TCRAP_Public/060928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

          Thursday, September 28, 2006, Vol. 9, No. 193

                            Headlines

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

A & H HAULAGE: Appoints Fisk and Agnew as Liquidators
ADVANCE COMMERCIAL: Faces Wind-Up Proceedings
ALPINE MOTELS: Shareholders Opt for Voluntary Liquidation
AMPLIFORM PTY: Liquidator to Present Wind-Up Report
AWB LIMITED: Updates Restructuring of Monopoly Wheat Export Arm

AWB LIMITED: T. Cole Accuses Lawyer of Advising Against UN Rules
AWB LIMITED: Must Pay Own Court Costs, Judge Young Says
B.M.I. MINING: Members to Hear Liquidators' Report
BURNS PHILP: Foreign Investment Review Board Approves Rank Offer
C.T.'S COFFEE: Courts Issue Wind-Up Order

CAM-TRANZ: Facing CIR's Liquidation Petition
CLARK BRICK: Members to Receive Wind-Up Report
DEANE & RUNGE: Liquidator to Present Wind-Up Report on Oct. 19
DEVEREUX & COX: Inability to Pay Debts Prompts Wind-Up
DOUGHNUT PTY: To Declare Third Dividend on October 13

DUNSCORE NOMINEES: Members Resolve to Close Business
DYNAMAC PTY: Supreme and Federal Courts Issue Wind-Up Order
EVANS & TATE: ANZ Approves Proposed Balance Sheet Restructure
FELTEX CARPETS: Shareholder Approval Not Needed for Assets Sale
FELTEX CARPETS: Workers' Superannuation Fund Safe, Downey Says

FISHER INTERNATIONAL: Supreme Court Issues Wind-Up Order
FOUR STAR: Faces Liquidation Proceedings
GO SUSHI: Names Bettles and Carter as Liquidators
GORDON MCLAREN: Court Sets Date to Hear CIR's Liquidation Bid
HAMILTON TIMBER: Hearing of CIR's Liquidation Bid Set on Oct.2

HARNDALE PTY: Liquidator to Present Wind-Up Report
HARRY'S KITCHEN: Undergoes Wind-Up Proceedings
HIH INSURANCE: Court Adjourns Preliminary Hearing to Nov. 9
INCHAIN PTY: Members Opt to Shut Down Operations
J & N TRUCKING: Court Issues Wind-Up Order

KERBRIDGE LOYALTY: Members Opt for Voluntary Wind-Up
MEGA BRANDS: Moody's Assigns Loss-Given-Default Ratings
MIGHTYLAGG INSULATION: Placed Under Voluntary Liquidation
NEW IMAGE: Enters Voluntary Wind-Up Proceedings
NIKI FASHIONS: Final Meeting Slated for October 16

NORTHERN FARMS: Names G. Edwards as Liquidator
P KENNEDY PTY: Members' Final Meeting Slated for October 19
PORTO FORM: Supreme Court Issues Wind-Up Order
RAPTURE HOLDINGS: Liquidation Bid Hearing Set on Oct. 5
RC2 CORP: Moody's Assigns Loss-Given-Default Ratings

RTB CONTRACTING: Commenced Liquidation on September 5
SELKIRK NOMINEES: Enters Voluntary Liquidation
SHEDS & BUILDINGS: Creditors Must Prove Debts by October 2
STOCKFORD (ADAMS): Creditors' Proofs of Claim Due on October 3
STOCKFORD (CDH HENNESSY): To Declare Third Dividend

STOCKFORD (COLLINS RYAN): Creditors Must Prove Debts by Oct. 3
STOCKFORD (FORSYTHS ARMIDALE): To Declare Third Dividend
STOCKFORD (GIPPSLAND): To Declare Third Dividend
STOCKFORD (MANNING PERRY): To Declare Third Dividend on Oct. 13
STOCKFORD (MCBAIN): Creditors' Proofs of Debt Due on October 3

STONE FIXING: Members' Final Meeting Set for October 19
* NZ's Low Aug. Annual Rate Likely Slowed Economy, Reuters Says


C H I N A   &   H O N G  K O N G

i-SECURITY SOLUTIONS: Liquidators to Present Wind-Up Report
AUSTFIN PERSONAL: Creditors to Prove Debts on October 20
BIRGMA ASIA: Members' Final Meeting Set on October 27
BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702-M
CITIC BANK: Overseas Investments Gets Nod from SAFE

CYBERTRONICS (HK): Commences Wind-Up Proceedings
DRAGON EMPIRE: Wind-Up Petition Hearing Set on October 11
DRAGON PHARMACEUTICAL: Incurs US$320,997 Net Loss in 2nd Q 2006
E-BUSINESS EXCHANGE: Shareholders Resolve to Wind-Up Firm
GREAT PROSPER: Faces Wind-Up Proceedings

HONCHAMP LTD: Creditors' Proofs of Claim Due on October 31
HOSHING TELECOM: Joint Liquidators Step Aside
IAC BANK: Largest IPO Offers US$3.7 Bln to Corporate Investors
JOYGOLD LTD: Members Opt for Voluntary Wind-Up
LEO KWAN: Court Sets Date to Hear Wind-Up Bid

MILLION HERO: Creditors Must Prove Claims by October 13
MSC.SOFTWARE CHINA: Members' Final Meeting Fixed on October 23
SILVERSHOP LTD: Placed Under Voluntary Liquidation
SKINDER COMPANY: Names Leung as Liquidator
STAGE AND ART: Creditors' Proofs of Claim Due on October 13

TAIWAN BUSINESS BANK: Fitch Affirms Individual E Rating
TRIUMPHANT TONE: Shareholders Resolve to Wind-Up Operations
VITEC ELECTRONICS: Liquidator Presents Wind-Up Report
WESONIC LIMITED: Wind-Up Bid Hearing Slated for October 25
WHOLE WIDER: Creditors Must Prove Debts by October 23

* Chinese Aluminum Industry Shows Improvement, Fitch Says


I N D I A

BANK OF BARODA: To Venture Into Life Insurance Business
BHARAT PETROLEUM: Board Recommends 25% Dividend
BHARTI AIRTEL: Inks US$1-Billion Expansion Deal with Ericsson
BHARTI AIRTEL: Insists Foreign Direct Investment Within Limit
BHARTI AIRTEL: Among BusinessWeek's Best Performing Asian Cos.

BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating
BROADCOM CORP: Awaits ITC Ruling on Patent Complaint v. QUALCOMM
BROADCOM: QUALCOMM's Frequency-Modulation Suit Begins Trial 2007
BROADCOM CORP: Markman Ruling for QUALCOMM's Video-Suit Pending
EASTMAN KODAK: To Shut Down Part of New York Chemical Operation

EASTMAN KODAK: Signs Multi-Year Kiosk Contract with Wal-Mart
GENERAL MOTORS: Asks for Billions in Nissan-Renault Tie Up Deal
LAZARD LTD: Names Georges Ralli as Chief Executive Officer


I N D O N E S I A

BAKRIE SUMATERA: To Refinance US$63-Million Debt Via Bond Sale
DIRGANTARA INDONESIA: Signs IDR125-Bil. Contract with Military
INCO LTD: Board Recommends Shareholders Accept CVRD Proposal
INDOSAT: Gets Government Okey to Start Offering 3G Services


J A P A N

AVIALL INC: Moody's Withdraws Corporate Family Rating's Ba3
DOLE FOOD: Moody's Assigns Loss-Given-Default Ratings
SANYO ELECTRIC: Fitch Assigns 'BB+' Issue Default Ratings
SOFTBANK CORP: To Issue EUR500 Million High-Yield Bonds
SOFTBANK CORP: May Face Delay and More Costs on Refinancing


K O R E A

BIOVEST INT'L: Equity Deficit Raises to US$12.7MM in Third Qtr.
HANAROTELECOM: To Hold Shareholders Meeting on Nov. 16
HYUNDAI ENGINEERING: To Swap Debt with 1.2 Million Shares
HYNIX SEMICONDUCTOR: Issues US$471-Bil. Bonds to Fund Expansion


M A L A Y S I A

MENTIGA CORPORATION: Completes Restructuring & Resumes Trading
PAN MALAYSIA: Buys Back 15,000 Ordinary Shares for MYR4,182
TECHVENTURE BHD: Asks Court to Extend Restraining Order
TENCO BERHAD: Shareholders Approve Ordinary Resolutions


P H I L I P P I N E S

DEL MONTE CORP: Moody's Assigns Loss-Given-Default Ratings
NATIONAL POWER: AIG Interested in Philippine Power Assets
VITARICH CORP: Receives Takeover and Funding Offers
ZEUS HOLDINGS: Annual Stockholders Meeting Set for Nov. 20, 2006


S I N G A P O R E

DAILY EXPRESS: Commences Wind-Up Proceedings
PACIFIC CENTURY: Richard Li Bids to Take Over Company
PACIFIC CENTURY: Lays Out Proposed Scheme of Arrangement
QUINTILES TRANSNATIONAL: Moody's Confirms B1 Family Rating
REGAL MARINE: Creditors to Meet on October 9

SMH SYSTEMS: Enters Wind-Up Proceedings
VALEANT PHARMA: Moody's Assigns Loss-Given-Default Ratings


T H A I L A N D

G STEEL: S&P Affirms B+ Corporate Credit Rating

     - - - - - - - -

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

A & H HAULAGE: Appoints Fisk and Agnew as Liquidators
-----------------------------------------------------
On September 4, 2006, John Howard Ross Fisk and Richard Dale
Agnew were appointed as Joint and Several Liquidators for A & H
Haulage Ltd.

Accordingly, the Liquidators require the company's creditors to
file their proofs of claim by October 4, 2006.  Failure to prove
debts will exclude a creditor from sharing in any distribution
the company will make.

The Joint Liquidators can be reached at:

         J. H. Ross
         PricewaterhouseCoopers
         113-119 The Terrace (P.O. Box 243)
         Wellington, New Zealand
         Telephone: (04) 462 7000
         Facsimile: (04) 462 7492


ADVANCE COMMERCIAL: Faces Wind-Up Proceedings
---------------------------------------------
At a general meeting held on September 8, 2006, the members of
Advance Commercial Finance Ltd passed a special resolution to
wind up the company's operations.

M. C. Smith was appointed as liquidator.

The Liquidator can be reached at:

         M. C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au


ALPINE MOTELS: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------
On July 25, 2006, shareholders of Alpine Motels Blenheim Ltd
resolved to place the company under voluntary liquidation.

Accordingly, Hamish Alexander Scott was appointed as its
liquidator.

The Liquidator can be reached at:

         Hamish Alexander Scott
         Level One, 35 Mandeville Street
         Christchurch, P.O. Box 8518
         New Zealand
         Telephone: (03) 343 4134
         Facsimile: (03) 348 0428


AMPLIFORM PTY: Liquidator to Present Wind-Up Report
---------------------------------------------------
A final meeting of the members of Ampliform Pty Ltd will be held
on October 19, 2006, at 10:00 a.m.

During the meeting, Liquidators Pratt and Cuming will report the
activities that transpired during the wind-up period.

The Liquidators can be reached at:

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


AWB LIMITED: Updates Restructuring of Monopoly Wheat Export Arm
---------------------------------------------------------------
On August 7, 2006, the Troubled Company Reporter - Asia Pacific
reported that AWB Ltd. was restructuring its monopoly wheat
export arm to increase the autonomy of its wheat export
business.

According to the TCR-AP report, AWB (International), which
operates the monopoly -- known as the single desk -- allegedly
paid kickbacks to the former Iraqi regime of Saddam Hussein to
secure sales.

In an update, AWBI Chairman Ian Donges reveals that key industry
good functions and staff will be transferred to AWBI as part of
the improved governance arrangements.

Mr. Donges discloses that Sarah Scales was appointed acting
general manager of AWBI and over 40 AWB Ltd employees were given
employment offers to move to the new organization.

"Dedicated compliance, and financial and contract management
employees to support separate AWBI Board committees will enhance
the transparency of corporate governance and contracting
arrangements," Mr. Donges says.  He adds that "the adoption of
an industry good model that includes industry research, wheat
product development, and testing functions will also benefit the
industry and ensure that the Single Desk continues to promote
the ongoing development of the Australian wheat industry."

The AWBI industry good functions include compliance, stakeholder
relations and communications, financial and contract management
and industry development and technical services, including
testing carried out through the Agrifood facility at Werribee.  
The industry good model builds on the recommendations of the
Williams Review of the Wheat Marketing Act.  To support these
new functions, 45 positions have been created within AWBI.

As part of the restructure, AWBI will commence the negotiation
of a new Services Agreement with AWB Limited covering the
operation and management of the National Pool.

"These negotiations will continue throughout October and we
expect to publicly announce details of the new services
agreement by early November," Mr. Donges says.

"The new services agreement, which will be back-dated to
October 1, 2006, will cover pool services and remuneration
arrangements between AWBI and AWB Limited.  The AWBI Board will
ensure that ongoing costs associated with the management of the
Single Desk are appropriate," Mr. Donges explains.

AWB Ltd has agreed to fund one-off implementation costs
associated with the restructure up to AU$2.3 million.  Thus,
these costs will not be borne by pool participants.

                        About AWB

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

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

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

                          *     *     *

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

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

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


AWB LIMITED: T. Cole Accuses Lawyer of Advising Against UN Rules
----------------------------------------------------------------
The head of the inquiry into the AWB Limited kickbacks scandal,
Terence Cole, QC, accuses AWB lawyer Jessica Lyons of suggesting
ways the company could get around United Nations sanctions,
which banned any payments to the Iraqi Government, the
Australian Associated Press relates.

According to AAP, based on a document shown to the Cole Inquiry,
Ms. Lyons provided AWB sales and marketing executive Chris
Whitwell with legal advice about how to make the payment in
January 2003.

AWB had agreed to pay the money to the Iraqi Grain Board, which
had accused AWB in 2002 of sending a shipment of wheat
contaminated with iron filings, the AAP reveals.

However, AWB was unable to pay the money, which the Iraqis
wanted funneled through a Jordanian trucking firm, because of
the U.S.-led invasion of Iraq in March 2003, The Age relates,
noting that the trucking firm was part-owned by Saddam's regime.

However, just three months before the invasion, Mr. Whitwell
asked Ms. Lyons for advice about whether any compensation could
be paid for the iron filings claim, The Age relates.

The Age further relates that in Ms. Lyons e-mail to Mr. Whitwell
on January 24, 2003, it was noted that UN resolutions expressly
forbade any payments to Saddam's Government.  However, Ms. Lyons
suggested that payments could be made:

   * in installments;

   * made to a company other than the IGB and based outside
     Iraq; and

   * be recorded as being part of a settlement between the
     Iraqis and AWB over the contaminated wheat shipment from
     2002.

"If we ensure that the above requirements are met then I
consider it will be at least arguable that we are not 'making
funds or financial resources available' to the Iraqi
government," AAP cites Ms. Lyons as stating in the e-mail.

Commissioner Cole suggested to Ms. Lyons that she was providing
advice on how AWB could get around UN sanctions.  But Ms. Lyons
argued what she wrote was a "legalistic interpretation" of how
legitimate payments could be made, The Age relates.

"At the time I genuinely considered that payment to the
transport company could be made that would not fall foul of the
UN sanctions," Ms. Lyons told the inquiry.

Ms. Lyons also denied suggestions by counsel assisting the
inquiry -- John Agius, SC -- that she had put her ethics as a
lawyer aside and succumbed to pressure to come up with a scheme
so AWB could get around UN sanctions and still make the
payments, the AAP relates.

"But I did have concerns about this advice after having provided
it," Ms. Lyons said.

