TCRAP_Public/060926.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  

           Tuesday, September 26, 2006, Vol. 9, No. 191

                            Headlines

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

123 ENTERPRISES: Appoints Joint and Several Liquidators
1ST STATE HOME: Ferrantino Jailed for Role in Benefits Scheme
ADGIN GREEN: Undergoes Voluntary Liquidation
ADSTEAM MARINE: Svitzerwijsmuller Further Revises Purchase Terms
AIR NEW ZEALAND: Court Prevents Disclosure of Charging Proposals

ALLSTATE EXPLORATIONS: Appeals Decision on Pre-emptive Rights
ALUMINIUM ANODISERS: Creditors' Proofs of Claim Due on Oct. 13
APEEL PTY: Receiver Ceases to Act for the Company
ARISTOCRAT SPA: R. Awadallah Banned from Managing Corporations
AUSTRALIA DAY: Members and Creditors to Meet on October 20

AVIS BUDGET: Moody's Assigns Loss-Given-Default Ratings
BARRORESH NO.1 PTY: Liquidator to Present Wind-Up Report
BOULTON ENTERPRISES: Final Meeting Slated for October 20
CAD 2 CAM: Creditors Must Prove Debts by October 9
ERRIA SHIPPING: Placed Under Members' Voluntary Liquidation

FELTEX CARPETS: New Zealand Stock Exchange Suspends Trading
G & H CUBING: Members Opt to Close Business
GLOBAL PRINTING: Creditors Appoint Official Liquidator
JKB CONSTRUCTIONS: Court Issues Wind-Up Order
MACARTHUR COLONIAL: Supreme Court Orders Wind-Up

MC BEEF: Members to Hold General Meeting on October 24
METAL STORM: CEO I. Gillespie to Leave in End-October
MI CONSULTING: Members and Creditors to Hold Joint Meeting
MI SERVICES GROUP: Liquidator to Present Wind-Up Report
MI SERVICES GROUP (AUSTRALIA): Joint Meeting Set on October 19

MIRROR POOLS: Final Meeting Scheduled on October 19
MORAY PLACE: Creditors' Proofs of Claim Due on October 12
MTA ROADSERVICE: Supreme Court Issues Wind-Up Order
NATASMIR PTY: Members and Creditors to Meet on October 12
NORTHERN FARMS: Shareholders Opt for Voluntary Liquidation

PEGASUS CONSULTING: Liquidator Pilato to Present Wind-Up Report
PERRINS PTY: Members to Hold Final Meeting on October 9
POGO PRODUCING: Moody's Assigns Loss-Given-Default Ratings
PROFESSIONAL SERVICE: Supreme Court Issues Wind-Up Order
RADISON PROPERTIES: Creditors to Prove Debts by October 12

RANGIORA PRINTING: Shareholders Appoint Liquidator
REVLON INC: Elects David Kennedy as Director, President and CEO
ROBERTSON ROAD: Creditors' Proofs of Debt Due on October 6
ROLFE-HALL INVESTMENTS: Members and Creditors to Meet on Oct. 20
RSB DEVELOPMENTS: Members to Receive Wind-Up Report

SELDINNA PTY: Final Meeting Set on October 24
SHERATON PROPERTY: Court Orders Wind-Up
SODABLAST SYSTEMS: Creditors Must Prove Debts by October 5
SPORT NUMBERS: Members to Hold Final Meeting on October 19
STYLISH SHOPFITTERS: Creditors' Final Meeting Set on October 23

SWIFT ENERGY: Moody's Assigns Loss-Given-Default Ratings
TDL HOLDINGS: Creditors Must Prove Debts by October 13
TREGA PTY: Members' and Creditors' Meeting Set on Oct. 20
TYMCALL PTY: Commences Wind-Up of Operations
WESTPOINT GROUP: Investors Face Delays in Complaints Service

X.P CONTRACTORS: Members Opt to Shut Down Firm
XENNON11 PTY: Wind-Up Report Due on Oct. 7 Meeting
XPRESSIONS FASHION: Court Appoints Managh as Liquidator
XTREME MOTORCYCLE: Names Bennett and Hoyle as Liquidators


C H I N A   &   H O N G  K O N G

1 AND 1 ORDER: Court Issues Wind-Up Order
AMC ENTERTAINMENT: Incurs US$7.7 Million Net Loss in 1st Quarter
ANDREW CORP: Restructures Product Groups & Executive Team
BALLY TOTAL: Warns Investors for Possible Default
BANK OF BEIJING: Fitch Affirms Individual D/E Rating

CHINAKIT TRADING: Members' Final Meeting Set on Oct. 16
CREATIVE EYEWEAR: Receive Court's Wind-Up Order
GOLDEN GENIUS: Faces Liquidation Proceedings
HOPSON DEVELOPMENT: Shareholders Sell 50 Million Shares
NEW CHUAN: Liquidators Ceases to Act for the Company

ROCKY LIMITED: Liquidator to Present Wind-Up Report
SHANGHAI PUDONG: Fitch Keeps Individual D Rating
SUNDAS DEVELOPMENT: Final Company's Meeting Slated for Oct.16
UNITED PACIFIC: Court Sets Date to Hear Wind-Up Bid
VICTORIA INDUSTRIES: Earns US$95,747 in Six-Months Ended June 30

WAI SUN CONSTRUCTION: Court Approves Wind-Up Bid
WORLD SMARTER: Wind-Up Bid Hearing Slated for Oct. 25


I N D I A

AES CORP: Indian Unit Won't Bid For Mundra Power Project
BALLARPUR INDUSTRIES: FY2005-06 Profit 26.13% Better YoY
BALLY TECH: To Restate 2003 Through 2005 Financial Statements
BALLY TECHNOLOGIES: Sues International Game in US District Court
CAP GEMINI: Improved Margins Spur S&P to Change Rating Outlook

CAP GEMINI: Inks Partnership Agreement with Hindustan for Indigo
EMCO LTD: Approves Resolutions at Annual General Meeting
EMCO LTD: Receives Order From KPTCL
FEDERAL BANK: Posts INR401.80-Million Net Profit in June Quarter
GENERAL MOTORS: Cost Cuts Just One Part of Success, S&P Says

HOUSING & URBAN DEV'T CORP: One of PSUs Without Directors
JUNIPER NETWORKS: Earns US$567.5 Mil. in Quarter Ended June 30
JUNIPER NETWORKS: Inks Strategic Partnership with Symantec
KARNATAKA BANK: Sells Bharat Overseas Stakes to IOB
KARNATAKA BANK: Posts INR41-Crore Net Profit in June Quarter

RPG LIFE: Gets INR337-Lakh Net Profit for June Quarter
RPG LIFE: Grants Stock Options to Managing Director
RPG LIFE: Appoints A. Vasudeva as New Director
SILICON GRAPHICS: Delays Filing of 2006 Annual Report
SILICON GRAPHICS: Wants Intel Collaboration Pact Approved

SILICON GRAPHICS: Walks Away from Seven Executory Contracts
STEELCASE INC.: Moody's Rates US$250 Mil. 6.5% Sr. Notes at Ba1
TATA MOTORS: Shop Caught Fire; Production May Be Affected
UNION BANK OF INDIA: MoU With NBHC Benefits Farmers
UNION BANK OF INDIA: Plans to Raise INR15-B Via Tier-II Bonds

* S&P Warns India on Oil


I N D O N E S I A

ALCATEL SA: Moody's Expects to End Review for Lucent Merger
ALCATEL SA: Signs Network Deal with Taiwan's Chungwa Telecom
BAKRIE SUMATERA: Moody's Assigns First-Time (P)B2 Rating
BAKRIE SUMATERA: S&P Assigns 'B' Corporate Credit Rating
INCO LTD: Revises Earnings Outlook for 2006 Third Quarter

MATAHARI PUTRA: First-Half Net Profit Rises 15.7% Year-on-Year


J A P A N

AVIALL INC: S&P Withdraws BB Corp. Credit Rating & Removes Watch
AVIALL INC: Completes US$1.7-Bln Merger Agreement with Boeing
BANCO BRADESCO: Writing Off BRL2.1 Billion in Goodwill Payments
BANK OF TOKYO-MITSUBISHI: U.S. Units Prone to Money Laundering
DAIEI INCORPORATED: Sells Pachinko Unit to Amenities Co.

EBARA CORPORATION: Loses JPY50-Million Malaysia Plant Order
FORD MOTOR: Ghosn Mulls Talks as GM-Renault Deal Fades
FORD MOTOR: Vice President A.J. Wagner to Retire on January 2007
FORD MOTOR: S&P Report Says Cost Cuts Just One Part of Success
JAPAN AIRLINES: Hotel Arm May Go Public in 2008

METALDYNE CORP: Ratings Still on S&P Watch After Chrysler Cuts
MITSUBISHI MOTORS: Posts Aug. Production, Sales, Exports Figures
SOFTBANK CORPORATION: To Invest in Former 3721 Distributors


K O R E A

BOE HYDIS: Seeks Corporate Rehabilitation
CITIBANK KOREA: Tops FSS Customer Complaints Survey
KOREA DEVELOPMENT: Partners with Japan's Mizuho Bank
LYONDELL CHEMICAL: Repays Part of Term Loan from Notes Proceeds
MILACRON INC: Contributes US$30 Million to Pension Obligation

* KOSPI Plunges After U.S. Dollar Slides


M A L A Y S I A

BANK ISLAM: Managing Director Calls in Danaharta to Aid Revival
COMSA FARMS: Unit Receives Wind-Up Petition from Wilmar
FALCONBRIDGE: Proceeds with Subsequent Acquisition of Novicourt
MERCES HOLDINGS: Acquires New Subsidiary
NEWFIELD EXPLORATION: Moody's Assigns Loss-Given-Default Ratings

POLYMATE HOLDINGS: HSBC Bank Serves Writ of Summons
PROTON HOLDINGS: It's Premature to Discuss Equity Stake, MD Says
PROTON HOLDINGS: Rules Out Sale of Lotus Unit


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: NTC Approves Reduced Call Rates
LEPANTO CONSOLIDATE: To Clarify Status of Victoria Proj with BOI
PHILODRILL CORP: To Sell 10 Million Treasury Shares on Sept. 26
SBARRO INC: Set for Joint Venture with India's RTC
* Bangko Sentral ng Pilipinas Maintains Key Policy Rates at 7.5%


S I N G A P O R E

AVAGO TECHNOLOGIES: Q3 Revenue Up 11% to US$423M from Q2
CIVIL GEO: Creditors Must File Proofs of Debt by Oct. 13
COLLINS & AIKMAN: GM Insists Discovery Proposal is Adequate
COLLINS & AIKMAN: Customers Oppose Committee's Planned Inquiries
DELL INC: Faces NASDAQ Delisting Due to Form 10-Q Late Filing

FREESCALE SEMICONDUCTOR: Fitch Lowers Sr. Facility Rating to BB+
GREAT OCEAN: Enters Wind-Up of Operations
HAKA CONSTRUCTION: Creditors' Proofs of Debt Due on October 9
IMAGEWIRE SYSTEMS: Posts US$1.8M Working Cap. Deficit at June 30
LAZARD LTD: Names Georges Ralli as Chief Executive Officer

LINDETEVES-JACOBERG: SGX-ST Approves 248,056,294 Rights Shares
MYHOME FURNITURE: Creditors' Proofs of Debt Due on October 3
REFCO INC: Has Until December 12 to Remove State Court Actions
SEAGATE TECH: Discloses Pricing for US$1.5 Billion Senior Notes
SEE HUP SENG: Sale of Subsidiaries Needs Shareholders' OK


T H A I L A N D

ANIXTER INTERNATIONAL: Fitch Affirms Low B Ratings
ANIXTER INT'L: Posts Second Quarter Sales of US$1.24 Billion
KRUNG THAI: Military Coup Halts US$200-Mil. Bond Issue
SIAM CITY: Moody's Says Coup Has No Immediate Impact on Ratings
SIAM COMMERCIAL: Ratings Unaffected by Coup, Moody's Says

STANDARD CHARTERED: Coup Has No Direct Impact on Moody's Ratings
TMB BANK: Moody's Keeps Ratings Amid Military Coup
UNITED OVERSEAS: Military Coup no Immediate Impact on Ratings


* BOND PRICING: For the Week 25 September to 29 September 2006

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A U S T R A L I A   &   N E W  Z E A L A N D
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123 ENTERPRISES: Appoints Joint and Several Liquidators
-------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed as joint and several liquidators of 123 Enterprises
Ltd on September 4, 2006.

The Troubled Company Reporter - Asia Pacific reported that the
Commissioner of Inland Revenue filed a wind-up petition against
the company on July 25, 2006.  The petition was heard on
September 4, 2006.

The Joint and Several Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


1ST STATE HOME: Ferrantino Jailed for Role in Benefits Scheme
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, Rocco Ferrantino of the Gold Coast in Queensland
pleaded guilty before the Southport District Court to 10 charges
brought against him by the Australian Securities and Investments
Commission.

On September 22, 2006, the Court sentenced Mr. Ferrantino to two
years in prison for his role in a superannuation rollover
benefits scheme connected to 1st State Home Loans Pty Ltd.  

The ASIC had alleged that between February 1998 and July 2001,
Mr. Ferrantino falsely advised clients who wanted to buy a home
that their preserved superannuation could be used to assist them
with the purchase price.  Under the relevant superannuation
regulations, preserved benefits are to be retained in
superannuation funds until the owner of the policy retires after
55 years of age and when other limited criteria prescribed by
the legislation are met.

According to the TCR-AP report, Mr. Ferrantino, who is a former
employee of 1st State Home Loans, pleaded guilty to dishonestly
inducing holders of superannuation benefits to rollover their
preserved superannuation benefits into 1st State and causing
detriment to clients who had sought his assistance in relation
to the purchase of a house.

On charges of dishonestly inducing clients to rollover their
superannuation, the Court sentenced Mr. Ferrantino to 18 months
imprisonment, to serve five months.  On charges of causing
detriment to his clients, Mr. Ferrentino was sentenced to two
years in prison suspended after five months.

ASIC Executive Director of Enforcement Jan Redfern says that the
jailing of Mr. Ferrantino sent a clear message that those who
dishonestly and deliberately advised clients about rolling over
superannuation benefits would face consequences.

"ASIC will take action to ensure that promoters of schemes
designed to give consumers illegal early access to their
superannuation are brought before the courts.  We also remind
consumers that establishing a self-managed superannuation fund
for the purpose of gaining early access to preserved  
superannuation is prohibited, and may expose consumers to
significant tax penalties and other risks," Ms. Redfern adds.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                          *     *     *

The TCR-AP previously reported that the criminal charges against
Mr. Ferrantino follow successful civil action taken by the ASIC
in February 2003 where the Supreme Court of Queensland appointed
liquidators to 1st State Home Loans Pty Ltd and the property of
related companies, Aynat Gold Nominees Pty Ltd, Ferndune Pty
Ltd, United Project Developments Pty Ltd, and Favstor Pty Ltd.

The Court's Orders were based on evidence from a receivers'
report that 95 investors had approximately AU$1.4 million of
their funds released to 1st State Home Loans Pty Ltd.


ADGIN GREEN: Undergoes Voluntary Liquidation
--------------------------------------------
At a general meeting held on August 2, 2006, it was resolved to
voluntarily liquidate Adgin Green Pty Ltd's business.  

Accordingly, Alan J. Ranck was appointed as liquidator.

The Liquidator can be reached at:

         Alan J. Ranck
         109 Jessie Street
         Armidale, New South Wales
         Australia


ADSTEAM MARINE: Svitzerwijsmuller Further Revises Purchase Terms
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 22, 2006, SvitzerWijsmuller A/S has continued its
offer to purchase all of the outstanding shares in Adsteam
Marine Ltd. under revised terms.  The key elements were:

   * an extension of the Offer until October 27, 2006;

   * approval for Adsteam to pay a dividend of 4.1 cents per
     share (in lieu of the final year 2006 dividend) while
     retaining the AU$2.54 per share offer price; and

   * the removal of the break fee.

The TCR-AP also reported that in a statement filed with the
Australian Stock Exchange on September 21, 2006, Adsteam Marine
disclosed that it will pay an interim dividend of 4.1 cents per
share, franked to 23%.

In a recent Bidder's Statement filed with the ASX, it was
revealed that under the Offer Terms, the declaration would
trigger the "No Major Acquisitions or Disposals" condition to
the SvitzerWijsmuller's Offer.

As reported in the TCR-AP on August 25, 2006, the
SvitzerWijsmuller Offer is subject to competition approval in
the United Kingdom.

To resolve the outstanding U.K. competition issues,
SvitzerWijsmuller has determined to:

   * waive the "No Major Acquisitions or Disposals" condition to
     the Offer insofar as it is triggered by the declaration by
     Adsteam of the Interim Dividend; and

   * vary the Offer to permit Adsteam Shareholders to retain the
     whole of the Interim Dividend, while still being entitled
     to receive AU$2.54 in cash per Adsteam Share under the
     Offer.  This variation effectively increases the total
     consideration offered under the Offer to AU$2.581 per
     Adsteam Share -- consisting of AU$2.54 cash per Adsteam
     Share and the Interim Dividend.

Adsteam also advised SvitzerWijsmuller that Adsteam's profit
results for the year ending December 31, 2006, could be
adversely affected by the costs of responding to the Offer.  
SvitzerWijsmuller has agreed that the Profit Event will not
constitute an "adverse effect" for the purposes of the "No
Material Adverse Change" condition to the Offer.

The parties have also agreed to terminate Adsteam's obligation
to pay the AU$6.9 million break fee.

As at July 26, 2006, Svitzerwijsmuller had 0% relevant interest
of bid class securities in Adsteam.

As at the extension of the Offer Period, Svitzerwijsmuller has
17.06% relevant interest of the bid class securities in Adsteam.

SvitzerWijsmuller assures to keep Adsteam Shareholders informed
of any material developments.

                     About SvitzerWijsmuller

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

                          About Adsteam

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

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


AIR NEW ZEALAND: Court Prevents Disclosure of Charging Proposals
----------------------------------------------------------------
Air New Zealand Limited discloses that it is being prevented by
a Court order from revealing to the public details of Auckland
Airport's proposed new passenger and other charges, due to take
effect next September.

"Auckland Airport is so concerned about the public effect of
this proposal that they've obtained a court injunction to stop
us talking about it," Rob McDonald, Chief Financial Officer
says.

"They're hiding behind a confidentiality agreement designed to
protect competitively sensitive information," Mr. McDonald
contends, asserting that there's an issue of significant public
interest, especially in Passenger Departure Fees, which already
delivered a 25% increase to Auckland Airport in July when the
Airport began to retain the part of the fee previously paid to
the Government.

Mr. McDonald maintains that the Airport has something large to
hide, noting that the public and the Government should be asking
what it is that Auckland Airport is so concerned about.

The airline recounts that in previous cases on this issue, the
High Court has said current legislation makes Air New Zealand
the "watchdog" on behalf of the traveling public when it comes
to departure charges and airport development fees.  Yet the
Airport Authorities Act allows an Airport, which is in a
monopolistic position to set charges "as it sees fit," Mr.
McDonald contends.

The current position yet again highlights the urgent need for
reform of the way airport charges are determined.

"Now we have been gagged by the Airport from revealing what
those proposed charges are, despite Auckland Airport having
itself signaled to its investors that consultation includes
passenger departure fees being likely to increase," Mr. McDonald
asserts.

IATA's Director General and CEO had recently described New
Zealand's airports at Auckland and Wellington as "an
embarrassment" because of their degree of profitability,
confirming they were among the most expensive in the world to
operate from on a relative basis, Air New Zealand relates.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1.071 billion held
as at June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


ALLSTATE EXPLORATIONS: Appeals Decision on Pre-emptive Rights
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 21, 2006, the Supreme Court of Victoria confirmed
Beaconsfield Gold's comprehensive pre-emptive rights under the
Beaconsfield Mine Joint Venture Agreement.

The TCR-AP previously reported that Allstate's joint venture
partner, Beaconsfield Gold, initiated an action with the Supreme
Court of Victoria, seeking declaratory relief in relation to its
pre-emptive rights under the Beaconsfield Mine Joint Venture
agreement.

The TCR-AP noted that Joint & Several Deed Administrator Michael
Ryan argued the Court's decision was disappointing as it limited
Allstate's options to raise additional capital.  Mr. Ryan said
Allstate will consider the decision with its lawyers to
determine if there are any grounds for appeal.

In an update, on September 21, 2006, Allstate Explorations NL
advised the Australian Stock Exchange that it has lodged an
appeal against a judgment in the Victorian Supreme Court in
favor of Beaconsfield Gold NL in relation to pre-emptive rights.

Allstate Chairman, Rod Elvish disclosed that as a result of the
appeal, plans to restructure the company had been suspended
pending the outcome of the appeal.

Joint and Several Deed Administrator of the company, Michael
Ryan said the Supreme Court Appeal would have no effect
whatsoever on work towards reopening the Beaconsfield mine.

"The mine management team and consultants are continuing to work
towards the earliest possible reopening of the Beaconsfield gold
mine," Mr. Ryan says.

In a statement filed with the ASX, Beaconsfield Gold said its
view remains that its pre-emptive rights under the Agreement are
very clear and Beaconsfield Gold will vigorously contest
Allstate's appeal.

Chief Executive Officer for Beaconsfield Gold, Bill Colvin said
"[a] resolution of the ownership issues at the Beaconsfield Mine
would remove much uncertainty for all the stakeholders working
towards getting the mine safely re-opened.  I hope [the Appeal]
does not delay the necessary negotiations to achieve this."

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


ALUMINIUM ANODISERS: Creditors' Proofs of Claim Due on Oct. 13
--------------------------------------------------------------
Oon September 1, 2006, shareholders of Aluminium Anodisers Ltd
resolved to liquidate the Company's business and appointed
Robert Foster as liquidator.

Mr. Foster then requires creditors of the Company to prove their
debts by October 13, 2006, for them to share in the
distribution.

The Liquidator can be reached at:

         Robert Foster
         BDO Spicers
         Chartered Accountants
         29 Northcroft Street
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 2125
         Facsimile:(09) 486 4026


APEEL PTY: Receiver Ceases to Act for the Company
-------------------------------------------------
On September 6, 2006, Frank Lo Pilato had ceased to act as
receiver of the charged property of Apeel Pty Limited.

The former Receiver can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988
  

ARISTOCRAT SPA: R. Awadallah Banned from Managing Corporations
--------------------------------------------------------------
The Australian Securities and Investments Commission has banned
Ramses Awadallah, of Denham Court, New South Wales, from
managing corporations for five years.

Mr. Awadallah was banned after the Australian Securities and
Investments Commission found that he had been involved in the
management of three companies that have been placed in
liquidation over eight years, all of which carried on
essentially the same spa pool construction and sale business in
succession.

These companies include:

   1. Aristocrat Spa Pools Australia (NSW) Pty Ltd, which was
      wound up on April 17, 2000, and was deregistered on
      January 24, 2004;

  2. Aristocrat Spa Pools Australia (Sales) Pty Ltd, was wound
     up on October 23, 2001, and was deregistered on July 16,
     2004; and

   3. Droom Pty Ltd, formerly known as Aristocrat Spa Pools
      Australia Pty Limited, was wound up on April 10, 2006.

The joint liquidators lodged a preliminary report on May 17,
2006, but have not yet lodged their final report.

ASIC found that Mr. Awadallah's management of the three
companies fell considerably short of the competency standards
expected of a director.

ASIC took these factors into account:

   * the sale of Droom's business to Australian Spas and Saunas
     Pty Ltd on March 13, 2006, when Droom was insolvent, or of
     doubtful solvency.  The liquidator of Droom reported to
     ASIC that Australian Spas' only shareholder was Maha
     Awadallah, Mr. Awadallah's wife and that assets of
     AU$822,600 were paid to nominated creditors only.  Mr.
     Awadallah failed in his duties as a director by not
     considering the interests of all creditors;

   * neither Aristocrat NSW, Aristocrat Sales, or Droom kept
     proper books and records as required by the Corporations
     Act;

   * despite a number of written requests to do so, Mr.
     Awadallah failed to deliver all the books and records in
     his possession to the liquidators of Aristocrat NSW,
     Aristocrat Sales, and Droom or tell the liquidators where
     they could be found, as required by the Act;

   * there was no return to creditors of either Aristocrat NSW
     or Aristocrat Sales;

   * Aristocrat NSW, Aristocrat Sales, and Droom all failed with
     substantial deficiencies of assets to liabilities; and

   * Aristocrat NSW, Aristocrat Sales, and Droom all owed
     substantial amounts to the Australian Taxation Office for
     statutory debts.

"Directors who do not carry out their duties properly pose a
threat to creditors, consumers, and the business community.  
ASIC will not hesitate to take banning action against directors
who intentionally or negligently fail to fulfil their
responsibilities," Allen Turton, ASIC's Deputy Executive
Director of Enforcement says.

Mr. Awadallah has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.

                      About Aristocrat Spa

Aristocrat Spa Pools is a manufacturer and seller of spa pools,
operating from premises at Prestons, Sydney.  It also has a
retail shop located at Blakehurst.

As reported in the Troubled Company Reporter - Asia Pacific on
April 6, 2006, voluntary administrators were appointed to the
Sydney spa pool company, previously known as Aristocrat Spa
Pools Australia Pty Limited, after an investigation by the
Australian Securities and Investments Commission.

Ivor Worrell and Morgan Gerard Lane of Worrells Solvency
and Forensic Accountants were appointed to oversee the company's
administration.

According to the TCR-AP, Ramses Awadallah as the company's
managing director, appointed a voluntary administrator after
ASIC had identified solvency concerns about the Company.

ASIC's investigation commenced after a surveillance review,
undertaken as part its National Insolvent Trading Program,
identified concerns that Aristocrat Spa Pools was continuing to
trade and incur debts when there were reasonable grounds to
suspect that it was insolvent.

ASIC's National Insolvent Trading Program is a focused approach
to dealing with possible insolvent trading before it occurs.  It
involves a review of a company for the purposes of ensuring
compliance by directors of their duties as set out in section
180 of the Corporations Act 2001 and directors' duties to
prevent insolvent trading under section 588G of the Act.
  

AUSTRALIA DAY: Members and Creditors to Meet on October 20
----------------------------------------------------------
A final meeting will be held for the members and creditors of
Australia Day In The National Capital Incorporated on
October 20, 2006, at 12:30 p.m.

At the meeting, Liquidator Frank Lo Pilato will present the
final accounts on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988


AVIS BUDGET: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. rental company sector this week, the
rating agency confirmed its Ba2 Corporate Family Rating for Avis
Budget Car Rental, LLC.  Additionally, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on these loans and bond debt obligations:

                                                   Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Gtd. Sr. Sec.
   Revolving Credit
   Facility due 2011     Ba2       Ba1     LGD3     30%

   Gtd. Sr. Sec.
   Term Loan B
   due 2012              Ba2       Ba1     LGD3     30%

   7.625% Sr. Unsec.
   Gl. Notes due 2014    Ba3       Ba3     LGD5     74%

   7.750% Sr. Unsec.
   Gl. Notes due 2016    Ba3       Ba3     LGD5     74%

   Flt. Rt. Sr. Unsec.
   Notes due 2014        Ba3       Ba3     LGD5     74%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Based in Parsippany, New Jersey, and operating under the AVIS
and BUDGET brand names, Avis Budget Car Rental, LLC --
http://www.avisbudgetgroup.com/-- is the one of the largest  
general use car rental companies in the world.  Avis is a
leading supplier to the premium travel segment and Budget is
considered a top value brand in the leisure segment.  For 2005,
the rental company maintained an average fleet of 372,000
vehicles.  Approximately 84% and 80% of the domestic Avis and
Budget car rental revenues, respectively, were derived from
airport locations in 2005.

The company has operations in Australia and New Zealand.


BARRORESH NO.1 PTY: Liquidator to Present Wind-Up Report
--------------------------------------------------------
The members and creditors of Barroresh No.1 Pty Limited will
hold a final meeting on October 20, 2006, at 11:30 a.m., to hear
the report of Liquidator Frank Lo Pilato on the company's wind-
up proceedings and the property disposal exercise.

The Liquidator can be reached at:
         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia         
         Telephone:(02) 6247 5988


BOULTON ENTERPRISES: Final Meeting Slated for October 20
--------------------------------------------------------
A final meeting will be held for the members and creditors of
Boulton Enterprises Pty Ltd on October 20, 2006, 10:00 a.m.

