TCRAP_Public/061005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, October 5, 2006, Vol. 9, No. 198

                            Headlines

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

ADRIATIC LEATHER: Will Declare Dividend on Oct. 18
ANGLO ANTARCTIC: Appoints Michael Stephen Royal as Liquidator
ANGLO ARCTIC: Members Resolve to Close Business
ANGLO INDIAN: Enters Voluntary Liquidation
ANSELL LIMITED: S&P Affirms 'BB+' Long-Term Corp. Credit Rating

CHERON PTY: Inability to Pay Debts Prompts Wind-Up
CLINICALL PTY: To Declare Dividend on October 19
COWRA ABATTOIR: D. Mulligan is Top Priority Creditor
DIOSMA PTY: Creditors' Proofs of Claim Due on October 5
DJW HOLDINGS: Enters Wind-Up Proceedings

DUNSHEA FINANCIAL: Liquidator to Present Wind-Up Report
FELTEX CARPETS: Cuts 124 Jobs and Closes Marton Plant
FELTEX CARPETS: ANZ Recovers AU$140 Million Feltex Loan
FF SERVICES: Falls into Voluntary Liquidation
FREEMONT DESIGN: Liquidation Bid Hearing Slated for Nov.23

FURZER CRESTANI: Members Agree to Liquidate Business
H W D BRUCE: Commences Liquidation on September 12
HARMAN CHALLENGE: Supreme Court Orders Wind-Up
INTEGRATED PLASTIC: Court to Hear Liquidation Bid on Oct.12
IPF VA: Court to Hear Liquidation Bid on Oct. 9

JADCO INVESTMENTS: Names Burgess as Liquidator
FF SERVICES: Falls into Voluntary Liquidation
FREEMONT DESIGN: Liquidation Bid Hearing Slated for Nov.23
FURZER CRESTANI: Members Agree to Liquidate Business
H W D BRUCE: Commences Liquidation on September 12

HARMAN CHALLENGE: Supreme Court Orders Wind-Up
INTEGRATED PLASTIC: Court to Hear Liquidation Bid on Oct.12
IPF VA: Court Sets Date to Hear Liquidation Bid
JADCO INVESTMENTS: Names Burgess as Liquidator
JAMES HARDIE: Will Protect Officers from ASIC Investigation

JUMP START: Shareholders Opt for Voluntary Liquidation
KR CONTRACTING: Members' and Creditors' Meeting Set on Oct.  19
LEISURE WOOD: Faces Liquidation Proceedings
MACADAMIA KING: Commences Wind-Up of Operations
MARSH & PARTNERS: To Distribute Third Dividend on October 13

MCKINLEY COMPANY: To Declare First and Final Dividend
MERIDIAN INTERIOR: Members Opt to Close Business
NO COMMISSION: Appoints Ward as Official Liquidator
P. MCCUBBERY: Placed Under Voluntary Wind-Up
PARKES INTERNATIONAL: Court Issues Wind-Up Order

PETERPHYL HOLDINGS: Members Agree to Close Business
PINNACLE SHEETMETAL: Members and Creditors to Meet on October 20
RAH SERVICES: To Declare First and Final Dividend on October 18
RD MOYLE: Members' Final Meeting Set for October 18
REXUNU PTY: Final Meeting Slated for October 11

RUCKSACK PTY: To Hold Final Meeting on October 18
SPA AT THE SCENE: Hearing of Liquidation Bid Fixed on Nov.2
STOCKFORD BUSINESS: To Declare Third Dividend on October 13
THE RESPONSE STAFFING: Court Issues Wind-Up Order
VILLA DEVELOPMENTS: Liquidator Bates to Present Wind-Up Report

W.B.M. (HOLDINGS): Members Resolve to Wind Up Operations
WAIKAN EMPLOYMENT: To Declare Dividend on October 20
WESTPOINT GROUP: Ann Street Mezzanine Declares First Dividend
WORLEY ABB: Members Opt to Shut Down Operations


C H I N A   &   H O N G  K O N G

ADVANCED WIRELESS: Faces Wind-Up Proceedings
AFFILIATED COMPUTER: Asks Dist. Court's "No Default" Declaration
ALROCO COMPANY: To Declare First and Final Dividend on Oct. 23
ART DATA: Wind-Up Petition Hearing Set on November 8
BENQ CORP: German Unit Turnaround to Cost Around US$1.07 Billion

BENQ CORP: Funding Cut to Unit Has No Sudden Impact on Ratings
DR. B.M KOTEWALL: Creditors' Proofs of Claim Due on October 28
EASTERN ALPHA: Appoints Jacky CW Muk as Liquidator
EVER SINO: Appoints Lam Tak Keung as Liquidator
FAVOUR ART: Annual Meeting Slated for October 6

FERRO CORP: S&P Holds Low-B Corp. Credit & Sr. Unsec. Debt Rtgs.
FGX INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
GB BONTEX: Creditors Must Prove Debts by October 20
HONG KONG OPTICAL: Court Sets Date to Hear Wind-Up Bid
KARLSTEAD LTD: Liquidators to Present Wind-Up Report

LOYAL FRIEND: Creditors' Proofs of Debt Due on November 10
MAXIPO TECHNOLOGY: Members to Receive Wind-Up Report
MEDMIRA INC: Completes Draw Down of Cornell Capital's Equity L/C
MONANCE LTD: Members' Final Meeting Set on November 1
PHILIPS MEDICAL: Creditors to Prove Claims on October 31

PRICE WATERHOUSE: Joint Liquidators Step Aside
REGENT BONUS: Liquidator Ceases to Act for the Company
SINO GREETINGS: Names Lam Tak Keung as Liquidator
SOL MELIA: Creditors to Receive Wind-Up Report
TREASURE ART: Members and Creditors to Meet on October 6

YUEN KEE: Creditors to Meet on October 18


I N D I A

AES CORP: S&P Says Unit's Offering Won't Affect Credit Rating
AMERICAN AXLE: Moody's Assigns Loss-Given-Default Ratings
BALLY TECH: To Provide Casino Management System to Mohegan Sun
BHARTI AIRTEL: Appoints Atul Bindal as Joint President
CANARA BANK: To Raise US$300-Million through Bond Issue in Nov.

CENTURION BANK: Shareholders Approve Lord Krishna Merger
CITY UNION BANK: Board Names Shri N Kantha Kumar as Director
EMCO LTD: CoD to Meet on Oct. 9 to Consider Share Allotment


I N D O N E S I A

FOSTER WHEELER: Secures New US$350-Mil. Domestic Credit Facility
PERUSAHAAN LISTRIK: Moody's Assigns B1 Rating to USD Bond Issue
PERUSAHAAN LISTRIK: Proposed USD Notes Gets S&P's BB- Rating


J A P A N

BANK OF IKEDA: JCR Places A- Ratings on Subordinated Bonds
CHIBA BANK: Posts JPY13-Billion Net Income For June Quarter
EBARA CORP: Completes US$11.7-M Investment in Ballard Power
MITSUBISHI MOTORS: North American Sales Soar in September 2006
MITSUBISHI MOTORS: Global Production, Sales Up in August 2006

SOJITZ CORP: Group Forms Alliance with Deutsche Lufthansa
SOJITZ CORP: VARIG Injunction Continued Until October 27


K O R E A

KOOKMIN BANK: Moody's Confirms Financial Strength Rating at D+
KOREA EXCHANGE: Named 2006 Best Domestic Provider of FX Services
PUSAN BANK: Aberdeen Asset Management Increases Stake to 10.38%
PUSAN BANK: Loan Delinquency Ratio in 2nd Quarter is 0.88%
SK CORP: Adds CZP and EPC Munai to Affiliated Companies

* South's Bond Price Reacts to North's Nuclear Test Plans


M A L A Y S I A

CHIN FOH: Posts MYR3-Million Loss for 2006 2nd Quarter
DIGITAL LIGHTWAVE: Has US$58 Million Stockholders' Deficit
KIG GLASS: Still Unable to Pay Loan Payment Default
LITYAN HOLDINGS: Will Remove Securities from SC on October 13
MENTIGA CORPORATION: Regularizes Financial Condition

MOL.COM BERHAD: Subsidiary Inks Sale Deal with Halex Woolton
PANGLOBAL BERHAD: Hearing of Restraining Order Moved to Oct. 9
VERIFONE INC: S&P Rates Proposed US$540 Million Facility at BB-


P H I L I P P I N E S

* Philippine Inflation Likely Eased in September, Economists Say
* World Bank Approves US$410-Million Loan Package


S I N G A P O R E

AAR CORP: Moody's Assigns Loss-Given-Default Ratings
ARINC INCORPORATED: Moody's Assigns Loss-Given-Default Ratings
DEFAR (S) PTE: UOB Files Wind-Up Petition Against Company
LINENCARE LAUNDRY: Court to Hear Wind-Up Petition on Oct. 13
LKN-PRIMEFIELD: Changes Name to HLG Enterprise Limited

MAE ENGINEERING: Inks Purchase Agreement with Eligro
SEE HUP SENG: Unveils Major Shareholders' Changes of Interest
SOUTH-EAST MOTOR: Creditors Must Prove Debts by October 9


T H A I L A N D

SRITHAI FOOD: Posts THB30.518-Million Net Loss in 2006 1st Half
TOTAL ACCESS: Seeks NTC Action Against AIS Price-Dumping
TRUE CORP: Launches Two New Phone Packages for Hearing-Impaired

     - - - - - - - -

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

ADRIATIC LEATHER: Will Declare Dividend on Oct. 18
--------------------------------------------------
Adriatic Leather Pty Ltd will declare the first and final
dividend for its creditors on October 18, 2006.

Creditors who were not able to prove their claims by October 3,
2006, will be excluded in the company's distribution of
dividend.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on December 22,
2005.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Chartered Accountants
         Level 28, St Martins Tower
         31 Market Street
         Sydney, New South Wales 2000
         Australia


ANGLO ANTARCTIC: Appoints Michael Stephen Royal as Liquidator
-------------------------------------------------------------
At an extraordinary general meeting held on September 7, 2006,
members of Anglo Antarctic Pty Ltd resolved to voluntarily wind
up the company's operations.

In this regard, Michael Stephen Hawkins Royal was appointed as
liquidator at the creditors' meeting held that same day.

The Liquidator can be reached at:

         Michael Stephen Hawkins Royal
         Business Improvement and Restructuring Services
         Suite 9, 305-307 The Kingsway
         Caringbah, New South Wales 2229
         Australia
         Telephone:(02) 9531 8365
         Facsimile:(02) 9531 8367


ANGLO ARCTIC: Members Resolve to Close Business
-----------------------------------------------
On September 7, 2006, the members of Anglo Arctic Pty Ltd held
an extraordinary general meeting and agreed to voluntarily wind
up the company's operations.

Subsequently, the company's creditors appointed Michael Stephen
Hawkins Royal as liquidator.

The Liquidator can be reached at:

         Michael Stephen Hawkins Royal
         Business Improvement and Restructuring Services
         Suite 9, 305-307 The Kingsway
         Caringbah, New South Wales 2229
         Australia
         Telephone:(02) 9531 8365
         Facsimile:(02) 9531 8367


ANGLO INDIAN: Enters Voluntary Liquidation
------------------------------------------
Members of Anglo Indian Pty Ltd held an extraordinary general
meeting on September 7, 2006, and agreed to close the company's
business.

Michael Stephen Hawkins Royal was consequently appointed as
liquidator at the creditors' meeting held that same day.

The Liquidator can be reached at:

        Michael Stephen Hawkins Royal
         Business Improvement and Restructuring Services
         Suite 9, 305-307 The Kingsway
         Caringbah, New South Wales 2229
         Australia
         Telephone:(02) 9531 8365
         Facsimile:(02) 9531 8367


ANSELL LIMITED: S&P Affirms 'BB+' Long-Term Corp. Credit Rating
---------------------------------------------------------------
On October 3, 2006, Standard & Poor's Ratings Services affirmed
its 'BB+' long-term corporate credit rating on Ansell Ltd. and
revised the outlook on Ansell to positive from stable.

"Ansell's rating could be raised to 'BBB-' over the next 18
months-to-two years if the company is able to provide continued
evidence of moderate financial policies and strong cash flow-
protection measures while growing the business to strengthen its
market positions in key segments and extend its product and
geographic diversity," Standard & Poor's credit analyst Brenda
Wardlaw said.

Ansell has maintained its strong and stable cash flow-protection
measures over recent years despite the significant upward
pressure in key raw material prices and competitive challenges
in some businesses.  Latex prices rose significantly during
fiscal 2006, while synthetic raw materials were also up due to
higher oil prices.  Ansell also completed the sale of its 50%
shareholding in South Pacific Tyres, a key legacy from its
Pacific Dunlop Ltd. heritage.  The AU$122 million sale proceeds
were used to fund an AU$100 million share buyback, given
Ansell's modest gearing level.

The acquisition of a 75% shareholding in Wuhan Jissbon Sanitary
Products, a Chinese condom importer and distributor, for US$18.5
million provides a low-risk opportunity to expand Ansell's sales
into this region.  The company's decision to cease the proposed
bid for Polish condom manufacturer Unimil further demonstrated
Ansell's prudent growth strategy.  

Ansell's ability to maintain a conservative financial profile,
despite the sharp rise in raw material prices, is a key rating
strength.  Ansell's operating lease-adjusted funds from
operations to debt was 35.1% in fiscal 2006, down only slightly
from 38.1% in 2005, despite the tough operating conditions.


CHERON PTY: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
On September 7, 2006, members and creditors of Cheron Pty Ltd
passed a special resolution to voluntarily wind up the company's
operations due to its inability to pay debts when they fall due.

Accordingly, Richard Albarran and Blair Pleash were appointed as
liquidators.

The Liquidators can be reached at:

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


CLINICALL PTY: To Declare Dividend on October 19
------------------------------------------------
Clinicall Pty Ltd will declare the first and final dividend for
its unsecured priority and ordinary creditors on October 19,
2006.

Creditors who were able to admit their debts by October 3, 2006,
are included in the benefit of the dividend.

The Deed Administrator can be reached at:

         Manfred Holzman
         Holzman Associates
         GPO Box 3667
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9222 9070
         Facsimile:(02) 9222 9071


COWRA ABATTOIR: D. Mulligan is Top Priority Creditor
----------------------------------------------------
Cowra Abattoir's owner, David Mulligan, has made himself the
company's top priority creditor, while the 200 redundant workers
are yet to receive a cent of their entitlements, Joe Hildebrand
of the Daily Telegraph reports.

Mr. Mulligan's personal company has taken over a AU$1 million
debt the abattoir owed to National Australia Bank.  Thus,
instead of the bank being the first to get money it will be P.D.
Mulligan Pty Ltd, the report says.

The Daily cites a letter to creditors stating liquidator Frasers
Insolvency said P.D. Mulligan, a guarantor of the National
Australia Bank loan, had discharged the abattoir's debt to NAB
and now held the mortgage over the abattoir.

According to the paper, Frasers' initial report had advised that
the charge held by NAB over the abattoir was enforceable,
therefore bank would have to be paid off before any money went
towards employee entitlements.

The Daily discloses that Mr. Mulligan is charging the abattoir
interest at 8%, a rate lesser that that charged by the bank,
which is at 18%.

According to Mr. Mulligan, the new arrangements would save money
and make the abattoir more attractive to potential buyers, the
Daily relates.

Australian Council of Trade Unions secretary, contends "the No.1
priority for everyone should be to ensure that the employees
receive their entitlements."

According to The Daily, the abattoir's liquidator is referring
the transfer and other matters to the Australian Securities and
Investments Commission for investigation of possible breaches of
the law.

                        Creditors Meeting

A creditors meeting was held on October 4, 2006, during which
the meatworkers union was expected to tell its members to vote
against a proposal for Frasers to take over the administration
of P.D. Mulligan.

Union secretary Charlie Donzow asserted that there was a
potential conflict of interest in the firm acting as liquidator
for the abattoir as well as administrator for its priority
creditor, the Daily reports.

