Claim Due on Nov.24
-----------------------------------------------
The liquidation of Red PC Ltd commenced on August 24, 2006, with
the appointment of Vivian Judith Fatupaito and Richard Dale
Agnew as Joint and Several Liquidators.

In this regard, creditors are required to prove their debts to
the Joint Liquidators by November 24, 2006.  Failure to show
proofs of debt will exclude a creditor from sharing in any
distribution the company will make.

The Troubled Company Reporter - Asia Pacific previously reported
that the company was facing a liquidation petition from the
Commissioner of Inland Revenue filed on May 30, 2006.

The Joint Liquidators can be reached at:

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


REDLAKE NOMINEES: Final Meeting Slated for October 3
----------------------------------------------------
A final meeting of members and creditors of Redlake Nominees Pty
Ltd, which is in liquidation, will be held on October 3, 2006,
11:00 a.m.,

During the meeting, Liquidator Coad will present a report
regarding the Company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         S. R. COAD
         Level 2, 45 Stirling Highway
         Nedlands
         Western Australia 6009
         Australia


ROTHSCHILD AUSTRALIA (AIRCRAFT): Enters Voluntary Wind-Up
---------------------------------------------------------
Members of Rothschild Australia Aircraft Leasing Pty Ltd
convened on August 31, 2006 and decided to voluntarily wind up
the Company's operations.

The Liquidator can be reached at:

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


ROTHSCHILD AUSTRALIA (BUSINESS): Members Opt for Wind-Up
--------------------------------------------------------
The members of Rothschild Australia Business Leaders Investors
Pty Ltd met on August 31, 2006, and passed a special resolution
to voluntarily wind-up the Company's operations.

The Liquidator can be reached at:

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


SALINAS AIR: Placed Under Voluntary Liquidation
-----------------------------------------------
Members of Salinas Air Conditioner Installation Pty Ltd met on
August 24, 2006, and decided to voluntarily wind up the
company's operations.

In this regard, Alan Hayes and Scott Darren Pascoe were
appointed as joint and several liquidators.

The Liquidator can be reached at:

         Alan Hayes
         Scott Darren Pascoe
         SimsPartners
         Level 24, 264 George Street
         Sydney, New South Wales 2000
         Australia


SCHUTT PRODUCTIONS: Enters Voluntary Wind-Up
--------------------------------------------
At a general meeting on August 22, 2006, the members of Schutt
Productions Pty Ltd resolved to voluntarily wind up the
Company's operations.

Subsequently, Peter P. Krejci was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

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


SPG PROPERTY: Members Resolve to Wind Up Firm
---------------------------------------------
The members of SPG Property Pty Ltd held a general meeting on
August 29, 2006, and resolved to voluntarily wind up the
company's operations.

In this regard, Peter Charles Hicks was appointed as liquidator.

The Liquidator can be reached at:

         Peter Charles Hicks
         Forsythes Chartered Accountants
         Level 5, 175 Scott Street
         Newcastle, Australia


STARPLAN VENTURES: Winds Up Business Operations
-----------------------------------------------
At a general meeting on August 29, 2006, the members and
creditors of Starplan Ventures Pty Ltd decided that the Company
must voluntarily commence a wind-up of its operations.

Gideon Isaac Rathner and David John Coyne were named as joint
and several liquidators.

The Joint and Several Liquidator scan be reached at:

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


STEEL IMPORTS: Faces Liquidation Proceedings
--------------------------------------------
A liquidation petition filed against Steel Imports Ltd will be
heard before the High Court of Auckland on September 28, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 3, 2006.

The Solicitor for the Plaintiff can be reached at:

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


SYKES RESIDENTIAL: Creditors Must Prove Debts by Sept. 22
---------------------------------------------------------
On August 29, 2006, Kevin Neil Wilson and Christine Joy
Henderson were appointed Joint and Several Liquidators of Sykes
Residential Ltd.

In this regard, the company's creditors are required to submit
their proofs of claim to the liquidators by Sept 22, 2006, for
them to share in any distribution the Company will make.

The Joint and Several Liquidators can be reached at:

         Kevin Neil Wilson
         HWI Limited Chartered Accountants
         Level Three, 139 Carlton Gore Road
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 307 8500


TP EXTENDED: Appoints Danny Vrkic as Liquidator
-----------------------------------------------
On August 25, 2006, the members of TP Extended Pty Ltd met at a
general meeting and decided to voluntarily wind up the Company's
operations.

Creditors appointed Danny Vrkic as liquidator at their meeting
held later that day.

The Liquidator can be reached at:

         Danny Vrkic
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone:(02) 4225 2545
         Facsimile:(02) 4225 2546


T.W. TYRES: Creditors' Proofs of Claim Due on Sept. 29
------------------------------------------------------
On August 31, 2006, the High Court appointed John Howard Ross
Fisk and Richard Dale Agnew as joint and several liquidators of
T.W. Tyres Ltd.

Accordingly, creditors are required to submit their proofs of
claims by September 29, 2006, to the Liquidators or be excluded
from the any distribution the Company will make.

The Liquidator can be reached at:

         John Howard Ross Fisk
         c/o PricewaterhouseCoopers
         113-119 The Terrace (P.O. Box 243)
         Wellington, New Zealand
         Telephone:(04) 462 7016
         Facsimile:(04) 462 7492


TAURANGA GLASS: Appoints Brown and Rodewald as Liquidators
----------------------------------------------------------
On August 31, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as Joint and Several liquidators of Tauranga
Glass Ltd.

The Joint and Several Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         (P.O. Box 13-380), Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: www.rhb.co.nz



UNISOURCE EQUIPMENT: Falls into Liquidation
-------------------------------------------
On August 24, 2006, Vivian Judith Fatupaito and Richard Dale
Agnew were appointed Joint and Several Liquidators for Unisource
Equipment Services Ltd.

Accordingly, creditors are required to present proofs of claim
by November 24, 2006.  Failure to comply with the requirement
will exclude a creditor from sharing in any distribution the
company will make.

As reported in the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a liquidation petition
against the company on May 30, 2006.  The petition was heard on
August 24, 2006.

The Joint Liquidators can be reached at:

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


VILLAGE ROADSHOW: Annual General Meeting Set on Nov. 20, 2005
-------------------------------------------------------------
Village Roadshow Limited advises that its Annual General Meeting
will be on November 30, 2006, commencing at 9.00 a.m.  The AGM
will be held at the Roxy Cinema, Warner Bros., Movie World,
Pacific Motorway, in Oxenford, Queensland.

It is presently expected that the Notice of Meeting, and the
Company's 2006 Annual Report which accompanies it, will be
forwarded to shareholders on October 30, 2006.

                     About Village Roadshow

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.

The Company's troubles began in 2003 when it offered to buy back
its preference shares to head off a litigation threat by some
preference shareholders who were angered at the Company's
suspension of dividend payments.  Village Roadshow's reported
and budgeted profitability would not allow it to comfortably
fund about AU$42 million worth of ordinary and preference share
dividends out of annual earnings.  For the past years, the
Company has been facing major litigation brought by former
business partners, who had invested in its film investment
scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By
January 2006, Village Roadshow had advised that VRPG had reached
agreement with its financiers to increase its film production
facility from US$900 million to US$1.4 billion.  VRPG will
continue to co-produce and co-finance films with its principal
production partner, Warner Bros.  The revolving period of the
facility has also been extended for a further three years.  As a
result, drawdowns will now be available under the facility until
January 2011 (previously February 2008) with the debt now
scheduled to be fully repaid by January 2015 (previously January
2012).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that Village Roadshow posted a AU$2.21-million
loss for the half-year ended December 31, 2006, compared to a
net profit of AU$29.99 million in the previous corresponding
half.  The result is contrary to a profit downgrade in January,
which already suggested a break-even figure.

The entertainment group blames its poor financial result on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles.


WORTHINGTON MANAGEMENT: Appoints Shephard, Dunphy as Liquidators
----------------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
Joined and Several Liquidators of Worthington Management Ltd on
August 29, 2006.

The Joint Liquidators can be reached at:

         Iain Shephard
         Shephard Dunphy Limited
         Level Two, Citibank Centre
         23 Customs Street, Auckland
         New Zealand
         Telephone: (09) 309 3264
         Facsimile: (09) 309 3265
         P.O. Box 11-793, Wellington


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

ACTIVE GAINER: High Court Issues Wind-Up Order
----------------------------------------------
The High Court of Hong Kong issued a wind-up order against
Active Gainer Ltd on August 30, 2006.

According to the Troubled Company Reporter - Asia Pacific, Shek
Chi Wai filed the petition before the Court on July 3, 2006.


ACXIOM CORP: Posts Final Results of Dutch Auction Tender Offer
--------------------------------------------------------------
Acxiom disclosed earlier the final results of its modified
"Dutch auction" tender offer to purchase up to 11,111,111 shares
of the its common stock, which expired at 5:00 p.m., New York
City time, on Tuesday, Sept. 12, 2006.

Acxiom has accepted for payment an aggregate of 11,111,111
shares of its common stock at a purchase price of US$25 per
share and an aggregate purchase price of approximately US$277.8
million.  These shares represent approximately 12.6% of the
shares outstanding immediately prior to completion of the tender
offer.

Acxiom has been informed by Computershare Trust Company, N.A.,
the depositary for the tender offer, that the final proration
factor for the tender offer is 73.868515%.

Based on the final count by the depositary (and excluding
conditional tenders that were not accepted because the specified
condition was not satisfied), 15,053,367 shares were properly
tendered and not withdrawn at a price of US$25.00 per share.  
Any shares that were not properly tendered will be returned
promptly to the tendering stockholders.

Payment for the shares accepted for purchase, and return of all
shares tendered and delivered and not accepted for purchase,
will be carried out promptly by the depositary. As a result of
the completion of the tender offer, Acxiom has approximately
77.4 million shares of common stock outstanding.

Any questions with regard to the tender offer may be directed
to:

            Innisfree M&A Incorporated
            Information Agent for the Offer
            501 Madison Avenue
            New York, NY 10022
            Phone:(877) 750-9497

                      or

            J.P. Morgan Securities
            Phone: (877) 371-5947
            Stephens Inc.
            Phone: (800) 643-9691
            Dealer Managers for the Offer

                   About Acxiom Corporation

Based in Little Rock, Arkansas, Acxiom Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/ -- integrates data, services  
and technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.

                         *     *     *

As reported in the Troubled Company Reporter on Sept. 7, 2006,
Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s
proposed $800 million secured first-lien financing.  The first-
lien facilities consist of a $200 million revolving credit
facility and a $600 million term loan.  They are rated 'BB' with
a recovery rating of '2'.

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's $800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  The outlook
is stable.


AGILE PROPERTY: Non-Investment Grade Bond Earns US$400-Mil.
----------------------------------------------------------
HSBC and Morgan Stanley reopen China's non-investment grade
market with a massively oversubscribed deal for Agile Property
Holdings, FinanTimothy Cuffe of Finance Asia says.

On September 15, 2006, HSBC and Morgan Stanley priced the
largest high-yield offering of an Asian property developer when
they completed Agile Property Holdings' US$400 million 7-year
non-call 4 Reg S/144a debut deal.

On September 18, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service affirmed Agile
Property's Ba3 local currency corporate family rating and
foreign currency senior unsecured bond rating.  The rating
agency's affirmation follows the company's earlier decision to
increase the size of its bond issuance to US$400 million from
the initial US$350 million.

Moreover, Standard & Poor's Ratings Services disclosed on
September 15, 2006, that its BB/Stable long-term corporate
credit rating and outlook on China-based Agile Property Holdings
Limited remain unchanged following the US$50 million increase in
the company's 'BB' rated senior notes due 2013.

Roadshows were made in Singapore, London, Boston, New York, and
New Jersey.  Guidance was initially announced at 9.25%, but was
tightened on the back of enormous demand.  Final pricing was at
par with a coupon of 9%, equivalent to 425.7bp over comparable
US Treasuries.

Finance Asia relates that the order book closed in excess of
US$2.2 billion or 5.5 times oversubscribed and garnered
significant global demand.

Geographically, the deal was sold 46% into Asia, 26% into Europe
and 28% into the US. By investor type, funds bought 65%, banks
16%, private banks 13%, insurance and pension funds took 4%,
with 2% going to others, Finance Asia states.

The funds will be used to further fund Agile's expansion and
growth plan.  Of the total US$300 million, approximately US$290
million will be used to finance the acquisition and development
of land that it has signed the land grant or transfer documents
for but has not obtained the land use right certificates.

Explicitly, US$160 million will go towards financing the Chengdu
Shuangliu project; US$65 million will go to the Nanjing Qinhuai
project; and a further US$65 million will go towards the Heyuan
project. The remaining proceeds will go towards general working
capital, Finance Asia relates.

                          *     *     *

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

Agile has a current land bank of 8.3 million square metres.  As
at July 1, it had 26 property development projects in major
cities in the Pearl River Delta region; including Zhongshan,
Guangzhou, Huizhou, and Foshan.

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

Moody's Investors Service assigned on September 15, 2006,
affirmed Agile Property's (P)Ba3 local currency corporate family
rating and foreign currency senior unsecured bond rating.  The
ratings outlook is stable.


Standard & Poor's Ratings Services also on September 15, 2006,
Keep its 'BB' long-term corporate credit rating to Agile
Property Holdings Ltd.  The outlook is stable.  


AGRICULTURAL BANK: Plans to Set Up Fund Management Venture
----------------------------------------------------------
The Agricultural Bank of China plans to submit an application to
the banking regulator to set up a fund management joint venture
with France's Credit Agricole and Aluminum Corp of China, XFN -
Asia reports, citing an unnamed bank official.

According to the source, the registered capital of the joint
venture will amount to CNY150 million.  Agricultural Bank will
hold 51.33% in the joint venture, while Credit Agricole and
Chalco will take 33.67% and 15% respectively.

The official added that the fund management company will launch
its first product in the first quarter of next year if the
establishment of the joint venture is be approved by the
regulator within this year.

                          *     *     *

The Agricultural Bank of China -- http://www.abocn.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter- Asia Pacific on June 27, 2006,
the National Audit Office found accounting irregularities
involving CNY51.6 billion which CNY14.27 billion of the amount
come from deposit business, CNY27.62 billion on loan grants, and
CNY9.72 billion in fraudulent bill issuance.


ANJALI (H.K.): Names Yuen as Liquidator
-------------------------------------
Ip Chung Yuen was appointed as liquidator of Anjali (H.K.)
Corporation Ltd by a special resolution passed by the compaby's
shareholders on September 2, 2206.

The Liquidator can be reached at:

         Ip Chung Yuen
         22/F, Guangdong Investment Tower
         148 Connaught Road, Central
         Hong Kong


BALLY TOTAL: Amends Employment Pacts with Senior Executives
-----------------------------------------------------------
Bally Total Fitness Holding Corp. entered into amendments to the
employment agreements with each of Marc D. Bassewitz, Senior
Vice President, Secretary and General Counsel and James A.
McDonald, Senior Vice President, Chief Marketing Officer.  The
amendments clarify that the definition of "LTIP" includes any
plan under which senior executives of the company are eligible
to receive equity compensation or other long-term incentive
grants, including the company's Inducement Award Equity
Incentive Plan.

On Sept. 14, 2006, Barry M. Deutsch notified the company of his
resignation from the company's Board of Directors, effective
immediately.  Mr. Deutsch's resignation was not due to any
disagreement with the company.

                        About Bally Total

Bally Total Fitness Holding Corp. -- http://www.Ballyfitness.com
-- is a commercial operator of fitness centers, with over 400
facilities located in 29 states, Mexico, Canada, Korea, the
Caribbean, and China under the Bally Total Fitness, Bally Sports
Clubs and Sports Clubs of Canada brands.

At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.

                        *    *    *

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


BETAKE MARKETING: Members' Final Meeting Slated for Oct. 16
-----------------------------------------------------------
Members of Betake Marketing Ltd will convene on October 16,
2006, 9:30 a.m., at Rooms 1901-2, Park-In Commercial Centre, 56
Dundas Street, Kowloon.

At the meeting, Liquidator Lee Kwok On, Alexander will present a
report regarding the company's wind-up and property disposal
activities.


BETONSPORTS: Costa Rican Employees Allegedly Sell Customer Names
----------------------------------------------------------------
Employees of the now defunct BetonSports Plc's Costa Rican
operations have been selling databases of customers' names to
the highest bidders, Jim Armitage of the Evening Standard
reports.

The lists contain names, email addresses and credit information
of the company's customers.  Mr. Armitage says most of those in
the lists are United States gamblers but there are also many
Europeans.

The United Kingdom gaming company is currently facing a class
action suit filed in the US District Court for the Eastern
District of Missouri on racketeering, mail fraud and
facilitation of gambling across state and national boundaries --
all as results of taking bets from customers residing in the US.  

BetonSports is also facing complaints from gambling information
portals TheOnlineWire, Gambling 911, Alternative Investments
Market Regulatory News Service over the company's Aug. 11
announcement that payments to customers of its Costa Rican and
Antiguan operations are being held by banks and cash processors.

As a result of the alleged database selling, BetonSports players
had reportedly been receiving marketing emails from other sports
betting companies, Mr. Armitage says.  Also, TheOnlineWire
director Roberto Castiglioni has been passed three customer
database lists from different company sources in Costa Rica.

The class action suits have not yet crippled the company
financially but its shares in the London Stock Exchange have
been suspended from trading.

In Costa Rica, where gambling is legal and gambling companies
pay high taxes to the government, the closure of BetonSports'
operations caused officials to worry.  The company's closure
resulted to the retrenchment of 800 employees.  In an interview,
Costa Rican Vice President Laura Chinchilla wanted to form a
regulation within the nation for the online gambling sector that
would benefit it and its workers.

                          *     *     *

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports' betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
specifically China.


BETONSPORTS PLC: Ban on U.S. Ops Extended; Gambles on Asia
----------------------------------------------------------
The Hon. Carol Jackson of the United States District Court for
the Eastern District of Missouri extended the temporary
restraining order against U.K. gaming company BetonSports Plc
until Sept. 20 to give the Justice Department extra time to
serve pleadings on the company in Costa Rica and London,
Bloomberg News says.

Judge Jackson extended the ban, which was to expire on Sept. 1,
at the request of U.S. prosecutor Marty Woelfle.  The Court
issued the restraining order on July 17, the day the Justice
Department unsealed a 22-count indictment against BetonSports
founder Gary Kaplan and Chief Executive Officer David
Carruthers.  

Charges include racketeering, mail fraud and facilitation of
gambling across state and national boundaries -- all as results
of taking bets from customers residing in the U.S.  According to
the indictment, BetonSports in 2003 had 100,000 active players
who placed 33 million wagers worth US$1.6 billion through the
company's Web sites.

"The primary goal has been to serve Betonsports so we can move
forward, because it is essential that the company be notified,"
Judge Jackson said from the bench.  She then issued a written
order extending the restraining order until Sept. 20.

Meanwhile, BetonSports issued an update on its Web site, saying
that "after thoroughly reviewing possible alternative business
plans," the group's Board of Directors "no longer consider the
U.S. facing operations of the Company, which are based in Costa
Rica and Antigua, to be viable."

The company also set three goals related to its current case:

   -- cease its operations in Costa Rica and Antigua as soon as
      practicable;

   -- pay any liabilities to staff and creditors in an orderly
      manner; and

   -- repay balances due to US customers in an orderly manner.

The company added that the repayments would depend on the
company's ability to "persuade banks and cash processors to
release its funds."

BetonSports added the repayments would also depend on "the
Company's ability to realize further and sufficient funds from
its assets and operations outside Costa Rica and Antigua and to
earn sufficient profits from operations which are not U.S.
facing."

BetonSports also assured that it would not "knowingly accept any
wagering transactions from U.S. based customers."

                     Class Action Suits

As reported in the Class Action Reporter on September 6, 2006,
BetonSports is also facing a complaint filed by gambling
information portals The Online Wire, Gambling 911, Alternative
Investments Market Regulatory News Service over alleged
corporate fraud.  The complaint is directed at BetonSports' Aug.
11 announcement that payments to its customers after the
shutdown of its Costa Rican and Antiguan operations are being
held by banks and cash processors.   

                   Raises Stakes in Asia

BetOnSports had earlier told 800 employees in Costa Rica and
Antigua, where the virtual casino has its operations, that they
would be losing their jobs, the New York Times reports. The
company also announced its plan to refocus its business on other
parts of the world, notably Asia.

Media reports had said that BETonSPORTS has doubled its presence
in Asia through the acquisition of gaming site Hooball and
reported a 12% rise in profits.

The group has paid an initial GBP12 million to a group of Asian
private investors for Hooball, and its 777ball betting site,
which mainly take bets from China.
                          