During the meeting, Liquidator Pilato will present the company's
wind-up proceedings and the property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on December 16,
2005.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia         
         Telephone:(02) 6247 5988


CAD 2 CAM: Creditors Must Prove Debts by October 9
--------------------------------------------------
Creditors of Cad 2 Cam Solutions Ltd are required to submit
their proofs of debt by October 9, 2006, to Liquidators Paul
Graham Sargsison and Gerald Stanley Rea, or be excluded from the
benefit of any distribution the Company will make.

The Joint Liquidators can be reached at:

         Paul Graham Sargison
         Gerald Stanley Rea
         Gerry Rea Associates
         P.O. Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098
         E-mail: grea@gerryrea.co.nz


ERRIA SHIPPING: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------------
At an extraordinary general meeting held on August 17, 2006, the
members of Erria Shipping Pty Limited resolved to voluntarily
wind-up the company's operations and appointed J. L. Harwood as
liquidator.

The Liquidator can be reached at:

         J. L. Harwood
         Erina Business Park
         155 The Entrance Road
         Erina, New South Wales 2250
         Australia


FELTEX CARPETS: New Zealand Stock Exchange Suspends Trading
-----------------------------------------------------------
On September 25, 2006, the New Zealand Stock Exchange suspended
trading in Feltex Carpets Limited shares because the company's
receiver, McGrathNicol and Partners, is refusing to pay the
company's share register, ShareChat News reports.

The NZX said McGrathNicol applied for a trading halt just prior
to market closure on September 22, 2006, but the NZX did not
consider that a receivership was sufficient grounds for a
trading halt, the New Zealand Press Association relates.

"However, in this instance the receiver has confirmed that it
will not be paying Feltex's share registrar, who has therefore
suspended Feltex registry functions with the effect that
settlement of trades in Feltex securities cannot be effected.  
Because of this, NZX has no choice but to suspend Feltex
securities until such time as trades are able to be settled,"
ShareChat cites the NZX, as saying.

As reported in the Troubled Company Reporter - Asia Pacific on
September 25, 2006, Colin Nicol, Peter Anderson and Kerryn
Downey, of McGrathNicol+Partners, were appointed as receivers
and managers of Feltex Carpets.

Accordingly, Feltex applied for the suspension of trading in its
Shares, the TCR-AP noted.

The Australian receivers said they expected the company to be
sold or recapitalized by November as a going concern rather than
liquidated or broken up, ShareChat relates.

It was not clear whether a buyer would keep the company listed
on the NZX, NZPA says.

            Obtains Employees & Suppliers' Support

ShareChat cites the receivers, as saying they had obtained the
cooperation and support of Feltex's employees and key suppliers.

"Goods and services purchased by the receivers are assured of
payment.  The uncertainty which has affected Feltex's supply
chain in recent months has now been eliminated," Mr. Nicol says.

According to the NZPA, the receivers have contacted key
customers for support and arrangements were being put in place
to assure customers of warranty support.

                  Receivers Took-Over Business

Mr. Nicol disclosed that the receivers have received formal
expressions of interest from the Turner brothers consortium and
Godfrey Hirst, and noted that inquiries from other parties were
also received, ShareChat relates.

The paper reveals that the receivers have taken over running the
business from the Feltex board of directors and removed chief
executive Peter Thomas.

The NZPA relates that Mr. Nicol said documents revealed "it was
not possible to secure a sale or recapitalization except on
terms which would have required a significant debt write-off by
the ANZ bank."

"This does not appear to have been disclosed by Feltex," NZPA
cites Mr. Nicol, as saying.

Mr. Nicol further said some of the proposals received by Feltex
"carried high risk of non-completion, lacked enforceable
financial commitments from key stakeholders, and/or involved
proposals with adverse legal or reputation risks," NZPA relates.

                          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.


G & H CUBING: Members Opt to Close Business
-------------------------------------------
At a general meeting held on August 31, 2006, the members of
G & H Cubing Pty Limited passed a special resolution to
voluntarily liquidate the company's business and distribute the
proceeds of its assets.

Consequently, the members will hold a final meeting on
October 18, 2006, at 10.00 a.m., to hear Liquidator Purtill's
final accounts of the company's wind-up.

The liquidator can be reached at:

         Mark Purtill
         Pritchard Adams
         Chartered Accountants
         Level 9, 10 Barrack Street
         Sydney, New South Wales 2000
         Australia


GLOBAL PRINTING: Creditors Appoint Official Liquidator
------------------------------------------------------
On September 8, 2006, the members of Global Printing Australia
Pty Limited convened and agreed to voluntarily liquidate the
company's business.

During a creditors meeting held later that day, M. F. Cooper was
appointed as the company's official liquidator.

The Liquidator can be reached at:

         M. F. Cooper
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


JKB CONSTRUCTIONS: Court Issues Wind-Up Order
---------------------------------------------
The Supreme Court of New South Wales has issued an order to wind
up JKB Constructions Pty Limited.  Subsequently, P. Ngan was
appointed as liquidator.

The Liquidator can be reached at:

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


MACARTHUR COLONIAL: Supreme Court Orders Wind-Up
------------------------------------------------
On September 5, 2006, the Supreme Court of New South Wales has
ordered Macarthur Colonial Cottages Pty Limited to wind up its
operations and appointed Christopher J. Palmer as liquidator.

The Liquidator can be reached at:

         Christopher J. Palmer
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia


MC BEEF: Members to Hold General Meeting on October 24
------------------------------------------------------
The members of MC Beef Pty Ltd will hold a general meeting on
October 24, 2006, at 11:00 a.m., to hear the accounts of
Liquidator Neil Edgar Brackenbury on the company's wind-up and
property disposal exercises.

The Liquidator can be reached at:

         Neil Edgar Brackenbury
         Brackenbury Green & Associates
         147 George Street
         Quirindi
         Australia


METAL STORM: CEO I. Gillespie to Leave in End-October
-----------------------------------------------------
Metal Storm Limited disclosed with the Australian Stock Exchange
that its Chief Operating Officer, Ian Gillespie, will leave the
company towards the end of October to take up a CEO role with a
large public company in an unrelated industry.

Terry O'Dwyer, Metal Storm's Executive Chairman notes that Mr.
Gillespie has served the company during a very difficult time in
its development.  Mr. Gillespie leaves Metal Storm having been
responsible for the design and delivery of the recent successful
capital raising so the company is now in a strong position to
prosper, Mr. O'Dwyer says.

                        Hired Engineers

Metal Storm further disclosed that it is continuing to ramp up
engineering resources in its Brisbane and Arlington offices.

The company relates that it is actively recruiting engineers
from across Australia to fill roles in the new development
facility in Brisbane.

In June, Ian Klemm joined the U.S. engineering team as a
Mechanical Engineer.  Mr. Klemm holds a B.S.M.E. from the
University of Wisconsin and was previously a lead product
engineer in Lockheed Martin's Security and Engineering Programs
group.

In August, Sean Grape joined the U.S. engineering team as
mechanical engineer.  Mr. Grape has over 16 years of experience
and holds a Masters Degree in Mechanical Engineering from the
Rochester Institute of Technology.  Previously at IIT Space
Systems he worked as a test engineers working for Satellite
Optical Imaging Systems.

In September, Robert Koch joined the Arlington team as an
electrical engineer working on the company's fire control
systems.  Mr. Koch holds a B.S.E.E from the Rochester Institute
of Technology and has over five years experience as a hardwared
design engineer.

                       About Metal Storm

Metal Storm Limited -- http://www.metalstorm.com/-- is  
headquartered in Brisbane, Australia, and incorporated in
Australia, with an office in Arlington, Virginia.  Metal Storm
works with government agencies and departments, as well as
industries, to develop a variety of systems utilizing the Metal
Storm non-mechanical, electronically fired stacked ammunition
system.

Metal Storm reflected a loss of AU$10,914,600 in its Annual
Financial Report for the year ended December 31, 2005, which was
attributable to members of its parent company.  The Directors
noted that they are actively seeking funding to continue the
Company's operations.

After auditing the Company's 2005 Annual Report, Winna Irschitz,
a partner at Ernst & Young, raised significant uncertainty
regarding the Company's and its consolidated entity's ability to
continue as going concerns.

As stated in the 2005 Annual Report, Metal Storm's continuing
viability, and ability to continue as a going concern and to
meet debts and commitments as and when they fall due is
dependent on its ability to secure additional equity funding in
the near future and to continue the development and progress the
commercialization of its electronically initiated "stacked
projectile" weapons systems.


MI CONSULTING: Members and Creditors to Hold Joint Meeting
----------------------------------------------------------
A joint meeting of the members and creditors of MI Consulting
Group Pty Limited will be held on October 19, 2006, at
10:00 a.m.

At the meeting, the members and creditors will receive the
accounts on the company's wind-up proceedings and property
disposal exercises from Liquidator Kenneth Whittingham.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on July 11, 2006.

The Liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9286 5555


MI SERVICES GROUP: Liquidator to Present Wind-Up Report
-------------------------------------------------------
Members and creditors of MI Services Group Pty Limited will hold
a joint meeting on October 19, 2006, at 10:00 a.m., to hear the
report on the company's wind-up proceedings and property
disposal exercises from Liquidator Kenneth Whittingham.

The Liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9286 5555


MI SERVICES GROUP (AUSTRALIA): Joint Meeting Set on October 19
--------------------------------------------------------------
The members and creditors of MI Services Group (Australia) Pty
Limited will hold a joint meeting on October 19, 2006, at
10:00 a.m., to receive the company's wind-up report and property
disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on July 11, 2006,

The liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9286 5555


MIRROR POOLS: Final Meeting Scheduled on October 19
---------------------------------------------------
The members and creditors of Mirror Pools (New South Wales) Pty
Limited will hold a final meeting on October 19, 2006, at
11:00 a.m., to receive the report of Liquidator Schon G. Condon
on the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

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


MORAY PLACE: Creditors' Proofs of Claim Due on October 12
---------------------------------------------------------
On September 8, 2006, shareholders of Moray Place Properties Ltd
appointed Stephen James Higgs and Stephen Alan Dunbar to oversee
the Company's liquidation.

In this regard, the Liquidators require the Company's creditors
to submit their proofs of claim by October 12, 2006, for them to
share in the distribution.

The Liquidators can be reached at:

         Stephen James Higgs
         Stephen Alan Dunbar
         Polson Higgs
         P.O. Box 5346, Dunedin
         New Zealand


MTA ROADSERVICE: Supreme Court Issues Wind-Up Order
-------------------------------------------------
The Supreme Court of New South Wales has issued an order to wind
up MTA Roadservice Australia Pty Limited and appointed G. J.
Parker as the liquidator.

The Liquidator can be reached at:

         G. J. Parker
         Parker Insolvency
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


NATASMIR PTY: Members and Creditors to Meet on October 12
---------------------------------------------------------
The members and creditors of Natasmir Pty Limited will hold a
final meeting on October 12, 2006, at 10:30 a.m., to:

   -- receive a report from Liquidator Civil;

   -- consider a resolution to destroy the books & records of
      the company; and

   -- discuss other business.

The Liquidator can be reached at:

         Daniel Civil
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


NORTHERN FARMS: Shareholders Opt for Voluntary Liquidation
----------------------------------------------------------
Shareholders of Northern Farms Ltd resolved on August 29, 2006,
to put the company under voluntary liquidation.

In this regard, Graham Edwards was appointed as liquidator.

The Liquidator can be reached at:

         Graham Edwards
         Northern Farms Limited
         c/o Palairet Pearson
         P.O. Box 944, Napier
         Australia
         Telephone:(06) 835 3364
         Facsimile:(06) 835 3388


PEGASUS CONSULTING: Liquidator Pilato to Present Wind-Up Report
---------------------------------------------------------------
Pursuant to Section 509 of the Corporations Act, the members and
creditors of Pegasus Consulting Pty Ltd will hold a final
meeting on October 20, 2006.

Liquidator Frank Lo Pilato will present the company's wind-up
proceedings and property disposal exercises at the meeting.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988


PERRINS PTY: Members to Hold Final Meeting on October 9
-------------------------------------------------------
The members of Perrins Pty Limited will hold a final meeting on
October 9, 2006, at 10:00 a.m., to hear the report on the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         N. F. Olney
         Ruwald & Evans
         Level 1, 1 Alfred Street
         Sydney
         Australia


POGO PRODUCING: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector this week, the rating agency confirmed its Ba3 Corporate
Family Rating for Pogo Producing Company.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   8.25% Sr. Sub.
   Notes due 2011         B2       B1      LGD4       70%

   6.625% Sr. Sub.
   Global Notes
   due 2015               B2       B1      LGD4       70%

   6.875% Sr. Sub.
   Global Notes
   due 2017               B2       B1      LGD4       70%

   7.875% Sr. Sub.
   Global Notes
   due 2013               B2       B1      LGD4       70%

   Multiple Seniority
   Shelf (Senior
   Unsecured)           (P)Ba3  (P)Ba2     LGD3       33%

   Multiple Seniority
   Shelf (Subordinate)  (P)B2   (P)B1      LGD4       70%

   Multiple Seniority
   Shelf (Junior
   Subordinate)         (P)B2   (P)B2      LGD6       97%

   Multiple Seniority
   Shelf (Preferred
   Shelf)               (P)B3   (P)B2      LGD6       97%

   Trust II Preferred
   Shelf                (P)B2   (P)B2      LGD6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Houston, Texas, Pogo Producing Company (NYSE:
PPP) -- http://www.pogoproducing.com/-- explores for, develops   
and produces oil and natural gas.  Pogo owns approximately
4,000,000 gross leasehold acres in major oil and gas provinces
in North America, 3,119,000 acres in New Zealand and 1,480,000
acres in Vietnam.


PROFESSIONAL SERVICE: Supreme Court Issues Wind-Up Order
--------------------------------------------------------
On August 1, 2006, the Supreme Court of New South Wales issued
an order to wind up Professional Service Integrators Pty
Limited.  

The Court appointed P. Ngan as liquidator.

The Liquidator can be reached at:

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


RADISON PROPERTIES: Creditors to Prove Debts by October 12
----------------------------------------------------------
On August 31, 2006, shareholders of Radison Properties Ltd
appointed Boris van Delden and Iain McLennan, as joint and
several liquidators of the company.

In this regard, Liquidator Van Delden requires creditors to
prove their debts or claims by October 12, 2006, or be excluded
from the benefit of the distribution the company will make.

The Joint and Several Liquidators can be reached at:

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


RANGIORA PRINTING: Shareholders Appoint Liquidator
--------------------------------------------------
Shareholders of Rangiora Printing Service (1984) Ltd resolved to
liquidate the company's business on September 1, 2006, and
appointed Gordon L. Hansen as liquidator.

The Liquidator requires the company's creditors to file their
claims by September 28, 2006.

The Liquidator can be reached at:
         
         Gordon L. Hansen
         c/o Anton Christie
         Goldsmith Fox PKF
         P.O. Box 13 141, Christchurch
         New Zealand
         Telephone:(03) 366 6706
         Facsimile:(03) 366 0265


REVLON INC: Elects David Kennedy as Director, President and CEO
---------------------------------------------------------------
Revlon, Inc.'s Board of Directors has elected David L. Kennedy
as a Director and as President and Chief Executive Officer,
succeeding Jack Stahl, who is leaving the company to pursue
other interests.

Mr. Kennedy is the company's Executive Vice President, Chief
Financial Officer and Treasurer.  While Mr. Kennedy's
appointment is effective immediately, Mr. Stahl has agreed to
stay on as an advisor for 30 days to ensure a smooth transition
to the new leadership.

Mr. Stahl said, "I've greatly enjoyed my tenure at Revlon, and
believe we've laid a strong foundation for future growth at the
company. However, in order to pursue other interests, I've come
to the decision that it is time to pass the baton to a new
leader. David and I have worked together for twenty years, and I
couldn't be leaving the company in better hands."

Ronald Perelman, chairman of the board, said, "David Kennedy is
a talented, experienced executive who, as president of Revlon
International, restored meaningful profitability to the
international business through aggressive control of costs and
strong top-line growth.  David steps into his new role with a
deep knowledge of Revlon and our industry.  We believe he will
provide the company with outstanding leadership as we move to
strengthen Revlon's brands, improve performance and build value
for shareholders.  Jack Stahl has made significant contributions
to our company over the last four years, and we appreciate his
tireless efforts."

Mr. Kennedy joined Revlon in 2002 as executive vice president
and president of Revlon International.  Earlier in the year he
was appointed chief financial officer of the company and its
wholly owned operating subsidiary, Revlon Consumer Products
Corporation.

Mr. Kennedy's 33-year business career includes several senior
management and senior financial positions with The Coca-Cola
company and Coca-Cola affiliates, including serving as managing
director of Coca-Cola Amatil Ltd., a publicly held company based
in Australia, and as general manager of The Coca-Cola Fountain
Division.  He also served in various key financial positions at
Columbia Pictures.  A certified public accountant, Mr. Kennedy
spent the first eight years of his career at Ernst & Young.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has operations in Asia-
Pacific, including Australia, China, Hong Kong, Singapore, and
Taiwan.

At March 31, 2006, the company's balance sheet showed
US$1,085,400,000 in total assets and US$2,127,500,000 in total
liabilities, resulting in a stockholders' deficiency of
US$1,042,100,000.


ROBERTSON ROAD: Creditors' Proofs of Debt Due on October 6
----------------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were appointed as joint
and several liquidators of Robertson Road Development Company
Ltd on September 5, 2006.

For the company's creditors to share in the benefit of the
distribution, the Liquidators require them to submit proofs of
debt by October 6, 2006.

The Troubled Company Reporter - Asia Pacific previously reported
that the Commissioner of Inland Revenue filed the petition on
June 20, 2006.

The Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants, P.O. Box 6302
         Wellesley Street, Auckland
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


ROLFE-HALL INVESTMENTS: Members and Creditors to Meet on Oct. 20
----------------------------------------------------------------
The members and creditors of Rolfe-Hall Investments Pty Limited
will hold a final meeting on October 20, 2006, at 12:00 p.m., to
receive the accounts on the company's wind-up proceedings and
property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported on July
24, 2006, that the company was placed under a members' voluntary
wind-up.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988


RSB DEVELOPMENTS: Members to Receive Wind-Up Report
---------------------------------------------------
A final meeting will be held for the members of RSB Developments
Pty Ltd on October 10, 2006, at 10:00 a.m., to hear the report
on the company's wind-up proceedings and property disposal
exercises from Liquidator Robert George Bates.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on June 29, 2006.

The Liquidator can be reached at:

         Robert George Bates
         Casey Bates
         Suite 2, Level 6
         20 Smith Street
         Parramatta
         Australia


SELDINNA PTY: Final Meeting Set on October 24
---------------------------------------------
The members of Seldinna Pty Limited will hold a meeting on
October 24, 2006, at 10:00 a.m., to receive the report on the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         Edgar Reginald Hewitt
         4 Karoola Crescent
         Caringbah, New South Wales
         Australia


SHERATON PROPERTY: Court Orders Wind-Up
---------------------------------------
On August 17, 2006, the Supreme Court of New South Wales ordered
Sheraton Property Development Pty Limited to wind up its
operations.  The Court appointed P. Ngan as liquidator.

The Liquidator can be reached at:

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


SODABLAST SYSTEMS: Creditors Must Prove Debts by October 5
----------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed
liquidators of Sodablast Systems Ltd by special resolution of
the shareholders on September 7, 2006.

The creditors of the company are required to submit their proofs
of claim by October 5, 2006, to the Liquidators, for them to
share in the distribution the company will make.

The Liquidators can be reached at:

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


SPORT NUMBERS: Members to Hold Final Meeting on October 19
----------------------------------------------------------
The members of Sport Numbers Pty Limited will hold a final
meeting on October 19, 2006, at 10:00 a.m., to receive the wind-
up report and property disposal exercises from Liquidator S. J.
Hundy.

The Troubled Company Reporter - Asia Pacific reported that the
company was placed under a voluntary wind-up on April 11, 2006.

The Liquidator can be reached at:

         S. J. Hundy
         Rangott Slaven Hundy
         Level 3, Engineering House
         11 National Circuit
         Barton ACT
         Australia


STYLISH SHOPFITTERS: Creditors' Final Meeting Set on October 23
---------------------------------------------------------------
The creditors of Stylish Shopfitters Pty Limited will hold a
final meeting on October 23, 2006, at 9:00 a.m., to hear the
report on the company's wind-up proceedings and property
disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on August 1, 2006.

The Liquidator can be reached at:

         Veronica O'Hara
         15 Watt Place
         Emu Plains, New South Wales 2750
         Australia


SWIFT ENERGY: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Exploration and Production
sector this week, the rating agency confirmed its Ba3 Corporate
Family Rating for Swift Energy Company.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.625% Sr. Unsec.
   Notes due 2011         B1       Ba2     LGD3       40%

   9.375% Sr. Sub.
   Notes due 2012         B2       B2      LGD5       81%

   Multiple Seniority
   Shelf (Senior
   Unsecured)           (P)B1    (P)Ba2    LGD3       40%

   Multiple Seniority
   Shelf (Senior
   Subordinate)         (P)B2    (P)B2     LGD5       81%

   Multiple Seniority
   Shelf (Subordinate) (P)Caa1   (P)B2     LGD6       97%

   Multiple Seniority
   Shelf (Preferred)   (P)Caa1   (P)B2     LGD6       97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Swift Energy Company engages in developing, exploring,
acquiring, and operating oil and gas properties, with a focus on
onshore and inland waters oil and natural gas reserves in Texas
and Louisiana and onshore oil and natural gas reserves in New
Zealand.  The company was founded in 1979 and its headquarters
is located in Houston, Texas.


TDL HOLDINGS: Creditors Must Prove Debts by October 13
------------------------------------------------------
On September 1, 2006, shareholders of TDL Holdings Ltd agreed to
voluntarily liquidate the company's business and appointed
Robert Foster as liquidator.

Mr. Foster requires creditors to submit their proofs of claim by
October 13, 2006, or be excluded from sharing in any
distribution the company will make.

The Liquidator can be reached at:

         Robert Foster
         BDO Spicers
         Chartered Accountants
         29 Northcroft Street
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 2125
         Facsimile:(09) 486 4026


TREGA PTY: Members' and Creditors' Meeting Set on Oct. 20
---------------------------------------------------------
The members and creditors of Trega Pty Ltd will hold a final
meeting on October 20, 2006, at 11.00 a.m., to receive the
accounts of Liquidator Frank Lo Pilato 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 Oct. 26, 2005.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988


TYMCALL PTY: Commences Wind-Up of Operations
--------------------------------------------
On September 1, 2006, the members of Tymcall Pty Limited met and
agreed to voluntarily wind-up the company's operations.

Subsequently, Simon Meagher Dorahy was appointed as liquidator.

The Liquidator can be reached at:

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


WESTPOINT GROUP: Investors Face Delays in Complaints Service
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 22, 2006, the Financial Industry Complaints Service was
building up a legal claim against financial advisers and has
received 210 complaints.  FICS procedures require that clients
must go through their adviser first, the TCR-AP said.

However, a report from the Sidney Morning Herald relates that
Westpoint investors who have lost their life savings after
receiving advice from financial advisers face big delays in
getting redress through FICS.

Some investors have taken the legal route through a class action
but 240 of the victims so far have decided to put their faith in
the industry-run complaints service, John Collett of the Sydney
Morning Herald reports.

According to the TCR-AP report, 500 people have signed up in a
class action organized by Slater & Gordon and funded by IMF
Australia.

FICS' service is free but can only deal with complaints
involving amounts of up to AU$100,000, the Sydney Herald says,
noting that most of the Westpoint victims invested at least
AU$50,000.

The Sydney Herald also notes that there is provision under the
rules for a firm to consent to the complaints service dealing
with a complaints above AU$100,000 but only one firm has
consented to that.

About 240 complaints against 50 financial planning firms have
been received by FICS, according to the report.  But the number
of complaints is expected to increase.

However, one of the planning firms said it would take FICS to
court if it proceeded to deal with the complaints that had been
made against it, the Sydney Herald relates.  

Thus, FICS was forced to seek a declaration in the Federal Court
as to whether it has the power to deal with complaints against
financial advisers recommending investment in Westpoint
promissory notes, the paper says.

The service also received a letter from Senator Nick Sherry, the
shadow minister for superannuation, seeking answers for
excessive delays, the Sydney Herald reveals.

The paper notes that only one planning firm has formally stated
that it will challenge FICS' jurisdiction.

However, the Sydney Herald states that it is understood several
firms argue that FICS should not deal with complaints because
promissory notes are not "financial products" as defined in the
Corporations Act.

               Class Action Proceedings to Start

Meanwhile, legal proceedings against four firms are about to get
under way.  About 600 investors have joined the first tranche of
legal action, according to the Sydney Herald.

The victims have to decide whether to go to FICS or the legal
route, the paper says.  

FICS will not hear complaints if the complainant enters into
legal action against a financial planning firm.  If it losses in
court, the complainant cannot then go to the complaints service,
the Sydney Herald explains.

The paper relates that FICS and the Australian Securities and
Investments Commission argue that it is better that investors go
to FICS because it is free and will lead to a quicker
determination than by taking legal action.

However, the Sydney Herald notes that even when FICS has clear
jurisdiction over a complaint, it takes at a least a year for it
to work its way through the process.

The 600 taking part in the class action could also be waiting a
long time yet before legal process runs its course, the Sydney
Herald says.

                    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.


X.P CONTRACTORS: Members Opt to Shut Down Firm
----------------------------------------------
At a general meeting held on September 5, 2006, the members of
X.P Contractors Pty Limited agreed to voluntarily wind-up the
company's operations and appointed M. F. Cooper as liquidator.

The Liquidator can be reached at:

         M. F. Cooper
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


XENNON11 PTY: Wind-Up Report Due on Oct. 7 Meeting
--------------------------------------------------
The members and creditors of Xennon11 Pty Limited will hold a
final meeting on October 17, 2006, at 10:00 a.m., to receive the
report on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         W. J. Hamilton
         c/o Hamiltons
         Chartered Accountants
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9232 6611
         Facsimile:(02) 9232 6166


XPRESSIONS FASHION: Court Appoints Managh as Liquidator
-------------------------------------------------------
The High Court of Napier named John Francis Managh as liquidator
of Xpressions Fashion Clothing Ltd on September 7, 2006.

Creditors are required to file their proofs of debt by October
7, 2006, or be excluded from any distribution the company will
make.

According to the Troubled Company Reporter - Asia Pacific, Zara
Elizabeth Warren filed a liquidation petition against the
company on August 10, 2006.  The petition was heard on September
7, 2006.

The Liquidator can be reached at:

         John Francis Managh
         Gladstone Chambers
         50 Tennyson Street
         (P.O. Box 1022), Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280
         E-mail: jmanagh@xtra.co.nz


XTREME MOTORCYCLE: Names Bennett and Hoyle as Liquidators
---------------------------------------------------------
On September 7, 2006, Stephen Kim Bennett and Timothy John Hoyle
were appointed as liquidators of Xtreme Motorcycle and Jetski
World Ltd.

The creditors had until September 9, 2006, to submit their
proofs of claim.

The Liquidators can be reached at:

         Stephen Kim Bennett
         Timothy John Hoyle
         Steve Bennett Associates
         P.O. Box 627, Whangarei
         New Zealand


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

1 AND 1 ORDER: Court Issues Wind-Up Order
-----------------------------------------
The High Court of Hong Kong issued a wind-up order against 1 and
1 Order Ltd's operations on September 6, 2006.

The Troubled Company Reporter - Asia Pacific previously reported
that the company was facing a liquidation proceeding from a
petition filed by Chan Yuk Man on July 12, 2006.  The petition
was heard on September 6, 2006.  


AMC ENTERTAINMENT: Incurs US$7.7 Million Net Loss in 1st Quarter
----------------------------------------------------------------
AMC Entertainment Inc. incurred a US$7.7 million net loss on
US$651.1 million of net revenues for the three months ended June
29, 2006, compared to a US$27.7 million net loss on US$412.7
million of revenues in 2005.

The Company's June 30 balance sheet also showed strained
liquidity with US$442 million in total current assets available
to pay US$468.7 million in total current liabilities coming due
within the next 12 months.

