TCRAP_Public/061016.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  

            Monday, October 16, 2006, Vol. 9, No. 205

                            Headlines

A U S T R A L I A

AGENIX LIMITED: Seeks Partner to Finance Flagship Project
ALLEN NO 3: Final Meeting Slated for October 19
AUSTRALIAN MARITIME: Members Pass Resolution to Wind Up Firm
BK NOMINEES: Prepares to Declare Dividend on October 30
BOB BROWN: Courts Issue Wind-Up Order

BOYLAN HOTELS: Will Declare First and Final Dividend
CASA AUSTRALIA: Members and Creditors' Final Meeting on Oct. 19
COMMERCIAL ASSETS: Members & Creditors to Receive Wind-Up Report
CONCORDE INTERNATIONAL: Members' Final Meeting Set for Oct. 20
DAWENSI HOLDINGS: Members Opt to Close Business

FONFIELD PTY: Members Resolve to Close Business
FOOT LOCKER: Moody's Confirms Ba1 Corporate Family Rating
INSOLVENCY NOTICES: Members Resolve to Wind Up Firm
JENMARO PTY: Enters Voluntary Liquidation
KHALIL SERVICES: Court Issues Wind-Up Order

KINETIC CONCEPTS: Dennert Ware to Retire as CEO
KINGSLEY REAL: Supreme Court Issues Wind-Up Order
MACKINLAY'S MAINTENANCE: To Declare Priority Dividend on Nov. 1
METRO TRANSPORT: Members to Receive Liquidator's Report
MGM MIRAGE: Inks US$7-Bln Fifth Amended and Restated Loan Pact

MPS SECURITY: Inability to Pay Debts Prompts Wind-Up
MSD ALUMINUM: Supreme Court Orders Wind-Up
OLOLA INVESTMENTS: Members Opt for Voluntary Liquidation
OXFORD INDUSTRIES: Moody's Confirms Ba3 Corporate Family Rating
PANAVISION INC: Moody's Affirms B2 Corporate Family Rating

PANAVISION INC: Acquires Plus 8 Digital
PEABODY ENERGY: Moody's Assigns Ba1 Rating to US$900MM Sr. Notes
PICCWICK PTY: Liquidator Fitzgerald to Present Wind-Up Report
PINEWOOD COMMUNITY: Members' Final Meeting Set on October 19
RIGHT ROOFING: Members Decide to Wind Up Operations

ROSTEDEN PTY: To Declare Dividend for Priority Creditors
SALAMANDER BAY: Undergoes Wind-Up Proceedings
SOFOM PTY: Placed Under Voluntary Wind-Up
STONELAKE HOLDINGS: To Declare Preferential Dividend on Oct. 24
TAKING CARE: Enters Wind-Up Proceedings

TRANSPORT EMPLOYMENT: To Declare Final Dividend on October 17
TRINITY BUSINESS: To Declare First and Final Dividend
UNIVERSAL COMPRESSION: Moody's Confirms Ba2 Corporate Family Rtg
WATKINS PLANT: To Declare First and Final Dividend on Oct. 23


C H I N A   &   H O N G  K O N G

ALERIS INTERNATIONAL: Moody's Confirms B1 Corporate Family Rtg
ASAHI GLASS: Members Opt for Voluntary Wind-Up
ATMEL-WM HK: Members to Receive Wind-Up Report
CAMA SERVICES: Enters Wind-Up Proceedings
CHINA CAPITAL: Enters Voluntary Wind-Up

COTAC LTD: Joint Liquidators Ceased to Act
DU WIN GARMENTS: To Wind Up Business
FAIRFIELD DEVICES: Members' Final Meeting Set on November 6
FERRO CORP: Auditor Gives Adverse Opinion on Internal Control
FILA CHINA: Creditors' Proofs of Claim Due on November 8

HARBOUR CRAFT: Sole Member Pass Special Resolution
HARMONY DEVELOPMENT: Placed Under Members' Voluntary Wind-Up
HARTCOURT COS: Accumulated Deficit Tops US$67.8MM at Aug. 31
HARTCOURT COMPANIES: Restates 2005 & 2004 Financial Statements
IMPRESS OFFSET: Annual and Final Meetings Fixed on November 8

IN-WORK INTERNATIONAL: Enters Voluntary Liquidation
INTERBREW ZHEJIANG: Sole Member Opt to Liquidate Business
INVERNESS MEDICAL: Moody's Junks Senior Subord. Bond's Ratings
JACUZZI BRANDS: Apollo Merger Cues S&P to Put Ratings on Watch
JIK SING: Members Resolve to Wind Up Firm

MIZUHO CORPORATE: Joint Liquidators Steps Aside
NEW CHINA INVESTMENTS: Final Meeting Slated for November 6
NEW CHINA NOMINEES: Members and Creditors to Hear Wind-Up Report
NG CHEONG: Placed Under Voluntary Liquidation
PETROLEOS DE VENEZUELA: Halts Gasoline Export to Cuba & the U.S.

PETROLEOS DE VENEZEULA: Sends Discounted Fuel to Nicaragua
PILLAR EDUCATION: Court Orders Operations' Wind Up
PROTAN PLAZA: Commences Wind-Up of Operations
SUPER DATA: Members Agree to Wind Up Operations


I N D I A

EASTMAN KODAK: Moody's Assigns Loss-Given-Default Ratings
EASTMAN KODAK: Names Frank Sklarsky as Chief Financial Officer
ICICI BANK: To Provide INR4-Crore Funding to WaterHealth Int'l
ICICI BANK: Plans to Launch More Remittance Products
IFCI LTD: Given 2,74,430 Preference Shares in Dhampur Sugar

INDIAN OIL: Discloses Outcome of 47th Annual General Meeting


I N D O N E S I A

PERUSAHAAN LISTRIK: Raises US$1 Bil. in Oversubscribed Bond Sale
* Indonesia to Swap 2007-2009 Bonds with 14-Year Paper
* Indonesia Expects Ratings Upgrade After IMF Payback


J A P A N

ALL NIPPON AIRWAYS: Launches ANA CARD
CNET NETWORKS: Names Neil Ashe as New Chief Executive Officer
CNET NETWORKS: Discloses Findings of Stock Options Probes
CNET NETWORKS: Extends Consent Offering for 0.75% Senior Notes
J. CREW: Moody's Assigns Loss-Given-Default Rating

KIYO BANK: Absorbs Competitor Wakayama Bank
L-JAC THREE: S&P Rates JPY71.889-Bil. Trust Certificates
MITSUBISHI MOTORS: Builds New Research Vehicle for Dev't Project
MITSUI LIFE: JCR Affirms BBB Rating on Ability to Pay Claims
SHIMIZU BANK: Fiscal 2006 Records JPY5.73-Billion Net Loss

SNOW BRAND: Moody's Lifts Senior Unsecured Debt Ratings to Ba2
SOFTBANK CORP: Founder Pledges Collateral to Refinance Debt
YAZAKI INT'L: S&P Whips Long-Term Credit Rating to B+ from BBB-


K O R E A

TRIGEM COMPUTER: Sale Plan Abandoned, Back to Court Receivership
* Korea Remains Intact From the Nuke Test, Vice Minister Says
* Bank of Korea Froze Key Interest Rate Amid North Test Concerns


M A L A Y S I A

ANTAH HOLDINGS: Total Default for Sept. Hits MYR255 Million
COMSA FARMS: Executive Director Chia Yam Kung Resigns
FEDERAL FURNITURE: Court Okays Capital & Share Premium Reduction
METROPLEX BERHAD: Sept. 30 Default Tops MYR1.8 Billion
METROPLEX BERHAD: MSEMI's Injunction Hearing Set for Oct. 2

METROPLEX BERHAD: Wind-Up Petition Hearing Moved to December 14
SS&C TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating


N E W   Z E A L A N D

AUCKLAND ALUMINUM: Court Appoints Joint Liquidators
CARTER HOLT HARVEY: Fined NZ$900,000 for Mislabeling Timber
CARTER HOLT: Commerce Commission Clears CRBF Assets Acquisition
DENNY'S CORP: Closes US$62-Mln Property Sale to National Retail
DT COMPUTERS: Hearing of Liquidation Petition Slated for Oct. 30

EUPHORIA LIMITED: Creditors Must Prove Debts by October 31
FELTEX CARPETS: Godfrey Hirst Agrees to Retain Feltex CBA
GAMESTOP CORP: Moody's Confirms Ba3 Corporate Family Rating
MT. VIEW: Court Sets Date to Hear Liquidation Petition
MANUKAU YOUTH: Names Brown and Rodewald as Liquidators

PACIFIC COMMUNICATIONS: Appoints Merlo as Liquidator
POUND AT NITE: Liquidation Petition Hearing Set on Nov. 6
WHITEHART DEVELOPMENTS: Liquidation Hearing Set on October 30
WORLD COMMERCE: Court Sets Date to Hear ABC's Liquidation Bid
YARRAMAN WINERY: Kabani & Company Raises Going Concern Doubt


P H I L I P P I N E S

ABS-CBN BROADCASTING: Negotiating Possible PHP4.5 Bln Loan
MAIDENFORM BRANDS: Moody's Assigns B1 Corporate Family Rating
RIZAL COMMERCIAL BANKING: Moody's Gives Hybrid Issue a B3 Rating
WENDY'S INT'L: Files Declaratory Judgment Against Noteholders
* IMF Urges Philippines to Stay Course on Reforms

* September Net Portfolio Inflows Increased to US$373.7 Million


S I N G A P O R E

ALTIMATE ENGINEERING: Faces Wind-Up Proceedings
ASIA CRANE: Pays Final Dividend on October 11
CHEERS HOLDINGS: Last Day for Filing of Claims Fixed on Nov. 6
CKE RESTAURANTS: Matthew Goldfarb Remains as Member of the Board
CONVENIENCE SHOPPER: Prepares for Distribution of Assets

GULIANO PTE: Creditors Proofs of Claim Due on November 6
JIL COMPONENTS: Final Creditors' Meeting Held on October 13
NYQUIST ASIA: Creditors Must Prove Debts by November 6
REFCO INC: Chap. 7 Trustee Wants Rogers Funds Claims Pact Okayed
REFCO INC: Wants to Set Solicitation & Tabulation Procedures

RICH VISION: Court Sets Date to Hear Wind-Up Petition


T H A I L A N D

IAP WORLDWIDE: S&P Affirms B Corp. Credit Rating, Alters Outlook
SUNTECH GROUP: Turns Around with THB7.861-Bil Profit in FY 05-06
THAI DURABLE: Auditor Raises Going Concern Doubt

     - - - - - - - -

=================
A U S T R A L I A
=================

AGENIX LIMITED: Seeks Partner to Finance Flagship Project
---------------------------------------------------------
Agenix Limited has warned that spending on its flagship project
-- a way of detecting blood clots -- will be cut back until it
can find a partner, because it does not intend to conduct
"later-stage clinical trials. . .without financial support,"
Courier Mail reports.

The report reveals that the company's product -- ThromboView --
is in second-round regulatory trials and almost AU$10.2 million
was spent on it last year.

A timeline was previously set for December 2006 for
ThromboView's sales, marketing, and distribution agreement.

According to current managing director Neil Leggett, "there's
been pressure" since that announcement and no public timeline is
being given now, Courier Mail relates.

Mr. Leggett says Agenix's ThromboView expenditure would become
"negligible."  Thus, it is hoped a partner will finance the
project.

Agenix's annual report also mentioned plans to spin off its
human health business and expand its development pipeline,
Courier Mail relates.

But the paper reveals that the company also faces a AU$500,000-
plus lawsuit from a consultant regarding the sale of its animal
health business.  However, Agenix argues it has no liability.

                         About Agenix

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs
110 staff and sells its products to more than 50 countries.  
ThromboView is a registered trademark of AGEN Biomedical.  
   
Coming from a AU$161,000 net profit in 2002, Agenix ended 2003
with a AU$811,000 net loss, owing to huge R&D expense on
Thromboview.  By August 2004, the Company had announced a
AU$14.3-million loss for the six months ending June 30, 2004,
largely due to increased investments and one-off items including
legal fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.  Milton was sold in February 2005, but the
Company still suffers from continued losses.  In the Company's
report on its financials for the year ending June 30, 2005, net
loss was pegged at AU$12 million.


ALLEN NO 3: Final Meeting Slated for October 19
-----------------------------------------------
Allen No 3 Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on October 19, 2006, at
10:30 a.m.

During the meeting, Liquidator R. G. Mansell will present an
account regarding the company's wind-up and property disposal
activities.

The Liquidator can be reached at:

         R. G. Mansell
         R. G. Mansell & Associates
         Level 3, 118 Queen Street
         Melbourne
         Australia


AUSTRALIAN MARITIME: Members Pass Resolution to Wind Up Firm
------------------------------------------------------------
Members of Australian Maritime Surveillance Pty Ltd held a
general meeting on September 26, 2006, and passed a special
resolution to voluntarily wind up the company's operations.

The Joint and Several Liquidators can be reached at:

         Peter G. Yates
         David J. F. Lombe
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000


BK NOMINEES: Prepares to Declare Dividend on October 30
-------------------------------------------------------
BK Nominees Pty Ltd formerly known as Deluxe Services Australia
Pty Ltd, which is in liquidation, will declare the first and
final dividend for its preferred unsecured creditors on
October 30, 2006.

Creditors who were unable to prove their debts by October 9,
2006, will be excluded from sharing in the dividend
distribution.

The Liquidator can be reached at:

         M. C. Hall
         PPB
         Chartered Accountants
         10/F, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 8211 7800


BOB BROWN: Courts Issue Wind-Up Order
-------------------------------------
On September 21, 2006, the Supreme Court of New South Wales
issued an order to wind up Bob Brown Road Transport Pty Ltd.

The next day, the Federal Court of Australia also ordered to
wind up the company.

Accordingly, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


BOYLAN HOTELS: Will Declare First and Final Dividend
----------------------------------------------------
Boylan Hotels Pty Ltd, which is in liquidation, will declare the
first and final dividend for its preferred unsecured creditors
on October 30, 2006.

Creditors who were unable to prove their claims on October 9,
2006, will be excluded in the company's distribution of
dividend.

The Liquidator can be reached at:

         P. I. Macks
         PPB
         Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 8211 7800


CASA AUSTRALIA: Members and Creditors' Final Meeting on Oct. 19
---------------------------------------------------------------
Members and creditors of Casa Australia Pty Ltd will hold a
final meeting on October 19, 2006, at 10:30 a.m.

At the meeting, Liquidator P. Newman will present accounts
regarding the company's wind-up and property disposal exercises.

The Troubled Company Reporter - Asia Pacific previously reported
that the Company commenced a wind-up of its operations on
January 12, 2006.

The Liquidator can be reached at:

         Philip Newman
         HLB Mann Judd
         Chartered Accountants
         1st Floor, 160 Queen Street
         Melbourne 3000
         Australia


COMMERCIAL ASSETS: Members & Creditors to Receive Wind-Up Report
----------------------------------------------------------------
A final meeting of the members and creditors of Commercial
Assets Pty Ltd, which is in liquidation, will be held on
October 19, 2006, at 10:15 a.m.

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

The Liquidator can be reached at:

         B. N. Mulvaney
         Bruce Mulvaney & Co
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia
         Telephone:(03) 9896 9000
         Facsimile:(03) 9896 9001


CONCORDE INTERNATIONAL: Members' Final Meeting Set for Oct. 20
--------------------------------------------------------------
Concorde International Travel Services Pty Ltd, which is in
liquidation, will hold a final meeting for its members on
October 20, 2006, at 9:30 a.m.

At the meeting, members will receive the liquidators' account of
the company's wind-up and property disposal activities.

The Liquidators can be reached at:

         Keiran Hutchison
         John Gibbons
         Ernst & Young
         Level 37 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9248 5864


DAWENSI HOLDINGS: Members Opt to Close Business
-----------------------------------------------
Members of Dawensi Holdings Pty Ltd held a general meeting on
September 15, 2006, and resolved through a special resolution to
voluntarily wind up the company's operations.

The Joint and Several Liquidators can be reached at:

         Peter G. Yates
         Simon Cathro
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000


FONFIELD PTY: Members Resolve to Close Business
-----------------------------------------------
At a general meeting held on September 25, 2006, the members of
Fonfield Pty Ltd resolved to close the company's operations and
distribute the proceeds of its assets disposal.

George Duff Downie Raffan was subsequently named as liquidator.

The Liquidator can be reached at:

         G. D. D. Raffan
         Level 6, 8 West Street
         North Sydney, New South Wales 2060
         Australia


FOOT LOCKER: Moody's Confirms Ba1 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 US and Canadian Retail sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Foot
Locker, Inc. and upgraded its Ba2 rating on the company's US$200
million 8.5% seniordebentures to Ba1.  In addition, Moody's
assigned an LGD4 rating to notes, suggesting noteholders will
experience a 60% loss in the event of a default.

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

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

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

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and   
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, Europe, and in
Australia under the brand names Foot Locker, Footaction, Lady
Foot Locker, Kids Foot Locker, and Champs Sports.


INSOLVENCY NOTICES: Members Resolve to Wind Up Firm
---------------------------------------------------
At an extraordinary general meeting held on September 27, 2006,
the members of Insolvency Notices Pty Ltd resolved to
voluntarily wind up the company's operations and appointed
Robert Peile as liquidator.

Accordingly, Mr. Peile required the company's creditors to
submit their proofs of claim by October 24, 2006.

The Liquidator can be reached at:

         Robert Peile
         3 John Davey Avenue
         Cronulla
         Australia
         Telephone:(02) 9523 0637


JENMARO PTY: Enters Voluntary Liquidation
-----------------------------------------
On September 28, 2006, members of Jenmaro Pty Ltd agreed to
close the company's business and appointed Adam Farnsworth as
liquidator.

Accordingly, Mr. Farnsworth required the company's creditors to
submit their proofs of claim by October 30, 2006.

The Liquidator can be reached at:

         Adam Farnsworth
         c/o Hills Insolvency Services Pty Ltd
         PO Box 915, Rockdale, New South Wales 2216
         Australia
         Telephone:(02) 9599 7945
         Facsimile:(02) 9599 7946
         E-mail: adam@hillsinsolvency.com.au


KHALIL SERVICES: Court Issues Wind-Up Order
-------------------------------------------
On September 22, 2006, the Federal Court of Australia, New South
Wales District Registry ordered Khalil Services Pty Ltd to wind
up its operations and appointed Antony de Vries as official
liquidator.

The Official Liquidator can be reached at:

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


KINETIC CONCEPTS: Dennert Ware to Retire as CEO
-----------------------------------------------
Kinetic Concepts, Inc., discloses that Dennert O. Ware will
retire as the company's chief executive officer.  Mr. Ware will
remain as CEO until the Board appoints a successor.  
Accordingly, Mr. Ware agreed to ensure a successful transition.

Under Mr. Ware's leadership, the company has experienced a
compounded annual revenue growth rate of 25%, surpassing US$1
billion in total revenue during 2005, Kinetic Concepts relates.

During his tenure, Mr. Ware has stimulated, created and built a
global business based on the company's V.A.C.(R) technology.  He
developed the plan to build the infrastructure needed to support
the V.A.C.  At the same time, Mr. Ware has strengthened the
company's dedication to patient care through the development of
innovative programs designed to educate physicians and nurses
serving patients in hospitals, extended care facilities and at
home.

The V.A.C. Therapy is a negative pressure wound therapy system
clinically proven to help promote healing of serious, complex
wounds.

Ronald W. Dollens, Kinetic Concepts' chairman, discloses that
the Board of Directors has been engaged in a search for a
successor and notes that a formal announcement will be released
when a replacement is hired.

                      About Kinetic Concepts

Kinetic Concepts, Inc. (NYSE: KCI) -- http://www.kci1.com/--   
designs, manufactures, markets and provides a wide range of
proprietary products that can improve clinical outcomes while
helping to reduce the overall cost of patient care.

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes both in the United States, Canada, Australia and
most major European countries.

                          *     *     *

On October 12, 2006, the Troubled Company Reporter reported that
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 Ba2 Corporate
Family Rating for Kinetic Concepts Inc.


KINGSLEY REAL: Supreme Court Issues Wind-Up Order
-------------------------------------------------
On September 25, 2006, the Supreme Court of New South Wales
ordered Kingsley Real Estate Pty Ltd to wind up the company's
operations and appointed Bryan Collis as official liquidator.

The Official Liquidator can be reached at:

         Bryan Collis
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia


MACKINLAY'S MAINTENANCE: To Declare Priority Dividend on Nov. 1
---------------------------------------------------------------
Mackinlay's Maintenance Services Pty Ltd will declare a first
and final dividend to priority creditors on November 1, 2006.  
Creditors who failed to submit proofs of claim on October 11,
2006, are excluded from the distribution.

The Troubled Company Reporter - Asia Pacific reported that on
November 15, 2005, Mackinlay's members resolved to wind up the
company's operations and appointed Robyn Erskine & Peter Goodin
as liquidators.

The Joint and Several Liquidators can be reached at:

         Peter Goodin
         Robyn Erskine
         Brooke Bird & Co
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn, East Victoria 3123
         Australia
         Telephone:(03) 9882 6666
         Facsimile:(03) 9882 8855


METRO TRANSPORT: Members to Receive Liquidator's Report
-------------------------------------------------------
Members of Metro Transport Management Sydney Pty Ltd, which is
in liquidation, will hold a final meeting on October 20, 2006,
at 10:00 a.m., to receive Liquidator Marsden's account on the
company's wind-up and property disposal exercises.

