TCRAP_Public/060929.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  

           Friday, September 29, 2006, Vol. 9, No. 194

                           Headlines

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

501 GOODWOOD: Court Issues Wind-Up Order
A & M TOPPER: Annual and Final Meeting Set for October 11
ALADDIN TEMP-RITE: Members Resolve to Wind Up Firm
BKN COMPUTER: Enters Wind-Up Proceedings
BORGO INVESTMENTS: Final Meeting Scheduled on October 11

BURLEIGH FLORAL: Members Pass Resolution to Wind Up Operations
C & S BRAKE: Members Resolve to Close Company's Business
CARTER HOLT: Commerce Commission Clears Hancock's Acquisition
COLMAN BROS: Members Decide to Wind Up Operations
CRYSTALTEX ARCHITECTURAL: Members Opt for Voluntary Liquidation

DISC COMPUTER: Undergoes Wind-Up Proceedings
DONMONT PTY: Members Opt to Close Business
DOVAWOOD PTY: Enters Voluntary Liquidation
DWYER AUTOMOTIVE: Joint Meetings Scheduled on October 16
EMEK BUILDING: Placed Under Voluntary Wind-Up

FABULOUS CARPETS: Members and Creditors to Meet on October 12
FORTESCUE METALS: Parliament Ratifies Mining State Agreement
FORTESCUE METALS: Files 1st Pilbara Project Monthly Report
GLOBAL DATA: Members Agree to Close Business
KOVAC PARTNERS: To Distribute Dividend on October 13

LARSSON CONSULTING: To Declare Third Dividend on October 13
MCGOWAN HOLDINGS: Undergoes Voluntary Liquidation
NPD PROPERTY: Members' Meeting Slated for October 12
OZI PTY: Liquidators to Present Wind-Up Report
PRIMELIFE CORPORATION: Court Orders Wind-Up of Victoria Gardens

PRIMELIFE CORPORATION: Acquires Highwood Court Facility
ROBERT D FOX: Creditors' Proofs of Claim Due October 3
STAFFORD & PARTNERS: Creditors Must Prove Debts by October 3
STOCKFORD (CDH BATHURST): To Declare Third Dividend on Oct. 13
STOCKFORD (CDH HAMMOND): Prepares to Declare Third Dividend

STOCKFORD (GARITY HURD): To Distribute Third Dividend on Oct. 13
STOCKFORD (GOSFORD): Creditors' Proofs of Claim Due on Oct. 3
SWITZER ENTERPRISES: Members' Final Meeting Set on October 10
VANGUARD TRIUMPH: Enters Liquidation Proceedings
WATERJET (NSW): Final Meeting Slated for October 17

WEBPOS PTY: Members Opt to Shut Down Operations


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Charles Morgan Adopts New 10b5-1 Trading Plan
BILLION STATE: Wind-Up Bid Hearing Set on November 1
BRILLIANT SUN: Members to Hear Wind-Up Report
CHAINLUCK ENTERPRISE: Creditors to Meet on September 30
CHANG HWA: Fitch Maintains Individual Rating at C/D

CIRTRAN CORP: Has US$2.8 Million Working Cap. Deficit at June 30
DBS BANK (HK): Moody's Keeps Individual Rating at C
DICKSON DESIGN: Court to Hear Wind-Up Petition on October 18
DUNHUANG (CHINA): Creditors Must Prove Debts by October 6
FELIX TSANG: Members and Creditors Annual Meetings Set on Oct.16

FOOK MING: Members to Hear Wind-Up Report
GOLDEN HOPE: Liquidator to Present Wind-Up Report
JOYWORLD LTD: Court Issues Wind-Up Order
LEE KUM: Members' Final Meeting Slated for October 26
LIBBEY INC: Posts US$9.6 Million Net Loss in 2006 Second Quarter

LLOYDS ARCHITECTURAL: Falls Into Wind-Up
NOBLE GROUP: Moody's Affirms Ba1 Corporate Family Rating
NON FERROUS: Creditors and Contributories to Meet October 4
NOVA CHEMICALS: Eyes Cost-Reduction Rate of US$45-M Per Year
ORIENT POWER: Wind-Up Petition Hearing Set on October 25

PINE DEVELOPMENT: Wind-Up Petition Hearing Slated for October 4
PINE GROWTH: Faces Wind-Up Proceedings
QING YUAN: Court Favors Wind-Up
STEADINVEST COMPANY: Members' Final Meeting Set on October 27
RED CANVAS: Liquidator Thompson Steps Aside

STONERIDGE INC: Net Income Increases 74% from Prior Year
TAISHIN BILLS: Individual C Rating Stays, Fitch Says
TAISHIN FINANCIAL: Fitch Keeps Individual C Rating
TAISHIN INTERNATIONAL: Fitch Affirms Individual C Rating
TAIWAN SECURITIES: Fitch Retains Individual C/D Rating

TOPNIT MANUFACTURING: Liquidation Process Initiated
TRIUMPHANT TONE: Creditors' Proofs of Claim Due on October 23
YAT KWAI: Court to Hear Wind-Up Bid on October 25


I N D I A

BPL LIMITED: Net Loss Down to INR12M in 1st Quarter of 2007
GENERAL MOTORS: CEO Meets with Ghosn; Oct. Deadline Confirmed
IFCI LTD: Releases August 25 AGM Results
NOVELL INC: Wells Fargo Issues Default Notice
UNITED WESTERN BANK: Board Opposes IDBI Merger Proposal

UNIVERSAL CORP: Subsidiary Sells Businesses for US$527 Million
UNIVERSAL CORP: Moody's Assigns LGD5 Loss-Given-Default Rating


I N D O N E S I A

ALLIANCE ONE: Moody's Assigns Loss-Given-Default Rating
APEXINDO PRATAMA: Gets US$125-Million Loan for New Oil Rig
MARSH & MCLENNAN: Moody's Affirms Preferred Stock's (P)Ba1 Rtg.
* Indonesia to Sell 10 State-Owned Companies Next Year
* Indonesia Has Too Many Banks, Central Bank Governor Says


J A P A N

AMERICAN SAFETY: Moody's Assigns Loss-Given-Default Ratings
AMERICAN SEAFOODS: Moody's Confirms B1 Corporate Family Rating
AMISTAR CORP: June 30 Balance Sheet Upside-Down by US$2.1-M
ASG CONSOLIDATED: Moody's Assigns Loss-Given-Default Ratings
AVIALL INC: Completes US$1.7-Billion Sale to Boeing

BANCO BRADESCO: Unit Finalizes Services Pact with Luigi Bertolli
ISHIKAWAJIMA-HARIMA: Fitch Revises BB Ratings' Outlook to Stable
JAPAN AIRLINES: Domestic Pilots Warn of Weekend Strike
METALDYNE CORPORATION: Current Deficit Up by 181%
MITSUBISHI MOTORS: S&P Lifts Long-Term Ratings to B- from CCC+

NORINCHUKIN BANK: Releases Term Sheet for Bonds Issue
SANYO ELECTRIC: Mulls Further Job Cuts Under Restructuring Plan
SOFTBANK CORP: S&P Assigns 'BB-' Rating to EUR500-Million Notes
SOFTBANK CORP: Moody's Assigns Ba2 Rating to Eurobonds Due 2013
SOFTBANK CORP: Founder Rushes to Revive Vodafone Japan

XM SATELLITE: D.C. Court Consolidates Securities Fraud Lawsuits


K O R E A

KOREA EXCHANGE: Stock Price-Tampering Case Sent to Prosecutors
MAGNACHIP SEMICONDUCTOR: Sr. VP & Chief Acctg Officer Resigns
SPATIALIGHT INC: Posts US$5.3-Million Net Loss in Second Quarter
TRIGEM COMPUTER: Receives Lone Bid from Human & Technology
* Korean Auto-Parts Makers Favor Free Trade with U.S.

* Korea's Gross External Debt and Assets Position as of Q2 2006


M A L A Y S I A

AYER MOLEK: Deputy Registrar Sets Aside Default Judgment
COMSA FARMS: Unit Enters Into Sale and Purchase Deals
COMSA FARMS: Defaults on MYR50-Million Unsecured Bonds
CYGAL BERHAD: Appeals to SC for Extension of Corporate Exercise
RANHILL BERHAD: Fitch Assigns 'B' Issuer Default Rating

RANHILL BERHAD: S&P Affirms 'B' Corporate Credit Rating
SUREMAX GROUP: EON Asserts MYR591,193 Claim
TALAM CORPORATION: Shareholders' OK Not Needed to Buy Own Shares
TELEKOM MALAYSIA: Unit Faces Dissolution Proceedings
UNITED CHEMICAL: Agrees to Extend Time to Complete Revamp

VERIFONE HOLDINGS: Moody's Affirms Low-B Ratings


P H I L I P P I N E S

EQUITABLE PCI: GSIS Sells 12.5% EPCI Stake to SM Investments
EQUITABLE PCI: Shareholders Better Shift to BDO, ATR-Kim Says
MAKATI MEDICAL: Restructures PHP1.2-Billion Debt
MAYNILAD WATER: Bidders Ask MWSS to Extend Auction Schedule
METRO PACIFIC: To Invest in Makati Medical Center


S I N G A P O R E

ADO FAR EAST: Creditors Must Submit Proofs of Debt by Oct. 23
AMARANTH ADVISORS: Big Losses Prompt SEC to Probe Hedge Funds
AMARANTH ADVISORS: Outlines Future Plans, Mulls Sale
DELL INC: Pomerantz Firm Files Securities Fraud Suit
DELL INC: Keller Rohrback Probes Possible Securities Breach

ELIZABETH ARDEN: Moody's Assigns Loss-Given-Default Rating
FREESCALE SEMICONDUCTOR: No Facilities Closure, Says Buyer
MICHAEL DE KRETSER: Enters Wind-Up Proceedings
OVERSEAS SHIPHOLDING: Acquires Maritrans for US$455 Million
OVERSEAS SHIPHOLDING: S&P to Affirm Ratings on Maritrans Merger

VINARICH PTE: Creditors' Proofs of Debt Due on October 25


T H A I L A N D

BANGKOK STEEL: Posts THB480-Million Loss in First Quarter 2006
THAI PROPERTY: Posts THB3.073-Million Net Profit in 1st Half '06
TUNTEX (THAI) PCL: Further Reduces Production, Cuts Workforce


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

501 GOODWOOD: Court Issues Wind-Up Order
----------------------------------------
On September 5, 2006, the Supreme Court of South Australia has
issued an order to wind up 501 Goodwood Road Pty Ltd and
appointed G. A. Crisp as official liquidator.

The Official Liquidator can be reached at:

         G. A. Crisp
         c/o RSM Bird Cameron Partners
         Level 8, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


A & M TOPPER: Annual and Final Meeting Set for October 11
---------------------------------------------------------
The annual and final meeting of the creditors and members of A &
M Topper Enterprises Pty Ltd, which is in liquidation, will be
held on October 11, 2006 at 10:30 a.m.

During the meeting, Liquidators A. R. Yeo will present the
accounts of the company's wind-up proceedings and property
disposal exercises.

The Joint and Several Liquidator can be reached at:

         A. R. Yeo
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


ALADDIN TEMP-RITE: Members Resolve to Wind Up Firm
--------------------------------------------------
At a general meeting held on September 4, 2006, the members of
Aladdin Temp-Rite Pty Ltd passed a special resolution to
voluntarily wind-up the company's operations.

The Liquidator can be reached at:

         Stephen Graham Longley
         David Laurence McEvoy
         Freshwater Place
         2 Southbank Boulevard, Southbank
         Victoria 3006
         Australia


BKN COMPUTER: Enters Wind-Up Proceedings
----------------------------------------
On September 4, 2006, the members of BKN Computer Maintenance
Express Pty Ltd resolved to wind up the Company's operations.

Accordingly, P. Ngan was appointed as liquidator.  The
appointment was confirmed at the creditors' meeting held on that
day.

The Liquidator can be reached at:

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


BORGO INVESTMENTS: Final Meeting Scheduled on October 11
--------------------------------------------------------
Borgo Investments Pty Ltd will hold a final meeting for its
members and creditors on October 11, 2006, at 9:30 a.m.

At the meeting, Liquidators Clifton and Hall will present the
account of the Company' wind-up proceedings and property
disposal.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on March 24, 2006.

The Joint and Several Liquidators can be reached at:

         T. J. Clifton
         M. C. Hall
         c/o PPB
         Chartered Accountants
         10/F, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia


BURLEIGH FLORAL: Members Pass Resolution to Wind Up Operations
--------------------------------------------------------------
On September 5, 2006, members of Burleigh Floral Co Pty Ltd
resolved to voluntarily wind-up the Company's operations.

Accordingly, Andrew Mclellan was appointed as Company's
Liquidator.

The Liquidator can be reached at:

         Andrew Mclellan
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


C & S BRAKE: Members Resolve to Close Company's Business
--------------------------------------------------------
At a general meeting held on September 6, 2006, the members of
C & S Brake and Clutch Service Pty Ltd resolved to close the
company's operations.

Robyn Erskine & Peter Goodin were subsequently named as
liquidators.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, 3123
         Australia


CARTER HOLT: Commerce Commission Clears Hancock's Acquisition
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 17, 2006, that Hancock Natural Resource Group, Inc.,
sought clearance from the Commerce Commission to acquire shares
and forestry assets of Carter Holt Harvey Limited.

In an update, a statement from the Commission says that it has
given Hancock the clearance to acquire the shares of a number of
Carter Holt Harvey subsidiaries that hold forestry assets.

Commerce Commission Chair Paula Rebstock says that the
Commission is satisfied that the proposed acquisition would not
have, or would not likely have, the effect of substantially
lessening competition in any of the relevant markets.

A report from the Sydney Morning Herald relates that Hancock is
one of two potential buyers seeking competition clearance
because they already manage or own forestry businesses in New
Zealand.

The TCR-AP previously reported that CRBF, a timber investment
fund, and its advisers, Global Forest Partners LP, sought
clearance from the Commerce Commission to acquire the shares and
assets of a number of Carter Holt Harvey subsidiaries holding
forestry assets.

The forests have a book value of around AU$1.5 billion and are
located in Northland, Auckland, Central North Island, Hawke's
Bay and Nelson, the paper reveals.

               About Hancock Natural Resource

Hancock Natural Resource Group --
http://enet-vip.jhancock.com/hnrg--  is a timberland
investment management organization that develops and manages
international timberland portfolios on behalf of investment
groups.  In New Zealand, Hancock manages the production of
pruned sawlogs, unpruned sawlogs and pulplogs, mostly in the
central North Island.

Hancock has US$5.2 billion (NZ$81.9 billion) worth of assets
under management in North America, Australia, New Zealand, and
Brazil, the Waikato Times notes.

                      About Carter Holt

On April 6, 2006, Moody's Investors Service withdrew the Ba1
senior unsecured ratings of Carter Holt Harvey Limited.  The
ratings have been withdrawn due to Moody's expectation that
adequate information will not be available to maintain the
ratings.

The ratings withdrawn were:

   * Carter Holt Harvey Limited US$150 million 9.50% senior
     debentures, due 2024 -- Ba1

   * Carter Holt Harvey Limited US$150 million 8.375% senior
     debentures, due 2015 -- Ba1

On March 23, 2006, Standard & Poor's Ratings Services lowered
its corporate credit and debt issue ratings on New Zealand's
Carter Holt Harvey Ltd. to 'B/Developing' from 'BB/Watch Neg',
and later withdrew the ratings following the Rank Group's
acquisition of more than 90% of CHH's ordinary shares.


COLMAN BROS: Members Decide to Wind Up Operations
-------------------------------------------------
At a meeting held on September 4, 2006, the members of Colman
Bros Pty Ltd agreed to voluntarily wind up the company's
operations.

Subsequently, Richard Herbert Judson was appointed as liquidator
at the creditors' meeting held that same day.

The Liquidator can be reached at:

         Richard Herbert Judson
         Judson & Co
         Chartered Accountants
         Suite 4, Level 1, 10 Park Road
         Cheltenham, Victoria 3192
         Australia
         Telephone: 9585 4155


CRYSTALTEX ARCHITECTURAL: Members Opt for Voluntary Liquidation
---------------------------------------------------------------
On September 5, 2006, members of Crystaltex Architectural
Products Pty Ltd resolved to voluntarily liquidate the company.

Subsequently, Paul Vartelas was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Paul Vartelas
         B. K. Taylor & Co.
         8th Floor, 608 St Kilda Road
         Melbourne
         Australia


DISC COMPUTER: Undergoes Wind-Up Proceedings
--------------------------------------------
At a general meeting held on September 4, 2006, the members of
Disc Computer Products Pty Ltd agreed to voluntarily wind up the
company's operations.

Accordingly, Lucian Larkin was appointed as liquidator.

The Liquidator can be reached at:

         L. Larkin
         Tregloans
         10 Greenhill Road
         Wayville, South Australia 5034
         Australia


DONMONT PTY: Members Opt to Close Business
------------------------------------------
On September 6, 2006, members of Donmont Pty Ltd agreed to
voluntarily wind up the company's operations.

Subsequently, John Lethbridge Greig was appointed as liquidator.

The Liquidator can be reached at:

         John Lethbridge Greig
         Deloitte Touche Tohmatsu
         Chartered Accountants
         Riverside Centre, 123 Eagle Street
         Brisbane, Queensland 4001
         Australia


DOVAWOOD PTY: Enters Voluntary Liquidation
------------------------------------------
Members of Dovawood Pty Ltd held a general meeting on
September 4, 2006, and agreed to close the company's business.

Clyde Peter White and Stephen John Michell were subsequently
appointed as joint and several liquidators at the creditors'
meeting held that same day.

The Joint and Several Liquidators can be reached at:

         Clyde Peter White         
         Stephen John Michell
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia


DWYER AUTOMOTIVE: Joint Meetings Scheduled on October 16
--------------------------------------------------------
A joint meeting of the members and creditors of Dwyer Automotive
(Mackay) Pty Ltd, which is in liquidation, will be held on
October 16, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

         I. R. Hall
         PricewaterhouseCoopers
         Waterfront Place
         1 Eagle Street
         Brisbane
         Australia


EMEK BUILDING: Placed Under Voluntary Wind-Up
---------------------------------------------
On September 4, 2006, the members of Emek Building Services &
Supplies Pty Ltd passed a special resolution to voluntarily wind
up the Company' operations and Peter Ngan was appointed as
liquidator.

The appointment of the liquidator was confirmed at the
creditors' meeting held subsequently that day.

The Liquidator can be reached at:

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


FABULOUS CARPETS: Members and Creditors to Meet on October 12
-------------------------------------------------------------
A joint final meeting will be held for the members and creditors
of Fabulous Carpets and Floors Pty Ltd on October 12, 2006, at
10:30 a.m.

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

The Troubled Company Reporter - Asia Pacific reported that the
Company was placed under members' voluntary liquidation on
January 6, 2005.

The Liquidator can be reached at:

         Ron Gamble
         c/o BDO
         Chartered Accountants & Advisers
         8/F, 256 St George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9360 4200


FORTESCUE METALS: Parliament Ratifies Mining State Agreement
------------------------------------------------------------
Fortescue Metals Group Limited advises that the State Agreement
pursuant to its proposed mining operations at Cloud Break and
Christmas Creek -- known as The Iron Ore (FMG Chichester Pty
Ltd) Agreement Bill 2006 -- has now passed through the Upper
House of the Parliament of Western Australia.  The Bill will now
proceed to be enacted into law.

The State Agreement was signed by the Premier of Western
Australia on December 1, 2005, and has now been ratified through
both houses of parliament.

The Troubled Company Reporter - Asia Pacific reported on
December 5, 2005, that the mining State Agreement between
Fortescue and the State of Western Australia establishes the
legislative framework for the implementation of Fortescue's
mining operation.  FMG Chichester is a wholly owned subsidiary
of Fortescue and holds the Chichester Range tenements, the TCR-
AP noted.

                       About Fortescue

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

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

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

                          *     *     *

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

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


FORTESCUE METALS: Files 1st Pilbara Project Monthly Report
----------------------------------------------------------
Pursuant to the reporting requirement under the Senior Secured
Note issue that was finalized in August 2006, Fortescue Metals
Group Limited files with the Australian Securities Investments
Commission its first monthly construction report.

The report provides update on the status of Fortescue's Pilbara
Iron Ore and Infrastructure Project as of August 2006:

   1. project completion is currently forecast to be on time and
      on budget;

   2. dredging progressing well -- 20% complete and
      approximately 1 million of 4.5 million cubic meters of
      materials already moved to date as of this report;

   3. locomotive and marine structures contracts signed;

   4. fleet of Wirtgen Surface Miners ordered; and

   5. certain regulatory approvals have taken longer to obtain
      than originally planned which has delayed the commencement
      dates for certain construction activities, particularly
      the rail earthwork.  Reprogramming work plans are underway
      to recover lost time.

Fortescue discloses that a number of project challenges remain,
mainly relating to the delays in obtaining regulatory approvals
necessary to commence certain construction work.  The most
notable challenge that has the capacity to impact the overall
schedule is the delay in obtaining approval to commence
construction of the rail earthworks.

Fortescue, however, notes that reprogramming of the effected
work to accommodate approvals delay is now underway and the
potential costs associated with accelerating the work are being
assessed but are not considered to be significant.

The project team is expanding as planned and currently comprises
239 personnel, Fortescue reveals.

                             Budget

As of August 2006, all awarded contracts have been close to or
under budget.  The net increase in the aggregate project
contingency is due to acquiring the crushers for the mine
progressing facility below the budget cost.

Cumulative commitments to August 2006 were AU$262 million below
budget but after financial close, the forecast increased rate of
commitments are expected to bring the rate of expenditure back
on track by December 2006.

                            Contracts

During August, two minor construction contracts were signed.  
Detailed negotiations on a further 12 contracts were advanced.

A contract was signed with United Group Rail Services on
September for the delivery of the locomotives for the project.  
McConnell Dowell was also awarded the contract to design and
construct the marine structures.

As reported in the Troubled Company Reporter - Asia Pacific on
September 12, 2006, Fortescue awarded a lump sum contract to
McDonnell for the design and construction of the marine
structures including the jetty and wharf facilities at the
company's port site at Port Hedland.

