TCRAP_Public/061004.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Wednesday, October 04, 2006, Vol. 9, No. 197

                            Headlines

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

ACCESSORY STREET: Liquidation Bid Hearing Slated for Oct.12
AIR STEEL: Members and Creditors to Meet on October 19
ARTIFICIAL INTELLIGENCE: Court Sets Date to Hear Liquidation Bid
AUSTOXIN PTY: Liquidator Mier to Present Wind-Up Report
BELL GROUP: Insurance Commission to Give Liquidator AU$12.1 Mln

CANBERRA SCAFFOLDING: Members Appoint Liquidator
CENTRAL FLOORING: Court to Hear CIR's Liquidation Bid on Oct.9
CONNEXIONS CAFE: Appoints Naylor as Liquidator
CONSTELLATION BRANDS: Agrees to Sell 7.25% Notes for US$700 Mln
CONSTELLATION BRANDS: Fitch Affirms Low-B Ratings

CLADRITE DEVELOPMENTS: Creditors' Proofs of Debt Due on Oct. 9
CRYSAN PTY: Creditors Opt to Liquidate Business
DDS LTD: Creditors Must Prove Debts by October 10
DOBBIN SECURITIES: Enters Liquidation Proceedings
EPIC INTERIORS: Wind-Up Process Commenced

FELTEX CARPETS: Godfrey Hirst Becomes New Company Owner
FELTEX CARPETS: NZX Extends Deadline to File Annual Report
GREEN & HANCOCK: To Declare Third Dividend on October 13
H.C. SERVICING: Members Opt to Close Operations
KINGS BAY: Commences Wind-Up of Operations

LAKESIDE FISH: Court Issues Wind-Up Order
LANE COVE: Enters Voluntary Liquidation
MARSTEN PTY: Members Resolve to Wind Up Firm
MGM MIRAGE: Moody's Assigns Loss-Given-Default Ratings
MULTIPLEX GROUP: Provides 2nd Update on Wembley Project

NEOCO PTY: Third Dividend Scheduled on October 13
NETWORK NOMINEES: Liquidator to Present Wind-Up Report
NORD RESOURCES: Nedbank Extends Maturity of US$4.9-M Sec. Loan
O'BRIEN DEVELOPMENTS: Creditors' Proofs of Claim Due on Oct. 16
PF BUSINESS: Prepares to Declare Dividend to Creditors

PHILLIPSON FLETCHER: Set to Declare Third Dividend on October 13
POWER-UP ELECTRICAL: Faces Liquidation Proceedings
QUEZ REMOVALS: Creditors Agree to Close Business Operations
RAYNILL PTY: Members and Creditors to Hold Final Meeting
RM RESOURCE: Final Meeting Scheduled on October 18

RON O'MULLANE: Final Meeting Fixed on October 24
S.C.I. HOLDINGS: Placed Under Voluntary Wind-Up
S.C.I MEAT: Faces Wind-Up Proceedings
S.C.I. OPERATIONS: Members Decide to Liquidate Business
S.E. SUPPORTED: Final Meeting Slated for October 19

STEVEN CHARLES: Members Opt to Shut Down Business
STOCKFORD CORPORATE: To Declare Third Dividend on October 13
STOCKFORD (MJNRJ): Set to Declare Third Dividend on October 13
STOCKFORD (MJPAR): Prepares to Declare Third Dividend
STOCKFORD (MJPRR): To Declare Third Dividend on October 13

THE BIG CAT: Members to Receive Wind-Up Report
VINEYARD MARSDEN: Supreme Court Issues Wind-Up Order
WAYBY INVESTMENTS: Creditors to Prove Debts by October 20


C H I N A   &   H O N G  K O N G

AFFILIATED COMPUTER: Gets Sued for Breach of Fiduciary Duties
ARTIFICIAL LIFE: June 30 Balance Sheet Upside-Down by US$4.2-M
CC & E INTERNATIONAL: Wind-Up Petition Hearing Set on Oct. 25
CAPITAL SYSTEM: Names Joint Liquidators
CHALENDER LTD: Creditors to Prove Claims on October 29

CHANTICLEER COMPANY: Gilligan Cease to Act as Liquidator
CHINA EASTERN: To Pay CNY21.40 Mil. Over Crash Pollution
COMWISE TECHNOLOGY: Placed Under Voluntary Wind-Up
DND TECHNOLOGIES: June 30 Balance Sheet Upside-Down by US$7.3-M
EASTERN WOOD: Liquidator Cease to Act for the Company

FAITH BUILDING: Court Sets Date to Hear Wind-Up Bid
FAR EAST & SINO: Shareholders Opt to Close Operations
GB BONTEX: Enters Voluntary Liquidation
GOLDEN FAME: Faces Wind-Up Proceedings
GREEN LEAF: Creditors to Meet on October 18

HUTCHISON CHINA: Liquidators Cease to Act for the Company
KADEFU DEVELOPMENT: Creditors to Hold Meeting on October 25
LAS VEGAS SANDS: Moody's Assigns Loss-Given-Default Ratings
LEE & POON: Creditors Must Prove Debts by October 14
OLIVER'S SUPER: Joint Liquidators to Present Wind-Up Report

NEW CHINA PROPERTY: Members and Creditors to Meet on October 10
PHILIPS MEDICAL: Appoints Joint Liquidators
REFCO FOREX: Creditors' Proofs of Claim Due on Oct. 20
RNA INVESTMENTS: Inability to Pay Debts Prompts Wind-Up
SAPPHIRE FORTUNE: Creditors' Meeting Slated for October 25

SKYPORT ENTERPRISES: Shareholders Resolve to Wind-Up Operations
SPEEDRICH COMPANY: Members' Final Meeting Slated for Oct. 31
STONE BLACK: Hearing of Liquidation Bid Fixed on November 16
TYSON FOODS: Resolves Govt. Dispute on Employment Practices
UNITY WIRELESS: Provides Update on Business Strategy for Growth

* CBRC Commends Banks' Positive Changes in its Loan Structures


I N D I A

ESSAR OIL: Members Name New Auditors & Directors
HAYES LEMMERZ: S&P Affirms B- Rating & Removes Negative Watch
HDFC BANK: BOD Meeting to Consider 2Q Results Set for Oct. 17
HINDUSTAN PETROLEUM: Awarded ONGC Service Contract
HINDUSTAN PETROLEUM: Offers to Buy Stake IN Bhatinda Refinery

INDIAN OIL: Liquidates INR1,450-Crore Oil Bonds
INDIAN OIL: To Build 15 Million-Tonne Refinery in Haldia
JAMMU & KASHMIR: Seeks RBI Nod to Increase FII Limit to 40%
LML LTD: Incurs INR133.2-Mil. Net loss for 2006 2nd Quarter
KARNATAKA BANK: Program Gets A1+ Rating from ICRA

UNITED WESTERN: Government Approves Amalgamation with IDBI


I N D O N E S I A

BANK NIAGA: Boss to Resign Late This Year
MATAHARI PUTRA: Issues Unsecured Bonds Worth US$150 Million


J A P A N

MITSUBISHI MOTORS: Posts JPY15.10 Bil. Net Loss for 1st Quarter
SAPPORO HOLDINGS: Sapporo Breweries Extends Offer for Sleeman
SOFTBANK CORP: To Cut Interest Cost With Asset-Backed Debt
SOFTBANK MOBILE: S&P's 'BB+' Ratings Remain On Watch Negative
* New Prime Minister Can Improve Credit Picture, Moody's Says


K O R E A

DAEWOO CORP: U.S. Court Issues Temporary Restraining Order
DAEWOO ELECTRONICS: Videocon Wants 20% Purchase Price Slash
* Korean Carmakers Earned Record Sales in September


M A L A Y S I A

ARMSTRONG WORLD: S&P Rates Proposed US$1.1-B Facility at BB
JIN LIN WOOD: High Court Grants Extension of Restraining Order
KNOLL INC: Moody's Assigns LGD2 Ratings to US$450-M Senior Loans
MBF CORPORATION: Completes MYR12,515,000 Shares Disposal
MERCES HOLDINGS: Unit's Wind-Up Hearing Postponed to December 6

SINORA INDUSTRIES: To Submit EIA Report for Approval of Logging
SUGAR BUN: Posts MYR3.26-Billion Loss for 2nd Quarter 2006
TENGGARA OIL: Malayan Banking Berhad Serves Writ of Summons


P H I L I P P I N E S

ACCESS WORLDWIDE: June 30 Balance Sheet Upside-Down by US$7.6-M
CHIQUITA BRANDS: Moody's Affirms Caa1 Rtg. on US$250MM Sr. Notes
PHILIPPINE LONG DISTANCE: Directors Declare Cash Dividends
MANILA MINING: Extends Stock Rights Offer Period Until Oct. 6
WEST CORP: Moody's Assigns Caa1 Rating to US$1.1 Bil. Sr. Notes

WEST CORP: S&P Rates Proposed US$2.35-B Sr. Facilities at B+
* Philippine Peso Hits Four-Year High
* Philippines Raises PHP867 Mln Non-Tax Revenues in Jan-Aug 2006


S I N G A P O R E

COLLINS & AIKMAN: Moody's Assigns Loss-Given-Default Ratings
DELL INC: Yourman Alexander Announces Securities Suit Filing
E-BRILLIANT PTE: Pays First and Final Dividend
EH GROUP: Creditors' Proofs of Claim Due on October 30
GETRONICS NV: Completes Sale of PinkRoccade to Randstad Holding

LOUIS PRESTON: High Court to Hear Wind-Up Petition on Oct. 13
SEA CONTAINERS: GNER Not Sustainable, Former Rail Chief Says
SEE HUP SENG: SGX-ST Approves Listing of 31,758,000 Shares
STATS CHIPPAC: Appoints Teng Cheong Kwee as Director


T H A I L A N D

HRP MYRTLE: Moody's Assigns Loss-Given-Default Ratings to Notes
THAI-GERMAN: Gains THB3.079 Million in First Half 2006
TONGKAH HARBOUR: Auditor Expresses Going Concern Doubt


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ACCESSORY STREET: Liquidation Bid Hearing Slated for Oct.12
-----------------------------------------------------------
On July 24, 2006, UTi New Zealand Ltd filed a liquidation
petition before the High Court of Auckland against Accessory
Street Ltd.

The petition will be heard on October 12, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         J.P. Hogan
         AEL Law, 31 33 Great South Road
         Newmarket, Auckland
         New Zealand


AIR STEEL: Members and Creditors to Meet on October 19
------------------------------------------------------
A final meeting will be held for the members and creditors of
Air Steel Products Pty Ltd, on October 19, 2006, at 9:15 a.m.

At the meeting, Liquidators Erskine and Goodin will present the
report on the company's wind-up proceedings and property
disposal exercises.

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) 9822 6666


ARTIFICIAL INTELLIGENCE: Court Sets Date to Hear Liquidation Bid
----------------------------------------------------------------
A liquidation petition filed against Artificial Intelligence Ltd
will be heard before the High Court of Rotorua on October 9,
2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
September 1, 2006.

The Solicitor for the Petitioner can be reached at:

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


AUSTOXIN PTY: Liquidator Mier to Present Wind-Up Report
-------------------------------------------------------
Austoxin Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on October 19, 2006, at
12:30 p.m.

During the meeting, Liquidator Mier will present the final
accounts on the company's wind-up proceedings.

The Liquidator can be reached at:

         Gerry Mier
         Level 13, Cairns Corporate Tower
         15 Lake Street
         Cairns, Queensland 4870
         Australia
         Telephone:(07) 4046 8888


BELL GROUP: Insurance Commission to Give Liquidator AU$12.1 Mln
---------------------------------------------------------------
The Insurance Commission of Western Australia will spend another
AU$12.1 million this financial year funding the Bell Group
liquidator, even though the Supreme Court trial has finished,
Mark Drummond of the West Australian reports.

The trial concluded after three years of hearings in the WA
Supreme Court and in London.  A decision is expected from
Justice Neville Owen after at least six months.

The report discloses that the extra funding will bring to more
than AU$180 million the amount spent by the Insurance Commission
bankrolling Liquidator Tony Woodings in his AU$1.4-billion claim
against bankers to the Bell Group.

According to the West Australian, the latest figures were
contained in the Insurance Commission's 2006 annual report,
which also confirmed that the Commission spent AU$25.4 million
funding the Bell case in the 2005 financial year and
AU$23.2 million the previous year.

As reported in the Troubled Company Reporter - Asia Pacific on
September 21, 2006, liquidators for Bell Group, which collapsed
in 1991, have tried to reclaim up to AU$1.5 billion for
unsecured Bell creditors.  Mr. Woodings had sued 20 Australian
and overseas banks, which refinanced loans to the (Alan) Bond
Corporation subsidiary before its collapse, the TCR-AP said.

The West Australian discloses that the Insurance Commission has
booked AU$105 million of its funding for the Bell case as a non-
current receivable, with the remainder being expensed over the
years, which includes AU$44.6 million paid to the court as
security for costs.

The West Australian previously revealed that more than AU$11.5
million of the litigation funding provided by the Insurance
Commission has been paid as remuneration to the liquidator.

                    Decision May be Appealed

According to West Australian, Judge Owen's expected decision is
certain to be appealed, which could force the Insurance
Commission to continue in its funding role for years.

The paper states that the Insurance Commission expects a share
of the recovery proceeds if Mr. Woodings is successful with his
claim against the banks.  The Commission however, acknowledged
it could also incur an undisclosed liability.

"The contingent liability relates to the Insurance Commission's
share of any amounts that would be required to be paid in
respect of any future costs ordered by the court, in the event
that the liquidator's action is unsuccessful," West Australian
cites the Commission, as noting in its accounts.

"Insurance cover has been put in place in relation to the
contingent liability and the Insurance Commission continues to
monitor, and where considered appropriate, modify the insurance
program in respect of exposure to the funding of the
litigation," the Commission added.

West Australian cites Insurance Commission managing director Vic
Evans, as saying the AU$12.1 million litigation-funding budget
for this financial year was based on information from the
liquidator for the full year from July 1, 2006.

Mr. Evans notes that the insurance arrangements are
confidential.

                       About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.

On July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AU$800 million at the time.

On February 5, 2004, delisted.com said in its Web site that is
has carried (in good faith) for six months, an invalid
liquidator's declaration for the company.  According to
delisted, the declaration was invalid as it had to be executed
jointly by the two liquidators involved, not just by one of
them.  Delisted noted that one of the liquidators has indicated
he is not prepared as yet to make the declaration.  Thus,
shareholders remained unable to crystallize their capital loss
for tax purposes (and by implication at least one of the
liquidators still holds out the possibility of some return to
shareholders), delisted said.

On March 10, 2004, Mr. Woodings confirmed the litigation was
continuing and is expected to do so for the rest of 2006 and
into 2007.


CANBERRA SCAFFOLDING: Members Appoint Liquidator
------------------------------------------------
On September 1, 2006, members of Canberra Scaffoldig Services
Pty Ltd resolved to voluntarily wind up the company's
operations.

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

The Liquidator can be reached at:

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


CENTRAL FLOORING: Court to Hear CIR's Liquidation Bid on Oct.9
--------------------------------------------------------------
A petition to liquidate Central Flooring (Taupo) Ltd will be
heard before the High Court of Rotorua on October 9, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 24, 2006.

The Solicitor for the Petitioner can be reached at:

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


CONNEXIONS CAFE: Appoints Naylor as Liquidator
----------------------------------------------
Shareholders of Connexions Caf‚ Bar Ltd appointed John David
Naylor as its official liquidator on September 13, 2006.

The Liquidator can be reached at:

         John David Naylor
         c/o A. G. Doig Naylor Lawrence & Associates
         4/F, NZI House
         Main Street and The Square
         (P.O. Box 648), Palmerston North
         New Zealand
         Telephone:(06) 357 0640
         Facsimile:(06) 358 9105


CONSTELLATION BRANDS: Agrees to Sell 7.25% Notes for US$700 Mln
---------------------------------------------------------------
Constellation Brands, Inc., and certain subsidiary guarantors
entered into an underwriting agreement with Citigroup Global
Markets Inc., J.P. Morgan Securities Inc., Scotia Capital (USA)
Inc., and Banc of America Securities LLC for the sale by the
Company of US$700 million in aggregate principal amount, of
7.25% Senior Notes due 2016.

The Company disclosed that the public offering price is 99.02%
of the principal amount of the Notes.  The offering is being
made by a prospectus dated August 8, 2006 included in the
Company's shelf registration statement on Form S-3, together
with a prospectus supplement dated August 10, 2006 and filed
with the SEC on August 11, 2006.  The Underwriters will purchase
the Notes from the Company at 98.02% of their principal amount.

The Company stated that the Notes will be issued under a
Supplemental Indenture No. 1 entered into among the Company, the
Guarantors and BNY Midwest Trust Company, as trustee.

The Company further disclosed that the underwriters and their
affiliates have performed and may perform various investment
banking, commercial banking and advisory services for the
Company for which they have received or will receive customary
fees and expenses.  In particular, affiliates of certain of the
underwriters are lenders under the Company's Credit Agreement,
dated as of June 5, 2006, borrowings under which will be reduced
with the net proceeds of the offering.  The aggregate amount of
debt owed to the underwriters and their affiliates to be repaid
with the proceeds from the offering constitutes less than 10% of
the proceeds of the offering.

                   About Constellation Brands

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan, and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on August 14, 2006,
Moody's Investors Service assigned a (P)Ba2 rating to
Constellation Brands, Inc.'s new shelf and concurrently, a Ba2
rating to Constellation's new $500 million senior unsecured
note, due 2016.  Constellation's existing ratings are not
affected by these actions, and have been affirmed.  The ratings
outlook remains negative.


CONSTELLATION BRANDS: Fitch Affirms Low-B Ratings
-------------------------------------------------
Constellation Brands, Inc., sold US$700 million of new 10-year
senior notes (new notes) on August 10, 2006.  The 7.250% new
notes were priced at a spread of 245 basis points over treasury
to yield 7.389%.  The net proceeds are expected to be used to
repay bank debt.  Upon this new notes issuance, Fitch has
affirmed the existing ratings of STZ as:

    -- Issuer Default Rating (IDR) 'BB';
    -- Bank credit facilities 'BB';
    -- Senior unsecured notes 'BB';
    -- Senior subordinated notes 'BB-'.