The Joint Liquidator can be reached at:

         Peter W. Marsden
         RSM Bird Cameron Partners
         12th Floor, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 8933
         Facsimile:(02) 9233 8521


MGM MIRAGE: Inks US$7-Bln Fifth Amended and Restated Loan Pact
--------------------------------------------------------------
MGM Mirage and MGM Grand Detroit, LLC, as initial co-borrower,
has entered into the Fifth Amended and Restated Loan Agreement
dated October 3, 2006.

The Fifth Loan Agreement provides for a maximum borrowing
capacity of US$7 billion consisting of a revolving credit
facility and a term loan facility.

The company's president, chief financial officer, and treasurer,
Jim Murren, explains that "this credit facility when combined
with our internally generated cash flows will provide us the
capital necessary to finance our domestic and international
growth initiatives while at the same time allowing us to
continue to re-invest in our market leading resorts."

The Fifth Loan Agreement reallocates US$1 billion from the
existing revolving credit facility such that the amended senior
credit facilities will consist of:

   -- a US$4.5 billion senior revolving credit facility; and

   -- a US$2.5 billion senior term loan facility,

in each case extending the maturity date to October 2011.

Additionally, the senior credit facilities include an option
where the company may solicit either existing lenders or new
lenders to raise additional commitments to the senior revolving
credit facility and the senior term loan facility, thereby
increasing the maximum borrowing capacity under the facilities
to US$8 billion.

The Fifth Loan Agreement reduces draw pricing and undrawn
pricing across the grid by 37.5 basis points and 5 basis points,
respectively.  It also revises the terms of the maximum total
leverage ratio and interest charge coverage ratio covenants.  In
addition, the senior credit facilities will no longer contain a
senior leverage ratio covenant.

A full text-copy of the Fifth Amended and Restated Loan
Agreement may be viewed at no charge at:

              http://ResearchArchives.com/t/s?1349

                         About MGM Mirage

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

                          *     *     *

On October 4, 2006, the Troubled Company Reporter - Asia Pacific
reported that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector, the rating agency confirmed MGM MIRAGE's Ba2 Corporate
Family Rating.


MPS SECURITY: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
On September 21, 2006, the members and creditors of MPS Security
Group Australia Pty Ltd 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 and Blair Pleash were
appointed as liquidators.

The Liquidators can be reached at:

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


MSD ALUMINUM: Supreme Court Orders Wind-Up
------------------------------------------
On September 25, 2006, the Supreme Court of New South Wales
ordered MSD Aluminum Pty Ltd to wind up its operations and
appointed D. I. Mansfield as official liquidator.

The Official Liquidator can be reached at:

         D. I. Mansfield
         Moore Stephens
         Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


OLOLA INVESTMENTS: Members Opt for Voluntary Liquidation
--------------------------------------------------------
On September 28, 2006, members of Olola Investments Pty Ltd
passed a special resolution to voluntarily liquidate the
company's business.  Accordingly, John D. Scarfe was appointed
as liquidator.

Accordingly, Mr. Scarfe was authorized to distribute the
proceeds of its assets disposal.

The Liquidator can be reached at:

         John D. Scarfe
         c/o Borough Mazars
         Level 6, 77 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


OXFORD INDUSTRIES: 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 Oxford
Industries, Inc., and its B1 rating on the company's US$200
million senior unsecured notes.  Additionally, Moody's assigned
an LGD5 rating to those bonds, suggesting noteholders will
experience a 75% 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 Atlanta, Georgia, Oxford Industries --
http://www.oxfordinc.com-- designs and markets men's and  
women's apparel under its owned brands, which include Ben
Sherman, Tommy Bahama, Arnold Brant and Oxford Golf, licensed
brands including Orvis Signature and Nautica, and supplies a
variety of private label apparel brands in multiple channels.

The company has distribution operations in Australia.


PANAVISION INC: Moody's Affirms 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 for the US advertising and broadcasting sector, the
rating agency affirmed its B2 corporate family rating on
Panavision, 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
   ----------           -------  -------  ------   ----------
   Secured Revolver        B1      Ba3     LGD3       31%
   Secured First

   Lien Term Loan          B1      Ba3     LGD3       31%
   Secured Second

   Lien Term Loan          B3      Caa1    LGD5       83%

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 Panavision

Panavision Inc. -- http://www.panavision.com/-- is a leading  
designer and manufacturer of high-precision camera systems,
comprising of film and digital cameras, lenses and accessories
for the motion picture and television industries.  Panavision
systems are rented through its domestic and international owned
and operated facilities and distributor network.  Panavision
also supplies lighting, grip and crane equipment for use by
motion picture and television productions.

Panavision has locations in Australia and New Zealand.


PANAVISION INC: Acquires Plus 8 Digital
---------------------------------------
Panavision Inc. has acquired Plus 8 Digital, one of North
America's largest digital camera rental companies.

"This transaction is another step forward in Panavision's
strategy of diversifying our camera product offerings generally
and our digital offerings specifically and broadens our reach to
cinematographers working in all segments of our business," Bob
Beitcher, President and CEO, Panavision, says.  "We are very
fortunate to combine our efforts with the employees of Plus 8
Digital as well as Marker Karahadian, the company's founder and
owner."

Plus 8 Digital operates five digital camera rental facilities in
Burbank, New York, Houston, Vancouver and Toronto.  "I am
excited that Plus 8 will now have the strength and reputation of
Panavision driving the business," said Karahadian.  "The Plus 8
team and I will increase the high quality service and attention
our customers are used to, because they will also benefit from
Panavision's global network.  On a personal note, I am also
looking forward to working with the Panavision team to ensure
that Panavision and Plus 8 play an important part in the
continued evolution of digital capture in our industry."

Founded in 1988, Plus 8 Digital's reputation in the industry has
been built on a history of technical innovation and quality
service.  Plus 8 was among the first rental facilities in North
America to introduce Carl Zeiss HD Digiprimes, the Thomson
Viper, and Panasonic Varicam.  Their extensive HD inventory
includes over 20 Viper cameras.  Recent film and television
productions for which Plus 8 Digital supplied cameras include
"Miami Vice" and "Everybody Hates Chris."

                         About Panavision

Located in Woodland Hills, California Panavision Inc. --
http://www.panavision.com/-- designs and manufactures high-
precision camera systems, including film and digital cameras,
lenses and accessories for the motion picture and television
industries.

Panavision has locations in Australia and New Zealand.

                          *     *     *

Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on the senior secured first-lien bank facility
of Panavision Inc. (B-/Stable/--), following the announcement
that the company will increase the add-on portion of its first-
lien term loan by US$30 million.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US advertising and broadcasting sector, the
rating agency also affirmed its B2 corporate family rating on
Panavision.  Moody's further assigned an LGD5 rating to the
company's Secured Second Lien Term Loan suggesting debt holders
will experience an 83% loss in the event of a default.


PEABODY ENERGY: Moody's Assigns Ba1 Rating to US$900MM Sr. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 senior unsecured rating
to Peabody Energy Corporation's proposed US$900 million senior
notes issue.  At the same time Moody's affirmed Peabody's Ba1
corporate family rating and the Ba1 senior unsecured rating on
its existing notes.  The ratings reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of Ba1, and a loss given default of LGD 4 for the senior
unsecured notes.  Moody's also affirmed Peabody's SGL-1
Speculative Grade Liquidity rating.  The rating outlook remains
negative.

The proceeds of the US$900 million senior notes, along with
drawings under the revolver and term loan, are being used to
fund Peabody's acquisition of Australian coal miner, Excel
Corporation, for US$1.9 billion, including assumption of debt
and fees.

Assignments:

   * Issuer: Peabody Energy Corporation

     -- Senior Unsecured Regular Bond/Debenture, Assigned Ba1

The Ba1 corporate family rating reflects Peabody's

   * currently low leverage ratio and good earnings ratios,

   * diversified low-cost operations,

   * extensive and geographically diversified reserves of high  
     quality coal,

   * strong management, and

   * portfolio of long-term coal supply agreements with a large
     number of electricity generation customers.

However, the rating also reflects the US$1.9 billion increase in
debt to be incurred to fund the Excel acquisition, which will
increase the company's pro forma June 30, 2006 debt to EBITDA
ratio to 3.2x from 2.1x based on an annualization of Excel's
most recent six month EBITDA.  The rating also considers the
volatile nature of the coal mining business, and operating and
development cost pressures that could constrain Peabody's free
cash flow.

Moody's last rating action on Peabody was in September 2006 when
it assigned a Ba1 senior unsecured rating to the revolver and
term loan A, and raised the senior unsecured rating to Ba1.

Peabody Energy Corporation, headquartered in St. Louis,
Missouri, is the world's largest private-sector coal company
with revenues in 2005 of US$4.6 billion.

The company has coal operations in Australia.


PICCWICK PTY: Liquidator Fitzgerald to Present Wind-Up Report
-------------------------------------------------------------
Members and creditors of Piccwick Pty Ltd will convene on
October 19, 2006, at 10:00 a.m., to receive accounts of the
company's wind-up proceedings and property disposal exercises
from Liquidator Laurence A. Fitzgerald.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on August 11,
2006.

The Joint and Several Liquidator can be reached at:

         Laurence A. Fitzgerald
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


PINEWOOD COMMUNITY: Members' Final Meeting Set on October 19
------------------------------------------------------------
Members of Pinewood Community Co-operative Ltd will hold a final
meeting on October 19, 2006, at 10:00 a.m., to receive
Liquidator Mulvaney's accounts of the company's wind-up
proceedings and property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that on
May 2, 2006, the Company commenced a wind-up of its operations
due to its inability to pay debts.

The Liquidator can be reached at:

         Bruce N. Mulvaney
         Bruce Mulvaney & Co
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia


RIGHT ROOFING: Members Decide to Wind Up Operations
---------------------------------------------------
At a general meeting held on September 27, 2006, the members of
Right Roofing & Plumbing Pty Ltd agreed to voluntarily wind up
the company's operations.

Subsequently, Schon Condon was appointed as liquidator.

The Liquidator can be reached at:

         Schon Condon
         Jones Condon Chartered Accountants
         Level 1, 34 Charles Street
         Parramatta, New South Wales
         Australia
         Telephone:(02) 9893 9499


ROSTEDEN PTY: To Declare Dividend for Priority Creditors
--------------------------------------------------------
Rosteden Pty Ltd will declare its first and final dividend for
its priority creditors on October 24, 2006.  Creditors who were
unable to prove their claims on October 10, 2006, are excluded
from the distribution of dividend.

According to the Troubled Company Reporter - Asia Pacific, on
October 27, 2005, the Rosteden's members resolved to wind up the
company's operations.

The Liquidator can be reached at:

         Leigh Dudman
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia


SALAMANDER BAY: Undergoes Wind-Up Proceedings
---------------------------------------------
At a general meeting held on September 28, 2006, the members of
Salamander Bay Pty Ltd agreed to voluntarily wind up the
company's operations and distribute the proceeds of its assets
disposal.

John D. Scarfe was consequently appointed as liquidator.

The Liquidator can be reached at:

         John D. Scarfe
         c/o Borough Mazars
         Level 6, 77 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


SOFOM PTY: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on August 31, 2006, the
members of Sofom Pty Ltd resolved to voluntarily wind up the
company's operations.

Peter Andrew Amos and Neil Geoffrey Singleton were appointed
liquidators at the creditors' meeting held the next day.

The Joint and Several Liquidators can be reached at:

         Peter Andrew Amos
         Neil Geoffrey Singleton
         SimsPartners
         Level 24, Australia Square
         264 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9241 3422


STONELAKE HOLDINGS: To Declare Preferential Dividend on Oct. 24
---------------------------------------------------------------
A first and final preferential dividend will be declared on
October 24, 2006, for the creditors of Stonelake Holdings Pty
Ltd.

Creditors who were unable to file their proofs of debt by
October 10, 2006, will be excluded from sharing in the company's
dividend distribution.

The Liquidator can be reached at:

         C. M. Williamson
         SimsPartners
         Chartered Accountants and Business Advisors
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia


TAKING CARE: Enters Wind-Up Proceedings
---------------------------------------
Members of Taking Care of Business Australasia Pty Ltd held a
general meeting on September 25, 2006 and passed a special
resolution to wind up the company's operations and distribute
the proceeds of its assets disposal.

The Liquidator can be reached at:

         Oscar Finn
         Satill & Miller Services Pty Limited
         Level 2, 222 Pitt Street
         Sydney, New South Wales 2000
         Australia


TRANSPORT EMPLOYMENT: To Declare Final Dividend on October 17
-------------------------------------------------------------
Transport Employment Services Pty Ltd, which is in liquidation,
will declare its final dividend on October 17, 2006.

Creditors who were able to file their proofs of claim on
October 10, 2006, are included in the benefit of the dividend.

The Liquidator can be reached at:

         Jason Bettles
         Worrells Solvency & Forensic Accountants
         Web site: http://www.worrells.net.au


TRINITY BUSINESS: To Declare First and Final Dividend
-----------------------------------------------------
Trinity Business Solutions Pty Ltd, which is in liquidation,
will declare the first and final dividend to creditors on
October 19, 2006.  Creditors who were able to prove their debts
on October 6, 2006, will be included in the distribution.

The Liquidator can be reached at:

         G. Handberg
         D'Aloia Handberg
         Chartered Accountants
         Level 10, 200 Queen Street
         Melbourne, Victoria 3000
         Australia


UNIVERSAL COMPRESSION: Moody's Confirms Ba2 Corporate Family Rtg
----------------------------------------------------------------
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 Ba2 Corporate
Family Rating for Universal Compression Inc.

In addition, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these debentures:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Sec. Gtd.
   Term Loan
   Due 2012              Ba2      Ba1      LGD3       36%

   Sr. Sec. Gtd.
   Revolving Credit
   Facility Due 2010     Ba2      Ba1      LGD3       36%

   7.25% Sr. Unsec.
   Global Notes
   Due 2010              Ba3      B1       LGD5       88%

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, Universal Compression, Inc. --
http://www.universalcompression.com/-- provides natural gas  
compression equipment and services, primarily to the energy
industry in the United States, as well as in Canada, Venezuela,
Argentina, Columbia, and Australia.


WATKINS PLANT: To Declare First and Final Dividend on Oct. 23
-------------------------------------------------------------
Watkins Plant Hire Pty Ltd, which is subject to a deed of
company arrangement, will declare the first and final dividend
for its creditors on October 23, 2006.

Creditors who were unable to prove their claims on October 2,
2006, will be excluded from the distribution.

The Joint and Several Deed Administrator can be reached at:

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


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

ALERIS INTERNATIONAL: Moody's Confirms B1 Corporate Family Rtg
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors last
week, the rating agency confirmed its B1 Corporate Family Rating
for Aleris International, Inc., and its Ba3 rating on the
company's US$400 million issue of senior secured term loan.  
Moody's also assigned an LGD3 rating to those loans, suggesting
noteholders will experience a 32% loss in the event of a
default.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on Aleris
Deutschland Holding GMBH's loans obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$250 Million
   Gtd. Senior
   Secured Term Loan      Ba3      Ba3     LGD3       34%

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 Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures    
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.


ASAHI GLASS: Members Opt for Voluntary Wind-Up
----------------------------------------------
On September 30, 2006, members of Asahi Glass Hong Kong Ltd
passed a special resolution and decided to voluntarily wind up
the company's operations.

Accordingly, Rainier Hok Chung Lam and John James Toohey were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22/F, Prince's Building
         Central, Hong Kong


ATMEL-WM HK: Members to Receive Wind-Up Report
----------------------------------------------
A final meeting of the members of ATMEL-WM Hong Kong Ltd, which
is in members' voluntary liquidation, will be conducted on
November 6, 2006, 11:00 a.m., at 8th Floor, Gloucester Tower,
The Landmark, 15 Queen's Road Central, Hong Kong.

During the meeting, Liquidator Iain Ferguson Bruce will present
his report on the final accounts of the company's wind-up
proceedings and property disposal activities.


CAMA SERVICES: Enters Wind-Up Proceedings
-----------------------------------------
At an extraordinary general meeting held on October 13, 2006,
the members of Cama Services (Hong Kong) Ltd resolved to
voluntarily wind up the company's operations.

In this regard, Suen Man Fai was appointed as liquidator.

The Liquidator can be reached at:

         Suen Man Fai
         Room 2402, 24/F Sing Pao Building
         101 King's Road, Fortress Hill
         Hong Kong


CHINA CAPITAL: Enters Voluntary Wind-Up
---------------------------------------
On September 29, 2006, the sole shareholder of China Capital
Development Ltd passed a special resolution to voluntary wind up
the company's operations.

Subsequently, Ying Hing Chiu and Chung Miu Yin Diana were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

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


COTAC LTD: Joint Liquidators Ceased to Act
------------------------------------------
Ho Hoi Lam and Man Fung Ying ceased to act as joint and several
liquidators of Cotac Ltd on September 15, 2006.

The Troubled Company Reporter - Asia Pacific reported that on
September 15, 2006, the Joint Liquidators presented their final
accounts of the Company's wind-up and property disposal
exercises.

The former Liquidators can be reached at:

         Ho Hoi Lam
         Man Fung Ying
         8/F, Gold & Silver Commercial Building
         12-18 Mercer Street, Central
         Hong Kong


DU WIN GARMENTS: To Wind Up Business
------------------------------------
On September 27, 2006, Du Win Garments Company Ltd received an
order from the High Court of Hong Kong to wind up its
operations.

The Troubled Company Reporter - Asia Pacific previously reported
that Chan Lai Yee filed the petition with the Court on July 28,
2006.


FAIRFIELD DEVICES: Members' Final Meeting Set on November 6
-----------------------------------------------------------
Members of Fairfield Devices Ltd will hold a final meeting at
the office of Liquidator Lionel Mervyn Butcher on November 6,
2006, at 10:00 a.m.

At the meeting, Mr. Butcher will present his report on the
company's wind-up and the manner its properties were disposed
of.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a members' voluntary wind-up of its operations
on April 7, 2006.

The Liquidator can be reached at:

         Lionel Mervyn Butcher         
         Suite 17B, Century Tower One
         1 Tregunter Path
         Hong Kong


FERRO CORP: Auditor Gives Adverse Opinion on Internal Control
-------------------------------------------------------------
Ferro Corporation filed its annual report for the year ended
December 31, 2005, with the Securities and Exchange Commission
on September 29, 2006.

"We are pleased to finalize our audited 2005 financial
statements and provide investors with our complete Annual
Report," James Kirsch, Ferro president and chief executive
officer, said.  "This is another significant step toward
achieving a normal filing schedule and focusing the company on
profitable growth."

The company expects to file its 2005 reports on Form 10-Q for
the quarters ending March 31, June 30, and September 30, 2005,
by the end of October.  With the completion of the 2005
financial filings, the company will then focus on the completion
of its Form 10-Q filings for the first three quarters of 2006,
and expects to file these reports with the SEC by the end of
2006.

                        Material Weaknesses

Auditors working for Deloitte & Touche LLP in Cleveland, Ohio,
expressed an unqualified opinion on management's assessment of
the effectiveness of the company's internal control over
financial reporting and an adverse opinion on the effectiveness
of the company's internal control over financial reporting
because of material weaknesses.

The company has identified three material weaknesses in internal
control over financial reporting as of December 31, 2005:

   1. inadequately trained and insufficient numbers of
      accounting personnel coupled with insufficient accounting
      policies and procedures,

   2. failure to consistently reconcile and perform timely
      reviews of accounting reconciliations, data files, and
      journal entries; and

   3. failure to properly identify and ensure receipt of
      agreements for review by accounting personnel.

                       Results of Operations

Sales from continuing operations for the year ended December 31,
2005, of US$1,882.3 million were 2.1% higher than the comparable
2004 period.  Improved pricing and more favorable product mix in
North America, Asia-Pacific, and Latin America, were the primary
drivers for the revenue gain.  Weakness in the market for
multilayer capacitors depressed unit demand and revenues,
particularly in the first half of 2005.  On a consolidated
basis, the impact of strengthening foreign currencies versus the
U.S. dollar had only a minimal positive impact on revenues.

For the year ended December 31, 2005, the company earned
US$14,786,000 on US$1,882,305,000 of net sales compared with
US$23,220,000 of net income on US$1,843,721,000 of net sales for
the year ended December 31, 2004.

At December 31, 2005, the company's balance sheet showed
US$1,668,544,000 in total assets, US$1,179,985,000 in total
liabilities, US$20,468,000 in convertible preferred stock, and
US$468,091,000 in total stockholders' equity.

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

              http://ResearchArchives.com/t/s?1358

                          *     *     *

Headquartered in Cleveland, Ohio, Ferro Corporation --
http://www.ferro.com-- is a global producer of an array of  
performance materials sold to a range of manufacturers in
approximately 30 markets throughout the world.  Ferro applies
certain core scientific expertise in organic chemistry,
inorganic chemistry, polymer science and material science to
develop coatings for ceramics and metal; materials for passive
electronic components; pigments; enamels, pastes and additives
for the glass market; glazes and decorating colors for the
dinnerware market; specialty plastic compounds and colors;
polymer additives; specialty chemicals for the pharmaceuticals
and electronics markets, and active ingredients and high-purity
carbohydrates for pharmaceutical formulations.  The company's
products are classified as performance materials, rather than
commodities, because they are formulated to perform specific and
important functions both in the manufacturing processes and in
the finished products of its customers

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

The Troubled Company Reporter - Asia Pacific reports that
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remained on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.