                          *     *     *

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports' betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
specifically China.


BLACK JADE: Wind-Up Petition Hearing Set on October 18
------------------------------------------------------
Bank of China (H.K.) Ltd on August 17, 2006, filed before the
High Court of Hong Kong a petition to wind up the operation of
Black Jade Investment Ltd.

The Court will hear the petition on October 18, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Deacons
         5/F, Alexandra House
         No.18 Chater Road
         Central, Hong Kong


BONNE BONNE: To Wind Up Operations
----------------------------------
The High Court of Hong Kong on August 30, 2006, released a wind-
up order against Bonne Bonne Ltd.

The Troubled Company Reporter - Asia Pacific reported that Shik
Chi Wai filed the petition before the Court on July 3, 2006.


ECO INFORMATION: Court Approves Wind-Up Petition
------------------------------------------------
The High Court of Hong Kong on August 30, 2006, issued a wind-up
order against Eco Information Systems Ltd.

According to the Troubled Company Reporter - Asia Pacific,
Cheung Chun Ming, Davy presented the petition before the Court
on July 5, 2006.


FONTECH INDUSTRIAL: Appoints Leung as Liquidator
------------------------------------------------
At an extraordinary general meeting on September 1, 2006,
members of Fontech Industrial Ltd passed an ordinary resolution
appointing Lam Kin Leung as liquidator.

The Liquidator can be reached at:

         Lam Kin Leung
         9/F, Surson Commercial Building
         140-142 Austin Road, Tsimshatsui
         Kowloon, Hong Kong


FRIENDFIELD LABEL: Wind-Up Petition Hearing Slated for Oct. 18
--------------------------------------------------------------
A wind-up petition against Friendfield Label Manufacturing Ltd
will be heard before the High Court of Hong Kong on October 18,
2006, at 9:30 a.m.

Industrial and Commercial Bank of China (Asia) Ltd filed the
petition with the Court on August 21, 2006.

The Solicitors for the Petitioner can be reached at:
         
         Y. T. Chan & Co.
         5/F, The Chinese Bank Building
         61-65 Des Voeux Road Central
         Hong Kong


GILMAN CONTAINER: Faces Wind-Up Proceedings
-------------------------------------------
Gilman Container Transportation Company Ltd received a wind-up
order from the High Court of Hong Kong on August 30, 2006.

The Troubled Company Reporter - Asia Pacific report that Yau Yan
filed the petition on July 3, 2006.


HARVEST EMPEROR: Appoints Joint and Several Liquidators
-------------------------------------------------------
On August 28, 2006, Lam Oi Ling and Mok Wai Kwong were appointed
as joint and several liquidators of Harvest Emperor Ltd.

The Joint and Several Liquidators can be reached at:

         Lam Oi Ling
         Mok Wai Kwong
         Room 905-6, 9/F Axa Centre
         151 Gloucester, Road
         Wanchai, Hong Kong


HAYES LIMITED: Liquidator Ceases to Act for Company
---------------------------------------------------
Lo Kin Ching Joseph and Dermot Agnew, ceased to act as
liquidator for Hayes (Asia Pacific) Ltd on August 25, 2006.

The Troubled Company Reporter - Asia Pacific noted that on
August 25, 2006, the Joint liquidators presented their report on
the Company's wind-up and property disposal activities to the
members and creditors.

The Liquidator can be reached at:

         Lo Kin Ching Joseph
         Dermot Agnew
         35/F, One Pacific Place
         88 Queensway
         Hong Kong


HING YIP: Faces Wind-Up Proceedings
-----------------------------------
A petition to wind-up Hing Yip Holdings (HK) Ltd will be heard
before the High Court of Hong Kong on September 20, 2006, at
9:30 a.m.

Ocean Grand Holdings Ltd filed the petition with the Court on
July 25, 2006.

The Solicitors for the Petitioner can be reached at:

         Baker & Mc.Kenzie
         14/F, Hutchison House
         10, Harcourt Road
         Hong Kong


HONG KONG PACKING: Court Sets Date to Hear Wind-Up Bid
------------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Hong Kong Packing Material & Stationery Company Ltd on
October 18, 2006, at 9:30 a.m.

Shachihata (HK) Ltd filed the petition with the Court on
August 15, 2006.

The Solicitors for the Petitioner can be reached at:

         William Sin & So
         Room 401, 4/F
         United Chinese Bank Building
         31-37 Des Voeux Road, Central
         Hong Kong


HUTCHISON SATELLITE: Liquidators Steps Aside
--------------------------------------------
On September 4, 2006, Ying Hing Chiu and Chung Miu Yin, Diana
ceased to act as joint and several liquidators for Hutchison
Satellite Systems Ltd.

According to the Troubled Company Reporter - Asia Pacific, Ying
Hing Chiu and Chung Miu Yin presented final accounts of the
Company's wind-up operations on July 3, 2006.

The Joint and Several Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         of Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


KENBERG LTD: Names Tso and Ching as Joint Liquidators
-----------------------------------------------------
On August 28, 2006, Wu Chi Tso, John and Wong Man Ching were
appointed as joint and several liquidators of Kenberg Ltd.

The Joint Liquidators can be reached at:

         Wu Chi Tso, John
         Wong Man Ching
         Suites 2109-10, Asian House
         1 Hennessy Road, Wanchai
         Hong Kong, SAR
         China


MANDARIN ORIENTAL: Shareholders Resolve to Wind-Up Company
----------------------------------------------------------
On August 28, 2006, shareholders of Mandarin Oriental Finance
Ltd passed a resolution to wind up the Company's operations and
appoint Ying Hing Chiu and Chung Miu Yin, Diana as joint and
several liquidators.

The Joint and Several Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MASSEY ENERGY: Can Access up to US$175M in Amended Debt Facility
----------------------------------------------------------------
Massey Energy Company entered into an amended and restated
asset-based revolving credit agreement, which provides for
available borrowings, including letters of credit, of up to
US$175 million, depending on the level of eligible inventory and
accounts receivable.  The previous credit limit was US$130
million, including a US$100 million sublimit for letters of
credit.

In addition, the Company achieved improved pricing and extended
the facility's maturity to August 2011. Currently there are
US$60.5 million of letters of credit issued and there are no
outstanding borrowings under this facility.

                        *     *     *

Based in Richmond, Virginia, Massey Energy Company (NYSE: MEE) -
- http://www.masseyenergyco.com/-- produces Central Appalachian    
coal, with subsidiaries serving more than 125 utility,
industrial and metallurgical customers around the world.  The
company has operations in China.

                        *     *     *

As reported on the Troubled Company Reporter on Aug. 2, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Richmond, Virginia-based Massey Energy Co. to 'B+'
from'BB-', reflecting its expectation of weaker-than-anticipated
financial performance; increased debt leverage; and concerns
about aggressive shareholders.  The outlook is stable.


METRON TECHNOLOGY (HK): Creditors Must Prove Debts by Oct. 6
------------------------------------------------------------
Creditors of Metron Technology (HK) Ltd, which is in
liquidation, are required to prove their debts by October 6,
2006.

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

The Liquidator can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28
         Three Pacific Place
         1 Queen's Road East
         Hong Kong


METRON (FAR EAST): Creditors' Proofs of Claim Due on Oct. 6
-----------------------------------------------------------
Metron Technology (Far East) Ltd, which is being voluntary wound
up, requires the creditors to submit their proofs of claim on
October 6, 2006, to Joint Liquidators Ying Hing Chiu and Chung
Miu Yin, Diana.

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

The Liquidator can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana         
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


OUTMATCHING TELECOM: Creditors Must Prove Debts by Oct. 16
----------------------------------------------------------
Creditors of Outmatching Telecommunications Ltd are required to
submit their proofs of claim to Liquidator Yeung Tak Chun by
October 16, 2006, or be excluded from sharing in any
distribution the Company will make.

The Liquidator can be reached at:

         Yeung Tak Chun
         c/o Alliance & Associates, CPAs
         Room 1903, 19/F., World-Wide House
         19 Des Voeux Road Central
         Hong Kong


SILVER ROOF: Liquidation Process Initiated
------------------------------------------
On August 30, 2006, The High Court of Hong Kong issued a wind-up
order against the operations of Silver Roof (China) Investments
Ltd.

According to the Troubled Company Reporter - Asia Pacific, Chan
Kin Fung filed the petition with the Court on July 3, 2006.


SUPER DATA: Creditors' First Meeting Fixed on October 3
-------------------------------------------------------
The first meeting for the creditors of Super Data Ltd is set on
on October 3, 2006, 11:00 a.m., at Room 1903, 19/F., World-Wide
House, 19 Des Voeux Road Central, Hong Kong.

During the meeting, creditors will discuss various matters
provided under different sections of the Companies Ordinance of
Hong Kong.


TEXCHEM RESOURCES: Incorporates Chinese Subsidiary
--------------------------------------------------
Texchem Resources Berhad's wholly owned subsidiary, Texchem
Materials Sdn Bhd, recently received a Certificate of Approval
for the proposed incorporation of a wholly owned subsidiary in
Wuxi, the People's Republic of China to be known as Texchem
Trading Company Limited, or another name as may be approved by
the relevant authorities in the People's Republic of China, the
Troubled Company Reporter - Asia Pacific reported on April 7,
2006.

In an update, Texchem advised that on September 8, 2006, it
received a business license from the Jiangsu Wuxi Industrial and
Commerce Administration Bureau for the incorporation of Texchem
Trading.

Thus, Texchem Trading was incorporated and registered under the
laws of the People's Republic of China on September 7, 2006,
with the registered capital of CNY500,000, or around MYR230,950.
                    
                          About Texchem Resources

Headquartered in Penang Malaysia, Texchem Resources Berhad --
http://www.texchemgroup.com/-- is principally engaged in  
trading in industrial chemicals and other products.  Its other
activities include manufacturing of family care products and
household insecticides and distribution and marketing of a wide
range of consumer and family care products; manufacturing and
marketing of raw surimi, fishmeal, feedmeal and seafood
products; manufacturing and selling of packaging products for
the electronics, electrical, semiconductor and disk drive
industries and investment holding.  The Group's operations are
located in Malaysia, Thailand, Singapore, Indonesia, China,
Vietnam, Myanmar and Italy.

Texchem is currently undergoing a financial rationalization and
restructuring program, which involves the disposal of a number
of dormant subsidiaries.


TOPMOND FOOD: Creditors Appoint Liquidator
------------------------------------------
By virtue of a special resolution passed at an extraordinary
general meeting held on August 30, 2006, Leung Chi Wing was
appointed as liquidator of Topmond Food Ltd.

Subsequently, the creditors meeting held later that day
confirmed the appointment.

The Liquidator can be reached at:

         Leung Chi Wing
         Office B, 4/F., Kiu Fu Commercial Building
         300 Lockhart Road, Wan Chai
         Hong Kong


VESTA LTD: Members Resolve to Wind Up Operations
------------------------------------------------
At an extraordinary general meeting held on August 28, 2006, the
members of Vesta Ltd resolve to voluntarily wind up the
company's operations.

Wu Chi Tso, John and Wong Man Ching were appointed as joint and
several liquidators.

The Liquidator can be reached at:

         Wu Chi Tso, John
         Wong Man Ching
         2109-10, Asian House
         1 Hennessy Road, Wanchai
         Hong Kong, SAR
         China


YORKSHIRE BIHK: Creditors' Proofs of Claim Due on Sept. 29
----------------------------------------------------------
On August 31, 2006, Chan Mi Har and Ying Hing Chiu were
appointed as joint and several liquidators of Yorkshire Bihk
Ltd.

Subsequently, the Joint Liquidators required creditors to prove
their claims by September 29, 2006, or be excluded from sharing
in any distribution the company will make.

The Joint and Several Liquidators can be reached at:

         Chan Mi Har
         Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


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BANK OF BARODA: Net Profit Up 4.06% in First Quarter
----------------------------------------------------
Bank of Baroda has posted a 4.06% growth in net profit for the
quarter ended June 30, 2006, the bank said in a press release.

The bank's net profit rose to INR1.63 billion for the June 2006
quarter from the INR1.57-billion net profit recorded for the
June 2005 quarter.  Total income has increased to
INR22.98 billion for the quarter ended June 30, 2006, from the
INR18.82-billion income posted for the same quarter in 2005.

Interest income increased to INR20.20 billion in the recent
quarter compared with INR16.73 billion in the corresponding
quarter last year, witnessing a 20.7% growth.  Bank of Baroda's
interest earned on advances increased by 42.22%, reflecting its
continued thrust on lending operations.  Net interest income
during the quarter rose to INR8.82 billion from INR7.58 billion
in the corresponding quarter last year, witnessing a 16.35%
growth.

Bank of Baroda's retail portfolio has shown a healthy expansion
of 56.46% at INR102.73 billion, from INR65.66 billion in the
2005 corresponding quarter.

Gross NPAs of the bank during the June 2006 quarter declined to
4.06% (INR25.54 billion) from 7.21% (INR33.71 billion) in the
corresponding quarter of the previous fiscal year.

The total business of the bank has increased by 28.20% to
INR1.61 trillion in the quarter compared with INR1.26 trillion
in the corresponding quarter last year.

During this period, while total deposits increased by 23.09% to
INR997.78 billion from INR810.63 billion, total advances
increased by 37.48% to INR613.79 billion from INR446.47 billion.

Bank of Baroda's financial results as of June 30, 2006, is
available for free at the Bombay Stock Exchange at:
  
http://www.bseindia.com/qresann/result.asp?scripcd=532134&scripn
ame=Bank+of+Baroda&quarter=JQ2006-2007&type=50

                      About Bank of Baroda

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking  
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.  

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF BARODA: Opens New Overseas Branches
-------------------------------------------
Bank of Baroda has received approvals from the Reserve Bank of
India for opening fully owned subsidiaries in Canada, New
Zealand and Isle of Man, the company said in a press release.

It has also obtained permission to set up a joint venture in
Malaysia.

The bank has well-structured plans for expansion of its overseas
network to Australia; GCC countries Qatar, Bahrain, and Kuwait;
and African countries including Ghana and Mozambique besides
extending the existing network of offices in the United Kingdom,
Botswana, South Africa, Tanzania and China.

Bank of Baroda will also open an offshore banking unit in
Singapore.

             Unveils Plans for Mid-East Operations

Moreover, Bank of Baroda is in the process of starting a joint
venture with an international company to offer life insurance
products, Gulf News relates.

Baroda Chairman and Managing Director Anil Khandelwal said that
it was, however, premature to name the foreign insurance
companies that the bank was negotiating with.  Mr. Khandelwal
also said the bank was planning to expand in Kerala state.

Bank of Baroda has given top priority to roll out core banking
solutions in Kerala, after launching the banking solution in
Oman, which connects all three branches here and six in the UAE
with its Indian operations.

The CBS networking of branches enables customers to operate
their accounts and avail banking services from any branch of the
bank, irrespective of where they maintain their account.

BoB has 2,700 branches in India and 57 overseas branches in 20
countries and overseas territories.

As part of its efforts to offer premium services to its
customers in the UAE and Oman, Bank of Baroda unveiled a new
personal loan that will help non-resident Indians to meet margin
money requirements for home loans in India.

"This new scheme will enable NRIs from the UAE and Oman to
secure 100% financing for homes," Mr. Khandelwal said.

                      About Bank of Baroda

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking  
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.  

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF BARODA:  Plans INR10-Billion Bond Issue
-----------------------------------------------
Bank of Baroda proposes to issue fresh 116 months unsecured non-
convertible redeemable, subordinated bonds -- Lower Tier II
Bonds - Series VI -- with a face value of INR1 million each,
MyIris.Com reports.

The deal totals to INR10 billion, with green shoe option of
INR5 billion, in the first week of September 2006 on private
placement basis at a fixed coupon rate of 8.95% pa.

According to MyIris, the bank plans the issue to augment its
capital.

The report says that the issue has been rated 'AAA/Stable' by
CRISIL and 'LAAA' by ICRA.  The bonds will be listed on NSEIL
and BSE.  IDBI Trusteeship Services Ltd will be the trustee to
the bond issue.

MyIris relates that the bank was in news recently when it
announced its plans for overseas expansion to increase the share
of its overseas business to around 20% to 22% within the next
three years.   

The bank will be shortly applying to RBI for opening branches in
Mozambique, Qatar, Ghana, Johannesburg, Bahrain and Kuwait.  It
has already obtained approval to open branches in New Zealand,
Australia and Maldives, said Anil K Khandelwal, chairman and
managing director, BoB.  The bank is eyeing a 45% growth in
overseas business this year.  On the domestic front, the bank is
all set to refurbish its subsidiary and associate institutions.   

                      About Bank of Baroda

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking  
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.  

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


CANARA BANK: Posts INR1.91 Billion for First Quarter FY 2006-07
---------------------------------------------------------------
Canara Bank posted a net profit of INR1.91 billion for the
quarter ended June 30, 2006, as compared with the
INR1.87-billion net profit for the quarter ended June 30, 2005,
according to the bank's regulatory filing with the Bombay Stock
Exchange.

Total income has increased from INR22.386 billion in the first
quarter of FY 05-06 to INR27.710 billion in the first quarter of
FY 06-07.

Canara Bank's financial results for the quarter ended June 30,
2006, is available for free at the BSE at

http://www.bseindia.com/qresann/result.asp?scripcd=532483&scripn
ame=Canara+Bank&quarter=JQ2006-2007&type=50

                       About Canara Bank

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse  
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of D on
June 1, 2005.


CANARA BANK: CRISIL Rates INR5.75-Billion Bond Issue 'AAA'
----------------------------------------------------------
The Credit Rating Information Services of India Limited rates
Canara Bank's INR5.75 Billion Lower Tier II Bonds an AAA.  The
rating has a stable outlook.

Canara Bank's debt instruments and ratings actions are:

   * INR5.75 Billion Lower Tier II Bonds Issue -
            AAA/Stable (Assigned)  

   * INR4.25 Billion Lower Tier II Bonds Issue -
            AAA/Stable (Reaffirmed)  

   * INR5.0 Billion Lower Tier II Bonds Issue -
            AAA/Stable (Reaffirmed)  

   * INR5.0 Billion Lower Tier II Bonds Issue -
            AAA/Stable (Reaffirmed)  

   * INR4.5 Billion Lower Tier II Bonds Issue -
            AAA/Stable (Reaffirmed)  

CRISIL's ratings on Canara Bank's bonds issues continue to
reflect the bank's strong market position, significant support
from the Government of India -- its majority owner -- strong
asset quality, comfortable resource profile, and good earnings
profile.  The bank's average capitalization levels vis-a-vis
larger public sector banks and its relatively late start in
technological sophistication temper these rating strengths.

Canara Bank is the third-largest public sector bank in India in
deposits and assets (total assets of INR1.33 trillion as on
March 31, 2006).  The bank's comfortable resource profile arises
from its large and geographically diversified deposit base,
healthy resource mix, and steadily growing deposits.  The bank's
core profitability is comfortable and has improved over the past
three years; its net profitability margin of 1.56% in 2005-06
(refers to financial year, April 1 to March 31) compares well
with other large public sector banks.  Canara Bank's superior
asset quality stems from a higher proportion of clients with
good credit quality; the client profile is among the best in its
peer group.  The bank reported a gross NPA of 2.25% as on
March 31, 2006, which is superior to the systemic average.

Canara Bank's capital position is marked by an average Tier I
capital ratio of 7.88% (as on March 31, 2006) in comparison to
peer banks.  However, the bank has a reasonably large capital
base, and healthy coverage for weak assets.  Canara Bank was one
of the few public sector banks that had a late start in
implementing the core banking solution.

                            Outlook

CRISIL believes that Canara Bank will maintain its strong market
position along with its financial and business risk profiles at
current levels.  CRISIL also expects that GoI support will
continue to benefit the credit profile of the bank.

                       About Canara Bank

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse  
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of D on
June 1, 2005.


CANARA BANK: Finalizes Overseas Capital Raising Plan
----------------------------------------------------
Canara Bank has informed the Bombay Stock Exchange in a
regulatory filing that it finalized its plans to raise capital
funds overseas through a Medium Term Notes Programme.  

As a part of this, the bank has firmed up plans to raise hybrid
capital (Tier I) abroad and Upper Tier II Bonds in International
Market and in domestic market in tranches.  The bank proposes to
raise US$100 million by way of Hybrid Capital Tier I Bonds and
US$200 million by way of Upper Tier II Bonds in the first
tranche and has appointed CitiGroup Global Capital Market, Hong
Kong and Shanghai Banking Corporation Ltd, ABN Amro Bank N.V.
and UBS-AG as mandated lead managers to the issue.