A full-text copy of the Company's Quarterly Report is available
for free at:

            http://researcharchives.com/t/s?122f

Headquartered in Kansas City, Missouri, AMC Entertainment Inc. -
- http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States.

                            *    *    *

As reported in the Troubled Company Reporter on July 14, 2006,
Standard & Poor's Ratings Services placed its ratings on AMC
Entertainment Inc., including the 'B' corporate credit rating,
on CreditWatch with negative implications, based on the
company's high leverage and S&P's expectations that it will be
difficult to bring leverage down consistent with the timeline
that S&P's rating had originally anticipated.


ANDREW CORP: Restructures Product Groups & Executive Team
---------------------------------------------------------
Andrew Corp., is implementing a new organizational structure for
its product groups and streamlining its executive team to
capitalize on the company's positive momentum and better address
opportunities in the rapidly changing wireless infrastructure
market.

Effective October 1, 2006, Andrew's five product groups will be
combined into two operating segments -- Wireless Network
Solutions and Antenna and Cable Products -- that reflect the
distinct markets they serve and leverage the many opportunities
for collaboration and efficiencies in supporting global
customers.  The creation of these new operating segments is
accompanied by changes to the executive management team that
aligns with this new structure and streamlines the leadership of
the company.

The changes include:

   -- Mickey Miller, formerly group president, Base Station
      Subsystems, has been named executive vice president and
      group president, Wireless Network Solutions, comprised of
      the former Base Station Subsystems, Network Solutions, and
      Wireless Innovations groups.  This segment will include
      the majority of Andrew's portfolio of active products and
      operator solutions.  Terry Garner, senior vice president
      and group president, Network Solutions, will report to
      Mr. Miller.

   -- John DeSana has been named executive vice president and
      group president, Antenna and Cable Products, which now
      will include the former Satellite Communications Group.
      This segment contains the vast majority of Andrew's
      passive product portfolio of antennas, cables, and related
      products.  Jude Panetta will continue to lead Satellite
      Communications as senior vice president and group
      president, reporting to Mr. DeSana.

   -- Bob Hudzik, formerly group president, Wireless
      Innovations, has been named senior vice president and
      chief human resources officer, replacing Karen
      Quinn-Quintin, who is leaving the company.  Morgan Kurk,
      vice president of research and development, has been
      appointed acting general manager of Wireless Innovations,
      reporting to Miller in Wireless Network Solutions.

   -- The corporate functions of Procurement and Technology,
      Strategy, and Corporate Development will become functions
      within the two new operating segments.  As a result,
      corporate officers J.C. Huang, chief technology and
      strategy officer, and head of corporate development; and
      Fred Lietz, vice president, Procurement, are leaving the
      company.  Another officer, Jim Petelle, vice president,
      Law, and assistant corporate secretary, also is leaving
      the company, and his roles are being assumed by Justin
      Choi, senior vice president, general counsel, and
      corporate secretary.

   -- Corporate officer Jim LePorte, currently vice president,
      Sales Operations, will join Wireless Network Solutions as
      vice president, Finance, effective Nov. 1.

"Andrew begins a new fiscal year with considerable momentum and
these changes will build upon the many improvements and progress
we saw in 2006," said Ralph Faison, president and chief
executive officer, Andrew Corporation.  "Our organization and
leaner management team will be more closely aligned to our
customers' evolving requirements and demonstrate greater
efficiency and innovation.

"As we implement these changes, we also will bid farewell to
leaders such as Karen, J.C., Fred, and Jim, who have made
tremendous contributions to our company.  We wish them much
success and happiness in the future."

                        About Andrew


Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in China and India.  Andrew is
an S&P 500 company founded in 1937.                         

                          *    *    *

Standard & Poor's Ratings Services retained on Aug. 7, 2006, its
'BB' ratings on Westchester, Illinois-based Andrew Corp. remain
on CreditWatch, where they were placed with positive
implications on May 31, 2006; the implications are revised to
developing from positive. The revision reflects an unsolicited
offer by CommScope Inc. to acquire Andrew for approximately
US$1.5 billion cash to Andrew's shareholders, which represents a
US$400 million premium to the current equity value of Eden
Prairie, Minnesotta-based ADC Telecommunications Inc.'s shares.  
Additionally, CommScope would assume Andrew's debt. ADC had
initially agreed to merge with Andrew on a stock-for-stock
transaction on May 31, 2006.


BALLY TOTAL: Warns Investors for Possible Default
-------------------------------------------------
Bally Total Fitness Holding Corp warns investors that it may not
be able to fulfill the terms of its credit agreement due in
April citing a sag in the number of new members enrolled and a
second-quarter loss on lower revenue, the Chicago Tribune
reports.

The report cites Bally as disclosing in its filing with the
Securities and Exchange Commission that as of August 31, 2006,
borrowings under its US$100 million line of credit had increased
by US$18.5 million.  Thus, company now had only US$37.4 million
in credit available to it, compared to the $55.9 million
available at the end of the June quarter, Chicago Tribune
relates.

"The increase in utilization of the [line of credit] reflects a
combination of decreased cash collections of membership
revenue," Chicago Tribune further cites Bally, as saying.

In addition, Chicago Tribune relates Bally "will further reduce
liquidity" if it makes the coming interest payments that are due
in October to holders of its 9 7/8% bonds, and in January to
holders of its 10 1/2% bonds.

Absent an agreement with its lenders to extend the maturity of
Bally's credit agreement, or the refinancing of the credit
facility, the company will have insufficient liquidity to
operate its business, Reuters relates citing Bally's press
release.

                          *      *      *

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

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

                          *    *    *

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


BANK OF BEIJING: Fitch Affirms Individual D/E Rating
----------------------------------------------------
Fitch Ratings affirmed on September 25, 2006, the Individual D/E
and Support 4 ratings of Bank of Beijing.

BoB's Individual rating of D/E reflects its very weak
profitability, modest but improving asset quality, and
strengthened capital position.

The bank's growth has slowed significantly recently -- lending
expanded just 9.6% in 2005 and assets were up a very modest 2.5%
in H106 -- following the adoption of a new economic capital
management system, which has better aligned growth with earnings
and prompted a shift toward lower risk-weighting assets.

BoB inherited a sizeable stock of legacy NPLs at its inception,
but asset quality is gradually improving, with the ratio of non-
performing loans/total loans falling to 4.2% at end- 2005.  

However, legacy NPL issues continue to pressure revenue
generation, with BoB posting among the lowest profitability
ratios of all Chinese banks under Fitch coverage.  With
profitability weak, internal capital generation is a concern,
though regulatory ratios have improved substantially following
the sale of shares to ING Groep N.V. and the International
Finance Corp with the bank's total CAR ratio rising to 10.8% at
end-2005.


CHINAKIT TRADING: Members' Final Meeting Set on Oct. 16
-------------------------------------------------------
Members of Chinakit Trading Ltd will convene for their final
meeting at 29/F., Wing On Centre, 111 Connaught Road Central,
Hong Kong on October 16, 2006, at 2:30 p.m.

During the meeting, Liquidator Kong Chi How, Johnson will
present a report regarding the company's wind-up and its
property disposal activities.

The Troubled Company Reporter - Asia Pacific previously reported
that creditors were required to submit their proofs of claim to
the Liquidator by September 8, 2006, to be included in any
distribution the Company will make.

The Liquidator can be reached at:

         Kong Chi How
         25th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


CREATIVE EYEWEAR: Receive Court's Wind-Up Order
-----------------------------------------------
On September 6, 2006, Creative Eyewear Ltd was ordered by the
High Court of Hong Kong to wind up its operations.

The Troubled Company Reporter - Asia Pacific reported that the
company was facing a liquidation petition filed by Or Ting Choi
on July 10, 2006.  The petition was heard on September 6, 2006.


GOLDEN GENIUS: Faces Liquidation Proceedings
--------------------------------------------
A wind-up petition filed against Golden Genius Enterprises
Management Ltd will be heard before the High Court of Hong Kong
on October 11, 2006, at 9:30 a.m.

Chan Tai Choi filed the petition with the Court on August 14,
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


HOPSON DEVELOPMENT: Shareholders Sell 50 Million Shares
-------------------------------------------------------
Institutional shareholders of Hopson Development Holdings Ltd
are selling 50 million shares in a block placement, priced
between HK$16.15-HK$16.65 per share, Easy Bourse reports citing
a person familiar with the deal.

According to Easy Bourse, Credit Suisse Group is acting as sole
book runner on the deal.  

The placement will raise up to US$107 million.  The shares are
priced at 8.4%-11% discount to September 20, 2006, closing price
of HK$18.18, Easy Bourse further cites the person, as saying.

Easy Bourse recounts that in November 2006, Hopson Development
raised US$300 million in seven-year bonds callable in 2008.

                          *      *      *

Hopson Development Company Holdings Limited (Hopson) is one of
the largest property developers in China.  Its principal
businesses are residential developments in four major cities:
Guangzhou, Beijing, Shanghai and Tianjin.

As reported by the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service on July 11, 2006, downgraded the
corporate family and senior unsecured ratings of Hopson
Development Holdings Limited to Ba2 from Ba1.  The ratings
outlook is stable.  This concludes the ratings review initiated
on June 13, 2006.


NEW CHUAN: Liquidators Ceases to Act for the Company
----------------------------------------------------
Darach E. Haughey and Joseph Kin Ching Lo ceased to act as Joint
Liquidators of New Chuan Kong Investment Co Ltd on August 28,
2006.

The former Liquidators can be reached at:

         Darach E. Haughey
         35/F., One Pacific Place
         88 Queensway, Hong Kong


ROCKY LIMITED: Liquidator to Present Wind-Up Report
---------------------------------------------------
Liquidator Pui Chiu Wing will present a report regarding Rocky
Ltd's wind-up and property disposal exercise to the members and
creditors of the company.

The presentation will be held at 805 Capitol Centre, 5-19
Jardine's Bazaar, Causeway Bay, Hong Kong on October 16, 2006,
at 2:00 p.m. and 3:00 p.m. respectively.

The Troubled Company Reporter - Asia Pacific reported that
shareholders of the company resolve to wind up its operations on
March 22, 2006.


SHANGHAI PUDONG: Fitch Keeps Individual D Rating
------------------------------------------------
Fitch Ratings affirmed on September 25, 2006, the Individual D
and Support 4 ratings of Shanghai Pudong Development Bank.

According to Fitch, Shanghai Pudong's Individual rating of D
reflects its modest profitability and thin capitalization,
together with comparatively sound asset quality.

SPDB has been one of China's faster growing banks in recent
years, with assets expanding at an annual rate of 27% on a
compounded basis since 2002 and lending up 14% in H106 (un-
annualized).  While asset quality has held up well thus far --
the ratio of problem loans/total loans fell to 1.8% in H106
while loan loss reserve coverage rose to 158% -- continued brisk
growth raises concerns about future credit quality and remains a
strain on bank equity, with the ratio of equity/assets falling
to 2.7% at end-2005.

SPDB's net interest margin remains in the upper tier of banks
under Fitch's coverage, though high taxes and aggressive
provisioning remain a strain on bottom-line profitability, with
return on assets hovering at a modest 0.5% for the last three
years.


SUNDAS DEVELOPMENT: Final Company's Meeting Slated for Oct.16
-------------------------------------------------------------
Members and creditors of Sundas (Hong Kong) Development Ltd will
convene for their final meeting at 805 Capitol Centre, 5-19
Jardine's Bazaar, Causeway Bay, Hong Kong on October 16, 2006,
at 11:30 a.m. and 12:30 p.m. respectively.

At the meeting, Liquidator Pui Chiu Wing, will present a report
regarding the company's wind up and the manner its properties
were disposed of.

According to the Troubled Company Reporter - Asia Pacific,
members of the company resolved on March 1, 2006 to voluntary
wind-up its operations.


UNITED PACIFIC: Court Sets Date to Hear Wind-Up Bid
---------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against United Pacific Trading Ltd on October 11, 2006, at 9:30
a.m.

Wong Kuk Yuen filed the petition with the Court on August 11,
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  


VICTORIA INDUSTRIES: Earns US$95,747 in Six-Months Ended June 30
----------------------------------------------------------------
Victoria Industries, Inc., filed its financial statements for
the six-months ended June 30, 2006, with the Securities and
Exchange Commission.  The Company did not report their results
of operations for the three months ended June 30, 2006.

For the six months ended June 30, 2006, the Company reported
US$95,747 of net income on US$4,842,025 of revenues compared
with US$19,897 of net income on US$1,810,990 of revenues for the
same period in 2005.

At June 30, 2006, the Company's balance sheet showed
US$3,989,072 in total assets, US$2,859,649 in total current
liabilities, and US$1,129,423 in total stockholders' equity.

Full-text copies of the Company's second quarter financials are
available for free at:

             http://ResearchArchives.com/t/s?1230

                        Going Concern Doubt

John A. Braden & Company, PC, in Houston, Tex., raised
substantial doubt about Victoria Industries, Inc.'s ability to
continue as a going concern after auditing the consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's prior operating losses, limited
revenue history, dependence on narrow customer base, limited
funding, and lack of assurance that the lumber business it is
involved in will generate sufficient funds.

                     About Victoria Industries

New York-based Victoria Industries, Inc., is a holding company.  
The Company's subsidiaries, Victoria Resources, Inc., Victoria
Lumber, LLC, Victoria Siberian Wood, and Coptent Trading are
involved in the marketing and distribution of the Company's
forestry products.  The Group's principal customers are based in
Eastern Siberia and Far East regions of Russia, and North
provinces of China - Inner Mongolia and Heyluntszyan.


WAI SUN CONSTRUCTION: Court Approves Wind-Up Bid
------------------------------------------------
The High Court of Hong Kong issued a wind-up order against Wai
Sun Construction Engineering Co Ltd on September 6, 2006.

According to the Troubled Company Reporter - Asia Pacific,
Serawak (K.T.) Co Ltd filed a liquidation petition against the
company on July 11, 2006.  The petition was heard on September
6, 2006.


WORLD SMARTER: Wind-Up Bid Hearing Slated for Oct. 25
-----------------------------------------------------
A wind-up petition filed against World Smarter Hong Kong Ltd
will be heard before the High Court of Hong Kong on October 25,
2006, at 9:30 a.m.

Ho Shu Man filed the petition with the Court on August 30, 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    


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

AES CORP: Indian Unit Won't Bid For Mundra Power Project
--------------------------------------------------------
AES India Pvt. Ltd., an arm of U.S.-based AES Corp., won't bid
for a proposed 4,000-megawatt coal-fired power project to be
built on India's western coast, a senior company official told
Dow Jones Newswires.

The official said AES has decided to drop out from the bidding
for the Mundra project, as it will be unable to secure
uninterrupted supply of coal to the power plant.  The project
will need 12 million metric tons of imported coal annually.

Dow Jones explains that the Mundra power project, proposed to be
built in the western state of Gujarat, is part of a government
initiative to double India's power generation capacity to more
than 200,000 MW by 2012.

However, AES India is still considering bidding for another
4,000 MW coal-fired project to be set up in central India.
Bids for both of these projects will close in November.

Besides AES, nearly 27 domestic and foreign power companies have
expressed interest in the projects.

                      About AES Corporation
   
AES Corporation -- http://www.aes.com/-- is a global power  
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has Asian presence in India, China and Sri Lanka.

                          *     *     *

Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'.  Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  Fitch said the rating
outlook for all remaining instruments is stable.  In March,
Standard & Poor's Ratings Services raised its corporate credit
rating on diversified energy company The AES Corp. to 'BB-' from
'B+'.  S&P said the outlook is stable.

Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


BALLARPUR INDUSTRIES: FY2005-06 Profit 26.13% Better YoY
--------------------------------------------------------
Ballarpur Industries Limited has revealed its financial and
operating results for the fiscal year and fourth quarter ended
June 30, 2006.

Highlights:

   * Ballarpur's 2005-06 Fourth Quarter profit after tax was up
     by 67.73% to INR678.84 million compared with the result for
     the fourth quarter of the previous fiscal year;

   * Ballarpur's full year 2005-06 PAT was up by 26.13% to
     INR2.12 billion compared to the PAT recorded for the full-
     year 2004-05;

   * Ballarpur's full-year paper revenues was up by 8.98% year-
     on-year at INR17.53 billion;

   * Ballarpur's 4th Quarter FY2005-06 paper revenues was up by
     15.80% YoY at INR4.77 billion; and

   * Dividend declared was at 27.5% (including interim dividend
     of 12.5% paid earlier).

According to a statement issued by the company:

"The current year's performance reflects a concerted growth
strategy to enhance capacities, increase productivity and unlock
value for Share holders.  It has also been supported by a firm
demand growth across the paper industry.

A positive industry cycle make us confident of maintaining our
market leadership and building on our performance in the coming
quarters."


FY2005-06 compared with FY2004-05:

Paper Revenues are higher by 8.98% to INR17.53 billion compared
with INR16.08 billion in the last year.  PBIDT has increased by
7.68% to INR4.95 billion from INR4.60 billion, while PBT is
higher by 28.45% at INR2.65 billion compared with
INR2.06 billion.  The company's cash generation from operations
has increased by 15.98 % to INR4.00 billion from
INR3.45 billion.

Q4 FY2005-06 compared with Q4 FY 2004-05:

Paper Revenues have grown by 15.80% at INR4.77 billion compared
with INR4.12 billion over the same quarter in previous year.
PBIDT has improved 14.52% to INR1.32 billion compared to INR1.15
billion, while PBT has expanded by 60.73% to INR857.52 million
from INR533.50 million.  The company's cash generation from
operations has increased 33.68% to INR1.17 billion from
INR871.80 million.

                       Operating Overview

   * PBT growth was 28.45%, while net profit grew by 26.13%
     over the previous year;

   * Net profit has increased by 26.13% to INR2.12 billion from
     INR1.68 billion;

   * EBITDA for the year increased by 7.56% to INR5.07 billions
     from INR4.72 billion;

   * EBITDA margin (net of excise, internal transfers and other
     income) was 26.48% for the year as compared to 25.69%
     during the previous year;

   * Fully Diluted EPS grew from INR9.45 to INR11.12, reflecting
     a growth of 17.67%;

   * Total writing and printing paper production of 110,377 MT
     in Q4 FY 2006 compared to 97,201 MT in Q4 FY 2005;

   * Total writing & printing paper sales of 111,545 MT in
     Q4 FY 2006 compared with 97,510 MT in Q4 FY 2005;

   * Total writing and printing paper sales at 407,335 MT
     compared to 385,107 MT in the last year;

   * Interest costs at INR212.69 million during the fourth
     quarter, 21.14% lower than the corresponding quarter
     previous year.  Yearly interest cost lower by over 16.15%
     at INR925.69 million.

              Developments During the Fiscal Year

   * Pursuant to the approval of the respective High Courts, APR
     Packaging Ltd was amalgamated with the company; the real
     estate undertaking was hived off; and the power business of
     the company was hived off to Bilt Power Ltd.  Bilt holds
     26% in the power company.

   * The dormant subsidiary of the company, The Paperbase Co.
     Ltd., was hived off.

   * Equity share capital increased by INR8 million on allotment     
     of 0.8 million shares upon part conversion of the earlier
     FCCB.

   * Unit Ashti (earlier APR Packaging Ltd), has achieved its
     targeted quality and production figures.  The product has
     been well accepted by the market, and is also being
     exported.  A new state-of-the-art A-4 Packaging line has
     been installed.

   * Environment amelioration projects are in progress to meet
     the CREP (Corporate Responsibility for Environment
     Protection) requirement.

   * Unit Bhigwan obtained OHSAS 18001:1999 Certification in
     November 2005 in addition to ISO 9001:2000 & ISO 14001:2004
     Certifications.  The unit also received the Energy
     Conservation award from Bureau of Energy Efficiency,
     Government of India and State Level Energy Conservation
     Award.

                        Dividend Payout

Ballarpur Industries has informed the Bombay Stock Exchange in a
regulatory filing that the board of directors of the company at
its meeting held on August 22, 2006, inter alia, has recommended
payment of final dividend of 27.50% (including the interim
dividend of 12.5% paid in February 2006) on equity shares of the
company.  The company had paid out dividends for the previous
fiscal year at 25%.

Furthermore, the company has informed that the Register of
Members & Share Transfer Books of the company will remain closed
from December 1, 2006, to December 12, 2006 (both days
inclusive) for the purpose of payment of dividend and Annual
General Meeting of the Company to be held on December 12, 2006.

The Company's financial results are available at the Bombay
Stock Exchange at:

http://www.bseindia.com/qresann/result.asp?scripcd=500102&scripn
ame=Ballarpur+Industries+Ltd&quarter=JC2005-2006&type=50.5

                   About Ballapour Industries

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is writing and printing paper company  
based in India. BILT has five product groups: coated wood-free,
uncoated wood-free, copier, creamwove and business stationery.  
There are three types of products in the coated wood-free
segment: two side coated paper, two side coated boards and
single side coated products.  The company is also a manufacturer
and exporter of paper, with a presence in all segments of the
usage spectrum that includes writing and printing paper,
industrial paper and specialty paper

On April 12, 2004, Standard and Poor's Ratings Service gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.


BALLY TECH: To Restate 2003 Through 2005 Financial Statements
-------------------------------------------------------------
Bally Technologies, Inc., has completed its review of certain
transactions that affect the timing of revenue recognition
during the periods from 2003 to 2005 and the company's Audit
Committee of the Board of Directors has made a determination
that the company's 2003 through 2005 fiscal years' results and
certain quarterly results within such fiscal periods should be
restated.

As a result, the company's existing financial statements for its
fiscal years ended June 30, 2003, 2004 and 2005 and for each of
the quarterly periods in the years ended June 30, 2004, and 2005
and the related independent auditor's report included in its
2005 Form 10-K should no longer be relied upon.  The company
announced the commencement of this review on April 28, 2006.

With the assistance of its outside consultants, the company is
determining the appropriate specific adjustments that need to be
made to each of the periods affected.  Generally, the effect of
the adjustments is expected to shift revenue and operating
income from earlier periods into more recent periods.

Robert Caller, the company's Chief Financial Officer, said, "We
expect to file the restatements of our financial statements for
fiscal years 2003, 2004 and 2005 (and the 2004 and 2005
quarterly periods affected within such years) with the
Securities and Exchange Commission during September 2006.  Upon
filing of the restated financial statements, we will be in a
position to proceed with the completion and filing of our Form
10-Qs for the quarters ended September 30, 2005, December 31,
2005 and March 31, 2006, which have not, as of this date, been
filed with the SEC.  We currently anticipate that these Form 10-
Qs will be filed approximately 30 to 60 days after the restated
financial statements are filed.  All of these documents are
subject to review and approval by our Audit Committee and no
assurance of timing can be made. As a result of these continuing
efforts, we do not expect to file our 2006 Form 10-K by the
Sept. 13, 2006, deadline and are currently targeting filing in
November 2006."

Mr. Caller added, "We are sensitive to investors' lack of
information due to these delays in filing and are working
diligently to remedy this situation.  We will provide additional
information as to the expected filing dates after we complete
the restatement."

Richard Haddrill, the company's Chief Executive Officer, said,
"We are pleased with our product development initiatives and our
commercialization efforts for fiscal year 2006.  We achieved our
2006 revenue-growth objectives, driven by slot sales, new
participation initiatives and a healthy Systems business.  
However, we did not achieve our profitability objectives due
principally to lower gross margins on our game sales related to
introductory pricing and the manufacturing costs of our newly
commercialized slot machine platforms that remain in early
deployment, high legal and accounting costs associated with our
ongoing litigation and restatement activities and increased
interest costs.  We enter fiscal 2007 with strong product
momentum and expect both our gross margins to improve and our
legal and accounting costs to return to more normal levels as
the year progresses."

Bally can report several anticipated business metrics for fiscal
2006 year as:

   -- Sales of more than 15,000 new gaming devices, which is
      driven by the market acceptance of the ALPHA OS platform
      and the strength of the S9000 five-reel mechanical slot,
      CineVision wide-screen video and M9000 video products.
      This unit total excludes additional game sales that do not
      carry full margins and that support our OEM customers.

   -- Hot Shot Progressive -- 600 installed participation units
      as of June 30, 2006, with a backlog of an additional 750
      participation units.

   -- Mexico bingo products -- Installed base of approximately
      1,800 bingo units as June 30, 2006, and orders in addition
      to the initial contract of 2,000 units.  However, revenue
      recognized in fiscal 2006 has been modest.

                    About Bally Technologies

Headquartered in Las Vegas, Bally Technologies, Inc., --
http://www.BallyTech.com/-- designs, manufactures, operates and  
distributes advanced gaming devices, systems and technology
solutions worldwide.  Bally's product line includes reel-
spinning slot machines, video slots, wide-area progressives and
Class II, lottery and central determination games and platforms.  
Bally also offers an array of casino management, slot
accounting, bonusing, cashless and table management solutions.
The company also owns and operates Rainbow Casino in
Vicksburg,Miss.  Bally Technologies' has operations in Macau,
China and India.

                          *     *     *

Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


BALLY TECHNOLOGIES: Sues International Game in US District Court
----------------------------------------------------------------
Bally Technologies, Inc., has filed a lawsuit against
International Game Technology in the United States District
Court for the District of Nevada.  

The lawsuit alleges that various IGT slot machine products,
including IGT's popular "Wheel of Fortune" gaming machines,
infringe on a US patent issued Sept. 5 to Bally by the United
States Patent and Trademark Office.
    
Other IGT games alleged to infringe the patent include:

     -- Wheel of Gold,
     -- The Addams Family,
     -- American Bandstand,
     -- The Apprentice,
     -- Dilbert Wheelbert,
     -- Drew Carey Great Balls of Cash,
     -- Elvira,
     -- I Dream of Jeannie,
     -- I Love Lucy,
     -- Indiana Jones: Raiders of the Lost Ark,
     -- M*A*S*H,
     -- Megabucks with Morgan Fairchild,
     -- Regis On the Town,
     -- Sinatra, and
     -- Twilight Zone.

Bally Technologies' lawsuit requests preliminary and permanent
injunctive relief, a court declaration of infringement, and
monetary damages.
    
The newly issued patent, entitled "Indicator Wheel System" --
with US Patent No. 7,100,916 -- benefits from an original
Oct. 2, 1992, filing date and relates to the use of spinning
wheel indicators on a game.
    
Richard Haddrill, the Chief Executive Officer of Bally
Technologies, said, "Bally has a 75-year history of developing
outstanding gaming products and has also acquired a number of
innovative companies and technologies.  Arcade Planet, a gaming
company that Bally acquired more than two years ago, developed
the newly issued patent.  Bally intends to aggressively
prosecute any infringement of this patent

Headquartered in Las Vegas, Bally Technologies, Inc., --
http://www.BallyTech.com/-- designs, manufactures, operates and  
distributes advanced gaming devices, systems and technology
solutions worldwide.  Bally's product line includes reel-
spinning slot machines, video slots, wide-area progressives and
Class II, lottery and central determination games and platforms.  
Bally also offers an array of casino management, slot
accounting, bonusing, cashless and table management solutions.
The company also owns and operates Rainbow Casino in
Vicksburg,Miss.  Bally Technologies' has operations in Macau,
China and India.

                          *     *     *

Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


CAP GEMINI: Improved Margins Spur S&P to Change Rating Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services revised to positive from
stable its outlook on France-based IT services provider Cap
Gemini S.A., as the group has demonstrated ongoing improvements
in its margins and free cash flow generation, recent gains in
market share, and significantly better financial controls.

At the same time, the 'BB+' long-term corporate credit and
senior unsecured debt ratings were affirmed.

At June 30, 2006, Cap Gemini reported consolidated gross on-
balance-sheet debt of EUR1.2 billion.  The company posted a 4.8%
operating margin before restructuring in first-half 2006, up
from 1.8% in first-half 2005.

"The positive outlook recognizes the medium-term possibility of
an upgrade if Cap Gemini manages to affirm the improvements it
has made in its margin and free cash flow in 2007 and beyond,"
said Standard & Poor's credit analyst Patrice Cochelin.

Standard & Poor's expects Cap Gemini to take part in the ongoing
consolidation in the sector, although it also anticipates that
any midsize to large acquisitions would be essentially equity
funded, in line with the company's practices, with careful
assessment of the related integration risks.

"We do not expect the company to issue any new debt in the
medium term, although part of Cap Gemini's cash pile could be
used for small acquisitions or to fund the company's defined-
benefit pension gap, without affecting the rating," added Mr.
Cochelin.

