TCRAP_Public/061017.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Tuesday, October 17, 2006, Vol. 9, No. 206

                            Headlines

A U S T R A L I A

AGL POWER: Enters Voluntary Liquidation
AKABA PTY: Court Issues Wind-Up Order
AMERICAN MEDICAL: Moody's Confirms B1 Corporate Family Rating
AST COMMUNICATIONS: Courts Order Wind-Up
ATTWOOD BANNER: Appoints Receivers and Managers

BEEN THERE: Members to Receive Wind-Up Report
BELL PLUMBING: Liquidator to Present Wind-Up Report
C.P.H. INVESTMENTS: Liquidator Hoffman to Give Wind-Up Report
CAMDEN GOODTONE: Placed Under Voluntary Liquidation
CARABEEN PTY: Members Decide to Close Business

CHATTEM INC: Earns US$15.2 Million for Fiscal 2006 Third Quarter
CROWN CASTLE: Moody's Affirms B1 Corporate Family Rating
CROWN CASTLE: Buying Global Signal for US$5.8 Billion
DIRECT INTERNATIONAL: Members' Final Meeting Set on Oct. 20
FLOW-RITE ASIA: Set to Declare Final Dividend on November 11

GEORGE M FARAH: Final Meeting Slated for October 20
GLOBAL BINS: Receivers and Managers Cease to Act
HAWKDALE PTY: Members to Receive Wind-Up Report
IDENTIC BOOKS: To Declare Employee Dividend on November 15
KNF AUSTRALIA: To Declare Final Dividend on November 11

LEAHY PETROLEUM: Members & Creditors to Receive Wind-Up Report
MARYBOROUGH VEHICLE: Final Meeting Set for October 20
METRO TRAVEL: Members' Final Meeting Scheduled for October 20
MONLEA PTY: Inability to Pay Debts Prompts Wind-Up
NOREGRETS AUSTRALIA: To Declare Dividend to Priority Creditors

ONEIDA LTD: April 29 Stockholders' Deficit Widens to US$43.5-Mln
PISANO ENTERPRISES: To Hold Final Meeting on October 20
PORTCAR PTY: Shuts Down Business Operations
REDPRAIRIE CORP: Moody's Confirms B2 Corporate Family Rating
RENNIE PRODUCE: Members & Creditors' Meeting Set on Oct. 20

ROSTEDEN PTY: To Declare First and Final Dividend on October 24
S & P GROUP: Creditors' Proofs of Debt Due on October 17
TOTAL PIPELINE: To Declare Priority Dividend on November 5
TRINITY BUSINESS: To Distribute First and Final Dividend
WATKINS PLANT: Prepares to Declare Dividend on October 23

ZEUS IMPORTS: Members and Creditors to Hear Wind-Up Report


C H I N A   &   H O N G  K O N G

ASIAN AREA: To Hold Annual Meetings for Members and Creditors
CAMA SERVICES: To Receive Claims Until November 15
CHINA CONSTRUCTION: Inks Deal with IFC on Global Trade Financing
DIAMOND TECHNOLOGY: Members Resolve to Wind Up Operations
DU WIN GARMENTS: Court Orders Wind-Up of Business

GUANGDONG BANK: Bank's Restructuring Still Incomplete, CBRC Says
HCAPITAL ENTERPRISES: Liquidators Ceases to Act for Company
HHEALTH ENTERPRISES: Liquidators Step Aside
KAM TAI: Inability to Pay Debts Prompts Wind-Up
LUCKY REGENT: Creditors Must Prove Debts by October 31

MING WAH: Hearing of Wind-Up Petition Fixed on November 22
MISSION OF MERCY: Commences Wind-Up of Operations
MOBIL OIL: Names Philip John Kass as Liquidator
MULTIDATA INDUSTRIAL: Enters Liquidation Proceedings
NG CHEONG: Creditors' Proofs of Claim Due on November 6

NOBLE GROUP: To Buy Two Soy-Crushing Plants for US18-Mil.
PWC CONSULTING: Shareholders Opt to Liquidate Business
POLYMATECH HK: Placed Under Members' Voluntary Wind-Up
TERRELL LTD: Appoints Choi Shuk Han as Liquidator
* Domestic Cap. Markets Set to Take Off Due to Reforms, S&P Says


I N D I A

ALLEGHENY TECHNOLOGIES: Moody's Gives Loss-Given-Default Rating
CORPORATION BANK: Names Shri Ravi as Non-Official Director
EXIM BANK: S&P Rates Proposed JPY20-Bil. Samurai Bonds 'BB+'
NCO GROUP: Moody's Junks US$365-Mil. Senior Subor. Notes' Rtg.
NCO GROUP: S&P Rates US$465-Mil. Senior Secured Bank Loan at B+


