TCRAP_Public/061010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, October 10, 2006, Vol. 9, No. 201

                            Headlines

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

56TH INTERVARSITY: Members and Creditors Meeting Set on Oct.31
ADBECK PTY: Members and Creditors to Receive Wind-Up Report
ADN & S: Members and Creditors Meeting Set on October 27
ALPHASOFT COMPUTER: Liquidators to Present Wind-Up Report
ARA DEVI: Members and Creditors to Meet on October 31

ARCHER CONSULTING: Appoints Receivers and Managers
AUSTRALIAN NATURAL: Liquidator Turner to Present Wind-Up Report
B H PAINTING: Undergoes Creditors' Voluntary Wind-Up
BARDEN CONSTRUCTION: Appoints Joint Liquidators
BREDHURST ENGINEERING: Liquidators to Present Wind-Up Report

BRIDGES WADE: Members' Final Meeting Set on October 27
BTP LTD: Shareholders Opt for Voluntary Liquidation
COAST TO COAST: Court Names Nellies and Jenkins as Liquidators
CORK CONSTRUCTION: Names Brown and Rodewald as Liquidators
CROESUS MINING: Exempted from Reporting & AGM Requirements

DAVKS LTD: Creditors Proofs of Claim Due on October 12
EYELEVEL LANDSCAPES: Members and Creditors to Meet on October 26
FLEET GROUP: Liquidator to Present Wind-Up Report
FRESHWELL FOODS: Members Decide to Shut Down Firm
GJM PROPERTIES: Members and Creditors' Meeting Set on Oct. 31

GREEN LANDS: Members and Creditors' Meeting Set on October 31
GROUP ONE: Members and Creditors' Meeting Scheduled on Oct. 27
HUON CORPORATION: Creditors Vote to Liquidate Business
INNOVATION CONTRACT: Creditors Must Prove Debts by November 3
JAMES HARDIE: P. Costello Warns Against Indemnifying Officers

JAMES HARDIE: Signature Wants to Take Over Asbestos Claims Mgt.
KIWI DESIGN: Christchurch Court Names Joint Liquidators
KLIKKERS LEATHERWARE: Liquidators to Receive Wind-Up Report
MAKMUR AUSTRALASIA: Members and Creditors to Meet on Oct.31
MAYPOLE BAKERY: Appoints Crisp and Marsden as Joint Liquidators

MERCHANT ACCOUNTING: Members Resolve to Close Operations
MUIR & GRAY: Members and Creditors to Present Wind-Up Report
MURDOCH (VIC): Placed Under Voluntary Liquidation
MUSIC SYSTEMS: Appoints Sarten as Official Liquidator
OKUKU COUNTRY: Shareholders Appoint Liquidator

ONESEC PTY: Members' and Creditors' Meeting Set on Oct. 26
PARK LANE: Members' and Creditors' Meeting Set on October 27
PRIME EQUIPMENT: To Declare Final Dividend on October 20
PROMEDIA PTY: Members and Creditors to Present Wind-Up Report
SJ & H TRANSPORT: Liquidator to Present Wind-Up Report

TALKPRINT PTY: Liquidator Sutcliffe to Present Wind-Up Report
TALKPRINT (VIC) PTY: Will Hold Meeting on October 26
THE QUEENSTOWN TAHITI: Court Appoints Joint Liquidators
TRUESDALE NOMINEES: Members and Creditors to Meet on Oct.26
UNIQUE CAR: Enters Wind-Up Proceedings

XERIUM TECHNOLOGIES: Aims to Release 3Q2006 Results on Nov. 13
XERIUM TECHNOLOGIES: Faces Securities Fraud Lawsuit in Mass.


C H I N A   &   H O N G  K O N G

ABLE ARTS: Hearing of Wind-Up Petition Slated for Nov. 29
BANK OF TAIWAN: S&P Affirms Individual Rating at C+
BROWN SHOE: Reports US$15.1M Net Income in Quarter ended July 29
BT DEVELOPMENT: Creditors and Members' Meeting Set on Oct. 17
CB RICHARD: Liquidators Cease to Act for the Company

COMPONENT SUPPLIES: Final Creditors Meeting Slated for Nov. 6
CREDIT AGRICOLE: Appoints Joint Liquidators
EPICOR SOFTWARE: Moody's Assigns Loss-Given-Default Rating
FIRST FORTRESS: Appoints Lam as Liquidator
GEORGIA GULF: Fitch Assigns B Rating to New Senior Sub. Notes

IOTA NAVIGATION: Creditors Must Prove Debts by October 23
SMART INTERNATIONAL: Faces Wind-Up Proceedings
TAURUS NAVIGATION: Creditors' Proofs of Claim Due on Oct. 23
TRW AUTOMOTIVE: Starts Production of Latest Seat Belts in China
VOLKSWAGEN AG: Acquires 15.6% Stake in MAN AG

VOLKSWAGEN AG: Agrees with IG Metall on 34-Hour Workweek
VOLKSWAGEN AG: Expects Flat U.S. Sales for Next Year
WATSON PHARMACEUTICALS: Moody's Assign Loss-Given-Default Rating
WING KEE TANNERY: Court to Hear Wind-Up Petition on Nov. 22


I N D I A

ALLAHABAD BANK: Raises INR561.90-Crore from Tier II Bond Issue
ALLAHABAD BANK: CRISIL Assigns 'AA' to Lower Tier II Bonds
ALLAHABAD BANK: Board to Meet Regarding 2nd Quarter Financials
ANDHRA BANK: Records 36.7% Growth Year-on-Year for June Quarter
BALLARPUR INDUSTRIES: Signs MOU with Maharashtra to Expand Plant

BALLARPUR INDUSTRIES: To Consider Financials on Oct. 17 Meeting
BRISTOW GROUP: 600,000 Shares Sold from Over-Allotments


I N D O N E S I A

BANK NEGARA: JSX Removes Firm from Share Index Calculations
BANK PERMATA: Cuts Deposit Interest Rate to 8%
PERUSAHAAN LISTRIK: Government To Guarantee Power Payments
* Bank Indonesia Relaxes Single Presence Policy


J A P A N

BLACKBOARD INC: Moody's Assigns Loss-Given-Default Rating
COREL CORP: Moody's Assigns Loss-Given-Default Rating
FLOWSERVE CORP: S&P Affirms BB- Rating With Stable Outlook
MIZUHO BANK: Partners with Korea Development Bank
MIZUHO FINANCIAL: Signs MOU with Vietnam's Investment Ministry

MITSUI LIFE: Temasek Acquires 4.6% Stake in Firm
NIKKO CORDIAL CORP: Announces Merger of Subsidiaries
NIKKO CORDIAL CORP: Expects JPY23-Billion 1st Half Group Profit
NOMURA HOLDINGS: Expanding Private Equity Advisory Services
SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$45.1M

SANYO ELECTRIC: To Reduce Group Firms by 10% to Stay in Black
SPANSION: Moody's Affirms B3 Corporate Family Rating


K O R E A

EUGENE SCIENCE: Inked Distribution Pact with NC Trading
KOOKMIN BANK: FnGuide Sees 11.7% Drop in 3rd Quarter Sales
* ROK Holds Emergency Meetings, Discloses Stance on Nuclear Test


M A L A Y S I A

PARACORP BERHAD: Asked to Pay Unit's Default on Facility Deal
POLYMATE HOLDINGS: Receives Writ of Summons from AmBank
SUGAR BUN: SC Approves Proposed Private Placement of Shares
TAP RESOURCES: 11th Annual General Meeting Set for October 31
TENCO BERHAD: Unit Served with Payment Demand Notice


P H I L I P P I N E S

AFP-RSBS: Military Assures Retirees Will Recover Contributions
AFP-RSBS: Assets Difficult to Dispose, Military Says
ASIA AMALGAMATED: J. Gow Replaces J. Maling as New President
NATIONAL POWER: Seeks ERC Approval for Cheaper Power Rate Scheme
* RP's September 5.7% Inflation Rate Lowest Since Mid-2004


S I N G A P O R E

LEUN WAH: Creditors Discuss Litigation Matters
PROMOSTYL (S) PTE: High Court Issues Wind-Up Order
SEA KING: Court Grants Marine Harvest's Wind-Up Petition
THE LAUNDRY: High Court to Hear Wind-Up Petition
WASHINGTON MANAGEMENT: High Court Enters Wind-Up Order


T H A I L A N D

FEDERAL MOGUL: Court OKs Entry Into Hercules Payment Agency Pact
FEDERAL MOGUL: Seeks Court Nod to Mend Ohio Environmental Claims
INTERFACE INC: Moody's Assigns Loss-Given-Default Ratings
INTERFACE INC: Earns US$5.9 Million in Second Quarter of 2006
* Justice Ministry Drafts Amendments to Bankruptcy Laws


* BOND PRICING: For the Week 9 October to 13 October 2006

     - - - - - - - -

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

56TH INTERVARSITY: Members and Creditors Meeting Set on Oct.31
--------------------------------------------------------------
56th Intervarsity Choral Festival Inc, which is in liquidation,
will hold a meeting for its members and creditors on October 31,
2006, at 9.00 a.m.

The members and creditors will receive the company's wind-up
report and property disposal exercises at the meeting.

The joint & several liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


ADBECK PTY: Members and Creditors to Receive Wind-Up Report
-----------------------------------------------------------
Adbeck Pty Ltd, which is in liquidation, will hold a meeting on
October 31, 2006, at 10.15 a.m.

At the meeting, Liquidators Dye and Giasoumi will present the
company's wind-up report and property disposal exercises.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


ADN & S: Members and Creditors Meeting Set on October 27
--------------------------------------------------------
ADN & S Pty Ltd, which is in liquidation, will hold a general
meeting for its members and creditors on October 27, 2006, at
10:00 a.m.

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

The Liquidator can be reached at:

         Ross A. Blakeley
         Taylor Woodings
         Chartered Accountants
         Suite 612, 530 Little Collins Street
         Melbourne Victoria 3000
         Australia
         Telephone:(03) 9909 7130
         Facsimile:(03) 9909 7134
         Australia


ALPHASOFT COMPUTER: Liquidators to Present Wind-Up Report
---------------------------------------------------------
Alphasoft Computer Solutions Pty Ltd, which is in liquidation,
will hold a meeting for its members and creditors on October 31,
2006, at 10.30 a.m.

During the meeting, Liquidators Dye and Giasoumi will present
the company's wind-up report and property disposal exercises.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


ARA DEVI: Members and Creditors to Meet on October 31
-----------------------------------------------------
Ara Devi Pty Ltd, which is in liquidation, will hold a meeting
for its members and creditors on October 31, 2006, at 10.45 a.m.

During the meeting, Liquidators Dye and Giasoumi will present
the company's wind-up report and property disposal exercises.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


ARCHER CONSULTING: Appoints Receivers and Managers
--------------------------------------------------
On September 12, 2006, National Australia Bank Limited appointed
George Georges and John Ross Lindholm as joint and several
receivers and managers of the property and assets of Archer
Consulting Group Pty Ltd, which is in liquidation.

The Joint and Several Receivers and Managers can be reached at:

         George Georges
         John Ross Lindholm
         Level 29, 600 Bourke Street
         Melbourne, Victoria
         Australia

AUSTRALIAN NATURAL: Liquidator Turner to Present Wind-Up Report
---------------------------------------------------------------
Australian Natural Fibreboard Company Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on October 24, 2006, at 11:00 a.m.

At the meeting, Liquidator D. A. Turner will present the
company's wind-up report and property disposal exercises.

The Liquidator can be reached at:

         D. A. Turner
         PKF
         Chartered Accountants
         11th Floor, 485 Latrobe Street
         Melbourne, Victoria 3000
         Australia


B H PAINTING: Undergoes Creditors' Voluntary Wind-Up
----------------------------------------------------
On September 13, 2006, the creditors of B H Painting Service Pty
Ltd held a general meeting and passed a resolution to
voluntarily wind-up the company's operations.

Accordingly, Geoffrey Charles Ridgeway and Russell Graeme Peake
were appointed as joint and several liquidators.

The joint and several liquidators can be reached at:

         Geoffrey Ridgeway
         Russell Peake
         Jenkins Peake & Co
         PO Box 1570
         Geelong 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938


BARDEN CONSTRUCTION: Appoints Joint Liquidators
-----------------------------------------------
On September 21, 2006, Kenneth Peter Brown and Thomas Lee
Rodewald were appointed as joint and several liquidators for
Barden Construction Ltd.

The Joint Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         (P.O. Box 13-380), Tauranga
         New Zealand
         Telephone:(07) 571 6280)
         Web site: http://www.rhb.co.nz


BREDHURST ENGINEERING: Liquidators to Present Wind-Up Report
------------------------------------------------------------
Bredhurst Engineering Pty Ltd, which is in liquidation, will
hold a meeting on October 31, 2006, at 11.00 a.m.

At the meeting, the members and creditors will receive the
report on the company's wind-up proceedings and property
disposal exercises.

The joint and several liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


BRIDGES WADE: Members' Final Meeting Set on October 27
------------------------------------------------------
Bridges Wade & Co Pty Ltd, which was placed under voluntary
liquidation, will hold a final meeting for its members and
creditors on October 27, 2006, at 10.00 a.m.

Liquidator Bryan K. Metcalfe will present the company's wind-up
proceedings and property disposal exercises at the meeting.

The Liquidator can be reached at:

         Bryan K. Metcalfe
         Evans & Metcalfe
         7 Lyons Street North
         Ballarat
         Australia


BTP LTD: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------
On September 14, 2006, shareholders of BTP Ltd resolved to
liquidate the company's business operations and appoint Iain
Andrew Nellies and Paul William Gerrard Jenkins as joint and
several liquidators.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         c/o Insolvency Management Limited
         Level Three, Burns House
         10 George Street (P.O Box 1058)
         Dunedin, New Zealand


COAST TO COAST: Court Names Nellies and Jenkins as Liquidators
--------------------------------------------------------------
On September 21, 2006, the High Court at Dunedin ordered Coast
to Coast Interiors (2001) Ltd to liquidate the company's
business operations and appointed Iain Andrew Nellies and Paul
William Gerrard Jenkins as joint and several liquidators.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         Insolvency Management Limited
         Level Three, Burns House
         10 George Street (P.O Box 1058), Dunedin
         New Zealand


CORK CONSTRUCTION: Names Brown and Rodewald as Liquidators
----------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed as
joint and several liquidators of Cork Construction Ltd on
September 21, 2006.

The Joint Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         127 Durham Street
         (P.O. Box 13-380), Tauranga
         New Zealand
         Telephone:(07) 571 6280)
         Web site: http://www.rhb.co.nz


CROESUS MINING: Exempted from Reporting & AGM Requirements
----------------------------------------------------------
On October 5, 2006, the Australian Securities and Investments
Commission issued an order exempting Croesus Mining N.L. from
its financial reporting obligations for:

   (a) the financial year ended June 30, 2006; and

   (b) the half-year ended December 31, 2006.

The ASIC also granted Croesus Mining's request to hold its
Annual General Meeting on April 30, 2007.

Joint and Several Administrator, Vincent Smith explains that
Croesus Mining's request allows time for its Deed Administrators
to facilitate a recapitalization leading to the requotation of
the company's shares in the Australian Stock Exchange.

It was also the view of the Deed Administrators that there was
no significant benefit to shareholders in the reporting of the
company's 2005/2006 financial position while the company is the
subject of an external administration, as its financial position
has significantly been effected by the Voluntary Administration
regime.

In addition, as part of the company's recapitalization, details
of the potential post-recapitalization balance sheet will be
provided to shareholders if requested by the Corporations Act
2001 or the ASX's listing rules.

                      About Croesus Mining

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold
through its Davyhurst and Central Norseman exploration projects.

The Troubled Company Reporter - Asia Pacific reported on July 4,
2006, that Croesus Mining has gone into administration after
failing to restructure its finances and meet its hedging debts.
Bryan Hughes and Vincent Smith, of Pitcher Partners Accountants,
Auditors & Advisors, were appointed as joint and several
administrators pursuant to Section 436A of the Corporations Act.

On July 20, 2006, creditors unanimously opted to accept a Deed
of Company Arrangement, which allows the Administrators to
pursue the possibility of restructuring Croesus Group and
realizing further value for the benefit of creditors and
shareholders, than may be received in a liquidation.


DAVKS LTD: Creditors Proofs of Claim Due on October 12
------------------------------------------------------
On August 30, 2006, Kim S. Thompson appointed as liquidator for
Davks Ltd.

Accordingly, Mr. Thompson required the company's creditors to
prove their debts by October 12, 2006, or be excluded from the
benefit of distribution.

The Liquidator can be reached at:

         Kim S. Thompson
         P.O. Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6064


EYELEVEL LANDSCAPES: Members and Creditors to Meet on October 26
----------------------------------------------------------------
Eyelevel Landscapes & Designs Pty Ltd, which is in liquidation
will hold a meeting for its members and creditors on October 26,
2006, at 9.00 a.m.

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

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote Victoria 3070
         Australia
         Telephone:(03) 9482 6277


FLEET GROUP: Liquidator to Present Wind-Up Report
-------------------------------------------------
Fleet Group Pty Ltd, which is in liquidation, will hold a
general meeting for its members and creditors on October 17,
2006, at 11:00 a.m.

Liquidator McDermott will present the company's wind-up report
and property disposal exercises at the meeting.

The Liquidator can be reached at:

         Ross McDermott
         Chartered Accountants
         PO Box 579
         Carlton Victoria 3053
         Australia
         Telephone:(03) 9347 0411


FRESHWELL FOODS: Members Decide to Shut Down Firm
-------------------------------------------------
On September 1, 2006, the members of Freshwell Foods Pty Ltd
held a general meeting and passed a special resolution to:

   -- voluntarily wind-up the company's operations;

   -- appoint Anthony Simpson as liquidator; and

   -- authorize the liquidator to dispose the company's property
      among its members.

The Liquidator can be reached at:

         Anthony Simpson
         Creighton Brown
         Chartered Accountants
         Suite 3, First Floor
         1156-1161 High Street
         Armadale, Victoria 3143
         Australia


GJM PROPERTIES: Members and Creditors' Meeting Set on Oct. 31
-------------------------------------------------------------
GJM Properties Pty Ltd, which is in liquidation, will hold a
meeting for its members and creditors on October 31, 2006, at
11.15 a.m.

