TCRAP_Public/060925.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Monday, September 25, 2006, Vol. 9, No. 190

                            Headlines

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

ADVANCE SECURITIES: Final Meeting Slated for October 12
ANNEX TECHNOLOGY: To Declare Dividend on October 10
BERWICK INN: Enters Voluntary Liquidation
CENTURION CORPORATE: Creditors Decide to Cease Operations
COLEBATCH PTY: Creditors Resolve to Close Shop

DAVID MCCARTHY: To Hold Final Meeting on October 10
DIVINE NURSERIES: Final Meeting Set on October 13
DUNN & WILSON: Members to Hear Wind-Up Report on October 11
DVR DEVELOPMENTS: Official Assignee to Act as Liquidator
EAST COAST GRAPHICS: Placed Under Voluntary Wind-Up

FAST FORWARD: Members Agree to Close Business
FELTEX CARPETS: Placed in Receivership by ANZ Bank
FELTEX CARPETS: Continues Melbourne Cup Sponsorhip
FIRST DISTRIBUTORS: Court Appoints Joint Liquidators
FIRSTBASE HOLDINGS: Members and Creditors Set to Meet on Oct. 13

GARDNER INVESTMENT: Appoints Official Assignee as Liquidator
GENERAL MORTGAGE: Appoints Official Liquidator
GOLDEN ENTERPRISES: Court Set to Hear ACC's Liquidation Bid
GREEN PACIFIC: Federal Court Orders Wind-Up
GUDU WONDJER: Enters Voluntary Liquidation

H & T CARPENTRY: Placed Under Voluntary Liquidation
HALWIN INVESTMENTS: Members Agree to Liquidate Business
INTELICOAT TECHNOLOGIES: Members Decide to Wind Up Operations
JO JO'S HAULAGE: NSW Court Upholds J. Dadisho's Appeal
KCGM ENGINEERING: To Declare Dividend for Unsecured Creditors

M.D.M CONSTRUCTIONS: Liquidator to Present Wind-Up Report
MACKS SEAFOODS: Names van Delden and Woods as Liquidators
MARKWICK INVESTMENTS: Inability to Pay Debts Prompts Wind-Up
MARSU LIMITED: Liquidation Commenced on September 4
MJM MANAGEMENT: Liquidator Tolcher to Present Wind-Up Report

ORIGIN PACIFIC: Directors Appointed Receiver, Report Says
PAPATOETOE AUTOMOTIVE: Court to Hear ACC's Liquidation Bid
PEABODY ENERGY: Fitch Rates New US$2.75 Bln Sr. Facility at BB+
PEABODY ENERGY: Completes New US$2.75 Bln Senior Credit Facility
PEPAR PTY: Schedules Final Meeting on October 12

PLEGA HEALTHCARE: Faces Liquidation Proceedings
QUEANBEYAN COMMUNITY: Undergoes Wind-Up Proceedings
RICHO'S GLASS: To Declare Final Priority Dividend on Oct. 17
SABC PROJECT: Appoints Hugh Martin as Official Liquidator
SAVILLE INVESTMENTS: Appoints PricewaterhouseCoopers as Receiver

STOCKFORD CENTRAL: To Declare Third Dividend on October 13
STOCKFORD GROUP: Creditors' Proofs of Claim Due on October 3
SUPREME CPA: Prepares to Declare Dividend to Creditors
TASMANIAN MOTELS: Members Opt to Shut Down Operations
TRANSAX INT'L: June 30 Balance Sheet Upside-Down by $3.7 Million

TREBBEL PTY: To Declare First and Final Dividend
TYMCALL PTY: Shuts Down Business Operations
VANTAGE INVESTMENTS: Members' Final Meeting Set for October 11
WESTPOINT GROUP: Slater & Gordon Sues Advisers in Class Action
WHITE DECORATORS: Official Assignee to Act as Liquidator

WINTERHAUS PTY: Members Opt for Voluntary Wind-Up


C H I N A   &   H O N G  K O N G

A P CONSULTING: Members' Final Meeting Set for October 27
BOOKHAM INC: Ernst & Young Raises Going Concern Doubt
BOOKHAM INC: Getting US$31M Gross Proceeds in Private Placement
CARDINAL (INTERNATIONAL): Creditors' Proofs of Claim Due Oct. 16
CHAPTEAM INVESTMENTS: Court to Hear Wind-Up Bid on Oct. 18

COMBI-LINE: Schedules Final Meeting on October 16
CHUNG FULL: Wind-Up Petition Hearing Fixed for October 18
DAIMLERCHRYSLER: Tougher Market Conditions Spur Outlook Changes
FORMAX LTD: Members and Creditors to Hear Wind-Up Report
HARTCOURT COS: Kabani & Company Raises Going Concern Doubt

HOME CROWN: Members to Get Liquidator's Wind-Up Report on Oct. 8
INTERNATIONAL XIAMEN: Appoints Joint and Several Liquidators
GOODLOY FOOD: Wind-Up Petition Hearing Slated for October 18
LERIC INTERNATIONAL: Court to Hear Wind-Up Bid on October 25
MAYSON ENGINEERING: Court to Hear Wind-Up Bid on October 18

OVERSEAS CROWN: Members Final Meeting Slated on October 18
POINT HARVEST: Appoints Jeffy as Liquidator
SAMPOERNA HK: Proofs of Debts Due on October 18
SINO MEDIA: Members & Creditors to Receive Wind-Up Report
SUNCO MANUFACTURING: Final Members Meeting Set on October 17

TWIN WORLD HOLDINGS: Creditors' Proofs of Claim Due on Oct. 20
TWIN WORLD LTD: Creditors Must Prove Debts by October 20
WINFIELD LEGEND: Creditors Proofs of Claim Due on October 16
XINXING (HONG KONG): Faces Wind-Up Proceedings
YORK ELECTRONIC: To Declare First and Final Dividend on Oct. 14


I N D I A

BAUSCH & LOMB: Cuts 400 Temporary Manufacturing Jobs
CANARA BANK: Asserts INR11.75-Crore Claim from Actress' Family
KOTAK MAHINDRA BANK: Posts 125% Higher Profit for June Quarter
KOTAK MAHINDRA BANK: To Double Private Equity Fund
KOTAK MAHINDRA BANK: Allots Equity Shares Under ESOP

NTPC LTD: Aims 75,000 MW Production Capacity by 2017
NXP BV: Moody's Assigns P(Ba2) Ratings to EUR3-Bln Senior Notes
NXP BV: Langlois Named Senior VP of Global Sales
PRIDE INTERNATIONAL: S&P Affirms BB Corporate Credit Rating
PRIDE INTERNATIONAL: Appoints Rodney Eads as EVP & COO

SILICON GRAPHICS: New York Court Confirms Plan of Reorganization
SILICON GRAPHICS: Enters Into US$115 Mil. Commitment Letter
SILICON GRAPHICS: Court Approves Revised KPMG Hourly Rates
STATE BANK OF INDIA: Plans to Add 5.5 Lakh New Customers
SYNDICATE BANK: Gains More Than 1M Customers from New Scheme

UNITED WESTERN BANK: Depositors Petition High Court
* Reserve Bank Names Five Potentially Troubled Banks
* DFID Approves Restructuring of 34 Sick PSUs


I N D O N E S I A

BHARAT PETROLEUM: Workers Go on Nationwide Strike
EXCELCOMINDO PRATAMA: Selects Ericsson to Build 3G Network
* JCR Upgrades Indonesia's Long-Term Senior Debt Ratings to BB-


J A P A N

AIFUL CORPORATION: Pays JPY260-Million Back Taxes
APOGEE TECH: Accumulated Deficit Tops US$14.3 Million at June 30
APOGEE TECH: Dr. Andrianov Named VP for Research & Development
DOLE FOOD: S&P Holds Ratings on Neg Watch After Product Warning
DOLE FOOD: Supports Recall of Packaged Fresh Spinach Products

FORD MOTOR: Buying Rover Brand Name From BMW
FORD MOTOR CREDIT: R&I Places BB Rating on Monitor
HERBALIFE LIMITED: Names Stacy Brovitz as Sr. VP of Global Ops
HERBALIFE INT'L: S&P Rates US$300-Million Bank Financing at BB+
XM SATELLITE: D.C. Court Consolidates Securities Fraud Lawsuits

* R&I Affirms Japan's AAA Rating with Negative Outlook


K O R E A

ARAMARK CORP: Moody's Lowers $250MM Senior Notes to B2 from Baa3
HYUNDAI ENGINEERING: Gets US$780-Mil Saudi Aramco Contract
KOREA EXCHANGE: Stock-Price Manipulation Probe Confirmed
* U.S.-listed Korean Cos. Prepared for Stricter SEC Requirements


M A L A Y S I A

AVANGARDE RESOURCES: FY2005 Report Due June 30, Still Not Filed
AYER HITAM: August Default Amount Tops MYR41,715,961
FORMIS MALAYSIA: Changes Name to Perduren (Malaysia) Berhad
KOMARKORP BERHAD: Buys Back 20,100 Shares
METROPLEX BERHAD: Wind-Up Petition Hearing Adjourned to Oct. 10

NORTH BORNEO: Has Yet to Submit Annual Report for 2005
POLYMATE HOLDINGS: Receives Writ of Summons from HSBC Bank
SUGAR BUN: To List and Quote 500,000 Shares on Sept. 26
TRADEWINDS CORP: Warrants to Exit Official SE List on Oct. 27


P H I L I P P I N E S

GLOBE TELECOM: Deploys Nokia MSC Server Mobile Softswitch
NATIONAL POWER: PSALM to Auction Two Decommissioned Power Plants
VITARICH CORPORATION: Court Appoints Rehabilitation Receiver
* PSE to Implement Backdoor Listing Rules on September 28, 2006


S I N G A P O R E

AMARANTH ADVISORS: Announces Loss, Reels From Falling Gas Prices
AMARANTH ADVISORS: Transfers Energy Trades to Citadel & JPMorgan
COLLINS & AIKMAN: Court OKs Settlement with Valiant and MOBIS
COLLINS & AIKMAN: Will Sell Laminates Asset to SW Foam
DELL INC: Faces Lawsuits Over Alleged Accounting Overstatements

FREESCALE SEMICONDUCTOR: Develops Multi-Chip Products with ELMOS
LINDETEVES-JACOBERG: Places Unit Under Voluntary Liquidation
MYHOME FURNITURE: Creditors' Proofs of Debt Due on October 3
TASS SPECIALITY: Creditors Must Prove Debt by October 9


T H A I L A N D

ADVANCE AGRO: Ratings Unaffected by Military Coup, Moody's Says
BANGKOK BANK: Moody's Keeps Ratings Amid Military Coup
BANK OF AYUDHYA: Coup No Immediate Impact on Moody's Ratings
BANK OF AYUDHYA: Shareholders Approve GE Deal
G STEEL: Moody's Shaves Bond Ratings to B2 from B1

GOVT. HOUSING BANK: Ratings Unaffected by Coup, Moody's Says
KASIKORN BANK: Moody's Says Coup No Immediate Impact on Ratings
KRUNG THAI: Military Coup no Immediate Impact on Moody's Ratings

     - - - - - - - -

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

ADVANCE SECURITIES: Final Meeting Slated for October 12
-------------------------------------------------------
A final meeting for the members and creditors of Advance
Securities NT Pty Ltd will be held on October 12, 2006, at 10:00
a.m.

At the meeting, Liquidator A.C. Matthews will report on the
Company's wind-up proceedings and property disposal.

According to the Troubled Company Reporter - Asia Pacific, the
Company declared dividend on February 7, 2006.

The Liquidator can be reached at:

         A. C. Matthews
         Anthony Matthews & Associates
         Chartered Accountants
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8232 8885
         Facsimile:(08) 8232 8886
         e-mail: info@matthewsassociates.com.au


ANNEX TECHNOLOGY: To Declare Dividend on October 10
---------------------------------------------------
Annex Technology (Australia) Pty Ltd, which is in liquidation,
will declare its first and final dividend for creditors on
October 10, 2006

In this regard, creditors are required to submit their proofs of
claim by October 6, 2006, for them to share in the dividend
distribution.

The Liquidator can be reached at:

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


BERWICK INN: Enters Voluntary Liquidation
-----------------------------------------
Members of Berwick Inn Pty Ltd met on September 4, 2006, and
agreed to voluntarily liquidate the Company's business.

In this regard Liquidator Mansell requires the creditors of the
company to submit their proofs of claim by October 3, 2006.

The Liquidator can be reached at:

         Richard Mansell
         R. G. Mansell & Associates
         Level 3, 118 Queen Street
         Melbourne
         Australia
         Telephone:(03) 9603 0090
         Facsimile:(03) 9603 0099


CENTURION CORPORATE: Creditors Decide to Cease Operations
---------------------------------------------------------
At a general meeting on September 1, 2006, the creditors of
Centurion Corporate Protection Group Pty Ltd agreed that it is
in the Company's best interests to wind up its operations.

Subsequently, Ezio Marco Senatore and Stephen Brennan were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Ezio Marco Senatore
         Stephen Brennan
         Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra, Australian Capital Territory 2601
         Australia


COLEBATCH PTY: Creditors Resolve to Close Shop
----------------------------------------------
The creditors of Colebatch Pty Ltd resolved on September 1,
2006, to wind up the Company's operations.

Accordingly, James Patrick Downey was appointed as liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


DAVID MCCARTHY: To Hold Final Meeting on October 10
---------------------------------------------------
Members and creditors of David McCarthy & Associates Pty Ltd
will hold their final meeting on October 10, 2006, at
10:00 a.m., to receive Liquidator John Feddema's final accounts
of the Company's wind-up proceedings and property disposal
exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on January 13,
2005.

The Liquidator can be reached at:

         John Feddema
         Cranstoun & Hussein
         Level 2, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Web site: http://www.cah.com.au/


DIVINE NURSERIES: Final Meeting Set on October 13
-------------------------------------------------
Members and creditors of Divine Nurseries Pty Ltd will convene
on October 13, 2006, at 12:00 p.m., to get an account of the
manner of the Company's wind-up and property disposal activities
from Liquidator R.W. Whitton.

The Liquidator can be reached at:

         R. W. Whitton
         c/o Lawler Partners
         Level 7, 1 Margaret Street  
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000


DUNN & WILSON: Members to Hear Wind-Up Report on October 11
-----------------------------------------------------------
Members of Dunn & Wilson (Australia) Pty Ltd -- which is in
liquidation -- will convene on October 11, 2006, at 10:00 a.m.

During the meeting, Liquidator Robyn Mckern will report on the
Company's wind-up and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
members of the Company resolved to wind up the company's
operations on July 11, 2005.

The Liquidator can be reached at:

         Robyn McKern
         McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road
         Southbank Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web site: http://www.mcgrathnicol.com/


DVR DEVELOPMENTS: Official Assignee to Act as Liquidator
--------------------------------------------------------
The Official Assignee was on September 4, 2006, appointed as
official liquidator of DVR Developments Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Larnach Private Ledger No.1 Ltd filed a wind-up petition against
on August 4, 2006.  The petition was heard on September 4, 2006.

The Liquidator can be reached at:

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


EAST COAST GRAPHICS: Placed Under Voluntary Wind-Up
---------------------------------------------------
On September 1, 2006, the creditors of East Coast Graphics
Australia Pty Ltd resolved to voluntarily wind up the Company's
operations.

Subsequently, H. A. MacKinnon and K. L. Sutherland were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


FAST FORWARD: Members Agree to Close Business
---------------------------------------------
Members of Fast Forward Motors Service Centre Pty Ltd met on
September 4, 2006, and agreed to close the Company's business.

Accordingly, Nicholas Martin was appointed liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Nicholas Martin
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


FELTEX CARPETS: Placed in Receivership by ANZ Bank
--------------------------------------------------
Feltex Carpets Ltd. was placed in receivership by its bankers,
two years after being sold in a public offer by a private equity
arm of Credit Suisse Group, Bloomberg News reports.

On September 22, 2006, Australia & New Zealand Banking Group
Ltd. named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, were appointed as receivers and managers
of Feltex Carpets, Bloomberg says.

The appointment of receivers and managers follows the
deterioration in Feltex's financial performance, which has led
to unsustainable debt levels and a share price collapse.  
Bloomberg relates that Feltex failed to repay its
NZ$135-million debt to ANZ Bank.

Accordingly, Feltex applied for the suspension of trading in its
shares.

In addition, Messrs. Nicol and Anderson have been appointed as
receivers and managers of Feltex's Australian subsidiaries, the
New Zealand Stock Exchange stated in a press release.

The receivers and managers cannot immediately comment on either
of Feltex's operational or exact financial position.  "Feltex is
a New Zealand icon and we are moving quickly to ensure that it
continues to operate as normal," Mr. Nicol states.

Mr. Nicol advises that he has taken control of discussions with
parties who have expressed interest in acquiring Feltex, noting
that "Feltex's strong household brand names, excellent customer
base and outstanding employees provide [him] with confidence
that a going concern sale of Feltex will be achieved."

"Continued support from Feltex's employees, unions, suppliers
and customers is vital to maintaining operations and business
value. Over the next few days, we will be communicating with all
key stakeholders," Mr. Nicol notes.

            ANZ Bank Demands Repayment of Borrowings

Feltex has signaled to the market and to ANZ Bank the process of
reducing debt by recapitalizing its balance sheet.  The ANZ Bank
had earlier accepted the process and the timetable and provided
a conditional statement of "no action" until September 30, 2006,
subsequently extended to October 20, 2006.

However, ANZ Bank has served notice that it was withdrawing its
"no action" letter and issued a default notice demanding
immediate repayment of all Feltex's borrowings.

In its letter to Feltex, ANZ Bank noted the discussions with
both Godfrey Hirst and the Turners -- who offered to take over
the carpet maker -- but stated, "You have been unable to
complete a transaction which will enable the ANZ to be repaid
its debt in full.  The progress of negotiations is no longer
satisfactory to the ANZ."

                  Turner Proposal Still Viable

However, the Feltex Board of Directors believes that an
opportunity to recapitalize the company and provide a future for
it, is still viable under the Turner proposal.  Further, Feltex
shareholders will now be denied the opportunity of voting on the
future ownership of the company.

The directors have been working to protect the various interests
of the major stakeholders in the company being its creditors,
its employees, and its shareholders, the majority of whom are
New Zealanders, as well as its customers and suppliers.

The Board firmly believes that Feltex's debt to ANZ Bank would
have been repaid, or restructured, satisfactorily as an outcome
of Feltex's recent efforts, and that shareholders would have
been given the opportunity to vote on their future engagement
with the company.

Bruce Sheppard, chairman of the New Zealand Shareholders
Association, a lobby group for investors, said his organization
had sought to have Feltex's Board removed and has written to the
Securities Commission and the New Zealand Institute of Chartered
Accountants to complain about the company's performance,
Bloomberg News reports.

Mr. Sheppard however, declined to comment on the receivership
and said he can't predict whether shareholders, most of them
individuals, would consider a lawsuit, Jonathan Underhill of
Bloomberg News relates.

             ANZ Bank Confirms Receiver Appointment

ANZ confirmed that it has appointed receivers to Feltex Carpets
Limited.  The appointment will secure the company's position --
and that of its staff in New Zealand and Australia.

ANZ National Bank Chief Executive Officer, Graham Hodges said:
"ANZ has at all times carefully considered solutions developed
by the company to address its precarious financial position in
the interests of all stakeholders including employees,
creditors, customers and shareholders.  However a proposal could
not be finalized.

Although ANZ does not normally comment on customer
relationships, the bank has made these comments given the recent
developments and the announcement from Feltex.

"ANZ has been ready to support a transaction to recapitalize the
company," Mr. Hodges said in a statement e-mailed to Bloomberg
News.  "Despite lengthy discussions this has not been successful
and there has been no choice but to appoint receivers."

Bloomberg cites Mr. Hodges as stating McGrathNicol will commence
a sale process that "best preserves the business's value for the
benefit of Feltex, its stakeholders and the bank."

Godfrey Hirst, which has previously withdrawn its offer for
Feltex, has made a direct offer to the ANZ Bank, Bloomberg cites
Feltex, as saying.

The bank refused to say why it isn't proceeding with the Turner-
led investment package and may have received an offer from
Godfrey Hirst for some of the Feltex plants, Bloomberg cites
Graeme Turner, as telling Radio New Zealand.

Agreements the bank made last week are enforceable and the
bidding group may consider taking legal action, Mr. Turner said.

                          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 underwent negotiations for a capital raising
exercise, proceeds of which will have been used to ease its
NZ$128-million debt to ANZ Bank.  However, these negotiations
failed.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.


FELTEX CARPETS: Continues Melbourne Cup Sponsorhip
--------------------------------------------------
Feltex Carpets Limited remains committed to sponsoring a
Melbourne Cup race, despite being placed in receivership,
ShareChat News reports.

The NZ$101,000 sponsorship of race 11 at the carnival in
November was a commitment the business had for some time, the
New Zealand Press Association cites Feltex spokesman John Walsh,
as saying.

The commitment was made when circumstances were different and
since then Feltex had pared back its marketing and promotions
budget to an appropriate level but there were some things it
could not pare back, NZPA relates.

Mr. Walsh did not have the details but acknowledged some
retailer hospitality would also be involved with the cup event,
ShareChat relates.

NZPA cites the National Business Review as reporting that Feltex
was understood to be inviting between 70 and 80 retailers and
flying many of them to Melbourne.

But Mr. Walsh said that to suggest it was a trade junket with no
benefit was completely wrong, NZPA notes.

It was possible the receivers appointed could decide to cut the
event but the matter was unlikely to be a particularly high
priority for them, ShareChat cites Mr. Walsh, as saying.

A spokeswoman for the receivers from McGrathNicol & Partners was
unsure immediately whether the receivers had considered the
matter yet, NZPA says.

The race sponsorship is a promotion for a new carpet range
called Redbook Total, which is based on a stain resistant
technology, ShareChat reveals.

                          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 underwent negotiations for a capital raising
exercise, proceeds of which will have been used to ease its
NZ$128-million debt to ANZ Bank.  However, these negotiations
failed.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.


FIRST DISTRIBUTORS: Court Appoints Joint Liquidators
----------------------------------------------------
The High Court of Auckland on September 7, 2006, appointed Henry
David Levin and David Stuart Vance as joint and several
liquidators of First Distributors Ltd.

Accordingly, the creditors of the company are required to prove
their debts by October 5, 2006, to the Liquidators.  Failure to
present proofs of claim will exclude a creditor from sharing in
any distribution the company will make.

The Joint Liquidators can be reached at:

         Henry Levin
         McCallum Petterson, Level Eleven
         Forsyth Barr Tower, 55-65 Shortland Street
         P.O. Box 6916, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 336 0000
         Facsimile: (09) 336 0010


FIRSTBASE HOLDINGS: Members and Creditors Set to Meet on Oct. 13
----------------------------------------------------------------
A final meeting of the members and creditors of Firstbase
Holdings Pty Ltd, which is in liquidation, will be conducted on
October 13, 2006, at 2:00 p.m.

The Liquidator can be reached at:

         D. McLay
         Next Building, Level 5
         16 Milligan Street
         Perth, Western Australia 6000
         Australia


GARDNER INVESTMENT: Appoints Official Assignee as Liquidator
------------------------------------------------------------
The Official Assignee was on September 4, 2006, appointed as
official liquidator of Gardner Investments Homes Ltd.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 17, 2006, that Christchurch Ready-Mix Concrete Ltd filed a
wind-up petition against the company.  The petition was heard on
August 21, 2006.

The Liquidator can be reached at:

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


GENERAL MORTGAGE: Appoints Official Liquidator
----------------------------------------------
On September 4, 2006, the General Mortgage Nominees Ltd
appointed the Official Assignee as its liquidator.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a liquidation petition
against the company on May 24, 2006.  The petition was heard
before the Court on July 10, 2006.

The Liquidator can be reached at:

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


GOLDEN ENTERPRISES: Court Set to Hear ACC's Liquidation Bid
-----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Golden Enterprises Ltd on October 5, 2006, at
10:00 a.m.

The wind-up petition was filed by the Accident Compensation
Commission on July 17, 2006.

The Solicitor for the Plaintiff can be reached at:

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


GREEN PACIFIC: Federal Court Orders Wind-Up
-------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 4, 2006, the Australian Securities and Investments
Commission has conducted a formal investigation into the affairs
of Sydney-based energy provider, Green Pacific Energy Limited,
after a surveillance review identified concerns that the Company
was continuing to trade and incur debt while insolvent.

According to the TCR-AP, after its investigation, the ASIC filed
applications with the Federal Court in Brisbane to wind up Green
Pacific and its controlled entities, Green Pacific Energy
Capital Pty Ltd., and Green Pacific Energy Stapylton No. 1 Pty
Ltd.

The ASIC sought to wind up Green Pacific on the grounds of
insolvency, and on just and equitable grounds after allegations
that its Chairman and Chief Executive Officer, Alfred Chi Wai
Wong, had acted in his own interest rather than in the interests
of the Company's members as a whole.