However, Frasers said the move would simply cut costs, the paper
notes.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
September 13, 2006, the Australian Council of Trade Unions
secretary, Greg Combet, accused Cowra Abattoir's owner, David
Mulligan, of transferring almost AU$2 million from the NSW
company before it collapsed.  The abattoir's workers have voted
to liquidate the business, the TCR-AP said.

The TCR-AP cited a report from The Age, stating that
Australasian Meat Industry Employees Union organizer Mark
Perkins said that Cowra's 200 workers were owed nearly
AU$3 million in entitlements.  According to Mr. Perkins, by
voting to liquidate the company, it was hoped the workers would
receive their entitlements sooner.


DIOSMA PTY: Creditors' Proofs of Claim Due on October 5
-------------------------------------------------------
Diosma Pty Ltd will distribute the first and final dividend for
its creditors on October 19, 2006.

Creditors who cannot prove their debts by October 5, 2006, will
be excluded from sharing in the dividend distribution.

The Liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris
         Australia


DJW HOLDINGS: Enters Wind-Up Proceedings
----------------------------------------
The members of DJW Holdings Pty Ltd resolved to wind up the
company's operations at a general meeting held on September 8,
2006.

Subsequently, Neil Wickenden was appointed as liquidator.

The Liquidator can be reached at:

         Neil Wickenden
         Level 19, 207 Kent Street
         Sydney, New South Wales 2000
         Australia


DUNSHEA FINANCIAL: Liquidator to Present Wind-Up Report
-------------------------------------------------------
The members and creditors of Dunshea Financial Services Pty Ltd
will hold a final meeting on October 16, 2006, at 11:00 a.m.

During the meeting, Liquidator Stephen Jay will report the
company's wind-up proceedings and the manner of property
disposal.

The Liquidator can be reached at:

         Stephen Jay
         c/o Nicholls & Co
         Chartered Accountants
         PO Box 1250
         Dubbo, New South Wales 2830
         Australia


FELTEX CARPETS: Cuts 124 Jobs and Closes Marton Plant
-----------------------------------------------------
According to the Troubled Company Reporter - Asia Pacific on
October 4, 2006, receivers for Feltex Carpets Limited explained
that redundancies at its Kakariki and Christchurch plants are
necessary to support the longer-term viability of the business.

In an update, a report from The Dominion Post relates that
Feltex slashed 124 jobs and closed its Kakariki wool-scouring
plant near Marton.

On October 3, 2006, 45 workers at Feltex's Marton plant were
told to pack up because the plant was closing due to the
restructuring.  Moreover, up to 79 workers were made redundant
in Christchurch, the report notes.

The TCR-AP also noted that Godfrey Hirst intends to offer jobs
to 85% of Feltex's 820 New Zealand employees and to all 500
employees in Australia.

According to the New Zealand Herald, the job losses, which were
negotiated as part of the sale, represent 15% of Feltex's New
Zealand workforce.

The NZ Herald says Godfrey Hirst is not ruling out further cuts.

"Over the next few months, we will carefully and closely examine
all aspects of the Feltex operation," the paper cites Godfrey
Hirst New Zealand general manager Tania Pauling as saying.

"We are pleased this matter has finally reached a conclusion.
The outcome will ensure that in the immediate future certainty
is returned to employees, customers and suppliers," Ms. Pauling
adds.

However, The Dominion Post quotes one machine operator from
Feilding as stating "it's going to have an effect on the
communities around here, they're all small and these jobs are
important."

Council of Trade Unions chief executive Ross Wilson said the job
losses were unnecessary, given the offer for Feltex made by the
Turner brothers of Sleepyhead to save all the company, the paper
relates.

                          About Feltex

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

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

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.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States
Proceeds of the sale will be used to ease the company's
NZ$128-million debt to ANZ Bank.


FELTEX CARPETS: ANZ Recovers AU$140 Million Feltex Loan
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 4, 2006, Feltex Carpets Limited's receivers,
McGrathNicol and Partners, have accepted Godfrey Hirst's
unconditional offer for Feltex.  

A follow-up report from the New Zealand Herald relates that ANZ
Bank will recover its entire AU$140 million loan to Feltex as
part of Feltex's sale of its business to Godfrey Hirst, but
creditors owed AU$7.5 million will suffer a loss.

The report cites receiver Colin Nicol as saying that Godfrey
Hirst has agreed to cover ANZ's loan and employee entitlements
when it takes over the business next month.

As noted in the TCR-AP report, the handover is anticipated to
occur in early November 2006.

The ANZ's recovery is in sharp contrast to expectations that ANZ
would have to write off some of its loan to rid itself of
Feltex, NZ Herald notes, adding that the turn-around may in part
reflect the statutory protections the bank gets in a
receivership.

Godfrey Hirst was advised in New Zealand by investment bank UBS,
New Zealand Herald notes.

                          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.

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.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States
Proceeds of the sale will be used to ease the company's
NZ$128-million debt to ANZ Bank.


FF SERVICES: Falls into Voluntary Liquidation
---------------------------------------------
Shareholders of FF Services Ltd resolved on September 11, 2006,
to voluntary liquidate the company and appointed Liquidator
David Leslie Pearson to oversee the liquidation proceedings.

In this regard, creditors of the company are required to prove
their debt to the Liquidator by October 11, 2006.

The Liquidator can be reached at:

         David Leslie Pearson
         Pearsons Chartered Accountants
         9A Ngaio Road, Waikanae
         P.O. Box 577, Wellington
         New Zealand
         Telephone: (04) 293 4343
         Facsimile: (04) 293 4342


FREEMONT DESIGN: Liquidation Bid Hearing Slated for Nov.23
----------------------------------------------------------
Hearing of the liquidation petition filed against Freemont
Design & Construction Ltd will be held before the High Court of
Auckland on November 23, 2006, at 10:45 a.m.

Natures View Joinery Ltd filed the petition on September 6,
2006.

The Solicitor for the Petitioner can be reached at:

         Michael Talbot
         McCaw Lewis Chapman, Solicitors
         Level One, One on London
         1 London Street
         (P.O. Box 9348 or D.X. G.P. 20-020)
         Hamilton, New Zealand


FURZER CRESTANI: Members Agree to Liquidate Business
----------------------------------------------------
On August 7, 2006, the members of Furzer Crestani & Co Pty Ltd
decided to voluntarily liquidate the company's business.

Accordingly, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


H W D BRUCE: Commences Liquidation on September 12
-------------------------------------------------
The liquidation of H W D Bruce Ltd commenced with the
appointment of John Ivan Farac to act as liquidator on September
12, 2006.

The Liquidator can be reached at:

         John Farac
         P.O. Box 8722, Symonds Street
         Auckland
         New Zealand
         Telephone: (09) 303 2200
         Facsimile: (09) 307 2074


HARMAN CHALLENGE: Supreme Court Orders Wind-Up
----------------------------------------------
The Supreme Court of Victoria ordered the wind-up of Harman
Challenge Pty Ltd on September 6, 2006.

Accordingly, Adrian Brown was appointed as official liquidator.

The Official Liquidator can be reached at:

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


INTEGRATED PLASTIC: Court to Hear Liquidation Bid on Oct.12
-----------------------------------------------------------
A petition to liquidate Integrated Plastic Solutions Ltd will be
heard before the High Court of Auckland on October 12, 2006, at
10:45 a.m.

Proform Plastics Ltd filed the petition with the Court on
July 27, 2006.

The Solicitor for the Petitioner can be reached at:

         Travis Browne
         Offices of Norris Ward McKinnon
         Seventh Floor, WEL Energy House
         corner of Victoria and London Streets
         (Private Bag 3098), Hamilton
         New Zealand


IPF VA: Court to Hear Liquidation Bid on Oct. 9
-----------------------------------------------
The High Court of Rotorua will hear a liquidation petition filed
against IPF VA Ltd on October 9, 2006, at 10:45 a.m.

Credit Link Factors Ltd filed the petition with the Court on
July 12, 2006.

The Solicitor for the Petitioner can be reached at:

         Ian Oliver Caddis
         Credit Link Factors Limited
         19 Meachen Street, Seaview, Lower Hutt
         P.O. Box 39-123, Wellington Mail Centre
         New Zealand


JADCO INVESTMENTS: Names Burgess as Liquidator
----------------------------------------------
Raymond Gordon Burgess was appointed on September 12, 2006, to
act as Liquidator in the liquidation of Jadco investments Ltd.

Accordingly, Mr. Burgess requires the creditors of the company
to prove their debts by October 17, 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:

         Raymond Burgess
         P.O. Box 82-100, Auckland
         New Zealand
         Telephone: (09) 576 7806
         Facsimile: (09) 576 7263


FF SERVICES: Falls into Voluntary Liquidation
---------------------------------------------
Shareholders of FF Services Ltd resolved on September 11, 2006,
to voluntary liquidate the company and appointed Liquidator
David Leslie Pearson to oversee the liquidation proceedings.

In this regard, the company's creditors are required to prove
their debt to the Liquidator by October 11, 2006.

The Liquidator can be reached at:

         David Leslie Pearson
         Pearsons Chartered Accountants
         9A Ngaio Road, Waikanae
         P.O. Box 577, Wellington
         New Zealand
         Telephone: (04) 293 4343
         Facsimile: (04) 293 4342


FREEMONT DESIGN: Liquidation Bid Hearing Slated for Nov.23
----------------------------------------------------------
Hearing of the liquidation petition filed against Freemont
Design & Construction Ltd will be held before the High Court of
Auckland on November 23, 2006, at 10:45 a.m.

Natures View Joinery Ltd filed the petition on September 6,
2006.

The Solicitor for the Petitioner can be reached at:

         Michael Talbot
         McCaw Lewis Chapman, Solicitors
         Level One, One on London
         1 London Street
         (P.O. Box 9348 or D.X. G.P. 20-020)
         Hamilton, New Zealand


FURZER CRESTANI: Members Agree to Liquidate Business
----------------------------------------------------
On August 7, 2006, the members of Furzer Crestani & Co Pty Ltd
decided to voluntarily liquidate the company's business.

Accordingly, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


H W D BRUCE: Commences Liquidation on September 12
-------------------------------------------------
The liquidation of H W D Bruce Ltd commenced with the
appointment of John Ivan Farac to act as liquidator on September
12, 2006.

The Liquidator can be reached at:

         John Farac
         P.O. Box 8722, Symonds Street
         Auckland
         New Zealand
         Telephone: (09) 303 2200
         Facsimile: (09) 307 2074


HARMAN CHALLENGE: Supreme Court Orders Wind-Up
----------------------------------------------
The Supreme Court of Victoria ordered the wind-up of Harman
Challenge Pty Ltd on September 6, 2006.

Accordingly, Adrian Brown was appointed as official liquidator.

The Official Liquidator can be reached at:

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


INTEGRATED PLASTIC: Court to Hear Liquidation Bid on Oct.12
-----------------------------------------------------------
A petition to liquidate Integrated Plastic Solutions Ltd will be
heard before the High Court of Auckland on October 12, 2006, at
10:45 a.m.

Proform Plastics Ltd filed the petition with the Court on
July 27, 2006.

The Solicitor for the Petitioner can be reached at:

         Travis Browne
         Offices of Norris Ward McKinnon
         Seventh Floor, WEL Energy House
         corner of Victoria and London Streets
         (Private Bag 3098), Hamilton
         New Zealand


IPF VA: Court Sets Date to Hear Liquidation Bid
-----------------------------------------------
The High Court of Rotorua will hear a liquidation petition filed
against IPF VA Ltd on October 9, 2006, at 10:45 a.m.

Credit Link Factors Ltd filed the petition with the Court on
July 12, 2006.

The Solicitor for the Petitioner can be reached at:

         Ian Oliver Caddis
         Credit Link Factors Limited
         19 Meachen Street, Seaview, Lower Hutt
         P.O. Box 39-123, Wellington Mail Centre
         New Zealand


JADCO INVESTMENTS: Names Burgess as Liquidator
----------------------------------------------
Raymond Gordon Burgess was appointed on September 12, 2006, to
act as Liquidator in the liquidation of Jadco investments Ltd.

Accordingly, Mr. Burgess requires the creditors of the company
to prove their debts by October 17, 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:

         Raymond Burgess
         P.O. Box 82-100, Auckland
         New Zealand
         Telephone: (09) 576 7806
         Facsimile: (09) 576 7263


JAMES HARDIE: Will Protect Officers from ASIC Investigation
-----------------------------------------------------------
The Australian Securities and Investments Commission will launch
its first actions against some of James Hardie Industries
Limited's former and serving officers by February, the
Australian Associated Press relates, citing a News Ltd report.

As revealed by The Weekend Australian, the ASIC's first actions
will launched when the statute of limitations for some of the
alleged offences expires, The Australian says.

According to AAP, James Hardie will cover any corporate
penalties its current and former officers incur over its
asbestos funding scandal.

The Age recounts that former Hardie chief executive Peter
Macdonald, and former chief financial officer Peter Shafron have
been accused of breaking corporate laws in setting up an
independent asbestos compensation trust in 2001 with what turned
out to be a AU$1 billion-plus shortfall.

According to the paper, legal experts said the indemnity
agreements would be unlawful for an Australian company.

The indemnity agreements came to light in a document James
Hardie sent to the US Securities and Exchange Commission, The
Age notes.  But as a Dutch company, James Hardie may believe it
can provide its officers with the protection, the paper says.

AAP cites Ian Mutton, CSR's former asbestos litigation lawyer,
who now runs his own international corporate law practice, as
telling News Ltd the indemnities might have been negotiated with
some of the company's officers to ensure they would not "turn
coat" and give damning information to authorities.

The Australian also cites the head of Melbourne University's
Centre for Corporate Law, Professor Ian Ramsay, as saying
Section 199 (A) of the corporations law specifically prohibited
any entity granting indemnities for penalties imposed for
breaches of directors' duties or other misconduct.

According to The Age, chairwoman Meredith Hellicar played a key
role in the cancellation of AU$1.9 billion of partly paid shares
James Hardie had promised the NSW Supreme Court, which would
meet some potential Australian asbestos liabilities, The Age
reveals.

The Australian relates that among the alleged breaches, ASIC is
investigating whether some company officers engaged in deceptive
or misleading conduct in saying the asbestos compensation trust
would be "fully funded", and whether James Hardie unlawfully
reduced capital in canceling the partly paid shares.

As reported in the Troubled Company Reporter - Asia Pacific on
October 3, 2006, James Hardie Industries Limited with the United
States Securities and Exchange Commission and the Australian
Stock Exchange, its annual report on Form 20-F.

According to the TCR-AP, appendices to the Form 20-F include the
Final Funding Agreement signed by James Hardie and the NSW
Government on December 1, 2005, and associated documents.

With respect to the ASIC investigation, The Australian cites
James Hardie, as saying in its "20-F" SEC filing:

   "We may be liable for costs, penalties, fees or expenses
   incurred by current or former directors, officers or
   employees of the James Hardie Group to the extent that those
   costs are covered by indemnity arrangements granted by the
   James Hardie Group to those persons."

James Hardie spokesman Cameron Hamilton explained "the company
is obliged under the SEC rules to provide in the risks section
possible worst case scenarios that could affect the company
without recourse to any ameliorating factors," The Australian
relates.

James Hardie has admitted the ASIC investigation may seriously
damage it, AAP says.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers  unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.  
In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


JUMP START: Shareholders Opt for Voluntary Liquidation
------------------------------------------------------
Shareholders of Jump Start Kids Ltd resolved to place the
company under voluntary liquidation and appointed John Albert
Price and Christopher Robert Ross Horton as liquidators to act
jointly and severally.

The Liquidators fixed October 2, 2006, as the last day for
creditors to prove their debts or claims.