The new notes lack typical high yield covenants such as debt
incurrence and restricted payment tests.  From Fitch's
perspective, the new notes reduce refinancing risk during the
next 10 years and enhance STZ's already adequate financial
flexibility.  Although the terms of the new notes are not as
restrictive as its existing senior notes, Fitch's 'BB' rating
for the new notes reflects STZ's improving credit profile.

STZ's contract as an importer for Grupo Modelo S.A. de C.V's
beers, including Corona, for the western U.S. was up for renewal
at the end of 2006.  On July 17, 2006, STZ announced a joint
venture with Grupo Modelo to be consummated on or after
January 2, 2007, according to which Grupo Modelo's Mexican beer
portfolio will be imported and sold by the joint venture in the
entire U.S., including D.C. and Guam.  The joint venture may
also sell Tsingtao and St. Pauli Girl brands.  Fitch believes
that the removal of uncertainty regarding renewal of its
original contract comprising the western U.S. with Grupo Modelo
is credit positive, as is the expanded coverage to the entire
U.S. through the joint venture.

STZ's ratings reflect its leading market position and broad
portfolio of wine, beer and spirits in diversified global
markets.  STZ has pursued a strategy of growth through
acquisitions financed primarily with debt.  Recent acquisitions
include BRL Hardy Ltd., for US$1.4 billion in 2003, Robert
Mondavi Corp. for US$1.355 billion in 2004, and Vincor
International Inc., for US$1.4 billion in June 2006.  The
company has an excellent track record of integrating
acquisitions.  It has applied cash flow to support capital
expenditures and debt paydown.  STZ has generated significant
free cash flow in each of the past three years.  Operating
EBITDA for the last 12 months, as of May 31, 2006, and pro forma
for the Vincor acquisition, was over US$900 million.

Pro forma for the Vincor acquisition, repayment of recently
matured senior notes, and new notes issuance, STZ's leverage
defined as total debt-to-operating EBITDA was 4.6 times (x),
while interest coverage was 3.2x, for the LTM ended May 31,
2006.  It should be noted that STZ has five-year interest rate
swap agreements on US$1.2 billion of its floating-rate bank debt
that fixes LIBOR at an average rate of 4.1% through fiscal 2010.
STZ maintains adequate liquidity through a US$500 million
revolver, which is expected to have no outstanding balance upon
application of net proceeds from the new notes issuance.

                   About Constellation Brands

Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  Well-
known brands in Constellation's portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys,
Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala,
Robert Mondavi Private Selection, Rex Goliath, Toasted Head,
Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate,
Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery,
Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's,
Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps,
Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light,
Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao.   The company has operations in Australia, Japan, and
New Zealand.


CLADRITE DEVELOPMENTS: Creditors' Proofs of Debt Due on Oct. 9
--------------------------------------------------------------
Creditors of Cladrite Developments Ltd must submit their proofs
of debt by October 9, 2006, to be included in the company's
distribution of dividend.

Bryan Edward Williams was appointed as the company's liquidator
on September 11, 2006.

The Liquidator can be reached at:

         Bryan Edward Williams
         c/o Bryan Williams & Associates
         Insolvency Practitioners
         131 Taupaki Road
         R.D. 2, Henderson 0782
         New Zealand
         Telephone:(09) 412 9762
         Facsimile:(09) 412 9763


CRYSAN PTY: Creditors Opt to Liquidate Business
-----------------------------------------------
On August 30, 2006, creditors of Crysan Pty Ltd decided to
liquidate the company's business.

Accordingly, Joseph Sleiman was named as liquidator.

The Liquidator can be reached at:

         Joseph Sleiman
         Certified Practising Accountant
         Sleiman & Co
         Level 8, 65 York Street, Sydney
         Australia


DDS LTD: Creditors Must Prove Debts by October 10
-------------------------------------------------
Terence Hillson was appointed liquidator of DDS Ltd by a special
resolution passed on September 12, 2006.

Accordingly, Mr. Hillson requires creditors of the company to
submit their proofs of claims by October 10, 2006, for them to
share in the distribution of dividend.

The Liquidator can be reached at:

         Terence Hillson
         Chartered Accountant
         Level Twenty, ASB Bank Centre
         135 Albert Street (P.O. Box 1240)
         Auckland, New Zealand
         Telephone:(09) 355 7272
         Facsimile:(09) 355 7273
         Mobile:027 280 5580


DOBBIN SECURITIES: Enters Liquidation Proceedings
-------------------------------------------------
On September 8, 2006, the members of Dobbin Securities Pty Ltd,
resolved to voluntarily liquidate the company's business and
distribute the proceeds of its assets among the members.

The Liquidator can be reached at:

         Michael Christopher Robinson
         MC Robinson & Co
         Suite 1, 305 Pacific Highway
         Lindfield, New South Wales 2070
         Australia


EPIC INTERIORS: Wind-Up Process Commenced
-----------------------------------------
Members of Epic Interiors Pty Ltd held a general meeting on
August 16, 2006, and decided to wind up the company's business.

In this regard, P. Ngan was appointed as liquidator.  The
appointment was confirmed at the creditors' meeting held that
same day.

The Liquidator can be reached at:

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


FELTEX CARPETS: Godfrey Hirst Becomes New Company Owner
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 2, 2006, Godfrey Hirst made an unconditional offer
for Feltex Carpets Limited.  Godfrey Hirst wanted to buy Feltex
as a going concern, including its assets and undertakings in New
Zealand, Australia, and the United States, the TCR-AP said.

In a filing with the Australian Stock Exchange, Feltex's
receivers, McGrathNicol and Partners, disclosed that they have
accepted the Offer.

The Receivers anticipate the handover to occur in early November
2006.

Receiver Colin Nicol says Godfrey Hirst has specialized
expertise and financial strength, which will provide a long-term
future for Feltex's employees, suppliers, and customers.

The purchase price for Feltex is sufficient to repay its
existing bank facilities.  In addition, Godfrey Hirst will take
responsibility for Feltex's statutory employee entitlements.

Godfrey Hirst was the only party to submit a bid for Feltex.

As noted in the TCR-AP report, Graeme and Craig Turner did not
put an offer to the receivers.

Transitional arrangements have been made with Godfrey Hirst
management to prepare for the handover with the full cooperation
of the Receivers.  Godfrey Hirst will support Feltex's
operations in the period leading up to the handover.

Feltex's suppliers will have the opportunity to arrange new
supply arrangements with Godfrey Hirst, and customers will be
contacted directly for briefings on Godfrey Hirst's plans for
the Feltex brands and to support their requirements.

The Receivers assure the ASX that details will be provided
during the transition period.

                 Job Offer to Feltex Employees

In New Zealand, Godfrey Hirst intends to offer jobs to 85% of
Feltex's 820 employees.  The Receivers explain that redundancies
will be necessary at the Kakariki and Christchurch plants to
support the longer-term viability of the business.

In Australia, Godfrey Hirst intends to offer jobs to all of
Feltex's 500 employees.

Details of these processes are currently being discussed with
Feltex's employees and unions.  Arrangements to support
employees affected by redundancies will be made in conjunction
with their unions, the Receivers note.

                          About Feltex

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

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

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

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


FELTEX CARPETS: NZX Extends Deadline to File Annual Report
----------------------------------------------------------
On October 3, 2006, Feltex Carpets Limited was granted a
reporting deadline extension for its annual report, not because
of its receivership, but due to the implementation of new
accounting standards, the New Zealand Press Association reports.

The Troubled Company Reporter - Asia Pacific previously reported
that Feltex sought and obtained a second approval from the NZX
to extend to September 18, 2006, the period within which the
company must make the Preliminary Announcement after the end of
the financial year.

According to NZPA, companies that have a June 30 balance date
must report by the end of September.  However, due to the new
rules implemented last year, companies were given an extra month
to allow them to report, NZPA relates.

"Because Feltex is reporting for the first time under New
Zealand International Financial Reporting Standards for the
financial year commencing July 1, 2005, Feltex has the benefit
of, and therefore intends to take advantage of, the one-month
extension granted to first time NZIFRS reporters by the Class
Waiver," ShareChat News cites NZX as saying in a statement.

"Feltex will therefore not be issuing its annual report by
September 30, 2006," NZX noted.

                          About Feltex

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

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

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

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


GREEN & HANCOCK: To Declare Third Dividend on October 13
--------------------------------------------------------
Green & Hancock Pty Ltd will declare the third dividend for its
creditors on October 13, 2006.

Creditors who were unable to prove their claims by October 3,
2006, are excluded from the benefit of the dividend.

The Deed Administrator can be reached at:

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


H.C. SERVICING: Members Opt to Close Operations
-----------------------------------------------
At a general meeting on September 11, 2006, the members of H.C.
Servicing Pty Ltd passed a special resolution to shut down the
Company's operations and appoint P. Ngan as liquidator.

Subsequently, the appointment of the Liquidator was confirmed at
the creditors meeting held that same day.

The Liquidator can be reached at:

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


KINGS BAY: Commences Wind-Up of Operations
------------------------------------------
Members of Kings Bay Developments Pty Ltd met at a general
meeting on September 1, 2006, and decided to wind up the
company's operations.

The Liquidator can be reached at:

         Barry Cook
         54 Beechwood Avenue
         Greystanes, New South Wales 2145
         Australia
         Telephone:(02) 9636 2845
         Facsimile:(02) 9636 2845


LAKESIDE FISH: Court Issues Wind-Up Order
-----------------------------------------
On September 15, 2006, the Federal Court of Australia has issued
an order to wind up Lakeside Fish Markets Pty Ltd and appointed
Frank Lo Pilato as official liquidator.

The Official Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Chartered Accountants
         Level 1, 103-105 Northbourne Avenue
         Canberra, ACT 2601
         Australia
         Telephone:(02) 6247 5988
         Facsimile:(02) 6262 8633


LANE COVE: Enters Voluntary Liquidation
---------------------------------------
On September 1, 2006, Members of Lane Cove Central Pty Ltd
resolved to voluntarily wind up the company's operations.

The Liquidator can be reached at:

         Barry Cook
         54 Beechwood Avenue
         Greystanes, New South Wales 2145
         Australia
         Telephone:(02) 9636 2845
         Facsimile:(02) 9636 2845


MARSTEN PTY: Members Resolve to Wind Up Firm
--------------------------------------------
At a general meeting on September 7, 2006, the members of
Marsten Pty Ltd decided to voluntarily wind up the company's
operations.

Consequently, Stephen Trevor Bennett was appointed as
liquidator.

The Liquidator can be reached at:

         Stephen Trevor Bennett
         Bentleys MRI Canberra
         Level 1, 13 London Circuit
         Canberra ACT 2601
         Australia


MGM MIRAGE: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed MGM MIRAGE's Ba2 Corporate Family Rating.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
6.75% - 7.25% Senior
Notes Due 2017            Ba2      Ba2     LGD3        43%

6.70% - 9.50% Senior
Notes Due 2096            Ba2      Ba2     LGD3        43%

5.875% - 8.50% Senior
Notes Due 2016            Ba2      Ba2     LGD3        43%

8.375% - 9.75% Senior
Subordinated Notes
Due 2011                  Ba3      B1      LGD6        93%

6.325% - 10.25% Senior
Subordinated Notes
Due 2013                  Ba3      B1      LGD6        93%

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%).

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/
-- owns and operates 12 casino resorts located in Nevada,
Mississippi, Michigan, and Australia, and has investments in
three other casino resorts in Nevada, New Jersey, and Macau.


MULTIPLEX GROUP: Provides 2nd Update on Wembley Project
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 4, 2006, Multiplex Group planned to make one further
monthly update on the current status of its Wembley Project at
the end of September 2006, unless otherwise required by
Australian Stock Exchange Listing Rule 3.1.

In an update, Multiplex advises that there has been no material
change to the project status from the date of that report, but
notes that the installation of more than 90,000 seats is now
complete.

As noted previously, works relating to the commissioning and
cleaning that are required to achieve practical completion are
ongoing.  These remaining works will complete prior to the date
at which the stadium becomes operational.

Multiplex is currently pursuing its entitlements against Wembley
National Stadium Ltd.  An adjudication process has commenced in
relation to a number of individual issues with many more
adjudications and possible legal proceedings to follow.

As reported in the TCR-AP, Multiplex has taken seven separate
disputes, including payments, changes of specification, and time
schedules, with WNSL -- to adjudication.

Given the status of the Wembley Project, Multiplex does not
intend to make any further monthly updates on it or comment on
the result of individual adjudications and court proceedings,
unless otherwise required by ASX Listing Rule 3.1.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

The Company's troubles continue with plunging share prices,
extortion attempts, and threats of class action from disgruntled
shareholders.  The Roberts family, as founder and controlling
shareholder of Multiplex, opte d to offer AU$50 million
indemnity in a bid to appease dissatisfied shareholders.  In May
2005, Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of
February 2006, the Company is faced with liquidity crisis after
posting a massive AU$474 million loss on Wembley and is
currently in talks to bring down possible delay fees, pegged at
AU$138,000 per day beyond the scheduled March 31, 2006,
completion date.

The Troubled Company Reporter - Asia Pacific reported on August
18, 2006, that Multiplex Group financial results for the year
ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


NEOCO PTY: Third Dividend Scheduled on October 13
-------------------------------------------------
Neoco Pty Ltd will declare the third dividend for its creditors
on October 13, 2006.

Creditors who were unable to formally prove their debts by
October 3, 2006 are excluded in the dividend distribution.

The Deed Administrator can be reached at:

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


NETWORK NOMINEES: Liquidator to Present Wind-Up Report
------------------------------------------------------
Members and creditors of Network Nominees Pty Ltd, which is in
liquidation, will hold a final meeting on October 18, 2006, at
11:00 a.m.

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

The Liquidator can be reached at:

         Peter Crowe
         A. K. Graham & Co
         Chartered Accountants
         PO Box 203
         Subiaco, Western Australia 6904
         Australia
         Telephone:(08) 9388 9917


NORD RESOURCES: Nedbank Extends Maturity of US$4.9-M Sec. Loan
--------------------------------------------------------------
Nord Resources Corporation has entered into a Modification
Agreement with Nedbank Limited, effective September 30, 2006, to
extend the maturity date of the existing US$4.9 million secured
loan to the earlier of December 22, 2006, and the closing of a
registered equity offering.

The Corporation disclosed that the registered equity offering is
expected to raise not less than US$20 million.

The Corporation also disclosed that after the Effective Date, it
will continue be obligated to make interest-only payments to
Nedbank, at an interest rate of 11% per annum, payable monthly.
The interest rate would increase to 14% in the event of a
default by the Corporation.

Auramet Trading, LLC, acting through Nedbank, advanced US$2
million of the principal amount of the loan.  In consideration
of the extension of the maturity date, the Corporation further
disclosed that it will issue to Nedbank warrants for the
purchase of 88,770 shares of its common stock and to Auramet
warrants for the purchase of 61,230 shares of its common stock,
exercisable for a period of two years from the Effective Date at
an exercise price equal to the average closing price of the
Corporation's common stock for the 20 trading days prior to the
Effective Date.

A full text copy of the Modification Agreement may be viewed at
no charge at:

              http://ResearchArchives.com/t/s?12c4

Headquartered in Dragoon, Arizona, Nord Resources Corporation
(Pink Sheets:NRDS) -- http://www.nordresources.com/-- is a
natural resource company focused on near-term copper production
from its Johnson Camp Mine and the exploration for copper, gold
and silver at its properties in Arizona and New Mexico.  The
company also owns approximately 4.4 million shares of Allied
Gold Limited, an Australian company.  In addition, the company
maintains a small net profits interest in Sierra Rutile Limited,
a Sierra Leone, West African company that controls the world's
highest-grade natural rutile deposit.

                          *     *     *

Nord Resources Corporation's balance sheet at June 30, 2006,
showed US$4,214,657 in total assets and US$8,430,713 in total
liabilities, resulting in a US$4,216,056 stockholders' deficit.
The company had a US$3,120,573 deficit at March 31, 2006.

                       Going Concern Doubt

Mayer Hoffman McCann PC expressed substantial doubt about Nord'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
significant operating losses.  Nord incurred a US$3,084,166 net
loss for the year ended Dec. 31, 2005, in contrast to a
US$864,357 net loss in the prior year.


O'BRIEN DEVELOPMENTS: Creditors' Proofs of Claim Due on Oct. 16
---------------------------------------------------------------
On September 11, 2006, shareholders of O'Brien Developments Ltd
appointed Paul Graham Sargison and Gerald Stanley Rea as
liquidators.

The Liquidators then require creditors to submit their proofs of
claim by October 16, 2006, or be excluded from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

         Paul Graham Sargison
         Gerald Stanley Rea
         Gerry Rea Associates
         P.O. Box 3015, Auckland
         Australia
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


PF BUSINESS: Prepares to Declare Dividend to Creditors
------------------------------------------------------
PF Business IT Solutions Pty Ltd will declare the third dividend
for its creditors on October 13, 2006.

Creditors who were unable to prove their claims on October 3,
2006 are excluded from sharing 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


PHILLIPSON FLETCHER: Set to Declare Third Dividend on October 13
----------------------------------------------------------------
Phillipson Fletcher Financial Planning Pty Ltd will declare its
third dividend to creditors on October 13, 2006, to the
exclusion of those who were unable to prove their claims on
October 3, 2006.

The Deed Administrator can be reached at:

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


POWER-UP ELECTRICAL: Faces Liquidation Proceedings
--------------------------------------------------
On September 6, 2006, the Commissioner of Inland Revenue filed a
petition before the High Court of Rotorua to liquidate Power-Up
Electrical Ltd.

The petition will be heard on October 9, 2006, at 10:45 a.m.

The Solicitor for the Plaintiff can be reached at:

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


QUEZ REMOVALS: Creditors Agree to Close Business Operations
-----------------------------------------------------------
At a meeting held on September 7, 2006, the creditors of Quez
Removals Pty Ltd agreed to voluntarily liquidate the company's
business.

Joseph Sleiman was consequently appointed as liquidator.

The Liquidator can be reached at:

         Joseph Sleiman
         Certified Practising Accountant
         Sleiman & Co
         Level 8, 65 York Street, Sydney
         Australia


RAYNILL PTY: Members and Creditors to Hold Final Meeting
--------------------------------------------------------
The members and creditors of Raynill Pty Ltd will hold a final
meeting on October 20, 2006, at 10:00 a.m., to receive the
company's wind-up accounts from Liquidator P. G. O'Donoghue.