Standard & Poor's will resolve the CreditWatch after Ferro files
its 2005 full year and 2006 quarterly financial statements,
which are expected by September 30th and December 31st,
respectively.


FILA CHINA: Creditors' Proofs of Claim Due on November 8
--------------------------------------------------------
The Joint Liquidators Puen Wing Fai and Lo Yeuk Ki Alice of Fila
China Ltd required the company's creditors to file their proofs
of claim by November 8, 2006.

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

The Troubled Company Reporter - Asia Pacific previously reported
that the Company commenced a wind-up process on September 29,
2006.

The Joint Liquidators can be reached at:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F., Kwan Chart Tower
         6 Tonnochy Road, Wanchai
         Hong Kong


HARBOUR CRAFT: Sole Member Pass Special Resolution
--------------------------------------------------
On September 29, 2006, the sole member of Harbour Craft Services
Ltd, passed a special resolution to destroy the company and the
liquidator's books, accounts, and documents three months after
the expiration of the company's dissolution.


HARMONY DEVELOPMENT: Placed Under Members' Voluntary Wind-Up
------------------------------------------------------------
At an extraordinary general meeting held on October 3, 2006, the
members of Harmony Development (H.K.) Company Ltd resolved to
voluntarily wind up the company's operations and appointed Pang
Siu Kei as liquidator.

The Liquidator can be reached at:

         Pang Siu Kei
         Room 1103, 11/F., C. C. Wu Building
         302-308 Hennessy Road, Wanchai
         Hong Kong


HARTCOURT COS: Accumulated Deficit Tops US$67.8MM at Aug. 31
-------------------------------------------------------------
In its first quarter financial statements ended August 31, 2006,
filed with the Securities and Exchange Commission on Form-10Q,
Hartcourt Companies, Inc., reported a US$126,740 net loss on
US$12.4 million of net revenues compared to US$31,534 of net
income on US$10.7 million of net revenues in 2005.

As of August 31, 2006, the company had an accumulated deficit of
US$67.8 million.  A full-text copy of the company's financial
report is available for free at:

             http://researcharchives.com/t/s?1353

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The  
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.

                        Going Concern Doubt

Kabani & Company, Inc., in Los Angeles, Calif., raised
substantial doubt about The Hartcourt Companies, Inc.'s ability
to continue as a going concern after auditing their consolidated
financial statements for the year ended May 31, 2006.  The
auditor pointed to the company's negative cash flow from
operations and accumulated deficiencies.


HARTCOURT COMPANIES: Restates 2005 & 2004 Financial Statements
--------------------------------------------------------------
On October 10, 2006, Hartcourt Companies, Inc., has delivered
its amended financial statements on Form 10-KSB/A for the fiscal
year ended December 31, 2004, and for the five-month transition
period ended May 31, 2005, to the Securities and Exchange
Commission.

The amended annual reports restated the company's financial
statements, revised its Management's Discussion of Financial
Condition and Results of Operations, and revised its disclosure
regarding its internal controls.

Following the issuance of the company's financial statements for
the year ended December 31, 2003, the company determined that a
transaction and presentation in the financial statements had not
been accounted for properly in the company's financial
statements.

During the year ended December 31, 2003, the company, via its
subsidiaries, acquired four Chinese companies located and
operated in China.

The company has restated its financial statements based on the
appraisal of the fair value of the four companies at each
acquisition date.

The changes caused adjustments to the financial statements for
the year ended December 31, 2004, and May 31, 2005.

                        Restated Financials

For the full year ended December 31, 2004, the company reported
a US$13.3 million net loss on US$74.5 million of net revenues,
compared to a US$585,377 net loss on US$51.3 million of net
revenues in 2003.

For the five-month transition period ended May 31, 2005, the
company earned US$123,082 on US$19.6 million of net revenues,
compared to US$546,248 of net income on US$29.1 million of net
revenues in 2004.

Full-text copies of the company's restated financial statements
for the year ended December 31, 2004, are available for free at:    

         http://researcharchives.com/t/s?1352

Five-Month Transition Period ended May 31, 2005:   

         http://researcharchives.com/t/s?1351

                          *     *     *

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The  
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.

                        Going Concern Doubt

Kabani & Company, Inc., in Los Angeles, Calif., raised
substantial doubt about The Hartcourt Companies, Inc.'s ability
to continue as a going concern after auditing their consolidated
financial statements for the year ended May 31, 2006.  The
auditor pointed to the company's negative cash flow from
operations and accumulated deficiencies.


IMPRESS OFFSET: Annual and Final Meetings Fixed on November 8
-------------------------------------------------------------
The annual and final meetings of the members and creditors of
Impress Offset Printing Factory Ltd, which is in creditors'
voluntary liquidation, will be held on November 8, 2006, 9:30
a.m., at Room 701, Hong Kong House, 17-19 Wellington Street,
Central, Hong Kong.

At the meeting, Liquidator Kenny King Ching Tam will show the
accounts of the company's wind-up and property disposal
activities.

IN-WORK INTERNATIONAL: Enters Voluntary Liquidation
---------------------------------------------------
The members of In-Work International (2003) Ltd met on October
6, 2006, and agreed that the company should wind up its
operations voluntarily.

Li Kam Fai Dominic was consequently appointed as liquidator.

The Liquidator can be reached at:

         Li Kam Fai Dominic
         Rooms 2107-8, Kai Tak Commercial Bldg
         317-319 Des Voeux Road, Central
         Hong Kong


INTERBREW ZHEJIANG: Sole Member Opt to Liquidate Business
---------------------------------------------------------
The sole member of Interbrew Zhejiang Holding Ltd on Sept. 29,
2006, passed a special resolution to voluntarily liquidate the
company's business.

In this regard, Ying Hing Chiu and Chung Miu Yin Diana were
appointed as joint and several liquidators.

The Liquidator can be reached at:

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


INVERNESS MEDICAL: Moody's Junks Senior Subord. Bond's Ratings
--------------------------------------------------------------
Moody's Investors Service upgraded Inverness Medical
Innovations, Inc.'s corporate family rating to B2 from B3.  
Additionally, Moody's upgraded the company's Probability of
Default rating to B2 from B3, the rating on its senior
subordinated notes to Caa1 from Caa2, and revised the rating
outlook to stable from negative.

Upgrades:

Issuer: Inverness Medical Innovations, Inc.

   * Corporate Family Rating, Upgraded to B2 from B3
   * Senior Subordinated Regular Bond, Upgraded to Caa1 from
     Caa2

Outlook Actions:

Issuer: Inverness Medical Innovations, Inc.

   * Outlook, Changed To Stable From Negative

The rating upgrades primarily reflect Inverness' reduced
leveraged and Moody's view that the company's financial
performance will likely improve over the rating horizon.  

Moody's notes that Inverness has accessed the equity markets
successfully and has used net proceeds, in part, to reduce debt
and improve liquidity.  Inverness' liquidity currently appears
solid -- though such liquidity could be fleeting given the
company's penchant for acquisitions.  Moody's expect Inverness
will fund working capital and capital expenditures through
operating cash flow and note that the company could divest its
Nutritionals business in the event of constrained liquidity.
Subsequent to the company's August 2006 issuance of common stock
via a private placement, Moody's believes that Inverness reduced
its revolver balances.  Moody's believe Inverness has
substantial revolver availability of approximately US$110
million.

Moody's believe that margins and cash flow generation will
continue to improve, particularly as the company shifts
production to its new, low-cost ABON production facility.  
Moody's expects that gross margins could improve to over 44% by
the end of 2008, which is in line with the mid-forties gross
margin that Moody's had anticipated when we first rated the
company in January 2004, and an improvement over the levels that
we had expected when we downgraded the corporate family rating
to B3 in July 2005.

The ongoing Securities and Exchange Commission investigation in
connection with revenue recognition issues at one of the
company's subsidiaries negatively affects the rating.  While
Moody's does not believe that the investigation will have a
material impact on Inverness, the uncertainty as to timing and
the SEC's ultimate conclusion weighs on credit risk.  Moody's
takes comfort that the company's independent auditors have
opined that the restated financials present fairly, in all
material respects, Inverness' consolidated financial position as
of December 31, 2005, 2004 and 2003 and the results of
operations for each of those years then ended.

Improved operating margins above 10%, coupled with operating
cash flow-to-debt and free cash flow-to-debt metrics above 15%
and 10%, respectively, could trigger a rating upgrade.  
Additionally, an improvement in interest coverage above 2 times,
in conjunction with the aforementioned margin and cash flow
metric improvements would further support upward rating
pressure.  A finalized joint venture agreement with Procter &
Gamble could also cause Moody's to upgrade the ratings.

Moody's could downgrade the B2 corporate family rating if it
becomes apparent that margin improvement, and consequently cash
flow improvement, will be materially below our expectations.  
More specifically, Moody's could downgrade the rating if
interest coverage falls below 1.5x and operating cash flow to
total debt dips below 10% for an extended period.

                          *     *     *

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. -- http://www.invernessmedical.com/-- makes diagnostic  
products including home pregnancy tests and fertility monitors.

The company also manufactures consumer vitamins and nutritional
products.

The company has offices in Australia, Canada, China, Germany,
Japan, and the United Kingdom, among others.


JACUZZI BRANDS: Apollo Merger Cues S&P to Put Ratings on Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B+' corporate credit rating, on Jacuzzi Brands Inc. on
CreditWatch with negative implications.  

The rating action followed Jacuzzi's announcement that it signed
a definitive merger agreement with to be acquired by Apollo
Management L.P.  The transaction will be financed through a
combination of debt and equity valued at US$1.25 billion.  
Furthermore, Apollo plans to transfer Jacuzzi's plumbing segment
to Rexnord Corp. (B/Stable/--), an Apollo portfolio company.

"We view this transaction as a negative for credit quality,"
Standard & Poor's credit analyst John Kennedy said.  
"Acquisitions by privately equity firms, such as Apollo, usually
lead to an increase in debt leverage at the acquired company and
could lead us to lower the ratings."

Jacuzzi had total debt, including capitalized operating leases,
of US$432 million at June 30, 2006, with total debt to last-12-
month EBITDA of 3.2x.

"We also view negatively Apollo's intent to separate the bath
and spa business from the plumbing business, as this would
reduce Jacuzzi's business diversity and increase its business
risk," Mr. Kennedy said.

Standard & Poor's expects to resolve the CreditWatch after more
details are disclosed regarding the transaction's financing
structure as well as the ultimate corporate structure.  The
transaction is subject to some closing conditions, including
approval from shareholders and certain regulators.

The company has an engineering and sourcing center in Zhuhai,
China.


JIK SING: Members Resolve to Wind Up Firm
-----------------------------------------
The members of Jik Sing Company Ltd held an extraordinary
general meeting on September 28, 2006, and resolved to
voluntarily wind up the company's operations.

Subsequently, Lau Vui Cheong was appointed as liquidator.

The Liquidator can be reached at:

         Lau Vui Cheong
         7/F, Hong Kong Trade Centre
         161-167 Des Voeux Road, Central
         Hong Kong


MIZUHO CORPORATE: Joint Liquidators Steps Aside
-----------------------------------------------
In a final meeting of the members of Mizuho Corporate Asia (HK)
Ltd on September 28, 2006, Gabriel CK Tam and Jacky CW Muk
ceased to act as joint and several liquidators of the company.

In that meeting, the former Liquidators reported on the
company's wind-up proceedings including the manner its
properties were disposed of.

The former Liquidators can be reached at:

         Gabriel CK Tam
         Jacky CW Muk
         KPMG
         8/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


NEW CHINA INVESTMENTS: Final Meeting Slated for November 6
----------------------------------------------------------
The New China Hong Kong 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 12:00 p.m. and
12:30 p.m. respectively.

During the meeting, Liquidator James Wardell will present an
account of the company's wind-up and property disposal
exercises.


NEW CHINA NOMINEES: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
Members and creditors of The New China Hong Kong Nominees Ltd,
which is in creditors' voluntary liquidation, will hear
Liquidator James Wardell's report on the company's wind-up and
property disposal exercises.

The report will be presented at Room 1601-02, 16th Floor, One
Hysan Avenue, Causeway Bay, Hong Kong on November 6, 2006, at
10:00 a.m. and 10:30 a.m., respectively.


NG CHEONG: Placed Under Voluntary Liquidation
---------------------------------------------
At an extraordinary general meeting of Ng Cheong Investment
Company Ltd on September 28, 2006, members passed a special
resolution to voluntarily wind up the company's operations.

In this regard, Lau Vui Cheong was appointed as liquidator.

The Liquidator can be reached at:

         Lau Vui Cheong
         7/F, Hong Kong Trade Centre
         161-167 Des Voeux Road, Central
         Hong Kong


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.

                        *    *    *

Standard & Poor's said on July 17 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 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 Oct. 7, Reuters reports.

As reported in the Troubled Company Reporter-Latin America on
Oct. 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 Oct. 7.   
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 be 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 Nov. 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.

                        *    *    *

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


PILLAR EDUCATION: Court Orders Operations' Wind Up
--------------------------------------------------
The High Court of Hong Kong on September 27, 2006, ordered
Pillar Education Foundation Ltd to wind up its operations.

According to the Troubled Company Reporter - Asia Pacific, So
Ping Cheung presented the petition with the Court on July 28,
2006.


PROTAN PLAZA: Commences Wind-Up of Operations
---------------------------------------------
Shareholders of Protan Plaza Ltd held an extraordinary general
meeting on September 29, 2006, and decided to wind up the
company's operations.

Leung Moon Chuen and Wong Kai Wing were consequently appointed
as joint and several liquidators.

The Joint Liquidators can be reached at:

         Leung Moon Chuen
         Wong Kai Wing
         Room 1503 World Wide House
         19 Des Voeux Road, Central
         Hong Kong


SUPER DATA: Members Agree to Wind Up Operations
-----------------------------------------------
At an adjourned extraordinary general meeting of Super Data Ltd
held on October 3, 2006, members resolved to voluntarily wind up
the company's operations and appoint Ho Wai Ip as liquidator.

The Liquidator can be reached at:

         Ho Wai Ip
         Certified Public Accountant
         Room 1903, 19/F., World-Wide House
         19 Des Voeux Road, Central
         Hong Kong


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

EASTMAN KODAK: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Hardware sector, the rating
agency confirmed its B1 Corporate Family Rating for
Eastman Kodak Company.  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 Notes due 2013,
   Unsecured                    B2    B2     LGD5      73%

   US$3.1 million
   Senior Term Note
   Debenture due 2018,
   Unsecured                    B2    B2     LGD5      73%

   US$575 million
   Convertible Senior
   Notes due 2033,
   Unsecured, B2                B2    B2     LGD5      73%

   US$250 million
   Senior Medium Term
   Notes due 2008,
   Unsecured, B2                B2    B2     LGD5      73%

   US$10.28 million
   Senior Notes due 2021,
   Unsecured B2                 B2    B2     LGD5      73%

   US$1.2 billion
   Senior Secured
   Term Loan B due 2012        Ba3    Ba3    LGD2      29%

   US$500 million
   Senior Secured Delayed
   Draw Term Loan due 2012     Ba3    Ba3    LGD2      29%

   US$1000 million 5 Yr.
   Revolving Credit Facility
   Secured                     Ba3    Ba3    LGD2      29%

    * Ratings may be under review.

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

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

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

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging   
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in the Asia-Pacific region, including
in India, Japan, Korea, Malasia, New Zealand, Philippines,
Singapore, Taiwan and Thailand.


EASTMAN KODAK: Names Frank Sklarsky as Chief Financial Officer
--------------------------------------------------------------
Eastman Kodak Company has named Frank S. Sklarsky to succeed
Robert H. Brust as the company's chief financial officer.

Sklarsky, 49, is Executive Vice President and CFO of ConAgra
Foods Inc.  He will join Kodak on Oct. 30 as Executive Vice
President, and will become the CFO effective Nov. 13, subsequent
to the company's filing of its Third-Quarter Form 10-Q with the
Securities and Exchange Commission.  Sklarsky will report to
Kodak Chairman and Chief Executive Officer Antonio M. Perez.

Brust, 63, announced in January his intention to retire on
February 1, 2007.  During this interim, he will remain with the
company as an Executive Vice President, and will assist Sklarsky
in his transition.

At ConAgra, one of North America's leading packaged food
companies, Sklarsky implemented a new financial organization,
significantly strengthened the balance sheet, and played a major
role in building credibility with the investment community.  He
also helped expand profit margins at the US$14 billion company.
Prior to ConAgra, which he joined as CFO in 2004, Sklarsky was a
senior financial executive at DaimlerChrysler and Dell Inc.  In
his 26-year career, he has developed a reputation for improving
the financial operations, as well as the overall financial
performance, of the companies he has served.

At Kodak, as with ConAgra, Sklarsky will be responsible for
worldwide financial operations, including Financial Reporting
and Analysis, Treasury, Audit, Controllership, Tax, and Investor
Relations.  Sklarsky also will have responsibility for
Information Technology functions, Purchasing and Global Shared
Services.

"Frank is exactly the right CFO at this moment in Kodak's
historic transformation," Perez said.  "Frank was a key player
in the financial and operational improvements achieved by
ConAgra, as he was at DaimlerChrysler and Dell.  He understands
the challenges of large, complex companies that are going
through great change, and he also understands the speed and
urgency demanded by digital markets.  I am confident that Frank
will build on the significant contributions of Bob Brust as we
work together to extend Kodak's leadership in digital markets."

Sklarsky, a native of Buffalo, New York, is a 1978 graduate of
the Rochester Institute of Technology.  He received an MBA from
Harvard Business School in 1983.

"I am thrilled to be joining the company at this exciting time
in its transformation," Sklarsky said.  "I was attracted to
Kodak's innovative portfolio of commercial and consumer imaging
products, all of which contribute to making life richer and more
enjoyable for our customers.  The combination of a global iconic
brand and powerful intellectual property further positions Kodak
to achieve sustained success in digital markets.  The company
has significant opportunities to achieve margin expansion in
those markets, and I consider it a privilege to be given the
responsibility to help pursue those opportunities with Antonio
and the world-class team he has assembled."

Sklarsky was recruited by ConAgra in late 2004 from
DaimlerChrysler, where he was Vice President, Product Finance, a
position he held between 2001 and 2004.  Prior to that, he spent
more than one year as Vice President, Corporate Finance, and
Vice President of Dell's US$5 billion consumer business.  
Sklarsky left Dell when DaimlerChrysler recruited him back to
assist with the company's turnaround efforts.

Sklarsky first joined DaimlerChrysler in 1983, and held a series
of increasingly responsible finance positions before leaving for
Dell in 2000.  At the time of his departure for Dell, he was
DaimlerChrysler's Vice President, Corporate Financial
Activities.  He also had financial responsibility for
procurement, product quality, cost management and worldwide
manufacturing during his tenure.

Prior to DaimlerChrysler, Sklarsky, a certified public
accountant, served as a Senior Accountant at Ernst & Young
International from 1978 to 1981.

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging   
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in the Asia-Pacific region, including
in India, Japan, Korea, Malasia, New Zealand, Philippines,
Singapore, Taiwan and Thailand.

                          *     *     *

Moody's Investors Service placed Eastman Kodak Company on review
for possible downgrade.  Ratings under review include the
Company's B1 Corporate Family Rating; B2 Senior Unsecured
Rating; and Ba3 rating on the Senior Secured Credit Facilities.

Moody's review continues to focus on the company's potential
sale of the Kodak Health Group as well as the fundamental
operating performance of the company.

Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


ICICI BANK: To Provide INR4-Crore Funding to WaterHealth Int'l
--------------------------------------------------------------
WaterHealth International, Inc., announced on October 10, 2006,
ICICI Bank's funding commitment for WHI's development of
community water facilities in rural India.

In the initial tranche of funding, ICICI Bank committed INR40
million (approximately US$865,000) to WaterHealth India Pvt.
Ltd., WHI's subsidiary, in a commercial loan facility.

"Providing clean and safe water in underserved areas of the
world in a sustainable way is an unparalleled challenge in the
fight against waterborne diseases," said WHI CEO Dr. Tralance
Addy.  "WaterHealth International offers an affordable
commercial solution to this problem, and we are pleased that
ICICI Bank embraces our business model and has decided to
support our expanding efforts in India."

"WaterHealth International has devised a business solution for
providing the poorest communities with clean water," said
Nachiket Mor, ICICI Bank Deputy Managing Director.  "ICICI Bank
is pleased to finance this initiative, which we believe can be
commercially successful while providing clean water at
affordable prices in rural India."

WaterHealth International, Inc. provides innovative business
solutions to one of the world's most desperate health crises,
the lack of safe, clean and affordable water for the billions of
people who have little or no access to it.  WHI's award-winning
water purification and disinfection technology, combined with
creative and unique business approaches, enable the delivery of
highly affordable, clean water to even the most remote and
underserved communities.  WHI invests in health and hygiene
education programs as part of its normal business practices to
combat waterborne diseases in the communities it serves.  WHI's
Web site is http://www.waterhealth.com/

                       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.


ICICI BANK: Plans to Launch More Remittance Products
----------------------------------------------------
With the robust performance of its remittance business, ICICI
Bank Limited plans to introduce various products in the segment
before the end of this fiscal year, Press Trust of India,
reports.

