TCRAP_Public/061012.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

          Thursday, October 12, 2006, Vol. 9, No. 203


                            Headlines

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

ACETHORPE PTY: Court Issues Wind-Up Order
ASSETEC MANAGEMENT: Members and Creditors to Meet on October 18
APPLIED INSIGHT: Creditors' Proofs of Claim Due on October 31
AUSSIE TOOL: Enters Voluntary Liquidation
AUSTCORP BUILDERS: Creditors' Proofs of Claim Due on October 17

AWB LIMITED: New Services Agreement with AWBI Still Negotiated
BFS CANBERRA: Prepares to Declare Third Dividend on October 13
CARCOR PTY: Members and Creditors to Hear Wind-Up Report
CHURCHILL & COMPANY: Names Richards and Eden as Liquidators
DETRIS PTY: Appoints Roderick Sutherland as Liquidator

ENJOY PTY: Inability to Pay Debts Prompts Wind-Up
EVEREADY CONCRETE: Final Meeting Scheduled on October 18
FELTEX CARPETS: Unions Want the Same Feltex CBA Conditions
FITOUT TEAM: Members Opt to Liquidate Business
FORD AUSTRALIA: Cuts Production Capacity on Current Trends

GREEN'S WHG: Court Appoints Joint Liquidators
GOURMET GRAIN: Creditors Must Prove Debts by October 18
HARRIS ROOFING: Names Sule Arnautovic as Liquidator
JONES FAMILY: Liquidator to Present Wind-Up Report
JUSTICE FREIGHTERS: Enters Voluntary Wind-Up

KEPA DESIGN: Creditors Proofs of Claim Due on November 24
KIOZ PTY: Members and Creditors to Receive Wind-Up Report
LAINGS ELECTRICAL: Creditors Must Prove Debts by October 13
LIGHTWAVE YACHTS: Members Opt for Voluntary Liquidation
MACAULEY HOLDINGS: Undergoes Members' Voluntary Wind-Up

MACLAW NO. 269: Members Decide to Close Business
MJ CONSTRUCTION: Creditors' Proofs of Debt Due on October 31
ML LTD: Court Appoints Joint Liquidators
NBA CONSTRUCTIONS: Placed Under Voluntary Liquidation
NO COMMISSION: Enters Voluntary Liquidation

PEABODY ENERGY: Australian Court Approves Excel Acquisition
PROFESSIONAL FINANCIAL: To Distribute Third Dividend on Oct. 13
QUALITY CIVIL: Creditors' Proofs of Debt Due on October 31
ROBERT INGRAM: Enters Liquidation Proceedings
SALT INVESTMENTS: Sole Member Decide to Shut Down Firm

SEABREEZE GROVE: Liquidation Commenced on September 19
SLC INVESTMENT: Set to Declare Third Dividend on October 13
STOCKFORD (DAWES): To Declare Third Dividend on October 13
STOCKFORD (MORTON): Will Declare Third Dividend on October 13
TOOWOOMBA RSL: Liquidator Joiner to Give Wind-Up Report

TRAPDOOR SECURITY: Supreme Court Orders Wind-Up
V & C HOLDINGS: Final Meeting Slated for October 18
WESTWING INVESTMENTS: Liquidator to Present Wind-Up Report
WINDWHISTLE MOTORS: Appoints Trevor James Croy as Liquidator


C H I N A   &   H O N G  K O N G

AMJ TRANSPORTATION: Court to Hear Wind-Up Petition on Nov. 8
ASIAN SERVICES: Liquidator Bullani Steps Aside
BETONSPORTS: Has Not Paid Workers After Closure
CHIT LEE: Liquidators Cease to Act for Company
COUNTRY FORD: Appoints Joint Liquidators

CYBER RESOURCES: Contributories & Creditors Hold Final Meetings
ELECTRONIC RENTALS: Creditors' Proofs of Claim Due on Nov. 6
FANTA MACHINERY: Agnew and Lo Ceases to Act for the Company
FONDA OIL: Court Appoints Joint Liquidators
GLOBAL POWER: Wants Court Approval on White & Case as Counsel

GLOBAL POWER: Taps Bayard Firm as Bankruptcy Co-Counsel
HANESBRANDS INC: Moody's Confirms Ba3 Corporate Family Rating
HOWELL ENGINEERING: Court Favors Wind-Up
INTERNATIONAL PAPER: Will Trade Assets with Votorantim Celulose
MACKINSEY FINANCIAL: Members' Final Meeting Slated for Nov. 7

MEL APPEL: Creditors Must Prove Debts by November 8
NEW CHINA PROPERTY: Members and Creditors to Hold Final Meeting
OCEAN GRAND: S&P Withdraws Ratings
PETROLEOS DE VENEZEULA: Sends Discounted Fuel to Nicaragua
PETROLEOS DE VENEZUELA: Halts Gasoline Export to Cuba & the U.S.

SOUTHERN AIRLINES: Airbus May Have to Pay for Late Deliveries
SUPRA ENGINEERING: Court Orders Wind-Up
TAT HUNG: Final Meeting Slated for November 6
WING FU: To Pay Preferential Dividend on October 13
YUE FUNG: Receives Wind-Up Order from Court


I N D I A

CANARA BANK: Board to Review Sept. 30, 2006 Financial Results
CENTRAL BANK OF INDIA: Crisil Assigns "AA" to INR700-Crore Bond
CENTURION BANK: Kerala Bank Workers Strike to Protest LKB Merger
ICICI BANK: CRISIL Gives Credit Opinions to Assignment Program


I N D O N E S I A

BANK INTERNASIONAL: Launches 'Cash Bonus' & 'Cash Back' Program
KALTIM PRIMA: IndoCoal Issues US$900-Million Floating Rate Notes
GNC CORP: Reports Strong Same-Store Sales for Third Quarter 2006
PARKER DRILLING: Moody's Assigns Loss-Given-Default Ratings
PERRY ELLIS: Moody's Assigns Loss-Given-Default Rating


J A P A N

BANCO BRADESCO: To Increase Capital Stock by BRL1.2 Billion
FORD MOTOR: Starting Buyout Offers Next Week
FORD MOTOR: Latch, Drivetrain Probs Spur Recall of 145,000 Cars
KIYO BANK: Fitch Affirms D/E Individual Rating Following Merger
SAPPORO HOLDINGS: Canadian Gov't. Okays Tender Offer for Sleeman

SOFTBANK CORP: Fitch Affirms EUR500MM Unsecured Notes At 'BB-'


K O R E A

KOREA DEVELOPMENT: Capital Almost Doubled in Hungarian Unit
KOREA EXCHANGE: Extends Online Banking Services to China
* Rating Agencies Say Nuclear Test Won't Impact South's Ratings
* Nuclear Test Unlikely to Affect South's Ratings, Moody's Says


P H I L I P P I N E S

EQUITABLE PCI: BSP Rejects TMEQ's Disqualification Request
EXPORT & INDUSTRY BANK: G. Cunanan Elected as Independent Dir.
LAFAYETTE MINING: Faces Suit Over Albay Mining Operations
LAFAYETTE MINING: Seeks Additional Funds for Rapu-Rapu Project
PACIFIC PLANS: Court of Appeals Remands Case to Trial Court

PHILIPPINE LONG DISTANCE: Expects Improved 3rd Quarter Results
PHILIPPINE LONG DISTANCE: Opens Ventus Libertad Call Center
SAN MIGUEL CORP: Moody's Withdraws Ba1 Foreign Currency Rating


S I N G A P O R E

H.M.C.S. PTE: Creditors' Proofs of Debt Due on November 8
SEA CONTAINERS: To Strike Compromise Agreement with Creditors
PETROLEO BRASILEIRO: LatAm's Second Most Sustainable Company
PETROLEO BRASILEIRO: Confirms Light Oil Find in Santos Basin
SEAGATE TECH: Inks Distribution Agreement with SED International

STANDARD AERO: Moody's Confirms B2 Corporate Family Rating
VELOOCO GENERAL: Creditors Must Prove Claims by October 20


S R I   L A N K A

SRI LANKA TELECOM: Fitch Affirms 'BB-' Issuer Default Ratings


T H A I L A N D

NFC FERTILIZER: Bankruptcy Court Ends Subsidiary's Rehab. Plan

     - - - - - - - -

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

ACETHORPE PTY: Court Issues Wind-Up Order
-----------------------------------------
On September 14, 2006, the Supreme Court has issued an order to
wind up Acethorpe Pty Ltd.  Subsequently, William James Hamilton
was appointed as official liquidator.

The Official Liquidator can be reached at:

         William James Hamilton
         c/o Hamiltons
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9232 6611
         Facsimile: 9232 6166


ASSETEC MANAGEMENT: Members and Creditors to Meet on October 18
---------------------------------------------------------------
The members and creditors of Assetec Management Solutions Pty
Ltd, which was placed under liquidation, will meet on October
18, 2006, at 11:00 a.m., to:

   -- receive the final receipts and payments from the
      liquidator;

   -- receive formal notice of the end of the administration;
      and

   -- discuss other business that may be considered with
      foregoing.

The Liquidator can be reached at:

         Paul Burness
         Worrells
         Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5500
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au


APPLIED INSIGHT: Creditors' Proofs of Claim Due on October 31
-------------------------------------------------------------
On September 20, 2006, shareholders of Applied Insight Ltd
appointed Peri Micaela Finnigan and John Trevor Whittfield as
joint and several liquidators.

Consequently, the liquidators required the creditors to file
proofs of claim by October 31, 2006.  Failure to prove their
claims will exclude a creditor from sharing in any distribution
the company will make.

The Joint Liquidators can be reached at:

         Peri Micaela Finnigan
         John Trevor Whittfield
         McDonald Vague
         Chartered Accountants
         P.O. Box 6092, Wellesley Street Post Office
         Auckland, New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508


AUSSIE TOOL: Enters Voluntary Liquidation
-----------------------------------------
At an extraordinary general meeting held on September 14, 2006,
the members of Aussie Tool Repairs & Hire Pty Ltd agreed that
the company must commence a voluntary wind-up of its operations.

Subsequently, Stewart William Free and Raymond George Tolcher
were appointed as joint and several liquidators at the
creditors' meeting held that same day.

The Joint and Several Liquidators can be reached at:

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


AUSTCORP BUILDERS: Creditors' Proofs of Claim Due on October 17
---------------------------------------------------------------
Austcorp Builders Pty Ltd, which is subject to a deed of company
arrangement, will declare the first and final dividend on
October 18, 2006.

Creditors are required to formally file their proofs of debt by
October 17, 2006, to share in the distribution of dividend.

The Deed Administrator can be reached at:

         Martin J. Green
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


AWB LIMITED: New Services Agreement with AWBI Still Negotiated
--------------------------------------------------------------
Wheat growers are unlikely to see the details of a new service
agreement between AWB Limited and AWB International for at least
another month, The West Australian reports.

As reported in the Troubled Company Reporter - Asia Pacific on
September 1, 2006, there has been increasing media and industry
speculation regarding the services agreement between AWB and
AWBI for the operation and management of the Single Desk.

According to the TCR-AP, AWBI Chairman Ian Donges asserted that
the only contentious issue seems to be the break fee clause in
the services agreement.  Mr. Donges said that the agreement
reflects normal commercial business practices and the current
break fee clause is designed to reimburse AWB for investments
made in pool management systems.

Mr. Donges noted that AWBI will be renegotiating the services
agreement with AWB to reflect the recent corporate changes to
increase the separation between the two.  "Any break fee clause
would be negotiated by AWBI and [the AWB] Board and would take
into account the Constitutional requirement to maximize returns
to growers," he added.

The West Australian relates that the services agreement, which
is currently being renegotiated, will be back-dated to October
1, 2006, and will apply to the 2006-2007 pool.  AWB plans to put
the 2006-2007 pools into a trust to protect pool participants
from potential liabilities resulting from the Cole Inquiry into
Iraq kick-backs, the paper says.

AWB chairman Brendan Stewart did not disclose a deadline to
finalize the new agreement.  But Mr. Donges said it is expected
to be made public by "early November," The Australian relates.

                          About AWB

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

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

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

                          *     *     *

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

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

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


BFS CANBERRA: Prepares to Declare Third Dividend on October 13
--------------------------------------------------------------
BFS Canberra Pty Ltd, which is subject to a deed of company
arrangement, will declare the third dividend for its creditors
on October 13, 2006, to the inclusion of those who were able to
prove their debts on October 3, 2006.

The Deed Administrator can be reached at:

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


CARCOR PTY: Members and Creditors to Hear Wind-Up Report
--------------------------------------------------------
Members and creditors of Carcor Pty Ltd will hold a final
meeting on October 19, 2006, at 11:00 a.m., to receive
Liquidator Arnautovic's report on the company's wind-up
proceedings and property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a wind-up of its operations on June 29, 2006.

The Liquidator can be reached at:

         Sule Arnautovic
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:02 9233 2111
         Facsimile:02 9233 2144


CHURCHILL & COMPANY: Names Richards and Eden as Liquidators
-----------------------------------------------------------
Bruce Carlaw Richards and James Gregory Eden were appointed as
liquidators of Churchill & Company Ltd on September 9, 2006.

The Liquidators can be reached at:

         Bruce Carlaw Richards
         James Gregory Eden
         c/o Staples Rodway, Level Three
         109-113 Powderham Street, New Plymouth
         New Zealand
         Telephone:(06) 758 0956


DETRIS PTY: Appoints Roderick Sutherland as Liquidator
------------------------------------------------------
At a general meeting held on September 15, 2006, the members of
Detris Pty Ltd resolved to voluntarily wind up the company's
operations and Roderick Mackay Sutherland was appointed as
liquidator.

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

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9233 2111
         Facsimile: 02 9233 2144
  

ENJOY PTY: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------
The members and creditors of Enjoy Pty Ltd held meetings on
September 14, 2006, and passed a special resolution to wind up
the company's operations due to its inability to pay debts when
they fall due.

In this regard, Geoffrey McDonald was appointed as liquidator.

The Liquidator can be reached at:

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


EVEREADY CONCRETE: Final Meeting Scheduled on October 18
--------------------------------------------------------
Members and creditors of Eveready Concrete Contractors Pty Ltd,
which is in liquidation, will hold a final meeting on October
18, 2006, at 10:00 a.m., to hear Liquidator Fielding's report on
the company's wind-up proceedings and property disposal
exercises.

The Troubled Company Reporter - Asia Pacific, reported that the
Company declared the first and final dividend on November 9,
2005.