The bank has plans to raise a combination of Capital Instruments
of Upper Tier II Bonds, Hybrid Capital Bonds and with the funds
so raised the Banks expects the capital adequacy ratio to be
above 12%.  The Capital funds raised will be utilized for
capital requirements and also for funding overseas expansion and
long term funds requirements for overseas operations.

                       About Canara Bank

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse  
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.  The
bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of D on
June 1, 2005.


CENTURION BANK: To Raise INR417 Crore Via Preferential Issue
------------------------------------------------------------
Centurion Bank of Punjab Limited will raise a minimum of
INR417 crore through preferential allotment to Bank Muscat and
India Advantage Fund, at a price not less than INR24.54 a share,
to maintain a strong capital position after its merger with Lord
Krishna Bank, the Business Standard says.

According to the report, Bank Muscat would be allotted 9.50
crore shares, amounting to a 5.76% stake post-issue.  India
Advantage Fund would be allotted 7.50 crore shares, which would
translate into a stake of 4.55%.  The bank will seek
shareholders' approval to the preferential allotment at an
extraordinary general meeting on September 30, primarily
convened to consider the amalgamation of LKB with the bank.  

The share-swap ratio for the amalgamation has been fixed at
seven equity shares (of INR1 each) of Centurion for every five
equity shares (of INR10 each) of the unlisted LKB.  

The bank said there will be no change in the board of directors
nor will there be any change in the control over the bank,
consequent to the preferential allotment.  

The preferential allotment would be done within 15 days of the
approval of the resolution by the shareholders, the bank said in
a notice to the shareholders.  

The merger of Centurion Bank and LKB would be subject to the
sanction of the Reserve Bank of India under the Banking
Regulations Act, 1949.  

The bank, in the explanatory notes, has said that the
amalgamation would enable the merged entity to increase its
retail customer base, enhancing opportunities for cross-selling
of banking and financial services and products.  

Centurion Bank has also proposed to increase the strength of its
board of directors to 15 from the current 12.  The bank will not
be able to reconstitute its board by appointing additional
directors in view of the amalgamation of LKB, as it will need to
carry out necessary amendments to its Articles of Association.  

Any increase in the number of directors beyond 12 would be
subject to the approval by the shareholders and subsequent
approval of the central government.  


                 About Centurion Bank of Punjab

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The  
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.  
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CORPBANK: Allies with Oriental Bank and Indian Bank
---------------------------------------------------
Corporation Bank has informed the Bombay Stock Exchange that it
has reached a broad understanding and signed a Memorandum of
Intent on strategic alliance with Oriental Bank of Commerce and
Indian Bank on Sept. 15, 2006.

The illustrative areas of collaboration and co-operation are:

   1. Build e-payment system;

   2. Share IT Resources;

   3. Share Treasury resources;

   4. Foray Capital Markets and International and other
      financial ventures;

   5. Bancassurance;

   6. Business syndications and sharing;

   7. Share Training Resources;

   8. Common procurement of IT and other assets, wherever
      feasible; and

   9. Any other mutually acceptable and beneficial areas.

               About Oriental Bank of Commerce

Oriental Bank of Commerce -- http://www.obcindia.com/-- is a  
scheduled commercial bank.  The company's domestic services
include deposits, comprised of term deposits, savings accounts,
current accounts and the Suvidha deposit scheme; advances, which
consist of corporate advances, a range of retail credit products
and specialty schemes, and government business, comprised of
direct tax collection, pension disbursement and savings bonds.
It also provides non-resident Indian banking solutions,
including non-resident external accounts, non-resident ordinary
accounts, foreign currency non-resident accounts and resident
foreign currency accounts.  It also offers debit card services.
The bank also provides treasury services and merchant banking
services.  The bank has introduced products and services, such
as Anywhere Branch Banking, Cash Management Service,
Telebanking, automated teller machines and Internet banking
through select branches.  During the fiscal year ended March 31,
2006, the Bank had a total of 1,148 branches.

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006 that Fitch Ratings has assigned a Long-term
foreign currency issuer default rating of BB+ to Oriental Bank
of Commerce.  The individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.

                        About Corp Bank

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes  
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits. Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as well as
debit and credit cards.

Fitch Ratings gave Corp Bank a C individual rating on June 1,
2005.


CORPBANK: Records INR1.44-Billion Net Profit in June Quarter
------------------------------------------------------------
Corporation Bank has posted a net profit of INR1.44 billion for
the quarter ended June 30, 2006, as compared with the
INR1.24-billion net profit for the quarter ended June 30, 2005,
the company said in a regulatory filing to the Bombay Stock
Exchange.

Total income has increased from INR7.66 billion for the June
2005 quarter to INR9.18 billion for the June 2006 quarter.

Corpbank's financial results for the quarter ended June 30,
2006, are available for free at:

http://www.corpbank.com/uploadedfiles/custom/5_23_047_186526E-02.pdf

                        About Corp Bank

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes  
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian (NRI) services, as
well as debit and credit cards.

Fitch Ratings gave Corp Bank a C individual rating on June 1,
2005.


GENERAL MOTORS: Ford Merger Unlikely, Analysts Say
--------------------------------------------------
Industry analysts dismissed a possible merger between General
Motors Corp. and Ford Motor Co. after talks surfaced that the
two rivals had explored a union, Nick Bunkley at the New York
Times reports.

The Automotive News reported that the automakers had discussed
the possibility of a merger or alliance in July this year but
that the talks have concluded.

"We consider it highly doubtful that a merger would take place
and do not see the benefits for either company as they attempt
to restructure," The New York Times quotes Standard & Poor's
analyst Efraim Levy.  Analysts interviewed by Reuters also
questioned the logic of a full-blown merger.

GM and Ford declined to comment on the issue.  In a report from
Reuters, GM spokesman Brian Akre said GM routinely meets with
other automakers to discuss issues of mutual interest.  Mr. Akre
added that, as a policy, GM does not publicly comment on these
discussions.

GM and Ford are in the midst of a financial crisis as both
companies struggle to improve revenues and cut costs.  

Last week, Ford unveiled a revised version of its "Way Forward"
turnaround plan that is seen to further reduce its capacity and
work force, and ramp up new product introductions.  Ford expects
ongoing annual operating cost reductions of approximately US$5
billion from its restructuring efforts.

General Motors is also pondering a possible three-way alliance
with Renault SA and Nissan Motor Co.  Reports of a possible
alliance came in the wake of GM's troubles as it faces market,
production and cost issues.  GM is currently implementing a
turnaround plan that involves plant closures and job cuts.  

                         About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles  
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.  

                      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.


GMAC LLC: Offers to Buy Deferred Interest Debentures
----------------------------------------------------
GMAC Financial Services has commenced tender offers to purchase
for cash its outstanding Deferred Interest Debentures due
Dec. 1, 2012, and June 15, 2015, for an aggregate purchase price
of US$500 million or approximately 30% of the debentures
outstanding.  Debentures tendered prior to 5:00 p.m., EDT, on
Sept. 27, 2006, will receive an early tender premium.

The tender offer commenced Thursday, Sept. 14, 2006, and will
expire at midnight, EDT, on Oct. 12, 2006, unless extended.

"Throughout the last few years, we have successfully implemented
several innovative funding mechanisms from diversified sources
in order to strengthen our balance sheet, despite declining GMAC
credit ratings," said Sanjiv Khattri, GMAC executive vice
president and chief financial officer.  "This small but
significant step reflects our strong cash position and now
allows us to selectively reduce the level of our higher cost
debt.  This represents just one of many new opportunities that
we believe will help make GMAC even more competitive going
forward as a stand alone company."

GMAC is offering US$6,600 for each US$10,000 Accreted Value (as
defined in the Offer to Purchase) at maturity of 2012 Debentures
tendered (equal to 78 percent of the US$8,460.42 of the Accreted
Value of the 2012 Debentures as of Oct. 12, 2006 and equal to 66
percent of the Accreted Value of the 2012 Debentures at
maturity).  This also includes an early tender premium of US$200
if tendered prior to 5:00 p.m., EDT, on Wednesday, Sept. 27,
2006.

GMAC is offering US$5,600 for each US$10,000 Accreted Value at
maturity of 2015 Debentures tendered for payment (equal to 70
percent of the US$7,948.09 of the Accreted Value of the 2015
Debentures as of Oct. 12, 2006 and equal to 56 percent of the
Accreted Value of the 2015 Debentures at maturity).  This also
includes an early tender premium of $200.00 if tendered prior to
the Early Tender Expiration Time.

Holders who do not tender before the Early Tender Expiration
Time will not be eligible to receive the applicable early tender
premium.

The tender offer will be financed from GMAC's existing cash
portfolio.  All Debentures purchased under the offers will be
retired upon completion of the tenders.  Payments of the tender
consideration for the debentures, validly tendered and not
withdrawn, on or prior to the expiration date, and accepted for
purchase, will be made promptly after the expiration date.  
Debentures that are not tendered and accepted for payment as
part of the offer will remain obligations of GMAC.

The terms and conditions of the tender offer appear in GMAC's
Offer to Purchase, dated Sept. 14, 2006.  The consummation of
the tender offer is conditioned on the satisfaction of customary
conditions. If any of the conditions are not satisfied, GMAC is
not obligated to accept for payment, purchase or pay for, or may
delay the acceptance for payment of, any tendered debentures,
and may terminate the tender offer.  Subject to applicable law,
GMAC may waive any condition applicable to the tender offer and
extend or otherwise amend the tender offer.

Questions regarding the tender offer or consent solicitation may
be directed to the dealer managers:

         Morgan Stanley & Co. Incorporated,
         Phone: 800.624.1808 (U.S. toll-free)
                212.761.1864 (collect)

         Barclays Capital Inc.,
         Phone: 866.307.8991 (U.S. toll-free)
                212.412.4072 (collect)
    
         Merrill Lynch, Pierce, Fenner & Smith Incorporated
         Phone: 888.654.8637 (U.S. toll-free)
                212.449.4914 (collect)

Copies of the Offer to Purchase may be obtained at no charge
from:

         D.F. King & Co., Inc.,
         Information Agent
         Phone: 800.859.8511(U.S. toll-free).

                         About GMAC LLC

GMAC LLC -- formerly General Motors Acceptance Corporation -- is
a financial services company providing a range of services to a
global customer base.  It is a wholly owned subsidiary of
General Motors Corporation.  The Company operates in three
primary lines of business: Financing, Mortgage and Insurance.
GMAC LLC and its affiliated companies offer a variety of
automotive financial services to and through GM and other
automobile dealerships, and to the customers of those
dealerships.  The Company provides commercial financing and
factoring services to businesses in other industries, such as
manufacturing and apparel.  GMAC LLC's Mortgage operations
originate, purchase, service, sell and securitize residential
and commercial mortgage loans and mortgage related products.
The Company's Insurance operations insure and reinsure
automobile service contracts, personal automobile insurance
coverages (ranging from preferred to non-standard risk) and
selected commercial insurance coverages.

GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.

The Troubled Company Reporter - Asia Pacific reported on
September 6, 2006, that Standard & Poor's Ratings Services'
'BB/B-1' ratings on GMAC LLC -- formerly General Motors
Acceptance Corp. -- remain on CreditWatch, where they were
placed on Oct. 3, 2005, pending completion of General Motors
Corp.'s planned sale of 51% of its ownership interest in GMAC to
a consortium led by Cerberus Capital Management.  Upon
completion of the sale, Standard & Poor's is likely to raise the
ratings to 'BB+/B-1'.


HDFC BANK: Net Profit Rises to INR1,157 Crore in First Quarter
--------------------------------------------------------------
For the quarter ended June 30, 2006, HDFC Bank Limited has
earned a total income of INR1,855.1 crore as against the
INR1,157.7-crore income it recorded in the quarter ended
June 30, 2005, the bank said in a press release.

Net revenues (net interest income plus other income) were
INR1,168.4 crore for the first quarter of fiscal year 2006-07,
an increase of 48.4% over the INR787.2 crore revenue for the
corresponding quarter of the previous fiscal year.  Interest
earned (net of loan origination costs) increased from
INR894.1 crore in the corresponding quarter ended June 30, 2005
to INR1,504.3 crore.  Net interest income (interest earned less
interest expended) for the quarter ended June 30, 2006,
increased by 56.1% to INR817.6 crore, driven by average asset
growth of 52.5% and a stable net interest margin of 4%.

Other income (non-interest revenue) for the 2006-07 first
quarter was INR350.8 crore, consisting principally of fees and
commissions of INR290.6 crore, foreign exchange & derivatives
revenues of INR55.8 crore, and profit/(loss) on sale/
revaluation of investments of INR(2.3) crore as against
INR215.2 crore, INR23.8 crore and INR23.4 crore respectively,
for the 2005-06 first quarter.  Operating expenses for the
quarter were INR552.7 crore against INR358.0 crore in the
corresponding quarter of the previous fiscal year.  Provisions
and contingencies for the quarter were INR376.4 crore, primarily
comprising specific and general loan loss provisions of
INR185.4 crore and amortization of premia (for investments in
the Held to Maturity category) of INR59.9 crore.  After
providing INR112.5 crore for taxation, the Bank earned a Net
Profit of INR239.3 crore, a 30.4% increase over the quarter
ended June 30, 2005.

                         Balance Sheet

Total balance sheet size as of June 30, 2006, was INR79,697
crore, an increase of 47.6% over June 30, 2005.  Total deposits
were INR60,630 crore, an increase of 58.1% over INR38,354 crore
as of June 30, 2005.  Savings Account deposits were at  
INR17,244 crore and Current Account deposits were at
INR14,674 crore as of June 30, 2006, as against INR12,925 crore
and  INR10,320 crore respectively, as of June 30, 2005.  The
Bank's total customer assets (including advances, corporate
debentures, investments in securitized paper, etc) increased
from INR 32,665 crore as of June 30, 2005, to  INR45,764 crore
as of June 30, 2006, a growth of 40.1%.

Retail loans at INR23,121 crore are now 55.9% of gross advances
as against 50.5% of gross advances as at June 30, 2005.

                        Business Updates

The bank discloses that its branch network is at 535 outlets in
228 cities against 495 outlets in 217 cities in June 2006, the
bank said in a regulatory filing.

As of June 2006, the number of debit cards issued by the bank
crossed the 4 million, while credit cards issued touched the
2.5 million mark.

Portfolio quality as of June 30, 2006, remained healthy with net
non-performing assets at 0.4% of advances as of June 30, 2006.
During the quarter ended June 2006, the bank raised INR3000
million as Upper Tier II capital and INR1690 million as Lower
Tier II Capital, both in the form of subordinated bonds.  The
Bank's Capital Adequacy Ratio was at 11.8% as of June 30, 2006,
of which Tier I CAR was 8.4%

HDFC Bank's financial report for the quarter ended June 30,
2006, is available for free at:

http://www.hdfcbank.com/common/pdf/corporate/Reporting_Format_June06.pdf

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers  
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.  
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

Fitch Ratings, on June 1, 2005, gave HDFC Bank a C individual
rating.


HDFC BANK: Allots 268,800 Shares to Employees Under ESOS
--------------------------------------------------------
HDFC Bank Ltd has informed the Bombay Stock Exchange that its
Investor Grievance Committee, at a meeting on September 15,
2006, approved the allotment of 268,800 equity shares to its
employees under the Employees Stock Option Scheme.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers  
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.  
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

Fitch Ratings, on June 1, 2005, gave HDFC Bank a C individual
rating.


ICICI BANK: CRISIL Rates Tier-I Perpetual Bonds 'AAA'
-----------------------------------------------------
The Credit Rating Information Services of India Limited rates
ICICI Bank Limited's Tier I Perpetual Bonds a CRISIL AAA.

The bonds and their ratings are:

   * INR7 Billion Tier I Perpetual Bonds Issue -
         AAA/Stable (Assigned)  

   * INR10 Billion Tier I Perpetual Bonds Issue -

         AAA/Stable (Reaffirmed)  

   * INR40 Billion Upper Tier II Bonds Issue -

         AAA/Stable (Reaffirmed)  

   * Bonds/Debentures Issues 1 - AAA (Reaffirmed)  

   * Fixed Deposit Programme 1 - FAAA (Reaffirmed)  

CRISIL's ratings reflect ICICI Bank Limited's strong market
position across various segments of the financial services
sector, and the bank management's demonstrated ability to
successfully transition the institution to a universal bank with
a strong business and financial profile.  ICICI Bank's resource
profile is comfortable: CRISIL expects the bank to sustain the
robust growth in its retail deposits and customer acquisitions.
CRISIL also believes that the bank's earnings profile will
continue to improve over the medium term, given the retail
segment's growing contribution to the overall business, and the
lower expected provisioning requirements on its legacy corporate
loan portfolio, going forward.  In addition, the ratings also
factor in the systemic support that CRISIL believes will be
available to ICICI Bank, owing to its stature as the second-
largest bank in the country.

However, the bank will need to sustain the good asset quality of
its retail portfolio as this portfolio grows and seasons in
order to maintain its overall credit profile.  CRISIL does not
envisage any material adverse impact on the bank's future
earnings profile from its corporate loan book: the non-
performing assets therein have substantive provisioning cover.

In addition to these factors, the ratings on ICICI Bank's Tier I
Perpetual Bonds and Upper Tier II Bonds also take into account
the unique features of the instruments, including the
conditional debt-servicing characteristic.  CRISIL has factored
in the bank's current and projected capital adequacy levels, and
ability to raise fresh capital (both equity capital and hybrid
Tier I capital) into its ratings of these bonds.  ICICI Bank's
capital adequacy of 13.35% and its Tier 1 capital adequacy of
9.20% as at March 31, 2006, are among the highest, relative to
Indian banks of its size.  Even after factoring in the bank's
significant growth plans and expectations of future provisioning
requirements, the bank's projected overall capital adequacy is
comfortable for its rating category.  CRISIL believes that ICICI
Bank will have adequate flexibility, going forward, to raise
incremental capital as and when required for its expansion plans
and maintain capital adequacy levels comfortably above
regulatory requirements.  ICICI Bank's management has
demonstrated the ability to raise capital as evident in the two
public issues of equity in 2004-05 (refers to financial year,
April 1 to March 31) and 2005-06, including the issue of
overseas American Depository Receipts aggregating around
INR113 billion. CRISIL has therefore assigned the same ratings
to the Tier I Perpetual Bonds and Upper Tier II Bonds, as to
ICICI Bank's other long-term bonds.

Outlook (on the Tier I Perpetual Bonds and Upper Tier II Bonds):

ICICI Bank's credit profile benefits from its strong market
position and demonstrated management capabilities.  Given these
strengths, CRISIL expects ICICI Bank to manage the asset quality
issues in its project and corporate loan portfolios, sustain
good asset quality in its fast-growing retail portfolio, and
maintain a healthy capital position.  This would enable the bank
to improve its earnings profile, and maintain overall business
and financial risk profiles.  The ratings on the Tier I
Perpetual Bonds and Upper Tier II Bonds are also based on
CRISIL's expectation that ICICI Bank would maintain capital
adequacy at levels higher than the regulatory requirement during
the tenure of the instrument.

                        About ICICI Bank

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

The Troubled Company Reporter - Asia Pacific reported on
August 17, 2006, that Fitch Ratings affirmed ICICI Bank's
individual and support ratings at 'C' and '3', respectively.  

Another TCR-AP report on August 17, 2006, stated that Standard &
Poor's Ratings Services assigned its 'BB-' rating to the hybrid
Tier-1 securities to be issued by ICICI Bank Ltd. (foreign
currency BB+/Positive/B).


INDUSTRIAL DEVELOPMENT: CRISIL Reaffirms Ratings Post-UWB Merger
----------------------------------------------------------------
The Credit Rating Information Services of India Limited has
reaffirmed the ratings assigned to Industrial Development Bank
of India Limited's debt instruments following the Reserve Bank
of India's announcement of the draft scheme of amalgamation of
the United Western Bank with IDBI Ltd.