                       About Cap Gemini

Headquartered in Paris, France, Cap Gemini S.A. --
http://www.capgemini.com/-- is one of the world's foremost  
providers of consulting, technology and outsourcing services,
has a unique way of working with its clients, which it calls the
Collaborative Business Experience.  The company helps businesses
implement growth strategies, leverage technology, and thrive
through the power of collaboration.  Capgemini reported 2005
global revenues of EUR6.954 billion and employs approximately
61,000 people worldwide.

Capgemini has operations in Australia, China, Indonesia, Japan,
Malaysia, Philippines, Singapore, Taiwan, Thailand, Vietnam and
India.


CAP GEMINI: Inks Partnership Agreement with Hindustan for Indigo
----------------------------------------------------------------
Hindustan Lever Limited has reached an agreement with Cap Gemini
S.A., to acquire a 51% stake in Unilever India Shared Services
Limited (Indigo).

Indigo is currently a fully owned subsidiary of HLL, providing
BPO services to a number of Unilever companies, including HLL,
around the world.  Terms of the agreement were not disclosed and
the transaction is expected to be completed in October 2006.

The partnership with Capgemini will bring world-leading
financial BPO practices to HLL and to Unilever.  Indigo's domain
knowledge and deep capabilities built in the FMCG sector coupled
with Capgemini's BPO expertise will enable Indigo to leverage
its strengths and offer services to customers outside the
Unilever Group.  The partnership arrangement will ensure smooth
implementation of HLL's transition into SAP as the ERP platform,
as well as in other ongoing projects.

The partnership with Unilever will strongly supplement
Capgemini's market-leading business process outsourcing
capabilities in finance and accounting in India and support
Capgemini's strategy to enhance the existing BPO global delivery
network in Poland, China, India, Australia, USA and Canada.  It
will also bring to Capgemini tremendous capabilities around
innovative services like compliance and control assurance.
Capgemini already has about 6000 professionals performing work
in India (in Bangalore, Kolkata and Mumbai) and aims to reach
the strategic objective of 10,000 employees in India by the end
of 2007.

Indigo is a provider of financial shared services and Sarbanes
Oxley compliance services to the Unilever Group throughout the
world.  It has operating centers in Bangalore and Chennai and
has nearly 600 professionals, including about 75 Chartered
Accountants, working in these centers.  It currently serves
Unilever companies in about 45 countries in Asia, Africa,
Australasia, Europe and North America.  Indigo has rich
experience of migrating and operating a variety of accounting
and financial services across a number of countries and has
considerable domain expertise in servicing the Fast Moving
Consumer Goods industry.

Mr. D. Sundaram, Finance Director of HLL and Chairman of Indigo
said, "the partnership with Capgemini brings global shared
services skills and technology to HLL and Unilever.  It also
enables leveraging the current Indigo expertise and capabilities
and represents an exciting opportunity for Indigo employees to
extend the business outside of the Unilever Group".

"This acquisition reaffirms Capgemini's commitment to increasing
its presence worldwide, in particular in India, and
strengthening its position in BPO F&A services.  We will greatly
benefit from the expertise of the Indigo team, consolidating our
capabilities to serve a wide range of clients," said Hubert
Giraud - Chief Executive Officer, BPO Capgemini.

                     About Hindustan Lever

HLL is India's largest Fast Moving Consumer Goods company,
touching the lives of two out of three Indians.  HLL's mission
is to "add vitality to life" through its presence in over 20
distinct categories in Home & Personal Care Products and Foods &
Beverages.  The company meets everyday needs for nutrition,
hygiene, and personal care, with brands that help people feel
good, look good and get more out of life.

                         About Capgemini

Headquartered in Paris, France, Cap Gemini S.A. --
http://www.capgemini.com/-- is one of the world's foremost   
providers of Consulting, Technology and Outsourcing services,
has a unique way of working with its clients, which it calls the
Collaborative Business Experience.  The company helps businesses
implement growth strategies, leverage technology, and thrive
through the power of collaboration.  Capgemini reported 2005
global revenues of EUR6.954 billion and employs approximately
61,000 people worldwide.

Capgemini has operations in Australia, China, Indonesia, Japan,
Malaysia, Philippines, Singapore, Taiwan, Thailand, Vietnam and
India.

                          *     *     *

Standard & Poor's Ratings Services revised to positive from
stable its outlook on France-based IT services provider Cap
Gemini S.A., as the group has demonstrated ongoing improvements
in its margins and free cash flow generation, recent gains in
market share, and significantly better financial controls.

At the same time, the 'BB+' long-term corporate credit and
senior unsecured debt ratings were affirmed.


EMCO LTD: Approves Resolutions at Annual General Meeting
--------------------------------------------------------
Emco Ltd has informed the Bombay Stock Exchange in a regulatory
filing that its members, at the 41st Annual General Meeting of
the company on September 15, 2006, inter alia, have considered
and approved:

   1. the adoption of the Audited Balance Sheet as at March 31,
      2006, and the Profit and Loss Account for the year ended
      on that date together with the reports of directors and
      auditors;

   2. the declaration of dividend at 30% (INR3 per share) for
      the financial year 2005-06;

   3. the re-appointment of S V Deo, as director of the company,
      liable to retire by rotation;

   4. the re-appointment of P Raj & Co., Chartered Accountants,
      Mumbai, as the Statutory Auditors of the company;

   5. the appointment of Mr. K N Shenoy, an additional director
      of the company as a director liable to retire by rotation;

   6. the issue of further capital through Foreign Currency
      Convertible Bonds (FCCB and/or Global Depository Receipts
      (GDRs) and Issue of Shares and permitted securities
      to Qualified Institutional Buyers up to a sum not
      exceeding US$50 million or equivalent amount in Indian or
      any other currency as the case may be;

   7. extending the benefits of Employees Stock Option Scheme,
      2006 to all eligible present and future employees/
      directors of existing and future subsidiaries of the
      company;

   8. extending the benefits of Employees Stock Option Scheme,
      2006 to all non-executive directors including
      independent directors of the company;

   9. the Board of Directors' borrowing of amounts from time to
      time as per provisions of Section 293(1)(d) of the
      Companies Act 1956 not exceeding INR1,000 crores;

  10. the alterations of Article 121(2) of the Articles of
      Association of the company by replacing it with the new
      Article in its place; and

  11. the payment of a commission not exceeding 1% of the net
      profits of the company to non-executive directors of the
      company.

                        About EMCO Ltd.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and  
distribution solutions within the power sector in India.  
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


EMCO LTD: Receives Order From KPTCL
-----------------------------------
Emco Ltd has infomed the Bombay Stock Exchange in a regulatory
filing that the company has received India's single largest
power transformer order ever of INR2.70 billion from Karnataka
Power Transmission Corporation which is funded by Power Finance
Corporation and is to be executed within one year.

With this order, the company's order book stands at a record
high of INR8.10 billion.

                        About EMCO Ltd.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and  
distribution solutions within the power sector in India.  
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


FEDERAL BANK: Posts INR401.80-Million Net Profit in June Quarter
----------------------------------------------------------------
Federal Bank Ltd has posted a net profit of INR401.80 million
for the quarter ended June 30, 2006, as compared to the
INR486.80-million net profit for the quarter ended June 30,
2005, the bank said in a press release.

Total income has increased from INR3.90 billion in the first
quarter of fiscal year 2005-06 to INR4.63 billion in the same
quarter for fiscal year 2006-07.

           Major Highlights: Q1 2006-07 vs. Q1 2005-06

   * Total business increased by 31.62% to INR30,389.02 crore
     from INR23,088.42 crore

   * Total deposits grew by 28.47% to INR18,455.45 crore from
     INR14,365.09 crore

   * Total advances went up by 36.80% to INR11,933.57 crore from
     INR8,723.33 crore

   * Total Income increased by 18.75% to 462.52 crore from
     INR389.50 crore

   * The operating profit for Q-1 2006-07 up by 19.56% at
     INR113.73 crore

   * The net profit for Q-1, 2006-07 at INR40.18 crore

   * Net interest income up by 10.02% to INR158.61 crore from
     INR144.17 crore

   * Net NPA down at 0.76% from 1.96% in Q1 2005-06

   * General Provision on standard assets at 0.71%

   * CRAR improved to 13.04% from 11.98%in Q1 2005-06

        Profit & Loss Account: Q1 2006-07 vs. Q1 2005-06

For the first quarter ended June 30, 2006, the bank earned a
total income of INR462.52 crore, a growth of 18.75%, as against
INR389.50 crore for the corresponding quarter in the previous
fiscal year.  The interest income increased from INR347.29 crore
to INR408.27 crore from the corresponding quarter in 2005.  The
interest income from advances and investments grew by 35.94% and
11.11% respectively supported by strong asset growth and prudent
management of balance sheet.

The net interest income for the quarter showed a growth of
10.02% over Q-1 of FY2006 to INR158.61 crore.

The non-interest income excluding trading income could report a
growth of 54.60% or INR17.85 crore to INR50.54 crore, mainly
from the fee and commission income, remittance business,
distribution business, cash management business, depository
business, remittance business, recovery of written of accounts,
etc.

The net interest margin, despite the general increase in
interest rates and competition in pricing could be maintained at
3.17% against 3.19% in FY2006.   

The net profit of the bank for the quarter ended June 30, 2006,
at INR40.18 crore is down by 17.46%, due to the higher
provisions on investments due to the upward movement of interest
rates and depreciation in the equity portfolio.  The Return on
Assets as on June 30, 2006, is 0.80%.

                        Business Growth

Total business of the bank reached INR30,389.02 crore, with an
increase of INR7,300.60 crore from the corresponding quarter in
the previous fiscal.  The deposits increased by INR4,090.366
crore to INR18,455.45 crore as of June 30, 2006.  The savings
bank and current deposits grew by 27.22% and 30.13% respectively
during the year.  The advances went up by 36.80% from
INR8,723.33 crore in June 2005 to INR11,933.57 crore in June
2006, driven mainly by the growth achieved in retail and SME
advances.

The retail advance of the bank comprising of various retail
loans extended to individuals grew by 56% and reached to 27.21%
or INR3,248 crore of the total advances.  Housing loans a major
segment in retail loans went up by 53% to reach INR1,815 crore.  
The advances to priority sector reached INR4,559 crore from
INR3,392 crore as on June 30, 2005.  Lending to agriculture
sector recorded a growth of 88% over the June 30, 2005 position
and reached INR1,512 crore.

                 Net Worth and Capital Adequacy

The total net worth of the bank as of June 30, 2006, stood at
INR1,290.15 crore. The capital adequacy of the bank as on
June 30, 2006, is 13.04%, against the regulatory minimum of 9%.
The Tier-1 is at 9.48%.  The bank holds an Investment
Fluctuation Reserve of INR156.67 crore, which works out to 5.93%
of the total trading book.

                         Asset Quality

The gross and net non-performing advances as of June 30, 2006,
as percentage to advances were at 4.44% and 0.76%, respectively,
as against 7.10% and 1.96% as at the end of June 30, 2005.  The
total provisions held against non-performing advances as a
percentage of gross NPAs amounted to 81.59% as on June 30, 2006.

                         Branch Network

As of June 30, 2006, the bank has 472 branches and 332 ATMs
spread over important centers across 23 states in India.  The
bank has already obtained permission to open another 30 branches
of which eight are in Kerala and 22 are outside Kerala state.

             Operating Efficiency and Productivity

The business per employee and profit per employee as on June 30,
2006, has improved to INR472 lakhs and INR2.54 lakhs,
respectively as of June 30 2005.  The cost to income ratio
improved to 46.57% from 48.97% in June 2005.

                 Increasing Shareholders' Value

The earning per share and book value per share as on June 30,
2006, stood at INR18.77 and INR150.71, respectively, as against
INR29.68 and INR117.68, respectively, as of June 30, 2005.  The
return on average net worth stood at 12.65% as on June 30, 2006,
as against 26.04% in June 2005.

                         Going Forward

The bank has already obtained the permission from RBI to open
its representative office in UAE and this will help establishing
bank's strong presence in Middle East for its aggressive
penetration into the NRI segment.  

The bank has recently signed an MOU to start a joint venture
with IDBI and Fortis for starting a life insurance company.  
This new JV will enable the Bank to offer a wide range of
insurance products to our existing customers and also enable us
to increase our customer base and increase the value to our
stakeholders.  The bank aims to reach a business position of
INR38,000 crore by March 2007 and its future asset growth is to
come from SME and retail segments leveraging on its branch
network, product range and tie-up arrangements.

The bank is operating in a totally automated and networked
environment.  However to improve its scalability keeping pace
with the changes demanded by competition in the emerging banking
scenario, the Bank is in the process of shifting its entire
branches and operations to a Core Banking Solution from Infosys
Technologies.  The entire operation of the bank is expected to
be under the new module by March 2007.

Federal Bank's financial results for the quarter ended June 30,
2006, is available at the Bombay Stock Exchange at:

http://www.bseindia.com/qresann/result.asp?scripcd=500469&scripn
ame=Federal+Bank+Ltd&quarter=JQ2006-2007&type=50

                       About Federal Bank

Headquartered in Aluva, India, the Federal Bank Limited --
http://www.federal-bank.com/-- is engaged in the banking  
business, offering a number of deposit products to its retail
customers, including non-resident Indians, such as savings bank
account, current deposits, time deposits and recurring deposits
with suitable variations for customized products targeting
different groups, including students, salaried employees and
senior citizens.

Fitch Ratings gave Federal Bank a support rating of 5 on
July 22, 2003.


GENERAL MOTORS: Cost Cuts Just One Part of Success, S&P Says
------------------------------------------------------------
General Motors Corp. and Ford Motor Co. have taken increasingly
aggressive steps to slash costs in their North American
automotive operations, but in addition, sustained improvements
in credit quality will require success in a number of other
areas, according to a report published today by Standard &
Poor's Ratings Services, titled "GM And Ford Driving Out Costs,
But Sustained Credit Improvement Remains A Long Way Off".

External pressures continue to mount from many directions,
including the possibility of continued deterioration in product
mix, eroding market share, and early signals of a weakening
macroeconomic picture, according to the report.

"We view the automakers' accelerated cost-cutting initiatives as
a necessary pre-condition to any sustained improvements in
credit quality," Standard & Poor's credit analyst Robert Schulz
said. "But a successful, multi-year turnaround on the revenue
and product side will also be required.  In the meantime,
performance in North America will remain weak for the
foreseeable future."

There is currently more visibility on the success of GM's cost
efforts than with Ford's, given GM's earlier announcements and
some demonstrated progress.  However, Standard & Poor's ratings
on GM and Ford remain at very low speculative grade levels with
further downgrades possible, according to the report.  Unlike
Ford, GM bears the execution risk of resolving its economic
exposure to bankrupt supplier Delphi Corp. and the pending sale
of a 51% stake in finance subsidiary GMAC LLC.

Meanwhile, the already similar turnaround plans for both
companies are becoming even more alike.  The cost reductions
underway need to address not just legacy structural costs and
market share losses, but also the unfavorable mix shift away
from light trucks including SUVs that that has been rapidly
underway for the last year or so, the report said.

Automotive operations outside North America are almost of little
consequence near term because of the magnitude of difficulties
in what is by far GM and Ford's largest market.

                      About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  With global headquarters in Detroit, GM manufactures
its cars and trucks in 33 countries.  In India, GM is
headquartered in Panchmahals, Gujarat.

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

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

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


HOUSING & URBAN DEV'T CORP: One of PSUs Without Directors
---------------------------------------------------------
Housing and Urban Development Corporation of India is one of the
16 public sector units that have vacancies for top posts for
more than a year, the Financial Express reports.

This is due to administrative delays or reluctance of appointees
to join these companies, the report notes.

While corporations like Air India, Container Corporation, RITES,
ITDC, and HUDCO do not have all functional directors on board,
another half-dozen PSEs do not have chairpersons and managing
directors.

Financial Express adds that, according to official sources,
these vacancies had impacted the overall functioning of these
companies.  The process of decision-making is being hampered,
with a deleterious effect on the bottomlines.

"The reasons for the deferment of board level appointments
include court cases and delays in vigilance clearances," an
official in the department of public enterprises of the ministry
of heavy industries and public enterprises said.

The process often gets stuck with the delays at the Public
Enterprises Selection Board's end.  However, often it could be a
conscious decision of the ministry concerned to defer the
appointment, the official added.  Moreover, most of the sick
PSUs themselves are not keen on increasing headcount.

There are also cases where appointees do not join.  Some of
them, of course, dump sick PSUs for better packages in the
private sector.

                          About HUDCO

Headquartered in Mumbai, Housing and Urban Development
Corporation of India -- http://hudco.nic.in/-- is a government  
enterprise, and is the country's premier techno-financing
institute in housing and infrastructure.

The company's foreign currency short-term debt carries a 'B' by
Fitch Ratings.  At the same time, its foreign currency long-term
debt was assigned a 'BB+' rating, its short-term issuer default
a 'B' rating, and its long-term issue default a 'BB+' rating.


JUNIPER NETWORKS: Earns US$567.5 Mil. in Quarter Ended June 30
--------------------------------------------------------------
Juniper Networks Inc. reported net revenues of US$567.5 million
for the quarter ended June 30, 2006, an increase of 15%,
compared with US$493.0 million for the same quarter last year.

The company's net cash and investments increased over
US$200 million during the second quarter of 2006 to
US$2.25 billion.

"We're pleased with the results for the quarter, the confidence
our customers continue to place in Juniper and the strength of
the business," Scott Kriens, chairman and chief executive
officer of Juniper Networks, said.  "We see continued and
expanding opportunity in the marketplace as we participate in
the accelerating convergence on IP and benefit from the
resulting demand for the unique capabilities of Juniper."

Juniper's capital expenditures and depreciation during the
second quarter of 2006 were US$25.2 million and US$18.6 million,
respectively.

The Company's market capitalization has declined since March 31,
2006, hence, the Company is evaluating the carrying value of
certain long-lived assets, consisting primarily of
US$4.9 billion of goodwill recorded on its balance sheet at
June 30, 2006.

                     About Juniper Networks

Juniper Networks Inc. -- http://www.juniper.net/-- enables  
secure and assured communications over a single IP network.  The
company's IP platforms enable customers to support many
different services and applications at scale.  The company has
sales offices in India, Australia, China, Hong Kong, Japan,
Korea, Malaysia, New Zealand, Singapore, Taiwan, Thailand and
Vietnam.

                          *     *     *

Standard & Poor's Rating Services placed its ratings on Juniper
Networks, including its 'BB' long-term and 'B-1' short-term
corporate credit ratings, on CreditWatch with negative
implications.


JUNIPER NETWORKS: Inks Strategic Partnership with Symantec
----------------------------------------------------------
Juniper Networks, Inc. and Symantec Corp. have entered into a
broad strategic partnership focused on delivering best-in-class,
integrated security solutions to enterprise customers.

The agreement includes a commitment to develop unparalleled
Unified Threat Management solutions and Intrusion Protection
Systems; dedicated plans to co-operatively build standards-
based, integrated access control and endpoint compliance
solutions; collaboration between Juniper's J-Security Team and
Symantec's Global Intelligence Network to deliver security and
threat research; and participation in cooperative sales and
marketing efforts.

"This partnership brings together two very complementary
companies focused on both network and endpoint security," said
David Passmore, research director at Burton Group.  "Juniper and
Symantec will simplify choice for enterprises looking to
purchase high-performance network security solutions that scale,
and reduce the complexity involved in assembling solutions for
endpoint compliance."

Juniper and Symantec will dedicate engineering resources to
enhance Juniper's Unified Threat Management and Intrusion
Detection and Prevention products.  Juniper's Integrated
Security Platforms will include Symantec's award-winning
security content, including its anti-spam, IDP/IPS signatures,
and vulnerability information and research in the near term.

Longer term, the companies will collaborate on the inclusion of
antivirus and threat protection.  By expanding the support for
Symantec content on Juniper devices, customers will benefit from
simplified network topologies in the form of less devices
(especially in branch environments) and the integration of best-
in-class security and networking capabilities.

Juniper and Symantec also plan to co-operatively enhance and
integrate their existing endpoint compliance and access control
solutions by collaborating to build best-in-class, standards-
based network enforcement and endpoint compliance solutions.  
The solutions will leverage each company's core competencies in
endpoint and network security, and will be marketed and sold by
both companies.

As part of this effort, Juniper and Symantec will continue to
work together to support the Trusted Network Connect open
standard, a set of non-proprietary network access control
specifications that enables the application and enforcement of
security requirements for endpoints connecting to a network.

"Customers are continuously challenged by business downtime
caused by an elevated threat environment.  Security requirements
are becoming pervasive across all components of the IT
infrastructure, while security complexity and costs are
mounting," said Scott Kriens, chairman and CEO of Juniper
Networks.  "We are reshaping the security landscape with
Symantec.  The industry's best network security and information
security companies are working together to deliver best-in-
class, standards-based solutions that can be implemented cost-
effectively across the business and protect existing
investments."

"The security landscape has changed dramatically over the past
18 months.  As a result, our customers are demanding a more
comprehensive approach to security and management, with more
attention being placed on expanding the ability to control
networks," said John W. Thompson, chairman and CEO of Symantec.
"This partnership will leverage each company's key technologies
to deliver complete solutions to help organizations control
which devices can access their networks.  Further, this
agreement brings together the industry's best security teams to
anticipate and protect against today's sophisticated threats."

Juniper's J-Security worldwide team will team with Symantec's
industry-leading Global Intelligence Network on security and
threat research, and collaborate on creating IPS signatures for
Juniper's award-winning IDP appliances to help customers better  
protect their networks against threats.  The two teams will work
together in identifying new and emerging network and application
threats, and enabling the combined solutions with leading threat
protection content.

The partnership involves cooperative sales and marketing efforts
between Juniper and Symantec.  Symantec will recommend Juniper's
current and future Integrated Security and IDP appliances to new
and existing enterprise customers, including existing Managed
Security Services customers.  Juniper will market and sell
Symantec security content as a component of its Integrated
Security Solutions portfolio.  Juniper and Symantec will also
explore additional opportunities for further collaboration in
relevant markets and technologies to further provide customers
with best-in-class integrated security solutions.

                         About Symantec

Headquartered in Cupertino, Calif., Symantec --
http://www.symantec.com/-- provides solutions to help  
individuals  and enterprises assure the security, availability,
and integrity of their information.  Symantec has operations in
more than 40 countries.

                     About Juniper Networks

Juniper Networks Inc. -- http://www.juniper.net/-- enables  
secure and assured communications over a single IP network.  The
company's IP platforms enable customers to support many
different services and applications at scale.  The company has
sales offices in India, Australia, China, Hong Kong, Japan,
Korea, Malaysia, New Zealand, Singapore, Taiwan, Thailand and
Vietnam.

                          *     *     *

Standard & Poor's Rating Services placed its ratings on Juniper
Networks, including its 'BB' long-term and 'B-1' short-term
corporate credit ratings, on CreditWatch with negative
implications.


KARNATAKA BANK: Sells Bharat Overseas Stakes to IOB
---------------------------------------------------
Karnataka Bank Ltd has informed the Bombay Stock Exchange in a
regulatory filing that it has sold 1,364,999 equity shares of
INR10 each of Bharat Overseas Bank Ltd, a Chennai-based unlisted
banking company to Indian Overseas Bank at a price of INR155 per
share on September 9, 2006.  After the sale, the company holds
1 share of Bharat Overseas Bank Ltd.

The Troubled Company Reporter - Asia Pacific reported on
September 19, 2006, that Indian Overseas Bank has acquired
Bharat Overseas Bank by buying out other shareholders.  IOB
bought out four other banks, which altogether held 49.33%: Bank
of Rajasthan (16%), ING Vysya Bank (14.66%), South Indian Bank
(10%), and Karnataka Bank (8.67%).

Indian Overseas, which was the single largest shareholder in
BHOB, had proposed in February 2006 to acquire BHOB by
increasing its stake from 30% to 100% and had offered an exit
price of INR155 to the other shareholders.

The banks, however, have retained one share each of BHOB as
symbolic shareholding.

BHOB is a small bank with a branch network of 100 including one
in Bangkok and like IOB, its head office is in Chennai.  Its
profitability was put under pressure since 2004 forcing it to
merge with a bigger bank.

                   About Indian Overseas Bank

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking   
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

Standard & Poor's Ratings Service gave Indian Overseas BB+
ratings to both long-term local and long-term foreign issuer
credit, and B ratings for both its short-term foreign and short-
term local issuer credit effective on January 16, 2006.

                      About Karnataka Bank

Headquartered in Mangalore, India, Karnataka Bank Ltd --
http://karnatakabank.com/ktk/Index.jsp-- provides products and  
services for business and personal purposes that include
borrowing facilities, deposits, providing optimum returns on
surplus funds or helping with overseas transactions.  The bank
has two business segments: Treasury and Other Banking
Operations. Treasury Operations mainly comprise of surplus
statutory liquidity ratio and non-SLR investments.  Other
Banking Operations mainly consist of advance portfolio of the
bank and SLR securities to the extent of SLR requirements.  The
bank provides Working Capital Finance, Term Loans and
Infrastructure Finance.  The Business Finance Products offers
both fund-based and non-fund-based products.  The bank has
diversified into the marketing of life insurance products of
MetLife India Insurance Co. Pvt. Ltd. The Bank has entered into
a memorandum of understanding with Bajaj Allianz General
Insurance Co. Ltd. for distribution of its general insurance
products through its branches.

Fitch Ratings gave Karnataka Bank a support rating of 5.


KARNATAKA BANK: Posts INR41-Crore Net Profit in June Quarter
------------------------------------------------------------
Karnataka Bank Limited has posted a net profit of INR41.03 crore
for the first quarter ended June 30, 2006, the bank said in a
press release.

The total business turnover of the bank stands at INR20,786
crore.

On a year-on-year basis the deposits grew by 28.11% to reach
INR12,984 crore from INR10,136 crore and advances grew by 25.86%
to touch INR7,802 crore from INR6,199 crore.  Compared to the
first quarter of the previous year, the gross income of the bank
rose from INR288.38 crore to INR337.04 crore.  The operating
surplus rose from INR87.94 crore to INR94.58 crore.  The net
interest income rose from INR90.77 crore to INR101.73 crore.

The capital adequacy ratio stands at 11.28% as against the RBI
stipulation of 9% after taking into account the market risk as
per Basel II accord.

The bank, which has 398 branches at 19 States and 2 Union
Territories, has plans to increase the number of branches to 415
during the year.  The bank plans to concentrate opening of
branches in Northern and North Eastern part of the country at
places like Silguri, Allahabad, Agra, Kanpur, Bilaspur, Bhopal,
Jodhpur, Panipath, etc. during the current year.  The ATM
outlets will be increased to 125.

The bank has networked 328 offices under Core Banking Solution
with business coverage of 96%.

The bank has envisaged to achieve a total business turnover of
INR25,000 crore, comprising of deposit of INR15,000 crore and
advances of INR10,000 crore for the year ending March 31, 2007.

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

   http://bankrupt.com/misc/karnatakabank_june2006.pdf

                      About Karnataka Bank

Headquartered in Mangalore, India, Karnataka Bank Ltd --
http://karnatakabank.com/ktk/Index.jsp-- provides products and  
services for business and personal purposes that include
borrowing facilities, deposits, providing optimum returns on
surplus funds or helping with overseas transactions.  The bank
has two business segments: Treasury and Other Banking
Operations. Treasury Operations mainly comprise of surplus
statutory liquidity ratio and non-SLR investments.  Other
Banking Operations mainly consist of advance portfolio of the
bank and SLR securities to the extent of SLR requirements.  The
bank provides Working Capital Finance, Term Loans and
Infrastructure Finance.  The Business Finance Products offers
both fund-based and non-fund-based products.  The bank has
diversified into the marketing of life insurance products of
MetLife India Insurance Co. Pvt. Ltd. The Bank has entered into
a memorandum of understanding with Bajaj Allianz General
Insurance Co. Ltd. for distribution of its general insurance
products through its branches.

Fitch Ratings gave Karnataka Bank a support rating of 5.


RPG LIFE: Gets INR337-Lakh Net Profit for June Quarter
------------------------------------------------------
RPG Life Sciences Ltd reported INR3,271 lakhs in sales for the
three months ended June 30, 2006, lower than the INR4,775 lakhs
it reported for the same period in 2005, according to the
company's financials.