The Liquidator can be reached at:

         Andrew Fielding
         PPB
         Chartered Accountants
         Level 4, 31 Sherwood Road
         Toowong, Queensland
         Australia


FELTEX CARPETS: Unions Want the Same Feltex CBA Conditions
----------------------------------------------------------
On October 11, 2006, the National Distribution Union, and
Engineering, Printing and Manufacturing Union began two days of
talks with Godfrey Hirst over the fate of the remaining Feltex
staff, the New Zealand Herald reports.

The Troubled Company Reporter - Asia Pacific recently reported
Godfrey Hirst's disclosure that it will not offer re-employment
to 134 staff at the Upper Riccarton plant in Christchurch.

The TCR-AP noted that the union representing Feltex workers will
be talking about avenues for action.  It was also disclosed that
all redundancy packages are capped at NZ$15,000, despite there
being a number of workers who have completed 20 or 30 years
employment with Feltex.

However, according to stuff.co.nz, the remaining workers are
under threat of reduced terms and conditions under a new
collective agreement with Godfrey Hirst.  But, the Web site
pointed out, the unions are determined to get a decent deal.

"Because of Feltex's size and stature its collective agreement
is a benchmark for the industry," NZPA cites National
Distribution Union national secretary Laila Harre as saying.  
"Now Godfrey Hirst has signaled its intention to reduce that
benchmark and that will impact further than just this one
company -- we're going to fight to stop that happening."

                          About Feltex

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

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

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

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


FITOUT TEAM: Members Opt to Liquidate Business
----------------------------------------------
Members of Fitout Team Pty Ltd convened on September 14, 2006,
and resolved to voluntarily liquidate the company's business.

Robyn Erskine and Peter Goodin were consequently appointed as
liquidators.

The Liquidators can be reached at:

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


FORD AUSTRALIA: Cuts Production Capacity on Current Trends
----------------------------------------------------------
Ford Australia is facing many of the same problems as its U.S.
parent thus capacity cuts are unavoidable on current trends, The
Australian said citing a statement made by the company's
president Tom Gorman.

Mr. Gorman said structural changes to the market made it
essential to "right-size" production and refused to rule out
redundancies at the company's Broadmeadows factory, the report
reveals.

If demand doesn't pick up, Mr. Gorman told The Australian that
the company "is going to have to take action according to what
[it needs] to do to be successful."

The Australian says higher petrol prices caused American and
Australian buyers to shun larger vehicles.  The paper also
relates that Ford in the U.S. recently accelerated plans to cut
45,000 jobs and close 16 factories.

The Australian noted that sales of Ford's locally built Falcon
large sedan decreased by 19% in 2006 while its Territory SUV has
slumped 18%.

This year demand for large cars has fallen 21%, compounding a
decade of decline that has seen the segment's market share cut
in half, The Australian continued.  Ford forecasts a 14% share
for the segment in 2007, with total demand steady at 965,000
vehicles.

Mr. Gorman said Ford's problems in the U.S. meant there was more
pressure than ever on Ford Australia to perform, and its 23%
slide in after-tax profits for 2005 to AU$148 million had been a
"significant blow".

"We were unable to deliver what they were supposed to do in
2005," Mr. Gorman disclosed.

Mr. Gorman is however optimistic that the next generation
Falcon, codenamed Orion and still two years away, would have the
potential for volume exports after a AU$105 million injection of
government money in May, The Australian relates.  The Orion, Mr.
Gorman revealed, would be engineered for left-hand drive and
target the Middle East, where Holden and Toyota ship the bulk of
their exports.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
September 1, 2006, that Fitch Ratings downgraded the Issuer
Default Rating of Ford Motor Company and Ford Motor Credit
Company to 'B' from 'B+'.  Fitch also lowered the Ford's senior
unsecured rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's
senior unsecured rating to 'BB-/RR2' from 'BB/RR2'.  The Rating
Outlook remains Negative.

Fitch also downgraded Ford Motor Co. of Australia's ratings with
a Negative Rating Outlook:

   -- Issuer Default Rating to 'B' from 'B+'; and

   -- Senior debt to 'B+' from 'BB-'.


GREEN'S WHG: Court Appoints Joint Liquidators
---------------------------------------------
On September 18, 2006, the High Court at Whangarei appointed
Henry David Levin and Barry Phillip Jordan as joint and several
liquidators of Green's WHG Construction Ltd.

In this regard, creditors of the company are required to prove
their debts to the liquidators by October 16, 2006, for them to
participate in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific reported that the
Commissioner of Inland Revenue filed a liquidation petition  
against the company on July 25, 2006.  The petition was heard on  
September 18, 2006.

The Joint Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         c/o Sarah Fitzgerald
         McCallum Petterson, Level Eleven
         Forsyth Barr Tower, 55-65 Shortland Street
         Auckland, New Zealand


GOURMET GRAIN: Creditors Must Prove Debts by October 18
-------------------------------------------------------
Bruce McCallum and Barry Jordan was appointed by the High Court
at Wellington as joint and several liquidators of Gourmet Grain
and Seeds Ltd.

Creditors are required to prove their debts by October 18, 2006.  
Failure to present proofs of debt will exclude a creditor from
sharing in any distribution the company will make.

The Joint Liquidators can be reached at:

         Bruce McCallum
         Barry Jordan
         c/o Louise Craig
         McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay (P.O. Box 3156)
         Wellington, New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


HARRIS ROOFING: Names Sule Arnautovic as Liquidator
---------------------------------------------------
Members of Harris Roofing Services Pty Ltd held a meeting on
September 14, 2006, and agreed to liquidate the company's
business and appoint Sule Arnautovic as liquidator.

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

The Liquidator can be reached at:

         Sule Arnautovic
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


JONES FAMILY: Liquidator to Present Wind-Up Report
--------------------------------------------------
Jones Family Holdings Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on October
18, 2006, at 1:30 p.m.

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

The Liquidator can be reached at:

         Dean R. Mcveigh
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia


JUSTICE FREIGHTERS: Enters Voluntary Wind-Up
--------------------------------------------
At a meeting held on September 15, 2006, the members and
creditors of Justice Freighters Pty Ltd decided to wind up the
company's operations.

Accordingly, R. A. Sutcliffe was appointed as liquidator.

The Liquidator can be reached at:

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


KEPA DESIGN: Creditors Proofs of Claim Due on November 24
---------------------------------------------------------
On September 14, 2006, shareholders of Kepa Design Ltd appointed
Iain McLennan as liquidator.

Accordingly, Mr. McLennan fixed November 24, 2006, as the last
day for the company's creditors to prove their claims.

The Liquidator can be reached at:

         Iain McLennan
         McLennan Associates
         Insolvency Advisers
         Level Two, 26 Wyndham Street
         Auckland, New Zealand
         Telephone:(09) 303 9512
         Facsimile:(09) 303 0508


KIOZ PTY: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------
A final meeting for the members and creditors of Kioz Pty Ltd
will be held on October 18, 2006, at 1:00 p.m.

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

According to the Troubled Company Reporter - Asia Pacific, the
members of Kioz resolved to voluntarily wind up the company's
operations on October 19, 2005.

The Liquidator can be reached at:

         Dean R. Mcveigh
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia


LAINGS ELECTRICAL: Creditors Must Prove Debts by October 13
-----------------------------------------------------------
Laings Electrical Pty Ltd, which is in liquidation, will declare
a final dividend to ordinary unsecured creditors on November 17,
2006.

Creditors are required to prove their debts by October 13, 2006,
to be able to share in the distribution of dividend.

The Liquidator can be reached at:

         M. G. Mccann
         Grant Thornton
         Level 4, Grant Thornton House
         102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3222 0200
         Facsimile:(07) 3222 0446


LIGHTWAVE YACHTS: Members Opt for Voluntary Liquidation
-------------------------------------------------------
On September 15, 2006, members of Lightwave Yachts Pty Ltd
resolved to place the company under voluntary liquidation.

Subsequently, Jason Bettles and Susan Carter were appointed as
liquidators.

The Liquidators can be reached at:

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


MACAULEY HOLDINGS: Undergoes Members' Voluntary Wind-Up
-------------------------------------------------------
During a general meeting held on September 14, 2006, the members
of Macauley Holdings Pty Ltd resolved to voluntarily wind up the
company's operations.

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

The Joint and Several Liquidators can be reached at:

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


MACLAW NO. 269: Members Decide to Close Business
------------------------------------------------
On September 14, 2006, the members of Maclaw No. 269 Pty Ltd
agreed to shut down the company's business 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 Charles Ridgeway
         Russell Graeme Peake
         Jenkins Peake & Co
         Chartered Accountants
         PO Box 1570, Geelong 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938


MJ CONSTRUCTION: Creditors' Proofs of Debt Due on October 31
------------------------------------------------------------
On September 19, 2006, John Trevor Whittfield and Boris van
Delden were appointed as joint and several liquidators of MJ
Construction Ltd.

Accordingly, the joint liquidators required the company's
creditors to prove their debts by October 31, 2006, or be
excluded from sharing in a distribution the company will make.

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


ML LTD: Court Appoints Joint Liquidators
----------------------------------------
On September 7, 2006, the High Court at Auckland appointed Iain
Bruce Shephard and Christine Margaret Dunphy as joint and
several liquidators in the liquidation of ML Ltd.

According to the Troubled Company Reporter - Asia Pacific, on
September 28, 2006, the Court heard the liquidation petition
filed against the company by the Commission of Inland Revenue.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Level Two, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


NBA CONSTRUCTIONS: Placed Under Voluntary Liquidation
-----------------------------------------------------
On September 15, 2006, members of NBA Constructions Pty Ltd
agreed to voluntarily wind up the company's operations.

At the creditors' meeting held later that day, Paul Vartelas was
appointed as liquidator.

The Liquidator can be reached at:

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


NO COMMISSION: Enters Voluntary Liquidation
-------------------------------------------
On September 22, 2006, shareholders of No Commission Property
Sales Rotorua Ltd resolved to liquidate the company's business
and appointed John Richard Palairet as liquidator.

The Liquidator can be reached at:

         John Richard Palairet
         Palairet Pearson
         86 Station Street (P.O. Box 944)
         Napier, New Zealand
         Telephone:(06) 835 3364
         Facsimile:(06) 835 3388


PEABODY ENERGY: Australian Court Approves Excel Acquisition
-----------------------------------------------------------
On October 10, 2006, the Federal Court of Australia formally
approved Peabody Energy Corp.'s acquisition of Excel Coal Ltd.,
Colin M. Kellaher of Dow Jones Newswires, reports.

Excel is one of the largest independent coal companies in
Australia.

The report says Excel shareholders approved the sale last week
for AU$9.50 per share, which cleared the way for Peabody to
assume management of Excel on October 11.

"[W]ith the new operations and late-stage growth projects, we
look forward to tripling our Australian production at a time
when demand from the world's largest coal exporting country is
growing dramatically," Peabody President and Chief Executive
Officer Gregory H. Boyce says.

The deal values Excel at about US$1.5 billion, plus US$300
million in assumed debt, Dow Jones reveals.

On July 11, 2006, the Troubled Company Reporter reported that
Standard & Poor's Ratings Services revised its outlook on
Peabody to stable from positive after the company's announcement
that it has entered into an agreement to acquire Excel for
US$1.34 billion plus the assumption of US$190 million of debt.

                         About Peabody

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Australia.

                        *    *    *

Standard & Poor's Rating Services assigned its 'BB' rating to
Peabody Energy Corp.'s proposed US$2.75 billion of senior
unsecured credit facilities, consisting of a US$1.8 billion
revolving credit facility and US$950 million Term Loan A.  The
rating outlook is stable.

Moody's Investors Service assigned a Ba1 senior unsecured rating
to Peabody Energy Corp.'s US$1.8 billion Revolving Credit
Facility and US$950 million Term Loan A.  At the same time,
Moody's raised the senior unsecured rating on the company's
existing senior unsecured notes to Ba1 from Ba2.  Moody's also
affirmed Peabody's Ba1 corporate family rating and its SGL-1
Speculative Grade Liquidity rating.  The rating outlook remains
negative.

Fitch Ratings lowered Peabody's Issuer Default Rating as well as
its US$650 million senior notes due 2013 and its US$250 million
senior notes due 2016 to 'BB+' from 'BBB-' and rated the
company's new US$2.75 billion senior unsecured bank facility
'BB+'.


PROFESSIONAL FINANCIAL: To Distribute Third Dividend on Oct. 13
---------------------------------------------------------------
Professional Financial Planners Pty Ltd, which is subject to a
deed of company arrangement, will declare the third dividend for
its creditors on October 13, 2006.

Creditors who were unable to prove their claims on October 3,
2006, will be excluded from the distribution.

The Deed Administrator can be reached at:

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


QUALITY CIVIL: Creditors' Proofs of Debt Due on October 31
----------------------------------------------------------
Quality Civil Constructions Pty Ltd, which is in liquidation,
will declare the first dividend for its creditors on October 31,
2006.

To be included in the company's distribution of dividend,
creditors must submit proofs of debt by October 31, 2006.

The Liquidator can be reached at:

         Peter Hicks
         Forsythes
         Level 5, 175 Scott Street
         Newcastle, New South Wales 2300
         Australia


ROBERT INGRAM: Enters Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on September 13, 2006,
the members of Robert Ingram Electrical Services Pty Ltd agreed
to voluntarily liquidate the company's business.

Creditors appointed Andrew Stewart Reed Hewitt as liquidator at
a separate meeting held later that day.

The Liquidator can be reached at:

         Andrew Stewart Reed Hewitt         
         Grant Thornton Recovery (Vic) Pty Ltd
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


SALT INVESTMENTS: Sole Member Decide to Shut Down Firm
------------------------------------------------------
On September 15, 2006, the sole member of Salt Investments Pty
Ltd resolved to voluntarily wind up the company's operations and
appointed Brian McMaster and Jack James as liquidators.

The Liquidators can be reached at:

         Brian McMaster
         Jack James
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia
         Australia


SEABREEZE GROVE: Liquidation Commenced on September 19
------------------------------------------------------
On September 19, 2006, John Michael Gilbert was appointed as
liquidator for Seabreeze Grove Ltd.

In this regard, Mr. Gilbert required the company's creditors to
prove their debts by October 17, 2006, or be excluded from
sharing in any distribution the company will make.

The Liquidator can be reached at:

         John Michael Gilbert
         c/o C & C Strategic Limited
         Private Bag 47-927
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


SLC INVESTMENT: Set to Declare Third Dividend on October 13
-----------------------------------------------------------
SLC Investment Services Pty Ltd, which is subject to a deed of
company arrangement, will declare the third dividend for its
creditors on October 13, 2006.

Creditors who were unable to prove their claims on October 3,
2006, will be excluded from sharing in the company's dividend
distribution.