The inquiry continues, The Age notes.

        Other Docs Contradict T. Flugge's Sworn Evidence

Moreover, other documents released to the Cole Inquiry did not
reconcile with the sworn evidence of AWB's former chairman,
Trevor Flugge, ABC News Online relates.

According to ABC News, the Cole Inquiry revealed that two years
ago, Mr. Flugge told AWB lawyers that AWB paid money to the
Iraqi Grains Board through Alia Transport.

However, in February, Mr. Flugge insisted that he did not know
about Alia Transport in Jordan or that transport payments went
to the Iraqi regime, ABC News recounts.

Mr. Flugge also told lawyers he had discussed transport fees
with a manager, something he denied in February, ABC News says.

                        About AWB

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

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

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

                          *     *     *

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

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

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


AWB LIMITED: Must Pay Own Court Costs, Judge Young Says
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 19, 2006, the Federal Court has ordered AWB Limited to
surrender nearly half the bundle of 900 documents it tried to
keep secret from the oil-for-food inquiry, led by Commissioner
Terence Cole.

According to the TCR-AP, Justice Neil Young's decision was based
on whether:

   1) AWB had established its claim;

   2) that claim had been waived by AWB's own internal
      inquiries; and

   3) any fraud, sham, or trickery had taken place.

A report from The Age relates that lawyers for AWB sought costs
from the commonwealth for the Federal Court case.

James Judd, QC, for AWB, argued that AWB was forced into
mounting the case and had won "99% of it" because it proved
privilege had existed on the documents initially, the Australian
Associated Press Association says.

However, in his final orders, Justice Young ruled that each
party should cover its own costs.

"In fact, because of the court's findings concerning waiver and
the fraud exception, AWB's privilege claim failed wholly in
relation to 321 of the documents," Judge Young says.

"It established that privilege did not attach to numerous
documents that are likely to be material to the issues being
investigated by the commission," Judge Young adds.

Commissioner Terence Cole, QC, has set aside four more hearing
days to recall members of the AWB's in-house legal team, former
managing director Andrew Lindberg, and external legal adviser
Chris Quennell, AAP notes.

                        About AWB

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

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

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

                          *     *     *

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

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

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


B.M.I. MINING: Members to Hear Liquidators' Report
--------------------------------------------------
A final meeting of the members of B.M.I. Mining Pty Ltd will be
held on October 19, 2006, at 10:00 a.m.

During the meeting, Liquidators Pratt and Cuming will report on
the Company's wind-up proceedings and property disposal
exercises.

The Liquidators can be reached at:

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


BURNS PHILP: Foreign Investment Review Board Approves Rank Offer
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 28, 2006, Burns Philp & Company Limited's major
shareholder, Rank Group Limited, proposed to make an offer for
all of Burns Philp's shares it does not already hold.  

According to the TCR-AP, the offer was subject on certain
conditions, including Rank Group receiving approval from the
Foreign Investment Review Board in Australia and the Overseas
Investment Office in New Zealand.

In a letter dated September 26, 2006, to the Australian Stock
Exchange, Rank Group advised that it has already received the
FIRB's approval for Rank Australia Pty Ltd to acquire the
shares.

Accordingly, the Offer has been satisfied with respect to the
Foreign Investment approval.

The TCR-AP recently reported that Rank Australia advised it has
received confirmation from the New Zealand Overseas Investment
Office that consent has been granted for Rank Australia to
acquire the remaining shares in Burns Philp not already held by
Rank Group.

Questions regarding the takeover offer should be directed to the
Rank Offer Information Line:

   * 1300-657-039 -- for callers within Australia,

   * 0800-555-039 -- for callers within New Zealand, or

   * +613-9415-4353 -- for callers from outside Australia and
                       New Zealand

                        About Burns Philp

Burns Philp & Company Limited -- http://www.burnsphilp.com/--  
is an Australian based company involved in the production and
distribution of food ingredients and consumer branded food,
beverage and related products.  The Group operates
internationally with products including snack foods, breakfast
cereals and meal components.

Burns Philp has a 20% interest in Goodman Fielder Limited.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 24, 2006, that Standard & Poor's Ratings Services placed
its 'BB-' long-term corporate credit rating on Burns Philp on
CreditWatch with negative implications after the company
announced that its major shareholder, Rank Group Ltd., proposed
to make an offer for all Burns Philp shares that it does not
already hold.  Rank Group currently owns 57.6% of Burns Philp.


C.T.'S COFFEE: Courts Issue Wind-Up Order
-----------------------------------------
On August 31, 2006, the Supreme Court of New South Wales issued
an order to wind up C.T.'s Coffee & Tea Bar Pty Ltd.

On September 1, 2006, the Federal Court of Australia also issued
an order to wind up the company.

Subsequently, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

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


CAM-TRANZ: Facing CIR's Liquidation Petition
--------------------------------------------
On August 2, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Cam-Tranz Cambridge Ltd.

The petition will be heard before the High Court of Hamilton on
October 2, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

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


CLARK BRICK: Members to Receive Wind-Up Report
----------------------------------------------
Members of Clark Brick Pty Ltd will hold a meeting on October
19, 2006, at 10:00 a.m., for them to hear accounts of the
Company's wind-up proceedings from Liquidators Pratt and Cuming.

The Liquidators can be reached at:

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


DEANE & RUNGE: Liquidator to Present Wind-Up Report on Oct. 19
--------------------------------------------------------------
The members of Deane & Runge Pty Ltd will hold a final meeting
on October 19, 2006 at 10:00 a.m.

At the meeting, Liquidators Pratt and Cuming will present
accounts of the Company's wind-up and property disposal
activities.

The Liquidators can be reached at:

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


DEVEREUX & COX: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
On September 1, 2006, members and creditors of Devereux & Cox
Home Improvement Pty Ltd passed a special resolution to
voluntarily wind up the Company's operations due to its
inability to pay debts when they fall due.

In this regard, Richard Albarran and Geoffrey McDonald were
appointed as liquidators.

The Liquidators can be reached at:

         Richard Albarran
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


DOUGHNUT PTY: To Declare Third Dividend on October 13
-----------------------------------------------------
Doughnut Pty Ltd, will declare the third dividend on for its
creditors on October 13, 2006.

Failure to prove debts by October 3, 2006, will exclude the
creditor from sharing in the company's dividend distribution.

The Deed Administrator can be reached at:

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


DUNSCORE NOMINEES: Members Resolve to Close Business
----------------------------------------------------
At a general meeting held on September 1, 2006, the members of
Dunscore Nominees Pty Ltd decided to close the Company's
business and distribute the proceeds of its assets.

Subsequently, Alan Ledger was appointed as liquidator.

The Liquidator can be reached at:

         Alan Ledger
         Ledger Consulting Group
         Level 1, 5 Mill Street
         Perth
         Australia


DYNAMAC PTY: Supreme and Federal Courts Issue Wind-Up Order
-----------------------------------------------------------
On August 31, 2006, the Supreme Court of New South Wales issued
an order to wind up Dynamac Pty Ltd.

The Federal Court of Australia also issued an order to wind up
the company on September 1, 2006.

Accordingly, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

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


EVANS & TATE: ANZ Approves Proposed Balance Sheet Restructure
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 15, 2006, Evans & Tate Limited disclosed in its 2005-
2006 financial year report that the company's Board of Directors
had approved in principle a plan to restructure the company's
balance sheet.  Work on the proposed restructure was in its
initial stages but was still far too early to release final
details, the TCR-AP said.

In an update, Evans & Tate discloses with the Australian Stock
Exchange that it has received the in-principle approval of its
bank, ANZ Bank, for the proposed balance sheet restructure,
subject to formal documentation.

The Australian Associated Press recounts that Evans & Tate
booked a net loss of AU$63.9 million for 2005/2006 due to the
wine glut, a tough United Kingdom market, and restructuring
costs.

At June 30, 2006, the group had net debt of AU$169 million, The
Age notes.

Evans & Tate Managing Director Martin Johnson says "the ANZ is a
key stakeholder and its preliminary support for the proposed
restructure marks the achievement of another step forward in
Evans & Tate's turnaround strategy."

In principle, the restructure plan aims to permanently reduce
the company's interest-bearing debt to sustainable levels for
the enterprise within the current financial year.  Under the
restructure proposal, it is anticipated there will be:

   * use of a court-approved scheme of arrangement mechanism to
     achieve a restructure of the balance sheet by June 30,
     2007;

   * consolidation of existing unsecured convertible notes and
     wines into a new preferred equity instrument at set
     conversion rates; and

   * raising of capital -- including an allowance for projected
     working capital requirements -- under the new preferred
     equity instrument, which would be fully underwritten, but
     offered first to existing unsecured convertible note
     holder, wines holders, shareholders, and the broader
     market.

Specific details of the scheme of arrangement need to be
finalized, and the company will now proceed to obtain the legal
and commercial opinions and advice that will be required to
support the proposed restructure.

Evans & Tate's stakeholders, including equity holders and
creditors will be provided with full information and experts'
opinions to allow them to consider the restructure proposal.  It
is envisaged that this will be in the form of a scheme of
booklet, and that the process will take several months.  It will
also need the approvals of the Court and the Australian
Securities and Investments Commission.

In the meantime, the ANZ has reaffirmed its current intentions
to support the company, and to continue to provide financial
facilities to enable Evans & Tate to carry on its day-to-day
operations.

Until the proposed restructure process is final and complete,
Evans & Tate continues to be open to opportunities which enhance
shareholder value and present the best opportunities for the
company and its stakeholders.

                    About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at a discount,
and cut the carrying value of certain wineries.  In July 2005,
Evans & Tate has secured an additional AU$10 million in short-
term working capital from ANZ.

The Troubled Company Reporter - Asia Pacific reported on
July 18, 2006, that Evans & Tate has already written down the
value of its inventory by AU$39 million over the past year and
reported a AU$44-million first-half loss.

In the first half of 2006, Evans & Tate has taken steps to sell
its Griffith and Mildura Wineries to reduce debts, which are
estimated to be more than AU$160 million, and meet restructuring
costs.

On August 25, 2006, it has completed the sale of its Griffith
winery in the New South Wales Riverina to TWG Australia, which
is the Australian subsidiary of California-based The Wine Group
LLC, for AU$8 million.  The Griffith Winery Sale, the TCR-AP had
noted, brings the amount that Evans & Tate will get from asset
realization to more than AU$30 million.

Furthermore, a company statement disclosed that on August 29,
2006, the sale of its Mildura Winery to Roberts Estate was
completed for a total consideration of AU$22 million.


FELTEX CARPETS: Shareholder Approval Not Needed for Assets Sale
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 25, 2006, Australia & New Zealand Banking Group Ltd.
named Colin Nicol appointed Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners as receivers and managers for Feltex
Carpets Ltd.

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

In a follow-up report, the New Zealand Press Association citing
analysts, as saying that a sale of Feltex's assets by the
receiver will not need shareholder approval.

According to the report, receiver McGrathNicol anticipates
"strong new owners" for the carpet maker in place by the end of
November.

In a subsequent TCR-AP report, 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.

Stuff.co.nz also cites analysts as guessing the other parties
were private equity investors.  However, the analysts say the
Turner group and Godfrey Hirst had an advantage because they had
already seen the books.

Stuff.co.nz further notes that, according to Bruce Sheppard from
the New Zealand Shareholders' Association, the Turners and
Godfrey Hirst may have failed to get shareholder approval had
offers from them gone ahead before receivership.  Thus, there is
nothing for shareholders to do until they knew the result of the
receivership, Mr. Sheppard notes, adding that the sale of the
assets would be much simpler now.

According to a Godfrey Hirst spokesman, the company had had
talks with the receiver and would consider any options if and
when they come forward, NZPA reveals.

The receiver would put "something up at some stage" to be
considered, the spokesman further said.

NZPA notes that Godfrey Hirst already owns a tufted wool carpet
making plant in Auckland, a wool scouring plant in Napier, and a
spinning plant in Christchurch.  The company employs 490 people
in New Zealand and 800 staff in Australia, NZPA reveals, adding
that it has six plants in Victoria.

                          About Feltex

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--  
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.  
In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

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

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


FELTEX CARPETS: Workers' Superannuation Fund Safe, Downey Says
--------------------------------------------------------------
Feltex Carpets Limited workers' cash contributions to a
superannuation fund are safe, Manatawu Standard reports.

Aon New Zealand Ltd, which is a commercial and consumer
insurance brokerage company, manages the super fund, the report
says.

Manawatu Standard cites Auckland office managing partner Kerryn
Downey as saying, the receivers, McGrathNichol &Partners, have
no control over the super fund.  Mr. Downey explains the fund is
"insulated and independent" from Feltex.  

The paper reveals that the fund has 230 Feltex super fund
contributors across New Zealand.

According to Manatawu Standard, the receivers have assured
workers they will be paid what is owed to them.  Workers are
preferential creditors and will be paid wages, holiday pay, and
annual leave entitlements up to NZ$15,000, the paper notes.

Mr. Downey says about half of Feltex's workforce, due to long
service, are owed more than NZ$15,000, however, final figures
are still unknown, Manatawu relates.

After the NZ$15,000 is paid out, the difference owed a worker
becomes unsecured, the paper explains.

However, the ANZ Bank, as a secured creditor, has "direct claim"
to Feltex, stuff.co.nz notes.

However, the receivers had agreed to meet workers' wages ahead
of the bank's claim during the receivership period of two weeks,
stuff.co.nz cites Mr. Downey as saying.

Meanwhile, Feltex carpets are still sought after, Manatawu
Standard cites city carpet retailers, as saying.

One woman said carpet buyers remained loyal, adding she wants
Feltex to "continue, especially for the workers," Manatawu
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.


FISHER INTERNATIONAL: Supreme Court Issues Wind-Up Order
--------------------------------------------------------
On September 5, 2006, the Supreme Court of New South Wales
ordered Fisher International Pty Ltd to wind up its operations.

In this regard, Chris Chamberlain was appointed as official
liquidator.

The Liquidator can be reached at:

         Chris Chamberlain
         c/o Nicholls & Co
         Chartered Accountants
         Suite 103, 1st Floor
         Wollundry Chambers
         Johnston Street
         Wagga Wagga, New South Wales 2650
         Australia


FOUR STAR: Faces Liquidation Proceedings
----------------------------------------
A petition to liquidate Four Star Sheet Metal Ltd will be heard
before the High Court of Christchurch on October 2, 2006, at
10:00 a.m.

Jackson Plumbing Ltd filed the petition with the Court on
August 30, 2006.

The Solicitor for the Plaintiff can be reached at:

         S. N. McKenzie
         Preston Russell Law, Solicitors
         92 Spey Street (P.O. Box 355)
         Invercargill, New Zealand
         Telephone: (03) 211 0080
         Facsimile: (03) 211 0079


GO SUSHI: Names Bettles and Carter as Liquidators
-------------------------------------------------
The members of Go Sushi (Qld Retail) Pty Ltd appointed Jason
Bettles and Susan Carter as the company's liquidators at their
meeting held on September 5, 2006.

The Liquidators can be reached at:

         Jason Bettles
         Susan Carter
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise
         Queensland 4217
         Australia


GORDON MCLAREN: Court Sets Date to Hear CIR's Liquidation Bid
-------------------------------------------------------------
A liquidation petition filed against Gordon McLaren Investments
Ltd will be heard before the High Court of Christchurch on
October 2, 2006, at 10:00 a.m.