The Joint Liquidators can be reached at:

         J.A. Price
         Horton Price Limited
         P.O. Box 9125, Newmarket
         Auckland, New Zealand
         Telephone: (09) 366 3700
         Facsimile: (09) 366 7276


KR CONTRACTING: Members' and Creditors' Meeting Set on Oct.  19
---------------------------------------------------------------
KR Contracting Services Pty Ltd will hold a final meeting for
its members and creditors on October 19, 2006, at 10:00 a.m., to
receive Liquidator Tayeh's report on the company's wind-up
proceedings and property disposal exercises.

The Liquidator can be reached at:

         Riad Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


LEISURE WOOD: Faces Liquidation Proceedings
-------------------------------------------
Rosenfeld Kidson & Co Ltd filed a liquidation petition against
Leisure Wood Designs Ltd before the High Court of Rotorua on
August 15, 2006.

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

The Solicitor for the Petitioner can be reached at:

         Debra M. Law
         Debtor Management Limited
         Unit Eleven, 9 Freeman Way
         Manukau City, Auckland
         P.O. Box 98-724, South Auckland Mail Centre
         New Zealand
         Facsimile: (09) 263 9108


MACADAMIA KING: Commences Wind-Up of Operations
-----------------------------------------------
At a general meeting held on August 24, 2006, the members of
Macadamia King Pty Ltd resolved to voluntarily wind up the
company's operations and appoint Shaun Ian Reeves as liquidator.

The Liquidator can be reached at:

         Shaun Ian Reeves
         Skaines Reeves & Jones
         Unit 3/27 South Pine Road
         Strathpine, Queensland 4500
         Australia


MARSH & PARTNERS: To Distribute Third Dividend on October 13
------------------------------------------------------------
Marsh & Partners, which is subject to a deed of company
arrangement, will distribute the third dividend for its
creditors on October 13, 2006.

Creditors who were unable to prove their debts 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


MCKINLEY COMPANY: To Declare First and Final Dividend
-----------------------------------------------------
Mckinley Company Creditors Trust formerly known as Creatable
Media Ltd will declare its first and final dividend to its
admitted creditors on October 19, 2006.

Creditors who were not able to prove their claims on October 3,
2006, are excluded from the benefit of the dividend.

The Trustee can be reached at:

         Manfred Holzman
         Holzman Associates
         GPO Box 3667
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9222 9070
         Facsimile:(02) 9222 9071


MERIDIAN INTERIOR: Members Opt to Close Business
------------------------------------------------
At a general meeting held on August 8, 2006, the members of
Meridian Interior Solutions Pty Ltd agreed to voluntarily
liquidate the company's business.

In this regard, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


NO COMMISSION: Appoints Ward as Official Liquidator
---------------------------------------------------
Shareholders of No Commission Property Sales Ltd appointed
Timothy Patrick Ward on September 11, 2006, to act as liquidator
for the company.

Mr. Ward directs the company's creditors to file their proofs of
claim by November 30, 2006.  Failure to prove their debts will
exclude creditors from sharing in any distribution the company
will make.

As reported by the Troubled Company Reporter - Asia Pacific,
Associated Press Ltd filed a liquidation petition against the
company on August 23, 2006.

The Liquidator can be reached at:

         T. P. Ward
         BDO Spicers, Lexicon House
         123 Spey Street, Invercargill
         P.O. Box 1206, Invercargill
         New Zealand
         Telephone: (03) 218 2959
         Facsimile: (03) 218 2092
         Email: tim.ward@inv.bdospicers.com


P. MCCUBBERY: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting of P. Mccubbery Pty Ltd held
on August 30, 2006, shareholders resolved to voluntarily wind up
the company's operations.

Jenni Nash was consequently appointed as liquidator.

The Liquidator can be reached at:

         Jenni Nash
         Archer Gowland Pty Ltd
         35 Dalton Drive
         Maroochydore, Queensland 4558
         Australia


PARKES INTERNATIONAL: Court Issues Wind-Up Order
------------------------------------------------
The Federal Court of Australia on September 8, 2006, ordered
Parkes International Terminal Pty Ltd to wind up the company's
operations and appointed Antony de Vries as official liquidator.

The Official Liquidator can be reached at:

         Antony De Vries
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia


PETERPHYL HOLDINGS: Members Agree to Close Business
---------------------------------------------------
On September 5, 2006, the members of Peterphyl Holdings Pty Ltd
resolved to voluntarily wind up the company's operations.

Subsequently, Kenneth Whittingham was appointed as liquidator.

The Liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Chartered Accountants & Advisers
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia


PINNACLE SHEETMETAL: Members and Creditors to Meet on October 20
----------------------------------------------------------------
A final meeting of the members and creditors of Pinnacle
Sheetmetal Pty Ltd will be held on October 20, 2006, at
10:00 a.m.

During the meeting, Liquidator Daniel I. Cvitanovic will report
on the accounts of the company's wind-up proceedings.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Shop 5 Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia
         Telephone:(02) 4226 9575
         Facsimile:(02) 4225 9293


RAH SERVICES: To Declare First and Final Dividend on October 18
---------------------------------------------------------------
RAH Services Pty Ltd, which is in liquidation, will declare the
first and final dividend for its creditors on October 18, 2006.

Creditors who were unable to submit their proofs of claim on
October 3, 2006, are excluded in the dividend distribution.

The Liquidator can be reached at:

         S. J. Sherman
         c/o Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia


RD MOYLE: Members' Final Meeting Set for October 18
---------------------------------------------------
The final meeting of the members of R D Moyle & Sons Pty Ltd
will be held on October 18, 2006, at 11:00 a.m.

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

The Liquidator can be reached at:

         Michael G. Jones
         c/o Jones Condon Chartered Accountants
         Level 13, 189 Kent Street
         Sydney, New South Wales
         Australia
         Telephone:(02) 9251 5222


REXUNU PTY: Final Meeting Slated for October 11
-----------------------------------------------
The members of Rexunu Pty Ltd will hold a final meeting on
October 11, 2006, at 9:00 a.m.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under a members' voluntary liquidation on
July 7, 2006.

The Liquidator can be reached at:

         Peter John Burgess
         McPherson, Burgess & Associates
         Chartered Accountants
         7 Macquarie Street
         Taree, New South Wales 2430
         Australia


RUCKSACK PTY: To Hold Final Meeting on October 18
-------------------------------------------------
A final meeting of the members and creditors of Rucksack Pty Ltd
will be held on October 18, 2006, at 10:30 a.m.

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

The Liquidator can be reached at:

         Anthony Warner
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia


SPA AT THE SCENE: Hearing of Liquidation Bid Fixed on Nov.2
-----------------------------------------------------------
On July 24, 2006, Dimension Shopfitters (2004) Ltd filed a
liquidation petition against The Spa at the Scene Ltd before the
High Court of Auckland.

The petition will be heard on November 2, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         C.N. Lord
         Offices of Craig Griffin & Lord, Solicitors
         187 Mt Eden Road, Mt Eden, Auckland
         P.O. Box 9049, Newmarket, Auckland
         New Zealand


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

Only those creditors who submitted proofs of debt by October 3,
2006, will be included in the company's distribution of
dividend.

The Deed Administrator can be reached at:

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


THE RESPONSE STAFFING: Court Issues Wind-Up Order
-------------------------------------------------
The Supreme Court of Victoria on August 25, 2006, ordered The
Response Staffing Group Pty Ltd to wind up its operations and
appointed Gregory Stuart Andrews as official liquidator.

The Official Liquidator can be reached at:

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


VILLA DEVELOPMENTS: Liquidator Bates to Present Wind-Up Report
--------------------------------------------------------------
A final meeting of the members of Villa Developments Pty Ltd
will be held on October 18, 2006, at 1:00 p.m.

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

The Liquidator can be reached at:

         Robert George Bates
         c/o Casey Bates
         Suite 2, Level 6
         20 Smith Street, Parramatta
         Australia
         Telephone:(02) 9891 1155


W.B.M. (HOLDINGS): Members Resolve to Wind Up Operations
--------------------------------------------------------
On September 7, 2006, the members of W.B.M. (Holdings) Pty Ltd
resolved to voluntary wind up its operations.

In this regard, 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


WAIKAN EMPLOYMENT: To Declare Dividend on October 20
----------------------------------------------------
Waikan Employment & Training Services Ltd will declare the first
and final dividend to its creditors on October 20, 2006.

Creditors who were not able to formally prove their debts by
September 22, 2006, are excluded from the benefit of the
dividend.

The Troubled Company Reporter - Asia Pacific reported that on
December 15, 2005, the company commenced a wind-up of its
operations.

The Liquidator can be reached at:

         G. D. Finch
         KPMG
         18 Smith Street
         Darwin, NT 0800
         Australia


WESTPOINT GROUP: Ann Street Mezzanine Declares First Dividend
-------------------------------------------------------------
On September 25, 2006, PricewaterhouseCoopers partners David
McEvoy and Geoff Totterdell, liquidators of Ann Street Mezzanine
Pty Limited, advised of their intent to declare a first dividend
to unsecured creditors.

The notice of the intent was published in the Australian
Government Gazette and The Australian newspaper on September 26,
2006.

Ann Street Mezzanine is one of the nine mezzanines related to
the Westpoint Group of companies that have been placed in
liquidation and will be the first to declare a dividend to
creditors.

Ann Street Mezzanine was the second mortgage financier of the
building project known as the 333 Ann Street Brisbane
development.  Receivers and managers sold the property involved.

The receivers and managers were appointed to the real estate
owner Ann St Brisbane Pty Limited, a Westpoint related company,
by the first mortgage lender -- Permanent Trustees on behalf of
the Howard Mortgage Trust.

The balance of the sale proceeds paid to Ann St Mezzanine after
repayment of the first mortgage debt and associated costs was
AU$7.5 million.  Ann St Brisbane Pty Limited has no other known
assets.

"The total claims of the 870 known unsecured creditors is in the
order of AU$74.2 million, and we estimate the dividend will be
at the rate of 7.4 cents in the dollar," Geoff Totterdell of
PricewaterhouseCoopers said.

"Funds are being retained by the liquidators to allow for
continuing investigation into the conduct of the company and the
causes of the company's failure," Mr. Totterdell noted.

                    About Westpoint Group

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

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

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


WORLEY ABB: Members Opt to Shut Down Operations
-----------------------------------------------
At a general meeting held on September 6, 2006, the members of
Worley Abb Procurement Pty Ltd decided to shut down the
company's operations and appointed M. C. Smith as liquidator.

The Liquidator can be reached at:

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

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


ADVANCED WIRELESS: Faces Wind-Up Proceedings
--------------------------------------------
A petition to wind-up Advanced Wireless Group Ltd will be heard
before the High Court of Hong Kong on October 18, 2006, at 9:30
a.m.

Somacis Korea Co. filed the petition with the Court on August
17, 2006.  The petition was amended on September 18.

The Solicitors for the Petitioner can be reached at:

         Richard Healy
         Oldham, Li & Nie, Solicitors
         Suite 503, St. George's Building
         2 Ice House Street
         Central, Hong Kong
         Tel: 2868 0696
         Fax: 2810 6796


AFFILIATED COMPUTER: Asks Dist. Court's "No Default" Declaration
----------------------------------------------------------------
Affiliated Computer Services, Inc., received a letter from
persons claiming to hold certain of its senior notes advising
the company that it was purportedly in default of its covenants
under that certain Indenture dated June 6, 2005, with The Bank
of New York Trust Company, N.A., as Trustee.

The letter alleged that the company's failure to file its
Form 10-K by Sept. 13, 2006, was a default under the terms of
the Indenture.

The company disclosed that its position is that no default has
occurred under the Indenture and has filed a lawsuit against the
Trustee in the United States District Court for the Northern
District of Texas, Dallas Division, seeking a declaratory
judgment affirming its position.

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 China, Brazil, 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.  


ALROCO COMPANY: To Declare First and Final Dividend on Oct. 23
--------------------------------------------------------------
Alroco Company Ltd will declare its first and final dividend for
its creditors on October 23, 2006.

Creditors are required to prove their debts or be excluded from
sharing in the dividend distribution.


ART DATA: Wind-Up Petition Hearing Set on November 8
----------------------------------------------------
Chow Kit Ming on September 8, 2006, filed before the High Court
of Hong Kong a petition to wind up the operation of Art Date
Package Co. Ltd.

The Court will hear the petition on November 8, 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


BENQ CORP: German Unit Turnaround to Cost Around US$1.07 Billion
----------------------------------------------------------------
BenQ Corporation reaffirmed its argument that turning round its
German unit, BenQ Mobile GmbH & Co., would have threatened the
group's financial survival, Financial Times reports.

"BenQ Mobile lost US$1.07 billion during the 12 months following
the acquisition on October 1, 2005," Rick Lei, BenQ's chief
strategy officer, told the Financial Times.  "We would have
needed to pour in at least as much again to make it profitable."

Mr. Lei's comments followed BenQ's decision last week to put the
German mobile unit it bought in 2005 from Siemens AG into
insolvency.

The paper recounts that BenQ, in an estimate last week, said
that the cost of turning round the business would be nearer
EUR500 million.

Moreover, BenQ estimated that it lost at least US$1.1 billion in
the handset business on delays in new models.

The parent company decided to place its German unit under
insolvency in order to halt three straight quarters of losses
since taking over the business, Bloomberg says.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.

Taiwan Ratings Corp., on August 17, 2006, lowered its long-term
corporate credit rating and unsecured corporate bond rating on
BenQ Corporation to twBB+ from twBBB.  At the same time, the
short-term corporate rating on the Company was lowered to twB
from twA-3.  All ratings remain on CreditWatch with negative
implications, where they were placed on March 14, 2006.


BENQ CORP: Funding Cut to Unit Has No Sudden Impact on Ratings
--------------------------------------------------------------
Taiwan Ratings Corp said on September 29, 2006, that its twBB+
long-term and twB short-term corporate credit ratings on BenQ
Corp. would not be immediately affected by the company's
decision to discontinue injecting capital into its German mobile
phone subsidiary, BenQ Mobile GmbH & Co OHG.

The ratings on BenQ remain on CreditWatch with negative
implications, where they were placed on March 14, 2006, due to
large operating losses from its mobile handset business.

BenQ Mobile is considering filing for insolvency protection in
Germany following the cessation of funding from BenQ.  BenQ is
also considering how to appropriately deal with another loss
making subsidiary in Brazil.

However, the company will maintain its handset operations in
Asia and continue to sell the handsets under the 'BenQ-Siemens'
brand name.  The decision to cut funding to BenQ Mobile is
expected to greatly reduce operating losses from BenQ's handset
business.

The company took over the handset operation of Siemens AG (rated
AA-/Watch Neg/A-1+ by Standard & Poor's Rating Services) in
October 2005.  BenQ incurred operating losses of NT$17 billion
in the first half of 2006.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.


DR. B.M KOTEWALL: Creditors' Proofs of Claim Due on October 28
--------------------------------------------------------------
Liquidator Chan Yu Ling require creditors of Dr. B. M. Kotewall
Foundation Ltd to submit their proofs of claim by October 28,
2006.

Creditors who cannot prove their claims by the due date will be
excluded from the benefit of any distribution the company will
make.

The Liquidator can be reached at:

         Chan Yu Ling
         Room 602, Aon China Building
         29 Queen's Road, Central
         Hong Kong


EASTERN ALPHA: Appoints Jacky CW Muk as Liquidator
--------------------------------------------------
Pursuant to resolutions of creditors at the adjourned annual
meeting held on September 26, 2006, Jacky Chung Wing Muk was
appointed liquidator of Eastern Alpha Investment Ltd.


EVER SINO: Appoints Lam Tak Keung as Liquidator
-----------------------------------------------
Lam Tak Keung was appointed liquidator of Ever Sino Enterprise
Ltd by a special resolution of the company passed on
September 26, 2006.

The Liquidator can be reached at:

         Lam Tak Keung
         Suite 504, South Tower
         World Finance Centre, Harbour City
         17-19 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


FAVOUR ART: Annual Meeting Slated for October 6
-----------------------------------------------
Tthe members and creditors of Favour Art Knitting Ltd will each
hold their annual meeting on October 6, 2006, at 3:00 p.m. and
3:30 p.m. respectively, at Bridges Executive Centre, Function
Room, Unit 3302, 33/F, Lippo Centre Tower Two, 89 Queensway,
Admiralty, Hong Kong.