PTI quoted ICICI Bank officer, Manish Misra as saying, " We have
a few innovatively-structured products tailor-made for the
remittances market in the pipeline slated for launch before
March 2007."

Furthermore, the Bank officer told PTI that the new products
will:

   -- be market-specific;

   -- possess a plethora of innovative features that will make
      the modes of disbursing and accepting funds very easy; and

   -- focus on end-beneficiaries who do not have an account with
      us as also on the hitherto unbanked segments.

The Bank's other plans include exploring alliance possibilities
with overseas banks.  It is actually currently in talks with
other foreign banks and have even put up six tie-ups, Mr. Mira
added.  

                        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.


IFCI LTD: Given 2,74,430 Preference Shares in Dhampur Sugar
-----------------------------------------------------------
In a filing with the Bombay Stock Exchange, Dhampur Sugar Mills
Ltd disclosed that it has allotted 2,74,430, 0.01% Compulsorily
Convertible Preference Shares to IFCI Ltd.

The CCPS allotment is pursuant to a resolution by the Board of
Directors at a meeting held on September 12, 2006.

                       About IFCI Limited

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

                          *     *     *

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

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


INDIAN OIL: Discloses Outcome of 47th Annual General Meeting
------------------------------------------------------------
The Indian Oil Corporation Ltd held its 47th Annual General
Meeting on September 22, 2006.

During the meeting, the members have agreed to, among others:

   1. the adoption of the company's Audited Balance Sheet as of
      March 31, 2006, and the Profit & Loss Account for the year
      ended on that date, together with Directors' and Auditors'
      related reports and the comments of the Comptroller and
      Auditor General of India and the replies;

   2. the declaration of dividend at the rate of 125% on the
      paid-up capital of the company for the financial year
      ended March 31, 2006;

   3. the re-appointment of Shri P M Sinha, Shri R S Sharma,
      Shri A M Uplenchwar and Prof. S K Barua as directors of
      the company; and

   4. the appointment of Shri Anil Razdan and Shri G C Daga as
      directors of the corporation, liable to retire by
      rotation.

Also during the meeting, the Chairman said that the company had
received an application from one of the shareholders, Shri
Ramjilal Choudhary, offering himself as a candidate for the
office of the Director pursuant to Section 257 of the Companies
Act.  Since the shareholder who was also the proposer was not
present at the meeting, the Chairman declared that the item is
withdrawn.

                   About Indian Oil Corporation

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

                          *     *      *

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

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


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

PERUSAHAAN LISTRIK: Raises US$1 Bil. in Oversubscribed Bond Sale
----------------------------------------------------------------
PT Perusahaan Listrik Negara sold US$1 billion of bonds after
getting US$6 billion in bids in Indonesia's biggest corporate
debt sale overseas, Denise Kee of Bloomberg News reports, citing
a person familiar with the transaction.

According to the report, PLN sold US$450 million of five-year
bonds priced at a yield of 7.4%, lower than the guidance of 7.5%
to 7.75% that was earlier provided to investors.

In addition, PLN sold US$550 million of 10-year bonds at a yield
of 7.9%, lower than the 8% to 8.25% guidance, Bloomberg notes.

The 10-year bonds offered a yield that is about 144 basis points
more than similar-maturity government bonds, Bloomberg says.  
More than 70% of the bonds were bought by bond funds, with less
than 15% going to banks.  The Indonesian sovereign bonds
maturing March 2017 are yielding 6.458% as of Oct. 11.  A basis
point is 0.01 percentage point.

UBS AG, Switzerland's largest bank, and Jakarta-based PT
Danareksa Sekuritas were hired to arrange the sale and sold
about 70% of the bonds to investors in Europe and the United
States, Ms. Kee says.  More than 250 investors bought the bonds.

Finance Asia specifically states that by geography, the five-
year notes are said to have been split thus: 30% Asia, 40%
United States and 30% Europe.  With 79% of the bonds being
bought by fund managers, 12% by banks, 5% by insurers, 3% by
retail and 1% by others.  The ten-year tranche had the same
geographic slit, with 77% of the notes going to fund managers,
15% to banks, 5% to insurers, 1% to retail and 2% going to
others.

The proceeds from the sale will help to finance PLN's
US$18 billion capital expenditure plans over the next four
years, Finance Asia says.  Furthermore, the report cites PLN as
stating on the roadshows that it has a US$1.65 billion
requirement of immediate financing to fulfill its fast-track
generator building programme.  So this deal goes some way to
establishing a precedent for a recurrent borrowing plan.

Listrik Negara's bonds are rated BB- by Standard & Poor's, three
steps below investment grade.  Moody's Investor Service rated
the debt as B1, the fourth highest non-investment grade, the
same rating as Indonesia's sovereign debt.
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity  
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted a
IDR4.92-trillion net loss in 2005, against a net loss of
IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Oct. 5,
2006, that Moody's Investors Service has assigned a B1 senior
unsecured rating to PT Perusahaan Listrik Negara's proposed U.S.
dollar bond issuance.  At the same time, Moody's has assigned
its B1 corporate family rating to PLN.  The rating outlook is
stable.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.


* Indonesia to Swap 2007-2009 Bonds with 14-Year Paper
------------------------------------------------------
Indonesia will swap government rupiah bonds maturing in 2007-
2009 with longer term paper on October 17, 2006, as part of
efforts to smooth out repayment schedules, Reuters reports,
citing a finance ministry official.

The finance ministry's debt management unit head, Rahmat
Waluyanto, told Reuters that investors will be able to switch
bonds maturing between 2007-2009 into 14-year paper debt
maturing in 2020.

According to the report, the Government has recently stepped up
efforts to ease the cost of servicing its debt burden, which is
expected to peak in the next three years, partly by taking
advantage of strong foreign demand for the bonds.

Foreign investors have bought a substantial amount of Indonesian
government bonds this year, attracted by one of Asia's highest
bond yields and the prospect of lower domestic interest rates.

Rating agencies, however, still rate Indonesian bonds below
investment grade, or junk status, Reuters notes.

                          *     *     *

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

Fitch gave Indonesia a BB- long-term foreign currency rating.
Indonesia carries Moody's 'B1' rating.


* Indonesia Expects Ratings Upgrade After IMF Payback
-----------------------------------------------------
Indonesia hopes that its early payment of its remaining
US$3.2 billion debt to the International Monetary Fund will
improve its sovereign credit ratings, which remain below
investment grade, Reuters reports, citing the central bank.

The central bank, Bank Indonesia, also said that it has cleared
its debt to the IMF effective on October 12, 2006.  Reuters
notes that the loans were originally due by 2010.

"We hope that the settlement of this debt will increase investor
confidence in us and that we hope will be followed by a better
rating and a lowering in country risk," the central bank said in
a statement.

According to Reuters, the IMF led a multi-billion dollar loan
package to help Indonesia weather the Asian financial crisis of
the late 1990s, which hit the country hard.

As reported in the Troubled Company Reporter - Asia Pacific on
August 17, 2006, pursuant to the Indonesian Government's
original repayment schedule, the final repayment was slated in
December 2010 on a credit line worth US$11.1 billion extended by
the IMF in August 1998, after the Asian financial crisis, and
was later extended in February 2000 on an extended fund
facility.

The central bank had forecast the country's foreign exchange
reserves would be US$43 billion at the end of this year, against
US$42.35 billion at the end of September, Reuters says.  The
bank, however, said the US$3.2 billion payment would cut the
year-end figure to around US$39 billion, which it said was
comfortable enough to cover the country's import needs for more
than four months as well for foreign debt repayments.

                          *     *     *

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

Fitch gave Indonesia a BB- long-term foreign currency rating.
Indonesia carries Moody's 'B1' rating.


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

ALL NIPPON AIRWAYS: Launches ANA CARD
-------------------------------------
All Nippon Airways Co., Ltd., will become the first non-Chinese
airline to issue a credit card in China on October 18, 2006,
TradingMarkets.Com reports.

Through collaborations with China Merchant Bank and Prestige
International, the company will provide the ANA Card China, a
VISA Gold card that allows ANA Mileage Club members residing in
China to make and settle payments using local currency and
accrue mileage for every purchase they make, among other
benefits.  Annual membership costs CNY650 for the main
cardholder and CNY350 for each additional family member.

ANA Card China is the third ANA Card to be issued outside Japan,
following similar cards in the United States and Hong Kong.

Customers who successfully apply for ANA Card China before
March 31, 2007, will receive 5,000 bonus miles, which can be
used by the main cardholder only.  Main cardholders will also
receive an additional 5,000 miles for the first ANA flight taken
between China and Japan between the opening date for ANA Card
China applications and March 31, 2007.

Application forms can be found at all ANA branches and airport
counters in China.  Customers may also contact the ANA Card
China Service Centre on: (China) 800-820-0896, or at
http://www.anacardchina.com

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

As reported in the Troubled Company Reporter - Asia Pacific on
May 30, 2006, Moody's Investors Service has upgraded to Ba1 from
Ba3 the senior unsecured debt ratings of All Nippon Airways Co.,
Ltd.  The rating action concludes the review initiated on
March 3, 2006.  The rating outlook is stable.

The TCR-AP reported on May 3, 2006, that Standard & Poor's
Ratings Services revised its outlook on the BB- long-term
corporate credit rating on All Nippon Airways to positive from
stable, reflecting the company's improved earnings and
expectations for stable profitability, thanks to cost reductions
efforts as well as a stronger competitive position.

Standard & Poor's also affirmed its long-term corporate credit
and senior unsecured debt ratings on the company.

Fitch Ratings on the other hand, gave All Nippon Airways a 'BB+'
rating.


CNET NETWORKS: Names Neil Ashe as New Chief Executive Officer
-------------------------------------------------------------
CNET Networks, Inc. disclosed that its Board of Directors has
unanimously appointed Neil Ashe as the company's new chief
executive officer and director effective immediately.  Co-
founder and chief executive officer Shelby Bonnie has resigned
as chairman and CEO.

The company also said that Jarl Mohn has been named non-
executive chairman of CNET Networks' Board of Directors.  Mr.
Mohn has extensive experience in the media and technology
industries.

Mr. Mohn has previously served as president and chief executive
officer of Liberty Digital, Inc., founding president and CEO of
E! Entertainment Television, and executive vice president and
general manager of MTV and VH1.

"CNET Networks is known for building world class brands for
people and the things they are passionate about.  It's been an
honor to work with Shelby as we have grown the company from its
technology roots and moved into new categories like
Entertainment, Food and Parenting," said Neil Ashe.  "CNET
Networks is a different kind of media company and we are
committed to continuing to be pioneers in interactive content.  
We have been and will be innovators, and together with my
colleagues worldwide, I am confident about what we can
accomplish.  Innovation is part of our DNA and will be
fundamental to our success moving forward."

Jarl Mohn, the newly appointed chairman of the Board, said,
"Neil has been instrumental in CNET Networks' growth and success
over the past few years both as head of corporate strategy and
development and through the operation of several business units.  
This announcement marks the successful completion of the Board's
succession planning started more than 18 months ago.  Neil's
broad-based expertise in all facets of the business, together
with his outstanding management and leadership skills, are
valuable assets that will serve our company well as we continue
to expand CNET Networks."

"I am confident under Neil's leadership CNET Networks will
continue to play an important role in the evolving media
landscape" said Shelby Bonnie.  "He will build upon the
company's legacy and take it to new heights."

Since joining CNET Networks in 2002, Mr. Ashe has led the
company's content expansion strategy, including numerous
acquisitions to develop its existing products and expand into
new categories which attract new audience and customer segments.  
His day-to-day responsibility for the Community and Lifestyle,
International, Channel, and Business divisions has resulted in
new product development, audience growth and revenue streams for
the company.

Prior to joining CNET Networks, Mr. Ashe founded and served as
chief executive officer of several start-up companies and held
senior positions in private equity and investment banking.  Mr.
Ashe holds an MBA from Harvard Business School and a BS from
Georgetown University.

                       About CNET Networks

CNET Networks, Inc. (Nasdaq: CNET) --
http://www.cnetnetworks.com/-- is an interactive media company  
that builds brands for people and the things they are passionate
about, such as gaming, music, entertainment, technology,
business, food, and parenting.  The company's leading brands
include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet
and TechRepublic. Founded in 1993, CNET Networks has a strong
presence in the US, Asia and Europe.

The company has locations in Japan, China, Korea, Australia,
Germany and France, among others.

                          *     *     *

CNET Networks received a notice from the trustee under the
indenture governing the company's US$125 million aggregate
principal amount of 0.75% Convertible Senior Notes due 2024,
stating that the company is in default of its covenant to file
its Form 10-Q with the trustee within fifteen days after it is
required to be filed with the SEC.  

If the default is not cured within 60 days, the bonds may be
accelerated by the holders of 25% outstanding principal amount
or the trustee.  As of June 30, 2006, the company had
approximately US$143.3 million of cash and investments.


CNET NETWORKS: Discloses Findings of Stock Options Probes
---------------------------------------------------------
CNET Networks, Inc. said that a special committee of its Board
of Directors has reported its findings on the company's options
granting practices and procedures to the Board of Directors.

As reported in the Troubled Company Reporter on May 24, 2006,
the company's Board of Directors appointed a special committee
of independent directors to conduct an internal investigation
relating to past option grants, the timing of such grants and
related accounting matters.

The Special Committee consists of two independent members of
CNET Networks' audit committee of the Board of Directors - Peter
Currie and Betsey Nelson, chair of the audit committee.  The
Special Committee was assisted in the investigation by outside
legal counsel Davis Polk & Wardwell and accountants from
Navigant LLC. The Special Committee reviewed and analyzed more
than 700,000 documents and emails, and conducted over thirty
interviews of current and former officers, directors, employees
and advisors to CNET Networks over the last four months.  The
company says that the Special Committee and the company continue
to cooperate with the Securities and Exchange Commission, the
NASD and the United States Attorney's Office for the Northern
District of California.

"The completion of the Special Committee report represents an
important step forward for CNET Networks," said Neil Ashe, the
company's newly elected chief executive officer.  "We are
committed to ensuring that the highest standards of business
conduct, financial reporting and internal controls are
maintained, and we are focused on quickly implementing the
recommendations of the Special Committee.  Under the leadership
of our CFO, George Mazzotta, we look to complete the restatement
of historical financial statements related to past stock option
grants as soon as practicable."

Key findings of the Special Committee's report include:

    * There were deficiencies with the process by which options
      were granted at CNET, including in some instances the
      backdating of option grants, during the period from the
      Company's IPO in 1996 through at least 2003.

    * These deficiencies resulted in accounting errors, which
      the Company has previously announced will result in a
      restatement.

    * A number of executives of the company, including the
      former CFO and the recently resigned CEO, General Counsel
      and SVP of Human Resources, bear varying degrees of
      responsibility for these deficiencies.

    * The report does not conclude that any current employees of
      the company or any recently resigned employees engaged in
      intentional wrongdoing.

    * Since 2003, the company has taken steps to remedy these
      deficiencies through personnel changes and improved
      internal controls.  The Special Committee recommended a
      number of additional remedial measures.

    * The recently resigned executives and the directors who
      received improperly priced options have agreed voluntarily
      to have these options repriced to fair market value on the
      appropriate measurement date.

The Special Committee reported that it believes that the
Compensation Committee relied upon management to establish and
maintain appropriate procedures with respect to stock option
grants.  The report stated that it would have been better
practice if the Compensation Committee had encouraged management
to adopt more rigorous procedures and controls during the 1996-
2003 period.

The company's co-founder and the chairman of the board and chief
executive officer from 2000 to the present, Shelby Bonnie, has
resigned as chairman and CEO but will remain a director.  The
company's general counsel and head of Human Resources have also
resigned.

With regard to Mr. Bonnie, Mr. Jarl Mohn, chairman of the Board
of Directors, commented, "We extend our appreciation to Shelby
for his founding role and many years of service, and for his
willingness to work with the Board and the company in assisting
with this transition.  Shelby's lasting legacy will be the
innumerable positive actions he undertook to make CNET Networks
the successful industry leader it is today."

"I apologize for the option-related problems that happened under
my leadership," said Shelby Bonnie.  "I believe that the company
has come a long way since 2003 in addressing these deficiencies,
but am deeply disappointed it happened nonetheless."

The company and its independent auditors are reviewing the
findings of the Special Committee investigation.  Management
continues to expect that CNET Networks will need to restate its
historical financial statements to record non-cash charges for
compensation expense relating to past stock option grants.  The
company and its independent auditors are reviewing recent
accounting guidance published by the SEC, and have not yet
determined the amount of such charges, the resulting tax and
accounting impact, or which periods may require restatement.

                       About CNET Networks

CNET Networks, Inc. (Nasdaq: CNET) --
http://www.cnetnetworks.com/-- is an interactive media company  
that builds brands for people and the things they are passionate
about, such as gaming, music, entertainment, technology,
business, food, and parenting.  The company's leading brands
include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet
and TechRepublic. Founded in 1993, CNET Networks has a strong
presence in the US, Asia and Europe.

The company has locations in Japan, China, Korea, Australia,
Germany and France, among others.

                          *     *     *

CNET Networks received a notice from the trustee under the
indenture governing the company's US$125 million aggregate
principal amount of 0.75% Convertible Senior Notes due 2024,
stating that the company is in default of its covenant to file
its Form 10-Q with the trustee within fifteen days after it is
required to be filed with the SEC.  

If the default is not cured within 60 days, the bonds may be
accelerated by the holders of 25% outstanding principal amount
or the trustee.  As of June 30, 2006, the company had
approximately US$143.3 million of cash and investments.


CNET NETWORKS: Extends Consent Offering for 0.75% Senior Notes
--------------------------------------------------------------
CNET Networks, Inc. modified and extended its solicitation of
consents for its outstanding US$125.0 million principal amount
of 0.75% Senior Convertible Notes due 2024.  The company also
updated its outlook for it revenues for the third quarter of
2006 and for the full year.

            Modified and Extended Consent Offering

The consent solicitation has been modified to offer holders a
two-year extension of the call protection period so that such
period would end on April 20, 2011 rather than April 20, 2009.  
The offer, which was scheduled to expire midnight, New York City
time, on October 11, 2006, will now expire at midnight, New York
City time, on Wednesday, October 18, 2006.  The solicitation is
being made upon the terms, and is subject to the conditions, set
forth in the company's Consent Solicitation Statement, dated
September 13, 2006, and in the accompanying form of consent, as
amended by the supplement to Consent Solicitation Statement
dated October 11, 2006.  The proposed amendments and waivers
require the consent of holders of 70% of aggregate principal
amount of the notes outstanding.

Requests for additional copies of the Consent Solicitation
Statement, the Letter of Consent or other related documents
should be directed to D.F. King & Co., Inc., the information and
tabulation agent, at (800) 829-6551 (toll-free) or (212) 269-
5550 (collect).  Questions regarding the consent solicitation
should be directed to the Convertibles Sales Department of Banc
of America Securities LLC, the solicitation agent, at 800-654-
1666 (toll-free) or 212-583-8206 (collect).

                       Business Outlook

In April 2006 the company revised its outlook noting several
industry trends in the technology and video game industries.  
These factors continue to impact CNET Networks' business, and
accordingly, the company has further revised its outlook.

    * For the third quarter of 2006, CNET Networks estimates
      total revenues were approximately US$92.8 million.
      Previously, the Company had expected total revenues of
      US$93 million to US$96 million.

    * For the full-year 2006, CNET Networks expects total
      revenues of US$376 million to US$386 million.  Previously,
      the company had expected full year total revenues of
      US$386 million to US$403 million.

                     Form 10-Q Filing Delay

The company will not be in a position to file its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2006 on
a timely basis, pending the completion of its financial
restatements related to its independent investigation of stock
option granting practices and of the requisite audit procedures
by the company's independent registered public accountants.  
Consequently, CNET Networks is not in a position to provide
actual results or guidance regarding operating expense,
operating income, net income or earnings per share.

                      About CNET Networks

CNET Networks, Inc. (Nasdaq: CNET) --
http://www.cnetnetworks.com/-- is an interactive media company  
that builds brands for people and the things they are passionate
about, such as gaming, music, entertainment, technology,
business, food, and parenting.  The company's leading brands
include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet
and TechRepublic. Founded in 1993, CNET Networks has a strong
presence in the United States, Asia and Europe.

The company has locations in Japan, China, Korea, Australia,
Germany and France, among others.

                          *     *     *

CNET Networks received a notice from the trustee under the
indenture governing the company's US$125 million aggregate
principal amount of 0.75% Convertible Senior Notes due 2024,
stating that the company is in default of its covenant to file
its Form 10-Q with the trustee within fifteen days after it is
required to be filed with the SEC.  

If the default is not cured within 60 days, the bonds may be
accelerated by the holders of 25% outstanding principal amount
or the trustee.  As of June 30, 2006, the company had
approximately US$143.3 million of cash and investments.


J. CREW: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------
In connection with Moody's Investors Service's implementation    
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the US and Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for J. Crew
Operating Corporation and its Ba3 rating on the company's US$250
million term loan.  In addition, Moody's assigned an LGD4 rating
to notes, suggesting noteholders will experience a 58% 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%).

J. Crew Group is a nationally recognized retailer of men's and
women's apparel, shoes and accessories.  The company operates
164 retail stores, the J. Crew catalog business, jcrew.com, and
44 factory outlet stores.  There are J. Crew stores in Japan.


KIYO BANK: Absorbs Competitor Wakayama Bank
-------------------------------------------
Kiyo Bank made a fresh start on October 10, 2006, by absorbing
local competitor Wakayama Bank, The Japan Times reports.