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

The Solicitor for the Plaintiff can be reached at:

         S. N. McKenzie
         Preston Russell Law, Solicitors
         92 Spey Street (P.O. Box 355)
         Invercargill, New Zealand
         Telephone: (03) 211 0080
         Facsimile: (03) 211 0079


HAMILTON TIMBER: Hearing of CIR's Liquidation Bid Set on Oct.2
-------------------------------------------------------------          
The High Court of Hamilton will hear a liquidation petition
filed against Hamilton Timber Processors (2000) Ltd on October
2, 2006, at 10:45 a.m.

A petition was filed by the Commissioner of Inland Revenue on
august 25, 2006.

The Solicitor for the Petitioner can be reached at:

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


HARNDALE PTY: Liquidator to Present Wind-Up Report
--------------------------------------------------
The members and creditors of Harndale Pty Ltd will hold a joint
meeting on October 16, 2006, at 11:00 a.m., to receive
Liquidator Morris' accounts on the company's wind-up proceedings
and property disposal exercises.

The Joint Liquidators can be reached at:

         Peter Morris
         Todd Kelly
         c/o Foremans Business Advisors
         Suite 1, 29 Lake Street
         Cairns, Queensland 4870
         Australia


HARRY'S KITCHEN: Undergoes Wind-Up Proceedings
----------------------------------------------
The Supreme Court of New South Wales issued an order on August
31, 2006, to wind the operations of Harry's Kitchen.

On September 1, 2006, the Federal Court of Australia also issued
an order to wind up the company's operations.

Subsequently, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

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


HIH INSURANCE: Court Adjourns Preliminary Hearing to Nov. 9
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 26, 2006, Tony McGrath, of McGrath Nicol & Partners, the
appointed liquidator of HIH Insurance Limited, served writs with
the NSW Supreme Court on four companies and five individuals to
recover compensation for HIH shareholders totaling
AU$500 million:

According to the TCR-AP, the defendants include:

   * Federal MP Malcolm Turnbull,
   * FAI chief executive Rodney Adler,
   * International reinsurance broker Guy Carpenter and Company,
   * FAI finance director Tim Mainprize,
   * FAI chief operating officer Daniel Wilkie,
   * Goldman Sachs Australia executive Russel Pillemer,
   * Goldman Sachs Berkshire subsidiary Cologne Re, and
   * General Reinsurance Australia

The TCR-AP also cited the Financial Times as saying the claim
was related to financial reinsurance contracts issued by General
Reinsurance Australia that, according to a 2003 Royal
Commission, helped FAI General Insurance Co. -- an insurance
business taken over by HIH -- overstated its profits.

The Australian relates that on September 21, 2006, lawyers for
Mr. Turnbull and Berkshire Hathaway -- a company controlled by
Warren Buffett, the world's second-richest man -- appeared in a
Sydney court as part of a preliminary hearing in a legal battle
involving HIH's takeover of FAI Insurance.

The report also notes the appearance of barristers acting for
Mr. Pillimer, Goldman Sachs, a trio of reinsurers, and Messrs.
Mainprize and Wilkie.

The Australian relates that Berkshire Hathaway's reinsurer,
General Reinsurance Australia, sold a policy to FAI before its
takeover by HIH in 1998.

According to the paper, reinsurance policies used by FAI allowed
it to convert a AU$50 million loss for the 1996-97 financial
year into a pre-tax profit of AU$8.6 million.

The Australian cites counsel for HIH's liquidator, Alan Sullivan
QC, as telling Justice Paddy Bergin that he hoped the case could
soon be joined with another damages suit brought by the FAI
liquidator against 10 respondents.  The suit by the FAI
liquidator was over a similar set of facts but sought lesser
damages, Mr. Sullivan said.

Justice Bergin said the case, which was filed with the court two
years ago, had "lain dormant" for too long, The Australian
relates.

The statement of claim in that case has not been served on the
defendants, The Australian notes, adding that the FAI liquidator
-- who is also the HIH liquidator -- is in settlement
negotiations with them.

According to The Australian, the pleadings, which outlined the
legal and factual questions of the suit, had not been served.

The case has been adjourned until November 9, 2006, the paper
says.

                     About HIH Insurance

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

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

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

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


INCHAIN PTY: Members Opt to Shut Down Operations
------------------------------------------------
On September 6, 2006, the members of Inchain Pty Ltd agreed to
shut down the Company's operations.

Gregory Stuart Andrews was subsequently appointed as liquidator.

The Liquidator can be reached at:

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


J & N TRUCKING: Court Issues Wind-Up Order
------------------------------------------
The Supreme Court of New South Wales and the Federal Court of
Australia ordered J & N Trucking Pty Ltd to wind up its
operations and appointed Steven Nicols as liquidator.

The Liquidator can be reached at:

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


KERBRIDGE LOYALTY: Members Opt for Voluntary Wind-Up
----------------------------------------------------
The members of Kerbridge Loyalty Software Pty Ltd resolved to
voluntary wind up the company's operations on September 8, 2006.

Subsequently, M. C. Smith was appointed as liquidator.

The Liquidator can be reached at:

         M. C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au


MEGA BRANDS: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency revised its
Ba3 Corporate Family Rating to B1 for MEGA Brands Inc.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans
facilities:

   Issuer: MEGA Brands Inc.
                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Sec. Revolving
Credit Facility
Due 2010                  Ba3      Ba2     LGD2       24%

Sr. Sec. Term Loan A
Due 2010                  Ba3      Ba2     LGD2       24%

   Issuer: Mega Blocks US

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Sec. Revolving
Credit Facility
Due 2010                  Ba3      Ba2     LGD2       24%

   Issuer: Mega Blocks Finco

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Sec. Term Loan B
Due 2012                  Ba3      Ba2     LGD2       24%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc. --
http://www.megabloks.com/-- distributes a range of toys,  
puzzles, and craft-based products worldwide.

The company has its Australian headquarters in Victoria.


MIGHTYLAGG INSULATION: Placed Under Voluntary Liquidation
---------------------------------------------------------
At a general meeting on September 1, 2006, the members of
Mightylagg Insulation Co Pty Ltd resolved to close the company's
operations.  Raymond George Tolcher was nominated as liquidator.

The Liquidator can be reached at:

         Raymond George Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street, Newcastle
         West, New South Wales 2302
         Australia


NEW IMAGE: Enters Voluntary Wind-Up Proceedings
-----------------------------------------------
At a meeting of the members of New Image Painting Services Pty
Ltd held on August 31, 2006, it was resolved that a voluntary
wind-up of the company's operations is appropriate and
necessary.

In this regard, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9299 2289
         Web site: http://www.bankrupt.com.au


NIKI FASHIONS: Final Meeting Slated for October 16
--------------------------------------------------
Niki Fashions Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on October 16, 2006,
at 10:00 a.m.

At the meeting, Liquidator Geoffrey McDonald will report on the
proceedings of the company's wind-up.

The Liquidator can be reached at:

         Geoffrey Mcdonald
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


NORTHERN FARMS: Names G. Edwards as Liquidator
----------------------------------------------
Graham Edwards has been appointed Liquidator on August 29, 2006,
to oversee the liquidation of Northern Farms Ltd.

The Liquidator can be reached at:

         G. Edwards
         Palairet Pearson, P.O. Box 944
         Napier, New Zealand
         Telephone: (06) 835 3364
         Facsimile: (06) 835 3388


P KENNEDY PTY: Members' Final Meeting Slated for October 19
-----------------------------------------------------------
A final meeting of the members of P Kennedy Pty Ltd will be held
on October 19, 2006, at 10:00 a.m.

At the meeting, Liquidators David Pratt and Timothy Cuming will
report the company's wind up proceedings and property disposal
activities.

The Liquidators can be reached at:

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


PORTO FORM: Supreme Court Issues Wind-Up Order
----------------------------------------------
The Supreme Court of New South Wales and the Federal Court of
Australia have issued an order to wind up Porto Form Pty Ltd on
August 31, 2006, and September 1, 2006, respectively.

Subsequently, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

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


RAPTURE HOLDINGS: Liquidation Bid Hearing Set on Oct. 5
-------------------------------------------------------
A petition to liquidate Rapture Holdings Ltd will be heard
before the High Court of Auckland on October 5, 2006, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 28, 2006.

The Solicitor for the Plaintiff can be reached at:

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


RC2 CORP: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency revised its
Ba2 Corporate Family Rating to Ba3 for RC2 Corporation.

Additionally, Moody's confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these loans
facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Sec. Revolving
Credit Facility
Due 2008                  Ba2      Ba2     LGD3       32%

Sr. Sec. Term Loan
Due 2008                  Ba2      Ba2     LGD3       32%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

RC2 Corporation -- http://www.rc2corp.com/-- designs, produces   
and markets innovative, high-quality toys, collectibles, hobby
and infant care products that are targeted to consumers of all
ages.  RC2's infant and preschool products are marketed under
its Learning Curve(R) family of brands which includes The First
Years(R) by Learning Curve and Lamaze brands as well as popular
and classic licensed properties such as Thomas & Friends, Bob
the Builder, Winnie the Pooh, John Deere, and Sesame Street.  
RC2 markets its ollectible and hobby products under a portfolio
of brands including Johnny Lightning(R), Racing Champions(R),
Ertl(R), Ertl Collectibles(R), AMT(R), Press Pass(R), JoyRide(R)
and JoyRide Studios(R).  RC2 reaches its target consumers
through multiple channels of distribution supporting more than
25,000 retail outlets throughout North America, Europe,
Australia, and Asia.


RTB CONTRACTING: Commenced Liquidation on September 5
-----------------------------------------------------
The liquidation of RTB Contracting Ltd commenced with the
appointment of Stephen Kim Bennett and Timothy John Hoyle on
September 5, 2006.

In this regard, the Liquidators required the creditors of the
company to prove their claim by October 6, 2006.  Failure to
present proofs will exclude a creditor from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

         Steve Bennett Associates
         P.O. Box 627, Whangarei
         New Zealand


SELKIRK NOMINEES: Enters Voluntary Liquidation
----------------------------------------------
Members of Selkirk Nominees Pty Ltd passed a special resolution
to voluntary liquidate the company's business and appoint Alan
Ledger to oversee the liquidation proceedings.

The Liquidator can be reached at:

         Alan Ledger
         Ledger Consulting Group
         Level 1, 5 Mill Street
         Perth
         Australia


SHEDS & BUILDINGS: Creditors Must Prove Debts by October 2
----------------------------------------------------------
Joint Liquidators David Donald Crichton and Keiran Ann Horne
required the creditors of Sheds & Buildings Ltd to file their
proofs of claim by October 2, 2006.

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

The Joint Liquidator can be reached at:

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


STOCKFORD (ADAMS): Creditors' Proofs of Claim Due on October 3
--------------------------------------------------------------
Stockford (Adams) Pty Ltd will declare the third dividend for
its creditors on October 13, 2006.

In this regard, creditors are required to submit their proofs of
claim by October 3, 2006, for them to share in the dividend
distribution.

The Deed Administrator can be reached at:

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


STOCKFORD (CDH HENNESSY): To Declare Third Dividend
---------------------------------------------------
Stockford (CDH Hennessy) Pty Ltd will declare the third dividend
for its creditors on October 13, 2006.

To share in the dividend distribution, creditors must submit
their proofs of claim by October 3, 2006.

The Deed Administrator can be reached at:

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


STOCKFORD (COLLINS RYAN): Creditors Must Prove Debts by Oct. 3
--------------------------------------------------------------
Stockford (Collins Ryan) Pty Ltd will declare the third dividend
on October 13, 2006.

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

The Deed Administrator can be reached at:

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


STOCKFORD (FORSYTHS ARMIDALE): To Declare Third Dividend
--------------------------------------------------------
Deed Administrator Mark A. Korda will declare the third dividend
for the creditors of Stockford (Forsyths Armidale) Pty Ltd on
October 13, 2006.

Creditors are required to submit their proofs of debt by
October 3, 2006, for them to share in the dividend distribution.

The Deed Administrator can be reached at:

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


STOCKFORD (GIPPSLAND): To Declare Third Dividend
------------------------------------------------
Stockford (Gippsland) Pty Ltd will declare the third dividend on
for its creditors October 13, 2006.

Creditors must prove claims by October 3, 2006, for them to
share in the company's distribution of dividend.

The Deed Administrator can be reached at:

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


STOCKFORD (MANNING PERRY): To Declare Third Dividend on Oct. 13
---------------------------------------------------------------
Stockford (Manning Perry) Pty Ltd will declare the third
dividend for its creditors on October 13, 2006, to the exclusion
of those who will not able to prove their claims by October 3,
2006.

The Deed Administrator can be reached at:

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


STOCKFORD (MCBAIN): Creditors' Proofs of Debt Due on October 3
--------------------------------------------------------------
Stockford (Mcbain) Pty Ltd will declare the third dividend for
its creditors on October 13, 2006, to the exclusion of those who
cannot prove their claims by October 3, 2006.

The Deed Administrator can be reached at:

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


STONE FIXING: Members' Final Meeting Set for October 19
-------------------------------------------------------
A final general meeting of the members of Stone Fixing Pty Ltd
will be held on October 19, 2006, at 10:00 a.m.

During the meeting, the company's members will receive the
Liquidators' accounts on the wind-up proceedings and property
disposal exercises.

The Liquidators can be reached at:

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


* NZ's Low Aug. Annual Rate Likely Slowed Economy, Reuters Says
---------------------------------------------------------------
New Zealand's economic growth likely slowed in the second
quarter, with the annual rate falling to its lowest level in
five years, the New Zealand Herald reports citing a Reuters poll
of economists.

The slower growth will back expectations that interest rates
will remain on hold, NZ Herald says.

However, any significant upside surprise could raise the risk of
an increase in interest rates from the Reserve Bank of New
Zealand, NZ Herald adds, noting that the RBNZ previously said it
may have to tighten monetary policy if inflation shows no signs
of easing.

A Reuters poll sees growth supported by gains in manufacturing,
utilities and services but undermined by a fall in construction
activity, NZ Herald relates.

According to NZ Herald, the median forecast was for seasonally
adjusted growth of 0.6% in the April-June quarter, slowing from
a 0.7% pace in the March quarter.  The central bank has forecast
growth in the June quarter of 0.4%, NZ Herald notes.

NZ Herald further adds that based on the poll, average growth
for the full year to the June quarter eases to 1.9% -- its
weakest pace since the year to the June quarter of 2001 -- from
2.2% in the data for the March quarter.

Annual inflation rose to 4% in the second quarter, holding above
the central bank's 1%-3% target band for the fourth consecutive
quarter, the NZ Herald says.

According to Reuter, New Zealand's interest rates are already
the highest in the industrialized world.

A Reuters poll also shows two of 15 forecasters expect the
central bank to raise rates to 7.5% next month, while the
majority see rates held steady before they are cut in the second
or the third quarter of 2007, the NZ Herald relates.


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

i-SECURITY SOLUTIONS: Liquidators to Present Wind-Up Report
-----------------------------------------------------------
On October 23, 2006, Joint Liquidators Ying Hing Chiu and Chung
Miu Yin, Diana will present to the members of i-Security
Solutions Ltd the accounts of the company's wind-up and property
disposal activities.

The Joint Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Tricor Services Limited
         Level 28, Three Pacific Place
         1 Queen's Road East, Hong Kong
         Telephone: (852) 2980 1994
         Facsimile: (852) 2882 6700


AUSTFIN PERSONAL: Creditors to Prove Debts on October 20
--------------------------------------------------------
Liquidators O'Shaughnessy and Corkhill require creditors of
Austfin Personal Financial Services Ltd to prove their debts by
October 20, 2006, for them to share in the benefit of the
company's distribution.