The allegations were focused on two main events:

   1. the use of AU$4.8 million, out of AU$6.3 million invested
      in Green Pacific by JF Capital Partners Ltd, a specialist
      wholesale Australian equities manager, for the repayment
      of debts owed to companies related to Mr. Wong.  This was
      done without the knowledge or approval of the Green
      Pacific Board of Directors and contrary to the direct
      representations that were made to investors, and the
      representations made to the public via announcements to
      the Australian Stock Exchange, that the funds would be
      "applied to the roll out of Green Pacific's pipeline of
      renewable energy projects;" and

   2. the promotion of promissory notes in Green Pacific at
      public seminars and the issue of these promissory notes to
      members of the public, under the direction of Mr. Wong, to
      raise capital for the company, when the Board of Directors
      had clearly resolved not to issue any promissory notes to
      the public until Green Pacific had a firm business
      strategy in place.

"ASIC will not hesitate to take action where it has concerns
that a company is being run contrary to the interests of members
and creditors and where it continues to trade and incur debts
while insolvent," the ASIC's Executive Director of Enforcement,
Jan Redfern, says.

Accordingly, in an update, the Federal Court of Australia in
Brisbane has ordered the wind-up of Green Pacific and its
subsidiary Green Pacific Energy Capital Pty Ltd.

The Honorable Justice Greenwood was satisfied that the conduct
of Mr. Wong was improper and misleading and stated in his
judgment that:

   "Public interest in the governance of corporations and
   particularly corporations listed on the Australian Stock
   Exchange demands engagement by the Board in material
   questions which affect or are likely to affect the affairs of
   the company and the interests of the members and creditors."

The TCR-AP also reported that the ASIC sought the appointment of
Greg Hall, of PricewaterhouseCoopers, as liquidator for the
Green Pacific group.

A statement from the ASIC discloses that Mr. Hall has been
appointed as the liquidator of Green Pacific and its subsidiary.

The ASIC commenced a surveillance review of Green Pacific and
its related entities after receiving a notice from its external
auditor, which raised concerns about the solvency of the company
and corporate governance issues.

Green Pacific Energy Limited -- http://www.greenpacific.com.au/
-- is a Sydney-based company listed on the Australian Stock
Exchange (ASX code GPE).  The company specializes in developing
renewable energy power stations and also provides related
products and services that are commercially viable and carry
maximum environmental benefits.  The Company controls all stages
in developing its power stations, including identifying
appropriate sites, obtaining government and EPA approvals,
negotiating power purchase agreements and fuel supply contracts,
securing project finance and supervising all ongoing operational
matters.


GUDU WONDJER: Enters Voluntary Liquidation
------------------------------------------
The members of Gudu Wondjer (Sea Women) Aboriginal Corporation
met on September 5, 2006, and agreed to voluntary wind-up the
Company's operations.

In this regard, William Balfour Rangott was appointed as
liquidator.

The Liquidator can be reached at:

         William Balfour Rangott
         Rangott Slaven Hundy
         Level 3, Engineering House
         11 National Circuit
         Barton, Australian Capital Territory
         Australia


H & T CARPENTRY: Placed Under Voluntary Liquidation
---------------------------------------------------
At a general meeting on September 19, 2006, the members of H & T
Carpentry Pty Ltd resolved to voluntarily liquidate the
Company's business.

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

The Liquidator can be reached at:

         Michael Edward Slaven
         Rangott Slaven Hundy
         Unit 12, Level 3, Engineering House
         11 National Circuit
         Barton, Australian Capital Territory 2600
         Australia


HALWIN INVESTMENTS: Members Agree to Liquidate Business
-------------------------------------------------------
Members of Halwin Investments Pty Ltd convened on August 31,
2006, and resolved to voluntarily liquidate the Company's
business and distribute the proceeds of its assets disposal.

The Liquidator can be reached at:

         F. J. Hegarty
         Chartered Accountant
         43 Dogwood Drive
         Palm Beach, Queensland
         Australia


INTELICOAT TECHNOLOGIES: Members Decide to Wind Up Operations
-------------------------------------------------------------
At a general meeting held on September 1, 2006, the members of
Intelicoat Technologies Australia Pty Ltd agreed to voluntarily
wind up the company's operations.

Michael Gerard McCann was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Michael Gerard McCann
         Grant Thornton Chartered Accountants
         Level 4, Grant Thornton House
         102 Adelaide Street, Brisbane
         Australia


JO JO'S HAULAGE: NSW Court Upholds J. Dadisho's Appeal
------------------------------------------------------
The Criminal Court of Appeal of New South Wales has upheld an
appeal by Joseph Dadisho, of Kemps Creek in NSW, on his
conviction of three charges in relation to Jo Jo's Haulage
Australia Pty Limited.

As reported in the Troubled Company Reporter - Asia Pacific on
February 16, 2006, the Sydney Local Court convicted Mr. Dadisho
of three charges brought by the Australian Securities and
Investments Commission after its investigation, charging him
with:

   1. two counts of fraudulently removing part of the property
      of the company; and

   2. one count of failing to assist the liquidator when
      required.

According to the TCR-AP, the court sentenced Mr. Dadisho to
perform 100 hours community service and to pay AU$50,000 to the
liquidator of Jo Jo's Haulage Australia.

Mr. Dadisho received a two-year good behavior bond in the sum of
AU$2,000 for failing to assist the liquidator.

On November 20, 2001, Jo Jo's Haulage Australia Pty Limited went
into liquidation, during which Mr. Dadisho was the company's
director, the TCR-AP said.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


KCGM ENGINEERING: To Declare Dividend for Unsecured Creditors
-------------------------------------------------------------
KCGM Engineering Services Pty Ltd, will declare the first
dividend for its ordinary unsecured creditors on October 18,
2006.

Creditors who cannot prove their claims by September 26, 2006,
will be excluded from sharing in the dividend distribution.

The Liquidator can be reached at:

         Brian McMaster
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia 6000
         Australia


M.D.M CONSTRUCTIONS: Liquidator to Present Wind-Up Report
---------------------------------------------------------
Members and creditors of M.D.M. Constructions Pty Ltd will
convene at a joint final meeting on October 13, 2006, at
10:00 a.m.

During the meeting, Liquidator R.W. Whitton will present
accounts of the company's wind-up and property disposal.

A previous report from the Troubled Company Reporter - Asia
Pacific, said that the members decided to voluntarily wind up
M.D.M. Constructions' operations on February 22, 2006.

The Liquidator can be reached at:

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


MACKS SEAFOODS: Names van Delden and Woods as Liquidators
---------------------------------------------------------
On September 8, 2006, shareholders of Macks Seafoods (1997) Ltd
appointed Boris van Delden and Dennis Wood as Joint and Several
Liquidators.

Subsequently, the liquidators required the company's creditors
to be filed their proofs of claim by October 20, 2006.

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

The Joint Liquidators can be reached at:

         Boris van Delden
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: www.mvp.co.nz  


MARKWICK INVESTMENTS: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------------
On September 4, 2006, the members of Markwick Investments Pty
Ltd formerly trading as Dlux Nectar resolved to wind up the
company's operations due to its inability to pay debts.

In this regard, T. J. Clifton and M. C. Hall were named joint
and several liquidators.

The Joint and Several Liquidator can be reached at:

         T. J. Clifton
         M. C. Hall
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia


MARSU LIMITED: Liquidation Commenced on September 4
---------------------------------------------------
The liquidation of Marsu Ltd commenced with the appointment of
John M. Scutter as liquidator on September 4, 2006.

In this regard, the creditors of the company are required to
file their proofs of claim by September 30, 2006.  Failure to
prove debts will exclude a creditor from sharing in any
distribution the company will make.

The Liquidator can be reached at:

         John Scutter
         Active Chartered Accountants
         Level Two, 330 High Street
         (P.O Box 31-040), Lower Hutt
         New Zealand
         Telephone: (04) 586 4645
         Facsimile: (04) 569 6079


MJM MANAGEMENT: Liquidator Tolcher to Present Wind-Up Report
------------------------------------------------------------
Members and creditors of MJM Management Consultants Pty Ltd will
hold a joint final meeting on October 12, 2006, at 10:30 a.m.,
to receive Liquidator R.G. Tolcher's final accounts of the
company's wind-up proceedings and property disposal activities.

According to the Troubled Company Reporter - Asia Pacific, the
Company declared dividend on July 19, 2006.

The Liquidator can be reached at:

         R. G. Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street, Newcastle
         West, New South Wales 2302
         Australia


ORIGIN PACIFIC: Directors Appointed Receiver, Report Says
---------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 21, 2006, Origin Pacific Airways was placed in
receivership, with Christchurch chartered accountant Murray
Allott as the receiver.

However, media reports did not disclose who appointed Mr. Allot.

A follow-up report from The Nelson Mail reveals that Origin
Pacific founder Robert Inglis and business partner Nicki Smith
appointed the receiver.

Mr. Allot confirmed the report but noted that it "did not mean
they would receive the 'significant sum' owed to them ahead of
other secured creditors," the paper relates.

Origin Pacific has stopped trading on September 15, 2006.

According to Mr. Allot, he still does not know how much money
was owed to creditors, but noted that passengers who did not
receive refunds after the airline's collapse are now unsecured
creditors, and not at the top of the priority list for payment,
the Nelson Mail relates.

                     Two Remaining Directors

The Nelson Mail relates that Mr. Inglis and Nelson lawyer and
coroner Ian Smith are the only two remaining directors of Origin
Pacific.  Two others, Howard Clentworth and John de Vries have
resigned as directors, a few days before the company went into
receivership.

The paper cites Mr. Smith as explaining that Messrs. Clentworth
and de Vries resigned as directors only because as the company
was about to go into receivership, they saw no point in carrying
on.

Mr. Smith, who was not a shareholder in Origin, further explains
that his decision to carry on with being a director, a post he
had held for the past year, is to support Mr. Inglis through the
receivership.

Mr. Inglis owned a 40.6% shareholding in Origin, 5.2% of which
was held through his company Northwood Hop Company Ltd., the
Nelson Mail reveals.

The paper also relates that when asked why Origin's executive
directors did not stop trading earlier to avoid mounting debt,
Mr. Smith said they were continually looking for investors to
come in and help the company.

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific "has lost its struggle to
survive" and has suspended operations, putting most of its 260
staff out of work immediately.  Thus, Origin Pacific halted its
passenger services on August 10, 2006, after it was unable to
secure the capital urgently needed to reduce its debt.

A subsequent TCR-AP report on Sept. 18, 2006, stated that Origin
Pacific admitted that its attempts at finding a buyer for its
freight business had failed, and is thus taking steps to wind up
its operations.


PAPATOETOE AUTOMOTIVE: Court to Hear ACC's Liquidation Bid
----------------------------------------------------------
On July 4, 2006, the Accident Compensation Commission filed
before the High Court of Auckland a liquidation petition against
Papatoetoe Automotive Ltd.

The petition will be heard on September 28, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Malcolm David Whitlock
         Whitlock & Co.
         Level Two, Baycorp Advantage House
         15 Hopetoun Street, Auckland
         New Zealand


PEABODY ENERGY: Fitch Rates New US$2.75 Bln Sr. Facility at BB+
---------------------------------------------------------------
Fitch Ratings lowered the ratings of Peabody Energy
Corporation's Issuer Default Rating as well as its US$650
million senior notes due 2013 and its US$250 million senior
notes due 2016 to 'BB+' from 'BBB-' and rated the company's new
US$2.75 billion senior unsecured  bank facility 'BB+'.

The ratings are removed from Negative Rating Watch where they
were placed July 6, 2006, following the announcement of the debt
financed acquisition of Excel Coal Limited.  The Rating Outlook
is stable.

On July 5, 2006, Peabody announced an agreement to acquire Excel
Coal Limited for a total acquisition price of approximately
US$1.34 billion plus assumed debt of approximately US$170
million.  The transaction is to be an all cash deal and be debt
financed.  The financing will double Peabody's current debt load
and increase total debt/Operating EBITDA from 1.6x to 3.0x pro
forma for the latest 12 months ended June 30, 2006.

Peabody has significant employee-related liabilities, some of
which related to past operations, and significant reclamation
obligations.  The transaction is subject to customary regulatory
and shareholder approvals and is expected to close early in the
fourth quarter of 2006.

Excel has three near term development projects which will lead
to growth in cash flows for 2007 and 2008.  The transaction
diversifies Peabody's Australian operations and increases its
scale in this fast growing market.

The ratings reflect Peabody's large, well diversified
operations, good control of low cost production, strong
liquidity and moderate leverage.  The outlook is for coal
producers to continue to benefit from a strong pricing
environment over the near term.

Peabody is the largest US coal producer fueling 10% of domestic
electricity generation.  Pro forma for the Excel acquisition and
completed development, the company will be the fifth largest
coal producer in Australia.  Peabody's operations are well
diversified with new activity concentrated in the Powder River
Basin and the Illinois Basin where it dominates.  Peabody has
over 9 billion tons of coal reserves.


PEABODY ENERGY: Completes New US$2.75 Bln Senior Credit Facility
----------------------------------------------------------------
Peabody Energy completed its financing of a new senior credit
facility on an unsecured basis.  The facility includes
US$1.8 billion in revolving credit and a US$950 million Term
Loan A.

"Peabody is replacing its existing secured credit facility with
a substantially larger unsecured facility, to provide the
company with greater financial flexibility to pursue its growth
strategies," Richard A. Navarre, chief financial officer and
executive vice president of Business Development, said.  "This
new facility reflects our financial strength and the confidence
of the credit markets in Peabody."

The new facility will be used in part to fund the company's
planned acquisition of Excel Coal, which is on track for
completion in Oct..  Bank of America and Citigroup served as
lead arrangers for the new credit facility.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's   
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Australia.

                        *    *    *

Standard & Poor's Rating Services assigned its 'BB' rating to
Peabody Energy Corp.'s proposed US$2.75 billion of senior
unsecured credit facilities, consisting of a US$1.8 billion
revolving credit facility and US$950 million Term Loan A.  The
rating outlook is stable.

Moody's Investors Service assigned a Ba1 senior unsecured rating
to Peabody Energy Corp.'s US$1.8 billion Revolving Credit
Facility and US$950 million Term Loan A.  At the same time,
Moody's raised the senior unsecured rating on the company's
existing senior unsecured notes to Ba1 from Ba2.  Moody's also
affirmed Peabody's Ba1 corporate family rating and its SGL-1
Speculative Grade Liquidity rating.  The rating outlook remains
negative.

Fitch Ratings lowered Peabody's Issuer Default Rating as well as
its US$650 million senior notes due 2013 and its US$250 million
senior notes due 2016 to 'BB+' from 'BBB-' and rated the
company's new US$2.75 billion senior unsecured bank facility
'BB+'.


PEPAR PTY: Schedules Final Meeting on October 12
------------------------------------------------
A joint final meeting of the members and creditors of Pepar Pty
Ltd will be held on October 12, 2006, at 10:30 a.m., to receive
Liquidator C.M. Williamson's final accounts of the Company's
wind-up proceedings and property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on April 12, 2006.

The Liquidator can be reached at:

         C. M. Williamson
         SimsPartners
         Level 12, Dwyer Durack House
         40 St George's Terrace
         Perth, Western Australia 6000
         Australia


PLEGA HEALTHCARE: Faces Liquidation Proceedings
-----------------------------------------------
A liquidation petition filed against Plega Healthcare New
Zealand Ltd will be heard before the High Court of Auckland on
September 28, 2006, at 10:45 a.m.

Telecom New Zealand Ltd filed the petition with the Court on
July 6, 2006.

The Solicitor for the Petitioner can be reached at:

         Malcolm David Whitlock
         Whitlock & Co.
         Level Two, Baycorp Advantage House
         15 Hopetoun Street, Auckland
         New Zealand


QUEANBEYAN COMMUNITY: Undergoes Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on September 1, 2006,
the members of Queanbeyan Community Training Centre Inc., agreed
to voluntarily wind up the company's operations.

Subsequently, Daniel I. Cvitanovic was appointed as liquidator
at the creditors' meeting held that same day.

The Liquidator can be reached at:

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


RICHO'S GLASS: To Declare Final Priority Dividend on Oct. 17
------------------------------------------------------------
Richo's Glass Pty Ltd will declare the final priority dividend
to creditors on October 17, 2006, to the exclusion of those who
cannot prove their claims by October 3, 2006.

The receiver and manager can be reached at:

         N. C. Malanos
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia


SABC PROJECT: Appoints Hugh Martin as Official Liquidator
---------------------------------------------------------
Members of SABC Project Management Pty Ltd convened on
September 1, 2006, and appointed Hugh Martin as liquidator.

The Liquidator can be reached at:

         Hugh Martin
         Bernardi Martin
         Level 1, 195 Victoria Square
         Adelaide
         Australia


SAVILLE INVESTMENTS: Appoints PricewaterhouseCoopers as Receiver
----------------------------------------------------------------
On September 21, 2005, Malcolm Hollis and John Fisk of
PricewaterhouseCoopers were appointed as receivers of Saville
Investments Limited and Savvy Enterprises Limited.

These companies operate a number of hotels and bars in the South
Island.

Saville Investments Limited traded the Best Western Saville
International Hotel -- formerly known as Bentley's Hotel -- at
137 St. Andrews Street, Dunedin.

Savvy Enterprises Limited traded the Outback Inn in 101 Great
King Street, Dunedin; the Terminus Hotel -- also known as the
Creek Hotel -- in 161 King Street, Timaru; and the Outback
Sports Bar in 291 Lincoln Road, Christchurch.

All businesses will remain open while the receivers assess the
financial position and viability of each business.  The
receivers are currently working with staff and key suppliers to
ensure that business operations are not disrupted in the short
term.

The receivers advise that parties interested in purchasing all
or any of these businesses, or creditors who hold securities
over company assets, should contact:

   Rhys Cain
   PricewaterhouseCoopers
   Christchurch


STOCKFORD CENTRAL: To Declare Third Dividend on October 13
----------------------------------------------------------
On October 13, 2006, Stockford Central Services Pty Ltd will
declare the third dividend for its creditors.

Creditors who are unable to lodge their claims by
October 3, 2006, will be excluded from sharing in the dividend
distribution.

The Deed Administrator can be reached at:

         Mark A. Korda
         KordaMentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


STOCKFORD GROUP: Creditors' Proofs of Claim Due on October 3
------------------------------------------------------------
Stockford Group of Companies will declare the third dividend on
October 13, 2006.

Creditors are required to formally prove their debts by
October 3, 2006, for them to share in the dividend distribution.

The Deed Administrator can be reached at:

         Mark A. Korda
         KordaMentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia

The Troubled Company Reporter - Asia Pacific previously reported
that on February 23, 2003, Stockford Limited and 82 of Stockford
Limited's subsidiary companies (the Stockford Group) were placed
into voluntary administration.

Accordingly, Mark Korda and Mark Mentha of KordaMentha were
appointed as administrators of all Stockford Group companies.

On May 20, 2003, creditors of the Stockford Group resolved that
the Group should execute a Deed of Company Arrangement.  Thus,
on May 26, 2003, KordaMentha executed a Deed of Company
Arrangement on behalf of each of the Stockford Group companies.


SUPREME CPA: Prepares to Declare Dividend to Creditors
------------------------------------------------------
Supreme CPA Pty Ltd, which is in liquidation, will declare the
first and final dividend on October 15, 2006.

Creditors who cannot prove their claims by September 25, 2006,
will be excluded from sharing in the distribution the Company
will make.

The Liquidator can be reached at:

         G. S. Andrews
         G. S. Andrews & Assocs
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544


TASMANIAN MOTELS: Members Opt to Shut Down Operations
-----------------------------------------------------
The members of Tasmanian Motels Ltd held a general meeting on
September 4, 2006, and decided to shut down the Company's
operations.

Accordingly, John William Woods was appointed as liquidator.

The Liquidator can be reached at:

         John W. Woods
         Wilson Woods & Partners
         Chartered Accountant
         30 Davey Street
         Hobart Tasmania 7000
         Australia
         Telephone:(03) 6223 4343


TRANSAX INT'L: June 30 Balance Sheet Upside-Down by $3.7 Million
----------------------------------------------------------------
Transax International Limited's balance sheet at June 30, 2006
showed a US$3,717,316 total stockholders' deficit from total
assets of US$2,196,551 and total liabilities of US$5,913,867.

The Company's balance sheet at June 30, 2006 also showed
negative working capital with US$1,085,530 in total current
assets and US$4,943,668 in total current liabilities.

Net loss for the three months ended June 30, 2006, rose to
US$1,302,259, from net loss of US$167,041 in the three months
ended June 30, 2005.

Revenues also increased to US$1,034,844 in the current quarter
compared to revenues of US$861,023 in the same period last year.

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

               http://researcharchives.com/t/s?1201

Based in Miami, Florida, Transax International Limited (OTCBB:
TNSX) -- http://www.transax.com/-- provides health information  
management systems to hospitals, physicians and health insurance
companies.  The Company's subsidiaries, TDS Telecommunication
Data Systems LTDA provides services in Brazil; Transax Australia
Pty Ltd. operates in Australia; and Medlink Technologies Inc.
initiates research and development.

As reported in the Troubled Company Reporter on July 14, 2006,
Moore Stephens, P.C., in New York, raised substantial doubt
about Transax International Limited's ability to continue as a
going concern after auditing the Company's consolidated
financial statements for the year ended December 31, 2005.  The
auditor pointed to the Company's losses, and working capital and
stockholders' deficiencies.


TREBBEL PTY: To Declare First and Final Dividend
------------------------------------------------
Trebbel Pty Ltd will declare its first and final dividend to
creditors on November 11, 2006.

Creditors are required to submit their proofs of debts by
October 3, 2006 to be included in the benefit of dividend.

According to the Troubled Company Reporter - Asia Pacific,
members of the Company decided to close the company's operations
on March 30, 2006.

The Liquidator can be reached at:
         
         Gregory Moloney
         c/o Ferrier Hodgson (Queensland)
         Level 7, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


TYMCALL PTY: Shuts Down Business Operations
-------------------------------------------
On September 1, 2006, members of Tymcall Pty Ltd resolved to
voluntarily wind up the company's operations and appoint Simon
Meagher Dorahy as liquidator.

The Liquidator can be reached at:

         Simon Meagher Dorahy
         Elliott House Pty Ltd
         6 Elliott Street
         North Sydney, New South Wales 2060
         Australia


VANTAGE INVESTMENTS: Members' Final Meeting Set for October 11
--------------------------------------------------------------
The members of Vantage Investments Pty Ltd, which is in
liquidation, will hold a final meeting on October 11, 2006, at
11:00 a.m.

During the meeting, members will receive from Liquidator Robyn
Beverley McKern, an account of the company's wind-up proceedings
and property disposal exercises.

The Liquidator can be reached at:

         Robyn Mckern
         McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road, Southbank Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web site: http://www.mcgrathnicol.com


WESTPOINT GROUP: Slater & Gordon Sues Advisers in Class Action
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 22, 2006, 500 people have signed up in a class action
being organized by Slater & Gordon and funded by IMF Australia
concerning the collapse Westpoint Corp., against financial
planners including Professional Investment Services.

A follow-up report from The Australian relates that Slater &
Gordon is suing Professional Investment Services on behalf of 22
investors who lost an average of AU$100,000 in Westpoint's
collapse.

The report cites Slater & Gordon director Ken Fowlie as saying
that the court action would be seen as a test case for other
investors who lost more than AU$300 million.

"The fundamental question which we hope this case will answer is
the extent of the obligation planners have to their clients to
understand the product they are placing (clients) in to," The
Australian cites Mr. Fowlie as saying.

Slater & Gordon's central allegation was that Professional
Investment had failed to appropriately match the needs of
investors with the type of schemes they were placed into, The
Australian says.

Mr. Fowlie asserts "there was misleading conduct by the (PIS)
advisers because they at no time appropriately disclosed that
Westpoint was a high-risk product, it was more disclosed as low-
risk."

            Professional Investment to Defend Action

However, PIS managing director Grahame Evans contends that
"[a]ll the products placed on to our product list actually go
through an external research process," and notes that the group
would "vigorously defend" the action.

The Australian cites Mr. Evans, as saying the case is
"inappropriate" as a class action.  "Every case is quite
individual, some are quite complex, and we can't see how a class
action actually fits with these circumstances," Mr. Evans says.

The paper also cites Mr. Fowlie disclosing that Professional
Investment invested AU$19.2 million of client money in
Westpoint, which represented only 0.001% of the group's total
funds under management.

Mr. Fowlie said "most" of the people PIS had placed into
Westpoint had made positive returns despite the collapse because
PIS recommended diversified investments, The Australian relates.


Mr. Fowlie said the group had only received commissions of "2.5
to 3%" for placing clients in Westpoint, the paper relates.