The move, according to the report, had given Kiyo Bank a total
of 100 outlets with a 46% share in outstanding loans to
customers in the Wakayama Prefecture.

Kiyo Bank aims to expand lending to small and mid-size
businesses in the prefecture and neighboring areas, and to
increase its net operating profit, or profit from its core
banking business, to more than JPY23 billion by March 2009, The
Times notes.

According to The Times, the profit goal represents
JPY3.2 billion more than the combined profits that the two
predecessors posted in the year that ended March 2006.

The Financial Services Agency approved the merger in September,
along with an injection of JPY31.5 billion in public funds to
the merged bank to bolster its financial standing, The Times
says.

Kiyo Bank, Ltd., headquartered in Wakayama City, is the largest
regional bank in Wakayama Prefecture.  Its total asset size was
around JPY2.8 trillion as of March 2006.

The Troubled Company Reporter - Asia Pacific reported on
September 22, 2006, that Moody's Investors Service affirmed Kiyo
Bank, Ltd.'s E+ bank financial strength rating.

Fitch Ratings also affirmed Kiyo Bank's Individual 'D/E' rating.


L-JAC THREE: S&P Rates JPY71.889-Bil. Trust Certificates
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to L-JAC
Three's JPY70.889 billion trust certificates, classes A to I and
classes X-1 and X-2, due April 2013.  The certificates are
ultimately backed by a pool of seven nonrecourse loans that are
ultimately secured by 17 properties.  The overall loan pool is
essentially divided into two pools, with the constituent loans
grouped into either of the sub-pools according to their
remaining terms.  The class A to C certificates are backed by
both pools, while the remaining classes are backed by one of the
two sub-pools.  The arranger for this transaction is Lehman
Brothers Japan Inc., and the servicer is Capital Servicing Co.
Ltd.

Standard & Poor's ratings address the full and timely payment of
interest and the ultimate repayment of principal by the
transaction's final maturity in 2013 for the class A to F-2
trust certificates, the full payment of interest and ultimate
full repayment of principal by the transaction's final maturity
for the class G-1 to I trust certificates, and the timely
payment of available interest for the interest-only class X-1
and class X-2 certificates.

The ratings are based on:

   -- The quality of the underlying loans that secure the trust
      certificates;

   -- The quality of the underlying properties that secure the
      loans;

   -- Credit support provided by a subordination structure;

   -- Liquidity support provided by an advancing agent; and

   -- The soundness of the transaction's legal structure.

Ratings Assigned:

                                             Over-
                                             Collateralization
Class  Rating  Amount        Coupon Type     Ratio
-----  ------  ------        -----------     -----------------
A      AAA     JPY40 bil.      Floating Rate   43.6%
B      AA      JPY7 bil.       Floating Rate   33.7%
C      A       JPY7 bil.       Floating Rate   23.8%
D-1    BBB     JPY4 bil.       Floating Rate   15.1%
D-2    BBB     JPY3.2 bil.     Floating Rate   11.9%
E-1    BBB-    JPY1.4 bil.     Floating Rate   11.5%
E-2    BBB-    JPY1.0 bil.     Floating Rate   8.8%
F-1    BB+     JPY1.4 bil.     Floating Rate   7.9%
F-2    BB+     JPY1.1 bil.     Floating Rate   5.3%
G-1    BB      JPY1.5 bil.     Floating Rate   4.1%
G-2    BB      JPY1.2 bil.     Floating Rate   1.6%
H-1    BB-     JPY1.0 bil.     Floating Rate   1.5%
H-2    BB-     JPY0.506 bil.   Floating Rate   0.0%
I      B+      JPY0.583 bil.   Floating Rate   0.0%
X-1    AAA     JPY70.889 bil.  N/A             N/A
X-2    AAA     JPY70.889 bil.  N/A             N/A


MITSUBISHI MOTORS: Builds New Research Vehicle for Dev't Project
----------------------------------------------------------------
Mitsubishi Motors Corporation has built a new research vehicle,
the Mitsubishi innovative Electric Vehicle for a next-generation
EV development project.  The electric vehicle will be used for
joint research programmes with power companies that have been
working on the promotion of EVs.  The power companies will
conduct field tests, gather data and evaluate the commercial
viability of the vehicle.  MMC will provide power companies with
EVs and analyze field test data collected by them.

The new research EV is based on MMC's "i" mini-car, and named "i
MiEV".  i MiEV is powered by a compact and lightweight motor and
high-energy density lithium-ion batteries.  After removing the
i's combustion engine mounted on the platform with an original
rear-midship layout, a single motor*2 is mounted in its place.  
i MiEV became electric-powered with few modifications of the
body structure.  In addition to the joint research programmes,
MMC will further improve the components of i MiEV such as the
battery system, motor and EV electronic control unit for the
future commercial application.

MMC will begin joint research with Tokyo Electric Power Company,
and The Chugoku Electric Power Co., Inc., in November 2006 and
with Kyushu Electric Power Co., Ltd., in January 2007.  MMC will
provide each power company with i MiEVs.  By testing i MiEV, the
power companies will evaluate how the vehicle is applied to
their business and how fast-charge infrastructure may be
developed for EVs.

In the autumn of 2007, MMC will begin fleet testing in order to
verify the vehicle's technical capabilities in daily use and to
evaluate the commercial acceptance in collaboration with the
power companies above along with, the Kansai Electric Power Co.,
Ltd., and Hokuriku Electric Power Company. MMC will provide the
power companies with i MiEVs for the fleet tests.  The data
collected from the test of daily use shall be used to assess the
commercial viability of EVs in the market place.

MMC takes environmental concerns seriously. Developing new
environmental technologies and diversification of fuel sources
are MMC's key challenges and the MiEV project is an approach to
these.  MMC is also working on other environmental technologies
such as clean diesel engines and bio-fuel engines.  On the
social side, MMC launched a natural conservation project called
the "Pajero Forest & Local Mountain Restoration Initiative",
which supports conservation and management of Japan's forests.

i MiEV Vehicle Profile

i MiEV is the third EV of MMC's MiEV series.  Based on the i
minicar platform, i MiEV replaces the conventional engine and
fuel tank with a lithium-ion battery system, motor, inverter and
other EV components in the rear-midship layout.

There are two main advantages of the rear-midship layout:
increased cabin space and plenty of space for the EV power
train.  The layout enables the power-train to be placed in front
of the rear axle line, which ensures ample cabin space for
passengers (4-occupant capacity).  It also provides ample space
for battery storage, which could achieve the desired daily
driving range of a number of customers.  An on-board charger
allows the vehicle to be changed ordinary electric outlets.
In addition to the high practical values, i MiEV displays higher
performance levels than the base model in some categories.  For
example, i MiEV shows stronger torque, quieter noise and less
vibration, which are natural advantages of EVs.

*1 "MiEV" encompasses MMC's whole technological concept of
lithium-ion battery, in-wheel motor and other technologies
related to EV, hybrid electric vehicle and fuel cell vehicles.
The MiEV concept is developed from MMC's former concept
"Mitsubishi In-wheel motor Electric Vehicle", referring to a
lithium-ion battery/in-wheel motor-driven vehicle.  MMC
continues to develop in-wheel motor technology.

*2 In this system a single electric motor is coupled to a
reduction gear and differential to drive both rear wheels.

                    About Mitsubishi Motors

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

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

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

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

As reported by the Troubled Company Reporter - Asia Pacific on
August 4, 2006, Rating & Investment Information Inc. has
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.

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


MITSUI LIFE: JCR Affirms BBB Rating on Ability to Pay Claims
------------------------------------------------------------
Japan Credit Rating Agency, Ltd., on October 6, 2006, has
affirmed the BBB/Stable rating on ability to pay insurance
claims of the issuer.  It has also assigned anew a BBB/Stable
rating to senior debts of the issuer.

JCR gave this rationale:

Mitsui Life strengthened capital in both amount and quality,
issuing new shares amounting JPY100 billion privately in
September 2006.  Given the selling-off of the equity securities
in conjunction with the capital increase, the Company's capital
against risk is expected to improve further.  Although the
earnings from the so-called 3rd sector insurance such as
healthcare and nursing care insurance will underpin the overall
earnings level, it is unlikely that the earnings will improve
significantly in the future due to drop in insurance with death
benefit.  JCR believes, however, that the Company will be able
to accumulate earnings to a degree, given lowered probability of
incurrence of large capital loss in the future.  JCR will watch
carefully implementation of its strategy as to whether the
Company can enjoy the benefits of measures to strengthen
operating base such as expansion in channels of sales persons
and expansion in sales of 3rd sector insurance over the
intermediate to long term.

                       About Mitsui Life

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

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

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


SHIMIZU BANK: Fiscal 2006 Records JPY5.73-Billion Net Loss
----------------------------------------------------------
The Shimizu Bank, Ltd., posted a net loss of JPY5.73 billion for
the fiscal year ended March 31, 2006, from a net profit of
JPY2.14 billion in the previous fiscal year.

Total income amounted to JPY33.38 billion.  Total expense,
however, amounted to JPY38.03 billion, including a
JPY12.89-billion other operating expense account.

As of March 31, 2006, the bank's total assets amounted to
JPY1.28 trillion, while total liabilities and total
shareholders' equity amounted to JPY1.21 trillion and
JPY66.53 billion, respectively.

Headquartered in Shizuoka Prefecture, The Shimizu Bank, Ltd. --
http://www.shimizubank.co.jp/-- is a regional bank mainly  
engaged in the banking services. The Bank operates in two
business segments. The Banking segment is engaged in the
provision of general banking services, including deposit
services, loan services, foreign exchange services, securities
trading services, securities investment services, corporation
bond trust and registration services, Internet banking services,
mobile banking services, telephone banking services and other
banking services. The Leasing segment is engaged in the
provision of leasing services.

Fitch Ratings assigned a C/D individual rating to Shimizu Bank
on January 31, 2006.


SNOW BRAND: Moody's Lifts Senior Unsecured Debt Ratings to Ba2
--------------------------------------------------------------  
Moody's Investors Service has upgraded Snow Brand Milk Products
Co., Ltd.'s senior unsecured debt ratings to Ba2 from Ba3.  The
rating outlook is positive.  The rating action reflects Moody's
view that Snow Brand's profitability and cash flow generation
will continue to stabilize and improve as a result of its
ongoing rationalization efforts.  The ratings continue to
incorporate that the senior unsecured bonds are subordinated to
the company's secured bank debt.

Snow Brand underwent a significant restructuring from May 2002
until September 2005 by focusing on core businesses and spinning
off its commercial milk company, which brought around a recovery
of profitability and financial leverage.  By maintaining its
leading market positions in its core and relatively high-profit
products such as butter, margarine and cheese and keeping SG&A
costs moderate, it steadily improved its consolidated operating
margin to 3.3% in FYE3/2006 from 1.2% in FYE3/2004.

Moody's notes that the company has also improved its capital
structure through debt reduction and various other measures.

Snow Brand's main bank, The Norinchukin Bank, has played an
important role in the execution of its restructuring plan and
has provided significant financial support.  Moody's understands
that the company intends to keep strong banking relationships to
further strengthen its credit profile going forward.

At the end of March 2006, approximately 50% of Snow Brand's
outstanding debts were secured -- a significant improvement from
approximately 70% at the end of March 2005.  However, in Moody's
opinion, subordination remains, and the Ba2 ratings incorporate
the subordination issue as before.

Snow Brand's new mid-term business plan, started in October
2005, seeks growth opportunities while maintaining the
companies' conservative financial policy.  Initiatives have
included investing in natural cheese factories in Hokkaido.

Moody's further notes that Snow Brand's ratings continue to
incorporate the challenges that the company may face over the
medium term, such as achieving sustainable sales growth and
strengthening its brand equity by launching higher-value-added
products.  Moody's will continue to assess the progress of its
mid-term business plan, running from October 2005 to March 2009.

Snow Brand Milk Products Co., Ltd., headquartered in Tokyo, is a
leading dairy company in Japan.


SOFTBANK CORP: Founder Pledges Collateral to Refinance Debt
-----------------------------------------------------------
Softbank Corp.'s founder, Masayoshi Son, pledged a record amount
of collateral to refinance US$10.7 billion of debt used in the
acquisition of Vodafone K.K., Bloomberg News reports.

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

Patricia Kuo, of Bloomberg, recounts that Softbank has offered
all of the assets, income and shares of Vodafone K.K. as
security for US$12 billion bonds and loans it plans to sell next
month.

Pursuant to data compiled by Bloomberg, Mr. Son -- whose net
worth is US$7 billion, according to Forbes Asia -- agreed to
provide the security in order for Softbank to be able to repay
the JPY1.28 trillion in short-term financing and to get
investment-grade ratings on the company's debt and cut annual
interest costs by at least 1 percentage point.

Most of Vodafone K.K.'s bonds and loans will be ranked A3 by
Moody's Investors Service and A by Standard & Poors.  The
existing loan doesn't have credit ratings, and Softbank's bonds
are ranked Ba2 by Moody's and BB- by S&P.  Debt rated below Baa3
by Moody's and BBB- by S&P is considered non-investment grade,
or junk.

"We chose this type of asset-backed debt because it enables the
securities to be rated higher than the ratings given to
Softbank," said Jin Nakamura, a Softbank spokesman.  "As a
result we can reduce the interest payments."

Mr. Son also promised creditors that Vodafone K.K. will meet
revenue targets and limit expansion outside the mobile phone
industry, stricter controls than are normal under creditor
agreements, Bloomberg cites Standard & Poors analyst Masahiro
Shidachi as saying.

Vodafone K.K. originally paid interest on the loan of 250 basis
points more than the Tokyo interbank offered rate, a lending
benchmark, Bloomberg notes.  That premium rose to 300 basis
points when Softbank was unable to arrange new financing by the
end of September.  It will increase to 350 basis points unless
the new debt is in place by the end of the year.

Three-month Tibor is about 0.44%.  Each 50 basis-point increase
costs Vodafone K.K. JPY6.4 billion in annual interest payments.
A basis point is 0.01 percentage point.

The biggest part of the new financing is a JPY600-billion loan
that will pay interest at 100 to 150 basis points more than
Tibor, Bloomberg says, citing four bankers arranging the deal,
who declined to be identified.  It also will include a JPY350-
billion loan with an interest margin of 150 to 250 basis points,
the bankers said.

Citigroup Inc., Deutsche Bank and Mizuho Financial Group Inc.
arranged the initial loan with four more banks and are
organizing the refinancing, helped by 15 more firms including
WestLB AG, Calyon and Royal Bank of Scotland Group Plc,
Bloomberg notes.

Vodafone K.K.'s largest bond, a JPY200-billion note due in 2016,
will have a yield premium of 28 basis points over similar-
maturity Japanese government debt, said bankers involved in the
sale.

                   About Softbank Corporation

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

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

                          *     *     *

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

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


YAZAKI INT'L: S&P Whips Long-Term Credit Rating to B+ from BBB-
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Yazaki International Corp. to 'B+'
from 'BBB-' and removed the rating from CreditWatch with
negative implications, where it was placed Aug. 21, 2006,
following Ford Motor Co.'s announcement of sharp fourth quarter
production cuts.

Yazaki's 'A-3' short-term corporate credit rating was withdrawn.
The outlook is negative.

Yazaki, with US$249 million of debt including the present value
of operating leases, is a wholly owned subsidiary of unrated
Yazaki Corp. of Japan.  YC primarily operates a similar, but
larger business outside North America.

"The downgrade reflects the sharp deterioration of Yazaki's
financial and business risk profiles due to high raw material
prices, production cuts by North American automaker customers,
and higher production costs at Mexican facilities," Standard &
Poor's credit analyst Gregg Lemos Stein said.

The downgrade also incorporates Standard & Poor's view that
potential financial support from YC will now be more limited in
scope and scale, given the parent's own less profitable results
which have also been hurt by higher raw material costs.


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

TRIGEM COMPUTER: Sale Plan Abandoned, Back to Court Receivership
----------------------------------------------------------------
TriGem Computer Inc.'s planned sale is scrapped because of a low
bid, Bloomberg News reports, citing the company's e-mailed
statement.

The Troubled Company Reporter - Asia Pacific reported on Oct. 4,
2006, that only Human & Technology Co. submitted a bid for
Trigem's assets.  But negotiations with the lone bidder failed,
reportedly due to disagreements in pricing and labor issues.

According to Bloomberg, citing a MoneyToday article, Human &
Technology and Trigem have already agreed on a price of around
KRW170 billion but the bidder rejected demands to guarantee
employment.  Human & Technology also wanted to cut its offer
price if due diligence reveals that KRW30 billion of receivables
from Trigem would be difficult to collect.

Because of the failed negotiations, Trigem will continue to
restructure under court receivership, Cho Jin-seo of The Korea
Times says.  However, Mr. Cho added, the company is keeping its
door open for future bidders while trying to survive on its own.

                          About TriGem

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

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

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

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


* Korea Remains Intact From the Nuke Test, Vice Minister Says
-------------------------------------------------------------
In a regular press briefing, Vice Minister of Finance and
Economy Bahk Byong-won stressed that the Korean market has
remained intact after a short-term shock affected by North
Korea's announcement on nuclear test.  He also highlighted the
international view that there will not be a direct implication
for Korea's sovereign rating and its outlook, citing
international credit rating agencies and major investors.  Vice
Minister Bahk said the government will be drawing up
countermeasures against all possible situations after closely
monitoring daily movements.  Meantime, he also touched on
developments in economic cooperation with Russia and the
Comprehensive Economic Partnership Agreement negotiations with
India.

I. Domestic Market Movements and Responsive Measures Against
   North Korea's Nuclear Test

1. Major Market Movements

The short-term shock centering on the financial market right
after the North Korea's claim on its nuclear test on October 9
seems to be tapering off gradually.

Stock market plunged temporarily after the nuclear test report.
However, the shocks from the news have eased steadily.

            End-Sept.   Oct. 4    Oct. 9     Oct. 10    Oct. 11
            ---------  --------  --------   --------   --------
KOSPI        1,371.41  1,352.00  1,319.40   1,328.37   1,325.49
KOSDAQ         600.42    587.32    539.10     554.70     555.48

Individual investors who were the most shocked and unsettled at
first as well as foreign and institutional investors began to
regain confidence, which was evidenced by their net buying in
KOSDAQ.

                                   (In KRW100 million)
                               --------------------------------
                               Oct. 9      Oct. 10      Oct. 11
                               ------      -------      -------
   KOSPI
      Individual               -6,019       -1,270         -566
      Foreign Institutional     6,124        1,460          702

   KOSDAQ
      Individual                 -670           37           68
      Foreign Institutional       719           67          -23

The bonds market has not yet been influenced by the nuclear
issue.

            End-Sept.   Oct. 4    Oct. 9     Oct. 10    Oct. 11
            ---------  --------  --------   --------   --------
Three-yr
Treasury
bond             4.57      4.57      4.59       4.58       4.61

The foreign exchange market was unstable on the day of nuclear
test announcement with the surging won/dollar exchange rate.
However, the rate started to decline from October 11.

            End-Sept.   Oct. 4    Oct. 9     Oct. 10    Oct. 11
            ---------  --------  --------   --------   --------
KRW per US$     946.2     949.1     963.9      959.5      958.2

The spread on foreign exchange stabilization bonds and CDS
premium, which reflect international credit standing, slightly
edged up on the announcement day.  However, little changes have
been observed since October 11.

            End-Sept.   Oct. 4    Oct. 9     Oct. 10    Oct. 11
            ---------  --------  --------   --------   --------
Spread on
ForEx
stabilization
(14 yr, bp)        70        69        72         71         70

CDS premium        23        23        28         28         26

Korean depository receipts fell affected by the claimed nuclear
test at first, and now they deploy mixed movements per each
stock.

            End-Sept.   Oct. 4    Oct. 9     Oct. 10    Oct. 11
            ---------  --------  --------   --------   --------
Samsung
Electronic      351.0     350.0     338.0      335.5      332.0

Kookmin Bank     78.0      80.6      76.6       77.9       78.5


Any signs of decrease in foreign direct investment have not been
detected.

In specific, Google, the world's largest Internet search engine,
signed a deal to set up a R&D center in Korea, which suggests
that the nuclear test had little impact on foreign investment.

Oil prices and international raw material prices also showed
little reaction at the report of the nuclear test.

           End-
           Sept.   Oct. 4   Oct. 6   Oct. 9   Oct. 10   Oct. 11
           -----   ------   ------   ------    ------    ------
WTI         63.8     59.5     59.7     59.9      58.5      57.5

Dubai       59.9     55.6     55.6     57.0      56.8      55.6

Reuters
index*   2,034.8  2,030.2  2,056.1  2,058.4   2,052.6   2,051.5


S&P's    "At this stage, I don't think there is a direct
         implication for South Korea's sovereign rating and its
         outlook.

         "S&P will watch for any fallout on South Korea's
         economy, its outlook and capital markets."

Moody's  "There will be no negative consequences on South
Korea's
         credit fundamentals as long as North Korean
geopolitical
         risks remain contained."

Fitch    "Fitch will closely monitor the reactions from the
         international community even though South Korea's
credit
         rating will not be immediately affected by the North's
         announcement."

2. Assessment and Future Measures

The initial shock of the North Korean nuclear test, which was
mostly centered on the Korean financial market, has gradually
tapered off.  The real economy is assessed to have remained
intact thus far.