During the meeting, Liquidators Dye and Giasoumi will present
the company's wind-up report and property disposal exercises.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


GREEN LANDS: Members and Creditors' Meeting Set on October 31
-------------------------------------------------------------
Green Lands Holdings Pty Ltd, which is in liquidation, will hold
a meeting for its members and creditors on October 31, 2006, at
11.30 a.m.

At the meeting, the members and creditors will hear the
company's wind-up report and property disposal exercises.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


GROUP ONE: Members and Creditors' Meeting Scheduled on Oct. 27
--------------------------------------------------------------
The members and creditors of Group One Pty Ltd, which is in
liquidation, will hold concurrent meetings for its members and
creditors on October 27, 2006, at 10:00 a.m.

Liquidator Rambaldi will present the company's wind-up report
and property disposal exercises at the meeting.

The Liquidator can be reached at:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


HUON CORPORATION: Creditors Vote to Liquidate Business
------------------------------------------------------
At a meeting held on October 6, 2006, creditors of Huon
Corporation voted to put the company into liquidation, The
Border Mail reports.

According to ABC News Online, the Australian Manufacturing
Workers Union asks the Australian Securities and Investment
Commission to investigate the demise of Huon Corporation.

Administrator Tony Sims said Huon could now be referred to the
ASIC for trading while insolvent, Border Mail relates.

However, Mr. Sims clarifies that workers still employed by the
company would be unaffected by this development because the
company would still trade until it is sold.

ABC Melbourne cites National Union of Workers spokesman Antony
Thow as saying that there is a strong likelihood the business
will be broken up and sold.

According to Mr. Thow, "there is one overseas buyer that wants
to buy the whole business as an ongoing concern.  That would be
our preference, although there are a number of other parties
that only want part of the Empire Rubber business."

Mr. Sims noted that they would look at all of the company's
transactions to see of any were avoidable under the Transactions
Act and to see whether any recoveries can be made.

"The administrators have told us they believe John Schulz broke
the law by purchasing Huon Corporation, transferring assets into
a family trust and then ran the company into the ground," Border
Mail also cites AMWU state secretary Steve Dargavel as stating.

ABC News says that, according to Mr. Dargavel, Huon's
liquidation will ease the financial pressure on workers who have
lost their jobs.

"What this means is that the employees will now have finally
access to the Federal Government's GEARS (General Employee
Entitlement and Redundancy) scheme," Mr. Dargavel explains.

"The workers have been waiting for months to get access to the
Government's GEARS scheme, and it now appears that it will take
another month for the Federal Government to finally pay them,"
Mr. Dargavel notes.

                          *     *     *

Based in Victoria, Australia, Huon Corp. manufactures car parts.
It has factories that supply parts including air intake hoses,
steering column covers, rubber seals, and fuel filler shields to
major car companies like Toyota, Holden, Ford, and PBR.

Huon Corp. went into voluntary administration after concerns
about its financial situation, saying the failure to perform
occurred after it purchased Empire Rubber, and Melbourne-based
firms FRN and Mills Elastomers from Nylex Ltd., in December
2005.  Tony Sims and Ken Sellars of SimsPartners were appointed
as administrators.

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Huon's managing director John Schulz agreed
to return AU$13 million of land assets allegedly stripped from
the three former Nylex factories -- Empire Rubber in Bendigo,
Mills Elastomers in Dandenong, and FRN in Frankston -- which
Huon acquired in December 2005.  The report noted that the
administrators can now fast-track the sale of the Bendigo car
parts business.


INNOVATION CONTRACT: Creditors Must Prove Debts by November 3
-------------------------------------------------------------
On September 20, 2006, shareholders of Innovation Contract
Services Ltd appointed John Trevor Whittfield and Boris van
Delden as liquidators to act jointly and severally.

The Liquidators fixed November 3, 2006, as the last day for
creditors to prove their debts or claims.

As reported by the Troubled Company Reporter - Asia Pacific,
Exide Technologies Ltd filed on June 19, 2006, a petition to
liquidate its operations.  The petition was heard before the
High Court of Auckland on September 21, 2006.

The Joint Liquidators can be reached at:

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


JAMES HARDIE: P. Costello Warns Against Indemnifying Officers
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 5, 2006, James Hardie Industries Limited will cover any
corporate penalties its current and former officers incur over
its asbestos funding scandal.

However, a report from The Australian relates that Federal
Treasurer Peter Costello warns James Hardie against indemnifying
its officers for potentially massive penalties that could follow
successful prosecutions over the scandal.

The company has been secretive about the nature of the
indemnities, The Australian says.

The paper relates that after examining James Hardie's 20-F
statement filed with the United States Securities and Exchange
Commission and the Australian Stock Exchange, a spokeswoman for
the Treasurer said "Section 199A prohibits a company or related
body corporate from indemnifying a person against a liability
for a pecuniary penalty or compensation order that was incurred
as an officer of the company."

"Also, a company or related body corporate is prohibited from
indemnifying a person against legal costs incurred in defending
any proceedings in which the person is found to have a
liability," the spokeswoman added, noting that "the Treasurer
expects that James Hardie will comply with the law."

According to The Australian, the report of the indemnities has
prompted speculation that James Hardie might have done deals
with some of its officers to discourage them from "cracking" and
turning state's evidence.

                      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.


JAMES HARDIE: Signature Wants to Take Over Asbestos Claims Mgt.
---------------------------------------------------------------
Signature Pacific, an unlisted company under deed of company
arrangement and carrying AU$1.7 billion in tax losses, proposed
to James Hardie Industries Ltd's board of directors a takeover
of the management of James Hardie's asbestos claims, the Sydney
Morning Herald reports.

Under the plan, Signature would assume James Hardie's
liabilities and indemnify the company against the liabilities up
to a certain amount.  Signature estimated it would save James
Hardie up to 30% on its AU$3.5 billion in nominal current and
future claims, the report says.

However, the NSW Government is not interested in the proposal.
The State Government is committed to delivering the agreed
scheme, the Sydney Herald cites Ben Wilson, spokesman for NSW
Premier Morris Iemma, as saying.

James Hardie is also not interested in the proposal, Mr. Wilson
adds.

"James Hardie is committed to finding a long-term compensation
arrangement for the asbestos issue," a James Hardie spokesman
said.

Bernie Banton, who represents asbestos victims in the
negotiations, hopes that the negotiations for the special
purpose fund would be concluded by December.

According to the Sydney Herald, the Signature proposal was put
forward by accounting firm Horwath and lobbied for by a former
Federal Liberal Party leader, John Hewson.  Horwath's Kevin
Shirlaw is its administrator, the paper 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.


KIWI DESIGN: Christchurch Court Names Joint Liquidators
-------------------------------------------------------
The High Court of Christchurch named Iain Andrew Nellies and
Wayne John Deuchrass as joint and several liquidators for Kiwi
Design Call Center Services Ltd on September 4, 2006.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the Commissioner of Inland Revenue filed the petition
to liquidate the company on July 24, 2006.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         4/F, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


KLIKKERS LEATHERWARE: Liquidators to Receive Wind-Up Report
-----------------------------------------------------------
Klikkers Leatherware Pty Ltd, which is in liquidation, will hold
a final meeting for its members and creditors on October 31,
2006, at 11.45 a.m.

Liquidators Dye and Giasoumi will present the company's wind-up
report and property disposal exercises at the meeting.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


MAKMUR AUSTRALASIA: Members and Creditors to Meet on Oct.31
-----------------------------------------------------------
Makmur Australasia Pty Ltd, which is in liquidation, will hold a
meeting for its members and creditors on October 31, 2006, at
12.00 p.m.

At the meeting, Liquidators Dye and Giasoumi will present the
company's wind-up report and property disposal exercises.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


MAYPOLE BAKERY: Appoints Crisp and Marsden as Joint Liquidators
---------------------------------------------------------------
The creditors of Maypole Bakery Pty Ltd held a meeting on
September 13, 2006, and resolved to voluntarily wind-up the
company's operations.

Accordingly, Glenn Anthony Crisp and Peter William Marsden were
appointed as joint liquidators.

The Joint Liquidators can be reached at:

         Glenn Anthony Crisp
         Peter William Marsden
         Chartered Accountant
         RSM Bird Cameron Partners
         Level 8, 525 Collins Street
         Sydney
         Australia


MERCHANT ACCOUNTING: Members Resolve to Close Operations
--------------------------------------------------------
At a general meeting held on September 11, 2006, the members of
Merchant Accounting Pty Ltd resolve to close the company's
operations.

In this regard, Peter Goodin was appointed as liquidator.

The Liquidator can be reached at:

         Peter Goodin
         Chartered Accountant
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         East Hawthorn 3123
         Australia


MUIR & GRAY: Members and Creditors to Present Wind-Up Report
------------------------------------------------------------
Muir & Gray Pty Ltd, which is in liquidation, will hold a
meeting for its members and creditors on October 31, 2006, at
12.15 p.m.

Liquidators Dye and Giasoumi will receive the company's wind-up
report and property disposal exercises at the meeting.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


MURDOCH (VIC): Placed Under Voluntary Liquidation
-------------------------------------------------
The members of Murdoch (Vic) Pty Ltd, held a general meeting on
September 15, 2006, and decided to voluntarily wind up the
company's operations.

The Liquidators can be reached at:

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


MUSIC SYSTEMS: Appoints Sarten as Official Liquidator
-----------------------------------------------------
Roland Lawrence Sarten was appointed on September 8, 2006, as
liquidator in the liquidation of Music Systems (Music) Ltd.

Mr. Sarten required for creditors' proofs of claim to be filed
by October 4, 2006.  Those who failed to timely present proofs
are excluded from sharing in any distribution the company will
make.

The Liquidator can be reached at:

         Roland Lawrence Sarten
         Temperton & Associates Limited
         P.O. Box 1140, Wellington
         New Zealand
         Telephone:(04) 499 8382
         Facsimile:(04) 471 4833


OKUKU COUNTRY: Shareholders Appoint Liquidator
----------------------------------------------
On September 1, 2006, shareholders of Okuku Country Lodge Ltd
resolved to liquidate the company's business and appointed
Michael John Keyse as its liquidator.

The Liquidator can be reached at:

         Michael John Keyse
         c/o HFK Limited
         P.O. Box 5071
         Papanui, Christchurch
         New Zealand
         Telephone:(03) 352 9189


ONESEC PTY: Members' and Creditors' Meeting Set on Oct. 26
----------------------------------------------------------
Onesec Pty Ltd, which is in liquidation, will hold a meeting for
its members and creditors on October 26, 2006, at 9.40 a.m.

At the meeting, Liquidator Sutcliffe will present the company's
wind-up report and property disposal exercises.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote Victoria 3070
         Australia
         Telephone:(03) 9482 6277


PARK LANE: Members' and Creditors' Meeting Set on October 27
------------------------------------------------------------
Park Lane Antiquities Pty Ltd, which is in liquidation, will
hold a meeting on October 27, 2006, at 10:00 a.m.

At the meeting, the members and creditors will receive
Liquidator Rambaldi's report on the company's wind-up and
property disposal exercises.

The Liquidator can be reached at:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne Vic 3000
         Australia


PRIME EQUIPMENT: To Declare Final Dividend on October 20
--------------------------------------------------------
Prime Equipment Agencies Pty Ltd, which is in liquidation, will
declare the final dividend for its creditors on October 20,
2006.

Creditors are required to file their proofs of debt by
October 18, to be included in the company's distribution of
dividend.

The Liquidator can be reached at:

         R. G. Mansell
         Level 3/118 Queen Street
         Melbourne Vic 3000
         Australia


PROMEDIA PTY: Members and Creditors to Present Wind-Up Report
-------------------------------------------------------------
Promedia Pty Limited, which is in liquidation, will hold a
meeting for its members and creditors on October 31, 2006, at
12:30 p.m.

Liquidators Dye and Giasoumi will present the company's wind-up
report and property disposal exercises at the meeting.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


SJ & H TRANSPORT: Liquidator to Present Wind-Up Report
------------------------------------------------------
SJ & H Transport Pty Ltd, which is in liquidation, will hold a
meeting for its members and creditors on October 26, 2006, at
9:50 a.m.

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

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote Victoria 3070
         Australia
         Telephone:(03) 9482 6277


TALKPRINT PTY: Liquidator Sutcliffe to Present Wind-Up Report
-------------------------------------------------------------
Talkprint Pty Ltd, which is in liquidation, will hold a meeting
for its members and creditors on October 26, 2006, at 9:10 a.m.

Liquidator Sutcliffe will present the company's wind-up report
and property disposal exercises at the meeting.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote Victoria 3070
         Australia
         Telephone:(03) 9482 6277


TALKPRINT (VIC) PTY: Will Hold Meeting on October 26
----------------------------------------------------
Talkprint (Vic) Pty Ltd, which is in liquidation, will hold a
meeting for its members and creditors on October 26, 2006, at
9:20 a.m.

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

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote Victoria 3070
         Australia
         Telephone:(03) 9482 6277


THE QUEENSTOWN TAHITI: Court Appoints Joint Liquidators
-------------------------------------------------------
The High Court at Invercargill on September 7, 2006, appointed
Iain Andrew Nellies and Paul William Gerrard Jenkins as
liquidators to act jointly and severally in the liquidation of
The Queenstown Tahiti Pearl Company Ltd.

The Joint and Several Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         c/o Insolvency Management Limited
         Level Three, Burns House, 10 George Street
         (P.O Box 1058), Dunedin
         New Zealand


TRUESDALE NOMINEES: Members and Creditors to Meet on Oct.26
-----------------------------------------------------------
Truesdale Nominees Pty Ltd, which is in liquidation, will hold a
meeting for its members and creditors on October 26, 2006, at
9:30 a.m.

The members and creditors will receive the company's wind-up
report and property disposal exercises at the meeting.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote Victoria 3070
         Australia
         Telephone:(03) 9482 6277


UNIQUE CAR: Enters Wind-Up Proceedings
--------------------------------------
At a meeting, held on September 13, 2006, the creditors of
Unique Car Detailing (Vic) Pty Ltd resolved to wind up the
company's operations and R. A. Sutcliffe was appointed as
liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor
         192-198 High Street
         Northcote Vic 3070
         Australia
         Telephone:(03) 9482 6277


XERIUM TECHNOLOGIES: Aims to Release 3Q2006 Results on Nov. 13
--------------------------------------------------------------
Xerium Technologies, Inc., plans to release its results for the
third quarter of 2006 ended September 30, 2006, before the
market opens on Monday, November 13, 2006.

The company will also hold a conference call to discuss those
results that day, starting at 8:00 a.m. ET.

The conference call will be accessible as a Web cast through the
company's Web site -- http://www.xerium.com/-- following the
links for investor relations and Web casts.

                   About Xerium Technologies

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. (NYSE: XRM) -- http://xerium.com/-- is a leading global
manufacturer and supplier of two types of products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, owns a broad portfolio of patented and proprietary
technologies to provide customers with tailored solutions and
products integral to production, all designed to optimize
performance and reduce operational costs.  With 36 manufacturing
facilities in 15 countries -- including, Japan and Australia --
Xerium Technologies has approximately 3,900 employees.

                          *     *     *

As reported in the Troubled Company Reporter on January 24,
2006, Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating; B1
     * Guaranteed senior secured term loan B; B1
     * Guaranteed senior secured revolving credit facility; B1


XERIUM TECHNOLOGIES: Faces Securities Fraud Lawsuit in Mass.
----------------------------------------------------------------
On June 7, 2006, Parkside Capital Ltd. filed a purported class
action complaint on behalf of itself and all others similarly
situated against Xerium Technologies, Inc., and its chief
executive officer and chief financial officer.  The company was
served with the complaint on June 8, 2006.

The class action -- Parkside Capital Ltd. v. Xerium Technologies
Inc., et al., Case No. 1:06-cv-10991-RWZ -- was filed in the
U.S. District Court for the District of Massachusetts under
Judge Rya W. Zobel.

The complaint concerns the company's initial public offering of
common stock and alleges violations of Sections 11 and 12(a)(2)
and liability under Section 15 of the U.S. Securities Act of
1933.

Parkside Capital seeks rescission rights, attorneys' fees, and
other costs and unspecified damages on behalf of a purported
class of purchasers of the company's common stock "pursuant
and/or traceable to the company's IPO on May 16, 2005, through
November 15, 2005."

Theodore M. Hess-Mahan of Shapiro Haber & Urmy, LLP, represents
Parkside Capital.

Mr. Hess-Mahan can be reached at:

   53 State Street
   Boston, MA 02108
   Phone:  617-439-3939
   Fax  :  617-439-0134
   E-mail: ted@shulaw.com

Seth C. Harrington of Ropes & Gray, LLP, represents Xerium
Technologies.

Mr. Harrington can be reached at:

   One International Place
   Boston, MA 02110
   Phone:  617-951-7226
   Fax  :  617-951-7050
   E-mail: seth.harrington@ropesgray.com

                   About Xerium Technologies

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. (NYSE: XRM) -- http://xerium.com/-- is a leading global
manufacturer and supplier of two types of products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, owns a broad portfolio of patented and proprietary
technologies to provide customers with tailored solutions and
products integral to production, all designed to optimize
performance and reduce operational costs.  With 36 manufacturing
facilities in 15 countries -- including, Japan and Australia --
Xerium Technologies has approximately 3,900 employees.

                          *     *     *

As reported in the Troubled Company Reporter on January 24,
2006, Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating; B1
     * Guaranteed senior secured term loan B; B1
     * Guaranteed senior secured revolving credit facility; B1


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

ABLE ARTS: Hearing of Wind-Up Petition Slated for Nov. 29
---------------------------------------------------------
A petition to wind-up the operations of Able Arts Jewellery
Manufactory Co Ltd will be heard before the High Court of Hong
Kong on November 29, 2006.

Bank of China (Hong Kong) filed the petition with the Court on
September 20, 2006.