The Deed Administrator can be reached at:

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


STOCKFORD (DAWES): To Declare Third Dividend on October 13
----------------------------------------------------------
A third dividend will be declared on October 13, 2006, for the
creditors of Stockford Dawes Pty Ltd, which is subject to a deed
of company arrangement.

Creditors who were unable to file their proofs of debt by
October 3, 2006, will be excluded from sharing in the company's
dividend distribution.

The Deed Administrator can be reached at:

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


STOCKFORD (MORTON): Will Declare Third Dividend on October 13
-------------------------------------------------------------
Stockford (Morton) Pty Ltd, which is subject to a deed of
company arrangement, will declare the third dividend for its
creditors on October 13, 2006.

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

The Deed Administrator can be reached at:

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


TOOWOOMBA RSL: Liquidator Joiner to Give Wind-Up Report
-------------------------------------------------------
Members and creditors of Toowoomba RSL Club Ltd, which is in
liquidation, will hold a final meeting on October 18, 2006, at
10:00 a.m., to hear the report of Liquidator Matthew L. Joiner
on the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         Matthew L. Joiner
         c/o JCJ Partners Pty Ltd
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


TRAPDOOR SECURITY: Supreme Court Orders Wind-Up
-----------------------------------------------
On September 14, 2006, the Supreme Court of New South Wales
issued an order to wind up Trapdoor Security Pty Ltd and
appointed William James Hamilton as liquidator.

The Official Liquidator can be reached at:

         William James Hamilton
         c/o Hamiltons
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9232 6611
         Facsimile: 9232 6166


V & C HOLDINGS: Final Meeting Slated for October 18
---------------------------------------------------
V & C Holdings Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on October 18, 2006,
at 12:30 p.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:

         Dean R. Mcveigh
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia


WESTWING INVESTMENTS: Liquidator to Present Wind-Up Report
----------------------------------------------------------
Westwing Investments Pty Ltd will hold a final meeting for its
members and creditors on October 18, 2006, at 10:30 a.m.

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

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on January 23,
2006.

The Liquidator can be reached at:

         Simon Read
         PPB
         Chartered Accountants
         Level 1, 5 Mill Street
         Perth, Western Australia
         Australia


WINDWHISTLE MOTORS: Appoints Trevor James Croy as Liquidator
------------------------------------------------------------
On September 14, 2006, shareholders of Windwhistle Motors Ltd
resolved to liquidate the company's business and appointed
Trevor James Croy as liquidator.

The Liquidator can be reached at:

         Trevor James Croy
         P.O. Box 582, Ashburton
         New Zealand
         Telephone:(03) 308 8353
         Facsimile:(03) 308 1535


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

AMJ TRANSPORTATION: Court to Hear Wind-Up Petition on Nov. 8
------------------------------------------------------------
A wind-up petition filed against AMJ Transportation Ltd will be
heard before the High Court of Hong Kong on November 8, 2006, at
9:30 a.m.

Cheung Ka Yin presented the petition with the Court on
September 8, 2006.

The Solicitors for the Petitioner can be reached at:

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


ASIAN SERVICES: Liquidator Bullani Steps Aside
----------------------------------------------
Alessandra Maria Emilia Bullani ceased to act as liquidator of
Asian Services Fashion & Garments Co. Ltd on September 28, 2006.

According to the Troubled Company Reporter - Asia Pacific,
members of the Company convened for their final meeting on
September 28, 2006, to receive Liquidator Bullani's account on
the company's wind-up proceedings.

The former Liquidator can be reached at:

         Alessandra Maria Emilia Bullani
         Via Gaggini da Bissone 16
         6901 Lugano
         Switzerland


BETONSPORTS: Has Not Paid Workers After Closure
-----------------------------------------------
BetOnSports has not paid its employees after it announced the
closure of its Costa Rica and Antigua units in August, Inside
Costa Rica reports.

Inside Costa Rica relates that BetOnSports was expected to make
the payment within weeks of closing.  The company has said it
would make good on its commitment to pay its workers.

However, almost two months have passed and no payment was made
to the workers, Inside Costa Rica notes.

Yohan Camacho, one of the former workers of BetOnSports, told La
Nacion, "As far as I know we are all in the same situation.  No
one has been paid.  When asked, we are told that no one knows
when payment will happen."

Some of the workers have decided to buy out assets in lieu of
payment as BetOnSports continues to liquidate.  Others are
considering legal options, Inside Costa Rica says, citing Mr.
Camacho.

According to Inside Costa Rica, former employees earned well
working at BetOnSports and finding another equal paying job is
difficult or impossible.  Some workers got into debt, buying
vehicles, real estate and running up their credit cards and now
are struggling to meet their obligations.

Franciso Conejo, the legal representative of BetOnSports, told
Inside Costa Rica that the firm will make good and pay everyone
but is asking for patience.  

BetOnSports is asking for 90 days and it hasn't even been 60
days since the closure, Inside Costa Rica says, citing Mr.
Conejo.  

The Ministerio de Trabajo, which has been in contact with
BetOnSports, confirmed to Inside Costa Rica that the company has
intentions to pay.  
The Ministerio de Trabajo told Inside Costa Rica that it has not
received any complaints from former workers.

                          *     *     *

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports' betting is illegal except in the
State of Nevada.  The group also has operations in Asia,
specifically China.


CHIT LEE: Liquidators Cease to Act for Company
----------------------------------------------
Kennic Lai Hang Lui and Lau Wu Kwai King Lauren ceased to act as
liquidators of Chit Lee Holdings Ltd on August 24, 2006.

The former Liquidators can be reached at:

         Kennic Lai Hang Lui
         Lau Wu Kwai King Lauren
         5/F, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


COUNTRY FORD: Appoints Joint Liquidators
----------------------------------------
Members of Country Ford Ltd appointed Alison Wong Lee Fung Ying
and Wong Kwok Man as joint and several liquidators on
September 26, 2006.

The Joint Liquidators can be reached at:

         Alison Wong Lee Fung Ying
         Wong Kwok Man
         Grant Thornton
         Certified Public Accountants
         13/F, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


CYBER RESOURCES: Contributories & Creditors Hold Final Meetings
---------------------------------------------------------------
Cyber Resources and Technology Ltd will hold final meetings for
its contributories and creditors on November 9, 2006.

At each meeting, Liquidator Kelvin Edward Flynn will present an
account of the company's wind-up proceedings and property
disposal exercises.

The Troubled Company Reporter - Asia Pacific, reported that the
Company declared a second dividend for its creditors on April
21, 2006.

The Liquidator can be reached at:

         Kelvin Edward Flynn
         5/F, Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


ELECTRONIC RENTALS: Creditors' Proofs of Claim Due on Nov. 6
------------------------------------------------------------
Creditors of Electronic Rentals (Hong Kong) Ltd are required to
file their proofs of claim to Liquidators Thomas Andrew Corkhill
and Iain Ferguson Bruce by November 6, 2006.

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

The Liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8/F, Gloucester Tower
         The Landmark
         15 Queen's Road Central
         Hong Kong


FANTA MACHINERY: Agnew and Lo Ceases to Act for the Company
-----------------------------------------------------------
On September 11, 2006, Lo Kin Ching, Joseph and Dermot Agnew
ceased to act as liquidators of Fanta Machinery Ltd.

The former Liquidators can be reached at:

         Lo Kin Ching Joseph
         Dermot Agnew
         35/F, One Pacific Place
         88 Queensway
         Hong Kong


FONDA OIL: Court Appoints Joint Liquidators
-------------------------------------------
On August 31, 2006, the High Court of Hong Kong appointed Jacky
C. W. Muk and Jannie Wong as joint and several liquidators of
Fonda Oil Co., Ltd.

The Joint Liquidators can be reached at:

         Jacky C. W. Muk
         Jannie Wong
         27/F, Alexandra House
         16-20 Chater Road, Central
         Hong Kong


GLOBAL POWER: Wants Court Approval on White & Case as Counsel
-------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ White & Case LLP as their bankruptcy counsel.

White & Case will:

    a. take all necessary actions to protect and preserve the
       estates of the Debtors, including the prosecution of
       actions on the Debtors' behalf, the defense of any
       actions commenced against the Debtors, the negotiation of
       disputes in which the Debtors are involved, and the
       preparation of objections to claims filed against the
       Debtors' estates;

    b. provide legal advice with respect to the Debtors' powers
       and duties as debtors and debtors-in-possession in the
       continued operation of their businesses and the
       management of their properties;

    c. prepare on behalf of the Debtors all necessary motions,
       applications, answers, orders, reports, and papers in
       connection with the administration and prosecution of the
       Debtors' chapter 11 cases;

    d. assist the Debtors in connection with any disposition of
       the Debtors' assets, by sale or otherwise;

    e. assist the Debtors in the negotiation, preparation and
       confirmation of a plan or plans or reorganization and all
       related transactions;

    f. appear in Court and protect the interests of the Debtors
       before the Court; and

    g. perform all other necessary legal services in connection
       with the Debtors' chapter 11 cases.

Gerard Uzzi, Esq., a partner at White & Case, tells the Court
that the firm's hourly rates are:

         Professional                     Hourly Rate
         ------------                     -----------
         Partners                       US$600 - US$950
         Counsel                        US$445 - US$830
         Attorneys                      US$245 - US$595
         Paraprofessionals              US$125 - US$265

Mr. Uzzi assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Uzzi can be reached at:

         Gerard Uzzi, Esq.
         White & Case LLP
         Wachovia Financial Center
         200 South Biscayne Boulevard
         Suite 4900
         Miami, Florida 33131-2352
         Tel: (305) 371-2700
         Fax: (305) 358-5744/5766
         http://www.whitecase.com/

                       About Global Power

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc., aka GEEG, Inc. -- http://www.globalpower.com/-- provides  
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for Chapter 11
protection on September 28, 2006 (Bankr. D. Del. Case No 06-
11045).

As of September 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000.  The Debtors'
exclusive period to file a Chapter 11 plan expires on January
26, 2007.


GLOBAL POWER: Taps Bayard Firm as Bankruptcy Co-Counsel
-------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ The Bayard Firm, P.A., as their bankruptcy
co-counsel.

Bayard will:

    a. take all necessary actions to protect and preserve the
       estates of the Debtors, including the prosecution of
       actions on the Debtors' behalf, the defense of any
       actions commenced against the Debtors, the negotiation of
       disputes in which the Debtors are involved, and the
       preparation of objections to claims filed against the
       Debtors' estates;

    b. provide legal advice with respect to the Debtors' powers
       and duties as debtors and debtors-in-possession in the
       continued operation of their businesses and the
       management of their properties;

    c. negotiate, prepare and pursue confirmation of a plan and
       approval of a disclosure statement;

    d. prepare on behalf of the Debtors all necessary motions,
       applications, answers, orders, reports, and other legal
       papers in connection with the administration of the
       Debtors' estates;

    e. appear in Court and protect the interests of the Debtors
       before the Court;

    f. assist with any disposition of the Debtors' assets, by
       sale or otherwise; and

    g. perform all other legal services in connection with the
       Debtors' chapter 11 cases as may reasonably be required.

The Debtors disclose that Bayard will work closely with White &
Case LLP, to ensure that there is no unnecessary duplication of
services performed or charged to the Debtors' estates.

Jeffrey M. Schlerf, Esq., a director and shareholder of Bayard,
tells the Court that the firm's hourly rate are:

         Professional                    Hourly Rate
         ------------                    -----------
         Directors                      US$440 - US$675
         Associates and Counsel         US$205 - US$415
         Paralegals and Case            US$180 - US$185
         Management Assistants

Mr. Schlerf assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Schlerf can be reached at:

         Jeffrey M. Schlerf, Esq.
         The Bayard Firm, P.A.
         222 Delaware Avenue, Suite 900
         P.O. Box 25130
         Wilmington, DE 19899
         Tel: (302) 655-5000
         Fax: (302) 658-6395
         http://www.bayardfirm.com/

                       About Global Power

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc., aka GEEG, Inc. -- http://www.globalpower.com/-- provides  
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for Chapter 11
protection on September 28, 2006 (Bankr. D. Del. Case No 06-
11045).

As of September 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000.  The Debtors'
exclusive period to file a Chapter 11 plan expires on January
26, 2007.


HANESBRANDS INC: Moody's Confirms Ba3 Corporate Family Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for
Hanesbrands, 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$500 million senior
   secured revolver       Ba2      Ba2     LGD3        31%
   US$1.65 billion senior
   secured 1st lien

   term loan              Ba2      Ba2     LGD3        31%

   US$450 million senior
   secured 2nd lien
   term loan              Ba3      B1      LGD5        73%

   US$500 million senior
   bank credit facility   B1       B2      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%).

Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets  
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.
Hanesbrands has approximately 50,000 employees in 24 countries,
including India and China.


HOWELL ENGINEERING: Court Favors Wind-Up
----------------------------------------
The High Court of Hong Kong issued a wind-up order against
Howell Engineering Ltd on September 27, 2006.

According to the Troubled Company Reporter - Asia Pacific, Ho
Kwok Hung presented the wind-up petition with the Court on
July 26, 2006.


INTERNATIONAL PAPER: Will Trade Assets with Votorantim Celulose
---------------------------------------------------------------
International Paper will be trading assets for US$1.15 billion
with Votorantim Celulose e Papel, Latinlawyer Online reports.

Latinlawyer relates that the deal between International Paper
and Votorantim Celulose was completed on Sept. 19.

According to Latinlawyer, International Paper will give
Votorantim Celulose a forested land as well as the rights to an
unfinished pulp mill.  In return, Votorantim Celulose will give
its pulp and paper production unit and land in Sao Paulo to
International Paper.

Latinlawyer notes that the deal also includes long-term supply
accords.

"For Votorantim, the deal is part of its plans for expansion in
the global eucalyptus pulp industry," Paulo Frank Coelho da
Rocha -- a lawyer from Demarest e Almeida Advogados, which
advises Votorantim Celulose -- told Latinlawyer.

Latinlawyer underscores that on the completion of the deal in
February 2007, Votorantim Celulose will take control of 100,000
hectares of land and eucalyptus plantations surrounding Tres
Lagoas, Brazil.  The adjacent pulp plant will start operations
in January 2009, with an annual capacity of 1.1 million tons.

International Paper, says the report, will gain an integrated
pulp and printing and writing paper plant in Luiz Antonio, Sao
Paulo.  The plant and surrounding forest produce 350,000 tons of
uncoated paper and 385,000 tons of pulp yearly.  Around a
quarter of the pulp will be sold to the mill of Votorantim
Celulose in Piracicaba, Sao Paulo.