The Liquidator can be reached at:

         P. G. O'Donoghue
         O'Donoghue & Co
         Level 2, 86 Mann Street
         Gosford, New South Wales 2250
         Australia


RM RESOURCE: Final Meeting Scheduled on October 18
--------------------------------------------------
Members and creditors of RM Resource Engineering Pty Ltd will
hold a final meeting on October 18, 2006, at 10:30 a.m.

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

The Liquidator can be reached at:

         Lachlan Mcintosh
         KordaMentha (Queensland)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4000
         Facsimile:(07) 3225 4999


RON O'MULLANE: Final Meeting Fixed on October 24
------------------------------------------------
The final meeting of Ron O'Mullane D.G.O Pty Ltd will be held on
October 24, 2006, at 10:00 a.m., to receive Liquidator Dillon's
final accounts on the company's wind-up proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under a members' voluntary liquidation on
June 11, 2006.

The Liquidator can be reached at:

         Richard Dillon
         43 Auburn Street
         Moree, New South Wales
         Australia


S.C.I. HOLDINGS: Placed Under Voluntary Wind-Up
-----------------------------------------------
The members of S.C.I. Holdings Pty Ltd held a general meeting on
September 12, 2006, and agreed to voluntarily wind up the
company's operations.

The Joint and Several Liquidators can be reached at:

         Salvatore Algeri
         Tim Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9208 7000


S.C.I MEAT: Faces Wind-Up Proceedings
-------------------------------------
At a general meeting held on September 12, 2006, the members of
S.C.I. Meat & Paper Pty Ltd passed a special resolution to
voluntarily wind up the company's operations.

The Joint and Several Liquidators can be reached at:

         Salvatore Algeri
         Tim Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9208 7000


S.C.I. OPERATIONS: Members Decide to Liquidate Business
-------------------------------------------------------
On September 12, 2006, the members of S.C.I Operations Pty Ltd
held a general meeting and agreed to liquidate the company's
business.

The Joint and Several Liquidators can be reached at:

         Salvatore Algeri
         Tim Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9208 7000


S.E. SUPPORTED: Final Meeting Slated for October 19
---------------------------------------------------
A general meeting of the members of S.E. Supported Care Services
Pty Ltd will be held on October 19, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

         M. A. Rudaks
         Maris Rudaks & Associates
         Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8236 1500


STEVEN CHARLES: Members Opt to Shut Down Business
-------------------------------------------------
On August 31, 2006, the members of Stevens Charles Pty Ltd
resolved to voluntarily wind up the company's operations.

The Liquidator can be reached at:

         Barry Cook
         54 Beechwood Avenue
         Greystanes, New South Wales 2145
         Australia
         Telephone:(02) 9636 2845
         Facsimile:(02) 9636 2845


STOCKFORD CORPORATE: To Declare Third Dividend on October 13
------------------------------------------------------------
Stockford Corporate Advisory Pty Ltd will declare the third
dividend for its creditors on October 13, 2006, to the exclusion
of those who were not able to prove their claims on October 3,
2006.

The Deed Administrator can be reached at:

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


STOCKFORD (MJNRJ): Set to Declare Third Dividend on October 13
--------------------------------------------------------------
Stockford (MJNRJ) Pty Ltd will declare its third dividend on
October 13, 2006.

Creditors who were not able to prove their claims on October 3,
2006, are excluded from sharing in any 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


STOCKFORD (MJPAR): Prepares to Declare Third Dividend
-----------------------------------------------------
A third dividend is to be declared by Stockford (MJPAR) Pty Ltd
on October 13, 2006.

Creditors who failed to submit proofs of debt by October 3,
2006, will be excluded in the benefit of dividend.

The Deed Administrator can be reached at:

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


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

Creditors who were not able to prove their claims by October 3,
2006, are 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


THE BIG CAT: Members to Receive Wind-Up Report
----------------------------------------------
The members and creditors of The Big Cat & Primate Park Pty Ltd
will hold a final meeting on October 19, 2006, at 12:00 p.m.

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

The Joint Liquidator can be reached at:

         Gerry Mier
         Level 13, Cairns Corporate Tower
         15 Lake Street, Cairns Queensland 4870
         Australia
         Telephone:(07) 4046 8888


VINEYARD MARSDEN: Supreme Court Issues Wind-Up Order
----------------------------------------------------
The Supreme Court of New South Wales ordered Vineyard Marsden
Park Schofield Investment Land Auctions Pty Ltd to wind up its
operations and appointed R. J. Porter as official liquidator.

The Official Liquidator can be reached at:

         R. J. Porter
         Moore Stephens
         Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


WAYBY INVESTMENTS: Creditors to Prove Debts by October 20
---------------------------------------------------------
Shareholders of Wayby Investments Ltd appointed Peter John
Brannigan as liquidator by way of resolution on September 8,
2006.

In this regard, Mr. Brannigan requires creditors to prove their
debts or claim by October 20, 2006 or be excluded from sharing
in any distribution the company will make.

The Liquidator can be reached at:

         Peter John Brannigan
         c/o Stewart McKenzie
         Address: 12A Hopkins Crescent, Auckland
         New Zealand
         Postal Address: P.O. Box 128-022
         Remuera, Auckland
         New Zealand


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

AFFILIATED COMPUTER: Gets Sued for Breach of Fiduciary Duties
-------------------------------------------------------------
Affiliated Computer Services, Inc., has been notified that Terri
Simeon filed a class action complaint in the United States
District Court, Northern District of Texas, Dallas Division
naming the company, its directors, Jeffrey A. Rich, a former
director and officer of the company, the Retirement Committee of
the company's Savings Plan and John Does 1-30, as defendants.

The lawsuit was brought under the Employee Retirement Income
Security Act and alleges breaches by the defendants of their
duties as fiduciaries under the company's Savings Plan.  The
allegations arise from the company's activities relating to the
stock option grant process during the period from 1995 to 2005.
The company disclosed that it does not believe the claims in the
lawsuit have merit and intends to vigorously defend the lawsuit.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company has
global operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.

                           *     *     *

Standard & Poor's Ratings Services lowered in June 2006 its
corporate credit and senior secured ratings to BB from BB+ for
Affiliated Computer Services Inc.  The ratings remain on
CreditWatch with negative implications, where they were placed
Jan. 27, 2006.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  The rating outlook is negative.


ARTIFICIAL LIFE: June 30 Balance Sheet Upside-Down by US$4.2-M
--------------------------------------------------------------
Artificial Life Inc. reported in its balance sheet as of June
30, 2006, total stockholders' deficit of US$4,264,110 from total
assets of US$1,618,532 and total liabilities of US$5,882,642.

The company also reported in its June 30, 2006, balance sheet
US$5,882,642 in total current liabilities out of US$1,518,687 in
total current assets.

For the three-month period ended June 30, 2006, the company
earned US$705,203 of net income from revenues of US$221,532,
compared to a net loss of US$328,915 from US$81,579 in revenues
in the three-month period ended June 30, 2005.

A full-text copy of the company's financial report for the three
months ended June 30, 2006 is available for free at:

               http://researcharchives.com/t/s?116e

Artificial Life Inc. -- http://www.artificial-life.com/-- is a
public US corporation headquartered in Hong Kong.  The company
provides mobile technology, content, games and applications.

The company reported in its balance sheet that as of June 30,
2006 total stockholders' deficit of US$4,264,110 from total
assets of US$1,618,532 and total liabilities of US$5,882,642.


CC & E INTERNATIONAL: Wind-Up Petition Hearing Set on Oct. 25
-------------------------------------------------------------
Wong Shuk Yee on August 25, 2006, filed before the High Court of
Hong Kong a petition to wind up the operation of CC & E
International Media 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:

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


CAPITAL SYSTEM: Names Joint Liquidators
---------------------------------------
Chan Wah Tip, Michael and Ho Man Kei, Keith was appointed joint
and several liquidators of Capital System Ltd by a special
resolution passed by the members of the company on September 21,
2006.

The Joint Liquidators can be reached at:

         Chan Wah Tip, Michael
         Ho Man Kei, Keith
         601 Prince's Building
         Chater Road, Central
         Hong Kong


CHALENDER LTD: Creditors to Prove Claims on October 29
------------------------------------------------------
Liquidator Yuen Shu Tong require the creditors of Chalender Ltd
to submit their proofs of claim by October 29, 2006, or be
excluded from any distribution the company will make.

The Liquidator can be reached at:

         Yuen Shu Tong
         3/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


CHANTICLEER COMPANY: Gilligan Cease to Act as Liquidator
--------------------------------------------------------
Philip Brendan Gilligan ceased to act as liquidator of
Chanticleer Company Ltd on September 19, 2006.

The Troubled Company Reporter - Asia Pacific reported that on
September 18, 2006, members of the Company received Liquidator
Gilligan' final accounts of the company's wind-up and property
disposal exercises.


CHINA EASTERN: To Pay CNY21.40 Mil. Over Crash Pollution
--------------------------------------------------------
China Eastern Airlines will pay CNY21.40 million or US$2.68
million to a park in northern China as compensation after one of
its plane crashed nearly two years ago and spilled gallons of
jet fuel into a lake, the China Daily reports.

According to the report, the airline and the park management had
signed a compensation agreement in the industrial city of
Baotou, in Inner Mongolia Autonomous Region.

China Daily recounts that on November 21, 2004, a China Eastern
plane, bound for Shanghai, plunged into the frozen lake of
Nanhai Park within minutes of takeoff, killing 53 passengers and
crew and a worker on the ground.  The disaster caused jet fuel
to spill into the lake and contaminate the surrounding wetlands.

"The water was so badly polluted that we had to close down the
park," Yu Wei, a park official, tells Xinhua News.

Environmental protection authorities of the Inner Mongolian
Region assessed the amount of the airline's liability.  The
paper relates that the assessment covers the costs of a water
change for the lake, the cleanup and treatment of the mud in the
bottom of the lake, and restoration of its ecosystem and the
surrounding area.

In their report, the authorities claimed the crash "seriously
polluted the lake water and damaged its ecology."  The report
estimated that the losses for the park totaled CNY105.2 million,
China Daily relates.

However, another assessment from the Chinese Academy of
Environmental Sciences announced a five million-word report
revealing a lower amount than the previous assessment, the paper
adds.

The airline had already paid the park authorities CNY11.34
million to cover damages to facilities and ticket revenue losses
since the two sides began the negotiation in January last year,
China Daily relates.

                          *     *     *

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
Foreign Currency and Local Currency Issuer Default Ratings to B+
from BB-.  The outlook on the IDRs is stable.

The Troubled Company Reporter - Asia Pacific reported that the
working capital deficit of the company increased by about 105%,
or CNY13.106 billion, from CNY12.490 billion at Dec. 31, 2004,
to CNY25.597 billion at Dec. 31, 2005.


COMWISE TECHNOLOGY: Placed Under Voluntary Wind-Up
--------------------------------------------------
On September 25, 2006, the members of Comwise Technology Ltd
resolved to voluntarily wind up the company's operations and
appoint Tan Ee Wui as liquidator.

The Liquidator can be reached at:

         Tan Ee Wui
         6B, Cameron Plaza
         23 Cameron Road, Tsimshatsui
         Kowloon, Hong Kong


DND TECHNOLOGIES: June 30 Balance Sheet Upside-Down by US$7.3-M
---------------------------------------------------------------
At June 30, 2006, DND Technologies Inc.'s balance sheet reported
total assets of US$2,717,906 and total liabilities of
US$10,071,400 resulting to total stockholders' deficit of
US$7,353,494.

The company's June 30, 2006 balance sheet also showed strained
liquidity with US$2,476,630 in total current assets and
US$10,051,480 in total current liabilities.

For the three months ended June 30, 2006, the company's net loss
increased to US$397,820 from US$245,997 in the three months
ended June 30, 2005.

The company's revenue for the quarter ended June 30, 2006
decreased to US$2,095,083 from total revenues of US$2,267,260 in
the same period last year.

A full-text copy of the company's financial report for the three
months ended June 30, 2006 is available for free at:

               http://researcharchives.com/t/s?119d

                      About DND Technologies

Headquartered in Chandler, Arizona, DND Technologies, Inc.'s
(OTCBB: DNDT) operating subsidiary, Aspect Systems, Inc.
-- http://www.aspectsys.com/-- supplies semiconductor
manufacturing equipment and complete after-market support, which
includes spare parts and assemblies, and various engineering
services.

The company has distribution centers in Germany, Japan, China,
Singapore, and Korea.


EASTERN WOOD: Liquidator Cease to Act for the Company
-----------------------------------------------------
Gabriel Chi Kok Tam ceased to act as liquidator of Eastern Wood
Investment Ltd on September 26, 2006.

According to the Troubled Company Reporter - Asia Pacific,
members and creditors of the Company held an annual meeting on
November 29, 2005 to receive Liquidator Gabriel CK Tam's report
on the company's wind-up proceedings.

The Liquidator can be reached at:

         Gabriel Chi Kok Tam
         8/F, Prince's Bulding
         10 Chater Road, Central
         Hong Kong


FAITH BUILDING: Court Sets Date to Hear Wind-Up Bid
---------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Faith Building Material & Trading Company Ltd on
October 25, 2006, at 9:30 a.m.

AFTAB filed the petition with the Court on August 23, 2006.

The Solicitor for the Petitioner can be reached at:

         Steve Y.F. Wong
         27/F, Queensway Government Offices
         66 Queensway, Hong Kong


FAR EAST & SINO: Shareholders Opt to Close Operations
-----------------------------------------------------
On September 23, 2006, shareholders of Far East & Sino Company
Ltd agreed to wind up the company's operations and appointed
Yuen Shu Tong as liquidator.

The Liquidator can be reached at:

         Yuen Shu Tong
         3/F., Malaysia Building
         50 Gloucester Road, Wanchai
         Hong Kong


GB BONTEX: Enters Voluntary Liquidation
---------------------------------------
On September 21, 2006, shareholders of GB Bontex Hong Kong Ltd
resolved to voluntarily wind up the company's operations.

Accordingly, Charles W. James Kostelni was appointed as
liquidator.


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

Pang Tung Kwai filed the petition with the Court on September
15, 2006.

The Solicitors for the Petitioner can be reached at:

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


GREEN LEAF: Creditors to Meet on October 18
-------------------------------------------
Creditors of Green Leaf Ltd will meet on October 18, 2006, 11:30
a.m., at Rm B, 4/F., Kiu Fu Commercial Building, 300 Lockhart
Road, Wan Chai, Hong Kong, for the purposes mentioned in the
different sections of the Companies Ordinance.

HUTCHISON CHINA: Liquidators Cease to Act for the Company
---------------------------------------------------------
On September 18, 2006, Ying Hing Chiu and Chung Miu Yin, Diana,
ceased to act as Joint Liquidators of Hutchison China
Infrastructure Management Company Ltd.

The former Liquidators can be reached at:

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


KADEFU DEVELOPMENT: Creditors to Hold Meeting on October 25
-----------------------------------------------------------
Creditors of Kadefu Development Ltd will meet on October 25,
2006, 4:15 p.m., at the Board Room, Basement 2, The
Charterhouse Hotel, 209-219 Wanchai Road, Hong Kong.


LAS VEGAS SANDS: 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 Gaming, Lodging & Leisure sector, the rating
agency confirmed Las Vegas Sands Corp.'s Ba3 Corporate Family
Rating.

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

                                                     Projected
                          Old POD  New POD  LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   ----------
   Sr. Secured Revolver      Ba3      Ba2     LGD3        39%

   Sr. Secured Term Loan     Ba3      Ba2     LGD3        39%

   Sr. Secured Delayed
   Draw Term Loan            Ba3      Ba2     LGD3        39%

   6.375% Sr. Notes          B1       B2      LGD6        90%

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%).

Headquartered in Las Vegas, Nev., Las Vegas Sands Corp. --
http://www.lasvegassands.com/-- is a hotel, gaming, and resort
development company.  The company owns The Venetian Resort Hotel
Casino, the Sands Expo and Convention Center, and Venetian Macao
Limited, a developer of multiple casino hotel resort properties
in The People's Republic of China's Special Administrative
Region of Macao.


LEE & POON: Creditors Must Prove Debts by October 14
----------------------------------------------------
Liquidator E. T. O'Connell requires the creditors of Lee & Poon
Company Ltd to submit their proofs of debts by October 14, 2006.

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

The Liquidator can be reached at:

         E. T. O'Connell
         10/F, Queensway Government Offices
         66 Queensway
         Hong Kong


OLIVER'S SUPER: Joint Liquidators to Present Wind-Up Report
-----------------------------------------------------------
Joint Liquidators Ying Hing Chiu and Chung Miu Yin, Diana will
present a report on the company's wind-up proceedings and the
manner its properties were disposed of.

The presentation pf report will be held at the final members'
meeting on October 23, 2006, 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, Hong Kong.


NEW CHINA PROPERTY: Members and Creditors to Meet on October 10
---------------------------------------------------------------
Members and creditors of The New China Hong Kong Property
Management Ltd will hold an annual general meeting on
October 10, 2006, at Room 1601-02, 16th Floor, One Hysan Avenue,
Causeway Bay, Hong Kong, at 4:00 p.m. and 4:30 p.m.
respectively.

During the meeting, Liquidator James Wardell will present an
account of the company's wind-up proceedings.


PHILIPS MEDICAL: Appoints Joint Liquidators
-------------------------------------------
At an extraordinary general meeting of Philips Medical Systems
(PMMS Hong Kong) Ltd, members resolved to voluntarily wind up
the company's operations.

In this regard, Chan Wah Tip, Michael and Ho Man Kei, Keith were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Chan Wah Tip, Michael
         Ho Man Kei, Keith
         601 Prince's Building
         Chater Road, Central
         Hong Kong


REFCO FOREX: Creditors' Proofs of Claim Due on Oct. 20
------------------------------------------------------
Liquidators Kennic Lai Hang Lui and David Winterbottom require
creditors of Refco Forex Ltd to submit their proofs of claim by
October 20, 2006.

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

The Joint Liquidators can be reached at:

         Kennic Lai Hang Lui
         David Winterbottom
         Kennic L. H. Lui & Co.
         5/F, Ho Lee Commercial Building
         38-44 D'Aguilar Street, Central
         Hong Kong


RNA INVESTMENTS: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
At an extraordinary general meeting held on September 19, 2006,
members of RNA Investments Ltd resolved to wind up the company's
operations due to its inability to pay debts.