The debt instruments and ratings actions are:

   * INR30.00 Billion Flexi Bonds - AA+/Stable (Reaffirmed)  

   * INR55.25 Billion Omni Bonds - AA+/Stable (Reaffirmed)  

   * INR10.00 Billion Lower Tier II Bonds -
     AA+/Stable (Reaffirmed)  

   * INR30.00 Billion Flexi Bonds - AA+/Stable (Reaffirmed)  

   * INR89.45 Billion Omni Bonds  - AA+/Stable (Reaffirmed)  

   * Bonds Issue (Including the aggregate of INR1.45 Billion
     Subordinated Bonds of the erstwhile IDBI Bank Ltd.) -
     AA+/Stable (Reaffirmed)  

   * Certificate of Deposit Programme - AA+/Stable (Reaffirmed)  

   * Fixed Deposit Programme - FAAA/Stable (Reaffirmed)  

   * Certificate of Deposit Programme
     (Less than 1 year maturity, including the Certificates of
     Deposits of the erstwhile IDBI Bank Ltd.) -
     P1+ (Reaffirmed)  

   * INR50.00 Billion Short Term Debt Programme
     (including Certificates of Deposits) -
     P1+ (Reaffirmed)  

The reaffirmation reflects CRISIL's belief that the amalgamation
of UWB will not materially impact IDBI Ltd.'s credit profile,
given UWB's relatively small size in comparison with IDBI Ltd:
UWB had an asset base of INR71 billion and IDBI Ltd, an asset
size of INR885.65 billion, as on March 31, 2006.

The Government of India had placed UWB under moratorium vide an
order dated September 2, 2006.  RBI's proposed scheme of
amalgamation is subject to approvals from both the banks'
boards.

Following the acquisition of UWB, IDBI Ltd.'s resource profile
and market position will benefit somewhat from the growth in
network by 242 branches, including 12 extension counters (ECs),
from 199 (including 4 ECs) to 441 (including 16 ECs) due to
UWB's wide presence in Maharashtra.  The ability of the combined
entity to mobilize low-cost savings deposits is also expected to
increase, to an extent, on account of this.  In addition, IDBI
Ltd.'s ATM network would increase by 75 from 418 to 493.  The
merger will also enable IDBI Ltd. to enhance lending to the
agricultural and small and medium enterprises (SME) sector.

On the other hand, CRISIL expects a slight decline in IDBI
Ltd.'s capital adequacy ratio, owing to the payout to acquire
UWB, which, as per RBI's proposed scheme of amalgamation, has
been specified as INR1.50 billion.  IDBI Ltd.'s asset quality is
also expected to decline marginally following the addition of
UWB's portfolio, which has a weaker asset quality.  UWB's gross
non-performing assets (NPAs) as at March 31, 2006 were at 11.5%
as compared to 2.0% for IDBI Ltd.  However, the provision cover
for UWB's NPAs is over 50%. The effectiveness of the integration
of UWB's employee base with that of IDBI Ltd. will be a key
monitorable, going forward.

IDBI Ltd.'s ratings continue to reflect the high strategic
importance of the entity to its majority owner, GoI, the
expected improvement in IDBI Ltd.'s market position, and
resources and liquidity profiles, (following its conversion into
a bank and the merger of its erstwhile subsidiary, IDBI Bank
Limited, with itself) and the bank's adequate capitalization.
These rating strengths are, however, partly offset by IDBI
Ltd.'s exposure, albeit reducing, to inherently weaker quality
credits and the pressure on its earnings profile.

Outlook

CRISIL expects IDBI Ltd.'s credit profile to continue to benefit
significantly from the support provided to it by its majority
owner, GoI.  The integration of business and human resources of
the erstwhile IDBI Bank and UWB with IDBI Ltd will constitute a
key monitorable over the medium term.

                    About United Western Bank

United Western Bank Limited -- http://www.uwbankindia.com/--   
operates a network of over 200 banks in India.  The group's
banks provide a full range of services, including retail and
merchant banking, investment management, treasury and NRI
services, credit card services and assorted ATM facilities.

Credit Analysis and Research Limited has placed the CARE B+
(very high credit risk/susceptible to default) rating to the
outstanding INR86.2 crore subordinated Tier II bond issues  of
United Western Bank under "credit watch" with developing
implications.

               About Industrial Development Bank

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com/-- is a commercial bank that  
offers a range of products, including secured loans, such as
housing loans, mortgage loans and loan against securities, and
unsecured loans, such as personal loans, educational loans and
overdrafts to merchant establishments.  It also distributes
third-party products, such as insurance and mutual fund products
to its retail customers.  IDBI also offers project financing,
film financing, equipment financing, asset credits, corporate
loans, working capital loans, direct discounting, the financing
of receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have stable outlooks.  The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.

Additionally, Standard & Poor's Ratings Services gave IDBI's
long-term foreign issuer credit a BB+ rating on April 19, 2006.


PUNJAB NATIONAL: CRISIL Reaffirms Ratings on Unit
-------------------------------------------------
The Credit Rating Information Services of India Limited has
reaffirmed the ratings of PNB Housing Finance Limited, a fully
owned subsidiary of Punjab National Bank.

The company's debt instruments and ratings actions are:

   * INR1000 Million Commercial Paper Programme
     (Enhanced from INR250 Million) - P1+  

   * INR1000 Million Tier II Bonds - AA+/Stable (Reaffirmed)  

   * INR750 Million Non-Convertible Debentures -
     AA+/Stable (Reaffirmed)  

   * Fixed Deposit Programme - FAAA/Stable (Reaffirmed)  

PNB Housing's ratings continue to reflect its strong linkage
with its parent Punjab National Bank, the third-largest
scheduled commercial bank in India, and its strategic importance
to PNB.  The ratings also reflect the company's comfortable
resource profile, which is characterized by competitive
borrowing costs as well as diversified funding sources.

These rating strengths are, to some extent, tempered by the
company's moderate market position in the housing finance
industry, its average profitability, capitalization levels and
asset quality.  PNB Housing is a small-sized regional player
with a market share of less than 1%.  Disbursement growth of 32
percent during 2005-061 has helped it increase its market share
marginally after declining for the past two years.  PNB
Housing's earning profile is marked by average profitability
with the Net Profitability Margin at 1.47% for 2005-06.  PNB
Housing's capital position is characterized by a small Tier I
capital base of INR 1096 million and a low capital adequacy of
12.08% as on March 31, 2006 (declined from 16.3% as on March 31,
2005).  The asset quality has improved with its gross and net
NPA falling to 3.53% and 2.75% as at March 31, 2006 levels from
7.69% and 6.55% as at March 31, 2005.

                            Outlook

CRISIL expects PNB Housing to continue to benefit from the
management and funding support that it receives from its parent,
PNB.  This support would mitigate the challenges that it faces
in terms of improving its asset quality and profitability in the
intensely competitive housing finance sector.

                      About PNB Housing

PNB Housing, a fully owned subsidiary of PNB, is engaged in the
housing finance business. For the year ended March 31, 2006, PNB
Housing reported a profit  after tax of INR178 million (INR112
million in 2004-05) on a total income of INR960 million (INR808
million).  Its disbursements in 2005-06 aggregated INR3940
million (INR 2980 million) while its outstanding portfolio was
INR10980 million as at March 31, 2006 (INR8990 million).

                  About Punjab National Bank

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank  
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual rating
on June 1, 2005.


PUNJAB NATIONAL: Ventures Into Credit Card Business
---------------------------------------------------
Punjab National Bank has retained the services of Ernst & Young
Pvt. Ltd., to assist the bank in venturing into the credit card
business, the bank said in a press release.

Ernst and Young Pvt Ltd is a global, multidisciplinary
professional services organization.

Punjab National Bank Executive Director Shri K. Raghuraman said
that the bank has decided to set-up a joint venture subsidiary
which will exclusively deal with all aspects of its credit card
business in the intensely competitive environment.

The joint venture subsidiary will be set-up after obtaining
requisite regulatory approval of Reserve Bank of India.

Shri Raghuraman said that the joint venture in the field of
credit card business will help to leverage the brand equity,
customer relationship and the vast network of the bank with the
technological and marketing capabilities of the prospective
partner, so as to offer card products that are value for money
and supported by quality and service.

He adds that the consultancy company will execute the desired
assignment in a pragmatic manner which entails a number of
activities/modules relating to formulation of business plan,
identification of potential partners and formation of the
prospective joint venture company.

The consultancy company is expected to accomplish the desired
task in six months and it is hoped that the joint venture
subsidiary will start functioning sometimes in February, 2007.

                   About Punjab National Bank

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank  
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual rating
on June 1, 2005.


PUNJAB NATIONAL: Posts INR3.68-Bil Net Profit for June Quarter
--------------------------------------------------------------
Punjab National Bank posted a net profit of INR3.68 billion for
the quarter ended June 30, 2006, slightly higher compared with
the INR3.58-billion net profit recorded for the quarter ended
June 30, 2005, the bank disclosed in a regulatory filing with
the Bombay Stock Exchange.

Total income has increased from INR25.43 billion for the June
2005 quarter to INR29.22 billion for the June 2006 quarter.

The bank also declared a final dividend at INR6 per share for
the Financial Year 2005-06.  This is an addition to the interim
dividend of INR3 per share paid on December 19, 2005.

Punjab Bank's financial results for the quarter ended June 30,
2006, are available for free at the BSE site at:

http://www.bseindia.com/qresann/result.asp?scripcd=532461&quarte
r=JQ2006-2007&type=50&scripname=PUNJAB+NATBK

                   About Punjab National Bank

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank  
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual rating
on June 1, 2005.


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

LIPPO BANK: Fitch Affirms 'D' Individual Rating
-----------------------------------------------
Fitch Ratings has affirmed PT Bank Lippo Tbk's Individual rating
at 'D' and Support Rating at '4'.

The ratings affirmation reflects its improved profitability,
from a low base, and its stable balance sheet position.  The
ratings also recognize the financial strength of its new parent,
Khazanah Nasional Bhd, the investment arm of the Malaysian
government, rated sovereign Long-term foreign currency Issuer
Default rating 'A-'.

Khazanah acquired a majority stake in Lippo Bank in 2005, and
since then, the largely Khazanah-appointed management team has
moved quickly with new initiatives to strengthen the team by
hiring several bankers from foreign banks.  Lippo Bank is also
expanding its risk management function in order to improve its
governance standards and broaden its franchise by diversifying
into the consumer banking sector.  The agency also notes that a
key medium-term focus for the bank is to expand through
acquisitions in order to grow the bank into a more sizeable
entity.  Khazanah's better access to financial and technical
resources should facilitate the realization of these plans.

Lippo Bank's CAR ratios have been generally stable over 2005 and
H106 (Tier 1: 15.5%, total: 21.7%) while higher interest margins
and stronger loans growth drove operating profits higher to 2.1%
of average assets over 2005 and H106 (2004: 1.5%).  Lippo Bank
is the second largest payment settlement bank in Indonesia and
therefore benefits from recurrent fee income and stronger access
to lower cost deposits (demand/savings at c.70% of total
deposits).  Meanwhile, the substantial reduction in non-
performing loans over 2005 came mainly from asset disposal as
well as write-offs and recoveries.  The bank's NPLs crept up to
2% of loans over H106 and may rise further with stronger loan
growth. Reserves cover was 2x NPLs and 0.5x with special mention
loans.

Established in 1948 and listed in 1989, Lippo Bank is the 10th
largest Indonesian bank by assets (2% of system).  It was
nationalized in 1998 and a 52% stake was sold to Swissasia
Global group in 2004.  The stake was acquired by Khazanah in
2005 and raised to 87.5% through a tender offer.


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

BANCO BRADESCO: Enters Partnership with AirPlus International
-------------------------------------------------------------
Banco Bradesco SA has partnered with AirPlus International -- a
global supplier of corporate travel payment solutions -- to
provide international companies in Brazil with a complete
corporate payment system.

Through the partnership, AirPlus will extend its partner network
and merchant base in the Latin American region, strengthening
its position in the business travel payment market worldwide.

The partnership between AirPlus and Bradesco will offer
corporations in Brazil a comprehensive solution that will enable
them to better analyze and control their travel spending with
detailed and accurate data including company, traveller and
trip-specific information.

The partnership also expands the AirPlus merchant base within
Latin America.  Corporations worldwide will benefit from the new
strategic cooperation between AirPlus and Bradesco, making it
possible for them to manage all corporate travel purchasing
through a single global provider.

Richard Crum -- the president and Chief Executive Officer of
AirPlus International, Americas -- said, "In Bradesco, we have
found a partner that is ideally positioned in the Brazilian
market.  Bradesco's existing payment systems are an excellent
fit with our know-how in international business travel
management.  With Bradesco we have a great partner for sustained
growth in the region."

Jose Renato Simao Borges, Bradesco's departmental director,
said, "At Bradesco we are very happy for this partnership, as it
strengthens our leadership position on the commercial cards
market in Brazil, mainly on the corporate travel segment.  
Besides that, it demonstrates the excellence of our products and
services and our capacity to meet the needs of large
international corporations' subsidiaries."

The core product of the partnership is the BRADESCO Cartao
Passagem Bradesco or CPB.  This lodged product offers companies
a central billing solution to easily pay for air tickets from
all major international airlines.  The detailed accounting
information provided by the CPB enables companies to enjoy the
benefit of unparalleled transparency of costs.

In addition to the CPB, the BRADESCO Corporate Gold Card serves
as a powerful payment tool for all other travel and
entertainment-related expenses.  These two products also enjoy
extensive insurance benefits as well as a wide range of other
advantages.

All data generated through the use of AirPlus payment products
is available to corporations anytime online via the web-based
AirPlus Information Manager, allowing them to analyze and
generate comprehensive reports on their travel programs.  
Detailed expense reports provided by the AirPlus Information
Manager assist businesses to identify potential saving
opportunities, thereby providing them with an excellent basis
for price negotiations with airlines, hotels, car rental
companies and other service providers.  Over 30,000 corporate
customers worldwide rely on AirPlus for their business travel
management needs and benefit from AirPlus' presence in all the
leading business travel markets worldwide.

                        About AirPlus

AirPlus International -- http://www.airplus.com/-- is a leader  
in corporate travel payment systems and management information
reporting solutions.  With AirPlus' central payment accounts,
corporate cards and online management tools, customers can
optimize all their travel payment practices.  More than 30,000
companies, including some of the world's largest global
enterprises, have come to trust AirPlus.

                         About Bradesco

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

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

                          *     *     *

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

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

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

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

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Moody's Investors Service placed Banco
Bradesco S.A.'s B1 long-term foreign currency deposits under
review for possible upgrade.


FORD MOTOR: General Motors Merger Unlikely Says Analysts
--------------------------------------------------------
Industry analysts dismissed a possible merger between General
Motors Corp. and Ford Motor Co. after talks surfaced that the
two rivals had explored a union, Nick Bunkley at the New York
Times reports.

The Automotive News reported that the automakers had discussed
the possibility of a merger or alliance in July this year but
that the talks have concluded.

"We consider it highly doubtful that a merger would take place
and do not see the benefits for either company as they attempt
to restructure."  The New York Times quotes Standard & Poor's
analyst Efraim Levy.  Analysts interviewed by Reuters also
questioned the logic of a full-blown merger.

GM and Ford declined to comment on the issue.  In a report from
Reuters, GM spokesman Brian Akre said GM routinely meets with
other automakers to discuss issues of mutual interest.  Mr. Akre
added that, as a policy, GM does not publicly comment on these
discussions.

GM and Ford are in the midst of a financial crisis as both
companies struggle to improve revenues and cut costs.  

Last week, Ford unveiled a revised version of its "Way Forward"
turnaround plan that is seen to further reduce its capacity and
work force, and ramp up new product introductions.  Ford expects
ongoing annual operating cost reductions of approximately $5
billion from its restructuring efforts.

General Motors is also pondering a possible three-way alliance
with Renault SA and Nissan Motor Co.  Reports of a possible
alliance came in the wake of GM's troubles as it faces market,
production and cost issues.  GM is currently implementing a
turnaround plan that involves plant closures and job cuts.  

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the  
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries and its vehicles are sold in 200 countries.

                        About Ford Motor

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

On Aug. 22, 2006, Dominion Bond Rating Service placed long-term
debt rating of Ford Motor Company Under Review with Negative
Implications following announcement that Ford will sharply
reduce its North American vehicle production in 2006.  DBRS
lowered on July 21, 2006, Ford Motor Company's long-term debt
rating to B from BB, and lowered its short-term debt rating to
R-3 middle from R-3 high.  DBRS also lowered Ford Motor Credit
Company's long-term debt rating to BB(low) from BB, and
confirmed Ford Credit's short-term debt rating at R-3(high).

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

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

On July 24, 2006, Moody's Investors Service lowered the
Corporate Family and senior unsecured ratings of Ford Motor
Company to B2 from Ba3 and the senior unsecured rating of Ford
Motor Credit Company to Ba3 from Ba2.  The Speculative Grade
Liquidity rating of Ford has been confirmed at SGL-1, indicating
very good liquidity over the coming 12-month period.  The
outlook for the ratings is negative.


FORD MOTOR: Critics Hit on Latest Restructure Plan
--------------------------------------------------
Analysts and investors criticize Ford Motor Company's latest
restructuring plan, claiming it does not go far enough, The
Birmingham Post reports.

As reported by the Troubled Company Reporter - Asia Pacific on
September 19, 2006, Ford disclosed plans to further reduce its
capacity and workforce, and ramp up new product introductions as
it accelerates its North America "Way Forward" turnaround plan.

The automaker will cut its North American salaried-related work
force by about a third and offer buyout packages to all Ford and
Automotive Components Holdings hourly employees in the United
States.  The reductions will contribute significantly to
reducing ongoing annual operating costs by about US$5 billion.  
In addition, Ford will renew 70% of its North American product
lineup by volume by the end of 2008, the TCR-AP said.

Wall Street snubbed Ford, whose shares closed down 11.8%, off
US$1.07 at US$8.02 on the New York Stock Exchange, the report
says.  Analysts, for the most part, were disappointed with the
blueprint, which aims to slash 10,000 white-collar posts and
offering buyouts to all 75,000 unionized employees.  The
company's quarterly dividend of five cents per share has been
eliminated, and Ford executives said it wouldn't make a profit
until some time in 2009.

Burnham Securities analyst David Healy told The Post that Ford
had frightened investors with the postponing of the
profitability and the vagueness about the loss.

Meanwhile, Merrill Lynch analyst John Murphy said Ford's cuts
weren't deep enough.  In a note to investors, Mr. Murphy said
that the new plan does not materially accelerate product
introductions nor provide a solution for the troubled facilities
assumed from Visteon -- Ford's former parts unit.

According to The Post, other analysts questioned whether Ford
could find its way quickly enough out of the auto market's shift
from trucks and sport utility vehicles to cars.  They wondered
if the company could maintain its dwindling market share and
generate enough cash long enough to let the plan work.  They
also queried why the sale of money-losing Jaguar and part of the
profitable Ford Motor Credit arm weren't part of the
restructuring, and some questioned the vagueness of Ford's plan
to roll out new products.

Ron Tadross, analyst for Bank of America, cautioned: "We had
hoped Ford would close additional assembly plants and make
remaining ones highly more flexible, announce the exit-sale of
several brands and take other steps."

Jonathan Steinmetz, of Morgan Stanley, added: "While we are
pleased to see greater cost reduction and more acknowledgment of
the reality/gravity of the situation, we remain concerned that
current results are worse than we think."

                        About Ford Motor

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

On Aug. 22, 2006, Dominion Bond Rating Service placed long-term
debt rating of Ford Motor Company Under Review with Negative
Implications following announcement that Ford will sharply
reduce its North American vehicle production in 2006.  DBRS
lowered on July 21, 2006, Ford Motor Company's long-term debt
rating to B from BB, and lowered its short-term debt rating to
R-3 middle from R-3 high.  DBRS also lowered Ford Motor Credit
Company's long-term debt rating to BB(low) from BB, and
confirmed Ford Credit's short-term debt rating at R-3(high).

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

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

On July 24, 2006, Moody's Investors Service lowered the
Corporate Family and senior unsecured ratings of Ford Motor
Company to B2 from Ba3 and the senior unsecured rating of Ford
Motor Credit Company to Ba3 from Ba2.  The Speculative Grade
Liquidity rating of Ford has been confirmed at SGL-1, indicating
very good liquidity over the coming 12-month period.  The
outlook for the ratings is negative.


JAPAN AIRLINES: To Add Flight After Thai Airport Opens
------------------------------------------------------
Japan Airlines will add one more daily flight between Bangkok
and Tokyo after the Suvarnabhumi Airport in Thailand starts
operations on September 28, 2006, Business Day reveals.

According to Japan Airlines' regional manager, Seigi Iwasaki,
many people want to use Thailand as a transit point to a third
country, but Bangkok International Airport is too crowded and
the number of flights is limited.  Hence, the new airport will
encourage more people to stop over in Thailand especially with
the introduction of additional flights by the carrier.

Japan Airlines, which currently flies four times a day to
Thailand, is optimistic the additional flights will boost its
passenger traffic, Business Day adds.

                    About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited
-- http://www.jal.com/en/-- was created as a result of the  
merger of Japan Airlines and Japan Air Systems to boost domestic
coverage.

As of March 31, 2006, JAL's debt amounted to JPY1.93 trillion,
whereas shareholders' equity stood at JPY148.1 billion.