International Paper told Latinlawyer that it will construct a
paper machine, which will have a 200,000-ton capacity, next to
the site the firm will turn over to Votorantim Celulose in Tres
Lagoas.  It has the option to build another machine.  

Latinlawyer relates that under the terms of the deal, Votorantim
Celulose will provide slush pulp and utilities to the plant on
competitive terms.

The agreement is awaiting approval from Brazilian antitrust
authorities, Latinlawyer states.

                  About International Paper

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest  products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
specifically Japan and China.  These businesses are complemented
by an extensive North American merchant distribution system.  
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


MACKINSEY FINANCIAL: Members' Final Meeting Slated for Nov. 7
-------------------------------------------------------------
Members of Mackinsey Financial Management Ltd will convene for
their final meeting on November 7, 2006 at 10:00 a.m.

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

The Liquidator can be reached at:

         John Robert Lees
         c/o John Lees & Associates Limited
         1904 Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


MEL APPEL: Creditors Must Prove Debts by November 8
---------------------------------------------------
Creditors of Mel Appel Ltd are required to submit their proofs
of debt by November 8, 2006, to Liquidator Tam Chi Chung, for
them to share in the company's dividend distribution.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on September 28,
2006.

The Liquidator can be reached at:

         Tam Chi Chung
         Room 804, Cheong K Building
         84-86 Des Voeux Road, Central
         Hong Kong


NEW CHINA PROPERTY: Members and Creditors to Hold Final Meeting
---------------------------------------------------------------
A final meeting of the members and creditors of The New China
Hong Kong Property Management Ltd will be held at Room 1601-02,
16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong on
November 6, 2006 at 11:00 a.m. and 11:30 a.m. respectively.

During the meeting, Liquidator James Wardell will present a
report on the company's wind-up and property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that
members and creditors of the Company set an annual general
meeting on October 10, 2006.


OCEAN GRAND: S&P Withdraws Ratings
----------------------------------
On October 10, 2006, Standard & Poor's Ratings Services withdrew
its long-term corporate credit rating on Ocean Grand Holdings
Ltd. and its issue rating on the company's corporate bonds.

Both ratings were lowered to D in July 2006 upon the appointment
of a provisional liquidator.  Standard & Poor's withdrew its
ratings as it lacks adequate information about the company's
financial results, its operating performance, or progress on its
liquidation to maintain the current ratings.

                          *     *     *

Ocean Grand Holding's -- http://www.ogholdings.com/-- principal  
activities are the manufacture and sale of aluminum extrusion
products and chemicals for use in electroplating and refining of
gold material produced at facilities located in Nanhai of
Guangdong Province and the Hong Kong Special Administrative
Region of The People's Republic of China.

The Troubled Company Reporter - Asia Pacific reported on July
27, 2006, that the investigators conducting a prove on the
Group's accounts discovered a total of CNY842 million missing
from the bank accounts of Ocean Grand's subsidiaries and that
the group was unable to pay immediate debts exceeding HKD261
million.


PETROLEOS DE VENEZEULA: Sends Discounted Fuel to Nicaragua
----------------------------------------------------------
Petroleos de Venezuela SA, the state-run oil firm of Venezuela,
has fulfilled its promise of delivering discounted diesel fuel
to Nicaragua on October 7, 2006, Reuters reports.

As reported in the Troubled Company Reporter - Latin America on
October 6, 2006, Dionision Marenco -- the mayor of Managua,
Nicaragua -- said that Petroleos de Venezuela SA would be
sending about 304,000 liters of diesel to Nicaragua on October
7, 2006.   Mayor Marenco said that the diesel would be
apportioned among three transportation cooperative groups based
in Managua, in possession of over 50% of public transportation
vehicles in the capital city.  The fuel would be sold at
preferential prices, as long as fares are lowered to US$0.14
from US$0.17.  As agreed, Nicaragua would first pay 60% of the
price for the diesel.  The remaining 40% will be repaid within
25 years, at a 1% interest rate.  It would have two years of
grace.

The deal between Petroleos de Venezuela and the Nicaraguan
mayors gives Nicaraguan municipalities access to 10 million
barrels of oil or oil derivatives yearly at preferential terms,
Reuters says.

According to Reuters, Nicaragua has suffered an energy crisis
due to increasing world oil prices.  It has been experiencing
daily power cuts.

Mr. Ortega told Reuters that the fuel would go straight to a
power plant so that the country can start resolving this
problem.

Reuters relates that Venezuela's President Hugo Chavez sent the
diesel fuel to show his support for Daniel Ortega, Nicaragua's
leftist leader, before a November 5 presidential election.

Critics told Reuters that President Chavez was trying to
influence Nicaragua's electorate behind Mr. Ortega with the oil
deal.  He also sent cheap fertilizer to Sandinista-affiliated
cooperatives.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

On July 17, 2006, Standard & Poor's said that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Halts Gasoline Export to Cuba & the U.S.
----------------------------------------------------------------
Due to continuing refinery problems, Venezuela's state-owned oil
firm Petroleos de Venezuela S.A., suspended its gasoline exports
to Cuba and the United States for the month of October,
operators and ship agents told Reuters.

Reports say Petroleos de Venezuela encountered electrical
problems in its 54,000 bpd catalytic cracker in the El Palito
refinery and operational problems in its Puerto La Cruz
refinery.  

"We are expecting close to zero exports from Venezuela this
month," a term buyer told Reuters.  "It is not surprising that
there would be no gasoline exports in October because the export
flow has been slowing down in the past few months."

Meanwhile, shipments to small gasoline cargoes from Curacao to
the Dominican Republic, Haiti, and Jamaica will continue, a ship
broker told Reuters.

Venezuela exported in July around 51,000 bpd of gasoline to the
US, which was in need of about nine million bpd.  The country
also exports four cargoes of gasoline to Cuba on a monthly
basis.

"It is not surprising to hear about the export problems after
PDVSA bought gasoline in the open market late last week," an oil
trader told Reuters, referring to the 300,000 barrels of
gasoline that Petroleos de Venezuela bought from BP Plc to make
up for its mid-October lifting.

The suspended shipment of gasoline to Cuba was confirmed by a
source close to Petroleos de Venezuela, however, the reported
stoppage of shipment to the US was refuted by a company
statement from Asdrubal Chavez, the executive marketing director
of the state firm, Bloomberg reports.

Mr. Chavez said in a statement, "The shutdowns in our refinery
circuit haven't affected deliveries to our clients."

Bloomberg underscores that Petroleos de Venezuela will restart
operations of its El Palito catalytic cracker, which makes
gasoline components, within days.  

The refinery outages have increased since a 2002-2003 protest
aimed at ousting President Hugo Chavez that resulted to
Petroleos de Venezuela to dismiss more than half of its workers,
former managers of Petroleos de Venezuela told Bloomberg.  

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad. The company has a commercial
office in China.

                        *    *    *

On July 17, 2006, Standard & Poor's said that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


SOUTHERN AIRLINES: Airbus May Have to Pay for Late Deliveries
-------------------------------------------------------------
Airbus may have to pay US$250 million in compensation to China
Southern Airlines for the late delivery of its A380 passenger
planes, the Xinhuanet News reports noting that the amount of
indemnity was a "business secret" as stipulated in the purchase
contract.

It will be the biggest single compensation payout for an
AirbusA380 customer, the Beijing News says, citing undisclosed
sources close to the deal.

Airbus recently informed its global customers that the delivery
date for the first A380 aircraft would be postponed to October
2007.  The company said it would deliver another 13 in 2008 and
25 in 2009, Xinhuanet says.

This timetable means that China Southern Airlines, which hoped
to cash in on the 2008 Beijing Olympics traffic boom, will not
be able to get its hands on its five A380 airplanes until 2009,
Xinhuanet relates.

However, the flip side of the postponement was the hefty
indemnity, Xinhuanet cites Li Lei, analyst at China
International Trust & Investment Corp, as saying.

                          *     *     *

Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

The Troubled Company Reporter - Asia Pacific reported in April
2006, that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.

On May 1, 2006, Fitch Ratings has downgraded China Southern
Airlines Company Limited's Foreign Currency and Local Currency
Issuer Default Ratings to B+ from BB-.


SUPRA ENGINEERING: Court Orders Wind-Up
---------------------------------------
The High Court of Hong Kong issued a wind-up order against Supra
Engineering Ltd on September 27, 2006.

The Troubled Company Reporter - Asia Pacific reported that Yeung
Kim Ho filed the petition with the Court on July 26, 2006.


TAT HUNG: Final Meeting Slated for November 6
---------------------------------------------
Tat Hung Investments Ltd, which is in creditors' voluntary
liquidation, will hold a final meeting for its members and
creditors at Room 1601-02, 16th Floor, One Hysan Avenue,
Causeway Bay, Hong Kong, on November 6, 2006 at 9:00 a.m. and
9:30 a.m. respectively.

The members and creditors will receive Liquidator James
Wardell's account regarding the company's wind-up and property
disposal activities.


WING FU: To Pay Preferential Dividend on October 13
---------------------------------------------------
Wing Fu Carton and Printing Company Ltd, which is in
liquidation, will pay first and final dividend to preferential
creditors on October 13, 2006.

The Joint and Several Liquidator can be reached at:

         Edward Middleton
         27/F, Alexandra House
         16-20 Charter Road
         Hong Kong


YUE FUNG: Receives Wind-Up Order from Court
-------------------------------------------
On September 27, 2006, Yue Fung Industrial Company Ltd received
a wind-up order from the High Court of Hong Kong.

The Troubled Company Reporter - Asia Pacific reported that
Anthony Siu & Co filed the wind-up petition before the Court on
July 26, 2006.


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

CANARA BANK: Board to Review Sept. 30, 2006 Financial Results
-------------------------------------------------------------
Canara Bank's Board of Directors will hold a meeting on
October 19, 2006, to review and consider the company's financial
results for the second quarter and half-year ended September 30,
2006, of fiscal year 2006-2007.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the Bank posted INR1.91 billion net profit for 1st
quarter FY 2006-2007.

                        About Canara Bank

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

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


CENTRAL BANK OF INDIA: Crisil Assigns "AA" to INR700-Crore Bond
---------------------------------------------------------------
The Credit Rating Information Services of India Limited gave
these ratings to Central Bank of India's Lower Tier II Bond
Issues:

   * INR7.0-billion Lower Tier II Bond Issue: AA/Stable
     (Assigned)  

   * INR6.0-billion Lower Tier II Bond Issue: AA/Stable
    (Reaffirmed)

The ratings on Central Bank's debt issues reflect the support
from Government of India arising from its complete ownership of
the bank.  The ratings also reflect the bank's comfortable
market position, supported by a large branch network, healthy
resource profile, and comfortable liquidity.  Central Bank's
weak asset quality, modest capitalization levels, and average
earnings profile temper these rating strengths.

Central Bank is fully owned by GoI. In its ratings of Indian
Public Sector Banks, including Central Bank, CRISIL factors in
the high likelihood of systemic support from GoI in the event of
distress.  CRISIL believes that GoI's majority ownership creates
a moral obligation for it to support the PSBs, if the need
arises.  Central Bank enjoys a comfortable market position in
the Indian banking industry, with a total asset base of INR747
billion as on March 31, 2006, and a wide reach through 3,168
branches.  Central Bank has a stable low-cost resource profile,
as seen in a high proportion of current and savings deposits.

CASA deposits constituted 46.8% of the total deposits as of
March 31, 2006.  Central Bank's liquidity profile is
comfortable, underpinned by high Statutory Liquidity Ratio
investments (it had an SLR of about 35% as on March 31, 2006)
and access to the call market.

Central Bank's asset quality is weak.  Its gross non-performing
assets stood at 6.85% and 9.01% as of March 31, 2006, and March
31, 2005, respectively.  These NPA levels are substantially
higher than the system average.  The bank's Tier I capital
adequacy of 7.19%, and net worth to net NPA coverage of 3.1
times as on March 31, 2006, are lower than those of peer banks.

The bank's earnings profile is average, with a net profitability
margin of 1.4 per cent in 2005-06 (refers to financial year,
April 1 to March 31).

                            Outlook

CRISIL expects GoI support and Central Bank's healthy resource
profile and comfortable liquidity to offset the impact of low
capitalisation, weak asset quality, and average earnings
profile. Hence, the bank is expected to maintain its rating at
the current levels.

                        About the Bank

Central Bank is one of India's largest banks with assets
aggregating INR747 billion as on March 31, 2006.  The bank has a
market share of around 3.0% of deposits and 2.4% of advances in
the total banking system.  Headquartered at Mumbai, the bank has
a network of 3,168 domestic branches and 35 satellite offices as
of March 31, 2006.  In addition, the bank has an overseas joint
venture, Indo-Zambia Ltd, in which it has a 20% equity stake.
Central Bank reported a profit after tax of INR2.6 billion on a
total income (net of interest expenses) of INR29.1 billion in
2005-06, as against PAT and total income of INR3.6 billion and
INR32.9 billion, respectively, in 2004-05.

                          *     *     *

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.  Additionally, the bank carries Moody's
E+ bank financial strength rating.

On June 1, 2005, Fitch gave the bank an individual rating of
D/E.


CENTURION BANK: Kerala Bank Workers Strike to Protest LKB Merger
----------------------------------------------------------------
On October 3, 2006, Bank employees in Kerala, India, went on
strike to support the protest of Lord Krishna Bank staff over
the merger with Centurion Bank of Punjab Limited, Zee News
Limited reports.

Hence, banking activity in the Kerala district was paralyzed as
around 50,000 officers and employees across the state joined in
the strike, the news agency said.

According to Zee News, the strike was called by the United Forum
of Bank Unions, Kerala chapter.

The staffs of LKB-Kerala offices have been on strike for the
last few weeks, Zee News noted.

                About Centurion Bank of Punjab

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

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


ICICI BANK: CRISIL Gives Credit Opinions to Assignment Program
--------------------------------------------------------------
The Credit Rating Information Services of India Limited assigned
provisional credit opinions to ICICI Bank's assignment of
receivables program:

                     Issue Size     Tenure      
   Details          (in millions)  (months)   Credit Opinion
   -------           -----------    ------    --------------
   Acquirer's share   INR2,941.8      56      Credit Quality
                                              equivalent to a
                                              rating of AAA (so)  

   Second Loss                                Credit Quality
   Facility                102.3      56      equivalent to a
                                              rating of BBB (so)

   Liquidity Facility       20.7      56      Credit Quality
                                              equivalent to a
                                              rating of AAA (so)

The credit opinions are based on the credit quality of the pool
cash flows, ICICI Bank's origination and servicing capabilities,
the available enhancements, and the soundness of the legal
structure.