At the meeting, Liquidator Victor Chiu will give an account
regarding the wind-up of the Company's operations.


FERRO CORP: S&P Holds Low-B Corp. Credit & Sr. Unsec. Debt Rtgs.
----------------------------------------------------------------
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remained on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.

Standard & Poor's will resolve the CreditWatch after Ferro files
its 2005 full year and 2006 quarterly financial statements,
which are expected by Sept. 30th and Dec. 31st, respectively.
     
The rating agency could lower the ratings if there are material
negative surprises arising from disclosures in any of the
financial statements or additional meaningful delays in the
filings.

"Still, in recent months the company has finalized a new credit
facility and strengthened transparency with regard to current
results," said Standard & Poor's credit analyst Wesley E. Chinn.

"Moreover, the company plans to use proceeds from a pending sale
of its specialty plastics business to reduce debt."

The ratings on Ferro reflect:

   * its aggressive debt leverage;

   * cyclicality of its markets;

   * vulnerability to raw material costs;

   * lackluster operating margins and return on capital; and

   * delays in the filing of the 10-K and 10-Qs for 2005 and
     10-Qs for 2006.

These negatives are partially offset by:

   * satisfactory liquidity under a new credit facility;

   * improving earnings; and

   * a likely debt reduction from planned asset sales.

The filing delays caused by the lengthy accounting investigation
and restatement process, as well as still-limited transparency
on business conditions and operating results, which have
resulted from this review work, are a significant credit quality
negative.

Standard & Poor's expects that any deficiencies in the company's
internal controls regarding financial reporting or other
accounting areas are being addressed in a timely manner and will
not hamper Ferro's ability to strengthen profitability and its
financial condition.

Price increases, initiatives to reduce overhead and procurement
costs, improved conditions in the electronic materials market,
and restructured polymer additives operations should contribute
to a modest strengthening of operating margins and earnings in
2006 from weak levels.  But the raw material and energy cost
environment remains challenging.

An earnings rebound would benefit the weak funds from operations
to total debt ratio, taking into account capitalized operating
leases, an accounts receivable securitization program, and
meaningful unfunded pension and other postretirement
obligations.

That measure would also be bolstered by likely debt reduction
using proceeds from the pending sale of the specialty plastics
business, which generated revenues of US$270 million in 2005.  
This divestiture, coupled with other asset sales, could
eventually generate total net proceeds of roughly US$200
million.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, France, Germany, Indonesia, Italy,
Japan, Mexico, Netherlands, Portugal, Spain, Taiwan, Thailand,
the United Kingdom, the United States and Venezuela.


FGX INTERNATIONAL: 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 FGX International Limited.

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$15 million
   First Lien
   Revolver               B2       B1      LGD3     35%

   US$150 million
   First Lien
   Term Loan              B2       B1      LGD3     35%

   US$50 million
   Second Lien
   Term Loan              B3       Caa1    LGD5     84%

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

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

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

Based in Smithfield, Rhode Island, FGX International Limited --
http://www.fgx.com/-- is a designer and marketer of non-
prescription reading glasses, sunglasses and costume jewelry
with a portfolio of brands including Foster Grant and
Magnivision.  The company has international locations in the
United Kingdom, Canada, China and Mexico.


GB BONTEX: Creditors Must Prove Debts by October 20
---------------------------------------------------
Liquidator Charles W James Kostelni requires the creditors of GB
Bontex Hong Kong Ltd to submit their proofs of debt by
October 20, 2006.

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

The Liquidator can be reached at:

         Charles W James Kostelni
         5 Hamilton Drive
         Lexington, Virginia 24450
         U.S.A.


HONG KONG OPTICAL: Court Sets Date to Hear Wind-Up Bid
------------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Hong Kong Optical Fiber Ltd on November 8, 2006, at 9:30
a.m.

Hollywood Palace Company Ltd filed the petition with the Court
on September 7, 2006.

The Solicitors for the Petitioner can be reached at:

         Ford, Kwan & Company
         Suite 1505-1508, 15/F
         Chinachem Golden Plaza
         No. 77 Mody Road, Tsimshatsui East
         Kowloon, Hong Kong
         Tel: 2366 0688
         Fax: 2722 0736


KARLSTEAD LTD: Liquidators to Present Wind-Up Report
----------------------------------------------------
Karlstead Ltd will hold a final meeting for its members on
October 31, 2006, at 10:00 a.m.

At the meeting, Joint Liquidators Keung and Morris will present
final reports on the company's wind-up proceedings.

The Joint Liquidators can be reached at:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         18/F, Two International Finance Centre
         8 Finance Street, Central
         Hong Kong


LOYAL FRIEND: Creditors' Proofs of Debt Due on November 10
----------------------------------------------------------
Creditors of Loyal Friend Ltd must submit their proofs of debt
to Liquidator Fu Kwok Ching by November 10, 2006, to be included
in the company's distribution of dividend.

The Liquidator can be reached at:

         Fu Kwok Ching
         Room 609, 6/F, Austin Tower
         22-26A Austin Avenue
         Kowloon, Hong Kong


MAXIPO TECHNOLOGY: Members to Receive Wind-Up Report
----------------------------------------------------
The members of Maxipo Technology International Ltd will hold a
final meeting on October 31, 2006, 4:00 p.m., at 6th Floor, Kwan
Chart Tower, 6 Tonnochy Road, Wanchai, Hong Kong.

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


MEDMIRA INC: Completes Draw Down of Cornell Capital's Equity L/C
----------------------------------------------------------------
MedMira Inc. has completed the draw down against its equity line
of credit with Cornell Capital Partners, LP, which was announced
on Sept. 5, 2006.

Under the terms negotiated in the equity line, Cornell has
purchased 80,506 common shares from MedMira at an average price
of US$0.3478 which is 96.5% of the daily volume weighted average
price over a 10 day pricing period, beginning on Sept. 6, 2006,
and ending on Sept. 19, 2006, for net proceeds of US$28,000.  
The shares issued are not subject to any hold period by the TSX
Venture Exchange or other regulatory bodies.

First Purchasers of MedMira common shares issued in relation to
this draw down notice have certain statutory rights of
rescission or damages for a period of 40 days from the
settlement date.  The terms of the equity line financing, and
the rights of First Purchasers are described in more detail in a
prospectus dated November 21, 2005 which is available on the
company's web site at www.medmira.com and on SEDAR at
www.sedar.com.

                        About MedMira Inc.

MedMira Inc. (TSX Venture: MIR, NASDAQ:MMIRF) --
http://www.medmira.com/-- manufactures and markets in vitro  
flow-through rapid diagnostic tests.  MedMira delivers rapid
diagnostic solutions to healthcare communities around the globe.  
Its corporate offices and manufacturing facilities are located
in Halifax, Nova Scotia, Canada with a representative office in
Guilin and China.

                           *     *     *

At April 30, 2006, MedMira's balance sheet showed a
CDN$6,133,000 stockholders' deficit, compared with a
CDN$9,805,000 deficit at July 31, 2005.


MONANCE LTD: Members' Final Meeting Set on November 1
-----------------------------------------------------
Monance Ltd will hold a final meeting for its members on
November 1, 2006, 10:30 a.m., at 35th Floor, One Pacific Place,
88 Queensway, Hong Kong.

During the meeting, Liquidator Lai Kar Yan (Derek) and Darach E.
Haughey will present a report of the company's wind-up
proceedings and property disposal exercises.


PHILIPS MEDICAL: Creditors to Prove Claims on October 31
--------------------------------------------------------
The creditors of Philips Medical Systems (PMMS Hong Kong) Ltd
are required to submit their proofs of claim by October 31,
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:

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


PRICE WATERHOUSE: Joint Liquidators Step Aside
----------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana ceased to act as joint
and several liquidators for Price Waterhouse Management
Consultants Ltd on September 25, 2006.

The Troubled Company Reporter - Asia Pacific reported that on
July 10, 2006, members of the Company received the Liquidators'
final accounts of the company's wind-up operations.

The Joint Liquidators can be reached at:

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


REGENT BONUS: Liquidator Ceases to Act for the Company
------------------------------------------------------
On September 26, 2006, Gabriel Chi Kok Tam ceased to act as
Liquidator of Regent Bonus Investment Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
members and creditors of the Company received on November 29,
2005, Mr. Tam's report on the company's wind-up proceedings.

The former Liquidator can be reached at:

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


SINO GREETINGS: Names Lam Tak Keung as Liquidator
-------------------------------------------------
On September 28, 2006, Lam Tak Keung was appointed liquidator of
Sino Greetings Ltd by a special resolution of the company.

The Liquidator can be reached at:

         Lam Tak Keung
         Suite 504, South Tower
         World Finance Centre, Harbour City
         17-19 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


SOL MELIA: Creditors to Receive Wind-Up Report
----------------------------------------------
Sol Melia China Ltd will hold a meeting for its creditors on
October 31, 2006, 10:30 a.m., at F, Alexandra House, 18 Chater
Road, Central, Hong Kong.

During the meeting, Liquidator Edward S. Middleton will present
an account of the company's wind-up proceedings.


TREASURE ART: Members and Creditors to Meet on October 6
--------------------------------------------------------
Members and creditors of Treasure Art Knitters Ltd will have
their annual meetings on October 6, 2006, at Bridges Executive
Centre, Function Room, Unit 3302, 33/F, Lippo Centre Tower Two,
89 Queensway, Admiralty, Hong Kong, at 4:30 p.m. and 5:00 p.m.
respectively.

At the meetings, Liquidator Victor Chiu will present the report
on the company's wind-up proceedings.


YUEN KEE: Creditors to Meet on October 18
-----------------------------------------
Creditors of Yuen Kee Transportation Company Ltd will meet on
October 18, 2006, 10:30 a.m., at Rm B, 4/F., Kiu Fu Commercial
Building, 300 Lockhart Road in Wan Chai, Hong Kong.

In the meeting, creditors will discuss various matters provided
under different sections of the Companies Ordinance of Hong
Kong.


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

AES CORP: S&P Says Unit's Offering Won't Affect Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services noted that the announcement
of a secondary offering by a wholly owned subsidiary of
Brasiliana Energia S.A. is a favorable credit development for
Brasiliana's joint owner, The AES Corp. (BB-/Stable/--), but
will not affect the ratings or outlook on AES.

Brasiliana will use the expected proceeds of nearly US$530
million to US$600 million to repay about US$595 million of debt
that has covenants restricting dividend distributions.  
Elimination of this restrictive debt frees up future cash flow
for other AES growth projects.  Management estimates incremental
cash flow of about US$50 million for AES from Brasiliana's
subsidiary distributions.  Following completion of the non-
voting preferred share transaction, AES will continue to
maintain its controlling interest in Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. (the regulated utility offering
the shares) and will have an economic interest of about 18% in
Eletropaulo.

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

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

                          *     *     *

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

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


AMERICAN AXLE: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of  
its new Probability-of-Default and Loss-Given-Default rating  
methodology for the U.S. automotive sector, the rating agency  
confirmed its Ba3 Corporate Family Rating for American Axle &  
Manufacturing, Inc., and its American Axle & Manufacturing  
Holdings Inc. subsidiary.  Additionally, Moody's held its  
probability-of-default ratings and assigned loss-given-default  
ratings on two bond issues and a loan:

Issuer: American Axle & Manufacturing, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   unsecured term loan  Ba3      Ba3      LGD4     57%  
    
   senior unsecured  
   notes                Ba3      Ba3      LGD4     57%  

Issuer: American Axle & Manufacturing Holdings, Inc.     
(Subsidiary)  

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   senior convertible  
   notes                Ba3      Ba3      LGD4     57%  

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 our notching  
practices across industries and will improve the transparency  
and accuracy of our ratings as our research has shown that  
credit losses on bank loans have tended to be lower than those  
for similarly rated bonds.  

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

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

                      About American Axle

American Axle & Manufacturing -- http://www.aam.com/--   
manufactures, engineers, designs and validates driveline and
drivetrain systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, Japan, Mexico, Poland, Scotland
and India.

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB' rating to
the new US$50 million senior unsecured term loan of American
Axle & Manufacturing Inc. (BB/Negative/--).

The corporate credit ratings on American Axle and parent
company, American Axle & Manufacturing Holdings Inc., are 'BB'.
The rating outlook is negative.  The company has about
US$717 million of lease-adjusted debt and US$425 million of
underfunded employee benefit liabilities.


BALLY TECH: To Provide Casino Management System to Mohegan Sun
--------------------------------------------------------------
Bally Technologies, Inc., has signed a contract with Mohegan Sun
at Pocono Downs to provide a complete casino management system,
an advanced suite of Bally Power Bonusing products and an
initial order of 1,100 iVIEW touch-screen displays for all of
the slot machines planned for the racino resort's opening later
this year.

In addition, Bally secured an order for more than 20 percent of
the initial slot mix, including premium titles such as:

   -- Hot Shot Progressive,
   -- Cash Wheel,
   -- Hee Haw and
   -- S&H Green Stamps.

Mohegan Sun at Pocono Downs also became the first casino to
order Bally's new ALPHA Elite S9C games, which are powered by a
breakthrough technology that allows dozens of classic Bally
reel-spinning titles from its legacy S6000 line to run on the
advanced ALPHA OS without any additional game development.  The
Bally game mix also includes a variety of S9000 reel-spinners,
M9000 upright video slots and CineVision wide-screen video
slots.

Mohegan Sun at Pocono Downs is currently a harness racing
facility located on 400 acres in Wilkes-Barre, Pa., and plans to
be among the first racing locations in the state to open with
slot machines.

Currently undergoing a major expansion that will allow for the
eventual installation of 2,000 machines, Mohegan Sun at Pocono
Downs conducted a thorough competitive review before selecting
Bally CMS(R) / SMS(R) and its Bally Power Bonusing technology.  
Mohegan Sun at Pocono Downs plans to place a high level of
emphasis on its player's club, player tracking and player
marketing capabilities, including the implementation of Bally
Power Rewards, a configurable player-centric bonusing technology
that rewards guests using their player's club cards.

To complement Bally Power Rewards, Mohegan Sun at Pocono Downs
will integrate the iVIEW displays to create a personalized
multimedia experience for each patron as they play at the slot
machine.

"We looked at a number of vendors in our evaluation process and
assessed a very detailed list of systems criteria," said Robert
Soper, President and General Manager of Mohegan Sun at Pocono
Downs.  "We chose Bally because of its long-term demonstrated
commitment to gaming systems technology, product enhancements
and customer service. The Bally Power Bonusing features are
excellent tools for creating excitement on the floor, and
Bally's comprehensive CMS technology will allow multi-site
player card functionality to be used in conjunction with Mohegan
Sun, one of the nation's premier gaming destinations located in
Uncasville, Conn."

"We're very proud to extend our long-standing relationship with
Mohegan Sun and help its team succeed in a new market," said
Ramesh Srinivasan, Executive Vice President of Systems.  
"Mohegan Sun is obviously one of the most highly respected names
in the gaming industry, partly because of their innovative
thinking and creative use of technology. Bally's player-centric
design enables them to capitalize on the concept of tailored
bonuses for the patron, thereby effectively managing marketing
expenses and enhancing the player experience."

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

The company also owns and operates Rainbow Casino in
Vicksburg,Miss.  Bally Technologies' has operations in Macau,
China and India.

                          *     *     *

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


BHARTI AIRTEL: Appoints Atul Bindal as Joint President
------------------------------------------------------
Bharti Airtel appoints Atul Bindal as Joint President of Airtel
Broadband & Telephone Services.  He will report to Manoj Kohli,
President of Bharti Airtel, will be a member of the Airtel
Management Board, and chair the Broadband & Telephone Services
Management Board.

Airtel also announced the appointment of Deepak Srivastava as
Chief Operating Officer of Airtel Broadband & Telephone
Services, North region.  He will report to Mr. Bindal.