The Troubled Company Reporter - Asia Pacific stated on May 12,
2006, that JAL posted a consolidated net loss of JPY47.24
billion for the business year 2005 ended March 31,
2006, due to safety-related incidents in 2005 that caused
passengers to shift to its rival All Nippon Airways, and an
increase in aviation fuel costs.

                          *     *     *

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
Company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the Company, which is three notches lower than
investment grade, whereas Moody's Investors Service gave Ba3
senior unsecured and issuer ratings for Japan Airlines
International Co., Ltd., as well as its Ba3 issuer rating for
Japan Airlines Domestic Co., Ltd.  On July 20, 2006, Standard &
Poor's Ratings Services had affirmed its B+ long-term corporate
credit and senior unsecured debt rating on the Company.


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

AMKOR TECHNOLOGY: Seeks Consents for Waivers of Default
-------------------------------------------------------
Amkor Technology, Inc., is soliciting consents from the holders
of this series of notes:

   -- US$400 million aggregate outstanding principal amount of
      9.25% Senior Notes due 2016 (CUSIP No. 031652AW0);

   -- US$250 million aggregate outstanding principal amount of
      7-1/8% Senior Notes due 2011 (CUSIP No. 031652AT7);

   -- US$425 million aggregate outstanding principal amount of
      7.75% Senior Notes due 2013 (CUSIP No. 031652AQ3);

   -- approximately US$88.2 million aggregate outstanding
      principal amount of 9.25% Senior Notes due 2008 (CUSIP No.
      031652AM2);

   -- approximately US$21.9 million aggregate outstanding
      principal amount of 10.5% Senior Subordinated Notes due
      2009 (CUSIP No. 031652AE0);

   -- approximately US$142.4 million aggregate outstanding
      principal amount of 5.0% Convertible Subordinated Notes
      due 2007 (CUSIP No. 031652AH3); and

   -- US$190 million aggregate outstanding principal amount of
      2.50% Convertible Senior Subordinated Notes due 2011
      (CUSIP No. 031652AX8).

Amkor is seeking consents for a waiver of certain defaults and
events of default that may have occurred or may occur under each
series of notes from the failure of Amkor to file with the
United States Securities and Exchange Commission its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2006, and
other notices or reports, and the consequences, and the waiver
of the application of certain provisions of the indentures
governing each series of notes.

Amkor has not yet filed with the SEC its Quarterly Report on
Form 10-Q for the quarter ended June 30, 2006.  Holders of each
series of notes are referred to the Company's Consent
Solicitation Statement dated September 14, 2006, and the related
Letter of Consent for that particular series of notes, which are
being mailed to each holder, for the detailed terms and
conditions of the consent solicitation.

The consent solicitations for each series of notes will expire
at 5:00 p.m., New York City time, on September 29, 2006, unless
extended or earlier terminated for a particular series of notes.
Holders may deliver their consents to the Tabulation Agent at
any time before the expiration date.

For each particular series of notes, if consents from holders of
a majority in aggregate principal amount of notes of that
particular series are received prior to the expiration date of
the consent solicitation for that particular series of notes and
are not revoked prior to the effective date of the proposed
waivers for that particular series of notes, each consenting
holder for such series of notes will receive an initial consent
fee in cash equal to that consenting holder's pro rata share of
the dollar amount set forth in the table below under the caption
"Initial Consent Fee" opposite the title of that particular
series of notes.

If the proposed waivers have become effective for a particular
series of notes and, in addition, Amkor has not filed the SEC
Reports required to be filed by Amkor with the SEC on or prior
to such effective date and the proposed waivers for each other
series of notes have become effective, each consenting holder
for that particular series of notes will receive an additional
consent fee in cash equal to that consenting holder's pro rata
share of the dollar amount set forth in the table below under
the caption "Additional Consent Fee" opposite the title of that
particular series of notes.

In addition, if Amkor has not filed the SEC Reports required to
be filed by Amkor with the SEC on or prior to December 31, 2006
(February 28, 2007, in the case of the waiver of any NASDAQ
delisting consequences), it may elect to extend the waiver
expiration date to March 31, 2007 (May 30, 2007, in the case of
the waiver of any NASDAQ delisting consequences) and pay each
consenting holder an additional consent fee in cash equal to
that consenting holder's pro rata share of the dollar amount set
forth in the table below under the caption "Extension Consent
Fee" opposite the title of that particular series of notes.

                                (US$ In Thousands)
                     ------------------------------------------
                                           Consent Fees
                      Principal    ----------------------------
Securities           Outstanding   Initial    Addt'l.      Ext.
----------           -----------   -------   --------     -----
9.25% Senior Notes
Due 2016             US$400,000     US$400     US$600  US$1,000

7 1/8% Senior Notes
Due 2011                250,000        250        375       625

7.75% Senior Notes
Due 2013                425,000        425        637     1,062

9.25% Senior Notes
Due 2008                 88,206         88        132       220

10.5% Senior
Subordinated Notes
Due 2009                 21,882         22         33        55

5% Convertible
Subordinated Notes
Due 2007                142,422        142        214       356

2.50% Convertible
Subordinated
Notes due 2011          190,000        190        285       475

The record date for determining the holders who are entitled to
consent is August 15, 2006.  The proposed waiver for a
particular series of notes shall become effective for a
particular series of notes upon receipt by the applicable
trustee of an officers' certificate from Amkor that the
Requisite Consents have been received (and not revoked) and have
been accepted for payment by Amkor.

The Company has retained Global Bondholder Services Corporation
to serve as its Information Agent and Tabulation Agent for the
consent solicitation.  Requests for documents should be directed
to Global Bondholder Services at (866) 470-3800 or (212) 430-
3774.  The Company has also retained Jefferies & Company, Inc.
to serve as Solicitation Agent for the consent solicitation.  
Questions concerning the terms of the consent solicitation
should be directed to Jefferies & Company, Inc. at (888) 272-
1901 (U.S. Toll-Free) or (917) 421-1901.

This announcement is not an offer to purchase or sell, a
solicitation of an offer to purchase or sell, or a solicitation
of consents with respect to any securities.  The solicitations
are being made solely pursuant to Amkor's Consent Solicitation
Statement dated September 14, 2006, and the related Letter of
Consent.

                      About Amkor Technology

Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) --
http://www.amkor.com/-- provides advanced semiconductor   
assembly and test services.  The company offers semiconductor
companies and electronics original equipment manufacturers a
complete set of microelectronic design and manufacturing
services.  It has sales and manufacturing offices in Japan,
China, Taiwan, the Philippines and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services lowered its corporate and
other ratings on Amkor and placed the ratings on CreditWatch
with developing implications.  The corporate credit rating was
lowered to 'CCC' from 'B-'.  The downgrade followed Amkor's
announcement that it received  notice from the trustees of $1.6
billion of its senior and  subordinated notes that the delay in
filing its Form 10-Q for the June quarter constitutes a default
under the notes.


AMKOR TECNOLOGY: U.S. SEC Expands Probe
---------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, Amkor Technology, Inc., disclosed that the
SEC is expanding the scope of its investigation against the
company.

In August 2005, the SEC issued a formal order of investigation
regarding certain activities with respect to Amkor securities.  
Amkor believes that the probe relates to activities with respect
its securities from June 2003 to July 2004 by certain of its
insiders, including activities by or on behalf of certain
members of the Board of Directors and the Chief Executive
Officer.

With the enlarged scope, the SEC requested that Amkor make
available documents related to the company's historical stock-
option practices.

Amkor Technology intends to continue to cooperate with the SEC,
Kenneth T. Joyce, Amkor executive vice president and chief
financial officer, says.

Amkor admits that in the event the investigation leads to SEC
action against any current or former officer or director of the
company, or the company itself, its business, including its
ability to complete financing transactions, or the trading price
of its securities, may be adversely impacted.  In addition, if
the SEC investigation continues for a prolonged period of time,
it may have the same impact regardless of the ultimate outcome
of the investigation.

                      About Amkor Technology

Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) --
http://www.amkor.com/-- provides advanced semiconductor   
assembly and test services.  The company offers semiconductor
companies and electronics original equipment manufacturers a
complete set of microelectronic design and manufacturing
services.  It has sales and manufacturing offices in Japan,
China, Taiwan, the Philippines and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services lowered its corporate and
other ratings on Amkor and placed the ratings on CreditWatch
with developing implications.  The corporate credit rating was
lowered to 'CCC' from 'B-'.  The downgrade followed Amkor's
announcement that it received notice from the trustees of $1.6
billion of its senior and subordinated notes that the delay in
filing its Form 10-Q for the June quarter constitutes a default
under the notes.


ARROW ELECTRONICS: Names Four New Heads
---------------------------------------
Arrow Electronics, Inc., announced four changes to its
leadership team.

Effective immediately, Michael J. Long has been named president,
Arrow Global Components.  Mr. Long, with more than 25 years of
experience in electronic components and computer products
distribution, has previously served as president of the
company's Enterprise Computing Solutions business and most
recently, as president, North America and Asia/Pacific
Components.  "In his new global role, Mike will focus on
building on and expanding our regional strengths to the benefit
of our customers and suppliers throughout the world," said
William E. Mitchell, chairman, president and chief executive
officer of Arrow Electronics, Inc.

The company also announced that Philippe Combes has been named
president of Arrow EMEASA's (Europe, Middle East, Africa and
South America) components business, reporting to Mike Long.  "We
are delighted to welcome such a seasoned and experienced
worldwide business leader to Arrow," said Mr. Mitchell.
"Philippe's broad experience and knowledge of the components
industry will enable us to further accelerate our strategies,
driving Arrow EMEASA to the next level of success."

Most recently, Mr. Combes served as executive vice president of
operations and financial services for Gemplus International, a
US$1.2 billion provider of solutions in smart cards, mobile
telecommunications, telephony, banking, retail, pay-TV,
transport, identity, healthcare, e-government and access
control. Prior to joining Gemplus, Mr. Combes was chairman of
LG-Philips Displays in Hong Kong and CEO of the Philips
Electronics Display Components Business group.  Mr. Combes holds
a degree in engineering from the Ecole Nationale Superieure des
Arts et Metiers in Paris, France.

Germano Fanelli has been named chairman of Arrow EMEASA,
effective Oct. 1, 2006.  "From the time Germano joined Arrow
through the acquisition of Silverstar, he has been an
instrumental leader within Arrow and has made significant
contributions towards our goal to be the clear #1 components
distributor in EMEASA," said Mr. Mitchell.  "Since Germano
became president of Arrow EMEASA, this region has significantly
increased revenues and reached new levels of profitability and
returns."

Arrow also announced the appointment of Vincent Melvin as vice
president and chief information officer, effective immediately.
"Vin brings significant experience establishing IT systems that
are aligned with customer requirements," said Mr. Mitchell.  "He
is a valued addition to the Arrow senior leadership team."

Mr. Melvin joins Arrow with significant experience in the
integration of enterprise systems and global IT operations.  
Most recently, he was executive vice president and CIO of
Sanmina-SCI, Inc., a leading EMS (electronics manufacturing
services) provider formed through the merger of Sanmina and SCI.  
Prior to joining SSCI in 2000, Mr. Melvin was director,
Information Systems, at Solectron Technology where he was
responsible for all IT services and operations at the company's
Eastern U.S. facilities.  Mr. Melvin holds a Bachelor of Science
degree in physics from Trinity College and a Master of Science
degree in industrial administration from Carnegie Mellon
University.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- is a global provider of products,
services and solutions to industrial and commercial users of
electronic components and computer products.  Arrow serves as a
supply channel partner for nearly 600 suppliers and more than
130,000 original equipment manufacturers, contract manufacturers
and commercial customers through a global network of over 270
locations in 53 countries and territories.  In Asia Pacific, the
company operates in Australia, China, Hong Kong, India,
Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand
and Korea.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The Company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  The rating
outlook is positive.


JINRO LTD: To Raise KRW475 Billion Via Seoul Listing to Pay Debt
----------------------------------------------------------------
South Korean alcoholic beverage manufacturer, Jinro Ltd.,
intends to raise KRW475 billion (US$493 million) through a
domestic listing in September 2007 to pay back debt, the
Financial Times reports.

Jinro, acquired by Hite Brewery in August 2005 for US%3.4
billion, was delisted from the domestic market in early 2003
after going bankrupt.

Jinro told the Financial Times that it plans to issue 5 million
new shares, or 10.4% of its enlarged share capital, at KRW95,000
per share.

The price, Kim So-yong of Reuters says, will value the entire
firm at KRW4.56 trillion (US$4.75 billion).

The price could still change because of many variables, Jinro
pointed out to FT.

The lead managers under the transaction are:

   -- Samsung Securities,
   -- Woori Investment & Securities, and
   -- Daishin Securities.

According to Reuters, Jinro is expected to file a re-listing
application with the Korea Exchange in April 2007.  South Korean
laws allows a company to re-list within five years after
delisting, Reuters noted.

                         About Jinro Ltd.

With distilleries in Ichon, Cheongwon and Masan in South Korea,
Jinro Ltd. -- http://www.jinro.co.kr/english/main.asp/--  
specializes in manufacturing soju, a vodka-like distilled
liquor.  Jinro also produces and sells wine, whisky and ginseng
liquors as well as non-alcoholic beverages like mineral water
and soft drinks.  In addition, the Company provides information
processing, financial services as well as construction services.

Before it was sold Hite Brewery in 2005, Jinro was declared
bankrupt on September 9, 1997.  The Company was delisted
effective January 10, 2003.

According to the Financial Times, in spite of high expectations
of synergies from Hite's takeover of Jinro, the company is
facing severe competition in the Soju market.  Jinro, market
share, the report says, has fallen from 55% in February 2006 to
50% at the end of June 2006.

Financial Times relates that analysts cautioned that the
acquisition of Jinro would lay a substantial financial burden on
Hite.  Although Hite's operating profit was only 3% lower in the
first quarter of 2006 compared with a year ago, its profits
before tax were down 59%, largely due to Jinro.


SANDISK CORP: To Release 3rd Quarter Financials on Oct. 19
----------------------------------------------------------
SanDisk Corporation plans to announce its third quarter 2006
financial results after the market close on Thursday,
October 19, 2006.

A conference call to discuss the Company's results is scheduled
for Thursday, October 19, 2006, at 2:00 p.m. Pacific Time.  
Those wishing to listen to the call should dial (913) 981-5523
at approximately 1:50 p.m. Pacific Time.

The conference call is being Web cast and can be accessed live
from SanDisk's Web site at http://investor.sandisk.com/IRand at  
http://www.streetevents.comfor institutional investors.  The  
Web cast will also be available on-demand following the
conference.

                       About Sandisk Corp.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of    
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  In
addition, the company produces devices such as USB drives and
MP3 music players.  SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of
$1.0 billion of senior unsecured convertible notes due 2013.  
The 'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


SANDISK CORP: German Court Quashes Injunction Seizing Products
--------------------------------------------------------------
A court in Germany overturned an injunction previously imposed
on SanDisk Corporation allowing the Company to put back in
display its MP3 products at IFA, a consumer electronics show in
Berlin, cnet.co reports.

Sisvel S.p.a., a company into consumer electronics innovation,
sought the injunction alleging SanDisk's patent infringement.  
The now-quashed injunction led customs to confiscate SanDisk's
entire range of MP3 products exhibited at its IFA booth.

Sisvel complained that SanDisk MP3 players violated license
granted to Sisvel, which license is currently extended to more
than 600 products.  Sisvel receives royalty from the sale of
those products.

SanDisk, however, denies the allegations.  SanDisk insisted that
its MP3 run on a different technology than that of Sisvel.  The
Company also pointed out an expert opinion that said it is not
infringing any patent.

Sisvel is appealing the order overturning the injunction.

                       About Sandisk Corp.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of    
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  In
addition, the company produces devices such as USB drives and
MP3 music players.  SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of
$1.0 billion of senior unsecured convertible notes due 2013.  
The 'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


SK CORP: Incheon Oil to Curb September Operations
-------------------------------------------------
SK Corp.'s SK Incheon Oil decided to cut September operations to
170,000 barrels per day, Reuters reports, citing an unnamed
company source.

The reduction is 20,000 bpd less than what the Company initially
planned.

According to Reuters, the cut was not surprising with a number
of major oil refineries in Japan and South Korea curbing their
runs early this month in attempts to resuscitate profits by
limiting fuel output.

The report states that cuts may help rebalance an oil market
that reportedly is in danger of an extended autumn slump, with
gasoline losing its premium to crude oil as the summer driving
season ends and stocks of winter heating fuel already brimming
in Asia.

Next month, however, the Company will keep operations steady,
the source told Reuters.

SK Corp. took over Incheon Oil in early 2006 after a drawn-out
bankruptcy process.

                      About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company    
with 4,916 employees and 22 offices around the world in 2005.  
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas, including Russia, Vietnam,
Indonesia, Australia, Brazil, Cote d'Ivoire, United States, and
Peru.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


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

CHASE PERDANA: In Talks to Defer RCSLS Redemption
-------------------------------------------------
Chase Perdana Berhad, on September 18, 2006, disclosed that it
is still in discussions with the holders of its Redeemable
Convertible Secured Loan Stock with regard to the rescheduling
of the second and third anniversary redemption of RCSLS, which
expired on July 18, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
June 22, 2006, Chase Perdana, in 2003, issued:

   * 3.5% redeemable convertible secured loan stock due
     2003/2008; and

   * 3.5% redeemable convertible unsecured loan stock due
     2003/2008.

Pursuant to the RCSLS Issuing Agreements made between the
Company and the RCSLS and RCULS holders, Chase Perdana is due to
make a 10% redemption amount and a 3.5% coupon payment,
respectively, on the second anniversary of the issuance of
RCSLS, falling on July 18, 2005.  However, the Company proposed
that the Anniversary be rescheduled from July 18, 2005, to
July 18, 2006.  

With the proposed rescheduling, Chase Perdana will be able to
undertake new projects, enhance its growth prospects while also
ensuring that future scheduled payments to the RCSLS, RCULS and
RCPS holders are met.

                       About Chase Perdana

Headquartered in Kuala Lumpur, Malaysia, Chase Perdana Berhad
-- http://www.chaseperdana.com.my/-- is engaged in  
construction, property management, property development and
investment holding.  Its other activities include oil palm
processing.  Operations are carried out in Malaysia, India and
British Virgin Islands.

The Company has been suffering continuous losses since fiscal
1999.  As of March 31, 2006, the Company's accumulated losses
stands at MYR138,579,000.


CYGAL BERHAD: SC Denies Deadline Extension Request
--------------------------------------------------
The Securities Commission, on September 11, 2006, declined Cygal
Berhad's application for a final extension of time to implement
the company's corporate exercises.

The decision was made after taking into consideration, among
others, that Cygal was unable to complete implementation of its
corporate exercises despite the five deadline extensions given
during the last three years and nine months.  The SC has
reminded Cygal that the extension granted on April 5, 2006, was
the final extension for Cygal to implement its restructuring
activities.

The Troubled Company Reporter - Asia Pacific reported on
September 5, 2006, that Cygal on August 17, made an application
to the SC for a final extension of time to implement its
corporate restructuring plan.  Earlier, the SC has given Cygal
until August 31, 2006, to start executing the plan.

According to the TCR-AP, the Company's proposed corporate and
debt-restructuring scheme involves:

   -- the exchange of shares on the basis of three new
      company, or Newco, shares for every four shares in Cygal
      and the proposed takeover of Cygal's listed status by
      Newco;

   -- a rights issue raising up to MYR31 million, to be used
      for working capital;

   -- a debt restructuring scheme, which will involve
      Redeemable Convertible Secured Loan Stocks and
      Irredeemable Convertible Unsecured Loan Stocks issued by
      Newco;

   -- the proposed acquisition of shares in Laudable Invention
      Sdn Bhd and Cygal Properties Sdn Bhd to be satisfied by
      cash and shares in Newco;

   -- a proposed employee's share option scheme for all
      eligible employees and Executive Directors of Newco,
      Cygal and its subsidiaries.

Cygal's board of directors is deliberating on the SC's decision
and an announcement on the outcome of the directors'
deliberation will be made in due course.

                     About Cygal Berhad

Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad's
principal activity is civil and building construction works.  
Its other activities include housing development; manufacturing
and trading in ready mix concrete; trading in building
materials; leasing of aircraft parts and equipment; provision of
hotel management services; and investment holding.  The Group's
activities are located in Malaysia and Hong Kong.