The Liquidators can be reached at:

         Kevin John O'Shaughnessy
         Thomas Andrew Corkhill
         8/F, Gloucester Tower, The Landmark
         11 Pedder Street, Central
         Hong Kong


BIRGMA ASIA: Members' Final Meeting Set on October 27
-----------------------------------------------------
Members of Birgma Asia (HK) Company Ltd will meet for their
final meeting on October 27, 2006, at 10:00 a.m., on the 23rd
Floor, Tung Hip Commercial Building, 244 Des Voeux Road Central,
Hong Kong.

At the meeting, Liquidator Andrew Morrison Paul will present a
report regarding the company's wind-up and its property disposal
activities.

The Troubled Company Reporter - Asia Pacific previously reported
that members of the Company decided to voluntary wind up its
operations on January 25, 2006.


BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702-M
--------------------------------------------------------------
Bombardier Aerospace Corp., a subsidiary of Bombardier Inc.,
disclosed that My Way Airlines of Vicenza, Italy has placed a
firm order for 19 CRJ900 aircraft.  Should Bombardier launch its
CRJ900X program, 15 of these firm orders will be converted into
CRJ900X aircraft.  In the event program launch does not proceed,
the firm order remains for 19 CRJ900 jets.

The value of the contract based on the CRJ900 aircraft list
price is approximately US$702 million.

My Way Airlines serves scheduled destinations in Europe and the
Middle East with a fleet of five Airbus A320 jets, and its
wholly owned subsidiary, LTE, offers charter flights with its
own fleet. The Bombardier CRJ900 aircraft will be operated on
domestic and regional routes.

"We were attracted to the Bombardier CRJ900 aircraft because of
its low operating costs, quick turnaround times and outstanding
passenger comfort," Professor Carlo Bernini, President, My Way
Airlines said.  "The CRJ900 jet is the ideal aircraft for our
low-cost operations."

"I also want to emphasize the environmentally friendly nature of
the CRJ900," Professor Bernini added.  "Emissions and noise are
well below those permitted by international agreement, and fuel
consumption has been reduced considerably."

"My Way Airlines is the sixth European airline to recognize the
significant benefits provided by this state-of-the art regional
jet," said Steven Ridolfi, President, Bombardier Regional
Aircraft.  "The Bombardier CRJ900 has the lowest operating costs
in its class, and independent surveys reveal strong praise from
passengers for its cabin comfort and amenities."

                       About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative  
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.  The company has
operations in North America, Europe and China.

                          *     *     *

Moody's Investors Service assigned a Ba2 rating to Bombardier
Recreational Products' CDN$250 million senior secured revolver
and a B1 rating to BRP's CDN$880 million senior secured term
loan.  At the same time, Moody's affirmed BRP's B1 corporate
family rating and revised the ratings outlook to negative from
stable.


CITIC BANK: Overseas Investments Gets Nod from SAFE
---------------------------------------------------
On September 18, 2006, the State Administration of Foreign
Exchange approved China CITIC Bank's QDII -- qualified domestic
international investors -- investment quotas totaling US$10.3
billion, the Easy Bourse reports, citing the state agency's
statement on its Web site.

According to Xinhua News, the SAFE approved CITIC Bank's
application to buy foreign exchange worth US$500 million on
behalf of its clients for overseas investment, bringing the QDII
quota above that of QFIIs -- qualified foreign institutional
investors -- and surpassing US$10 billion.

Easy Bourse recounts that since the implementation of the QDII
scheme in July, the China Banking Regulatory Commission has
approved 13 banks, including China CITIC Bank to offer overseas
investment services to clients.

The QDII, Xinhua News relates, is a scheme that allows mainland
institutions and residents to entrust mainland commercial banks
to invest a certain amount of money in financial products
overseas, and allows insurance institutions to invest some of
their assets in overseas fixed-income products and monetary
market products.

Meanwhile, the QFII pilot program launched in 2003, allowed
foreign institutional investors like UBS, Deutsche Bank, and
Citigroup Global Markets Limited to engage in the securities
business on the Chinese mainland.

                          *     *     *

On September 11, 2006, Fitch Ratings affirmed the Individual D/E
and Support 3 ratings of China CITIC Bank.  The ratings outlook
is stable.

China CITIC Bank's Individual rating reflects its strengthened
financial profile, bolstered by recent capital injections from
its parent, CITIC Group, and the introduction of much-improved
risk management systems.


CYBERTRONICS (HK): Commences Wind-Up Proceedings
------------------------------------------------
On September 18, 2006, members of Cybertronics (HK) Ltd resolved
to voluntary wind-up the Company's operations.

In this regard, Andrew C.C. Ma and Felix K.L. Lee were appointed
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Andrew C.C. Ma
         Felix K.L. Lee
         19/F, Seaview Commercial Building
         21-24 Connaught Road
         West, Hong Kong


DRAGON EMPIRE: Wind-Up Petition Hearing Set on October 11
---------------------------------------------------------
On August 11, 2006, Lako Development Ltd filed before the High
Court of Hong Kong a petition to wind-up the operation of Dragon
Empire Ltd.

The Court will hear the petition on October 11, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Johnnie Yam, Jacky Lee & Co.
         5/F, San Toi Building
         137-9 Connaught Road Central
         Hong Kong


DRAGON PHARMACEUTICAL: Incurs US$320,997 Net Loss in 2nd Q 2006
---------------------------------------------------------------

Dragon Pharmaceutical Inc. reported sales of US$13.89 million
for the second quarter ended June 30, 2006, representing an
increase of 111% compared to the same period of 2005.  The
increase in sales was mainly due to the growth of sales from the
Chemical Division, which increased by 144% to US$11.92 million
from US$4.88 million for the same period in 2005.

Gross profit and gross margin were US$2.39 million and 17.2% for
the second quarter of 2006, an improvement from US$1 million and
15.2% for the same period in 2005.

The company's General Administration expenses and interest
expenses increased by US$1.16 million compared to the same
period of last year, and include an increase of US$250,000 in
accounting and auditing expenses, and an increase of US$530,000
non-cash interest expenses related to long-term account
payables.  The discontinued operations recorded a profit of
US$546,000 during the second quarter.

With the effect of these factors, Dragon reported a net loss of
US$320,997 for the second quarter of 2006.

Since the second quarter of 2006, the Chinese pharmaceutical
industry has been facing significant uncertainties as a result
of series of market and industrial reforms by Chinese
government, including additional price controls, investigation
of commercial bribery in drug distribution and stricter quality
and GMP inspections.  The operational results of Dragon revealed
the anti-risk capability of the business in the tough market
situation.

                             Asset Sale

The company said that market and industrial reform will
adversely affect the formulation business of direct drug sales
to hospitals, and management has successfully entered into a
transaction to sell the type of business and assets for US$12.63
million with a gain of US$4.48 million.  After this sale, the
company's remaining 30 drug  approvals are mostly cephalosporin
active pharmaceutical ingredients and powder for injection.  The
company is going to take advantage of upstream synergy to become
one of the significant suppliers in this more focused product
market.   

A full-text copy of Dragon Pharmaceutical's quarterly report is
available for free at:

             http://researcharchives.com/t/s?123a

                        Going Concern Doubt

Webb & Company, P.A., in Boynton Beach, Florida, raised
substantial doubt about Dragon Pharmaceutical Inc.'s 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 recurring
working capital deficiency.

                    About Dragon Pharmaceutical

Dragon Pharmaceutical Inc. -- http://www.dragonpharma.com/-- is  
an international pharmaceutical company headquartered in
Vancouver, Canada, with production facilities located in China.
The company owns 37 drug approvals from SFDA and markets them in
China as well as internationally.  These products are organized
under 3 distinct business divisions: a Pharma division for
generic chemical drugs, a Chemical division for bulk
pharmaceutical chemicals such as Clavulanic Acid and 7-ACA and a
Biotech division for EPO.


E-BUSINESS EXCHANGE: Shareholders Resolve to Wind-Up Firm
---------------------------------------------------------
On September 12, 2006, shareholders of E-Business Exchange Hong
Kong Ltd passed a special resolution to voluntarily wind up the
company's operations.

Keith So Kwok Keung was consequently appointed as liquidator.

The Liquidator can be reached at:

         Keith So Kwok Keung
         Room 1201, Dina House
         Ruttonjee Centre, 11 Duddell Street
         Central, Hong Kong


GREAT PROSPER: Faces Wind-Up Proceedings
----------------------------------------
A petition to wind-up Great Prosper Industries Ltd will be heard
before the High Court of Hong Kong on November 15, 2006, at 9:30
a.m.

Bank of China (Hong Kong) Ltd filed the petition with the Court
on September 14, 2006.

The Solicitors for the Petitioner can be reached at:

         Lo & Lo
         Room 3501, 35/F
         Gloucester Tower, The Landmark
         11 Pedder Street, Central
         Hong Kong


HONCHAMP LTD: Creditors' Proofs of Claim Due on October 31
----------------------------------------------------------
On September 18, 2006, members of Honchamp Ltd resolved to
voluntary wind up the Company's operations and appoint Andrew
C.C. Ma and Felix K.L. Lee as joint and several liquidators.

Accordingly, the Joint Liquidators require the company's
creditors to file their proofs of claim by October 31, 2006, or
be excluded from sharing in any distribution the company will
make.

The Joint and Several Liquidators can be reached at:

         Andrew C.C. Ma
         Felix K.L Lee
         19/F, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


HOSHING TELECOM: Joint Liquidators Step Aside
---------------------------------------------
Desmond Chung Seng Chiong and John Robert Lees ceased to act as
joint and several liquidators of Hoshing Telecom Ltd on
September 11, 2006.

According to the Troubled Company Reporter - Asia Pacific, Mr.
Chiong presented a report on September 11, 2006, regarding the
Company's wind-up and the manner its properties were disposed
of.

The Joint Liquidators can be reached at:

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


IAC BANK: Largest IPO Offers US$3.7 Bln to Corporate Investors
--------------------------------------------------------------
Industrial and Commercial Bank of China Ltd plans to sell US$3.7
billion (HK$29.2 billion) of shares to corporate investors as
part of the bank's biggest global public offering, Bloomberg
reports.

According to Xinhua News, the China Securities Regulatory
Commission formally approved ICBC's IPO on September 26, 2006.  
The bank is expected to issue 13 billion A shares that will list
on the Shanghai Stock Exchange with the option to exercise over-
allotment that would raise the total number of shares to 14.95
billion, the paper adds.  

Moreover, AFX News relates that ICBC will issue 35.4 billion H-
shares subject to a greenshoe option bringing it to 40.7 billion
that will list on the Hong Kong Stock Exchange.  Trading of the
bank's shares is expected to start on the Shanghai and Hong Kong
bourses on October 27, 2006.

Bloomberg relates that the HK29.2 billion shares allotted to
corporate investors accounts for a fifth of the total offer,
boosting sentiment for the sale.  

Based on the preliminary offer document by the Beijing-based
lender submitted to the Hong Kong Stock Exchange, ICBC will sell
HK$4.4 billion of shares to China Life Insurance Group Co., and
HK$2 billion to its Hong Kong-listed unit, Bloomberg says.  The
Kuwait government will buy HK$5.6 billion of shares.

According to Bloomberg, the Singapore government's investment
arm, GIC Direct Investments Pte Ltd, will receive HK$2.8 billion
of shares.

Hong Kong billionaires Cheng Yu-tung, chairman of New World
Development Co.; Lee Shau-kee, chairman of Henderson Land
Development Co.; the Kuok Group; Qatar Investment Authority; Nan
Fung Group and United Overseas Bank Ltd. will each buy HK$1.6
billion of ICBC shares, Bloomberg relates.  

Cheung Kong (Holdings) Ltd., Hutchison Whampoa Ltd., Citic
Pacific Ltd. and Sun Hung Kai Properties Ltd. each agreed to
sign up for HK$800 million of shares.  Larry Yung, chairman of
Citic Pacific, and the Kwok family trust, the controlling
shareholder of Sun Hung Kai Properties, will each receive HK$800
million of shares, Bloomberg notes, citing ICBC's documents.

Based on fair value estimates, the market value of the bank may
be as high as US$178 billion, which would make it the world's
fourth-largest after Citigroup Inc., Bank of America Corp., and
HSBC Holdings Plc, Bloomberg says.  

                          *     *     *

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn-- is the largest state-owned commercial  
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

On September 18, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed ICBC' Individual D/E
rating.

Moody's Investors Service on August 9, 2006, placed on review
for upgrade Industrial and Commercial Bank of China's E+ Bank
Financial Strength Rating.  This follows Moody's earlier rating
action in November 2005 when the outlook for ICBC's BFSR was
revised to positive from stable.


JOYGOLD LTD: Members Opt for Voluntary Wind-Up
----------------------------------------------
On September 18, 2006, members of Joygold Ltd resolved to wind
up the Company's operations.

Subsequently, Andrew C.C. Ma and Felix K.L. Lee were appointed
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Andrew C.C. Ma
         Felix K.L. Lee
         19/F, Seaview Commercial Building
         21-24 Connaught Road
         West, Hong Kong


LEO KWAN: Court Sets Date to Hear Wind-Up Bid
---------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Leo Kwan Ltd on October 11, 2006, at 9:30 a.m.

Hartanto Sri Tjintawati filed the petition with the Court on
August 2, 2006.

The Solicitors for the Petitioner can be reached at:

         Y. C. Lee, Pang & Kwok
         2803, 28/F, Wing On House
         71 Des Voeux Road Central
         Hong Kong


MILLION HERO: Creditors Must Prove Claims by October 13
-------------------------------------------------------
Liquidators Chan Shu Kin and Chow Chi Tong require the creditors
of Million Hero Development (Peking) Ltd to submit their proofs
of claim by October 13, 2006, for them to share in any
distribution the company will make.

The Joint and Several Liquidators can be reached at:

         Chan Shu Kin
         Chow Chi Tong
         9/F, Tung Ning Building
         249-253 Des Voeux Road Central
         Hong Kong


MSC.SOFTWARE CHINA: Members' Final Meeting Fixed on October 23
--------------------------------------------------------------
Members of MSC.Software China (Hong Kong) Ltd will convene for
their final meeting on October 23, 2006, 10:00 a.m. at Level 28,
Three Pacific Place, 1 Queen's Road East, Hong Kong.

At the meeting, Joint Liquidators Ying Hing Chiu and Chung Miu
Yin, Diana will present a report regarding the company's wind-up
and property disposal activities.


SILVERSHOP LTD: Placed Under Voluntary Liquidation
--------------------------------------------------
At a general meeting of the members of Silvershop Ltd held on
September 15, 2006, it was resolved that a voluntary wind-up of
the company's operations is appropriate and necessary.

In this regard, Ng Oi Che was appointed as liquidator.

The Liquidator can be reached at:

         Ng Oi Che
         Room 206, 2/F, Alliance Building
         130-136 Connaught Road
         Central, Hong Kong


SKINDER COMPANY: Names Leung as Liquidator
------------------------------------------
At a general meeting of Skinder Company Ltd held on Sept. 12,
2006, members agreed to voluntarily wind up the Company's
operations.

Accordingly, Chu Yu Leung was appointed as its liquidator.

The Liquidator can be reached at:

         Chu Yu Leung
         Flat 25B, South Bay Tower
         No. 59 South Bay Road
         Hong Kong


STAGE AND ART: Creditors' Proofs of Claim Due on October 13
-----------------------------------------------------------
Creditors of Stage and Art Design Associates Ltd are required to
submit their proofs of claim to Liquidator Ngan Lin Chun Esther
by October 13, 2006.

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

The Troubled Company Reporter - Asia Pacific previously reported
that members of the Company resolved to wind up the company's
operations on September 8, 2006.