In this regard, Cosimo Borrelli and G Jacqueline Fangonil Walsh
were appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Room 1, 5/F, Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


SAPPHIRE FORTUNE: Creditors' Meeting Slated for October 25
----------------------------------------------------------
Sapphire Fortune Investment Ltd will hold a meeting for its
creditors on October 25, 2006, 3:15 p.m., at the Board Room,
Basement 2, The Charterhouse Hotel, 209-219 Wanchai Road,
Hong Kong.

The meeting was called for them to discuss the purposes of the
different sections of the Companies Ordinance.


SKYPORT ENTERPRISES: Shareholders Resolve to Wind-Up Operations
---------------------------------------------------------------
Shareholders of Skyport Enterprises Ltd passed a resolution to
voluntarily wind up the company's operations and distribute the
proceeds from the disposal of its assets.

Subsequently, Poon Ka Lee, Barry was appointed as liquidator.

The Liquidator can be reached at:

         Poon Ka Lee, Barry
         1607, ING Tower
         308 Des Voeux Road, Central
         Hong Kong


SPEEDRICH COMPANY: Members' Final Meeting Slated for Oct. 31
------------------------------------------------------------
Members of Speedrich Company Ltd will have their final meeting
on October 31, 2006, 3:00 p.m., at 8/F, Chinachem Tower, 34-37
Connaught Road Central, Hong Kong.

At the meeting, Liquidator George Law Kwan Wah will present a
report regarding the company's wind-up and its property disposal
activities.


STONE BLACK: Hearing of Liquidation Bid Fixed on November 16
------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Stone Black Construction Ltd on November 16, 2006,
at 10:00 a.m.

Clark Equipment New Zealand Ltd filed the petition with the
Court on August 11, 2006.

The Solicitor for the Plaintiff can be reached at:

         J.P. Hogan
         AEL Law, 31 33 Great South Road
         Newmarket, Auckland
         New Zealand


TYSON FOODS: Resolves Govt. Dispute on Employment Practices
-----------------------------------------------------------
Tyson Foods, Inc. resolved a disagreement with the Office of
Federal Contract Compliance Programs over employment practices
involving five locations in Arkansas and one in Oklahoma.

The OFCCP conducted compliance evaluations of Tyson hiring
activity from 2002 to 2004 at poultry plants in Grannis,
Clarksville, Berryville and Van Buren, Arkansas, and Broken Bow,
Oklahoma, as well as a Springdale, Arkansas, trucking operation.
Based on statistical analyses, the federal agency subsequently
alleged the company discriminated against certain female and
minority job applicants for entry-level production jobs and some
trucking positions.  Tyson officials denied the claim, stating
there were legitimate non-discriminatory reasons for not hiring
the applicants.  However, the company acknowledged that its
defense of this position was hampered by the passage of time
since the reviews began and incomplete documentation of its
selection processes at these locations.

Tyson Foods has since implemented new procedures to ensure the
company retains all relevant documentation of its selection
processes and is also conducting more frequent audits of its
employment practices.  In addition, in an effort to avoid costly
and protracted litigation, Tyson has agreed to pay US$1.5
million to approximately 2,500 women and minorities who were not
hired during the period involved and to make employment offers
to some of those individuals who are still interested in working
for the company.

"We have a history of working cooperatively with the OFCCP and
remain committed to treating all job applicants fairly," said
Ken Kimbro, senior vice president of Human Resources for Tyson
Foods.  "Tyson has a very diverse workforce and strict policies
prohibiting discrimination in the workplace.  We also
communicate our position against discrimination through our Core
Values and Team Member Bill of Rights."

During the time period covered by the OFCCP reviews, Tyson's
representation of minorities at the named processing plants
averaged 59% while the number of females was 49%.

It is Tyson Foods' policy to provide a work environment free of
unlawful harassment and discrimination.  This position is also
reinforced by the company's Code of Conduct, which all Team
Members are required to follow.

Tyson supports diversity and inclusion in the workplace, through
the company's Office of Diversity Business Practices and its
Executive Diversity Business Council, led by Chairman John
Tyson.  Last year the Council initiated the creation of a new
program designed to identify and develop promising workers for
upward movement within the company.  This effort includes
specific attention to the development and advancement of women
and minorities.

The OFCCP is part of the U.S. Department of Labor's Employment
Standards Administration.  The agency is responsible for
ensuring that employers doing business with the federal
government comply with the laws and regulations requiring
nondiscrimination and affirmative action.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.

Troubled Company Reporter - Asia Pacific reports that Standard &
Poor's Ratings Services assigned its 'BBB-' rating  to Tyson
Foods Inc.'s US$1 billion unsecured revolving credit facility
maturing Sept. 10, 2010, guaranteed by wholly owned subsidiary
Tyson Fresh Meats Inc. (formerly IBP Inc.).

Also, a 'BBB-' rating was assigned to Canadian operating
subsidiary Lakeside Farm Industries Ltd.'s US$345 million
unsecured three-year term loan, guaranteed by Tyson and Tyson
Fresh Meats.

At the same time, Standard & Poor's lowered its rating on US$2.1
billion of the company's outstanding senior unsecured debt to
'BB+' from 'BBB-' because these debt issues do not have the
benefit of the Tyson Fresh Meats guarantee, which was recently
provided to the holders of Tyson's 6.6% notes due 2016.


UNITY WIRELESS: Provides Update on Business Strategy for Growth
---------------------------------------------------------------
Unity Wireless Corporation provides an update to its
stockholders and the investment community on the company's
business strategy for growth in the highly competitive wireless
infrastructure market.

"As we were coming to the end of 2005, we realized that in order
to position Unity Wireless as a strong competitor in this market
we needed to grow both internally and by identifying strategic,
revenue generating, acquisition targets to quickly gain critical
mass," Ilan Kenig, President and CEO of Unity Wireless,
commented.  "By combining synergistic companies, we achieved the
critical mass we desired while also re-positioning Unity
Wireless with a greater breadth of product offerings and the
larger size and capability required to win increasingly larger
orders and opportunities.  We see this strategy as actually
walking in the footsteps of such companies as Powerwave and
Andrew, the two largest competitors in our industry."

These timeline describes the acquisition of three complementary
Israeli-based wireless technology companies, together having
attracted over US$100 million of investment capital, and the
resulting combination of operations:

   -- On Feb. 10, Unity Wireless signed a definitive agreement
      to acquire Avantry Ltd., bringing to Unity Wireless a
      complete point-to-point microwave radio product line used
      to transport (backhaul) voice and data traffic in wireless
      and wireline communications networks.  This acquisition
      closed on June 8, 2006.

   -- On May 16, Unity Wireless signed a definitive agreement to
      acquire coverage solutions developer Celerica, Inc., and
      that it was in negotiations to acquire a third company,
      later to be identified as Celletra Ltd.

   -- On July 6, Unity Wireless closed on the acquisition of
      Celerica Inc. a developer of coverage enhancement
      Solutions for 2G and 3G wireless networks, effective July
      4, 2006.

   -- On Aug. 18, Unity Wireless closed on the acquisition of
      Celletra Ltd., a supplier of coverage enhancement
      Solutions for 2G and 3G wireless networks, effective Aug.
      17, 2006.

   -- On Aug. 23, three new Directors would join the Board of
      Directors of Unity Wireless: David Goldschmidt, Ran Shahor
      and Amir Gal-Or, each of them Managing Directors of
      leading Israeli venture capital funds and very familiar
      with the wireless industry having previously served on the
      board of recently acquired Celletra Ltd.

   -- On Sept. 6, Unity Wireless completed the consolidation of
      the operations of the three recently acquired Israel-based
      companies, Celletra, Avantry and Celerica, into one
      facility, harmonized its sales and marketing initiatives
      under the Unity Wireless brand.  With the combining of
      workforces and consolidating of the facilities of the
      three acquired companies into one location, Unity was able
      to reduce employee headcount in Israel from approximately
      135 to 80 people.

The recently closed acquisitions will contribute to the
company's rapid growth rate for the remainder of FY2006 and
beyond.  Consolidated revenue for the full financial year 2006,
which includes revenue from continuing operations of Unity
Wireless, plus proforma revenue of the acquired companies for
the same period, is expected to exceed US$15 million, an
increase of three-fold over Unity Wireless Corporation's FY2005
revenue.  Management also expects consolidated revenue in FY2007
will double FY2006 to more than US$30 million.  Based on
preliminary analysis and notwithstanding expected and/or
unexpected restructuring costs, it is believed that the company
is likely to achieve profitable operations at a point in the
fourth quarter of FY2006 with profitable performance expected in
FY2007.

Mr. Kenig said, "We are now positioned with an impressive array
of product offerings for wireless network operators and OEMs
(Original Equipment Manufacturers), and are quickly becoming
accepted as a serious 'bidder' for increasingly large wireless
systems requirements.  Our focus is solely set on Unity Wireless
consistently being recognized as the clear '3rd' major provider
of infrastructure components and systems, behind such companies
as Powerwave and Andrew.

"Thanks to the support of our stockholders, board of directors,
and the confidence vested in Unity Wireless by the leadership
and investors in Celletra, Celerica and Avantry, we look to a
very bright future for our new combined company."

Based in Bellingham, Washington, Unity Wireless Corporation
(OTCBB: UTYW) -- http://www.unitywireless.com/-- is a developer
of wireless subsystems and coverage-enhancement solutions for
wireless communications networks.  The company has operations in
China.

At June 30, the company's Balance sheet showed a stockholders'
deficit of US$2,370,166, compared to a deficit of US$760,000 at
Dec. 31, 2005.

                          Going Concern

KPMG LLP expressed doubt about Unity Wireless' ability to
continue as a going concern after auditing the company's 2005
financial statements.  The auditing firm pointed to the
company's recurring losses from operations.


* CBRC Commends Banks' Positive Changes in its Loan Structures
--------------------------------------------------------------
China's Banking Regulatory Commission commends the positive
changes the Chinese banks made regarding their loan structures
in the first six months of the year, Xinhuanet related.

Citing a report from the Commission, Xinhuanet said that short-
terms loans from banks and financial institutions increased in
the January to June 2006 period to make up 52% of total loans.
By the end of June, short-term loans were up CNY1.13 trillion on
the beginning of the year, and the mid- and long-term loans up
CNY1.05 trillion.

Based on the report, banks and financial institutions have been
granting more loans to agriculture, individuals and small firms,
Xinhua News noted.

By the end of June, individual consumption loans totaled CNY1.3
trillion, up 11%, or CNY136.4 billion more than the same period
of 2005.  Agriculture loans stood at CNY1.3 trillion, up 20%
from January to June 2005.


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

ESSAR OIL: Members Name New Auditors & Directors
------------------------------------------------
In the 6th Annual General Meeting of the members of Essar Oil
Ltd on September 29, 2006, they concurred to the:

   -- reappointment of Shri Shashikant N Ruia and Shri Dilip J
      Thakkar, as Directors;

   -- appointment of Shri Anshuman S Ruia as Director; and

   -- appointment of Shri Suresh C Mathur as Wholetime Director.

At the same meeting, the members also agreed to appoint M/s
Deloitte Haskins & Sells as auditors.

                       About Essar Oil Ltd.

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,
production and marketing of oil and gas.  The company's
principal activities are developing, exploring, producing and
refining oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


HAYES LEMMERZ: S&P Affirms B- Rating & Removes Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Hayes Lemmerz International Inc. and removed
the rating from CreditWatch with negative implications, where
it was placed Aug. 21, 2006.  The outlook is negative.

The Northland, Michigan-based wheel manufacturer has total
adjusted debt of about US$780 million plus underfunded employee
benefit obligations of approximately US$390 million.

The rating affirmation follows a review of the impact of Ford
Motor Co.'s recently announced plans to sharply reduce vehicle
production in the fourth quarter of 2006.

"We have concluded that the negative impact on Hayes' earnings
and cash flow will be partially offset by gradually improving
performance in the company's international operations," said
Standard & Poor's credit analyst Gregg Lemos Stein.

This should enable Hayes to maintain credit measures consistent
with its already low speculative-grade rating.

While Hayes generates about 20% of its total sales from Ford,
about half of that comes from outside North America, where
Ford's production cuts are focused.  Hayes' sales from General
Motors Corp. and the Chrysler unit of DaimlerChrysler AG are
also well diversified between North America and Europe.

Hayes' guidance for the full year ending Jan. 31, 2007, remains
unchanged because of the automakers' production cuts, with the
company expecting US$2.2 billion to US$2.3 billion of sales and
a slight improvement on last year's US$176 million of EBITDA.

Hayes' business risk profile remains weak.  The company's
financial results have suffered in recent years because of the
difficult industry conditions facing automotive suppliers,
including:

   * high raw-material costs,
   * customer market-share shifts,
   * product-mix changes, and
   * pricing pressure.

While Hayes has a leadership position in wheel manufacturing,
the business is highly fragmented and intensely competitive.

In response to these challenges, Hayes has announced various
restructuring and austerity measures, including:

   * the closing of a U.S. aluminum wheel plant;
   * the consolidation of several business units; and
   * the reduction of certain employees' compensation.

The various cost-cutting actions are expected to save the
company US$35 million annually, partially offsetting the impact
of soft industry volumes, pricing pressures, and adverse product
mix.

The company has operations in India, Brazil and Germany, among
others.


HDFC BANK: BOD Meeting to Consider 2Q Results Set for Oct. 17
-------------------------------------------------------------
HDFC Bank Ltd informs the Bombay Stock Exchange that its Board
of Directors will hold a meeting on October 17, 2006.

In the Oct. 17 Meeting, the Board will consider and approve the
Unaudited Financial Results (provisional) for the second quarter
and half year periods ended September 30, 2006.

                        About HDFC Bank

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

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


HINDUSTAN PETROLEUM: Awarded ONGC Service Contract
--------------------------------------------------
As widely reported, a consortium led by Hindustan Petroleum
Corporation Ltd's exploration arm, Prize Petroleum Company Ltd,
was awarded a contract by Oil and Natural Gas Corp. to develop
three of its offshore marginal fields.

India eNews, citing ONGC chairman and managing director R.S.
Sharma, said that the contract was awarded on the basis of
competitive bidding.

The fields' expected peak production daily is 18,865 barrels oil
and 0.887 million cubic meters of gas with the cumulative oil
production of 46.42 million barrels and gas production of 2.7
BCM, India eNews noted.

According to The Financial Express, the consortium plans to
shell out US$479 million -- investment of around US$166 million
with an operation expenditure of US$313 million -- for
development of the fields.

The Hindustan Petroleum Group holds 70% share in the consortium.
A Malaysian production storage and offloading operator,
Trenergy, owns the 30%.

                    About Hindustan Petroleum

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.

However, the Company has lately been incurring losses due to a
government mandate to sell fuel at subsidized prices.  The TCR-
AP reported on July 31, 2006, that Hindustan Petroleum
registered a net loss of INR6.08 billion during the first
quarter ending June 30, 2006, due to under-recoveries in sales
of petrol, diesel, cooking gas and kerosene.  This net loss
figure is INR1 billion more than the INR5.08-billion loss booked
in the same quarter in 2005.

The Company is counting on a Government bailout to save it from
bankruptcy.


HINDUSTAN PETROLEUM: Offers to Buy Stake IN Bhatinda Refinery
-------------------------------------------------------------
Hindustan Petroleum Corporation Ltd reportedly offered to buy a
stake in Oil India Ltd's refinery project in the City of
Bhatinda, Punjab.

According to Business Line, Hindustan Petroleum wanted a 25%
stake in the Bhatinda refinery.

Oil India, however, has not made any commitment to the offer,
Business Line adds, citing sources from Oil India.

The unnamed sources told Business Line that Oil India set up a
committee to examine the offer.

                    About Hindustan Petroleum

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.

However, the Company has lately been incurring losses due to a
government mandate to sell fuel at subsidized prices.  The TCR-
AP reported on July 31, 2006, that Hindustan Petroleum
registered a net loss of INR6.08 billion during the first
quarter ending June 30, 2006, due to under-recoveries in sales
of petrol, diesel, cooking gas and kerosene.  This net loss
figure is INR1 billion more than the INR5.08-billion loss booked
in the same quarter in 2005.

The Company is counting on a Government bailout to save it from
bankruptcy.


INDIAN OIL: Liquidates INR1,450-Crore Oil Bonds
-----------------------------------------------
Indian Oil Corporation Limited liquidated INR1,450 crore worth
of oil bonds with six-year and nine-year maturities in the
secondary market trade.

The liquidation of these bonds was concluded on September 26,
2006, through a book-building route.  The issue size was
INR250 crore with a green shoe option and generated a very good
response.

The arrangers to the issue are:

   -- A.K. Capital Services Ltd.,
   -- Allianz Securities Ltd.,
   -- Centrum Capital Limited,
   -- ICICI Securities Ltd. and
   -- UTI Bank Ltd.

The Government of India had issued these bonds to Indian Oil in
March 2006 in lieu of the under-recoveries suffered by the oil
companies on the sale of LPG and Kerosene.

In April 2006, Indian Oil successfully liquidated INR860 crore
worth of bonds in the three-year and nine-year category.  In
June 2006, Indian Oil liquidated INR835 crore worth of 3-year
bonds.

As reported in the Troubled Company Reporter - Asia Pacific on
September 22, 2006, the Company recently liquidated INR1,225
crore of bonds with various maturities.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006 that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


INDIAN OIL: To Build 15 Million-Tonne Refinery in Haldia
--------------------------------------------------------
Indian Oil Corporation is planning to build a 15 million tonne
refinery in the Special Economic Zone, in Haldia, West Bengal,
Moneycontrol.com reports.

The project, which reportedly will cost at around INR15,000
crore, is in relation to the agreement between the Bengal
government and Indian Oil.  Pursuant to the agreement, the
Company will be the lead investor in the Haldia SEZ.

Indian Oil is currently seeking a multinational company to
partner on the project.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006 that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


JAMMU & KASHMIR: Seeks RBI Nod to Increase FII Limit to 40%
-----------------------------------------------------------
Jammu & Kashmir Bank sought the Reserve Bank of India's
permission to increase the limit for foreign institutional
investors in the bank from 33% to 40%, The Business Standard
reports.