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies
finalized a debt restructuring agreement with their lenders on
involving debts outstanding of approximately MYR230 million.  
The Troubled Company Reporter - Asia Pacific reported on
January 13, 2006, that Cygal has obtained the consent of the
majority of its financial institution creditors for a further
extension of time within which Cygal is to meet the conditions
precedent as stipulated in its Nov. 2001 Settlement Agreement
with its creditors.  The deal relates to the settlement of
Cygal's MYR229,637,109 debt to its lenders.

As of June 30, 2006, the company has total assets of
MYR225.079 million and total liabilities of MYR500.665 million
resulting into a stockholders' deficit of MYR275.586 million.


GENERAL MOTORS: Forges Partnership with DRB-Hicom
-------------------------------------------------
General Motors Corporation signed on September 18, 2006, a deal
to set up an equity alliance with its Malaysia distributor, DRB-
Hicom, Reuters reveals.

According to Bernama News, integrated automotive firm DRB-Hicom
signed a memorandum of undertsanding with gGneral Motors got the
proposed collaboration for the participation of GM in the equity
of Hicomobil Sdn Bhd.  Hicomobil is a wholly owned subsidiary of
DRB-HICOM and the franchised distributor of Chevrolet vehicles
in Malaysia.  

The United States-based carmaker forged the partnership in a bid
to boost its Asian sales, Reuters says.  Malaysia is the biggest
car market in Southeast Asia, with sales of 531,000 cars last
year, or around half of all sales in the region.  It offers low
production costs for foreign carmakers and access to a regional
free-trade area.

Under the deal, General Motors would take a 51% stake in the
DRB-Hicom subsidiary that sells Chevrolet cars in Malaysia,
Reuters relates.

In a statement to Bursa Malaysia Securities Berhad, DRB-Hicom
said that the strategic collaboration will further foster and
fortify DRB-Hicom's relationship with General Motors and the
tie-up will enhamce Chevrolet brand image in the domestic
market.

The new collaboration with is also in line with the National
Automotive Policy, to promote Malaysia as an automotive regional
hub, focusing on niche areas, DRB-Hicom said in the regulatory
filing.

Meanwhile, Bernama reports that Hicomobil is expected to
commence with the new distribution set up by the fourth quarter
of 2006.  The new line up of Chevrolet vehicles to be
distributed were Chevrolet Aveo Sedan, Chevrolet Aveo Epica, a
semi luxury saloon and Chevrolet Captiva, a sport utility
vehicle, which is a success in Australia and Europe.

                       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.  In Malaysia, GM is
headquartered in Kuala Lumpur.

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.


KIG GLASS: Bourse Defers Delisting Pending Decision on Appeal
-------------------------------------------------------------
KIG Glass Industrial Berhad submitted an appeal against Bursa
Malaysia Securities Berhad's decision to delist the company's
securities from the Official List.

In view of the appeal, the removal of the company's securities
from the Official List on September 19, 2006, will be deferred
pending the decision on the appeal by the Appeals Committee.

The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that Bursa Malaysia Securities Berhad had
decided to remove KIG Glass Industrial Berhad's securities from
the Official List on September 19, 2006, as the company failed
to appoint a new adviser and submit its regularization plan to
relevant authorities by the stipulated date.

                   About KIG Glass Industrial

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.

Due to its inability to pay debts, the Company ceased operation
in May 2005.  As of December 31, 2005, the KIG Group's
accumulated losses stood at almost MYR300 million.  The
shareholders funds in the KIG Group were in deficit of
approximately MYR93 million while its total borrowings amounted
to approximately MYR104 million.

As of June 30, 2006, the group has total assets of MYR57,173,000
and total liabilities of MYR153,698,000, resulting into a
stockholders' deficit of MYR96,525,000.


MALAYSIA AIRLINES: Invites Pitch for Advertising Account
--------------------------------------------------------
Recognizing the importance of aligning the brand's communication
needs to its network growth strategies, Malaysia Airlines will
appoint two separate agencies to handle communication channels
and creative.

Media and creative agencies will be first required to submit
their credentials by September 29, 2006, and this will mark the
beginning of the pitch process.  Agency partners will need to be
part of an international network and should not be working with
any competing full service carrier currently.

Into the second round, three agency partners each will be
shortlisted for communication channels and creative.  They will
be required to present a proven case study based on their past
experience with an international brand.  The shortlisted
agencies will be announced in early October with presentations
taking place in mid October.

Indira Nair, Senior General Manager, Communications, said: "In
turning around Malaysia Airlines, we started by focusing on
getting our network right.  Similarly, with this process we need
to start with getting our distribution channels right.  So we
have taken a conscious decision to split our requirements
between communication channels and creative, with channel
planning taking the lead and setting the strategy.

"This year was a consolidation exercise and the start of the
business turnaround process provided the right platform for us
to relook everything we were doing.  This included all facets of
communications.  Into next year, we will look at new ways of
reaching, converting and retaining customers.  And to do this
well, we will need to be innovative in our channel planning.

"In an agency-client relationship, the team is extremely
critical.  In round 2, the shortlisted agencies will be required
to present the potential team that will work on our account.  As
part of the presentation process, the team will be given a
scenario, which they will have to discuss and present their
ideas on.  This will give us the opportunity to evaluate how the
team works and their thought process."

Results and final selection of both agencies is slotted to be
announced in mid to late November.

                     About Malaysia Airlines

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

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


MBF CORPORATION: Places Subsidiary Under Voluntary Wind-Up
----------------------------------------------------------
MBf Corporation Berhad's wholly owned subsidiary, MBf Capital
Berhad, has on September 12, 2006, resolved that it cannot by
reason of its liabilities, continue its business and that it be
wound up voluntarily.

In this regard, Tam Kok Meng, of Tam & Associates Corporate
Services Sdn Bhd, was appointed as provisional liquidator to
oversee MBf Capital's wind-up.

The Liquidator can be reached at:

         Tam Kok Meng
         Tam & Associates Corporate Services Sdn Bhd
         D-8-3 Level 10 Block D
         Menara Uncang Emas
         85 Jalan Loke Yew
         5200 Kuala Lumpur
         Malaysia

The wind-up of MBf Capital is pursuant to the Proposed
Liquidation/Disposal of MBf Capital and its subsidiaries, which
form part of the scheme of arrangement and internal
reorganization of MBf Capital's Scheme undertaken in 2001.

Meanwhile, MBf Capital's members and creditors will convene a
separate meeting pursuant to Section 254(1)(b) and Section
260(1) of the companies Act, 1965.

                       About MBf Capital

MBf Capital was incorporated on October 29, 1991, and the
principal activity was investment holding before it became
dormant in September 2003 pursuant to its Scheme of Arrangement
under Section 176 of the Companies Act, 1965.  The authorized
share capital of MBf Capital is MYR5,000,000,000 comprising
5,000,000,000 ordinary shares of MYR1 each of which 19,557,850
ordinary shares have been issued and fully paid-up.

                     About MBf Corporation

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  The
Group operates in three main areas, namely, Malaysia, Indonesia
and Hong Kong and Taiwan collectively.  The Group's principal
activities are mainly operated in Malaysia except for the credit
card business, which is carried out in Indonesia.  The Group has
no significant operations in Hong Kong and Taiwan other than
certain residual assets from a subsidiary that has since been
liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


MERCES HOLDINGS: Faces Wind-Up Proceedings
------------------------------------------
Merces Holdings Berhad had been served with a copy of wind-up
petition by Tan Mooi @ Tan So Yin and Foyin Development Sdn Bhd.

On June 1, 2006, the petitioners served a written notice of
demand to Merces, claiming a total sum of MYR252,439 as of
May 29, 2006, on account of costs awarded by Kuching High court
under an Allocatur dated May 18, 2005, plus interest at an
annual rate of 8% calculated from June 24, 2002, to June 29,
2006.

The wind-up petition was presented before the High Court on
August 8, 2006, upon expiration if the notice of demand and the
amount claimed remained unpaid.  A copy of the petition was
served on Merces on September 13, 2006.  The petition has been
fixed for hearing at the High Court in Sabah and Sarawak at
Kuching on January 15, 2007.

Merces, which expects to incur MYR252,438 in losses from the
wind-up petition, said it will take appropriate steps to defend
against the petition.

                      About Merces Holdings

Merces Holdings Berhad's principal activities are the provision
of property development and building construction works.  The
Company's other activity include investment holding.  Operations
of the Group are predominantly carried out in Malaysia.

Merces Holdings has defaulted on several loan facilities and had
faced winding-up petitions due to unsettled financial
obligations.


METROPLEX BERHAD: August Default Totals MYR1,790,952,184
--------------------------------------------------------
Metroplex Berhad estimates that the principal and interest it
defaulted as of August 31, 2006, aggregate MYR1,790,952,181.  
The amount is an increase of more than MYR12 million from last
month's default total of MYR1,778,284,117.

Currently, Metroplex is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement, which will
essentially address the default in payment.

Metroplex will make an announcement at the Bursa Malaysia
Securities Berhad upon the finalization of the Proposed Scheme.

                     About Metroplex Berhad

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

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

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

As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.


METROPLEX BERHAD: Court Rules on Liquidator's Remuneration
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 3, 2006, that the Kuala Lumpur High Court considered
matters relating to the wind-up petition instituted by Morgan
Stanley Emerging Markets against Metroplex Berhad.  The hearing
to consider the costs of the provisional liquidator was put off
at a later date.

In an update, Metroplex Berhad informed Bursa Malaysia
Securities Berhad that on September 7, 2006, the Court ruled
that the remuneration of the Provisional Liquidator is to be
paid out of Metroplex's assets.  The Court, however, allows
Metroplex to challenge the entitlement of the Provisional
Liquidator to his remuneration, costs and expenses upon his
application.

Furthermore, the Court directed Morgan Stanley to pay Metroplex
the costs incurred in the application for injunction on a
"Solicitor and Client's Basis."

There was no order as to the costs to be made in favor of
interveners.

The Court will hear these issues on September 20:

   -- Morgan Stanley's winding-up petition;

   -- Morgan Stanley's application for the appointment of a
      Provisional Liquidator for Metroplex; and

   -- Metroplex's application to strike out Morgan Stanley's
      winding-up petition.

                     About Metroplex Berhad

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

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

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

As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.


PANGLOBAL BERHAD: Taisho Wants to Intervene in RO Proceedings
-------------------------------------------------------------
The High Court of Malaya, on January 5, 2006, granted PanGlobal
Berhad a restraining order pursuant to Section 176 (10) of the
Companies Act 1965.  The Restraining Order, as extended, is
effective up to October 3, 2006.

In an update, PanGlobal informs the Bursa Malaysia Securities
Berhad that on September 11, 2006, it received a sealed summons-
in-chambers, together with a supporting affidavit, filed by the
solicitors acting for Taisho Company Sdn Bhd.

Taisho seeks to, among others:

   -- intervene in the Restraining Order proceedings;

   -- include Mr. Yip Wai Keong and Mr. Toh Choe Gim as co-
      defendants; and

   -- set aside the Restraining Order and extension previously
      granted.

Taisho also requests for leave to commence execution proceedings
including winding-up proceedings against PanGlobal.

PanGlobal through its solicitors, Messrs. T.H. Foo & Associates,
is currently in the process of replying to relevant matters
highlighted in the Affidavit and resisting the application.

The hearing to consider Taisho's application, originally set on
September 18, is adjourned to October 3.

                    About PanGlobal Berhad

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

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


PAXELENT CORPORATION: Unit Serves Judgment on Dibena
----------------------------------------------------
Paxelent Corporation Berhad's subsidiary, Mass Media Interactive
Sdn Bhd, has entered into a judgment in default against Dibena
Enterprise Sdn Bhd on August 28, 2006.

Under the judgment, Mass Media is asserting payment of
MYR1,000,000 together with pre-judgment interest of MYR9,424 and
post-judgment interest at the rate of 8% per annum on the whole
sum of MYR1,009,424 from the date of judgment until the date of
full payment.

The sealed judgment had been served on Dibena on September 7,
2006.

                    About Paxelent Corporation

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

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


PROTON HOLDINGS: Needs to Deal with Control Issues, Analysts Say
----------------------------------------------------------------
Analysts believe Proton Holdings Berhad may still have to deal
with the issue of control before any tie-up with Europe's PSA
Peugeot Citreon could materialize, The Edge Daily reports.

As reported by the Troubled Company reporter - Asia Pacific on
September 19, 2006, Proton and PSA Peugoet signed on Sept. 15, a
letter of intent to study possible partnership that covers at
least the Southeast Asian region.  The study is expected to take
several months and will focus on areas including product
development, manufacturing, quality initiatives, vendor
development, contract assembly and distribution.

OSK Investment Research analyst Wan Azhar Mustapha said that for
such a collaboration to take off, Proton's major shareholder
Khazanah Nasional Bhd, with a 38.32% stake as of July 20, 2006,
may have to give up a controlling stake to PSA, The Edge
relates.

Another analyst agreed that PSA would only share its technology
if it holds a major equity in the national carmaker, according
to the report.

Nonetheless, Mr. Wan Azhar said notwithstanding the control
issue, Proton could benefit greatly from the cooperation,
especially in product development via platform sharing and joint
development.  He said a manufacturing contract would address the
underutilisation of Proton's Tanjung Malim plant, which is
running at about 15% capacity.  He added added that PSA's
extensive sales and distribution network globally could also
help Proton make inroads into overseas market.

On whether the alliance would help to solve Proton's bad brand
perception, Mr. Wan Azhar said: "Quality issues are very
subjective. Peugeot is not known as a leading carmaker in terms
of quality and after-sales service but nonetheless, we feel that
at least it is better than Proton."

                       About Proton Holdings

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

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

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


TELEKOM MALAYSIA: Unit to be Dissolved By December 7
----------------------------------------------------
Telekom Malaysia Berhad informs Bursa Malaysia Securities Berhad
that its wholly owned subsidiary, TM Orion Sdn Bhd, will be
dissolved effective December 7, 2006.

On December 30, 2005, TM Orion commenced members' voluntary
winding-up pursuant to Section 254(1)(b) of the Companies Act,
1965.

Pursuant to Section 272(5) of the Companies Act 1965, TM Orion
would be dissolved upon the expiry of three months after the
lodgement of Form 69 i.e. Return by Liquidator Relating to Final
Meeting, with the Companies Commission of Malaysia and Official
Receiver.  TM Orion filed Form 69 on September 8.

                   About Telekom Malaysia

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's   
telecommunications landscape, now faces growing competition.  
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.


TENAGA NASIONAL: To List and Quote New Shares Today
---------------------------------------------------
Tenaga Nasional Berhad's additional 281,481 new ordinary shares
of MYR1 each will be granted listing and quotation today,
September 20, 2006.

The new shares arose from the conversion of US$600,000 nominal
value of the five-year (2002/2007) guaranteed exchangeable bonds
issued by Tenaga Nasional's wholly owned subsidiary, TNB Capital
(L) Limited.

                     About Tenaga Nasional

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

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

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


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

APEX MINING: Posts PHP46 Million Net Loss for Fiscal Year 2005
--------------------------------------------------------------
On August 4, 2005, an international mining firm, Crew Gold
Corporation and its Philippine subsidiary, Mapula Creek Gold
Corporation, entered into a Share Purchase Agreement with the
Apex Mining Co., Inc.'s majority shareholders for the sale and
purchase of 72.87% of the company's issued and outstanding
capital stock.  The SPA involved the sale and transfer of a
total of 549,966,524 shares -- including 459,524,591 of the
unlisted shares -- in Apex for US$6.6 million.  

Pursuant to the SPA with Crew Gold and Mapula, the Puyat Group
divested fully its shareholdings in Apex Mining.

In view of the SPA, Apex Mining formally terminated its
operating agreement with Viclode Mining Corporation, and
Mintrecor, Inc.  

On the other hand, Mapula and Crew Gold entered into a
Memorandum of Agreement with Goldridge Mining Corp., wherein
Goldbridge agreed to stop all its operation effective October 4,
2005.

On December 22, 2005, Mines and Geosciences Bureau approved Apex
Mining's Mineral Production Sharing Agreement No. 225-2005 - XI
covering the 679.02 hectares located in Maco, Compostela Valley
Province.

As of first quarter of 2006, under the new management, Apex
Mining has started its rehabilitation of the plant at the
minesite.  Mapula Teresa Crew Gold Corporation, and Crew
Minerals (Phils.), Inc., the local affiliates of Crew Gold, made
advances to the Company for the rehabilitation and refurbishment
of the processing plant.

Other site infrastructures, like power upgrades, roads,
accommodation, technical services and operations staff, office
buildings for administration, workshops and stores are also
being upgraded progressively.

For the second quarter of 2006, the Company continued its
rehabilitation of the mines and mill plant.  Crew Gold, through
its local affiliates, continued to finance the rehabilitation
activities.

Specifically, the Company has started its drilling program which
aims to confirm the historical mineral resource in the Masara
area and provide information for underground development on the
whole minesite concentrating first on Masara-Bonanza vein
system, which offers the largest and most accessible vein
system.

              Full-Year Ended December 2005 Results

Apex Mining Co., Inc., incurred a net loss of PHP46 million for
the year ended December 31, 2005.  As of this date, the Company
has accumulated a deficit of PHP1.037 billion while current
liabilities exceed current assets by PHP86 million.

On December 23, 2005, the Board of Directors approved the write-
off of deferred charges for being unproductive for more than 10
years and with no definite program to put the same into
production resulting to a loss on write-off in the amount of
PHP71 million.

Moreover, in 2005, for the purpose of complying with certain
requirements of the new stockholders of the Company -- the Crew
Gold Group -- Apex Mining assigned certain existing liabilities
to PJS Investments Corporation.

                    First Quarter 2006 Results

For the first quarter of 2006, a total of PHP52,871,239 were
advanced by Apex Mining's various affiliates, broken down to:

   -- PHP10,439,109 provided by Mapula Creek Gold Corporation,

   -- PHP23,443,615 funded by Teresa, and

   -- PHP18,988,514 subsidized by CMPI.

These funds were used for the rehabilitation of the plant site.

Apex Mining posted a net loss of PHP9.9 million for the first
quarter.  Total assets amounted to PHP108.5 million as of
March 31, 2006 and PHP65.5 million as of December 31, 2005, as
non-current assets increased to PHP107.9 million from
PHP64.8 million.  The increase is mainly due to the
rehabilitation of equipment and costs incurred for the
development and improvement of the mine site.

Current liabilities at PHP139.8 million increased from
PHP86.9 million due primarily to advances from affiliates.

Net cash used in operating activities for the first quarter of
2006 amounted to PHP3.4 million higher compared to the same
quarter in 2005, which was PHP1.3 million.

Cash outflow from investing activities, which increased to
PHP49.3 million in 2006 from PHP100,804 in 2005 was principally
due to acquisition of property, plant and equipment, and
expenditures for deferred mine exploration and development
costs.

The increase in net cash provided by financing activities to
PHP52.6 million in 2006 from PPH2.4 million in 2005 mainly arose
from advances from affiliates.

                   Second Quarter 2006 Results

For the second quarter of 2006, additional advances amounting to
PHP17,895,059 were obtained from various affiliates to finance
the ongoing rehabilitation plan.  These additional funding
brought the advances from affiliates to a total of PHP70,766,298
as of June 30, 2006.

Total assets as of this quarter amounted to PHP118,177,195,
increasing by PHP52,667,200 from the December 31, 2005, balance
of PHP65,509,995.  Total liabilities posted an increase of
PHP72,799,999 from the December 31, 2005, balance primarily due
to advances made from various affiliates.

Apex Mining is looking forward for the completion of the
rehabilitation of the plant site before 2006 ends.  Likewise,
new management is optimistic that the drilling program, which
was started this quarter, will yield a positive result.  The
drilling program was undertaken to see the potential of the
mines for the medium to long-term period.

A full-text copy of Apex Mining's financial results is available
for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/APX_17Q_Jun2006.pdf

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The Company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the Company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The Company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

Apex Mining Co., Inc., incurred a net loss of PHP46 million for
the year ended December 31, 2005.  As of this date, the Company
has accumulated a deficit of PHP1.037 billion while current
liabilities exceed current assets by PHP86 million.


APEX MINING: Starts Pre-Commissioning at the Masara Mine
--------------------------------------------------------
Apex Mining Co.'s filing with the Philippine Stock Exchange
advises the start of pre-commissioning at the Masara Mine.  The
pre-commissioning program is designed to assess the integrity of
the refurbished 500 ton per day process facility prior to the
commencement of continued production.  During this program, the
first gold-silver dore was produced from the processing of
clean-up material.  Dore produced from the Masara plant will
contain 2 ounces of silver for each ounce of gold.

The commissioning program will continue while the establishment
of the new gold room and construction of the first stage of the
new tailings storage facility is expected to be completed in
October.  Construction of the additional 2,400 tpd process plant
continues according to the latest schedule and commissioning is
scheduled for early second quarter of 2007.