The Joint and Several Liquidator can be reached at:

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


TAIWAN BUSINESS BANK: Fitch Affirms Individual E Rating
-------------------------------------------------------
Fitch Ratings affirmed on September 26, 2006, the ratings of
Taiwan Business Bank:

    * Long-term Issuer Default rating at BB+;

    * National Long-term A-(twn;

    * Short-term B;

    * National Short-term F2(twn);

    * Individual E; and

    * Support 3

The Outlook on the ratings remains Stable.

The ratings affirmation reflects the bank's undercapitalization
after incorporating the unamortized losses arising from prior
non-performing loan sales.  Nevertheless, Fitch notes that the
bank's asset quality has substantially improved.

Fitch views that a critical factor for the bank to achieve
better ratings is a capital injection that is sufficient to
improve the bank's balance sheet.

Taiwan Business Bank was established in 1965 as a policy bank
providing funding to Taiwan's small- and medium-seized
enterprise sector.  The bank was privatized in 1998 as a part of
the government's financial reform. The government remains the
largest shareholder, with around 48% controlling ownership at
June 2006.

Taiwan Business Bank currently commands a 3.64% market share of
deposits and has 125 branches around the island.  The bank holds
an 8.4% market share of domestic SME lending at June 2006.


TRIUMPHANT TONE: Shareholders Resolve to Wind-Up Operations
-----------------------------------------------------------
Shareholders of Triumphant Tone Company Ltd resolved on
September 15, 2006, to voluntary wind up its operations and
appoint Yiu Kwong Man as its liquidator.

The Liquidator can be reached at:

         Yiu Kwong Man
         Rooms 1501-3, Far East Consortium Building
         121 Des Voeux Road Central
         Hong Kong


VITEC ELECTRONICS: Liquidator Presents Wind-Up Report
-----------------------------------------------------
Vitec Electronics (H.K.) Co. Ltd will hold a final members'
meeting on October 23, 2006, 10:30 a.m., at the 32nd Floor, One
Pacific Place, 88 Queensway, Hong Kong.

At the meeting, Joint Liquidators Derek K.Y. Lai and Darach E.
Haughey will present a report regarding the Company's wind-up
and the manner its properties were disposed of.


WESONIC LIMITED: Wind-Up Bid Hearing Slated for October 25
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Wesonic Ltd on October 25, 2006, at 9:30 a.m.

Parmanand (H.K.) Ltd filed the petition with the Court on August
10, 2006.


WHOLE WIDER: Creditors Must Prove Debts by October 23
-----------------------------------------------------
Creditors of Whole Wider Ltd are required to submit their proofs
of claim by October 23, 2006 to Liquidators Chan Chi Bor and Li
Fat Chung, for them to share in any distribution the company
will make.

The Joint and Several Liquidators can be reached at:

         Chan Chi Bor
         Li Fat Chung
         Unit 1202, 12/F., Malaysia Building
         No. 50, Gloucester Road
         Wanchai, Hong Kong


* Chinese Aluminum Industry Shows Improvement, Fitch Says
---------------------------------------------------------
Fitch Ratings said on September 27, 2006, that the Chinese
aluminum industry saw substantial improvements in turnover and
profits in the first half of 2006.  The strong recovery in the
downstream smelting sector is expected to continue and benefit
the major players through 2006 and enter 2007.

Revenues and gross profits of the Chinese aluminum sector in the
first half of fiscal 2006 rose by 60.6% and 148.0% year-on-year,
respectively, according to the China National Development and
Reform Commission.

The strong domestic consumption of primary aluminum, which rose
to 4 million tonnes, represented an increase of 27.0% year-on-
year during the same period.  

"Looking ahead, the declining price for upstream Alumina
product, as well as the firm price for downstream primary
aluminum, will enlarge the pricing gap and transfer more profits
to downstream smelters." said Danny Chen, associate director
with Fitch's Corporate team in Beijing.

For instance, the vertically integrated producers like Aluminum
Corporation of China Limited -- rated 'A-' (A minus)/stable --,
which has been making efforts to expand its smelting capacity in
a difficult operating environment since 2004, is well placed to
take advantage of the upturn in the aluminum price cycle.  In
its 2006 interim report, Chalco announced that it will add
970,000 tonnes of primary aluminum production capacity on
stream, lifting its total capacity to around 2.5m tonnes,
accounting for about 22.7% of domestic market share.

It produced 780,000 tonnes of primary aluminum in H106,
representing a 67.8% increase year-on-year.  The company's
first-half operating profits from its primary aluminum business
surged eightfold to CNY1.6 billion, achieving some 15.6% of
total group profits in H106 compared with only 3.2% in H105.

The booming aluminum production in return supported the demand
for alumina which saw Chalco's sales volume of alumina increased
by 24.1% year-on-year to 4.3m tonnes, with the average price
inflating 23.5% year-on-year to CNY5,332/tonnes in H106.  In
view of this, Fitch anticipates Chalco's FY06 credit metrics
will be strengthened, with higher profitability enhancing its
debt service capacity and liquidity position.

Fitch notes, however, that the surge in Chinese domestic alumina
supply by 50.6% year-on-year to 5.9m tonnes in H106 is
attributable to new production capacities commencing production.  
As a result, Chalco's monopoly position in alumina may be
weakened going forward; the fall in China's alumina imports also
led to a decline in the international alumina price, which in
turn dragged down Chalco's domestic alumina price.

Even so, Fitch expects Chalco's increasing primary aluminum
exposure should provide downstream protection in the event that
alumina prices keep falling in the medium term, ensuring that
the company will be well placed in an environment of industry
consolidation.

While the industry overcapacity as well as the Chinese
government's austerity macro-control measures will continue to
exist for the foreseeable future, Fitch expects a relatively
favorable price environment should help to mitigate the risk of
over-supply, consequently enhancing the industry's capacity
utilization rate to about 81.8% in 2006 from the low point of
66.3% in 2003.


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

BANK OF BARODA: To Venture Into Life Insurance Business
-------------------------------------------------------
Bank of Baroda disclosed to the Bombay Stock Exchange that it
will branch out into life insurance business.

According to the Bank, its Board of Directors approved on
September 14, 2006, a proposal to initiate steps to venture out
into life insurance segment.  To that end, Bank of Baroda
intends to go into the new undertaking through a joint venture.

The Bank did not name any possible partners.

                      About Bank of Baroda

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

                         *     *      *

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

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


BHARAT PETROLEUM: Board Recommends 25% Dividend
-----------------------------------------------
The Board of Directors of Bharat Petroleum Corporation Ltd
recommended a dividend of 25% -- INR2.5 per fully paid up equity
share of INR10 each -- for the financial year 2005-2006 on the
enlarged paid up equity share capital of INR361.54 crore after
the company's merger with Kochi Refineries Ltd.

The Board arrived at the decision in a meeting held on
September 26, 2006.

                     About Bharat Petroleum

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

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

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

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

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


BHARTI AIRTEL: Inks US$1-Billion Expansion Deal with Ericsson
-------------------------------------------------------------
Bharti Airtel Ltd. revealed the signing of an estimated
US$1-billion network expansion contract with Ericsson.

Bharti Airtel sys that the contract will enable it to rapidly
expand its mobile services footprint further and reach out to
all towns and cities in 15 telecom circles in the country.  The
three-year service contract with Ericsson is towards the design,
planning, supply and installation commissioning of Airtel
networks in these circles.

Ericsson will also upgrade the network with mobile softswitch
(Media Gateway and MSC Servers), the solution that paves the way
to an all-IP network.  Bharti Airtel will be able to reduce the
operational costs and introduce new services in a cost-efficient
way.

The scope of the agreement extends to 15 Airtel circles of
Delhi, Haryana, Punjab, Himachal Pradesh, UP (West), Andhra
Pradesh, Tamil Nadu, Chennai, Karnataka, Kerala, Rajasthan, UP
(East), Jammu & Kashmir, Assam and North East.

Bharti Airtel President Manoj Kohli said, "At Bharti, it has
been our endeavor to find innovative business models to deliver
better customer experience.  Our partnership with Ericsson is
testament to this belief as it allows us to focus on delivering
better customer experience even as we leverage the world-class
expertise of our partners to roll out our networks across all
census towns by March 2007.  In addition, we are also sourcing
next generation products that will allow us to deliver
innovative products & services to our customers."

This partnership will enable Airtel to channel its resources and
expertise to its core areas of product innovation, value added
services, marketing, branding and pricing, while simultaneously
providing world class mobile services by leveraging Ericsson's
world class expertise in network management.

"Our partnership with Bharti Airtel resulted in the first
managed services contract in the industry.  Speed of roll-outs
plays an extremely important role in large expansions of this
nature.  Ericsson has demonstrated expertise in this area.  We
are honoured and pleased that Bharti Airtel has chosen to
partner with us to expand their footprint across India," said
Mats Granryd, Managing Director, Ericsson India.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.                          

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on September 21, 2005.


BHARTI AIRTEL: Insists Foreign Direct Investment Within Limit
-------------------------------------------------------------
In reference to certain reports in the media and related
enquiries, Bharti Airtel clarified that the Foreign Direct
Investment in the company is within the limit of 49%.  The
current FDI in Bharti Airtel stands at 47.92%.  The company has
also received approval for having a composite foreign holding up
to 74% as envisaged in Press Note 5.  Bharti's composite foreign
holding is currently at 73.70%.  Accordingly, Bharti is in
compliance with both the previous policy and the policy as
envisaged under Press Note 5.

Given that there are serious differences on the implementation
of the conditions provided under Press Note 5, Bharti Airtel
would like to appeal to the Government to have quick and
equitable resolution to the issue keeping in consideration the
necessity for having a level playing field amongst all the
industry players.  In the event such attempts fail, a suspension
or revocation of Press Note 5 may be the best option.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel's
long-term foreign currency issuer default rating at BB+.  The
outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on September 21, 2005.


BHARTI AIRTEL: Among BusinessWeek's Best Performing Asian Cos.
--------------------------------------------------------------
Bharti Airtel Ltd. has been ranked 13th among the best
performing Asian companies by the BusinessWeek Magazine in the
"The Asia BusinessWeek 50" list.  The Asia BusinessWeek 50 is an
annual ranking of Asia's best performing companies across all
sectors.

The others in the list include Reliance Industries (17), Infosys
(23), China Petroleum & Chemical (25), Yamaha Motor (45)
Mitsubishi Corp (53) and Posco (70).  The companies were ranked
using a combination of financial measures for earnings and sales
growth, plus return on assets and other benchmarks.  Companies
were evaluated over both one year and three year time frames.

Sunil Bharti Mittal, Chairman and Managing Director, Bharti
Airtel Limited said, "Getting featured among the Asia's best
companies is a proud moment for all of us.  This highlights our
relentless pursuit to create a world-class organization that
provides best in class services.  It has been made possible by
the committed efforts of the entire team at Bharti Airtel."

This is what BusinessWeek said about Bharti Airtel "The company
will spend $2 billion on network expansions and marketing to
reach underserved markets in rural areas.  That's serious money-
and a step toward Mittal's broader ambition "to be the most
admired brand in India by 2010."  Investors already like what
they see.  Bharti Airtel delivered 30% total shareholder returns
in 2005, and a head-turning 493% over the last three years."

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel's
long-term foreign currency issuer default rating at BB+.  The
outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit both a BB+
rating on September 21, 2005.


BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba2 Corporate
Family Rating for Bristow Group Inc.

Moody's also confirmed its Ba2 rating on the company's 6.125%
Senior Unsecured Guaranteed Global Notes Due 2013, and assigned
the debentures an LGD4 rating suggesting noteholders will
experience a 59% loss in the event of a default.  

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, Bristow Group Inc. --
http://www.bristowgroup.com/-- provides helicopter  
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in India, Australia, China, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.


BROADCOM CORP: Awaits ITC Ruling on Patent Complaint v. QUALCOMM  
----------------------------------------------------------------
Broadcom Corp. awaits the United States International Trade
Commission's initial determination for its complaint against
QUALCOMM Inc. for a three-patent infringement suit on wired and
wireless communications.

The hearings on the liability and remedy portions of this case
concluded in March and July 2006.

In May 2005, the company filed suit against QUALCOMM in the U.S.
International Trade Commission for unfair trade practices in
importing integrated circuits and other products that infringed
its patents.  The company sought an exclusion order to prevent
the importation of those products, and a cease and order to bar
further sales on products already imported.

In June 2005, the ITC began an investigation from the company's
allegations.  The ITC later limited its investigation to
asserted infringement of three patents.  In February 2006, the
administrative law judge allowed third parties to intervene and
contest the application of an exclusion order to downstream
products.

The company also filed suit in May 2005 against QUALCOMM in the
U.S. District Court for the Central District of California for
infringement of the asserted patents in the ITC action.  In this
complaint, the company seeks injunctive relief, damages and
attorneys' fees.

In December 2005, the Central District transferred causes of
action on two of the patents to the Southern District of
California.  This case is presently stayed pending the outcome
of the ITC's investigation.

                   About Broadcom Corporation

Broadcom Corporation -- http://www.broadcom.com/-- is a  
manufacturer of semiconductors for wired and wireless
communications.  The company provides manufacturers of computing
and networking equipment, digital entertainment and broadband
access products, and mobile devices with complete system-on-a-
chip and software solutions.  Its product portfolio includes
solutions for digital cable, satellite and Internet Protocol
(IP) set-top boxes and media servers; high definition television
(HDTV); high definition DVD players and personal video recording
(PVR) devices; cable and digital subscriber line (DSL) modems
and residential gateways; high-speed transmission and switching
for local, metropolitan, wide area and storage networking;
System I/ O server solutions; broadband network and security
processors; wireless and personal area networking; cellular and
terrestrial wireless communications, and voice over Internet
protocol (VoIP) gateway and telephony systems.

With corporate headquarters in Irvine, California, Broadcom has
over 40 offices in 15 countries worldwide, including India,
China, Singapore and Taiwan.


BROADCOM: QUALCOMM's Frequency-Modulation Suit Begins Trial 2007  
----------------------------------------------------------------
Discovery is ongoing for QUALCOMM Corp.'s suit against Broadcom
Corp. for trade secret misappropriation and patent infringement.
Trial is set to begin in October 2007.

QUALCOMM's asserted patent covers orthogonal frequency division
multiplexing, a form of digital frequency modulation.  The
company did not specify this patent in its latest quarterly
report with the United States Securities and Exchange
Commission.

In March 2006, QUALCOMM filed suit against the company in the
U.S. District Court for the Southern District of California.
QUALCOMM alleged that the company misappropriated its trade
secrets, and that certain of its products infringed QUALCOMM's
patent.  This complaint seeks preliminary and permanent
injunctions, and the recovery of monetary damages and attorneys'
fees.

In May 2006, the company answered and denied the complaint's
allegations.  The company also counterclaimed that QUALCOMM
infringed two of its patents on video technology.  The company's
counterclaim seeks preliminary and permanent injunctive relief,
damages and attorneys' fees.

In June and July 2006, QUALCOMM filed motions for preliminary
injunction and for leave to amend its complaint to add more
trade secret misappropriation allegations, and three individual
Company employees as defendants.  The company also filed a
motion in July 2006 to add a counterclaim for trade secret
misappropriation against QUALCOMM.  The Court has not ruled on
these motions.

                   About Broadcom Corporation

Broadcom Corporation -- http://www.broadcom.com/-- is a  
manufacturer of semiconductors for wired and wireless
communications.  The company provides manufacturers of computing
and networking equipment, digital entertainment and broadband
access products, and mobile devices with complete system-on-a-
chip and software solutions.  Its product portfolio includes
solutions for digital cable, satellite and Internet Protocol
(IP) set-top boxes and media servers; high definition television
(HDTV); high definition DVD players and personal video recording
(PVR) devices; cable and digital subscriber line (DSL) modems
and residential gateways; high-speed transmission and switching
for local, metropolitan, wide area and storage networking;
System I/ O server solutions; broadband network and security
processors; wireless and personal area networking; cellular and
terrestrial wireless communications, and voice over Internet
protocol (VoIP) gateway and telephony systems.