Currently, the government of the Jammu and Kashmir State holds
53.17% interest in the bank, FIIs hold a 31.39% stake, while
public and other investors hold the remaining 15.44%.

According to the report, citing unnamed sources, FIIs have shown
interest to pick up 10% stake each in the bank, and have applied
to the RBI to increase their stake from their current holding of
about 5% in the bank.

Among the FIIs that wanted the increase are:

   -- Fid Funds (Mauritius), which holds 4.23%; and

   -- Aberdeen Asset Managers, which holds 3.54%.

                   About Jammu & Kashmir Bank

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a D individual rating on
June 1, 2005.


LML LTD: Incurs INR133.2-Mil. Net loss for 2006 2nd Quarter
-----------------------------------------------------------
LML Limited sustained a net loss of INR133.2 million for the
quarter from April 1, to June 30, 2006, just around INR20-
million change from the INR158-million net loss incurred for the
same period last year.

LML Ltd.'s financial results for the two periods, however, show
a huge drop in net sales -- from INR791.9 million for the
quarter ended June 30, 2005, to INR42.2 million for the quarter
ended June 30, 2006.

For the 2nd quarter of 2006, the Company earned INR57.9 million
from "other income," much better than the INR6.1-million figure
for the same period a year earlier.

With the little net sales come modest operating expenses as
shown by the INR172.2 million total expenditures for the second
quarter of 2006.  For the same period last year, the Company
posted INR931.9 million in operating expenses.

                          About LML Ltd.

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

As reported in the Troubled Company Reporter - Asia Pacific, LML
disclosed that its board of directors, at a meeting on Sept. 8,
2006, has decided that LML has become a sick industrial company
under Sick Industrial Companies (Special Provisions Act) 1985.


KARNATAKA BANK: Program Gets A1+ Rating from ICRA
--------------------------------------------------
Mangalore-based premier private sector bank Karnataka Bank
Limited has been awarded "A1+" rating for Certificate of Deposit
Programme of the Bank by Investment Information and Credit
Rating Agency of India Limited.

The rating indicates highest-credit-quality rating assigned by
ICRA to short-term debt instruments.  Instruments rated in this
category carry the lowest credit risk in the short term.  Within
this category, certain instruments are assigned the rating of
A1+ to reflect their relatively stronger credit quality.

Incidentally, the Bank has been accorded 19th place in the list
of India's Best Banks and is No. 1 among the Best old private
sector Banks as per the Business Today-KPMG Survey.  Further,
the Bank has secured the highest overall satisfaction score
rated by customer as per the survey by "Consumer Voice" backed
by the Union Ministry of Consumer Affairs.

The Bank, which is eyeing a business turnover of INR25,000 crore
for the year 2006 to 2007, is all set to open its 400th Branch
at Bangalore-HSR Layout on October 5, 2006.

                      About Karnataka Bank

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

Fitch Ratings gave Karnataka Bank a support rating of 5.


UNITED WESTERN: Government Approves Amalgamation with IDBI
----------------------------------------------------------
The Government of India approved the Scheme of Amalgamation
between the United Western Bank Ltd. and the Industrial
Development Bank of India Ltd.

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

With the Government's consent, the Scheme has become effective
starting October 3, 2006.

In that regard, IDBI will make an upfront payment in cash of
INR28 for every fully paid up share in United Western to the
members who were, as on the prescribed date, registered as
Shareholders of the United Western Bank Ltd.

               About Industrial Development Bank

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

                         *     *      *

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

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

                    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.


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

BANK NIAGA: Boss to Resign Late This Year
-----------------------------------------
Bank Niaga President Director Peter B. Stock has expressed his
intention to resign from his post at the bank at the end of
2006, Antara News reports, citing a Bank Niaga spokesman.

"Mr. Stock has made known his intention to resign as Bank Niaga
president director late this year to the management," the bank's
corporate secretary, Rizky P. Hasan, told the Jakarta Stock
Exchange.

Mr. Hasan said that a successor to Mr. Stock has already been
studied and will be announced by the company.

According to Antara, it was rumored that Mr. Stock would give up
his position after Bank Lippo Director Jos Luhukay resigned from
his post some time ago.  There are speculations that Bank Niaga
would be merged with Bank Lippo as the majority of the two
banks' shares has already been acquired by Malaysia's Khazanah
Berhad.

Antara recounts that Khazanah had bought 87% of Lippo Bank
through its subsidiary, Santubong Investment B.V., and bought
64% of Bank Niaga through Bumiputera-Commerce Holding Berhad.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com-- has a license to operate as a
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator. The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance. As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Moody's Investors Service has placed Bank Niaga's
E+ bank financial strength rating on review for possible
upgrade.

These ratings were unaffected:

   -- Issuer rating of Ba3. Outlook stable;

   -- Subordinated debt rating of Ba3. Outlook stable; and

   -- Long-term/short-term deposit ratings of B2/Not Prime.
      Outlook stable.

Additionally, Fitch Ratings on June 30, 2005 assigned a B+
rating to Bank Niaga's proposed USD100m, 10 year subordinated
debt issue.  At the same time, Fitch has affirmed the bank's
existing ratings including Long-term Senior foreign currency
rating of 'BB-' (BB minus), Individual rating of D, and Support
rating of 4.  The Outlook remains Positive.


MATAHARI PUTRA: Issues Unsecured Bonds Worth US$150 Million
-----------------------------------------------------------
PT Matahari Putra Prima Tbk has issued three-year unsecured
bonds worth US$150 million, with a coupon rate of 9.5%, Namnews
states.

According to the report, Matahari Putra initially intended to
issue US$100 million of bonds, but the amount was raised after
it was oversubscribed more than three times.  The company has an
option to buy back the bonds after a year.

Matahari Putra said that 70% of the bond fund will be used for
business expansion to open more department stores and
hypermarkets, while the rest will be used to refinance a debt to
banks and strengthen its working capital, Namnews notes.

                      About Matahari Putra

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

                          *     *     *

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

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

The TCR-AP reported on October 2, 2006, that Standard & Poor's
Ratings Services affirmed its 'B+' rating to the proposed long-
term senior unsecured bonds to be issued by Matahari Finance
B.V.  The bond, which will be due in 2009, will have an issue
size of US$100 million to US$150 million.


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

MITSUBISHI MOTORS: Posts JPY15.10 Bil. Net Loss for 1st Quarter
---------------------------------------------------------------
Mitsubishi Motors Corporation released its financial results for
the first quarter of the fiscal year ending March 31, 2007.

Mitsubishi Motors reported consolidated net sales of
JPY483.9 billion for the first quarter of fiscal 2006 (April 1
through June 30, 2006), a very slight decrease of JPY1.9 billion
over the same period last year (JPY485.8 billion).  The decrease
stemmed mainly from a drop in sales volume in the company's Asia
& Other region markets, which was not completely offset by
increases in Japan, North America and Europe.

The company reported an operating loss of JPY6.8 billion, an
improvement of JPY7.0 billion over the same period last year.
Factors contributing to this improvement and helping to offset
the lower net sales reported above include: the weaker yen,
reductions in advertising outlays in the United States, and an
improvement in profitability at the company's U.S. financial
services subsidiary.

Mitsubishi Motors also achieved reductions in the size of its
ordinary and net losses: reporting an ordinary loss of
JPY12.2 billion, a year-on-year improvement of
JPY7.8 billion, and a net loss of JPY15.1 billion, an
improvement of JPY6.5 billion.

Sales volume

Global market sales of Mitsubishi Motors vehicles in the first
quarter of fiscal 2006 totaled 292,000 vehicles, 34,000 fewer
than the 326,000 sold in the same period last year.

In Japan, MMC sold 52,000 vehicles, a year-on-year increase of
4,000, as sales grew year-on-year for the 15th consecutive month
(through July 2006) since May 2005.  This first quarter increase
reflected positive gains stemming from the new Outlander and i
models the company launched in FY2005, as well as by the release
of the Colt RALLIART Version-R, i Play Edition, and other
special edition models in a domestic market where total demand
fell over the period under review.

In North America, Mitsubishi Motors halted the slide in sales
volume selling 42,000 vehicles, an increase of 1,000 over the
same period last year.  This reflected sales-boosting measures
introduced under the new management structure at Mitsubishi
Motors North America, Inc. and strong sales of the new Eclipse
Spyder that began full sales in April.

In Europe, the company sold 71,000 vehicles, a year-on-year
increase of 5,000 driven mainly by a substantial increase in
sales volume in Russia and the Ukraine, major growth markets in
the region.

In markets in its Asia & Other region, Mitsubishi Motors sold
127,000 vehicles, 44,000 fewer than in the same period last
year.  Markets in the Middle East and Africa posted solid growth
but total sales volume for the region was impacted by slower
sales in Taiwan and ASEAN-block countries where total demand
fell due to higher oil prices and other factors, and by
increased consumption tax in China.

FY2006 forecasts

Mitsubishi Motors leaves the first half and full-year forecasts
for fiscal 2006 announced on April 27, 2006, unchanged.

Mitsubishi Motors' financial report for the quarter ended
June 30, 2006, is available for free at:

http://bankrupt.com/misc/mitsubishi_motors_firstquarter2006.pdf

                    About Mitsubishi Motors

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

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

                          *     *     *

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

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

The Troubled Company Reporter - Asia Pacific reported on
September 29, 2006, that Standard & Poor's Ratings Services
raised its long-term corporate credit and senior unsecured debt
ratings on Mitsubishi Motors 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.


SAPPORO HOLDINGS: Sapporo Breweries Extends Offer for Sleeman
-------------------------------------------------------------
Sapporo Breweries Ltd. said that it intends, through its wholly-
owned subsidiary, Silver 2501 Canada Inc., to extend its offer
to acquire all of the common shares of Sleeman Breweries Ltd.

The offer, as extended, will remain open for acceptance until
5:00 p.m. (Toronto time) on October 17, 2006, unless further
extended.  The offer was originally scheduled to expire at
5:00 p.m. (Toronto time) on October 2, 2006.  Sapporo intends to
send out a formal notice of extension in the next few days to
all Sleeman shareholders.  The notice of extension will also be
filed on SEDAR (System for Electronic Document Analysis and
Retrieval for the Canadian Securities Administrators) and will
be available, along with the related take-over bid circular,
directors' circular and other materials, on the SEDAR Web site
at http://www.sedar.com/

The terms of the offer made by Sapporo to acquire all of the
common shares of Sleeman, pursuant to a take-over bid circular
mailed to Sleeman shareholders on August 25, 2006, include a
number of conditions to be met before Sapporo will take up and
pay for Sleeman common shares tendered to the bid.  One of these
conditions is the receipt of all requisite governmental or
regulatory consents, approvals or decisions, including that of
the Minister of Industry with respect to the Investment Canada
Act, which is still outstanding.  Pursuant to the terms of the
offer, if such regulatory consents, approvals or decisions have
not been obtained by October 2, 2006, Sapporo is required to
extend the offer for an additional 15 days.

Sapporo and Sleeman are continuing to work with the Investment
Review Division of Industry Canada in connection with its review
of the proposed acquisition of Sleeman by Sapporo.  Sapporo has
submitted proposed undertakings to the IRD, which are currently
being considered by the IRD.

                          About Sleeman

Sleeman Breweries Ltd. is the leading brewer and distributor of
premium beer in Canada and the third largest brewing company
nation-wide. The company has supplemented its core Sleeman
brands, which are available in every province, with a family of
exceptional regional brands. These include Okanagan Spring and
Shaftebury in British Columbia and Alberta, Upper Canada in
Ontario, Unibroue and Seigneuriale in Quebec and Maritime Beer
in Atlantic Canada. Sleeman entered the rapidly growing value
price category in 1999 by acquiring the Stroh portfolio brands
in Canada. The company markets and/or distributes world class
imported products such as Guinness, Grolsch, Samuel Adams,
Scottish & Newcastle, Sol, Sapporo, and Pilsner Urquell, and
provides contract production for Japan's Sapporo Breweries
products. The company's products are also available in selected
international markets.

                   About Sapporo Breweries

Sapporo Breweries Ltd. is a wholly owned subsidiary of Sapporo
Holdings Limited, a Japanese holding company with an enterprise
value of CND4.3 billion that is active in four business
segments.  Its Alcohol segment is engaged in the manufacture and
sale of beer, sparkling liquor, wine, brandy and others.  The
company manufactures alcohol products including Sapporo Draft
Beer, Yebisu Beer and Draft One.  The company distributes
Guinness, Yellow Tail and Beringer in Japan.  The Beverage
segment manufactures and sells beverages, such as tea, mineral
water, coffee, carbonated drinks, fruit juice, health drinks,
sports drinks and others.  It distributes Ocean Spray Cranberry
in Japan.  Its Restaurant segment is involved in the operation
of beer parlors and restaurants under the store name Ginza Lion.
The Real Estate segment is engaged in the operation and
management of complex facilities that contains offices, housing,
restaurants, and commercial and cultural facilities under the
name Yebisu Garden Place, in addition to commercial and
amusement complex facilities.

                      About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--  
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The Company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 7, 2006, Sapporo Holdings posted a JPY1.8-billion
operating loss for the first half of the fiscal year, and
forecast earnings to drop to JPY10.2 billion for FY06 from an
initial forecast of JPY16.8 billion.

Standard & Poor's Rating Service gave Sapporo Holdings 'BB'
Long-Term Foreign Issuer Credit and Long-Term Local Issuer
Credit Ratings.

On March 14, 2006, Fitch Ratings Agency assigned a 'B' Short-
term Foreign and Local Currency Issuer Default Rating to the
Company.


SOFTBANK CORP: To Cut Interest Cost With Asset-Backed Debt
----------------------------------------------------------
Softbank Corporation will cut interest costs for funding its
acquisition of Vodafone K.K. -- renamed Softbank Mobile Corp. --
by arranging a JPY1.45 trillion (US$11 billion) asset-backed
debt financing, Bloomberg News reports, citing bankers involved.

Bloomberg's Denise Kee notes that the lowest interest rate will
be between 1 and 1.5 percentage points more than the Tokyo
interbank offered rate or Tibor.  Ms. Kee relates that this
interest rate is about 2 percentage points less than a so-called
bridge loan taken in April, when the acquisition was completed.
The three-month Tibor was at 0.45% on October 2.

According to the report, Softbank is using cash flows, assets
and shares of Vodafone K.K. to back the financing arranged by
banks including Deutsche Bank AG, Citigroup Inc. and Mizuho
Financial Group Inc.  Softbank said that it targets to get the
financing signed in mid-November, to replace a 12-month loan of
JPY1.28 trillion.

Bloomberg recounts that Softbank's acquisition of Vodafone K.K.
prompted Standard & Poor's Rating Agency to cut Vodafone K.K.'s
credit rating by six levels on March 20 to BB+, one level below
investment grade.  Moody's Investors Service downgraded Vodafone
K.K. three steps to Baa2 from A2 and kept the sixth highest
investment-grade rating on review for a possible further
reduction.

Part of the refinancing received an A3 rating, the seventh-
highest investment grade, Moody's said in a statement on
Sept. 29.  The rating is two rungs above Vodafone K.K.'s rating
and five levels above Softbank's, Bloomberg cites Moody's as
stating.  The A3 rating part of the asset-backed debt includes a
JPY600-billion loan, which will pay the lowest interest, a
JPY350-billion loan and a JPY200-billion loan maturing on
November 10, 2016, Moody's said.

The JPY350-billion loan and the JPY200-billion loan pay an
interest margin of 1.5 to 2.5 percentage points over Tibor, the
bankers explained.  This is lower than the 12-month loan, which
is paying interest of 3 percentage points more than Tibor.  The
rate will increase by 50 basis points or 0.5 percentage point at
the end of December 2006, before the loan matures in March next
year, the bankers said.

The JPY1.45 trillion asset-backed debt also includes a loan of
as much as JPY200 billion and as much as JPY150 billion of bonds
maturing in November 2019, the bankers said.  Both portions,
rated Baa3 by Moody's, the lowest investment grade, will cost
more than 3.5 percentage points over Tibor, the bankers said.

Deutsche Bank, Mizuho Financial Group, Citigroup, Goldman Sachs
Group Inc., Sumitomo Mitsui Banking Corp., Calyon and WestLB AG
in April organized the one-year loan and got 10 other banks to
join the loan, according to the bankers.

                      About Softbank Corp.

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

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

                          *     *     *

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

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


SOFTBANK MOBILE: S&P's 'BB+' Ratings Remain On Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' long-term
ratings on Softbank Mobile Corp., which was renamed from
Vodafone K.K. on Oct. 1, 2006, remain on CreditWatch with
negative implications.  On Sept. 29, 2006, parent company
Softbank Corp. (BB-/Stable/--) announced it will adopt a
business securitization scheme to refinance a bridge loan used
for the acquisition of the mobile phone business from Vodafone
Group PLC.

The ratings on Softbank Mobile were lowered to 'BB+' from 'A+'
and placed on CreditWatch on March 20, 2006, following Vodafone
Group PLC's agreement to sell its Japanese subsidiary to
Softbank.

Softbank intends to enter into an agreement on the business
securitization in the middle of November and execute financing
at the end of November.  However, Standard & Poor's recognizes
that the refinancing method has yet to be fixed, and detailed
terms and conditions of the business securitization transaction
are subject to change.  Standard & Poor's will resolve the
CreditWatch after confirming the details of the refinancing and
business securitization.

Business securitization is a financing scheme in which an issuer
securitizes cash flows from a specific business, thereby
enhancing the probability of debt servicing.  In such
transactions, cash flows generated from the securitized business
are generally used to redeem the securities.  Softbank
announced that, upon implementing the business securitization
scheme, all assets held by Softbank Mobile will be pledged as
collateral for the purpose of the transaction.  The credit
quality of any debt outstanding that is not included in the
securitization at the time of closing may change, depending on
the seniority of the debt hierarchy following the
securitization.  However, such a possibility is not incorporated
into the current rating, as the conditions of the securitization
have yet to be finalized.

Standard & Poor's assigned its preliminary ratings to the
securitization transaction on Sept. 29, 2006.  The ratings are
based on preliminary terms and are subject to change.

The ratings on Softbank Corp. remain unchanged.  Softbank has
enhanced its earnings outside the mobile telephone business, and
the company's debt-to-capital ratio is unlikely to further
deteriorate materially, even if securitization of the mobile
telephone business limits Softbank's access to cash flow from
the business.  In addition, given the high feasibility of the
business securitization and massive latent gains from security
holdings, Standard & Poor's believes that refinancing and
liquidity risk should be minor.