Once fully commissioned, the Masara operation will have the
capacity to process 2,900 ton per day ore to produce between
150,000 and 200,000 ounces of gold and 300,000 to 400,000 ounces
silver annually.  The company will not fully utilize the
capacity of the plant in 2007 as underground development
progressively ramps up towards the end of 2007/early 2008.

As part of the ongoing drilling program for 2006/2007 of over
80,000 meters, the company is also investigating the potential
for open pit mining in the south east of the property where
several of the 13-14 veins converge.  The company expects to
release an updated resource report for the end of 2006.  This
report will incorporate results from drilling and underground
development.

The company has also completed the construction of the new
Teresa Elementary School and library.  This facility was turned
over to the local authority in a small ceremony on September 15,
2006.  There are currently nearly 2,000 people employed on the
mine and mill site, including contractors, most of whom have
been recruited locally.

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The Company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the Company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The Company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

Apex Mining Co., Inc., incurred a net loss of PHP46 million for
the year ended December 31, 2005.  As of this date, the Company
has accumulated a deficit of PHP1.037 billion while current
liabilities exceed current assets by PHP86 million.


ASIA AMALGAMATED: Suffers Recurrent Losses, No Turnaround Plan
--------------------------------------------------------------
Asia Amalgamated Holdings Corporation has suffered recurring
losses from operation and has a deficit as of June 30, 2006,
amounting to PHP645,844,526.  As of this date none of its three
remaining subsidiaries have operations.  

The company notes that it has no concrete and immediate plan on
how to reverse the current situation.

As compared to the same period in 2005, the company's net
operating results registered decline from a loss of PHP168,000
for the first semester of 2005 to a loss of PHP676,000 for the
same period this year.  

Quarter ended June 30, 2006, posted a loss of PHP241,000 as
against an income of PHP265,000 for the same quarter in 2005.
The decline is essentially due to non-accrual of interest on
loans to affiliates.

The company's total assets stood at PHP180.16 million as of
June 30, 2006.  This represents a decrease of PHP109,000 as
compared to the December 31, 2005, balance of PHP180.26 million.

The company's stockholders' equity decreased by PHP676,000 from
PHP166.75 million as of December 31, 2005, to PHP166.07 million
as of June 30, 2006.  The decrease is principally due to the net
loss sustained for the quarter.

Asia Amalgamated's continuance of operations in the normal
course is dependent on its ability to:

   1) generate sufficient cash flow to meet its obligations on a
      timely basis;

   2) obtain additional financing or capital infusion;

   3) get competent technical people and personnel to regain the
      operations and eventually profitability.

Unfortunately, the Company has not made any significant
improvement on its operations and plans for the future.

The consolidated financial statements do not include any
adjustments relating to the recoverability of recorded assets
carrying amounts and the amount of liabilities that might result
should the Company be unable to continue operating in the normal
course.

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

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/AAA_17Q_Jun2006.pdf

                    About Asia Amalgamated

Asia Amalgamated Holdings Corporation -- http://www.uni-
wide.com.ph/ -- was originally incorporated as Sulu Sea
Development Corporation on October 7, 1970 and later changed its
name to Asia Amalgamated Holdings Corporation after majority
ownership transferred from the National Development Corporation
to the present majority stockholders.

During the first years of its operation as an investment holding
company, Asia Amalgamated has made significant investments in
various businesses such as financial and banking services,
distribution of household water filtration equipment and
industrial wastewater treatment, water transport services and
non-life insurance brokerage.  The company has incorporated four
subsidiaries namely:

   (1) Ecology Savings Bank, Inc.,
   (2) Unikleen International Corporation,
   (3) Marilag Transport Systems, Inc., and
   (4) ESBI Insurance Brokers, Inc.

The economic crisis in the late 1990s adversely affected the
Company's main affiliate and business client, the Uniwide Group,
and ultimately, the Company itself.  From 1998 until the
present, the Company's subsidiaries ceased operations one by one
due to continued financial losses.

First it was Ecology Bank, which was acquired by Equitable PCI
Group in 1998.  The following year, Unikleen began winding up
its operations until cessation of operations in 2000.  In 2001,
ESBI Insurance Brokers did not renew its license with the
Insurance Commission.  Marilag Transport Systems, Inc. also
ceased operations within that year.


DEVELOPMENT BANK: Sandiganbayan Dismisses Graft Case v. Execs
-------------------------------------------------------------
On the recommendation of government prosecutors, the
Sandiganbayan First Division dismissed a 12-year-old graft case
involving a PHP23-million loan filed against former executives
of the Development Bank of the Philippines, Peter J. G. Tabingo
of Malaya reports.

The case was filed on May 2, 1994.

In an eight-page resolution issued September 13, 2006, the
Sandiganbayan granted the prosecution's motion to withdraw the
information against all the accused DBP officials and Wright
Patterson Manufacturing Corp. officials, Malaya relates.

Wright Patterson is no longer operating.

According to Malaya, the defendants were:

   (a) DBP board of governors chairman Rafael Sison; and

   (b) members:

       * Alejandro Melchor,
       * Cesar Zalamea,
       * Rolando Gapud,
       * Ruben Ancheta,
       * Rolando Zosa,
       * Roberto Ongpin, and
       * Jose Tengco Jr.

Also charged in their private capacity were:

   (a) Wright Patterson president Abelardo Villarosa; and

   (b) directors:

       * Fermin Reyes,
       * Ricardo dela Vega,
       * Rudolfo Pineda,
       * Jose Santiago,
       * Arsenio Villarosa,
       * Manuel Diaz,
       * Benjamin Diaz, and
       * Romeo Abella

DBP executives allegedly approved Wright Patterson's
PHP23 million loan in 1979 despite the company only having
PHP100,000 in paid-up capital and its submitted collaterals were
only worth PHP454,000, Malaya recounts.

The paper relates that DBP's own credit investigator Cesar L.
Recto submitted an adverse report on Wright Patterson but his
findings were ignored by his superiors.

Charges against Messrs. Ongpin, Zalamea, and Gapud were dropped
in 1995 after the prosecutors' review of the bank records showed
they did not participate in the deliberations of the DBP board
regarding the loan, Malaya says.

The paper further cites a memorandum in September 1996, which
moved for the dismissal of the case against the remaining
defendants due to lack of probable cause.  It claimed that it
belatedly found evidence that Wright Patterson was able to
increase its capitalization from PHP100,000 to PHP25,000,000,
Malaya notes.

The paper discloses that the prosecution also said that
collaterals required by the DBP to cover the loan included:

   (a) machinery and equipment worth PHP17.11 million purchased
       out of the loan;

   (b) transportation equipment worth PHP1.67 million;

   (c) land and plant site development worth PHP4.77 million;
       and

   (d) building and improvements worth PHP5.53 million

                           About DBP

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- is the Philippines's most  
progressive development banking institution, providing for the
medium and long-term financing needs of enterprises, with
emphasis on small and medium-scale industries, particularly in
the countryside.

                          *     *     *

On, September 4, 2006, Fitch Ratings assigned a rating of 'BB-'
to DBP's hybrid issue of up to US$130 million.

Standard & Poor's Ratings Services also assigned its 'B+' long-
term issue credit ratings to the bank's Tier-I Hybrid Security
of up to US$130 million.  S&P also assigned its 'BB-/B' foreign
currency and 'BB+/B' local currency counterparty credit ratings
to DBP, with a stable outlook.


MIRANT CORP: FirstGEn Confirms Bid for Philippine Assets
--------------------------------------------------------
First Gen Corp., the power generation arm of the Lopez Group,
said that it is interested in the Philippine assets of Mirant
Corp., Roderick T. dela Cruz of Manila Standard Today reports.

The report cites FirstGen's disclosure to the Philippine Stock
Exchange as confirming its "interest in the prospective sale of
Mirant power assets in the country."

As reported in the Troubled Company Reporter - Asia Pacific on
September 18, 2006, four groups were vying to acquire the Mirant
Philippine' power generating assets, including Marubeni-Tokyo
Electric-First Gen.

According to Manila Standard, while FirstGen did not specify
whether it will form a joint venture with Marubeni and Tokyo
Electric, analysts said it would need partners to match the
offer of the prospective bidders.

The paper notes that Mirant operates two coal-fired power plants
with combined capacity of nearly 2,000 megawatts.  FirstGen, on
the other hand, operates power plants with total capacity of
1,725 mw, Manila Standard reveals.

                          About Mirant

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

                          *     *     *

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

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

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

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

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

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


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

AVAGO TECHNOLOGIES: Sues Elan in Taiwan for Patent Infringement
---------------------------------------------------------------
Avago Technologies General IP (Singapore) Pte Ltd, a wholly
owned subsidiary of Avago Technologies Limited, has filed suit
in Hsin Chu District Court against Elan Microelectronics
Corporation for patent infringement.

Avago Technologies asserts, after a review of an independent
technical examination, that Elan sensors in optical mice that
are imported to, exported from or distributed or sold in Taiwan
infringe its patent number 207503 "Seeing Eye Mouse for a
Computer System."  

The filing in Taiwan is in addition to Avago's patent
infringement claims against Elan in the United States, and
addresses alleged infringing sales beyond those involved in the
U.S. case.

"Avago Technologies pioneered the development and
commercialization of optical mouse sensor technology," said Kee
Hane Ngoh, vice president and general manager of Avago
Technologies' Navigation Products Division.

"Through our decades of Agilent/Hewlett-Packard roots, we have
developed a wide variety of technologies fundamental to optical
mouse sensors and optical mice.  We are continuing to vigorously
protect our investments in developing this innovative
technology."

                  About Elan Microelectronics

Elan Microelectronics Corporation was established in May 1994 in
Hsinchu Science-Based Industrial Park -- the Silicon Valley of
Taiwan -- with initial capital of NT$1 billion and accumulated
capital of NT$3.679 billion.  The company was listed in Taiwan's
Stock Exchange in April 4, 2000.  Corporate shares are
transfered out from OTC and listed in the mainboard on September
17,2001.  ELAN's major business covers research, development and
marketing of integrated circuits.   

Its research and development is committed in developing high-
tech economical products that can help in improving the
livelihood and welfare of the general consumers.

                   About Avago Technologies

Headquartered in San Jose, California, U.S.A. and in Singapore,
Singapore, Avago Technologies Holdings Pte. Ltd.
-- http://www.avagotech.com/-- is a privately held  
semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Singapore, Korea, China, Japan
and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.    

                      *     *     *

As the Troubled Company Reporter reported on November 7, 2005,
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Avago Technologies Holdings Pte. Ltd.  The
outlook is positive.  At the same time, Avago's proposed US$975
million first-lien senior secured bank facility was rated 'B+'
with a recovery rating of '1', indicating a high expectation for
full recovery of principal in the event of a payment default.  
Avago Technologies Finance Pte Ltd. And Luxembourg Finance Co.
are borrowers under the loan.  In addition, Standard & Poor's
assigned its 'B' rating to Avago's proposed US$375 million of
senior unsecured notes and US$375 million of senior unsecured
floating-rate notes.  Lastly, Avago's proposed US$250 million of
senior subordinated notes were assigned a 'CCC+' rating.  Avago
Technologies Finance Pte Ltd., Avago Technologies U.S. Inc., and
Avago Technologies Wireless Manufacturing Inc. are co-issuers of
the notes.


FREESCALE: To Sell Company for US$17.6 Bln to Blackstone, et al.
----------------------------------------------------------------
Freescale Semiconductor Inc. has entered into a definitive
merger agreement to be acquired by a private equity consortium
with a total equity value of US$17.6 billion.  The consortium is
led by The Blackstone Group, and includes The Carlyle Group,
Permira Funds and Texas Pacific Group.

Under the terms of the merger agreement, the consortium will
acquire all of the outstanding Class A and Class B shares of
Freescale for US$40 per share in cash, representing a premium of
approximately 36% over Freescale's average closing share price
during the 30 trading days ended Sept. 8, 2006.  The company
first acknowledged it was in discussions with third parties
regarding a possible transaction on Sept. 11, 2006.

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

There is no financing condition to the obligations of the
private equity consortium to consummate the transaction, and
equity and debt commitments for the full amount of the merger
consideration have been received.  It is currently anticipated
that substantially all of the company's outstanding Notes will
either be tendered for or repaid.

The merger is subject to customary conditions to closing,
including the affirmative vote of Freescale stockholders and
requisite antitrust approvals.  The merger agreement contains a
provision under which Freescale may solicit alternative
proposals from third parties during the next 50 calendar days.  
In addition, Freescale may, at any time, subject to the terms of
the merger agreement, respond to unsolicited proposals.  If the
company accepts a superior proposal, a break-up fee would be
payable by the company. There can be no assurance of any
alternative proposal.

Goldman, Sachs & Co. serves as financial advisor to Freescale
and provided a fairness opinion in connection with the
transaction.  Wilson Sonsini Goodrich & Rosati Professional
Corporation serves as legal adviser to Freescale in connection
with the transaction.

Credit Suisse Securities (USA) LLC, Citigroup Corporate and
Investment Banking and Blackstone Corporate Advisory Services
act as financial advisors to the private equity consortium.  
Skadden, Arps, Slate, Meagher & Flom LLP serves as legal adviser
to the private equity consortium in connection with the
transaction.
             
                      About Blackstone

Blackstone -- http://www.blackstone.com/--, a global private  
investment and advisory firm, was founded in 1985.  The firm has
raised a total of approximately US$62 billion for alternative
asset investing since its formation of which roughly US$30
billion has been for private equity investing.  Blackstone's
private equity group has over 60 experienced professionals with
broad sector and specialist semi-conductor expertise.  
Blackstone's other core businesses include Private Real Estate
Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund
Management, Private Placement, Marketable Alternative Asset
Management, and Investment Banking Advisory Services.

                  About The Carlyle Group

The Carlyle Group -- http://www.carlyle.com/-- is a global  
private equity firm with US$44.3 billion under management.  
Carlyle invests in buyouts, venture & growth capital, real
estate and leveraged finance in Asia, Europe and North America,
focusing on telecommunications & media, aerospace & defense,
automotive & transportation, business services, consumer &
retail, energy & power, healthcare, industrial, and technology.
Since 1987, the firm has invested US$22.4 billion of equity in
528 transactions for a total purchase price of US$94.6 billion.  
The Carlyle Group employs more than 680 people in 16 countries.

                        About Permira

Permira -- http://www.permira.com/-- is a leading international  
Private Equity specialist.  As an independent business, Permira
is owned and controlled by its partners.  The firm's team of
over 100 professionals, based in Frankfurt, London, Madrid,
Milan, New York, Paris, Stockholm and Tokyo, advises the Permira
Funds with a total committed capital of more than EUR20 billion.  

                About Texas Pacific Group

Texas Pacific Group -- http://www.texaspacificgroup.com/-- is a  
private investment partnership that was founded in 1992 and
currently has more than US$30 billion of assets under
management.  Texas Pacific Group invests in world-class
franchises across a range of industries, including technology
(Lenovo, MEMC, ON Semiconductor, Seagate, SunGard), industrials
(Altivity Packaging, British Vita, Grohe, Kraton Polymers, Texas
Genco), retail/consumer (Debenhams, Ducati, J. Crew, Neiman
Marcus, Petco), airlines (America West, Continental), media and
communications (Findexa, MGM, TIM Hellas), financial services
(Endurance Specialty Holdings, Fidelity National Information
Services, LPL Financial Services) and healthcare (IASIS
Healthcare, Oxford Health Plans, Quintiles Transnational), among
others.

                      About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries.  In Latin America,
Freescale has operations in Argentina, Brazil and Mexico.

Freescale Semiconductor's 7-1/8% Senior Notes due 2014 carry
Moody's Investors Service's Ba1 rating.


HIBEX SINGAPORE: High Court to Hear Petition on September 25
------------------------------------------------------------
On February 16, 2006, Wong Peng Sang filed a petition to wind up
Hibex Singapore Pte Ltd.

The High Court of Singapore will hear the petition on Sept. 25,
2006, at 10:00 a.m.

The Solicitors for the Petitioner can be reached at:

         M/s Wong Thomas & Leong
         5 Shenton Way
         #26-05/07, UIC Building
         Singapore 068808


OVERSEAS SHIPHOLDING: Will Declare 25 Cents-Per-Share Dividend
--------------------------------------------------------------
Overseas Shipholding Group, Inc has declared a regular quarterly
dividend of 25 cents per share on its common stock outstanding.  
This will be payable on November 28, 2006, to stockholders who
were recorded as of November 7, 2006.

                  About Overseas Shipholding

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
August 14, 2006, Moody's Investors Service affirmed the debt
ratings of Overseas Shipholding Group, Inc.'s Senior Unsecured
at Ba1.  The outlook has been changed to stable from negative.


PACIFIC CENTURY: Posts Revised Financials for Second Quarter
------------------------------------------------------------
On September 18, 2006, Pacific Century Regional Developments
Limited submitted to the Singapore Stock Exchange its revised
financial statement for the period ended June 30, 2006.

The Troubled Company Reporter - Asia Pacific has initially
reported the company's financial statement on August 23, 2006.

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

But the previous financials excluded the profits made by PCCW
Limited, an associate company of Pacific Century, which is
listed in Hong Kong Stock Exchange.

The revised financial report that includes PCCW's profits showed
that Pacific Century's profit has rose to SGD56 million compared
to the initial report of SGD13.79 million.  

Other significant changes recorded in the revised financial
statement are, the group's non-current assets, which was
previously recorded as SGD412.53 million but restated to
SGD455.20 million; previous recorded non-current liabilities at
SGD230.25 million but was changed to SGD1.56 billion; initial
current liabilities was SGD904.68 million but recently recorded
at SGD918.66 million.  This leaves the current shareholders'
deficit of SGD187.58 million, which was in contrast to the
earlier report of SGD1 billion shareholders' equity.

The Group's revised financial statement for the second quarter
ended June 30, 2006, is available for free at:

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

                     About Pacific Century

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India. The group's principal activities include the provision of
international, local and mobile telecommunications services.  
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.


QNITY NETWORKS: Pays First and Final Dividend
---------------------------------------------
Qnity Networks Pte Ltd has paid its first and final dividend to
creditors on September 18, 2006.

The company paid 100% on all admitted preferential claims under
Section 328 (1) (b), (e) and (f) of the Companies Act, Cap 50.

The Liquidators can be reached at:

         RSM Chio Lim
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


REFCO INC: Classification & Treatment of Claims Under Plan
----------------------------------------------------------
Refco Inc. and its debtor-affiliates' Plan of Reorganization
separately classifies claims against and interest in:

   * Refco and its 24 affiliates,
   * Refco Capital, Markets, Ltd., and
   * Refco F/X Associates, LLC.

Administrative and priority tax claims against the 25 Debtors,
RCM, and FXA are not classified under the Plan.  Administrative
and priority tax claims will be paid in full in cash.

The Plan groups Claims against and Interest in the 25 Debtors,
except FXA, in eight classes:

Class Designation       Status/Recovery          Voting Rights
----- -----------       ---------------          -------------
  1   Non-Tax Priority   Unimpaired             deemed to accept
         Claims         Paid in full, in cash

  2   Other Secured     Unimpaired             deemed to accept
         Claims         Holder will receive:

                        * payment in full, in
                          cash;

                        * sale or disposition
                          proceeds of property
                          securing any allowed
                          claim to the extent of
                          the lesser of allowed
                          claim amount and value
                          of interest in
                          property; or

                        * surrender to Holder of
                          property securing the
                          claim.

  3   Secured Lender    Impaired                entitled to vote
      Claims            Holder will receive
                        any other amounts to
                        be paid in an early
                        payment order plus
                        releases under the
                        Plan.
                        
  4   Senior            Impaired                entitled to vote
         Subordinated   Holder will receive
         Note Claims    its pro rata share of
                        the sum of $331,522,195
                        and $6 million senior
                        subordinated note fees.

  5   General           Impaired                entitled to vote
         Unsecured      Holder will receive a
         Claims         distribution from the
                        Debtors' distributive
                        assets equal to the
                        sum of $94 million in
                        cash and 50% of Refco
                        Group Ltd., LLC's
                        Interest in Forex
                        Capital Markets, Ltd.

  6   RCM Intercompany  Impaired                entitled to vote
         Claims         Holder will receive:

                        * the sum of RCM rights
                          distribution;

                        * additional RCM claim;

                        * 50% of RGL-FXCM
                          Distribution; and

                        * allocable share of
                          Tranche A litigation
                          trust Interests.
                          Distribution is
                          subject to an
                          administrative
                          claims adjustment.