With corporate headquarters in Irvine, California, Broadcom has
over 40 offices in 15 countries worldwide, including India,
China, Singapore and Taiwan.


BROADCOM CORP: Markman Ruling for QUALCOMM's Video-Suit Pending  
---------------------------------------------------------------
Broadcom Corp. awaits the claims construction ruling for
QUALCOMM Corp.'s two-patent infringement suit on digital video
signal processing.  Trial is scheduled to begin in January 2007.

In the meantime, discovery is proceeding for this suit.  The
United States District Court for the Southern District of
California held the Markman hearing for this suit in March 2006.

The company did not specify QUALCOMM's patents in its latest
quarterly report with the U.S. Securities and Exchange
Commission.

In October 2005, QUALCOMM sued the company in the Court for
infringing its patents.  This complaint seeks preliminary and
permanent injunctions, as well as damages and attorneys' fees.
In December 2005, the company answered the complaint and denied
its allegations.  The company also counterclaimed for a
declaration of invalidity and non-infringement against
QUALCOMM's patents.

                   About Broadcom Corporation

Broadcom Corporation -- http://www.broadcom.com/-- is a  
manufacturer of semiconductors for wired and wireless
communications.  The company provides manufacturers of computing
and networking equipment, digital entertainment and broadband
access products, and mobile devices with complete system-on-a-
chip and software solutions.  Its product portfolio includes
solutions for digital cable, satellite and Internet Protocol
(IP) set-top boxes and media servers; high definition television
(HDTV); high definition DVD players and personal video recording
(PVR) devices; cable and digital subscriber line (DSL) modems
and residential gateways; high-speed transmission and switching
for local, metropolitan, wide area and storage networking;
System I/ O server solutions; broadband network and security
processors; wireless and personal area networking; cellular and
terrestrial wireless communications, and voice over Internet
protocol (VoIP) gateway and telephony systems.

With corporate headquarters in Irvine, California, Broadcom has
over 40 offices in 15 countries worldwide, including India,
China, Singapore and Taiwan.


EASTMAN KODAK: To Shut Down Part of New York Chemical Operation
---------------------------------------------------------------
Eastman Kodak Company committed to shut down a portion of the
Synthetic Chemicals Rochester, New York operation that produces
chemicals used in the manufacture of photographic products.

In conjunction with the action, the Company will incur
restructuring related charges totaling approximately
US$27 million, including employee termination benefits of
approximately US$7 million, building and plant equipment
accelerated depreciation and inventory write-offs of
approximately US$13 million, and other exit costs of
approximately US$7million.

The severance and other exit costs require the outlay of cash,
while the accelerated depreciation and inventory write-offs
represent non-cash charges.  The estimated restructuring related
charges exclude any pension plan settlement or curtailment gains
or losses that may be incurred.  The actions are expected to be
complete by Dec. 31, 2007.

The action is part of the Company's restructuring program.  The
Company expects to continue to consolidate its worldwide
operations in order to eliminate excess capacity.

                      About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in the Asia-Pacific region, including
in India, Japan, Korea, Malasia, New Zealand, Philippines,
Singapore, Taiwan and Thailand.

                          *     *     *

Moody's Investors Service placed Eastman Kodak Company on review
for possible downgrade.  Ratings under review include the
Company's B1 Corporate Family Rating; B2 Senior Unsecured
Rating; and Ba3 rating on the Senior Secured Credit Facilities.

Moody's review continues to focus on the company's potential
sale of the Kodak Health Group as well as the fundamental
operating performance of the company.

Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


EASTMAN KODAK: Signs Multi-Year Kiosk Contract with Wal-Mart
------------------------------------------------------------
Eastman Kodak Company has signed a new multi-year contract with
Wal-Mart for digital photo kiosk equipment and consumables.  The
deal will add 2,000 Kodak Picture Kiosks to 1,000 Wal-Mart
stores across the U.S.  Financial terms of the agreement were
not disclosed.

"This is proof that Kodak's digital innovation and understanding
of the consumer is a distinct competitive advantage," said Nicki
Zongrone, Kodak's Worldwide Kiosk General Manager and Vice
President, Consumer Digital Imaging Group.  "Wal-Mart recognized
the benefit of Kodak's modular, upgradeable and flexible kiosk
platform to help their business grow and provide consumers with
an easy way to get high quality digital prints in as little as
four seconds."

Kodak's new G4 Picture Kiosk platform represents an entirely new
category of high performing photo kiosks, with significant
improvements in speed, performance, reliability and styling.   
The G4 Picture Kiosk supports all popular digital media formats,
digital scanning, and wireless printing via BLUETOOTH and
infrared technologies.

Kodak has more than 80,000 units installed at retail locations
across the globe, which provide self-service lab quality prints
in seconds to millions of consumers.

                      About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in the Asia-Pacific region, including
in India, Japan, Korea, Malasia, New Zealand, Philippines,
Singapore, Taiwan and Thailand.

                          *     *     *

Moody's Investors Service placed Eastman Kodak Company on review
for possible downgrade.  Ratings under review include the
Company's B1 Corporate Family Rating; B2 Senior Unsecured
Rating; and Ba3 rating on the Senior Secured Credit Facilities.

Moody's review continues to focus on the company's potential
sale of the Kodak Health Group as well as the fundamental
operating performance of the company.

Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


GENERAL MOTORS: Asks for Billions in Nissan-Renault Tie Up Deal
---------------------------------------------------------------
General Motors Corp. has demanded a "multibillion-dollar"
contribution from Nissan Motor Co. and Renault SA in
consideration for its possible agreement to a three-way tie up
with the French and Japanese auto companies, believing it would
be the loser in the deal should the merger go ahead, Adam Sage
of The Times reports.  

Brian Akre, a GM spokesman, said in the report that the proposed
alliance would lead to "disproportionate synergies".

Contesting Mr. Akre's view, Renault-Nissan chairman Carlos Ghosn
told The Times that the deal would benefit all three companies
through overall savings of US$10 billion a year.

The source said Renault agreed to continue talks until the
middle of next month, the deadline set by both sides for a
decision.

Monica Langley and Joseph B. White at The Wall Street Journal
earlier reported that talks between the three automakers have
made little progress over the past three months because GM has
reportedly raised concerns over the benefits that it would be
realizing from the deal.  GM, Nissan and Renault had agreed to
conduct a 90-day study of the benefits of a possible alliance
after GM shareholder Kirk Kerkorian, who owns a 9.9% stake in
the company, broached the idea early this year.

Patrick Pelata, who heads the Renault-Nissan negotiation panel,
said in an interview with The New York Times that GM is
skeptical of the advantages touted by Renault and Nissan as a
result of a partnership because of its past experiences with
other auto companies.

                      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.


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."

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 India, Australia,
China, Hong Kong, 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.


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

BAKRIE SUMATERA: To Refinance US$63-Million Debt Via Bond Sale
--------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk may repay US$63 million in
debt using proceeds from its planned US$110-million bond sale
this month, Bloomberg News relates, citing a report from
Investor Daily Indonesia.

The remaining US$47 million in proceeds will be used to expand
the company's business, including the construction of a
biodiesel plant, Investor India cites Bakrie Sumatera
Business Development Director Iqbal Zainuddin as saying.

Bloomberg notes that Bakrie Sumatera plans to build a plant to
produce 100,000 metric tons a year of fatty acid methyl ester, a
diesel additive derived from crude palm oil.

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third-largest largest publicly traded
plantation company.  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.

As reported in the Troubled Company Reporter - Asia Pacific on
September 26, 2006, Moody's Investor Service has assigned a
provisional (P)B2 corporate family rating to Bakrie Sumatera
Plantations.  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.

Standard & Poor's Ratings Services assigned its 'B' corporate  
credit rating to Indonesia's PT Bakrie Sumatera Plantations Tbk.  
At the same time, Standard & Poor's assigned its 'B' issue
rating to the proposed US$110-million senior secured notes
issued by the company's wholly-owned subsidiary, BSP Finance
B.V.


DIRGANTARA INDONESIA: Signs IDR125-Bil. Contract with Military
--------------------------------------------------------------
PT Dirgantara Indonesia has signed three new contracts with the
Defense Ministry to supply one aircraft and three helicopters to
the Navy and Army, People's Daily Online relates.

According to The Jakarta Post newspaper, Dirgantara claimed that
the contracts were specifically for the supply of a NC212-200
aircraft, two NBO-105 helicopters and a NBELL-412 helicopter to
the Defense Ministry.

People's Daily says that all three contracts are worth an
aggregate of IDR125.4 billion (about US$13.6 million).

                   About Dirgantara Indonesia

Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia --
http://www.indonesian-aerospace.com/-- is one of the indigenous  
aerospace companies in Asia with core competence in aircraft
design, development and manufacture of civilian and military
regional commuter aircraft.  In its production line, Dirgantara
Indonesia has delivered more than 300 units of aircraft and
helicopters, defense system, aircraft components and other
services.

The company was not able to fully recover from the 1998 Asian
financial crisis, and has sought government help to turn its
business around.  It has urged the government to support the
industry by purchasing aircraft from PT DI, and is currently
marketing its products to neighboring countries in the region.

The Troubled Company Reporter - Asia Pacific reported on
September 13, 2006, that the Indonesian Government intends to
provide IDR40 billion in bailout funds to Dirgantara Indonesia.


INCO LTD: Board Recommends Shareholders Accept CVRD Proposal
------------------------------------------------------------
The Board of Directors of Inco Limited has recommended that Inco
shareholders tender their shares to the offer made by Companhia
Vale do Rio Doce to purchase all of the outstanding common
shares of Inco at a price of CDN$86 in cash per share.

"We are satisfied that the CVRD offer of CDN$86 per share
represents compelling value for our shareholders," said Chairman
and CEO Scott Hand.  "CVRD is the third company that has made an
offer for Inco, and those companies have announced a total of
six bids between them since early May.  We believe this process
has brought about a very positive outcome for Inco shareholders,
and we recommend that they tender to the CVRD offer."

In addition to the value of the CVRD offer, Inco's Board and
management believe that CVRD represents an attractive partner
for Inco.  "We have great respect for the quality of their
management team and for what they have accomplished as a
company," Mr. Hand added.

"Assuming CVRD is successful in their acquisition, we plan to
assist them in every way we can to ensure the smoothest possible
integration of our two companies, and a successful transition to
create a new world leader in mining and metals," he said.

CVRD has obtained its required regulatory clearances from the
Canadian Competition Bureau and the United States competition
authorities but it has yet to obtain clearances from the
European Commission and Investment Canada.

                           About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining  
and logistics businesses.  It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                         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.


INDOSAT: Gets Government Okey to Start Offering 3G Services
-----------------------------------------------------------
PT Indosat Tbk, said that it has received the Government's
approval to start offering high-speed wireless services,
Bloomberg News reports.

According to Bloomberg's Berni Moestafa, Indosat has completed a
trial-run for its third generation services in Jakarta to secure
approval for introducing them in the capital.

Indosat stated that it expects to introduce the 3G services by
the end of this year in Jakarta and Surabaya.

Bloomberg explains that with 3G technology, users can surf the
Internet faster and make video calls through their cellular
phones.

Indosat plans to join rivals PT Telekomunikasi Selular and
PT Excelcomindo Pratama, which started offering 3G services this
month.  The companies are betting on high demand for fast data
transfer after they paid in February a combined IDR1.13 trillion
(US$122 million) for 3G licenses.

                         About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully  
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company is a provider of international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point  
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.  

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,  
2006, that Moody's Investors Service has affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by
Indosat.  The outlooks for the ratings remain positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


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

AVIALL INC: Moody's Withdraws Corporate Family Rating's Ba3
-----------------------------------------------------------
Moody's Investors Service has withdrawn all ratings assigned to
Aviall, Inc.  The acquisition of Aviall by The Boeing Company
was completed on September 21, 2006, and as part of that
transaction the substantial majority of Aviall's outstanding
rated notes were repaid under the terms of a tender offer.  As a
wholly owned subsidiary of Boeing, Aviall will no longer provide
independent financial information.  The rating has been
withdrawn because Moody's believes it lacks adequate information
to maintain a rating on any remaining untendered notes.

Outlook Actions:

   * Issuer: Aviall, Inc.

     -- Outlook, Changed To Rating Withdrawn From Rating Under
        Review

Withdrawals:

   * Issuer: Aviall, Inc.

     -- Corporate Family Rating, Withdrawn, previously rated Ba2

     -- Senior Unsecured Regular Bond/Debenture, Withdrawn,
        previously rated Ba3

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.


DOLE FOOD: 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 Consumer Products, Beverage,
Toy, Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba3 Corporate Family Rating for Dole Food Company, Inc.

Additionally, Moody's revised or confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:

   Issuer: Dole Food Company, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan B Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%

Gtd. Global Notes
Due 2010                  B3       B3      LGD5       77%

Global Notes Due 2009     B3       B3      LGD5       77%

Gtd. Global Bonds
Due 2011                  B3       B3      LGD5       77%

Debentures Due 2013       B3       B3      LGD5       77%

   Issuer: Solvest Ltd.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan C Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Solvest, Ltd., is a wholly owned subsidiary of Dole Food
Company, Inc.

Westlake Village, Calif.-based Dole Food Company, Inc. --
http://www.dole.com/-- is the world's largest producer and  
marketer of high-quality fresh fruit, fresh vegetables, and
fresh-cut flowers based on revenues.  Dole markets a growing
line of packaged and frozen foods and is a produce industry
leader in nutrition education and research.  Dole has three
canneries in Asia: two in Thailand and one in the
Philippines.


SANYO ELECTRIC: Fitch Assigns 'BB+' Issue Default Ratings
---------------------------------------------------------
Fitch Ratings has assigned 'BB+' Long-term foreign and local
currency Issuer Default ratings to Sanyo Electric Co., Ltd.  The
Outlook on the ratings is Stable.  Fitch has also assigned a
senior unsecured rating of 'BB+' to Sanyo's outstanding bonds.
The ratings reflect Sanyo's recent history of deteriorating
operating performance and weakening market position in major
consumer electronics products.

Fitch notes that the company is restructuring its operations and
its financial flexibility has relatively improved due to new
capital injection in March 2006.  Fitch acknowledges Sanyo's
leading position in the global rechargeable battery market and
several other products, but believes that Sanyo still faces many
challenges as it attempts to restore its overall
competitiveness.

Sanyo reported large losses in the fiscal year ended March 2005
and FYE06.  The Niigata Chuetsu Earthquake in October 2004
caused serious damage to its semiconductor operation and various
restructuring charges contributed to the losses.  However, Fitch
views that Sanyo's weak operating performance is a result of
more fundamental issues.  This includes the company selling a
wide range of product lines rather than focusing on selective
products, its high cost structure relative to its peers and
delays in shifting to new digital products such as flat-panel
TVs.  In Fitch's opinion, cooperation and synergies in each
Sanyo division do not appear to be near optimal.

Nevertheless, the agency notes that Sanyo's financial
flexibility has relatively improved as a result of new capital
infusion by three financial institutions (Sumitomo Mitsui
Banking Corp., Daiwa Securities SMBC Co., and Goldman Sachs
Group Inc.) in March 2006.  Fitch also notes that the company is
beginning to focus on core products where it has strengths and
to streamline businesses that require structural reforms.  The
agency expects Sanyo's more focused strategy to drive
improvements in its operating performance and the reduction in
capital investments in its semiconductor business is also
expected to alleviate its financial burden.  However, Fitch also
recognizes that it will be challenging for Sanyo to regain its
competitiveness against stronger, integrated competitors that
are manufacturing their key components in-house, and have
advanced technologies as well as solid financial flexibility.  
In this regard, Sanyo's management needs to articulate its
strategic direction and to show how it intends to manage the
intensifying competition.