Meantime, the prospect by the economic players including
households substantially deteriorated right after the North
Korea's announcement of developing nuclear program in October
2002.  Learning from the past experience, the government is of
the view that some short term impact might get materialized
later.

* CSI: 111.6 (Q1 2002); 113 (Q2); 109 (Q3 2002); 98.3 (Oct
2002);  94.1 (Nov 2002)

In particular, the Korean government does not rule out the
possibility that the impact of the nuclear test might become
much more serious in terms of width and depth, depending on the
responses of the UN Security Council and related countries, and
additional actions by the North.

Against such backdrop, the government has launched an emergency
measure team, through which it is closely monitoring the
economic conditions.  Considering all possible situations, the
government is drawing up countermeasures.

In specific, EMT has been empowered and now is headed by the
Vice Minister of Finance and Economy.  EMT makes daily reports
that include daily movements and other particular matters in
detail.

At the moment, providing credit rating agencies and overseas
investors with accurate information on the domestic market
situation is believed to be of utmost importance.  Therefore,
the government is now fully running the e-mail network system
for information dissemination.

Responsive measures in the emergency situation are thoroughly
reviewed and monitored by each EMT subunit.  However, bearing in
mind that announcing a specific measure ahead of market
situation yet to be materialized might agitate the market, the
government will prudently deal with the situation.

In the future, the government will comprehensively review the
developments of domestic and external conditions such as
uncertainties in the global economy and increased risks in
connection with the North Korean nuclear test.  As and when
necessary, the government will reflect related measures
including revised growth prospect in the economic policy
direction to be released in December 2006.

II. Progresses in Economic Cooperation

The 7th meeting of the Korea-Russia joint committee on economy,
scientific and technological cooperation was held in Seoul on
October 12, 2006.  The meeting was attended by 13 Korean
representatives headed by Deputy Prime Minister and Minister of
Finance and Economy, while the Russian team was led by Mr. K. B.
Pulikovsky, the Head of Federal Environmental, Industrial and
Nuclear Supervision Service.  The meeting has paved the
institutional grounds to expand the bilateral economic
cooperation covering a wide array of trade, investment, energy
and resources, transportation, and scientific technology.

The 4th round of Korea-India Comprehensive Economic Partnership
Agreement negotiations was launched on October 10, running
through October 13.  Negotiation with India has witnessed
substantial progress with consolidated texts on most areas
including goods, services and investment being finalized.  This
round of talks will fine-tune the modality of goods concessions.


* Bank of Korea Froze Key Interest Rate Amid North Test Concerns
----------------------------------------------------------------
The Bank of Korea froze its key interest rate on October 12,
2006, for a second consecutive month in October amid concerns
over North Korea's nuclear test, the Korean Government's Web
site states.

The Bank of Korea retained its October 2006 target for the call
rate at 4.5%, two months after boosting the rate to a five-year-
high in August, Korean.net points out.  The call is the interest
charged on overnight inter-bank loans.

The central bank expects economic growth to slow to 4% in the
second half from a year earlier, down from more than a 5%
advance in the first half.


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

ANTAH HOLDINGS: Total Default for Sept. Hits MYR255 Million
-----------------------------------------------------------
In a filing with Bursa Malaysia Securities Berhad, Antah
Holdings Berhad discloses the status of its various credit
facilities in default to financial institutions as of Sept. 30,
2006.

As of September 30, Antah Holdings total default plus interest
owed to credit facilities total MYR255,305,000.  Among the loans
in default is a MYR140,000,000 facility extended by DBS Bank
Ltd., which as of September 30, has an unpaid balance of
MYR120,274,000.

Details of the various credit facilities in default as of
September 30 are available for free at:

   http://bankrupt.com/misc/antah_loan

As previously reported by the Troubled Company Reporter - Asia
Pacific, the company's total default as of August 31, 2006,
stood at MYR252,577,000.

                       About Antah Holdings

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--    
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.  The Group discontinued its
beverage and security services operations.  The Group operates
in Malaysia, Australia, United Kingdom, and Singapore.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR678.492 million and total liabilities of
MYR1.039 billion, resulting into a shareholders' deficit of
MYR361.167 million.


COMSA FARMS: Executive Director Chia Yam Kung Resigns
-----------------------------------------------------
Comsa Farms Berhad informs Bursa Malaysia Securities Berhad  of
the resignation of its executive director, Chia Yam Kung.

Mr. Chia, now 72, was appointed as Comsa Farms Executive
Director on June 8, 1998.  He is one of the founder members of
Comsa Breeding Farms Sdn Bhd and also serves as a Director of
several other private companies.  

Mr. Chia holds 60 ordinary shares and 350,581 warrants of the
company.  

                      About Comsa Farms

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

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


FEDERAL FURNITURE: Court Okays Capital & Share Premium Reduction
----------------------------------------------------------------
The Kuala Lumpur High Court enters an order confirming the
capital reduction and share premium reduction contemplated in
Federal Furniture Holding (M) Berhad's proposed debt
restructuring scheme.

The Proposed Debt Restructuring Scheme was approved by the
Federal Furniture's shareholders at an extraordinary general
meeting on June 30, 2006.

Pursuant to the Restructuring Scheme, Federal Furniture
specifically asked the High Court to reduce:

   -- its capital by cancelling 50 sen from the par value of
      every ordinary share of MYR1.00 in the company; and

   -- the Share Premium Account by MYR10,833,007.  

The High Court granted both.

Upon the completion of the capital reduction, the company's
authorized share capital will be reduced from MYR50,000,000
comprising 50,000,000 ordinary shares of MYR1.00 each to
MYR25,000,000 comprising 50,000,000 ordinary shares of 50 sen
each.  The issued and paid-up share capital will be reduced from
MYR27,681,500 comprising 27,681,500 ordinary shares of MYR1.00
each to MYR13,840,750 comprising MYR27,681,500 ordinary shares
of 50 sen each.

                     About Federal Furniture

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed   
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On July
5, 2006, the Company submitted its Regulkarization Plan to Bursa
Malaysia Securities Berhad for approval.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR145,551,934 and total liabilities of
MYR151,217,536, resulting into a shareholders' deficit of
MYR5,665,602.


METROPLEX BERHAD: Sept. 30 Default Tops MYR1.8 Billion
------------------------------------------------------
Metroplex Berhad informs Bursa Malaysia Securities Berhad that
the company's default in loan facilities extended to it by
various lenders total MYR1,804,056,438 as of September 30, 2006.

A table showing details of the facilities in default is
available for free at:

http://bankrupt.com/misc/MetroplexLoanDefaultSept30.xls

As reported by the Troubled Company Reporter - Asia Pacific, the
company's default as of August 30, 2006, aggregated
MYR1,778,284,117.

The company told the Bourse that it is still in negotiations
with its lenders on a proposed composite scheme of arrangement.  
The company believes the scheme will essentially address the
default in payment.

                  About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the Company will be put into liquidation.

Metroplex Berhad's April 30, 2006 balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.

As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.

As of July 2006, the company's balance sheet showed
MYR1.21 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.


METROPLEX BERHAD: MSEMI's Injunction Hearing Set for Oct. 2
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific previously reported
that the Kuala Lumpur High Court scheduled a hearing on Oct. 10,
2006, to consider Morgan Stanley Emerging Markets Inc.'s
application of injunction against Metroplex Holdings Sdn Bhd,
Metroplex Berhad's subsidiary.

In an update, Metroplex Berhad relates that in the Oct. 10
hearing, the High Court fixed the injunction application hearing
to November 16, 2006.

As TCR-AP said in the report, MSMEI sought the injunction for
the purpose of restraining Metroplex Berhad and Metroplex
Holdings from:

      -- selling or disposing the Legend Hotel, forming part of
         the integrated retail office and hotel development
         commercially known as the Putra Place and erected on a
         piece of freehold land held under No. Hakmilik 10012,
         Lot No.38, Section 51, Bandar Kuala Lumpur, Daerah
         Kuala Lumpur, Negeri Wilayah Persekutuan to Metroplex
         Realty Sdn Bhd or other individuals; and

      -- implementing the proposal for the issuance of bonds
         by MRSB for and behalf of Metroplex Berhad.

During the Oct. 10 hearing, the Court also entered a consent
order allowing Metroplex Berhad or Metroplex Holdings to take
all steps towards the completion of the proposed Legend Hotel
Sale and proposed Bond Issue.  In the event that the company and
the subsidiary intend to complete both proposals on or before
November 16, the Court directs the company to give MSEMI three
working days prior notice of that intention.

                  About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the Company will be put into liquidation.

Metroplex Berhad's April 30, 2006 balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.

As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.

As of July 2006, the company's balance sheet showed
MYR1.21 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.


METROPLEX BERHAD: Wind-Up Petition Hearing Moved to December 14
---------------------------------------------------------------
The Kuala Lumpur High Court adjourns Morgan Stanley Emerging
Markets' wind-up petition hearing against Metroplex Berhad to
December 14, 2006.

Originally, the Wind-Up Petition was originally set for hearing
on Oct. 10.

The Court will also consider on the December 14 hearing:

   -- MSEMI's application for the appointment of a Provisional
      Liquidator for Metroplex; and

   -- Metroplex's application to strike out MSEMI's Winding-Up
      Petition.

                  About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the Company will be put into liquidation.

Metroplex Berhad's April 30, 2006 balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.

As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.

As of July 2006, the company's balance sheet showed
MYR1.21 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.


SS&C TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its B2 Corporate Family Rating for
SS&C Technologies, 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$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2012      B2       Ba3     LGD2       28%

   US$200 Million
   Senior Secured
   First Lien
   due 2013               B2       Ba3     LGD2       28%

   US$205 Million
   Senior
   Subordinated
   Note due 2016         Caa1     Caa1     LGD5       83%

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 Windsor, Connecticut, SS&C Technologies, Inc.
-- http://www.ssctech.com/-- provides software and outsourcing  
solutions for the financial services industry.

The company has international offices in Malaysia, Singapore,
Japan, Australia and the Netherlands, among others.


=====================
N E W   Z E A L A N D
=====================

AUCKLAND ALUMINUM: Court Appoints Joint Liquidators
---------------------------------------------------
The High Court of Auckland appointed Peri Micaela Finnigan and
John Trevor Whittfield as joint and several of Auckland Aluminum
Scaffoldings Services Ltd.

In this regard, the joint liquidators set November 3, 2006, as
the last day for the creditors of the company to submit their
proofs of claim.  Failure to prove their debt will exclude a
creditor from sharing in any distribution the company will make.

The Joint Liquidators can be reached at:

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


CARTER HOLT HARVEY: Fined NZ$900,000 for Mislabeling Timber
-----------------------------------------------------------
Carter Holt Harvey has pleaded guilty of breaching the Fair
Trading Act by selling timber that did not meet the grade
claimed on packaging.

The company was fined NZ$900,000 for 20 breaches of the FTA.

The Commerce Commission is also prosecuting six former or
current Carter Holt Harvey employees, and is considering further
civil proceedings to seek compensation.

Judge Bouchier in the Auckland District Court found that between
July 2000 and November 2003, Carter Holt Harvey sold timber
labeled as MGP10 when it knew the timber did not consistently
meet that grade.

MGP10 -- Machine Graded Pine of a 10 gigapascal grade -- is a
high-strength timber used for trusses and framing in homes and
buildings, which Carter Holt Harvey marketed as a superior and
premium product.

It is estimated that around 20,000 new houses were built with
Laserframe MGP10 supplied by Carter Holt Harvey during the
period.

Carter Holt Harvey's MGP10 sales in the period July 2000 to
November 2003 were approximately NZ$63.4 million annually.
Between August 2001 and November 2003, Carter Holt Harvey
reported net sales revenue of approximately NZ$162.1 million
from sales of MGP10 timber.

In October 2002, the New Zealand Timber Industry Federation
disclosed to the Commission that it had research results that
showed Carter Holt Harvey's timber was not consistently meeting
the MGP10 grade.

Accordingly, in May 2003 the Commission tested three packets of
the timber and confirmed that, on average, it was not meeting
the MGP10 standard.  It then searched the company's mills at
Thames, Putararu, and Nelson, and seized documents, which proved
the company had known about the problem since 2001.

"The Commission considers that this is one of the most important
and most serious Fair Trading cases we have dealt with,"
Commerce Commission Chair Paula Rebstock says.

"Carter Holt Harvey's own internal report shows that since 2001
the company knew its timber was not consistently meeting the
grade, yet they continued to sell it as high-grade MGP10," Ms.
Rebstock says, noting that "to do otherwise would be 'financial
suicide' -- that is what their internal documents reveal."

However, Ms. Rebstock discloses that the Commission has been
advised that use of the timber is unlikely to lead to any safety
issues.  But houses built with the timber may suffer performance
defects like deflections in the roof and squeaky floors," Ms.
Rebstock notes.

                      About Carter Holt

Carter Holt Harvey is described on its company Web site as
"Australasia's leading forest products company, with significant
interests in wood products, pulp, paper and packaging, supported
by forests."

Carter Holt Harvey is now the second largest company in New
Zealand.  The company is New Zealand's largest private forest
owner, with more than 11,000 employees throughout its vertically
integrated businesses.

                         *     *     *

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

The ratings withdrawn were:

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

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

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


CARTER HOLT: Commerce Commission Clears CRBF Assets Acquisition
---------------------------------------------------------------
The Commerce Commission has cleared CRBF Limited to acquire the
shares and assets of a number of Carter Holt Harvey Limited
subsidiaries that hold forestry assets.  The clearance is
subject to a divestment undertaking.

According to Commerce Commission Chair Paula Rebstock, the
proposed acquisition would not have, or would not be likely to
have, the effect of substantially lessening competition in any
of the relevant markets.

The forestry assets include freehold property, non-freehold land
interests, standing timber on that land, plant and equipment,
business contracts, licences and consents.  The forests and
other assets are located in Northland, Auckland, Central North
Island, and Nelson.

A public version of the written decision will shortly be
available on the Commission's Web site --
http://www.comcom.govt.nz/-- under Public Registers.

                           About CRBF

CRBF is a newly created timber investment fund managed by the US
timber investment organization, Global Forest Partners.  GFP
currently advises four investment funds in New Zealand.  These
investment funds own forestry assets in the central North
Island, a 50% share of a joint venture with Carter Holt in
respect of the Mangakahia Forest in Northland, and a 49% share
of a joint venture with Weyerhaeuser Company in respect of
63,000 hectares of forest in the Nelson region.

                      About Global Forrest

Global Forest Partners LP is one of the oldest and largest
timber investment management organizations.  Its direct
predecessor, industry pioneer Resource Investments Inc., was
founded in 1982 and purchased by UBS in 1995.  Global Forrest is
the successor firm to RII and UBS Timber Investors, and was
formed via management buyout from UBS in September 2003.  GFP
currently manages a globally diverse US$1.5 billion portfolio of
closed-end commingled timberfunds and separate accounts on
behalf of institutional and other qualified investors.

                      About Carter Holt

Carter Holt Harvey is described on its company Web site as
"Australasia's leading forest products company, with significant
interests in wood products, pulp, paper and packaging, supported
by forests."

Carter Holt Harvey is now the second largest company in New
Zealand.  The company is New Zealand's largest private forest
owner, with more than 11,000 employees throughout its vertically
integrated businesses.

                         *     *     *

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

The ratings withdrawn were:

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

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

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


DENNY'S CORP: Closes US$62-Mln Property Sale to National Retail
---------------------------------------------------------------
Denny's Corporation has completed and closed the transaction to
sell to National Retail Properties, Inc., certain of its
franchisee-operated Denny's restaurant properties.

As reported in the Troubled Company Reporter on September 15,
2006, the company has entered into an agreement to sell 66
franchisee operated restaurant properties to National Retail
Properties, Inc., a real estate investment trust, for gross
proceeds of approximately US$67 million.

The company disclosed that a total of 60 properties were
included in the closing, for a cash purchase price of
approximately US$62 million.  The sale of up to an additional 6
properties may close, subject to certain conditions, under the
terms of the master purchase agreement for the transaction.

The net cash proceeds of the asset sales have been applied to
reduce the outstanding balance on the company's first lien term
loan.  During the third quarter, the company prepaid
approximately US$80 million on the loan, bringing its total
long-term debt balance down to approximately US$470 million as
of September 27, 2006.

Nelson J. Marchioli, president and chief executive officer,
said, "The completion of this transaction and the resulting debt
reduction are significant milestones in Denny's continuing
efforts to strengthen its balance sheet.  Denny's has endured a
heavy debt burden for many years, which restricted its ability
to grow.  Over the last five years we have successfully reduced
our outstanding debt balances by approximately US$160 million.  
While pleased with this progress, we will continue to pursue
further debt reduction as an effective way to enhance value for
our shareholders.  These actions will ensure greater financial
flexibility to invest in and expand the Denny's brand."

The company also disclosed that it has 13 franchisee-operated
properties remaining for sale.  It expects that it will take up
to twelve months to complete the sales.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation -- http://www.dennys.com/-- is America's largest  
full-service family restaurant chain, consisting of 543 company-
owned units and 1,035 franchised and licensed units, with
operations in New Zealand, the United States, Canada, Costa
Rica, Guam, Mexico, and Puerto Rico.

                         *     *     *

Denny's Corporation's balance sheet at June 28, 2006, showed
US$500.3 million in total assets and US$758.2 million in total
liabilities, resulting in a US$257.9 million stockholders'
deficit.


DT COMPUTERS: Hearing of Liquidation Petition Slated for Oct. 30
----------------------------------------------------------------
A petition to liquidate DT computer Ltd will be heard before the
High Court of Christchurch on October 30, 2006, at 10:00 a.m.

Renaissance Ltd filed the petition with the Court on
September 28, 2006.

The Solicitor for the Petitioner can be reached at:

         Paul Anthony Cowey
         Parry Field, Solicitors
         Fifteenth Floor, Forsyth Barr House
         764 Colombo Street, Christchurch
         New Zealand
         Telephone: (03) 379 4383
         Facsimile: (03) 366 3336


EUPHORIA LIMITED: Creditors Must Prove Debts by October 31
----------------------------------------------------------
On September 29, 2006, shareholders of Euphoria Ltd passed a
resolution appointing Andrew Marchel Oorschort as liquidator.

Subsequently, Mr. Oorschort required the company's creditors to
prove their debts by October 31, 2006, or be excluded from
sharing in any distribution the company will make.

The Liquidator can be reached at:

         Andrew Marchel Oorschort
         Ashton Wheelans & Hegan, Chartered Accountants
         P.O. Box 13-042, Christchurch
         New Zealand
         Telephone: (03) 366 7154


FELTEX CARPETS: Godfrey Hirst Agrees to Retain Feltex CBA
---------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 12, 2006, the National Distribution Union, and
Engineering, Printing and Manufacturing Union had talks with
Godfrey Hirst over the fate of the remaining Feltex staff.

The TCR-AP said the remaining workers are under threat of
reduced terms and conditions under a new collective agreement
with Godfrey Hirst, but the unions were determined to get a
decent deal.

A follow-up report from the New Zealand Press Association
relates that the unions have reached agreement in principle with
Godfrey Hirst to retain Feltex workers' pay and allowances for
North Island mills.

NZPA cites NDU secretary Laila Harre as saying "we have achieved
our objective of maintaining the industry standards that have
been won by generations of Feltex workers."

The discussions with the company were constructive and that the
parties have agreed on the principles that would underpin the
new collective employment agreements.  Ms. Harre says the most
important principle will secure the incomes of workers in these
mills with no reductions in pay and allowances and recognition
of service with Feltex.

However, the New Zealand Herald cites Ms. Harre as noting that a
lot of work still needed to be done on detail, and "the devil is
in the detail."

As noted in the TCR-AP, Feltex's collective agreement is a
benchmark for the industry due to its size and stature.

"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," Ms.
Harre said.  

NZPA notes that the agreement would be put to the 500 NDU and 45
EPMU union members at the remaining Feltex plants in Lower Hutt,
Foxton, Feilding and Dannevirke.

According to stuff.co.nz, Godfrey Hirst announced that
Christchurch and Kakariki Feltex factories would close with a
total loss of 189 jobs as part of the restructuring.

"We will continue to raise the issues of redundancies for the 44
redundant Kakariki workers and soon-to-be redundant 134
Riccarton plant workers.  There is a moral, if not legal
responsibility to these workers," Ms. Harre says.

Godfrey Hirst is keeping Feltex plants at Lower Hutt, Foxton,
Feilding and Dannevirke operating.  Employees at the Auckland
and Wellington sales offices will keep their jobs, NZPA notes.

                          About Feltex

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

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

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

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


GAMESTOP CORP: 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 GameStop
Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$300 million
   Sr. Floating
   Rate Notes           Ba3      B1       LGD4     60%

   US$650 million
   12% Sr. Notes        Ba3      B1       LGD4     60%

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 Grapevine, Texas, GameStop Corporation is a
video game and PC entertainment software specialty retailer.  
After the merger with Electronics Boutique it will operate
approximately 3,979 stores in New Zealand, the U.S., Puerto
Rico, Ireland, Australia, Canada, Denmark, Germany, Guam, Italy,
Norway, and Sweden.


MT. VIEW: Court Sets Date to Hear Liquidation Petition
------------------------------------------------------
The High Court of Christchurch will hear a liquidation petition
filed against Mt. View Holdings Ltd on October 30, 2006, at
10:00 a.m.

Roofline Products Ltd filed the petition with the Court on
September 6, 2006.