For the period in review, the company's total income was at
INR3,187 lakhs, and total expenditures amounted to INR2,371
lakhs, giving the company a profit before interest, depreciation
and tax of INR816 lakhs.

Net profit amounted to INR337 lakhs.

The company's financial statement for the quarter ended June 30,
2006, is available for free at:

   http://www.rpglifesciences.com/financials/June06results.pdf

                    About RPG Life Sciences

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world  
class, customer focused, innovative pharmaceutical organization.  
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of default in debt
servicing obligations towards institutional investors.


RPG LIFE: Grants Stock Options to Managing Director
---------------------------------------------------
RPG Life Sciences Ltd has informed the Bombay Stock Exchange in
a regulatory filing that, at a meeting on August 25, 2006, its
Remuneration and Compensation Committee has granted option for
40,000 equity shares to managing directors of the company, with
exercise price fixed at INR119 per equity share (being price
higher than the closing price on NSE on August 24, 2005).

This option will vest one-fifth on linier scale, based on
performance every year, after one year from the date of grant.  
As per rules of 2005 ESOP, option can be exercised any time
within ten years from the respective date of vesting subject to
other rules of the plan.

                    About RPG Life Sciences

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world  
class, customer focused, innovative pharmaceutical organization.  
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of default in debt
servicing obligations towards institutional investors.


RPG LIFE: Appoints A. Vasudeva as New Director
----------------------------------------------
RPG Life Sciences Ltd has informed the Bombay Stock Exchange in
a regulatory filing that the board of directors of the company,
at a meeting on August 25, 2006, appointed Arvind Vasudeva as
additional director of the company.

The board of directors has also appointed Mr. Vasudeva as
managing director of the company for a period of five years from
August 25, 2006.

                    About RPG Life Sciences

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world  
class, customer focused, innovative pharmaceutical organization.  
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of default in debt
servicing obligations towards institutional investors.


SILICON GRAPHICS: Delays Filing of 2006 Annual Report
-----------------------------------------------------
Barry Weinert, vice president and general counsel of Silicon
Graphics, Inc., informs the Securities and Exchange Commission
that due to the company's Chapter 11 filing; the ongoing
assessment of the company's long-lived assets for potential
impairment; and the dismissal of Ernst & Young as the company's
independent registered public accounting firm, Silicon's annual
report on Form 10-K has not been completed by the due date.

Silicon needs more time to finalize its audited financial
statements and related internal control assessment for the year
ended June 30, 2006, Mr. Weinert explains.

Mr. Weinert says the company expects to file its Form 10-K as
soon as practicable.  Financial statements to be included in the
filing will reflect any potential adjustments that may be
required as the result of an asset impairment evaluation as well
as any other necessary adjustments and disclosures that must be
included in order for those financial statements to be stated in
accordance with the United States' generally accepted accounting
principles.

                     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: Wants Intel Collaboration Pact Approved
---------------------------------------------------------
Silicon Graphics, Inc., and its debtor-affiliates ask the United
States Bankruptcy Court for the Southern District of New York to
approve the Server Collaboration Agreement.

The Debtors have an ongoing business relationship with Intel
Corporation to develop, market and sell computer systems based
on Intel products.  During the past several months, the parties
have engaged in negotiations that have culminated in a
collaboration agreement.

Pursuant to the Collaboration Agreement, Intel will provide
Silicon Graphics, Inc., with continued support in SGI's
development, marketing and selling of server systems based on
Intel's microprocessors in furtherance of the Debtors' business
plan.

Shai Y. Waisman, Esq., at Weil, Gotshal & Manges LLP, in New
York, asserts that the Debtors' entry into a long-term
partnership with the recognized world leader in the computer
technology industry represents a significant achievement and an
extraordinary milestone in their businesses.

Mr. Waisman relates that the considerable long-term benefits to
the Debtors as a result of entering into the Collaboration
Agreement are immeasurable.

Among others, Mr. Waisman says, the Agreement will:

    * serve to promote the longstanding relationship between the
      Debtors and Intel;

    * strengthen and solidify the Debtors' extensive business
      relationship;

    * allow the Debtors to work in conjunction with Intel;

    * signal to the industry that the Debtors remain a major
      player despite their Chapter 11 filing; and

    * serve as a platform for the Debtors' future in the
      computer technology industry and as a central pillar of
      the Debtors' business plan.

Moreover, the Collaboration Agreement is critical to the
Debtors' business operations, their reorganization efforts, and
their ongoing business plan, Mr. Waisman tells Judge Lifland.

                    Terms are Filed Under Seal

The Debtors sought and obtained the Court's authority to file
portions of the request, most especially the terms of the Server
Collaboration Agreement, under seal.

According to Mr. Waisman, the request contains highly sensitive,
confidential, proprietary and competitive information, which if
filed on the docket would place Intel and the Debtors at a
competitive disadvantage, and would potentially undermine the
Debtors' entire reorganization effort.

The Court further authorized the Debtors to file and serve only
a redacted copy of the request on all parties required to be
served, other than the Office of the U.S. Trustee, the attorneys
for the Official Committee of Unsecured Creditors, and the
attorneys for the ad hoc committee of the Debtors' secured
noteholders.

                     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: Walks Away from Seven Executory Contracts
-----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York authorizes Silicon Graphics, Inc., and its debtor-
affiliates to reject the seven executory contracts, effective as
of August 25, 2006.

As reported in the Troubled Company Reporter on Sept. 8, 2006,
the
Debtors were party to:

    1. a U.S. business travel services agreement with American
       Express Travel Related Services Company, Inc., dated
       March 1, 2003;

    2. an American Express Corporate Travel Online Agreement
       with American Express, dated July 6, 2005;

    3. an American Express Interactive Travel Group Central
       E-Fulfillment Services Agreement with American Express,
       dated July 6, 2005;

    4. a co-marketing agreement with SpaceWorld Foundation,
       dated November 1, 2005, which contemplated the creation
       of a theatre utilizing certain visual graphics-related
       products of the Debtors;

    5. a consulting agreement with Atle Technology, Inc., dated
       September 29, 2005, under which, the Debtors pay about
       US$18,000 per month;

    6. a QualysGuard service user agreement, dated February 3,
       2004, with Qualys, Inc., wherein the Debtors pay Qualys
       around US$5,500 per month for network scanning security
       services; and

    7. a master services agreement, dated February 5, 2001, with
       Electronic Data Systems Corporation and EDS Information
       Services L.L.C., pursuant to which the Debtors pay about
       US$110,000 per month.

Any proofs of claim arising from, or based on, the rejection
must be filed on or before October 6, 2006.

Any party that fails to file a timely proof of claim will be
forever barred, estopped, and enjoined from asserting that claim
against the Debtors, and the Debtors and their property will be
forever discharged from all indebtedness or liability as to the
claim, Judge Lifland says.

                      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.


STEELCASE INC.: Moody's Rates US$250 Mil. 6.5% Sr. Notes at Ba1
---------------------------------------------------------------
Moody's assigns a Ba1 rating to Steelcase's 6.5% US$250 million
senior unsecured notes, the proceeds of which were used to
refinance its US$250 million 6.375% notes.

Steelcase's ratings reflect its vulnerability to cyclical end-
markets, particularly:

   -- the financial sector;

   -- excess manufacturing overhead;

   -- lack of consistent profitability, especially in its   
      International segment; and

   -- exposure to volatile input costs.

Steelcase's ratings also reflect its widely recognized brand
name and reputation for quality office furnishings in an
industry with considerable barriers to entry, the company's
highly diversified installed customer base of major national and
multinational corporations, progress in reducing its cost
structure, and its significant free cash flow generating
capability.

Over the next 12-18 months, Moody's could upgrade Steelcase's
Ba1 rating if it becomes evident the company will achieve and
sustain operating margins in the high single digits, maintain
debt-to-EBITDA of under 2x, 25% retained cash flow to total
debt, 15% free cash flow-to-total debt and 5x EBIT interest
coverage.

Steelcase Inc., based in Grand Rapids, Michigan, is the world's
largest supplier of office furniture with LTM May 2006 revenues
of US$2.9 billion.

The company has Asian presence including in Australia, China,
Hong Kong, Indonesia, and India.


TATA MOTORS: Shop Caught Fire; Production May Be Affected
---------------------------------------------------------
A fire broke out at the paint shop of Tata Motors Limited's car
plant in Pune, India, early morning of September 21, 2005, Tata
Motors Limited stated in a press release.

The Company expects production from the paint shop to be
affected for about a week, after which production "may take some
time to ramp up fully to its production levels."  

It has, however, a week's worth of inventory in the pipeline,
Tata Motors pointed out.

According to the Company, the facility is adequately insured for
fire, including resulting loss of operations.

No casualty resulting from the accident was reported.  The
Company is still in the process of determining the cause of the
fire and the extent of damage.

                      About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly   
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

A report by the Troubled Company Reporter - Asia Pacific on
September 28, 2005, stated that Standard & Poor's Ratings
affirmed its 'BB' long-term foreign and local currency corporate
credit ratings on Tata Motors.  The outlook is stable.

Additionally, Moody's Investors Service, on July 26, 2005, gave
Tata Motors 'Ba1' long-term corporate family and senior
unsecured debt ratings.


UNION BANK OF INDIA: MoU With NBHC Benefits Farmers
---------------------------------------------------
With a view of bringing value addition in Agri finance, Union
Bank of India will now finance farmers and traders against
Warehouse Receipts issued by National Bulk Handling Corporation,
Greater Kashmir reports.

A press release from the bank explains that in the absence of
proper storage facilities, farmers were compelled to sell their
products at lower prices during the harvesting season, when the
supply is comparatively more.  However, now, after the MoU that
has been signed between the Union Bank and the National Bulk
Handling Corporation, they will be in a position to store their
produce at NBHC's warehouses and sell later when prices are
better, thus generating more income for themselves, the release
explains.

NBHC issues WR in either physical or electronic form to the
depositor of the commodity, and boasts of having 58 of these
warehouses, which are either leased or hired by them all over
the country, the release informs.

NBHC also offers advisory services on spot and futures trading,
the release added.

                   About Union Bank of India

Headquartered in Mumbai, India, Union Bank of India --
http://www.unionbankofindia.com/-- is a scheduled commercial  
bank.  The bank offers a range of deposit schemes, including
Union Cumulative Deposit Scheme, cumulative deposit schemes,
deposit reinvestment certificates, monthly income schemes, Union
Flexi Deposit Scheme, capital gains exemption deposit schemes,
senior citizen deposit schemes, floating-rate deposit schemes
and Multi Gains Current Account scheme.  It offers various types
of loans, which include home loans, education loans and mortgage
loans.  It offers Internet banking facility under the name Union
E-Banking, which caters to both retail and corporate customers,
and individuals.  Through its tie-up with HDFC Standard Life
Insurance Co., the Bank offers group insurance products under
the name Union Suraksha.

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.  


UNION BANK OF INDIA: Plans to Raise INR15-B Via Tier-II Bonds
-------------------------------------------------------------
Union Bank of India has plans to raise about INR15 billion
through a mix of tier-I hybrid capital and upper tier-II bonds
in the next three months to ensure its capital to risk-weighted
assets ratio remains well above 12% after implementation of
Basel-II norms, reports Business Standard.   
  
At present, the bank's CRAR is 11.21%, but after complete
compliance with Basel II from March 31, 2007, it is expected to
fall to 10.09%.
  
Basel II norms, or the revised capital adequacy framework, will
require banks worldwide to provide capital for operational risk,
in addition to credit and market risks.   
  
The current capital adequacy or Basel I norms, introduced in the
late `90s, require banks in India to have CRAR of 9% and capital
allocation for market risks were introduced only recently.   
  
UBI has a headroom to raise INR6 billion by way of tier-I hybrid
capital and an additional INR18 billion through tier-II bonds.
"But our requirement will be about INR15 billion," Chairman M V
Nair said.
  
UBI also plans to bring down its NPA (non-performing assets)
ratio to below 1 per cent in a bid to unlock resources for
augmenting working capital.  It has targeted 25% increase in
advances in 2006-07.   
  
The bank considers spending INR1.75 billion for technology
upgrades, besides substantial expenditure on opening of 100 new
branches and renovation of 300 branches during the year.  As
part of its global expansion plans, Union Bank has received the
RBI go-ahead to open two branches at Doha and Hong Kong and
representative offices at Dubai and Sanghai.   
  
                   About Union Bank of India

Headquartered in Mumbai, India, Union Bank of India --
http://www.unionbankofindia.com/-- is a scheduled commercial  
bank.  The bank offers a range of deposit schemes, including
Union Cumulative Deposit Scheme, cumulative deposit schemes,
deposit reinvestment certificates, monthly income schemes, Union
Flexi Deposit Scheme, capital gains exemption deposit schemes,
senior citizen deposit schemes, floating-rate deposit schemes
and Multi Gains Current Account scheme.  It offers various types
of loans, which include home loans, education loans and mortgage
loans.  It offers Internet banking facility under the name Union
E-Banking, which caters to both retail and corporate customers,
and individuals.  Through its tie-up with HDFC Standard Life
Insurance Co., the Bank offers group insurance products under
the name Union Suraksha.

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.  


* S&P Warns India on Oil
------------------------
Global rating agency Standard & Poor's has warned that India and
China are vulnerable to a potential oil price shock.  The report
said that the impact of the oil shock will depend on the
strengths and weaknesses of the economies.  "India's recent
record of high growth and benign inflation has occured despite a
persistent rise in international oil prices.  Although this is
indicative of the Indian economy's resilience to high oil
prices, the prospect of the country withstanding a potential oil
shock will hinge on how oil prices behave in the future," the
report, authored by Crisil Chief Economist Subir Gokarn, said.


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

ALCATEL SA: Moody's Expects to End Review for Lucent Merger
-----------------------------------------------------------
Moody's Investors Service expects to conclude the review of the
Corporate Family Ratings for Alcatel (rated Ba1, review for
downgrade) and for Lucent Technologies (B1, review for upgrade)
upon closing of the merger of the two companies.

The rating agency also indicated that the CFR for Lucent will be
withdrawn upon completion of the merger.  The ratings for
Alcatel's and Lucent's debt instruments will likely remain on
review until the ranking and possible support mechanisms for the
various classes of debt within the group's capital structure are
clarified.

Alcatel and Lucent Technologies are currently arranging the
final steps of their merger process.  To date all approvals
material for the group merger have been received from
shareholders and regulators, but for the agreement of the
Committee on Foreign Investments in the U.S.

Afterwards the merger will require only a set of legal steps for
the transaction to close, upon which Moody's expects to conclude
its rating review on the CFR for Alcatel Lucent, the combined
group.

At that time, the Lucent CFR will be withdrawn and the ratings
for its debt instruments will be assessed with regard to their
creditor position and their ranking in the group capital
structure.  Moody's expects completion of the transaction in the
fourth calendar quarter of 2006.

The last rating actions of April 3 placed the Ba1 ratings for
Alcatel on review for possible downgrade and the B1 ratings for
Lucent on review for possible upgrade following the merger
announcement.

Headquartered in Paris, France, Alcatel had sales of EUR13.1
billion and a net profit of EUR930 million in fiscal year 2005
and is one of the world leaders in providing advanced solutions
for telecommunications systems and equipment.

Lucent Technologies Inc., headquartered in Murray Hill, New
Jersey is also a global provider of telecommunications equipment
and services with revenues of US$9.4 billion in its fiscal year
ending 30 September 2005.

Alcatel will change its name into Alcatel Lucent and remain
headquartered in Paris, France, and will be the global leader in
communication solutions with 2005 pro-forma sales of !18.6
billion.


ALCATEL SA: Signs Network Deal with Taiwan's Chungwa Telecom
------------------------------------------------------------
Alcatel S.A. has signed a contract with Chunghwa Telecom,
Taiwan's recently privatized incumbent operator, to deploy an
aggregation and transport solution for the delivery of
innovative services such as digital video.

The project follows CHT's announcement of a five-year investment
plan to transform its existing network infrastructure towards
Next Generation Networks, which in turn will allow CHT to act as
a content provider to Taiwanese TV broadcast companies.  The
first example of this kind of distribution service was a recent
broadcast of a national rock music festival held in northern
Taiwan.

The Alcatel optical networking solution will enable CHT to
benefit from enhanced aggregation capabilities to accommodate
its customers' increasing demand for content-rich applications.  
Its deployment will help CHT further support the cost-effective
and efficient delivery of its service offering ranging from
multimedia on demand (MOD), high-speed Internet, Voice over IP
(VoIP) to broadcast TV.

Alcatel will supply its data-aware Optical Multi-Service Node
systems, which offer a flexible platform enabling large-scale,
cost-effective transport of video signals via multiple kinds of
connectivity including Ethernet, Asynchronous Transfer Mode
(ATM), Asynchronous Serial Interface (ASI), and Serial Digital
Interface (SDI).

                          About Alcatel

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

                          *     *     *

As reported in TCR-Europe on April 5, 2006, Moody's Investors
Service has placed the Ba1 long-term debt ratings of Alcatel SA
on review for possible downgrade following its definitive
agreement to merge with Lucent Technologies (rated B1).  The
ratings placed on review include Alcatel's senior, unsecured
Eurobonds, convertible bonds, Euro-medium term notes, its EUR1.0
billion revolving credit facility and its corporate family
rating, all at Ba1 currently.  Alcatel's rating for short-term
debt was affirmed at Not-Prime.

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


BAKRIE SUMATERA: Moody's Assigns First-Time (P)B2 Rating
--------------------------------------------------------
Moody's Investor Service has assigned a provisional (P)B2
corporate family rating to Bakrie Sumatera Plantations Tbk.  At
the same time Moody's has assigned a (P)B2 to BSP Finance B.V.
for its proposed 5-year USD senior secured bonds which will be
guaranteed by BSP and all its existing subsidiaries.  The
ratings outlook is stable.

This is the first time Moody's has assigned ratings to BSP.  The
(P)B2 ratings will be affirmed and removed from their
provisional status upon completion of the bond issuance.

The proposed bond will be secured by charges over assets of the
guarantors.  The proceeds will be used to repay all existing
debt of US$63 million and fund capital expenditures, which may
include the cost of a new bio-diesel plant and plantation
acquisition in the next few years.

"The B2 local currency corporate family rating reflects the
favourable demand outlook for palm oil, the prime state of the
company's oil palm plantations and its low production costs,"
says Moody's Peter Choy, a VP/Senior Credit Officer.

"These positive factors and BSP's current credit metrics would
suggest a high B rating," says Choy, Moody's lead analyst for
BSP.

"But a (P)B2 rating is a more appropriate matching of BSP's risk
profile, given its relatively small plantations, narrow customer
base, its parent's history of loan restructuring, the execution
risk associated with the new bio-diesel plant, and the absence
of downstream operations, which exposes BSP to volatile prices
for natural rubber and palm oil," adds Choy.

The (P)B2 rating further reflects the weakening state of its
credit metrics and projected negative free cash flow position
(after payments of interest and capital expenditures) due to its
fast expansion and increased debt leverage.

The ratings outlook is stable.  Moody's expects BSP will manage
the execution risk related to its planned expansion and will
continue to exercise a prudent financial policy when pursuing
its growth strategy.  This will include the 5 years option
granted to BSP to acquire 99.9% of the issued capital of an oil
palm plantation, and Moody's expects BSP to fund its investments
within available committed funds, equity and operating cash
flow.

Upward ratings pressure would arise if BSP successfully
completes its expansion and the bio-diesel plant within budgeted
time and cost as well as improve home-grown production to
enhance yield.  Furthermore, the improvements would need to
translate into enhanced financial performance, as measured by
Adj. Debt/EBITDA below 3.0x -- 3.5x, EBITDA/Interest of at least
3.5x - 4.0x, RCF/ Adj. and Debt of at least 15% -20%.

On the other hand, the ratings may experience downward pressure
if evidence emerges of:

   (1) cash leakage from BSP to fund affiliated companies, such
       as through inter-company loans or aggressive cash
       dividends;

   (2) aggressive debt-funded acquisitions;

   (3) plantation aging accelerates;

   (4) crude palm oil and latex prices fall beyond Moody's
       expectations; and

   (5) delays or cost overruns for the new bio-diesel plant
       occur, such that its credit metrics show continuous
       deterioration such that Adj. Debt/EBITDA increases to
       4.5x-5.0x, EBITDA/Interest declines to 2.0x or below, or
       RCF/Adj. Debt falls to 10%.

Bakrie Sumatera Plantations Tbk is a well-established Indonesian
upstream plantation company operating in Sumatra.  It is 54%
owned by PT Bakrie & Brothers Tbk, and its products include
crude palm oil, palm kernel oil and latex.  It was listed in
1990 on the Jakarta Stock Exchange.


BAKRIE SUMATERA: S&P Assigns 'B' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Indonesia's PT Bakrie Sumatera Plantations Tbk.
The outlook is stable.  At the same time, Standard & Poor's
assigned its 'B' issue rating to the proposed US$110-million
senior secured notes issued by BSP's wholly-owned subsidiary,
BSP Finance B.V.

The notes are irrevocably and unconditionally guaranteed by BSP
and its subsidiaries.  The rating on the notes is subject to
final documentation.

The ratings on BSP reflects the expected deterioration in the
company's financial risk profile after the increased borrowing
to finance its capital expenditure program, forecast decline in
operating margin, its small size and revenue, and its vulnerable
business profile.

BSP is a small Indonesian plantation company with total revenue
of IDR883 billion (US$94 million) in 2005.  It operates about
51,000 hectares of palm and rubber plantations and processing
facilities mainly in the islands of Sumatra and Kalimantan.

"Despite its weaknesses, BSP's palm oil plantation's operating
efficiency has improved over the past three years," said
Standard & Poor's credit analyst Yasmin Wirjawan.  "The
company's focus on higher-margin value-added rubber products has
allowed it to attain a higher overall EBITDA margin of 30%."

In the past three years, BSP has also maintained steady cash
flow measures, with a ratio of funds from operations to debt of
30%, despite fluctuations in product prices.

"The stable outlook reflects our expectation that BSP's
financial measures will remain consistent with the current
rating level despite an expected deterioration in its financial
profile," said Ms. Wirjawan.  "We also expect no significant
diversion of financial resources from BSP to its parent, Bakrie
& Brothers, and related companies, and that the company has the
capacity to promptly and smoothly execute the capital
expenditure program in its core businesses."


INCO LTD: Revises Earnings Outlook for 2006 Third Quarter
---------------------------------------------------------
Inco Ltd. anticipates record earnings for the third quarter of
2006 given the continued strength in the market for its nickel
products.  Inco expects its adjusted net earnings to exceed
significantly both current analyst estimates and the company's
record second quarter results.  

The company has lowered its production estimates for nickel and
copper for the third quarter following equipment breakdowns at
its Ontario and Manitoba operations.  These production losses
are in addition to the previously announced extended outage at
the company's Indonesian operations and the ongoing strike at
its Voisey's Bay operations in Labrador.  

The company has now restored full production at both Indonesian
and Ontario operations and expects the Manitoba operations to
return to full production in early October.  Contract talks
between Inco and the union representing workers at Voisey's Bay
resumed this week.

Nickel and copper prices have increased considerably during the
third quarter.  The LME benchmark cash nickel price has averaged
US$13.18 per pound (US$29,048 per ton) for the third quarter-to-
date compared with the second quarter average of US$9.09 per
pound (US$20,036 per ton).  The LME benchmark cash copper price
has averaged US$3.49 per pound (US$7,688 per ton) for the third
quarter-to-date compared with the second quarter average of
US$3.29 per pound (US$7,251 per ton).  

Using actual nickel and copper prices for July and August and
assuming nickel and copper prices for September equal the month-
to-date average LME nickel price of US$13.68 per pound
(US$30,157 per ton) and the month-to-date average LME copper
price of US$3.46 per pound (US$7,637 per ton), the company
currently estimates its adjusted net earnings for the third
quarter to be approximately US$610 to US$630 million based on
revised production estimates.  This is approximately 44 per cent
above the current First Call consensus mean estimate of US$1.88
per share and more than three times the company's adjusted net
earnings per share for the third quarter of 2005.

Third quarter nickel production is now expected to be 118 to 123
million pounds (54,000 to 56,000 tons) compared with previously-
announced estimates of 135 to 140 million pounds (61,000 to
63,000 tons), primarily as a result of downstream production
issues at the company's Manitoba, Indonesian and Ontario
operations.  

Third quarter copper production is expected to be 60 to 65
million pounds (27,000 to 29,000 tons) compared with the
previously-announced estimate of 76 million pounds (34,000
tons), primarily as a result of the ongoing strike at Voisey's
Bay and reduced oxygen availability at the company's smelter in
Sudbury, Ontario.

Inco's forecast platinum-group metals production for the third
quarter is just slightly below 80,000 troy ounces as such
production was largely unaffected by the equipment breakdowns or
strike.  

Several factors have contributed to the reduction in third
quarter production estimates.  

At the company's Indonesian subsidiary, PT Inco, repairs to an
electric furnace damaged by fire in late May 2006, took longer
than originally anticipated, reducing PT Inco's production of
nickel-in-matte during the third quarter.  The operation is now
back to operating at full capacity.  

At the company's Sudbury, Ontario operations, a motor failure on
one of the oxygen plants in July 2006 and the long lead-time to
purchase and install a replacement motor will reduce finished
nickel and copper production.  

At the company's Manitoba operations a production incident
during the second week of September resulted in damage to the
furnace and a converter and has led to the temporary suspension
of the operation of one of the two smelter furnaces.  Nickel
refining operations in Manitoba are expected to return to stable
operations in early October.  

"Inco's processing operations have been delivering at record
production levels, as demonstrated by the company's first half
results.  Both the Ontario and Indonesian operations are now
operating at plan production levels and Manitoba will resume
operating at plan production levels in October," said Mark
Cutifani, President, North America and Europe of Inco.  "Our
operations team is continuing to push operations performance to
new levels and is focused on addressing the reliability of
performance as part of our long-term improvement strategy."  

The strike by production workers at Voisey's Bay Nickel Company
Limited is not expected to affect Inco's production of finished
nickel or cobalt in the third quarter as Inco has sufficient
stocks of nickel concentrates available for processing at its
smelting and refining operations at Sudbury, Ontario and
Thompson, Manitoba.  However, the strike at Voisey's Bay has
affected Inco's production of copper concentrate that is sold to
customers in Europe.  

Meanwhile, very strong demand, especially from the stainless
steel industry, and struggling production from a number of
producers have created a very tight market and driven nickel
prices to record levels.  "Inventories throughout the supply
chain are at the lowest levels we have ever seen," said
Executive Vice-President Marketing, Peter Goudie.  "Our
customers are looking for more nickel and we are doing all we
can to supply them, but it is difficult to meet all demands. As
we have suggested would happen, the nickel market is now in a
place where the industry has never been before.  This is
creating, as expected, considerable volatility in prices as the
market adapts to the new pricing levels."

Inco continues to expect that robust market conditions will lead
to record second half earnings, despite the lower production
estimates. "We believe that the great strength we are seeing in
the nickel market will continue through the remainder of the
year, and we continue to expect unprecedented earnings and cash
flow in the second half of 2006," said Chairman and CEO Scott
Hand.

                        About Inco Ltd.

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

                          *     *     *

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


MATAHARI PUTRA: First-Half Net Profit Rises 15.7% Year-on-Year
--------------------------------------------------------------
PT Matahari Putra Prima Tbk's first-half net profit rose 15.7%
to INR44.1 billion (US$4.8 million), compared with the net
profit reported in the first half of 2005, due to a good
performance in the second quarter and the expansion of its store
network, KamCity.com reports.

Matahari's second-quarter net profit rose to INR31.9 billion
(US$3.47 million), from INR12.2 billion (US$1.33 million) in the
first quarter.

First-half sales rose 25.3% to INR3.48 trillion (US$370.1
million), from INR2.78 trillion (US$302.8 million) a year
earlier, mainly due to sales in the supermarket and hypermarket
division, which increased by 60.7% to INR1.56 trillion (US$169.9
million).  Sales in the department store division grew by 6.5%
to INR1.75 trillion (US$190.6 million).

Matahari opened three hypermarkets, two children's specialty
stores and two entertainment centers in the first half.  It
expects to open four department stores, five hypermarkets, five
children's specialty stores and several entertainment centers in
the second half.  This will give it a national network of 84
department stores, 27 hypermarkets, 35 supermarkets, 10
children's specialty stores and 113 family entertainment centers
by the end of this year, the company said.