The Australian states that financial planners have been
criticized in the wake of the Westpoint collapse after it was
revealed some were paid commissions as high as 10% for placing
investors in the group.

                    About Westpoint Group

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

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

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


WHITE DECORATORS: Official Assignee to Act as Liquidator
--------------------------------------------------------
On September 4, 2006, White Decorators Ltd named its Official
Assignee as its liquidator.

The Troubled Company Reporter - Asia Pacific reported on August
29, 2006, that the company was facing a liquidation proceeding
from a petition filed by the Commissioner of Inland Revenue.  
The petition was heard on September 7, 2006.

The Liquidator can be reached at:

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


WINTERHAUS PTY: Members Opt for Voluntary Wind-Up
-------------------------------------------------
On September 7, 2006, members of Winterhaus Pty Ltd resolved to
voluntarily wind up the company's operations.

Consequently, Ezio Senatore and Stephen Brennan were nominated
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Ezio Senatore
         Stephen Brennan
         Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra ACT 2601
         Australia
         Telephone:(02) 6214 6700
         Facsimile:(02) 6214 6799


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

A P CONSULTING: Members' Final Meeting Set for October 27
---------------------------------------------------------
A final meeting of the members of A P Consulting Ltd will be
held on October 27, 2006, 10:30 a.m., at:

         35th Floor, One Pacific Place
         88 Queensway
         Hong Kong

During the meeting, Liquidators Lai Kar Yan, Derek and Darach E.
Haughey will present accounts of the Company's wind-up
proceedings.


BOOKHAM INC: Ernst & Young Raises Going Concern Doubt
-----------------------------------------------------
Ernst & Young LLP expressed substantial doubt about Bookham,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the fiscal year ended July 1,
2006.  The auditing firm pointed to the Company's recurring
operating losses.

Bookham posted an US$87.5 million net loss for the fiscal year
ended July 1, 2006, compared with a net loss of US$248 million
in fiscal 2005.  Net revenue for fiscal 2006 was US$231.6
million, compared with US$200.3 million in fiscal 2005.

"We achieved 16% revenue growth in fiscal 2006 and significantly
improved our overall financial structure with the elimination of
our long-term debt," said Dr. Giorgio Anania, president and
chief executive officer of Bookham.  

"On the operations front, we extended our supply agreement with
Nortel through calendar 2006 and completed the move of our
assembly and test manufacturing to Shenzhen, which is already
delivering better performance and substantial cost savings.  In
addition, we introduced several new products, including wideband
tunable laser products, next generation high power 980 pumps,
new optical amplifiers and extended temperature XFPs and SFP
DWDM transceiver products, all of which, we believe, will be key
to our revenue growth in fiscal 2007."

Revenue in the fourth quarter of fiscal 2006 was US$55 million,
compared with US$53.4 million in the third quarter of fiscal
2006 and US$61 million in the fourth quarter of fiscal 2005.  
Revenue from customers other than Nortel increased 25%
sequentially to US$36.5 million from US$29.3 million last
quarter.  Revenue from Nortel in the fourth quarter declined as
previously forecast to US$18.5 million compared with US$24.1
million in the prior quarter.

Net loss in the fourth quarter was US$270 million.  Included in
fourth quarter GAAP net loss are restructuring charges of
approximately US$5.2 million.  Fourth quarter net loss compares
with a net loss of US$48 million in the third quarter and a net
loss of US$39 million in the fourth quarter of fiscal 2005.

"We are making good progress on the cost reduction plans we
announced in May.  Our lasers prototype line with associated
engineering support will be transferring to our Shenzhen, China
facility in the August to October timeframe, and our chip-on-
carrier line will be starting up in Shenzhen in September with
the move to be completed before year-end.  We are also in the
process of transferring a certain number of development,
manufacturing support and administrative functions to Shenzhen
to continue driving down our overhead cost structure.  This will
result in significant reductions in Western-world staff,
especially in our Paignton, UK site, which will occur between
the middle of August and November of this year," said Dr.
Anania.

"We initially expected these moves would result in quarterly
cost savings of between US$5 million and US$6 million per
quarter.  We now expect cost savings of about US$4 million per
quarter in the December quarter with an additional US$1.5
million to US$2.5 million achieved by the March 2007 quarter,"
added Dr. Anania.

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?11fa

                     Outlook and Guidance

"The market outlook for telecom optical components remains
strong and as a key player in the telecom optical components
space we are experiencing the benefits from this positive
momentum," said Dr. Anania.  "We are seeing solid demand for our
new products and believe this will translate into additional
growth for these products over the next several quarters."

                         About Bookham Inc.

Bookham, Inc. -- http://www.bookham.com/-- designs,  
manufactures and markets optical components, modules and
subsystems that generate, detect, amplify, combine and separate
light signals principally for use in high-performance fiber
optics communications networks.  The company has manufacturing
facilities in the UK, US, Canada, China and Switzerland; and
offices in the US, UK, Canada, France and Italy and employs
approximately 2000 people worldwide.


BOOKHAM INC: Getting US$31M Gross Proceeds in Private Placement
---------------------------------------------------------------
Bookham, Inc., disclosed Tuesday that certain institutional
investors have exercised their right to purchase 2,898,667
shares of common stock and warrants to purchase up to 724,667
shares of common stock pursuant to a second closing of a private
placement contemplated by a securities purchase agreement dated
Aug. 31, 2006.

In the initial closing on Sept. 1, 2006, investors purchased
8,696,000 newly issued shares of common stock at US$2.70 per
share, and warrants to purchase up to 2,174,000 shares of common
stock. The warrants have a term of five years and become
exercisable after March 1, 2007, at an exercise price of US$4.00
per share.

In the second closing, Bookham will receive additional gross
proceeds of US$7.9 million resulting in total gross proceeds of
US$31.4 million for this private placement.

Cowen and Company, LLC, acted as the sole placement agent for
this offering.

Pursuant to an agreement with the investors, the Company will
file a registration statement with the U.S. Securities and
Exchange Commission covering the resale of the shares of common
stock issued to the investors as well as the shares of common
stock issuable upon exercise of the warrants, subject to certain
terms and conditions.

The securities offered in the private placement were not
registered under the Securities Act of 1933, as amended or any
state securities laws, and may not be offered or sold in the
United States absent registration, or an applicable exemption
from registration, under the Act and applicable state securities
laws.


                          *     *      *

Bookham, Inc. -- http://www.bookham.com/-- designs,  
manufactures and markets optical components, modules and
subsystems that generate, detect, amplify, combine and separate
light signals principally for use in high-performance fiber
optics communications networks.  The company has manufacturing
facilities in the UK, US, Canada, China and Switzerland; and
offices in the US, UK, Canada, France and Italy and employs
approximately 2000 people worldwide.

Troubled Company Reporter - Asia Pacific reports that Ernst &
Young LLP expressed substantial doubt about Bookham,  Inc.'s
ability to continue as a going concern after auditing the
company's financial statements for the fiscal year ended July 1,
2006.  The auditing firm pointed to the company's recurring
operating losses.


CARDINAL (INTERNATIONAL): Creditors' Proofs of Claim Due Oct. 16
----------------------------------------------------------------
Creditors of Cardinal (International) Investment Ltd are
required to submit their proofs of claim to Liquidator Lo Chi
Kin, Tony by October 16, 2006, for them to share in any
distribution the Company will make.

According to the Troubled Company Reporter - Asia Pacific,
shareholders of the Company resolved to voluntarily wind up the
company's operations on September 15, 2006.

The Liquidator can be reached at:

         Lo Chi Kin Tony
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


CHAPTEAM INVESTMENTS: Court to Hear Wind-Up Bid on Oct. 18
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Chapteam Investments Ltd on October 18, 2006, at 9:30 a.m.

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

The Solicitors for the Petitioner can be reached at:

         W. I. Cheung & Co.
         Rooms 2505-10 Wing On House
         71 Des Voeux Road Central
         Hong Kong


COMBI-LINE: Schedules Final Meeting on October 16
-------------------------------------------------
Members of Combi-Line Far East Ltd will hold a final meeting on
October 16, 2006, 10:00 a.m. at 8th Floor, Gloucester Tower, The
Landmark, 11 Pedder Street, Central, Hong Kong.

During the meeting, Liquidator Thomas Andrew Corkhill will
report on the manner by which the company's wind-up has been
conducted and the property of the company disposed of.

According to the Troubled Company Reporter - Asia Pacific,
members of the Company passed a resolution to voluntarily
liquidate the Company's business on June 2, 2006.


CHUNG FULL: Wind-Up Petition Hearing Fixed for October 18
---------------------------------------------------------
The High Court of Hong Kong is set to hear a wind-up petition
filed against Chung Full International Trading Ltd on Oct. 18,
2006, at 9:30 a.m.

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

The Solicitors for the Petitioner can be reached at:

         W. I. Cheung & Co.
         Rooms 2505-10 Wing On House
         71 Des Voeux Road Central
         Hong Kong


DAIMLERCHRYSLER: Tougher Market Conditions Spur Outlook Changes
---------------------------------------------------------------
DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion, or US$1.2 billion, for its
ChryslerGroup.

Chrysler Group had earlier announced an anticipated operating
loss of up to EUR0.5 billion, or US$0.6 billion, in the third
quarter that is now expected to be at EUR1.2 billion, or US$1.5
billion.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.

In the third quarter, the Chrysler Group was unable to follow
customer demand with its existing product portfolio, as
customers shifted towards smaller vehicles.  However, in the
second half of the year, the Chrysler Group will introduce a
total of eight new vehicles, of which many are in the growing
small vehicle segment.  

Like the Dodge Caliber, which was launched in second quarter
2006, the Jeep Compass, Jeep Patriot and the new Chrysler
Sebring are equipped with the fuel-efficient, 2.4 liter, four
cylinder World Engine and offer better than 30 miles per gallon
highway mileage.  Also this year, the Chrysler Group will offer
the smallest Dodge SUV in history, the Dodge Nitro as well as an
all-new version of the quintessential Jeep Wrangler.

After the anticipated loss of EUR1.2 billion, or US$1.5 billion,
in the third quarter the Chrysler Group strives to achieve
positive results in the fourth quarter.  DaimlerChrysler is
forecasting that the Chrysler Group will end 2006 as a whole
with a loss in the magnitude of approximately EUR1 billion, or
US$1.2 billion.  Earnings development at the Mercedes Car Group,
the Truck Group, Financial Services and Van, Bus, Other segment
is fully in line with planning.

As a result of this reassessment of the earnings situation at
the Chrysler Group, the earnings forecast for the
DaimlerChrysler Group must also be adjusted.  DaimlerChrysler is
now assuming that the operating profit for 2006 will be in the
magnitude of EUR5 billion, or US$6.4 billion.  This figure
includes charges for the implementation of the new management
model (EUR 0.5 billion; US$0.6 billion), the focus on the smart
for two (EUR 1 billion; US$1.2 billion), the staff reductions at
the Mercedes Car Group (EUR0.4 billion; US$0.5 billion), as well
as gains on the disposal of the off-highway business (EUR 0.2
billion; US$ 0.2 billion), on the sale of real estate no longer
required for operating purposes (EUR 0.1 billion; US$0.1
billion) and the release of provisions for retirement-pension
obligations (EUR 0.2 billion; US$0.2 billion).

In its half-year report, EADS indicated that the review of the
Airbus program could lead to a reduction of earnings.  
DaimlerChrysler's updated earnings forecast does not yet include
these potential effects on its earnings.

In order to improve the earnings situation of the Chrysler Group
as quickly, comprehensively and sustainably as possible,
measures to increase sales and cut costs in the short term are
being examined at all stages of the value chain, in addition to
structural changes being reviewed as well.  The positive
development of volumes and earnings in Mexico and Canada as well
as in other international markets also offer opportunities for
further improvements.

                     About DaimlerChrysler

Headquartered in Stuttgart, Germany, DaimlerChrysler AG
-- http://www.daimlerchrysler.com/-- engages in the  
development, manufacture, distribution, and sale of various
automotive products, primarily passenger cars, light trucks, and
commercial vehicles worldwide.  It primarily operates in four
segments: Mercedes Car Group, Chrysler Group, Commercial
Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia, and Thailand.


FORMAX LTD: Members and Creditors to Hear Wind-Up Report
--------------------------------------------------------
Members and creditors of Formax Ltd will hold a meeting on
October 16, 2006, at 10:00 a.m. for them to receive Liquidator
Kuen's final account showing how the Company was wound up and
how its property was disposed of.

The Liquidator can be reached at:

         Yim Ping Kuen
         Liquidator
         Unit 3515, 35/F, West Tower
         Shun Tak Centre, 168-200
         Connaught Road Central
         Hong Kong


HARTCOURT COS: Kabani & Company Raises Going Concern Doubt
----------------------------------------------------------
Kabani & Company, Inc., in Los Angeles, California, United
States, raised substantial doubt about The Hartcourt Companies,
Inc.'s ability to continue as a going concern after auditing
their consolidated financial statements for the year ended
May 31, 2006.  The auditor pointed to the Company's negative
cash flow from operations and accumulated deficiencies.

The Company reported a comprehensive net loss of US$2,723,608 on
US$42,089,683 of net sales for the year ended May 31, 2006.

At May 31, 2006, the Company's balance sheet showed US$9,533,233
in total assets, US$5,928,701 in total current liabilities,
US$738,977 in minority interests, and US$2,865,555 in total
shareholders' equity.

A full-text copy of the Company's annual report is available for
free at http://ResearchArchives.com/t/s?1220

                          *     *     *

Headquartered in Shanghai, China, The Hartcourt Companies Inc.
was incorporated in Utah.  The Company specializes in the
Chinese information technology market.  In August 2006, the
Company decided to enter the post-secondary education market in
China.


HOME CROWN: Members to Get Liquidator's Wind-Up Report on Oct. 8
----------------------------------------------------------------
Members of Home Crown Trading Ltd, which is in liquidation, will
meet on October 8, 2006, 11:00 a.m., at Unit 503, Dina House,
Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong.

During the meeting, Liquidators Yu King Tin and Ng Wai Cheong
will report on the Company's wind-up and property disposal
exercises.


INTERNATIONAL XIAMEN: Appoints Joint and Several Liquidators
------------------------------------------------------------
On September 6, 2006, Desmond Chung Seng Chiong and Roderick
John Sutton were appointed joint and several liquidators of
International Xiamen (H.K.) Ltd.

The Joint and Several Liquidators can be reached at:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         Ferrier Hodgson Limited
         14/F., Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


GOODLOY FOOD: Wind-Up Petition Hearing Slated for October 18
------------------------------------------------------------
A wind-up petition against Goodloy Food & Beverages Investment
Ltd will be heard before the High Court of Hong Kong on
October 18, 2006, at 9:30 a.m.

Lau Pak Yan filed the petition with the Court on August 18,
2006.

The Solicitor for the Petitioner can be reached at:

         Joe Poon
         For Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


LERIC INTERNATIONAL: Court to Hear Wind-Up Bid on October 25
------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Leric International Ltd on October 25, 2006, at 9:30 a.m.

Show Win Industries Ltd filed the petition with the Court on
August 21, 2006.

The Solicitor for the Petitioner can be reached at:

         Lee Chan Cheng
         16/F, Fung House
         19-20 Connaught Road, Central
         Hong Kong


MAYSON ENGINEERING: Court to Hear Wind-Up Bid on October 18
-----------------------------------------------------------
The wind-up petition filed against Mayson Engineering Company
Ltd will be heard before the High Court of Hong Kong on October
18, 2006, at 9:30 a.m.

Chan Kim Lun filed the petition with the Court on August 18,
2006.

The Solicitors for the Petitioner can be reached at:

         Joe Poon
         For Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


OVERSEAS CROWN: Members Final Meeting Slated on October 18
----------------------------------------------------------
Members of Overseas Crown Development Ltd will convene for their
final meeting at 1902 MassMutual Tower, 38 Gloucester Road,
Wanchai, Hong Kong on October 18, 2006, at 10:00 a.m.

At the meeting, Liquidator Ngan Lin Chun, Esther will present
accounts of the Company's wind-up and property disposal
exercises.

The Troubled Company Reporter - Asia Pacific previously reported
that creditors were required to submit their proofs of claim by
August 21, 2006.

The Liquidator can be reached at:

         Ngan Lin Chun, Esther
         1902, MassMutual Tower
         38 Gloucester Road, Wanchai
         Hong Kong


POINT HARVEST: Appoints Jeffy as Liquidator
-------------------------------------------
On September 4, 2006, members of Point Harvest Ltd resolved to
wind up the Company's operations and appointed Chu Jeffy as
liquidator.

The Liquidator can be reached at:

         Chu Jeffy
         Flat B, 1/F., Wah Lai Court
         19-23 Cedar Street, Kowloon
         Hong Kong


SAMPOERNA HK: Proofs of Debts Due on October 18
-----------------------------------------------
Liquidator Cheung Po Kwan requires creditors of Sampoerna Hong
Kong Co. Ltd to submit their proofs of debts on October 18,
2006.

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

The Troubled Company Reporter - Asia Pacific reported that on
September 4, 2006, members of the company appointed Cheung Po
Kwan as Sampoerna's liquidator.

The Liquidator can be reached at:

         Cheung Po Kwan
         20/F, Euro Trade Centre
         21-23 Des Voeux Road Central
         Hong Kong


SINO MEDIA: Members & Creditors to Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of Sino Media Group (SMG) Ltd will
hold separate meetings on September 26, 2006, at Room 32B1, 32nd
Floor, One Pacific Place, 88 Queensway, Hong Kong.

During the meetings, Liquidators Lai Kar Yan, Derek and Darach
E. Haughey will report on the Company's wind-up and property
disposal exercises.


SUNCO MANUFACTURING: Final Members Meeting Set on October 17
------------------------------------------------------------
The final meeting of the members of Sunco Manufacturing Ltd will
be held on October 17, 2006, 3:00 p.m., at Flat F, 28th Floor,
Block 3, Kwai Fong Terrace, No. 15 Kwai Yi Road, Kwai Chung, New
Territories, Hong Kong.

At the meeting, Liquidator Fung Chi Keung will report on the
Company's wind-up and property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that on
July 6, 2006, members of the company appointed Fung Chi Keung to
manage the Company's liquidation.

The Liquidator can be reached at:

         Fung Chi Keung
         Flat F., 28th Floor, Block 3
         Kwai Fong Terrace, No 15
         Kwai Yi Road, Kwai Chung
         New Territories, Hong Kong


TWIN WORLD HOLDINGS: Creditors' Proofs of Claim Due on Oct. 20
--------------------------------------------------------------
The liquidation of Twin World Holdings Ltd commenced with the
appointment of Cheng Faat Ting, Gary as its liquidator on
September 4, 2006.

Mr. Cheng now requires the company's creditors to submit their
proofs of claim by October 20, 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:

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


TWIN WORLD LTD: Creditors Must Prove Debts by October 20
--------------------------------------------------------
Liquidator Cheng Faat Ting Gary requires the creditors of Twin
World Ltd to submit their proofs of debt by October 20, 2006, or
be excluded from sharing in any distribution the company will
make.

Members of the company resolved on September 4, 2006, to
voluntarily wind up its operations.

The Liquidator can be reached at:

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


WINFIELD LEGEND: Creditors Proofs of Claim Due on October 16
------------------------------------------------------------
Liquidator Tse Wai Hing requires the creditors of Winfield
Legend Ltd to submit their proofs of claim by October 16, 2006.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.

According to the Troubled Company Reporter - Asia Pacific,
members of the Company agreed to voluntarily wind up the
company's operations September 13, 2006.

The Liquidator can be reached at:

         Tse Wai Hing
         1403-4, 14/F, Nan Fung Tower
         173 Des Voeux Road, Central
         Hong Kong


XINXING (HONG KONG): Faces Wind-Up Proceedings
----------------------------------------------
A petition to wind up Xinxing (Hong Kong) Ltd will be heard
before the High Court of Hong Kong on October 18, 2006, at 9:30
a.m.

The Bank of China (Hong Kong) Ltd filed the petition with the
Court on August 18, 2006.

The Solicitors for the Petitioner can be reached at:
         
         Tsang, Chan & Wong
         16/F, Wing On House
         No. 71 Des Voeux Road Central
         Hong Kong


YORK ELECTRONIC: To Declare First and Final Dividend on Oct. 14
---------------------------------------------------------------
York Electronic Works Ltd will declare its first and final
dividend on October 14, 2006.

Creditors who were unable to prove their claims will be excluded
from sharing in any distribution the Company will make.

The Troubled Company Reporter - Asia Pacific reported that
creditors were required to submit their proofs of debt by
July 17, 2006.

The Liquidator can be reached at:

         Andrew George Hung
         Yau Sun Yu, Sonia
         Room 1603, 16/F., Grand Centre
         8 Humphreys Avenue, Tsimshatsui
         Hong Kong


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

BAUSCH & LOMB: Cuts 400 Temporary Manufacturing Jobs
----------------------------------------------------
Bausch & Lomb Inc. has said that it will cut about 400 contact
lens manufacturing jobs, with most of the cuts coming from
plants in Europe and the United States, Reuters reports.

The eye-care company said that most of the jobs were temporary
positions.  The company employs about 13,700 people worldwide.

According to Reuters, the adjustments, which were made as the
company shifts to newer contact lens designs, affect plants in
Waterford, Ireland; Livingston, Scotland; and Rochester, New
York.  Bausch said it might rehire some of the temporary
employees next year as it adopts more automated, advanced
manufacturing technologies in its contact lens lines.

The company said it had added to its temporary work force to
ramp up production of its PureVision silicone hydrogel contact
lens.

Reuters relates that Bausch has been plagued with problems
ranging from accounting irregularities at foreign subsidiaries
to failure to file its financial results on time.  The company
also slashed its 2006 financial outlook last month after being
hit with a massive worldwide recall of a popular contact lens
solution.

Reuters adds that in August 2006, Bausch had said that it
expects 2006 earnings of US$70 million to US$80 million before
taxes, on net sales of US$2.33 billion to US$2.4 billion.

                    Product Recall Worldwide

The Class Action reporter stated on May 18, 2006, that Bausch &
Lomb has decided to permanently remove the ReNu with MoistureLoc
product worldwide after a meeting with the United States Food  &
Drug Administration.

The CAR report explained that on May 11, 2006, a team from
Bausch & Lomb met with FDA officials to share information
resulting from the company's internal investigation into cases
of Fusarium keratitis associated with ReNu with MoistureLoc.

Bausch & Lomb has proposed that unique characteristics of the
formulation of the ReNu with MoistureLoc product in certain
unusual circumstances can increase susceptibility to the
Fusarium infection.

The FDA will continue to review cultures and epidemiological
data and if there is new information that adds to or changes the
company's current understanding, the company will act on it in a
timely and appropriate manner.

As part of the joint Center for Disease Control & Prevention and
the FDA investigation, field officers have been inspecting the
Bausch & Lomb plant and facilities in Greenville, South
Carolina, since Mar. 22, 2006.  While the plant inspection is
being finalized, there is still some additional testing to be
completed.  The agency plans to issue observations from the
inspections imminently.

ReNu with MoistureLoc contact lens solution, manufactured in the
Greenville, plant, was voluntarily withdrawn from the market in
the U.S. on Apr. 13, 2006.  To date, a majority of the confirmed
Fusarium cases have been associated with the ReNu with
MoistureLoc

ReNu with MoistureLoc had annual sales of US$100 million.
Analysts have estimated that the company may face US$500 million
to US$1 billion in potential liability from the infection.

                      About Bausch & Lomb

Based in Rochester, New York, Bausch & Lomb Inc. --
http://www.bausch.com/-- is engaged in the development,  
manufacture and marketing of eye health products.  Its core
businesses include soft and rigid gas permeable contact lenses
and lens care products, and ophthalmic surgical and
pharmaceutical products.  The company is organized into three
geographic segments: the Americas; Europe, Middle East and
Africa, and Asia (including operations in India, Australia,
China, Hong Kong, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan and Thailand.  Its additional operating
segments, which are managed on a global basis, are the Research,
Development and Engineering organization and the Global Supply
Chain Organization.  In each geographic segment, Bausch & Lomb
markets products in five product categories: contact lenses,
lens care products, ophthalmic pharmaceuticals, cataract and
vitreoretinal surgery, and refractive surgery.


CANARA BANK: Asserts INR11.75-Crore Claim from Actress' Family
--------------------------------------------------------------
Canara Bank is demanding from actress Amisha Patel and her
family payment of MYR11.75 crore, which they obtained from the
bank in 2001 to finance their business, The Times of India
reveals.

According to the report, Canara Bank's lawyer, Nishit Dhruv,
issued on September 9, 2006, a claims payment notice to the
Patel family and their Nashik-based firm, Jai Electronics.  

The Patel family were requested to settle the amount within
seven days from Sept. 9, according to The Times.  Canara Bank
warned that it will take legal action against the family and the
firm if the amount is not fully paid by the due date.