The Solicitor for the Petitioner can be reached at:

         Alexander Donald McBeath
         Level Five, Brannigans Building
         186 Gloucester Street (P.O. Box 185)
         Christchurch, New Zealand
         Facsimile: (03) 366 8405


MANUKAU YOUTH: Names Brown and Rodewald as Liquidators
------------------------------------------------------
On October 5, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed joint and several liquidators of Manukau Youth
Resource Service Inc.

The Joint Liquidators can be reached at:

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


PACIFIC COMMUNICATIONS: Appoints Merlo as Liquidator
----------------------------------------------------
The liquidation of Pacific Communications Ltd commenced with the
appointment of Robert Laurie Merlo as the company's official
liquidator on October 6, 2006.

Accordingly, Mr. Merlo required the creditors of the company to
prove their debts by November 6, 2006.  

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

The Troubled Company Reporter - Asia Pacific reported on
October 9, 2006, that the company was facing a liquidation
petition filed by the Commissioner of Inland Revenue on July 25,
2006.  

The Liquidator can be reached at:

         R. L. Merlo
         Merlo Burgess & Co. Limited,
         P.O. Box 51-486, Pakuranga
         Auckland, New Zealand
         Telephone: (09) 520 7101
         Facsimile: (09) 529 1360
         Email: merloburgess&co@xtra.co.nz


POUND AT NITE: Liquidation Petition Hearing Set on Nov. 6
---------------------------------------------------------
A petition to liquidate Pound At Nite Ltd -- trading as Pound
Nightclub -- will be heard before the High Court of Wellington
on November 6, 2006, at 10:00 a.m.

The Mill Liquorsave Ltd filed the petition with the Court on
September 14, 2006.

The Solicitor for the Petitioner can be reached at:

         Dianne Lester
         Credit Consultants Debt Services NZ Limited
         Level Three, 3-9 Church Street
         P.O. Box 213 or D.X. S.X. 10 069, Wellington
         New Zealand
         Telephone: (04) 470 5972


WHITEHART DEVELOPMENTS: Liquidation Hearing Set on October 30
-------------------------------------------------------------
On October 30, 2006, the High Court of Palmerston North will
hear a liquidation petition filed against Whitehart Developments
Ltd.

Plumb-Tech Ltd filed the petition on September 14, 2006.

The solicitor for the Petitioner can be reached at:

         Andru Nicolae Isac
         Offices of Fitzherbert Rowe, Barristers
         Levels 7-8, State Insurance Bldg
         61-75 Rangitikei Street
         Palmerston North, New Zealand


WORLD COMMERCE: Court Sets Date to Hear ABC's Liquidation Bid
-------------------------------------------------------------
On September 21, 2006, Ace Broadcasting Company Ltd filed a
liquidation petition against World Commerce NZ Ltd before the
High Court of Auckland.

The petition will be heard on December 14, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Andrew Todd Franicevic
         Burton & Co, Solicitors
         Level Three, 16 Viaduct Harbour Avenue
         Auckland, New Zealand
         P.O. Box 8889, Symonds Street
         Auckland, New Zealand


YARRAMAN WINERY: Kabani & Company Raises Going Concern Doubt
------------------------------------------------------------
Kabani & Company, Inc., in Los Angeles, Calif., raised
substantial doubt about Yarraman Winery, Inc.'s ability to
continue as a going concern after auditing the Company's
consolidated financial statements for the year ended June 30,
2006.  The auditor pointed to the Company's significant
operating losses and insufficient capital.

For the year ended June 30, 2006, Yarraman Winery reported a
US$1,216,766 comprehensive net loss on US$1,830,151 of net sales
compared with a US$262,923 net loss on US$2,293,354 of net sales
for the same period in fiscal 2005.

At June 30, 2006, the Company's balance sheet showed
US$9,909,698 in total assets, US$7,364,142 in total liabilities,
and US$2,545,556 in total stockholders' equity.

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

             http://ResearchArchives.com/t/s?136c

Yarraman Winery, Inc., formerly known as Dazzling Investments,
Inc., through Yarraman Estate Pty Ltd., its wholly owned
subsidiary in Australia, operates vineyards, and produces and
distributes wine in New Zealand, Australia, U.S., Canada, Hong
Kong, and throughout Europe.


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

ABS-CBN BROADCASTING: Negotiating Possible PHP4.5 Bln Loan
----------------------------------------------------------
In a filing with the Philippine Stock Exchange, ABS-CBN
Broadcasting Corp. confirms reports that it is currently
negotiating with various creditor banks for possible refinancing
of its PHP4.5 billion outstanding debt.

The terms of the refinancing are still being finalized.
Nonetheless, the company is negotiating for a longer debt
repayment period as well as lower interest.

If the refinancing pushes through, ABS-CBN estimates that
PHP1.0 billion in cash would be freed up for various capital
expenditures including investments in digital television
broadcasting in suburban areas.

The company however, notes that the amount of investments in
DTV is still under review as the business plan is being
finalized.

                   About ABS-CBN Broadcasting

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a  
leading Philippine radio and television broadcasting network and
multimedia company.  It was the first television station founded
in the Philippines in 1953.  The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.

ABS-CBN's senior secured debt was given a Ba3 rating by Moody's
Investor Service.


MAIDENFORM BRANDS: Moody's Assigns B1 Corporate Family Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Retail sector, the rating
agency confirmed its B1 Corporate Family Rating for Maidenform
Brands, 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
   ----------           -------  -------  ------   ----------
   Senior secured
   revolver               Ba3      Ba2     LGD2       29%

   Senior secured
   term loan              Ba3      Ba2     LGD2       29%

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%).

Maidenform Brands, Inc. -- http://www.maidenform.com/-- is a  
global intimate apparel company with a portfolio of established
and well-known brands, top-selling products and an iconic
heritage.  Maidenform designs, sources and markets an extensive
range of intimate apparel products, including bras, panties and
shapewear.

During the company's 83-year history, Maidenform has built
strong equity for its brands and established a solid growth
platform through a combination of innovative, first-to-market
designs and creative advertising campaigns focused on increasing
brand awareness with generations of women.  Maidenform sells its
products under some of the most recognized brands in the
intimate apparel industry, including Maidenform(R), Flexees(R),
Lilyette(R), Self Expressions(R), Sweet Nothings(R),
Bodymates(TM), Rendezvous(R) and Subtract(R).  Maidenform
products are currently distributed in 48 foreign countries and
territories, including the Philippines.


RIZAL COMMERCIAL BANKING: Moody's Gives Hybrid Issue a B3 Rating
----------------------------------------------------------------
On October 13, 2006, Moody's Investors Service has assigned a B3
rating to Rizal Commercial Bank Corporation's (RCBC, E+/B1/NP)
proposed issuance of USD-denominated perpetual securities,
callable with a step-up feature in 2016.  The rating outlook is
negative, in line with the outlook on the Philippines' sovereign
ratings.

The rating reflects both the structure of the issuance and
RCBC's moderate financial fundamentals.  Under the terms of the
issuance, the issuer can call the securities after 10 years.

"The interest payments on RCBC's capital notes are non-
cumulative, if deferred, which is typical of many Tier 1
capital-qualifying hybrid security issues," notes May Yan,
Moody's Vice President/Senior Credit Officer.

"If implemented, such provisions, while not legally constituting
a default event, could result in payment terms appreciably
different from those of senior securities," Ms. Yan adds.

"This distinction and the ranking of the securities in
liquidation -- after subordinated debt, but before common shares
-- are reflected in the rating differential between RCBC's
constrained foreign currency long-term deposits and this
particular issuance."

The instrument will have sufficient equity-like features to
allow it to receive Basket "B" treatment (25% equity and 75%
debt) for financial leverage purposes (please refer to Moody's
Rating Methodology "Refinements to Moody's Tool Kit:
Evolutionary, not Revolutionary," February 2005).  The Basket B
allocation is based on these rankings for the three dimensions
of equity:

   1. No Maturity: Weak -- The instrument is weak from the point
      of view of its ability to replicate equity.  Although the
      securities are perpetual, they are callable in cash after
      10 years with redemption requiring regulatory approval
      unless RCBC's capital ratio is -- post redemption -- above
      the minimum.  Moody's classification reflects the rating
      agency's view that the Philippine regulator's ability to
      prohibit a cash call may not be as effective as in other
      jurisdictions;

   2. No Ongoing Payments: Moderate -- the instrument is
      moderate with regard to its ability to replicate equity.
      RCBC may choose, at its discretion, to skip a coupon if it
      has not declared or paid a dividend on its common shares
      during the preceding financial year, and does not propose
      to pay a dividend in the current financial year; and

   3. Loss Absorption: Moderate -- the instrument is moderate
      with regard to its ability to replicate equity, given its
      ranking as the most junior instrument in the capital
      structure, ahead only of equity and junior preference
      share.

Moody's notes the B3 rating is subject to the receipt of final
documentation, the terms and conditions of which have not
changed in any material way from the draft documents reviewed.

RCBC is the Philippines' eighth-largest bank in terms of assets.
Incorporated in 1960 and headquartered in Manila, the bank
reported consolidated assets of PHP185 billion (US$3.5 billion)
as at December 31 2005.


WENDY'S INT'L: Files Declaratory Judgment Against Noteholders
-------------------------------------------------------------
Wendy's International, Inc., had previously disclosed that a
lawsuit had been filed in New York by a minority of noteholders
seeking to enjoin the spin-off of Tim Hortons Inc.
(NYSE:THI)(TSX:THI).  

After a hearing on September 28, 2006, the United States
District Court in New York City denied in all respects the
plaintiff noteholders' motion for a temporary restraining order
and a preliminary injunction.

On October 10, 2006, the company was informed that the
plaintiffs had voluntarily dismissed their lawsuit and that some
of the same noteholders that had filed the lawsuit had issued a
purported notice of default asserting that the spin-off of Tim
Hortons Inc. on September 29, 2006, violated the terms of one of
the indentures governing Wendy's public debt.

On October 11, 2006, the company filed a declaratory judgment in
the U.S. District Court in New York City seeking a ruling from
the Court that no violation of the indenture has occurred.

Wendy's continues to believe that the claims asserted by the
noteholders are without merit and plans to vigorously defend its
position.

                         About Wendy's

Wendy's International Inc. (NYSE:WEN) --
http://www.wendys-invest.com/-- is a restaurant operating and  
franchising company with more than 9,900 total restaurants and
quality brands, including Wendy's Old Fashioned Hamburgers(R)
and Baja Fresh Mexican Grill.  The company also has investments
in three additional quality brands -- Tim Hortons, Cafe Express,
and Pasta Pomodoro(R).  There are Wendy's restaurants in Asia,
including the Philippines.

                          *     *     *

On July 12, 2006, Moody's Investors Service assigned Wendy's
International Inc.'s long-term corporate family rating and
senior unsecured debt rating at Ba2.

On July 3, 2006, the Troubled Company Reporter reported that
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Wendy's International Inc.
to 'BB+' from 'BBB-'.  At the same time, the short-term rating
was lowered to 'B-1' from 'A-3'.  The outlook was negative.


* IMF Urges Philippines to Stay Course on Reforms
-------------------------------------------------
On October 12, 2006, the International Monetary Fund urged the
Philippines to stay its course on economic reforms and lower its
still-high public debt to bolster confidence and insure against
volatility.

In its mid-year assessment of the Philippine economy, the IMF
said under current policies, economic growth is likely to
increase to 5.5% in 2007 from an expected 5.0% in 2006.  Growth
could be higher, the IMF added, if public debt was lowered
further, which would boost investor confidence and investment.

"(IMF) directors encouraged the authorities to sustain fiscal
consolidation and other reform efforts to ensure debt
sustainability, maintain the confidence of markets, and spur
investment and the rate of growth," the fund added.

                          *     *     *

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


* September Net Portfolio Inflows Increased to US$373.7 Million
----------------------------------------------------------------
Net Foreign portfolio investments more than doubled to
US$373.3 million last month from US$131.5 million in August as
the Philippines' improving economic fundamentals bolstered
investor confidence, the central bank said in a written
statement.

For the first nine months of the year, net portfolio inflows
were US$1.396 billion, down from US$2.03 billion in the
corresponding period of last year, the central bank added.

Central bank governor Amando Tetangco said the higher net
inflows last month reflected investor confidence after the
announcements that the economy grew by 5.5% year-on-year in the
second quarter and that the government's budget surplus was
PHP14.3 billion in August.

Mr. Tetangco said investors had also been encouraged to park
their funds in equities, government securities, and money market
instruments in the country because the peso was strengthening,
oil prices were easing, and the central bank's policy interest
rates were steady.

                          *     *     *

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


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

ALTIMATE ENGINEERING: Faces Wind-Up Proceedings
-----------------------------------------------
A liquidation petition filed against Altimate Engineering Pte
Ltd will be heard before the High Court of Singapore on Oct. 20,
2006, at 10:00 a.m.

Yong Chan Metal Engineering Pte Ltd filed the petition with the
Court on September 22, 2006.

The Solicitors for the Petitioner can be reached at:

         Mallal & Namazie
         No. 50 Robinson Road
         12-00 MNB Bldg
         Singapore


ASIA CRANE: Pays Final Dividend on October 11
---------------------------------------------
Asia Crane (S.E.A.) Pte Ltd, which is in liquidation, paid its
first and final dividend in full to all admitted claims on
October 11, 2006.


CHEERS HOLDINGS: Last Day for Filing of Claims Fixed on Nov. 6
--------------------------------------------------------------
Tee Ling Zhi, as liquidator for Cheers Holdings Pte Ltd, fixed
November 6, 2006, as the last day for the creditors of the
company to submit their proofs of claim.

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

The Liquidator can be reached at:

         Tee Ling Zhi
         680 Upper Thompson Road
         NTUC Fairprice Cooperative
         Singapore


CKE RESTAURANTS: Matthew Goldfarb Remains as Member of the Board
----------------------------------------------------------------
CKE Restaurants, Inc., disclosed that, following recent
personnel changes at Pirate Capital, LLC, its Board of Directors
has declined to accept Matthew Goldfarb's tendered resignation
from the Board.

Mr. Goldfarb entered into an agreement relative to his
appointment to the company's Board, that required him to tender
his resignation from the Board if he is no longer affiliated
with Pirate Capital LLC, a significant stockholder in the
company.  On Sept. 28, 2006, Mr. Goldfarb ceased serving in his
position as a director and senior investment analyst at Pirate
Capital.

In declining to accept Mr. Goldfarb's resignation, Andrew F.
Puzder, president and chief executive officer, commented that
"Matt has provided valuable input since his appointment, and the
Board looks forward to his continued contribution."

Mr. Goldfarb's term expires at the 2007 annual stockholders'
meeting.

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com/-- through its subsidiaries, franchisees  
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Singapore.

                          *     *     *

Standard & Poor's Ratings Services raised its ratings on CKE
Restaurants Inc. in July 2005.  The corporate credit and senior
secured debt ratings were raised to 'B+' from 'B', and the
subordinated debt rating was elevated to 'B-' from 'CCC+'.  S&P
said the outlook is stable.


CONVENIENCE SHOPPER: Prepares for Distribution of Assets
--------------------------------------------------------
Convenience Shopper, which is in members' voluntary liquidation,
requires its creditors to prove their claims by November 6,
2006, for them to participate in any distribution the company
will make.

The Liquidator can be reached at:

         Tee Ling Zhi
         680 Upper Thompson Road
         NTUC Fairprice Cooperative
         Singapore


GULIANO PTE: Creditors Proofs of Claim Due on November 6
--------------------------------------------------------
Creditors of Guliano Pte Ltd are required to prove their debts
to liquidator Herman J M Van De Velde by November 6, 2006.

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

The Liquidator can be reached at:

         Herman J M Van De Velde
         6 Shenton Way, 32-00
         DBS Bldg Tower Two
         Singapore


JIL COMPONENTS: Final Creditors' Meeting Held on October 13
-----------------------------------------------------------
Creditors of JIL Components Singapore Ltd convened for their
final meeting on October 13, 2006.

The meeting was called for them to make amendments or if none,
approve the liquidators report regarding the company's wind-up
on May 11, 2006, and the proposed final distribution of assets
to be made on October 25, 2006.

In addition, the creditors are also asked to approve or dissent
the Liquidator's intent to apply for release on October 27,
2006, and seek Court's approval to destroy the books of the
company after its dissolution.

On September 22, 2005, the Troubled Company Reporter - Asia
Pacific reported that Westech Electronics Ltd, a creditor of JIL
Components, filed a wind-up petition against the company with
the High Court of Singapore.

The petition was heard before the Court on October 21, 2005, and
the Court subsequently favored the petition by ordering the
company to wind up its operations.


NYQUIST ASIA: Creditors Must Prove Debts by November 6
------------------------------------------------------
Ng Geok Mui, as liquidator for Nyquist Asia Pte Ltd, require the
creditors of the company to prove their debts by November 6,
2006.  

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

The Liquidator can be reached at:

         Ng Geok Mui
         BDO Raffles
         5 Shenton Way
         07-01 UIC Bldg
         Singapore


REFCO INC: Chap. 7 Trustee Wants Rogers Funds Claims Pact Okayed
----------------------------------------------------------------
Rogers Raw Materials Fund, L.P., and Rogers International Raw
Materials Fund, L.P., filed on July 11, 2006, Claim Nos. 251 and
252 against Refco, LLC.  The Rogers Claims asserted customer net
equity under Section 766(h) of the Bankruptcy Code, commodities
fraud and aiding and abetting under 7 U.S.C. Section 6b, common
law fraud, contribution, negligence, conversion, breach of
fiduciary duty, and breach of contract.

On July 22, 2006, Beeland Management Company, L.L.C., Walter
Thomas Price and Allen Goodman filed Claim Nos. 253 to 255
against Refco LLC for contribution or indemnification in respect
of certain claims asserted against them related to the Rogers
Funds' losses at Refco, Inc.  The Price Futures Group, an
affiliate of the Rogers Funds Parties, also filed Claim Nos. 192
and 193 against the Chapter 7 Debtor on June 16, 2006.

Albert Togut, as Chapter 7 trustee for the Refco LLC estate,
disputes the Claims.

The parties engaged in good faith, arm's-length discussions to
resolve the Claims.  Mr. Togut asks the U.S. Bankruptcy Court
for the Southern District of New York to approve their
settlement.

Under the Settlement, the parties agreed to:

   (i) the withdrawal of all of the Rogers Funds Parties' and
       the Price Futures Groups' claims against Refco LLC, other
       than claims provided for in a settlement agreement
       between Refco Capital Markets' estate, and certain of its
       securities customers and general unsecured creditors,
       which has been approved by the Court; and

  (ii) the allowance of a US$30,000,000 general unsecured claim
       against Refco LLC for the Rogers Funds.

The Chapter 7 Trustee, the Rogers Funds Parties, and RCM Trustee
Marc Kirschner also agreed to the mutual release of any other
related claims between or among the parties, including the RCM
Trustee's waiver of its right to seek to reduce the
distributions to the Rogers Funds under the RCM Settlement by
the amount of the claim allowed against Refco LLC.

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, asserts that the Settlement is critical to the
confirmation of a global plan and settlement involving all of
the estates.

Mr. Milmoe notes that even if the Court's decision were to
sustain the Chapter 7 Trustee's objections in full, the Rogers
Funds would likely appeal.  In that event, the Chapter 7 Trustee
would be required to reserve for the full amount of the Rogers
Funds' Claims.  Mr. Milmoe says that a substantial reserve would
adversely affect the global plan and settlement embodied in the
Chapter 11 Debtors' Plan of Reorganization and could jeopardize
the RCM Settlement.

Mr. Milmoe states that the settlement of complex commodities-
related claims asserted in amounts exceeding US$375,000,000 in
exchange for a single allowed claim of US$30,000,000 -- less
than 10% of the claimed amount -- is reasonable on its face and
is clearly in the best interests of the estates.

Furthermore, Mr. Milmoe maintains that the Settlement will avoid
substantial risks, costs and uncertainties that future
litigation and appeals would otherwise entail.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  

Refco's worldwide subsidiaries are members of principal U.S. and
international exchanges, and are among the most active members
of futures exchanges in Chicago, New York, London and Singapore.  
In addition to its futures brokerage activities, Refco is a
major broker of cash market products, including foreign
exchange, foreign exchange options, government securities,
domestic and international equities, emerging market debt, and
OTC financial and commodity products.  Refco is one of the
largest global clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 44; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Wants to Set Solicitation & Tabulation Procedures
------------------------------------------------------------
Refco, Inc., and its debtor-affiliates remind the Hon. Robert D.
Drain of the U.S. Bankruptcy Court for the Southern District of
New York that they filed a Plan of Reorganization and Disclosure
Statement together with Marc Kirschner, the Chapter 11 Trustee
for Refco Capital Markets, Ltd., on September 14, 2006.  After
further negotiations with their creditor constituencies, the
Debtors, together with the RCM Trustee and the official
committees of unsecured creditors appointed in their cases,
delivered an Amended Plan of Reorganization and Disclosure
Statement on October 6, 2006.

To facilitate consideration of their Plan, the Debtors ask the
Bankruptcy Court to establish December 15, 2006, as the
commencement date of the Plan confirmation hearing, as may be
continued from time to time in open court without further notice
to parties-in-interest.