The Solicitors for the Petitioner can be reached at:

         Or, Ng & Chan
         15/F., The Bank of East Asia Bldg
         10 Des Voeux Road Central
         Hong Kong


BANK OF TAIWAN: S&P Affirms Individual Rating at C+
---------------------------------------------------
On October 5, 2006, Standard & Poor's Ratings Services affirmed
Bank of Thailand's C+ bank fundamental strength rating.  At the
same time, it also affirmed BOT's A+ long-term and A-1 short-
term counterparty credit ratings.  The outlook is stable.

"The ratings reflect the bank's strong franchise and market
position, satisfactory asset quality, high liquidity, and sound
capitalization," credit analyst Susan Chu said.

"Additional positive rating factors include the bank's systemic
importance to Taiwan's financial services industry,
administrative functions it carries out on behalf of the
government, and its 100% ownership by the government," Ms. Chu
added.

Counterbalancing factors include the bank's weak profitability
and a very competitive operating environment.  BOT and Central
Trust of China (CTC), another 100% state-owned bank in Taiwan,
are scheduled to merge in July 2007 with BOT as the surviving
entity, but the merger is unlikely to significantly change the
bank's risk profile over the medium term.

BOT has a strong customer deposit base, thanks to its extensive
branch network and market confidence in its government
ownership.  It had a 10.5% share of the domestic deposit market
at the end of June 2006, and the level is likely to increase to
about 11.5% after its merger with CTC.

BOT's asset quality and loan quality are both satisfactory and
better than the domestic industry average.  The bank's reported
ratio of NPAs (including official NPLs and foreclosed property)
was 1.5% at the end of June 2006.  In addition to the bank's
prudent underwriting policies, the results can be attributed to
its relatively low-risk loan book because about 40% of its loans
are to the government or government-related entities.

BOT's capitalization is sound and compares favorably with its
peer group average.  The bank's ratio of adjusted common equity
to assets stood at 5.6% at the end of June 2006.

BOT's profitability is poor, largely because of the bank's
policy background.  In addition to intense competition over
lending rates, the bank's funding costs are higher than those of
many of its competitors.

The stable outlook reflects Standard & Poor's expectation that
the Taiwan government will maintain its implicit support for the
bank over the medium term.


BROWN SHOE: Reports US$15.1M Net Income in Quarter ended July 29
----------------------------------------------------------------
Brown Shoe Company, Inc., filed its third quarter financial
statements for the three months ended July 29, 2006, with the
Securities and Exchange Commission.

The company earned US$15.1 million of net income on US$579.3
million of net revenues for the three months ended July 29,
2006, compared to US$4 million of net income on US$551.4 million
of net revenues in 2005.

At July 29, 2006, the company had US$50 million of borrowings
outstanding and US$18.1 million in letters of credit outstanding
under the Credit Agreement.  Total additional borrowing
availability was approximately US$281.9 million at July 29,
2006.

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

              http://researcharchives.com/t/s?1306

                     About Brown Shoe Company

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc. -
- http://www.brownshoe.com/-- is a US$2.3 billion footwear
company with global operations.  The company operates the 900+
store Famous Footwear chain, which sells brand name shoes for
the family.  It also operates 300+ specialty retail stores in
the U.S. and Canada under the Naturalizer, FX LaSalle and Via
Spiga names, and Shoes.com, the company's e-commerce subsidiary.

Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults,
and Barbie and Disney character footwear for children.

The company currently maintains offices in Brazil, Italy, China,
Hong Kong, and Taiwan.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on specialty footwear retailer and wholesaler
Brown
Shoe Co. Inc.  The rating was removed from CreditWatch, where it
was placed with negative implications on March 16, 2005.  S&P
said the outlook is negative.

At the same time, Standard & Poor's assigned its 'BB-' rating to
Brown Shoe's proposed US$150 million senior unsecured notes due
2012.  These notes, to be offered pursuant to Rule 144A with
registration rights, are rated one notch below the corporate
credit rating due to the substantial amount of priority debt in
the capital structure (including borrowings from the company's
US$350 million secured revolving credit facility) relative to
total assets.  Pro forma for the transaction, total funded debt
reaches about US$307 million.

Moody's Investors Service assigned a B1 rating to Brown Shoe
Company, Inc.'s US$150 million guaranteed senior unsecured notes
due 2012, a Ba3 senior implied rating, a B2 issuer rating, and
an SGL-2 Speculative Grade Liquidity Rating.  Moody's said the
outlook is stable.


BT DEVELOPMENT: Creditors and Members' Meeting Set on Oct. 17
-------------------------------------------------------------
Creditors and members of BT Development Holdings Ltd will hold
separate meetings at 27/F., Alexandra House, 18 Chater Road,
Central, Hong Kong on October 17, 2006.

At the meetings, Joint Liquidators Gabriel CK Tam and Jacky CW
Muk will present their report regarding the company's wind-up
proceedings.


CB RICHARD: Liquidators Cease to Act for the Company
----------------------------------------------------
John James Toohey and Rainier Hok Chung Lam ceased to act as
joint and several liquidators for CB Richard Ellis Property
Management (China) Ltd on September 29, 2006.

The Troubled Company Reporter - Asia Pacific reported that the
liquidators had presented their final report on the company's
wind-up proceedings on that day.

The former Liquidators can be reached at:

         John Toohey
         22/F., Prince's Bldg
         Central, Hong Kong


COMPONENT SUPPLIES: Final Creditors Meeting Slated for Nov. 6
-------------------------------------------------------------
The final creditors meeting of Component Supplies Ltd will be
held on November 6, 2006, 3:00 p.m. at Room 2302, 23/F., Chung
Kiu Commercial Bldg, 47-51 Shangtung Street, Mongkok, Kowloon in
Hong Kong.

During the meeting, Liquidator Wong Lung Shun will present his
accounts on the company's wind-up and property disposal
activities.


CREDIT AGRICOLE: Appoints Joint Liquidators
-------------------------------------------
On September 22, 2006, Natalia KM Seng and Susan YH Lo were
appointed as joint and several liquidators for the wind up
proceedings of Credit Agricole Indosuez Securities (Japan) Ltd.


EPICOR SOFTWARE: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B2 Corporate Family Rating for
Epicor Software Corporation.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 Million
   Senior Secured
   Revolving Credit
   Facility due 2009      B1       Ba3     LGD2       27%

   US$100 Million
   Senior Secured
   First Lien
   due 2012               B1       Ba3     LGD2       27%

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

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

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

                          *     *     *

Headquartered in Irvine, California, Epicor Software Corporation
-- http://www.epicor.com/www/-- is a provider of enterprise
resource planning, customer relationship management, and supply
chain management software and solutions to mid-market companies
worldwide.  Epicor Software has worldwide locations in
Australia, Canada, China, Germany, Hong Kong, Indonesia, Italy,
Japan, Korea, Malaysia, Mexico, Singapore, Taiwan, and the
United Kingdom, among others.


FIRST FORTRESS: Appoints Lam as Liquidator
------------------------------------------
On September 28, 2006, shareholders of First Fortress
Technologies Ltd, appointed Lam Ying Sui to act as its
liquidator.

The Liquidator can be reached at:

         Lam Ying Sui
         Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


GEORGIA GULF: Fitch Assigns B Rating to New Senior Sub. Notes
-------------------------------------------------------------
Fitch Ratings removed Georgia Gulf Corporation's credit ratings
from Rating Watch Negative; downgraded the issuer default
rating, senior secured credit facility rating, and senior
unsecured note rating; and assigned ratings to new issues, upon
the closing of the acquisition of Royal Group Technologies
earlier this week.

These ratings affect approximately US$2.0 billion of debt.  The
Rating Outlook is Negative.

   -- Issuer default rating downgraded to 'BB-' from 'BB'

   -- Senior secured credit facility downgraded to 'BB+'
      from 'BBB-'

   -- Existing senior unsecured notes downgraded to 'BB-'
      from 'BB'

   -- New senior unsecured notes 'BB-'

   -- New senior subordinated notes 'B'

An IDR of 'BB-' incorporates:

   * the benefit of greater integration in the vinyls chain;

   * the potential for greater earnings and cash flow with less
     volatility; and

   * some success in realizing cost synergies.

However, the rating is tempered by concerns regarding high
leverage, particularly as the PVC resin market is expected to
loosen and residential construction activity may be slowing.

Moreover, target integration risk may be higher due to ongoing
legal and regulatory investigations at Royal Group, and Georgia
Gulf's lack of direct experience integrating a sizeable
downstream target.

The 'BB+' rating on the senior secured credit facility reflects
the superior collateral position of the term loan and revolver.
The rating also considers the high likelihood of principal
recovery in a liquidation scenario.

The 'BB-' rating on the senior notes, both new and existing,
reflects their unsecured position relative to a significant
amount of secured debt.

Upon closing of the acquisition-related financing, secured debt
of US$1.175 billion with perfected liens and the US$165 million
accounts receivable securitization program have priority
interest in the assets of the company before the senior
unsecured notes and senior subordinated notes.

The subordinated notes are rated 'B', two notches lower than the
IDR and senior unsecured notes, to reflect their junior position
and expected poor principal recovery in bankruptcy scenario.

The Negative Rating Outlook reflects the risk of softer earnings
ahead as the homebuilding market slows and new PVC resin
capacity hits the market.  The next twelve months will be a
critical time for Georgia Gulf.

Besides the work of integrating and improving Royal Group's
businesses, Georgia Gulf could have an opportunity to bring
leverage down before earnings soften.

Earnings from the PVC resin business may still be buoyant enough
to contribute to debt reduction over the next 12 months; Fitch
expects earnings from PVC resin to soften quickly beginning in
late 2007 as additional PVC capacity comes online.

If the integration proceeds well and market conditions keep
earnings and cash flow strong, Fitch expects that Georgia Gulf's
total debt (including A/R securitization)-to-operating EBITDA
could improve to under 4.0x.

Conversely, leverage could stay closer to 5.0x if the
integration of Royal Group is difficult and market conditions
cause earnings and cash flow to soften markedly.

                          *     *     *

Based in Atlanta, Georgia Gulf Corporation --
http://www.ggc.com/-- is a commodity chemicals producer. Its
product portfolio includes VCM, PVC resin, vinyl compounds,
cumene, acetone, and phenol.  Georgia Gulf earned approximately
US$279 million of EBITDA on sales of US$2.2 billion for the LTM
period ended June 30, 2006.  The company has a location in
Shanghai, China.


IOTA NAVIGATION: Creditors Must Prove Debts by October 23
---------------------------------------------------------
Iota Navigation Corp Ltd, which is under voluntary wind-up, will
receive creditors' proofs of debt through Liquidator Cheng Seng
Chong Edward on or before October 23, 2006.

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

The Liquidator can be reached at:

         Cheng Seng Chong Edward
         Room 1802 Harbour Centre
         25 Harbour Road, Wanchai
         Hong Kong


SMART INTERNATIONAL: Faces Wind-Up Proceedings
----------------------------------------------
A petition to wind-up the operations of Smart International &
Industrial Co Ltd will be heard before the High Court of Hong
Kong on October 18, 2006, at 9:30 a.m. -- previously slated for
September 20, 2006.

Agie Charmilles China (HK) Ltd filed the petition with the Court
on July 20, 2006.

The Solicitors for the Petitioner can be reached at:

         Fung Wong Ng & Lam
         Room 8, 4/F., New Henry House
         10 Ice House Street, Central
         Hong Kong


TAURUS NAVIGATION: Creditors' Proofs of Claim Due on Oct. 23
------------------------------------------------------------
Creditors of Taurus Navigation Corp Ltd are required to submit
their proofs of claim by October 23, 2006, to Liquidator Cheng
Seng Chong Edward.

Failure to prove their debts will exclude creditors from sharing
in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific reported that the
sole shareholder of the company resolved to wind-up the
company's operations on September 26, 2006.

The Liquidator can be reached at:

         Cheng Seng Chong Edward
         Room 1802 Harbour Centre
         25 Harbour Road, Wanchai
         Hong Kong


TRW AUTOMOTIVE: Starts Production of Latest Seat Belts in China
---------------------------------------------------------------
TRW Automotive Holdings Corp.'s Shanghai, China manufacturing
subsidiary launched production of its latest generation of seat
belt.

Shanghai TRW Automotive Safety Systems Co., Ltd., has launched
production of the TRW BSA4.0 seat belt for a number of domestic
vehicle platforms, including the new Passat B6 by FAW Volkswagen
and Royaum by Shanghai General Motors.  The BSA4.0 seat belt
offers an advanced pre-crash pretensioning feature and load-
limiting capabilities while incorporating enhancements in
comfort and noise reduction.

                 About Shanghai TRW Automotive

TRW Automotive -- http://www.trw.com-- with 2005 sales of
US$12.6 billion is among the world's ten largest automotive
suppliers and is one of the top financial performers in the
industry.  The company supplies more than 40 major vehicle
manufacturers and 250 nameplates and holds leading positions in
all of its primary product categories.

Headquartered in Livonia, MI, the company has more than 63,000
employees worldwide, and significant presence in Brazil, China,
Germany and Italy.

The Troubled Company Reporter - Asia Pacific reports that Fitch
Ratings affirmed the ratings of TRW Automotive Holdings
Inc.

  -- Issuer Default Rating 'BB'
  -- Senior secured bank lines 'BB+'
  -- Senior unsecured notes 'BB-'
  -- Senior subordinated unsecured Notes 'B+'


VOLKSWAGEN AG: Acquires 15.6% Stake in MAN AG
---------------------------------------------
Volkswagen AG acquired on October 3, 2006, a 15.6% stake in MAN
AG to secure its strategic interest in the truck sector and
should make possible a friendly and jointly developed solution.

The company disclosed that its approach is not intended in any
way to be hostile and it does not intend to fully takeover MAN.
In the light of indications in the market of a hostile takeover
attempt of MAN by third parties, this investment in MAN is
essential to secure Volkswagen's interests.

"Volkswagen has an industrial interest in the truck business,
which is already underpinned by our investments in Scania, our
Brazilian truck operations and our light truck activities.  It
is Volkswagen's clear objective not only to guard these
interests, but also to strengthen the potential," Bernd
Pischetsrieder, Volkswagen's chairman of the board of management
disclosed.

The carmaker rejected on Sept. 18 MAN's EUR9.6 billion offer for
Scania, expressing it did not address Volkswagen's "industrial
interest" in Scania, Chad Thomas of Bloomberg reported.

                          *     *     *

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle related services on every
working day.

                          *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


VOLKSWAGEN AG: Agrees with IG Metall on 34-Hour Workweek
--------------------------------------------------------
Volkswagen AG and IG Metall reached an accord for the six
traditional plants during their negotiations in Hanover on
September 29.

The central element is a standard working time of up to 34 hours
a week without additional pay.  A new profit sharing model for
the workforce has been developed.  In addition, production
volumes for each of the plants have been determined,
safeguarding capacity utilization and jobs.  As a result,
Wolfsburg remains the key production facility for the Golf.

"The milestones we have agreed marks a major step forward in
restructuring at Volkswagen.  Negotiations were very tough.  But
they were characterized by the joint resolve to make headway as
regards the competitiveness of Volkswagen.  Competitiveness is
the prerequisites for jobs, and we have achieved this with a
return to normal working hours," Dr. Horst Neumann, Volkswagen's
member of the Board of Management responsible for Human
Resources, disclosed.

Klaus Dierkes, chief negotiator and Head of Human Resources
Germany at Volkswagen, emphasized, "We have brought labor costs
and working time into line with the level for our industry and
made sure our workforce does not lose money."

Key milestones include:

   -- Competitive labor costs: the standard working time is to
      be increased to 33 hours a week for production employees
      and 34 hours a week for administrative employees.  This
      will not involve an increase in pay.  This working time
      can be raised to 35 hours by adding a further two hours,
      respectively one hour, with extra pay.  A working time
      corridor of between 25 and 33 hours for production
      employees and 26 to 34 hours for other employees was also
      agreed.  Regardless of actual working time, pay within
      this corridor corresponds to the previous pay level for a
      28.8-hour week;

   -- Production volumes and capacity utilization: product
      commitments and production volumes were agreed for the six
      traditional plants governed by the company wage agreement;

   -- Profit sharing: employee profit sharing bonuses when
      business performs well could be noticeably higher than at
      present;

   -- Pension element: Volkswagen will make a one-off payment to
      the company pension fund of EUR6,279 for each employee;

   -- Remuneration: an increase in remuneration in line with the
      level for the industry was agreed for employees already
      paid on the basis of the competitive pay scales; and

   -- Training: Volkswagen will continue with the present level
      of apprenticeships.

Other items include a binding commitment for both parties to
negotiate on adopting elements of the collective agreement
applicable for the Volkswagen subsidiary Auto 5000.  The
collective bargaining parties agreed to finalize the details of
these milestones in a final round of negotiations probably
scheduled for Oct. 4.  The envisaged term of the agreement is
January 1, 2007 until the end of 2011.

"The workers have done their part for the restructuring of the
Volkswagen brand, now it's the management's turn to do their
part," IG Metall's chief negotiator Hartmut Meine was quoted by
Bloomberg as saying.

Chief Executive Officer Bernd Pischetsrieder planned to increase
pretax profit to EUR5.1 billion in 2008 from EUR1.1 billion in
2004.  To achieve this he is trying to decrease spending on
labor and reduce Volkswagen's global workforce by eliminating
some 20,000 German jobs.  So far, more than 13,000 employees
have agreed to retire early.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


VOLKSWAGEN AG: Expects Flat U.S. Sales for Next Year
----------------------------------------------------
Volkswagen AG expected U.S. sales to remain unchanged until
2008, when they introduced new models to the market, Bloomberg
News reports.

"We are expecting a fairly flat 2007 compared with this year,"
Adrian Hallmark, Volkswagen's chief in U.S. told Bloomberg last
week.  "It's going to be tough," he added.

According to the report, Volkswagen brand chairman Wolfgang
Bernhard aimed to bring 20 new vehicles to market in the next
five years.  The first batch of the new models will be displayed
in showrooms in 2008, including the compact sport-utility Tiguan
and a minivan for the U.S. market built with DaimlerChrysler AG.