* New Prime Minister Can Improve Credit Picture, Moody's Says
-------------------------------------------------------------
Moody's Investors Service believes that the policies of new
Japanese Prime Minister Shinzo Abe can improve Japan's
creditworthiness as they are likely to continue and deepen the
policies of the Koizumi Administration by focusing on fiscal
consolidation and striving to sustain the broadly based recovery
in economic growth.

"Policy continuity with former Prime Minister Junichiro Koizumi,
together with stronger macroeconomic performance, including
avoiding a relapse into deflation, are necessary to further
shrink the budget deficit and to reduce the government's
exceptionally large debt," said Moody's Vice President Thomas
Byrne.

He said the new leader is the beneficiary of Koizumi's fiscal
policies that led to the reduction of the general government
deficit and arrested the deterioration in key fiscal ratios.
"For this reason, fiscal and broad economic policies are
unlikely to change dramatically," Mr. Byrne said.

He noted that new government will seek to fashion a policy
stance that will not jeopardize the recovery both in economic
growth and from price deflation.  LDP General Secretary Hidenao
Nakagawa and new Finance Minister Koji Omi have given
indications that they favor pressing on with public investment
cuts, while postponing tax increases, and pointed to the finance
minister's pledge not to raise the issue of an increase in the
consumption tax prior to the autumn 2007 upper house election.

Mr. Abe also campaigned on a promise to ratchet up Japan's real
GDP growth trend to 3%, about one percentage point above the
annual average growth rate in the past four years and more than
a full percentage point above what many economists consider
Japan's potential rate.  Moody's said that this would likely be
achieved by the Bank of Japan maintaining an accommodative
monetary policy, while the new prime minister has emphasized the
need for more structural reform, especially in the labor market,
to improve economic productivity.

Deficit reduction

Although the prolonged decline in nominal tax revenues was
reversed in FY2004, coinciding with the resumption in growth of
nominal GDP, most of the reduction in the general government
budget deficit to a projected 5.0% of GDP in the current fiscal
year from 8.2% in FY2002 was accomplished by cutting spending on
public works, Mr. Byrne said.

However, Mr. Byrne noted that the IMF does not expect much more
fiscal progress over the medium term, as it has forecast a
general government budget deficit of 4.0% of GDP in 2011, while
the gross debt to GDP ratio will have only edged down to 177% by
2011 from a peak of 182% for 2006 and 2007.  Mr. Byrne added
that IMF projections have tended to track closely those made by
Japan's Cabinet Office.

Reducing risks

"A deficit of this size means that the Abe Administration would
have to move forcefully to reduce it or more effectively promote
growth, or both, to place fiscal consolidation on a more certain
path," explained Mr. Byrne.  Japan's debt is exceptionally high,
and although it has been sustainable under an environment of
very low long- and short-term interest rates, the debt ratio
trajectory is highly sensitive not only to future economic
growth and correlated revenue performance, but also to possible
interest rate shocks.  Despite the reduction in the average
interest rate on government debt to below 2%, the ratio of
Japan's 10% ratio of general government interest payments to
revenues is already twice that of the Aaa peer mean of 5% in
2006.

"A ratcheting up of interest rates, either from heightened risk
perceptions or higher inflation, without a corresponding pick-up
in economic growth and revenues, would strain Japan's debt
dynamics," said Mr. Byrne, who noted that Abe administration
members have voiced a desire for faster growth while maintaining
fiscal discipline.

"More will be revealed on the policies of the Abe administration
in the weeks ahead, but it seems evident at this point that
backsliding to accommodate political spending pressures is not
likely to happen," said Mr. Byrne.  "Moreover, the BOJ does not
intend to tighten monetary policy prematurely, which is critical
to continued nominal GDP growth."

Upward pressure on the JGB rating?

The outlook on the government's A2 rating for domestic-currency
debt (JGBs) was changed to positive from stable in June 2006 in
light of the prospect of continued improvement in Japan's
macroeconomic performance against a background of gradual fiscal
consolidation.  "Japan's improved macroeconomic performance
suggests that an inflection point may be at hand in containing
and possibly reversing the deterioration in Japan's gross
government debt trajectory," said Byrne. "The policies of the
Abe administration will determine whether this is achievable."

He explained that an upgrade of Japan's domestic-currency
government bond rating to A1 from A2 will depend on further
reduction in the budget deficit as a percent of GDP, a higher
nominal GDP growth rate, and improvement in government debt
ratios.

"Japan's underlying strengths and special characteristics that
have enabled it to carry a much higher level of peacetime
government debt than other advanced economies are likely to
remain unchanged under Prime Minister Abe," said Mr. Byrne.
"Those strengths include a large accumulation of household
savings, a strong domestic investment bias for yen assets, a
very strong external payments position, and a domestic bond
market that readily finances government deficits at attractive
real rates."


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

DAEWOO CORP: U.S. Court Issues Temporary Restraining Order
----------------------------------------------------------
At the request of Hyung-Hang Lee, court-appointed Bankruptcy
Trustee of Daewoo Corporation, the United States Bankruptcy
Court entered a temporary restraining order prohibiting the
commencement or continuation of proceedings against the Company
or its assets.

As reported in the Troubled Company Reporter - Asia Pacific,
Daewoo, through Mr. Lee, filed a Chapter 15 Petition in the U.S.
Bankruptcy Court for the Southern District of New York on
September 25, 2006.

Daewoo seeks, among others, the recognition of its proceeding
under the Republic of Korea's Act on Rehabilitation of Debtors
and Bankruptcy pending before the 12th Bankruptcy Division of
the Seoul Central District Court as a "foreign main proceeding."

Additionally, the Company asks the U.S. Court for injunctive
relief in aid of the Korean Proceeding.

Among those Mr. Lee seeks to enjoin is DWHK Recovery Co.'s
lawsuit against Daewoo Corp.

The TCR-AP report noted that in November 2004, DWHK Recovery
commenced an action in the New York State Court against Daeha
Corp., Daewoo Engineering and Construction Co. and Daewoo Corp.
to recover allegedly unpaid interest and principal on loans
totaling US$69 million made by Daewoo Hong Kong Ltd. to Daeha.
Daewoo Corp. is the alleged guarantor of the loan and Daewoo
Engineering allegedly assumed all of the Company's obligations
vis-a-vis the loan.  In July 2006, DWHK Recovery filed a motion
for summary judgment, which motion is currently pending.

Mr. Lee believes that if the New York State Court Action is not
stayed by recognizing the Korean Proceeding, the Company would
be required to respond to what is effectively a claims
litigation duplicative of a bankruptcy claims process in Korea.

Pending hearing to consider the request for injunctive relief,
Mr. Lee applied for the TRO.

After considering the TRO Application, U.S. Bankruptcy Court
Judge Robert E. Gerber determined that Mr. Lee has demonstrated
a substantial likelihood of success that Daewoo is subject to a
pending foreign main proceeding in Korea.

Furthermore, the Court ruled that Mr. Lee has shown that the
commencement or continuation of any action or proceeding in the
United States against Daewoo or any of its assets or the assets'
proceeds should be enjoined to permit the expeditious and
economical administration of the foreign estate in the Korean
Proceeding.

Unless a restraining order is issued, Judge Gerber declared,
there appears a material risk that Daewoo's assets could be
subject to attack by U.S. creditors, potentially harming Mr.
Lee's efforts to administer Daewoo's estate pursuant to the
Korean Proceeding.

In this regard, Judge Gerber schedules a hearing at 2:00 p.m. on
October 4, 2006, at the U.S. Bankruptcy Court, Alexander
Hamilton Custom House, One Bowling Green, in New York, to
consider why the Court should not grant a preliminary
injunction, among others, enjoining persons and entities from
commencing or continuing any legal proceeding against Daewoo or
its assets.

Pending the October 4 Hearing, all parties-in-interest are
enjoined from:

   a. continuing any action or commencing any additional action,
      involving the Company, or its assets or its proceeds;

   b. enforcing any judicial, quasi-judicial, administrative or
      regulatory judgment, assessment or order or arbitration
      award against the Company or its assets; or

   c. commencing or continuing any action to create, perfect or
      enforce any lien, setoff or other claim against the
      Company or against any of its property.

                        About Daewoo Corp.

Headquartered in Chung-gu, Seoul, Korea, Daewoo Corporation is a
global trading and investment company in the areas of
international trade, project organizing and overseas resource
developments.  It provides trading in chemicals, textiles,
metals and steel.

On May 25, 2006, pursuant to a resolution by its Board of
Directors, Daewoo applied for bankruptcy under the Korean
Act of Rehabilitation of Debtors and Bankruptcy.

Through its court-appointed bankruptcy trustee Hyung-Ha Lee, the
Company sought protection pursuant to Chapter 15 of the United
States Bankruptcy Code on September 25, 2006.  In accordance
with the Chapter 15 Petition, Daewoo wants its bankruptcy
proceeding in Korea recognized as a foreign main proceeding.


DAEWOO ELECTRONICS: Videocon Wants 20% Purchase Price Slash
-----------------------------------------------------------
The consortium led by Videocon Industries is reportedly seeking
to cut their offer price for Daewoo Electronics Co. Ltd. by 20%.

The Troubled Company Reporter - Asia Pacific reported on
September 13, 2006, that the Videocon group submitted the
winning bid for a controlling 97.6% stake in Daewoo Electronics.
United States-based fund, Ripplewood Holdings LLC, is Videocon's
partner in the bid.

As noted in the TCR report, the Videocon Group offer price is
around US$650-700 million.

The negotiations, however, hit a snag after Daewoo's creditors
did not see eye to eye with the winning bidder on pricing and
other terms, reports say.

The Associated Press, citing a Korean daily, said Videocon hopes
to reduce the purchase price by up to 20% from its original bid.
AP notes that creditors could only agree to a 5% reduction, at
most.

Videocon is a key player in India's consumer electronics
industry.  As per Prime Broking research, dated July 27, 2006,
Videocon is expected to announce a turnover of around
INR114 billion (US$2.5 billion) for the current 12-month fiscal
period, including sales derived from two 2005 acquisitions.
Daewoo's sales revenue at KRW2.16 trillion (US$2.26billion) will
add significantly to Videocon, FinanceAsia states.  At the
indicative price of US$700 million represents a sales multiple
of 0.31 on Daewoo's sales.

                   About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

The Troubled Company Reporter - Asia Pacific reported on
November 14, 2005, that creditors of Daewoo Electronics have
placed the firm for sale for US$1 billion.  ABN Amro,
PricewaterhouseCoopers and Woori Bank were appointed to find a
buyer for the business.

According to the TCR-AP, Daewoo Electronics has been under a
debt workout program since January 2000, months after its parent
group -- the Daewoo Group -- collapsed under debts of nearly
US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.


* Korean Carmakers Earned Record Sales in September
---------------------------------------------------
Hyundai Motor, Kia Motors, GM Daewoo Auto & Technology Co.,
Ssangyong Motor Co. and Renault Samsung Motor Co. posted record
monthly sales in September, the Korean Government announced in
its Web site citing the carmakers' data as of October 2, 2006.

The sales boost was attributed to, among others, unions putting
an end to strikes this month and the increased car demand
locally and abroad.

The Web site pointed out that in September 2006 the combined
sold units of the five Korean carmakers increased by 43.2% from
the same month a year earlier -- 547,371 units in 2006 compared
to 382,221 in 2005.

Hyundai Motor posted the highest September 2006 sales figure --
264,014 units, up 52.3% from last year.


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

ARMSTRONG WORLD: S&P Rates Proposed US$1.1-B Facility at BB
-----------------------------------------------------------
On September 28, 2006, Standard & Poor's Ratings Services
assigned its 'BB' bank loan rating to the proposed US$1.1
billion senior secured bank facility of Armstrong World
Industries Inc. based on preliminary terms and conditions.

At the same time, Standard & Poor's assigned a '2' recovery
rating, indicating the likelihood of a substantial (80%-100%)
recovery of principal in the event of a payment default.

The bank facility is comprised of:

   * a US$300 million five-year revolving credit facility;

   * a US$300 million five-year delayed draw term loan A; and

   * a US$500 million seven-year delayed-draw term loan B
     (collectively referred to as the senior credit facility).

The bank loan ratings also assume that other conditions
precedent to the bank facility becoming effective are satisfied;
the ratings are subject to review once final documentation is
received.

"We expect to assign our 'BB' corporate credit rating to the
building products company when Armstrong, the borrower, and its
major U.S. subsidiaries, the guarantors, emerge from Chapter 11
bankruptcy protection, which we expect will occur on Oct. 2,
2006," said Standard & Poor's credit analyst.

"We expect the outlook to be stable."

Armstrong and its major U.S. subsidiaries entered voluntary
bankruptcy protection in December 2000 to resolve mounting
asbestos-litigation costs and to resolve its asbestos claims.

Proceeds from the senior credit facility will be used to fund
the company's plan of reorganization, which includes
contributions to a Section 524(g) asbestos personal injury
trust.

The company has locations in Malaysia, Australia, China, Hong
Kong, Indonesia, Japan, Philippines, Singapore, South Korea,
Taiwan, Thailand and Vietnam, among others.


JIN LIN WOOD: High Court Grants Extension of Restraining Order
--------------------------------------------------------------
Pursuant to Section 176 of the Companies Act, 1965, the High
Court of Kuala Lumpur has extended the restraining order
pertaining to Jin Lin Wood Industries Berhad and its
subsidiaries for a 90-day period until December 3, 2006.

The advisers of Jin Lin Wood are attending to the matters to
implement the Proposed Restructuring Scheme approved by the
Securities Commission.

                       About Jin Lin

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment, and investment holding.

As of June 30, 2006, the Company's balance sheet showed total
assets of MYR66,849,000 and total liabilities of MYR100,292,000,
resulting into a stockholders' deficit of MYR33,443,000.

The Malaya High Court approves Jin Lin Wood's proposed scheme of
arrangement with shareholders and proposed restructuring scheme
of arrangement with creditors.

The approval, granted on September 8, 2006, also permitted the
reduction in the issued and paid-up share capital of Jin Lin
pursuant to the Proposed Scheme of Arrangement.

Moreover, the TCR-AP reported that the Securities Commission
approved on September 29, 2006, Jin Lin's Proposed Scheme of
Arrangement in respect of the Company's proposed restructuring
scheme.


KNOLL INC: Moody's Assigns LGD2 Ratings to US$450-M Senior Loans
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the for the U.S. Consumer Products, Beverage,
Toy, Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency assigned its
B1 Corporate Family Rating for Knoll Inc., and upgraded its Ba3
rating on the company's US$200 million senior secured revolver
and US$250 million senior secured term loan to Ba2.
Additionally, Moody's assigned an LGD2 rating to both loans,
suggesting noteholders will experience a 27% loss in the event
of a default.

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

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

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

Headquartered in East Greenville, Pennsylvania, Knoll Inc.,
(NYSE:KNL) -- http://www.knoll.com-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Malaysia, Argentina,
Australia, Bahamas, Cayman Islands, China, Colombia, Denmark,
Finland, Greece, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, Philippines, Poland, Portugal and Singapore, among
others.


MBF CORPORATION: Completes MYR12,515,000 Shares Disposal
--------------------------------------------------------
MBF Corporation Berhad stated that on September 29, 2006, it has
completed its proposed disposal of Hasrat Mulia Sdn Bhd and of
KIP Land Sdn Bhd to SJ Molek Sdn Bhd, for MYR12,515,000 in
aggregate.

The Troubled Company Reporter - Asia Pacific recounts that on
May 8, 2006, MBf Corporation Berhad had entered into:

   -- a conditional share sale agreement with Hasrat Mulia
      for the disposal of 3,000,001 ordinary shares of
      MYR1.00 each in Nation Holdings Sdn Bhd representing 50%
      for a cash consideration of MYR9.0 million;

   -- a conditional share sale agreement with SJ Molek Sdn Bhd
      for the disposal of 100,000 ordinary shares of MYR1.00
      each in KIP Land, representing a 40% stake, for a
      cash consideration of MYR3.5 million; and

   -- a conditional share sale agreement with Permai Mas Sdn
      Bhd for the disposal of 1,500,002 ordinary shares of
      MYR1.00 each in MIFC Credit & Leasing Sdn Bhd
      representing the entire equity interest therein for a
      cash consideration of MYR15,000.

The rationale for the Proposed Disposals are to enable MBf Corp
to realize its investments, improve the net assets position of
the MBf Corp group, to dispose of non-core companies in the
group, to reduce its gearing as well as to raise cash for
working capital requirements.

                        About MBf Corporation

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

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


MERCES HOLDINGS: Unit's Wind-Up Hearing Postponed to December 6
---------------------------------------------------------------
The hearing of a wind-up petition filed by Southern Bank Berhad
Against Merces Builders Sdn Bhd, a unit of Merces Holdings
Berhad, which was originally set for September 27, 2006, has
been moved to December 6, 2006, to enable parties to file
further affidavits and to prepare written submissions.

The Troubled Company Reporter - Asia Pacific recounts that
Southern Bank filed the wind-up petition on June 21, 2006, with
the High Court of Kuala Lumpur.

On June 10, 2005, Southern Bank served Merces Holdings a
Statutory Notice demanding that Merces repay the judgment sum of
MYR9,441,743 arising from the recall of overdraft facilities and
revolving credit facilities granted by Southern Bank to Merces.
Southern Bank later filed the wind-up petition on grounds that
Merces had failed and neglected to satisfy the claim since the
Statutory Notice was served.

                    About Merces Holdings

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

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


SINORA INDUSTRIES: To Submit EIA Report for Approval of Logging
---------------------------------------------------------------
In reference to Sinora Industries Berhad's proposed logging at
the Kuamut Forest Reserve in Sabah, Malaysia, the company stated
on October 2, 2006, that the Environmental Protection Department
of Sabah has requested for an Environmental Impact Assessment
report.  The EIA report is expected to be submitted to the EPD
by November 2006.  Upon receiving the approval from the EPD, the
company may continue with the logging activities.

Currently, the company is carrying out infrastructure works like
construction and upgrading of road.

Moreover, there is no other development in respect of the
Regularization Plan.

The Proposed Logging is part of the company's Regularization
Plan as required under PN17 of the Bursa Securities Listing
Requirements.