Amisha's mother, Asha Patel, however, said that she was not
aware of this legal notice.

"There are attempts to malign our family and some vested
interests are behind this," she told The Times.

                         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.


KOTAK MAHINDRA BANK: Posts 125% Higher Profit for June Quarter
--------------------------------------------------------------
For the quarter ended June 30, 2006, Kotak Mahindra Bank Ltd
posted a consolidated profit after tax of INR104.43 crore, up
125% as compared with the INR46.47-crore profit after tax for
the quarter ended June 30, 2005, the bank announced in a press
release.

Consolidated total income for the first quarter of fiscal year
2006-07 was up 70% to INR776.58 crore as compared with
INR455.51 crore in first quarter of fiscal year 2005-06.

During current first quarter, consolidated fee income (including
life insurance premium) increased 87% to INR367.85 crore from
INR196.68 crore in first quarter of the previous fiscal year.
Significant contributors to the growth in fee income were
securities broking income, fees from investment banking, fees on
distribution of financial products and premium income from life
insurance business.

Consolidated advances were up 38% to INR10,652.65 crore as on
June 30, 2006 (INR7,204.27 crore as on June 30, 2005), with
retail loans comprising 86% of the portfolio.  Consolidated net
NPAs as on June 30, 2006, were 0.26% of consolidated net
advances (0.33% as on June 30, 2005).

Consolidated net interest margins for first quarter of fiscal
year 2006-07 were 5.3%, compared with the 5.1% in the first
quarter of fiscal year 2005-06.

Consolidated book value per share as on June 30, 2006, was
INR86.71, compared with INR49.10 as on June 30, 2005.

In April 2006, the bank raised INR450 crore (approximately
US$ 100 million) through an issue of 15,000,000 Global
Depository Shares.  Each GDS represents one underlying equity
share of INR10 each.

               Unaudited Bank Stand-Alone Results

The PAT of Kotak Mahindra Bank on a stand-alone basis for the
first quarter of fiscal year 2006-07 grew by 21% to
INR23.91 crore as compared with INR19.68 crore in the first
quarter of fiscal year 2005-06.  The above PAT is after
considering additional provision of INR2.96 crore on standard
assets and a provision of INR5.06 crore on account of liability
for employee benefits in accordance with AS 15.

Net interest income of the Bank for the first quarter of fiscal
year 2006-07 was INR111.41 crore, up 61% from INR69.30 crore in
the first quarter of fiscal year 2005-06.  Other income of the
Bank for the first quarter of fiscal year 2006-07 increased by
78% year-on-year to INR64.29 crore.

The bank had 65 full-fledged branches across 43 towns and cities
in India as on June 30, 2006.  The bank proposes to have around
110 branches by March 2007 across 65 towns and cities.

As of June 30, 2006, Kotak Mahindra's deposits were
INR7,648.93 crore up 57% as compared to INR4,881.86 crore as on
June 30, 2005.  The bank had around 200,000 deposit accounts as
of June 30, 2006 (86,300 deposit accounts as of June 30, 2005).

Advances of the bank grew by 67% YoY to INR7,251.53 crore as of
June 30, 2006.

Capital adequacy ratio of the Bank as of June 30, 2006, was
14.66% (12.52% as of June 30, 2005).

                      Business Highlights

   * Kotak Mahindra Bank emerged winner in 33 categories in the
     Asiamoney Private Banking Poll 2006; including the Best
     Private Bank award in Southern Asia.

   * Kotak Investment Bank was awarded "Best Investment Bank In
     India" for 2006 by FinanceAsia.

   * Kotak Securities clocked average daily volumes of over
     INR4,040 crore during first quarter of fiscal year 2007
     (INR1,460 crore in first quarter of fiscal year 2006).

   * Total assets managed/ advised by the group as of
     June 30, 2006, were INR18,230 crore (INR10,530 crore as of
     June 30, 2005).

   * Kotak Life Insurance total premium income was
     INR123.66 crore in first quarter of fiscal year 2007
     (INR59.2 crore in first quarter of fiscal year 2006).

   * The group employee strength was around 7,800 as of
     June 30, 2006 (around 4,800 employees as of June 30, 2005).

   * On May 31, 2006, Kotak Mahindra Group completed the buy-out
     of 25% stake held by Goldman Sachs Mauritius LLC in Kotak
     Mahindra Capital Company Limited and Kotak Securities
     Limited for an aggregate consideration of INR333 crore.
     The transaction has resulted in an increase in consolidated
     net worth by INR28.15 crore.

                Proposed Internal Restructuring

The board of directors of the bank have granted an "in-
principle" approval for the restructuring of its subsidiaries of
the bank, subject to necessary approvals:

   * De-merger of the Trading and Principal (including Primary
     Dealership) division of KMCC into the Bank.

   * De-merger of the Trading and Clearing operations and
     strategic investments division of Kotak Mahindra Securities
     Limited into KMCC.  Post the restructuring, KMSL shall
     carry on fund management business for alternate asset
     classes.

   * Making the five indirect subsidiaries as direct
     subsidiaries of the bank.

As a result of the abovementioned restructuring, it is envisaged
that net worth of around INR175 crore will get consolidated into
the bank.

                      About Kotak Mahindra

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial  
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

Fitch Ratings assigned a '5' Support rating to Kotak Mahindra
Bank.


KOTAK MAHINDRA BANK: To Double Private Equity Fund
--------------------------------------------------
Kotak Mahindra Bank Limited is looking to almost double the size
of its private equity funds -- the India Growth Fund and the
Kotak Realty Fund -- by the end of the year, DNA Money reports.

Together worth US$325 million at present, the fund house is set
to touch US$700 million.

Almost half the money raised will go towards tapping investment
opportunities in the real estate sector, with individual deal
sizes ranging between US$5 million and US$10 million, Nitin
Deshmukh, head of private equity at Kotak Mahindra Bank, said.

The US$225-million IGF was launched in late 2004 in partnership
with SEAF Management LLC, USA.  It was aimed to invest primarily
in dynamic and fast-growing sectors.

Kotak Realty Fund, which has got capital commitments worth
US$100 million and is still in the market, was launched in May
2005 to seek equity investments in development projects,
enterprise level investments in real estate operating companies
and real estate intensive businesses.

Competition for real estate investments is set to get aggressive
with ICICI Ventures' US$300 million property fund, the INR1,464-
crore HDFC Property Fund, and the INR500-crore Anand Rathi
Realty Fund.

Kotak's IGF has concluded seven transactions so far with almost
70% of its initial corpus yet to be invested.  The realty fund
has already closed three deals in the range of US$10 million
each, Mr. Deshmukh told DNA Money.

"We are seeing excellent deal flows in the real estate sector
and our focus will be on it," said Mr. Deshmukh.

However, the strategy is to invest in projects that are mostly
in non-metro centers and away from mainline activity with lower
entry points, unlike in cities like Hyderabad where property
prices have skyrocketed over the past few months, Mr. Deshmukh
explained.

                      About Kotak Mahindra

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial  
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

Fitch Ratings assigned a '5' Support rating to Kotak Mahindra
Bank.


KOTAK MAHINDRA BANK: Allots Equity Shares Under ESOP
----------------------------------------------------
Kotak Mahindra Bank Ltd has informed the Bombay Stock Exchange
in a regulatory filing that the ESOP Allotment Committee of the
bank, at a meeting on September 14, 2006, has allotted 20,212
equity shares of INR10 each, pursuant to exercise of Employees
Stock Options granted under the Kotak Mahindra Equity Options
Plan 2002-03.

The bank had earlier allotted 50,000 equity shares on Sept. 1,
2006, and another 30,657 equity shares on Aug. 31, 2006.  All
previously allotted equity shares goes for INR10 each.

                      About Kotak Mahindra

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial  
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

Fitch Ratings assigned a '5' Support rating to Kotak Mahindra
Bank.


NTPC LTD: Aims 75,000 MW Production Capacity by 2017
----------------------------------------------------
NTPC Ltd has revised upwards its capacity addition programme for
the 12th Plan period to become a 75,000-megawatt company from
the present 26,194 mw, the Financial Express reports.

The company, last month scaled up its capacity addition target
for the 11th Plan period of 2007-12 to 21,941 mw from 17,333 mw.  
According to NTPC's projections, its installed capacity will be
more than 75,000 mw by 2017 instead of 66,000 mw fixed earlier.

NTPC informed the Bombay Stock Exchange that it has started work
on 23 power plants, with a total capacity of 21,941 mw.  Of
these, 12 are coal-fired projects with a total capacity of
18,940 mw.

Besides, it is working on three gas-based projects with a
capacity of 4,550 mw, three hydro projects with a capacity of
1,920 mw and five joint ventures with a capacity of 2,791 mw.

NTPC earlier reworked its plan to commission nuclear power
projects with the total capacity of 2,000 mw by 2013-14, from
the originally planned in 2017.

The company has already sought approval for its foray into
nuclear power.  NTPC has already tied up with Bharat Heavy
Electricals Ltd to bid for a 4,000 mw ultra mega power project.

                        About NTPC Ltd.

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal  
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


NXP BV: Moody's Assigns P(Ba2) Ratings to EUR3-Bln Senior Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Corporate Family Rating of
Ba3 to NXP B.V., the semiconductor operations spun-off by Royal
Philips.

At the same time, Moody's has also assigned a provisional P(Ba2)
rating to the prospective EUR3 billion senior secured notes as
well as a provisional P(B2) rating to the prospective EUR1.5
billion senior unsecured notes issued by NXP B.V. and NXP
Funding LLC under joint and several liability.

The debt is being issued in connection with the acquisition of
NXP by an investor consortium including KKR, Silver Lake, Bain
Capital, Apax Partners and Alpinvest.  Royal Philips is expected
to retain a 19.9% share in the company, but the ratings do not
assume any implicit or explicit credit support from Philips.  
The rating outlook is stable.

The Ba3 corporate family rating reflects:

   -- the company's broad portfolio of application-specific
      integrated circuits (ASICs) with strong, diversified
      customer relationships in the mobile phone, consumer
      electronics and automotive industries;

   -- an expectation of further material improvement in NXP's
      operating metrics in the course of comprehensive
      restructuring efforts initiated in 2005;

   -- the anticipation of solid liquidity resulting from about
      EUR700 million cash retained initially from the
      refinancing, a EUR500 million revolving credit facility,
      and a very long-dated maturity profile for its debt; and

   -- the expectation that the targeted level of operating cost
      flexibility and profitability will be substantially
      achieved to make the company more resilient to
      semiconductor industry volatility and allow for strong
      free cash flows.

The ratings are constrained primarily by the significant
increase in leverage following the recapitalization: NXP will be
one of the more highly leveraged semiconductor companies, with
about EUR5.0 billion gross debt compared to EUR4.3 billion
unrestricted, tangible assets, which could limit the company's
financial flexibility in anticipation of the next cyclical
downturn.

Compared to the financing strategies of other semiconductor
companies, NXP's adjusted leverage - as measured by a pro-forma
net debt/EBITDA at 4.0-times for FYE 2005 - is high.

The risk of elevated leverage levels is further exacerbated by:

   -- the execution risk relating to management's business
      program;

   -- uncertainty regarding management's assumption of strong,
      sustained revenue growth, which drives the targeted
      profitability improvements of the fixed cost intensive
      operations;

   -- a history of revenue volatility and operating losses in
      the years 2001 -2003;

   -- and an only modest 2.6% operating margin in 2005 rising
      to 5.2% in the last twelve months, so that evidence for
      the upturn in operating flexibility and performance is
      only gradually emerging.

Moody's notes that management targets an asset-light
semiconductor company, focusing on research, development, design
and marketing of semiconductors while outsourcing the
manufacturing of additional chip volumes to foundries in lower-
cost countries primarily in Asia.

At the same time, it targets a significant reduction of the
break-even point for the own operations, industry leading profit
margins and strong cash flows benefiting from reduced capital
expenditure requirements into the company's own asset base.

The ratings also take into consideration the challenges related
to the realization of such a strategy, while at the same time
having to develop a corporate infrastructure reflective of a
globally operating, EUR5 billion sales company.

The 1-notch uplift for the senior secured notes at (P)Ba2
reflects a sufficient cushion over debt ranking junior to the
notes as well as the benefit of the security giving priority
claim on essentially all assets-but-cash of the NXP group and
any disposal proceeds related to operating subsidiaries to the
secured debt holders, albeit ranking junior to a EUR500 million
unrated syndicated revolving credit facility.

The 2-notch difference of the senior unsecured notes rated (P)B2
compared to the Ba3 CFR primarily reflects the substantial
amount of debt ranking effectively ahead of senior unsecured
claims.

The outlook for all ratings is stable, based on the expectation
that the financial profile will only begin to show significant
improvements in line with the company's business plan in fiscal
year 2008.

Downward pressure could arise if, for instance, the company were
to lose major customers or if the semiconductor market were to
significantly contract with NXP revenues declining by more than
5% p.a., or if the company were to fail reaching a double-digit-
EBITA-margin and a material free cash flow in 2007.

The assigned ratings assume that there will be no material
variations to the draft legal documentation reviewed by Moody's
and that these agreements are legally valid, binding and
enforceable.  The provisional ratings will need to be affirmed
once final documentation is in place.

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- is one of the largest semiconductor  
companies worldwide, focusing on the designs and manufacture of
application-specific integrated circuits for the home
electronics, mobile communications, automotive and
identification technology application markets.  Next to that,
NXP is focusing via its multimarket product business on general
purpose and application specific standard semiconductor
products.  Revenues were EUR4.8 billion

The company has sales offices in these Asia Pacific countries:
India, Australia, China, Hong Kong, Indonesia, Japan, Korea,
Malaysia, New Zealand, Pakistan, Philippines, Singapore, Taiwan,
and Thailand.


NXP BV: Langlois Named Senior VP of Global Sales
------------------------------------------------
NXP Semiconductors (formerly Philips Semiconductors) has named
Pascal Langlois Senior Vice President of Global Sales, the
company announced in a press release.

Mr. Langlois will lead NXP's worldwide sales effort across all
markets and business units and report directly to CEO Frans van
Houten.

"Pascal is a world-class executive who brings great
semiconductor industry experience and a proven track record to
this important role at NXP," said Mr. van Houten.

Mr. Langlois previously served as Senior Vice President Channel
Management and Sales for Multimarket Semiconductors at NXP.  
Under his leadership, Philips Semiconductors significantly
improved its leadership position in distribution and the
Electronics Manufacturing Services (EMS) channel by creating one
of the largest and strongest partner networks in the industry.

Prior to his role as Senior Vice President Channel Management
and Sales for Multimarket Semiconductors, Mr. Langlois served as
Vice President and General Manager of Sales and Marketing for
the company's Automotive business unit, achieving significant
business growth globally.  It was also during his tenure that
Philips Semiconductors played a primary role in the creation of
the FlexRay Consortium, an alliance of automotive, semiconductor
and electronic system manufacturers.

Mr. Langlois started his career with Arrow-Jermyn and National
Semiconductors 22 years ago, also undertaking the role of Vice
President and General Manager Europe and Asia at VLSI Technology
before joining Philips Semiconductors.

Mr. Langlois replaces Maria Marced who has left NXP
Semiconductors for personal reasons.

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- is one of the largest semiconductor  
companies worldwide, focusing on the designs and manufacture of
application-specific integrated circuits for the home
electronics, mobile communications, automotive and
identification technology application markets.  Next to that,
NXP is focusing via its multimarket product business on general
purpose and application specific standard semiconductor
products.  Revenues were EUR4.8 billion

The company has sales offices in these Asia Pacific countries:
India, Australia, China, Hong Kong, Indonesia, Japan, Korea,
Malaysia, New Zealand, Pakistan, Philippines, Singapore, Taiwan,
and Thailand.

NXP, the semiconductor operations spun-off by Royal Philips,
carries Moody's Investors Service's 'Ba3' Corporate Family
Rating.  At the same time, Moody's has also assigned a
provisional P(Ba2) rating to the prospective EUR3-billion senior
secured notes as well as a provisional P(B2) rating to the
prospective EUR1.5 billion senior unsecured notes issued by NXP
B.V. and NXP Funding LLC under joint and several liability.


PRIDE INTERNATIONAL: S&P Affirms BB Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on contract driller Pride International Inc. and
removed the rating from CreditWatch with negative implications.
The outlook is stable.

As of June 30, 2006, Houston, Texas-based Pride had
US$1.01 billion in adjusted debt.

The rating action follows Pride's successfully filing of its
financial statements.  The company delayed its filing after
announcing earlier in the year that it would conduct an internal
investigation related to improper payments to foreign government
officials in its Latin American division.

"Although we view the ongoing investigation with restrained
concern, we believe management is taking appropriate steps to
address this issue and remediate internal control deficiencies,"
said Standard & Poor's credit analyst Jeffrey Morrison.

Operationally, Pride continues to generate stronger cash flow
and has meaningfully reduced debt leverage over the past two
years.  As a result, the company's credit metrics have improved
to more favorable levels for the ratings.

The stable outlook on Pride reflects our expectation that recent
financial profile improvement will allow the company to perform
to a level consistent with expectations for the current ratings
through the cycle.

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.   
The company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  The company has worldwide
operations, including India and Malaysia.


PRIDE INTERNATIONAL: Appoints Rodney Eads as EVP & COO
------------------------------------------------------
Pride International, Inc., has named Rodney W. Eads to the
position of Executive Vice President and Chief Operating
Officer, where he will assume responsibility for the Company's
worldwide offshore operations and Eastern Hemisphere land
assets.

Mr. Eads will join the Company immediately from Diamond Offshore
Drilling, Inc. where, since 1997, he has been Senior Vice
President, Worldwide Operations and responsible for Diamond's
offshore drilling fleet.  Mr. Eads previously was employed by
Exxon Corporation from 1980 to 1997 where he held several
executive and operations management positions, primarily in
international assignments, including Drilling Manager, Exxon
Company International.  Prior to that, Mr. Eads was a Senior
Drilling Engineer with Arabian American Oil Company and a
Petroleum Engineer with Cities Service Company.  He holds a
Bachelor of Science degree in Chemical Engineering from the West
Virginia Institute of Technology and a Master of Business
Administration degree from Rice University.

Louis Raspino, President and Chief Executive Officer, commented,
"We are happy to welcome Rodney to the Company and are excited
to benefit from his broad offshore and executive management
experience, including an extensive background in international
and deepwater operations from both an Operator and Drilling
Contractor perspective.  Rodney brings to our organization a
sharp focus on operational excellence and customer satisfaction,
and he will play a major leadership role in the continuing
transformation of Pride."

Headquartered in Houston, Texas, Pride International, Inc. --
http://www.prideinternational.com/-- is a drilling contractor.   
The company provides onshore and offshore drilling and related
services in more than 25 countries, operating a diverse fleet of
278 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackup rigs, 18 tender-assisted, barge
and platform rigs, and 218 land rigs.  The company has worldwide
operations, including in India and Malaysia.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on contract driller Pride International Inc. and
removed the rating from CreditWatch with negative implications.
The outlook is stable.  As of June 30, 2006, the Houston, Texas-
based Pride had US$1.01 billion in adjusted debt.

Fitch Ratings raised Pride International's Issuer Default Rating
to 'BB' from 'BB-'.  Fitch also raised the ratings on Pride's
senior secured revolving credit facility, senior unsecured notes
and their convertible senior notes.


SILICON GRAPHICS: New York Court Confirms Plan of Reorganization
----------------------------------------------------------------
The Plan of Reorganization of Silicon Graphics Inc. received
judicial confirmation, setting the stage for the company's
emergence from Chapter 11 in October 2006.

At a Sept. 19, 2006 hearing, the Hon. Burton R. Lifland ruled
that all the necessary requirements have been met for SGI to
implement its Plan of Reorganization.  Every voting class of
creditors voted overwhelmingly in favor of the plan.

"This is a great day for SGI," said Dennis P. McKenna, CEO and
Chairman.  "We have accomplished so much in just five months,
reaching our confirmation on the fast track that we expected.  
As we emerge, the recapitalization of the company will be
complete.  We have eliminated the legacy debt, improved our
liquidity and stabilized the business.  We have also taken out
significant costs -- US$150 million on an annualized basis.  We
have re-engineered the company and have a strong leadership team
that will be executing this plan.  Also of significance to the
growth of the company is that during this time, we retooled and
aligned our product portfolio to the strategic direction of the
company.  I want to thank our customers, vendors and employees
for supporting the company through this challenging period."

                         Exit Financing

SGI also received commitments for exit financing.  The financing
facility consists of an US$85 million term loan from Morgan
Stanley Senior Funding Inc. and a US$30 million line of credit
from General Electric Capital Corp. that will be used to pay off
the existing DIP financing, make distributions pursuant to the
plan, and provide working capital for the Company's ongoing
operations.

A full-text copy of the First Amended Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?11f2

                     About Silicon Graphics

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

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

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

Debtor affiliates filing separate chapter 11 petitions:

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

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

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


SILICON GRAPHICS: Enters Into US$115 Mil. Commitment Letter
-----------------------------------------------------------
The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for
the Southern District of New York authorized Silicon Graphics,
Inc., and its debtor-affiliates to:

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

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

As reported in the Troubled Company Reporter on Sept. 7, 2006,
the Debtors need an exit financing facility to:

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

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

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

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

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

                     About Silicon Graphics

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

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

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

Debtor affiliates filing separate chapter 11 petitions:

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

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

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


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

As reported in the Troubled Company Reporter on Aug. 24, 2006,
the Debtors and KPMG executed a revised engagement letter to
accurately reflect the firm's customary hourly rates.

The revised rates are:

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

                     About Silicon Graphics

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

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

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

Debtor affiliates filing separate chapter 11 petitions:

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

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

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


STATE BANK OF INDIA: Plans to Add 5.5 Lakh New Customers
--------------------------------------------------------
Buoyed by a INR578-crore profit earned in Madhya Pradesh and
Chhattisgarh in 2005-06, the State Bank of India plans to add
5.5 lakh new customers in the coming year to raise its deposits
by INR3,200 crore in the two states, the Hindustan Times reports

Deposits in the circle up to end of August 2006 amounted to
INR18,756 crore and advances stood at INR12,080 crore, SBI Chief
General Manager S Bhattacharya told reporters, adding that the
bank would inject INR1,515 crore in commercial advances and
INR1,200 crore in retail segment.

In the field of agriculture, where its credit has grown to
INR2,471 crore, the bank plans to pump INR900 crore, while
INR250 crore is sought to be injected by small scale industries
and INR230 crore in small business enterprises, Mr. Bhattacharya
said.

Mr. Bhattacharya added that the bank also intends to credit link
more than 11,000 micro-finance units in the entire geography of
the circle, for which the work of opening of savings bank
accounts of self-help groups had already started at its
branches.

With the present focus on personal banking, advances to
individuals have gone up by more than 381% since 2001 -- from
INR846 crore in March 2001 to INR4,069 crore as of August 31,
2006, adding such advances now contribute nearly 5% of the total
non-food advances compared to 16.40% in 2001.

For the convenience of farmers, SBI has issued 37,782 kisan
credit cards during 2006-07, taking the total number of cards
issued by it in the circle to 2,00,000, Mr. Bhattacharya said,
adding the bank has also issued 1,278 kisan gold cards to
farmers in the twin states during the current year.

Under the manufacturing, trade and services sectors, the loan
portfolio stands at INR3,918 crore as of August 31, 2006, being
more than 38% of the overall asset portfolio of the circle,
while fresh sanctions to the tune of INR300 crore was made to
the sector under regular schemes this year, Mr. Bhattacharya
said.

On modernization, the CGM said the bank is rapidly moving
towards a centralized database with a state-of-the-art core
banking solution to enable on-line, real-time transaction.

Internet banking for retail customers, using which the customer
can view his account, make request for drafts, cheque books and
carry out other transactions has been rolled out in 286 branches
in the circle, facilitating easier access to bank's services,
Mr. Bhattacharya said.

Besides, Internet banking facilities are being offered to
corporates in 96 branches.

                    About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the   
oldest and largest bank in India.  SBI, along with its associate  
banks, offers a wide range of banking products and services  
across client markets.  In 2005-06, SBI has embarked on  
implementing a business process re-engineering project to  
enhance customer service and profitability levels.  The bank has  
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of  
India's Long-term Issuer Default rating at BB+, Short-term  
rating at "B", Individual rating at "C" and Support rating at  
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank  
of India a BB+ long-term foreign issuer credit rating on  
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State  
Bank of India's foreign currency bank deposits, a Ba2/Not Prime  
rating on its domestic currency bank deposits, and a D Bank  
Financial Strength Rating in June 2006.


SYNDICATE BANK: Gains More Than 1M Customers from New Scheme
------------------------------------------------------------
Syndicate Bank has launched a campaign to reach out to at least
1 million customers in the "underprivileged" sector of the
society, Cybernoon News reports.