Mr. Bindal, in his new role, will focus on taking Bharti
Airtel's Broadband & Telephone services division to new heights
with increased town rollouts and introduction of new
technologies.  He will be supported by Rajiv Sharma (CEO-NCR),
Deepak Srivastava (COO-North), Prem Pradeep (CEO-South Central),
Deepak Khanna (COO-Central), Randeep Narang (COO-West).

Prior to taking on this responsibility, Mr. Bindal was the
Executive Director - South for Mobile Services at Bharti Airtel.  
He has also led a successful stint as the Group Chief Marketing
Officer and Director - Mobile Services at Bharti Airtel for over
one and half years.  

Mr. Bindal has successfully led the Mobile Services South
Regional Hub and consolidated Bharti Airtel's leadership
position in that region.  A key feature of Mr. Bindal's
leadership and strategic acumen has been his ability to
translate strategy into excellent business results.  When
leading the south regional hub, Mr. Bindal provided strategic
direction and thought leadership across various business
domains.  Not only has Mr. Bindal displayed a high degree of
dedication and commitment in establishing Airtel as a strong
brand but has also led in building functional excellence.

Mr. Kohli said , "I am delighted to announce the appointment of
Atul as the Joint President of our Broadband and Telephone
services.  Atul, with his strategic business sense and people
management skills will lead a set of highly talented and
competent leaders to take Bharti Airtel's Broadband & Telephone
Services division to the next level of excellence in Broadband
services in 92 towns."

Mr. Kohli added, "Deepak Srivastava has successfully led the
Bihar & Jharkhand market to leadership and I am confident that
in his new assignment, he will continue to set new standards and
scale new heights in North Airtel Broadband & Telephone
Services."  

Before his tenure at Bharti, Mr. Bindal was the Commercial
Director, Asia Pacific with DHL at Singapore with executive
responsibilities for Sales, Marketing, Customer Service, Pricing
and e-Commerce for the US$1.5Bn region.  He has also worked for
AlliedSignal/Honeywell for almost seven years across India, Asia
Pacific and USA in various operating and functional roles.

Mr. Srivastava was the Chief Operating Officer, Mobile Services,
Bihar & Jharkhand.  He joined Bharti Airtel in 2004, and has
been instrumental in leading Airtel to leadership in both these
markets.  Prior to joining Bharti Airtel, Deepak was with
leading British multinationals like BOC Group and ICI Plc.    

                      About Bharti Airtel

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

                          *     *     *

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

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


CANARA BANK: To Raise US$300-Million through Bond Issue in Nov.
---------------------------------------------------------------
Canara Bank plans to come up with US$300 million through an
issue of bonds overseas in November, Reuters reports, citing a
statement made by the Bank's Chairman and Managing Director,
M.B.N. Rao.

According to Business Line, the hybrid capital that the bank
intends to raise will be comprised of:

   -- US$200 million upper tier-II bonds; and

   -- US$100 in perpetual bonds.

The bank intends to use the amount raised for its international
operations.

The bank would look for fine rates linked to London Inter Bank
Offered Rate, the Business Line quotes Mr. Rao as saying.

Arrangers for the issue are reportedly Citigroup, UBS, HSBC and
ABN Amro.

Canara hopes to achieve a capital adequacy ratio of about 12%
after the issue, Mr. Rao told Reuters.

                         About Canara Bank

Headquartered in Bangalore, India, Canara Bank
-- http://www.canbankindia.com/-- provides services to a   
diverse clientele group with a range of subsidiaries and
sponsored institutions.  The bank services include networked
automated teller machines, anywhere banking, telebanking, remote
access terminals Internet, and mobile banking and debit card.  
The bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of D on
June 1, 2005.


CENTURION BANK: Shareholders Approve Lord Krishna Merger
--------------------------------------------------------
The shareholders of Centurion Bank of Punjab, at their
Extraordinary General Meeting on September 30, 2006, at Panjim,
and the shareholders of Lord Krishna Bank at their AGM
held on the same day at Kochi, approved the proposed merger of
the two banks.  The share swap ratio has been fixed at 5:7 (i.e.
for every 5 shares held of Lord Krishna Bank, its shareholders
will receive 7 shares of Centurion Bank of Punjab).

The Boards of Directors of both banks had approved the merger
proposal on September 4, 2006.  The banks will now submit an
application to the Reserve Bank of India for the requisite
regulatory approvals.

Once approved, the merger will result in the creation of a
leading private sector bank in the country with a nation-wide
presence of 361 branches and 12 extension counters, 446 ATMs,
about 3.5 million customers, with an emphatic presence in the
State of Kerala.  Centurion Bank of Punjab has approvals from
the Reserve Bank of India to open a further 30 branches in the
current fiscal year, which would take the combined bank's
physical footprint to over 400 branches and extension counters.

The merged entity will have significant strengths in Retail
banking, the SME segment, Transaction Banking, Foreign Exchange
Services and NRI banking; in addition to providing modern
banking services to customers, as a result of a focused approach
and investment in people, systems and marketing.

                    About Lord Krishna Bank

Lord Krishna Bank is a leading old private sector bank
headquartered at Cochin.  Lord Krishna Bank in the last
decade has transformed itself from a regional bank to a pan-
India bank having a branch network of 112 branches and 44 ATMs.  
It has emerged as a modern, completely computerized, technology
driven entity that is redefining relationship banking with its
customers and focusing on retail and SME banking.

                 About Centurion Bank of Punjab

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The  
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CITY UNION BANK: Board Names Shri N Kantha Kumar as Director
------------------------------------------------------------
City Union Bank Ltd's Board of Directors appointed Shri N Kantha
Kumar as director, the bank said in a filing with the Bombay
Stock Exchange.

The Board arrived at the decision in a meeting held on
September 30, 2006.

                     About City Union Bank

City Union Bank Limited -- http://cityunionbank.com/-- provides  
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, Fitch Ratings affirmed City Union's Individual
and Support ratings at 'D/E' and '5', respectively.


EMCO LTD: CoD to Meet on Oct. 9 to Consider Share Allotment
-----------------------------------------------------------
Emco Ltd's Committee of Board Directors will hold a meeting on
October 9, 2006, the company said in a regulatory filing with
the Bombay Stock Exchange.

At the meeting, the Committee will consider the allotment of
3,00,000 equity shares pursuant to exercise of option.

                       About EMCO Ltd.

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

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


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

FOSTER WHEELER: Secures New US$350-Mil. Domestic Credit Facility
----------------------------------------------------------------
Foster Wheeler Ltd. has executed an agreement for a new
US$350 million, five-year senior secured domestic credit
facility.

The company expects to close on the new facility in October
2006.  When the new facility closes, the company will be able to
utilize the facility by issuing letters of credit up to the full
$350 million limit.  The company will also have the option to
use up to US$100 million of the US$350 million limit for
revolving borrowings, an option which the company has no
immediate plans to use.

The new facility will replace an existing credit facility that
otherwise would not have expired until March 2010.  The existing
facility allows the company to issue letters of credit up to a
US$250 million limit with the option to use up to US$75 million
of the US$250 million limit for revolving borrowings.

"This new agreement will provide the increased bonding capacity
and financial flexibility that we require to support our growing
operations and increased volume of business," said John T. La
Duc, executive vice president and chief financial officer.  "At
current usage levels, this new facility will also reduce our
bonding costs by approximately US$8 million per year, a
substantial cost saving compared with our previous agreement.  
This latest accomplishment provides us with an even stronger
platform to continue to grow our business by winning new orders,
building quality backlog, and delivering best-in-class products
and services which consistently meet or exceed our clients'
expectations."

BNP Paribas is the sole lead arranger and bookrunner.

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of   
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in china, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                           *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.


PERUSAHAAN LISTRIK: Moody's Assigns B1 Rating to USD Bond Issue
---------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to PT Perusahaan Listrik Negara's proposed U.S. dollar
bond issuance.  At the same time, Moody's has assigned its B1
corporate family rating to PLN.  The rating outlook is stable.
This is the first time that Moody's has assigned ratings to PLN.

The B1 rating reflects the application of Moody's Joint Default
Analysis methodology on government-related issuers, given PLN's
100% ownership by the Ministry of State-Owned Enterprises.  In
accordance with this methodology, its rating reflects the
combination of these inputs:

   -- Baseline credit assessment of 14 (on a scale of 1 to 21,
      where 1 represents lowest credit risk)

   -- B1 local currency rating of the Indonesian government, the
      support provider

   -- High dependence, which reflects its close operating and
      financial proximity to the government and PLN's heavy
      reliance on government subsidies

   -- High support, reflecting its strategic importance to the
      economy and status as wholly government owned.  It also
      takes into account the track record of government support,
      which includes ongoing subsidies and government loans.

"The BCA of 14 reflects PLN's importance as Indonesia's only
vertically integrated electricity utility and expectations of
sustained government support - through subsidies - to ensure its
financial viability and operational soundness.  Such an
expectation is underpinned by its strong links with the
government, which is its 100% owner," says Moody's lead analyst
Jennifer Wong, adding, "Furthermore, subsidies to PLN are part
of the state budget.  As such, Moody's views PLN's rating as
closely integrated and strongly linked to the government's
credit quality."

"The BCA has incorporated the above factors, notwithstanding the
fact that its standalone credit metrics are modest, due to the
large gap between average sales prices and costs of supply as
well as major capex requirements -- which includes the projected
US$9 billion investments from 2006-2010 under the Fast Track
Program to develop 9,000MW coal-fired power generation
capacities for the country," says Ms. Wong.

Given the close integration of PLN's rating with the sovereign
rating, an upgrade in the latter would trigger a rating upgrade
of PLN.

Similarly, a downgrade in the sovereign rating would also
trigger a rating downgrade for PLN.  Furthermore, a partial
privatization of PLN or any government plan to cease subsidy
support -- a scenario that Moody's considers unlikely in the
near to medium term -- would impact the support and dependence
level and pressure the rating.

PT Perusahaan Listrik Negara is an Indonesian state-owned
vertically integrated electricity utility with a generation
capacity of over 22,000MW.  It is a monopoly operator of
transmission and distribution networks and is the country's
largest electricity producer.  The government -- represented by
the Ministry of State-Owned Enterprises -- has complete
ownership.


PERUSAHAAN LISTRIK: Proposed USD Notes Gets S&P's BB- Rating
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' foreign
currency rating and 'BB' local currency rating to Indonesia's PT
Perusahaan Listrik Negara (Persero).  The outlook on the ratings
is stable.  At the same time, Standard & Poor's assigned its
'BB-' issue rating to the proposed U.S. dollar senior unsecured
notes issued by PLN's wholly owned subsidiary, Majapahit Holding
B.V.

The notes are irrevocably and unconditionally guaranteed by PLN,
which is fully owned by the Indonesian government.  As the size
and exact terms are being finalized, this issue rating is
subject to final documentation.

"The ratings on PLN reflects its overall weak financial profile,
uncertainties related to tariff revision and funding of its
ambitious 9,000 MW expansion plan, its relatively inefficient
capacity-mix and high cost of generation and substantial foreign
currency exposure," said Standard & Poor's credit analyst
Anshukant Taneja.

PLN owns and operates about 85% of the electricity generation
capacity and the entire power transmission and distribution
network in Indonesia.  For the year ended Dec. 31, 2005, PLN had
operating revenues of IDR76.5 trillion (US$7.8 billion), EBITDA
of IDR10.2 trillion, and net loss of IDR4.91 trillion.

"PLN's credit profile benefits significantly from strong
government support, demonstrated through 100% government
ownership.  The company also has regulatory protection, being
the only nominated state-owned enterprise under Indonesia's
electricity act," added Mr. Taneja.  In addition, PLN gets
subsidies as compensation for performing government-mandated
electricity provision services, he said.  "The company's
dominant integrated position in the Indonesian electricity
sector and the favorable outlook for electricity demand also
support its ratings," Mr. Taneja noted.

Nevertheless, government support for PLN is not guaranteed,
considering some delays in subsidy payments, limited evidence of
cash infusion, and absence of noteworthy attempts to improve the
weak financial position of the company.

"The stable outlook reflects our expectation that the government
would step in to support PLN, should it face a cash flow crisis,
given its role and its rising social and political importance,
as an integral part of government's policy to provide subsidized
electricity in Indonesia," said Mr. Taneja.  A material
reduction in government ownership of PLN and major restructuring
of PLN's integrated operations could place downward pressure on
the outlook or the rating.

"PLN's credit profile and ratings is directly linked to the
outlook and ratings for the Republic of Indonesia," he said.


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

BANK OF IKEDA: JCR Places A- Ratings on Subordinated Bonds
----------------------------------------------------------
The Japan Credit Rating Agency, on September 20, 2006, assigned
an 'A-' rating to Bank of Ikeda Ltd's subordinated bonds.

The JPY15 billion subordinated callable bonds issue has a
September 29, 2006 issue date, and will mature on September 29,
2016.  It has a 1.78% per annum coupon until September 29, 2011,
when it will switch to Euroyen6 million at 1.99%.

According to the JCR, Bank of Ikeda is a regional bank with
funds totaling more than JPY2 trillion on a daily average basis.  
It has expanded business and the core operating profit in Osaka
and Kobe where other regional and second-tier regional banks
have been grouped into large banks.  Bank of Ikeda increased
capital by issuing common shares publicly in March 2006.  JCR
will watch carefully the bank's credit costs and interest rate
risk.

Headquartered in Osaka, Japan, the Bank of Ikeda, Ltd. --
http://www.ikedabank.co.jp/-- is a regional bank that operates  
in four main business segments.  The banking segment provides
banking, loan, stock investment and currency exchange services
through a network of 66 branches and five offices.  The leasing
segment is engaged in the leasing of industrial machinery,
construction machinery, computers and office equipments, among
others.  The credit guarantee segment provides credit guarantee
services for housing loans.  The card segment is engaged in the
credit card-related business.  Other businesses include venture
capital business, investment consulting business, the
development and sale of computer software, as well as the
provision of information services.

                          *     *     *

Fitch Ratings upgraded Bank of Ikeda's individual rating to C/D
on March 28, 2006.  At the same time, Fitch placed a BB+ rating
on the bank's subordinated debt.


CHIBA BANK: Posts JPY13-Billion Net Income For June Quarter
-----------------------------------------------------------
The Chiba Bank, Ltd., posted a consolidated net income of
JPY12.93 billion for the quarter ending June 30, 2006, a 9.8%
increase against the JPY11.77-billion net income the bank posted
for the quarter ending June 30, 2005, the bank said in a press
release.

The bank's ordinary income increased 5.5% to JPY20.27 billion
for the quarter ending June 30, 2006, while ordinary expenses
amounted to JPY43.71 billion.

The bank's loans as of June 30, 2006, amounted to
JPY6.24 trillion, while deposits amounted to JPY8.09 trillion.

The bank's press release includes these financial data (in JPY
millions):

                                    For the quarter ended
                                  06/30/2006     06/30/2005
                                  ----------     ----------
     Ordinary income                  63,978         54,952
     Ordinary expenses                43,708         35,742
     Ordinary profits                 20,269         19,210
     Net income                       12,927         11,772

                                            As of
                                  06/30/2006     06/30/2005
                                  ----------     ----------
     Total assets                  9,897,416      9,028,148
     Total liabilities             9,364,942      8,591,746
     Net assets                      532,473        428,585

The bank's disclosed claims under the Financial Reconstruction
Law decreased by JPY0.60 billion from March 31, 2006, to
JPY225.7 billion.  As of June 30, 2006, the bank had
JPY27.5 billion in bankrupt and substantially bankrupt claims,
JPY84.90 billion in doubtful claims and JPY113.2 billion in
substandard claims.  The proportion of disclosed claims to total
claims stands at 3.52%, down 0.07 percentage points.

The bank's estimated capital ratio as of September 30, 2006,
stands at 10.50%, from the 11.19% it posted as of March 31,
2006.

                        About Chiba Bank

Headquartered in Chiba, Japan, the Chiba Bank Limited --
http://ir.chibabank.co.jp/english-- is the largest regional  
bank in Chiba Prefecture.