                 About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

Bursa Malaysia Securities Berhad, on July 8, 2005, classified
Sinora Industries Berhad as an affected listed issuer pursuant
to Practice Note No. 17/2005 in view that the Company has
effectively ceased all its business and operations.

The Company has been suffering recurring losses since fiscal
2000.  As of June 30, 2006, the company registered accumulated
losses of MYR68,444,000.


SUGAR BUN: Posts MYR3.26-Billion Loss for 2nd Quarter 2006
----------------------------------------------------------
Sugar Bun Corporation Berhad has submitted on September 29,
2006, to the Bursa Securities its financial report for the
second quarter ended June 30, 2006.

For the quarter under review, the Sugar Bun Group registered
revenue of MYR8.334 billion, a significant reduction as compared
with the MYR13.204 billion revenue in the same quarter last
year.

The Group recorded a pre-tax loss of MYR3.256 billion for the
financial quarter ended June 30, 2006, as compared with the
previous year corresponding quarter's pre-tax loss of
MYR5.563 billion.

Loss after tax for the quarter ended June 30, 2006, was
MYR3.256 billion as compared with the MYR5.522 billion loss
after tax for the quarter ended June 30, 2005.

The Group's financial statement also revealed a MYR3.256-billion
loss for the second quarter ended June 30, 2006, an improvement,
as compared to last year's loss of MYR5.522 billion.

There is no dividend paid in the current quarter ended
January 31, 2006.

                      About Sugar Bun

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

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


TENGGARA OIL: Malayan Banking Berhad Serves Writ of Summons
-----------------------------------------------------------
On October 2, 2006, Tenggara Oil Berhad was served with a
Writ of Summons and Statement of Claim from Malayan Banking
Berhad.

Malayan Banking is asserting against Tenggara Oil a judgment sum
of MYR60,216.09 as of July 11, 2006, plus an interest rate of 8%
per annum commencing from July 12, 2006, until the date of full
claim settlement.

Malayan Banking is also claiming from Tenggara payment
for legal costs incurred and other relief as deemed fit by the
Kuala Lumpur High Court.

                      About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara Oil incurred a lower pre-tax loss of MYR3.9 million for
the fourth quarter of the fiscal year ended January 31, 2006, as
against a loss of MYR8.3 million in the corresponding quarter
last fiscal year due to the lower operating losses in the
lubricant division, investment holding and other divisions.  The
Company's current pre-tax loss is, however, higher compared to
the MYR1.9-million loss in the preceding quarter.  Tenggara is
in the process of formulating a debt-restructuring scheme with
relevant parties.


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

ACCESS WORLDWIDE: June 30 Balance Sheet Upside-Down by US$7.6-M
----------------------------------------------------------------
At June 30, 2006, Access Worldwide Communications Inc.'s balance
sheet showed total assets of US$16,296,202 and total liabilities
of US$23,925,167 resulting to a total stockholders' deficit of
US$7,628,965.

The company's balance sheet at June 30, 2006, also showed
strained liquidity with US$11,261,270 in total current assets
and US$15,645,979 in total current liabilities.

For the three months ended June 30, 2006, the company incurred
net loss of US$1,673,013 from revenues of US$9,755,920, compared
to a US$690,452 net loss from US$9,535,225 in revenues in three
months ended June 30, 2005.

A full-text copy of the company's financial report for the three
months ended June 30, 2006 is available for free at:

               http://researcharchives.com/t/s?116d

Headquartered in Arlington, Virginia, Access Worldwide
Communications, Inc. (OTCBB: AWWC) -- http://www.accessww.com/-
- provides sales, communication and medical education services.
The company has about 700 employees in offices throughout the
United States and the Philippines.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
July 10, 2006, BDO Seidman, LLP, in West Palm Beach, Florida,
raised substantial doubt about Access Worldwide Communications,
Inc.'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 auditors pointed to the
Company's recurring losses from operations, negative cash flows,
and accumulated deficit.


CHIQUITA BRANDS: Moody's Affirms Caa1 Rtg. on US$250MM Sr. Notes
----------------------------------------------------------------
Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  This
action follows the company's announcement that its operating
performance continues to be negatively impacted by lower pricing
in key European and trading markets, as well as excess fruit
supply.

Operations are also suffering from the impact of recent e. coli
discoveries in US fresh spinach products, which have resulted in
an FDA advisory and industry-wide withdrawals of fresh spinach
product by most processors, and lower consumption of some salad
products.  Moody's notes that to date, there have been no
confirmed cases of chiquita products being traced to the e. coli
issue.

Continuing high fuel and other industry costs, as well as
unusually high costs to source fruit during shortages in late
2005/early 2006, have also pressured earnings and cash flow.
Chiquita also announced its intention to eliminate its US$17
million annual cash dividends and to explore the sale of its
owned shipping assets, as well as the management of its
logistics needs, with asset-sale proceeds being used primarily
to reduce debt.

There also continues to be the uncertainty concerning the
longer-term impact on Chiquita's operations and market position
due to the structural changes occurring in key European banana
markets under the tariff-only system established in January
2006.  Moody's believes that the net impact of these challenges
will result in weaker-than-expected debt protection measures and
financial flexibility.

Should Chiquita be successful in selling its shipping fleet
(consisting of 12 ocean-going vessels), it expects to lease back
those same vessels in order to meet its shipping needs.  Moody's
notes that as one of our standard analytic adjustments, we
capitalize lease payment streams and add them back as debt in
our leverage calculations.  For this reason, we would not expect
the sale of Chiquita's shipping fleet to result in any net
reduction in effective debt or leverage, and in fact could
increase effective debt and leverage depending upon the specific
terms of any ultimate transaction and other debt repayments that
occur with sale proceeds.

Chiquita's existing ratings reflect a company with a good
qualitative profile, but with credit metrics, which have been
weakening due to a combination of leveraged acquisitions and
weaker than expected operating performance, resulting in an
overall B2 rating.  The key rating factors currently influencing
Chiquita's ratings and negative outlook are as follows: The
company is one of the largest global producers and marketers of
fresh fruit and vegetables, with good geographic and product
market diversity.  Its franchise strength and growth potential
are considered moderate, with good market share and volume
growth in some segments, partially offset by the low margin
commodity nature of much of its business which, at times, can
lead to earnings and cash flow volatility.  Liquidity under
stress has been weak over the past year, as evidenced by the
occasional need to seek financial covenant relief.  Overall
credit metrics had been relatively strong for its rating
category, but have been weakening due to a combination of higher
debt from leveraged acquisitions and weak operating performance.

Chiquita's ratings could be downgraded if its earnings and cash
flow remain weak - conceivably due to the impact of the new EU
banana regulations being more negative than anticipated,
litigation costs increasing more than expected, or the company's
inability to successfully pass along higher energy costs.
Specifically, Chiquita's ratings could be downgraded if three-
year average Debt/EBITDA (incorporating Moody's standard
analytic adjustments) rose above 5.5 times and was likely to
rise above 7 times on a lagging 12-month basis in a downturn,
and/or three year average EBIT/Interest fell below 1.5 times and
were likely to fall below 1 time on a lagging 12-month basis in
a downturn.

Given the negative outlook, a rating upgrade in the near term is
unlikely. The rating outlook could stabilize if the company
successfully adapts to the new EU banana import regulations, its
litigation risk reduced, and it successfully completes the
integration of Fresh Express. A stable outlook would also
require Chiquita to be able to sustain three-year average
Debt/EBITDA below 5 times and lagging 12-month Debt/EBITDA below
6.5 times in a downturn, and to maintain three-year average
EBIT/Interest above 1.7 times, with lagging 12-month
EBIT/Interest above 1.25 times in a downturn.

These are the rating affirmed with a negative outlook:

   * Chiquita Brands LLC (operating subsidiary)

     -- US$200 million senior secured revolving credit at Ba3
        (LGD2, 26%)

     -- US$24.5 million senior secured term loan B at Ba3 (LGD2,
        26%)

     -- US$372.2 million senior secured term loan C at Ba3
        (LGD2, 26%)

     -- Chiquita Brands International, Inc. (holding company
        parent)

     -- US$250 million 7.50% senior unsecured notes due 2014 at
        Caa1 (LGD 5, 89%)

     -- US$225 million 8.875% senior unsecured notes due 2015 at
       (LGD 5, 89%)

     -- Corporate family rating at B2

     --Probability of default rating at B2

With 2005 sales of US$3.9 billion, Cincinnati-based Chiquita is
one of the largest global producers and marketers of fresh fruit
and vegetables.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries, including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.

On June 15, 2006, Standard & Poor's Ratings Services affirmed
its ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc., including the 'B+' corporate credit rating.
S&P said the rating outlook is negative.


PHILIPPINE LONG DISTANCE: Directors Declare Cash Dividends
----------------------------------------------------------
In a filing with the Philippine Stock Exchange, Philippine Long
Distance Telephone Company discloses that at the Board of
Directors' meeting held on October 2, 2006, the Directors
declared cash dividends out of the unrestricted retained
earnings of the company as of December 31, 2005.

In its letter to the company dated December 16, 2002, the
Securities and Exchange Commission has allowed the company to
set the payment date ". . .in accordance with its by-laws and
Board's Resolution. . . ."  Its implementation should be ". . .
with proper coordination with the PCD," the SEC stated.

Details of the cash dividends of the company's Series C, D, J,
T, and X 10% Cumulative Convertible preferred Stock, for the
annual period ending October 31, 2006, are:

              Cash         -- PHP1 per share
              Ex-Date      -- October 23, 2006
              Record Date  -- October 26, 2006
              Payment Date -- November 29, 2006

                           About PLDT

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

Moody's Investors Service placed a Ba1 local currency corporate
family rating on PLDT.  Moody's also affirmed the company's Ba2
foreign currency senior unsecured ratings, with a negative
outlook.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.

Standard & Poor's also affirmed its 'BB+' foreign currency
rating on the company with a stable outlook.


MANILA MINING: Extends Stock Rights Offer Period Until Oct. 6
-------------------------------------------------------------
Manila Mining Corporation advises the Philippine Stock Exchange
that in view of the power outages due to Typhoon Milenyo, which
resulted in the PSE's suspension of trading operations on
September 28 and 29, 2006, the company extends its Stock Rights
Offer Period until October 6, 2006.

                       About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

                          *     *     *

After auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the Company's ability to continue as
a going concern, noting the Company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.


WEST CORP: Moody's Assigns Caa1 Rating to US$1.1 Bil. Sr. Notes
---------------------------------------------------------------
Moody's Investors Service assigned to West Corporation:

   -- a Ba3 first time rating US$2.35 billion senior secured
      credit facility ($2.1 billion term loan and US$250 million
      revolver);

   -- Caa1 ratings to both the company's US$650 million of
      senior unsecured notes and US$450 million of senior
      subordinated notes; and

   -- a B2 corporate family rating.

The ratings for these debt instruments reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B2, and a loss given default of LGD 3 for the secured
credit facility, LGD 5 to the senior unsecured notes and LGD 6
to the subordinated notes.  The rating outlook is stable.

On May 31, 2006, West entered into a definitive agreement to
recapitalize by merger of Omaha Acquisition Corp., a newly-
formed Delaware corporation whose current owners are private
equity funds sponsored by Thomas H. Lee Partners, L.P. and
Quadrangle Group LLC, with and into West.  The transaction
values West at approximately US$4.1 billion, including debt as
of the date of the definitive agreement.  The transaction is
expected to close in the fourth quarter of 2006 and is subject
to customary closing conditions including the approval of West's
stockholders.  Upon closing of this transaction, West's stock
will no longer be publicly traded.

The transaction is expected to be funded with the US$2.1 billion
term loan, US$650 million of senior unsecured notes, US$450
million of senior subordinated notes, US$720 million of cash
equity contributed by the sponsors and US$285 million of
rollover equity.

The ratings reflect substantial leverage and minimal free cash
flow from operations pro forma for the recapitalization,
declining pricing trends in the conferencing and communications
segments, and technology risks.  The ratings are supported by a
large revenue base, solid operating margins, a track record of
improving financial performance and long-term relationships with
a blue chip client base.

The Ba3 rating of the senior secured credit facility reflects an
LGD 3 loss given default assessment as this facility is secured
by a pledge of substantially all of company's domestic assets
(excluding the assets of special purpose receivable financing
subsidiaries) and there is a significant amount of junior debt
(32% of debt capitalization assuming 75% of the committed
revolver is drawn).  The Caa1 rating of the senior unsecured
notes reflects an LGD 5 loss given default assessment given that
it is effectively subordinated to the secured credit facility.
The Caa1 rating of the senior subordinated notes, although rated
at the same level as the senior unsecured notes, reflects an LGD
6 loss given default assessment given that it is contractually
subordinated to the secured credit facility and the senior
unsecured notes.

The SGL-2 rating reflects a good liquidity position pro forma
for the recapitalization transaction.

Ratings/assessments assigned:

   * Corporate family rating at B2;

   * Probability-of-default rating at B2;

   * US$2.1 billion senior secured 7-year term loan at Ba3 (LGD
     3, 32%)

   * US$250 million senior secured 6-year revolver at Ba3 (LGD
     3, 32%)

   * US$650 million senior unsecured notes at Caa1 (LGD 5, 81%)

   * US$450 million senior subordinated notes at Caa1 (LGD 6,
     93%)

   * Speculative grade liquidity rating at SGL-2

The stable outlook anticipates moderate revenue and EBIT growth
over the next 12-18 months. Cash flow from operations is
expected to be used to fund capital expenditures of about US$100
million per year, niche acquisitions, which complement existing
business segments and required term loan amortization.

The ratings could be upgraded if financial performance improves
such that EBIT coverage of interest and free cash flow to total
debt can be sustained at over 1.7 times and 7%, respectively.

The ratings could be pressured if pricing trends worsen or new
competitors or technologies emerge resulting in declining
revenues and operating margins.  A significant debt financed
acquisition that weakens credit metrics could also pressure the
rating.  If these conditions result in EBIT coverage of interest
and free cash flow to debt that are expected to sustained at
under 1 time and 0%, respectively, a downgrade is likely.

                      About West Corporation

Based in Omaha, Nebraska, West Corporation --
http://www.west.com-- is a leading provider of business process
outsourcing services.  The company reported revenues of US$1.7
billion for the 12-month period ending June 30, 2006.  West
operates through 3 business segments: communication services
(55% of revenues), conferencing services (32% of revenues) and
receivable management (13% of revenues).

The company has operations in Manila, Philippines, Mexico and
Jamaica.


WEST CORP: S&P Rates Proposed US$2.35-B Sr. Facilities at B+
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating and stable outlook to business process outsourcer
West Corp.

At the same time, Standard & Poor's assigned a bank loan rating
of 'B+' and recovery rating of '2' to West's proposed US$2.35
billion senior secured credit facilities, indicating an
expectation of substantial (80%-100%) recovery of principal in
the event of a payment default.  The credit facilities consist
of a US$250 million revolving credit facility due 2012 and a
US$2.1 billion term loan due 2013.

The rating agency also assigned a 'B-' rating to the company's
proposed US$650 million senior notes due 2014 and a 'B-' rating
to its proposed US$450 million senior subordinated notes due
2016.

Proceeds from the transaction will be used to finance the
acquisition of West by Thomas H. Lee Partners L.P. and
Quadrangle Group LLC.  Pro forma for the transaction, total debt
outstanding was about US$3.2 billion as of June 30, 2006.

"The ratings reflect West's high leverage following the buyout,
its acquisition-centric growth strategy, and the fragmented and
competitive communication services outsourcing market," said
Standard & Poor's credit analyst Andy Liu.

"These factors are only partially offset by the company's good
operating history and profit margins."

Omaha, Nebraska-based West is a business process outsourcer with
operations in the U.S., the U.K., and many other countries.  The
company's services include agent-based and automated call center
services, conferencing services, and accounts receivable
management.

                     About West Corporation

Based in Omaha, Nebraska, West Corporation --
http://www.west.com-- is a leading provider of business process
outsourcing services.  The company reported revenues of US$1.7
billion for the 12-month period ending June 30, 2006.  West
operates through 3 business segments: communication services
(55% of revenues), conferencing services (32% of revenues) and
receivable management (13% of revenues).

The company has operations in Manila, Philippines, Mexico and
Jamaica.


* Philippine Peso Hits Four-Year High
-------------------------------------
On October 2, 2006, Asian currencies fell with the Japanese yen
but the Philippine peso bucked the regional trend to hit its
highest in more than four years, pushed up by inflows as local
markets reopened after their closure on September 28 and 29,
2006, due to a typhoon.

The Philippine peso rose as far as 49.95 per dollar, breaking
the key 50-level.  It traded at 50.20 per dollar on September
27, 2006 -- before typhoon Milenyo led to massive power outages
in Manila and the closure of local markets for two days.

Strong inflows of remittances, upbeat news on the economy and
easing worries about political uncertainty have boosted demand
for the peso.

"The market had accumulated flows over the holiday," a trader in
Manila said.  "The 49.80 area is the next key level and the
outlook for the peso is still positive."

                         *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."


* Philippines Raises PHP867 Mln Non-Tax Revenues in Jan-Aug 2006
----------------------------------------------------------------
The Philippines raised PHP867 million worth of non-tax revenues
in the first eight months of 2006 from the sale of properties in
the country and in Japan, Lawrence Agcaoili of Manila Standard
Today reports.

The raised revenues exceed the country's full-year target of
PHP500 million, the paper cites a report from the Department of
Finance.

According to the finance department, the government raised
PHP440 million from the sale of its major properties in Japan.

The government has received a JPY480 million as service
development fee after forging a 50-year agreement with the
Nagayama-Taisei consortium for the right to develop a four-story
building in Nampeidai in Tokyo, Japan, Manila Standard relates.

The paper notes that the Philippines plans to auction off its
biggest property in Tokyo, Japan within the year to raise
revenues needed to bankroll major infrastructure projects and
social services.

Manila Standard reveals that the government has finalized the
terms of reference of the planned privatization of its 4,361.85-
sqm property in the commercial and residential district of
Fujimi-cho, Chiyoda-ku in Tokyo, Japan.

The paper further reveals that the state-run Privatization and
Management Office has also raised PHP400 million from the sale
of real estate properties in Manila and Makati City:

   * 39,995-sqm south property owned by Manila Gas Corp. in
     Paco, Manila to Robinsons Land Corp. of taipan John
     Gokongwei for PHP573.54 million in March; and

   * five-hectare property in Makati City vacated by the
     International School to Century Properties Inc. of
     Philippine Special Envoy to China Jose Antonio for PHP1.43
     billion.