"The U.S. is an intractable problem from Volkswagen," Stephen
Cheetham, an analyst at Sanford C. Bernstein in London told
Bloomberg.  "They are still in serious trouble in the U.S. and
they won't be making money there for the conceivable future.
Flat sales in 2007 looks like an ambitious target," he added.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --
http://www.volkswagen.de/-- is one of the world's leading
automobile manufacturers and the largest carmaker in Europe.

With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Chief Executive Officer Bernd Pischetsrieder planned to increase
pretax profit to EUR5.1 billion in 2008 from EUR1.1 billion in
2004.  To achieve this he is trying to decrease spending on
labor and reduce Volkswagen's global workforce by eliminating
some 20,000 German jobs.  So far, more than 13,000 employees
have agreed to retire early.

The potential job cuts represent about a third of the carmaker's
workforce and three times higher than initial estimates made by
Mr. Pischetsrieder and Volkswagen brand head, Wolfgang Bernhard.

In November last year, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,
and the overall situation in the important automotive markets
remained difficult.  It also expected tougher competition in the
Chinese and U.S. markets, and the rise in fuel prices to
influence consumer confidence.


WATSON PHARMACEUTICALS: Moody's Assign Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. pharmaceutical sector this week, the
rating agency confirmed its Ba1 Corporate Family Rating for
Watson Pharmaceuticals, Inc.  Additionally, Moody's revised or
held its probability-of-default ratings and assigned loss-given-
default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $300 Million
   Revolving Credit
   Facility due 2008     Ba1       Baa2    LGD2       13%

   $500 Million
   Revolving Credit
   Facility due 2011     Ba1       Baa3    LGD3       36%

   $650 Million
   Term Loan due 2011    Ba1       Baa3    LGD3       36%

   $575 Million
   Convertible
   Debentures due 2023   Ba2       Ba2     LGD5       87%

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

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

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

                          *     *     *

Headquartered in Corona, California, United States, Watson
Pharmaceuticals, Inc. -- http://www.watsonpharm.com-- is a
specialty pharmaceutical company focused on branded and generic
products. Revenues in 2005 totaled approximately US$1.6 billion.

The company has international locations in China, India, Sweden
and Ireland.


WING KEE TANNERY: Court to Hear Wind-Up Petition on Nov. 22
-----------------------------------------------------------
The High Court of Hong Kong will hear on November 22, 2006, at
9:30 a.m., a wind-up petition filed against Wing Kee Tannery Ltd

Bank of China (Hong Kong) filed the petition with the Court on
September 25, 2006.

The Solicitors for the Petitioner can be reached at:

         Rowland, Chow, Chan & Co.
         15th Floor, Wing Lung Bank Bldg
         No. 45 Des Voeux Road Central
         Hong Kong


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

ALLAHABAD BANK: Raises INR561.90-Crore from Tier II Bond Issue
--------------------------------------------------------------
Allahabad Bank informed the Bombay Stock Exchange that its Tier
II Bond Series VI was opened on September 27, 2006, and closed
on September 29.

The Bank received subscription from 37 investors to the tune of
INR561.90 crore from the issue.

The salient features of the issue are:

   1. Issue Size: INR600 crores (including green shoe option for
      INR300.00 crore)

   2. Instrument: Unsecured, Redeemable, Non-convertible,
      Taxable Subordinated Bonds in the nature of Promissory
      Notes

   3. Credit Rating: CARE AA+ by CARE & "AA / Stable" by CRISIL

   4. Face Value: INR10,00,000 per Bond

   5. Issue Price: INR10,00,000 per Bond

   6. Minimum Application: 1

   7. Tenure: 120 months

   8. Redemption: At par at the end of 120 months from the
      Deemed date of Allotment

   9. Coupon Rate: 8.85% p.a.

  10. Interest Payment: Annually

  11. Deemed date of Allotment: September 29, 2006

                      About Allahabad Bank

Allahabad Bank -- http://www.allahabadbank.com/-- is a public
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
September 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


ALLAHABAD BANK: CRISIL Assigns 'AA' to Lower Tier II Bonds
----------------------------------------------------------
CRISIL gave these ratings to Allahabad Bank's debt instruments:

   * INR6 billion Lower Tier II Bonds: AA/Stable (Assigned);

   * INR3 billion Tier I Perpetual Bonds: AA/Stable
     (Reaffirmed);

   * INR5 billion Lower Tier II Bonds: AA/Stable (Reaffirmed);
     and

   * INR10 billion Certificate of Deposit Programme: P1+
     (Reaffirmed).

CRISIL's ratings on Allahabad Bank's debt instruments reflect
the benefits that the bank derives on account of its majority
ownership by the Government of India, strong capital adequacy
levels, comfortable resource profile and improved asset quality.
Geographical concentration, a moderate market position in the
banking industry and modest profitability temper these rating
strengths somewhat.

In addition to these factors, the rating on Allahabad Bank's
perpetual bond issue also takes into account the unique features
of the instrument including its conditional debt-servicing
characteristic.  CRISIL has factored in, the bank's current and
projected capital adequacy levels, and its ability to raise
fresh capital (Tier I and Tier II capital) into the rating for
these instruments.  This is an important requirement as in
ratings of Tier I Perpetual Bonds issues, transition from one
rating category to another can be significantly sharper than in
other debt instruments because debt servicing on hybrid
instruments is far more sensitive to the bank's overall capital
adequacy levels and profitability.

Allahabad Bank had a sound Tier 1 capital adequacy of 9.53 per
cent and overall capital adequacy of 13.37 per cent as on
March 31, 2006.  The ratings on Tier I perpetual debt also
factor in Allahabad Bank's policy of maintaining its Tier 1
capital adequacy above 7 per cent and overall capital adequacy
above 11 per cent.

The high likelihood of systemic support in the event of stress
is a key factor that drives the ratings of several Indian Public
Sector Banks, including Allahabad Bank.  CRISIL believes that
the probability of support is underpinned by the policy role
that the banking system plays, and the serious implications of
default by public sector banks on the Indian economy and
political system. GoI's majority ownership of the IPSBs creates
a moral obligation to support the banks if the need arises.

Allahabad Bank has a comfortable resource profile and witnessed
aggregate deposit growth of 19 per cent to INR485 billion in
2005-06 (refers to financial year, April 1 to March 31); with
low cost deposits accounting for 39.3 per cent of the total
deposit base.  Allahabad Bank's asset quality has improved in
2005-06, as seen in an overall Gross NPA of 3.93 per cent as on
March 31, 2006, as against 5.8 per cent as on March 31, 2005.
Slippages have declined to 1.9 per cent as on March 31, 2006, as
compared to 2.3 per cent as on March 31, 2005.

Allahabad Bank's rating is underpinned to an extent due to its
business concentration in the eastern and central regions of
India, with nearly 80 per cent of the bank's branches located in
these regions.  The regions also account for about 65 per cent
of the bank's deposits. This exposes the bank to any unforeseen
event risks in the region.  Allahabad Bank's average market
position is reflected in its market shares of 2.32 per cent and
1.94 per cent (for 2005-06) in overall deposits and advances
respectively.  Its asset size stood at INR547.01 billion as on
March 31, 2006 compared to INR451.44 billion as on March 31,
2005, reflecting a 21 per cent growth.

                             Outlook

The outlook on all the ratings is stable.  CRISIL believes that
Allahabad Bank will maintain its financial and business risk
profile going forward at levels that will sustain the current
rating.  It is also expected that the bank will be able to
maintain capital adequacy levels well above the regulatory
minimum going forward.  GoI is expected to continue to support
Allahabad Bank.

                          About the Bank

Allahabad Bank is a medium-sized public sector bank with 1999
branches as at March 31, 2006.  The bank is focused on eastern
and central regions, and has a large rural presence with about
50 per cent of its branches located in the rural areas.  The
Government of India currently holds 55.23% stake in the bank.
As on March 31, 2006, Allahabad Bank's total deposit base stood
at INR.485 billion and advances stood at INR291.48 billion.  The
bank reported a profit after tax and a total income of INR7.06
billion and INR43.74 billion respectively in 2005-06 (compared
to INR5.42 billion and INR38.25 respectively in 2004-05).

The Troubled Company Reporter - Asia Pacific reported on
September 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


ALLAHABAD BANK: Board to Meet Regarding 2nd Quarter Financials
--------------------------------------------------------------
The Board of Directors of Allahabad Bank will hold a meeting on
October 26, 2006, to take on record the financial results for
the quarter ended September 30, 2006, the company said in a
filing with the Bombay Stock Exchange

According to the bank, the financials at issue are duly reviewed
by its statutory auditors.

                      About Allahabad Bank

Allahabad Bank -- http://www.allahabadbank.com/-- is a public
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
September 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


ANDHRA BANK: Records 36.7% Growth Year-on-Year for June Quarter
---------------------------------------------------------------
Andhra Bank reported a net profit of INR116.41 crore for the
quarter ended June 30, 2006, recording a 36.70% growth from the
INR85.16-crore net profit posted for the quarter ended June 30,
2005.

Operating profit for the quarter ended June 2006 was up by
28.98% to INR206.50 crore from the INR160.10-crore recorded for
the corresponding period in the previous fiscal year.

The Bank's interest increased by 23.11% to INR759.90 crore in
the June 2006 quarter from INR617.23 crore in the June 2005
quarter.

The Bank's total income has increased to INR861.75 crore for the
June 2006 quarter from the INR694.43 crore for the June 2005
quarter.

Low cost deposits in the quarter ended June 30, 2006, grew
26.46% to INR12,466 crore from INR9858 crore in the
corresponding period of 2005.

Other performance highlights on year-on-year basis for the
quarter ended June 2006 are:

   * Andhra Bank's Business increased to INR54,852 crore,
     recording a phenomenal growth rate of 25.35%.

   * Gross Bank Credit of the Bank has shown a growth of 20.40%
     to INR21, 794 crore from INR18,102 crore.

   * Total deposits of the Bank have shown a growth of 28.85%
     to INR33,058 crore from INR25,657 crore.

   * The Capital Adequacy Ratio of the Bank has improved to
     14.38% from 12.45%.

   * Yield on advances has gone up to 9.64% from 9.28%.

   * Interest Income on Advances recorded a 26.05% growth rate.

   * Net interest income increased  22.20% to INR335 crore from
     INR274 crore.

   * The Business per Employee increased to INR4.19 crore from
     INR3.35 crore.

   * Gross NPA declined to INR417 crore (1.91%) from INR461
     Crore (2.54%).

   * The Net NPAs stood at INR16 crore (0.07%) against INR68
     crore (0.38 %).

   * Priority Sector Advances stood at INR8,610 crore
     (constituting 40.92% of NBC) registering a growth rate of
     14.69% from INR7,507 crore.

   * Advances to Agriculture have risen by 28.80% to INR3,672
     crore (constituting 18.15% of NBC) from INR2,851 crore.

   * Credit extended to SME Sector increased to INR2,685 crore
     from INR1,985 crore, recording a growth rate of 35.26%.

   * Retail Lending has risen by 27% to INR4,911 crore from
     INR3,867 crore.

   * Credit extended to Housing Sector soared to INR2,396 crore
     from INR1,958 crore, recording a growth rate of 22.37%.

   * Educational Loans have risen by 31.17% to INR707 crore from
     INR539 crore.

   * Entered MOUs with educational institutions like GMR
     Institute of Technology, SV University, IIIT etc for
     extending finance to their students, at concesional rate of
     interest.

   * The Bank has implemented networking of Branches under Core
     Banking Solutions and connected 1,010 units, viz., 896
     branches, 99 extension counters and 15 service centers,
     covering 91.44% of its business.  Any Branch Banking is
     extended to the Customers at all these Branches.

   * Real Time Gross Settlement facility introduced in 575
     Branches.

   * Number of Delivery Channels increased to 1784 from 1683.

   * Bank has opened its first Representative Office in Dubai
     and planning to open more such offices in Doha, Muscat,
     Riyadh and Kuwait shortly in order to reach the Non-
     Resident Indians staying in Middle East Countries.

   * Schemes to extend Educational Loans and Housing loans to
     expatriates in Dubai have been launched.

   * Farmers financed under Agri Credit increased to 11,77,001
     from 10,38,157.

   * Number of Kisan Credit Card beneficiaries has gone up to
     4,67,126 from  4,17,021.

   * SHG units financed by Bank have gone up to 91,232 from
     76,220 with financial assistance increasing from INR212
     crore to 332 crore.  Bank's disbursement to new units has
     gone up to 27.86 crore from INR22.67 crore and the units
     financed has gone up to 4,480 from 4,042.

   * Number of ATM/Debit Cards increased to 1.94 million from
     1.39 million.  The Bank has its own ATMs numbering 412 with
     sharing arrangements with SBI, HDFC Bank, IDBI Bank, Indian
     Bank, UTI Bank and 17 Banks under National Financial switch
     with total outlets for 14,554.

   * Total Business Turnover under credit cards increased to
     INR250.30 crore from INR217.97 crore registering a growth
     rate of 15%.

                        About Andhra Bank

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

As of June 2006, the Bank rendered services through 1,788
business delivery channels consisting of 1,216 branches, 123
extension counters, 412 ATMs and 37 satellite offices spread
over 21 states and two union territories in India.

                          *     *     *

On September 16, 2002, Fitch Ratings assigned Andhra Bank a C/D
Individual Rating.


BALLARPUR INDUSTRIES: Signs MOU with Maharashtra to Expand Plant
----------------------------------------------------------------
Paper manufacturer Ballarpur Industries Ltd signed a Memorandum
of Understanding with the Government of Maharashtra, the company
said in a press release.

Under the pact, Ballarpur Industries will invest INR1,200 crore
in two phases to expand the capacity of its paper plant in
Bhigwan, Taluk Indapur, at the District of Pune.

Shri. Vilasrao Deshmukh, Honorable Chief Minister of
Maharashtra, acknowledged the contribution made by Ballarpur to
the development of the state and said he was confident that the
new project at Indapur would generate significant employment
opportunities for the workers there, the release noted.

"We have cherished linkages with the state of Maharashtra, that
go back more than five decades," Shri Gautam Thapar, BILT
Chairman, said.  "We also have a commitment to grow the Indian
Paper Industry, both in terms of size and technology.  As the
Paper consumption in India becomes poised for a quantum jump, in
line with increased economic activity, this expansion is an
important landmark in fulfilling our commitment on both these
counts."

                   About Ballapour Industries

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

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


BALLARPUR INDUSTRIES: To Consider Financials on Oct. 17 Meeting
---------------------------------------------------------------
Ballarpur Industries Ltd informed the Bombay Stock Exchange that
its Board of Directors will meet on October 17, 2006.

During the meeting, the Board will consider the approval of the
company's unaudited financial results for the quarter ended
September 30, 2006 (Q1).

                   About Ballarpur Industries

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

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


BRISTOW GROUP: 600,000 Shares Sold from Over-Allotments
-------------------------------------------------------
Bristow Group Inc. disclosed that the underwriters for the
recently completed public offering by Bristow have exercised
their option to purchase an additional 600,000 shares of 5.5%
mandatory convertible preferred stock to cover over-allotments.
The sale of the additional shares by Bristow increased the net
proceeds received by Bristow by US$29.1 million to
US$222.8 million, which it intends to use to acquire aircraft
and for working capital and other general corporate purposes,
including acquisitions.  The sale of the additional shares was
completed on October 6, 2006.

With the sale of these additional shares the mandatory
convertible preferred stock will, if not earlier converted and
subject to certain adjustments, automatically convert on
September 15, 2009, into no fewer than 5,324,960 shares of
common stock and no more than 6,522,800 shares of common stock,
depending on the average closing price of the common stock
during a specified period preceding such date, as described in
the prospectus. The mandatory convertible preferred stock will
entitle holders to a fixed cumulative cash dividend of US$2.75
per year, payable quarterly when, as and if declared by Bristow.

A copy of the prospectus relating to this offering may be
obtained by contacting Credit Suisse Securities (USA) LLC,
Prospectus Department, One Madison Avenue, New York, NY 10010
(Toll Free: 800-221-1037 or 212-538-5441 or Fax: 212-325-8057)
or Goldman, Sachs & Co., Attn: Prospectus Dept., 85 Broad
Street, New York, New York 10004 (Fax: 212-902-9316 or e-mail at
prospectus-ny@ny.email.gs.com).

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

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

The Troubled Company Reporter - Asia Pacific reports that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba2 Corporate
Family Rating for Bristow Group Inc.

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


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

BANK NEGARA: JSX Removes Firm from Share Index Calculations
-----------------------------------------------------------
The Jakarta Stock Exchange has removed PT Bank Negara Indonesia
Tbk from calculations on the Composite Share Index because the
0.89% public shares in circulation could be controlled by the
market, Tempo Interactive reports.

JSX Managing Director Erry Firmansyah explained that nominally,
the total amount of the existing public shares is quite large at
130 million.  This meets the requirement of the total shares in
circulation, between 35 million and 40 million shares.

"The total of shares in circulation is nominal in line with
requirements and so far has been running normally.  But in fact,
they are sensitive to parties that have control over them," Mr.
Firmansyah said on October 4.

Mr. Firmansyah also said that if Bank Negara shares are still
included in the calculation, this will create information that
is less accurate, so the index will be false.

Tempo Interactive says that the JSX does not yet know how long
Bank Negara shares will be excluded from the index's
calculations.

During a two-week period, Bank Negara's share price jumped 77%
by IDR1,035, Tempo Interactive explains.  At the close of
trading on September 11, Bank Negara's share price was still
IDR1,340, yet, on September 28, the price had risen sharply to
IDR2,375.

According to Tempo Interactive, Bank Negara was then listed as
one of the 10 issuers with the highest market capitalization.

Due to the price hike, the JSX decided to temporarily stop
trading of Bank Negara shares since September 29.

Mr. Firmansyah stated that the JSX has also investigated brokers
who were involved in the trading of Bank Negara shares and there
were two brokers who determined the rise in the bank's share
price.  The JSX is still looking into the case by checking six
of the most active brokers in Bank Negara's share trade.

                       About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
a securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service has lifted Bank Negara
Indonesia's senior debt rating to B1 from B2, and long-term
deposit rating to B2 from B3.  The revised ratings carry a
stable outlook.  Bank Negara's short-term deposit rating of Not-
Prime, and bank financial strength rating of E are unaffected.