According to the report, the bank introduced a new no-frill
account called SyndSamanya to enable underprivileged individuals
to reap the benefits of banking by accepting their accounts even
with a zero balance.  The bank targets 500 new account holders
to each one of its 2,100 branches including newly opened
branches.

Syndicate Bank Chairman & Managing Director C.P. Swarnkar
motivated the Regional and Branch Heads of the branches to fan
out to the remotest village in their area of operation to bring
these persons to banking fold.

Cybernoon says that the campaign has been successful and bank
has in fact added 1.1 million accounts in just two month's time.  
Most of these accounts are of persons who were not been able to
take the benefit of banking institutions so far.  These accounts
will help them in availing credit facilities also in times of
need.

While about 100 branches have added more than 1000 accounts per
branch, about 1000 branches have added more than 500
underprivileged customers to their fold, the report says.  

In addition, the bank has launched a hassle free farmer friendly
credit scheme called SyndJaikisan.  It is a simplified system of
credit delivery to the farmers taking a holistic view of their
credit requirements, the report adds.

Meanwhile, the Syndicate Bank has begun targeting a large number
of private educational institutions n Agra by offering to open
ATMs on the institution premises, Vishal Sharma reports, citing
a bank official.

Executive Director George Joseph confirmed the plan while
inaugurating the bank's ATM at Anand Engineering College,
located on the Agra-Mathura highway.  
  
Talking to Business Standard, K P Singh, senior manager of
Syndicate Bank's Agra main branch, said Anand Engineering
College was part of the Sharda Group of Institutions, which was
a major client of the Syndicate Bank.  

                      About Syndicate Bank

Syndicate Bank Ltd.  -- http://syndicatebank.in-- provides a  
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.  

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


UNITED WESTERN BANK: Depositors Petition High Court
---------------------------------------------------
Depositors have filed a petition with the Bombay High Court
alleging that the United Western Bank Limited had informed them
regarding its amalgamation with state-run Industrial Development
Bank of India ltd, IndLaw.Com reports.

The report explains that a division bench comprising justices R
M S Khandeparkar and V M Kanade were told that even the Reserve
Bank of India, which was aware that in the last two years the
UWB had made losses running to almost INR100 crore, did not
inform the depositors as to why a moratorium was imposed
recently on the UWB.  

A Troubled Company Reporter - Asia Pacific report on Sept. 15,
2006, stated that the Union Government placed United Western
under a moratorium based on an application from the Reserve Bank
of India, after the bank posted huge losses in the last two
years due to inefficient management.  The losses led to net
worth erosion and a negative capital adequacy ratio.  The
moratorium will run from September 2, 2006, to December 1, 2006,
under which depositors will be allowed to withdraw a maximum of
INR10,000 at any of the bank's branches, but not through the use
of ATMs.

The TCR-AP report adds that in exceptional circumstances
including, medical treatment, higher education, marriage
expenses or any other emergency, depositors will be allowed to
withdraw more than INR10,000.

The petitioners contended that they had tried to obtain
information from the UWB but were denied the same.  They
contended that the amalgamation is not required, as more than
70% of the customers were satisfied with the services of the
bank.

                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 has assigned a
financial strength rating of D- and long- and short-term foreign
currency deposit ratings of Ba2/Not-Prime to Industrial
Development Bank of India Limited.  All ratings have stable
outlooks.  The bank's existing Baa2 foreign currency senior
unsecured debt rating is unaffected by this action.
Additionally, Standard & Poor's Ratings Services gave Industrial
Development Bank of India' long term foreign issuer credit a BB+
rating on April 19, 2006.

                    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.


* Reserve Bank Names Five Potentially Troubled Banks
----------------------------------------------------
The Reserve Bank of India has identified at least five
commercial banks that show symptoms of being troubled, The
Financial Express reveals.

The report says that among the potentially troubled banks are:

   1) Sangli Bank;
   2) Ratnakar Bank;
   3) Lakshmi Vilas Bank;  
   4) Dhanalakshmi Bank; and
   5) Development Credit Bank.

According to the Reserve Bank, a quick look at the net worth and
financial statements of these banks in the last two years, the
capital adequacy ration, and the net performing assets ratio
indicates they are borderline cases.  The banks, however, have
not reached the stage where a moratorium is necessary to protect
the interests of shareholders, The Financial Express says.

Another political indicator of these banks' weakness is the
clamor by Left parties, which are demanding a merger or a
takeover by stronger public sector banks, the report says.  They
believe that the regulator must move fast and facilitate this
before these banks fail.

Weak banks present the only window of opportunity to foreign
banks to expand quickly in India.  According to the Reserve
Bank, only weak banks specifically identified by it will be
available for acquisition by banking entities in the run-up to
opening up of the banking sector, The Financial Express adds.


* DFID Approves Restructuring of 34 Sick PSUs
---------------------------------------------
The British Government's Department of International Development
has approved the West Bengal Government's package for
restructuring the 34 sick public sector units that will be taken
up in the second phase of PSU reforms in the state, Express
India reports.

According to Express India, the state government prepared the
detailed package about six months back and sent it to the Union
Government's ministry of economic affairs for their clearance.  
The DFID approved the package after the ministry gave its
clearance.

"The DFID's New Delhi office has approved the plans and sent
them to their department at London for their approval," Ardhendu
Sen, principal secretary, department of public sector
enterprises and industrial reconstruction, said.

In order to implement its restructuring plans, the government
will have to spend INR900 crore, and has asked the DFID for
INR700 crore, Express India notes.

"We have asked for INR700 crore but the DFID said they would not
be able to give us that amount of money.  However, the remaining
amount will be paid by the state government," Mr. Sen further
said.

The report says that a team of DFID officials headed by Chris
Chalmers had come to Kolkata and had a series of meetings
spanning over the last three days to make an assessment of the
state government's performance in the first phase of
restructuring that included 34 sick PSUs.

"The officials reviewed the situation in the four concerns that
were retained by the state government-Britannia Engineering,
Gluconet Health, Saxby Weston and Durgapur Chemicals.  They also
took stock of the situation in the three companies for which the
state government went in for joint ventures-Angel India, West
Bengal Industries and Great Eastern Hotel.  And after making an
assessment of the situation in the process of restructuring they
expressed their happiness," Mr. Sen said.

The DFID also made an assessment of the work done by Social
Safety Net Programme, the agency hired by the state government
to reskill the employees of the sick PSUs, Express India
relates.  Hyderabad-based Institute of Public Enterprises was
roped in to make an assessment of SSNP and IPE made presentation
on its observations and recommendations on SSNP to the DFID.


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

BHARAT PETROLEUM: Workers Go on Nationwide Strike
-------------------------------------------------
More than 15,000 Bharat Petroleum Corporation Limited workers
went on a nationwide strike on September 19 and 20, The Hindu
reported last week.

According to press reports, the workers were protesting against
the management's "rigid stand and refusal" to remove the wide
disparity in payment of performance-linked incentive by changing
the established practice against them and in favor of senior
managers.

The strike call, given by various Bharat Petroleum unions,
covered all refineries and the marketing network.

Chennai Online relates that the 48-hour strike by a section of
the BPCL employees in Tamil Nadu did not affect the functioning
of the organization.

In the city, only a group joined the strike and protection was
offered to those who wished to work, Chennai Online says.

According to Indlawnews.com, the Madras High Court had
restrained the Bharat Petroleum Employees Union and Petroleum
Workers Union, Chennai, from stopping employees who were willing
to work.

Indlawnews notes that Justice M E N Patrudu, who passed the
interim order, also directed the Commissioner of Police -- at
Bharat Petroleum's request -- to give full protection to the
employees who went to work.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
Company registered a INR203-crore (US$45.7 million) net loss.  
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.


EXCELCOMINDO PRATAMA: Selects Ericsson to Build 3G Network
----------------------------------------------------------
Ericsson has been selected by PT Excelcomindo Pratama Tbk to
build its 3G/WCDMA network in Indonesia by providing High-Speed
Packet Access to enhance the end-user experience, The Edge Daily
reports.

In a statement on Sept 21, Ericsson said it would also supply
Excelcomindo with its Mobile Softswitch Solution for nationwide
deployment, as well as business consulting services.

Moreover, under its agreement with Excelcomindo, Ericsson will
supply radio access products and be responsible for the
performance and improvement of the radio network, as well as
providing operations and maintenance services.  It said the 3G
network deployment included Java, Bali and Lombok, with a focus
on six major cities.

Ericsson will also provide business consulting to support
Excelcomindo in its preparation for the launch of its 3G
network.

The Edge quotes Excelcomindo president director Hasnul Suhaimi
as saying: "Our decision to form this mutually beneficial
partnership with Ericsson is based on Ericsson's experience in
providing cutting-edge telecommunication technology and
reliability in delivering its services."

                       About Excelcomindo

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

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

                          *     *     *

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

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


* JCR Upgrades Indonesia's Long-Term Senior Debt Ratings to BB-
---------------------------------------------------------------
Japan Credit Rating Agency has upgraded the rating on the
foreign currency and local currency long-term senior debts of
the issuer from B+ and B+ to BB-/Stable and BB/Stable,
respectively.

The upgrade reflects Indonesia's improved resilience to external
shocks due to steadily declining levels of external and
government debts on the backdrop of stabilized macro-economy and
improved fiscal structures of government.  Although the still
high level of external debts and relatively heavy debt service
burden renders the country susceptible to fluctuation of the
exchange rate induced by private capital flows, levels of the
debts are likely to stay on a gradual decreasing path supported
by prudent macro-economic management.  The stable outlooks on
the ratings balance prospect of continued decrease in levels of
both external and government debts, against remaining
vulnerability associated with still high level of debts and
heavy debt service burden.  If the government will succeed to
improve the mid-to-long term growth prospects by reinvigorating
both foreign direct and private domestic investment through
various reforms, the ratings could be further upgraded.

1. Amid robust economic growth, relative stability of exchange
   rate and persistent central government primary surpluses,
   level of general government debts has been decreasing, and
   gross debts (including IMF loans) at end-June was 44% of GDP,
   much lower than 103% at end-2000.  Fiscal position of the
   government, which once deteriorated markedly due in part to
   heavy interest burden of rupiah denominated bonds issued from
   1999 by the government to recapitalize devastated banks, are
   stabilizing.  With steady economic recovery and replacement
   of a part of variable interest bonds with fixed ones,
   outstanding of the former bonds relative to GDP decreased to
   6% at end-August 2006 from 19% at end-1999, making the fiscal
   position more resilient to domestic interest hikes.  In
   addition, substantial reduction in fuel subsidies, carried
   out in 2005 despite its political sensitivity, rendered the
   fiscal position much less affected by international oil price
   hikes.

2. While the fiscal deficit remains small, amounting to 0.5% of
   GDP in 2005 and expected to be within 1.2% in coming years,
   gross financing needs (i.e. fiscal deficits plus gross debt
   amortization) will be large with relatively heavy debt
   redemptions, making its estimated ratio to GDP around 3.5% in
   2006 and 2007.  As the remaining assets in the Asset
   Management Company and state assets with near term prospects
   for privatizations are limited, the government has to
   increasingly rely on bond financing in coming years.  In
   views of facilitating smooth and stable bond issuance, it is
   important to develop deep and liquid secondary markets of
   rupiah denominated government bonds. Some market turbulences
   have been seen in the past years induced by huge and abrupt
   redemptions of mutual funds investing in government bonds.
   JCR thinks it desirable to prevent recurrence of such
   incidents by putting an appropriate regulatory system in
   place.  On the other hand, JCR acknowledges commendable
   achievements in domestic debt management, which effectively
   lengthened maturity profile while containing the portions of
   variable interest rate bonds.

3. The contingent risk stemming from banking sector is becoming
   moderate as banks' financial standing is improving amid
   steady economic growth.  Although a substantial increase in
   non-performing loans at big state-owned commercial banks has
   been seen, these are isolated incidents at these weakly
   governed banks with insufficient risk management, and thus
   not indicate any system-wide deterioration of banking assets,
   in JCR's view.  JCR thinks that the authority has been taking
   steps in the right direction aiming at expediting clean-up of
   these banks' balance sheet, by tightening asset
   classification guideline and introducing measures to
   facilitate restructurings of loans held by state owned banks.
   With regard to liabilities associated with sub-national
   governments, lack of information regarding fiscal and debts
   positions, and financial performance of entities owned by
   them make it difficult for the central government to monitor
   and control the direct and contingent liabilities of
   consolidated general government.  For effective debt
   management, the government needs to establish data collection
   systems, with technical assistance from multinational
   institutions.

4. Although still high, level of external debts has been
   steadily decreasing in past years.  Debts net of liquid
   assets (i.e. international reserves and external assets of
   deposit money banks) was US$78.0 billion at end-June, 2006,
   amounting to 79% of annual export of good and services in
   2005, far lower than 207% at end-1998.  Nevertheless,
   Indonesia remains vulnerable to fluctuation of the exchange
   rate associated with capital flows because of high level of
   external debts and relatively heavy debt service burden.  As
   debt services relief provided by Paris Club creditors
   following tragic tsunami in December 2004 expires, external
   debt service burden increases from 2006.  Gross external debt
   service (including interest) of public and private sector in
   2006 and 2007 will be more than US$20 billion, exceeding 20%
   of goods and services export in 2005, although it is expected
   to decline slowly through 2009 thereafter.

5. In the late August of 2005, rupiah exchange rate depreciated
   sharply, driven by sudden and large private capital outflow,
   partly induced by loss of investors' confidence in face of an
   inadequate coordination of macro-economic policies such as
   failure to respond promptly to surging inflationary
   pressures.  In May 2006, rupiah exchange rate depreciated
   much more sharply than its counterparts of neighboring
   countries amid world-wide capital outflow from emerging
   markets countries.  Due in part to remaining restrictions on
   short term foreign exchange swap transactions, foreign
   exchange markets are thin and susceptible to private capital
   flows induced by shifts in investors' sentiment, easily
   translating into higher level of external debt and its
   service burden.  Right after market turbulence in August
   2005, fuel subsidies were substantially reduced in view of
   improving fiscal structure, and the central bank implemented
   successive rounds of monetary tightening.  In addition,
   highly respected technocrats assumed important posts of
   economic coordinating minister and finance minister in
   limited-scale cabinet reshuffle in December 2005.  These
   events, being perceived as signs of government's firm
   commitment to prudential macro-economic management, brought
   about a dramatic reversal of investors' sentiment, which led
   to substantial portfolio capital inflow.  In order to avoid a
   recurrence of balance-of-payment pressures possibly emanating
   from outflow of these capitals, effective macro-economic
   policy coordination is required.  Amid easing inflationary
   pressures, the central bank started gradual monetary easing
   from May 2006, effectively disseminating their policy
   intentions to financial markets and discreetly controlling
   the pace of easing while paying close attentions to global
   capital markets conditions.  To date, they have succeeded to
   avoid inviting any slight balance-of-payment pressures by
   monetary easing while many other central banks keeping
   tightened monetary conditions.

6. The stable outlooks on the ratings balance prospect of
   continued decrease in levels of both external and government
   debts, against remaining vulnerability associated with still
   high level of debts and heavy debt service burden.  Although
   relatively robust, economic growth in recent years has failed
   to create sufficient employment to fully absorb growing
   entrants to labor force, leading to surging unemployment
   rate.  While the government made various efforts to improve
   economic structure, reduce corruption, and improve investment
   climate, the outcome of these efforts to date is mixed.  
   Labor market reform and electricity price hike, for example,
   have been met with strong oppositions and forced to be
   postponed.  If the government succeeds to improve the mid-to-
   long term growth prospects by reinvigorating both foreign
   direct and private domestic investment through various
   reforms, the ratings could be further upgraded.
   On the other hand, ratings will be under downward pressure if
   many of the reform measures aiming at enhancing economic
   structure stall at oppositions from various parties including
   vested interests, or if policy coordination failures among
   various parts of the government surfaces again like in 2005
   and obstructs prompt and appropriate response to emerging
   adverse macroeconomic developments.


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

AIFUL CORPORATION: Pays JPY260-Million Back Taxes
-------------------------------------------------
Aiful Corporation has paid around JPY260 million in back taxes
after failing to report its JPY850-million income for the year
ended March 2005, CrissCross News reports.

The company has agreed to pay in full the arrears to the Osaka
Regional Taxation Bureau despite its different opinion regarding
the matter, the report says.

According to CrissCross, the tax bureau alleged the moneylender
recorded loan losses although it was actually collecting loan
money from borrowers.

As reported by The Japan Times, Aiful and other Japanese
consumer loan companies have been criticized for "using"
borrowers' lives as collateral for loans.  Consumer loan
companies often purchase group life insurance contracts after
providing credit to borrowers.  If the debtor dies of illness or
commits suicide, the lender collects on the policy.

In response to the criticism, life insurers are expected to ask
moneylenders to be more careful in obtaining borrowers' consent
when buying life insurance, prompting concern among lenders
about administrative costs and higher premiums as the number of
insured borrowers falls, The Japan Times says,

Aiful, however, decided to stop taking out life insurance
policies on borrowers, citing the criticism, higher costs and
premium hikes, the report adds.

Meanwhile, shares of Japanese consumer lenders including Aiful
Corp. dropped after Nikko Citigroup Ltd. lowered profit and
price estimates for the companies citing increased costs and a
deteriorating outlook for loan growth, Bloomberg News reveals.  
Aiful slid JPY170, or 3.9%, to 4,160 on September 21, 2006.

                          *     *     *

Aiful Corporation -- http://www.ir-aiful.com/english/-- is the  
largest Japanese consumer finance company. The Company provides
financial services such as unsecured/non-guaranteed loans and
commerical/real estate collateral loans.  Currently the company
is based in Kyoto and has annual profits of close to JPY100
billion on over JPY2 trillion worth of loans.

As reported by the Troubled Company Reporter - Asia Pacific on
April 21, 2006, the Financial Services Agency had suspended
Aiful's operations in March as punishment for intimidation and
illegal collection practices.  As a result of the business
suspension, Aiful expects its group net profit to fall 20.2% to
JPY52.54 billion for 2006.


APOGEE TECH: Accumulated Deficit Tops US$14.3 Million at June 30
----------------------------------------------------------------
Apogee Technology, Inc., posted a US$931,633 net loss on
US$340,799 of net revenues for the three months ended June 30,
2006, compared to a US$1,598,982 net loss on US$1,314,639 of net
revenues in 2005, the Company disclosed in its second quarter
financial statements on Form-10QSB to the Securities and
Exchange Commission.

As of June 30, 2006, the Company's accumulated deficit widened
to US$14,345,194 from a US$12,684,559 deficit at Dec. 31, 2005.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?118f

                    About Apogee Technology

Headquartered in Norwood, Massachusetts, Apogee Technology
(AMEX: ATA) -- http://www.apogeemems.com/-- designs, develops  
and markets proprietary sensor and medical device products using
its MEMS and nanotechnology for the automotive, industrial,
consumer and medical markets.  The Company operates a worldwide
marketing and sales organization.  In Japan, the company runs an
office in Yokohama City.

                      Going Concern Doubt

Miller Wachman, LLP, expressed substantial doubt about Apogee
Technology, Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the years ended
Dec. 31, 2005 and 2004.  The auditing firm pointed to the
Company's recurring operating losses and negative cash flows
from operations.


APOGEE TECH: Dr. Andrianov Named VP for Research & Development
--------------------------------------------------------------
Apogee Technology Inc. disclosed on September 6, 2006, that
Alexander Andrianov has joined the company as the Vice President
of Research and Development.  Dr. Andrianov will support the
design and development of novel drug coating and encapsulation
technologies for the Company's PyraDerm(TM) intradermal drug
delivery system.

Dr. Andrianov brings over 20 years experience in applications of
polymers as biomaterials and drug delivery systems.  Most
recently he was the founder Chief Scientific Officer of Parallel
Solutions from 2001 until 2005, where he developed biodegradable
polymers for protein delivery and discovered a new class of
potent vaccine immunoadjuvants.  Prior to starting Parallel, he
worked for Physical Science, Inc., as Principal Research
Scientist and at Avant Immuonotherapeutics, Inc., as Director of
Polymer Synthesis and Formulation.

Dr. Andrianov is listed as an inventor on over 35 patents and
patent applications and has published numerous technical papers.

Dr. Andrianov received his Ph.D. in Polymer Science from Moscow
State University in 1985 and served as a faculty member until
1991. He continued his academic training at the Massachusetts
Institute of Technology working with Professor Robert Langer.

                    About Apogee Technology

Headquartered in Norwood, Massachusetts, Apogee Technology
(AMEX: ATA) -- http://www.apogeemems.com/-- designs, develops  
and markets proprietary sensor and medical device products using
its MEMS and nanotechnology for the automotive, industrial,
consumer and medical markets.  The Company operates a worldwide
marketing and sales organization.  In Japan, the company runs an
office in Yokohama City.

                      Going Concern Doubt

Miller Wachman, LLP, expressed substantial doubt about Apogee
Technology, Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the years ended
Dec. 31, 2005 and 2004.  The auditing firm pointed to the
Company's recurring operating losses and negative cash flows
from operations.


DOLE FOOD: S&P Holds Ratings on Neg Watch After Product Warning
---------------------------------------------------------------
Standard & Poor's Ratings Services' ratings for Westlake
Village, California-based Dole Food Co. Inc. remained on
CreditWatch with negative implications following the company's
announcement that consumers should dispose of Dole-branded
packaged fresh spinach products (including "Spinach," "Baby
Spinach," and "Spring Mix" names) stamped with a Best-If-Used-By
date of Aug. 17, through Oct. 1, 2006.  The warning follows an
outbreak of E. coli in several states that was believed to have
originated from spinach products.

"The ratings initially were placed on CreditWatch with negative
implications on Aug. 9, 2006, following materially weaker-than-
expected financial performance in the first half of fiscal 2006,
which typically represents a substantial portion of cash flow"
said Standard & Poor's credit analyst Alison Sullivan.

On Sept. 15, 2006, a voluntary recall was issued by Natural
Selection Foods LLC of packaged fresh spinach that the company
produced and packaged under 28 different brand names, including
Dole.  All spinach items under the Dole label were produced and
packaged by Natural Selection Foods.  

As part of Standard & Poor's resolution of the CreditWatch
listing, the rating agency will monitor the investigation for
further developments and any impact on future pre-packaged salad
sales or damage to the Dole brand image.

Standard & Poor's also will review Dole's operating and
financial plans with management before resolving the CreditWatch
listing.

                            About Dole

Headquartered in California, U.S.A., Dole Food Company Inc.
-- http://www.dole.com/-- is a producer and marketer of fresh  
fruit, fresh vegetables and fresh-cut flowers, and markets a
line of packaged foods.  The Company has four primary operating
segments.  The fresh fruit segment produces and markets fresh
fruit to wholesale, retail and institutional customers
worldwide.  The fresh vegetables segment contains operating
segments that produce and market commodity vegetables and ready-
to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.  In March 2003, Dole was
acquired by its Chairman and Chief Executive Officer in a going-
private merger agreement.

Dole Japan Inc. is headquartered in Tokyo, Japan.

                          *     *     *

The Troubled Company Reporter reported on May 29, 2006, that
Fitch Ratings removed Dole Food Company, Inc. from Rating Watch
Negative, where it was placed on April 10, 2006, and downgraded
the company's Issuer Default Rating to B- from B and unsecured
debt to CCC+/RR5 from BB-/RR2 with Negative Outlook.

On August 11, 2006, Standard & Poor's Ratings Services placed
its corporate credit and other ratings on Dole Food Co. Inc.
(B+/Watch Neg/B-2) on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of S&P's review.  Total debt outstanding at the
company was about US$2.3 billion as of June 17, 2006.

On September 15, 2006, the TCR reported that Moody's Investors
Service placed the long-term ratings of Dole Food Company Inc.
and the B1 corporate family rating of its wholly owned
subsidiary Solvest Ltd. under review for possible downgrade.


DOLE FOOD: Supports Recall of Packaged Fresh Spinach Products
-------------------------------------------------------------
Dole Food Company Inc. disclosed that it supports the voluntary
recall issued by Natural Selection Foods LLC of packaged fresh
spinach that Natural Selection Foods produced and packaged with
Best-If-Used-By dates from Aug. 17, 2006, through Oct. 1, 2006.

These packages were sold under 28 different brand names, one of
which was DOLE(R).  Natural Selection Foods produced and
packaged all spinach items under the DOLE label (with the names
"Spinach," "Baby Spinach" and "Spring Mix").  Dole has no
ownership or other economic interest in Natural Selection Foods.

Consumers should dispose of any DOLE-branded packaged fresh
spinach products stamped with a Best-If-Used-By date of Aug. 17
through Oct. 1 as a precautionary measure in keeping with Dole's
commitment to consumer safety.

The Natural Selection Foods recall and the U.S. Food and Drug
Administration (FDA) statement do not impact any Dole products
other than DOLE Spinach, Baby Spinach and Spring Mix with Best-
If-Used-By dates from Aug. 17 through Oct. 1.  Products that do
not contain spinach are not a part of the Natural Selection
Foods recall.