                             Mining

After the successful trial mining at Cloud Break an order has
been placed with German company, Wirtgen for ten 2500 Surface
Miners.  The first machines will arrive in the third quarter of
2007.

The Pilbara Mining Alliance is currently finalizing its long-
term equipment requirements and the evaluation of tenders and
awarding of contracts is likely to be finalized within the next
four weeks.

After extensive evaluation of various alternatives, PMA has
selected and ordered the "Vulcan" geology, surveying, and grade
control information system for mine planning purposes.

PMA is actively developing and refining the detailed three-year
and ten-year mine plans, which are also anticipated to be
completed within the next four weeks.

                       About Fortescue

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

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

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

                          *     *     *

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

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


GLOBAL DATA: Members Agree to Close Business
--------------------------------------------
The members of Global Data Systems Australia Pty Ltd met on
September 4, 2006, and resolved to voluntarily wind up the
Company's operations.

In this regard, Luciana Larkin was appointed as liquidator.

The Liquidator can be reached at:

         L. Larkin
         Tregloans
         10 Greenhill Road
         Wayville, South Australia 5034
         Australia


KOVAC PARTNERS: To Distribute Dividend on October 13
----------------------------------------------------
Kovac Partners Pty Ltd will declare the third dividend for
distribution to creditors on October 13, 2006.

Creditors who cannot prove their debts by October 3, 2006, will
be excluded from sharing in the dividend distribution.

The Deed Administrator can be reached at:

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


LARSSON CONSULTING: To Declare Third Dividend on October 13
-----------------------------------------------------------
Larsson Consulting Pty Ltd will declare the third dividend on
October 13, 2006.

Creditors have until October 3 to prove their debts.  Failure to
submit proofs of debt by the deadline, will exclude the
creditors 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


MCGOWAN HOLDINGS: Undergoes Voluntary Liquidation
-------------------------------------------------
At a separate meeting of the members and creditors held on
September 4, 2006, and September 5, 2006 respectively, they
resolve to voluntarily wind up the company's operations and
appoint Dougal McLay as liquidator.

The Liquidator can be reached at:

         Dougal McLay
         summerscorporate
         Level 5, Next Building
         16 Milligan Street, Perth
         Western Australia 6000
         Australia


NPD PROPERTY: Members' Meeting Slated for October 12
----------------------------------------------------
The members of NPD Property Ventures Pty Ltd will hold a meeting
on October 12, 2006, at 10:00 a.m., to discuss the company's
finalization of liquidation.

According to the Troubled Company Reporter - Asia Pacific, the
members of NPC Property agreed to wind up the company's
operations on March 20, 2006.

The Liquidator can be reached at:

         Mark Pearce
         Pearce & Heers
         Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane
         Australia
         Telephone:(07) 3221 0055


OZI PTY: Liquidators to Present Wind-Up Report
----------------------------------------------
The members and creditors of Ozi Pty Ltd will hold a final
meeting on October 16, 2006, at 9:30 a.m.

At the meeting, Liquidators Robyn Erskine and Peter Goodin will
report the company's wind-up proceedings and the manner of
property disposal.

The Joint and Several Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road, Hawthorn East 3123
         Australia
         Telephone:(03) 9882 6666


PRIMELIFE CORPORATION: Court Orders Wind-Up of Victoria Gardens
---------------------------------------------------------------
On September 27, 2006, the Federal Court appointed Andrew
McLellan of PPB as custodian, trustee, and liquidator of the
Victoria Gardens Property Syndicate, an investment scheme
currently managed by Primelife Corporation Limited on behalf of
Advance Health Care Australia Pty Ltd.

Victoria Gardens was a managed investment scheme established to
invest in the acquisition of the facility known as "Victoria by
the Park" located at 27 Victoria Street, Elsternwick.

Advance Health Care Australia -- receiver appointed -- acquired
the Victoria Gardens from Primelife in July 2005 in connection
with the termination of the original acquisition, development,
and marketing agreements for the Facility between Primelife and
the Syndicate.

Primelife, Managing Director, Jim Hazel says "the appointment of
Mr. McLellan relates solely to the winding up of the Syndicate
and does not relate to any Primelife company or the operation of
the Facility."

"Investors, residents and their families should have absolutely
no concern that the appointment of Mr. McLellan will impact on
Primelife or any of its subsidiaries," Mr. Hazel adds.

According to the Australian Securities and Investments
Commission, Mr. McLellan had previously been appointed by the
Court to investigate and report into the past affairs of the
scheme so as to identify the assets and identity of the
investors.  After completing his report, all investors were
given an opportunity to consider Mr. McLellan's findings and
were able to consider proposals about how the scheme should be
wound up.

"Because an independent investigation into the scheme was
conducted, ASIC ensured that investors were able to make
informed decisions as to the best manner in which the scheme
should have been wound up," ASIC's Executive Director of
Enforcement, Jan Redfern, says.

The ASIC recounts that it sought the appointment of a liquidator
after an independent accountant found there were significant
disputed liabilities of the scheme.  The Federal Court of
Australia agreed with ASIC that those disputed liabilities were
best dealt with by the appointment of a liquidator.

The ASIC has now finalized 17 of the proceedings, involving the
winding up of eight schemes.  There are a further eight
proceedings where orders have been made for the winding up of
the relevant schemes.  In these proceedings, the independent
accountant is preparing his report or the parties are
formulating proposals for the manner in which the schemes should
be wound up.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.

Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

ASIC alleged that the schemes are not registered, as required
under the Corporations Act.  ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


PRIMELIFE CORPORATION: Acquires Highwood Court Facility
-------------------------------------------------------
On September 27, 2006, the Federal Court of Australia made a
final order to wind up an unregistered managed investment scheme
involving the Highwood Court Aged Care Facility.

The investors involved in the Highwood Court Partnership scheme
agreed to sell their interest in the Highwood Court Aged Care
Facility to Primelife Corporation Limited, and the proceeds of
that sale were distributed to investors.

Accordingly, Primelife agreed with the manager of the investment
syndicate to terminate the agreements relating to the original
sale, development, and management of the facility for a
consideration to the syndicate of AU$3.864 million.  Settlement
will occur on October 27, 2006.

According to Jim Hazel, Managing Director of Primelife, Highwood
Court is a 75 bed aged care facility located in Burwood in the
eastern suburbs of Melbourne.  "It has an occupancy of 92%,
generates industry standard earnings per bed and will be an
attractive addition to Primelife's growing portfolio of owned
and managed aged care facilities," Mr. Hazel notes.

The Australian Securities and Investments Commission's Executive
Director of Enforcement, Jan Redfern, reiterates that the ASIC's
proceedings should not cause any disruption to the residents of
the retirement villages and aged care facilities operated by
Primelife, including Victoria Gardens and Highwood Court.

The ASIC has now finalized 17 of the proceedings, involving the
winding up of eight schemes.  There are a further eight
proceedings where orders have been made for the winding up of
the relevant schemes.  In these proceedings, the independent
accountant is preparing his report or the parties are
formulating proposals for the manner in which the schemes should
be wound up.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.

Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

ASIC alleged that the schemes are not registered, as required
under the Corporations Act.  ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


ROBERT D FOX: Creditors' Proofs of Claim Due October 3
------------------------------------------------------
Robert D Fox Pty Ltd, which is subject to a deed of company
arrangement, will declare its third dividend on October 13,
2006.

Creditors who are not able to prove their claims by October 3,
2006, will be excluded 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


STAFFORD & PARTNERS: Creditors Must Prove Debts by October 3
------------------------------------------------------------
On October 13, 2006, the Deed Administrator of Stafford &
Partners Pty Ltd will declare the third dividend for its
creditors.

In this regard, creditors are required to submit their proofs of
debts by October 3, 2006, to be included 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 (CDH BATHURST): To Declare Third Dividend on Oct. 13
--------------------------------------------------------------
Stockford (CDH Bathurst) Pty Ltd will declare the third dividend
for its creditors on October 13, 2006, to the exclusion of those
who were not able to submit their proofs of debt 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 (CDH HAMMOND): Prepares to Declare Third Dividend
-----------------------------------------------------------
Stockford (CDH Hammond) Pty Ltd will declare the third dividend
for its creditors on October 13, 2006.

Creditors who were not able to submit their proofs of debt by
October 3, 2006, will be excluded 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


STOCKFORD (GARITY HURD): To Distribute Third Dividend on Oct. 13
----------------------------------------------------------------
Deed Administrator Mark A. Korda will distribute the third
dividend for the creditors of Stockford (Garity Hurd) Pty Ltd on
October 13, 2006, to the exclusion of those who will not be 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 (GOSFORD): Creditors' Proofs of Claim Due on Oct. 3
--------------------------------------------------------------
The Deed Administrator of Stockford (Gosford) Pty Ltd will
declare the third dividend for its creditors on October 13,
2006.

Subsequently, creditors are required to file their proofs of
claim by October 3, 2006, for them to share in the distribution
the company will make.

The Deed Administrator can be reached at:

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


SWITZER ENTERPRISES: Members' Final Meeting Set on October 10
-------------------------------------------------------------
A final meeting of the members of Switzer Enterprises Pty Ltd
will be held on October 10, 2006, at 2:00 p.m., to receive the
Liquidators' final accounts of the company's wind-up
proceedings.

The Troubled Company Reporter - Asia Pacific, reported that the
company will declare its final dividend on October 3, 2006.

The Liquidators can be reached at:

         Salvatore Algeri
         Simon A. Wallace-Smith
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000


VANGUARD TRIUMPH: Enters Liquidation Proceedings
------------------------------------------------
At a general meeting of the members of Vanguard Triumph
Enterprises Pty Ltd held on September 6, 2006, it was agreed
that a voluntary liquidation of the company's operations is
appropriate and necessary.

In this regard, Robyn Erskine & Peter Goodin were appointed as
liquidators.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, 3123
         Australia


WATERJET (NSW): Final Meeting Slated for October 17
---------------------------------------------------
Waterjet (NSW) Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on October 17, 2006,
at 11:00 a.m.

During the meeting, Liquidator Paul Burness will present the
final receipts and payments of the company's wind-up
proceedings.

The Liquidator can be reached at:

         Paul Burness
         Worrells
         Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5524
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au


WEBPOS PTY: Members Opt to Shut Down Operations
-----------------------------------------------
At a general meeting held on September 4, 2006, the members of
Webpos Pty Ltd decided to shut down the company's operations and
appoint Luciana Larkin as liquidator.

The Liquidator can be reached at:

         L. Larkin
         Tregloans
         10 Greenhill Road
         Wayville
         South Australia 5034
         Australia


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

ACXIOM CORP: Charles Morgan Adopts New 10b5-1 Trading Plan
----------------------------------------------------------
On September 25, 2006, Acxiom Corporation disclosed that its
Company Leader, Charles D. Morgan, has adopted a new pre-
arranged stock trading plan to sell a portion of his Company
stock over a 10-month period to retire personal debt.

The stock-trading plan was adopted in accordance with the
guidelines specified under Rule 10b5-1 of the Securities
Exchange Act of 1934.  Under the rules of the plan, Mr. Morgan
may sell 50,000 shares per month between September 2006 and June
2007, amounting to 15% of the approximately 3,368,000 shares he
currently holds.

Mr. Morgan has not sold any stock since April 2005.  He entered
into a 10b5-1 sales plan in April 2004, which called for the
sale of 50,000 shares per month through July 2005.  He
terminated the plan in April 2005, leaving 150,000 shares
unsold.

                         About Acxiom

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

                         *     *     *

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

Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  The outlook
is stable.


BILLION STATE: Wind-Up Bid Hearing Set on November 1
----------------------------------------------------
A wind-up petition filed against Billion State International
Investment Ltd will be heard before the High Court of Hong Kong
on November 1, 2006, at 9:30 a.m.

Lee Kin Leung filed the petition with the Court on September 6,
2006.

The Solicitors for the Petitioner can be reached at:

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


BRILLIANT SUN: Members to Hear Wind-Up Report
---------------------------------------------
Members of Brilliant Sun Garment Manufacturing Ltd will convene
for their final meeting on October 24, 2006, 11:00 a.m., at
1305, Tower 1, Harbour Centre, No. 1 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.

During the meeting, Liquidator Wong Kit Sang will present a
report regarding the company's wind-up and the manner its
properties were disposed of.


CHAINLUCK ENTERPRISE: Creditors to Meet on September 30
-------------------------------------------------------
A meeting of the creditors of Chainluck Enterprise Ltd will be
held on September 30, 2006, 11:30 a.m., at:

         Hong Kong Council of Social Service
         Room 203, Duke of Windsor Social Service Building
         No. 15 Hennessy Road, Wanchai
         Hong Kong


CHANG HWA: Fitch Maintains Individual Rating at C/D
---------------------------------------------------
Fitch Ratings downgraded on September 27, 2006, the Long-term
Issuer Default, National Long-term, Individual and subordinated
debt ratings of Taishin Financial Holding Co.

Separately, the rating agency upgraded Chang Hwa Bank's IDR,
National Long-term and Individual ratings and revised its
Outlook to Stable from Positive.

After the rating action, the ratings are as follows:

    * Long-term IDR BBB+;
    * Short-term F2;
    * National Long-term AA-(twn);
    * National Short-term F1(twn);
    * Individual C/D; and
    * Support 2.

The Outlook is revised to Stable from Positive.

The ratings of CHB reflect significant improvement in its asset
quality and adequate capital strength following TFHC's TWD36.6bn
capital injection.  CHB's NPL ratio was reduced to 1.73% by June
2006, down from 7.77% at end-2004.

The bank's aggressive provisioning in 2005 lifted its coverage
ratio to 97.8%.  Fitch considers the MCPS as core capital, and
estimates CHB's eligible core capital ratio at 8.79% as of June
2006.

With provision expenses of TWD62.7bn, CHB incurred net losses of
TWD36.5bn in 2005.  Fitch expects CHB's profitability to turn
around markedly in 2006.  Nonetheless, the bank's pre-provision
profitability should remain subdued as competition intensifies
following the industry-wide unsecured consumer-lending crisis.

Taishin Group owns 25.4% of CHB as of end-H106 and appointed
eight out of 15 directors in its board.  However, TFHC has
limited influence over CHB's day-to-day operations.  An eventual
merger between CHB and TIB would strengthen the combined bank's
credit profile and increase the likelihood of state support due
to its greater significance in the banking system, with a
combined deposit market share of 8.2%.

The two banks have complementary business scope with CHB holding
a strong franchise in corporate/SME lending and TIB possessing
expertise in consumer banking, treasury markets, and wealth
management.


CIRTRAN CORP: Has US$2.8 Million Working Cap. Deficit at June 30
----------------------------------------------------------------
CirTran Corp. reported a US$654,318 net loss on US$2.2 million
of net revenues for the three months ended June 30, 2006,
compared to a US$466,229 net loss on US$4.3 million of revenues
in 2005.

The company's June 30 balance sheet also showed strained
liquidity with US$3,514,244 in total current assets available to
pay US$6,405,507 in total current liabilities coming due within
the next 12 months.

As of June 30, 2006, the company's accumulated deficit has
increased to US$20,259,629, compared to US$19,327,310 at
December 31, 2005.

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

              http://researcharchives.com/t/s?1288

                        Going Concern Doubt

As reported in the Troubled Company Reporter on June 2, 2006,
Hansen, Barnett & Maxwell in Salt Lake City, Utah, raised
substantial doubt about CirTran Corporation's ability to
continue as a going concern after auditing the company's
consolidated financial statements for the years ended December
31, 2005, and 2004.  The auditor pointed to the company's
losses, negative working capital, and accumulated deficit.

Headquartered in Salt Lake City, Utah, CirTran Corp. (OTC BB:
CIRT) -- http://www.CirTran.com/-- is an international full-
service contract manufacturer of low to mid-size volume
contracts for printed circuit board assemblies, cables and
harnesses to the most exacting specifications.  CirTran's modern
40,000-square-foot non-captive manufacturing facility -- the
largest in the Intermountain Region - provides "just-in-time"
inventory management techniques designed to minimize an OEM's
investment in component inventories, personnel and related
facilities, while reducing costs and ensuring speedy time-to-
market.

The company has manufacturing facilities in China.


DBS BANK (HK): Moody's Keeps Individual Rating at C
---------------------------------------------------
Moody's Investors Service has upgraded foreign currency deposit
ratings of DBS Bank (Hong Kong) Ltd to Aa3 from A1.  The outlook
of the ratings has been changed to stable, as its ratings are no
longer constrained following the upgrade.

This rating action follows Moody's upgrade of Hong Kong's
foreign currency bank deposit ceiling to Aa3 and a change of its
outlook to positive.  This rating action concludes the review
action announced on July 7, 2006.

Headquartered in Hong Kong, DBS Bank (HK) -- http://hk.dbs.com/
-- is a subsidiary of DBS Group Holdings Ltd based in Singapore.  
DBS has dominant positions in consumer banking, treasury and
markets, securities brokerage, equity and debt fund raising.

Beyond the anchor markets of Singapore and Hong Kong, DBS serves
corporate, institutional and retail customers through its
operations in Thailand, The Philippines, and Indonesia.  In
China, the bank has branches and representative offices in
Shanghai, Beijing, Shenzhen, Fuzhou and Tianjin.


DICKSON DESIGN: Court to Hear Wind-Up Petition on October 18
------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Dickson Design Services Ltd on October 18, 2006, at 9:30 a.m.

Leung Kwok Wing filed the petition with the Court on August 16,
2006.

The Solicitors for the Petitioner can be reached at:

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


DUNHUANG (CHINA): Creditors Must Prove Debts by October 6
---------------------------------------------------------
Creditors of Dunhuang (China) Company Ltd are required to submit
their proofs of debts to Liquidator Kong Chi How, Johnson by
October 6, 2006.

The Troubled Company Reporter - Asia Pacific reported that
Liquidator Johnson previously required the creditors of the
Company to submit their proofs of claim on September 22, 2006.

The Liquidator can be reached at:

         Kong Chi How, Johnson
         29/F, Wing On Centre
         111 Connaught Road, Central
         Hong Kong


FELIX TSANG: Members and Creditors Annual Meetings Set on Oct.16
----------------------------------------------------------------
Members and creditors of Felix Tsang & Partners Ltd will hold
separate annual meetings on October 16, 2006, at 2/F, Jonsim
Place, 228 Queen's Road East, Wanchai, Hong Kong.

During the meetings, Liquidator Wong Che Man, Eddy will present
a report regarding the company's wind-up.


FOOK MING: Members to Hear Wind-Up Report
-----------------------------------------
A final meeting of the members of Fook Ming Tong Tea Club
Company Ltd will be held on October 23, 2006, 10:00 a.m., at 5th
Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street,
Central, Hong Kong.

At the meeting, Liquidator Lau Wu Kwai King Lauren will present
a report regarding the company's wind-up proceedings and
property disposal exercises.



GOLDEN HOPE: Liquidator to Present Wind-Up Report
-------------------------------------------------
Liquidator Young Chun Man Kenneth will meet with the members of
Golden Hope (Asia) Ltd to present a report on the company's
wind-up and property disposal activities.

The report will be presented at 31/F, Gloucester Tower, The
Landmark, 11 Pedder Street, Central, Hong Kong on October 23,
2006, at 11:00 a.m.


JOYWORLD LTD: Court Issues Wind-Up Order
----------------------------------------
The High Court of Hong Kong issued a wind-up order against
Joyworld Ltd on September 7, 2006.

The petition was filed before the Court on April 17, 1997.


LEE KUM: Members' Final Meeting Slated for October 26
-----------------------------------------------------
Members of Lee Kum Kee Marketing Services Ltd will convene on
October 26, 2006, 9:45 a.m., at 2-4 Dai Fat Street, Tai Po
Industrial Estate, Tai Po, New Territories.

At the meeting, Liquidator Ng Lai Ching will present a report
regarding the company's wind-up and property disposal exercises.


LIBBEY INC: Posts US$9.6 Million Net Loss in 2006 Second Quarter
----------------------------------------------------------------
Libbey Inc., reported a net loss of US$9.6 million for the
second quarter ended June 30, 2006, as compared with a net loss
of US$900,00 in the prior year quarter.  The net loss for the
quarter included a total of US$13.4 million, or US$0.95 per
share, in special charges related to the consolidation of two of
its recently acquired Mexican facilities and the write-off of
finance fees.

The company posted second quarter adjusted net income, excluding
special charges of US$3.9 million, as compared with US$3.4
million for the year-ago quarter.

Sales increased 9.3% to US$158 million from US$144.5 million in
the prior year second quarter.  The increase in sales was
primarily attributable to the consolidation of:

   * sales of Crisa, the company's former joint venture in
     Mexico, for the last two weeks of June;

   * a more than 10% increase in shipments to retail and export
     glassware customers and shipments of Traex products;

   * an 8% increase in shipments of Royal Leerdam and Crisal
     products; and

   * a 5% increase in sales to foodservice glassware customers.  

Shipments of Syracuse China products were down approximately 8%
as the result of the work stoppage early in the quarter and
shipments of World Tableware products were down slightly.  
Excluding Crisa's sales, sales were up 4.0% in total.

The company reported a loss from operations of US$4.1 million
during the quarter, as compared to income from operations of
US$2.5 million in the year-ago quarter.  Income from operations,
excluding special charges, was US$11 million during the quarter,
as compared to US$8.9 million for the year-ago quarter.

                        Six-Month Results

For the six months ended June 30, 2006, sales increased 6.8% to
US$292.9 million from US$274.3 million in the year-ago period.
Excluding Crisa's sales during the last two weeks of June 2006,
sales increased 4% compared with the first six months of 2005.

This increase in sales was attributable to increases of at least
8% in shipments to foodservice glassware customers, retail
customers, export customers, Traex customers and Crisal
customers.  Sales of Royal Leerdam products increased almost 2%
as compared to the first six months of 2005.  Shipments to
industrial customers were down over 10% during the first half of
2006, while shipments of Syracuse China and World Tableware
products were down slightly.

Libbey reported a loss from operations of US$1.1 million during
the first six months of 2006 as compared to income from
operations of US$2.6 million during the year-ago period.  
Adjusted income from operations, excluding special charges, was
US$14.1 million for the first six months of 2006, as compared to
US$12 million for the year-ago period.  Contributing to the
increase in adjusted income from operations were higher sales,
higher production activity and improved operating results at
Crisal in Portugal.