Another TCR-AP report on May 24, 2006 stated that Fitch Ratings
affirmed Bank Negara's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

Further, another subsequent TCR-AP report on July 17, 2006, said
that Standard & Poor's Ratings Services revised the outlook on
the local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


BANK PERMATA: Cuts Deposit Interest Rate to 8%
----------------------------------------------
PT Bank Permata Tbk has reduced its interest rate of rupiah-and
dollar-denominated deposits beginning on October 6, 2006, in
response to Bank Indonesia's decision to cut its key rate by 50
base points to 10.75% on October 5, Antara News says.

According to the report, Bank Permata vice president/corporate
secretary head Iman Teguh Saptono said that the interest rate of
rupiah-denominated deposits for periods of one and three months
decreased to 8% from 8.5% previously and for periods of six to
12 months fell to 7.50% from 8.50% previously.

Meanwhile, the interest rate of dollar-denominated deposits for
periods of one and three months were stable at 2.50% and for
periods of six and 12 months dropped to 2.50% from 3.00%, Antara
News relates.

Antara notes that Bank Indonesia reduced its rate for the first
time this year by 25 base points from 12.75% to 12.50% on May 9.
The decision was made for the first time since December 6, 2005.
The central bank cut its rate again from 12.50% from 12.25% in
July.

The BI rate was reduced by 50 base points from 12.25% to 11.75%
in August and by 50 points again to 11.25% last month.

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's --
http://www.permatabank.com/-- products and services include
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

                          *     *     *

The Troubled Company Reporter -- Asia Pacific reported on
July 5, 2006, that Moody's Investors Service gave Bank Permata
an 'E+' bank financial strength rating, with a positive outlook.

These ratings were unaffected:

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


PERUSAHAAN LISTRIK: Government To Guarantee Power Payments
----------------------------------------------------------
The Indonesian Government will guarantee payment by state-run PT
Perusahaan Listrik Negara for electricity that it will buy from
certain independent power producers, Dow Jones Newswire reports,
citing PLN Vice President Jusuf Kalla.

"Today, the President issued a presidential decree guaranteeing
PLN's payment if it's unable to," Mr. Kalla told reporters.

Dow Jones notes that the guarantee will only cover the power to
be generated by some proposed power plants with combined supply
of 10,000 megawatts.

According to the report, the statement comes after Bisnis
Indonesia quoted an unnamed company official last week as saying
that PLN will relaunch a tender for the development of several
power plants as it had failed to get "serious" bids.

PLN had invited investors to build several 300-400 megawatt
power plants in Indonesia to boost electricity supply by 10,000
MW, Dow Jones says.  There is speculation that investors had
asked the Government to guarantee PLN's payment for the
electricity generated by the proposed power plants.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted a
IDR4.92-trillion net loss in 2005, against a net loss of
IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Oct. 5,
2006, that 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.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
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.


* Bank Indonesia Relaxes Single Presence Policy
-----------------------------------------------
Bank Indonesia has relaxed the implementation of the single bank
presence policy, Tempo Interactive reports.

BI Governor Burhanuddin Abdullah explained that the relaxation
was given to banks with complex problems.  "Banks who have
complex problems can implement the regulation after 2010," he
said.

However, Mr. Burhanuddin emphasized that the relaxation still
goes through a transparent and objective process and is
acceptable for all parties.  It is still based on the principle
to encourage banking consolidation.  "So the time plan can be
reviewed case by case," he said.

Mr. Burhanuddin said the relaxation can also be given the
exclusion of banks which have been listed in the World Trade
Organization's grandfathering scheme.  Those banks are the
branch offices of foreign banks and mixed banks.  "In the new BI
regulation, we don't include foreign and mixed banks that exist
in Indonesia," he said.

Director of BI Banking Assessment and the Regulation
Directorate, Muliaman D. Hadad, said that what are meant by
foreign banks are those with branch offices in Indonesia.  In
the meantime, mixed banks are banks that were established by the
partnership between Indonesia and foreign banks.  "Those banks
will not be affected by the policy," he said.

However, BI Senior Deputy Governor Miranda S. Goeltom confirmed
that in implementing the policy, the Central Bank does not
discriminate among foreign banks, national private banks and
state-owned bank. "If they are discriminated against, that means
violating WTO provision (free trade)," she said.

State Enterprises Minister Sugiharto asked for special treatment
for state banks.  This is because the nation still needs special
banks that are supported by the government.

                          *     *     *

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


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

BLACKBOARD INC: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the United States Technology Software sectors
this week, the rating agency confirmed its Ba3 Corporate Family
Rating for Blackboard Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$10 Million
   Senior Secured
   Revolving Credit
   Facility due 2010      Ba3      Ba3     LGD3       31%

   US$70 Million
   Senior Secured
   First Lien
   due 2011               Ba3      Ba3     LGD3       31%

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-
umeric 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%).

Blackboard Inc. (Nasdaq: BBBB - News) provides enterprise
software applications and related services to the education
industry.  Founded in 1997, Blackboard enables educational
innovations everywhere by connecting people and technology.
With two product suites, the Blackboard Academic Suite (TM) and
the Blackboard Commerce Suite (TM), Blackboard is used by
millions of people at academic institutions around the globe,
including colleges, universities, K-12 schools and other
education providers, as well as textbook publishers and student-
focused merchants that serve education providers and their
students.  Blackboard is headquartered in Washington, D.C., with
offices in Japan, Australia, China, Canada and the Netherlands.


COREL CORP: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the United States Technology Software sectors
this week, the rating agency confirmed its Caa1 Corporate Family
Rating for Corel Corporation.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2011      B3       B3      LGD3       33%

   US$90 Million
   Senior Secured
   First Lien
   due 2012               B3       B3      LGD3       33%

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-
umeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

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

Headquartered in Ottawa, Ontario, Corel Corporation
(NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is a
packaged software  company with an estimated installed base of
over 40 million users.  The company provides productivity,
graphics and digital imaging software.  Its products are sold in
over 75 countries through a scalable distribution platform
comprised of original equipment manufacturers, Corel's
international websites, and a global network of resellers and
retailers.  The company's product portfolio features
CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office,
WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM).

The company has operations in Japan, Germany, Italy, the United
Kingdom, Australia, Korea, Brazil, and Mexico, among others.


FLOWSERVE CORP: S&P Affirms BB- Rating With Stable Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services raised its short-term
rating on Flowserve Corp. to 'B-2' from 'B-3'.

All other ratings on the Irving, Texas-based engineered pumps
manufacturer, including its 'BB-' long-term corporate credit
rating, were affirmed.  The outlook is stable.

"The higher short-term rating reflects Flowserve's current
filing status and improving liquidity profile," said Standard &
Poor's credit analyst John R. Sico.

This profile includes adequate cash, ample availability on its
credit facility, minimal maturities, and good free cash flow
generation.

Flowserve has become current on all its required filings with
the United States Securities and Exchange Commission.  It has
previously restated its financial results for 2000 through 2004.
These restatements primarily included:

   * adjustments for inventory valuation;
   * long-term contract accounting;
   * intercompany accounts;
   * pension accruals;
   * intangibles; and
   * income taxes.

The changes, in part, stemmed from weaknesses cited by the
company in its internal control procedures, complicated by
decentralized global operations with multiple information
systems -- issues that the company is addressing.

Flowserve reported that the cumulative net reduction in net
income for the periods restated was about US$36 million and that
the restatement primarily affected the years before 2004.

Importantly, the SEC has ended its investigation related to
Flowserve's restatements without recommending any enforcement
action.  The outcome of pending shareholder lawsuits is
uncertain; a significant negative outcome is not factored in the
rating.

The rating has been unaffected by these accounting issues, which
have not hurt cash flow and whose effects have otherwise been,
in our view, immaterial.  Flowserve's debt-reduction and
bookings trends also limit the effects of these restatements.
The company refinanced its debt in 2005 and reported that
bookings for 2005 increased about 14% from 2004.

This trend continues into 2006 with first half bookings up 30%
over the prior year, and good business conditions exist in all
of its divisions.  Flowserve has won major project orders that
may lead to significant aftermarket business in the future.

Headquartered in Irving, Texas, Flowserve Corporation --
http://www.flowserve.com/-- has offices in Japan, China,
Indonesia, the Philippines and Australia, among others.


MIZUHO BANK: Partners with Korea Development Bank
-------------------------------------------------
Mizuho Bank signed a deal to form an alliance with Korea
Development Bank, Yonhap News reports.

The two banks will partner in the fields of syndicated loans,
mergers and acquisitions and funds investment, among others,
Chosun Ilbo says.

The deal was signed on September 19, 2006, just days after news
of Mizuho's plans to tie up with two South Korean banks.

Mizuho Bank is one of Mizuho Financial Group's banking units.

                  About Korea Development Bank

Korea Development Bank -- http://www.kdb.co.kr/-- is South
Korea's long-term funds provider to major industrial projects.
The company is wholly owned by the Korean Government.  KDB also
offers short and long-term loans, investments, guarantees and
trusts to international finance.  Its major funding sources are
Industrial Finance Bonds, client deposits, special-purpose funds
and foreign-currency funds.

Moody's Investors Service gave KDB a 'D-' Bank Financial
Strength Rating effective on January 24, 2006.

                      About Mizuho Bank

Headquartered in Tokyo, Mizuho Bank Ltd. --
http://www.mizuhobank.co.jp/english/-- was established on
April 1, 2002, from the merger of Dai-Ichi Kangyo Bank and the
retail operations of Fuji Bank.  It forms the core consumer
banking unit of Mizuho Financial Group, which is the second-
largest financial services company in Japan.

On February 8, 2006, Fitch Ratings upgraded Mizuho Bank's
individual rating to C from C/D.


MIZUHO FINANCIAL: Signs MOU with Vietnam's Investment Ministry
--------------------------------------------------------------
Mizuho Financial Group and the Ministry of Planning and
Investment of the Socialist Republic of Vietnam signed a
Memorandum of Understanding concerning support for Japanese
companies that are establishing operations in Vietnam, Mizuho
Financial said in a press release.

The framework of the MOU includes:

   1. Cooperation on seminars aimed at Japanese companies
      considering investment in Vietnam.

   2. Support for direct investment projects undertaken in
      Vietnam by Japanese companies.

   3. Sharing of information on projects in Vietnam.

The release explains that as the government agency in charge of
approvals and advisory services relating to foreign investment
in Vietnam, the MPI single-handedly oversees the investment
application process and advisory/consultation related to
investment in Vietnam, making MPI the key liaison agency to
contact from companies considering investment in Vietnam.

The Mizuho Financial Group, in cooperation with MPI, has
previously sponsored seminars and other events aimed at Japanese
companies.  In order to further enhance the support structure
for Japanese companies wishing to establish operations in
Vietnam, the Mizuho Financial Group and MPI have entered into
this MOU.

As part of the action plan under this MOU, Mizuho Financial
Group will be a supporting sponsor in the APEC Summit scheduled
for November 2006 in Vietnam and proactively promote personnel
interaction (including acceptance of trainees).

Vietnam is now the fifth country in Southeast Asia with which
the Mizuho Financial Group has concluded such an MOU.  The other
countries are: Thailand (August 2002), Singapore (August 2005),
Malaysia (February 2006), and Indonesia (August 2006).

Mizuho Financial Group hopes to enhance investment activities in
both Japan and Vietnam through mutual cooperation with MPI,
utilizing the strengths and advantages of both parties,
including Mizuho's vast customer base and expansive office
network, and MPI's expert advisory capabilities and excellent
support in Vietnamese business matters.

                  About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial
institution.  The Company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The Company
has 130 consolidated subsidiaries and 19 associated companies.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.


MITSUI LIFE: Temasek Acquires 4.6% Stake in Firm
------------------------------------------------
Temasek Holdings is acquiring a 4.6% stake in Mitsui Life
Insurance Company Ltd. for US$171 million, AFP reports.

Temasek's investment in Mitsui is by far the biggest in Japan,
reflecting the firm's long-term confidence in the world's second
largest economy, Temasek said.

The Mitsui investment is Temasek's second foray in Japan
following its acquisition of a 7.0% stake in broadband service
provider eMobile for US$103 million in June, which was then the
firm's biggest Japanese foray.

                       About Mitsui Life

Headquartered in Tokyo, Japan, Mitsui Life Insurance Company
Limited -- http://www.mitsui-seimei.co.jp/-- is one of Japan's
major life insurance companies, with total assets of
JPY8.1 trillion as of March 2006.

The Troubled Company Reporter - Asia Pacific reported on
September 7, 2006, that Moody's Investors Service placed on
review for possible upgrade the Ba1 insurance financial strength
rating of Mitsui Life Insurance Company Limited.  The rating
action reflects Moody's view that Mitsui Life's operating
performance is improving, which has made it possible for the
company to schedule a new share issuance for September 2006.

On August 22, 2006, Standard and Poor's affirmed the company's
financial strength and long-term local issuer credit rating at
BB.


NIKKO CORDIAL CORP: Announces Merger of Subsidiaries
----------------------------------------------------
Nikko Cordial Corporation disclosed that Nikko Cordial Advisors
Ltd. and Global Wrap Consulting Group Co., Ltd., decided to
merge at the meetings of their boards of directors, and that the
new company after the merger will be named Nikko Global Wrap
Ltd.

Nikko Cordial Advisors and Global Wrap are both 100%-owned
subsidiaries of Nikko Cordial Corporation.

Both Nikko Cordial Advisors and Global Wrap have accumulated
steady results in the special fields of asset allocation
structuring to meet management needs and the evaluation and
selection of management companies.  The merger is aimed at
providing wider and more stable high quality services in the
area of SMA and other diversified investment-type asset
management business that is expected to expand dramatically in
the future.

The new company becomes a unique investment advisory company
specializing in diversified investment type asset management,
combining the functions of evaluating and selecting management
companies and developing asset allocation, cultivated by GWCG
over a long time, with the advanced discretionary management
platform of NKCA.  As of the end of September 2006, the balance
of the assets under management including advisory and
discretionary accounts totaled JPY1.9 trillion.  And, in an
effort to meet the customers' further trust, the new company
aims to increase the asset balance to JPY6 trillion in five
years after the merger.

The new company also takes the opportunity for expanding the
business in Asia and other overseas arena, eyeing to play a part
in Nikko Cordial Group's retail strategy for Asia.

                  Outline of the Merger Deal

                  Surviving Company         Dissolved Company
               -----------------------   -----------------------
Company Name : Nikko Cordial Advisors    Global Wrap Consulting
               Ltd.                      Group Co., Ltd.

Business     : Investment advisory and   Investment advisory
               discretionary investment  service (asset
               advisory business re:     allocation and advice
               securities                concerning the eval.
                                         and selection of
                                         management companies
                                         and funds)
Date of
Incorporation: December 20, 2002         February 24, 1998

Head Office
Address      : 2-22-1, Shinkawa, Chuo-   8-1, Nihonbashi Kabuto-
               ku, Tokyo, 104-0033,      cho, Chuo-ku, Tokyo,
               Japan                     103-0026, Japan

Rep.         : Toshiya Shimizu           Osamu Sakai
               President & CEO           President

Capital      : JPY1.50 billion yen       JPY999 million

Revenues     : JPY480 million            JPY1.11 billion

The new company, Nikko Global Wrap Ltd., will have its
headquarter at 2-22-1, Shinkawa, Chuo-ku, in Tokyo, Japan.
Nikko Global Wrap will be engaged in investment advisory
service, and discretionary account management and incidental
services.

                About Nikko Cordial Corporation

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.  The
Asset Management segment provides asset management services for
individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.  The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.  The
Company has a global network.

On April 12, 2006, Fitch Ratings upgraded Nikko Cordial Corp.'s
individual rating to C from C/D.


NIKKO CORDIAL CORP: Expects JPY23-Billion 1st Half Group Profit
---------------------------------------------------------------
Nikko Cordial Corp. said that it now estimates a group net
profit of JPY23.0 billion in the half-year period ended
Sept. 30, 2006, down from JPY43.49 billion a year earlier,
EasyBourse.Com reports.

The downgrade was due to a fallback after it posted large
special profits a year-earlier from sales of part of its
shareholdings.

For the half-year period ended September 2006, the company
expects a group revenue of JPY185.00 billion, up from
JPY180.75 billion a year ago.

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

                                 Operating  Ordinary    Net
                                  revenue    income    income
                                 --------- --------- ---------
First half of fiscal year ending
on March 31, 2007 (forecast)      185,000    40,000    23,000

First half of fiscal year ending
on March 31, 2006 (actual)        180,754    55,619    43,491

Full-year of fiscal year ending
on March 31, 2006 (actual)        438,641   167,834    96,388

The company will pay a dividend of JPY6 per share for the July-
September quarter following a JPY6 per share payout in the
April-June quarter.

                About Nikko Cordial Corporation

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.  The
Asset Management segment provides asset management services for
individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.  The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.  The
Company has a global network.

On April 12, 2006, Fitch Ratings upgraded Nikko Cordial Corp.'s
individual rating to C from C/D.


NOMURA HOLDINGS: Expanding Private Equity Advisory Services
-----------------------------------------------------------
Nomura Holdings Inc. is considering expanding its private-equity
advisory services to cater to the growing presence of buyout
groups operating in Japan, Dow Jones' MarketWatch.Com reports.

The report quotes Tetsu Ozaki, an executive at Nomura's strategy
group, as saying, "This is a big area for us, and in particular
we'll be looking at the role we can play in financing deals, and
in IPOs."

Mr. Ozaki did not outline any specific proposals.

The report explains that private-equity firms, flush with funds,
are increasingly on the prowl for deals in Japan and Nomura's
latest statements signal its desire to grab a larger share of
the lucrative market catering to the groups' financing needs.
Sales of non-core businesses, corporate restructuring and
public-to-private deals that are the mainstay of the industry
have witnessed rapid growth over the past few years.

The number of announced mergers and acquisitions in the first
six months of this year topped a record 1,533 deals, up 5.8%
over the same period last year, according to data providers
Thomson Financial.