The Troubled Company Reporter - Asia Pacific reported on May 24,
2006, that Moody's Investors Service upgraded the bank financial
strength rating of The Chiba Bank Limited to D+ from D.

Additionally, Fitch Ratings gave Chiba Bank a C individual
rating on March 24, 2006.


EBARA CORP: Completes US$11.7-M Investment in Ballard Power  
-----------------------------------------------------------
Ballard Power Systems has received the second half of a
US$11.7-million equity investment from Ebara Corp. of Japan, the
Vancouver Sun reports.

Ballard issued 1,022,549 common shares in exchange for the
US$5.85-million investment.  Ebara Corp. had paid the first half
in September 2005 as part of a transaction between the two
companies and their jointly owned Ebara Ballard Corp.

                         About Ballard

Ballard Power Systems (TSX: BLD)(NASDAQ: BLDP) --
http://www.ballard.com/-- is recognized as a world leader in  
the development, manufacture and sale of zero-emission proton
exchange membrane fuel cells.  Ballard's mission is to make fuel
cells a commercial reality.

                      About Ebara Ballard

Ebara Ballard Corp. is based in Tokyo, Japan, and its mandate is
to develop, manufacture and sell fuel cell power generators
incorporating the Ballard(R) fuel cell to customers in Japan.
EBARA BALLARD is working with the largest natural gas company in
Japan, Tokyo Gas, and is also working with Nippon Oil, the
leading Japanese oil company, on a kerosene-fueled cogeneration
system. Tokyo Gas began commercialization in February 2005, and
Nippon Oil began commercialization in March 2006.

                       About Ebara Corp.

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

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings Agency, on June 21, 2006, assigned stable BB+ foreign
and local currency Issuer Default Ratings and a BB+ senior
unsecured local currency debt rating to Ebara Corp.


MITSUBISHI MOTORS: North American Sales Soar in September 2006
--------------------------------------------------------------
Mitsubishi Motors Corporation's North American Unit, Mitsubishi
Motors North America, Inc., reported September 2006 sales of
10,287 units, an increase of 13.6% over September 2005's total
of 9,054, according to a press release.

MMNA's sales have shown consistent growth over the past six
months, the first six months of the business year.  Sales for
the April-September period are up 4.5% over the same period in
2005. July-September period sales were also up 4.5% over the
same quarter in 2005.

September marked the seventh consecutive month that Mitsubishi
U.S. sales topped the 10,000 mark and the third consecutive
month of year-over-year increases.

MMNA President & CEO Hiroshi Harunari said, "Sales increases
month-after-month are a true indicator that customers are
confident in the quality of our products and their styling,
performance, and value. We expect our sales to accelerate
further with the introduction of our all-new fuel-efficient
Outlander crossover SUV in November."

September sales highlights:

   * Eclipse continues to be the volume leader at 2,485, up
     42.0% calendar year-to-date.

   * Lancer closed at 2,169 units in September, up 50.1% from
     last September's volume.

   * Eclipse Spyder September sales were 607 units, up 209.7%
     from last year's volume.

             About Mitsubishi Motors North America

Mitsubishi Motors North America, Inc. -
http://media.mitsubishicars.com-- is responsible for all  
manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States. Mitsubishi Motors sells coupes, convertibles,
sedans, sport utility vehicles, and light trucks through a
network of approximately 540 dealers.

                    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."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia. Its
products are sold in over 170 countries.

As reported by the Troubled Company Reporter - Asia Pacific on
September 29, 2006, Standard & Poor's Ratings Services raised
its long-term  corporate credit and senior unsecured debt
ratings on Mitsubishi Motors Corp. to B- from CCC+, reflecting
progress in the company's revitalization efforts and reduced
downside risks in its earnings and financial profile.  The
outlook on the long-term rating is stable.

As reported by the Troubled Company Reporter - Asia Pacific on
August 4, 2006, Rating & Investment Information Inc. has
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.

As reported by the Troubled Company Reporter - Asia Pacific on
July 19, 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors Corp.'s senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the Company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


MITSUBISHI MOTORS: Global Production, Sales Up in August 2006
-------------------------------------------------------------
Mitsubishi Motors Corporation has announced global production,
as well as domestic sales and export results, for August 2006,
according to a company press release.

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

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

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

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

                    About Mitsubishi Motors

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

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

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia. Its
products are sold in over 170 countries.

As reported by the Troubled Company Reporter - Asia Pacific on
September 29, 2006, Standard & Poor's Ratings Services raised
its long-term  corporate credit and senior unsecured debt
ratings on Mitsubishi Motors Corp. to B- from CCC+, reflecting
progress in the company's revitalization efforts and reduced
downside risks in its earnings and financial profile.  The
outlook on the long-term rating is stable.

As reported by the Troubled Company Reporter - Asia Pacific on
August 4, 2006, Rating & Investment Information Inc. has
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.

As reported by the Troubled Company Reporter - Asia Pacific on
July 19, 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors Corp.'s senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the Company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


SOJITZ CORP: Group Forms Alliance with Deutsche Lufthansa
---------------------------------------------------------
Sojitz Corporation and the Sojitz Group Share Jet LLC have
signed an agreement with Germany's largest airline, Deutsche
Lufthansa AG, the Company said in a press release.

The agreement involves comprehensive marketing operations
regarding business aircraft operations, and will mutually
utilize the networks that both groups have in Europe and Asia,
including Japan.

In March 2003, Sojitz established Share Jet LLC in partnership
with ACI Pacific LLC (Head office: United States Territory of
Guam) with the purpose of undertaking business aircraft flight
operations, mainly in Asia, and has since been engaged in
business aircraft flight, maintenance and management operations.

On the other hand, Deutsche Lufthansa AG commenced the Lufthansa
Private Jet service in Europe in April 2005.  This service
offers customers, who arrive in Germany via regular Lufthansa
flights from all over the world, transport to destinations in
Europe using business aircraft, thus saving on time spent for
the transfer of flights, and shortening the lengths of stay.  
The number people using the LPJ service has been steadily
increasing.

Building on the success of the LPJ service in Europe, Deutsche
Lufthansa AG assumed that there would be demand for a similar
service from customers arriving in major cities in Asia via
Lufthansa regular flights, with intention of visiting cities in
those countries.  Thus, the company had been looking for a
strategic partner who was capable of undertaking operations from
business aircraft flight operations to the sale of charter
flight services.

An agreement has been reached that the alliance will start with
the reciprocal sale of charter flight services with the Sojitz
Group, which has an eye to expanding its business related to
business aircraft, and will plan joint flight operations in the
future.  The Sojitz Group will provide information on customer
trends in Asia and abundant know how on issues related to the
business aircraft operations that it has cultivated in the
region.

Concerning the air craft chartering business, Sojitz and Share
Jet LLC will utilize their individual marketing expertise, while
at the same time deepening their ties with users, and will
further develop their aircraft related business.

                      About Share Jet LLC

After having obtained a US license for their chartering
business, Share Jet LLC offers programs such as joint ownership
and the sharing of aircraft and chartering services, all
performed under operation and maintenance systems of high
standard, which systems are based on Federal Aviation
regulations.  Guam is in an ideal location to be an operation
base for business aircraft from Asian countries.  Further,
Sojitz operational hubs located in Asian countries undertake
sales activities for Share Jet programs.  Share Jet LLC also
offers aircraft management and flight operation outsourcing
services to aircraft owners.  Although it is not easy to
maintain aircraft in Japan, due to the difficulty in securing
aircraft parking space and to the fact that the cost for flight
operations and aircraft maintenance are relatively high compared
with those in Europe and the US, the Sojitz Group provides
corporations and individuals who are considering the ownership
of a business aircraft, with a consistent service; from the sale
and management of business aircraft to flight operations.

                       About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Oct. 3,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Sojitz Corp. to 'BB' from 'BB-'
and its long-term senior unsecured debt rating on the company to
'BBB-' from 'BB+', reflecting Sojitz's improved capitalization
and profitability.  The corporate credit rating remains on
CreditWatch with positive implications, while the long-term
senior unsecured debt rating was removed from CreditWatch.

Japan Credit Rating on August 8, 2006, assigned a BBB- rating to
bonds to be issued under the shelf registration of Sojitz
Corporation.  The bonds will be issued on August 17, 2006, and
will mature on August 17, 2006.


SOJITZ CORP: VARIG Injunction Continued Until October 27
--------------------------------------------------------
The Honorable Robert D. Drain of the United States Bankruptcy
Court for the Southern District of New York continues the
preliminary injunction imposed in VARIG S.A. and its debtor-
affiliates' Section 304 cases through and including Oct. 27,
2006, overriding Sojitz Corporation's earlier objections on the
extension.

The Court will hold a hearing on Oct. 26, 2006, at 10:00 a.m.,
to consider whether to extend the Preliminary Injunction or, if
appropriate, convert it into a Permanent Injunction.

About 14 parties-in-interest had objected to the extension of
the Preliminary Injunction or entry of a Permanent Injunction:

   * Sojitz Corporation of Japan;
   * Willis Lease Finance Corporation;
   * Mitsui & Co. Ltd.;
   * U.S. Bank National Association;
   * Wells Fargo Bank Northwest, N.A., as Trustee;
   * Wells Fargo Bank National Association, as Trustee;
   * International Lease Finance Corporation;
   * Aircraft SPC-6, Inc.;
   * The Boeing Company;
   * Ansett Worldwide Aviation U.S.A., et al.;
   * GATX Capital;
   * The Port Authority of New York and New Jersey;
   * Los Angeles World Airports; and
   * The United States of America by the U.S. Attorney for the
     Southern District of New York

The Objectors consented to the continuation of the existing
Preliminary Injunction, provided their Objections will be deemed
carried over to the October 26 hearing.

Any other objections must be filed with the Court by Oct. 23,
2006.

Sojitz leases to VARIG two Boeing model 767-300ER aircraft and
two General Electric model CF6-80C2B6F spare aircraft engines
under a Lease Agreement dated as of Oct. 27, 1989, as amended.
Sojitz asked the Bankruptcy Court to deny the Permanent
Injunction Motion and, instead, direct VARIG to return its
aircraft.

                        About VARIG S.A.

Headquartered in Rio de Janeiro, Brazil, VARIG S.A. is Brazil's
largest air carrier and the largest air carrier in Latin
America.  VARIG's principal business is the transportation of
passengers and cargo by air on domestic routes within Brazil and
on international routes between Brazil and North and South
America, Europe and Asia.  VARIG carries approximately 13
million passengers annually and employs approximately 11,456
full-time employees, of which approximately 133 are employed in
the United States.

Varig, along with two affiliates, filed for a judicial
reorganization proceeding under the New Bankruptcy and
Restructuring Law of Brazil on June 17, 2005, due to a
competitive landscape, high fuel costs, cash flow deficit, and
high operating leverage.  The Debtors may be the first case
under the new law, which took effect on June 9, 2005.  Similar  
to a chapter 11 debtor-in-possession under the U.S. Bankruptcy  
Code, the Debtors remain in possession and control of their  
estate pending the Judicial Reorganization.  Sergio Bermudes,  
Esq., at Escritorio de Advocacia Sergio Bermudes, represents the  
carrier in Brazil.

Each of the Debtors' Boards of Directors authorized Vicente
Cervo as foreign representative.  In this capacity, Mr. Cervo
filed a Sec. 304 petition on June 17, 2005 (Bankr. S.D.N.Y. Case
Nos. 05-14400 and 05-14402).  Rick B. Antonoff, Esq., at
Pillsbury Winthrop Shaw Pittman LLP represents Mr. Cervo in the
United States.  As of March 31, 2005, the Debtors reported
BRL2,979,309,000 in total assets and BRL9,474,930,000 in total
debts.

                       About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Oct. 3,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Sojitz Corp. to 'BB' from 'BB-'
and its long-term senior unsecured debt rating on the company to
'BBB-' from 'BB+', reflecting Sojitz's improved capitalization
and profitability.  The corporate credit rating remains on
CreditWatch with positive implications, while the long-term
senior unsecured debt rating was removed from CreditWatch.

Japan Credit Rating on August 8, 2006, assigned a BBB- rating to
bonds to be issued under the shelf registration of Sojitz
Corporation.  The bonds will be issued on August 17, 2006, and
will mature on August 17, 2006.


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

KOOKMIN BANK: Moody's Confirms Financial Strength Rating at D+
--------------------------------------------------------------
Moody's Investors Service confirmed Kookmin Bank's D+ bank
financial strength rating with a stable outlook.  This rating
action concludes the review for possible downgrade which was
initiated on the BFSR on March 27, 2006, following the selection
of Kookmin Bank as preferred bidder for the acquisition of Korea
Exchange Bank (KEB; rated Baa2/Prime-2/D).  All other Kookmin
Bank ratings are unaffected and are listed below.

The confirmation of Kookmin Bank's D+ BFSR is underpinned by the
recovery in the bank's earnings -- attributable to reduced
credit costs and restructuring efforts -- that enabled capital
to build up. With the additional resources, Kookmin Bank is now
able to implement the significant acquisition with less threat
of financial dilution, in Moody's view.  While Kookmin Bank's
post-transaction economic capital will be lower due to the
acquisition goodwill, the financial metrics are sufficiently
strong to allow it to maintain its D+ BFSR.

Despite the uncertainty hanging over the acquisition due to the
Korean supervisory investigations, Moody's believes that the
downside risk to the BFSR confirmation is marginal.  Clearly, if
the transaction were to be cancelled, the BFSR should revert to
its pre-announcement level.  If, however, the transaction were
to proceed, Moody's analysis incorporates sufficient buffer in
the form of a number of severe scenarios including the purchase
of a larger stake, a higher purchase price and all debt funding.

On March 23, 2006, Kookmin Bank was selected as preferred bidder
for the acquisition of KEB.  The transaction will further
enhance the bank's systemic significance as the combined entity
will control a 28% share of system deposits, a substantial
market position that augurs well for increased systemic support
to the institution.

Finally, Moody's views the acquisition of KEB as synergistic to
Kookmin Bank's franchise, particularly in the corporate banking
and foreign exchange sectors where KEB is strong.  However,
potential synergies from the transaction will most likely
materialize in the medium term given the magnitude of the
entities and the expected integration challenges.

Kookmin Bank was established in 1963 and is the largest
commercial bank in Korea, having secured the dominant ranking
through a merger with Housing & Commercial Bank in November
2001. The bank operates a strong retail banking franchise,
controlling a fifth of system loans and deposits.

The following rating was confirmed, with stable outlook:

   * BFSR of D+

The following ratings were unaffected:

   * Senior/subordinated debt of A3/Baa1. Outlook positive;

   * Short-term debt of Prime-1. Outlook stable;

   * Foreign currency long-term/short-term deposit of
     A3/Prime-2.

Outlook for the long-term rating is positive and for the short-
term rating is stable.


KOREA EXCHANGE: Named 2006 Best Domestic Provider of FX Services
----------------------------------------------------------------
KEB was named the 2006 Best Domestic Provider of FX Services in
Korea by Asiamoney.

Each year Asiamoney conducts a poll to name best providers of FX
services in each country.  This year a total of 940 financial
institutions and companies across the Asian region participated
in the poll to pick KEB as the Best Domestic Provider of FX
Services in Korea.

In addition to winning the award, this year the bank was also
named the Best Bank in Korea and the Best Local Bank Trading
Korean Won by Euromoney, the Best Domestic Provider for
Structured Currency Products in Korea and the Best Local Cash
Management Bank in Korea (polled by medium-sized companies) by
Asiamoney and the Top 10 Asian Regional Banks of the 7th Annual
End User Survey by Asia Risk.

An official of the bank said, "This award signifies that our
bank is the leading player in the domestic FX market, providing
a wide array of competitive FX products and services to
corporate customers as well as in the inter-bank market".  He
added, "we will continue to sustain our leading position and
make a contribution to the development of the FX market while
offering products and services that cater to the needs of
customers."