Dole is committed to assisting the FDA, the California
Department of Health Services and other regulatory agencies in
their investigation and this recall by Natural Selection Foods.

The full text of the Food and Drug Administration statement is
available on-line at:
http://www.fda.gov/bbs/topics/NEWS/2006/NEW01450.html

                            About Dole

Headquartered in California, U.S.A., Dole Food Company Inc.
-- http://www.dole.com/-- is a producer and marketer of fresh  
fruit, fresh vegetables and fresh-cut flowers, and markets a
line of packaged foods.  The Company has four primary operating
segments.  The fresh fruit segment produces and markets fresh
fruit to wholesale, retail and institutional customers
worldwide.  The fresh vegetables segment contains operating
segments that produce and market commodity vegetables and ready-
to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States. In March 2003, Dole was
acquired by its Chairman and Chief Executive Officer in a going-
private merger agreement.

Dole Japan Inc. is headquartered in Tokyo, Japan.

                          *     *     *

The Troubled Company Reporter reported on May 29, 2006, that
Fitch Ratings removed Dole Food Company, Inc. from Rating Watch
Negative, where it was placed on April 10, 2006, and downgraded
the company's Issuer Default Rating to B- from B and unsecured
debt to CCC+/RR5 from BB-/RR2 with Negative Outlook.

On August 11, 2006, Standard & Poor's Ratings Services placed
its corporate credit and other ratings on Dole Food Co. Inc.
(B+/Watch Neg/B-2) on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of S&P's review.  Total debt outstanding at the
company was about US$2.3 billion as of June 17, 2006.

On September 15, 2006, the TCR reported that Moody's Investors
Service placed the long-term ratings of Dole Food Company Inc.
and the B1 corporate family rating of its wholly owned
subsidiary Solvest Ltd. under review for possible downgrade.


FORD MOTOR: Buying Rover Brand Name From BMW
--------------------------------------------
Ford Motor Co. will exercise its right to purchase the "Rover"
brand name from BMW AG, in order to prevent confusion regarding
the brand among customers, Newratings.com reports.

Ford purchased the Land Rover brand from BMW in 2000 and holds
the option to acquire the Rover brand as part of that deal.  
Land Rover is part of Ford's Premier Automotive Group, which
includes other brands like Volvo, Jaguar and Aston Martin.  The
segment incurred a US$180 million net loss in Ford's second
quarter results.

According to Newratings.com, BMW has agreed to sell the Rover
brand to Shanghai Automotive Industry Corp for GBP11 million if
Ford won't exercise its right.  SAIC had previously acquired the
right to the designs for the Rover cars from BMW.

James Doran, writing for The Times, reports that while Ford does
not intend to roll out the Rover in its original form, the
company is planning to introduce Rover vehicles under the Land
Rover series.

                         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 Service 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 CREDIT: R&I Places BB Rating on Monitor
--------------------------------------------------
Rating and Investment Information, Inc., has placed Ford Motor
Credit Company's BB rating on the Rating Monitor with a view to
downgrading.

The parent company of Ford Motor Credit Company, Ford Motor
Company, announced additional restructuring measures on
September 15.  The measure is to deal with prolonged sales slump
in trucks and SUVs, amid the high gas prices and delays in cost
cutting measures because of price hikes in raw materials.

In the first eight months of 2006 Ford saw the sales unit
decline by 9.8% against the same period of the previous year.  
The plan includes the elimination of about 14,000 salaried-
related positions, two additional facility closures and the
reduction of production capacity by 26%.  Furthermore, Ford has
accelerated by four years its previously announced goal of
reducing hourly employees by the end of 2012.  It plans to renew
approximately 70% of all models by the end of 2008, and will
strengthen the popular crossover lineups in an attempt to bump
up sales.  Nevertheless, Ford expects that its bottom line will
not turn black until 2009 due to increases in structural
adjustment costs.

Ford has ample liquidity of US$280 billion on a consolidated
basis as of June 30, 2006, but the consolidated business
performance in 2006 seems severe.  The first-half saw losses as
a result of special losses in automobile business in spite of
dividends from Ford Motor Credit.  The full year result is
likely to remain in red.  Automotive business will remain in red
for the second consecutive year.  It will be necessary to pay
attention to the affect the declining creditworthiness of the
parent company will have on funding costs of Ford Motor Credit.

Ford Motor Credit is a wholly owned subsidiary under Ford Motor
Company and positions as one of the most crucial companies of
the Group; therefore the rating reflects the creditworthiness of
Ford Group as a whole.  

R&I will announce a new rating after making a thorough research
on Ford's business and financial outlooks including the impact
of these additional restructuring measures, its competitiveness
in the market, market evaluation towards Ford Motor Credit and
the possible future strategy as to the group's structure.

                      About Ford Motor Credit

Ford Motor Credit Co. -- http://www.fordcredit.com/-- is one of  
the world's largest auto financing companies, and funds autos
for and through some 12,500 Ford, Lincoln, Mercury, Jaguar, Land
Rover, Mazda, Aston Martin, and Volvo dealerships.  Ford Motor
Credit Co. finances new, used, and leased vehicles (including
about 40% of new Fords sold in the U.S.) and provide wholesale
financing, mortgages, and capital loans for dealers.  The
Company also offers individual and business fleet financing,
while its insurance operations offer extended service contracts,
automobile insurance, wholesale inventory insurance, and credit
life and disability insurance.

The Company has operations in the Asia-Pacific region, including
Japan.


HERBALIFE LIMITED: Names Stacy Brovitz as Sr. VP of Global Ops
--------------------------------------------------------------
Herbalife Ltd. appointed Stacy Brovitz as senior vice president
of global operations.  He will oversee the company's global
supply chain and strategic sourcing, manufacturing, process
improvement and technology, distribution and transportation, and
global licensing, and will report to President and COO Gregory
L. Probert.

"We have more than 1.4 million Herbalife Independent
Distributors worldwide and serving them is our highest
priority," said Mr. Probert.  "As head of our worldwide
operations, Stacy will provide the experienced operations
leadership we require to provide best-in-class products and
service to our Distributors.  We are very pleased to announce
his appointment."

Mr. Brovitz has over 16 years experience in operations, supply
chain management, manufacturing, information technology and
finance.  Since 1992, he has served as chief operating officer
of Dormont Manufacturing Company, a manufacturer of stainless
steel gas appliance connectors and tubing sold in major home
improvement stores and used commercially by restaurant chains,
and major commercial cooking and residential appliance
manufacturers.  He played a key role on the company's management
team after its Dec. 2005 purchase by Watts Water Technologies,
Inc., a US$1.2 billion industrial products manufacturing
company.

During his 16 years with Dormont, Brovitz successfully managed
the company through a period of rapid growth.  Most recently,
Brovitz was responsible for operations, new product development,
all staff functions and the company's three strategic business
units.

Previously, Mr. Brovitz served as vice president of the capital
markets group for J.P.Morgan Chase, a position he held for three
years.  For four years prior, Brovitz was a financial analyst
for the firm.  He holds a Bachelor of Science degree in
accounting, Summa Cum Laude, from Ohio State University, and a
Master of Science in Industrial Administration from Carnegie-
Mellon University.

                       About Herbalife Ltd.

Herbalife Limited -- http://www.herbalife.com/-- is a global  
network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation -- http://www.herbalifefamily.org/-- and its Casa  
Herbalife program to bring good nutrition to children.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.

                          *     *     *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


HERBALIFE INT'L: S&P Rates US$300-Million Bank Financing at BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to Herbalife International Inc.'s
US$300-million bank financing.

Herbalife International Inc. is the borrower under the facility,
which is comprised of a US$200-million six-year first-lien term
loan and a US$100 million six-year first-lien revolving credit
facility.

The first-lien loans are rated 'BB+', the same as the corporate
credit rating, with recovery ratings of '3', indicating the
expectation of meaningful (50%-80%) recovery of principal in the
event of default.

Proceeds from the facilities will be used to redeem the
company's US$165 million 9.5% notes due 2011 and pay the related
accrued interest.

All obligations under the credit facility are unconditionally
guaranteed by Herbalife Ltd., the parent company, and its direct
and indirect wholly owned subsidiaries except certain non-U.S.
subsidiaries.  The facility is secured by a first-priority
security interest in substantially all present and future
tangible and intangible assets of the company, including a
pledge of 100% of the stock of domestic subsidiaries and 66% of
the stock of non-U.S. subsidiaries.

Ratings List:

  Herbalife International Inc.:

    * Corporate credit rating: BB+/Stable/--

Ratings Assigned:

    * $200 mil first-lien term loan: BB+
    * Recovery rating: 3

    * $100 million first-lien credit facility: BB+
    * Recovery rating: 3

                         About Herbalife

Herbalife -- http://www.herbalife.com/-- is a global network  
marketing company that sells weight-management, nutritional
supplements and personal care products intended to support a
healthy lifestyle.  Herbalife products are sold in 62 countries
through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation -- http://www.herbalifefamily.org/-- and its Casa   
Herbalife program to bring good nutrition to children.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.

                          *     *     *

As reported in the Troubled Company Reporter on July 4, 2006,
Moody's Investors Service rated the proposed bank loan of
Herbalife International, Inc. at Ba1 and upgraded the corporate
family rating to Ba1.  Herbalife will use proceeds from the new
debt to repay the existing term loan and to redeem the $165
million issue of 9.5% senior subordinated notes.

At the same time, Standard & Poor's Ratings Services raised its
ratings on Herbalife International Inc., including its corporate
credit rating to 'BB+' from 'BB'.  Standard & Poor's also raised
its ratings on Herbalife's parent, Herbalife Ltd., including the
corporate credit rating to 'BB+' from 'BB'.  The outlook is
stable.


XM SATELLITE: D.C. Court Consolidates Securities Fraud Lawsuits
---------------------------------------------------------------
The United States District Court for the District of Columbia
has set a Sept. 26, 2006 deadline for lead plaintiffs in the
consolidated securities fraud class action against XM Satellite
Radio Holdings, Inc., to file a consolidated complaint.

On May 8, 2006, an investor sued XM Satellite seeking damages
for violations of federal securities laws on behalf of all
investors who acquired XM securities from July 28, 2005 through
and including Feb. 15, 2006.

The lawsuit claims that XM and Hugh Panero, its president and
chief executive officer, violated Sections 10(b) and 20(a) of
the U.S. Securities Exchange Act of 1934, Sections 78j(b) and
78t of the U.S. Commerce and Trade Code, and U.S. Securities and
Exchange Commission Rule 10b-5, 17 Code of Federal Regulations
Section 240.10b-5, promulgated thereunder.

According to the complaint, Washington-based XM and Mr. Panero
violated the federal securities laws by issuing materially false
and misleading statements during the class period that
artificially inflated the company's stock price.

Specifically, the complaint says defendants led the market to
believe that XM would grow its subscriber base to 6 million by
year-end 2005, while lowering two of its "key metrics:"  
Subscriber Acquisition Costs and Cost Per Gross Addition.  

In reality, however, the company was allegedly well aware that
costs, especially SAC and CPGA, would skyrocket in the fourth
quarter of 2005 due to a US$25 million promotional campaign to
combat the debut of the popular "Howard Stern Show" on Sirius
Satellite Radio, XM's chief competitor.

On Feb. 16, 2006, the company announced a net loss of US$268.3
million for the fourth quarter of 2005, compared with US$188.2
million a year earlier.  For the full 2005 year, XM's net loss
was US$666.7 million, compared to US$642.4 million in 2004.  In
addition, the company announced that both SAC and CPGA were much
higher than the market had been led to believe.

The market reacted swiftly to those revelations, sending the
price of XM's common stock down 5.03%, from a close of US$25.25
per share on Feb. 15, 2006, to US$23.98 per share the next day.   
The company's stock price fell a further 10.05% to US$21.57 per
share at the close of trading Feb. 17, 2006, the complaint says.

According to the complaint, Mr. Panero and other insiders
engaged in highly suspicious stock sales during the class
period, with Mr. Panero selling approximately 413,334 shares, or  
98.71% of his personally held XM stock, for approximately
US$8,841,161.  Collectively, company insiders sold approximately
2,769,516 of personally held XM stock during the fourth quarter
of 2005, reaping proceeds of approximately US$73,325,009.

On June 7, 2006, Judge Ellen Huvelle signed a Consolidation
Order, consolidating all related cases into one class action as
"In re XM Satellite Radio Holdings Securities Litigation, C.A.
No. 06-0802."  On July 3, 2006, competing motions for the
appointment of lead plaintiff and lead counsel were filed with
the court.  On Aug. 1, 2006, Judge Huvelle issued a Memorandum
Opinion and Order appointing lead plaintiffs and lead counsel.  
Pursuant to a Sept. 8, 2006 Stipulation and Order, lead
plaintiffs have until Sept. 26, 2006 to file a consolidated
complaint.

Meanwhile, on Aug. 31, 2006, the company said it received a
letter from the staff of the SEC requesting that the company
voluntarily provide documents to the Staff regarding the
company's subscriber targets, costs associated with attempting
to reach those targets, and related matters during the third and
fourth quarters of 2005.

Representing the plaintiffs are:

     (1) Kimberly Anne Chadwick of Doherty, Sheridan & Persian,  
         8408 Arlington Boulevard, Fairfax, VA 22031, Phone:   
         (703) 698-7700, Fax: (703) 641-9645, e-mail:  
         kchadwick@dsp-law.com;  

     (2) Donald J. Enright and Karen Jennifer Marcus both of  
         Finkelstein Thompson & Loughran, 1050 30th Street, NW  
         Washington, DC 20007, Phone: (202) 337-8000, Fax: (202)  
         337-8090, e-mail: dje@ftllaw.com or kjm@ftllaw.com;  

     (3) Burton John Fishman of Fortney & Scott, 1750 K Street,  
         NW, Suite 325, Washington, DC 20006, Phone: (202) 689-
         1200, Fax: (202) 776-7801, e-mail:  
         fishman@fortneyscott.com;  

     (4) Nancy M. Juda of Lerach Coughlin Stoia Geller Rudman &  
         Robbins LLP, 1100 Connecticut Avenue, NW, Suite 730,  
         Washington, DC 20036, Phone: (202) 822-2024, e-mail:  
         nancyj@lerachlaw.com;  

     (5) Gary Edward Mason of The Mason Law Firm, 1225 19th  
         Street, NW, Suite 500, Washington, DC 20036, Phone:  
         (202) 429-2290, Fax: (202) 429-2294, e-mail:  
         gmason@masonlawdc.com;  

     (6) Arthur L. Shingler, III of Scott & Scott LLC, 600 B  
         Street, Suite 1500, San Diego, CA 92101, Phone: (619)  
         233-4565, Fax: (619) 233-0508, e-mail:  
         ashingler@scott-scott.com; and

     (7) Daniel S. Sommers and Steven J. Toll both of Cohen  
         Milstein Hausfeld & Toll, PLLC, 1100 New York Avenue,  
         NW, West Tower, Suite 500, Washington, DC 20005, Phone:  
         (202) 408-4600, Fax: (202) 408-4699, e-mail:  
         dsommers@cmht.com or stoll@cmht.com.

Representing the defendants are Charles Edward Davidow and
Michael A Mugmon both of Wilmer Cutler Pickering Hale & Dorr
LLP, 1875 Pennsylvania Avenue, NW, Washington, DC 20006, Phone:
(202) 663-6241 or (202) 663-6101, Fax: (202) 663-6363, e-mail:
harles.davidow@wilmerhale.com or michael.mugmon@wilmerhale.com;   
and Christopher J. Herrling of Wilmer Cutler Pickering Hale &
Dorr LLP, 2445 M Street NW, Washington, DC 20037-1420, (202)
663-6000, Fax: (202) 663-6363, e-mail: cherrling@wilmer.com.  

                         About XM Satellite

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

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

                          *     *     *

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

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


* R&I Affirms Japan's AAA Rating with Negative Outlook
------------------------------------------------------
Japan's economy, which escaped from its long adjustment phase
and has been on a recovery track since 2002, still continues to
grow.  Although fiscal conditions still required special
attention, the Government is maintaining its stance to seriously
undertake measures to restore fiscal health.  Considering
factors such as Japan's strong economic base, the excellent tax-
bearing capability of the private sector, the low national
burden rate compared with advanced European countries and ample
domestic savings, Rating and Investment Information, Inc. judges
there is a sufficient possibility for Japan to improve fiscal
condition to a sustainable position.  

Based on these considerations, R&I has affirmed the Domestic
Currency Issuer Rating and Foreign Currency Issuer Rating both
at AAA.  The Outlook is negative.

A decision to revise Japan's Rating Outlook to Stable will
depend on whether the favorable economic and business climate
continues, and on whether the government steadily implements
expenditure reduction and tax increase measures in line with the
Basic Policy.  For that reason alone, should economic growth
slow because the United States economy stalls, or growth in
newly emerging economies slows, or for any other reason, there
is a possibility the government will find it more difficult to
adopt tax increase measures, and hopes of fiscal reconstruction
will fade, putting further downward pressure on Japan's
creditworthiness.  

Together with the economic trend, R&I will follow whether the
government more specifically hammers out a fiscal reconstruction
plan and is able to build a national consensus on that plan.

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

http://bankrupt.com/misc/tcrap_japansovereignrating092206.pdf


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

ARAMARK CORP: Moody's Lowers $250MM Senior Notes to B2 from Baa3
----------------------------------------------------------------
Moody's Investors Service downgraded the 5% senior notes due
2012 of ARAMARK Services, Inc. to B2 from Baa3, confirmed the
Baa3 ratings on the senior notes due 2007 and 2008, and assigned
a corporate family rating of Ba3 to ARAMARK Corporation, ARAMARK
Services' holding company parent.  The B2 rating on the 5%
senior notes due 2012 and the Ba3 corporate family rating are
under review for possible downgrade.

Moody's placed all the credit ratings of ARAMARK on review for
possible downgrade on May 1, 2006 following the announcement
that it received a proposal from the company's CEO and a group
of investors to acquire all of the outstanding shares of common
stock.

In August 2006, ARAMARK signed a definitive merger agreement
under which the company's Chairman and Chief Executive Officer
and a group of investment funds will acquire the company in a
transaction valued at approximately $8.3 billion, including the
assumption or repayment of approximately $2 billion of debt.  
The merger agreement was approved by the board of directors
based on the unanimous recommendation of a special committee
consisting of independent directors.

In August, Moody's confirmed the Baa3 rating on the 7.1% senior
notes due 2006 of ARAMARK Services and left all other senior
note issues on review for possible downgrade.  This rating
action reflected the uncertainty as to whether the senior notes
maturing in 2007-2012 would be refinanced in connection with the
acquisition.

ARAMARK recently disclosed the expected financing package for
the acquisition in its proxy statement filed with the U.S.
Securities and Exchange Commission.  The assignment of a Ba3
corporate family rating to ARAMARK reflects the substantial
increase in debt levels and weakening of credit metrics expected
in the post-acquisition capital structure.  Based on information
included in ARAMARK's proxy statement, Moody's believes that pro
forma Debt to EBITDA will likely exceed 6 times and that a
corporate family rating in the single B rating category is
possible upon conclusion of the review.  The rating review will
focus on ARAMARK'S post-acquisition capital structure, liquidity
position and operating strategies.

The confirmation of the Baa3 rating on the senior notes due
2007-2008 reflects the company's intention to refinance these
notes in connection with the acquisition.  Based on disclosure
in ARAMARK's proxy statement, Moody's understands that the
company does not intend to refinance its 5% senior notes due
2012, which lack guarantees from ARAMARK's major operating
subsidiaries.  The downgrade of the 5% senior notes due 2012 to
B2, two notches below the corporate family rating, reflects the
expected structural subordination of those notes to high levels
of secured and guaranteed debt in the post-acquisition capital
structure.

The acquisition is expected to be completed by late 2006 or
early 2007, subject to receipt of stockholder approval.  The
investor group has obtained equity and debt financing
commitments for the transactions contemplated by the merger
agreement.  There is no financing condition to the proposed
transaction.

Moody's took these rating actions:

   * Affirmed $125 million senior unsecured notes due 2006,
     rated Baa3

   * Confirmed $300 million senior unsecured notes due 2007,
     rated Baa3

   * Confirmed $31 million senior unsecured notes due 2007,
     rated Baa3

   * Confirmed $300 million senior unsecured notes due 2008,
     rated Baa3

   * Downgraded $250 million senior unsecured notes due 2012, to
     B2 from Baa3

   * Downgraded senior unsecured shelf registration, to (P) B2
     from (P)Baa3

   * Downgraded senior subordinated shelf registration, to (P)
     B2 from (P)Ba1

   * Assigned corporate family rating, rated Ba3

These ratings remain on review for possible downgrade:

   * $250 million senior unsecured notes due 2012, rated B2
   * Senior unsecured shelf registration, rated (P) B2
   * Senior subordinated shelf registration, rated (P) B2
   * Corporate family rating, rated Ba3

                    About ARAMARK Corporation

Headquartered in Philadelphia, Pennsylvania, ARAMARK Corporation
(NYSE:RMK) -- http://www.aramark.com/-- is a leader in  
professional services, providing award-winning food services,
facilities management, and uniform and career apparel to health
care institutions, universities and school districts, stadiums
and arenas, and businesses around the world.  In FORTUNE
magazine's 2006 list of "America's Most Admired Companies,"
ARAMARK was ranked number one in its industry, consistently
ranking since 1998 as one of the top three most admired
companies in its industry as evaluated by peers and industry
analysts.  The company was also ranked first in its industry in
the 2006 FORTUNE 500 survey.  ARAMARK has approximately 240,000
employees serving clients in 20 countries, including Japan and
Korea.


HYUNDAI ENGINEERING: Gets US$780-Mil Saudi Aramco Contract
----------------------------------------------------------
Hyundai Engineering & Construction Company Ltd, in partnership
with global engineering firm Foster Wheeler Ltd., won a US$780-
million contract to build a gas-processing facility in Saudi
Arabia for Saudi Aramco.

The Saudi Aramco deal is part of Saudi Arabia's mega-project to
develop its Khurais oil field, some 180 kilometers northeast of
Riyadh, Yonhap News says, citing Hyundai's statement.

According to KBS Global, the Khurais Gas Facility will process
550,000,000-cubic feet of natural gas and 70,000 barrels of
liquefied natural gas daily.

The Khurais Facility is scheduled for completion in April 2009,
Asia Pulse Data Source notes.

In a press release, Foster Wheeler said that the Facility is one
of the main contract packages that make up the Khurais Crude
Increment Program, the largest project to be developed under
Saudi Aramco's expansion program aimed at increasing oil
production by the end of the decade.  It is one of the most
important oil projects in the world today, Foster Wheeler
pointed out.

"This program is one of the largest industrial projects being
undertaken in the world today and is the largest crude increment
program undertaken in the history of Saudi Aramco. This program
is challenging because of the scope and complexity of the
facilities, the extensive and diverse work locations and the
short timescales involved," commented Mr. A. A. Al-Ajmi, vice
president, project management, Saudi Aramco. "We are confident
that the Foster Wheeler and Hyundai joint venture has the skills
and track record to manage this challenge and to deliver a
world-class gas plant."

                    About Hyundai Engineering  

Headquartered in Seoul, South Korea, Hyundai Engineering &  
Construction Company Limited -- http://www.hdec.co.kr/-- is   
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

The Troubled Company Reporter - Asia Pacific reported on
December 17, 2003, that the creditor banks of Hyundai
Engineering agreed to roll over its debts, which amount to
KRW6 trillion, starting 2004.  The debt extension is valid until
2006 and applies to KRW1.72 trillion in loans that come due in
2004 and about KRW4 trillion in loan guarantees related to
construction activities.

The TCR-AP stated that Hyundai Engineering ran into a liquidity
problem in 2000 after extending massive subsidies to prop up its
weak subsidiaries and loss-making businesses.  Huge outstanding
debts in Iraq further strained the contractor's finances.

Creditors of Hyundai Engineering & Construction Co. relinquished
direct control of Korea's top builder in May 2006.


KOREA EXCHANGE: Stock-Price Manipulation Probe Confirmed
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 21, 2006, the Financial Supervisory Service has been
probing into Korea Exchange Bank over allegations of stock
price-manipulation.

According to local newspaper agency Chosun Ilbo, the FSS
suspects KEB executives of manipulating the stock price of KEB
Credit Services during their 2003 merger.

The FSS investigation will be concluded at the Securities &
Futures Commission meeting on September 29, the newspaper says,
citing a senior official at the FSS.

The Securities & Futures Commission, an arm of the Financial
Supervisory Commission, is tasked is to investigate market
abuses, including insider trading and market manipulation in the
securities and futures markets.

The FSS thinks it is possible that KEB executives manipulated
stock prices by mentioning a possible capital reduction of the
bank's credit card unit, which did not take place, but it is the
prosecutors' job to prove that KEB's largest shareholder Lone
Star intentionally manipulated KEB's stock prices, the official
told the newspaper.