Equity earnings from Crisa were US$2 million on a pretax basis,
as compared to a pretax loss of US$200,000 in the year-ago
period.  The increased equity earnings were the result of
increased and more profitable sales, higher translation gain,
and lower natural gas and electricity costs.

For the first six months of 2006, the company recorded a net
loss of US$9.1 million, compared with a net loss of US$2.5
million, in the year-ago period.

Year-to-date cash flow from operations increased US$8.9 million,
or 77.3% to US$20.4 million as compared to the year-ago period.
Contributing to the increase in operating cash flow were higher
earnings and a reduction in working capital.

Working capital, defined as inventories and accounts receivable
less accounts payable, increased by US$44.3 million from
US$170.3 million to US$214.6 million compared to June 30, 2005
due to the acquisition of Crisa.  Excluding working capital of
US$54.5 million at Crisa at June 30, 2006, the company's working
capital was US$10.2 million lower than the year-ago period,
reflecting the company's continued efforts to reduce its
investment in working capital.

John F. Meier, chairman and chief executive officer, commenting
on the quarter, said, "We are pleased with the addition of Crisa
to the Libbey family and with the strength of our core business
performance.  Sales to foodservice glassware customers were
strong and shipments to retail customers were especially robust.  
We saw a solid performance from Crisa, our recently acquired
Mexican glass tableware operation."  Mr. Meier also added, "With
the closing of our acquisition of the remaining 51% of Crisa on
June 16, 2006, we will now be including their results of
operations for the balance of 2006.  We are well into our
consolidation of the facilities in Mexico, and we look forward
to harvesting those future savings."

Mr. Meier further said, "We expect third and fourth quarter
sales to increase by 4 to 5% as compared with the pro forma
third and fourth quarter sales in 2005.  Earnings before
interest, taxes, depreciation and amortization are expected to
be between US$18.5 million and US$19.5 million in each of the
third and fourth quarters of 2006."

Libbey also confirmed that it is on schedule to begin production
in early 2007 at its new glass tableware production facility in
China.

                         About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/--  
operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.  The company is building a new factory in China.

                         *    *    *

Standard & Poor's Ratings Services assigned on May 16, 2006, its
'B' corporate credit rating to Libbey Inc.  At the same time,
Standard & Poor's assigned its 'B' senior unsecured debt rating
to the company's proposed USUS$400 million of senior unsecured
notes due 2014, which will be issued by the company's wholly
owned subsidiary Libbey Glass Inc. and guaranteed on a senior
basis by Libbey Inc.  Standard & Poor's said the outlook is
stable.


LLOYDS ARCHITECTURAL: Falls Into Wind-Up
----------------------------------------
The High Court of Hong Kong issued a wind-up order against
Lloyds Architectural & Engineering Consultants Ltd's operations
on September 13, 2006.

According to the Troubled Company Reporter - Asia Pacific, Chan
Chi Fung filed the petition with the Court on July 14, 2006.


NOBLE GROUP: Moody's Affirms Ba1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed on September 27, 2006, the
Ba1 corporate family rating and senior unsecured bond rating of
Noble Group Ltd with a stable outlook.

Noble's Ba1 ratings reflect the company's financial strengths,
including its healthy liquid balance sheet, a strong management
team with extensive industry experience, business diversity and
leading market position - a position which has benefited from an
increasing demand for commodities in Asia.

However, the rating also recognizes the management's
entrepreneurial culture and strong appetite for growth.  As a
result, the rating is constrained by the company's shorter track
record at its current scale and complexity.  It is also been
affected by concerns surrounding the company's ability to manage
such growth and deliver sustainable cash flows and profits.  
Noble's strategy is to further integrate and add value along the
supply chain, including making selected investments to enhance
its competitive position.

While Noble commands strong positions in certain niche markets,
the company is smaller than its peers.  In a global commodity
market, larger players are expected to command stronger
competitive positions, better sourcing channels and customer
relationships.  These larger peers -- such as Cargill
Incorporated (A2/stable), Archer-Daniels-Midland Company
(A2/stable) and Bunge Ltd (Baa2/stable) - have demonstrated over
a longer period of time an ability both to manage the challenges
of running a commodity supply chain business and at a larger
scale.


As the company has experienced high-growth over the last few
years, Moody's had previously expressed concern about the
effectiveness of the company's management system and risk
control practices and its ability to keep pace with this growth.  
In the last twelve months Moody's has noticed a strengthening of
Noble's overall risk management framework, systems and
processes, which is encouraging.  Nevertheless, execution in
this area remains a key focus for the rating.

Noble's financial performance, including profitability and
gearing, in 1HFY06 showed a weakening trend.  In particular
annualized Retained Cash Flow (RCF)/Adjusted Debt -- defined as
total balance sheet debt less 15% of total assets, which Moody's
assumes will be held as cash -- fell to around 10% which is
lower than anticipated.  This is, however, mitigated by the
company's strong liquidity position and the discipline it has
exercised in its investment and financial practices.

Actual cash holdings accounted for about 24% of total assets as
of June 2006 (which would reflect a RCF/Net Debt ratio of
13.8%).  This discipline has enabled Noble to maintain its
target financial ratios of Debt/Cap of 50-60%, EBIT/Interest of
3-4x and minimum cash holdings of 15-20% of total assets.  
Nevertheless, if improvement in financial performance is not
seen in 2HFY06, downward rating pressure could grow.

Moody's is likely to consider a rating downgrade if:

    1) Noble fails to sustain its profitability and credit
       profile including RCF/Adjusted Debt consistently below
       15%;

    2) it adopts an aggressive acquisition/investment plan for
       new businesses thereby increasing its overall risk
       profile;

    3) there is any weakening in its balance sheet liquidity,
       with its cash balance falling below 15% of total assets;
       and/or

    4) any incurrence of large trading or credit losses.

The rating would experience upward pressure if Noble establishes
a track record and demonstrates its ability to:

    1) maintain its profitability and cash generating ability,
       especially through the pricing cycles of its various
       business lines;

    2) adhere to investment and financial discipline while
       pursuing its growth strategy, such that RCF/Adjusted Debt
       exceeds 25% on a sustainable basis; and

    3) manage the risks inherent in its business at its current
       scale and as it continues to grow.

Maintenance of its current risk profile and balance sheet
liquidity would also be important factors.

                          *     *     *

Noble Group Ltd -- http://www.thisisnoble.com-- headquartered  
in Hong Kong and listed on the Singapore Stock Exchange, is
mainly engaged in the sourcing and distribution of a wide range
of commodity products in agriculture, energy and metals as well
as the logistics management business.  It has over 70 offices in
42 countries.


NON FERROUS: Creditors and Contributories to Meet October 4
-----------------------------------------------------------
Creditors and contributories of Non Ferrous Trading Company Ltd
will convene for their first meeting on October 4, 2006 at 10:15
a.m. and 10:45 am respectively, at:

         Room 203, Duke of Windsor Social Service Building
         No. 15 Hennessy Road
         Wanchai, Hong Kong


NOVA CHEMICALS: Eyes Cost-Reduction Rate of US$45-M Per Year
------------------------------------------------------------
NOVA Chemicals Corporation provided an update on progress toward
its restructuring goals.  The company will reach a cost-
reduction rate of US$45 million per year by the end of the third
quarter of 2006 and remains on-track to meet its restructuring
cost-reduction target of at least US$65 million per year by the
end of the fourth quarter of 2006.

NOVA Chemicals will take an after-tax charge of US$30 million in
the third quarter of 2006 to reflect restructuring costs.  To
date, 20 of a total of 64 senior management positions have been
eliminated in the restructuring.  A total of approximately 375
positions will be eliminated to support cost-reduction
objectives.

                          *     *     *

Based in Moon Township, Pennsylvania, NOVA Chemicals Corporation
(NYSE:NCX) (TSX:NCX) -- http://www.novachemicals.com/--  
produces ethylene, polyethylene, styrene monomer and styrenic
polymers, which are used in a wide range of consumer and
industrial goods.  NOVA Chemicals manufactures its products at
18 operating facilities located in the United States, Canada,
France, the Netherlands and the United Kingdom.  The company
also has five technology centers that support research and
development initiatives.  The company's Asian operating center
is in China.

                           *     *     *

Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on Nova
Chemicals Corp. to 'BB-' from 'BB+'.  S&P said the outlook is
stable.

Fitch Ratings affirmed NOVA Chemicals Corp.'s issuer default
rating and senior unsecured debt rating at 'BB+'.  At the same
time, Fitch affirmed the senior secured credit facility rating
at 'BBB' and assigned a 'BB+' to the offering of US$400 million
in senior floating notes due 2013.  Fitch also assigned a 'BBB'
rating to the series A preferred shares.  Fitch said the rating
outlook remained  stable.

Moody's Investors Service affirmed the Ba2 corporate family
rating (previously called senior implied) of NOVA Chemicals
Corp. and lowered its speculative grade liquidity rating to
SGL-2.


ORIENT POWER: Wind-Up Petition Hearing Set on October 25
--------------------------------------------------------
Array Electronics Ltd on August 24, 2006, filed before the High
Court of Hong Kong a petition to wind-up Orient Power Car Audio
Ltd.

The Court will hear the petition on October 25, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Johnson Stokes & Master
         18/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


PINE DEVELOPMENT: Wind-Up Petition Hearing Slated for October 4
---------------------------------------------------------------
A wind-up petition against Pine Development Ltd will be heard
before the High Court of Hong Kong on October 4, 2006, at 9:30
a.m.

David Kong filed the petition with the Court on June 24, 2006.

The Solicitors for the Petitioner can be reached at:

         Hau, Lau, Li & Yeung
         Units 1702-7, 17/F
         Far East Finance Centre
         No. 16 Harcourt Road
         Admiralty, Hong Kong
         Phone: 2586 1881
         Fax: 2596 0909


PINE GROWTH: Faces Wind-Up Proceedings
--------------------------------------
A petition to wind up Pine Growth Manufacturing Company Ltd will
be heard before the High Court of Hong Kong on October 4, 2006,
at 9:30 a.m.

David Kong filed the petition with the Court on June 24, 2006.

The Solicitors for the Petitioner can be reached at:

         Hau, Lau, Li & Yeung
         Units 1702-7, 17/F
         Far East Finance Centre
         No. 16 Harcourt Road
         Admiralty, Hong Kong
         Phone: 2586 1881
         Fax: 2596 0909


QING YUAN: Court Favors Wind-Up
-------------------------------
The High Court of Hong Kong issued a wind-up order against Qing
Yuan Enterprises Ltd on September 13, 2006.

According to the Troubled Company Reporter - Asia Pacific,
Umbrella Finance Company Ltd filed a wind-up petition against
the company on July 21, 2006.


STEADINVEST COMPANY: Members' Final Meeting Set on October 27
-------------------------------------------------------------
Members of Steadinvest Company Ltd will meet for their final
meeting on October 27, 2006, at 10:00 a.m.

At the meeting, Liquidator Tsang Wai Ming will present a report
regarding the company's wind-up and property disposal
activities.

The Liquidator can be reached at:

         Tsang Wai Ming
         1001 Unicorn Trade Centre
         127-131 Des Voeux Road
         Central
         Hong Kong


RED CANVAS: Liquidator Thompson Steps Aside
-------------------------------------------
James Edward Thompson ceased to act as liquidator of Red Canvas
Ltd on September 12, 2006.

The Troubled Company Reporter - Asia Pacific reported that the
members of the Company on September 12, 2006 receive Liquidator
Thompson's report regarding the Company's wind-up and the manner
its properties were disposed of.

The former Liquidator can be reached at:

         James Edward Thompson
         2001 MassMutual Tower
         38 Gloucester Road, Wanchai
         Hong Kong


STONERIDGE INC: Net Income Increases 74% from Prior Year
--------------------------------------------------------
Stoneridge Inc. disclosed net sales of US$185.5 million and net
income of US$4.9 million, for the second quarter ended July 1,
2006.

Net sales increased US$5.2 million, or 2.9%, to US$185.5
million, compared with US$180.3 million for the second quarter
of 2005.  The increase in sales was primarily due to strong
demand in the company's commercial vehicle markets.  The effect
of foreign currency translation reduced second-quarter net sales
by approximately US$900,000 compared with the same period in
2005.

Net income for the second quarter was US$4.9 million, compared
with net income of US$2.8 million in the second quarter of 2005.  
The increase in net income was primarily attributable to
improved gross profit, lower restructuring expenses and a lower
marginal tax rate.  The quarter was unfavorably affected by
material price variances resulting from raw material price
increases and product price reductions.

"During the second quarter, we continued to demonstrate progress
toward achieving our goals of operational excellence.  The
second-quarter results marked our first quarterly year-to-year
improvement in operating earnings since the third quarter of
2004 excluding the impact of a non-cash impairment charge," said
John C. Corey, president and chief executive officer.  "We
expect to build upon the momentum established in the second
quarter and report year-to-year earnings improvement through the
remainder of the year."

For the 26 weeks ended July 1, 2006, net sales were US$365.1
million, an increase of 1.1% compared with US$361.1 million for
the 26 weeks ended July 2, 2005.  Net income for the 2006 period
was US$8.7 million, compared with US$7.2 million in the
comparable 2005 period.

Net cash provided by operating activities for the 26 weeks ended
July 1, 2006 was US$12.2 million, compared with net cash
provided of US$5 million for the corresponding period ended July
2, 2005.  The increase of US$7.2 million in cash provided by
operating activities was primarily due to improvements in
working capital management in the areas of accounts payable and
accrued expenses.  The cash provided from accounts payable
resulted from better matching of the company's accounts
receivable and accounts payable in the quarter compared with the
prior year.

                           Outlook

"Based upon our first-half performance and the current industry
forecasts, we are raising our full-year 2006 earnings outlook,"
Mr. Corey said.  

"Our current outlook incorporates expectations that lower North
American light vehicle production will be offset by continued
strength in our global commercial vehicle business."

The company increased its full-year 2006 earnings outlook to
US$0.50 to US$0.60 per diluted share from its previously issued
full-year earnings expectation of US$0.30 to US$0.40 per diluted
share.  Full-year 2005 net income was US$0.04 per diluted share.

                        About Stoneridge

Headquartered in Warren, Ohio, U.S. A., Stoneridge, Inc.
-- http://www.stoneridge.com-- is an independent designer and  
manufacturer of highly engineered electrical and electronic
components, modules and systems principally for the automotive,
medium- and heavy-duty truck, agricultural and off-highway
vehicle markets.

The company has Asian manufacturing and sales offices in China,
Japan, and Korea.

                         *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Stoneridge Inc. to 'B+'
from 'BB-' and to 'B' from 'B+', respectively.
     
At the same time, Standard & Poor's affirmed its 'BB' senior
secured credit facility rating.  The ratings were removed from
CreditWatch, where they were placed with negative implications
on March 9, 2006.


TAISHIN BILLS: Individual C Rating Stays, Fitch Says
----------------------------------------------------
Fitch Ratings downgraded on September 27, 2006, the Long-term
Issuer Default, National Long-term, Individual and subordinated
debt ratings of Taishin Financial Holding Co.

Meanwhile, the agency also downgraded the Long-term IDR,
National Long-term and Support ratings of Taishin Financial's
wholly owned subsidiary, Taishin Bills Finance.

After the rating action, the ratings are as follows:

    * Long-term IDR BBB-;
    * Short-term F3;
    * National Long-term A(twn);
    * National Short-term F1(twn);
    * Individual C; and
    * Support 3.

The Outlook is Stable.  Taishin Bills' senior unsecured
corporate bond issues of June, August, November and December
2003 are downgraded to National Long-term A(twn).

Taishin Bills Finance has a good market position and asset
quality, sound capitalization and strong credit culture.  TBF
maintained reasonable profitability in line with industry
average.  The market risk exposures of the company are
manageable.


TAISHIN FINANCIAL: Fitch Keeps Individual C Rating
--------------------------------------------------
Fitch Ratings downgraded on September 27, 2006, the Long-term
Issuer Default, National Long-term, Individual and subordinated
debt ratings of Taishin Financial Holding Co.

After the rating action, the ratings are as follows:

    * Long-term IDR at BBB-;
    * Short-term F3;
    * National Long-term A(twn);
    * National Short-term F1(twn)
    * Individual C; and
    * Support 5.

The Outlook is Stable.  Taishin Financial's subordinated bonds
issued in May 2004, June 2004, September 2005, and November 2005
are downgraded to National Long-term A-(twn).

Several major transactions involving Taishin Financial in the
past 12 months have altered its financial profile.  Taishin
Financial financed its TWD36.6 billion purchase of Chang Hwa
Bank's Mandatory Convertible Preferred Shares in October 2005 by
issuing subordinated debt and preferred securities. Taishin
Financial then received a TWD31.0bn capital injection from
Newbridge Capital and Nomura Holdings Inc. (rated "BBB+") in the
forms of common equity, convertible perpetual preferred shares
and convertible bonds between March and May 2006.

These transactions, coupled with losses in its major bank
subsidiary, Taishin International Bank, in 2005 resulted in
higher double leverage for the holding company.  Taishin
Financial's double leverage ratio was 127.5% at end-H106 based
on Fitch's eligible capital calculation.

On a standalone basis, Taishin Financial has very strong
liquidity.  Taishin Financial's subsidiaries have sound capital
adequacy, although TIB's capital adequacy was considerably
weakened by the unsecured consumer-lending crisis.  

Taking into account Taishin International Bank's TWD6.8 billion
of unamortized losses from NPL sales and further provisions
needed to increase its loan loss reserve coverage, Fitch
estimates Taishin International Bank's Tier-1 ratio to be around
6%.  Taishin Financial's subsidiaries enjoy strong liquidity,
and the holding company can provide ample liquidity support in
case of need.  TFHC ranks second among 14 financial holding
companies in Taiwan in terms of assets (including CHB) and sixth
in terms of equity as of June 2006.


TAISHIN INTERNATIONAL: Fitch Affirms Individual C Rating
--------------------------------------------------------
Fitch Ratings downgraded on September 27, 2006, the Long-term
Issuer Default, National Long-term, Individual and subordinated
debt ratings of Taishin Financial Holding Co.

In addition, the agency upgraded the Support rating of TFHC's
wholly owned subsidiary, Taishin International Bank, while
downgrading the remainder of the ratings on the bank.  The
rating Outlooks on TFHC and TIB are revised to Stable from
Negative.

After the rating action, the ratings are as follows:

    * Long-term IDR at BBB;
    * Short-term F3;
    * National Long-term A+(twn);
    * National Short-term F1(twn);
    * Individual C; and
    * Support 3.

The Outlook is Stable.

Several major transactions involving Taishin Financial in the
past 12 months have altered its financial profile.  Taishin
Financial financed its TWD36.6 billion purchase of Chang Hwa
Bank's Mandatory Convertible Preferred Shares in October 2005 by
issuing subordinated debt and preferred securities. Taishin
Financial then received a TWD31.0bn capital injection from
Newbridge Capital and Nomura Holdings Inc. (rated "BBB+") in the
forms of common equity, convertible perpetual preferred shares
and convertible bonds between March and May 2006.

These transactions, coupled with losses in its major bank
subsidiary, Taishin International Bank, in 2005 resulted in
higher double leverage for the holding company.  Taishin
Financial's double leverage ratio was 127.5% at end-H106 based
on Fitch's eligible capital calculation.

On a standalone basis, TFHC has very strong liquidity.  Taishin
Financial's subsidiaries have sound capital adequacy, although
Taishin International's capital adequacy was considerably
weakened by the unsecured consumer-lending crisis.  

Taking into account Taishin International's TWD6.8 billion of
unamortized losses from NPL sales and further provisions needed
to increase its loan loss reserve coverage, Fitch estimates
TIB's Tier-1 ratio to be around 6%.  Taishin International's
subsidiaries enjoy strong liquidity, and the holding company can
provide ample liquidity support in case of need.  Taishin
Financial ranks second among 14 financial holding companies in
Taiwan in terms of assets (including CHB) and sixth in terms of
equity as of June 2006.

The unsecured consumer-lending crisis weakened Taishin
International's capitalization, asset quality, and
profitability.  Roughly 36% of Taishin International's lending
portfolio at the onset of the crisis consisted of high-yield
unsecured consumer lending.  Large provision expenses led to a
net loss of TWD3.8 billion in 2005, reversing years of
increasing profitability from 2001 through 2004.

Taishin International is shifting its focus to corporate and
mortgage lending and wealth management, which should reduce the
bank's credit risk profile going forward.  Taishin
International's non-performing loans, including those under the
debt-restructuring program, was 2.7% of total loans and loan
loss reserve coverage ratio was 27.9% at end-H106.

Fitch expects interest income and credit costs to stabilize in
2007. Fitch expects the repayment ratio for Taishin
International's restructured loan portfolio to stabilize around
50%-60% over time, but future pre-provision profits should be
more than sufficient to cover the expected credit costs.


TAIWAN SECURITIES: Fitch Retains Individual C/D Rating
------------------------------------------------------
Fitch Ratings downgraded on September 27, 2006, the Long-term
Issuer Default, National Long-term, Individual and subordinated
debt ratings of Taishin Financial Holding Co.

Meanwhile, the agency also downgraded the Support rating of its
wholly owned subsidiary, Taiwan Securities Corporation.

After the rating action, the ratings are as follows:

    * Long-term IDR BBB-;
    * Short-term F3;
    * National Long-term A(twn);
    * National Short-term F1(twn);
    * Individual C/D; and
    * Support 3.

The Outlook is Stable.

TSC have a good market positions and asset quality, sound
capitalization and strong credit culture.  From 2005 through
H106, TSC reported volatile earnings amid the competitive
operating environment and low turnover on the Taiwan stock
exchange.


TOPNIT MANUFACTURING: Liquidation Process Initiated
---------------------------------------------------
The High Court of Hong Kong issued a wind-up order on
September 13, 2006, against Topnit Manufacturing Ltd.

According to the Troubled Company Reporter - Asia Pacific,
Cheung Wai Chung filed the petition with the Court on July 21,
2006.