                      About Matahari Putra

Headquartered in Tangerang, Indonesia, PT Matahari Putra Prima
Tbk -- http://www.matahari.co.id/-- is a consumer goods company   
engaged in the retail business, providing clothes, jewelries,
bags, shoes, cosmetics, electronics appliances, toys,
stationeries, books, drugs and other everyday needs.  It is also
engaged in the family entertainment industry through the
operation of Time Zone, a game center.  The company operates
Matahari Supermarket, Hypermart stores, Cut Price stores, Boston
Drugs pharmacies, Baker's Delight bakeries, Deli Bon stores and
Market Place grocery stores.  During the year ended December 31,
2005, the company opened its first store in Shenzhen, China, 13
Hypermart stores, four Cut Price stores and one Matahari
Supermarket.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 23,
2006, that Moody's Investors Service assigned its (P)B1 local
currency corporate family rating to PT Matahari Putra Prima Tbk.  
At the same time, Moody's has assigned its (P)B1 foreign
currency senior unsecured rating to Matahari Finance BV's
proposed bond of up to US$300 million, which is guaranteed by
Matahari.  The ratings outlook is stable.

Earlier TCR-AP reports on May 15, and May 22, 2006, stated that
Standard & Poor's Ratings Services has raised its corporate
credit rating on Indonesia's PT Matahari Putra Prima Tbk to "B+"
from "B-", with a stable outlook, while the company's proposed
long-term senior unsecured bonds of up to US$300 million to be
issued by Matahari Finance B.V., a special purpose financing
vehicle wholly owned by Indonesia-based retailer PT Matahari
Putra Prima Tbk, got a 'B+' rating.


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

AVIALL INC: S&P Withdraws BB Corp. Credit Rating & Removes Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings,
including the 'BB' corporate credit rating, on Aviall Inc. and
removed the ratings from CreditWatch, where they were placed
with positive implications on May 1, 2006.

The aircraft parts distributor was acquired by Boeing Co.
(A/Positive/A-1) for US$2 billion and its rated debt has been
repaid.

                       About Aviall Inc.

Headquartered in Dallas, U.S.A., with customer service centers
located in North America, Europe and Asia, Aviall Inc. (NYSE:
AVL) -- http://www.aviall.com/-- is the world's largest     
independent provider of new aviation parts and related
aftermarket services. In Asia, the company has operations in
China, Hong Kong, Singapore, Taiwan and Japan.  Aviall markets
and distributes products for approximately 220 manufacturers and
offers approximately 700,000 catalog items. Aviall also offers a
full line of aviation batteries, hoses, wheels and brakes, and
paint services.

                         *     *     *

Moody's Investors Service raised the ratings Aviall, Inc.,
Corporate Family Rating to Ba2 from Ba3, prompted by a
continuing trend towards improvement in operating results as
well as by the company's recent successful win of a long term
distribution agreement with Smiths Aerospace LLC.  The rating
outlook has been changed to stable from positive.


AVIALL INC: Completes US$1.7-Bln Merger Agreement with Boeing
-------------------------------------------------------------
The Boeing Company has concluded its purchase of Aviall Inc.,
the largest independent provider of new aviation parts and
related aftermarket services in the aerospace industry.

Aviall supports Boeing's strategy of providing a wide array of
value-added products and services that helps commercial and
military customers operate more efficiently.

Boeing has purchased Aviall Inc. for US$48 per share or US$1.7
billion, plus the assumption of debt, net of cash existing on
Aviall's balance sheet, of US$448 million.

Aviall's capabilities include global parts distribution and
supply chain services for aerospace, defense and marine
industries worldwide.

"We are excited to welcome the Aviall team to Boeing," said Lou
Mancini, vice president and general manager of Boeing Commercial
Aviation Services.  "We will add Aviall's great products and
people to our expanding Integrated Materials Management program
that is so important to our customers."

"We are delighted to become part of The Boeing Company," said
Paul Fulchino, chairman, president and chief executive officer
of Aviall.  "Our combined industry knowledge creates a dynamic
team that will continue to enable our customers to achieve
greater efficiency, operational savings and profitability."

Aviall will report to Boeing Commercial Aviation Services and
operate as a wholly owned subsidiary.  Commercial Aviation
Services offers Integrated Materials Management services to
airline customers.  

Through this program, Boeing and selected suppliers maintain an
airline's inventory of maintenance supplies - including spare
parts - and provide items only as needed, reducing the airline's
cost and complexity of doing business.  Aviall's parts ordering
and supply chain management capabilities will also be utilized
by Boeing's Integrated Defense Systems' Support Systems
business.

"This is an exciting time for Boeing with the addition of
Aviall's capabilities," said Pat Finneran, president of Support
Systems.  "Their strengths and abilities are well aligned with
our current business strategies and I look forward to leveraging
our combined strengths to improve our supply chain services for
our customers."

                        About Aviall Inc.

Headquartered in Dallas, U.S.A., with customer service centers
located in North America, Europe and Asia, Aviall Inc. (NYSE:
AVL) -- http://www.aviall.com/-- is the world's largest     
independent provider of new aviation parts and related
aftermarket services.  In Asia, the company has operations in
China, Hong Kong, Singapore, Taiwan and Japan.  Aviall markets
and distributes products for approximately 220 manufacturers and
offers approximately 700,000 catalog items.  Aviall also offers
a full line of aviation batteries, hoses, wheels and brakes, and
paint services.

                          *     *     *

Moody's Investors Service raised the ratings Aviall, Inc.,
Corporate Family Rating to Ba2 from Ba3, prompted by a
continuing trend towards improvement in operating results as
well as by the company's recent successful win of a long term
distribution agreement with Smiths Aerospace LLC.  The rating
outlook has been changed to stable from positive.


BANCO BRADESCO: Writing Off BRL2.1 Billion in Goodwill Payments
---------------------------------------------------------------
Banco Bradesco SA, Brazil's biggest non-state bank by assets,
will write off BRL2.1 billion (US$979 million) in goodwill
payments ahead of schedule, Bloomberg News reports.

The payment, due 2016, will have a BRL1.2 billion effect on the
bank's balance sheet, saving shareholders about BRL400 million,
the company said in a filing with the local securities
regulator.

"The move will make our balance sheet cleaner," Milton Vargas, a
vice-president at the bank said in an interview with Bloomberg.  
"Investors seeking to decide whether to invest won't need to
make adjustments on calculations."

Mr. Vargas added that the goodwill write-off represents the
intangible parts of some of their recent acquisitions, such as
the brand name.  He said it will cover all of their recent
acquisitions, including the American Express purchase, Bloomberg
relates.

According to Bloomberg, the bank reported record earnings this
year after at least 18 acquisitions in six years.  The latest
purchase came in March, when Banco Bradesco bought American
Express Co.'s Brazilian operations for US$490 million.

Meanwhile, Banco Bradesco has called a shareholders' meeting on
Oct. 5 to ask for approval of a capital stock increase.  The
bank seeks a BRL1.2 billion share sale to restore the bank's
capitalization levels, Bloomberg says.

                         About Bradesco

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

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

                          *     *     *

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

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

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

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

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


BANK OF TOKYO-MITSUBISHI: U.S. Units Prone to Money Laundering
--------------------------------------------------------------
Bank of Tokyo-Mitsubishi UFJ Limited's United States
subsidiaries are facing possible administrative action from U.S.
authorities for failing to strictly monitor money laundering,
The Associated Press reports.

According to the AP, U.S. authorities have reportedly called
into question procedures at the bank's New York Branch office
and one of its U.S. arms.  The U.S. Federal Reserve had
allegedly found that computer systems used by the branches were
inadequate for preventing money laundering.

U.S. financial regulators are expected to visit the bank's
headquarters to investigate the allegations, Forbes News
relates, citing the Asahi Shimbun.

Asahi Simbun says that the inquiry could delay plans by the
Mitsubishi UFJ Financial Group Inc., to which Bank of Tokyo-
Mitsubishi UFJ belongs, to launch full securities operations in
the U.S.

It will be the second time for Bank of Tokyo-Mitsubishi UFJ to
face an administrative order in the U.S., The Japan Times
reveals.  In 2004, the Mitsubishi Tokyo Financial Group Inc. --
the predecessor of Mitsubishi UFJ Financial Group -- received an
order to improve monitoring against money laundering.

The U.S. authorities did not officially announce the 2004 order,
but they will make public the expected punishment this time to
seek improvement of the monitoring system, The Japan Times says.

The United States has tightened money laundering monitoring
since the terrorist attacks of Sept 11, 2001.

                About Bank of Tokyo-Mitsubishi UFJ

The Bank of Tokyo-Mitsubishi UFJ Ltd. is a Japanese commercial
banking company headquartered in Tokyo, Japan.  It provides a
range of domestic and international banking services in Japan
and worldwide.  As of March 31, 2005, the Company's network in
Japan included 251 branches, 28 sub-branches, 60 loan plazas,
474 branch automated teller machines (ATMs) and 19,062
convenience store-based, non-exclusive automated teller
machines.  The company is organized into eight segments: retail
banking; commercial banking; global corporate banking;
investment banking and asset management; UnionBanCal
Corporation; operations services; treasury, and other, including
systems services and eBusiness and information technology
initiatives.

On November 28, 2005, Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of Bank of Tokyo-
Mitsubishi Ltd., UFJ Bank Ltd., Mitsubishi UFJ Trust and  
Banking Corporation.  Also, BFSR of Bank of Tokyo-Mitsubishi
Trust Company is upgraded to D+ from D.  


DAIEI INCORPORATED: Sells Pachinko Unit to Amenities Co.
--------------------------------------------------------
Daiei Incorporated has decided to sell its pachinko pinball
parlor operation unit, Pandora Inc., to Amenities Company as
part of its revival measures, Japan Today reports.

According to the report, the retailer expects to book an
extraordinary profit of JPY6 billion from the sale on its
consolidated results in the current business year to
Feb. 28, 2006.

The Yomiuri Shimbun has reported earlier that Daiei plans to
expedite its debt repayments using proceeds from the sale of its
Pandora and other outlets.

As reported by the Troubled Company Reporter - Asia Pacific
reported on September 8, 2006, Daiei is looking to halve its
outstanding interest-bearing debt from JPY410 billion to
JPY200 billion by the end of fiscal 2006.

Daiei hopes that its latest plan will successfully shrink its
mounting debts, which peaked at JPY2 trillion at the end of
February 2001, according to the TCR-AP.

                        About Daiei Inc.

Headquartered in Hyogo, Tokyo, Daiei Incorporated
-- http://www.daiei.co.jp/-- operates about 3,000 stores  
through its subsidiaries and franchisees.  Its retail businesses
include supermarkets, discount stores, department stores, and
specialty shops.  Other businesses include restaurants, hotels,
and real estate services.  Domestic sales make up more than 90%
of its revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported by the Troubled Company Reporter - Asia Pacific on
August 18, 2006, Marubeni Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei.  Marubeni now holds a 44.6%
stake in Daiei.

A subsequent TCR-AP report on September 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei
to either Aeon Co or Wal-Mart Stores Inc.  However, in order for
the retail giants to accept Marubeni's proposal, Daiei's
liabilities must be trimmed to an acceptable level.  Although
Daiei cut its group interest-bearing liabilities to about JPY400
billion as of the end of February 2006 from more than JPY1
trillion a year earlier, Marubeni views the debt level as still
being too high.


EBARA CORPORATION: Loses JPY50-Million Malaysia Plant Order
-----------------------------------------------------------
Ebara Corporation has lost a contract for the construction of a
major trash incineration facility in Malaysia, The Edge Daily
reports.

The company signed in October 2005 a JPY50-million deal to build
a facility capable of processing 1,500 tons of trash a day near
Kuala Lumpur, The Edge says.  It would have been one of the
largest plants in the world.

According to the report, factors including citizen protests and
the plant's impact on the environment likely contributed to the
cancellation.

                       About Ebara Corp.

Ebara Corp. -- http://www.ebara.co.jp/-- is Japan's largest  
manufacturer of pumps, a major fluid machinery producer and an
integrated environmental engineering service company.  It also
has technologies for semiconductor polishing, cleaning and
plating.   Headquartered in Tokyo, the Company has 107
subsidiaries and 17 associated companies.

Fitch Ratings Agency, on June 21, 2006, assigned a stable BB+
foreign and local currency Issuer Default Rating and a BB+
senior unsecured local currency debt rating to Ebara Corp.


FORD MOTOR: Ghosn Mulls Talks as GM-Renault Deal Fades
------------------------------------------------------
Carlo Ghosn's Renault SA and Nissan Motor Co. is keen on
resuming business alliance talks with Ford Motor Co. after
prospects fade for an equity tie-up between Renault-Nissan and
General Motors Corporation, Bloomberg News reports.

Sources privy to the matter confirmed that the Renault-Nissan
team and Ford have been holding private proceedings in the past
month about exploring a possible tie-up, Bloomberg says.  Former
Ford Chief Executive Officer William Clay Ford Jr. reportedly
called Mr. Ghosn in July to discuss a partnership if the GM-
Ghosn talks fail.

The Troubled Company Reporter - Asia Pacific reported on
September 21, 2006, that GM's interest in its planned
collaboration with Renault-Nissan has waned, especially over the
idea of forming a capital alliance.  Talks between the parties
have entered the final states as the Oct. 15, 2006 preliminary
deadline for the parties to complete a 90-day review on the
potential benefits of the tie-up approaches.

According to the TCR-AP, the opposition of the United Auto
Workers' Union may be a factor behind General Motors'
reluctance, according to the Yomiuri.  Alarmed by Mr. Ghosn's
past record on aggressive corporate restructuring, union head
Ron Gettelfinger has publicly said he wants talks on the three-
way alliance to be put away forever.  With the rise of such
resistance in the United States, Mr. Ghosn now seems to have
backed down from his initial goal of acquiring a capital stake
in General Motors to maximize the synergy effect of the
alliance, and has said a capital tie-up is not a precondition to
the deal.

                        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: Vice President A.J. Wagner to Retire on January 2007
----------------------------------------------------------------
A.J. Wagner, president of Ford Motor Credit Company North
America and a vice president of Ford Motor Company, has elected
to retire after 33 years with the company.  His retirement is
effective Jan. 1, 2007.

Since October 2003, Mr. Wagner has led the sales, marketing,
credit and brand functions for Ford Motor Credit's business in
the United States and Canada, which accounts for 75% of the
company's receivables.  Ford Motor Credit's North American
operations provides retail and lease vehicle financing, dealer
inventory financing and commercial lending for the Ford,
Lincoln, Mercury, Aston Martin, Jaguar, Land Rover, Volvo and
Mazda brands.

"A.J.'s outstanding dealer relations and business skills have
made a major contribution to our credit organization in North
America," said Ford Executive Chairman Bill Ford.  "He is an
excellent sales leader who has used his considerable energy to
support our product sales and our profitable financial
operations.  He also has been a strong advocate for our dealers
and for the value that Ford Motor Company provides to them."

Mr. Wagner joined the company in 1973 and held numerous
positions throughout the Ford Motor Credit organization in
leasing, marketing, dealer credit, operations services, field
operations and strategic planning.  He was executive vice
president of Ford Credit North America handling the Ford,
Lincoln and Mercury brands.  He served as senior vice president
of Western U.S. Operations, vice president of Major Accounts and
vice president of
Marketing.  Mr. Wagner was also Field Operations manager and
regional manager at Ford Motor Company's Ford Division.

Mr. Wagner served on three company boards: Ford Motor Credit
Company, Ford Credit Canada, of which he was chairman, and Ford
Direct, LLC.

Mr. Wagner holds a bachelor's degree in finance from the
University of Wisconsin and a master's degree in business
administration and finance from the University of Detroit.
  
                        About Ford Motor

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

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

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

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

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


FORD MOTOR: S&P Report Says Cost Cuts Just One Part of Success
--------------------------------------------------------------
Ford Motor Co. and General Motors Corp. have taken increasingly
aggressive steps to slash costs in their North American
automotive operations, but in addition, sustained improvements
in credit quality will require success in a number of other
areas, according to a report published today by Standard &
Poor's Ratings Services, titled "GM And Ford Driving Out Costs,
But Sustained Credit Improvement Remains A Long Way Off".

External pressures continue to mount from many directions,
including the possibility of continued deterioration in product
mix, eroding market share, and early signals of a weakening
macroeconomic picture, according to the report.

"We view the automakers' accelerated cost-cutting initiatives as
a necessary pre-condition to any sustained improvements in
credit quality," Standard & Poor's credit analyst Robert Schulz
said. "But a successful, multi-year turnaround on the revenue
and product side will also be required.  In the meantime,
performance in North America will remain weak for the
foreseeable future."

There is currently more visibility on the success of GM's cost
efforts than with Ford's, given GM's earlier announcements and
some demonstrated progress.  However, Standard & Poor's ratings
on GM and Ford remain at very low speculative grade levels with
further downgrades possible, according to the report.  Unlike
Ford, GM bears the execution risk of resolving its economic
exposure to bankrupt supplier Delphi Corp. and the pending sale
of a 51% stake in finance subsidiary GMAC LLC.

Meanwhile, the already similar turnaround plans for both
companies are becoming even more alike. The cost reductions
underway need to address not just legacy structural costs and
market share losses, but also the unfavorable mix shift away
from light trucks including SUVs that that has been rapidly
underway for the last year or so, the report said.

Automotive operations outside North America are almost of little
consequence near term because of the magnitude of difficulties
in what is by far GM and Ford's largest market.

                        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.


JAPAN AIRLINES: Hotel Arm May Go Public in 2008
-----------------------------------------------
Japan Airlines Corporation's hotel subsidiary, JAL Hotels Co.,
is keen on listing its shares on the Tokyo Stock Exchange's
second section in fiscal 2008, The Japan Times reports.  In
fact, the hotel firm is now in talks with brokerage firms to
prepare for the listing sometime next year.

Japan Airlines International Co. is looking to sell its 90%
holdings in the hotel for the listing, The Japan Times says.  
The expected JPY20-billion proceeds of the sale will be used to
improve the JAL group's mainstay airline operations.

According to the report, JAL's hotel business suffered in the
late 1990s when the company went on a buying spree, purchasing
prestigious overseas hotels in the 1980s and 1990s.

In order to help JAL Hotels post profits, JAL disposed of assets
including hotels, buildings and land, and focused on hotel
management.  The sell-offs helped JAL Hotels stay in the black
for the third straight year, making a stock listing more
attractive, The Japan Times relates.

JAL Hotels owns stakes in such properties as Hotel Nikko Tokyo
in Tokyo's Odaiba district and Hotel Nikko Naha Grandcastle in
Okinawa Prefecture.

                      About Japan Airlines

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

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

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

                          *     *     *

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


METALDYNE CORP: Ratings Still on S&P Watch After Chrysler Cuts
--------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' corporate
credit rating and other ratings on Plymouth, Michigan-based auto
supplier Metaldyne Corp. remain on CreditWatch with developing
implications following the recent announcement of lower
production levels by important customer DaimlerChrysler AG unit
Chrysler.  Previously, Metaldyne agreed to be acquired by
unrated Asahi Tec Corp.

Standard & Poor's will review the terms of the transaction to
assess the impact on Metaldyne's credit quality.  Developing
implications mean that the ratings could be lowered, raised, or
affirmed following our review of the terms of the proposed
transaction.  Metaldyne has total debt of about US$860 million.

The ratings could be raised if it appears that Metaldyne's
liquidity and cash flow protection will significantly
strengthen, reducing its financial risk.

On the other hand, the ratings could be affirmed if the company
achieves only modest improvements in its financial risk profile,
while still facing the intense challenges of the automotive
supply industry.

The ratings could be lowered if the transaction is not completed
as planned, leaving Metaldyne with a very heavy debt burden amid
difficult market conditions, including sharply lower production
levels at important customers Ford Motor Co. and Chrysler.

                        About Metaldyne

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

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


MITSUBISHI MOTORS: Posts Aug. Production, Sales, Exports Figures
----------------------------------------------------------------
Mitsubishi Motors Corporation disclosed on September 25, 2006,
global production, as well as domestic sales and export results,
for August 2006.

Total global production totaled 93,971 units, 90.6% of the total
for August 2005.  Japanese production reached 47,738 units, up
4.1% year-on-year.

Total vehicle sales in Japan came to 13,925 units, a solid 11.1%
increase over the previous period.  August was the sixteenth
consecutive month of year-on-year sales growth in Japan.  Total
sales for passenger cars sales were 9,220 units, 14.8% higher
than the total last year on sales of new models such as Colt
RALLIART Version-R.  Commercial vehicle sales totaled 4,705
units, 104.5% of the August 2005 total with growth in
commercial-use minicars overcoming lower sales of Pajero and
Delica, which will undergo full model changes later this fiscal
year.

Overseas production for the month totaled 46,233 units, 79.8% of
the total for the same period last year.  European production
rose 38.8% year-on-year to 6,364 units due to the strong sales
of Colt CZC Cabriolet this fiscal year.  Asian production
dropped to 26,466 units, a 36.3% decline over the August 2005
total due to continued unfavorable economic conditions in
Indonesia, Malaysia, Taiwan and other markets.  Lastly,
production in North America increased to 10,120 units, 111.7% of
the total for the previous year.

Total exports from Japan fell year-on-year to 28,426 units,
84.1% of the year ago total.  Exports to Europe decreased to
8,252 units, 82.3 percent of the August 2005 total due in part
to lower Pajero shipments ahead of a full model change later
this fiscal year.  Exports to Asia totaled 1,815 units, 77.5% of
the year ago total again due to unfavorable economic conditions
in Asian markets.  Exports to North America declined a small
5.7% year-on-year, to 4,710 units, due to lower shipments of
Lancer and Outlander ahead of full model changes for those
models later this fiscal year.

                    About Mitsubishi Motors

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

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

                          *     *     *

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

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


SOFTBANK CORPORATION: To Invest in Former 3721 Distributors
-----------------------------------------------------------
Softbank Corporation plans to invest US$15 million in 13 of
Internet real name service provider 3721.com's former
distributors to establish a new company at the end of September,
reports China Business News, quoting an unnamed insider.

The 13 former distributors are:

   1) Century-Time Commercial Network;
   2) Ningbo Chuangya;
   3) Unisum Network;
   4) Insin Tek;
   5) Qingdao Leixun;
   6) Globalmrt;
   7) Chenglixin;
   8) Hefei Chenguang;
   9) Shenzhen Yingte;
  10) Yitong Network;
  11) Tianjin Cuijie;
  12) Jinan Credit Network; and
  13)Wenzhou Zhongwang.

3721.com is a Yahoo China subsidiary, and there have been
reports that Alibaba.International will cut support for the
service.

                         About Alibaba

Alibaba International -- http://www.Alibaba.com/-- puts  
importers in touch with small to medium-sized sellers in China.  
Companies pay a fee to have their profiles translated from
Chinese and posted.

                      About Softbank Corp.

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

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

                          *     *     *

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

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


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

BOE HYDIS: Seeks Corporate Rehabilitation
-----------------------------------------
Flat panel manufacturer BOE Hydis Technology said it applied for
corporate rehabilitation on September 8, 2006, with the Seoul
Central District Court.

According to Carry Yu of DigiTimes.com, BOE Hydis made the
announcement to refute a report by Digital Times that the
company has filed for bankruptcy.

BOE Hydis applied for court protection to avoid bankruptcy,
Young-Sam Cho of Bloomberg News explained.

Bloomberg News, citing a BOE Hydis' statement, said that the
company intends to follow bankruptcy protection laws to
normalize operation and revive the company.

BOE Hydis, DigiTimes said, confirmed that its unpaid bonds total
approximately US$500 million.

China's BOE Technology Group, currently owning 100% of BOE
Hydis, will not assist BOE Hydis financially, DigiTimes added.

                   About BOE Hydis Technology

Headquartered in Seoul, South Korea, BOE Hydis Technology
Company, Limited, -- http://www.boehydis.com/-- develops,  
manufactures and distributes flat panel display products for a
wide range of applications, including laptop computers, Tablet
PC's, monitors, medical, avionic and car navigation systems.
China's BOE Technology Group Co. acquired the Company from
Korea's Hynix Semiconductor Inc. in 2003.


CITIBANK KOREA: Tops FSS Customer Complaints Survey
---------------------------------------------------
Citibank Korea topped in a survey of consumers' complaints filed
in the first half of 2006, The Korea Times reports, citing
Korea's Financial Supervisory Service.

A Citibank officer attributed the survey result to labor
disputes and the delayed consolidation of systems between
Citigroup and KorAm Bank.

Citibank Korea is a result of a merger between KorAm Bank and
the local banking unit of United States-based Citigroup.

The Bank officer told The Times that Citibank Korea expects
reduction of customer complaints in the next FSS survey because
of the completion of IT system consolidation in July and the
launching of a campaign for better services.

                    About Citibank Korea

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

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


KOREA DEVELOPMENT: Partners with Japan's Mizuho Bank
----------------------------------------------------
Korea Development Bank signed a deal to form an alliance with
Japan's Mizuho Bank, Yonhap News reports.

The two banks will partner in the fields of syndicated loans,
mergers and acquisitions and funds investment, among others,
Chosun Ilbo says.

The deal was signed on September 19, 2006, just days after news
of Mizuho's plans to tie up with two South Korean banks.

Mizuho Bank is one of Mizuho Financial Group's banking units.

                  About Korea Development Bank

Korea Development Bank -- http://www.kdb.co.kr/-- is South   
Korea's long-term funds provider to major industrial projects.  
The company is wholly owned by the Korean Government.  KDB also
offers short and long-term loans, investments, guarantees and
trusts to international finance.  Its major funding sources are
Industrial Finance Bonds, client deposits, special-purpose funds
and foreign-currency funds.

Moody's Investors Service gave KDB a 'D-' Bank Financial
Strength Rating effective on January 24, 2006.


LYONDELL CHEMICAL: Repays Part of Term Loan from Notes Proceeds
---------------------------------------------------------------
Lyondell Chemical Company has closed its US$1.7 billion senior
unsecured note offerings consisting of US$875 million of 8%
Senior Unsecured Notes due Sept. 15, 2014, and US$900 million of
8.25% Senior Unsecured Notes due Sept. 15, 2016.

The Company is using US$875 million of the approximately
US$1.7 billion net proceeds from the offerings to repay a
portion of the seven-year term loan used to finance its Aug. 16,
2006, acquisition of CITGO Petroleum Corporation's 41.25%
interest in LYONDELL-CITGO Refining LP.

The Company is also using net proceeds from the offerings to
purchase approximately US$760 million in aggregate principal
amount of its 9.625% Series A, Senior Secured Notes due 2007,
representing approximately 90% of the outstanding principal
amount of the Notes, that have been tendered to date pursuant to
its cash tender offer and consent solicitation, which was
reported in The Troubled Company Reporter in Sept. 7, 2006.

The amount tendered to date constitutes a majority in principal
amount of the outstanding Notes and thus the Consent
Solicitation has been approved.  The amendments eliminate
substantially all the restrictive covenants, certain events of
default, and certain other provisions contained in the
indenture.  The supplemental indenture effecting the proposed
amendments has been executed and has become effective.

The Offer and the Consent Solicitation will expire at midnight
Eastern Time on Oct. 2, 2006.  Withdrawal rights with respect to
tendered Notes have expired.

The total consideration per US$1,000 principal amount of Notes
validly tendered and accepted for purchase is US$1,023.78, of
which US$30 is the consent payment.  Holders whose Notes are
validly tendered after the Consent Payment Deadline and prior to
the Expiration Date and accepted for purchase will receive the
total consideration minus the US$30 consent payment per US$1,000
principal amount of Notes.  Accrued and unpaid interest on Notes
will be paid in cash on all validly tendered Notes accepted for
purchase up to, but not including, the applicable payment date
for the Offer.  The applicable payment date is on Sept. 20,
2006, for Notes tendered on or prior to the Consent Payment
Deadline.  The applicable payment date is on Oct. 3, 2006, for
Notes tendered after the Consent Payment Deadline and prior to
the Expiration Date.

                  About Lyondell Chemical Company

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  The company has operations in
Asia, including Malaysia and Korea.