The government has received partial payments for both
properties, Manila Standard notes.

The Presidential Commission on Good Government, meanwhile,
raised PHP27 million, the paper adds.

Last year, the government raised P8.3 billion from privatization
efforts, bulk of which came from the sale of its real estate
properties in Japan and its shares in Philippine National Bank
to airline and tobacco magnate Lucio Tan, Manila Standard
recounts.

                         *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."


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

COLLINS & AIKMAN: 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 Collins & Aikman Floorcoverings,
Inc.

Additionally, Moody's revised 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$50 million
   Sr. Secured
   Revolver             B1       Ba2      LGD2     14%

   US$31 million
   Sr. Secured
   Term Loan            B1       Ba2      LGD2     14%

   US$165 million
   9.75% Sr. Sub.
   Notes due 2010       Caa1     B3       LGD4     69%

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

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

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

Headquartered in Dalton, Georgia, Collins & Aikman
Floorcoverings, Inc. -- http://cafloorcoverings.com/--  
manufactures commercial carpeting for corporate, education,
government, healthcare and retailing entities worldwide,
including in Singapore.  It makes modular tile and six-foot
structured back carpeting for the commercial market.  The
Company also manufactures 100% recycled-content secondary
backing.  It also has proprietary closed-loop carpet reclamation
and recycling programs.  The Company is a part of commercial
floorcoverings manufacturer Tandus Group, and works in tandem
with sister brands Monterey and Crossley.


DELL INC: Yourman Alexander Announces Securities Suit Filing
------------------------------------------------------------
Yourman Alexander & Parekh, LLP, announces that a lawsuit
seeking class-action status has been filed on behalf of
shareholders who purchased or otherwise acquired the securities
of Dell, Inc. during the period Feb. 13, 2003 through Sept. 8,
2006, inclusive.  The matter is pending in the U.S. District
Court for the Western District of Texas.

The complaint alleges that the defendants violated federal
securities laws by failing to present the true financial
condition of Dell and reaped the rewards therefrom through the
granting of lucrative stock options.

The complaint further alleges that the defendants concealed that
the U.S. Securities and Exchange Commission was investigating
Dell's revenue recognition and accounting practices.

On Sept. 11, 2006, Dell finally told its shareholders that it
would not be able to file its interim financial report for its
second quarter of 2007 due to the ongoing internal investigation
of its historical financial results and the inquiries regarding
the same posed by various government entities.

The firm reminds investors that they have until Nov. 13, 2006 to
file for lead plaintiff in the case.

For more details, contact Vahn Alexander and Behram Parekh of
Yourman Alexander & Parekh, LLP, Phone: (800) 725-6020, E-mail:
bparekh@yaplaw.com, Web site: http://www.yaplaw.com.

                         *     *      *

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.

On Sept. 26, 2006, the TCR-AP reported that Dell Inc. reported
plans to request a hearing before a NASDAQ Listing
Qualifications Panel in response to the receipt on Sept. 15 of a
NASDAQ Staff Determination letter indicating Dell is not in
compliance with the filing requirement for continued listing as
set forth in Marketplace Rule 4310(c)(14).


E-BRILLIANT PTE: Pays First and Final Dividend
----------------------------------------------
E-Brilliant Pte Ltd, which is in receivership, has paid its
first and final dividend to creditors on September 21, 2006.

The amount paid was 0.67% to all admitted claims.

The company's official receiver can be reached at:

         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


EH GROUP: Creditors' Proofs of Claim Due on October 30
------------------------------------------------------
EH Group Ltd, which was placed under a members' voluntary
liquidation, required its creditors to submit proofs of debt by
October 30, 2006.

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

The joint liquidators can be reached at:

         Lai Seng Kwoon
         Hamish Alexander Christie
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


GETRONICS NV: Completes Sale of PinkRoccade to Randstad Holding
---------------------------------------------------------------
Getronics N.V. reports that the sale of its Netherlands HR
Services "PinkRoccade HR Services" to Randstad Holding has been
successfully concluded following all due regulatory checks.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V. --
http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.  The company
has regional offices in Boston, Madrid and Singapore.  Its
shares are traded on Euronext Amsterdam.

                          *     *     *

As reported in Troubled Company Reporter - Asia Pacific
Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.The '3'
recovery rating indicates Standard & Poor's expectation of
meaningful (50%-80%) recovery of principal for secured lenders
in the event of a payment default.

As reported in TCR-AP, Moody's Investors Service downgraded
Getronics' corporate family rating to B2 from B1 and placed the
ratings on review for possible downgrade following the company's
announcement of half year results showing a widening of net
losses and fall in margins below the company's expectations.
Concurrently the rating on the EUR100 million senior unsecured
convertible Dutch bonds due 2008 has been downgraded to Caa1
from B3.


LOUIS PRESTON: High Court to Hear Wind-Up Petition on Oct. 13
-------------------------------------------------------------
On September 21, 2006, Overseas Union Enterprise Limited filed
an application to wind up Louis Preston Holdings Pte Ltd.

The High Court of Singapore will hear the wind-up petition on
October 13, 2006, at 10:00 a.m.

The Petitioner's Solicitor can be reached at:

         Tan Kok Quan Partnership
         No. 5 Shenton Way
         Level 29 UIC Building
         Singapore 068808


SEA CONTAINERS: GNER Not Sustainable, Former Rail Chief Says
------------------------------------------------------------
Chris Garnett, former chief executive officer of Great North
Eastern Railway, has warned that GNER is not sustainable due to
financial problems, according to Finance News.

Ben Webster of Times Online recounts that on April 2005, GNER,
which is owned by Sea Containers Ltd, began a new 10-year
contract in which it agreed to pay the Government EUR1.3 billion
over the course of the franchise, which is believed to have been
at least EUR300 million more than the next-highest bidder was
prepared to pay.

Finance News relates that GNER has struggled to meet the
GBP1.3-billion in payments.

Moroever, GNER is facing lower-than-expected passenger revenues
due to disruption from the London bombings in 2005, increased
power charges and a prospective challenge from rival Grand
Central, which controversially has been allowed to start
competing services on the UK's East Coast Main Line according to
the Finance News.

"If you ask me where GNER is going to be in a year's time, I
really don't know.  The only people who will actually decide
that will be the Government", said Mr. Garnett, in an interview
by Rail Magazine.

Moreover, Mr. Garnett also predicted that the U.K.'s rail
franchising system is heading for collapse.

According to Mr. Garnett, franchises will "self-destruct" under
the weight of agreements to make huge premium payments to the
British government, recounts the Times Online.

Mr. Garnett also accused the Department for Transport of
abandoning investment in rail in order to meet Treasury cost-
cutting targets.

"The one thing this lot won't do is spend any money on the
railways," Mr. Garnett said in an interview with industry
magazine Rail.

Sea Containers Ltd -- http://www.seacontainers.com/-- is a
Bermuda registered company with regional operating offices in
London, Genoa, New York City, Rio de Janeiro, Sydney and
Singapore.  The company is owned almost entirely by United
States shareholders and its primary listing is on the New York
Stock Exchange.  The company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the company has associated investments in property,
publishing, and plantations.

Sea Containers admitted in August that revenue growth in the
first year of its new GNER franchise was three times lower than
expected, at 3.3%.

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
Moody's said the outlook is negative.

On May 4, 2006, Standard & Poor's Ratings Services lowered its
ratings on SeaContainers, including lowering the corporate
credit rating to 'CCC-' from 'CCC+'.  All ratings remain on
CreditWatch with negative implications.

A Troubled Company Reporter -- Asia Pacific report on August 15,
2006 states that Standard & Poor's Ratings Services on August
11, 2006, said that its ratings on Sea Containers Ltd.,
including the 'CCC-' corporate credit rating, remain on
CreditWatch with negative implications.  Ratings were lowered to
current levels May 1, 2006; they were initially placed on
CreditWatch with negative implications on Aug. 25, 2005.

Moody's Changes Ratings On 22 US Technology Semiconductor And
Distributor Companies Under LGD Rating Methodology.


SEE HUP SENG: SGX-ST Approves Listing of 31,758,000 Shares
----------------------------------------------------------
In relation to the proposed Settlement Arrangements, See Hup
Seng Limited has revealed on October 3, 2006, that the Singapore
Exchange Securities Trading Limited has approved in-principle
the company's application for the listing and quotation of up to
31,758,000 new ordinary shares.

The company disclosed on May 18, 2006, that it entered into
separate Settlement Agreements with the Trade Creditors namely,
Allinton Engineering & Trading Pte Ltd, Asia Airblast Pte Ltd,
Aver Asia (S) Pte Ltd, Cintai (S) Pte Ltd, GI Obuchi Marine and
Engineering Services, Hempel (Singapore) Pte Ltd, Jotun
(Singapore) Pte Ltd, Pan Marine Blasting Abrasives Pte Ltd,
Performance Coatings International Pte Ltd, Red Eagle Marine
Services, Richill Industries Pte Ltd, Rotor Auto Electrical Pte
Ltd, Seamate Engineering Services, Sin Hoe Heng Pte Ltd, Star-
Ray Pte Ltd, Tat Sat Marine and Engineering Services, Trek
Investigations & Security Management Services and Y.H.L.
Logistics Pte Ltd.

Pursuant to the Settlement Agreements, the Trade Creditors have
agreed to a settlement of debts either by:

   -- the allotment and issue of ordinary shares in the capital
      of See Hup Seng; or

   -- by the allotment and issue of ordinary shares in the
      capital of See Hup Seng and cash repayments in
      installments.

                      About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens--See Hup Seng's independent
auditors--expressed a significant doubt in the company's ability
to continue as going concern on April 7, 2006, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


STATS CHIPPAC: Appoints Teng Cheong Kwee as Director
----------------------------------------------------
STATS ChipPAC Ltd has disclosed on October 2, 2006, that it has
appointed Teng Cheong Kwee as a non-executive member to the
company's Board of Directors effective on October 1, 2006.

Mr. Kwee has previously worked as Director and Chairman of the
Audit Committee of STATS on January 2001 and January 2003,
respectively.

                  About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/-- provides semiconductor test and
assembly services.  The company assembles leaded and laminate
packages and provides related services such as package design
and leadframe and substrate designs.  The company provides these
tests and assembly services to semiconductor companies which do
not have their own manufacturing facilities.  The company's
offices outside the United States are located in Singapore,
China, Malaysia, Taiwan, Japan, the Netherlands and
United Kingdom.

                        *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on October 21, 2004
and the company's Senior Unsecured Debt a 'Ba2' rating on
October 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credrit Rating effective on October 7, 2004


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

HRP MYRTLE: Moody's Assigns Loss-Given-Default Ratings to Notes
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Gaming, Lodging & Leisure sector, the rating
agency raised HRP Myrtle Beach Operations, LLC's Caa1 Corporate
Family Rating to B3.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Sr. Secured Floating
Notes Due 2012            B3       B2      LGD3        41%

Jr. Secured Notes
Due 2013                 Caa2     Caa2     LGD5        85%

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%).

HRP Myrtle Beach Operations, LLC, -- http://www.hardrock.com/--  
a Delaware limited liability company, is designing, developing,
constructing, financing and equipping and will own and operate
Hard Rock Park, an approximately 140-acre rock and roll themed
park in Myrtle Beach, South Carolina, under a license agreement
with Hard Rock International.  Hard Rock International, Inc.,
owned by The Rank Group Plc, operates 122 Hard Rock Cafes and 13
Hard Rock Hotels and Casinos in more than 42 countries,
including Thailand, the Philippines, the United Kingdom and
Brazil.


THAI-GERMAN: Gains THB3.079 Million in First Half 2006
------------------------------------------------------
Thai-German Products Pcl recorded THB3.079 million in net profit
on THB812.916 million of revenues in the first half period ended
June 30, 2006, compared with a THB1.066-million net profit
recorded in the same period of 2005.

The company's balance sheet at June 30, 2006, showed current
assets of THB820.830 million available to pay current
liabilities of THB426.448 million coming due within the next 12
months.

Total assets of the company and its subsidiaries at the end of
June 2006 was equal to THB1.798 billion, while total liabilities
amounted to THB1.704 billion.  Shareholders' equity in the
company totaled THB94.192 million.

After auditing the company's consolidated financial statement
for the first half period of 2006, Chaovana Viwatpanachati, of
Petisevi & Company, expressed doubt on the company's ability to
continue as a going concern and its ability to accomplish the
remaining rehabilitation plan.

Full-text copies of the Company's financials for the first half
period ending June 30, 2006, are available for free at:

         http://bankrupt.com/misc/tgpro-1h-06.xls
         http://bankrupt.com/misc/tgpro-ar-06.doc

Thai-German Products Public Co., Ltd -- http://www.tgpro.co.th/
-- manufactures stainless steel pipe, tube, and sheet in
Thailand under the name "TGPRO" founded by Pracha Leelaprachakul
in 1973.

The Company has suffered a series of capital deficits, the
widest being in 2003 with a THB5.31-billion deficit.  That and a
series of net losses and the fact that it was operating below
full production capacity, ushered the Company into the REHABCO
-- Companies under Rehabilitation -- sector of the Stock
Exchange of Thailand.

In July 2006, the SET reclassified the whole sector and
categorized the Company under the "non-performing group."
Companies under the group will retain their listing status and
will be obligated to comply with the SET requirements.

On September 7, 1999, Thailand's Central Bankruptcy Court
ordered the Company to rehabilitate its business and, in May
2000, the Court approved the Company's rehabilitation plan and
appointed PLV and Associate Company Limited as rehabilitation
administrator.  The Company's complete implementation of the
Plan is still undergoing.


TONGKAH HARBOUR: Auditor Expresses Going Concern Doubt
------------------------------------------------------
Kesree Narondeja, of A.M.T. & Associates, raised substantial
doubt on Tongkah Harbour Public Company Limited's ability to
continue as a going concern after auditing the company's
consolidated financial statement for the first half period ended
June 30, 2006.

The auditor pointed to the company's recurring operating losses
and dependence on its ability to raise additional funding for
the coming years and achieve profitable operations.

Tongkah Harbour posted a THB61.196-million net loss in the first
half period ended June 30, 2006, compared with a
THB38.62-million net loss posted in the same period of 2005.

The company's consolidated balance sheet at the end of June
2006, showed strained liquidity with THB86.857 million in
current assets available to pay THB179.325 million in current
liabilities coming due within the next 12 months.

In addition, the company's consolidated balance sheet at the end
of June 2006 also showed total assets of THB1.714 billion and
total liabilities of THB564.709 million, resulting to
THB1.150 billion of shareholders' equity.

Full-text copies of the Company's financials for the first half
period ending June 30, 2006, are available for free at:

         http://bankrupt.com/misc/THLE-1h-06.xls
         http://bankrupt.com/misc/THLE-1h-ar.doc

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/-- is primarily
engaged in mining operations.  The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with the SET
requirements.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
September 26-27, 2006
  American Bankruptcy Institute
    Airline Restructuring
      Helmsley Park Lane Hotel, New York, NY
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

September 27, 2006
  Beard Audio Conferences
    BAPCPA One Year On: Hits and Misses in the New Code's
      Rookie Year
        Web site: http://www.beardaudioconferences.com/
          Telephone: 240-629-3300

October 5, 2006
  Turnaround Management Association - Australia
    UTS Fundamentals of Turnaround Management Australia
      Mecure Hotel - Haymarket
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

October 11, 2006
  INSOL
    INSOL Lenders, Australia Technical Day
      Brisbane, Australia
        Web site: http://www.insol.org/

October 11-14, 2006
  Turnaround Management Association - Australia
    2006 Annual Convention
      JW Marriott Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 11, 2006
  Turnaround Management Association - Australia
    Professional Development Meeting Australia
      TBA
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

October 12, 2006
  Insolvency Practitioners Association Of Australia
    IPAA National Conference 2006
      Stamford Plaza, Brisbane City,
        Queensland, Australia
          Telephone: 07-3367-0500
            e-mail: corinne.templeton@invigorate.com.au

October 12, 2006
  Turnaround Management Association - Australia
    UTS Fundamentals of Turnaround Managment Australia
      Melbourne, Australia
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

October 19, 2006
  Beard Audio Conferences
    Surviving the Digital Deluge:
      Best Practices in e-Discovery and Records Management
        for Bankruptcy Practitioners and Litigators
          Telephone: 240-629-3300
            Web site: http://www.beardaudioconferences.com/

October 19, 2006
  Insolvency Practitioners Association Of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

October 25, 2006
  Beard Audio Conferences
    Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions Review Risks, Examine Latest Decisions
        Affecting Directors, Advisors and Lenders of Troubled
          Companies
            Web site: http://www.beardaudioconferences.com/
              Telephone: 240-629-3300

October 31 - November 1, 2006
  International Women's Insolvency & Restructuring Confederation
    IWIRC Annual Conference
      San Francisco, CA, USA
        Web site: http://www.iwirc.com/

November 7-8, 2006
  International Monetary Fund and the Financial
    Supervisory Service
      Macroprudential Supervision: Challenges for Financial
        Supervisors
          Seoul, South Korea
            Telephone: 82-2-3771-5114
              Web site: http://www.fss.or.kr/

November 9-10, 2006
  Turnaround Management Association - Australia
    TMA Australia National Conference Australia
      TBA
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

November 15, 2006
  LI TMA Formal Event
    TMA Australia National Conference
      Long Island, New York, USA
        Web site: http://www.turnaround.org/

November 15-16, 2006
  Euromoney Institutional Investor
    Asia Capital Markets Forum
      Island Shangri-La, Hong Kong
        Web site: http://www.euromoneyplc.com/

November 16, 2006
  Insolvency Practitioners Association of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

November 23-24, 2006
  Euromoney Conferences
    5th Annual China Conference
      China World Hotel
        Beijing, China
          Web site: http://www.euromoneyconferences.com/

December 5, 2006
  Euromoney Conferences
    CFO Forum
      Hyatt Regency, Hangzhou, China
        Web site: http://www.euromoneyconferences.com/

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/



                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Valerie Udtuhan, Francis
James Chicano, Catherine Gutib, Tara Eliza Tecarro, Reiza
Dejito, Freya Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***