Typically, buyout groups require capital to finance buyouts.
Later, private-equity groups seek investment banking expertise
to help list the firms or for debt deals to finance dividend
payments.

Nomura already has a toehold in the domestic buyout market via
its Nomura Principal Finance Co. unit, which took part in the
June management buyout of restaurant chain Skylark Co.

Many funds are betting Japan will be an important source of
deals in coming years and have succeeded in raising large
amounts of funding to target the market.

In July, United States-based private equity investment firm the
Carlyle Group raised JPY215.6 billion for its Japan focused fund
and the amount of capital focused on Japan could top the
JPY500 billion mark by the end of this year, analysts say.

                     About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which
includes investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading
and asset finance businesses in and outside Japan; Global
Investment Banking, which includes mergers and acquisitions
advisory and corporate financing businesses in and outside
Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which
includes development and management of investment trusts, and
investment advisory services.

On April 13, 2006, Fitch Ratings gave Nomura Holdings' a 'C'
individual rating.


SAMSONITE CORP: July 31 Balance Sheet Upside-Down by US$45.1M
-------------------------------------------------------------
Samsonite Corporation reported a US$2-million net loss on
US$257.5 million of net revenues for the three months ended
July 31, 2006, compared to US$2.3 million of net income on
US$236.5 million of net revenues in 2005.

At July 31, 2006, the company's balance sheet showed
US$615.7 million in total assets and US$642.4 million in total
liabilities, resulting in a US$45.1-million stockholders'
deficit.

A full-text copy of the company's Quarterly Report is available
for free at http://researcharchives.com/t/s?130b

Samsonite Corporation -- http://www.samsonite.com/--  
manufactures, markets and distributes luggage and travel-related
products.  The company's owned and licensed brands, including
Samsonite, American Tourister, Trunk & Co, Sammies, Hedgren,
Lacoste and Timberland, are sold globally through external
retailers and 284 company-owned stores.  Executive offices are
located in London.  The company has locations in Japan, Aruba,
Australia, Costa Rica, Indonesia, India, and the United States,
among others.

As reported in the Troubled Company Reporter on Sept. 15, 2006,
Moody's Investors Service placed the long-term ratings of
Samsonite Corporation, under review for possible upgrade:

      * B1 corporate family rating
      * B1 on the senior unsecured notes
      * B3 on the 8.875% subordinated notes


SANYO ELECTRIC: To Reduce Group Firms by 10% to Stay in Black
-------------------------------------------------------------
Sanyo Electric Co. Ltd. plans to reduce the number of its group
companies by about 10% in its efforts to stay profitable by
March 2008, AFX News Limited reports, citing Nihon Keizai
Shimbun.

The Japan Times relates that Sanyo will cut 30 out of its 300
group companies both in Japan and abroad, which move will
accelerate its restructuring efforts.  According to the report,
Sanyo did not specify the targeted firms yet, but the reduction
is expected to focus on some 160 overseas companies.

AFX News points out that Sanyo had 231 consolidated subsidiaries
and 72 equity-method affiliates as of the end of June 2006.

Reuters notes that Sanyo's plan follows an announcement last
week that it would consolidate its production of appliances and
sell a building in Tokyo.  Sanyo has already slashed 15% of its
work force as part of a restructuring program that included
closing factories, reducing debt and streamlining unprofitable
operations, Reuters recounts.

Reuters says that despite Sanyo's turnaround efforts, the
company, in July, forecast a net loss of JPY8 billion
(US$68 million) for the April-September quarter following a
JPY205.7-billion loss for the financial year ended March 31,
2006.

Sanyo is expected to return to profitability in the financial
year to March 2007, thanks to heavy restructuring efforts, AFX
News states.  Specifically, AFX notes, the company is expected
to post group operating profit of JPY65 billion for the year
ending March 31, 2007.

However, media reports say, the company will have to cut more
costs to remain profitable.

The Times says that Sanyo wants to reduce costs by consolidating
unprofitable firms and overlapping personnel, accounting and
other back office divisions.  Moreover, the report adds,
reassessing domestic and overseas group firms is a pressing task
for Sanyo.  The number of group firms has ballooned in the
process of entering into overseas markets and diversifying its
business.

The Times recalls that the company has already cut 14,000 jobs.
According to Reuters, Sanyo spokesman Akihiko Oiwa said that
while more jobs would be lost with the new plan to cut group
firms, the company had not decided on a specific figure.

                       About Sanyo Electric

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

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

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

Fitch noted that the company is restructuring its operations and
its financial flexibility has relatively improved due to new
capital injection in March 2006.

Also, the TCR-AP reported on May 25, 2006, that Standard &
Poor's Ratings Services affirmed its negative BB long-term
corporate credit and BB+ senior unsecured debt ratings on Sanyo
Electric.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


SPANSION: Moody's Affirms B3 Corporate Family Rating
----------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Spansion
LLC's proposed US$400 million senior secured term loan while
affirming the B3 corporate family rating.  The rating on the
company's US$250 million senior unsecured note due 2016 was
lowered to Caa1, reflecting the insertion of secured debt into
the capital structure.  The ratings reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B3, and a loss given default of LGD 2 for the new bank
facility which has first priority lien on all domestic assets
and stock pledge of all domestic subsidiaries and 65% of foreign
subsidiaries (excluding Spansion Japan), as well as a second
lien on domestic accounts receivables.

The rating outlook is stable.

Spansion's B3 corporate family rating reflects:

   * the high degree of business risk inherent to the capital
     intensive, volatile, and technologically evolving flash
     memory market;

   * the strong exposure to the cell phone market which makes it
     vulnerable to changes in demand as well as component
     pricing, although unit and bit demand remain strong and
     blended average selling prices are relatively stable;

   * its fairly limited financial flexibility although near term
     flexibility will be supported by the proceeds from the
     US$400 million term loan;

   * Spansion's limited ability to weather sustained market
     weakness or technological or manufacturing missteps; and,

   * the significantly larger financial resources and business
     diversity of some of its key competitors.

The rating also considers:

   * Spansion's strong position in the NOR flash memory market,
     although this traditional, US$8 billion market directed
     primarily at the cell phone and embedded end markets is
     mature and slow growing;

   * Spansion's proprietary flash architecture called MirrorBit,
     which effectively doubles the density of each memory cell,
     gaining increased market acceptance as electronic devices
     require greater data density at lower cost per bit;

   * strong customer relationships among a range of end market
     customers including all of the top cell phone, consumer
     electronics, and automotive OEM's; and,

   * the company's success so far operating as a stand alone
     entity and in successfully migrating its business
     operations from former parent AMD.

Rating assigned:

   * US$400 million senior secured term loan due 2012 at Ba3
     (LGD2, 23%)

Rating lowered:

   * US$250 million senior unsecured note due 2015 to Caa1
     (LGD4, 65%) from B2 LGD3, 43%);

Ratings affirmed:

   * Corporate family rating B3;
   * Probability-of-default rating B3;
   * Speculative Grade Liquidity rating SGL-2.

Spansion Technology Inc., -- http://www.spansion.com/--
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

The company has operations in Japan and France, and sales
offices in Brazil and Mexico.


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

EUGENE SCIENCE: Inked Distribution Pact with NC Trading
-------------------------------------------------------
Eugene Science, Inc., signed a distribution agreement for its
cholesterol-lowering CholCare(TM) softgel capsules with Seoul,
Korea-based NC Trading Company.

Founded in 2002, NC Trading is a major health food and
nutraceutical marketing company that distributes through a
network of about 100 affiliated door-to-door and direct sales
and marketing organizations.  Its product catalog includes shark
cartilage calcium, various ginseng and vitamin supplements as
well as medical devices, household products and more.  In
aggregate, NC Trading's products have extensive market reach to
most of South Korea's residents.

Based on NC Trading's test marketing results for CholCare(TM),
and its experience marketing similar products, Eugene Science
expects this distribution agreement to generate Company revenues
of US$200,000 to US$300,000 in 2006, and US$1 million to US$2
million in revenues in 2007.  As with all CholZero(TM) products,
while the initial cholesterol-lowering effect of CholCare(TM) is
typically experienced after two months of use, the capsules need
to continue to be taken daily to maintain lowered cholesterol
levels -- which builds revenues geometrically through growing
'maintenance' consumption sales.

NC Trading began test marketing Eugene Science's CholCare(TM)
capsules through its sales networks nine months ago and, with
strong results in the first half of 2006, is preparing a major
product launch for October.  Throughout this period NC Trading
has been educating consumers through public relations and other
initiatives about the health risks of high cholesterol, and the
cholesterol-lowering effectiveness of plant sterols, including
programs airing on domestic cable television channel MediTV
since December 2005.

"Eugene Science's CholCare(TM) capsules are an important health
care product and through a combination of public relations,
education and direct marketing, NC Trading is delighted to
distribute this product directly to consumers nationwide," said
Hwa Sook Kwon, President, NC Trading Company.  "Education, a key
component of our marketing model, is a primary reason for the
early success of CholCare(TM) sales.  Once people understand the
health significance of cholesterol, and know about an affordable
quality product to lower cholesterol without side effects,
CholCare(TM) largely sells itself.  We expect CholCare(TM) will
be one of our bigger sellers."

"This distribution agreement is yet another important
achievement for the rollout of our CholZero(TM) product lines as
the market for heart health enhancing nutraceuticals is
beginning to build," said Seung Kwon Noh, Chief Executive
Officer, Eugene Science.  "NC Trading is a national marketing
powerhouse without rival."

"Eugene Science has a number of other promising distribution
agreements in various stages of negotiation that we anticipate
concluding through the rest of 2006 for a rapid revenue growth
trajectory in the fourth quarter and through 2007," Mr. Seung
added.
                       Going Concern Doubt

As reported in Troubled Company Reporter on May 18, 2006, SF
Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Eugene Science, Inc., fka Ezomm
Enterprises, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Dec. 31, 2005.  The auditor pointed to the Company's
recurring losses, negative working capital, and operation in a
country whose economy is currently unstable -- South Korea.

                       About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science, Inc., fka
Ezomm Enterprises, Inc. (OTCBB: EUSI), is a global biotechnology
company that develops, manufactures and markets nutraceuticals,
or functional foods that offer health-promoting advantages
beyond that of nutrition.  Plant sterols are the Company's
primary products, which include CZTM Series of food additives
and CholZeroTM branded beverages and capsules.  In June 2005,
the Company received regulatory approval for certain health
claims associated with the Company's products from government
agencies in the Republic of Korea.


KOOKMIN BANK: FnGuide Sees 11.7% Drop in 3rd Quarter Sales
----------------------------------------------------------
Kookmin Bank's third quarter 2006 sales may drop 11.7% to
KRW4.4 trillion, The Korean Times said, citing a forecast made
by a Korean stock information provider, FnGuide.

FnGuide also expects Kookmin Bank's net profit to fall 3.6% to
KRW749 billion in the third quarter.

Based on FnGuide's figures, the Times also expects that Kookmin
Bank will not be alone in dealing with unsatisfactory
performance.  "Banks are. . . expected to report disappointing
third quarter earnings results," the daily noted.

                       About Kookmin Bank

Kookmin Bank -- http://inf.kbstar.com/-- provides various
commercial banking services, such as deposits, credit cards,
trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

                      *       *       *

Moody's Investors Service gave Kookmin Bank a Bank Financial
Strength rating of D+ effective March 27, 2006.

Fitch Ratings gave the bank a B/C rating.


* ROK Holds Emergency Meetings, Discloses Stance on Nuclear Test
----------------------------------------------------------------
The Republic of Korea held emergency meetings of related
ministers on October 9, 2006, to asses the impact of North
Korea's nuclear test.

In the morning of October 9, the South Korean Government
detected signs of a suspected nuclear test in the Hamgyeongbuk-
do region in North Korea prompting President Roh Moo-hyun to
call an emergency meeting, the Government's Web site --
http://Korea.net/-- reported.

Subsequently, North Korea announced that it had successfully
conducted an underground nuclear test "safely and successfully."
The confirmation of the test transformed the emergency meeting
to a National Security Council meeting.

In the afternoon, Prime Minister Han Myeong-sook also presided
an emergency meeting of economic ministers to weigh up the
impact of the test on the economy, the Web site said, citing
officials.

An unnamed official told Korean.net that South Korea is most
worried on the negative effect of the nuclear test on the
South's credit rating and foreign investors.

Standard & Poor's and Moody's Investors Service currently
assigned "A" and "A3" ratings, respectively, to South Korea, the
Web site noted.

                      ROK's Position on Test

In a government press release, the Republic of Korea disclosed
its official stance on the test:

1. Despite the repeated warnings from the ROK Government and the
   international community, North Korea announced that it
   conducted a nuclear test today.  The Government will
   resolutely respond to the situation in accordance with the
   principle that it will not tolerate North Korea's possession
   of nuclear weapons.

2. This action taken by North Korea poses a grave threat that
   undermines stability and peace on the Korean Peninsula as
   well as in Northeast Asia.  It is also an act of trampling on
   the hope of the international community to resolve the North
   Korean nuclear issue peacefully through dialogue in its quest
   for the denuclearization of the Korean Peninsula.

3. North Korea's conduct also constitutes a failure to meet its
   obligations under the September 19, 2005 Joint Statement, on
   which all parties of the Six-Party Talks concurred, and is in
   outright defiance of the UN Security Council Resolution 1695
   adopted earlier on July 15.  This is a provocative act that
   can never be condoned.

4. At the same time, through this act, North Korea has
   unilaterally breached and annulled the Joint Declaration of
   the Denuclearization of the Korean Peninsula that it signed
   with the Republic of Korea in 1991.  We hereby make it clear
   once again that North Korea is solely responsible for any
   consequences arising from this situation, including the
   impact on inter-Korea relations.

5. We urge North Korea to immediately abandon any nuclear
   weapons and related programs, to return to the Nuclear
   Nonproliferation Treaty (NPT) system, and to faithfully
   comply with international norms as a responsible member of
   the international community.

6. Based on the ROK-United States alliance, our Armed Forces are
   fully prepared and equipped to thwart any provocation from
   North Korea.  We warn the North to have a forthright
   recognition of this fact and refrain from making a
   misjudgment under any circumstances.

7. The Government is closely consulting with the international
   community concerning this matter and supports, in particular,
   the immediate discussion of this issue by the UN Security
   Council.  At the same time, the Government will seek broad
   views on the situation from the leaders of the ruling and
   opposition parties as well as the opinion leaders.  It will
   continue to coordinate countermeasures domestically and
   internationally and take actions in cool-headed and resolute
   manner.


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

PARACORP BERHAD: Asked to Pay Unit's Default on Facility Deal
-------------------------------------------------------------
Lion Electronics Enterprise (M) Sdn Bhd, a wholly owned
subsidiary of Paracorp Berhad, has defaulted in its repayment of
the MYR500,000 overdraft facility under the Master Facility
Agreement dated August 12, 1999, granted by Citibank Berhad.

In an update, pursuant to Paragraph 3.2 of Practice Note 1/2001
of the Listing Requirements of Bursa Securities, Soo Thien Ming
& Nashrah, Advocates & Solicitors of Citibank, has instructed
Paracorp to:

(i) recall the overdraft facility of MYR500,000.00; and

(ii) pay, as guarantor, the MYR293,379.74 outstanding sum as of
     September 21, 2006, due under the Facility, plus interest
     at the rate of 2.0% per annum above Citibank's base lending
     rate, which is currently at 6.8% per annum and penalty
     interest of 1.0% per annum from September 22, 2006, until
     full settlement.

Moreover, the solicitors of Citibank will commence and enforce
legal proceedings and securities against Paracorp, unless the
outstanding sum of MYR293,379.74, is paid together with
interests and costs for the solicitors' issuance of the letter.

Paracorp is currently reviewing various options to make the
repayment due under the Agreement.

                         About Paracorp

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company has been incurring losses in the past.  For the
quarter ended March 31, 2006, the Company recorded a net loss of
MYR12.3 million.  As of March 31, 2006, the Company's balance
sheet revealed total assets of MYR106,347,000 and total
liabilities of MYR110,465,000, resulting in a MYR41,180,000
stockholders' deficit.

The Company is also classified under Practice Note 17 of Bursa
Malaysia Securities Berhad's Listing Requirements.  As an
affected listed issuer, the Company is required to submit a
financial regularization plan by January 7, 2007.


POLYMATE HOLDINGS: Receives Writ of Summons from AmBank
-------------------------------------------------------
On October 10, 2006, Polymate Holdings Berhad and its
subsidiary, Polymate Packaging Sdn Bhd, were served with a Writ
of Summons by AmBank (Malaysia) Berhad.

AmBank is demanding for Polymate and its subsidiary to pay:

   -- the sum of MYR218,208.87 as at July 21, 2006; and

   -- interest at 7.21% per annum from July 22, 2006, until the
      date of full payment;

                  About Polymate Holdings

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/-- is engaged in the
manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding, and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand, and Europe.

Polymate is negotiating with its lenders to restructure the
Group's credit facilities and is working on various schemes to
regulate its financial position.

For the third quarter ended June 30, 2006, the company's
revenue had significantly reduced to MYR19.71 million as
compared with last fiscal year's corresponding period revenue of
MYR92.83 million.


SUGAR BUN: SC Approves Proposed Private Placement of Shares
-----------------------------------------------------------
Pursuant to the Proposed Private Placement on the Second Board
of Bursa Malaysia Securities Berhad and Section 32(5) of the
Securities Commission Act, 1993, the SC has approved the
proposed private placement and listing of the new ordinary
shares at MYR1.00 each to be issued by Sugar Bun Corporation
Berhad.

The acquisition of Interests, Mergers and Take-Overs by Local
and Foreign Interest are subject to the these conditions:

  (i) Malaysian International Merchant Bankers Berhad and Sugar
      Bun to fully comply with the relevant provisions in
      Guidance Note 8C and other relevant requirements under the
      SC's Policies and Guidelines on Issue/ Offer of
      Securities, in implementing the Proposed Private
      Placement;

(ii)  Malaysian International and Sugar Bun to submit the
      effective equity structure of Sugar Bun three years after
      the date of completion of the Proposed Private Placement,
      together with the latest audited financial accounts of
      Sugar Bun.  In this respect, further equity condition may
      be imposed after reviewing Sugar Bun's equity structure
      three years from the date of the implementation of the
      Proposed Private Placement; and

(iii) Malaysian International and Sugar Bun to inform Securities
      Commission upon completion of the Proposed Private
      Placement.