  7   Subordinated      Impaired                entitled to vote
         Claims         Holder will receive
                        pro rate share of
                        Tranche B Litigation
                        Trust Preferred Assets
                        under the Plan.
     
  8   Old Equity        Impaired                deemed to reject
         Interests      Holder will receive
         Claims         the greater of a pro
                        rata share of:

                        * 10% of an IPO
                          Underwriter Claims
                          Recovery; or

                        * Tranche B Litigation
                          Trust Common Interest
                          under the Plan.

Claims against FXA are grouped in five classes:

Class Designation            Status/Recovery     Voting Rights
----- -----------            ---------------     -------------
  1   FXA Non-Tax Priority   Unimpaired         deemed to accept
         Claims              Paid in full,
                             in cash

  2   FXA Other Secured      Unimpaired         deemed to accept
         Claims              Paid in full,
                             in cash

  3   Secured Lender         Impaired           entitled to vote
         Claims              Paid in any other
                             amounts plus
                             releases
                               
  4   Senior Subordinated    Impaired           entitled to vote
         Note Claims         Holder will waive
                             its claim for the
                             releases

  5   FXA General Unsecured  Impaired           entitled to vote
         Claims              Holder will
                             receive its pro
                             rata share of
                             distribution from
                             FXA's distributive
                             assets, less any
                             amounts paid to
                             FXA Convenience
                             Claimholders.
                               
  6   FXA Convenience        Impaired           entitled to vote
         Claims              Paid in cash equal
                             to 25% of the
                             allowed claim

  7   FXA Subordinated       Impaired           deemed to reject
         Claims              No holder will
                             receive any
                             property or
                             interest.  Claims
                             will be cancelled
                             and extinguished
                             on the Plan's
                             effective date.

RCM's claims are grouped in four classes:

Class Designation       Status/Recovery          Voting Rights
----- -----------       ---------------          -------------
  1   Non-Tax Priority  Unimpaired              deemed to accept
         Claims         Paid in full, in cash

  2   Other Secured     Unimpaired              deemed to accept
         Claims         Paid in full, in cash

  3   RCM FX/Unsecured  Impaired                entitled to vote
         Claims         Holder will receive a
                        pro rata share of
                        distribution for
                        claimholders under the
                        RCM Settlement and
                        proceeds to RCM from
                        the BAWAG settlement.
                        
  4   RCM Securities    Impaired                entitled to vote
         Customer       Holder will receive a
         Claims         pro rata share of RCM
                        Securities Customer
                        Claims Distribution and
                        the RCM BAWAG Proceeds.

Distribution on account of RCM claims will be governed by the
RCM Settlement Agreement.

The Debtors' disbursing agent will make distributions only to
holders of allowed claims and interests.  A holder of a disputed
claim or interest will receive a distribution on account thereof
when and to the extent that its Disputed Claim or Disputed
Interest becomes allowed.

Under the Plan, any holder of an Allowed Claim or Interest may
receive any other less favorable distribution or treatment to
which the holder and the 25 Debtors, FXA, the Reorganized
Debtors or the Plan administrator may agree in writing.

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, relates that nothing will affect the rights
and defenses of the Debtors and RCM with respect to any
Unimpaired Claims, including all rights on legal and equitable
defenses to setoffs against or recoupments of Unimpaired Claims.

Mr. Milmoe discloses that non-Debtor subsidiary claims will be
classified and treated as general unsecured claims against the
applicable Debtor.  Non-Debtor subsidiary interests will be
treated in accordance with the Plan.

Claims by a Debtor or RCM against another Debtor or RCM are
deemed to be settled and compromised by the provisions of and in
accordance with the Plan, and no distribution will be made on
account of those Clams or Interests.

Mr. Milmoe further states that claims against RCM held by any
Debtor will receive no distribution.  These claims instead are
being released in settlement of all Intercompany Claims asserted
by or against RCM.

Payment of Allowed Administrative Claims, Priority Tax Claims
and Non-Tax Priority Claims of the Debtors and of the RCM Estate
will be allocated such that:

   -- RCM will first provide up to $60,000,000;

   -- the Debtors will next provide up to $120,000,000; and

   -- to the extent that the Claims exceed $180,000,000 in the
      aggregate, RCM and the Debtors will bear the cost of the
      excess equally.

FXA will be responsible for all of its Allowed Administrative
Claims, Priority Tax Claims and Non-Tax Priority Claims.  
Professional services -- other than those related to FXA's
claims resolution process and issues unique to FXA after the
date of the filing of the Plan -- and overhead allocable to FXA
in the period between the Plan Filing Date and the Plan
Effective Date will be borne by RCM and the other Debtors.

In the event that Cargill, Inc., receives an Allowed
Administrative Claim against the Debtors, payment of the Claim
will be borne by RCM and the Debtors:

   (i) to the extent the allowance of the Cargill Administrative
       Claim reduces the Allowed amount of any RCM FX/Unsecured
       Claim held by Cargill, RCM will pay to the Debtors a
       portion of the Cargill Administrative Claim equal to 40%
       of the amount of the RCM Difference;

  (ii) the Debtors will next pay an amount up to the remainder
       of the Cargill Administrative Claim Amount; provided,
       however, that the payment will be capped at the amount
       that would cause recoveries of Holders of Allowed
       Contributing Debtors General Unsecured Claims to fall
       below 30% of the face amount of the Allowed Contributing
       Debtors General Unsecured Claims; and

(iii) if not yet paid in full, the remainder of the Cargill
       Administrative Claim will be borne by the Debtors and RCM
       equally.

Mr. Milmoe notes that an order confirming the Plan will
establish 30 days after the Effective Date as the deadline for
creditors to file their Administrative Claims.  Administrative
Claimholders who are not paid before the Plan's confirmation
will seek payment of administrative expenses on or before the
Administrative Claims Bar Date.

                        About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Files Chapter 11 Reorganization Plan
-----------------------------------------------
Refco Inc. and 25 of its subsidiaries, along with Marc S.
Kirschner, the Chapter 11 Trustee for the estate of Refco
Capital Markets, Ltd., delivered a Chapter 11 plan of
reorganization and accompanying Disclosure Statement to the
Court on Sept. 14, 2006.

The Plan is premised on a consensual pooling of assets and
liabilities of the Debtors, excluding Refco F/X Associates, LLC,
solely to implement the settlements and compromises reached by
the primary constituencies in the Chapter 11 cases, including:

   -- the Debtors;

   -- the RCM Trustee;

   -- the Official Committee of Unsecured Creditors and the
      Additional Committee of Unsecured Creditors;

   -- the Secured Lenders under the Credit Agreement, dated
      August 5, 2004, entered into by Refco Group Limited, Ltd.;
      and

   -- the holders of the 9% Senior Subordinated Notes due 2012
      issued by RGL and Refco Finance Inc.

On the Plan Effective Date, each of the Affiliate Debtors,
except FXA, will be deemed to have merged with and into Refco,
Inc., with Refco, Inc., as the surviving entity.

All non-Debtor Refco Entities will be wound up and dissolved as
soon as practicable and all available cash, after appropriate
wind-up activities, will be distributed to RCM, the Debtors, and
Refco, LLC, on account of intercompany balances or equity
dividends, where applicable.

                      Plan Administrator &
                   Creation of Litigation Trust

Refco Inc. and FXA will continue to exist for the limited
purposes of liquidating all of the assets of the Estates, and
making Distributions in accordance with the Plan.  A Plan
Administrator will be appointed to serve as sole officer and
director or manager, as applicable, of each of the Reorganized
Debtors.

A Litigation Trust will be established to pursue claims any
Debtor or RCM may hold pursuant to Sections 547, 550 and 749 of
the Bankruptcy Code.  The Plan Administrator will serve as
trustee of the Litigation Trust.

The Committees will be dissolved on the Effective Date.  A Plan
Committee will be created, which will have ultimate supervisory
authority over the Plan Administrator.

The Litigation Trust will be structured to provide for a senior
Tranche A and a junior Tranche B.  No Distributions of
Litigation Trust Interests will be made in respect of Tranche B
until Tranche A has been fully and indefeasibly paid.

The Litigation Trustee may establish further separate sub-
Tranches, as necessary.

Beneficiaries of Tranche A Litigation Trust Interests will be:

   1. the RCM Estate;

   2. Holders of General Unsecured Claims against the Chapter 11
      Debtors, except FXA; and

   3. Holders of General Unsecured Claims against FXA.

Holders of Subordinated Claims against the Chapter 11 Debtors,
except FXA, will receive their pro rata share of the Litigation
Trust Proceeds -- Tranche B Litigation Trust Preferred Interests
-- after the beneficiaries of the Tranche A Litigation Trust
Interests have been paid in full.

Holders of Old Equity Interests in the Chapter 11 Debtors,
except FXA, will receive their pro rata share of the Litigation
Trust Proceeds -- Tranche B Litigation Trust Common Interests --
after the beneficiaries of the Tranche B Litigation Trust
Preferred Interests have been paid in full, to the extent the
Old Equity Interest Holders elect not to receive 10% of any
recovery from claims to be brought by the Litigation Trust
against underwriters of the August 2005 initial public offering.

                   Settlements Embodied in Plan

The cornerstone of the Debtors' Plan of Reorganization is a
series of interdependent settlements and compromises of various
debtor-creditor, inter-debtor, and inter-creditor disputes.  The
Settlements are reflected in the relative recoveries of the
various creditor groups under the Plan and are designed to
achieve a global, consensual resolution of the Chapter 11 cases.

The Disputes being resolved by the Settlements include:

   1. RCM Dispute

      Whether certain property held by or on behalf of RCM
      constitutes property of the RCM Estate; whether RCM is a
      "stockbroker" as defined in Section 101(53A) of the
      Bankruptcy Code, and the members of the Moving Customer
      Group Members and certain parties are "customers" of RCM
      as defined in Section 741(2); whether RCM's Chapter 11
      case is required to be converted to a case under Chapter 7
      because RCM is not eligible to be a debtor under Chapter
      11; and whether the MCG Members and Joinder Parties are
      entitled under Section 752 to enforce their claims as
      customers to "customer property" as defined in Section
      741(4);

   2. RCM Claims Priority Dispute

      Whether the RCM Intercompany Claims rank senior to, junior
      to, or pari passu with the Secured Lender Claims and the
      Senior Subordinated Note Claims as a result of contractual
      subordination or equitable subordination under Section
      510(c);

   3. Fraudulent Conveyance/Obligations Dispute

      Whether (i) the Senior Subordinated Note Claims and (ii)
      the $231,262,500 partial redemption payment made on the
      Senior Subordinated Notes on September 16, 2005, are
      subject to avoidance on the grounds that the bulk of the
      proceeds of the Senior Subordinated Notes was (x) used to
      finance a leveraged recapitalization, and (y) distributed
      to equity holders at a time when the obligors and
      guarantors of the Claims were, or were rendered, insolvent
      or undercapitalized;

   4. Preference Dispute

      Whether the $231,262,500 Notes Redemption Payment, which
      was made within the 90-day period before the Petition
      Date, constitutes a voidable preference under Section
      547(b) and, if so, whether the failure to return the
      payment to the appropriate Debtor's estate warrants
      disallowance of the Senior Subordinated Note Claims under
      Section 502(d) even if the current holders of the Claims
      were not the entities receiving the preferential payments;

   5. Substantive Consolidation Dispute

      Whether and to what extent the Debtors' estates should be
      treated separately or substantively consolidated for
      purposes of determining the rights of, and making payments
      to, holders of Claims;

   6. Intercompany Claims Disputes

      Whether and in what amount Claims asserted between and
      among the Debtors, RCM, and Refco LLC will be allowed; and

   7. Administrative and Priority Claims Dispute

      Whether and to what extent the liability for
      Administrative Claims and Priority Claims asserted against
      the Debtors or RCM will be allocated between and among the
      Debtors and RCM.

                     Releases Under the Plan

On the Effective Date, these parties will be released from all
claims and liabilities with respect to the Debtors or their
cases:

   (i) the Debtors' directors and officers;

  (ii) RCM and the RCM Trustee;

(iii) the Committees and their members;

   (v) the Debtors, except with respect to Intercompany Claims
       allowed pursuant to the Plan;

  (vi) Bank of America, as Agent for the Secured Lender, and the
       Secured Lenders;

(vii) Wells Fargo Bank, N.A., as indenture trustee under the
       Senior Subordinated Note Indenture, and the Holders of
       the Senior Subordinated Notes arising from or related to
       the Senior Subordinated Note Indenture or any related
       guaranties;

(viii) solely with respect to RCM, the Refco Entities; and

  (ix) the Debtors' professionals.

The non-Debtor entities, however, are not released from any
liabilities or obligations to the United States of America or
its agencies or subdivisions.

                      Conversion of RCM Case

The Plan also contemplates that on or prior to the Effective
Date, the RCM Chapter 11 case will be converted to a case under
subchapter III of Chapter 7 of the Bankruptcy Code.  The
Settlement Agreement among the RCM Trustee; the holders of
securities customer claims against RCM; the foreign exchange
customers of RCM; and Leuthold Funds, Inc., and Leuthold
Industrial Metals Fund, L.P., will govern the administration of
the RCM Estate.

Upon conversion, the Plan will constitute a settlement and
compromise of claims between RCM's Chapter 7 estate and the
Debtors.

The Distributions to RCM's creditors will be governed by the
terms of the RCM Settlement Agreement and the Plan in the event
that the RCM Estate does not convert to Chapter 7.

                 Plan Doesn't Apply to Refco LLC

The Plan does not contemplate the disposition of assets and the
resolution of Claims against and Interests in Refco LLC, as
those Claims and Interests are being addressed separately in
conjunction with the administration of Refco LLC's Chapter 7
case.

             Disclosure Statement Hearing on Oct. 16

The Court will convene a hearing on October 16, 2006, at 10:00
a.m. to consider whether the Debtors' Disclosure Statement
contains adequate information within the meaning of Section 1125
of the Bankruptcy Code.  Objections, if any, to the Disclosure
Statement are due October 9.

The Debtors hope to have the Plan confirmed by December 15,
2006.  The Debtors expect to emerge from bankruptcy by the end
of the year.

The Debtors believe that confirmation of the Plan is not likely
to be followed by liquidation or the need for further financial
reorganization of the Debtors.  The Debtors believe that the
Plan is feasible pursuant to Section 1129(a)(11) of the
Bankruptcy Code.

The Debtors have also determined that the Plan will provide each
holder of a Claim or Interest entitled to vote with an equal or
greater recovery than that holder would have received under a
Chapter 7 liquidation.  The Debtors will present a liquidation
analysis to the Court at a later date to support their
contention.

Consequently, the Debtors urge creditors entitled to vote to
accept the Plan.

A full-text copy of Refco's Plan and Disclosure Statement is
available at no charge at http://researcharchives.com/t/s?11d9

                        About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


VAN HIN FURNITURE: Faces Wind-Up Proceedings
--------------------------------------------
JTC Corporation has filed on September 1, 20006, an application
to wind up Van Hin Furniture Company (Pte) Limited.

The Solicitors for the Plaintiff can be reached at:

         Tan Kok Quan Partnership
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118
         Tan Kok Quan Partnership


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

DATAMAT PCL: To Appoint Auditors to Review Company's Financials
---------------------------------------------------------------
Advance Planner Co Ltd -- the official planner for the
rehabilitation of Datamat Pcl -- disclosed its plan to the
Securities and Exchange of Thailand to appoint auditors to
review the company's financial report.

In a statement addressed to the SET, Advance Planner stated that
it is considering Athipong Athipongsakul and Prawit
Wiwanthananut, both from ANS Audit Co, to act as auditors for
Datamat.

According to Advance Planner, the auditors, individually, would
review:

    1. Datamat's third quarter financial statement for the year
       2005 and audit the financial statement for the year 2005.
       The auditor's fee for this task is THB560,000; or

    2. Datamat's quarters 1-3 financial statements for the year
       2006 and audit the financial statement for the year 2006.
       The auditor's fee for this task is THB900,000.

On August 28, 2006, the Troubled Company Reporter - Asia Pacific
reported that the SET placed an "SP" -- Suspension -- sign on
the securities of Datamat for failing to submit its financial
reports.

Datamat explained that it has changed its auditor to review the
company's figures and balance status, which resulted to the
delay of the submission of its financial report.

                          *     *     *

Headquartered in Bangkok, Thailand, Datamat Public Co. Limited
-- http://www.datamat.co.th/-- distributes computers, provides  
computer technology services, and maintains computer and
software system.  It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.

The Company is currently categorized under the "Non-Performing
Group" sector of the Stock Exchange of Thailand.

As of August 25, 2006, Datamat's balance sheet reflected total
assets of US$17.55 million, and total shareholder's deficit of
US$1.72 million.


THAI PETROCHEMICAL: To Sign US800-Mil Loan Deal to Pay Debts
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 23, 2006, Thai Petrochemical Industry Pcl's board of
directors has approved the company's plans to raise almost
US$1 billion capital to pay debts.

In an update, Reuters relates that Thai Petrochem is set to sign
an US$800-million loan deal with lenders today, September 20,
2006, to refinance its debt.

The firm would use the one-year loan and working capital to
refinance all its US$960-million debt to reduce expenses,
president Piti Yimprasert told Reuters.

"The new loan will help us save THB700 million (US$18.8 million)
in interest costs," Mr. Yimprasert said.

According to Reuters, eight banks -- including Bangkok Bank,
Krung Thai Bank, Siam Commercial Bank, Citigroup and Barclays
Capital -- would provide the loan jointly.

Mr. Yimprasert adds that a bond issue is planned for next year
to refinance Thai Petrochem's short-term loan.  

                          *     *     *

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
Plc -- http://www.tpigroup.co.th/-- is the leading integrated  
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.

The Thai Government was reorganizing the bankrupt company, which
had defaulted on US$2.7 billion in loans, when PTT Plc,
Thailand's largest oil and gas group, and Thailand's biggest
company, purchased a 31.5% stake in Thai Petrochemical late in
2005.  In December 2005, PTT and three other state agencies
completed payment for a 61.5% stake in Thai Petrochemical.  The
money was used to pay for a bulk of the Company's defaulted
loans.  The Company has since been trying to get out of
restructuring.

The Troubled Company Reporter - Asia Pacific reported on
April 28, 2006, that the Central Bankruptcy Court of Thailand
approved Thai Petrochemical's exit from business rehabilitation.  
The Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 21, 2006
  Insolvency Practitioners Association Of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

September 26-27, 2006
  American Bankruptcy Institute
    Airline Restructuring
      Helmsley Park Lane Hotel, New York, NY
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 5, 2006
  Turnaround Management Association - Australia
    UTS Fundamentals of Turnaround Management Australia
      Mecure Hotel - Haymarket
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

October 11, 2006
  INSOL
    INSOL Lenders, Australia Technical Day
      Brisbane, Australia
        Web site: http://www.insol.org/

October 11-14, 2006
  Turnaround Management Association - Australia
    2006 Annual Convention
      JW Marriott Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 11, 2006
  Turnaround Management Association - Australia
    Professional Development Meeting Australia
      TBA
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

October 12, 2006
  Insolvency Practitioners Association Of Australia
    IPAA National Conference 2006
      Stamford Plaza, Brisbane City,
        Queensland, Australia
          Telephone: 07-3367-0500
            e-mail: corinne.templeton@invigorate.com.au

October 12, 2006
  Turnaround Management Association - Australia
    UTS Fundamentals of Turnaround Managment Australia
      Melbourne, Australia
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

October 19, 2006
  Beard Audio Conferences
    Surviving the Digital Deluge:
      Best Practices in e-Discovery and Records Management
        for Bankruptcy Practitioners and Litigators
          Telephone: 240-629-3300
            Web site: http://www.beardaudioconferences.com/

October 19, 2006
  Insolvency Practitioners Association Of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

October 31 - November 1, 2006
  International Women's Insolvency & Restructuring Confederation
    IWIRC Annual Conference
      San Francisco, CA, USA
        Web site: http://www.iwirc.com/

November 7-8, 2006
  International Monetary Fund and the Financial
    Supervisory Service
      Macroprudential Supervision: Challenges for Financial
        Supervisors
          Seoul, South Korea
            Telephone: 82-2-3771-5114
              Web site: http://www.fss.or.kr/

November 9-10, 2006
  Turnaround Management Association - Australia
    TMA Australia National Conference Australia
      TBA
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

November 15, 2006
  LI TMA Formal Event
    TMA Australia National Conference
      Long Island, New York, USA
        Web site: http://www.turnaround.org/

November 16, 2006
  Insolvency Practitioners Association of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/



                            *********

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.  Nolie Christy Alaba, Valerie Udtuhan, Francis
James Chicano, Catherine Gutib, Tara Eliza Tecarro, Reiza
Dejito, Freya Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***