                     About Korea Exchange

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

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

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

                          *     *     *

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

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

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


PUSAN BANK: Aberdeen Asset Management Increases Stake to 10.38%
---------------------------------------------------------------
Aberdeen Asset Management Asia Limited increased its
shareholdings in Pusan Bank by 1% -- from 9.38% to 10.38%.

Headquartered in Singapore, Aberdeen Asset is an international
investment management group, managing assets for both
institutions and private individuals.

According to Pusan Bank's Web site, Aberdeen Asset has been
holding the Bank's shares since 2004.  Aberdeen increased its
investment in the Bank from 5.16% to the current 10.38% during
the last three years.

                        About Pusan Bank

Pusan Bank -- http://www.pusanbank.co.kr/-- provides retail   
banking services including telephone banking, savings deposits,
personal and business loans, credit card financing, foreign
currency exchanges, and wire transfer services.  The bank mainly
serves Pusan metropolitan area through its network of branches.

                    *          *          *

Moody's Investors Service gave Pusan Bank a 'D' Bank Financial
Strength Rating effective on March 30, 2006.

Fitch Ratings gave Pusan Bank an Individual Rating of 'B/C'
effective on September 6, 2005.


PUSAN BANK: Loan Delinquency Ratio in 2nd Quarter is 0.88%
----------------------------------------------------------
Pusan Bank reported a 0.88% delinquency ratio for its loans in
the second quarter of 2006, its lowest 11 quarters starting
from the fourth quarter of 2003.  Delinquents in this sector
amounted to KRW116 billion out of a total loans amount of
KRW13.13 billion.

Delinquency ratios for the second quarter of 2006, broken down
by sectors, are:

        Sector          Total Loans    Delinquents     Ratio
   ------------------   -----------    -----------     -----
   Large Corporations       1,155.4            0.1     0.01%
   SMEs                     8,167.2           72.9     0.89%
   Household                3,495.2           31.9     0.91%
   Credit Card                313.7           11.1     3.53%

                        About Pusan Bank

Pusan Bank -- http://www.pusanbank.co.kr/-- provides retail   
banking services including telephone banking, savings deposits,
personal and business loans, credit card financing, foreign
currency exchanges, and wire transfer services.  The bank mainly
serves Pusan metropolitan area through its network of branches.

                    *          *          *

Moody's Investors Service gave Pusan Bank a 'D' Bank Financial
Strength Rating effective on March 30, 2006.

Fitch Ratings gave Pusan Bank an Individual Rating of 'B/C'
effective on September 6, 2005.


SK CORP: Adds CZP and EPC Munai to Affiliated Companies
-------------------------------------------------------
SK Corp., in a regulatory filing, discloses its addition of two
corporate affiliates:

   1. DZP (De Zwarte Pont B.V.)

   2. EPC Munai LLP

SK Corp. holds 50% of DZP while LG International Corp. owns the
other 50%.  DZP is into exploration or production of oil and
gas.

DZP has Total Assets of KRW22,201,200 and has Shareholder's
Equity and Paid-in Capital of the same amount, according to the
Company filing.

DZP owns 100% of EPC Munai.

The Company filing provides this financial summary for EPC
Munai:

   Total Assets: KRW751,770
   Total Liabilities: -
   Shareholder's Equity: KRW751,770
   Paid-in Capital: KRW751,770

With the additions, total affiliates of SK Corp. increased from
166 to 168 as of August 29, 2006.

                   About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company      
with 4,916 employees and 22 offices around the world in 2005.  
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


* South's Bond Price Reacts to North's Nuclear Test Plans
---------------------------------------------------------
South Korean bond price heavily reacted to news regarding North
Korea's plans to test nuclear weapons and a rating agency's say
on the effect of that test to the South.

On October 3, when the North Korean Government announced plans
of nuclear testing, the price of South Korea's five-year credit-
default swaps rose, Bloomberg News reported.

However, the following day, when Standard & Poor's Ratings
Services said that the North's testing won't hurt the South 's
debt rating, the risk of owning South's bonds reduced, Bloomberg
observed, citing compiled data.

Bloomberg pointed out that the price of credit-default swaps
based on $10 million of South Korea's dollar-denominated bonds
dropped to US$23,550 on October 4 from US$23,900 a day earlier.

The five-year contracts pay the buyer face value in exchange for
the notes if the South Korean government fail pay its
obligations on time, Wes Goodman of Bloomberg explains.

Credit default swaps are used to speculate on a country's
ability to repay debt, Bloomberg added.


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

CHIN FOH: Posts MYR3-Million Loss for 2006 2nd Quarter
------------------------------------------------------
On August 29, 2006, Chin Foh Berhad submitted to Bursa
Securities its unaudited financial report for the second quarter
ended July 31, 2006.

For the 2006 2nd Quarter, the company's registered revenue was
MYR84.732 billion, higher than the MYR81.927-billion revenue it
posted for the same quarter last year.

Chin Foh recorded a loss before tax of MYR2.669 billion for the
2006 2nd Quarter, a significant reduction compared with the
MYR43.440-billion loss before tax for the 2005 2nd Quarter.  

The company's financials for the quarter ended July 31, 2006,
also revealed a MYR2.71-billion loss, compared with the
MYR43.76-billion loss posted for the quarter ended July 31,
2005.

There is no dividend paid in the current quarter ended July
2006.

                  About Chin Foh Berhad

Malaysia-based Chin Foh Berhad is principally involved in
trading and distribution of metal base and non-metal base
products, construction materials, panels and non-ferrous metal
products.  Its other activities include manufacturing of glass,
aluminium extrusions, stainless steel and related products,
rotary aluminium ventilators, providing, cutting and slitting of
metal and other related services, general contracting, design,
fabrication, supply and installation of curtain wall and
cladding and holding properties and investments.  Operations are
carried out in Malaysia, Australia, and China.

The Company started posting losses in fiscal 2002 due to high
operating expenses and has not recovered since.  Chin Foh's
financials for the quarter ended June 30, 2006, revealed a
MYR2.71-billion loss, compared with the MYR43.76-billion loss
posted for the quarter ended June 30, 2005.

It also reported a higher cash flow deficit of MYR30,816,000 as
of April 30, 2006, compared to a cash flow deficit of
MYR17,701,000 on April 30, 2005.


DIGITAL LIGHTWAVE: Has US$58 Million Stockholders' Deficit
----------------------------------------------------------
At June 30, 2006, Digital Lightwave Inc.'s balance sheet showed
US$58,504,000 in total stockholders' deficit from total assets
of US$6,394,000 and total liabilities of US$64,898,000.

The company's balance sheet at June 30, 2006, also showed
strained liquidity resulting from total current assets of
US$6,162,000 and total current liabilities of US$64,564,000.
    
For the three months ended June 30, 2006, the company's net loss
decreased to US$4,862,000 from net loss of US$8,090,000 in the
three months ended June 30, 2005.

The company's net sales for the quarter ended June 30, 2006,
also decreased to US$1,992,000 from net sales of US$2,670,000 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?119e

Based in Clearwater, Florida, Digital Lightwave Inc. designs,
develops and markets products for installing, maintaining and
monitoring fiber optic circuits and networks.  The company's
product lines include: Network Information Computers, Network
Access Agents, Optical Test Systems, and Optical Wavelength
Managers.  The company's wholly owned subsidiaries are Digital
Lightwave (UK) Limited, Digital Lightwave Asia Pacific Pty,
Ltd., and Digital Lightwave Latino Americana Ltda.  The company
has presence in Malaysia, Australia, Canada, Denmark, France,
Greece, Hong Kong, India, Indonesia, Korea, Mexico, Singapore,
Thailand, among others.


KIG GLASS: Still Unable to Pay Loan Payment Default
---------------------------------------------------
KIG Glass Industrial Berhad and its subsidiaries were unable to
service loan repayments to banks and financial institutions as
KIG Glass and one of its subsidiaries -- Ziabo Jiali -- had
ceased operations.

As of August 31, 2006, KIG Glass' defaults totaled to
MYR79,346,425.  

The defaulted payments of KIG Glass' subsidiary KIG Ceramics
Industrial Sdn. Bhd. also form part of the MYR79-million unpaid
balance.  As of August 31, 2006, KIG Ceramics is in default to
four banks for principal and interest totaling MYR28,090,593.

                   About KIG Glass Industrial

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and   
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.

Due to its inability to pay debts, the Company ceased operation
in May 2005.  As of December 31, 2005, the KIG Group's
accumulated losses stood at almost MYR300 million.  The
shareholders funds in the KIG Group were in deficit of
approximately MYR93 million while its total borrowings amounted
to approximately MYR104 million.

As of June 30, 2006, the group has total assets of MYR57,173,000
and total liabilities of MYR153,698,000, resulting into a
stockholders' deficit of MYR96,525,000.


LITYAN HOLDINGS: Will Remove Securities from SC on October 13
-------------------------------------------------------------
The securities of Lityan Holdings Berhad will be removed from
the official list of the Bursa Securities at 9:00 a.m. on
October 13, 2006.

However, Lityan's securities will continue to remain deposited
with the Bursa Depository.  

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 3, 2006, the Securities Commission has rejected Lityan's
application for a review of the company's Proposed Restructuring
Scheme.

An earlier TCR-AP report stated that the Securities Commission
denied Lityan Holdings' restructuring proposal as there were
issues that raised concerns regarding the Scheme.

                      About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides    
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring the Company onto stronger financial footing via an
injection of new viable businesses.  

Lityan's consolidated balance sheet as of June 30, 2006,
revealed current assets of MYR38,695,000 available to pay total
liabilities of MYR142,144,000 coming due within the next 12
months.  The company has total assets of MYR70,551,000 and total
liabilities of MYR145,676,000, resulting into a stockholders'
deficit of MYR78,839,000.


MENTIGA CORPORATION: Regularizes Financial Condition
----------------------------------------------------
On October 2, 2006, Mentiga Corporation Berhad has regularized
its financial condition and no longer triggers any of the
criteria under paragraph 2.0 of Practice Note 4/2001 of the
Listing Requirements of Bursa Securities.  Mentiga Corporation's
entire issued and paid-up share capital comprising 60,000,000
Shares were quoted on the Main Board.

In a report by the Troubled Company Reporter - Asia Pacific,
Mentiga Corporation Berhad disclosed on September 28, 2006, that
it has completed its corporate exercises after the listing and
quotation of:

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

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

Moreover, the TCR-AP recounts that Mentiga Corporation's
restructuring or corporate exercise comprised these proposals:

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

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

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

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

                    About Mentiga Corp.

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

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

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


MOL.COM BERHAD: Subsidiary Inks Sale Deal with Halex Woolton
------------------------------------------------------------
LKH Wires & Cables Sdn Bhd, a subsidiary of MOL.COM Berhad, has
entered on October 2, 2006, into a sale and purchase agreement
with Halex Woolton Sdn Bhd pertaining to a land property.

The land property is held under Geran Mukim 826, Lot 142, Mukim
of Plentong, in the District of Johor Bahru, Johor, and is
together with a single-storey detached factory with an annexed
double-storey office building, a single-storey warehouse, a
single-storey workshop, a canteen and a guard house.  It is
located off the 18.5 kilometre post of the Johor Bahru - Kota
Tinggi main road, at the rear of the weighbridge of Jabatan
Pengangkutan Jalan in Ulu Tiram, Johor.  

The land property was sold by LKH Wires to Halex Woolton for
MYR10.111 million, to be paid by this manner:

   -- MYR2.0222 million will be paid upon the execution of
      the sale and purchase agreement; and  

   -- MYR8.0888 million will be paid within two months from the
      unconditional date.

The property has been charged as part of MOL's collateral for a
loan facility amounting to MYR16.65 million, granted by Alliance
Bank (M) Berhad.  In order to facilitate the proposed disposal,
LKH Wires will use the consideration of MYR10.111 million to pay
the redemption amount so as to procure the discharge.

The proceeds from the proposed disposal of MYR10.111 million
will be utilized for the partial repayment of the loan facility
extended to MOL.  

The application for the proposed property disposal is expected
to be submitted to the Securities Commission by December.  
Moreover, the parties expect to complete the proposed property
disposal by the first quarter of 2007.

                   About MOL.com Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, MOL.com Berhad
-- http://www.mol.cc/-- is an investment holding company   
focused in Internet and Internet related companies in Malaysia.
The company is listed on the Malaysia Exchange.  The Group's
principal activities are manufacturing and selling of electrical
components, equipment, apparatus, audio visual, security systems
and related products.  It also imports electrical and theatrical
machinery and apparatus for lighting; provides Internet related
services, interactive learning portal; Internet media and e-
commerce; sells lamps, bulbs and electrical appliances.  MOL has
been hit hard by the downturn in the Internet sector,
particularly since many of its investments were in Web
properties.  Its shares are listed on the Kuala Lumpur Stock
Exchange, but due to very low liquidity, a sale to the public
market is very difficult.

In March 1, 2002, the Company was categorized under Bursa
Practice Note 4 and was ordered to immediately regularize its
financial condition.  The Company was able to come out of the
PN4 Category on May 5, 2003, after implementing a rights issue
exercise.  On May 8, 2006, the Company was again ordered to
formulate a financial regularization plan pursuant to its recent
admission to the Bursa Malaysia Securities Berhad's Practice
Note 17 category.


PANGLOBAL BERHAD: Hearing of Restraining Order Moved to Oct. 9
--------------------------------------------------------------
Panglobal Berhad has disclosed that the hearing of the
Restraining Order filed by Taisho Company Sdn Bhd has been moved
to October 9, 2006.  The hearing, which was originally scheduled
on Sept. 18, 2006, had been first postponed to Oct. 3.

Both Panglobal and Taisho have applied for the extension of the
hearing of Restraining Order.

Pursuant to Section 176 (10) of the Companies Act 1965, the High
Court of Malaya granted PanGlobal a restraining order on
January 5, 2006.

In a report by the TCR-AP on Sept. 11, 2006, the solicitors of
Taisho filed a sealed summons-in-chambers, together with a
supporting affidavit against PanGlobal.

Taisho seeks to, among others:

   -- intervene in the Restraining Order proceedings;

   -- include Mr. Yip Wai Keong and Mr. Toh Choe Gim as co-
      defendants; and

   -- set aside the Restraining Order and extension previously
      granted.

Taisho also requests for leave to commence execution proceedings
including winding-up proceedings against PanGlobal.

                   About PanGlobal Berhad

Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad
-- http://home.panglobal.com.my/-- is engaged in underwriting    
all classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.  PanGlobal is a Practice
Note 4/2001 company.  The Bursa Malaysia Securities has required
the Company to regularize its financial condition, curb huge
losses and settle debts in order to continue operating.  The
Company has already submitted a Proposed Restructuring Scheme to
the Securities Commission on September 9, 2005.  On April 6,
2006, the Securities Commission approved PanGlobal Berhad's
proposed restructuring scheme.

The Company's June 30, 2006 balance sheet revealed total assets
of MYR692.907 million and total liabilities of
MYR905.548 million, resulting to a stockholders' deficit of
MYR354.833 million.


VERIFONE INC: S&P Rates Proposed US$540 Million Facility at BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on San Jose, California-based VeriFone, Inc., and
assigned its 'BB-' debt rating, with a recovery rating of '3',
to the proposed US$540 million first-lien bank facility.

The bank facility consists of a US$40 million revolving credit
facility and a US$500 million term loan.  Proceeds from the
facility, along with approximately US$475 million of cash and
equity, will be used to fund the acquisition of Lipman
Electronic Engineering Ltd.  The outlook is negative.

"The ratings on VeriFone reflect the company's increased debt
leverage, acquisitive growth strategy, and relatively short
financial history as an independent entity," said Stndard &
Poor's credit analyst Martha Toll-Reed.

These factors are partially offset by VeriFone's leading
position in the niche market for electronic payment solutions, a
diversified customer base and, pro forma for the proposed
acquisition, expanded market and product base.