The equity structure relating to Bumiputera, non-Bumiputera and
foreign shareholdings in Sugar Bun would change arising from the
implementation of the Proposed Private Placements:

Before Proposed         After Proposed
SBCB Shareholders     Private Placement    Private Placement
-----------------     -----------------    -----------------
                            %                     %
Bumiputera                 9.46                 11.32
Non-Bumiputera            75.55                 75.04
Foreigners                14.99                 13.64
Total                    100.00                100.00

                    About Sugar Bun

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

The Company is currently undertaking a corporate and debt
restructuring program to wipe out its accumulated losses.  As of
July 31, 2006, the Company has accumulated losses of
MYR3,256,000.


TAP RESOURCES: 11th Annual General Meeting Set for October 31
-------------------------------------------------------------
TAP Resources Berhad will hold its 11th annual general meeting
on October 31, 2006, at 10:00 a.m., at the Function Rooms 2 & 3,
Level 2, in Hotel Sri Petaling Kuala Lumpur, 30 Jalan Radin
Anum, in Bandar Baru Sri Petaling, 57000 Kuala Lumpur.

At the meeting, the members of the Company will consider these
resolutions:

Resolution 1

   -- receive and adopt the Audited Financial Statements for the
      year ended April 30, 2006, and the Reports of the
      Directors and Auditors thereon;

Resolution 2

   -- re-elect the directors retiring in accordance with Article
      88 of the Company's Articles of Association;

a) Mr Cho See Yoo
      b) Encik Roslan bin Mohd Salleh

Resolution 3

   -- re-appoint Horwath as the Company's Auditors for the
      ensuing year and to authorize the directors to fix their
      remuneration;

Resolution 4

   -- consider and if thought fit, to pass the following
      resolution as an Ordinary Resolution:

Approval for issuance of shares pursuant to Section 132D
      of the Companies Act, 1965; and

Resolution 5

   -- transact any other ordinary business for which due notice
      has been given in accordance with the Company's Articles
      of Association and the Companies Act, 1965.

                    About TAP Resources

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.
The Company has defaulted in the redemption of the balance of
MYR31,734,381 redeemable convertible secured loan stocks.  It
has also defaulted in the payment of interests, default
interests and overdue interests totaling approximately
MYR3.1 million.


TENCO BERHAD: Unit Served with Payment Demand Notice
----------------------------------------------------
Tenco Berhad's wholly owned subsidiary, Westech Sdn Bhd, has
been served with a Notice of Demand by the solicitors of DMM
Engineering Sdn Bhd, under Section 218 of the Companies Act,
1965, dated October 5, 2006.

DMM Engineering demands that Westech pay MYR959,546.45 by
October 26, 2006.

Westech has appealed on October 3, 2006, to the Court of Appeal
and has been advised that the appeal has a good chance of
success.  Moreover, Westech has also filed for a stay of
execution, which is fixed for hearing on November 9, 2006.

                      About Tenco Berhad

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

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


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

AFP-RSBS: Military Assures Retirees Will Recover Contributions
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 9, 2006, the Armed Forces of the Philippines-Retirement
and Separations Benefit System officials said that the soldiers'
contributions will be returned with the guaranteed interest.

On October 4, 2006, military officials revealed the closure of
the AFP-RSBS after an investigation found that some of its
officials have mismanaged the multibillion-peso fund, the TCR-AP
reported.

The TCR-AP also noted that Defense Secretary Avelino Cruz
asserted that the RSBS' structure was "fundamentally flawed."
Thus, the Government would ask Congress to pass a law creating a
new one for the 120,000-strong Armed Forces.

Sec. Cruz made the assurance in a budget hearing at the Senate
even as the military leadership vowed to pursue 91 corruption
charges against the Fund's former officials, Manila Standard
Today relates.

                        Asset Liquidation

"RSBS is not earning anymore. . .and there will come a time that
the value of the assets will fall below the value of the
contributions so we really have to close and liquidate the
assets," Sec. Cruz said.  "If we liquidate these [assets], we
could save about PHP300 to PHP400 million in operating
expenses."

Sec. Cruz explained that RSBS' abolition is necessary because
the pension fund has only PHP226.7 million in cash or easily
convertible securities, but its operating expenses run to about
PHP300 million to PHP400 million yearly, Manila Standard
relates.

The paper further cites Sec. Cruz as saying that a programmed
liquidation of RSBS' assets would cover the return of the
contributions of the retirees, which is estimated at
PHP400 million yearly.

Sec. Cruz revealed that they are auditing the RSBS, through a
grant of the World Bank, which could be finished "in the next
few weeks," Manila Standard says.

Sec. Cruz said an accurate appraisal of the RSBS assets is
necessary, particularly its investments in real properties to
find out which of them had gone up in value and which had
depreciated, the paper relates.

The TCR-AP previously said that billions of pesos, which had
been misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.

                           New Scheme

Manila Standard reveals that another trust fund will also be put
up at the Philippine National Bank to continue the pension
scheme for retirees.

Under the new scheme, which would likely be patterned after the
Government Service Insurance System, the soldiers would have to
contribute 9% from their pay and the government will put up a
counterpart of 12%, the paper relates.

As reported in the TCR-AP, the RSBS collected 5% of a soldier's
basic monthly pay and ensured a 6% return upon retirement plus
pension benefits.

                         About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by Presidential Decree 361 as
amended to serve as a self-sustaining fund system from which the
pension, separation, and other benefits of the soldiers maybe
taken.

The Troubled Company Reporter - Asia Pacific reported on Oct. 9,
2006, that military officials revealed the closure of the Armed
Forces of the Philippines Retirement and Separation Benefits
System after an investigation found that some of its
officials have mismanaged the multibillion-peso fund.

According to the report, billions of pesos, which had been
misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.


AFP-RSBS: Assets Difficult to Dispose, Military Says
----------------------------------------------------
The military admitted that it will be difficult to sell the
Armed Forces of the Philippines-Retirement Separation and
Benefits System's idle real estate assets close to PHP8 billion,
Joel Guinto of the Philippine Daily Inquirer, reports.

The Troubled Company Reporter - Asia Pacific, on October 9,
2006, cited AFP Chief of Staff Hermogenes C. Esperon, Jr., as
saying, that RSBS' properties include four hectares of land near
the Mall of Asia and 169 hectares in Morong, Bataan.  However,
Mr. Esperon did not reveal the identity of the real estate
companies where the RSBS had invested some of its money.

According to the Inquirer, Mr. Esperon said the RSBS'
properties, worth around PHP7.8 billion, are scattered.  "The
land is in patches (that's why) we call (the properties)
Dalmatians]," Esperon told a news conference in Camp Aguinaldo.

Of these, properties worth some PHP1.9 billion are saddled with
title and documentation "problems," the paper cites Defense
undersecretary Cecilio Lorenzo, as saying.  "The liquidation
will not be in a lump sum or garage sale," Mr. Lorenzo said.

Mr. Lorenzo revealed that PHP1.8 billion of this is in shares of
stocks in real estate firms.  However, he did not disclose where
the remaining PHP2 billion is invested, the Inquirer says.

As reported in the TCR-AP, military officials revealed the
closure of the RSBS after an investigation found that some of
its officials have mismanaged the multibillion-peso fund.
Defense Secretary Avelino Cruz asserted that the RSBS' structure
was "fundamentally flawed."  Thus, the Government would ask
Congress to pass a law creating a new one for the 120,000-strong
Armed Forces.

Mr. Esperon discloses that due to the RSBS' financial problems,
the monthly pensions of the members have had to be sourced from
the national budget.  The most recent allocation was
PHP10.6 billion, the Inquirer reveals.

Citing military computations, Mr. Esperon says that by 2019, the
national government will have to shell out PHP1.2 trillion for
RSBS members' pensions, the Inquirer notes.

                         About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by Presidential Decree 361 as
amended to serve as a self-sustaining fund system from which the
pension, separation, and other benefits of the soldiers maybe
taken.

The Troubled Company Reporter - Asia Pacific reported on Oct. 9,
2006, that military officials revealed the closure of the Armed
Forces of the Philippines Retirement and Separation Benefits
System after an investigation found that some of its
officials have mismanaged the multibillion-peso fund.

According to the report, billions of pesos, which had been
misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.


ASIA AMALGAMATED: J. Gow Replaces J. Maling as New President
------------------------------------------------------------
Asia Amalgamated Holdings Corporation discloses to the
Philippine Stock Exchange that Julius P. Maling, Asia
Amalgamated Director and President, has resigned effective
October 2, 2006.

On that day, during a Special Meeting of the Board of Directors,
Jimmy N. Gow was elected and qualified as President, to replace
Mr. Maling.

The company notes that Mr. Gow also serves as Chairman of the
Board of Directors and Chief Executive Officer of Uniwide
Holdings, Inc., and Uniwide Sales Realty and Resources
Corporation.  He also serves as Chief Executive Officer of the
Gow Group of Companies, which includes Uniwide Sales Warehouse
Club, Inc., a franchisee of the Uniwide Family Stores.

Mr. Gow has a Bachelor of Science in Mathematics and Physics
from the University of the East, the company adds.

                    About Asia Amalgamated

Asia Amalgamated Holdings Corporation --
http://www.uniwide.com.ph/-- was originally incorporated as
Sulu Sea Development Corporation on October 7, 1970 and later
changed its name to Asia Amalgamated Holdings Corporation after
majority ownership transferred from the National Development
Corporation to the present majority stockholders.

During the first years of its operation as an investment holding
company, Asia Amalgamated has made significant investments in
various businesses such as financial and banking services,
distribution of household water filtration equipment and
industrial wastewater treatment, water transport services and
non-life insurance brokerage.  The company has incorporated four
subsidiaries namely:

   (1) Ecology Savings Bank, Inc.,
   (2) Unikleen International Corporation,
   (3) Marilag Transport Systems, Inc., and
   (4) ESBI Insurance Brokers, Inc.

The economic crisis in the late 1990s adversely affected the
Company's main affiliate and business client, the Uniwide Group,
and ultimately, the Company itself.  From 1998 until the
present, the Company's subsidiaries ceased operations one by one
due to continued financial losses.

First it was Ecology Bank, which was acquired by Equitable PCI
Group in 1998.  The following year, Unikleen began winding up
its operations until cessation of operations in 2000.  In 2001,
ESBI Insurance Brokers did not renew its license with the
Insurance Commission.  Marilag Transport Systems, Inc. also
ceased operations within that year.


NATIONAL POWER: Seeks ERC Approval for Cheaper Power Rate Scheme
----------------------------------------------------------------
National Power Corp. and Manila Electric Co. jointly petitioned
the Energy Regulatory Commission for an immediate provisional
authority allowing them to implement a program aimed at cutting
electricity rates for large electricity users, Niel V. Mugas of
the Manila Times reports.

The joint application included a memorandum of agreement between
National Power and Meralco that is a key requisite for the
implementation of the program, the report says.

Manila Times recounts that before the joint petition, both
parties had been at odds over the proposal, after National Power
pushed through with its own one-day power sales scheme, which
effectively targets a similar market that the customer-choice
program would address.

According to the paper, in the eight-page joint application
received by the ERC on September 27, 2006, the two parties asked
the regulator for permission to implement their CCP for at least
one year.

Meralco used to buy power from Napocor instead of the Wholesale
Electricity Spot Market but the 10-year supply agreement between
the two parties lapsed in 2004, Manila Times relates.

Meralco estimated that about 500 companies, or about 25% of its
client base are qualified for the CCP as they meet the one-
megawatt peak demand requirement.  However, only those operating
24 hours a day, seven days a week, can benefit from the time-of-
use rates, Manila Times says.

The paper says that if the ERC grants provisional authority for
the scheme, qualified customers will have lower power costs
since TOU rates are lower than the National Power's effective
ERC-approved rates.

Under their joint application, Meralco will submit to National
Power its 12-month contract energy volume and the list of its
CCP customers and their respective demand, Manila Times reveals.

Manila Times explains that Meralco will take, or if not taken,
pay for the contracted energy.  In the event of a termination
prior to the one-year period, the utility will not be liable for
the contracted energy, the paper notes.

Manila Times adds that the scheme would also require CCP
customers to submit their monthly energy volume requirements for
one year, which is not less than 90% of their monthly
consumption from Meralco in the preceding year.

In their application, National Power and Meralco asserted that
among others, the CCP provides incentives in the form of cheaper
cost of power to large industrial and commercial customers to
continue doing business in the Philippines and potential
investors to infuse their resources in the country, Manila Times
relates.

The paper notes that Meralco proposed the CCP scheme to
Malaca¤ang as early as March 20, 2006, and was endorsed by the
Department of Energy and the National Economic Development
Authority.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                      About National Power

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

                          *     *     *

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

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

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


* RP's September 5.7% Inflation Rate Lowest Since Mid-2004
----------------------------------------------------------
On October 5, 2006, the Troubled Company Reporter - Asia Pacific
cited economists as saying that 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.

The TCR-AP said the country's September consumer price index
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 projected inflation in September to come in at
around 6.0%-6.1%, the TCR-AP noted.

A report from the Philippine Information Agency relates that the
Philippines' inflation rate for September, which is pegged at
5.7% is the lowest since mid-2004 according to the National
Statistics Office.  Central bank and economists had expected
that inflation in September would be in the range of 5.7%-6.2%.

"This reflects favorable developments in oil prices and the
peso-dollar exchange rate, and it also shows the impact of our
cautious stance on monetary policy," Bangko Sentral ng Pilipinas
deputy governor Diwa Guinigundo says.

Finance Sec. Margarito Teves on the other hand says the
administration's resolve to implement tough reforms and the
resilience of the people to surmount every crisis and challenge
have paved the way for a stronger economy ready for take off.

A confident market driven by good governance, free enterprise,
and social justice now holds up the political and economic
stability.  While positive indicators like the 5.7% September
inflation rate, the appreciating peso, the improving financial
standing, and the robust stock market have continuously earned
the Philippines praises from international rating and financial
institutions.

On October 2, 2006, the Philippine peso breached the PHP50
level.  The strongest in four years reinforced mostly from
overseas remittances and improvements in the government's
finances.  Last month the government recorded its fourth
straight budget surplus in the year.

According to Budget Sec. Rolando Andaya, the peso juggernaut has
chopped off about US$340 million (PHP17 billion) from the
country's interest payments in the first eight months.

"What the country has been achieving now is a tribute to the
Filipino spirit that has remained unswervingly focused on going
for the gold in every field of enterprise and excellence."  A
Malacanang statement said commenting on a strengthening economy
that refuses to be dampened by natural and political typhoons
festering the country.

                         *     *     *

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

LEUN WAH: Creditors Discuss Litigation Matters
----------------------------------------------
The creditors of Leun Wah Electric Company (Private) Ltd, which
was placed under a compulsory liquidation, have met on Oct. 4,
2006, wherein they discussed:

   -- outstanding litigation matters;

   -- the various recovery scenarios;

   -- approval of the professional fees (liquidators and
      solicitors); and

   -- other matters.

The liquidator can be reached at:

         Tam Chee Chong
         6 Shenton Way #32-00
         DBS Building, Tower Two
         Singapore 068809


PROMOSTYL (S) PTE: High Court Issues Wind-Up Order
--------------------------------------------------
The High Court of Singapore has entered, on Sept. 15, 2006, an
order for Promostyl (S) Pte Ltd to wind up its operations.

United Overseas Bank Limited has earlier filed the wind-up
petition against Promostyl.

Creditors of Promostyl are therefore required to submit their
proofs of debt to the company's liquidator.

The Liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


SEA KING: Court Grants Marine Harvest's Wind-Up Petition
--------------------------------------------------------
Marine Harvest Singapore Pte Ltd filed a petition to wind up Sea
King Manufacturer Pte Ltd.

Accordingly, the High Court of Singapore has issued, on Sept. 8,
2006, an order for Sea King's wind-up.

Creditors of Sea King are therefore required to submit their
proofs of debt to the company's liquidator in order to be
included in the company's distribution of dividend.

The liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


THE LAUNDRY: High Court to Hear Wind-Up Petition
------------------------------------------------
An application to wind up The Laundry People Pte Ltd was filed
by Ho Kum Chin on September 21, 2006.

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

The Petitioner' solicitors can be reached at:

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


WASHINGTON MANAGEMENT: High Court Enters Wind-Up Order
------------------------------------------------------
On September 22, 2006, the High Court of Singapore has ordered
Washington Management Consultancy Services Pte Ltd to wind up
its operations.

Chng Eng Chye had earlier filed the wind-up petition against
Washington Management.

Thus, creditors of Washington Management are required to file
their proofs of claim to the company's liquidators to be
included in the distribution of dividend.

The Liquidators can be reached at:

         Don Ho Mun-Tuke
         Don Ho & Associates
         20 Cecil Street
         #12-02/03 Equity Plaza
         Singapore 049705
         Asialegal LLC


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

FEDERAL MOGUL: Court OKs Entry Into Hercules Payment Agency Pact
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted the request made by Federal-Mogul Corporation, T&N
Limited, Ferodo America, Inc. and Gasket Holdings Inc., together
with the Official Committee of Asbestos Claimants and Professor
Eric D. Green, as the duly appointed legal representative for
future asbestos-related personal injury claimants, to enter into
a payment agency agreement relating to the Hercules asbestos
liability policy.

As reported in the Troubled Company Reporter on Aug. 23, 2006,
James E. O'Neill, Esq., at Pachulski Stang Ziehl Young Jones &
Weintraub LLP, in Wilmington, Delaware, says that the core of
the Hercules Agreement, is the provision of a mechanism for
distribution of recoveries obtained under the Hercules Policy
to:

   1. a trust to be established for the Debtors' U.K. and
      certain non-U.K. asbestos personal injury claimants; and

   2. a trust to be established for the Debtors' U.S. and
      certain non-U.S. asbestos personal injury claimants.