TRIUMPHANT TONE: Creditors' Proofs of Claim Due on October 23
-------------------------------------------------------------
Liquidator Yiu Kwong Man requires the creditors of Triumphant
Tone Company Ltd to prove their claims by October 23, 2006.

Failure to present proofs of claim will exclude a creditor from
sharing in any distribution the company will make.

The Liquidator can be reached at:

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


YAT KWAI: Court to Hear Wind-Up Bid on October 25
-------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Yat Kwai Construction Company Ltd on October 25, 2006,
at 9:30 a.m.

Ip Keung filed the petition with the Court on August 25, 2006.

The Solicitors for the Petitioner can be reached at:

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


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

BPL LIMITED: Net Loss Down to INR12M in 1st Quarter of 2007
-----------------------------------------------------------
BPL Limited recorded a INR12.1-million net loss for the first
quarter of FY2006-2007 ended June 30, 2006.  The figure is a
sharp decline from the previous quarters' net losses.  

For the first quarter of FY2005-2006, the Company's net loss
amounted to INR211 million.  The net loss figures for the second
to the fourth quarter of FY2005-2006 were INR318.1 million,
INR1.567 billion and INR498.4 million, respectively.

BPL Limited's net sales for the quarter ended June 30, 2006, was
INR286.3 million, a decline from the sales figure of
INR355.1 million for the same period last year.

The current quarter under review posted a gross profit from
operations of INR51.5 million.  The Company arrived at the net
loss figure after the deduction of INR29.7 million in interest
expense, INR32.6 million in depreciation and INR1.2 million in
taxes.

At the same period last year, the Company posted a loss from
operations of INR102.7 million.

                      About BPL Limited

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.

Last year, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

                         *     *      *

On January 5, 2006, CRISIL Ratings reaffirmed the 'D' and 'FD'
ratings on BPL Limited's non-convertible and fixed deposit
programmes.  The ratings indicate that the company continues to
be in default on its rated debt.

These ratings are reaffirmed:

   * INR600 Million Non-Convertible Debenture at D
   * INR210 Million Non-Convertible Debenture at D
   * INRFixed Deposit Programme at FD


GENERAL MOTORS: CEO Meets with Ghosn; Oct. Deadline Confirmed
-------------------------------------------------------------
General Motors Corp. Chief Executive Officer Rick Wagoner and
Renault SA and Nissan Motor Co. head Carlos Ghosn met on the eve
of the September 27, 2006, at a Paris motor show to further
discuss planned collaboration between the companies, Reuters
reports.

According to the report, the two officials were likely to meet
again next month as working-level executives complete a review
viability of the tie-up, which is due on October 15, 2006.

In July, the three carmakers agreed to conduct a 90-day study of
the potential benefits of an alliance that could create an
automobile giant with a combined annual production of 15 million
vehicles, the Troubled Company Reporter - Asia Pacific reported
on September 25, 2006.  The study came after GM shareholder Kirk
Kerkorian, who owns a 9.9% stake in the company through his
investment firm Tracinda Corp., called for the carmakers to
pursue an alliance.

Schaeffers Research says that GM is looking for a multi-billion
dollar "equalizing contribution" payment on top of any share
purchases from Renault and Nissan Motors, to reflect GM's
extended global reach.  

The TCR-AP reported on September 22, 2006, that GM's interest in
the deal has waned especially over the idea of forming a capital
alliance.  Consequently, the nature of the tie-up may turn out
to be much less comprehensive than the Nissan-Renault bloc had
initially planned.

However, analysts have become increasingly skeptical that GM
will agree to the kind of sweeping global deal that Mr. Ghosn
has outlined because of GM's progress in recent months in
cutting costs, Reuters adds.

Meanwhile, the companies said that through the work of the three
study teams, the parties continue to explore the potential
opportunities of an industrial alliance, the companies said in a
media release.

"The teams are conducting a thorough and objective analysis of
potential synergies between all three companies with a focus on
how an alliance could generate significant shareholder value for
each company. Following today's meeting, it has been confirmed
that the teams will continue the studies through to the planned
mid-October completion date," the companies disclosed.

                      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.

                        *    *    *

As reported in the Troubled Company Reporter on July 28, 2006,
Standard & Poor's Ratings Services held all of its ratings on
General Motors Corp. -- including the 'B' corporate credit
rating, but excluding the '1' recovery rating -- on CreditWatch
with negative implications, where they were placed March 29,
2006.  The CreditWatch update followed GM's announcement of
second quarter results and other recent developments involving
its bank facility and progress on the GMAC sale.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corp. and General Motors of Canada
Limited to B.  The commercial paper ratings of both companies
are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter 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' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

As reported in the Troubled Company Reporter 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 Corp.,
affirmed the company's B3 corporate family and SGL-3 speculative
grade liquidity ratings, and lowered its senior unsecured rating
to Caa1 from B3.  The rating outlook is negative.


IFCI LTD: Releases August 25 AGM Results
----------------------------------------
Members of IFCI Ltd, at the 13th Annual General Meeting of the
Company on August 25, 2006, have agreed to:

   -- the adoption of the Company's Balance Sheet as at
      March 31, 2006, and the Profit and Loss Account for the
      financial year ended on that date and the Directors' and
      Auditors' Report on the financials;

   -- the re-appointment of Shri P S Shenoy and Shri R C Razdan,
      as directors, liable to retire by rotation;

   -- the appointment of Ray & Ray, Chartered Accountants, as
      auditors starting from the conclusion of that AGM until
      the conclusion of the next AGM;

   -- the appointment of Shri N Balasubramanian as director,
      liable to retire by rotation;

   -- the appointment or extension of the term of Shri R M Malla
      as Whole Time Director, under the Companies Act, 1956,
      from July 01, 2006, to June 30, 2009;

   -- the alteration in Article 147 of the Company's Articles of
      Association.

                        About IFCI Limited

Headquartered in Delhi, India, IFCI Limited --
http://www.ifciltd.com/-- is established to cater the long-term  
finance needs of the industrial sector.  IFCI's principal
activities include project finance, financial services, non-
project specific assistance and corporate advisory services.  
Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of expansion,
diversification and modernization programs.  Non-project
specific assistance is provided in the form of corporate/short-
term loans, working capital, bills discounting, etc to meet
expenditure, which is not specifically related to any particular
project.  Its investment portfolio includes equity shares,
preference shares, security receipts and government securities.

                          *     *     *

Fitch Ratings, on June 29 2006, affirmed IFCI Limited's support
rating at '4'.  The outlook on the rating is stable.

Additionally, on February 15, 2006, Credit Analysis and Research
Limited retained a CARE D rating to the long and medium term
debt aggregating INR248 crore.  Instruments carrying this rating
are judged to be of the lowest category.  They are either in
default or likely to be in default soon.


NOVELL INC: Wells Fargo Issues Default Notice
---------------------------------------------
Novell, Inc., has received a letter from Wells Fargo Bank, N.A.,
the trustee with respect to company's US$600 million 0.50%
convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006, with
the United States Securities and Exchange Commission.

The letter states that this asserted default will not become an
"event of default" under the indenture if the company cures the
default within 60 days after the date of the notice.

Novell says default is invalid and without merit and asserts
that has not failed to perform its obligations under the
indenture.  Novell's indenture requires that it provide the
trustee copies of all SEC filings within 15 days after such
filings are actually made.  Novell will comply with this
requirement by providing the Form 10-Q for the period ended July
31, 2006 to the trustee after filing it with the SEC.

In the event the above-mentioned notice of default is not
invalid, and in the event such default were to mature into an
event of default under the indenture, the trustee or the holders
of at least 25% in aggregate outstanding principal amount of
debentures may accelerate the maturity of the debentures.

In addition, Novell also received a staff determination notice
from the NASDAQ Stock Market stating that the company's common
stock is subject to delisting from the NASDAQ Stock Market.  The
notice was issued in accordance with standard NASDAQ procedures
as a result of the delayed filing of Novell's quarterly report
on Form 10-Q for the period ended July 31, 2006.  Timely filing
of periodic reports is a requirement for continued listing under
NASDAQ marketplace rule 4310(c)(14).

The late filing resulted from Novell's previously announced
voluntary review by its audit committee of Novell's historical
stock-based compensation practices.  The company intends to file
its quarterly report on Form 10-Q for the period ended July 31,
2006 as soon as practicable after the audit committee's review
is concluded.

                          About Novell

Novell, Inc. -- http://www.novell.com/-- delivers Software for  
the Open Enterprise.  With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software.

The company also has offices in Australia, China, Hong Kong,
Japan, Malaysia, New Zealand, Philippines, Singapore, South
Korea, Taiwan, Thailand and India.


UNITED WESTERN BANK: Board Opposes IDBI Merger Proposal
-------------------------------------------------------
United Western Bank's Board of Directors strongly objected to
the merger proposal with the Industrial Development Bank of
India, India's daily newspaper Business Standard says.

The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that IDBI will take over United Western
pursuant to a scheme of amalgamation proposed by the Reserve
Bank of India.

Earlier, United Western had submitted a rehabilitation package
to RBI.  The rehab package involved a INR350-crore capital
infusion by Sicom Limited, the Maharashtra Government and the
Deepak Parekh-spearheaded HDFC group.

The Board pointed out that under the SICOM-HDFC-Maharashtra
government proposal, United Western's shares would be valued at
INR32.40 each.

IDBI's offer will only value United Western at INR28 per share,
Business Standard noted.

The Board told the newspaper that they did not have the
information including price quoted by various financial sector
players.  Hence, the Board is unsure that the IDBI merger is the
best option.

The Board also complained that there would not be any exchange
of shares under the IDBI amalgamation scheme, contrary to
banking regulations laws.

                    About United Western Bank

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

                          *     *      *

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

The Union Government placed United Western under a moratorium
running from September 2, 2006, to December 1, 2006, based on an
application from the Reserve Bank of India.  Under the
moratorium, depositors will be allowed to withdraw a maximum of
INR10,000, except in certain circumstances, at any of the bank's
branches, but not through the use of ATMs.


UNIVERSAL CORP: Subsidiary Sells Businesses for US$527 Million
--------------------------------------------------------------
Universal Corporation's subsidiary, Deli Universal, Inc., has
completed the sale of its non-tobacco businesses to NPM Capital
N.V., owned by NIBC Principal Investments and managers of Deli's
non-tobacco businesses.

The overall transaction is valued at approximately US$527
million, after selling expenses, based on estimated Aug. 31,
2006, financial statements.

The company received US$401 million in cash, associated with the
transaction, net of expenses, and the remainder of the purchase
price represented debt assumed by the new company.  Cash
proceeds will be used to reduce debt; however the company's
Board of Directors will consider the possibility of resuming the
company's share repurchase program based on market conditions
and the performance of its business.  Proceeds will be adjusted
based on final agreement on the accounts of the businesses as of
the closing date.  Based on current estimates, the company
expects to record an after-tax loss on the transaction,
including selling expenses, of about US$25 million in the second
quarter of fiscal year 2007.

               About Deli's Non-Tobacco Business

Deli's non-tobacco businesses include lumber and building
products distribution and agri-products operations, including
rubber and food trading, tea, and sunflower seeds.  The company
is retaining its dried fruits and nuts business in the United
States and London.  The revenues of Deli's non-tobacco
businesses were
$1.4 billion in the fiscal year that ended March 31, 2006.
Operating income for the businesses for the same period was
approximately US$53 million.  The businesses employ
approximately 3,100 people, primarily in Holland and the United
States.

                   About NIBC and NPM Capital

NIBC Principal Investments is a part of NIBC Bank N.V., a
Netherlands-based merchant bank.  NPM Capital N.V. is a part of
SHV Holdings, N.V., a Netherlands-based private company.  

                  About Universal Corporation

Based in Richmond, Virginia, Universal Corporation, (NYSE:UVV)
-- http://www.universalcorp.com/-- has operations in tobacco  
and agri-products.  The company, through its subsidiaries, is
one of two leading independent tobacco merchants in the world.  
Universal Corporation's gross revenues for the fiscal year that
ended on March 31, 2006, were approximately US$3.5 billion,
which included US$1.4 billion related to operations that were
sold on Sept. 1, 2006.

The company has operations in India, Brazil, Argentina, the
United States, Guatemala, the Netherlands, Belgium and other
countries in Europe.

Troubled Company Reporter - Asia Pacific reported that 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 Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Additionally, Moody's assigned an LGD5 rating to the debt
obligation, suggesting noteholders will experience a 73% loss in
the event of a default.


UNIVERSAL CORP: Moody's Assigns LGD5 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 U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Additionally, Moody's assigned an LGD5 rating to the debt
obligation, suggesting noteholders will experience a 73% 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%).

Based in Richmond, Virginia, Universal Corporation, (NYSE:UVV)
-- http://www.universalcorp.com/-- Universal Corp. has  
operations in tobacco and agri-products.  The company, through
its subsidiaries, is one of two leading independent tobacco
merchants in the world.  Universal Corporation's gross revenues
for the fiscal year that ended on March 31, 2006, were
approximately US$3.5 billion, which included US$1.4 billion
related to operations that were sold on Sept. 1, 2006.

The company has operations in India, Brazil, Argentina, the
United States, Guatemala, the Netherlands, Belgium and other
countries in Europe.


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

ALLIANCE ONE: 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 US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for Alliance One International, Inc.,
and upgraded its B2 rating on the company's US$300 million
senior secured revolver to B1.  In addition, Moody's assigned an
LGD3 rating to notes, suggesting noteholders will experience a
37% 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%).

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a  
leaf tobacco merchant.

The company has worldwide operations, including in Indonesia,
Argentina, Brazil, Bulgaria, Canada, China, France, India,
Philippines, Malaysia, and Singapore.


APEXINDO PRATAMA: Gets US$125-Million Loan for New Oil Rig
----------------------------------------------------------
PT Apexindo Pratama Duta Tbk (APEX.JK) disclosed that it had
obtained a US$125-million, 10-year loan to build a new oil rig,
Reuters relates.

"This is a syndication credit facility led by Natexis Banques
Populaires as agent, security trustee and book runner with
Goldman Sachs LLC, PMA Incestment Advisors and Standard
Chartered Bank as joint mandated lead arrangers," Apexindo said
in a statement.

According to Reuters, the company said that Singapore's United
Overseas Bank Ltd. was also a lead arranger.

Apexindo said it had already secured a three-year contract for
the rig valued at US$170 million from Total E&P Indonesie, a
subsidiary of France's Total E&P (TOTF.PA).

Headquartered in Jakarta, Indonesia, PT Apexindo Pratama Duta
Tbk -- http://www.apexindo.com/-- is a national onshore and  
offshore drilling contractor that has been serving both
prominent local and international clients domestically as well
as abroad for the last two decades.

Apexindo Pratama is controlled by Indonesia's largest listed
energy firm, PT Medco Energi International Tbk (MEDC.JK), which
has a 52% stake.

Apexindo Pratama has recorded a net loss of IDR43.126 billion in
fiscal year 2005, compared with a IDR36.524-billion net loss in
2004.


MARSH & MCLENNAN: Moody's Affirms Preferred Stock's (P)Ba1 Rtg.
---------------------------------------------------------------
Moody's Investors Service has affirmed the Baa2 senior unsecured
debt rating and the Prime-2 short-term debt rating of Marsh &
McLennan Companies, Inc.  The rating agency has also assigned
provisional ratings to MMC's new universal shelf registration.
The rating outlook for MMC remains negative.

MMC announced on September 19, 2006, that it would test the
market value of its subsidiary, Putnam Investments, after
receiving inquiries from parties interested in either acquiring
or partnering with Putnam.  MMC said that it has not decided to
take any specific action with regard to Putnam at this time.  
The rating affirmation reflects Moody's view that MMC will
protect its financial flexibility as part of any strategic
initiative affecting Putnam.

Moody's notes that Putnam helps to diversify the earnings and
cash flows of MMC.  However, Putnam has suffered a substantial
decline in assets under management over the past several years,
leading to reduced operating margins. MMC has taken steps to
improve Putnam's fortunes, including installing a new management
team in 2003-2004, and changing the investment style to produce
more consistent yearly returns.  These changes have helped to
slow the pace of fund redemptions in recent quarters.  Moody's
notes that any potential transaction involving Putnam would be
viewed in light of its impact on cash flows, profitability, and
financial metrics at MMC.

MMC announced on September 15, 2006, an anticipated US$225
million charge to be taken over the next two years devoted to
infrastructure improvements (information technology, real
estate, corporate functions) as well as business process
improvements, primarily at Marsh Inc. and Mercer Human Resource
Consulting.  MMC expects these initiatives to generate
annualized cost savings of US$350 million by the end of 2008.  
This is the third major charge announced by MMC over the past
two years for restructuring and cost saving initiatives.

Moody's negative rating outlook reflects the uncertainty
surrounding MMC's ongoing restructuring efforts.  While MMC's
financial position has improved over the past year, earnings and
cash flows continue to be pressured by special charges as well
as changing business processes and efforts to upgrade
information systems.

Moody's cited these factors that could lead to a downgrade of
MMC's ratings:

   * insurance brokerage margins consistently below 12%,

   * adjusted EBIT coverage of interest consistently below 3.0x,

   * adjusted debt-to-EBITDA ratio consistently above 3.5x, or,

   * material new adverse developments in connection with
     regulatory investigations or related litigation.

Moody's has affirmed these ratings with a negative outlook:

   * Senior unsecured long-term debt at Baa2; senior unsecured
     short-term debt at Prime-2.

   * Moody's has assigned the following provisional ratings to
     the shelf registration:

   * Provisional senior unsecured debt at (P)Baa2; provisional
     subordinated debt at (P)Baa3; provisional preferred stock
     at (P)Ba1.

Moody's last rating action on MMC took place on September 12,
2005, when the rating agency assigned a Baa2 rating to
US$1.3 billion of senior notes.

Marsh & McLennan Companies, Inc. -- http://www.marshmac.com/--  
is a New York-based global professional services firm with
subsidiaries offering risk management, insurance brokerage,
consulting and investment management services to clients in more
than 100 countries, including Indonesia, Australia, China,
India, Japan, Korea and Singapore.  MMC owns the world's largest
insurance brokerage and consulting operation.  MMC reported
total revenues of US$6.0 billion and net income of
US$588 million for the first six months of 2006.  Shareholders'
equity was US$6.0 billion as of June 30, 2006.


* Indonesia to Sell 10 State-Owned Companies Next Year
------------------------------------------------------
The Indonesian Government is planning to float shares in 10
state-owned companies in 2007, Agence France Presse reports,
citing state enterprise ministry secretary Muhammad Said Didu.

"About 10 state-owned companies are ready to go public, pending
the approval of the privatisation committee," Secretary Didu
told Bisnis Indonesia.

According to Bisnis Indonesia, Secretary Didu said that the
ministry had started forming a privatization committee to handle
the initial public offering process.

Among the companies to be offered were Bank Tabungan Negara,
Indonesia Power, Jasa Marga, Wijaya Karya, Krakatau Steel
subsidiary KHI Pipe Industry, Pembangkitan Jawa Bali, Commet
Plus and Bank Syariah Mandiri.

AFP recounts that Minister for State Enterprises Sugiharto said
in January that the Government planned to sell stakes in 20
unnamed state companies in the second quarter of 2006.  However,
this was not fulfilled.

Indonesia's privatization program was initially part of the
reforms mandated by the International Monetary Fund in the wake
of the 1997-98 Asian financial crisis, AFP explains.  The
Government decided to continue with the program even after the
IMF ended its Indonesia mission in 2004.

                          *     *     *

As reported in the TCR-AP on July 27, 2006, Standard & Poor's
Ratings Service raised its long-term foreign currency rating for
Indonesia to 'BB-' from 'B+', and the long-term local currency
rating to 'BB+' from 'BB'.  S&P also affirmed the country's 'B'
short-term rating.


* Indonesia Has Too Many Banks, Central Bank Governor Says
----------------------------------------------------------
Bank Indonesia Governor Burhanuddin Abdullah said that the
country would make a significant progress if it successfully
reduces the number of banks from the current 130 to around 70,
Xinhua News reports.

According to Mr. Abdullah, Indonesia has too many banks, which
would not pose any problem if they are all financially strong.

"Of the total 130 banks in Indonesia, 50 are too small (in terms
of assets) and they cannot compete with other domestic or
foreign banks," he said in an open hearing with the House of
Representatives' commission.

Xinhua cites Mr. Abdullah as adding that the central bank
encourages smaller banks to merge into bigger ones to
strengthen their capital base.

The government, Xinhua says, may raise the minimum capital
requirement to IDR100 billion by 2010 in its efforts to
restructure banks.

                          *     *     *

As reported in the TCR-AP on July 27, 2006, Standard & Poor's
Ratings Service raised its long-term foreign currency rating for
Indonesia to 'BB-' from 'B+', and the long-term local currency
rating to 'BB+' from 'BB'.  S&P also affirmed the country's 'B'
short-term rating.


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

AMERICAN SAFETY: 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 US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for American Safety Razor Company.

Additionally, Moody's revised and 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$35 million
   First Lien
   Revolving Credit     B2       B1        LGD3     38%

   US$225 million
   First Lien
   Term Loan            B2       B1        LGD3     38%

   US$175 million
   Second Lien
   Term Loan            Caa1     B3        LGD4     58%

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

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

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

Based in Cedar Knolls, New Jersey, American Safety Razor Company
-- http://www.asrco.com-- is a major designer, manufacturer and  
marketer of brand name and private label consumer and industrial
products.  Its principal products include wet shaving blades and
razors and medical blades.

The company has global manufacturing and sales locations
including those in the United Kingdom, Australia, Brazil,
Singapore and Japan.


AMERICAN SEAFOODS: Moody's Confirms B1 Corporate 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 Consumer Products, Beverage,
Toy, Natural Product Processors, Packaged Food Processors, and
Agricultural Cooperative sectors, the rating agency confirmed
its B1 Corporate Family Rating for American Seafoods Group LLC.

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         B1       Ba3     LGD3       39%

Gtd. Sr. Sec.
Term Loan A Due 2012      B1       Ba3     LGD3       39%

Gtd. Sr. Sec.
Term Loan B Due 2013      B1       Ba3     LGD3       39%

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%).