The transaction involves assigning of receivables to the
acquirer in exchange for initial and deferred purchase
consideration. The enhancements are segregated into liquidity
facility and credit collateral.  The liquidity facility will be
used to fund short-term collection shortfalls and the credit
collateral will be used to fund shortfalls that are probable
losses.  As the liquidity facility has a priority in payment
over the acquirer, CRISIL has assigned a credit opinion
equivalent to a rating of AAA (so) to the liquidity facility
also. The first loss facility enhances the pool profile to a
credit quality of BBB (so) and second loss facility enhances it
further to AAA (so).  Hence, CRISIL has assigned a credit
opinion equivalent to a rating of BBB (so) to the second loss
facility.

In the past, CRISIL has rated 24 pools of ICICI Bank, backed by
new and used car loan receivables.  The performance of these
pools has been good, with limited use of stipulated
enhancements.

ICICI Bank is a market leader in new and used-car loan
financing, with an outstanding loan book of INR235 billion as on
July 31, 2006.  Its robust underwriting standards and adequate
collection infrastructure support the vigorous growth in its
portfolio size and help the bank to maintain low loss levels
that are amongst the best in the industry.

The credit opinion is provisional and will become valid once the
legal documentation pertaining to the transaction is duly
executed to the satisfaction of CRISIL.  CRISIL will thereafter
issue a compliance letter.

                        About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group    
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.


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

BANK INTERNASIONAL: Launches 'Cash Bonus' & 'Cash Back' Program
---------------------------------------------------------------
PT Bank Internasional Indonesia Tbk officially launched a "Cash
Bonus" program for opening BII's Gold Saving Deposit and a "Cash
Back" program for using BII's ATM/Debit Card, Antara News
reports.

"Both programs are in line with our vision which among others
focuses on consumer banking and mass affluent customers
segment," said Rudy N. Hamdani, Director of Consumer Banking of
BII, after launching these programs in Jakarta.

                       Cash Bonus Program

"Cash Bonus" is a program offered to customers who open BII's
Gold Rupiah Saving Deposit by holding their account balance to a
minimum of IDR10 million for a three-month period.  By holding
their account balance, customers will receive IDR300,000-direct
gift in cash, which will be credited to the customers' accounts.

Moreover, customers can also enjoy other benefits, among others
are cash back facility up to 25% for all purchases and payment
transaction using BII ATM/Debit Gold cards during the program.
Customers can also get absolute reward such as households or
electronic equipment and absolute free for applying BII's
ATM/Debit Gold cards, monthly administration fee, cash deposit
transaction and inter BII branches transfer, rupiah transfer to
other domestic banks via over the counter, cash withdrawal and
account balance information through ATMs.

"Cash Bonus" program will be carried out from October 9 to
December 2006 or after reaching the first 30,000 customers.

According to Rudy N. Hamdani, "Cash Bonus" program is part of
BII's effort to boost third party fund growth.  BII successfully
booked IDR34.39 trillion of third party funds in the first
semester 2006 or grew by 19% compared to the same period in
2005, which stood at IDR31.43 trillion.

                        Cash Back Program

"Cash Back" is a cash back program for certain amounts of the
purchase and payment transactions by using BII's ATM/Debit cards
(Gold and Platinum).  This program will be only valid for BII's
ATM/Debit cards (Gold and Platinum) whose cards are related with
BII's Rupiah saving deposits and such transaction is made on
Friday, Saturday and Sunday.

Transactions that are covered under the "Cash Back" program
include every purchase transaction at all merchants or outlets,
bill payment transactions and cellular phone voucher reload
through BII ATM and payment transactions through an interactive
voice response.

"Cash Back" will be given based on customers' average balance in
one month.  The maximum of purchase transaction and payment
amount which gets cash back facility is IDR5 million in one
month.  Cash back will be credited to the customers' accounts in
the early month during the program.

"Cash Back program is offered as an appreciation to BII's Gold
and Platinum ATM/Debit card holders as well as to increase the
usage of the cards in purchasing and payment transactions," said
Mr. Rudy.

Program "Cash Back" will be held starting from October to
November 2006 or ends if total cash back in October reaches
IDR5 billion.

                    About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service has raised Bank
Internasional Indonesia's issuer rating to B1 from B2,
subordinated debt rating to B1 from B2, and long-term deposit
rating to B2 from B3.  The outlook for the ratings is stable.

Additionally on May 29, 2006, Moody's Investors Service has
placed Bank Internasional Indonesia's E+ bank financial strength
rating on review for possible upgrade.

Another TCR-AP report on May 24, 2006, said that Fitch Ratings
affirms Bank Internasional's ratings on its:

   * Long-term Foreign Currency Issuer Default Rating 'BB-';

   * Short-term 'B';

   * Individual 'C/D'; and

   * Support '4'.

The outlook for ratings is stable.


KALTIM PRIMA: IndoCoal Issues US$900-Million Floating Rate Notes
----------------------------------------------------------------
IndoCoal Exports Ltd, a fully owned unit of coal miner PT Bumi
Resources, which is PT Kaltim Prima Coal's parent firm, has
closed the sale of US$900 million-worth of floating-rate notes
due 2011 and 2012, Antara News relates.

Bumi Resources said the proceeds will be used to refinance
US$800 million of fixed-rate notes due 2006 issued by IndoCoal
in April 2006, for other corporate expenses and to finance the
securitization of future coal sales receivables of Bumi
Resources' principal operating subsidiaries Kaltim Prima Coal
and PT Arutmin Indonesia.

Antara, citing XFN-Asia, says that the notes issue comprises
US$600 million-worth carrying an interest rate of the one-month
LIBOR plus 325 basis points, which mature on Sept 28, 2011, and
US$300 million-worth carrying an interest rate of the one-month
LIBOR plus 500 basis points, which mature on Sept 28, 2010.

Bumi Resources also said that it had secured a US$300 million
loan facility lasting three years, Antara notes.

                    About Kaltim Prima Coal

Headquartered in Jakarta Indonesia, PT Kaltim Prima Coal --
http://www.kaltimprimacoal.co.id/-- is a world class coal mine   
in the Kalimantan Timur region of Indonesia.  KPC provides
community development support to areas such as small business
development, health programs, infrastructure programs, education
and scholarships, and agricultural training.  

                          *     *     *

The Troubled Company Reporter -- Asia Pacific reported on
April 12, 2006, that Standard & Poor's Ratings Services, on
April 11, affirmed its BB- corporate credit rating on
Indonesia's PT Kaltim Prima Coal and revised its outlook to
negative from stable.


GNC CORP: Reports Strong Same-Store Sales for Third Quarter 2006
----------------------------------------------------------------
GNC Corp. reported strong same store sales results for the third
quarter of 2006.

Domestic same store sales for the third quarter of 2006
increased 11.7% for corporate stores and 7.0% for franchise
stores.  Corporate store sales include Internet sales, which
added 1.5% to corporate same store sales growth.

"I am extremely pleased with the continued strong sales
performance we are seeing across every major category and in all
of our store formats.  This quarter is especially encouraging
since it not only represents the fourth consecutive quarter of
strong single- to double-digit same store sales growth, but also
double-digit same store sales growth against positive growth
from last year in the third quarter," said President and Chief
Executive Officer Joseph Fortunato.

Headquartered in Pittsburgh, Pa., GNC -- http://www.gnc.com/--  
is the largest global specialty retailer of nutritional
supplements, which includes vitamin, mineral and herbal
supplements, sports nutrition products, diet and energy products
and specialty supplements.  GNC has more than 4,800 retail
locations throughout the United States, including more than
1,000 domestic franchise locations, and locations in 43
international markets.

GNC's Asian operations are in Indonesia, Hong Kong, India,
Japan, Philippines, and Thailand, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' corporate credit rating, on Pittsburgh,
Pennsylvania-based General Nutrition Centers Inc.

The ratings are removed from CreditWatch, where they were placed
with positive implications on June 19, 2006.  S&P said the
outlook is stable.


PARKER DRILLING: 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 oilfield service and refining and marketing
sectors last week, the rating agency confirmed its B2 Corporate
Family Rating for Parker Drilling Company, as well as it B2
rating on the company's 9.625% Senior Unsecured Guaranteed
Global Notes Due 2013, and Senior Unsecured Guaranteed Floating
Rate Global Notes Due 2010.  Moody's assigned those debentures
an LGD4 rating suggesting noteholders will experience a 55% loss
in the event of default.

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

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

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

Headquartered in Houston, Texas, Parker Drilling Company --
http://www.parkerdrilling.com/-- provides contract drilling and  
drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.


PERRY ELLIS: 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. and Canadian Retail sector, the rating
agency confirmed its B1 Corporate Family Rating for Perry Ellis
International, Inc., and its B3 rating on the company's $150
million senior subordinated notes.  Additionally, Moody's
assigned an LGD5 rating to those bonds, suggesting noteholders
will experience a 78% loss in the event of a default.

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

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

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

Based in Miami, Florida, Perry Ellis International Inc. --
http://www.pery.com/-- designs, sources, markets and licenses a  
portfolio of brands including Perry Ellis, Jantzen, John Henry,
Cubavera, Munsingwear, Original Penguin and Farah.  The company
also operates 38 retail locations including 3 Original Penguin
locations.

The company has sourcing offices in Indonesia, India, Korea,
Thailand, Peru, Nicaragua, and El Salvador.


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

BANCO BRADESCO: To Increase Capital Stock by BRL1.2 Billion
-----------------------------------------------------------
Banco Bradesco S.A.'s board of director's submitted a proposal
to increase the capital stock by BRL1,200,000,000 through the
issuance of 21,818,182 new book-entry registered stocks, with no
par value, of which 10,909,152 are common stocks and 10,909,030
are preferred stocks, at the price of BRL55.00 per stock.

Banco Bradesco clarifies that the stockholders are entitled to
exercise their preemptive rights in the period from
Oct. 19, 2006 to Nov. 21, 2006, in the proportion of
2.226746958% on the stockholding position held as of
Oct. 5, 2006, on the same type of stocks.

The stockholders whose stocks are deposited at CBLC -- Brazilian
Clearing and Depositary Corporation -- must exercise their
rights at the respective depositor Brokerage Houses until
Nov. 16, 2006.

Those not intending to exercise their preemptive rights to the
subscription may negotiate them at the BOVESPA -- Sao Paulo
Stock Exchange -- based on the market price until Nov. 10, 2006,
through Bradesco S.A. Corretora de Titulos e Valores Mobiliarios
or another brokerage house of their preference.

The subscription Reports will be available to the stockholders
at Banco Bradesco's branches from Oct. 19, 2006, to
Nov. 21, 2006.  The stockholders who want to their rights must
hand in the filled Report at Bradesco's branches until
Nov. 21, 2006.

Regardless of the date of delivery of the subscription report,
the payment of 100% of the amount of the subscribed stocks will
take place on Dec. 7, 2006, the same date for the payment of
Complementary Interest on Own Capital and Dividends, and the
stockholder must make an option for one of the forms provided
for in the subscription report, as:

   -- compensation of credit of Complementary Interest on Own
      Capital and Dividends previously mentioned.  In this case,
      the exercise of the subscription right of the stocks will
      not result in any disbursement of resources on the account
      of the stockholders enrolled in the bank's registrations
      as of Oct. 5, 2006;

   -- debit in the checking account held in Banco Bradesco S.A.;
      and

   -- check to the order of the referred Banco Bradesco;

In the event of remainders of stocks, after the term for the
exercise of the preemptive right has elapsed, they will be sold
by means of an auction to be held on the Sao Paulo Stock
Exchange, according to the conditions stated in the Board of
Director's proposal and relevant legislation.

These deliberations are still subject for approval by the
Central Bank of Brazil.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and  
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                        *    *    *

Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings upgraded Banco Bradesco S.A.'s short-term local currency
rating to 'F3' from 'B.'


FORD MOTOR: Starting Buyout Offers Next Week
--------------------------------------------
Ford Motor Company will start offering its early retirement
packages to all 75,000 of its U.S. hourly employees next week,
the Associated Press reports.

Ford is offering buyout packages to its entire U.S. hourly
workforce of approximately 75,000 people.  Employees have
between Oct. 16, and Nov. 27, to select among eight different
retirement, education and other separation programs.  The
programs include tuition reimbursement for a two- or four-year
college degree, a US$100,000 lump sum payment or US$35,000
retirement incentive, among others.  Employees who accept
packages will leave the company between January and September
2007.  

"Though we are doing what we must to fix our business in North
America, we truly have the best interests of our employees in
mind," said Marty Mulloy, Ford Motor Company vice president,
Labor Affairs.  "We are providing a wide variety of buyout
options for employees to consider, and we are committed to
providing them with as much information as possible to help them
through the process of transitioning into their lives after
Ford."

In an effort to help employees through their decision-making
process and to provide relevant information about their options,
Ford and the UAW are holding Opportunity Workshops and
Opportunity Fairs at nearly every manufacturing location in the
United States.  The workshops are designed to provide
information about topics including how to start a business,
going through a relocation and going back to school.

                   Ford's Package Offering

Special Retirement Incentive:

For employees with 30 years of service or more and are at least
55 years old, or are at least 65 with one or more years of
service. Financial incentive of $35,000 pre-tax check.

Special Early Retirement:

For employees who have reached age 55, but not normal retirement
age, and who have ten or more years of credited service under
the Ford-UAW retirement plan.  Provides unreduced life income
benefits for the life of the retiree, and temporary benefits
payable until age 62 and one month.

Pre-Retirement Leave Program:

For employees with at least 28, but less than 30 years of
credited service.  Ends with retirement when the employee
reaches 30 years of service.  Employees will receive 85 percent
of straight-time pay.  After they reach 30 years of service,
they would receive their regular retirement.

Special Termination of Employment Program:

For employees with at least one year of service receive a gross
lump sum payment of US$100,000.  Retirement eligible employees
must wait 23 months before retiring.

Educational Opportunity Program:

For employees with at least one year of service, includes
tuition reimbursement for up to US$15,000 a year for up to four
years paid directly to the approved college or vocational
school, and an annual stipend worth 50 percent of the employee's
annualized straight-time wage rate.  Health insurance and other
benefits continue during this four-year period, but participants
must enroll in school full time (at least 12 credit hours per
semester) and maintain a "c" average to remain eligible.  
Benefits and the living expense stipend end after 4 years, or
when the employee receives their degree, certification or
license.