The distribution will be made in accordance with the division of
insurance recoveries that the Court previously approved as part
of the U.K. Global Settlement Agreement, Mr. O'Neill adds.

The Hercules Agreement is conditioned on the approval of the
U.K. Debtors' company voluntary arrangements that, among others,
establish the priority scheme of the distribution of the
Hercules Recoveries.

                         Hercules Policy

The Hercules Policy obligates the insurer to indemnify T&N for
all "Ultimate Net Loss" in excess of the retained limit, without
limitation, for claims made or brought on or after July 1, 1996,
that relate to the exposure of asbestos, asbestos products,
asbestos dust, or asbestos fibers that were mined, manufactured,
sold, installed or distributed prior to July 1, 1996.

The Policy covers liabilities of T&N as well as certain T&N
subsidiaries and subsidiary undertakings existing on July 1,
1996.  However, T&N is the sole policyholder and is the only
entity entitled to payment under the policy -- although it may
be the case that GHI and Ferodo are entitled to a certain
proportion of the Hercules Recoveries once they have been paid
to T&N.

The Hercules Policy has an aggregate limit of GBP500 million --
approximately US$895 million -- with a retained limit of GBP690
million -- approximately US$1.235 billion.  The retained limit
has diminished to GBP361,802,160.  Thus, before either the U.K.
Asbestos Trust or the U.S. Asbestos Trust can access coverage
under the policy, the retention must be exhausted.

The Policy, purchased by T&N in 1996, is underwritten by T&N's
captive insurance company, Curzon Insurance, Ltd., and reinsured
by three reinsurance companies.

                 Hercules Payment Agency Agreement

The parties to the Hercules Agreement are:

   -- T&N

   -- the U.K. Administrators

   -- Phillip Rodney Sykes and Jeremy Mark Willmont;

   -- the T&N Asbestos Trustee Company Limited -- the U.K.
      Asbestos Trustee;

   -- the Asbestos Committee;

   -- the Futures Representative;

   -- Federal-Mogul; and

   -- Ferodo and GHI, potential additional beneficiaries.

Messrs. Sykes and Willmont will serve as payment agents under
the Hercules Agreement, acting solely as agents of T&N, the U.K.
Asbestos Trustee and the U.S. Asbestos Trust, once the U.S.
Asbestos Trustee has acceded to the Hercules Agreement.

The Hercules Agreement contemplates that after the creation of
the U.S. Asbestos Trust, the U.S. Asbestos Trustees will accede
to the Agreement.  Upon the trustee's accession, the U.S.
Asbestos Trust will be deemed to be a party in place of the
Asbestos Committee, the Futures Representative, Ferodo and GHI.

Even after they will be substituted by the U.S. Asbestos Trust,
the Asbestos Committee and the Futures Representative will
maintain rights to:

   a. consult with the Payment Agents and the U.K. Asbestos
      Trustee in determining an appropriate reserve to pay
      Claims handling costs or costs associated with obtaining
      The Hercules Recoveries;

   b. act unanimously and instruct the Payment Agents in
      investing any funds held prior to the establishment of the
      U.S. Asbestos Trust;

   c. consult with the U.K. Asbestos Trustee regarding any
      remuneration to be paid to the Payment Agents;

   d. notify the Payment Agents if no further Hercules
      Recoveries will be paid; and

   e. together with T&N and the U.K. Asbestos Trustee, terminate
      either or both Payment Agent(s) and participate in the
      appointment of successor Payment Agents.

The competing interests of the U.S. and the U.K. Asbestos Trusts
and T&N in the Hercules Recoveries necessitate a structure where
the recoveries are administered and distributed by a third-
party, Mr. O'Neill tells the Court.  Pursuant to the terms of
the CVAs -- and, after it comes into effect, the Debtors' Plan
of Reorganization -- Mr. O'Neill says T&N will hold in trust all
recoveries obtained under the Hercules Policy for the ultimate
benefit of asbestos personal injury claimants.  If T&N should
receive any Hercules Recoveries, those amounts will be held in
trust by T&N for the Payment Agents.  Any Hercules Recoveries
received by T&N will be held by T&N in an account in its name --
the Hercules Receipt Account -- from which the Payment Agents
will have sole authority to transfer or withdraw funds.

The Payment Agents will collect all Hercules Recoveries into an
account to be established jointly in the names of the U.K.
Asbestos Trustee and the U.K. Asbestos Trust -- the Hercules
Waterfall Account.  The Payment Agents will give instructions to
the bank at which the Hercules Receipt Account is maintained to
transfer all funds in the Hercules Receipt Account to the
Hercules Waterfall Account on the day the funds are received,
ensuring that Hercules Recoveries are aggregated as soon as
possible into the Hercules Waterfall Account.

              Agreement is Ministerial but Necessary

GHI and Ferodo are parties to the Hercules Agreement because
they may ultimately be determined to be entitled to a portion of
the Hercules Recoveries and, accordingly, have an interest in
preserving those recoveries pending the creation of the U.S.
Asbestos Trusts, Mr. O'Neill explains.

The Company will enter into the Agreement as the parent company
of all of the Debtors, and because it has certain
responsibilities and rights under the Agreement.

The Debtors assert that entering into the Hercules Agreement is
largely ministerial, but nonetheless necessary.  The Agreement
provides for fair, third-party control over the Hercules
Recoveries are allocated as contemplated in the U.K. Global
Settlement, the CVAs and, when effective, the Debtors' Plan of
Reorganization.

Because the Debtors believe that the U.K. Asbestos Trust will be
established before the U.S. Asbestos Trust, they believe it is
necessary for the parties to enter into the Hercules Agreement
now and provide for the possibility that T&N may receive
Hercules Recoveries before the U.S. Trust is established.
Hence, the Debtors, the Asbestos Committee and the Futures
Representative want to enter into the Agreement because it is
possible that the Hercules Recoveries will come into the Payment
Agents' control before the U.S. Asbestos Trust is established.

                          *     *     *

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some USUS$6 billion.

In the Asian Pacific region, the company has operations in
Malaysia, Australia, China, India, Japan, Korea, and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed USUS$10.15 billion in assets
and USUS$8.86 billion in liabilities.


FEDERAL MOGUL: Seeks Court Nod to Mend Ohio Environmental Claims
----------------------------------------------------------------
Federal-Mogul Corporation asks the United States Bankruptcy
Court for the District of Delaware to approve a settlement
agreement with the state of Ohio, resolving the claims related
to environmental sites that certain U.S. Debtors either
currently own, previously owned, or sites to which they may have
sent industrial waste containing hazardous substances, to
address the U.S. Debtors' actual and potential environmental
liabilities to Ohio.

As industrial manufacturers in the United States, the U.S.
Debtors have substantial environmental obligations governing
their operations under a myriad of federal and state
environmental statutes and regulations, including those of the
state of Ohio, Scotta E. McFarland, Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, P.C., in Wilmington, Delaware,
relates.  Under these environmental laws, certain of the U.S.
Debtors have actual and potential liabilities.

Following the Debtors' filing for chapter 11 protection,
approximately 100 proofs of claim aggregating US$252,000,000
were filed against certain U.S. Debtors with respect to their
existing and potential environmental liabilities to Ohio.  The
Debtors have been able to settle, without contested proceedings,
the vast majority of the claims.

Specifically, Ohio filed Claim Nos. 6442 to 6445 and 10417 to
10420, asserting:

   -- unsecured priority claims totaling US$23,905,167 for
      postpetition past response costs and anticipated future
      response costs; and

   -- unsecured claims for US$170,810 for prepetition past
      response costs incurred.

Ms. McFarland tells Judge Fitzgerald that the Settlement, if
approved, will provide an immediately realizable benefit to the
U.S. Debtors and their estates by:

   (1) allowing and liquidating all Claims with respect to all
       Past and Future Response Costs and natural resource
       damages with respect to a former facility in
       McConnelsville, Ohio, with a liquidation compromising
       US$17,296,944 of priority Claims, as an Allowed Unsecured
       Claim for US$2,320,000;

   (2) providing for withdrawal, with prejudice, of the State's
       Claims relating to a facility in Caldwell, Ohio,
       removing US$6,608,223 in priority Claims;

   (3) reaffirming certain U.S. Debtors' continuing obligations
       with respect to sites those U.S. Debtors own upon
       confirmation of the Debtors' Third Amended Plan of
       Reorganization; and

   (4) providing that, with respect to all other sites where a
       prepetition or threatened release of a hazardous
       substance has occurred that, those claims may be
       liquidated post-confirmation, but will still be subject
       to treatment as Unsecured Claims under the Plan.

The Settlement acknowledges that some liability may not yet be
known or quantifiable and that some sites have yet to be
discovered or linked to applicable U.S. Debtors.

Ms. McFarland notes that the U.S. Debtors may eventually recover
insurance proceeds with respect to the Liquidated Site.  Under
the Settlement, Ohio may be entitled to a 50% pro rata portion
of the insurance proceeds recovered on account of the Liquidated
Site, which would be in addition to the distribution it is
entitled to under the Plan as an Allowed Unsecured Claim holder.

Ohio's receipt of those insurance proceeds is subject to:

   -- a reduction in the amount of the potentially distributable
      proceeds by the amount of the applicable U.S. Debtors'
      cost of pursuit of the proceeds;

   -- a limitation that payments will only be made to the State
      to compensate for expenditures of Past and Future Response
      Costs incurred and paid up to the date the applicable U.S.
      Debtors notify Ohio of the recovery of any insurance
      proceeds, but reasonably expected to be incurred before
      2038 or five years following the insurance proceeds
      recovery, whichever is later; and

   -- a prohibition of further payment of recovered insurance
      proceeds to Ohio if the payment would result in Ohio
      receiving in excess of the lesser amount of:

         * its Response Costs; or

         * 100% payment on account of the Allowed Unsecured
           Claim allocable to the Liquidated Site.

The Settlement expressly recognizes that the applicable U.S.
Debtors' liabilities and obligations at the Debtor-Owned Sites
will not be discharged pursuant to Section 1141 of the
Bankruptcy Code or in any way affected or waived by the Plan or
the Settlement.  Thus, Ms. McFarland states that Ohio is free to
assert claims and pursue enforcement actions or other
proceedings against the U.S. Debtors with respect to the Debtor-
Owned Sites.

The Debtor-Owned Site treatment applies to these Claims and
actions that may potentially be maintained by Ohio:

   (a) Claims under the Comprehensive Environmental Response,
       Compensation, and Liability Act, Chapters 3734, 3745 or
       6111 of the Ohio Revised Code, or any other similar
       federal or state law or common law, for postpetition
       Response Costs incurred with respect to Response action
       taken at a Debtor-Owned Site;

   (b) Actions under CERCLA, Resource Conservation and Recovery
       Act, Chapters 3734, 3745, or 6111 of the Ohio Revised
       Code, or any other similar federal or state law or common
       law seeking to compel the performance of a removal
       action, remedial action, corrective action, closure or
       any other cleanup action, or financial assurance at the
       Debtor-Owned Site;

   (c) Claims under CERCLA or Chapters 3734 or 6111 of the Ohio
       Revised Code for the recovery of natural resource damages
       arising from postpetition or ongoing releases of
       Hazardous Substances at or which migrate or leach from a
       Debtor-Owned Site; and

   (d) Claims to recover civil penalties for violations due to
       the applicable U.S. Debtors' postpetition conduct at a
       Debtor-Owned Site.

Ms. McFarland says that all liabilities and obligations of the
applicable U.S. Debtors to Ohio with respect to the Additional
Sites will be discharged under Section 1141 pursuant to the
terms of a confirmed Plan.  Ohio will also receive no
distributions under the Plan on account of liabilities and
obligations.

In exchange for the discharge, the Settlement provides that Ohio
may require the applicable U.S. Debtors to pay Ohio or a
designee the amounts incurred if the state undertakes or
oversees Response activities in the ordinary course with respect
to any Additional Site.

In the event that any Claim regarding an Additional Site is
liquidated by settlement or judgment pursuant to the Settlement,
the applicable U.S. Debtors will satisfy the Determined Amount
within 30 days of the final effective date.

Ms. McFarland states that the Determined Amount will be
satisfied by providing the value of consideration that would
have been distributed if that amount had been an Allowed
Unsecured Claim under the Plan.

A full-text copy of the Settlement Agreement is available at no
charge at http://ResearchArchives.com/t/s?128e

                          *     *      *

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some USUS$6 billion.  In the Asian Pacific region, the company
has operations in Malaysia, Australia, China, India, Japan,
Korea, and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed USUS$10.15 billion in assets
and USUS$8.86 billion in liabilities.


INTERFACE INC: 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 Interface, Inc.

Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$117 million
   7.3% Sr. Notes
   due 2008             B2       B2       LGD3     49%

   US$175 million
   10.375% Sr.
   Notes due 2010       B2       B2       LGD3     49%

   US$135 million
   9.5% Sr. Sub.
   Notes due 2014       Caa1     Caa1      LGD5    89%

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%).

Interface Inc. -- http://www.interfacesustainability.com/-- is
a manufacturer and marketer of floor coverings and fabrics
headquartered in Atlanta, Georgia.

The company has locations in North America, Europe, Australia
and Thailand, among others.


INTERFACE INC: Earns US$5.9 Million in Second Quarter of 2006
-----------------------------------------------------------
For the second quarter of 2006, Interface Inc. reported net
income of US$5.9 million, compared with a net loss of
US$7.4 million in the second quarter a year ago.

Sales in the 2006-second quarter rose 5% to US$258.7 million
from US$246.5 million in the year ago period, due to the sale of
the company's European fabrics business, while operating income
for the 2006 second quarter was US$21.1 million, versus
US$21.2 million in the same period last year.

Commenting on the results, Daniel T. Hendrix, the Company's
president and chief executive officer, said "We are pleased with
our results for the second quarter, as we successfully executed
against our goals, and the improving trends we are seeing in the
industry continue to validate our strategy.  Overall sales
increased despite challenging year-over-year comparables, and
order activity further strengthened, with orders up 13% to
US$276 million over last year's second quarter."

                     Six Months 2006 Results

For the first six months of 2006, the Company's sales increased
5.8%, to US$509.3 million, from US$481.3 million for the same
period a year ago.

Operating income for the 2006 six-month period was
US$17.8 million, versus operating income of US$38.4 million for
the comparable 2005 six-month period.

The Company incurred a US$11.2 million net loss for the first
six months of 2006, compared with a net loss of US$9.6 million
for the 2005 first half.

                          *     *     *

Interface Inc. -- http://www.interfacesustainability.com/-- is
a manufacturer and marketer of floor coverings and fabrics
headquartered in Atlanta, Georgia.

The company has locations in North America, Europe, Australia
and Thailand, among others.

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 Interface, Inc.

Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$117 million
   7.3% Sr. Notes
   due 2008             B2       B2       LGD3     49%

   US$175 million
   10.375% Sr.
   Notes due 2010       B2       B2       LGD3     49%

   US$135 million
   9.5% Sr. Sub.
   Notes due 2014       Caa1     Caa1      LGD5    89%


* Justice Ministry Drafts Amendments to Bankruptcy Laws
-------------------------------------------------------
Thailand's Justice Ministry drafted several amendments to the
Bankruptcy Act with help from the United Nations Commission on
International Trade Law and the World Bank aiming to improve
human rights in the Thai legal framework, The Bangkok Post
reports.

"The draft was built on the premise of improving human rights by
making it more difficult for persons to be declared bankrupt,"
Wit Jeraphat, director-general of the Bankruptcy Litigation
department, told The Post.

According to The Post, one proposed amendment in the Bankruptcy
Act would let non-juristic debtors enter the liquidation process
without being declared bankrupt.

"In the case of insolvency, the amendment will allow
entrepreneurs to have their assets managed by professionals, and
maintain certain rights that would have been revoked if they
were declared bankrupt, such as the ability to serve as a civil
servant and complete banking transactions," Dr. Wit said.

Debtors facing bankruptcy will regain all rights within two or
three years, but in the case of fraud, they will be declared
bankrupt for 10 years, the same as under the existing law, The
Post relates.

The new bill is expected to allow entrepreneurs who have
problems meeting loan obligations to file a request with the
court to begin the liquidation process.  Debtors whose cases are
accepted will choose a court-registered asset manager to oversee
and collect revenues from their assets.  An automatic stay on
claims would also be applied for a few years.

"Under this system, asset managers will have an important role,"
Dr. Wit said.  "It is the duty of the court to decide whether to
register them."

Dr. Wit said the court-approved asset managers should comprise
experts in three areas, including business rehabilitation,
accounting and law.

"With this concept, creditors will have a better prospect of
recouping their money as their assets are being taken care of by
professionals, while, debtors can concentrate more on their
other businesses," Dr. Wit stated.

The draft bill, however, still needs to pass hearings at the
Foreign Chamber of Commerce and the Thai Chamber of Commerce,
The Post says.

The period for debtors to be discharged from the liquidation
process in the draft bill has yet to be finalized while the
draft is expected to be finalized at the sub-committee level
over the next two months.

In addition, Dr. Wit said the Justice Ministry may also tighten
the law to prevent "fake" creditors.  Such cases involve debtors
who wrongfully inflate creditor claims in an effort to influence
a rehabilitation plan.   "Chapter 11 still exists, but we might
need to improve it," he said. "Foreign creditors have attacked
us for letting loopholes be exploited with cases of fake
creditors."

The ministry may decide to impose criminal charges against those
involved in creating fake creditors, Dr. Wit added.

"We need to look at the draft carefully as it could have a
serious economic impact," Dr. Wit added.


* BOND PRICING: For the Week 9 October to 13 October 2006
---------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     4
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     7
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     9
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     5
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    70
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     7
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     4

KOREA
-----
Korea Electric Power                  7.950%    04/01/96    56

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     1
Crescendo Corporation Bhd             3.000%    08/25/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Malaysian Government                  4.837%    07/15/25     4
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/07/18    73
Senai-Desaru Expressway Bhd           3.500%    06/07/19    72
Senai-Desaru Expressway Bhd           3.500%    06/09/20    69
Senai-Desaru Expressway Bhd           3.500%    12/09/20    68
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       6.000%    12/07/06     1



                            *********

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

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

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


                            *********


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

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

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

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

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 ***