                   About American Seafoods

American Seafoods Group -- http://www.americanseafoods.com--  
harvests and processes a variety of fish species aboard its
catcher-processor vessels, its freezer-longliner vessels, and at
its land-based processing facilities.  The company markets its
products to a diverse group of customers in North America, Asia,
and Europe.  In the United States, American Seafoods is the
largest harvester and at-sea processor of pollock and hake and
the largest processor of catfish.  The company also harvests and
processes cod, scallops, and yellowfin sole.  The company
maintains an international marketing network through its United
States, European and Japan sales offices.

The Troubled Company Reporter - Asia Pacific reports that 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 B1 Corporate Family Rating for American Seafoods Group LLC.

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         B1       Ba3     LGD3       39%

Gtd. Sr. Sec.
Term Loan A Due 2012      B1       Ba3     LGD3       39%

Gtd. Sr. Sec.
Term Loan B Due 2013      B1       Ba3     LGD3       39%


AMISTAR CORP: June 30 Balance Sheet Upside-Down by US$2.1-M
-----------------------------------------------------------
Amistar Corporation filed its second quarter financial
statements for the three months ended June 30, 2006, with the
Securities and Exchange Commission.

The company incurred an US$816,000 net loss on US$1.1 million of
net revenues for the three months ended June 30, 2006, compared
to a US$1.2 million net loss on US$1.0 million of revenues in
2005.

At June 30, 2006, the company's balance sheet showed US$4.1
million in total assets and US$5.8 million in total liabilities,
resulting in a US$2.1 million stockholders' deficit.

A Full-text copy of the company's Quarterly Report is available
for free at http://researcharchives.com/t/s?1285

                       About Amistar Corp.

Headquartered in San Marcos, California, Amistar Corporation
-- http://www.amistar.com/-- engages in the design,  
development, manufacture, distribution, marketing, and service
of automated equipment used to assemble electronic components
and product identification media to printed circuit boards and
other assemblies.  It provides machine products, distributing
circuit board assembly machine products, and customized factory
automation design and manufacturing services.  The company,
through its majority-owned subsidiary, Distributed Delivery
Networks Corporation, provides automation solutions for the
retail pharmacy market.  It distributes its products to
customers in the eyeglass lens, life sciences, medical
equipment, golf club assembly, electronics, and RFID industries
through an internal sales force.

Amistar's Japanese partner, iPULSE Co. Ltd, is a division of
Yamaha Motor Group.


ASG CONSOLIDATED: 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 B1 Corporate Family Rating for ASG Consolidated LLC.

Moody's revised its probability-of-default rating on the
company's US$196 million Senior Discount Global Notes due Nov.
1, 2011, from Caa1 to B3.  Additionally, Moody's assigned an
LGD6 rating to those notes, suggesting noteholders will
experience a 90% loss in the event of a default.

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%).

Seattle, Washington-based ASG Consolidated LLC is an
intermediate holding parent company of American Seafoods Group
LLC.

                          *     *     *

American Seafoods Group -- http://www.americanseafoods.com/--  
harvests and processes a variety of fish species aboard its
catcher-processor vessels, its freezer-longliner vessels, and at
its land-based processing facilities.  The company markets its
products to a diverse group of customers in North America, Asia,
and Europe.  In the United States, American Seafoods is the
largest harvester and at-sea processor of pollock and hake and
the largest processor of catfish.  The company also harvests and
processes cod, scallops, and yellowfin sole.  The company
maintains an international marketing network through its United
States, European and Japan sales offices.

The Troubled Company Reporter - Asia Pacific reports that 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 B1 Corporate Family Rating for American Seafoods Group LLC.

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


AVIALL INC: Completes US$1.7-Billion Sale to Boeing
---------------------------------------------------
The Boeing Company has concluded its purchase of Aviall, Inc.,
Boeing purchased Aviall for US$48 per share or US$1.7 billion,
plus the assumption of debt, net of cash existing on Aviall's
balance sheet, of US$448 million.

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

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

Aviall will report to Boeing Commercial Aviation Services and
operate as a wholly owned subsidiary.  Commercial Aviation
Services offers Integrated Materials Management services to
airline customers.  Through this program, Boeing and selected
suppliers maintain an airline's inventory of maintenance
supplies - including spare parts - and provide items only as
needed, reducing the airline's cost and complexity of doing
business.  Aviall's parts ordering and supply chain management
capabilities will also be utilized by Boeing's Integrated
Defense Systems' Support Systems business.

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

                        About Aviall Inc.

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

                         *     *     *

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


BANCO BRADESCO: Unit Finalizes Services Pact with Luigi Bertolli
----------------------------------------------------------------
Wagener Aguado -- the executive director of Finasa, Banco
Bradesco SA's consumer finance unit -- told Business News
Americas that the company has finalized a financial services
accord with Luigi Bertolli, the regional clothing retailer.

Luigi Bertolli runs over 20 stores in the southeast region of
Brazil.

Finasa has extended its private label agreement with Panvel
pharmacy chain to include personal loans, BNamericas says,
citing Mr. Aguado.  It has also made an arrangement with Comper
supermarket chain to include the Visa-branded credit cards
service.

Mr. Aguado told BNamericas, "We are set to announce another
partnership next month and will probably announce two more
before the end of the year."

BNamericas underscores that Banco Bradesco disclosed in 2005 the
creation of consumer finance joint ventures with retailers
Magazine Leader and Lojas Colombo, which still has to be
approved by the central bank.  Banco Bradesco then switched its
focus to operating accords with regional retailers.

"Creating a consumer finance company is not necessary.  It costs
more and it doesn't give any advantage to the retailer.  We can
form a partnership and have the same control and the results,"
Mr. Aguado told BNamericas.

                         About Bradesco

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

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

                          *     *     *

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

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

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

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

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


ISHIKAWAJIMA-HARIMA: Fitch Revises BB Ratings' Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Ishikawajima-Harima
Heavy Industries, Co. Ltd.'s Long-term foreign and local
currency Issuer Default ratings to Stable from Negative.  At the
same time, the agency affirmed the ratings as follows:

   -- Long-term foreign currency IDR 'BB';

   -- Long-term local currency IDR 'BB';

   -- Senior unsecured debt 'BB'.

The Outlook revision reflects IHI's stabilizing credit profile,
its improved cost and risk management, especially in its
overseas projects, and its strong business outlook.  IHI
experienced heavy operating loss in FYE04, mainly due to costs
overrun in its energy and plant segments as well as in its
shipbuilding and offshore projects.  IHI subsequently introduced
a stricter project management, and the agency notes that IHI has
since been more careful with the projects it undertakes,
especially those that are overseas.  The FYE05 and FYE06 results
suggest the above measures have been successful with the company
posting stable operating performance.  For FYE06, the net
debt/EBITDA ratio recovered to 6.2x from 7.4x for FYE05 and
31.0x for FYE04.

The agency also notes that the demand outlook is strong for the
businesses and products in which IHI has a competitive strength.
This includes commercial aviation engines, turbochargers and LNG
tanks and terminals.  The agency also notes that in the
shipbuilding segment, higher-priced orders are expected to help
improve profitability over time.  In addition, although IHI
suffered losses from projects in several segments, the last of
these unprofitable projects will be delivered in FYE07.  As a
result, Fitch believes that IHI will be able to improve its
profitability further.

Although IHI intends to reduce its debt in the medium term, it
has committed to property development projects in FYE07 on top
of its ordinary capital expenditure.  Consequently, the company
will only be able to start reducing its debt in FYE08.  With its
net debt/EBITDA of 6.2x at FYE06, IHI's leverage is the highest
of the three leading heavy industry companies in Japan.  
However, the agency notes that its leverage is gradually
improving and is likely to continue to do so for the foreseeable
future.  Any rating upgrade would require a continuous track
record of stable earnings.  However, the agency considers that a
prolonged negative free cash flow and an aggressive debt-funded
capital expenditure would be regarded as negative rating
triggers.

IHI is the third largest Japanese diversified heavy
manufacturing company, with six operating divisions, including
energy and plant, aero-engine and space, logistics systems and
structures, shipbuilding and offshore, industrial manufacturing,
and other activities.


JAPAN AIRLINES: Domestic Pilots Warn of Weekend Strike
------------------------------------------------------
A union of 650 Japan Airlines pilots for domestic services has
warned of a strike over the weekend, Kyodo News reports.

The union is seeking changes in employment conditions after the
planned merger of Japan Airline's domestic flight unit with its
international service arm, Kyodo News says.

As reported in the Troubled Company Reporter - Asia Pacific,
Japan Airlines will be a single operating company from Oct. 1,
2006, following the unification of the present two operating
firms -- JAL International and JAL Domestic.  

JAL International and JAL Domestic were created in April 2004 to
take over the roles of the former Japan Airlines and Japan Air
System.  The move to merge will help complete the integration
process of the two units, the TCR-AP stated.

However, the union claimed that the planned merger won't allow
captains on domestic lines to remain union members, according to
The International Herald Tribune.

Japan Airlines is currently in talks with the group to avoid the
potential strike, which may further exacerbate the company's
struggling business operations, The Tribune says.

The Associated Press reports that the airline has been trying to
regain travelers' confidence after a series of embarrassing
safety lapses since last year including an engine fire.

The carrier also posted a net loss of JPY47.2 billion, or
US$402 million, in fiscal year through March on soaring jet fuel
prices and weak passenger demand.

                       About Japan Airlines

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

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

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

                          *     *     *

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


METALDYNE CORPORATION: Current Deficit Up by 181%
-------------------------------------------------
The working capital deficit of Metaldyne Corp. increased by
about 181%, or US$79.59 million, from US$43.88 million at
January 1, 2006, to US$123.48 million at July 2, 2006.

The Company recorded US$292.82 million in current assets and
US$416.30 million in current liabilities at July 2, 2006,
compared with US$385.12 million in current assets and
US$429 million in current liabilities at Jan. 1, 2006.

At April 2, 2006, the Company had a US$95.18 million working
capital deficit.

Net cash provided by operating activities was US$17.35 million
for the six months ended July 2, 2006, compared with
US$55.38 million for the same period in 2005.

Net cash used for investing activities was US$20.57 million for
the six months ended July 2, 2006, compared with
US$34.87 million for the same period in 2005.

Net cash provided by financing activities was US$4.46 million
for the six months ended July 2, 2006, compared with
US$19.91 million used for the same period in 2005.

At July 2, 2006, the Company has about US$120.7 million of
undrawn commitments, which consisted of US$111.8 million from
its revolving credit facility and US$8.9 million from its
accounts receivable securitization facility.  In addition, the
Company had US$5.8 million in cash.

About US$35 million on the Company's revolving credit facility
and US$66.5 million on its accounts receivable securitization
facility were outstanding at July 2, 2006.

On Dec. 20, 2005, the Company entered into a senior secured loan
facility.  This loan facility provided for term loans totaling
US$20 million until June 30, 2006, to finance in part the
purchase of additional specified machinery and equipment.  As of
July 2, 2006, US$19.4 million was drawn on this facility.  A
commitment fee of 7.5% per annum on the unused portion of this
loan accrued through June 30, 2006.  The senior secured loan
facility matures Dec. 31, 2009.

On Feb. 3, 2006, the Company entered into an amended and
restated credit agreement that added an additional US$50 million
of term loans, of which US$25 million was used to prepay the
preexisting term loan.  The credit facility includes term loans
with US$374.7 million outstanding and a revolving credit
facility with a principal commitment of US$200 million, of which
US$35 million was outstanding as of July 2, 2006.  The revolving
credit facility matures on May 28, 2007 and the term loan
facility matures on Dec. 31, 2009.

As of July 2, 2006, the Company has long-term ratings from
Standard & Poor's Ratings Services and Moody's Investors
Services of B/B3 on its senior credit facility, CCC+/Caa1 on the
Company's 10% senior notes due 2013 and CCC+/Caa2 on its 11%
senior subordinated notes due 2012.

                         About Metaldyne

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

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


MITSUBISHI MOTORS: S&P Lifts Long-Term Ratings to B- from CCC+
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit and senior unsecured debt ratings on Mitsubishi
Motors Corp. to 'B-' from 'CCC+', reflecting progress in the
company's revitalization efforts and reduced downside risks in
its earnings and financial profile.  The outlook on the long-
term rating is stable.

Mitsubishi Motors substantially reduced its net losses in fiscal
2005 (ended March 31, 2006), and its funds from operations (FFO,
before adjusting for changes in working capital) turned
positive.  The prolonged deterioration in sales in the Japanese
market due to a deteriorated brand image has turned around, with
unit sales increasing faster than initially planned from a low
in fiscal 2004.  Unit sales have increased year-on-year for 16
consecutive months since May 2005.  The company significantly
reduced its operating losses in its North America operations as
a result of no recurrence of losses related to the sale of
finance receivables recorded during fiscal 2004, and improved
margins by lowering fleet sales.  Over the last few months, unit
sales have indicated a bottoming out in the U.S. market.

Mitsubishi Motors' free cash flow could turn positive in fiscal
2007, owing to gradually improving cash flow generation. The
ratio of total debt to capital remains high at about 62% as of
the end of March 2006, adjusted according to Standard & Poor's
captive finance methodology.  Despite its weak financial
profile, concerns that it could deteriorate rapidly appear to
have receded.

Nevertheless, Mitsubishi Motors still faces challenges in
sustaining a recovery in profitability, such as its low
production capacity utilization in North America, Europe, and
Australia, and the profitability pressures in the most lucrative
geographic segments in Asia and other regions (excluding Japan,
North America, and Europe).  The company is not well positioned
to weather intensifying competition in the global auto markets
because of its limited competitive position and strained
financial resources.

Support from the three Mitsubishi group companies deeply
involved in the automaker's current revitalization plan--
Mitsubishi Heavy Industries Ltd. (BBB/Negative/--), Mitsubishi
Corp. (A/Stable/A-1), and Bank of Tokyo-Mitsubishi UFJ Ltd.
(A/Stable/A-1)--continues to be a major factor underpinning
Mitsubishi Motors' ratings.

The rating on Mitsubishi Motors' senior unsecured debt is equal
to its long-term issuer rating as in the past, because of
balancing factors.  The rating is based on the assumption that
the company's main creditor banks would forgive Mitsubishi
Motors' debt if needed, while bondholders would still be
reimbursed in the event of a default, given the willingness of
Mitsubishi group companies to provide financial support.  At the
same time, the rated unsecured bonds have a relatively weak
seniority, given priority debt, including secured debt, makes up
a relatively large proportion of the company's total assets.


NORINCHUKIN BANK: Releases Term Sheet for Bonds Issue
-----------------------------------------------------
Norinchukin Bank plans to sell Lower Tier II bonds in euros,
pounds and yen, Bloomberg News reports.

Deutsche Bank, Goldman Sachs International and Mizuho
International will manage the sale after meetings with
investors, Reuters relates.

In a press release, Norinchukin Bank confirmed the issue terms
of the Euro-denominated notes and the Sterling-denominated notes
on September 20, 2006, and the Yen-denominated notes on
September 22, 2006.  The terms are:

Issuer          : Norinchukin Finance (Cayman) Limited
                  (an overseas special purpose company and 100%
                  subsidiary of the bank located in the Cayman
                  Islands, a British dependent territory)

Type of security: Euro-denominated dated subordinated notes
                  Sterling-denominated dated subordinated notes
                  Yen-denominated dated subordinated notes
                  (all notes above are guaranteed by the bank on
                  a subordinated basis)

Issue amount    : Euro-denominated dated subordinated notes:
                  EUR1 billion; Sterling-denominated dated
                  subordinated notes: GBP650 million; Yen-
                  denominated dated subordinated notes:
                  JPY50 billion

Maturity of
the notes       : Euro-denominated dated subordinated notes:
                  10 years (callable after 5th anniversary);
                  Sterling-denominated dated subordinated notes:
                  10 years (callable after 5th anniversary);
                  Yen-denominated dated subordinated notes:
                  15 years (callable after 10th anniversary)

Status          : The notes and the obligation of the bank are
                  subordinated to the senior indebtedness of the
                  bank issue format.  The notes will be placed
                  in the Euro market.

The Norinchukin Bank -- http://www.nochubank.or.jp/-- is the  
central bank for Japan's agricultural, forestry and fishery
cooperative systems.  The bank is Japan's biggest agricultural
cooperative.  Based on constant funds procurement from member
cooperatives, the bank carries out efficient and flexible asset
management by investing in various financial products.  This is
carried out on a global scale.  The profits from these
activities are then continuously passed on to its members.

The bank has branches in the world's major financial centers,
including New York, London, the Cayman Islands and Singapore.
Coupled with its Head Office in Tokyo, this network enables 24-
hour coverage of the global financial markets.

Fitch Ratings fixes a C/D individual rating for Norinchukin Bank
on September 20, 2006.


SANYO ELECTRIC: Mulls Further Job Cuts Under Restructuring Plan
---------------------------------------------------------------
Sanyo Electric Company plans to cut another 500 to 1,000 jobs,
in line with its restructuring plan, Reuters reports, citing The
Sankei Daily.

The electronics maker has already trimmed 15% of its workforce,
on top of factory closures and streamlining of loss-making
operations, Reuters says.

A company spokesman told The Sankei that the company did not
have specific plans to further reduce its work force even though
the number of employees could fall naturally through retirements
and resignations.  He added that the company would announce any
additional restructuring schemes it draws up, but no time frame
has been set for any such plans.

Sanyo posted a large loss for the year ended in March because of
restructuring costs, asset write-downs and sluggish sales,
Reuters relates.   The company is also struggling to maintain
its hold in the battery market from competition such as
Matsushita Electric Industrial Co. and Sony Corp., who plan to
penetrate the lucrative market.

Meanwhile, the company is seeking to have its stock delisted
from the Sapporo Securities Exchange, the Nagoya Stock Exchange
and the Fukuoka Stock Exchange due to sluggish trading in its
shares, the Troubled Company Reporter - Asia Pacific reported on
September 1, 2006.

At about the same time, it will withdraw its American Depositary
Receipts from the United States' Nasdaq market while continuing
to have its shares traded on the Tokyo Stock Exchange and the
Osaka Securities Exchange, the TCR-AP added.  The company
expects the delisting to be completed by the end of the year.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, 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.

As reported in the Troubled Company Reporter - Asia Pacific on
May 25, 2006 Standard & Poor's Ratings Services affirmed its
negative BB long-term corporate credit and BB+ senior unsecured
debt ratings on Sanyo Electric Co. Limited.  At the same time,
the ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.


SOFTBANK CORP: S&P Assigns 'BB-' Rating to EUR500-Million Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Softbank Corp.'s (BB-/Stable/--) euro-denominated senior
unsecured notes due 2013.  The issue size is expected to be
EUR500 million.

The rating on Softbank reflects its weak capital structure,
which deteriorated after the company's debt-financed purchase of
Vodafone K.K. (BB+/Watch Neg/--).  The acquisition price was
JPY1,690 billion and was funded primarily through
JPY1,166 billion in bridge financing from 17 financial
institutions.  However, the company's overall earnings are
improving, and this should lower the chances of further
deterioration in its capital structure.

Within the next few weeks, Softbank is expected to decide on a
plan to refinance the bridge loans into long-term financing.
Given the company's relationship with its lender financial
institutions and its latent profits on securities, its
refinancing and liquidity risks should be limited.

The acquisition of Vodafone K.K. turned Softbank into a
comprehensive telecom service provider, offering a wide range of
fixed-line, mobile, and Internet-related services.  The name of
Vodafone K.K. is scheduled to change to Softbank Mobile Co. Ltd.
on Oct. 1, 2006.  In order to achieve synergy effects from the
acquisition, Softbank needs to rapidly strengthen its mobile
communications business while dealing with its increased debt
burden.  As Vodafone K.K. suffers from a weaker business
franchise in Japan than its peers, the prospect of achieving
these goals remains uncertain.  Nevertheless, Softbank's
business profile in the Internet-related field and its strengths
in the content business, such as its Yahoo! Japan portal, are
likely to serve as competitive advantages.


SOFTBANK CORP: Moody's Assigns Ba2 Rating to Eurobonds Due 2013
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Softbank
Corp.'s proposed bonds of EURO 500 million, due 2013.  The
rating outlook is stable.

Softbank's Ba2 rating reflects its strong brand recognition in
the Japanese broadband market -- as evidenced by its competitive
position in ADSL and IP telephony -- and its position as one of
the leading fixed-line telecom operators and third-largest
mobile telecommunication operator in Japan.  At the same time,
the rating also incorporates the highly competitive telecom
operating environment in Japan and the company's relatively weak
operating performance and high financial leverage compared to
its peers.

Softbank Corp., headquartered in Tokyo, is a holding company
that owns leading global providers of various services,
including broadband, fixed-line and mobile telecommunications,
software distribution, networking and publishing.


SOFTBANK CORP: Founder Rushes to Revive Vodafone Japan
------------------------------------------------------
Softbank Corporation's founder, Masayoshi Son, wants to expedite
the revamp of mobile phone operator Vodafone Japan, which he
bought from Vodafone Group Plc for US$15 billion, Reuters
reports.

Mr. Son is working to renew the US$11-billion loan he obtained
from local and international creditors to purchase Vodafone, the
report says.

As reported by the Troubled Company Reporter - Asia Pacific on
September 27, 2006, Softbank plans to raise JPY1.45 trillion by
the end of this month through the issuance of bonds backed by
profits from its Vodafone business.  The proceeds will be used
to refinance the JPY1.28-trillion in one-year loan borrowed in
April for the acquisition of the mobile phone unit.

Meanwhile, Mr. Son is preparing got mobile number portability on
October 24, 2006, that will allow subscribers for the first time
to change carriers while keeping their numbers.  Softbank --
whose network and products have lagged behind rivals -- is
stepping up efforts to stop customers from leaving and keep its
16% market share.

Softbank is soon expected to unveil its new handsets and
services for number portability, Reuters says.  That is after
Mr. Son finishes replacing thousands of bright red Vodafone
logos around Japan with Softbank's silver trademark.

                      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.

Moody's on September 27, 2006, assigned a Ba2 rating to Softbank
Corp.'s proposed bonds of EURO 500 million, due 2013.  The
rating outlook is stable.  Standard & Poor's also assigned its
'BB-' rating to Softbank's euro-denominated senior unsecured
notes.