Enhanced Special Termination of Employment Program:

Under this program, UAW-Ford employees with at least 30 years of
credited service under the Ford-UAW Retirement Plan or are at
least 55 years old with at least 10 years of credited service
will receive a lump sum pre-tax payment of US$140,000.  
Retirement may take place immediately, and workers electing this
option will receive any pension benefits for which they are
eligible at that time, based on length of service.  They also
will be provided with basic health care coverage for a period of
six months, but will be ineligible for post-retirement health
care and life insurance benefits.

Focused Education Opportunity Program:

A Similar program to Educational Opportunity Program, except
that employees selecting this option will receive two years of
tuition payment, up to US$15,000 per year and 70 percent of
wages, instead of 50%.

Family Scholarship Program:

Employees electing this program agree to terminate their
employment at Ford, and will receive a Scholarship Fund totaling
US$100,000, which can be used for approved educational expenses
for their children, spouses and grandchildren.  Funds will be
taxed upon withdrawal.  Funds will be available for a 10-year
period from the employee's date of termination and if the funds
are not used within the time period, the scholarship funds will
be forfeited.

Ford Motor Credit Co. -- http://www.fordcredit.com/-- is one of  
the world's largest auto financing companies, and funds autos
for and through some 12,500 Ford, Lincoln, Mercury, Jaguar, Land
Rover, Mazda, Aston Martin, and Volvo dealerships.  Ford Motor
Credit Co. finances new, used, and leased vehicles (including
about 40% of new Fords sold in the U.S.) and provide wholesale
financing, mortgages, and capital loans for dealers.  The
Company also offers individual and business fleet financing,
while its insurance operations offer extended service contracts,
automobile insurance, wholesale inventory insurance, and credit
life and disability insurance.

The Company has operations in the Asia-Pacific region, including
Japan.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported on
September 25, 2006, that Rating and Investment Information,
Inc., has placed Ford Motor Credit Company's BB rating on the
Rating Monitor with a view to downgrading.

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on July 21,
2006, Ford Motor Company's long-term debt rating to B from BB,
and lowered its short-term debt rating to R-3 middle from R-3
high.  DBRS also lowered Ford Motor Credit Company's long-term
debt rating to BB(low) from BB, and confirmed Ford Credit's
short-term debt rating at R-3(high).

Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to
'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured
rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook remains
Negative.

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

As reported in the TCR on July 24, 2006, Moody's Investors
Service lowered the Corporate Family and senior unsecured
ratings of Ford Motor Company to B2 from Ba3 and the
senior unsecured rating of Ford Motor Credit Company to Ba3 from
Ba2.  The Speculative Grade Liquidity rating of Ford has been
confirmed at SGL-1, indicating very good liquidity over the
coming 12-month period.  The outlook for the ratings is
negative.


FORD MOTOR: Latch, Drivetrain Probs Spur Recall of 145,000 Cars
---------------------------------------------------------------
Ford Motor Company is recalling more than 145,000 vehicles in
the United States for a range of problems including defective
latches to faulty drivetrains, Reuters reports, citing the
National Highway Traffic Safety Administration.

The recall involves 139,537 2005 model-year Five Hundred and
Mercury Montego sedans and 2005-2006 model-year Freestar
minivans; and 6,164 Escape hybrid SUVs from 2006 model year,
Reuters said, based on NHTSA's records.

NHTSA's detailed report on the recall is available at the
agency's Web site at http://www.nhtsa.dot.gov/

                  Possible Renault-Nissan Tie Up

Reuters earlier reported that Nissan Motor Co. Ltd and Renault
could set their sights on the company as they continue to look
for a North American partner.

Nissan spokeswoman Mia Nielsen told Reuters that the Renault-
Nissan alliance could be extended to work with additional
partners and that a North American partner could make sense.

Renault-Nissan had sought to form a partnership with General
Motors Corp. in order to strengthen its position in North
America.  GM however, ended the talks after concluding that
Renault-Nissan's alliance framework would substantially
disadvantage GM shareholders.

Ford Motor Credit Co. -- http://www.fordcredit.com/-- is one of  
the world's largest auto financing companies, and funds autos
for and through some 12,500 Ford, Lincoln, Mercury, Jaguar, Land
Rover, Mazda, Aston Martin, and Volvo dealerships.  Ford Motor
Credit Co. finances new, used, and leased vehicles (including
about 40% of new Fords sold in the U.S.) and provide wholesale
financing, mortgages, and capital loans for dealers.  The
Company also offers individual and business fleet financing,
while its insurance operations offer extended service contracts,
automobile insurance, wholesale inventory insurance, and credit
life and disability insurance.

The Company has operations in the Asia-Pacific region, including
Japan.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported on
September 25, 2006, that Rating and Investment Information,
Inc., has placed Ford Motor Credit Company's BB rating on the
Rating Monitor with a view to downgrading.

As reported in the Troubled Company Reporter on Aug. 22, 2006,
Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on July 21,
2006, Ford Motor Company's long-term debt rating to B from BB,
and lowered its short-term debt rating to R-3 middle from R-3
high.  DBRS also lowered Ford Motor Credit Company's long-term
debt rating to BB(low) from BB, and confirmed Ford Credit's
short-term debt rating at R-3(high).

Fitch Ratings also downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company to 'B' from 'B+'.
Fitch also lowered the Ford's senior unsecured rating to
'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured
rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook remains
Negative.

Standard & Poor's Ratings Services also placed its 'B+' long-
term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor
Credit Co., and related entities on CreditWatch with negative
implications.

As reported in the TCR on July 24, 2006, Moody's Investors
Service lowered the Corporate Family and senior unsecured
ratings of Ford Motor Company to B2 from Ba3 and the
senior unsecured rating of Ford Motor Credit Company to Ba3 from
Ba2.  The Speculative Grade Liquidity rating of Ford has been
confirmed at SGL-1, indicating very good liquidity over the
coming 12-month period.  The outlook for the ratings is
negative.


KIYO BANK: Fitch Affirms D/E Individual Rating Following Merger
---------------------------------------------------------------  
Fitch Ratings has affirmed the ratings of Japan-based Kiyo Bank
following the merger of Kiyo Holdings' operating banks on
October 10, 2006:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BBB-';

   -- Short-term foreign and local currency IDRs at 'F3'; and

   -- Individual 'D/E' and Support '2'.

The Outlook on the ratings is Stable.  At the same time,
Wakayama Bank's 'BBB-'/Stable Long-term foreign and local
currency IDRs, 'F3' Short-term foreign and local currency IDRs,
Individual 'E' and Support '2' ratings were affirmed and
simultaneously withdrawn.

A joint holding company -- Kiyo Holdings -- was established by
Kiyo Bank and Wakayama Bank in February 2006, with a view to
both operating banks merging this month.  The merged entity has
a dominant position in Wakayama prefecture with a loan market
share of around 50%.  Given the large market share of the group
and its importance to the local economy and financial system of
the Wakayama prefecture, Fitch believes that there is a high
probability that the Kiyo Holdings group banks would, if
necessary, be supported by the state.  Following the completion
of the merger of the operating banks, the surviving entity is to
receive JPY31.5 billion in public funds that are expected to
raise the aggregate unconsolidated total capital ratio to above
10% from 8.6% at end-March 2006.  The agency will continue to
monitor the merged bank's performance in order to reflect the
banks' individual financial strength into the ratings.


SAPPORO HOLDINGS: Canadian Gov't. Okays Tender Offer for Sleeman
----------------------------------------------------------------
Sapporo Holdings Ltd. said that it has received approval from
the Canadian Government to proceed with a tender offer to buy
Toronto-based Sleeman Breweries Ltd, Dow Jones Newswire says.

Reuters recounts that Sapporo aims to buy all of Sleeman's
outstanding shares via its unit -- Sapporo Breweries Ltd. -- by
October 17, 2006, paying CND17.50 for each share in a deal that
values the Canadian brewer at CND299 million.

Reuters notes a Sapporo spokeswoman as saying that the tender
offer is going smoothly and the company is almost certain it
will be successful.

                          About Sleeman

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

                   About Sapporo Breweries

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

                      About Sapporo Holdings

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

                          *     *     *

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

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

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


SOFTBANK CORP: Fitch Affirms EUR500MM Unsecured Notes At 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' rating on
Softbank Corp.'s (BB-/Stable/--) EUR500 million euro-denominated
senior unsecured notes due Oct. 15, 2013.  The coupon rate is
7.75%.  The rating on the bonds was assigned on Sep. 27, 2006,
and the terms and conditions of the subordinated bonds were
confirmed on October 10, 2006.

The rating on Softbank reflects the company's weak capital
structure, which deteriorated after the company's debt-financed
purchase of Vodafone K.K. (now Softbank Mobile Corp.).  However,
the company's overall earnings are improving, and this should
lower the chances of further deterioration in its capital
structure.  Given the company's relationship with its lender
financial institutions and its latent profits on securities, its
refinancing and liquidity risks should be limited.


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

KOREA DEVELOPMENT: Capital Almost Doubled in Hungarian Unit
-----------------------------------------------------------
The Korean Development Bank has almost doubled its Hungarian
unit's registered capital to HUF15.3 billion (US$71 million
dollars), the dpa German Press Agency reports, citing a
statement made by the unit's managing director Jolanta Meszaros.

According to the report, the Bank has plans to raise the limit
for large loans to its corporate partners in Hungary, including
Samsung and Hankook Tire.

In April 2006, Hankook borrowed EUR100 million through a
syndicated loan to finance a manufacturing plant in Hungary.  
KDB acted as lead manager in the loan.

KDB Hungary also plans to lend money to other South Korea
companies regionally, Mr. Meszaros told the Press Agency.

                   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.


KOREA EXCHANGE: Extends Online Banking Services to China
--------------------------------------------------------
Korea Exchange Bank expanded its online banking services to
offer them in its branches in China, The Korea Herald reports.

The move makes KEB the first lender to establish an e-banking
system in the mainland, the daily says.

KEB officials told the newspaper that the expanded services will
enable Koreans doing business in China to manage banking at home
via the Internet.

KEB has four branches in China -- Beijing, Tianjin, Dalian, and
Dhanghai.

                     About Korea Exchange

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

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

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

                          *     *     *

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

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

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


* Rating Agencies Say Nuclear Test Won't Impact South's Ratings
---------------------------------------------------------------
Global credit rating agencies believe that North Korea's nuclear
test will not directly impact South Korea's sovereign credit
ratings, the Korean government says in its Web site Korea.net.

According to an analyst at Moody's Investors Service, the
South's credit ratings are unlikely to be affected by the risks
associated with the nuclear testing.

Takahira Ogawa of Standard & Poor's says a successful nuclear
test would not by itself result in a downward revision of the
sovereign ratings on Korea, or negatively affect the stable
outlook attached to the country's ratings.

This is because the prospect of the test leading to sanctions
severe enough to hasten a collapse of the North or spark a full-
scale military conflict are still remote, Mr. Ogawa explains.

Korea's Web site also notes that Fitch Ratings stated that North
Korea's "successful nuclear test" will not have a direct impact
on South Korea's credit ratings.

Government officials in charge of Korea's international finance
also believe that the rating agencies' stand on Seoul's
sovereign credit level will remain about the same despite the
North's action, Korea.net adds.

In July 2005, Standard and Poor's Ratings Services raised the
South's credit ratings from "A-" to "A", the highest level since
the 1997 Asian financial crisis.  Moody's Investors Service, for
its part, elevated its rating for the nation to "A+" from "A" in
October 2005.


* Nuclear Test Unlikely to Affect South's Ratings, Moody's Says
---------------------------------------------------------------
South Korea's credit fundamentals are relatively strong and are
not likely to be affected by the risks associated with North
Korea's October 9, 2006, nuclear weapons test even as tensions
rise and the stability of the North is strained by likely new
sanctions, says Moody's Investors Service lead analyst for the
country.

"While those risks remain contained and are already incorporated
in our ratings, the test raises the issue of whether diplomatic
efforts can ensure geopolitical stability on the Korean
peninsula," Moody's Tom Byrne says.  "While a military reaction
is highly unlikely, sanctions against North Korea may be
tightened considerably."

Mr. Byrne says the nuclear test by North Korea has also
undermined a rationale for the engagement of the North by China
and South Korea, and could lead to a curtailment of trade and
investment relations, further isolating the Pyongyang regime.

In contrast, Seoul has a sound fiscal position and its external
position has strengthened considerably. Its foreign exchange
reserves of more than US$200 billion are currently the world's
fifth largest.

"The greatest credit risks to South Korea would arise from a
military confrontation or a collapse of the North Korean
government that requires international intervention to secure
the North's stockpile of nuclear and non-nuclear weapons of mass
destruction," said Byrne.  "In our opinion, a coordinated,
cooperative international response to a collapsed North Korea
would present minimal downside risks to South Korea, although in
a worst-case outcome that includes outright war, the costs of
stabilizing the Korean peninsula would be greater."

The key to avoiding a collapse, he said, rests with the
maintenance of a strong alliance between South Korea and the
United States, and a convergence of geopolitical interests by
the other major regional powers, China, Japan and Russia.

"While leaders of both South Korea and the U.S. have lately
sought to downplay the differences and frictions of the last
four years over North Korean policy, a renewed perception of
shared dangers may help to ensure that the stability achieved on
the Korean peninsula since 1953 is maintained," said the
analyst, who also noted a "hopeful sign" in the rapid
improvement of relations between China and Japan under new
Japanese Premier Shinzo Abe.

"Peace and stability on the Korean peninsula will ultimately
hinge on whether the international community can contain
Pyongyang until a government there can adopt a radically
different set of economic and political policies," said Byrne.

He said Moody's will closely monitor international reaction and
the North's response to world reaction.


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

EQUITABLE PCI: BSP Rejects TMEQ's Disqualification Request
----------------------------------------------------------
In a filing with the Philippine Stock Exchange, Equitable PCI
Bank, Inc., disclosed that Trans Middle East (Phils.) Equities,
Inc., filed a request with the Bangko Sentral ng Pilipinas to
disqualify the bank's directors, members of the Advisory Board,
the chairperson and the corporate secretary.

BSP denied the disqualification requests, Equitable PCI
president & CEO Rene J. Buenaventura informed the PSE.

According to Mr. Buenaventura, BSP, in a letter dated Sept. 9,
2006, advised Equitable PCI that:

   1. Corazon S. De La Paz, as Chairperson of Equitable PCI,
      possesses the qualifications and none of the
      disqualifications of a director under the Manual of
      Regulations for Banks.  The prohibition under Republic Act
      No. 87941 cited by Trans Middle in its complaint does not
      apply since the position of a chairperson is not
considered
      an officer under Equitable PCI's Amended By-laws;

   2. the grounds cited by Trans Middle also do not provide
      regulatory basis to disqualify:

      (a) Teresita T. Sy, Josefina N. Tan, Atty. Edmundo L. Tan,
          and Antonio A. Henson, as regular directors;

      (b) Peter D. Garrucho, Jr., and Jesus G. Tirona as
          independent directors; and

      (c) Atty. Sabino E. Acot, Jr., as Corporate Secretary;


   3. Alberto V. Reyes, Teodoro B. Montecillo, and Antonio C.
      Pacis as members of the Advisory Board are neither
      directors nor officers of Equitable PCI.  Thus, these
      members are not subject to Monetary Board confirmation.