The Debtors also ask Judge Drain to set:

   (i) December 1, 2006, at 4:00 p.m., as the deadline for
       filing objections to the Plan Confirmation;

  (ii) November 20, 2006, at 4:00 p.m., as the deadline to
       object to claims solely for Plan voting purposes;

(iii) November 28, 2006, as 4:00 p.m., as the deadline for
       filing motions seeking temporary allowance of claims for
       voting purposes, pursuant to Rule 3018(a) of the Federal
       Rules of Bankruptcy Procedure; and

  (iv) December 8, 2006, at 5:00 p.m., as the deadline by which
       Ballots for accepting or rejecting the Plan must be
       received by Financial Balloting or Omni Management Group,
       LLC, if they are to be counted.

The Debtors propose that any party who timely files a Rule
3018(a) Motion will be provided a ballot and permitted to cast a
provisional vote to accept the Plan.  If, and to the extent
that, the Debtors and that party are unable to resolve the
issues raised by the Rule 3018(a) Motion before the Plan voting
deadline, the Court will determine at the Confirmation Hearing
whether the provisional ballot should be counted as a vote on
the Plan and, if so, the amount in which that party will be
entitled to vote.

              Treatment of Claims for Voting Purposes

The Debtors classify "non-voting claims" as claims that are
listed in their schedules of assets and liabilities as disputed,
contingent or unliquidated, and which are not the subject of a
timely filed proof of claim, or a claim deemed timely filed with
the Court.

The Debtors ask the Court that the Non-Voting Claimholders will
be denied treatment as creditors to vote on and receive
distributions and notices under the Plan.

The Debtors also want that any disputed claim will be determined
ineligible to vote on the Plan.  The Debtors insist that those
claims will not be counted in determining whether the Section
1126(c) requirements have been met:

   (i) unless any claim has been temporarily allowed for voting
       purposes; or

  (ii) except to the extent that the objection to that claim has
       been resolved in the creditor's favor.

For voting purposes, the Debtors propose that the claim amount
used to calculate acceptance or rejection of the Plan under
Section 1126 will be (x) the actual claim amount scheduled by
the Debtors, or (y) the liquidated amount of a timely filed
claim.

In addition, the Debtors seek that the ballots cast by certain
claimants holding non-substantive claims will not be counted
toward satisfying the aggregate dollar amount provision of
Section 1126(c) numerosity requirement, unless temporarily
allowed by the Court in a specific amount for voting purposes.

                       Voting Record Date

To set a record date for determining the "holders of stocks,
bonds, debentures, notes and other securities" entitled to
receive ballots and other materials specified in Rule 3017(d),
the Debtors' securities registrars need advance notice to enable
responsible parties to assemble ownership lists of publicly
traded debt and equity securities.

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, relates that since Bankruptcy Rules 3017(d)
and 3018(a) purport to set a record date based on when the Court
clerk records an official order, those rules in essence require
ownership lists to be prepared retroactively, even though it
cannot be done accurately.

Accordingly, the Debtors ask Judge Drain to exercise his power
under Section 105(a) to set October 16, 2006, as the record date
for determining:

   -- creditors and equity holders entitled to receive
      solicitation packages and related materials, if any; and

   -- creditors entitled to vote to accept or reject the Plan
      and elect certain treatment, notwithstanding anything to
      the contrary in the Bankruptcy Rules.

                Solicitation Package and Ballots

Pursuant to Bankruptcy Rule 3017(d), the Debtors propose to
deliver by first class mail, within five business days after the
Disclosure Statement approval:

   (a) a Confirmation Hearing notice to all of their known
       creditors, the Senior Subordinated Note Indenture Trustee
       and equity security holders as of the Voting Record Date,
       and all other entities required to be served under
       Bankruptcy Rules 2002 and 3017; and

   (b) a copy of a notice of non-voting status with respect to
       unimpaired classes to:

          * claimholders in Contributing Debtors Classes 1, 2
            and 3 under the Plan;

          * claimholders in FXA Classes 1, 2 and 3;

          * claimholders in RCM Classes 1 and 2; and

   (c) a copy of a notice of non-voting status with respect to
       impaired classes to:

          * holders of claims and interests in Contributing
            Debtors Classes 7 and 8;

          * claimholders in FXA Class 7; and

          * claimholders in RCM Class 6.

The Debtors seek that the Non-Voting Packages will be deemed to
constitute an adequate alternative disclosure statement to
impaired non-voting classes under Section 1125(c) and a summary
plan under Bankruptcy Rule 3017(d).

In addition, the Debtors propose to mail to claimholders in
Contributing Debtors Classes 4, 5 and 6; claimholders in FXA
Classes 4, 5 and 6; and claimholders in RCM Classes 3, 4 and 5
an information and solicitation package, containing:

   (1) a copy or conformed printed version of the Disclosure
       Statement and a copy of the Disclosure Statement order;

   (2) one or more ballots appropriate for a specific creditor;
       and

   (3) the Confirmation Hearing Notice.

To avoid duplication and to reduce expenses, the Debtors propose
that:

   (i) creditors holding unimpaired and impaired claims will
       receive only the Solicitation Package appropriate for the
       applicable impaired class; and

  (ii) creditors who have filed duplicate claims in any given
       class will receive only one Solicitation Package and one
       Ballot for voting their claims and will be entitled to
       vote their claim only once with respect to that class.

The appropriate Ballot forms, as applicable, will be distributed
to claimholders who are entitled to vote to accept or reject the
Plan:

   Ballot D-1   Beneficial Owner Ballot for Senior Subordinated
                   Note Claims

   Ballot D-2   Ballot for Class 5 Contributing Debtors General
                   Unsecured Claims

   Ballot D-3   Ballot for Class 6 RCM Intercompany Claims

   Ballot D-4   Ballot for Class 5(a) FXA General Unsecured
                   Claims

   Ballot D-5   Ballot for Class 6 FXA Convenience Claims

   Ballot D-6   Ballot for Class 3 RCM FX/Unsecured Claims

   Ballot D-7   Ballot for Class 4 RCM Securities Customer
                   Claims

   Ballot D-8   Ballot for Class 5 RCM Leuthold Metals Claims

                       Noteholder Election

Pursuant to the Plan, the Debtors propose that an election
declining to receive BAWAG Proceeds by holders of Senior
Subordinated Note Claims who voted to accept the Plan may be
disregarded.  The Debtors also want that the Senior Subordinated
Note Claimholders who fail to vote their claims will be deemed
to accept the receipt of Senior Subordinated Note Claims BAWAG
Proceeds as a component of their pro rata share of a Senior
Subordinated Note Holder Distribution.

To facilitate the election by Noteholders not to receive BAWAG
Proceeds, the Debtors will mail a BAWAG Opt-Out election form to
each Senior Subordinated Note Claimholder determined as of the
Voting Record Date.

Nominees holding the Senior Subordinated Notes will be required
to forward information with respect to the Noteholder Election
to beneficial owners of Senior Subordinated Notes and to effect
any Noteholder Election on their behalf through a Depository
Trust Company's Automated Tender Offer Program system.  The
Nominees may use the BAWAG Opt-Out Election Form provided or
other means as they customarily may use to obtain instructions
with respect to an election on account of the beneficial owner's
claim.

To effect the Noteholder Election, each Senior Subordinated Note
Claimholder must:

   (i) provide instructions to its Nominee sufficiently far in
       advance of the Voting Deadline by electronically
       tendering the holder's Senior Subordinated Notes to The
       Depository Trust Company; and

  (ii) vote to reject the Plan, and ensure that the vote is
       received by Financial Balloting Group LLC, the Debtors'
       proposed special voting agent, by the Voting Deadline.

The Debtors further seek the Court's authority to adopt, as
necessary, any additional procedures consistent with the
provisions of the Noteholder Elections.

           Ballot Election to Decline Certain Proceeds

In accordance with the Plan, in the event that BAWAG is sold for
an amount in excess of EUR1,800,000,000, the Debtors propose
that:

   (a) holders of Contributing Debtors General Unsecured Claims
       who fail to vote their claims will be deemed to accept
       the distribution, if any, of the Contributing Debtors
       BAWAG Proceeds;

   (b) holders of RCM FX/Unsecured Claims and RCM Securities
       Customer Claims that fail to vote their claims will be
       deemed to accept RCM BAWAG Proceeds as a component of
       their Distribution from RCM;

   (c) each holder of a Contributing Debtors General Unsecured
       Claim, FXA General Unsecured Claim, RCM FX/Unsecured
       Claim or RCM Securities Customer Claim will be deemed to
       have agreed to contribute its Non-Estate Refco Claims to
       the Private Actions Trust contemplated by the Global Term
       Sheet.

The Debtors further seek that holders of the Contributing
Debtors General Unsecured Claim, FXA General Unsecured Claims,
RCM FX/Unsecured Claims and RCM Securities Customer Claims that
fail to vote their claims will be excluded from participation in
the Private Actions Trust.

     Ballot Election for Treatment as FXA Convenience Claim

According to Mr. Milmoe, each holder of a Class 5 FXA General
Unsecured Claim in an amount greater than US$10,000 may elect to
have its claim reduced to US$10,000 and treated as a Class 6 FXA
Convenience Claim under the Plan.  In this light, the Debtors
propose that Class 5 FXA General Unsecured Claimholders electing
treatment as Class 6 FXA Convenience Claims will be deemed to
have voted their Class 6 Claims to accept the Plan.

Under the Plan, the aggregate amount of distributions to Class 6
FXA Convenience Claims is capped at US$5,000,000.  To the extent
that the elections of Class 5 FXA General Unsecured Claims to
receive treatment as Class 6 FXA Convenience Claims result in
the aggregate allowed amount of claims in Class 6 exceeding
US$5,000,000, the claims permitted to elect that treatment will
be determined by reference to the amount of the claim, with the
claim in the lowest amount being selected first and the next
largest claim being selected thereafter until the US$5,000,000
cap is reached.

The Debtors propose that, to the extent any Class 5 FXA General
Unsecured Claimholder that has elected treatment as a Class 6
FXA Convenience Claim, but has to be denied that treatment due
to oversubscription, the vote initially cast by that holder will
be counted in the tabulation of votes in Class 5.

Moreover, the Debtors propose that unless the holders of Class 3
RCM FX/Unsecured Claims and Class 4 RCM Securities Customer
Claims make the appropriate Ballot election, those holders will
be deemed to have agreed (i) to assign their RCM Related Debtor
Claims to the Litigation Trust, and (ii) to release their RCM
Related Claims against any non-Debtor Refco entity.  The Debtors
also seek that those holders that fail to vote their claims will
be deemed not to have assigned their RCM Related Debtor Claims
to the Litigation Trust or released their RCM Related Claims
against non-debtor entities.

                          Ballot Method

To facilitate the mailing of Solicitation and Non-Voting
Packages, the Debtors ask the Court to direct Wells Fargo Bank,
National Association, the indenture trustee for the Senior
Subordinated Notes, and The Bank of New York, the transfer agent
for the Debtors' equity securities, to provide Financial
Balloting, by October 19, 2006, with the names, addresses, and
account numbers of the recordholders as of the Record Date.

In addition, the Debtors seek that the Nominees through which
beneficial owners hold Senior Subordinated Notes or equity
securities promptly distribute Solicitation Packages or Non-
Voting Packages, as appropriate, to certain holders, and
cooperate with Financial Balloting to accomplish the
distribution, in any case no later than five business days after
receipt by the Nominees of the Packages.  The Debtors will
provide Nominees with sufficient quantities of those Packages to
permit service of those documents on their beneficial owners.

The Debtors want the Nominees to obtain votes of beneficial
owners of Senior Subordinated Notes according to these
procedures:

   (a) A Nominee may forward the Solicitation Package to each
       beneficial owner of the Senior Subordinated Notes for
       whom it acts as a Nominee for voting and include a
       postage-prepaid, return envelope provided by and
       addressed to the Nominee so that the beneficial owner may
       return the completed beneficial owner Ballot directly to
       its Nominee; or

  (ii) A Nominee may prevalidate the Ballot by signing it and
       forward the Solicitation Package along with the
       prevalidated Ballot to the beneficial owner of the Senior
       Subordinated Notes for voting, so that the beneficial
       owner may return the completed Ballot directly to
       Financial Balloting.

                  Voting & Tabulation Procedures

To avoid the potential for inconsistent results, the Debtors ask
Judge Drain to establish these guidelines for tabulating votes:

   (1) Any Ballot or Master Ballot, as appropriate, that is
       properly executed and timely received, and that is cast
       as either an acceptance or rejection of the Plan, will be
       counted and will be deemed to be cast as an acceptance or
       rejection of the Plan.

   (2) Each record holder or beneficial owner of the Senior
       Subordinated Notes will be deemed to have voted the full
       principal amount of its claim, notwithstanding anything
       to the contrary on the Ballot.

   (3) Ballots or Master Ballots that are, inter alia, received
       after the Voting Deadline will not be counted any purpose
       in determining whether the Plan has been or rejected.

   (4) Ballots or Master Ballots sent by facsimile transmission,
       are illegible, or that contain insufficient information
       to permit the identification of the claimants will not be
       counted.

   (5) Ballots or Master Ballots that do not explicitly indicate
       the vote, are cast by a non-voting entity, do not contain
       an original signature, split the vote, or do not match an
       existing database record will not be counted.

   (6) Ballots or Master Ballots other than the official form
       sent will not be counted.

The Debtors propose these procedures for tabulating votes cast
by holders of Senior Subordinated Notes:

   (a) All Nominees through which beneficial owners hold Senior
       Subordinated Notes are required to receive and summarize
       on a Master Ballot all beneficial owner Ballots cast by
       the beneficial owners they serve and then return the
       Master Ballot to Financial Balloting on or before the
       Voting Deadline.

   (b) Nominees are required to retain Court inspection for one
       year following the Voting Deadline (x) the Ballots cast
       by their beneficial owners and (y) any BAWAG Opt-Out
       Election Forms received.

   (c) Votes cast by the beneficial owners through a Nominee and
       transmitted by means of a Master Ballot will be applied
       against the positions held by that Nominee.

   (d) Votes submitted by a Nominee on a Master Ballot will not
       be counted in excess of the position maintained by the
       Nominee on the Record Date.

   (e) To the extent that conflicting, double or over-votes are
       submitted on Master Ballots and prevalidated Ballots,
       Financial Balloting will attempt to resolve those votes
       before the vote certification to ensure that the votes of
       beneficial owners of Senior Subordinated Notes are
       accurately tabulated.

       Treatment of Contributing Debtors Class 7 Holders

The Debtors believe that the Bankruptcy Code does not require
the solicitation of votes from the holders of Contributing
Debtors Class 7 Subordinated Claims and Class 8 Old Equity
Interests, so long as the holders of those claims and interests
are provided an opportunity to object to the Plan confirmation.

Mr. Milmoe states that because holders of Class 7 Subordinated
Claims and Class 8 Old Equity Interests are not legally entitled
to a distribution under the Plan, and consistent with Section
1126(g), Classes 7 and 8 may be deemed to have rejected the
Plan, notwithstanding any distribution proposed for those
Classes.

Mr. Milmoe states that the agreement of the Debtors, the RCM
Trustee, the Secured Lenders, the holders of Senior Subordinated
Notes, and other major case constituencies to permit a
distribution to the holders of Classes 7 and 8 should not result
in a requirement that the Debtors solicit votes on the Plan from
those holders.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base. Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).  (Refco Bankruptcy News,
Issue No. 44; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945 7000)


RICH VISION: Court Sets Date to Hear Wind-Up Petition
-----------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Rich Vision Pte Ltd on October 20, 2006, at 10:00 a.m.

Chan Hwee Kiang filed the petition with the Court on Sept. 22,
2006.

The Solicitor for the Petitioner can be reached at:

         H.A. Chung & Chung Partnership
         100 Cecil Street, 09-02
         The Globe
         Singapore


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

IAP WORLDWIDE: S&P Affirms B Corp. Credit Rating, Alters Outlook
----------------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on Cape
Canaveral, Fla.-based IAP Worldwide Services Inc. to negative
from stable.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'B' corporate credit rating.  The company
has total balance sheet debt of over US$500 million.

"The outlook revision reflects IAP's weakened credit metrics due
to continuing delayed government appropriations and lower-than-
expected disaster relief demand," Standard & Poor's credit
analyst Dan Picciotto said.

The credit measures, which are currently stretched for the
rating, are likely to be challenged in light of these factors.  
Still, a rising backlog and recently signed Defense
Appropriations Act suggest that operations could recover in
2007.

The company could be downgraded if profitability deteriorates
during a business slowdown, if any other initiatives damage the
financial profile, or if liquidity markedly deteriorates.  The
outlook could be revised to stable if new contract wins result
in credit metrics improvement in line with prior expectations.  
Standard & Poor's expects the company to focus on organic
growth.  Significant acquisitions are not factored in the
rating.

IAP Worldwide Services, Inc. -- http://www.iapws.com/-- is a  
premier government contractor providing a broad spectrum of
services focused on global mission support for the federal
market. The company specializes in three top-tier lines of
business: contingency, logistics and procurement support;
facility maintenance/base operations; and technical services.  
With Corporate Operations headquartered in Cape Canaveral, FL,
IAP also has corporate offices in Irmo, S.C.; Panama City, FL;
and Washington, D.C.; and project sites in over 50 locations
worldwide, including Bangkok, Thailand.


SUNTECH GROUP: Turns Around with THB7.861-Bil Profit in FY 05-06
----------------------------------------------------------------
Sun Tech Group Pcl posted a THB7.861-billion net profit on
THB2.486 billion in revenues for the fiscal year ended June 30,
2006.  The company recorded a THB447.543-million net loss for
the year ended June 30, 2005.

The company's consolidated balance sheet as of June 30, 2006,
showed strained liquidity with total current assets of
THB277.738 million available to pay THB338.410 million of
current liabilities coming due within the next 12 months.

In addition, Sun Tech's balance sheet at the end of June 2006,
showed consolidated total assets of THB524.792 million and
THB344.857 million of total liabilities.  Shareholders' equity
in the company amounted to THB179.935 million.

A full text copy of the company's financial statement is
available for free at:

         http://bankrupt.com/misc/SUNTECE2-FY-06.xls

Sun Tech Group Public Company Ltd's principal activities are the
manufacture and process of canned tomatoes and whole kernel corn
and rental and sales of movie videocassette tapes and laser
discs.

On July 31, 2000, the Company filed a petition with the Central
Bankruptcy Court for business rehabilitation.  On August 28,
2000, the Court ordered the Company to be rehabilitated and
appointed Srisongkram Planner Company Limited as the Plan
Administrator.

Later in 2005, the Plan administrator filed a petition for an
amended Plan, which the Court subsequently approved.  The
Company has completely repaid its debts and has been released
from its debts in accordance with the Plan.

Currently, the company is listed under the Non-Performing Group
Sector of the Stock Exchange of Thailand.


THAI DURABLE: Auditor Raises Going Concern Doubt
------------------------------------------------
Jadesada Hungsapruek of Karin Audit Company Ltd, expressed a
going concern doubt on Thai Durable Group Pcl's ability to
continue as a going concern after auditing the company's
financial statement for the first quarter period ended March 31,
2006.

Mr. Jadesada said that he "was unable to provide any assurance
that the interim financial statements for the three-month period
ended March 31, 2006, are presented fairly, in all material
respects, in accordance with generally accepted accounting
principles."

Moreover, the previous auditor of the company also issued doubt
on the company's operations.

Thai Durable posted a THB160.94-million net loss on
THB71.264 million of revenues in the quarter ended March 31,
2006, compared with the THB24.866-million net loss it recorded
in the first quarter of 2005.

The company's balance sheet at the end of March 2006 showed
strained liquidity with THB96.67 million in current assets
available to pay THB841.79 million in current liabilities coming
due within the next 12 months.

Thai Durable's total consolidated assets at the end of March
2006 was THB308.611 million, and its total liabilities amounted
to THB843.89 million.  Thus, the company posted
THB535.282 million in shareholders' deficit.

A full text copy of the company's financial statement is
available for free at:

         http://bankrupt.com/misc/TDT-1st

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

The Company is currently under the Non Performing Group Sector
of the Thailand's Stock Exchange.

The Troubled Company Reporter - Asia Pacific stated on April 12,
2006, that the Company's Board of Directors passed a resolution
not to allocate net profit as legal reserve in the amount of 5%
of the net profit of the Company and not pay the dividend from
its 2005 operating income.   

                 Going Concern of the Company   

The Company had sustained significant accumulated losses and has
suffered recurring loss from operations.  As at December 31,
2005, Thai Durable has a THB2-billion equity deficit.  The
Company incurred negative cash flows from operating activities
for the year ended December 31, 2005, amounting to THB73.3
million.  The Company's current liabilities exceeded its current
assets as of December 31, 2005, by THB644.4 million.  Moreover,
the Company could not repay short-term loans and long-term loans
from two local banks, which were due and on Jan. 27, 2006, the
Company was sued by a local bank to repay all short term loans
and long-term loans totaling THB273.8 million, including
principal and accrued interest.  In addition, the management is
in the process of negotiating for the postponement of loans from
another local bank.  The ultimate outcome of these matters
cannot be determined yet.  Presently, the Company is performing
a feasibility study to change its current business.  

The continuing operation of the Company in the future
substantially depends on:

    1. results of the negotiation with the financial institution
       creditors relating to the postponement of loans; and

    2. the new business plan of the Company and its ability to
       operate successfully in the future and has adequate cash
       flows from operations.

These matters indicate the existence of a material uncertainty
about the Company's ability to continue its operation as a going
concern.




                            *********

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, Freya
Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***