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

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

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

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

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

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

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

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

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

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

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

Representing the plaintiffs are:

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

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

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

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

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

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

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

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

                        About XM Satellite

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

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

                          *     *     *

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

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


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

KOREA EXCHANGE: Stock Price-Tampering Case Sent to Prosecutors
--------------------------------------------------------------
The Financial Supervisory Commission decided to bring its stock
price-manipulation allegations pertaining to Korea Exchange Bank
to prosecutors, the Korea Herald reports.

As reported in the Troubled Company Reporter - Asia Pacific on
September 21, 2006, the Financial Supervisory Service, an arm of
the FSC, has been probing into KEB because it suspects the
bank's executives of manipulating the stock price of KEB Credit
Services Co. during its 2003 merger with KEB.

Now, the FSC wants prosecutors to determine whether KEB really
tampered with the share prices of KEB Credit before their
merger.   Hence, the FSC sent the result of its probe to
prosecution.

The FSC did not give any details of its findings, the Herald
notes.

                      About Korea Exchange

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

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

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

                          *     *     *

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

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

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


MAGNACHIP SEMICONDUCTOR: Sr. VP & Chief Acctg Officer Resigns
-------------------------------------------------------------
Dale Lindly has voluntarily resigned from his position as Senior
Vice President and Chief Accounting Officer of MagnaChip
Semiconductor LLC, the Company's regulatory filing with the
United States Securities and Exchange Commission disclosed.

The resignation is effective September 7, 2006.

Upon the resignation, that certain Service Agreement dated
April 14, 2005, between Mr. Lindly and MagnaChip Semiconductor,
Ltd., a subsidiary of the Company, is terminated.

The filing did not specify the reason for Mr. Lindly's
departure.

                  About MagnaChip Semiconductor

Headquartered in Korea, MagnaChip Semiconductor, designs,
develops and manufactures mixed-signal and digital multimedia
semiconductors.  It focuses on CMOS image sensors and flat panel
display drivers.  It was the system IC division of Hynix before
its carve-out acquisition by financial sponsors, including CVC,
Francisco Partners and CVC Asia Pacific in October 2004.

Moody's Investors Service, on August 8, 2006, has downgraded
MagnaChip Semiconductor LLC's corporate family rating to B1 from
Ba3.


SPATIALIGHT INC: Posts US$5.3-Million Net Loss in Second Quarter
----------------------------------------------------------------
SpatiaLight, Inc., filed with the United States Securities and
Exchange Commission on Aug. 9, 2006, its financial statements
for the quarterly period ended June 30, 2006.

The company's Statement of Operations for the period ended
June 30, 2006, showed a net loss of US$5,304,581 on revenues of
US$59,148.

At June 30, 2006, the company's balance sheet showed
US$11,053,981 in total assets and US$13,754,933 in total
liabilities, resulting in a US$2,700,952 in stockholders'
deficit.

The company's balance sheet also showed strained liquidity with
US$2,512,148 in total current assets available to pay
US$3,192,833 in total current liabilities coming due within the
next 12 months.

                       Going Concern Doubt

Odenberg, Ullakko, Muranishi & Co. LLP expressed substantial
doubt about SpatiaLight, Inc.'s ability to continue as a going
concern after it audited the company's financial statements for
the years ended Dec. 31, 2005 and 2004.  The auditing firm
pointed to the company's recurring operating losses, negative
cash flows from operations, negative working capital position
and stockholders' deficit.

A full-text copy of the company's financial statements for the
period ended June 30, 2006, is available for free at
http://ResearchArchives.com/t/s?1078

                         About SpatiaLight

SpatiaLight, Inc. -- http://www.spatialight.com/-- founded in  
1989, manufactures high-resolution Liquid Crystal on Silicon
microdisplays for use in high definition televisions and other
display applications.  The company manufactures its products at
its facility in South Korea.


TRIGEM COMPUTER: Receives Lone Bid from Human & Technology
----------------------------------------------------------
Human & Technology Co. is the only bidder for TriGem Computer,
Inc.'s assets, Bloomberg News reports, citing the South Korean
Maeil Business Newspaper.  The newspaper, in turn, cited an
unidentified official at Samjong KPMG, the accounting firm
arranging the sale, as its source.

Other potential bidders, including Lenovo Group, Ltd., and MBK
Partners, dropped out from the bidding race, Bloomberg adds.

Yeon Jong Hyun, finance officer of Human & Technology, said he
expects his company to get exclusive negotiating rights with
TriGem as early as this week, Bloomberg relates.  Mr. Yeon
declined to disclose the amount of Human & Technology's offer.

Based in Cheongju, South Korea, Human & Technology makes hard-
disk drives.  It seeks to acquire TriGem to expand its product
line-up, according to Bloomberg.

As previously reported by the Troubled Company Reporter - Asia
Pacific, TriGem received letters of interest from Lenovo and
nine other interested parties as of August 25, 2006

Lenovo had denied it submitted a bid.  William Amelio, Lenovo's
chief executive officer, admitted that TriGem representatives
approached the Chinese PC maker, according to Reuters.  Mr.
Amelio told Reuters that a deal with TriGem is not forthcoming.

MBK Partners is a private equity fund established in 2005 by
former members of the Carlyle Fund, according to The Dong-A Ilbo
newspaper.

                          About TriGem

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,   
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2005, that the Suwon District Court has authorized
TriGem's receivership and gave it a chance to revive its
operations.  The Suwon Court then appointed the Company's former
president and chief executive officer Park Il-hwan as
supervisor.

Mr. Park, also as TriGem's Foreign Representative, filed a
chapter 15 petition on Nov. 3, 2005, with the United States
Bankruptcy Court for the Central District of California (Bankr.
C.D. Calif. Case No. 05-50052), seeking recognition of TriGem's
case pending under the Corporate Reorganization Act in Korea as
a foreign main proceeding.  Charles D. Axelrod, Esq., at Stutman
Treister & Glatt, P.C., represents the Foreign Representative in
the U.S.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy
News, Issue No. 3 Bankruptcy Creditors' Service, Inc., 215/945-
7000).


* Korean Auto-Parts Makers Favor Free Trade with U.S.
-----------------------------------------------------
Korean automobile parts manufacturers, on Sept. 28, voiced
support for a proposed free trade agreement with the United
States, predicting that it would boost outsourcing of parts
supply from American carmakers.

Korean and U.S. officials are due to hold their fourth round of
talks next month on the nation's southern island of Jeju.

Both sides hope to wrap up negotiations by the year-end, but no
major breakthroughs have been made in earlier rounds.

The talks have sparked strong resistance from farmers and
factory workers, who fear the accord would threaten their
livelihoods.

However, the Korea Auto Industries Cooperative Association said
in a report that a trade agreement with the U.S. would provide
Korean manufacturers an advantage over competitors in striking
outsourcing deals with American automakers.

"Because the average U.S. import duty on auto parts is
relatively low at 2.5 percent, the liberalization in tariffs
under a Korea-U.S. FTA on exports of auto parts won't be bigger
than expected," the association said.

"U.S. automakers are moving to expand outsourcing of parts for
cost cutting and they are paying more attention to Korean
parts," it said.

In addition, an accord with the U.S. would reduce a reliance of
Korean auto parts makers on Japanese and German parts, if the
agreement would reduce the nation's 8 percent tariffs on U.S.
auto parts, it said.


* Korea's Gross External Debt and Assets Position as of Q2 2006
---------------------------------------------------------------
Korea's gross external debt, as of the second quarter of 2006,
increased by US$26.1 billion to US$229.3 billion from the figure
recorded in the first quarter this year, while the gross
external credit rose US$14.1 billion to record US$336.2 billion.

The long-term external debt went up US$6 billion during the
quarter to register US$ 134.7 billion led by increase in non-
residents' investment in the government bonds, foreign currency
securities issued by domestic banks and corporations and
advanced receipts of ship exports proceeds.

Short-term external debt grew US$20.1 billion during the quarter
to post US$94.6 billion, which was largely attributable to the
banking sector.

Net external credit has been staying at the level above US$100
billion since 2004.

                                 End-period, In billions
                                 -----------------------
                               Q1 2006            Q2 2006
                               --------          --------
   External debt               US$203.1          US$229.3
   Long-term                      128.7             134.7
   Short-term                      74.4              94.6
   External credit                322.0             336.2
                               --------          --------
   Net external credit            118.9             106.9

Liquidity index, an indicator of short-term external payment
capacity, maintained stability.  The ratio of short-term
external debt to foreign exchange reserves remained stable at
42.1% while that of floating external debt recorded 52.0%.  Less
than 60% and 100% are considered stable respectively.

      Ratio of Short-Term & Floating External Debt
            to Foreign Exchange Reserves

                                   End-period, %
                           ------------------------------
                            2005      Q1 2006     Q2 2006
                           -------    -------     -------
   Short-term                 31.3       34.2        42.1
   Floating                   41.1       44.4        52.0


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

AYER MOLEK: Deputy Registrar Sets Aside Default Judgment
--------------------------------------------------------
The Deputy Registrar ruled on September 25, 2006, that the
Default Judgment entered against The Ayer Molek Rubber Company
Berhad dated November 22, 2005, be set aside.  He also ordered
the Company to file a statement of defense by October 9, 2006.

The Troubled Company Reporter - Asia Pacific reported on
September 21, 2006, that the Deputy Registrar postponed to
September 25 its decision on the application, which was
originally set for release on September 15.

According to the TCR-AP, the Kuala Lumpur High Court, on
April 13, 2006, heard a wind-up petition filed by Mirra Sdn Bhd
against the company.

Mirra asserted a MYR3,224,690 claim against Ayer Molek relating
to a Judgment in Default dated November 22, 2005, on account of
work done for Ayer Molek.  The interest under the statement of
claim is at 8% per annum on MYR2,097,316, from March 24, 1999,
up to the full settlement of the claim.

                    About Ayer Molek Rubber

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

Ayer Molek has suffered recurring losses since the early 90s,
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts.  The
Company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR31,056,000 and total liabilities of MYR6,818,000.


COMSA FARMS: Unit Enters Into Sale and Purchase Deals
-----------------------------------------------------
Comsa Farms Berhad's wholly owned subsidiary, CLF Sdn Bhd, had,
on September 15, 2006, entered into:

   -- a sale and purchase of trading stock agreement with PQSB
      Sdn Bhd for the sale of all layers, breeders, layer
      pullets and all types of poultry located on or in property
      held under CL075201213 and CL075203833, District of
      Sandakan, NT103028351, CL105343315 and CL105343324,
      District of Tawau for an aggregate sale consideration of
      MYR2,000,000;

   -- a sale and purchase of goods and equipment agreement with
      PQSB for the sale of all equipment, machineries and goods,
      which comprise a retail outlet for sale of chicken and
      poultry related products, including freezers,
      refrigerators, iceboxes, cash registers, weighing
      machines, computers, stationeries and all furniture at the
      retail outlet located at Lot 10A, Block 26, Tkt Bawah,
      Jalan Pryer, 90000 Sandakan, Sabah for an aggregate sale
      consideration of MYR30,000; and

   -- a deed of revocation with YSN Sdn Bhd to terminate and
      revoke the sublease agreement dated December 30, 1999,
      entered into between the parties on lease of the Land for
      a consideration of MYR40,000.

The disposal of trading stocks is expected to result in a loss
from disposal of MYR3,296,527 based on the realizable value of
MYR5, 296,527 of biological stocks as of March 31, 2006.  The
Disposal of Goods and Equipment is expected to result in an
aggregate loss from disposal of MYR19, 879 based on the net book
value of MYR49, 879 at March 31, 2006.

The net proceeds arising from the transactions are intended to
be used for repayment trade creditors and day-to-day operations
of the Group.

The Group does not have sufficient working capital to continue
its poultry operations. In view of that, the board of directors
is of the opinion that it is best interest of the Company to
undertake the transactions and cease operations until such time
there is fresh fund injected to the Group.

After the cessation of operations, there will be no revenue
generated by the Group in future except for the income to be
generated from the plantation business.

The Company is in the process of exploring the possibility of
undertaking a restructuring exercise to regularize its financial
conditions.

                           About PQSB

PQSB is a company incorporated in Malaysia on May 8, 2006, under
the Companies Act, 1965. The company has an authorised share
capital of MYR100,000 comprising 100,000 ordinary shares of MYR1
each of which 100 ordinary shares have been issued and paid-up.  
The company is principally involved in general trading.

                         About Comsa Farms

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.  The Company's
balance sheet as of March 31, 2006, showed total assets of
MYR200,072,000 and total liabilities of MYR273,643,000 resulting
into a stockholders' deficit of MYR73,571,000.


COMSA FARMS: Defaults on MYR50-Million Unsecured Bonds
------------------------------------------------------
On September 22, 2006, bond trustee AmTrustee Berhad informed
Comsa Farms Berhad that the MYR50-million redeemable unsecured
2000/2005 bonds issued by the company are in default and have
become payable pursuant to Clause 7 of the trust deed dated
November 6, 2000.

Comsa has defaulted in the payment of money owing in respect of
the Bonds when the same become due and payable on August 31,
2006.

The Malaysian Assurance Alliance Berhad and Commerce
International Merchant Bankers Berhad has instructed the Trustee
through an Extraordinary Resolutions dated September 15, 2006,
and September 21, 2006, to declare the Bonds as immediately due
and payable.

In connection with this, Comsa is now bound by the Trust Deed to
make all payments within 14 business days from Sept. 22, 2006.

                     About Comsa Farms

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition. The Company's
balance sheet as of March 31, 2006, showed total assets of
MYR200,072,000 and total liabilities of MYR273,643,000 resulting
into a stockholders' deficit of MYR73,571,000.


CYGAL BERHAD: Appeals to SC for Extension of Corporate Exercise
---------------------------------------------------------------
Cygal Berhad has further requested the Securities Commission to
further extend time to implement its corporate exercises.  

The SC's decision on the matter is currently pending.

The Troubled Company Reporter - Asia Pacific reported on
September 20, 2006, that the Securities Commission already
denied Cygal Berhad's application for a final extension of time
to implement its corporate exercises.

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

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

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

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

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

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

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

                     About Cygal Berhad

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

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

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


RANHILL BERHAD: Fitch Assigns 'B' Issuer Default Rating
-------------------------------------------------------
On September 27, 2006, Fitch has assigned a long-term foreign
currency Issuer Default Rating of 'B' to Ranhill Berhad with
Stable Outlook.  Fitch has also assigned an expected rating of
B- with a Recovery Rating of RR5 to the proposed US$250 million
senior unsecured notes due on 2011 to be issued by Ranhill
Limited and guaranteed by Ranhill and its subsidiary, Ranhill
Engineers & Constructors Sdn Bhd.  The final rating is
contingent upon receipt of documents conforming to information
already received
  
Ranhill's IDR reflects the inherent industry risks faced by
Ranhill's engineering and construction "E&C" segment, which is
the main source of cash flow servicing debt at the holding
company level.  As E&C earnings and cash flow are project-based,
they can be volatile.  In addition, given the relatively low
gross margins and fixed price contracts that typify the
industry, any above-budget costs may lead to significant losses.
Even in instances where the higher costs are due to variation
orders from the customers, the process of fulfilling the
additional claims may be protracted, often leading to working
capital fluctuations and funding gaps.

Fitch notes that Ranhill's overseas projects account for about
70% of the company's E&C order book as of August 2006.  In
Fitch's view, Ranhill has not built up a demonstrable track
record in overseas projects, given the two major overseas
projects to date have incurred cost overruns apparently due to
variation orders.  In addition, a significant portion of
Ranhill's E&C projects in the pipeline is in Libya and Pakistan,
countries deemed to have high sovereign risks.  In some
instances, these risks are partially mitigated by the presence
of government-to-government links and the involvement of
agencies like the Islamic Development Bank and the Asian
Development Bank, but the US$1.8 billion public housing project
in Libya, which makes up 67% of the order book, does not appear
to benefit from these mitigants.

Ranhill's IDR also reflects its weak credit metrics once
contributions from its utilities and power subsidiaries are
excluded.  The exclusion is due to the restrictive debt
covenants at these subsidiaries, which limit the flow of cash
from the subsidiaries to Ranhill.  In recent years, Ranhill has
leveraged up to invest in its water, power and energy divisions,
which are yet to provide any cash flow to the parent.  In
addition, Ranhill also ran significant cost overruns in the
Melut Basin Project in Sudan.  While Ranhill has submitted
variation order claims of a significant amount to date and
expects to submit further claims, the realisation of these
claims, unlikely to be immediate.  As a result, Fitch estimates
that Ranhill's modified, excluding water and power subsidiaries,
net adjusted debt fixed charges ratios were weak at 22.5x and
1.4x, respectively, as at June 2006.  While net debt will
increase following the notes issue, these ratios should improve
if Ranhill is able to execute the projects in its order book on
time and within budget.

The IDR is supported by Ranhill's established track record in
the domestic E&C industry.  In addition, Ranhill has in recent
years put together a senior management team with vast
international experience and industry expertise, which may be
beneficial as it ventures into more overseas projects.  
Ranhill's investments in the water and power businesses have
diversified its consolidated cash flow, with the volatility of
the E&C business alleviated by the more stable profiles of these
divisions. However, as noted above, these subsidiaries have
limited ability to upstream dividends and management fees to
Ranhill.  Nonetheless, Ranhill directly benefits from these
investments and its investment in a toll road concessionaire as
they are major sources of its E&C contracts.

The Stable Outlook reflects Fitch's expectation that Ranhill
will be able to reduce its leverage from the successful
execution of projects in the pipeline.  Termination of, material
delays and cost overruns in these projects may result in a
negative rating action.  Any material debt funded acquisition or
any material delay in, changes to, or cancellation of the
proposed notes issuance may also trigger a negative rating
action.  Conversely, positive rating action triggers include the
removal of the structural subordination issue, which would make
the cash flows from the power and water divisions freely
available to the holding company and/or a successful claim on
the variation orders relating to the Sudan project. The IDR is
not likely to be negatively affected if the claims are not
successful.

The Recovery Rating of 'RR5', which results in a one-notch
differential between the IDR and the expected issue rating,
reflects Fitch's expectation of below average recovery prospects
for unsecured debt holders in the event of a default.  This is
predicated upon the expected low recovery value of Ranhill's
receivables and key investments, which consist primarily of its
equity/quasi-equity investments in its water, power and toll
road affiliates.  The value of these investments is likely to be
low due to the high levels of senior secured debt within these
entities.

Ranhill is a Malaysian investment holding company with interests
in engineering and construction, water utilities, power, oil and
gas exploration, and infrastructure.


RANHILL BERHAD: S&P Affirms 'B' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's has assigned 'B' corporate credit rating with
Stable Outlook to Ranhill Berhad on September 27, 2006.

At the same time, Standard & Poor's assigned its 'B-' rating to
the proposed US$250 million five-year senior unsecured notes,
subject to final documentation.  The issuing entity, Ranhill
Ltd., is a fully owned special purpose vehicle of the company
and the issue is proposed to be fully guaranteed by Ranhill
Berhad.

Ranhill intends to use part of the net proceeds to refinance
existing debt of about US$143 million, and the balance for
working capital and new investments.

"The rating reflects Ranhill's strengths from its stable utility
businesses and concessions in Malaysia, its established position
in local engineering & construction markets, and its moderate
business diversity," said Anshukant Taneja, Standard & Poor's
credit analyst.

However, Ranhill's increasing exposure to higher risk businesses
in relatively uncertain operating and legal environments, such
as Libya, weakens its business profile.

"The high levels of client concentration, significant contingent
obligations in its operating subsidiaries, and its weak
financial profile adversely affect the rating," said Mr. Taneja.

For the year ended June 30, 2006, Ranhill's estimated revenues
were MYR1.42 billion, and net loss of MYR12.7 million.  Through
its subsidiary Amona Ranhill Construction Consortium Sdn. Bhd.,
Ranhill signed a US$1.8 billion housing project with the Libyan
government in August 2006.  This project would be the largest
contributor of Ranhill's cash flows over the short to medium
term.

The outlook on the rating is stable.  The outlook factors in
initial advance payments of about MYR800 million from the Libyan
project in calendar year 2006, the continuation of Ranhill's
operating steadiness in its Malaysian utility businesses, and
timely completion of the company's other ongoing projects.

Mr. Taneja also added that the stable outlook also factors in
management's stated commitment to focus on existing projects and
operations, and refrain from debt-funded acquisitions in the
medium term.


SUREMAX GROUP: EON Asserts MYR591,193 Claim
-------------------------------------------
EON Bank Berhad has served a Writ of Summons and Statement of
Claim against Suremax Group Berhad and Suremax Builders Sdn Bhd
on September 27, 2006.

Under the Writ, EON is demanding payment of Suremax's
outstanding balance of MYR591,192.73 as of April 6, 2006, in
respect to the availed Overdraft Facility plus a 3.5% annual
interest rate from April 7, 2006, until full settlement of the
claim.

EON is also demanding payment for legal costs and other reliefe
as the Kuala Lumpur High Court deems fit.

Suremax said that the summons has no material financial impact
on the Group.

The company will seek legal advice from its solicitors on the
next course of action.
                      About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

Suremax Group has suffered losses since 2004 due to sluggish
market demand.  For the second quarter of the financial year
ended August 31, 2006, Suremax booked a pre-tax loss of
MYR1.32 million.  The Company is also trying to avert a series
of winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


TALAM CORPORATION: Shareholders' OK Not Needed to Buy Own Shares
----------------------------------------------------------------
At an annual general meeting to be convened, Talam Corporation
Berhad's board of directors will propose to obtain the
shareholders' mandate for recurrent related party transactions
of a revenue or trading nature pursuant to the Bursa Malaysia
Securities Berhad's Listing Requirements, the Troubled Company
Reporter - Asia Pacific reported on September 5, 2006.  The
Board was also expected to seek shareholders' approval for the
purchase of up to 10% of the issued and paid-up ordinary share
capital of the company.

In an update, however, Talam's Board revised its decision and
said it will no longer obtain shareholders' approval for the
renewal of authorization to enable the Company to purchase up to
10% of the issued and paid-up ordinary share capital of the
Company pursuant to Section 67A of the Companies Act, 1965.

                        About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.

The Company has accumulated losses and debt in the past few
years.  As of January 31, 2006, the Company registered
accumulated losses of MYR253,898,000.  In a bid to cut back on
its liabilities, the firm has proposed a debt restructuring
scheme, which is still pending approval of relevant authorities.