As reported in the Troubled Company Reporter - Asia Pacific on
September 15, 2006, the BSP confirmed the election of Equitable
PCI's directors.

                      About Equitable PCI

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

                          *     *     *

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

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

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


EXPORT & INDUSTRY BANK: G. Cunanan Elected as Independent Dir.
--------------------------------------------------------------
Edna Daguinsin-Reyes resigned as a Director of Export and
Industry Bank during a special meeting of its Board of
Directors, held on October 10, 2006, the Bank advised the
Philippine Stock Exchange.

In the same meeting, George V. Cunanan was also elected as the
bank's third Independent Director, who assumed office
immediately.

Mr. Cunanan's election was in view of Paterno H. Dizon's
ineligibility as an Independent Director as found by the Bangko
Sentral ng Pilipinas.

                  About Export & Industry Bank

Headquartered in Makati City, Manila, Export and Industry Bank -
- http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The Bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend annual financial aid of
PHP600 million to the Bank.


LAFAYETTE MINING: Faces Suit Over Albay Mining Operations
---------------------------------------------------------
Lafayette Mining Philippines, Inc. faces a purported class
action seeking a temporary restraining order against its 30-day
test runs of polymetallic mining operations on Rapu-Rapu, an
island in Albay province in the Bicol region, 350 kilometers
southeast of Manila, according to the Environment News Service.

People from the provinces of Sorsogon and Albay, 27 residents of  
Rapu-Rapu, environmental activist groups, fisher folk
organizations, church people, militant organizations and
television personalities filed the suit on July 20, 2006, in
Makati Regional Trial Court after an incident of toxic spill.   

The class action not only names the company as defendant, but
also the Department of Environment and Natural Resources
Secretary Angelo Reyes.  It seeks a permanent halt to the
company's operations, citing threats to people's health and
livelihood.  
  
According to Bishop Aruturo Bastes, head of the defunct Rapu-
Rapu Fact-Finding Commission, "The mining issue in Rapu-Rapu is
a matter of public interest in view of the environmental hazards
and adverse health impacts that Lafayette mining operation
poses.  The people of Sorsogon are supporting the class suit,
and we hope we can get justice."  

Howard M. Calleja, one of the attorneys who filed the case,
explains that the most compelling reason to restrain the
company's mining operation is the occurrence of acid mine
drainage, which is something that even the DENR admits Lafayette
could not control.

                  About Lafayette Philippines

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, ordered the closing of Lafayette
Philippines in 2005 when the Company's mine tailings were
accidentally spilled into the Albay Gulf last October, killing
thousands of fish and destroying the livelihood of fishermen in
the area.  The Company was also fined PHP10.7 million for
violating the Clean Water Act and its environmental compliance
certificate.


LAFAYETTE MINING: Seeks Additional Funds for Rapu-Rapu Project
--------------------------------------------------------------
Lafayette Mining Limited agreed to enter into a non-binding
terms sheet to raise between US$10 million and US$15 million
through issuance of convertible notes, the company said in a
release.

The issue would be made through a facility arranged by South
East Asian Strategic Assets Fund and its advisor CIMB Standard
Strategic Asset Advisors Pte Ltd.

Lafayette wanted additional funds to finance the completion of
exploration planned for the Rapu-Rapu polymetallic project and
to satisfy any additional funding requirements of the Project
until it becomes self-sustaining.  Subject to the successful
negotiation of formal documentation for the proposed Convertible
Note issue, followed by satisfaction of various conditions
precedent, the proposed Convertible Note issue will be the
source of this funding.  Lafayette may also rely on the facility
for its own corporate purposes.

The company believes that a facility of this kind and magnitude
will give all of its stakeholders greater comfort in its ability
to weather the financial difficulties presented by delays in the
commissioning of the Project.  It will also give them the
prospect of an extension to the life of the Project through a
successful exploration program undertaken earlier than Project
cash flows are currently estimated to allow, and the possibility
of Lafayette identifying and being able to pursue other business
opportunities.

The Terms Sheet contemplates that the Convertible Notes will be
issued with a nominal value of US$1.00 each, having a five-year
term.  The Notes would be convertible at the option of the
holder at any time, at an issue price of US$0.069787 per share,
determined as a 15% premium to the US Dollar equivalent of the
volume weighted average price of Lafayette shares over the 20
trading days preceding October 6, 2006.

The Convertible Notes would carry interest at 10% per annum
fixed for their full term and payable half yearly in arrears.  
Lafayette could, at its discretion, satisfy interest by issuing
Lafayette shares at a 5% discount to market at each interest
payment date.

The Terms Sheet also contemplates that Lafayette may retire the
Convertible Notes, in whole or multiples of 25%, if at any time
after two years from their issue the Lafayette share price
exceeds AU$0.25 for 30 consecutive days.

To facilitate the early issue of the proposed Convertible Notes,
a shareholders' resolution approving their issue will be
proposed at the Company's forthcoming annual general meeting.  

Lafayette notes that SEASAF investment committee approval must
be obtained and formal documentation will need to be prepared,
negotiated, and agreed after completion of a due diligence
program.  Once that formal documentation is signed a number of
conditions precedent will need to be satisfied, which include:

   (a) necessary shareholder, stakeholder, and regulatory
       approvals being obtained; and

   (b) the issue of a permanent lifting order by the Philippine
       authorities.

                  About Lafayette Philippines

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, ordered the closing of Lafayette
Philippines in 2005 when the Company's mine tailings were
accidentally spilled into the Albay Gulf last October, killing
thousands of fish and destroying the livelihood of fishermen in
the area.  The Company was also fined PHP10.7 million for
violating the Clean Water Act and its environmental compliance
certificate.


PACIFIC PLANS: Court of Appeals Remands Case to Trial Court
-----------------------------------------------------------
The Court of Appeals overturned the ruling of a Makati City
Regional Trial Court that approved Pacific Plans, Inc.'s
rehabilitation plan.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2006, that the Makati City Court approved the Rehabilitation
Plan, allowing the company to continue operations to meet its
obligations to plan holders.

In a later TCR-AP report, the Court of Appeals suspended the
implementation of the Rehabilitation plan.

On October 10, 2006, the Court of Appeals overturned the ruling
of the Makati Court and remanded the case to the trial court,
Tetch Torres of the Philippine Daily Inquirer, reports.  The
decision will enable the petitioner, the Parents Enabling
Parents group of pre-need plan holders, to present evidence.

The Court of Appeals said the trial court should have considered
a finding of the Securities and Exchange Commission that Pacific
Plans became insolvent only after it transferred non-problematic
plans, like fixed-value education plans and pension and life
plans, to a subsidiary called Lifetime Plans Inc., the Inquirer
relates.

The SEC subsequently cancelled the registration of Lifetime
Plans and ordered that all its assets and trust fund be reverted
to Pacific Plans, the paper says.

According to the TCR-AP, the SEC had insisted that Pacific Plans
itself is not qualified for rehabilitation because it is liquid
and solvent based on its annual financial statement.   The SEC
noted that Pacific Plans only became insolvent when it
transferred the trust fund of non-problematic accounts, like
fixed value education plans, pension, and life plans to Lifetime
Plans Inc.

                          *     *     *

The Makati RTC had approved Pacific Plans, Inc.'s rehabilitation
plan in April 2006, ensuring tuition support from 2006-2010.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2006, that Pacific Plans came up with a rehabilitation plan
based on this school year's average fees, plus tuition support
upon enrollment until the school year 2009-2010.  The benefits
of the Company's traditional education plans will become fixed-
value benefits as at Dececmber 31, 2004, to be termed base year-
end 2004 entitlement.  On May 4, 2006, the Company said that it
would comply with the court-approved plan, so that it could meet
its obligations to its availing open-ended plan holders while
retaining funds for some 18,000 plan holders who have yet to
receive their education benefits.


PHILIPPINE LONG DISTANCE: Expects Improved 3rd Quarter Results
--------------------------------------------------------------
Philippine Long Distance Telephone Co.'s third-quarter net
income is likely to exceed the second quarter's PHP6.73 billion
(US$134.6 million), Reuters reports citing the company's
chairman Manuel Pangilinan.

The company is "benefiting from the strong peso so the FOREX
loss in the second quarter is reversing to a FOREX gain in the
third quarter," Mr. Pangilinan explained to reporters.

PLDT will report official third-quarter results on November 7,
2006, Reuters notes.

According to Reuters, PLDT's posted net income in the July-
September quarter last year -- PHP8.2 billion -- may be up for
revision with the adoption of new accounting standards.

The firm had outstanding debts of US$2.1 billion at the end of
2005, which it wants to cut to US$1.7 billion at the end of
2006, Reuters recounts.

Reuters further notes that PLDT, with a market capitalization of
US$8.1 billion, is partly owned by Hong Kong's First Pacific Co.
Ltd.

                           About PLDT

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

                          *     *     *

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

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

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


PHILIPPINE LONG DISTANCE: Opens Ventus Libertad Call Center
-----------------------------------------------------------
On October 10, 2006, Philippine Long Distance Telephone Co.,
through its wholly owned subsidiary ePLDT, launched another call
center site under the Ventus brand for outsourced call center
services from US-based companies.

Called Ventus Libertad, the new site is located at Libertad
corner Arayat Streets, Mandaluyong City.  It currently has 580
seats and offers inbound technical support, inbound sales,
outbound sales, sales chat, and sales back office services to a
U.S. client.

Approximately PHP400 million was spent to set up the site, which
now has 4,331 square meters in floor area.

According to Ventus President Rosalie R. Montenegro, Ventus
Libertad is part of an aggressive expansion plan that will help
the PLDT Group capture a larger share of the call center
business.

"Aside from being part of our expansion plan, building a new
site also supports our business continuity and disaster recovery
strategy by giving us greater flexibility and resiliency in our
operations.  That will be a great advantage for us when we offer
our services to prospective clients," Ms. Montenegro says.

Ventus, the contact center company of ePLDT, now has 4,500 seats
housed in seven sites: two in Fort Bonifacio, and one each in,
Jupiter, Garnet, East Avenue, Libertad, PLDT's MGO Building in
Metro Manila, and Molo in Iloilo City.

By the end of 2006, it expects to increase the number of seats
to 5,000.  Another 1,000 seats will be added in 2007 using
existing PLDT facilities.

"Using existing PLDT facilities is beneficial to Ventus and
PLDT. We achieve a level of cost-efficiency that other call
center companies will find difficult to match," Ms. Montenegro
adds.

                           About PLDT

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

                          *     *     *

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

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

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


SAN MIGUEL CORP: Moody's Withdraws Ba1 Foreign Currency Rating
--------------------------------------------------------------
On October 10, 2006, Moody's Investor Service withdrew its
(P)Ba3 preferred stock rating for San Miguel Capital Funding
Limited, a 100%-owned subsidiary of San Miguel Corporation, and
San Miguel's own Ba1 indicative foreign currency senior
unsecured ratings.

The withdrawal follows San Miguel's decision to delay its
capital market debt plan until 2007.  At the same time, Moody's
has affirmed its Ba1 corporate family rating with a stable
outlook.

"The affirmation of the Ba1 corporate family rating reflects
Moody's view that SMC's decision to delay the debt issuance
should not materially impact the group's long-term rating unless
the decision is carried past June 2007," says Moody's Charles
Macgregor, VP/Senior Credit Officer, lead analyst for the
company.

"SMC enjoys strong brand equity and commanding positions in most
of its markets, which are stable by nature, providing it with a
robust and healthy platform for cash flow generation," says
Moody's Macgregor, adding, "Refinancing risk is, however, an
emerging consideration, given the company's ongoing reliance on
short-term bank facilities."

In explaining the rating, Moody's says that -- in accordance
with various of its global rating methodologies -- San Miguel's
operating profile is consistent with an investment grade rating.

However, its strengths are tempered by weakness in certain key
financial credit metrics -- which pursuant to the rating
methodology -- are more indicative of a Ba/single B profile,
specifically the ratios of [1] FCF/Debt; [2] Total coverage; and
[3] Debt/EBITDA.  In part, these metrics reflect the impact of
the acquisition finance associated with the takeover of National
Foods Limited in 2005, but which the application of free cash to
debt reduction may mitigate.

The ratings outlook is stable, given the fundamental strength of
San Miguel's various business segments, which should help
generate free cash flow to improve financial metrics to those
more appropriate for its rating.  Moody's expects San Miguel
will sustain an EBITA margin of around 10%-12%, reduce Adjusted
Debt to Adjusted EBITDA to below 3.0x by 2008, and grow Adjusted
Retained Cash Flow to Adjusted Net Debt to above 20% by 2007.

The ratings may experience upward pressure with continued growth
outside of the Philippines and improved margins in the beverages
and food groups.  This outcome may be indicated by a
stabilization of EBITA margins at 13% or higher, Adjusted
Debt/EBITDA approaching 2x, and Adjusted RCF/Adjusted Net Debt
at around 22%.

On the other hand, the ratings may experience downward pressure
should San Miguel experience problems in rolling its bank
facilities.  In addition, downward pressure may follow delays in
reducing leverage, either due to additional acquisitions, or
unexpected costs associated with expansion and problems
absorbing input price increases, leading in turn to EBITA
margins falling below 10%, Adjusted Debt/EBITDA exceeding 3.5x
in 2007, and FCF/Total Adjusted debt remaining negative beyond
2007.


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

H.M.C.S. PTE: Creditors' Proofs of Debt Due on November 8
---------------------------------------------------------
H.M.C.S. Pte Ltd, which was placed under voluntary liquidation,
required its creditors to submit their proofs of debt by
November 8, 2006, to Liquidator Wee Hui Pheng.

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

The Liquidator can be reached at:

         Wee Hui Pheng
         c/o Wee Seng Tiong & Co.
         1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


SEA CONTAINERS: To Strike Compromise Agreement with Creditors
-------------------------------------------------------------
Bob MacKenzie, Chief Executive of Sea Containers Ltd is trying
to arrange a compromise agreement with its creditors,
Thisismoney reports.

According to the report, October 15, 2006, is the deadline for
the company to pay back EUR60 million tranche -- out of EUR340
million debt -- to its creditors.