If KEB is found to be involved in the scam, the FSS would hand
over related documents to prosecutors, Chosun Ilbo points out.

As reported in the TCR-AP, KEB denies the allegations of stock
price manipulation.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--   
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
consecutive quarterly profits since the end of 2003.

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.

                          *     *     *

South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.

The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.  On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.

Prosecutors are investigating whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.


* U.S.-listed Korean Cos. Prepared for Stricter SEC Requirements
----------------------------------------------------------------
A survey carried out by the Financial Supervisory Service showed
that most Korean companies whose shares are traded in the United
States stock markets are adequately prepared to comply with
stricter rules under the Sarbanes-Oxley Act of 2002.

The survey was conducted over 15 U.S.-listed Korean companies:

   a. Listed in the New York Stock Exchange:

      1. Kookmin Bank (KB)
      2. Korea Electric Power Corporation (KEP)
      3. KT Corporation (KTC)
      4. LG.Philips LCD Co., Ltd. (LPL)
      5. POSCO (PKX)
      6. Shinhan Financial Group (SHG)
      7. SK Telecom Co., Ltd. (SKM)
      8. Woori Finance Holdings Co., Ltd. (WF)

   b. Listed in Nasdaq:

      1. Gmarket Inc. (GMKT)
      2. Gravity Co., Ltd. (GRVY)
      3. hanarotelecom incorporated (HANA)
      4. Mirae Corporation (MRAE)
      5. Pixelplus Co., Ltd. (PXPL)
      6. Webzen Inc. (WZEN)
      7. WiderThan Co., Ltd. (WTHN)

Section 404 of Sarbanes-Oxley requires companies to report
annually on the adequacy and effectiveness of their internal
financial controls.  Exemptions of that requirement, previously
granted to foreign companies, expired beginning this business
year.

The surveyed companies, however, are concerned of high
compliance cost of staying listed in the U.S. markets, the FSS
said.  Two of the 15 companies may consider delisting if
compliance cost increases by more than 50% going forward.

According to the FSS, listing and other compliance costs
incurred by U.S.-listed Korean companies since 2003 have are at
around KRW120 billion, approximately KRW30 billion a year.  Of
the total, 65% or KRW78.3 billion were related to auditing, the
FSS pointed out.


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

AVANGARDE RESOURCES: FY2005 Report Due June 30, Still Not Filed
---------------------------------------------------------------
Avangarde Resources Berhad failed to submit its annual report
for the financial year ended December 31, 2005, to Bursa
Malaysia Securities Berhad for public release within the
stipulated timeframe under the Bursa Securities' Listing
Requirements.

The 2005 Report was due on June 30, 2006.

Pursuant to the Listing Requirements, if a listed issuer fails
to file the outstanding financial statements within three months
from the expiry of the required timeframes, the Bourse will
suspend trading of that issuer's securities in addition to any
enforcement action that it may take.

The suspension will take effect on the market day after the
expiry of the suspension deadline.

Yet, Avangarde Berhad's securities has already been suspended
from trading since April 2004 because of its failure to issue
its Annual Audited Accounts and Annual Report for the financial
year ended December 31, 2002 -- due April 30, 2003, and June 30,
2003, respectively.

Accordingly, is Avangarde fails to issue the outstanding
financial statements within six months from the expiry of the
relevant timeframes, the Bourse will commence de-listing
procedures against the Company.

                   About Avangarde Resources

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

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


AYER HITAM: August Default Amount Tops MYR41,715,961
----------------------------------------------------
As of August 31, 2006, Ayer Hitam Tin Dredging Malaysia Group
has a total default in principal sums plus interest of
MYR41,715,961.

Of the total default amount, MYR28,391,743 is owed by Ayer
Hitam's wholly owned subsidiary Motif Harta Sdn Bhd to:

     * Alliance Bank Malaysia Berhad;
     * EON Bank Berhad;
     * Kewangan Bersatu Berhad; and
     * Malayan Banking Berhad.

The remaining MYR13,324,218 is owed by Ayer Hitam's 100% owned
subsidiary Pembinaan AHT Sdn Bhd to AmBank Berhad.

The principal sum is based on the amount owed to the syndicated
lenders as of September 30, 2004, as per judgment dated May 9,
2005.  Pursuant to the judgment, interest is chargeable at the
rate of 3.5% per annum above base lending rate until full
settlement of the amount outstanding.  Interest comprises of
default interest from October 1, 2004, to June 30, 2006.

                        About Ayer Hitam

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

The Company has been incurring losses in the past years and has
defaulted on several loan facilities.  As of August 31, 2006,
Ayer Hitam's payment default has reached MYR41,715,961.

The Company has presented a restructuring proposal, which was
rejected by the Securities Commission after determining that the
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.


FORMIS MALAYSIA: Changes Name to Perduren (Malaysia) Berhad
-----------------------------------------------------------
Formis (Malaysia) Berhad is now under a new name -- Perduren
(Malaysia) Berhad.

The Company received the Certificate of Incorporation on Change
of Name dated September 19, 2006, from the Companies Commission
of Malaysia.

Accordingly the change to the Perduren (M) Berhad became
effective on September 19.

                     About Formis (Malaysia)

Formis Malaysia Berhad -- http://www.formis.net/-- was  
incorporated in Malaysia under the Companies Act, 1965 on March
23, 1992, under the name of Orlando Holdings Berhad.  The
Company was first listed on the Second Board of Bursa Malaysia
Securities Berhad on December 28, 1992, and subsequently, on
March 20, 2000, changed to its present name before being
transferred to Main Board of Bursa Securities on March 30, 2000.

Formis is principally an investment holding company and through
its subsidiaries, is involved in the provision of hardware,
software, maintenance and consultancy services in information
technology business, computer networking solutions and systems
integration as well as the wholesale and retail of full range of
"Orlando" ready-made menswear and related accessories.

Formis was admitted into Bursa Malaysia Securities Berhad's
Practice Note 17 category on March 10, 2006, due to a deficit in
its adjusted shareholders' equity and the impending cessation of
its major business.  Formis is in the process of completing the
disposal of its IT Business to My-InfoTech (M) Berhad.
Furthermore, it had also entered into a conditional sale and
purchase agreement dated January 6, 2006, to dispose of Orlando
Corporation Sdn Bhd.  After the disposal of its IT Business and
the proposed disposal of OCSB, Formis will not have any business
operations.


KOMARKORP BERHAD: Buys Back 20,100 Shares
-----------------------------------------
Komarkorp Berhad has repurchased a total of 20,100 shares from
Bursa Malaysia Securities Berhad on September 8-15, 2006.

The minimum price paid for each share purchased was MYR0.320,
while the maximum price is MYR0.335.  Hence, the tota amount
paid for the shares was MYR6,567.

                        About Komarkcorp

Komarkcorp Berhad -- http://www.komark.com.my/-- is engaged in  
investment holding and provides management services through its
subsidiaries.  The Company operates in two business segments:
manufacturing of self-adhesive labels and trading of related
products, and manufacture of automatic labeling machines.
Manufacturing of automatic labeling machineries is operated in
Malaysia.

The company has been incurring losses in the past three years.  
For the fourth quarter ended April 30, 2006, the Group incurred
a net loss of MYR30,000, as against a net loss of MYR226,000 in
the same quarter last fiscal year.

As of April 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR73,224,000
available to pay liabilities of MYR84,324,000 due in the next 12
months.  The Company has a net current deficit of MYR11,100,000.


METROPLEX BERHAD: Wind-Up Petition Hearing Adjourned to Oct. 10
---------------------------------------------------------------
The Court postpones to October 10, 2006, the hearing to consider
Morgan Stanley Emerging Markets' winding-up petition against
Metroplex Berhad.

The hearing, which was previously scheduled on Sept 20, will
also cover:

   -- Morgan Stanley's application for the appointment of a
      provisional liquidator for Metroplex Berhad; and

   -- Metrolex's request to strike out the winding-up petition.

As reported by the Troubled Company Reporter - Asia Pacific
reported on September 20, 2006, the Court had previously ruled  
that the remuneration of the Provisional Liquidator is to be
paid out of Metroplex's assets.

                     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.


NORTH BORNEO: Has Yet to Submit Annual Report for 2005
------------------------------------------------------
The North Borneo Corporation Berhad has not submitted to Bursa
Malaysia Securities Berhad its annual report for the financial
year ended December 31, 2005, which was due on April 30, 2006.

Auditors Pannell Kerr Forster has commenced has commenced their
audit on the AAA 2005, after their appointment was approved at
the Extraordinary General Meeting held on 29 June 2006. They are
still in the process of finalizing the AAA 2005.

As a consequence of the non-compliance of the Listing
Requirement, Bursa Securities may take action against the
Company.

The Troubled Company Reporter - Asia Pacific reported that on
July 31, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a fine on The North Borneo Corporation
Berhad for breaching the Bourse's Listing Requirements.

The Company violated the Listing Rules by failing to issue for
public release its annual audited accounts for the financial
year ended December 31, 2005, by the April 30, 2006 deadline.  
As of July 31, 2006, the Company has yet to submit its AAA 2005
to Bursa Securities.

                     About The North Borneo

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

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


POLYMATE HOLDINGS: Receives Writ of Summons from HSBC Bank
----------------------------------------------------------
On September 20, 2006, Polymate Holdings Berhad and its wholly
owned subsidiary, Polymate Industries (M) Sdn Bhd, were served
with a Writ of Summons and Statement of Claim dated August 18,
2006, by HSBC Bank Malaysia Berhad.

HSBC is asserting against Polymate Holdings:

   -- a judgment sum of MYR534,644 as of May 1, 2006, under the
      Overdraft Facility plus an annual interest of 2.5% from
      May 2, 2006, until full payment and debit monthly to
      Polymate's current account; and

   -- a judgment sum of MYR2,836,246 as of May 1, 2006, under
      the Term Loan Facility plus an annual interest of 2.5%
      from May 2, 2006, until full settlement.

On the other hand, HSBC is demanding from Polymate Industries
payment of:

   -- MYR3,000,000 as of May 1, 2006, under the Overdraft
      Facility and Term Loan Facility plus annual interest of 8%
      from May 2, 2006, until full payment; and

The plaintiff is also claiming from the two defendants payment
for legal costs and other relief as deemed fit by the Kuala
Lumpur High Court.

                     About Polymate Holdings

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/-- is engaged in the  
manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding, and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand, and Europe.

Polymate is negotiating with its lenders to restructure the
Group's credit facilities and is working on various schemes to
regulate its financial position.


SUGAR BUN: To List and Quote 500,000 Shares on Sept. 26
-------------------------------------------------------
Sugar Bun Corporation Berhad's additional 500,000 new ordinary
shares of MYR1 each will be granted listing and quotation on
September 26, 2006.

The shares were derived from the exercise of 500,00 warrants
2002/2012.

                      About Sugar Bun Corp.

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

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


TRADEWINDS CORP: Warrants to Exit Official SE List on Oct. 27
-------------------------------------------------------------
Tradewinds Corporation Berhad's warrants 1996/2006 will expire
on October 26, 2006.

In this regard, trading in the company's warrants will be
suspended from October 9, 2006, in order to facilitate the
exercise of the Warrants.

Subsequently, the warrants will be removed from the Official
List of the Securities Exchange on October 27, 2006.

                      About Tradewinds Corp.

Tradewinds Corporation Berhad -- formerly known as Pernas
International Holdings Berhad -- is focused on a diverse range
of business activities, which include plantations, hotels,
manufacturing, and properties, and aims to be the premier
investment company.

The Group has entered into a restructuring scheme to settle
debts, curb losses and streamline its operations.

In 2004, the Group's debt was significantly restructured with
the reorganization of the hotel businesses.  The Company also
unveiled a new logo after its change of name in July 2004, in
line with its corporate re-branding exercise.  The Group
divested some non-core assets in line with its objective to
streamline its businesses.  In February 2005, the acquisitions
of property development land to diversify earnings and improve
cash flow were completed.

Tradewinds' 2005 accounts revealed a net loss of
MYR48.4 million.


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

GLOBE TELECOM: Deploys Nokia MSC Server Mobile Softswitch
---------------------------------------------------------
Nokia has signed a nationwide supply contract with Globe Telecom
Inc.  This network modernization deal includes an upgrade of the
Globe Telecom circuit switched core network, also enabling fixed
mobile convergence.

Under the agreement Nokia will renew the core network of Globe
Telecom including the upgrade of Nokia mobile switching center
into Nokia MSC Server mobile softswitch.

Included are also the unique, multitechnology Nokia NetAct(TM)
network and service management solution, Nokia Voice over IP
Server, and Nokia IP Multimedia Subsystem (IMS).  In addition,
Nokia will provide implementation, commissioning, systems
integration and training services.  The deliveries have already
started.

"The contract with Nokia for an upgrade of our existing MSC to
an
integrated 2G/3G MSC Server mobile softswitch will enable Globe
to offer a whole suite of innovative services to our customers
in a cost-efficient manner," says Gerardo C. Ablaza Jr, Chief
Executive Officer, Globe Telecom.

"These include voice and data applications that can be
seamlessly offered across both the 2G and 3G network as well as
between the fixed and mobile networks.  Services like VoIP,
video conferencing, video sharing and other applications will
enable Globe to build the digital communities within the
Philippines and between the families of overseas Filipino
workers."

"We are pleased to continue our long-term collaboration with
Globe Telecom and enable them to introduce 3G services in the
Philippines," says Tapani Sairanen, Account Director, Networks,
Nokia. "The Nokia mobile softswitch is an excellent solution for
core network optimization, bringing significant cost-savings for
operators."

Nokia is creating seamless user experiences in converging
networks thanks to mobile softswitching and IMS for fixed and
mobile.  With over 100 customers for its mobile softswitching
and over 50 live networks, Nokia is clearly the most experienced
mobile softswitching supplier worldwide.  Nokia is also the
front-runner in IMS for fixed and mobile networks, with over
120 references.  Nokia's IMS for fixed and mobile has been in
commercial use since 2005.  With 20 convergence trials, enabling
personalized VoIP and multimedia, Nokia is paving the way for
the renewal of fixed networks and the usage of access
technologies like WLAN.

                           About Nokia

Nokia -- http://www.nokia.com/-- is a world leader in mobile  
communications, driving the growth and sustainability of the
broader mobility industry.  Nokia connects people to each other
and the information that matters to them with easy-to-use and
innovative products like mobile phones, devices and solutions
for imaging, games, media and businesses.  Nokia provides
equipment, solutions and services for network operators and
corporations.

                       About Globe Telecom

Globe Telecom, Inc. -- http://www.globe.com.ph/-- is one of the  
country's major telecommunications companies.  It was
incorporated on January 15, 1935 as a traditional provider of
telex/telegram and VSAT services.  Thereon, it diversified its
business into a cellular, landline and international gateway
facility services provider for long distance telephone calls.

The Company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

                          *     *     *

Standard and Poors gave Globe Telecom's Long Term Foreign Issuer
Credit and Long Term Local Issuer Credit both a BB+ rating,
effective November 3, 2005 and June 23, 2004, respectively.

On September 1, 2006, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's affirmed its ratings on
Globe Telecom Inc. at 'BB+', with a stable outlook.


NATIONAL POWER: PSALM to Auction Two Decommissioned Power Plants
----------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. said
that several steel-manufacturing companies have expressed
interests in two of National Power Corp.'s decommissioned power
plants, Niel V. Mugas of Manila Times reports.

The plants are:

   -- the 225-megawatt Bataan plant; and

   -- the 200-MW Manila thermal plant

According to Manila Times, Froilan Tampinco, PSALM vice
president, disclosed a possible auction for the plants by year-
end.

The paper explains that decommissioned plants are non-operating
facilities, and cites PSALM as saying that the sale is intended
to raise money out of the scrap materials.

Proceeds of the sale of these assets will be used to pay up
Napocor's remaining debts, Manila Times notes.

Manila Times cites Mr. Tampinco as saying that some 40 foreign
and local firms, mostly Chinese companies engaged in the steel
and manufacturing industry, have already expressed interest in
buying the plants.

However, Mr. Tampinco admitted that PSALM has yet to firm up the
terms of reference for the bidding, noting that PSALM is
studying the possibility of putting up a substantial bid bond to
determine bidders who have enough money to participate as a
major part of the TOR.

PSALM will also conduct a bidders forum for the retired assets
on September 29, 2006, to get feedback for valuation and future
plans, Manila Times reveals.

The paper further reveals that a third-party auctioneer assists
PSALM in formulating an appropriate sale strategy for the
decommissioned power plants.

Besides the Bataan thermal facilities, Napocor also has other
decommissioned facilities including the 54-MW Cebu II diesel
plant, the 22.3-MW General Santos diesel, and the 108-MW Aplaya
diesel power plant, Manila Times relates.

                      About National Power

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a PHP16-
million profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.


VITARICH CORPORATION: Court Appoints Rehabilitation Receiver
------------------------------------------------------------
On September 19, 2006, the Regional Trial Court of Malolos,
Bulacan, Branch 7, has issued a Stay Order after finding the
Petition for Corporate Rehabilitation filed by Vitarich
Corporation to be sufficient in form and substance.

Accordingly, the Court appointed Eduardo T. Rondain as
Rehabilitation Receiver with a bond of PHP500,000.

The Troubled Company Reporter - Asia Pacific previously reported
that Vitarich has filed a petition before the Court entitled "In
the matter of the Petition for Corporate Rehabilitation of
Vitarich Corporation," docketed as Civil Case No. 592M-2006.

The Stay Order revealed that Vitarich proposed two strategies to
effect a viable rehabilitation so that within the proposed
period, it will not only be able to pay off its liabilities to
its creditors but it, at the termination of the rehabilitation,
will have an ample supply of cash to support its operations.

The proposed strategies are:

   1. restructuring of Vitarich's liabilities in favor of
      several creditor-banks; and

   2. conversion of Vitarich's debts into a receiver's capital
      notes.

The strategies are supported by three programs, which involve a
reorganization of Vitarich's operations and product lines, the
possible entry of a white knight, and the overhaul of the
company's distribution system towards developing a nationwide
farmer's enterprise.

The rehabilitation plan and the strategies will not disturb the
imposed terms and conditions of the creditor-banks because under
the plan, interest rates will be graduated and the term of the
loans will be increased from 12 years to 15 years.

The Order:

   1. stays the enforcement of all claims, whether for money or
      otherwise and whether the enforcement is by court action
      or otherwise, against petitioner, its guarantors, and
      sureties not solidarily liable with it;

   2. prohibits Vitarich from selling, encumbering,
      transferring, or disposing in any manner of its properties
      except in the ordinary course of business;

   3. prohibits Vitarich from making any payment of its
      liabilities outstanding as of September 15, 2006;

   4. prohibits Vitarich's suppliers from withholding supply of
      goods and services in the ordinary course of business for
      as long as the petitioner makes payment for the services
      are goods supplied after the issuance of the Order;

   5. directs the payment in full of all administrative expenses
      incurred after the issuance of the Order;

   6. directs Vitarich to publish the Order in a newspaper of
      general circulation in the Philippines once a week for two   
      consecutive weeks;

   7. directs all creditors and all interested parties to file
      and serve the Court and on Vitarch a verified comment on
      or against the petition, not later than ten days before
      November 7, 2006.  Failure to comply with this requirement
      will bar creditors from participating in the proceedings.

The Court will convene an initial hearing on November 8, 2006,
at 8:30 a.m.

                         About Vitarich

Vitarich Corporation -- Http://www.vitarich.com/ -- is among the
leading integrated producers and wholesalers of poultry and
animal feed products in the Philippines.  The Company also
develops, produces and sells animal health products.  It is
dedicated to the poultry and feeds industry, committing all of
its resources to the production of poultry products, including
upstream production activities such as feed milling, and
additional ventures where the company's knowledge of the poultry
and feeds production process provides it with competitive
advantage.

In 1988, the Company entered into a joint venture agreement with
Cobb-Vantress, Inc. and formed Breeder Master Inc., (formerly
Phil-American Poultry Breeders, Inc.) to engage in the
production of day-old parent stocks.  Cobb-Vantress is 100%
owned by Tyson Foods, Inc, the worlds largest chicken company.
BMI is 80% owned by Vitarich and 20% owned by Cobb-Vantress.

Despite the Company's expansion into other areas, its core
business remains rooted in poultry.  As of end-2001,
contribution to gross sales of the Company's business groups was
-- foods 62%, feeds 30%, and farms 8%.

VITA is presently engaged in the manufacture and distribution of
various poultry products like chicken, animal and aqua feeds,
and day-old chicks, among others.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that after auditing Vitarich's 2005 annual
report, Punongbayan & Araullo raised substantial doubt the
Company's ability to continue as a going concern, due to
significant losses for the past three years, including net
losses worth PHP249.3 million in 2005 and PHP291.2 million in
2004, resulting in significant deficit amounting to PHP1.8
billion as of Dec. 31, 2005.

The TCR-AP reported that Vitarich disclosed to the Philippine
Stock Exchange that after the Company's annual stockholders'
meeting held on June 30, 2006, the company planned to reduce
losses by 50% to around PHP125 million in 2006 by continuously
shifting the focus to hog and aqua from chicken and poultry
feeds -- to break even.

As at December 31, 2005, and 2004, the Company holds 100%
interests in Philippines' Favorite Chicken, Inc., and Gromax,
Inc., both domestic corporations, the TCR-AP noted.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
September 19, 2006, that Vitarich Corporation has filed a
petition for corporate rehabilitation with the Regional Trial
Court of Malolos City, Bulacan.


* PSE to Implement Backdoor Listing Rules on September 28, 2006
---------------------------------------------------------------
The Philippine Stock Exchange will implement its rules on
backdoor listing on September 28, 2006, after the Securities and
Exchange Commission's approval, James A. Loyola of Manila
Bulletin reports.

Under the rules, the PSE will allow backdoor listing if the
subject firm agrees to fully disclose the details of the
transaction entered by it and complies with the suitability
requirements for listing, minimum public ownership, and
continuing listing requirements of the bourse.

These rules will apply concurrently with the SRC rules on
mandatory tender offer and other pertinent sections of the PSE's
Revised Listing and Disclosure Rules.

Malaya also reveals that fees almost equivalent to a fresh
initial public offer are also set, for corporations trying
backdoor listing.

According to Malaya, some corporation resort to backdoor listing
to dodge payment of high listing fees and strict disclosure
requirements.

The term "backdoor listing" refers the purchase or merger with a
listed company by an unlisted corporation, Malaya explains.

Malaya states that under the new rules, companies buying listed
companies will be required to comply with the full disclosure
requirements, suitability requirements, rule on minimum public
ownership, continuing listing requirements of the Exchange,
submission of proof of stockholders' approval, and payment of
the appropriate fees, the PSE said in a statement.

The listed fee and processing fee payments is equivalent to one-
tenth of 1% of the market capitalization of the new shares
issued covering the transaction.  The listed company will also
pay a non-refundable processing fee of PHP250,000 plus other
incidental expenses, Malaya notes.

At present listing fees while graduated do not veer away much
from the new fees, Malaya notes.

A full-text copy of the rules is available for free at:

http://www.pse.org.ph/html/NewsRoom/pdf/backdoor-MemoforBrokers-
final%20rule.pdf

                         *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."


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

AMARANTH ADVISORS: Announces Loss, Reels From Falling Gas Prices
----------------------------------------------------------------
Hedge fund manager Amaranth Advisors has informed its investors
of significant losses in their energy-related investments after
a dramatic move in natural gas prices.

The slump in natural gas prices could cost more than 35% of the
fund's investment, Matthew Robinson at Reuters reports.  
Industry analysts have speculated the loss could hurt Amaranth
and drive investors away, CNNMoney disclosed.

In the wake of Amaranth's losses, Connecticut Attorney General
Richard Blumenthal renewed his call for greater transparency in
the hedge fund industry.  Mr. Blumenthal said Tuesday he is
collecting evidence and reviewing facts concerning the large
losses at Amaranth Advisors.

"We are collecting evidence and reviewing facts relevant to
recent hedge fund losses," Blumenthal said. "Particularly
problematic are alleged representations made to investors in
recent weeks by the management of Amaranth that may be contrary
to apparent facts.  Such claims -- if made -- would contradict
the spirit and letter of current law.  The facts about mammoth
losses by Amaranth offer additional powerful and compelling
evidence about the need to reform disclosure and oversight
requirements," Mr. Blumenthal said.

Amaranth Advisors, based in Greenwich, Connecticut with offices
in Toronto, Canada, London, England and Singapore, is an
investment management firm.  Amaranth specializes in a broad
spectrum of alternative investments and trading strategies,
through a multi-strategy investment fund and fund dedicated to
long-short equities.  Amaranth Advisors has approximately
US$3.2 billion under management.