                          *     *     *

Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corp., under review for possible
downgrade.  Novelis Corporation's Ba2 senior secured bank credit
facility rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


MILACRON INC: Contributes US$30 Million to Pension Obligation
-------------------------------------------------------------
Milacron Inc. launched a voluntary advance contribution to its
U.S. defined benefit plan of approximately US$30 million on
September 15.  Credit for this pre-funding will eliminate any
contributions required in 2007, currently estimated at
approximately US$57 million.

Milacron raised the bulk of the prepayment, approximately
US$18 million, through the liquidation of investments for non-
qualified retirement plans for executives.  The company also
used approximately US$2 million in proceeds from the recent sale
of a previously closed facility as well as approximately
US$6 million in cash repatriated from outside the U.S.  The
balance, approximately US$4 million, was borrowed through its
revolving credit facility.

Milacron is currently in the process of selling various other
non-core, non-operating assets such as land, facilities and
equipment made redundant through current and previous
consolidations.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer  
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in North America, Europe, and Asia.  Milacron's
annual revenues approximated US$805 million over the last twelve
months.

The company has an office in South Korea, and joint ventures in
China and India.

                          *     *     *

Moody's Investors Service affirmed the Caa1 corporate family
ratings of Milacron Inc. and the Caa1 rating of the Company's
US$225 million of 11.5% guaranteed senior secured notes due
2011.


* KOSPI Plunges After U.S. Dollar Slides
----------------------------------------
Korea Composite Stock Price Index went down by 1.35% due to the
weak U.S. dollar and investors cashing in on gains on large-
capital stocks, the Korean newspaper, Chosun Ilbo, reports.

According to Chosun Ilbo, the KOSPI lost 18.41 points to close
at 1,3498.38 on Friday when the U.S. dollar fell below KRW950
the previous day.

In a separate report, Chongsun Ilbo noted that companies in
major export industries -- electronics and cars  -- are on high
alert after the U.S. dollar went weak.

"They have become resigned to the strong won, which has affected
their business results since last year, but worry that the
falling dollar may put a dampener on their hopes of upturn in
business in the second half," the Korean newspaper added.


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

BANK ISLAM: Managing Director Calls in Danaharta to Aid Revival
---------------------------------------------------------------
Bank Islam Malaysia Berhad's managing diretor, Datuk Zukri
Samat, admits that he is having a tough time turning the bank
around so he brought in his team from Pengurusan Danaharta
Nasional Bhd to deal with the bank's MYR2.5-billion worth of
non-performing loans, The Star Online reports.

Mr. Samat told The Star that he noticed that the quality of the
bank's assets were low.  As of March 31, 2006, its non-
performing finance was at MYR2.5 billion.

Adding to the bank's woes, Mr. Samat said, is the bank's failure
to take full advantage of Danaharta during the 1997-98 Asian
financial crisis, The Star relates.  In terms of number of loans
or financing sold to Danaharta, it was very small compared with
other banks.  If they had been more aggressive in selling their
loans to Danaharta, the quality of assets would have improved a
lot.  

Mr. Samat also revealed that the bank is short of capital.  To
remedy this, Mr. Samat's team is wooing foreign investors to
take a stake in the bank, and signed an agreement with Dubai
Investment Group from the United Arab Emirates to take up a 40%
stake in Bank Islam.  The Middle Eastern firm has agreed to
inject an MYR820-million capital into the bank, The Star says.

On top of that, Tabung Haji has agreed to directly subscribe to
the bank's capital, at 9%, which brings in MYR186 million in
capital.  The money has not come in but the agreement has been
signed and hopefully by year-end, the bank's capital will be
increased, Mr. Samat told The Star.  After the capital
injection, the Dubai Investment Group will own 40% of the bank;
Tabung Haji 9% and the balance will be held by BIMB Holdings,
which is listed.

Meanwhile, Mr. Samat's team is segregating all loans classified
as non-performing and delinquent into one special basket,
according to The Star.  Mr. Samat has also dedicated team to
handle just that and we recruited some ex-Danaharta staff who
are spearheading the unit now.  Another half a dozen of
Danaharta people were also recruited to handle the credit
recovery area.

Mr. Samat is also looking to reorganize the bank especially its
financial structure.  He is also planning to diversify the
bank's products so as to stay ahead with competitors.

When asked if the bank plans to expand overseas, Mr. Samat said
it is not something the company wants to pursue aggressively but
will welcome any opportunity that arises.

Bank Islam Malaysia Berhad -- http://www.bankislam.com.my/-- is  
a subsidiary of Malaysian investment holding company, BIMB
Holdings Berhad.  The bank incurred consecutive losses from
fiscal 2004.  For the fiscal year ended June 30, 2005, the
company booked a pre-tax loss of MYR479,775,000 million.


COMSA FARMS: Unit Receives Wind-Up Petition from Wilmar
-------------------------------------------------------
The High Court of Sabah and Sarawak served to Comsa Farms
Berhad's wholly owned subsidiary, Comsa Feedmills Sdn Bhd, a
sealed copy of a wind-up petition dated April 26, 2006, filed by
Wilmar Trading Pte Limited.

Wilmar has claimed against Comsa Feedmills for a total sum of
USD1,336,621 together with the late payment interest, being the
amount for supplying grains to Comsa Feedmills on December 19,
2003.  Judgement was entered in favor of Wilmar on October 4,
2005.  However, Comsa Feedmills had filed an appeal to The Court
of Appeal on December 15, 2005.  On 26 April 2006, Wilmar had
filed an application to wind up Comsa Feedmill, which in turn
filed an application for stay of execution and injunction on
April 20, 2006.

The sealed copy of the Petition was served on June 15, 2006, by
Tan Pang Tsen & Co.

On June 29, 2006, CFSB offered to pay Wilmar the sum of
MYR25,000 per moth commencing on July 1, 2006, and thereafter on
the first day of each succeeding month until the appeal suit no:
S-57 of 2003 has been finally disposed  which has not been
accepted nor rejected by Wilmar.

The Court hearing on August 8, 2006, was adjourned and the next
hearing is fixed on October 10, 2006.

The Solicitors for CFSB, is in view that CFSB will be liable for
the amount claimed but the dispute is on the time of full
payment.  There are also reasonable grounds to defeat the
application for winding up if CFSB could honor the monthly
payment of MYR25,000 to Wilmar.

In an update on September 21, 2006, Comsa discloses that the
total cost of investment of Comsa in Comsa Feedmills is
MYR3,000,000.

CFSB had provided liability MYR3,651,177 as opposed to
MYR4,945,498 in its audited financial statements as at
March 31, 2005.  The balance of the liability of MYR1,294,321
will be recognized in its audited financial statements as at
March 31, 2006.

CFSB has ceased operations since September 15, 2006, so the
wind-up proceedings will not have material impact on the
operations of CFSB.

The expected losses of Comsa arising from the wind-up
proceedings are MYR3,000,000, being Comsa's cost of investment
in CFSB.

Comsa is in the process of exploring the possibility of
undertaking a restructuring exercise to regularize its financial
positions.
                     About Comsa Farms

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As of June 30, 2006, the group has total assets of
MYR186.45 million and total liabilities of MYR280.32 million,
resulting into a stockholders' deficit of MYR93.75 million.


FALCONBRIDGE: Proceeds with Subsequent Acquisition of Novicourt
---------------------------------------------------------------
Xstrata's subsidiary, Falconbridge Limited, and Falconbridge's
subsidiary, Novicourt Inc., will proceed with a subsequent
acquisition transaction by way of amalgamation pursuant to which
Falconbridge will acquire the remaining common shares of
Novicourt which were not tendered to Falconbridge's offer dated
June 26, 2006, to purchase all of the outstanding common shares
of Novicourt that Falconbridge did not already own.  The board
of directors of Novicourt approved the amalgamation on Sept. 18,
2006.

Falconbridge holds directly or indirectly a number of common
shares sufficient to enable all required corporate and
securities laws approvals to be obtained at the special meeting
of shareholders of Novicourt to be held on Oct. 17, 2006, for
the purpose of approving the amalgamation.  The management
information circular of Novicourt in connection with the special
meeting was mailed to registered owners and sent to
intermediaries for mailing to beneficial owners earlier Monday.

Once the subsequent acquisition transaction is completed,
Falconbridge expects that the Novicourt common shares will be
delisted from the Toronto Stock Exchange and that Novicourt will
cease to be a reporting issuer.

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a   
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                          *     *     *

Falconbridge's CDN$150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


MERCES HOLDINGS: Acquires New Subsidiary
----------------------------------------
Merces Holdings Berhad had acquired two shares of MYR1 each,
representing the entire issued share capital in a newly
incorporated company on September 13, 2006.

The new subsidiary, which is incorporated on June 5, 2006, is
called Mentari Jelas Sdn Bhd.  It has not yet commenced any
business activities since incorporation date.  Intended business
activities of the new subsidiary will be in property development
and construction.

The acquisition will be paid in cash and is not expected to have
any material effect on the earning and net assets of the
Company.

                   About Merces Holdings

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

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


NEWFIELD EXPLORATION: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the United States and Canadian Exploration and
Production sector this week, the rating agency confirmed its Ba2
Corporate Family Rating for Newfield Exploration Company.  
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings to these four bond
issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.45% Sr. Unsec.
   Notes due 2007         Ba2     Ba1      LGD2       25%

   7.625% Sr. Unsec.
   Notes due 2011         Ba2     Ba1      LGD2       25%

   6.625% Sr. Sub.
   Notes due 2014         Ba3     Ba3      LGD5       78%

   6.625% Sr. Sub.
   Notes due 2016         Ba3     Ba3      LGD5       78%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                   About Newfield Exploration

Newfield Exploration Company -- http://www.newfield.com/-- is  
an independent crude oil and natural gas exploration and
production company.  The company relies on a proven growth
strategy that includes balancing acquisitions with drill bit
opportunities.  Newfield's areas of operation include the Gulf
of Mexico, the U.S. onshore Gulf Coast, the Anadarko and Arkoma
Basins of the Mid-Continent, the Uinta Basin of the Rocky
Mountains and offshore Malaysia.  The company has international
development projects underway in the U.K. North Sea and in Bohai
Bay, China.


POLYMATE HOLDINGS: HSBC Bank Serves Writ of Summons
---------------------------------------------------
On September 20, 2006, Polymate Holdings Berhad and its wholly
owned subsidiary, Polymate Packaging 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 Packaging:

   -- a judgment sum of MYR531,747 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 Packaging's current account; and

   -- a judgment sum of MYR2,597,646 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 Holdings
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.


PROTON HOLDINGS: It's Premature to Discuss Equity Stake, MD Says
----------------------------------------------------------------
It is still too early to talk about PSA Peugeot Citroen holding
an equity stake in Proton Holdings Berhad, Proton Managing
Director Syed Zainal Abidin Syed Mohamed Tahir told Bernama
News.

Declining to elaborate further, Mr. Syed Zainal said that, "What
we know is within three months, we hope to finish the study on
how Proton and PSA can cooperate in term of manufacturing and
product development."

As reported by the Troubled Company Reporter - Asia Pacific on
September 19, 2006, Proton is conducting a study which is
expected take several months to finish.  The study would involve
areas like product development, manufacturing, quality
initiatives, vendor development, contract assembly and
distribution.

Mr. Syed Zainal said Proton hoped to come out with "some
conclusions" in the next three months, Bernama relates.

The two companies recently signed a letter of intent to examine
possible collaborations in product development, manufacturing,
quality initiatives, vendor development, contract assembly and
distribution, the TCR-AP said.

PSA expects the collaboration with Proton would boost sales of
Peugeot and Citroen cars in Malaysia and serve as a platform for
developing its South-East Asian business, the TCR-AP added.

                     About Proton Holdings

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

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

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


PROTON HOLDINGS: Rules Out Sale of Lotus Unit
---------------------------------------------
Proton Holdings Berhad will not dispose of its United Kingdom-
based subsidiary, Group Lotus, in any circumstance, Forbes News
reports.

Proton Managing Director Syed Zainal Abidin Syed Mohamed Tahir
told Forbes that the group will make radical changes in Lotus,
as part of a five-year restructuring plan.

Lotus was planning to undertake cost-cutting measures to
strengthen its efficiency and finances to ensure that it
contributes effectively to the Proton group, Bernama reports.

According to Forbes, Proton and Lotus announced last week that
the latter will cut jobs at its plant in Hethel, Norfolk, with
British reports saying some 200 jobs would be lost out of its
workforce of 1,200.  Group Lotus blamed the job losses to a
slowdown in the United States -- company's biggest market.

Aside from the job cuts, Lotus will introduce three new car
models in the next three years, Bernama adds.

                     About Proton Holdings

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

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

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


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

BAYAN TELECOMMUNICATIONS: NTC Approves Reduced Call Rates
---------------------------------------------------------
Bayan Telecommunications Inc. has obtained the National
Telecommunications Commission's approval for the reduction of
international and domestic long distance call rates for
subscribers of its Span service in key provinces outside Metro
Manila, Darwin G. Amojelar of the Manila Times, reports.

The rates are applicable to Span subscribers in Davao, Tacloban,
and General Santos cities, the report notes.

According to Jaime M. Fortes Jr., NTC deputy commissioner, the
lower rate had started and will run until November 15, 2006, the
paper relates.

BayanTel SPAN is a fixed line service, which allows limited
mobility within services for a fixed monthly charge and value
added services like text messaging, Manila Times explains.

The service is also currently available in selected parts of
Marikina and Manila, the paper adds.

According to Manila Times, Tunde Fafunwa, BayanTel chief
executive consultant said the company is bullish about the
prospects of Span given its high value proposition of limited
mobility with unlimited calling within the network.

The company plans to expand the service particularly in major
cities outside of Manila in the coming months.

Manila Times says BayanTel will soon deploy a full suite of
wireless services that can deliver voice, data and Internet like
widespread Wi-Fi hotspots and wide area wireless broadband.

                          *     *     *

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

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

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


LEPANTO CONSOLIDATE: To Clarify Status of Victoria Proj with BOI
----------------------------------------------------------------
In a filing with the Philippine Stock Exchange, Lepanto
Consolidated Mining Company cited an article from the Manila
Bulletin published in September 25, 2006, which reported that
the company is investing PHP3.3 billion to reactivate its idle
copper mine in Benguet.  The paper noted that the mine was
closed five years ago due to lower copper prices.

Manila Bulletin cited Trade and Industry secretary Elmer C.
Hernandez as saying that Lepanto's rehabilitation project has
been approved on a non-pioneer status.  Mr. Hernandez is also
the managing head of the Board of Investments.

According to the Manila Bulletin, since the project falls under
the rehabilitation category, its incentives are limited to duty-
free importation of capital equipment only.  The project would
be entitled to income tax holiday incentives, the paper said.

Manila Bulletin also revealed that, based on Lepanto's
application to the BOI, once rehabilitated, the idle copper
floatation facility will produce copper concentrates with an
input capacity of 2,500 dry metric tons of ore per day or
875,000 DMT of ore per year or equivalent to a yearly maximum
production output of:

   -- 6,289,840 lbs of copper concentrate;

   -- 96,178 ounces of gold; and

   -- 232,271 ounces of silver

According to Lepanto, on July 12, 2006, it had applied with the
BOI for the registration of its Victoria Copper-Gold Floatation
Project as a new project, non-pioneer status.

However, Lepanto discloses it has not been formally advised on
the BOI's action on the company's application, nor that the
incentives available for the Project is limited to the duty-free
importation of capital equipment.

Thus, Lepanto notes that it will clarify the matter with the
BOI, especially because the Project is not a rehabilitation
project but a new Project.

                          *     *     *

Lepanto Consolidated Mining Company --
http://www.lepantomining.com/-- was incorporated primarily to  
engage in the exploration and mining of gold, silver, copper,
lead, zinc and all kinds of ores, metals, minerals, oil, gas and
coal and their related by-products.  The Company was
incorporated in 1936 and until 1997 was operating an enargite
copper mine.  It shifted to gold bullion production that same
year through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.  
Lepanto sells its gold bullion production to London's Johnson
Matthey.  Lepanto is now one of the country's top producers of
gold and its by-products, copper and silver.  The Company also
has investments in other areas through its subsidiaries such as
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 27, 2006, that Lepanto Consolidated is working to recover
from a PHP400-billion loss incurred in the past two years due to
labor disputes.


PHILODRILL CORP: To Sell 10 Million Treasury Shares on Sept. 26
---------------------------------------------------------------
In a filing with the Philippine Stock Exchange, Philodrill
Corporation disclosed that beginning September 26, 2006, the
company will sell around 10,000,000 treasury shares at
prevailing market price.

Sale proceeds are intended to augment the company's working
capital resources.

                      About The Philodrill Corp.

The Philodrill Corporation was registered with the Philippine
Securities and Exchange Commission on June 26, 1969, as an oil
exploration and production company.  In 1989, realizing the need
to balance the risk associated with its petroleum activities,
the Company changed its primary purpose to that of a diversified
holding company while retaining petroleum and mineral
exploration and development as one of its secondary purposes.

The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                      Going Concern Doubt

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of
Dec. 31, 2005.  The Company also had difficulty meeting its
obligations to creditor banks.

                        Debt Servicing

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to
PHP28.25 million, from U.S. dollars to Philippine Pesos.


SBARRO INC: Set for Joint Venture with India's RTC
--------------------------------------------------
Sbarro, Inc., has announced a joint venture with India-based RTC
to open 100 restaurants in India, according to a press release.

Sbarro's joint venture with RTC, Sbarro Restaurants (India)
Limited, will develop and operate India's first Sbarro
restaurants in New Delhi by 2007, with 10 units opening every
year over the next 10 years.  The majority of the restaurants
will be located within shopping malls in major metropolitan
areas such as New Delhi and Mumbai.  Earlier this year, Sbarro
announced agreements to open more than 75 units in regions
across the globe, including Mexico, Egypt, Romania, Central
America and The Bahamas.

"Our joint venture with RTC will result in Sbarro's largest
international expansion to date and allows us to introduce our
authentic Italian food to yet another culture," said Peter
Beaudrault, president and CEO of Sbarro.  "With 250 malls in
development, India presents a huge opportunity for Sbarro and we
look forward to working with RTC to establish our brand in the
Indian marketplace."

Sbarro will be the first restaurant in India to offer pizza by
the slice and a full Italian menu.  Menu items will be tailored
to the religious and ethnic preferences of the Indian culture
and will exclude beef products and meat-based pasta sauces.
Additionally, Sbarro chefs will create a variety of new
vegetarian dishes to appeal to the largely vegetarian
population.

"Sbarro's adaptable menu, authentic food and strong franchisee
support have allowed the brand to succeed across a variety of
cultures," said Gaurav Jain, director of RTC. "We are extremely
optimistic of Sbarro's potential and expect the brand to have a
huge presence in India's developing consumer market, especially
malls, high-traffic locations and mass transit facilities."

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in  
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of April 23, 2006, the
company owned and operated 482 and franchised 491 restaurants
worldwide under brand names such as "Sbarro,", "Umberto's," and
"Carmela's Pizzeria".  Total revenues for fiscal 2005 were
approximately US$348 million.  The company has restaurants in
Australia, Japan, New Zealand and the Philippines.

                        *    *    *

Moody's Investors Service upgraded on July 10, 2006, both the
corporate family and senior unsecured ratings of Sbarro, Inc.,
to Caa1 from Caa2 while at the same time changed the ratings
outlook to positive from negative.


* Bangko Sentral ng Pilipinas Maintains Key Policy Rates at 7.5%
----------------------------------------------------------------
At its meeting on September 21, 2006, the Monetary Board decided
to maintain the BSP's key policy interest rates at 7.5% for the
overnight borrowing or reverse repurchase rate and 9.75% for the
overnight lending or repurchase rate.

The Monetary Board is of the view that the present monetary
policy settings remain appropriate to prevailing demand and
supply-side conditions.  Latest forecasts continue to show a
generally declining path for inflation until next year, with
average inflation for 2007 expected to settle within the 4%-5%
target in the absence of further adverse shocks.  The stronger
peso should help keep down the domestic prices of imported
commodities, particularly crude oil, while the favorable outlook
for agriculture should help ensure stable food prices.

Meanwhile, the continued easing of core inflation suggests
minimal demand-based inflation pressures.  As of September 21,
2006, consumer spending has largely driven aggregate demand.

However, the Monetary Board also recognized that the inflation
outlook remained at risk from energy-related cost-side
pressures.  These pressures stem mainly from the vulnerability
of world oil prices to supply constraints and geopolitical
disruptions.  Potential shifts in the public's inflation
expectations will thus continue to require monitoring.  The
possibility of the shifts does not appear to be a pressing
concern at the moment, but could become a risk in the future if
cost pressures escalate more sharply than expected.  This
assessment applies equally to potential second-round pressures
linked to wage-setting behavior.  Liquidity conditions will also
continue to be closely monitored in view of their potential
impact on inflation.

The Monetary Board remains strongly committed to achieving the
inflation targets for the medium term and stands ready to act
against emerging risks to the outlook for inflation and to
inflation expectations.  


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

AVAGO TECHNOLOGIES: Q3 Revenue Up 11% to US$423M from Q2
--------------------------------------------------------
Avago Technologies on September 21, 20006, released its
preliminary financial results for the third quarter of fiscal
2006 ended July 31, 2006.

For the third quarter ended July 2006, net revenue increased by
11% sequentially to US$423 million, compared with US$380 million
in the second quarter of fiscal 2006.  The operating expense
figure, including a US$4 million restructuring charge, was
US$147 million.

Cash balances at the end of July were approximately US$200
million, compared with approximately US$210 million at the end
of April.  The primary changes in cash included receiving US$245
million from the sale of the Printer ASICs business on May 1,
2006, and using US$249 million to retire all outstanding term
loans as well as US$47 million to settle the semi-annual
interest obligations.

"We posted another quarter of strong financial results with
revenue up 11 percent and gross margin improving about 300 basis
points sequentially.  Growth was solid across most end markets,
with particular strength in our wireless communications, fiber
optics and computer peripherals businesses," said Hock E. Tan,
president and CEO of Avago Technologies.  

"I am also pleased to report that in early August we
successfully completed the implementation of our ERP system,
which was the last significant milestone in the process to
become a stand alone company,"
Mr. Hoc added.

                  About Avago Technologies

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--   
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

Its worldwide design, manufacturing and marketing centers are
located in the United States, Italy, Germany, Singapore, Korea,
China, Japan and Malaysia.  Avago Technologies is the successor
to the Semiconductor Products Group of Agilent.  Avago
Technologies purchased the business of SPG as of December 1,
2005, for US$2.6 billion in cash.


CIVIL GEO: Creditors Must File Proofs of Debt by Oct. 13
--------------------------------------------------------
Civil Geo Pte Ltd notifies parties-in-interest of its intention
to declare preferential dividend to unsecured creditors.

In this regard, creditors are required to submit their proofs of
debt by October 13, 2006, to Liquidator Don M. Ho for them to
share in any distribution the company will make.

The Liquidator can be reached at:

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


COLLINS & AIKMAN: GM Insists Discovery Proposal is Adequate
-----------------------------------------------------------
General Motors Corp. asks the United States Bankruptcy Court for
the Eastern District of Michigan to deny Collins & Aikman
Corporation, its debtor-affiliates and the Official Committee of
Unsecured Creditors' request for discovery beyond that provided
in a proposed discovery.  

GM is seeking to lift the automatic stay to take possession of
certain tooling in which it asserts an ownership interest.  The
Committee filed an objection to that request and the Debtors
have sought to take discovery of GM.

The Debtors, Committee and GM are currently attempting to
negotiate a stipulation with respect to the requested discovery.
However, to protect the interests of the Debtors' unsecured
creditors in the event the parties are unable to resolve issues,
the Committee filed a separate request to take discovery of GM.

                          GM's Arguments

Scott A. Wolfson, Esq., at Honigman Miller Schwartz and Cohn
LLP, in Detroit, Michigan, GM drafted and circulated to the
Debtors and the Committee several versions of a proposed
discovery order in an attempt to address their concerns.  
Neither the Debtors nor the Committee has stipulated to the
entry of the order.

GM believes that the proposed order provides for reasonable
discovery opportunities for all parties to the contested matter.
The proposed discovery order provides for a discovery period of
45 days from the date GM files an amended tooling request.  The
scope of discovery would be limited to the these issues:

   (a) GM's rights in and to the relevant tooling;

   (b) the Debtors rights and equity in and to the relevant
       tooling;

   (c) rights asserted by third parties;

   (d) contracts relating to the relevant tooling;

   (e) payments GM has made in connection with the relevant
       tooling;

   (f) the Debtors' possession, custody, and use of the relevant
       tooling; and

   (g) the location of the relevant tooling.

Mr. Wolfson relates that depositions would be limited to a
maximum of four by each party, and the maximum number of
interrogatories and requests for admission, including subparts,
would be 15.

"[The] Debtors' and the Committee's insistence on discovery
beyond that proposed by GM seeks to deny its right to an
expedited hearing, ignores the limited determination the Court
must make when considering a motion for stay relief, and should
be denied as a matter of law," Mr. Wolfson argues.

                     About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries 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. 39; Bankruptcy
Creditors' Service, Inc. http://bankrupt.com/newsstand/or  
215/945-7000)


COLLINS & AIKMAN: Customers Oppose Committee's Planned Inquiries
----------------------------------------------------------------
The request of the Official Committee of Unsecured Creditors of
Collins & Aikman Corporation and its debtor-affiliates to
conduct examinations and obtain documents from the Debtors'
three largest customers, Ford Motor Corporation, General Motors
Corporation, and DaimlerChrysler Corporation, drew fire from
both the Debtors and the affected customers.

The committee wished to obtain additional evidence relating to
potential causes of action that may be asserted against these
principal customers under applicable fraudulent transfer and
antitrust laws.
                          Objections

(1) Debtors

The Committee seeks overly broad discovery with respect to
tenuous causes of action for which it lacks standing at a
particularly sensitive juncture in the Debtors' Chapter 11
cases, Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, argues.

As previously reported, the Committee wants to conduct an
examination under Rule 2004 of the Federal Rules of Bankruptcy
Procedure against DaimlerChrysler Corporation, General Motors
Corporation, and Ford Motor Company to investigate alleged
fraudulent actions.

Mr. Schrock points out that the Committee's requested discovery
is duplicative of an investigation currently being conducted by
the Debtors.

The Debtors believe that through the Request, the Committee has
turned to an ill-timed effort to gain negotiation leverage with
respect to the Debtors' plan of reorganization.  Mr. Schrock
argues that these tactics directed at DaimlerChrysler, GM, and
Ford are not only outside the permissible scope of Rule 2004 but
also place at risk the success of the Debtors' ongoing
negotiations with their major customers regarding the global
resolutions necessary for the Debtors to emerge from bankruptcy.

Mr. Schrock relates that, as reflected in the recently filed
Disclosure Statement and the Plan of Reorganization, the value
of the Debtors' enterprise appears to be substantially below the
debt owed to its lenders.

The Debtors continue to be engaged in productive discussions
with the Customers regarding the award of future new business,
the resolution of outstanding commercial issues, and the
reconciliation of prepetition claims, Mr. Schrock says.

The Debtors ask the U.S. Bankruptcy Court for the Eastern
District of Michigan to view the Committee's request in its true
light -- a harassment tactic being used in an effort to gain
leverage in negotiations with respect to the Plan.

(2) GM

E. Todd Sable, Esq., at Honigman Miller Schwartz and Cohn LLP,
in Detroit, Michigan, tells Judge Rhodes that the Committee has
sought expansive discovery to investigate claims that can be
described, at best, as specious.

According to Mr. Sable, the Committee's fraudulent transfer
theory can be summarized as: if a debtor loses money on a
contract with a third party that the debtor entered into at a
time when it was insolvent, then, by definition, a debtor is
entitled to collect the amount of the losses under such
contract.

Fundamentally, this theory ignores the risks inherent in
contracting in a free market, which include fluctuating raw
material costs, rising labor costs and a myriad of other factors
that impact upon a contract's ultimate profitability, Mr. Sable
points out.

Mr. Sable relates that the Debtors are investigating the facts
underlying the Committee's allegations and analyzing the
attenuated legal theory introduced by the Committee in support
of those claims.

The Court should not take the extraordinary step of divesting
the Debtors of the right to pursue, settle or abandon those
claims, Mr. Sable says.

(3) Ford

The Committee, by its own admission, seeks permission to go on a
"fishing expedition" into the confidential business records of
Ford, DaimlerChrysler and GM to investigate alleged fraudulent
transfers.