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


TELEKOM MALAYSIA: Unit Faces Dissolution Proceedings
----------------------------------------------------
Telekom Malaysia Berhad's wholly owned subsidiary, TM Infotech
Sdn Bhd, will be dissolved on December 21, 2006.

On November 14, 2005, 2005, TM Infotech commenced members'
voluntary winding-up pursuant to Section 254(1)(b) of the
Companies Act, 1965.

Pursuant to Section 272(5) of the Companies Act 1965, TM
Infotech would be dissolved upon the expiry of three months
after the lodgment of Form 69 i.e. Return by Liquidator Relating
to Final Meeting, with the Companies Commission of Malaysia and
Official Receiver.  TM Orion filed Form 69 on September 22.

                   About Telekom Malaysia

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


UNITED CHEMICAL: Agrees to Extend Time to Complete Revamp
---------------------------------------------------------
United Chemical Industries Berhad, Perbadanan Kemajuan Negeri
Perak and Majurepak Holdings Berhad had, on September 26, 2006,
agreed to extend the completion date of the Corporate
Restructuring Agreement, which is due to expire on September 30  
to December 29, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
completion of United Chemical's restructuring is pending:

   -- private placement by Perbadanan Kemajuan Negeri Perak via
      offer for sale of up to 4,000,000 ordinary shares in
      Majuperak of MYR0.50 at an odder price of MYR0.70; and

   -- administrative matters in relation to:

        * the admission to the Official List and the listing of
          an quotation for the new ordinary shares of Majuperak
          and irredeemable convertible preference shares on the
          Securities Exchange;

        * the issue of redeemable convertible secured loan
          stocks and redeemable convertible unsecured loans
          stocks to the creditors of United Chemicals; and

        * the transfer of listing status of UCI on the Second
          Board of Securities Exchange to Majuperak whereby
          Majuperak shares will be listed on the Main Board of
          the Securities Exchange.

                      About United Chemical

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company that
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

As of March 31, 2006, the Company posted accumulated losses of
MYR94,030,173 and a shareholders' deficit of MYR72,349,087.


VERIFONE HOLDINGS: Moody's Affirms Low-B Ratings
------------------------------------------------
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.

The B1 corporate family rating reflects the favorable demand
outlook in the point-of-sale payment solutions sector,
VeriFone's strong market position post the Lipman acquisition in
an industry that is dominated by a few key players worldwide,
and VeriFone's track record in recent years in growing revenue,
profitability, and cash flow (though the most recent quarter's
inventory build up hampers free cash flow currently).

Half of the transaction consideration is via issuance of
equities, and the resultant capital structure is relatively
conservative with Debt to EBITDA of 3.1x.  These factors
combined with the expectation that working capital will
normalize and free cash flow will return to previous levels led
Moody's to revise the outlook to stable from negative despite
concerns over possible integration issues.

The B1 ratings on VeriFone's new credit facilites are assgined
based on Moody's LGD methodology, and they reflect the credit
facilities' preponderance in the proforma capital structure.

This rating is affirmed:

   * Corporate Family rating of B1;

These ratings have been assigned:

   * US$40 million senior secured (first lien) revolving credit
     facility, due 2012, rated B1;

   * US$500 million senior secured (first lien) term loan
     facility, due July 2013, rated B1

These ratings will be withdrawn upon refinancing:

   * Ba3 rating on US$30 million Senior Secured First Priority
     Revolving Credit Facility due 2009

   * Ba3 rating on US$190 million Senior Secured First Priority
     Term Loan B due 2011

Outlook revised to Stable from Negative.

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Poland,
the United Kingdom, the United States, and Malaysia, among
others.

Lipman's corporate headquarters and R&D facilities are located
in Israel.  The company is a provider of a variety of handheld,
wireless and landline point-of-sale products, solutions and
services.


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

EQUITABLE PCI: GSIS Sells 12.5% EPCI Stake to SM Investments
------------------------------------------------------------
The Government Service Insurance System has agreed to sell its
12.5% stake in Equitable PCI Bank to SM Investments and other
companies owned by the tycoon Henry Sy, Clarissa Batino of
Bloomberg News reports.

The report cites GSIS president Winston Garcia, as saying "[w]e
signed the deal."  He explains that selling the stake will allow
GSIS to exit an investment that has not provided enough return.

Mr. Garcia reveals that GSIS will get about PHP9 billion or
US$179 million from selling its stake in Equitable PCI.

Bloomberg recounts that last month, SM and five other Sy
companies offered PHP92, or US$1.83, per share payable over two
years, for shares of Equitable that the tycoon does not control.

Acquiring the pension fund's stake allows Mr. Sy to own more
than half of the bank, paving the way for the merger of
Equitable with SM's Banco de Oro, Bloomberg says.

According to Bloomberg, based on central bank data as of the end
of June, the merger of Equitable and Banco de Oro would create a
bank with assets of PHP572.4 billion against Metropolitan Bank's
PHP502.98 billion and Bank of the Philippine Islands'
PHP444.8 billion pesos.

Bloomberg also cites the president of Banco de Oro, Nestor Tan,
as saying it is "premature" to speak about the possible merger,
who reserves further comment until "after tender offer is over."
Last month, Mr. Tan said combining the two banks would "develop
into a viable proposition for both sides," Bloomberg recounts.

The Sy family, which owned 34% of Equitable before it made the
offer, already had about 45% after the Equitable unit, EBC
Investments, accepted the SM buyout offer.  The unit had 10.8%
of Equitable, Bloomberg notes.

As reported in the Troubled Company Reporter - Asia Pacific on
September 21, 2006, the Board of Equitable PCI confirmed,
approved, and ratified the action of the bank's nominees in the
Board of Directors of EBC Investments, Inc., in causing the
EBCII Board to adopt a resolution on August 31, 2006, accepting
the binding offer of Teresita T. Sy on behalf of the Sy Family
and their nominees to buy all of Equitable PCI's common shares
owned by EBCII.

Corazon de la Paz, president of Social Security System, which
owns 25.8% of Equitable, said that the state-owned pension fund
she heads had not made a decision on the SM takeover offer,
Bloomberg relates, noting that a court order is restraining SSS
from selling its stake.

Ferdinand Martin Romualdez, a director of Equitable representing
the 7% stake of Trans Middle-East Philippine Equities, said his
group "is staying" with the bank, Bloomberg relates.

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

                          *     *     *

Moody's Investors Service gave Equitable PCI Bank's Subordinated
Debt and Long-Term Bank Deposits 'Ba3' ratings effective May 25,
2006.

Fitch Ratings gave the bank a 'BB' Long-term Issuer Default
rating, a 'B' Short-term rating, a 'D' Individual rating, and A
'3' Support rating.

Standard & Poor's Rating Service gave Equitable PCI Bank's
senior unsecured debt a 'B' rating and its subordinated debt a
CCC+ rating.


EQUITABLE PCI: Shareholders Better Shift to BDO, ATR-Kim Says
-------------------------------------------------------------
ATR-Kim Eng Securities advised Equitable PCI Bank shareholders
to accept the offer of SM Investments Corp to buy their shares
at PHP92 apiece, the Philippine Daily Inquirer relates, citing a
report from Rocel Felix of Xinhua Financial News Service.

ATR-Kim head Ed Bancod said the shareholders will enjoy better
returns if they switch to Banco de Oro Universal Bank, which is
expected to be the surviving entity should it merge with
Equitable, the report adds.

"By our estimate, Banco de Oro could generate twice as much or
48% over a two-year period, to as much as PHP57, or two times
its estimated 2008 book value," Xinhua Financial cites Mr.
Bancod, as saying.

"Chances are that Equitable PCI Bank's share liquidity will
decline sharply following the tender offer.  Its share price
will probably drift lower, as the only reason why the stock
continues to trade at a premium right now is that there are
investors attracted to the guaranteed two-year return," Mr.
Bancod says.

"Otherwise, there isn't much point in holding on to a
potentially illiquid stock," Mr. Bancod notes.

According to Mr. Bancod, the merger will firm up the banks'
dominance in retail banking, asset management, foreign exchange
remittances, credit cards, and underwriting.

"The two will have the backing of the SM empire and its
affiliated companies, including San Miguel Corp.  These
institutions generate more than 5 percent of the Philippines'
gross domestic product," Mr. Bancod notes.

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

                          *     *     *

Moody's Investors Service gave Equitable PCI Bank's Subordinated
Debt and Long-Term Bank Deposits 'Ba3' ratings effective May 25,
2006.

Fitch Ratings gave the bank a 'BB' Long-term Issuer Default
rating, a 'B' Short-term rating, a 'D' Individual rating, and A
'3' Support rating.

Standard & Poor's Rating Service gave Equitable PCI Bank's
senior unsecured debt a 'B' rating and its subordinated debt a
CCC+ rating.


MAKATI MEDICAL: Restructures PHP1.2-Billion Debt
------------------------------------------------
In a bid to resuscitate Makati Medical Center in 2005, Manuel
Pangilinan was brought as one of the hospital's new board
members, Jenniffer B. Austria of Manila Standard Today,
recounts.

The report notes that Mr. Pangilinan is chairman of Philippine
Long Distance Telephone Co. and Metro Pacific.

After his appointment as chairman of the Makati Med board, Mr.
Pangilinan invested PHP100 million into the hospital to contain
its financial hemorrhage, Manila Standard reveals.

According to the paper, Makati Med is restructuring its
PHP1.2-billion debt, PHP400 million of which are owed to
suppliers.

Makati Medical's creditor banks include:

   * Development Bank of the Philippines,
   * Rizal Commercial Banking Corp.,
   * Insular Savings,
   * Social Security System, and
   * DEG of Germany.

The hospital needs about PHP100 million to solve its cash
problems and another PHP400 million to improve its facilities,
Manila Standard notes.

                      Makati Raises Cash

Manila Standard further relates that Makati Med is offering
134,000 common shares to resident doctors who do not own stocks
in the hospital, to raise cash.

The shares are offered at PHP1,000 per share, the paper says.

Makati Medical also intends to undertake a rights offering of
67,000 common shares to enable existing shareholders to purchase
additional shares, Manila Standard notes.

The paper further says the moves will enable Makati Med to
implement a financial plan, particularly in funding its capital
expenditure and equipment acquisition program to attract more
patients.

                     About Makati Medical

Makati Medical Center was founded in the 1960s by Drs.
Constantino Manahan, Jose Fores, Dr. Mariano Alimurung, Carlos
Sevilla and Luis Maria Araneta together with Romeo Gustilo,
Manuel Fernandez Sr., Jorge Araneta, Raul Fores, Julieta
Ledesma, and Daniel Go.

On May 31, 1969, the Makati Medical formally opened its doors to
the public.


MAYNILAD WATER: Bidders Ask MWSS to Extend Auction Schedule
-----------------------------------------------------------
Bidders for the government's 83.97% interest in Maynilad Water
Services Inc. have asked the Metropolitan Waterworks and
Sewerage System to postpone the scheduled auction because of
delays in obtaining critical bid documents, Manila Standard
Today reports.

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

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

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

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

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

Jenniffer B. Austria of Manila Standard cites MWSS chairman
Oscar Garcia as telling reporters that the bidders would have
received their transaction documents from MWSS on September 6,
2006.  However, the bidders only received the documents on
September 21, 2006, Ms. Austria relates.

According to Ms. Austria, the MWSS and the special bidding and
award committee will meet to decide on the bidding.

Qualified bidders under the original plan were required to
submit their financial and technical bids not later than 2 p.m.
of October 24, 2006, Manila Standard recounts.

Justin Ocampo of ABN Amro, the financial adviser of MWSS, stated
that the original bidding schedule might still push through
since the timetable set out by the regulator provided for some
delays, Manila Standard relates.

The bidders also sought a clarification on the status of Suez of
France, which owns a 16.03% interest in Maynilad, Manila
Standard notes.

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

However, Suez has not disclosed its plans with its stake, the
TCR-AP said.

Manila Standard relates that government lawyer Agnes Devanadera
said MWSS is drafting a "tag-along" provision, which Suez could
employ in case it decided to join the government in the bidding.

Ms. Devanadera noted that while Suez had not yet expressed
interest in selling its stake in Maynilad, it wanted to have
that option, the paper relates.

Manila Standard cites DMCI president Isidro Consunji, as saying
he preferred Suez to sell its interest in Maynilad, so that
"there will be no more minority shareholders."

                      About Maynilad Water

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

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

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

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

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

            Debt Capital and Restructuring Agreement

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


METRO PACIFIC: To Invest in Makati Medical Center
-------------------------------------------------
Metro Pacific Co. plans to invest in Makati Medical Center,
Jenniffer B. Austria of Manila Standard Today reports, citing
the company's vice chairman Jose Lim, as telling reporters that
[Metro Pacific is] looking at investing in hospitals.

The report notes that Manuel Pangilinan, chairman of Philippine
Long Distance Telephone Co. and Metro Pacific, heads the
hospital board.

                     About Makati Medical

Makati Medical Center was founded in the 1960s by Drs.
Constantino Manahan, Jose Fores, Dr. Mariano Alimurung, Carlos
Sevilla and Luis Maria Araneta together with Romeo Gustilo,
Manuel Fernandez Sr., Jorge Araneta, Raul Fores, Julieta
Ledesma, and Daniel Go.

On May 31, 1969, the Makati Medical formally opened its doors to
the public.

                          *     *     *

Metro Pacific Corporation -- http://www.metropacific.com/-- is  
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co.,
raised significant doubts on MPC's ability to continue as a
going concern after auditing the Company's annual report for the
period ended December 31, 2005.

Ms. Miguel noted in the auditors' report that MPC suffered
significant losses in prior years leading to its inability to
meet its maturing obligations, on principal and interest, to
certain third-party lenders and to a related company.  Although
the Company has generated a PHP194.26-million net income
attributable to equity holders for the year ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of
December 31, 2005, due to prior year's accumulated losses.

In response, the company continues to implement measures geared
towards generating liquidity to meet maturing obligations and
profitability, including debt rehabilitation activities and a
capital restructuring plan.


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

ADO FAR EAST: Creditors Must Submit Proofs of Debt by Oct. 23
-------------------------------------------------------------
Ado Far East Pte Ltd which is under members' voluntary
liquidation required its creditors to submit their proofs of
debt by October 23, 2006 to Liquidators Low Sok Lee Mona and Teo
Chai Choo.

Failure to comply with the requirement will exclude a creditor
from sharing in the company's dividend distribution.

The Liquidators can be reached at:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


AMARANTH ADVISORS: Big Losses Prompt SEC to Probe Hedge Funds
-------------------------------------------------------------
The Securities and Exchange Commission is investigating the
reason behind Amaranth Advisors' big losses, Hartford Courant
reports, citing a top SEC official.

The probe centers on whether Amaranth Advisors' big losses due
to bad bets due to bad bets on natural gas prices, misled its
investors, the report says.

The DailyFX relates that Amaranth's investors saw the value of
their investment decline by 35% after being up as much as 20%
this year -- an overall draw down of 50% all in a remarkably
short period of time.  Some institutional clients like San Diego
County Employees Retirement Association were badly hurt.

SDCERA, which oversees more than US$7 billion for its retirees
and employees, invested US$175 million in Amaranth last year.  
But with Amaranth down about 35% so far in 2006, SDCERA may have
lost more than US$50 million on its investment this year alone,
DailyFX reveals.

SEC Commissioner, Annette L. Nazareth said, "From an enforcement
perspective, it's really whether investors received misleading
information."  Ms. Nazareth, added that SEC is not focused on
the roles of big United States banks that did business with
Amaranth in the months leading up to its disclosure last week of
about US$6 billion in losses.

"The banks and broker-dealers don't seem to have been exposed to
those losses and have done a good job managing their risk.  SEC
is interested in further oversight of hedge funds because of
concerns that major implosions could pose systemic risks.  In
the Amaranth case, however, any such risks appear to have been
contained," Mr. Nazareth said.

                          *     *     *

Amaranth Advisors is based in Greenwich, Connecticut with
offices in Toronto, Canada, London, England and George Street,
Singapore is an investment management firm.  Amaranth
specializes in a broad spectrum of alternative investments and
trading strategies, through a multi-strategy investment fund and
fund dedicated to long-short equities.  

The Troubled Company Reporter  - Asia Pacific reported on
September 25, 2006, that the company has made significant losses
in its energy-related investments after a dramatic move in
natural gas prices.  Moreover, the company has transferred its
energy portfolio toCitadel Investment Group and J.P. Morgan
Chase & Co.


AMARANTH ADVISORS: Outlines Future Plans, Mulls Sale
----------------------------------------------------
Amaranth Advisors has told investors that it is exploring either
the liquidation of its remaining assets or the sale of its
business to a larger institution, Ben White at The Financial
Times reports.

Amaranth has also informed investors that Brian Hunter, the
energy trader who allegedly dragged the investment firm into
deep losses, has left the group, Mr. White revealed.

Last week, Amaranth admitted to losing more than 35% of the
value of its natural gas bets due to a dramatic move in prices.
Amaranth transferred its energy portfolio to Citadel Investment
Group and J.P. Morgan Chase & Co. last week, a process that was
allegedly initiated before news of the losses came out.

Amaranth faces multiple regulatory probes and possible lawsuits
in the wake of its losses, Mr. White reports.  Connecticut
Attorney General Richard Blumenthal had previously disclosed
that he is collecting evidence and reviewing facts concerning
the large losses at Amaranth.

                          *     *     *

Amaranth Advisors is based in Greenwich, Connecticut with
offices in Toronto, Canada, London, England and George Street,
Singapore is an investment management firm.  Amaranth
specializes in a broad spectrum of alternative investments and
trading strategies, through a multi-strategy investment fund and
fund dedicated to long-short equities.  

The Troubled Company Reporter  - Asia Pacific reported on
September 25, 2006, that the company has made significant losses
in its energy-related investments after a dramatic move in
natural gas prices.  Moreover, the company has transferred its
energy portfolio toCitadel Investment Group and J.P. Morgan
Chase & Co.


DELL INC: Pomerantz Firm Files Securities Fraud Suit
----------------------------------------------------
Pomerantz Haudek Block Grossman & Gross LLP has filed a class
action lawsuit in the United States District Court Western
District of Texas, against Dell Inc. (NASDAQ:DELL - News) and
certain officers, on behalf of purchasers of the common stock of
the Company during the period from February 13, 2003, through
September 8, 2006, inclusive.  The complaint alleges violations
of Section 10(b) and Section 20(a) of the Exchange Act and Rule
10b-5 promulgated thereunder.

The Complaint alleges that during the class period defendants
reported inflated financial results by misstating the Company's
accrual and reserves on the Company's balance sheet. In August
2005, the Securities and Exchange Commission began investigating
the Company's revenue recognition and accounting practices, but
Dell concealed the investigation from investors.  However,
unable to maintain the charade, defendants began carving down
sales and profit projections and Dell began missing its own
revenue, earnings per shares and unit sales growth targets,
causing significant declines in its stock price.  In order to
support the Company's stock price, defendants continued
concealing the full extent of Dell's demise and promised a quick
turnaround.  On August 16, 2006, Dell announced it would be
forced to recall over four million laptop batteries citing a
high combustion risk.

On August 17, 2006 the Company announced its fifth consecutive
quarter of disappointing results.  Dell's profits fell 51% from
the same quarter one year earlier.  Finally, on September 11,
2006, defendants disclosed that the Company would not be able to
file its interim financial report for second quarter 2007 and
that the U.S. Attorney's Office for the Southern District of New
York had served Dell with a subpoena requesting documents
concerning its accounting and financial reporting between 2002
and 2006.

Anyone who purchased the securities of Dell during the Class
Period, has until November 13, 2006, to ask the Court to appoint
him/her as lead plaintiff for the Class.  Lead plaintiffs must
meet certain legal requirements.  Shareholders outside the
United States may also join the action, regardless of where they
live or which exchange was used to purchase the securities.

                        About Pomerantz

The Pomerantz Firm -- http://www.pomerantzlaw.com-- which has  
offices in New York, Chicago and Washington, D.C., is
acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation.  Founded
by the late Abraham L. Pomerantz, known as the dean of the class
action bar, the Pomerantz Firm pioneered the field of securities
class actions.  Today, more than 50 years later, the Pomerantz
Firm continues in the tradition he established, fighting for the
rights of the victims of securities fraud, breaches of fiduciary
duty, and corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members.

                           About Dell

Dell, Inc. (NASDAQ: DELL) -- http://www.dell.com-- designs,  
develops, manufactures, markets, sells, and provides support for
various computer systems and services to customers worldwide. In
Asia, Dell is headquartered in Singapore, with manufacturing
facilities in Malaysia and China and regional offices in these
Asia Pacific countries: Singapore, Australia, China, India,
Indonesia, Japan, Korea, Malaysia, Philippines, Taiwan and
Thailand.

Troubled Company Reporter - Asia Pacific reports that the
company disclosed that it is unable to file its quarterly report
because of questions raised in connection with an informal
investigation by the U.S. Securities and Exchange Commission
into certain accounting and financial reporting matters and the
subsequently initiated independent investigation by the Audit
Committee of its board of directors.


DELL INC: Keller Rohrback Probes Possible Securities Breach
-----------------------------------------------------------
On September 26, 2006, Keller Rohrback LLP has commenced an
investigation against Dell Inc for Potential Violations Of
Employee Retirement Income Security Act Of 1974, according to
Trading Markets.

The investigation would focus on investments in Dell stock by
the Dell Inc. 401 Plan and Dell Financial Services L.P. 401
Plan.

Keller Rohrback said that the investigation would focus on
concerns that Dell and the administrators of the Dell Inc. 401
Plan and the Dell Financial Services L.P. 401 Plan might have
breached their fiduciary duties of loyalty and prudence to the
participants of these plans, as quoted by the Trading Markets.

                          *     *      *

Dell, Inc. (NASDAQ: DELL) -- http://www.dell.com-- designs,  
develops, manufactures, markets, sells, and provides support for
various computer systems and services to customers worldwide. In
Asia, Dell is headquartered in Singapore, with manufacturing
facilities in Malaysia and China and regional offices in these
Asia Pacific countries: Singapore, Australia, China, India,
Indonesia, Japan, Korea, Malaysia, Philippines, Taiwan and
Thailand.