Sanyo's net debt decreased to JPY275.8 billion at FYE06 from
JPY922.8 billion at FYE05 as a result of the capital infusion
and deconsolidation of Sanyo Electric Credit Co., Ltd.  Net
debt/equity improved to 0.7x from 3.2x over the same period.
Sanyo's debt structure is adequately balanced and the company
has relatively good liquidity with JPY562.3 billion in cash and
cash equivalents at FYE06 compared with current debt of
JPY338.7 billion.

Fitch views Sanyo's successful achievement of its mid-term plan,
improved profitability, cash flows and balance sheet, and
recovery of its market positions in major consumer electronics
products as potentially credit positive.  However, negative
rating triggers include continuing weak profitability and cash
flows, loss of its leading position in its core products,
especially in the area of rechargeable batteries, and the
termination of support from the three major financial
institutions.

Sanyo Electric Co., Ltd. is a major Japanese consumer
electronics manufacturer.  For FYE06, the company recorded sales
of JPY2.484 trillion, an operating loss of JPY17.2 billion and a
net loss of JPY205.7 billion.  The company has three business
segments: consumer, commercial, and components.


SOFTBANK CORP: To Issue EUR500 Million High-Yield Bonds
-------------------------------------------------------
Softbank Corp. revealed plans to issue about EUR500 million, or
about JPY74.2 billion, of seven-year straight bonds due 2013,
Dow Jones Newswires says.

According to Dow Jones, the proceeds of the bond issue will be
used partly to pay down short-term loans.

Easy Bourse relates that Deutsche Bank AG London is lead
managing the bond sale, which will be listed on the Luxembourg
Stock Exchange.

The report notes that roadshow for the bond issue started
yesterday in Europe, with plans for investor meetings in Paris,
France, and Frankfurt, Germany, according to Deutsche Bank.
Pricing is expected in the middle of next week.

Details of the bond issue, such as a coupon on the bonds and the
payment and maturity dates, haven't been set yet, Softbank
officials said.

                       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.


SOFTBANK CORP: May Face Delay and More Costs on Refinancing
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 27, 2006, Softbank Corporation plans a major issue of new
bonds backed by Vodafone KK assets to cover a short-term loan
that Softbank obtained to acquire Vodafone.

The TCR-AP report, citing Reuters, stated that Softbank aims to
generate JPY1.45 trillion, or US$12.46 billion, by securitizing
its Vodafone operations by the end of this month.

In an update, Bloomberg News cites bankers involved in the
transaction as saying that Softbank may fail to refinance the
JPY1.28-trillion (US$11-billion) loan at its Japan mobile-phone
unit by the end of this month, increasing interest costs.

Patricia Kuo of Bloomberg writes that, according to the bankers,
negotiations to borrow the JPY1.45 trillion, backed by revenue
from mobile-phone subscribers, may take three more weeks.

Bloomberg notes that Softbank agreed to pay higher interest on
the one-year loan it used to buy Vodafone Group Plc's Japan unit
in April 2006, unless longer-term funding was in place by the
end of September.  Softbank paid a total of JPY1.8 trillion for
Vodafone KK.

Interest costs for the JPY1.28-trillion loan will rise in two
increments from October if no agreement with lenders is reached
by the end of September month, the bankers told Bloomberg,
without providing details.

According to the report, Softbank's founder, Masayoshi Son,
needs to refinance the loan so he can focus on raising the
company's 16% share of Japan's US$76-billion wireless market.
Shares in Softbank fell almost 30% since the Vodafone takeover
was announced on concern larger rivals NTT DoCoMo Inc. and KDDI
Corp. will grab customers when users can switch carriers without
changing their cell numbers starting next month.

Softbank is at the final stage of negotiations on refinancing
and expects to come up with an agreement "as soon as possible,"
the company disclosed in a statement.

                       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
=========

BIOVEST INT'L: Equity Deficit Raises to US$12.7MM in Third Qtr.
---------------------------------------------------------------
BioVest International, Inc., reported a US$4.1-million net loss
on US$2 million of net revenues for the three months ended
June 30, 2006, compared to a US$2.5-million net loss on
US$1.4 million of revenues in 2005, the company disclosed in its
third quarter financial statements on Form-10QSB filed with the
United States Securities and Exchange Commission.

At June 30, 2006, the company's balance sheet showed
US$10.8 million in total assets and US$23.6 million in total
liabilities, resulting in a US$12.7 million stockholders'
deficit.  The company's equity deficit stood at
US$5.1 million as of Sept. 30, 2005.

The company's June 30 balance sheet also showed strained
liquidity with US$6.5 million in total current assets available
to pay US$11.3 million in total current liabilities coming due
within the next 12 months.

                      New Market Tax Credits

On April 26, 2006, the company, through its wholly owned
subsidiary, Biovax, Inc., closed a financing transaction that
was structured in an effort to obtain certain perceived
advantages and enhancements from the New Market Tax Credit
regulations adopted under the auspices of the United States
Department of the Treasury in 2002 to provide incentive for
investing in businesses located in "qualifying census tracts,"
or areas with a median income below the poverty line.  In the
Transaction, Biovax entered into a Convertible Loan Agreement
where Telesis CDE purchased from Biovax a Subordinated
Convertible Promissory Note dated as of April 25, 2006, in the
principal amount of US$11.5 million.  The CDE Loan has a
maturity date of Oct. 27, 2013.  The following parties were
involved in the Transaction: Biovax, Accentia
Biopharmaceuticals, Inc., the company's majority shareholder,
Biolender, LLC, Telesis CDE Two, LLC, Telesis CDE Corporation,
Biovax Investment LLC, U.S. Bancorp Community Investment
Corporation, First Bank and Laurus Master Fund, Ltd.

Under an Asset Purchase Agreement dated as of April 18, 2006,
the company transferred all or substantially all of the assets
of its vaccine manufacturing business situated at 377 Plantation
Street, in Worchester, Massachusetts, and the company's rights
under that lease agreement for the Plant and that letter of
intent with the landlord to potentially lease additional space
adjacent to the Plant to Biovax.  As full purchase price for the
Equipment, Biovax paid the company US$1.5 million and assumed
certain liabilities, including a portion of a demand note
payable to Accentia.  In addition, Biovax advanced rental
payments for the Leasehold in the amount of US$4.5 million.  
Under the Asset Purchase Agreement, the company is required to
treat the advance as unrestricted and non-segregated funds
provided that we shall use the funds to make all required lease
payments.  Finally, Biovax also hired all of the company's
employees that are related to the vaccine manufacturing business
and assumed responsibility for all accrued vacation time and
maintenance of existing health and other benefits.

A full-text copy of the company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1258

                        Going Concern Doubt

Aidman Piser & Co., PA, expressed substantial doubt about
BioVest's ability to continue as a going concern after it
audited the company's financial statements for the fiscal years
ended Sept. 30, 2005, and 2004.  The auditing firm pointed to
the company's significant losses and working capital deficit at
Sept. 30, 2005.

BioVest International, Inc. -- http://www.biovest.com/-- is a     
biotechnology company that provides cell culture services to
research institutions and the biopharmaceutical industry.  
BioVest also develops, manufactures and markets cell culture
systems.  For over 10 years the company has been designated, by
the National Institutes of Health, as the National Cell Culture
Center.  Through its proprietary technology, BioVest provides
cell culture services to research institutions, biotechnology
companies and the pharmaceutical industry.  The company is the
holder of a Cooperative Research and Development Agreement with
the National Cancer Institute for the commercialization of a
personalized biologic therapeutic cancer vaccine for the
treatment of non-Hodgkin's lymphoma currently in its phase III
pivotal trial.

The company has sales offices in Korea, China, Europe, Japan,
Singapore, and Taiwan.


HANAROTELECOM: To Hold Shareholders Meeting on Nov. 16
------------------------------------------------------
hanarotelecom Inc. will convene an extraordinary general
shareholders meeting on November 16, 2006, according to the
Company's regulatory filing in the United States Securities and
Exchange Commission.

The agenda of the shareholders meeting include the appointment
of the Company's director, an outside director, and another
outside director that will be nominated as audit committee
member.

To confirm the shareholders who are eligible to exercise their
voting rights at the November 16 meeting, the Company will close
its shareholder register from October 13 to October 23, 2006.  
The Record Date is set on October 12.

The Company's Board named two AIG Executives as candidates for
the director position:

   -- David Yeung, currently president and CEO if AIG Capital
      Partners; and

   -- Wilfred Kaffenberger, currently CEO of AIG Asian
      Infrastructure Fund II LP.

For the outside director spot, Paul Chen, currently managing
director of Newbridge Capital, is a candidate for reappointment.

The Board has two candidates for reappointment to the outside
director -- to be nominated as Audit Committee Member --
position:

   -- Sung-Kyu Park, presently a member of the KICS; and
   -- Sun-Woo Kim, current director of Okedongmu.

                    About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


HYUNDAI ENGINEERING: To Swap Debt with 1.2 Million Shares
---------------------------------------------------------
Hyundai Engineering & Construction Company Limited will issue
1.2 million shares to three insurance companies as part of a
debt-to-equity swap agreement:

   1. Meritz & Insurance Co.;
   2. First Fire & Marine Insurance Co.; and
   3. Kyobo Life Insurance Co.

Bloomberg News cites a Hyundai regulatory filing as stating that
the shares, which will substitute for the Company's liabilities
to the Insurers, is valued at KRW54.3 billion (US$58 million) or
KRW45,250 per share.

                    About Hyundai Engineering  

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

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

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

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


HYNIX SEMICONDUCTOR: Issues US$471-Bil. Bonds to Fund Expansion
---------------------------------------------------------------
Hynix Semiconductor Inc. reportedly sold US$471 million in five-
year convertible bonds on September 26, 2006.

According to Bloomberg News, Hynix Semiconductor will use the
funds to finance capacity expansion and keep up with rivals.

The bonds, maturing on September 29, 2011, will have a semi-
annual yield of 3.375% and a two-year put option, Reuters
relates, citing sources close to the deal.

Upon maturity, the zero-coupon bonds could be converted into
9.4 million shares in Hynix at KRW47,060 per share, the reports
say.

Merril Lynch, Credit Suisse, Deutsche Bank and Woori Investment
and Securities Co. arranged the transaction.

As reported by the Troubled Company Reporter - Asia Pacific on
August 16, 2006, Hynix recently raised US$750 million in
syndicated loans to fund a new production line.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.      
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


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

MENTIGA CORPORATION: Completes Restructuring & Resumes Trading
--------------------------------------------------------------
Mentiga Corporation Berhad's restructuring exercise comprise
these proposals:

  (i) revaluation of the Property Assets of Mentiga and its
      subsidiaries;

(ii) debt settlement via the issuance of 12,500,000 new
      ordinary shares at an issue price of MYR1.00 per share to
      Amanah Saham Pahang Berhad, a major shareholder, as
      settlement to the amount owed by the Company to ASPA which
      amounted to MYR12,500,000;

(iii) restricted issue of 20,000,000 new redeemable convertible
      preference shares of MYR1.00 each at an issue price of
      MYR1.00 per RCPS to ASPA.

(iv) Disposal of 18,900 ordinary shares of by Selat Bersatu Sdn
      Bhd in PT Rebinmas Jaya "PTRJ" representing an entire 90%
      equity interest in PTRJ to Delloyd Plantation Sdn Bhd and
      Taipan Hectares Sdn Bhd, for a cash consideration of
      MYR61,200,000.

Upon the completion of the Restructuring Exercise, Mentiga has
regularized its financial condition and no longer triggers any
of the criteria under Paragraph 2.0 of Practice Note 4/2001.

Accordingly, the trade restriction of full payment before
purchase on the shares of Mentiga will be uplifted and the
trading of Mentiga's ordinary shares of MYR1.00 each will resume
on September 28, 2006, Thursday, at 9.00 a.m.

Moreover, Mentiga's additional new ordinary shares of MYR1.00
will arise from:

-- 12,500,000 new ordinary shares of MYR1.00 each issued
   pursuant to the Debt Settlement; and

-- 10,000,000 new ordinary shares of MYR1.00 each issued
   pursuant to the conversion of 10,000,000 RCPS.

The reference price for Mentiga's ordinary shares is MYR.22 and
the trading limit will be +- MYR.30 per session.

                    About Mentiga Corp.

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.

In 2003, the Company proposed to undertake a debt-restructuring
program to settle its debt with creditors.  The Group has
submitted a revised comprehensive proposal to the Securities
Commission on March 16, 2005, to regularize its financial
condition and to restore the Group's shareholders' fund from
being in a deficit position in order to remove Mentiga from
being classified as a Practice Note 4 company.

As of June 30, 2006, Mentiga has total assets of MYR85,632,000
and total liabilities of MYR156,970,000, resulting into a
stockholders' deficit of MYR71,338,000.


PAN MALAYSIA: Buys Back 15,000 Ordinary Shares for MYR4,182
-----------------------------------------------------------
Pan Malaysia Corporation Berhad bought back 15,000 ordinary
shares of MYR0.50 each for MYR4,181.62 on September 26, 2006.

The minimum price paid for each share purchased was MYR0.275 and
the maximum was MYR0.280.

After the purchase, the cumulative outstanding treasury shares
reached 59,866,400.

               About Pan Malaysia Corporation

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

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


TECHVENTURE BHD: Asks Court to Extend Restraining Order
-------------------------------------------------------
Techventure Bhd revealed that it is still working on its
proposed debt-restructuring scheme with its financial
institution lenders.

On September 22, 2006, Techventure and six of its subsidiaries
filed an application with the High Court of Kuala Lumpur seeking
for an extension of the restraining order granted on March 23,
2006, for another 180 days.  The High Court of Kuala Lumpur is
scheduled to hear the application on November 15, 2006.

                    About Techventure Bhd

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

In June 2003, the Company proposed a debt-restructuring program
to its financial institution lenders to avoid liquidation.  In
May 2006, the Company was categorized under the Amended Practice
Note 17 category of the Bursa Malaysia Securities Berhad's
Listing Requirements.  As an affected listed issuer, the Company
is required to regularize its financial condition or risk being
delisted from the Official List of Companies.


TENCO BERHAD: Shareholders Approve Ordinary Resolutions
-------------------------------------------------------
The shareholders of Tenco Berhad have approved all the ordinary
resolutions passed at their 22nd annual general meeting held on
September 26, 2006.

The approved ordinary resolutions are:

     -- to receive the Audited Financial Statements for the
        year ended March 31, 2006, and the related reports of
        the directors and auditors;

     -- to re-elect as directors

          * Lee Ahn Chien @ Lee Ow Kim;
          * Kwan Swee Keong; and
          * Wong Keng Shin;

     -- to reappoint Tai, Yapp & Co as auditors and to authorize
        the board of directors to fix the auditors'
        remuneration;

     -- to approve the payment of directors' fees of MYR30,000
        for the financial year ended March 31, 2006;

     -- to empower the directors to issue shares in the company
        as they deem fit provided that the aggregate number of
        shares issued does not exceed 10% of the issued capital
        of the company; and

     -- to transact any other business of which due notice will
        have been given.

                       About Tenco Berhad

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.
The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.  Tenco is required to submit its financial
regularization plan to relevant authorities not later than
January 8, 2007.