Stephen S. LaPlante, Esq., at Miller, Canfield, Paddock and
Stone, PLC, in Detroit, Michigan, points out that while the
Request was filed a few weeks before the Plan, it is apparent
that the Committee was well aware of the terms and conditions of
the Plan and the treatment provided for its constituencies.

Mr. LaPlante explains that the Plan offers little, if anything,
for unsecured creditors and asserts that unsecured creditors are
out of the money.

The filing of the Request at the same as the Debtors'
determination of the treatment for unsecured creditors and the
commencement of the Plan confirmation process is not mere
coincidence, Mr. LaPlante notes.

Mr. LaPlante argues that the Request lacks any discernible legal
basis or legitimate purpose.  Its apparent purpose is to unduly
pressure Ford, GM and DaimlerChrysler in an effort to extract an
enhanced payment under the Plan.

Ford denies that it engaged in any collusive conduct with
DaimlerChrysler, GM or any other competitor.  Mr. LaPlante
assure the Court that information and decisions about the
pricing of component parts purchased from suppliers like the
Debtors are confidential and proprietary to Ford.

(4) DaimlerChrysler

James A. Plemmons, Esq., at Dickinson Wright PLLC, in Detroit,
Michigan, asserts that overall, the Committee's claims are prima
facie insufficient to state a claim and the timing of the
Committee's Request speaks volumes as to its true motivations.

The discussions taking place now between the Customers and
Debtors may well determine whether the Debtors are able to
emerge from bankruptcy, Mr. Plemmons points out.

As the Debtors' financial condition has continued to
deteriorate, the Committee certainly recognizes that its members
will likely not realize any substantial value on their claims
against the Debtors, Mr. Plemmons said.

"[T]he Committee is desperately resorting to the possible 'in
terrorem' affect this sort of broad discovery might have and how
it would negatively affect the Customers in their discussions
with the Debtors," notes Mr. Plemmons.

DaimlerChrysler asks the Court to not condone these tactics.

                     About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries 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
$3,196,700,000 in total assets and $2,856,600,000 in total
debts.
(Collins & Aikman Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


DELL INC: Faces NASDAQ Delisting Due to Form 10-Q Late Filing
-------------------------------------------------------------
Dell Inc. reported plans to request a hearing before a NASDAQ
Listing Qualifications Panel in response to the receipt on
Sept. 15 of a NASDAQ Staff Determination letter indicating Dell
is not in compliance with the filing requirement for continued
listing as set forth in Marketplace Rule 4310(c)(14).

As anticipated, the letter was issued in accordance with NASDAQ
rules due to the delayed filing of the company's Form 10-Q for
the quarter ended Aug. 4, 2006.  Pending a decision by the
panel, Dell shares will remain listed on The NASDAQ Stock
Market.

As previously announced, Dell is unable to file its Form 10-Q
for the quarterly period ended Aug. 4, 2006, because of
questions raised in connection with an informal investigation by
the U.S. 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.

The SEC requests for information were joined by a similar
request from the United States Attorney for the Southern
District of New York, who has subpoenaed documents related to
the company's financial reporting from 2002 to the present.  The
company said it will file the report as soon as possible.

                          About Dell

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 U.S. 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: Fitch Lowers Sr. Facility Rating to BB+
----------------------------------------------------------------
Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for US$17.6
billion, the largest ever technology leveraged buy-out.

The ratings remain on Rating Watch Negative.  Approximately
US$850 million of debt securities are affected by Fitch's
action.

Fitch believes the IDR of the new company would likely be 'B+'
or lower due to:

   * the company's increased leverage;

   * deteriorated credit protection measures; and

   * limited free cash flow pro forma for the anticipated
     incremental debt service.

The resolution of Fitch's Rating Watch will be determined by:

   * an evaluation of the ultimate financing of the transaction;

   * overall mix of securities in the capital structure; and

   * the company's ability to generate free cash flow after the
     transaction closes.

Fitch believes debt levels will increase to US$8.5-US$11.5
billion, assuming the private equity consortium contributes 35%-
50% of equity as is typical for LBO transactions within the
current market environment.

While the change of control put contained within the indenture
covering the existing senior unsecured notes is effective, Fitch
anticipates Freescale will tender for or repay the existing
US$850 million of senior unsecured notes and ultimately
refinance the current bank facility.

At that time, Fitch will withdraw ratings on these securities
and assign issue-specific and recovery ratings on the new debt
securities.


GREAT OCEAN: Enters Wind-Up of Operations
-----------------------------------------
On September 8, 2006, Freight Links Express Pte Ltd has filed an
application to wind up Great Ocean Supply (S) Pte Ltd.

Creditors are required to submit their proofs of debt, for them
to share in the company's dividend distribution.

The liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


HAKA CONSTRUCTION: Creditors' Proofs of Debt Due on October 9
-------------------------------------------------------------
Haka Construction Pte Ltd required its creditors to submit their
proofs of debt by October 9, 2006, to Liquidator Goh Ngiap Suan.

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

The Liquidator can be reached at:

         Goh Ngiap Suan
         c/o Goh Ngiap Suan & Co
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


IMAGEWIRE SYSTEMS: Posts US$1.8M Working Cap. Deficit at June 30
----------------------------------------------------------------
ImageWare Systems Inc. incurred a US$1.3 million net loss on
US$2.8 million of net revenues for the three months ended June
30, 2006, compared to a US$1.9 million net loss on US$1.9
million of net revenues in 2005, the company disclosed in its
second quarter financial statements on Form-10QSB to the
Securities and Exchange Commission.

The company's June 30 balance sheet also showed strained
liquidity with US$3.1 million in total current assets available
to pay US$5.0 million in total current liabilities coming due
within the next 12 months.

At June 30, 2006, we had available cash of US$480,000 and
US$106,000 in restricted cash securing our performance on
certain software implementation contracts.

A full-text copy of the company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1229

                        Going Concern Doubt

Stonefield Josephson, Inc., in San Diego, California, raised
substantial doubt about ImageWare Systems' ability to continue
as a going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the company's substantial net losses and
substantial monetary liabilities in excess of monetary assets,
and had an accumulated deficit of US$64,321,551.

ImageWare Systems, Inc. (AMEX:IW) -- http://www.iwsinc.com/--  
is  a global developer of digital imaging, identification and
biometric software solutions for the corporate, government, law
enforcement, professional photography, transportation, education
and healthcare markets, among others.  ImageWare's secure
credential and biometric product lines are used to produce ID
cards, driver licenses, passports, national medical health
cards, national IDs and more.  The company's law enforcement and
biometric product lines provide the public safety market with
booking, investigative and identification solutions that can be
accessed and shared via PC, Web and wireless platforms.  
ImageWare's professional digital imaging product line provides
professional photographers with automated, in-studio and mobile
solutions to facilitate the transition from film-based
photography to digital imaging.  Founded in 1987, ImageWare is
headquartered in San Diego, with offices in Canada, Europe and
Singapore.


LAZARD LTD: Names Georges Ralli as Chief Executive Officer
----------------------------------------------------------
Lazard Ltd reported that Georges Ralli has been named Chief
Executive and William Rucker, Deputy Chief Executive, of
Lazard's European investment banking business, effective
immediately.

"Georges is the right leader, and this is the right team, to
accelerate our growth in Europe," said Bruce Wasserstein,
Chairman and Chief Executive Officer of Lazard.  "With these
important steps, we integrate our European investment banking
business under clear leadership, and advance the next generation
of management."

Senior management of Lazard Europe will include Mr. Ralli, Mr.
Rucker, Bruno Roger and Jeffrey Rosen.   In addition, Erik
Maris, Matthieu Pigasse and Antonio Weiss have been appointed as
Vice Chairmen of Lazard European Investment Banking, with senior
management responsibilities in Europe.

"We have made great progress since our announcement last year of
plans to reorganize and unify our European investment banking
business, based on clients and our expertise," said Mr. Ralli.  
"This reinforces Lazard's ability to conduct business as one
firm throughout Europe."

Mr. Ralli will continue as Chief Executive of Lazard Paris and
Mr. Rucker will continue as Chief Executive of Lazard London.  
Mr. Bruno Roger also is Chairman of Global Investment Banking
for Lazard and Chairman of Lazard Paris.  Mr. Rosen is a Deputy
Chairman of Lazard.

"I'm delighted to be working with Georges to build on our
success to date across Europe, while continuing to lead London,"
said Mr. Rucker.  

"Lazard is distinct in its ability to offer our clients premier
advice through the combination of industry knowledge, local
intelligence and geographic reach."

                          About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's  
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
Hong Kong, India, Japan, Korea, and Singapore.

                        *     *     *

At June 30, 2006, the company's balance sheet showed US$2.1
billion in total assets and US$2.8 billion in total liabilities
resulting in US$745 million stockholders' deficit.


LINDETEVES-JACOBERG: SGX-ST Approves 248,056,294 Rights Shares
--------------------------------------------------------------
On May 17, 2006, Lindeteves-Jacoberg Ltd. has proposed to
undertake a renounceable rights issue of up to 248,056,294 new
ordinary shares at an issue price of SG$0.12 for each Rights
Share for every two existing ordinary shares.

In an update, the Singapore Exchange Securities Trading Limited
has approved in-principle the listing of and quotation of the
Rights Shares.

The Rights Shares will be subjected to:

  (i) Compliance with the Exchange's listing requirements and
      guidelines;
(ii) Undertaking from ATB Austria Antriebstechnik AG -- ATB --
      and Arisaig Asean Fund Limited -- Arisaig -- that they     
      have sufficient financial resources to irrevocably fulfill
      their obligations;

(iii) Lindeteves-Jacoberg cited the reasons via SGXNET, why the
      Rights Issue will not be underwritten;

(iv) Lindeteves-Jacoberg has inquired via SGXNET whether the
      proceeds raised will be sufficient to meet its present
      funding requirements;

  (v) Confirmation that preference will be given to the rounding
      of odd lots in the allotment of any excess Rights Shares.
      Directors and substantial shareholders should rank last in
      priority in the allotment in any excess of Rights Shares;

  (vi) Submission of notification in Rule 864(4), if applicable,
       upon any significant changes affecting the matter in the
       application; and

(vii) Undertaking from Lindeteves-Jacoberg to make periodic
       announcements on the use of the proceeds as and when the
       funds have been materially disbursed and to provide a
       status report on the use of the proceeds in the Annual
       Report.

                  Working Capital Requirements

Lindeteves-Jacoberg had derived the minimum amount of
SG$18.5 million to be raised from the Rights Issue on projected
cash requirements of the company for FY2006 and the aggregate of
the projected highest amount of cash requirements based on
closing cash balances in each quarter of FY2006 for each of the
three key subsidiaries, namely, Brook Motors Limited "UK",
Fabryka Silnikow Elektrycznych Tamel S.A. "Poland" and BCW
Electric Motor "Dalian" Corporation Limited "China".

The working capital requirement for the Group's subsidiary in
Germany, Schorch Elektrische Maschinen und Antriebe GmbH Germany
"Schorch", is intended to be funded by proposed new banking
facilities in Germany.

In addition, the Group continues to operate in tight liquidity
and additional working capital is required to take advantage of
the order book in high voltage motors.  The production output
for low voltage motors were adversely affected by the shortage
of working capital. A Rights Issue on the basis of one Rights
Share for every two existing ordinary shares was therefore
proposed under the General Mandate to raise approximately
SG$29.6 million.  The Group had announced in second quarter
2006, that it made further losses resulting in a negative
working capital of approximately SG$35.2 million as at June 30,
2006.  The net proceeds from the Rights Issue, if fully
subscribed, would reduce the Group's negative working capital to
approximately SG$5.6 million.

Approximately SG$11.5 million of the current liabilities as at
June 30, 2006, relates to a loan granted by a non-bank financial
institution to Schorch.  Upon successful conclusion of the
Proposed Facility, the SG$11.5 million loan would be repaid from
proceeds of a new medium-term loan under the Proposed Facility,
which would be classified under non-current liabilities. This
would improve the Group's working capital position.  If the full
amount of SG$29.6 million from the Rights Issue cannot be
raised, the Group may have to downsize its operations in the
event that it is unable to obtain other sources of funding.  
This may lead to lower production output and revenue, which in
turn could adversely affect the profitability of the Group.
In addition, due to the lack of working capital in BCW, its
operations continue to deteriorate. The company is therefore
exploring alternatives, including the divestment of its business
in China.  For this purpose, the company is currently in
discussions with various third parties.

                  Non-Underwritten Rights Issue

As disclosed on June 23, 2006, ATB and the company has entered
into a rights issue advance agreement, in which ATB has agreed
to advance up to EUR5.6 million to be utilized by the company
for working capital purposes.  The advanced amount will be used
to off-set against the subscription monies, payable by ATB
pursuant to its subscription of its Rights Shares.  The
subscription by ATB of its rights entitlement of 126,508,710
Rights Shares pursuant to an undertaking dated May 16, 2006,
would raise approximately SG$15.2 million.

In addition, as disclosed in the announcement made on July 11,
2006, Arisaig, a substantial shareholder of the company, has
irrevocably undertaken to subscribe for all its rights
entitlements under the Rights.  The 21,847,999 Rights Shares,
which are the subject of Arisaig's undertaking would raise
approximately SG$2.6 million.

The company has been in discussions with potential underwriters
for the balance of the Rights Issue not covered by ATB and
Arisaig's undertakings as stated above.  However, it has not
been able to secure an underwriter for the Rights Issue.
Therefore, the company has decided to proceed with the Rights
Issue on a non-underwritten basis.  Although the Rights Issue is
not underwritten, the total subscription by ATB and Arisaig of
their respective Rights Shares entitlements would raise
approximately SG$17.8 million.

Moreover, in an advance agreement between Lindeteves-Jacoberg
Ltd., ATB, and Lindeteves-Jacoberg Holding -- LJ GmbH -- , ATB
has agreed to undertake to subscribe for excess Rights Shares up
to an amount of EUR2.4 million.

Under the Second Advance Agreement, ATB has advanced the Second
Advance Amount to LJ GmbH.  The Second Advance Amount has been
utilised by Schorch, its wholly-owned subsidiary, for working
capital purposes. In the event that there are excess Rights
Shares to be subscribed for by ATB, Lindeteves-Jacoberg will
assume the repayment obligations of the Second Advance Amount
and issue such number of excess Rights Shares at the Issue Price
to ATB as satisfaction of the repayment obligations of Schorch.
Accordingly, the Second Advance Amount will be reduced by the
amount of the Repaid Sum.  If there are no excess Rights Shares
to be subscribed for by ATB, the Second Advance Amount will be
treated as an interest free and unsecured loan which will be
repayable by LJ GmbH one year from the date of the Second
Advance Agreement.

                  About Lindeteves-Jacoberg

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.

Creditors must submit proofs of debt by October 3, 2006, to
Liquidator Timothy James Reid, for them to share in the
company's 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


REFCO INC: Has Until December 12 to Remove State Court Actions
--------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York extend, until Dec. 12, 2006, the period within which
Refco Inc., and its debtor-affiliates may file notices of
removal with respect to actions, pursuant to Bankruptcy Rule
9006(b).

As reported in the Troubled Company Reporter on Sept. 8, 2006,
the Debtors told the Court that when they filed for bankruptcy,
they were plaintiffs in 37 actions and proceedings in a variety
of state and federal courts throughout the country.

Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, related that neither the Debtors nor
Refco Capital Markets, Ltd., has reviewed all the Actions to
determine whether any of those should be removed under Rule
9027(a)(2) of the Federal Rules of Bankruptcy Procedure because
the Debtors have continued to focus primarily on winding down
their businesses and formulating a global resolution of their
cases.

Ms. Henry asserted that the extension of the Removal Period will
afford the Debtors sufficient opportunity to assess whether the
Actions can and should be removed, hence, protecting their
valuable right to adjudicate lawsuits under Section 1452 of the
Judiciary and Judicial Procedure Code.

Until the Debtors have had a sufficient time to develop a
consensual plan of reorganization in their cases, it would be
premature to allow the Removal Period to lapse, as the plan
formation process may well impact the Debtors' decisions
regarding the removal of the Actions, Ms. Henry insists.

                         About Refco Inc.

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

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

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEAGATE TECH: Discloses Pricing for US$1.5 Billion Senior Notes
---------------------------------------------------------------
Seagate Technology disclosed the pricing of its offering of
US$300 million of Floating Rate Senior Notes due 2009, US$600
million of 6.375% Senior Notes due 2011 and US$600 million of
6.8% Senior Notes due 2016.

The notes are expected to be issued by Seagate Technology HDD
Holdings, a direct wholly owned subsidiary of the company, and
fully and unconditionally guaranteed by the company.

The 2009 Notes will bear interest at a floating rate equal to
three-month LIBOR plus 0.84% per year, the 2011 Notes will bear
interest at the rate of 6.375% per year, and the 2016 Notes will
bear interest at the rate of 6.800% per year.  Interest will be
payable quarterly on Jan. 1, April 1, July 1 and Oct. 1 for the
2009 Notes and semi-annually on April 1 and Oct. 1 for the
2011 Notes and 2016 Notes.

The company may redeem the 2011 Notes and the 2016 Notes at any
time prior to their maturity for a specified make-whole premium
redemption price.  The 2009 Notes will not be redeemable prior
to their maturity date.

The net proceeds from the offering is intended to be used to
redeem the US$400 million principal amount of the company's
8% Senior Notes due 2009, to fund a portion of its US$2.5
billion stock repurchase program and for general corporate
purposes.

In connection with the offering, the company and Seagate
Technology HDD Holdings entered into an Underwriting Agreement
with the underwriters of the offering.

Morgan Stanley, JPMorgan and Goldman, Sachs & Co. are acting as
joint book-running managers of the offering.

                  About Seagate Technology

Seagate Technology Int'l-- http://www.seagate-asia.com-- is  
based in Singapore.  Standard and Poor's gave the company a 'BB'
rating for both its long term foreign and long term local issuer
credit effective on November 6, 2000.

Seagate Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore. Manufacturing and customer service sites
are located in: California; Colorado; Minnesota; Oklahoma;
Northern Ireland; China; Singapore; Thailand and Malaysia.

                          *     *     *

Moody's confirmed Seagate's Corporate Family Rating of Ba1 and
upgraded ratings of Seagate's US$400 million senior notes 8%,
due 2009 to Ba1, Maxtor's remaining US$135 million of the US$230
million 6.8% convertible senior notes, due 2010 to Ba1 from B2
and Maxtor Corporation's US$60 million 5-3/4% convertible
subordinated debentures, due 2012 to Ba2 from Caa1.  The rating
outlook is stable.


SEE HUP SENG: Sale of Subsidiaries Needs Shareholders' OK
---------------------------------------------------------
The Troubled Company Reporter - Asia Pacific, reported on
September 11, 2006, that See Hup Seng Limited has entered into a
conditional share sale agreement with Liu Yi Cheng to dispose
the company's China subsidiaries -- See Hup Seng Special Coating
Equipment & Engineering "Guangzhou" Co Ltd and See Hup Seng
Special Coating Equipment & Engineering "Shanghai".

In an update, the Singapore Exchange Securities Trading Limited
has pointed out that the company's disposal of its china
subsidiaries is considered to be a major transaction under
Chapter 1006 of the Listing Manual and that shareholders'
approval is required.

Accordingly, shareholders will be asked to convene a general
meeting to consider the matter.

                      About See Hup Seng

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

                    Significant Doubt

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


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

ANIXTER INTERNATIONAL: Fitch Affirms Low B Ratings
--------------------------------------------------
Fitch Ratings has affirmed these ratings for Anixter
International Inc. and its wholly owned operating subsidiary,
Anixter Inc. aka AI:

   Anixter

      -- Issuer Default Rating: 'BB+';
      -- Senior unsecured debt 'BB-'.

   AI

      -- Issuer Default Rating: 'BB+';
      -- Senior unsecured notes 'BB+'; and
      -- Senior unsecured bank credit facility at 'BB+'.

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

The ratings and Outlook reflect Anixter's improved operating
performance driven by a combination of a stable end-market
demand environment, market share gains in the company's small
but growing sales of fasteners and C-class components to
original equipment manufacturers or OEMs (approximately 18% of
current sales), and operating leverage enhanced by higher than
anticipated copper prices as well as cost savings from
integrating recent acquisitions.  Also considered are Anixter's
well-diversified product, customer and supplier portfolios, and
the information technology distribution industry's ability to
generate cash from working capital during a downturn.  Fitch
also expects that Anixter will continue to be able to generate
cash from operations even at growth rates in the low double-
digits.

Rating concerns mainly center on the company's adequate but
reduced liquidity position and Fitch's expectations that Anixter
will continue using free cash flow for a combination of special
dividends and acquisitions, although the company expects the
pace of acquisition activity to slow over the near term as it
shifts focus to integrating recent acquisitions.  Fitch also
considers the thin operating EBIT margins associated with the IT
distributors and Anixter's unhedged exposure to commodity
prices, which would affect operating income negatively if copper
prices were to decline significantly.

Fitch believes that Anixter's EBITDA margins, which have
steadily increased to 7% for the first half of 2006 compared to
5% in 2004, will remain near current levels due to the company's
expectations for revenue growth of 2-3x world-wide gross
domestic product over the next few years and ongoing benefits
from integrating historical acquisitions.  Cost reductions
should be somewhat mitigated by moderating benefits from rising
copper prices, which have contributed meaningfully to Anixter's
margin expansion over the past six quarters due to the company's
cost plus pricing model.  As a result, Anixter's credit
protection measures should be flat to slightly stronger over the
next few years, with EBITDA to interest expense near 11.0x, up
from 10.3x for the latest 12 months ended June 30, 2006, and
total debt adjusted for rent expense to EBITDAR remaining
between 3.0x and 3.5x.

After using approximately US$65 million of cash over the past
six quarters to fund organic revenue growth and working capital,
Fitch expects Anixter will generate up to US$100 million of
annual free cash flow the next few years.  Anixter's cash
conversion cycle, which Fitch estimates fell to just under 90
days for the second quarter ended June 30, 2006 from almost 95
days in the prior year's quarter, is likely to remain near
current levels and should enable Anixter to grow in excess of
10% without using cash from operations.  Fitch believes debt
reduction from record high levels is unlikely given the
company's historical bias of using excess cash for shareholder-
friendly actions. For example, Anixter paid almost US$210
million in special dividends in 2004 and 2005 and repurchased
US$36 million of shares in 2003. Nonetheless, the ratings
incorporate Fitch's expectations that Anixter will use
increasing cash balances over the next few years for additional
special dividends and/or small acquisitions.

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

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

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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


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

                   Second Quarter Highlights

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

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

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

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

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

                     Second Quarter Results

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

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

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

Our success in these areas during the second quarter led to
record quarterly sales and operating performance for the
company."

                    First Half 2006 Results

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

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

                  Second Quarter Sales Trends

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

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

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

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

                Second Quarter Operating Results

"As a result of very strong sales growth, second quarter
operating margins were a record 7.3% as compared to 4.9% in the
year ago period," said Grubbs.  "In North America, the 31% sales
growth resulted in better operating leverage that generated
operating margins of 8.3% as compared to 5.4% in the prior year
second quarter.  While strong market conditions and market share
gains were the primary drivers of the sales growth and improved
profitability, copper prices also played a major part in the
strong second quarter operating results in North America.  

Record copper prices added an estimated US$43 million to the
sales of our North American electrical wire & cable sales.  At
the same time, the quick run-up in copper prices during the
quarter significantly raised gross margins on electrical wire &
cable sales from the sell-through of lower cost inventory.  All
in all, this year's second quarter North American operating
profits benefited by an estimated US$15 million due to the
volume effects of higher copper prices combined with the gross
margin effects."

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

"Operating margins in the Emerging Markets in the second quarter
were 5.5% as compared to 4.4% in the year ago quarter.  
Continued sales growth throughout these markets has allowed us
to better leverage infrastructure costs and improve operating
margins," added Grubbs.

                     Cash Flow and Leverage

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

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

                        Business Outlook

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

                  About Anixter International

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

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

  Anixter:

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

  AI:

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

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


KRUNG THAI: Military Coup Halts US$200-Mil. Bond Issue
------------------------------------------------------
Krung Thai Bank withdrew a US$200-million bond issue that it had
priced just hours before the coup that ousted Thai leader
Thaksin Shinawatra, the Bangkok Post reports.

After two days of deliberations, Finance Asia relates that Krung
Thai, along with underwriter Merrill Lynch and financial
advisors Phatra Securities, have decided to withdraw its
US$200 million perpetual con-cumulative tier-1 offering.

The decision to retract the bond deal comes in the wake of last
week's military coup in Thailand, which left investors a little
unnerved over the deal's future, Finance Asia said.

The withdrawal "was made to ensure the best long-term interests
of all parties and to ensure the continued favourable access to
international capital markets going forward for Krung Thai bank
and other Thai entities," the lender and its bankers said in a
press release.

Interestingly, the lead and borrower chose not to rely on a
force majeure clause.  Instead, the borrower wanted to be seen
to be working with all parties to find a responsible solution
that was in the best interest of investors, Finance Asia adds.

Moreover, investors were impressed that Krung Thai took the
initiative to protect their concerns.

A source privy to the deal told Finance Asia that Krung Thai is
still interested in maintaining its presence in the
international market, and will now wait for the appropriate time
to bring a new deal back to market.

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

On May 30, 2006, The Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service has upgraded KTB's bank
financial strength rating to D- from E+.  Moody's previously
placed it at E+ on March 31, 2006.  

Meanwhile, Fitch Ratings, on July 10, 2006, upgraded the
individual rating of Krung Thai Bank Public Company Limited to
C/D from D.


SIAM CITY: Moody's Says Coup Has No Immediate Impact on Ratings
---------------------------------------------------------------
Moody's Investors Service said on September 20, 2006, that the
military coup in Thailand should have no immediate effect on
Siam City Bank Pcl's ratings.

The bank currently carries Moody's Bank financial strength
rating of D 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 Siam City
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.


SIAM COMMERCIAL: Ratings Unaffected by Coup, Moody's Says
---------------------------------------------------------
Moody's Investors Service stated on September 20, 2006, that the
military coup in Thailand should have no immediate effect on
Siam Commercial Bank Pcl's ratings.

The bank currently carries Moody's Bank financial strength
rating of D+ (on positive outlook), 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 Siam
Commercial 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.


STANDARD CHARTERED: Coup Has No Direct Impact on Moody's Ratings
----------------------------------------------------------------
Moody's Investors Service said on September 20, 2006, that the
military coup in Thailand should have no immediate effect on
Standard Chartered Bank (Thai) Pcl's ratings.

Standard Chartered currently carries Moody's:

    * Bank financial strength rating of D+;
    * foreign currency long-term/short-term deposit ratings of
      Baa1/P-2;
    * foreign currency long-term/short-term issuer ratings of
      A3/P-2;
    * local currency long-term/short-term deposit ratings of
      A3/P-1; and
    * local currency long-term/short-term issuer ratings of
      A3/P-1.

Moody's will closely monitor developments and assess the
resulting impact -- if any -- on the credit profile of Standard
Chartered.

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.


TMB BANK: Moody's Keeps Ratings Amid Military Coup
--------------------------------------------------
Moody's Investors Service said on September 20, 2006, that the
military coup in Thailand should have no immediate effect on its
ratings of the TMB Bank.

TMB currently carries Moody's Bank financial strength rating of
D-, and foreign currency long-term/short-term deposit ratings of
Baa2/P-2.

Moody's will closely monitor developments and assess the
resulting impact -- if any -- on the credit profile of TMB 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.


UNITED OVERSEAS: Military Coup no Immediate Impact on Ratings
-------------------------------------------------------------
Moody's Investors Service disclosed on September 20, 2006, that
the military coup in Thailand should have no immediate effect on
United Overseas Bank (Thai) Pcl'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 United
Overseas.

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.


* BOND PRICING: For the Week 25 September to 29 September 2006
--------------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     7
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     7
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    50
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     3

KOREA
-----
Korea Electric Power                  7.950%    04/01/96    55

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     1
Crescendo Corporation Bhd             3.000%    08/25/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kosmo Technology Industrial Bhd       2.000%    06/23/08     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Malaysian Government                  4.837%    07/15/25     4
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     4
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       5.625%    12/07/06     1
Tampines Assets                       6.000%    12/07/06     1




                            *********

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.
   
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
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                 *** End of Transmission ***