Troubled Company Reporter - Asia Pacific reports that the
company disclosed that it is unable to file its quarterly report
because of questions raised in connection with an informal
investigation by the U.S. Securities and Exchange Commission
into certain accounting and financial reporting matters and the
subsequently initiated independent investigation by the Audit
Committee of its board of directors.


ELIZABETH ARDEN: 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 US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its Ba3
Corporate Family Rating for Elizabeth Arden and upgraded its B2
rating on the company's US$225 million senior subordinated notes
to B1.  In addition, Moody's assigned an LGD5 rating to notes,
suggesting noteholders will experience a 70% 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%).

                      About Elizabeth Arden

Elizabeth Arden -- http://www.elizabetharden.com/-- is a global  
prestige beauty products company.  The company's portfolio of
brands includes the fragrance brands of Elizabeth Arden: Red
Door, Red Door Revealed, Elizabeth Arden 5th Avenue, Elizabeth
Arden after five, Elizabeth Arden green tea, and Elizabeth Arden
Provocative Woman; the fragrance brands of Elizabeth Taylor:
White Diamonds and Passion; the fragrances brands of Britney
Spears: curious, curious In Control and fantasy; the Daytona 500
and GANT adventure men's fragrances; and the fragrances White
Shoulders, Geoffrey Beene's Grey Flannel, the Halston brands,
Halston and Halston Z-14, PS Fine Cologne for Men,
Design and Wings; the Elizabeth Arden skin care lines, including
Ceramide and Eight Hour Cream, PREVAGE(TM) anti-aging treatment
and the Elizabeth Arden color cosmetics line.

The company has corporate presence in Singapore, Australia,
Austria, China, Italy, Spain, and the United States, among
others.


FREESCALE SEMICONDUCTOR: No Facilities Closure, Says Buyer
----------------------------------------------------------
The Blackstone Group -- an equity group that plans to buy
Freescale Semiconductor -- has disclosed that no facility
closure will happen if the US$17.6 billion all-cash takeover bid
will push through recounts the Compound Semiconductor.

Aside from a new board of directors, Blackstone says that there
will be no major changes to either the organizational structure
of Freescale, its product lines, or its leadership structure.

However, it did not offer any guarantees regarding potential
layoffs, instead stating that the consortium is investing in
Freescale for growth.

Blackstone's offer of US$40 per share represents a significant
premium over Freescale's value on the open market prior to the
announcement of the takeover bid.

The proposed deal is expected to close no later than the first
quarter of 2007.

Freescale is allowed to seek alternative proposals from third
parties not involving the Blackstone consortium until
November 3, but if it will decide to accept a better offer, it
is obliged to pay a break-up fee.

                          *     *     *

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore and
Taiwan.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.


MICHAEL DE KRETSER: Enters Wind-Up Proceedings
----------------------------------------------
On September 15, 2006, Batey (Pte) Ltd filed an application to
wind up Michael De Kretser Consultants Pte Ltd.

In this regard, creditors are required to submit proofs of claim
to the liquidators to share in any distribution the company will
make.

The liquidators can be reached at:

         Peter Chay Fook Yuen,
         Bob Yap Cheng Ghee And
         Yeap Lam Kheng
         KPMG Business Advisory Pte Ltd
         16 Raffles Quay #22-00
         Hong Leong Buiding
         Singapore 048581


OVERSEAS SHIPHOLDING: Acquires Maritrans for US$455 Million
-----------------------------------------------------------
Overseas Shipholding Group, Inc., and Maritrans, Inc., entered
into a definitive merger agreement pursuant to which the company
will acquire Maritrans Inc.

Under the terms of the merger agreement, unanimously approved by
the Boards of Directors of each company, the company will
acquire Maritrans in an all-cash transaction for US$37.50 per
share.  The transaction is valued at approximately US$455
million based on approximately 12 million shares outstanding and
the assumption of net debt outstanding as of June 30, 2006.  The
company will finance the acquisition through a combination of
available cash and borrowings under existing credit facilities.  
The transaction is expected to be immediately accretive to the
company's earnings per share, before considering any transaction
synergies.

The company disclosed that the transaction combines two fleets
with complementary strengths in different trade routes and
diversifies the company's United States Flag presence with the
ability to offer expanded services to current and future
customers of both companies.  The addition of Maritrans' fleet
of 11 articulated tug barges, five product carriers, two of
which have been redeployed to transport grain, and three large
ATBs under construction will complement the company's U.S. Flag
fleet of seven operating vessels and 10 newbuild product
carriers.  The combination will expand the company's market
presence in the U.S. Gulf coast, Florida and East coast trades
and add lightering operations along the U.S. East coast.  It is
expected that Maritrans' vessel construction program, which
involves ATBs to be used in lightering operations, will allow
the company to use a substantial portion of its Capital
Construction Fund.

"The strategic fit of Maritrans within OSG's diversified
portfolio of assets will broaden our service offerings to
customers in the Jones Act market," Morten Arntzen, president
and chief executive officer, said.  "Additionally, the
lightering business in Delaware Bay and the addition of new
customers in the complementary ATB Gulf of Mexico and Florida
short-haul trade, will contribute meaningfully to our
contractual base of business.  Most importantly, however, are
Maritrans' strong commercial reputation and its team of talented
personnel which, when combined with our U.S. Flag operation,
will give us the platform to support our 10 Jones Act product
carrier newbuilds, as well as future growth opportunities in
U.S. coastal trades."

The transaction, which is expected to close by year-end 2006, is
subject to approval by a majority of Maritrans' shareholders and
other customary closing conditions, including regulatory
approvals.  Upon completion, the U.S. Flag strategic business
unit will operate its combined fleet from Maritrans'
headquarters in Tampa, Florida and will report to Jonathan P.
Whitworth as Senior Vice President of the company.

UBS Investment Bank is acting as the company's sole financial
advisor and Cravath, Swaine & Moore LLP is acting as lead legal
counsel.  Merrill Lynch & Co is acting as Maritrans' financial
advisor and Morgan, Lewis & Bockius LLP is acting as legal
counsel.

                        About Maritrans

Headquartered in Tampa, Florida, Maritrans Inc., (NYSE: TUG)
-- http://www.maritrans.com/-- is a U.S.-based company with a
78-year commitment to building and operating petroleum transport
vessels for the U.S. domestic trades.  Maritrans employs a fleet
of 11 ATBs, five product carriers, two of which have been
redeployed to transport non-petroleum cargoes, and three large
ATBs under construction.  Approximately 75% of the company's oil
carrying fleet capacity is double-hulled with a fleet capacity
aggregating approximately 3.4 million barrels, 79% of which is
barge capacity. Maritrans maintains an office in the
Philadelphia area.

              About Overseas Shipholding Group, Inc.

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest  
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the company is committed to setting high standards of
excellence for its quality, safety and environmental programs.   
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
August 14, 2006, Moody's Investors Service affirmed the debt
ratings of Overseas Shipholding Group, Inc.'s Senior Unsecured
at Ba1.  The outlook has been changed to stable from negative.


OVERSEAS SHIPHOLDING: S&P to Affirm Ratings on Maritrans Merger
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Overseas Shipholding Group Inc., including the 'BB+' corporate
credit rating.  The outlook is stable.

The affirmation follows the company's announcement that it will
acquire Maritrans Inc., a U.S. flag crude oil and petroleum
products shipping company.  The transaction cost will be
approximately US$450 million and OSG is expected to fund a
majority with cash on hand (as of June 30, 2006, the company had
over US$170 million in cash).  The transaction is not expected
to close until the end of 2006.

Maritrans operates one of the largest fleets of double-hulled
vessels serving the East Coast and U.S. Gulf Coasts' as of
September 2006, the company's fleet consists of 19 product
carriers and articulated tug barges.

The acquisition is expected to enhance OSG's Jones Act market
position.  Although the transaction is sizable, OSG's solid cash
flow, as a result of healthy tanker rates, continues to help the
company's financial profile.

"Ratings on OSG reflect the company's participation in the
volatile, highly fragmented, capital-intensive bulk ocean
shipping industry, and active fleet growth," said Standard &
Poor's credit analyst Eric Ballantine.

Positive rating factors include the company's position as a
leading operator of tankers and good liquidity.  The industry,
especially the tanker segment, is characterized by fragmented
ownership, economic sensitivity, and expensive, long-lived
assets, which lead to volatile pricing swings from modest
changes in supply-demand balances.

New York, N.Y.-based OSG's operating fleet consists of 91
vessels as of June 2006.  The company's vessels are relatively
new due to an ongoing fleet renewal program, which has replaced
older, typically single-hull vessels, with newer double-hulled
vessels that meet more stringent environmental regulations being
phased in.  The company participates in commercial pools with
other owners of modern vessels to provide additional flexibility
and high levels of service to customers, while providing
scheduling efficiencies to the overall pool.

The relatively robust tanker rate environment and increased
proportion of revenues from fixed-rate contracts should enable
the company to maintain its credit profile.  The outlook assumes
some improvement in leverage as the company reduces debt, even
if tanker rates moderate somewhat from current levels.  

The outlook could be changed to negative or the ratings lowered
if OSG debt-finances another large acquisition or tanker rates
reverse course significantly.  Standard & Poor's believes an
outlook change to positive or ratings upgrade is not likely in
the near term.


VINARICH PTE: Creditors' Proofs of Debt Due on October 25
---------------------------------------------------------
Liquidators Chia Soo Hien and Ng Geok Mui require the creditors
of Vinarich Pte Ltd to submit their proofs of debt by Oct. 25,
2006, for them to share the company's dividend distribution.

Moreover, Vinarich has distributed its first and final
preferential dividend to its creditors on September 25, 2006.

Vinarich paid creditors 100% to all the admitted claims.

The Liquidators can be reached at:

         Chia Soo Hien
         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


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

BANGKOK STEEL: Posts THB480-Million Loss in First Quarter 2006
--------------------------------------------------------------
Bangkok Steel Industry Public Co Ltd submitted on September 14,
2006, its financial statement for the first three months ended
March 31, 2006, to the Stock Exchange of Thailand.

The company's consolidated financial statement reflected a
THB479.610-million net loss on THB2.817 billion of revenues in
its 2006 first quarter operations, compared with the THB305.976-
million net profit on THB4.067 billion of revenues that the
company posted in the first quarter of 2005.

Total current assets of the company and its subsidiaries as of
March 31, 2006, was THB4.435 billion while total current
liabilities was THB546.832 million.

Bangkok Steel's balance sheet as of March 31, 2006, also showed
THB16.765 billion in total assets and THB24.844 billion in total
liabilities.  Shareholders' deficit in the company totaled
THB8.079 billion.

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

         http://bankrupt.com/misc/BSI-1stqtr-a.xls  
         http://bankrupt.com/misc/BSI-1st-qtr-b.xls
         http://bankrupt.com/misc/BSI-1st-qtr-ar.doc

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel  
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the Company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

On December 22, 2003, the Supreme Court ordered the Company to
rehabilitate its business in accordance with Thailand's
Bankruptcy Act.  On April 19, 2004, the Central Bankruptcy Court
appointed C.J. Morgan Co., Ltd., and Panya Intellect Co., Ltd.,
to be the company's business rehabilitation planners.  The
comptroller of bankruptcy head invited the debtors, creditors
and lenders to lodge the claim for settlement of debts with the
Company.  The total claims lodged by the appellants amounted to
approximately THB59.09 billion, which were the outstanding
balance in the Company's accounts of approximately
THB18.91 billion and commitments and contingent liabilities of
THB40.18 billion.

The Company's business rehabilitation plan, dated December 19,
2004, was accepted by shareholders three days later, and on
February 7, 2005, Thailand's Central Bankruptcy Court entered an
order approving that plan.   

On November 30, 2005, the creditors' meeting moved to amend the
Company's business rehabilitation plan, which the Central
Bankruptcy Court agreed to on December 26, 2005.

The company is currently listed under the "Non-Performing Group"
sector of the Stock Exchange of Thailand.


THAI PROPERTY: Posts THB3.073-Million Net Profit in 1st Half '06
----------------------------------------------------------------
Thai Property Pcl posted THB3.073 million in net profit on
THB106.578 million of revenues for the six-month period ended
June 30, 2006.

Based on the company's financial statement submitted to the
Stock Exchange of Thailand on September 27, 2006, consolidated
current assets of the company as of June 30, 2006, was
THB1.201 billion and consolidated current liabilities was
THB742.941 million.

The company's balance sheet as of June 30, 2006, reflected
THB1.670 billion in total assets and THB800.437 million in
liabilities.  Total shareholders' equity amounted to
THB869.700 million.

A full-text copy of Thai Property's first half report is
available for free at:

         http://bankrupt.com/misc/TPROPE2-fs-1h.xls

         http://bankrupt.com/misc/TPROPE1-ar-1h.doc

Thai Property Public Company Limited was formerly known as
Rattana Real Estate Public Company Limited.  The Company
develops real estate for sale and rental including residential,
commercial, and office buildings.

On August 16, 2002, Thai Property entered into a reciprocal
agreement with a new investor, Great China Millennium (Thailand)
Company Limited, to continue its real estate development
project.  The agreement stipulates certain conditions, which the
Company and the new investor must comply.

In 2003, Thai Property had successfully concluded negotiations
with most of its lenders and creditors to restructure the
conditions and the repayment of its debts.  The remaining parts
of its debts are subject to ongoing repayments, which the
Company believes will be concluded successfully.

In the first quarter of 2003, the Company completed its
obligations as stipulated under the agreement, and the new
investor had also fulfilled most of its obligations under the
agreement, such as making significant progress with construction
of the project buildings, the provision of loans to the Company
and payment of remuneration.  However, in July 2005,
remuneration of THB150 million was due under the agreement and
the new investor intended to offset such remuneration against
part of the loan balance of THB509 million it had provided to
the Company.  The new investor has not been able to offset the
amounts because of certain conditions under the Company's short-
term loan agreement.

Currently, the company is listed under the "Non-Performing
Group" Sector of the Stock Exchange of Thailand.    


TUNTEX (THAI) PCL: Further Reduces Production, Cuts Workforce
-------------------------------------------------------------
Tuntex (Thai) Pcl submitted its operations report to the Stock
Exchange of Thailand on September 14, 2006, laying its plan to
further reduce its production capacity and reduction of its work
force.

The company filed a similar report on March 8, 2006, to the SET
stating that it has reduced its production capacity by 50% in
order to lower production and sale volume of unprofitable
products.

Yang Jin-Tuu, the company's plan administrator, stated however
in his current report that "Tuntex's financial status has not
improved because the market prices of raw materials -- by-
products of crude oil refinery -- required for our production
have significantly increased in line with the market price of
crude oil."  

"During the first six months of 2006, the hike of our raw
material costs has impaired the plan to modify our production
structure and to control certain production volume," he adds.  

Mr. Yang further stated that "despite the fact that the Company
has cut a number of operating expenses in order to lessen the
operating loss, there is no significant positive effect to the
over-all financial position given that the price of our products
cannot be adjusted proportionately in line with the cost of raw
material escalated."

As a result, the board of directors of the Company resolved to
further cut the production of unprofitable or low profit margin
products to 10% of the company's total production capacity to
stop the accumulated loss.

In this regard, the company also resolved to reduce the number
of employees from approximately 730 to 193 persons, which
according to the company is an appropriate workforce amount
required for the reduced production.   

Meanwhile, Tuntex is considering an increase in production of
its polyester products if market prices increase to an
appropriate level.

Tuntex also disclosed that that two members of the board of
directors, including Mr. Yang and Mukharji Ratankumar Bisambhar
have resigned from the directorship effective on September 30,
2006.

Tuntex Public Company Limited -- http://www.tuntexthailand.com/
-- was incorporated as a public company limited under the Thai
laws.  The Company operates in Thailand and its principal
activity is the manufacture of polyester yarn.

On November 17, 2003, the Company filed a petition with the
Central Bankruptcy Court requesting it to order the
rehabilitation of the business of the Company.  On December 15,
2003, the Central Bankruptcy Court issued a rehabilitation
order.

As of December 31, 2005, total consolidated liabilities of the
Company and its subsidiaries were down to THB8.785 billion,
compared with the THB19.244 billion as of December 31, 2004.  
Total assets of the Company and its subsidiaries dropped to
THB10.435 billion as of December 2005 from the previous year's
THB15.551 billion.  The Company therefore posted
THB1.65 billion in total equity as of December 31, 2005,
compared with the THB3.693-billion equity deficit reported as of
December 31, 2004.

Currently the Company is classified under the Non Performing
Group of the Stock Exchange of Thailand.  


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
------                         ------     ------   ------------

AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX      21.39       -2.24
Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      23.98      -11.13
KH Foods Ltd                      KHF      62.30       -1.71
Namberry Limited                  NMB      15.12       -4.26
Orbital Corporation Limited       OEC      14.01       -4.86
RMG Limited                       RMG      22.33       -2.16
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      99.25      -74.39
Tourism, Hotels & Leisure Ltd.    TLC      15.76       -0.66


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Anhui Feicai Vehicle Co. Ltd.     887     129.80       -7.00
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      25.79      -43.45
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology Holdings      8057      14.10       -2.07
Eforce Holdings Limited           943      10.31       -0.51
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Gold-Face Holdings Limited        396      40.60      -63.11
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54  
Guangdong Sunrise Group
   Company Ltd-A                   30      35.98     -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030      35.98     -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557      62.19     -115.50
Hainan Dadonghai Tourism          613      19.74       -5.81
Hainan Dadongh-A               200613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilong Jiang Long Di Co. Ltd.    832     134.62      -61.22
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187     121.30      -74.45
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiangsu Chinese.com Co. Ltd.      805      15.86      -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Magnum International Holdings
   Limited                        305      10.35       -5.83
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     151.61      -19.15
New World Mobile Holdings Ltd     862     215.47     -126.57
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd                1013      24.00       -3.15
Prosperity International
   Holdings (HK) Limited         8139      10.73       -2.45
Shandong Jintai Group Co. Ltd.  600385     19.58      -12.18
Shanghai Xingye Housing
   Company Ltd                 600603      14.90      -72.98
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenz China Bi-B                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Sun's Group Manufacturing
   Company Limited                988     103.02      -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Theme International
   Holdings Limited               990      22.46       -0.77
UDL Holdings Limited              620      12.48       -7.15
Wealthmark International
   (Holdings) Limited              39      11.32       -2.43
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090     101.34     -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01


INDIA

PT Dharmala Intiland             DILD     197.91       -6.62


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Bukaka Teknik Utama Tbk          BUKK      44.45     -107.00
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     160.45      -19.82
Multibreeder Adirama Indonesia   MBAI      64.54       -2.31
Pakuwon Jati Tbk                 PWON     188.41      -50.78
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
PT Steady Safe                   SAFE      19.65       -2.43
PT Toba Pulp Lestrari Tbk        INRU     403.58     -198.86
PT Unitex Tbk                    UNTX      29.08       -5.87
PT Voksel Electric Tbk           VOKS      44.01      -11.74
PT Wicaksana Overseas
   International Tbk             WICO      84.36      -32.88
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Unitex Tbk                       UNTX      29.08       -5.87


JAPAN

Hanaten Co., Ltd.                9870     167.79       -1.63
Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Tenryu Lumber Co., Ltd.          7904     187.75      -44.48
Tokai Aluminum Foil Co., Ltd.    5756     106.49      -12.55
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Antah Holdings Bhd                ANT     184.65      -98.29
Ark Resources Berhad              ARK      25.91      -28.35
CHG Industries Bhd                CHG      25.95      -41.38
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      63.60       -5.00
Consolidated Farms Berhad       CFARM      36.32      -17.21
Emico Holdings Bhd                EMI      42.56       -1.92
Jin Lin Wood Industries Berhad    JLW      21.68       -1.74
Kig Glass Industrial Berhad       KIG      15.76      -24.61
Lankhorst Bhd                    LKHT      25.91      -28.35
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     227.68     -114.64
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     255.84     -227.85
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     189.92      -50.36
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Polymate Holdings Bhd            PYMT      64.73       -7.28
Setegap Berhad                    STG      19.92      -26.88
Tru-Tech Holdings Berhad          TRU      15.86      -16.71
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Filsyn Corporation               FYNB      19.20       -8.83
Global Equities Inc.              GEI      24.18       -1.81
Gotesco Land, Inc.                 GO      17.34       -9.59
Gotesco Land, Inc.                GOB      17.34       -9.59
Prime Media Holdings Inc.        PRIM      11.12      -15.52
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21
Vitarich Corporation             VITA      75.04       -4.27


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Digiland Intl.                   DIGI      31.32      -11.94
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      56.91      -10.59
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
LKN-Primefield Limited            LKN     150.70      -12.72
Mae Engineering Ltd               MAE      11.42       -7.79
PDC Corporation Limited           PDC       0.72      -12.07
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Inno Metal Inc.                 70080      25.61        1.41
KP&L Company Limited             9810      15.03       -3.81
Radix Co. Ltd.                  16160      53.78      -17.69
Quality & Tech                  15260      32.33       -1.14
Shinil Industrial Co., Ltd.      2700      41.51       -3.44
SungKwang Co., Ltd.             41140      19.06       -1.60
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96  


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Bangkok Rubber PCL              BRC/F      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Central Paper Industry PCL    CPICO/F      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F      20.37      -64.80
Daidomon Group Pcl              DAIDO      12.92       -8.51
Daidomon Group Pcl            DAIDO/F      12.92       -8.51
Datamat PCL                       DTM      17.55       -1.72
Datamat PCL                     DTM/F      17.55       -1.72
Diana Department Store Pcl      DIANA      12.71       -1.71
Diana Department Store Pcl    DIANA/F      12.71       -1.71
Everland Public Company Ltd      EVER      56.71     -311.47
Everland Public Company Ltd    EVER/F      39.12      -12.05
Hantex PCl                        HTX       7.51       -7.88
Hantex PCl                      HTX/F       7.51       -7.88
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Sri Thai Food -F                SRI/F      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Tanayong PCL -F               TYONG/F     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Denmark -F               DMARK/F      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24
Thai-Wah PCL -F                 TWC/F      91.56      -41.24



                            *********

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.
   
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