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

DEL MONTE CORP: 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. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba3 Corporate Family Rating for Del Monte Corporation.

Additionally, Moody's revised or confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:


                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Revolving Credit
Facility Due 2011         Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan A Due 2011      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%



Gtd. Sr. Sub. Global
Notes Due 2012            B2       B2      LGD5       83%

Gtd. Sr. Sub. Global
Notes Due 2015            B2       B2      LGD5       83%

Moody's 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 its 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% - 9%)
to LGD6 (loss anticipated to be 90% - 100%).

Del Monte Corporation is a wholly owned subsidiary of Del Monte
Foods Company.

Del Monte Foods Company (NYSE: DLM) -- http://www.delmonte.com/
-- produces, distributes and markets food and pet products for
the U.S. retail market.  A portfolio of brands include Del
Monte(R), Contadina(R), StarKist(R), S&W(R), Nature's
Goodness(TM), College Inn(R), 9Lives(R), Kibbles 'n Bits(R),
Pup-Peroni(R), Snausages(R), Pounce(R) and Meaty Bone(R).

Del Monte has Asian presence in the Philippines and India.


NATIONAL POWER: AIG Interested in Philippine Power Assets
---------------------------------------------------------
The head of American International Group Inc.'s Philippine unit,
Jose L. Cuisia, Jr., said that the company is looking at the
Philippines power assets being sold by National Power Corp.,
Malaya News reports, citing Reuters.

The report cites Mr. Cuisia as telling reporters that AIG may
also look at the privatization of the Philippine power grid.
Mr. Cuisia, however, notes that AIG has not yet decided which
area "we could come in or have direct equity."

Reuters recounts that besides the power grid, the Philippines is
also selling dozens of power plants owned by National Power as
part of a broader fiscal reform.

Malaya reveals that unlisted Philippine Investment Management
Inc., through its Trans-Asia Power Generation Corp. unit, is
also interested in some of National Power's power plants.

According to Reuters, PHINMA President Ramon del Rosario Jr.
said that his group is keen to bid for two coal-fired power
plants -- the 600 MW Calaca plant in Batangas and the 600 MW
Masinloc plant in Zambales, both on Luzon island.

                      About National Power

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a PHP16-
million profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.


VITARICH CORP: Receives Takeover and Funding Offers
---------------------------------------------------
Vitarich Corp. disclosed that it has received offers from two
companies to take control of and provide financial support to
the debt-laden poultry and feed concern, Manila Bulletin
reports.

Vitarich disclosed to the Philippine Stock Exchange that a local
feed milling firm offered to acquire PHP3.2-billion worth of
debt notes in exchange for a controlling equity stake.

A foreign feed miller has also proposed a management takeover of
Vitarich, Manila Bulletin adds.

Vitarich did not reveal the identities of the interested
parties, but noted that both companies are financially stable
and are able to help the company conclude its 15-year debt-
restructuring plan ahead of schedule, Manila Bulletin relates.

However, Vitarich said it must first reach an agreement on the
company's valuation before opening talks with a potential
suitor, the paper says.

                         About Vitarich

Vitarich Corporation -- Http://www.vitarich.com/ -- is among the
leading integrated producers and wholesalers of poultry and
animal feed products in the Philippines.  The Company also
develops, produces and sells animal health products.  It is
dedicated to the poultry and feeds industry, committing all of
its resources to the production of poultry products, including
upstream production activities such as feed milling, and
additional ventures where the company's knowledge of the poultry
and feeds production process provides it with competitive
advantage.

In 1988, the Company entered into a joint venture agreement with
Cobb-Vantress, Inc. and formed Breeder Master Inc., (formerly
Phil-American Poultry Breeders, Inc.) to engage in the
production of day-old parent stocks.  Cobb-Vantress is 100%
owned by Tyson Foods, Inc, the worlds largest chicken company.  
BMI is 80% owned by Vitarich and 20% owned by Cobb-Vantress.

Despite the Company's expansion into other areas, its core
business remains rooted in poultry.  As of end-2001,
contribution to gross sales of the Company's business groups was
-- foods 62%, feeds 30%, and farms 8%.

VITA is presently engaged in the manufacture and distribution of
various poultry products like chicken, animal and aqua feeds,
and day-old chicks, among others.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that after auditing Vitarich's 2005 annual
report, Punongbayan & Araullo raised substantial doubt the
Company's ability to continue as a going concern, due to
significant losses for the past three years, including net
losses worth PHP249.3 million in 2005 and PHP291.2 million in
2004, resulting in significant deficit amounting to PHP1.8
billion as of Dec. 31, 2005.

The TCR-AP reported that Vitarich disclosed to the Philippine
Stock Exchange that after the Company's annual stockholders'
meeting held on June 30, 2006, the company planned to reduce
losses by 50% to around PHP125 million in 2006 by continuously
shifting the focus to hog and aqua from chicken and poultry
feeds -- to break even.

As at December 31, 2005, and 2004, the Company holds 100%
interests in Philippines' Favorite Chicken, Inc., and Gromax,
Inc., both domestic corporations, the TCR-AP noted.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
September 19, 2006, that Vitarich Corporation has filed a
petition for corporate rehabilitation with the Regional Trial
Court of Malolos City, Bulacan.


ZEUS HOLDINGS: Annual Stockholders Meeting Set for Nov. 20, 2006
----------------------------------------------------------------
The Board of Directors of Zeus Holdings, Inc.'s annual
stockholders' meeting is set for November 20, 2006, at 3:30
p.m., 21/F Lepanto Building, 8747 Paseo de Roxas, in Makati
City.

The record date for stockholders entitled to vote at the meeting
is on October 10, 2006.  Validation of proxies has been set on
November 15, 2006.

                      About Zeus Holdings

Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business.  After 15 years, the Company
diversified into other businesses and closed its garment
operations.  It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company.  Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.

The Company has not declared any cash dividend for the last two
fiscal years.

                          *     *     *

As reported in the Toubled Company Reporter - Asia Pacific on
June 6, 2006, Lilian Linsangan, of Punongbayan & Araullo,
expressed substantial doubt about Zeus Holdings, Inc.'s ability
to continue as a going concern after auditing the Company's
financials for the year ended December 31, 2005.  The going
concern doubt is due to the Company's capital deficiency
resulting from losses incurred in prior years and the absence of
any investing and operating activity.

The TCR-AP also reported that Zeus Holdings' total assets as of
June 30, 2006, was PHP161,764, while total liabilities was
PHP1,216,079, resulting to an equity deficit of PHP1,054,315.  
This deficit was higher than the PHP784,487 equity deficit as of
December 31, 2005.


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

DAILY EXPRESS: Commences Wind-Up Proceedings
--------------------------------------------
On September 15, 2006, Orix Leasing Singapore Limited has filed
an application to wind up Daily Express Distribution & Shipping
Pte Ltd

In this regard, creditors are required to submit their proofs of
debt to Liquidator Lim Lian Soon for them to share in any
distribution the company will make.

The Liquidators can be reached at:

         Lim Lian Soon
         Lee Yeok Chai & Co
         371 Beach Road
         #07-01/02 KeyPoint
         Singapore 199597
         M/S Asialegal Llc


PACIFIC CENTURY: Richard Li Bids to Take Over Company
-----------------------------------------------------
Pacific Century Group has offered to take over the remaining
shares in Richard Li's remaining shares in Pacific Century
Regional Development.

Forbes reports that the new offer came after TPG Newbridge, a
United States private equity firm agreed with Pacific Century
Group to drop its own bid for PCRD.

However, the minority shareholders of PCRD will still receive
SGD0.305 a share -- the same price offered by TPG Newbridge.

TPG Newbridge will receive compensation in an undisclosed form
from companies controlled by Mr. Li.

PCRD said it would hold a shareholders meeting at the end of
November to vote on Pacific Century Group's offer.

According to Asiaone, the issue was launched in January when TPG
Newbridge offered 27 cents for each Pacific Century share and
raised it later to 30.5 cents.  In this regard, the
shareholders' meeting in June to vote on the offer was abruptly
postponed.

Moreover, PCCW had received bids for its telecoms and media
assets from Macquarie Bank and TPG Newbridge but rejected both
offers, which was apparently due to China Netcom's objections --
PCCW's other key investor.

The issue of Pacific Century's stake in PCCW then arose.

Asiaone cited that Pacific Century will sell its PCCW stake to
Mr. Leung instead which made the investors outraged, and accused
Mr. Li of disturbing the PCCW sale.

Investors were outraged, and accused Mr. Li, who owns 75% of
Pacific Century, of trying to ram through the PCCW sale.

Other shareholders were concerned about the firm's credit risk
associated with letting Mr. Leung pay by installments over two
years.

An attempt to untangle the mess came in late July. Pacific
Century declared that a vote must first be held on TPG
Newbridge's bid.

                           About PCRD

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India. The group's principal activities include the provision of
international, local and mobile telecommunications services.  
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.


PACIFIC CENTURY: Lays Out Proposed Scheme of Arrangement
--------------------------------------------------------
Pacific Century Regional Developments Limited refers to the
proposed acquisition through a scheme of arrangement by TPG
Century Ltd. and Newbridge Century Ltd.

In an update, PCRD, TPG Century, Newbridge Century and Pacific
Century Group have entered into a second supplemental agreement
relating to the Implementation Agreement on September 26, 2006.

Under the Second Supplemental Agreement, Pacific Century Group
has agreed to perform the obligations of TPG Century and
Newbridge Century under the Implementation Agreement in place of
TPG Century and Newbridge Century which will take effect from
September 30, 2006.

Accordingly, Pacific Century has agreed to discharge TPG Century
and Newbridge Century from their respective obligations under
the Implementation Agreement, which will take effect from
September 30, 2006.

The Implementation Agreement is subject to:

   -- Pacific Century Group crediting a sum agreed between the
      parties into the bank account of the solicitors of
      Newbridge Century and TPG Century, to be held by the
      solicitors pending:

      * the Court's grant of order in re-convening a court
        meeting of Scheme Shareholders  to consider, and if
        thought fit, approve, with or without modification, the
        Scheme as amended by the Second Supplemental Agreement;
        or  

      * PCG will direct the solicitors to release the
        relevant payment to TPG Century and Newbridge Century;

   -- if Pacific Century fails to obtain the Amendment Order by
      September 30, 2006, and PCG has not previously directed
      the Solicitors to release and pay the relevant payment to
      TPG Century and Newbridge Century, the relevant payment
      shall be refunded in full to Pacific Century Group within
      October 3, 2006, and clear all withholdings and
      deductions;

   -- Pacific Century Group assuming the obligations of
      Newbridge Century and TPG Century to let the acquisition
      take effect and Pacific Century shall release and
      discharge TPG Century and Newbridge Century from their
      obligations upon the release of the relevant payment and
      paid to Newbridge Century and TPG Century; and

   -- Pacific Century Group keeping the personnel of TPG Century
      and Newbridge Century fully and indemnified against any
      losses and damages that they will incur or suffer in
      connection with the Implementation Agreement and the
      Scheme that will take effect on September 30, 2006.

If the Scheme Shareholders approve the Amended Scheme at the
Court Meeting, which will be held on the second week of
November, they will no longer be Shareholders of the Pacific
Century and the Company will be privatized after the Effective
Date.

                           About PCRD

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India. The group's principal activities include the provision of
international, local and mobile telecommunications services.  
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.


QUINTILES TRANSNATIONAL: Moody's Confirms B1 Family Rating
----------------------------------------------------------
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 pharmaceutical sector this
week, the rating agency confirmed its B1 Corporate Family Rating
for Quintiles Transnational Corp.  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
   ----------           -------  -------  ------   ----------
   US$1 Billion
   First Lien Term
   Loan                   B1       B1      LGD3       44%

   US$225 Million
   First Lien
   Revolving Credit
   Facility               B1       B1      LGD3       44%

   US$220 Million
   Second Lien Term
   Loan                   B3       B2      LGD5       72%

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 near Research Triangle Park, North Carolina,
Quintiles Transnational Corp. -- http://www.quintiles.com/--  
helps improve healthcare worldwide by providing a broad range of
professional services, information and partnering solutions to
the pharmaceutical, biotechnology and healthcare industries.

The company has a regional office in Singapore Science Park,
Singapore, and affiliates in Australia, China, and Philippines.


REGAL MARINE: Creditors to Meet on October 9
--------------------------------------------
The creditors of Regal Marine Pte Ltd will meet on October 9,
2006, at 4:00 p.m.

At the meeting, the creditors will be asked to:

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

   -- to approve the remuneration of the liquidators and
     disbursements;

   -- discuss other  matters.

The liquidator can be reached at:

         Ramasamy Subramaniam Iyer
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SMH SYSTEMS: Enters Wind-Up Proceedings
---------------------------------------
Lim Vincent has filed an application to wind up SMH Systems &
Equipment Pte Ltd on September 8, 2006.

In this regard, the company's creditors are required to submit
their proofs of debts to the Official Receiver, for them to
share in any distribution the company will make.

The Solicitors for the Petitioner can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


VALEANT PHARMA: 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 pharmaceutical sector last
week, the rating agency confirmed its B1 Corporate Family Rating
for Valeant Pharmaceuticals International, and its Ba3 rating on
the company's US$300 million issue of 7% senior unsecured notes
due 2011.  Additionally, Moody's assigned an LGD3 rating to
those bonds, suggesting noteholders will experience a 39% loss
in the event of a default.

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 Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty  
pharmaceutical company with US$823 million of 2005 revenues.  It
has offices in Biopolis Way, Taiwan and Singapore.


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

G STEEL: S&P Affirms B+ Corporate Credit Rating
-----------------------------------------------
Standard & Poor's Ratings Services said on September 26, 2006,
that it has affirmed the B+ corporate credit rating on
Thailand's G Steel Public Co. Ltd.  The outlook is negative.

The rating was removed from CreditWatch, where it was placed
with negative implications on June 27, 2006.  In addition,
Standard & Poor's also removed from CreditWatch the B+ issue
rating on the senior unsecured notes due 2010.
     
The negative outlook reflects Standard & Poor's view that the
ratings will be lowered if G Steel departs from our expectations
on achieving a sustainable debt to EBITDA of below 4x, including
income from Nakornthai Strip Mill Public Co. Ltd. (NSM), by
2007. The rating may also be lowered if G Steel is unable to
refinance the US$120 million short-term debt as planned.
     
"Significant cost overruns arising from its expansion program,
major integration issues related to the alliance with NSM, or
any additional primarily debt financed major expansion in the
near term may also result in a lower rating.  On the other hand,
an outlook revision to stable is possible if our expectations
are met," said Standard & Poor's credit analyst Cheow Hon Lee.
     
In September 2006, G Steel entered into a business alliance with
NSM for a five-year period, with possible extension for another
five years.   As part of the arrangements, G Steel purchased a
mixture of existing NSM secured debt and equity for
approximately US$180 million, which was funded by up to US$120
million of new debt and about US$60 million of new G Steel
shares.  The debt is expected to be converted to equity in the
next 18 months, which together with the existing equity stake,
will result in G Steel owning about 33% in NSM.
     
G Steel's liquidity is below average.  At June 30, 2006, the
company had cash and cash equivalent of THB2,365 million (US$62
million), compared with short-term debt of THB44 million due
within the next 12 months.  However, the company, which does not
have any committed credit facilities, is expected to face
refinancing risk as it has used US$120 million of short-term
debt -- due within 12 months -- in September 2006 to partly fund
its investment in NSM.

Although the short-term debt facility has a provision for
extending tenor for another two years, the option lies with the
lender and not G Steel.  Its plan to refinance this short-term
debt will be exposed to unforeseen deterioration in financial
market conditions.



                            *********

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
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thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***