However, according to Company sources, there is a big
probability that Sea Containers cannot find cash, thus it can
seek Chapter 11 protection from creditors, the report adds.

                  About Sea Containers

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

Sea Containers admitted in August 2006 that revenue growth in
the first year of its new GNER franchise was three times lower
than expected, at 3.3%.

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

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

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


PETROLEO BRASILEIRO: LatAm's Second Most Sustainable Company
------------------------------------------------------------
Among the big Latin American oil/gas companies, Shell and
Petrobras are the most effective at sustainability, social,
ethical, and governance programs, according to a study by
Management & Excellence and LatinFinance.

The Biggest and Best Six in Latin America are:

    1) Shell     -- 90.26%
    2) Petrobras -- 79.94%
    3) Repsol    -- 79.08%
    4) Chevron   -- 77.08%
    5) Pemex     -- 53.58%
    6) Enap      -- 44.99%

Delivering record financial results in 2004 and 2005, Latin
America's oil companies have attracted international investors
in droves.  Last year, Mexico's Pemex, the world's 11th largest
oil company in terms of reserves, reported record revenues of
US$86.1 billion.

The big players are investing hundreds of millions of dollars in
sustainability and social projects that are designed to ensure
their long-term success and acceptance.  In Venezuela, Chevron
joined forces with local giant PDVSA, investing US$3.6 billion
in the Hamaca facility.  The investments have paid off in
cleaning up oil's image in Latin America.  Twice Chevron
received the Orden El Brillante award in Venezuela and last
September was awarded additional drilling rights off the coast.

But sustainability investments have gone far beyond construction
and modernization.  Petrobras has invested over US$120 million
in social programs over the last two years alone.  It spends
US$12 million on educating largely underprivileged children in
Brazil.  Shell, which has been in Brazil for over 93 years,
helped restore the famous Christ the Redeemer statue in Rio de
Janeiro.  Chile's state-owned ENAP published its first detailed
social responsibility report last year and runs a Casa Abierta
program for local communities at one of its main refineries.

Plagued by regular environmental pollution scandals, Latin
America's biggest oil companies are cleaning up their acts and
being transparent about good and bad news alike.  Pemex reports
399 mostly smaller oil spills for 2005, but reduced its air
emissions from 1,000 tons to 700 tons over the last four years.
Spain's Repsol experienced over 1,300 spills last year while
investing over US$400 million in environmental projects.

Petrobras does best among the purely Latin American companies in
corporate governance, doing justice to its large international
investor pool.  The company is one of very few Latin companies
to maintain a Board nomination committee.

The study is the first on the most sustainable and socially
responsible oil/gas companies in Latin America, scoring the
companies according to their compliance with nearly 300
international and national sustainability, social, ethics,
governance, and transparency standards.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings also assigned these ratings on Petroleo
Brasileiro's senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Confirms Light Oil Find in Santos Basin
------------------------------------------------------------
Petroleo Brasilero S.A., also known as Petrobras has confirmed
there is a significant volume of 300 API light oil in a new
exploratory frontier in the Santos Basin.  Testing carried out
in a vertical well revealed a flow of 4,900 barrels of oil and
150,000 cubic meters of natural gas a day, through a 5/8 inch
opening, with stabilized pressure behavior.

The confirmation was made after the test carried out at the 1-
RJS-628A well was concluded and detected a highly productive
reservoir under a 2,000-meter thick layer of salt ("pre-salt").

The development of the discovery, made by well 1-RJS-628 A in
block BM-S-11, had already been communicated to the market on
June 11, 2006.  This block is operated by Petrobras (65%), in a
consortium with BG (25%), and Petrogal (10%).  The confirmed
discovery was disclosed to the National Petroleum, Natural Gas,
and Biofuel Agency, under the terms of the legislation in
effect.

Additional investments will be necessary, initially with the
drilling of the first extension well for a complete assessment
of the oil volume in the reservoir that was found.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings also assigned these ratings on Petroleo
Brasileiro's senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


SEAGATE TECH: Inks Distribution Agreement with SED International
----------------------------------------------------------------
SED International, Inc., disclosed the addition of Seagate
Technology to its vendor line card.  Effective October 1, 2006,
SED became a Seagate Authorized Distributor for the United
States
and Latin America.  This adds the Seagate branded products to
its storage offerings, which already included the Maxtor brand.

"We are very excited about this new partnership," said Jeanie
Diamond, CEO and Chairman of the Board.  "Our relationship with
Seagate dates back to the 1980's and we are very proud to once
again partner with such a dynamic company.  Seagate is one of
the most respected brands in the world and a true leader in our
industry.  This provides our customers with more options and
solutions to meet the demands of our customers.  At a time when
the storage segment is exploding, we view this partnership as an
extremely important addition to our company."

"The addition of SED as a Seagate authorized distributor extends
Seagate's reach to a new set of resellers who will now be able
to take advantage of Seagate's cutting-edge hard drive
technology and capabilities, product breadth, and best-in-class
service and support and programs to strengthen their business,"
said Jeff Loebbaka, senior vice president of Global Channel
Sales and Corporate Marketing at Seagate.  "By offering both
Seagate and Maxtorbranded drives, SED will be able to give
resellers more choice across a broader range of value
propositions."

                 About SED International, Inc.

Headquartered in Atlanta, Georgia, SED International, Inc., --
http://www.sedonline.com/-- founded in 1980 is a provider of  
wireless communications, computer hardware, and consumer
electronics to channel partners throughout the United States and
Latin America.   It has additional sales offices and
distribution centers in Dallas, Texas; Miami, Florida; City of
Industry, California; Buenos Aires, Argentina; and Bogota,
Columbia.

                About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology
-- http://www.seagate.com/-- is the worldwide leader in the  
design, manufacturing and marketing of hard disc drives,
providing products for a wide-range of Enterprise, Desktop,
Mobile Computing, and Consumer Electronics applications.
Seagate's business model leverages technology leadership and
world-class manufacturing to deliver industry-leading innovation
and quality to its global customers, and to be the low cost
producer in all markets in which it participates.  The company
is committed to providing award-winning products, customer
support and reliability to meet the world's growing demand for
information storage.

Seagate Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: Singapore, California; Colorado;
Minnesota; Oklahoma; Northern Ireland; China; Thailand and
Malaysia.

                          *     *     *

Moody's confirmed Seagate's Corporate Family Rating of Ba1 and
upgraded ratings of Seagate's US$400 million senior notes 8%,
due 2009 to Ba1, Maxtor's remaining US$135 million of the US$230
million 6.8% convertible senior notes, due 2010 to Ba1 from B2
and Maxtor Corporation's US$60 million 5-3/4% convertible
subordinated debentures, due 2012 to Ba2 from Caa1.  The rating
outlook is stable.

Standard and Poor's gave the company a 'BB' rating for both its
long term foreign and long term local issuer credit effective on
November 6, 2000.


STANDARD AERO: Moody's Confirms B2 Corporate Family Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B2 Corporate
Family Rating for Standard Aero Holdings Inc.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Secured
   Revolving Credit
   Facility due 2010       B2      Ba3     LGD2        29%

   Sr. Secured Term
   Loan B due 2012         B2      Ba3     LGD2        29%

   8.25% Sr. Subor.
   Notes due 2014         Caa1     Caa1    LGD5        81%

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

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

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

                    About Standard Aero

Standard Aero Holdings Inc.-- http://www.standardaero.com--   
maintains, repairs, and overhauls engine parts, wheels, and
braking systems for military and business aircraft. Previously
divided into two groups -- design and manufacturing and engine
repair and overhaul -- the company was split when investment
firm Doughty Hanson sold the group for US$1.4 billion to US
investment firm The Carlyle Group and British aerospace parts
manufacturer Meggitt.

Standard Aero operates facilities strategically located in
Canada, the United States, Europe, Australia, Singapore and
other locations in Asia.

                         *     *     *

Standard & Poor's Ratings Services on August 23, 2006, removed
its ratings on Standard Aero Holdings Inc. from CreditWatch with
negative implications, where they were placed Jan. 27, 2006.

At the same time, Standard & Poor's affirmed its ratings,
including its 'B+' long-term corporate credit rating, on the
company.  The outlook is negative, reflecting expectations of
future earnings pressure as a result of the recent renegotiation
of a key contract.

In February 2006, Moody's Investors Service affirmed the
ratings of Standard Aero Holdings, Inc., Corporate Family Rating
of B2, and has changed the ratings outlook to negative from
stable.  The change in outlook was prompted by the company's
recent announcement that a key customer, Kelly Aviation Center,
L.P. ('KAC') will not exercise a subcontract renewal past
February 2007, contrary to the company's expectations, affecting
approximately one-third of the company's revenue base.  Standard
Aero has a Speculative Grade Liquidity Rating of SGL-3.


VELOOCO GENERAL: Creditors Must Prove Claims by October 20
----------------------------------------------------------
Velooco General Contractors Pte Ltd, which is in liquidation,
required its creditors to file their proofs of debt by
October 20, 2006, to Liquidators Chee Yoh Chuang and Lim Lee
Meng.

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

The Liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o 18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


=================
S R I   L A N K A
=================

SRI LANKA TELECOM: Fitch Affirms 'BB-' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka Telecom Limited's Long-term
foreign currency Issuer Default rating at 'BB-' with a Negative
Outlook.  Meanwhile, the agency also affirmed the company's
'BB-' Long-term local currency IDR and its 'AAA(lka)' National
Long-term rating, both with Stable Outlooks.  At the same time,
Fitch also affirmed the rating on SLT's existing US$100 million
senior unsecured notes due 2009 at 'BB-'.

SLT's ratings reflect its strong and improving financial profile
as well as its diversified operations with a dominant share of
the local access (74%) and international long distance markets
(est.70%).  It also boasts the largest market share in internet
and data services (est.65%).  Although SLT lost market share in
the local access segment owing to its competitors being first to
market with launching CDMA-based fixed-line services, the
negative impact has been contained, with SLT reporting robust
subscriber growth with its own fixed-wireless services launched
in November 2005.  Its mobile arm, Mobitel, has turned around
and is gaining subscribers at a rapid pace.  Although SLT's
traditional fixed-line business is expected to post only modest
growth, fixed-wireless and mobile services are expected to
underpin the company's earnings and cash flow growth over the
medium term.

At the same time, the ratings consider the increasing
competition in SLT's main business segments, sustained network
related investments by both cellular and fixed-wireless
competitors and the pressure on tariffs.  The ratings also
acknowledge the uncertainties that persist in the regulatory
environment, which is still developing.

Fitch says SLT's credit metrics are strong for the current
ratings.  As at end-H106, SLT had net adjusted leverage of 0.3x
and FFO net interest cover of 12.8x.  Its capital structure is
sound with total adjusted debt to capitalization of 38.2%.
Although SLT's capital expenditure has been in the range of 20%-
35% of sales, it has continuously reported strong free cash
flows.  Fitch anticipates SLT will continue to post strong
positive free cash flows and further improving its financial
profile, notwithstanding the increasing competition in key
business segments and capital expenditure of around LKR8.0
billion to LKR10.0 billion per annum over the short- to medium-
term.

Fitch notes that SLT has sound liquidity and financial
flexibility.  At end-H106, SLT had cash reserves of
LKR15.6 billion against current maturities of only
LKR3.7 billion.  Debt maturities peak in 2009 when the
US$100 million bond is due to mature.  The only major contingent
liability of SLT is in relation to a judgment delivered by a Sri
Lankan court invalidating SLT's last tariff revision and
necessitating the refund of its incremental billings from
September 2003.  SLT's subsequent appeal on the ruling is
pending before the Supreme Court. Fitch estimates SLT's
potential net refunds to be in the range of LKR3bn for the 21
months to June 2005 (roughly around LKR5.0 billion up to
September 2006).  Although an outflow of this magnitude would
weaken SLT's leverage, it would still remain comfortable for the
current rating level.  In the event that the company is required
to revert to pre-September 2003 tariffs, SLT can use the index-
adjusted formula to readjust the tariff back to current levels.

The Stable Outlook for the local currency IDR and the National
Long-term rating is underpinned by expectations for continuing
robust free cash flow generation and leadership in the fixed-
line and ILD segments (although some deterioration is likely)
along with an improvement in its mobile position.  Meeting or
exceeding performance expectations and dilution of government
ownership will be positive for SLT's local currency IDR.
Meanwhile, the rating Outlook on SLT's foreign currency IDR,
which is currently constrained by the sovereign rating, reflects
the Outlook of the Democratic Socialist Republic of Sri Lanka's
Long-term foreign currency IDR.  Any positive or negative rating
action on the sovereign would therefore lead to a corresponding
rating action on SLT's foreign currency IDR.


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

NFC FERTILIZER: Bankruptcy Court Ends Subsidiary's Rehab. Plan
--------------------------------------------------------------
NFC Fertilizer Pcl disclosed in a statement submitted to the
Stock Exchange of Thailand that the Central Bankruptcy Court
terminated the business rehabilitation plan of its subsidiary,
Rayong Bulk Terminal Co Ltd.

According to the company's statement, RBT, which is 83 % owned
by NFC Fertilizer, has already met the terms and conditions
stipulated under its rehabilitation plan.  Thus, the Bankruptcy
Court issued an order to terminate the plan effective October 5,
2006, onwards.

On June 22, 2005, the Central Bankruptcy Court approved the
business rehabilitation plan of RBT and appointed National
Advisory Co. Ltd to act as its administrator.

                          *     *     *

Headquartered in Bangkok, NFC Fertilizer Public Company Limited
-- http://www.nfc.co.th-- produces chemical fertilizer  
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name.  Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers.  The
Company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.

In the third quarter of 2004, the Company had entered into a
debt restructuring in accordance with its business
rehabilitation plan.

The Company then reported a gain on debt restructuring of
THB11.29 billion, which was presented as an extraordinary item
in the statement of income for the year ended December 31, 2004.  
Subsequently, on August 24, 2004, the Plan Administrator made a
request to Thailand's Central Bankruptcy Court to cancel its
business rehabilitation, which the Court approved on September
13, 2004.

According to The Troubled Company Reporter - Asia Pacific, the
company's consolidated income statement for the second quarter
ended June 30, 2006, shows a net profit of THB510.57 million, a
turnaround compared to a THB100.237-million net loss in the same
period of 2005.

Recently, the management proposed to change the Company's
business plan toward providing logistic services including all
warehouses and related services.  Presently, the shareholders
have not had a resolution on such proposal.  The Company is in
the process of reviewing its plan.

The Company is currently listed under the "Non-Performing Group"
sector of the Stock exchange of Thailand.



                            *********

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,
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Information contained herein is obtained from sources believed
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