AMARANTH ADVISORS: Transfers Energy Trades to Citadel & JPMorgan
----------------------------------------------------------------
Amaranth Advisors has transferred its energy portfolio to
Citadel Investment Group and J.P. Morgan Chase & Co., Ann Davis
at the Wall Street Journal reports.

In a letter to investors obtained by Reuters, Nick Maounis,
Amaranth's founder and CEO, confirmed the completion of the
transfer to a third party.  Amaranth intends to provide
additional information on the transfer soon.

News of Amaranth's move to transfer its entire energy investment
portfolio follows the Fund's announcement on Monday that it has
incurred significant losses in energy-related investments after
a dramatic move in natural gas prices.  

Ms. Davis reports that negotiations to divest Amaranth's energy
investment began before news of the loss came out.  According to
Ms. Davis, the transfer is designed to minimize the risk that
Amaranth has to close down its entire fund.

Mathew Goldstein, writing for TheStreet.com, points to brewing
speculation that Amaranth may be close to closing its
operations.  

Reuters reported Tuesday that Amaranth sold over EUR1 billion of
its European loan portfolio to cover losses sustained from the
natural gas price plunge.  However, according to Dow Jones
Newswires, The New York Mercantile Exchange said that Amaranth's
clearinghouse is not currently in trouble.

Amaranth Advisors, based in Greenwich, Connecticut with offices
in Toronto, Canada, London, England and Singapore, is an
investment management firm.  Amaranth specializes in a broad
spectrum of alternative investments and trading strategies,
through a multi-strategy investment fund and fund dedicated to
long-short equities.


COLLINS & AIKMAN: Court OKs Settlement with Valiant and MOBIS
-------------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Michigan approved a stipulation resolving disputes over a claim
asserted by Valiant Tool & Mold, Inc., against Collins & Aikman
Corporation and its debtor-affiliates.

As reported by the Troubled Company Reporter on Aug. 16, 2006,
MOBIS Alabama, LLC, ordered various tooling, molds and other
personal property from the Debtors pursuant to certain purchase
orders.  The Debtors out-sourced the manufacture of the Mold to
Valiant Tool & Mold, Inc., and Valiant manufactured and
delivered the Mold to the Debtors prepetition.

Valiant said that US$64,780 remains due and owing from the
Debtors for the Mold.  Valiant also said that it holds valid and
perfected liens in the Mold.

The Debtors also possessed certain other Tooling that is
separate and distinct from the Mold.  The Debtors believe that
US$2,318,843 remains due and owing from MOBIS for receivables
related to the Tooling.

Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in Chicago,
Illinois, related that MOBIS wants to assume ownership of the
Tooling and related data, drawings, specifications and other
information.  MOBIS also wants the right to demand and take
possession of the Tooling and copies of the Debtors'
maintenance, repair and engineering change records.

Moreover, General Electric Capital Corporation asserted that it
has a perfected first priority lien in all of the Debtors'
prepetition receivables until it is paid for all amounts
outstanding under an Amended and Restated Receivables Purchase
Agreement dated as of Dec. 20, 2001.

After conducting extensive arm's-length negotiations, the
Parties agreed to enter a Stipulation, which provides that:

   (a) In full satisfaction of Valiant's US$64,780 claim for the
       Mold, MOBIS will pay to Valiant, on the Debtors' behalf,
       US$57,280 and Valiant will repay to the Debtors all
       amounts that they have already paid;

   (b) In satisfaction of GECC's receivable from the Debtors
       under the Receivables Purchase Agreement, MOBIS will pay,
       on the Debtors' behalf, US$2,261,563 to GECC;

   (c) The Mold Payment and the Receivable Payment are in full,
       final and complete satisfaction of the Debtors' claim
       that US$2,318,843 remains due and owing from MOBIS to the
       Debtors for the Receivable;

   (d) The Debtors will waive their right to:

       (i) commence avoidance actions against Valiant solely on
           account of the alleged Valiant Liens in the Mold or
           the Mold Payment and;
       (ii) challenge the perfection of the Valiant Liens; and

   (e) MOBIS will take title to the Tooling and related data,
       drawings, specifications and other information, free and
       clear of all liens, claims, encumbrances and other
       interests.

                      About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a supplier of instrument  
panels, automotive fabric, plastic-based trim, and convertible
top systems.  The Company has a workforce of approximately
23,000 and a network of more than 100 technical centers, sales
offices and manufacturing sites in 17 countries throughout the
world.  The Company and its debtor-affiliates filed for chapter
11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-
55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtor with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
$2,856,600,000 in total debts.  (Collins & Aikman Bankruptcy
News, Issue No. 38; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Will Sell Laminates Asset to SW Foam
------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Michigan allowed Collins & Aikman Corporation and its debtor-
affiliates to:

   -- sell certain assets of Southwest Laminates, Inc., to SW
      Foam, L.P. pursuant to the terms of an Purchase Agreement;

   -- pay a US$29,600 break-up fee to SW Foam in the event a
      sale is consummated with another bidder; and

   -- reject the lease of the SW Laminates facility.

SW Laminates, part of the Debtors' Fabrics Business Unit,
laminates rolled textile goods for the North American automotive
industry.

The salient terms of the Purchase Agreement are:

   (1) The aggregate cash consideration for the acquired assets
       is equal to US$740,000.

   (2) The Acquired Assets include all of the assets and
       properties that are being sold and transferred to SW
       Foam, including a Technology License Agreement, Permit
       No. 38517, any Intellectual Property of SW Laminates
       relating exclusively to the Acquired Assets and all of
       the fixed assets of the business of SW Laminates at its
       facility.

   (3) Assets that are being retained by the Debtors and are
       not being sold or transferred to SW Foam include cash,
       certain claims and causes of action, rights under
       insurance policies and certain corporate documents.

   (4) SW Foam will assume a US$19,795 administrative penalty
       assessed against SW Laminates by the Texas Commission on
       Environmental Quality.

   (5) Excluded liabilities in the sale include accounts
       payable, certain tax liabilities, employee liabilities
       and environmental claims.

   (6) SW Laminates has the right to market the Acquired Assets
       to third parties and is entitled to consider and enter
       into alternative transactions with them.

   (7) In the event that SW Laminates accepts an Alternative
       Transaction and the Purchase Agreement is terminated, SW
       Laminates will pay to SW Foam $29,600, which is 4% of the
       Purchase Price.  The Break-Up Fee will constitute an
       allowed administrative expense and will be paid from the
       proceeds of an Alternative Transaction, at the time that
       transaction is consummated.

                      About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a supplier of instrument  
panels, automotive fabric, plastic-based trim, and convertible
top systems.  The Company has a workforce of approximately
23,000 and a network of more than 100 technical centers, sales
offices and manufacturing sites in 17 countries throughout the
world.  The Company and its debtor-affiliates filed for chapter
11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-
55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtor with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
US$2,856,600,000 in total debts.  (Collins & Aikman Bankruptcy
News, Issue No. 38; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELL INC: Faces Lawsuits Over Alleged Accounting Overstatements
---------------------------------------------------------------
The law firm of Stull, Stull & Brody announces that securities
fraud class actions have been commenced against Dell, Inc. over
allegations that the company reported inflated financial results
for certain fiscal periods.  

Stull, Stull & Brody is also investigating whether fiduciaries
of the Dell Inc. 401(k) Plan and the Dell Financial Services LP  
401(k) Plan (Dell's 401(k) retirement plans may have violated
the Employee Retirement Income Security Act of 1974 by failing
to disclose the company's true financial condition to
participants in the company's 401(k) plans, and by offering Dell
common stock as an investment option under the company's 401(k)
plans when it was not prudent to do so.  

For more details, contact Edwin J. Mills, Esq. or Tzivia Brody,  
Esq. of Stull, Stull & Brody, Phone: (800) 337-4983, Fax: (212)  
490-2022, E-mail: ssbny@aol.com, Web site: http://www.ssbny.com.

                       About Dell Inc.

Dell, Inc. (NASDAQ: DELL) -- http://www.dell.com-- designs,  
develops, manufactures, markets, sells, and provides support for
various computer systems and services to customers worldwide. In
Asia, Dell is headquartered in Singapore, with manufacturing
facilities in Malaysia and China and regional offices in these
Asia Pacific countries: Australia, China, India, Indonesia,
Japan, Korea, Malaysia, Philippines, Taiwan, Thailand and
Singapore.

Troubled Company Reporter - Asia Pacific reports that the
company disclosed that it is unable to file its quarterly report
because of questions raised in connection with an informal
investigation by the United States Securities and Exchange
Commission into certain accounting and financial reporting
matters and the subsequently initiated independent investigation
by the Audit Committee of its board of directors.


FREESCALE SEMICONDUCTOR: Develops Multi-Chip Products with ELMOS
----------------------------------------------------------------
Freescale Semiconductor and ELMOS Semiconductor are joining
forces to deliver innovative multi-chip products designed to
embed a higher level of intelligence into next-generation
automotive systems.  The two industry leaders plan to co-develop
application-specific semiconductor products or ASSPs that
combine Freescale's high-performance 16-bit microcontroller
architectures with ELMOS' high-voltage CMOS ASSPs.

The jointly developed and manufactured semiconductor products
are expected to provide reliable, cost-effective solutions for
the global automotive market.  As nodes in the car grow more
intelligent, automotive customers will benefit from intelligent
distributed control products designed to bring high performance
to localized applications in the car.  In addition, the alliance
will enable the development and manufacturing of smart sensor
and actor nodes with direct bus-link functionality.

"Freescale and ELMOS are partnering to create significant value
for our automotive customers and drive innovation in the
automotive industry," said Paul Grimme, senior vice president
and general manager of Freescale's Transportation and Standard
Products Group.  "When the first jointly developed IDC products
reach the market, Freescale's and ELMOS' customers will reap the
benefits of greater design flexibility, reliability and faster
time to market."

The first multi-chip development projects are planned to
integrate Freescale's well-established 16-bit S12/S12X
architecture with an ELMOS ASSP design.  As the most widely
adopted 16-bit MCU architecture for the automotive market,
Freescale's S12-based devices are now shipping at a rate of more
than 100 million units per year.  Freescale's collaboration with
ELMOS expands the market reach of the S12 architecture into
ELMOS' IDC solutions based on multi-chip devices.

"Freescale and ELMOS ultimately plan to drive a dedicated line
of intelligent co-integrated products for a broad range of
automotive applications," said Dr. Anton Mindl, CEO of the ELMOS
Semiconductor AG. "The combination of Freescale's and ELMOS'
complementary semiconductor design and manufacturing expertise
is expected to accelerate the introduction of next-generation
system-in-package control devices."

The key focus of the collaboration is the jointly developed
interface that combines integrated circuits from both companies.
At each stage of development, Freescale and ELMOS engineers plan
to work closely together to enable innovative multi-chip
solutions designed to meet high quality standards.  The drivers
of the Freescale/ELMOS alliance include Juergen Weyer, vice
president and general manager of Freescale's transportation
business in Europe, and Dr. Frank Rottmann, member of the board
for sales and development of ELMOS.

Freescale and ELMOS are focusing development efforts on a wide
range of target applications, including body control solutions,
remote motor control units for comfort functions, and safety
applications.  The first jointly developed products are planned
to enter the automotive market in 2007.

                      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.


LINDETEVES-JACOBERG: Places Unit Under Voluntary Liquidation
------------------------------------------------------------
Lindeteves-Jacoberg Ltd on September 21, 2006, disclosed that
its wholly owned subsidiary, Lindeteves Marketing Services Pte
Ltd, was placed under a members' voluntary liquidation pursuant
to Section 290(1) of the Companies Act (Cap. 50).

In this regard, Lau Chin Huat care of 6 Shenton Way, #32-00, DBS
Building Tower Two, Singapore 068809, was appointed as
liquidator.

LMS was placed under a voluntary liquidation because since 2003,
it has remained dormant.  

The liquidation of LMS won't have any material impact on the
company.

             About Lindeteves-Jacoberg Limited

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

                          *     *     *

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

PricewaterhouseCoopers, Lindeteves-Jacoberg's independent
auditors, raised a significant doubt on the group's ability to
continue as a going concern, citing the company's recurring
losses and liabilities.


MYHOME FURNITURE: Creditors' Proofs of Debt Due on October 3
------------------------------------------------------------
Myhome Furniture Myhome Furniture & Design Pte Ltd notifies
parties-in-interest of its intention to declare its first
dividend to creditors.

In this regard, the company's creditors are required to file
their proofs of claim by October 3, 2006, to Liquidator Timothy
James Reid, for them to share in the dividend distribution.

The Liquidator can be reached at:

         Timothy James Reid
         c/o Ferrier Hodgson
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


TASS SPECIALITY: Creditors Must Prove Debt by October 9
-------------------------------------------------------
At an extraordinary general meeting held on August 10, 2006, the
shareholders of Tass Speciality Products Pte. Ltd. agreed to
voluntarily wind up the company's operations and appoint Lau
Chin Huat as liquidator.

In this regard, creditors are required to submit their proofs of
debt by October 9, 2006, for them to share in any distribution
the company will make.

The Liquidator can be reached at:

         Lau Chin Huat
         Lau Chin Huat & Co
         Blk 150A, Mei Chin Road #02-00
         Singapore 140150


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

ADVANCE AGRO: Ratings Unaffected by Military Coup, Moody's Says
---------------------------------------------------------------
Moody's Investors Service said on September 20, 2006, that the
military coup in Thailand should have no immediate effect on the
ratings of Advance Agro Pcl.

Advance Agro currently carries Moody's corporate family and
senior unsecured bond ratings at B3, with stable outlook.

Moody's will closely monitor developments and assess the
resultant impact - if any - on the credit profile of the
company.

Moody's further comment that company's with refinancing
requirements in the near term may face higher refinancing risk,
should limitations on their accessibility to the bank and
capital markets emerge, the rating agency however, will
accordingly continue to evaluate the situation and keep the
market informed of any rating impact.

For government related issuers, principally the PTT group,
Moody's does not expect that their ratings -- which have
factored in government support -- will be affected, even with a
change in the sovereign rating, a scenario that the rating
agency does not contemplate at this stage.


BANGKOK BANK: Moody's Keeps Ratings Amid Military Coup
------------------------------------------------------
Moody's Investors Service announced on September 20, 2006, that
the military coup in Thailand should have no immediate effect on
its ratings of the Bangkok Bank.

Bangkok Bank currently carries Moody's Bank financial strength
rating of D+, and foreign currency long-term/short-term deposit
ratings of Baa1/P-2.

Moody's will closely monitor developments and assess the
resulting impact -- if any -- on the credit profile of Bangkok
Bank.

Any prolonged, significant slowdown in the economy could weaken
the Thai banks' ability to improve profitability and reduce non-
performing assets, which are key to the strengthening of their
recovering capital bases.

Political uncertainty over the past several months has already
slowed Thailand's economic growth. The coup will certainly slow
it further. It is still too early to tell whether the coup will
have a sufficiently negative impact on the economy as to weaken
the intrinsic safety and soundness of Thailand's banks.

Moody's will accordingly continue to evaluate the situation and
keep the market informed of any rating impact.

For Export-Import Bank of Thailand, which is a government
related issuer (GRI), Moody's does not expect the bank's ratings
- which have factored in government support - to be affected
unless there is a change in the sovereign rating, a scenario
that the rating agency does not contemplate at this stage.


BANK OF AYUDHYA: Coup No Immediate Impact on Moody's Ratings
------------------------------------------------------------  
Moody's Investors Service announced on September 20, 2006, that
the military coup in Thailand should have no immediate effect on
Bank of Ayudhya's ratings.

BAY currently carries Moody's Bank financial strength rating of
E+ (on review for possible upgrade), and foreign currency long-
term/short-term deposit ratings of Baa3/P-3.  

Moody's will closely monitor developments and assess the
resulting impact -- if any -- on the credit profile of Bangkok
Bank.

Any prolonged, significant slowdown in the economy could weaken
the Thai banks' ability to improve profitability and reduce non-
performing assets, which are key to the strengthening of their
recovering capital bases.

Political uncertainty over the past several months has already
slowed Thailand's economic growth. The coup will certainly slow
it further.  It is still too early to tell whether the coup will
have a sufficiently negative impact on the economy as to weaken
the intrinsic safety and soundness of Thailand's banks.

Moody's will accordingly continue to evaluate the situation and
keep the market informed of any rating impact.

For Export-Import Bank of Thailand, which is a government
related issuer (GRI), Moody's does not expect the bank's ratings
-- which have factored in government support -- to be affected
unless there is a change in the sovereign rating, a scenario
that the rating agency does not contemplate at this stage.


BANK OF AYUDHYA: Shareholders Approve GE Deal
---------------------------------------------
Bank of Ayudhya's shareholders approved on September 20, 2006,
the issuance of 1.391 billion new shares to GE Capital for THB16
per share, the Bangkok Post reports, citing bank chairman Krit
Ratanarak.

According to the deal, GE has to pay within 10 days a total of
THB22.2 billion for the investment, giving the company a 29.5%
stake in Bank of Ayudhya.  Shareholdings could be diluted to
25.4% if 1.217 billion warrants are fully exercised by September
2008.

The payment is expected to increase the bank's capital to
THB42.62 billion from THB28.71 billion.

Furthermore, GE also has the right to purchase an additional 609
million common shares over the next five years.  If purchased
within the first 12 months, the sale price would be at THB16 or
based on market prices if purchased later.

"I feel good and relieved of any worries about the bank.  I have
no regrets.  As the name says, we are a public company, Mr. Krit
said about the deal.   

Tier-one capital would increase to 14% to 15% of risk assets
from 7%, with the bank's overall capital adequacy ratio
increasing to 19% to 20% of assets, the Post relates.

The central bank requires financial institutions to maintain a
minimum capital ratio of 8.5% of assets, with at least half in
the form of tier-one capital.

                          *     *     *

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

Moody's Investors Service gave Bank of Ayudha an 'E+' bank
financial strength rating.

Fitch Ratings gave the bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating, a 'B' Short-Term Foreign Currency Rating,
a 'BB' Foreign Currency Subordinated Debt Rating, and a 'D'
Individual Rating.


G STEEL: Moody's Shaves Bond Ratings to B2 from B1
--------------------------------------------------
Moody's Investors Service on September 21, 2006, downgraded G
Steel's corporate family and senior unsecured bond ratings from
B1 to B2.  

This rating action follows the company's announcement that it
has completed the purchase of up to US$180 million in NSM
convertible bonds, which will allow G Steel to convert into
approximately 33% stake in NSM over the next 18 months.  The
ratings outlook is stable.

This concludes the review for possible downgrade begun on
June 27, 2006.

"Despite the potential synergies and improved domestic market
position arising from the alliance with NSM, the downgrade
reflects Moody's concern over G Steel's weakened financial
profile as a result of additional US$120 million debt on balance
sheet and its aggressive growth appetite," says lead analyst
Angela Choi.

The latter includes, for example, the company's interest in a
majority debt-funded investment in NSM -- an entity undergoing
debt restructuring.  At the same time, G Steel is implementing
its own expansion plan.

Accordingly, integration risk is apparent coupled with the
possibility that it may have to extend financial support to NSM,
given its commitment and deep involvement in terms of operations
and management for the next 10 years.

In accordance with Moody's global rating methodology for steel
companies, G Steel's overall performance measurements, relative
to the rating methodology, indicate a low Ba rating category,
however, its B2 final rating is constrained by the following:

    * execution risk of its expansion program;
    * aggressive growth appetite;
    * limited track record of profitable operations across the
      industry cycle;
    * history of debt restructuring; and
    * lack of long-term sales contracts which is partially
      mitigated by its long-established relationships with
      customers.

The rating further considers its ownership structure, which may
entail some uncertainty, given potential major shareholder
pressure for capital up-streaming.  Such concern is, however,
partially mitigated by the bond indenture that limits dividend
payouts to below 50% of consolidated net income.

Moody's notes that G Steel has funded the debt portion of NSM
investment through a one-year bridge loan, leading to a
refinancing risk in the next 12 months.  The stable outlook
incorporates Moody's expectation that G Steel will put in place
an appropriate refinancing plan over the next 6 to 9 months
Failure to do so will increase pressure on the rating.

Downward rating pressure could also emerge if:

    1) its operating and liquidity profiles weaken further due
       to poor management of working capital or negative impact
       from a prolonged military coup in Thailand,
    
    2) the capex program does not proceed as planned, with
       substantial cost overruns and delay in completion,
    
    3) HRC prices decline, such that steel prices fall beyond
       Moody's expectations, or

    4) G Steel provides financial support to NSM, or undertakes
       further aggressive debt-funded capital investment plans.

The key credit metrics that Moody's would consider for a
downgrade include average EBIT/interest falls below 1.0 -- 1.2x
and average Adj.Debt / EBITDA rises above 4.5x over the cycle.

On the other hand, upside potential for the rating is limited in
the near term.  But, positive rating pressure would emerge over
time if G Steel:

    1) demonstrates its ability to satisfactory complete its
       capex program underway;
   
    2) improve its working capital management and profitability
       through the industry cycle; and

    3) successfully integrate and achieve synergies from its
       strategic alliance with NSM.

G Steel Public Company Ltd, headquartered in Bangkok, Thailand,
produces HRC in different grades and gauges.  G Steel is a
stand-alone operating entity with no related group companies.


GOVT. HOUSING BANK: Ratings Unaffected by Coup, Moody's Says
------------------------------------------------------------
Moody's Investors Service announced on September 20, 2006, that
the military coup in Thailand should have no immediate effect on
Government Housing Bank of Thailand's ratings.

The bank currently carries Moody's Bank financial strength
rating of E+, and foreign currency long-term/short-term deposit
ratings of Baa1/P-2.

Moody's will closely monitor developments and assess the
resulting impact -- if any -- on the credit profile of Bangkok
Bank.

Any prolonged, significant slowdown in the economy could weaken
the Thai banks' ability to improve profitability and reduce non-
performing assets, which are key to the strengthening of their
recovering capital bases.

Political uncertainty over the past several months has already
slowed Thailand's economic growth. The coup will certainly slow
it further. It is still too early to tell whether the coup will
have a sufficiently negative impact on the economy as to weaken
the intrinsic safety and soundness of Thailand's banks.

Moody's will accordingly continue to evaluate the situation and
keep the market informed of any rating impact.

For Export-Import Bank of Thailand, which is a government
related issuer (GRI), Moody's does not expect the bank's ratings
- which have factored in government support - to be affected
unless there is a change in the sovereign rating, a scenario
that the rating agency does not contemplate at this stage.


KASIKORN BANK: Moody's Says Coup No Immediate Impact on Ratings
---------------------------------------------------------------
Moody's Investors Service announced on September 20, 2006, that
the military coup in Thailand should have no immediate effect on
Kasikorn Bank's ratings.

The bank currently carries Moody's Bank financial strength
rating of D+, foreign currency long-term/short-term deposit
ratings of Baa1/P-2 and foreign currency subordinated debt
rating of Baa2.

Moody's will closely monitor developments and assess the
resulting impact -- if any -- on the credit profile of Bangkok
Bank.

Any prolonged, significant slowdown in the economy could weaken
the Thai banks' ability to improve profitability and reduce non-
performing assets, which are key to the strengthening of their
recovering capital bases.

Political uncertainty over the past several months has already
slowed Thailand's economic growth. The coup will certainly slow
it further. It is still too early to tell whether the coup will
have a sufficiently negative impact on the economy as to weaken
the intrinsic safety and soundness of Thailand's banks.

Moody's will accordingly continue to evaluate the situation and
keep the market informed of any rating impact.

For Export-Import Bank of Thailand, which is a government
related issuer (GRI), Moody's does not expect the bank's ratings
-- which have factored in government support -- to be affected
unless there is a change in the sovereign rating, a scenario
that the rating agency does not contemplate at this stage.


KRUNG THAI: Military Coup no Immediate Impact on Moody's Ratings
----------------------------------------------------------------
Moody's Investors Service announced on September 20, 2006, that
the military coup in Thailand should have no immediate effect on
Krung Thai Bank's ratings.

The bank currently carries Moody's Bank financial strength
rating of D, and foreign currency long-term/short-term deposit
ratings of Baa1/P-2.

Moody's will closely monitor developments and assess the
resulting impact -- if any -- on the credit profile of Krung
Thai Bank.

Any prolonged, significant slowdown in the economy could weaken
the Thai banks' ability to improve profitability and reduce non-
performing assets, which are key to the strengthening of their
recovering capital bases.

Political uncertainty over the past several months has already
slowed Thailand's economic growth.  The coup will certainly slow
it further. It is still too early to tell whether the coup will
have a sufficiently negative impact on the economy as to weaken
the intrinsic safety and soundness of Thailand's banks.

Moody's will accordingly continue to evaluate the situation and
keep the market informed of any rating impact.

For Export-Import Bank of Thailand, which is a government
related issuer (GRI), Moody's does not expect the bank's ratings
-- which have factored in government support -- to be affected
unless there is a change in the sovereign rating, a scenario
that the rating agency does not contemplate at this stage.



                            *********

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 ***