VeriFone designs, markets and services system solutions that
enable secure electronic payments.  Organic revenue growth has
accelerated over the past two years, benefiting from
management's focus on increasing penetration of electronic
payments in international markets, replacement of existing
solutions to accommodate newer payment applications, and an
overall market
shift from paper-based transactions to electronic transactions
at the point of sale.

The company reported revenues of US$148 million in the quarter
ended July 31, 2006, up 17% over the prior year period.  EBITDA
margins have benefited from increased operating leverage and are
currently in the low-20% range.  However, the Lipman acquisition
will be VeriFone's largest to date, and could pose integration
and operational challenges.

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

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


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

* Philippine Inflation Likely Eased in September, Economists Say
----------------------------------------------------------------
Inflation in the Philippines likely eased for the sixth straight
month in September on the back of a stronger peso and lower oil
prices, economists say.

According to economists polled by XFN-Asia, the consumer price
index in September probably rose by 5.7%-6.2% year-on-year
compared to the 6.3% rise recorded in August.

Banco de Oro market strategist Jonathan Ravelas projects
inflation in September to come in at around 6.0%-6.1%.

"Lower oil prices weighed on inflation and this was helped by
the continued strengthening of the peso," Mr. Ravelas says.

The peso closed at 50.21 to the US dollar on September 27, 2006,
the last trading day for the month, from 50.80 at the end of
August.  It rallied to as high as 49.95 on October 2, 2006 --
its strongest since May 2002 -- on the back of continued strong
remittances from Filipinos abroad.

Singapore-based economist Song Seng Wun of CIMB-GK Research is
looking at a September CPI rise of 6.2%, the same rate projected
by DBS Bank's research group.

University of Asia and the Pacific economist Victor Abola sees
inflation in September easing to 6.0%, while ATR Kim Eng
Securities research head Luz Lorenzo sees an even lower figure
of 5.7%.

"Oil prices are going down and are coming from a high base in
the previous year as pump level increases last month were
lower," Abola says.

Mr. Abola says that except for the last week of September when
typhoon Xangsane devastated parts of Luzon and the Visayas,
favorable weather prevailed during the month, which ensured
enough supply and stable prices of major food staples.

The continuing appreciation of the peso has also had a positive
impact on inflation, Mr. Abola adds.

"I don't really believe prices of imported commodities have gone
down last month, but the rise was offset by the strong peso.  
The effect will be reflected on utilities that have currency
exchange rate adjustment components like water, electricity, and
telephone.  That's why inflation will be lower," Mr. Abola
explains.

"Oil prices are going down; that's it, mainly," Ms. Lorenzo
says, adding that inflation could even slow further to 5.4% in
October.

David Cohen, director of Asian economic forecasting at Action
Economics in Singapore, sees September inflation settling at a
moderate 6.2%.

"Our forecast is in line with consensus and the central bank's
projections, with a stronger peso and declining oil prices
helping to ease inflationary pressure on the supply side," DBS
Bank says in a note.

Central Bank governor Amando Tetangco Jr., notes that annual
inflation in September likely eased to as low as 5.7%, given
lower domestic oil and food prices and a stronger peso.  The
central bank's September inflation forecast ranges from 5.7% to
6.4%.

                         *     *     *

"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."


* World Bank Approves US$410-Million Loan Package
-------------------------------------------------
Buoyed by the sustained improvements in the country's fiscal
position, the World Bank has granted a US$410-million loan
package to the Philippines to finance the Government's health,
education, and local development and investment projects.

The loan package is broken down into:

   -- US$200 million for National Program Support for Basic
      Education;

   -- US$110 million for National Sector Support for Health
      Reform Project; and

   -- US$100 million for the Strategic Local Development and
      Investment Project.

The low-interest loan is payable in 20 years.

According to WB Country Director Joachim von Amsberg, the loan,
which is the biggest extended by the bank to the country in 10
years was "made possible because of the improved fiscal
situation of the country."

The loan agreement was signed on October 3, 2006, at the Rizal
Hall of Malacanang by Von Amsberg and Finance Secretary
Margarito Teves in the presence of President Gloria Macapagal-
Arroyo.

The President hoped that the approval of the loan package
signified the World Bank's "confidence in the things that we
have been doing in our economic reforms."

The loans follow a new modality under which the World Bank
directly finance high-priority line items under the regular
national budget.

This modality was introduced in response to the Philippine
government's request to move away from traditional project-based
development assistance and toward a more programmatic and
streamlined approach to support national priority programs.

                         *     *     *

"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
=================

AAR CORP: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B1 Corporate
Family Rating for AAR Corp.  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
   ----------           -------  -------  ------   ----------

   6.875% Notes
   Payable due
   2007                    B2       B1     LGD4        55%

   2.875% Conv.
   Notes Payable
   due 2024                B2       B1     LGD4        55%

   Sr. Unsecured
   Notes Shelf           (P)B2    (P)B1    LGD4        55%

   Sr. Subordinated
   Notes Shelf           (P)Caa1  (P)B3    LGD6        97%

   Preferred Stock
   Shelf                 (P)Caa3  (P)B3    LGD6        97%

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

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

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

AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides  
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.

                          *     *     *

As of August 31, 2006, the company's balance sheet showed total
assets of US$978.80 million and total liabilities of
US$544.24, resulting into US$434.66 million in shareholders'
equity.


ARINC INCORPORATED: 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, the rating agency confirmed its Ba3 Corporate
Family Rating for Arinc Incorporated.  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
   ----------           -------  -------  ------   ----------
   Sr. Secured
   Revolving Credit
   Facility due 2009      Ba3      Ba3     LGD3       48%

   Sr. Secured Term
   Loan B due 2011        Ba3      Ba3     LGD3       48%

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%).

Annapolis, Maryland-based, ARINC Inc. -- http//www.arinc.com/ --
provides communications and IT services to the global aviation
industry and the U.S. military and other government agencies.

The company has locations in Germany, Spain, China, Japan,
Taiwan, Thailand and Singapore, among others.


DEFAR (S) PTE: UOB Files Wind-Up Petition Against Company
---------------------------------------------------------
On September 7, 2006, United Overseas Bank Limited has filed an
application to wind up Defar (S) Pte Ltd.

Creditors are required to submit proofs of debts to the
solicitors of the petitioner.

The Petitioner's Solicitors can be reached at:

         Rajah & Tann
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


LINENCARE LAUNDRY: Court to Hear Wind-Up Petition on Oct. 13
------------------------------------------------------------
Ho Kum Chin filed an application to wind up Linencare Laundry &
Drycleaning Services Pte Ltd on September 21, 2006.

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

The Petitioner's Solicitors can be reached at:

         Tanlim Partnership
         101 Cecil Street #19-02
         Tong Eng Building
         Singapore 069533


LKN-PRIMEFIELD: Changes Name to HLG Enterprise Limited
------------------------------------------------------
LKN-Primefield Company Pte Ltd disclosed on October 2, 2006,
that its shareholders approved a resolution to change its name
from LKN-Primefield to HLG Enterprise Limited during their
extraordinary general meeting held on Sept. 29, 2006.

The company's change of name is effective by September 29, 2006.

               About LKN-Primefield Company Pte Ltd

LKN-Primefield Company Pte Ltd is a Singapore-based company
involved in investment holding and investing in property for
rental.  Through a number of subsidiaries, the company is
engaged in building and civil engineering construction; the
construction of crude oil tanks and piping systems; commercial
and home repair works and the provision of related maintenance
services; property development, investment and management;
property rental; the operation of hotels and restaurants, and
the provision of hotel management and consultancy.  LKN-
Primefield is also involved in the manufacture, retail sale,
distribution, import and export of computer hardware (including
computer peripherals) and software, and the development of
multimedia transactional payphone kiosks.  In addition, it is an
ESDN electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.  

On November 29, 2004, LKN-Primefield and certain of its
subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.


MAE ENGINEERING: Inks Purchase Agreement with Eligro
----------------------------------------------------
Mae Engineering Limited has entered on September 27, 2006, into
a sale and purchase agreement with Eligro Sdn Bhd and Lereno Sdn
Bhd to acquire 4,768,396 ordinary shares of MYR1 each in the
capital of Lereno representing 38% of the 12,548,410 ordinary
shares of the issued and paid-up capital of Lereno.  Eligro will
authorize Mae Engineering to issue and allot the New Mae shares
to its shareholder nominess who are David John Beresford-Long,
Fong Soon Leong, Giorgio Vanalli, Gian Franco Longhini, Ho Siau
Chiang, and Spektra Anggun Sdn Bhd.

Subsequently, on Sept. 28, 2006, a Supplemental deed
supplementary to the sale and purchase agreement was signed to
rectify and supplement certain terms contained in the purchase
agreement.  Together with the deed, it will form the full
agreement between the parties for the sale and purchase of the
38% interest in the share capital of Lereno.

The consideration for the Proposed Acquisition is to be
satisfied by the issuance and allotment of up to an aggregate of
350 million new ordinary shares in the capital of Mae
Engineering to Eligro at an issue price of of SGD0.05 for each
new Mae share, representing approximately 29.66% of the enlarged
share capital Mae Engineering under the issuance of the new Mae
shares.

The Proposed Acquisition is in line with Mae Engineering's new
stategy.  The strategic purchase into Lereno to become its
largest single shareholder will enable Mae Engineering to:

   -- spearhead Mae Engineering move from a highly competitive
      business which traditionally experiences marginal profits
      to new business like oleo-chemical production, new
      generation biofuel production, and oil palm plantations
      which are capable of commanding higher growth rates and
      margins, given the increased global demand for       
      alternative and renewable sources of energy;

   -- capitalize on the technology and Lereno's established and
      pole position in Asia where the two world's largest palm
      oil producing countries, Malaysia and Indonesia are
      located;

   -- immediate access to technical know-how and specialist
      skills of Lereno; and

   -- retain and redeploy some of the specialist engineering
      skills and expertise in Mae Engineering to support the new
      venture, so as to develop and to meet the demands of
      process engineering in the new fields of biotech
      production.

The proposed acquisition s financed by the issuance of new
shares of Mae Engineering, thus preserving the cash raised from
the Rights Issue.

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.
The company also suffered a liquidity crunch since September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.

As of March 31, 2006, the company's balance sheet showed
SGD7,404,000 in total assets and SGD27,257,000 in total
liabilities, resulting in a SGD19,853,000 stockholders' equity
deficit.  The Company's March 31 balance sheet also revealed
strained liquidity with SGD6,346,000 in total current assets
available to pay SGD27,200,000 in total current liabilities
coming due within the next 12 months.


SEE HUP SENG: Unveils Major Shareholders' Changes of Interest
-------------------------------------------------------------
On October 3, 2006, See Hup Seng Limited has posted its
shareholders' change of interest with regards to the number of
shares the company's shareholders held.

Pursuant to the shareholders' agreement, Lim Siok Kwee Thomas,
Director and a major shareholder of See Hup Seng transferred his
shares.  Mr. Lim, holds 13,049,050 shares with 5.8% issued share
capital, after the transfer of his shares.  Prior to that Mr.
Lim held 21,049,050 shares with 9.4% issued share capital.  

Hsieh Ling Hsien, another major shareholder of See Hup Seng has
sold his shares in the open market.  Thus, Mr. Hsieh, who holds
2,000,000 shares before with 0.895% issued share capital has
reduced his shares to 943,000 shares with 0.422% issued share
capital.  However, Mr. Hsieh sold all his 943,000 shares by the
next day, on Oct. 3, 2006, which left him with no shares in the
company.


SOUTH-EAST MOTOR: Creditors Must Prove Debts by October 9
---------------------------------------------------------
South-East Motor Supply Company (Pte) Ltd, which was placed
under members' voluntary liquidation, requires its creditors to
prove their debts by October 9, 2006.

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

The company's joint and several liquidators can be reached at:

         Chia Soo Hien
         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


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

SRITHAI FOOD: Posts THB30.518-Million Net Loss in 2006 1st Half
---------------------------------------------------------------
Srithai Food and Beverage Pcl posted a THB30.518-million net
loss on THB65.621 million in revenues for the first half period
ended June 30, 2006, compared with the THB64.079-million net
loss recorded in the first half of 2005.

The company's consolidated balance sheet at the end of June 2006
showed strained liquidity with THB24.035 million in current
assets available to pay THB2.421 billion in current liabilities
coming due within the next 12 months.

In addition, Srithai and its subsidiaries are facing solvency
problem with THB591.458 million in total assets and
THB2.422 billion in total liabilities as of June 30, 2006.  The
company posted a capital deficiency of THB1.830 billion.

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/SRIE2-bs-1h.xls

                          *     *     *

Headquartered in Amphoe Bang Phli Samut Prakarn, Thailand,
Srithai Food & Beverage Public Co Ltd --
http://www.srithaifood.thailand.com/-- markets and manufactures  
seasoning, sauce, beverages, and personal care products.

The Troubled Company Reporter - Asia Pacific reported that the
securities of Srithai Food & Beverages Public Co Ltd were placed
in the "Non-Performing Group" sector of the Stock Exchange of
Thailand on August 29, 2006.

According to TCR-AP, SRI has been subjected to a rehabilitation
plan under the REHABCO sector of the SET since June 9, 2004.   
The SET, after reviewing the latest financial statements of the
Company submitted on August 15, 2006, said that SRI did not
resolve its problems in line with the SET criteria.


TOTAL ACCESS: Seeks NTC Action Against AIS Price-Dumping
--------------------------------------------------------
Total Access Communications, along with True Move, petitioned
the National Telecommunications Commission to look into the
alleged price-dumping strategy by market leader Advanced Info
Service, which is offering rates as low as THB1.00 per call, The
Bangkok Post reports.

According to The Post, both companies told NTC that the AIS
marketing campaign, announced this week, are in breach of
competition rules and international market dominance standards.

Based on NTC's anti-monopoly regulations, which went into effect
last month, unfair competition is defined as an operator with
more than 25% market share pricing calls below cost in order to
put a squeeze on its rivals, The Nation relates.  

Supachai Chearavanont, True Move's chief executive officer, told
The Nation that AIS is undercutting smaller players by swamping
their networks with a flood of calls through its rock-bottom
pricing promotions.

As a response, NTC Chairman Gen. Choochart Promprasit told The
Post that he would summon AIS for discussions within the week,
although he said that the existing telecom business law did not
stipulate minimum prices but only ceiling prices to prevent
collusion by operators and protect consumers.

Meanwhile, AIS President Wichian Mektrakarn said that the
promotion was for its new subscribers only and the rate was not
lower than the company's cost.

                          *     *     *

Total Access Communications, DTAC -- http://www.dtac.co.th/--  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


TRUE CORP: Launches Two New Phone Packages for Hearing-Impaired
---------------------------------------------------------------
True Corp Plc is all set to launch two mobile-phone packages
specifically for hearing-impaired people, the first of their
kind in Thailand, The Nation reports.  

Supachai Chearavanont, True Corp's chief executive officer, said
the packages would target deaf people who are registered with
the Social Development and Human Security Ministry.  The Nation
relates that there are 200,000 to 300,000 deaf people in
Thailand, 89,985 of whom are registered with the ministry.

The two packages, one for sending short messages only and
another for both SMS and Internet access, each feature two
monthly fee choices.

Under the SMS-only deals, users can choose between 800 text
messages per month for THB250 or 1,600 text messages per month
for THB499.

The SMS and Internet deals both offer 1,600 SMS per month and
subscribers can choose between Internet access at a speed of 56
kilobits per second for THB599 per month or 256 kilobits per
second for THB799 per month.

Both packages offer a call rate of THB1 per minute, available in
case if a deaf subscriber wants someone to make a call for them.  
Extra messages under both packages are charged at THB1 each.

Prior to disclosing the deals, The Nation relates that True
connected the national branch of the Thai Deaf Club with the
high-speed Internet access free of charge.

                          *     *     *

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/--- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

Standard & Poor's Ratings Services, on July 27, 2006, affirmed
its BB long-term corporate credit rating on True Corp Public Co
Ltd.  The outlook is stable.  

True Corp also currently carries Moody's corporate family rating
at Ba3, with stable outlook.



                            *********

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 ***