I N D O N E S I A

BANK PERMATA: Net Profit Increases 21.6% in Third Quarter 2006
FAJAR SURYA: Fitch Assigns 'B+' Issuer Default Ratings
GOODYEAR TIRE: Borrows $1 Bil. Under Revolving Credit Facility
* State-Owned Banks Need Guarantee to Cut Loans


J A P A N

DAIEI INC: Aeon in Exclusive Talks to Acquire Stake in Daiei
DAIEI INC: Moody's Comments on AEON's Credit Quality


K O R E A

AGY HOLDING: Moody's Rates US$175-Million 2nd Lien Notes at B2
AGY HOLDING: S&P Revises Rating Outlook on Revenue Decline
AMKOR TECH: SEC 10-Q Filing Cues Moody's to Put Positive Outlook
HYNIX SEMICONDUCTOR: Sees Favorable DRAM Demand in 2007
HYNIX SEMICONDUCTOR: Eugene Unit Questioned on Tax Breaks

WOORI FINANCE: KDIC to Punish Officers for Paying Large Bonuses
* South Korea Supports U.N. Security Council Resolution 1718


M A L A Y S I A

DIGITAL LIGHTWAVE: Issues US$269,931 Promissory Note to Optel
FORMIS MALAYSIA: Completes Holiday Plaza Acquisition
FORMIS MALAYSIA: Appoints Loh Chen Yook as Director
PAN MALAYSIAN: Will Proceed with Proposed Share Consolidation
PANGLOBAL BERHAD: Restraining Order Further Extended to Jan. 1

PARK MAY: Wants Additional Time to Complete Restructuring


N E W   Z E A L A N D

A1 HOUSE REMOVALS: Names Official Assignee as Liquidator
AUCKLAND ALUMINUM: Creditors to Prove Claims on November 3
ARTICULATE TEXTURES: Names Official Assignee as Liquidator
HELILOGGING LTD: Appoints Joint Liquidators
INNES APPAREL: Official Assignee to Act as Liquidator

NZ PHYSIOTHERAPHY: Creditors Must Prove Debts by October 24
ORIGIN PACIFIC: Creditors Unlikely to Recover Funds
ORIGIN PACIFIC: Liquidation Petition Hearing Set for Nov. 23
TARANAKI TIMBER: Names Brown and Rodewald as Joint Liquidators
TAYLOR PROPERTY: Creditors' Proofs of Claim Due on October 27

TE RUNAKA: Appoints Official Assignee as Liquidator
WESTBURY CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 6


P H I L I P P I N E S

ABS-CBN BROADCASTING: To Complete DirectTV Contract by Oct. 2007
APEX MINING: Directors & Officer Resign
MANILA ELECTRIC: Does Not Benefit from WESM Price Hikes
PHILIPPINE LONG DISTANCE: Files Bypass Complaint Against Innove


S I N G A P O R E

ISLE OF CAPRI: To Own 13.8% Interest in Singapore Project
SEA CONTAINERS: Files for Bankruptcy Protection in Delaware
SEA CONTAINERS: Case Summary & 20 Largest Unsecured Creditors


T H A I L A N D

KRUNG THAI: Heads Under Scrutiny for Possible Wrongdoings
* Analysts Warns Investors of Poor 3rd Quarter Bank Results


* BOND PRICING: For the Week 16 October to 20 October 2006

     - - - - - - - -

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

AGL POWER: Enters Voluntary Liquidation
---------------------------------------
At an extraordinary general meeting on September 26, 2006, the
members of AGL Power Generation (SA) Pty Ltd agreed to
voluntarily wind-up the company's operations.

In this regard, Keiran William Hutchison and John Raymond
Gibbons were named liquidators.

The Liquidators can be reached at:

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


AKABA PTY: Court Issues Wind-Up Order
-------------------------------------
On September 15, 2006, the Supreme Court of New South Wales
ordered Akaba Pty Ltd to wind up its operations and appointed
Daniel Jean Civil as official liquidator.

The Official Liquidator can be reached at:

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


AMERICAN MEDICAL: Moody's Confirms 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, the rating agency confirmed its B1 Corporate Family
Rating for American Medical Systems Inc.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver due 2012      Ba3      Ba2     LGD2        22%

   Senior Secured
   Term Loan B
   due 2012               Ba3      Ba2     LGD2        22%

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%).

American Medical Systems Inc. --
http://www.americanmedicalsystems.com/-- develops and delivers  
pelvic health products for both men and women.  AMS has
operations in Australia, Austria, Brasil, Canada, Deutschland,
Benelux, France, Iberica, Portugal, the United Kingdom, and the
U.S.A.


AST COMMUNICATIONS: Courts Order Wind-Up
----------------------------------------
On September 21, 2006, the Supreme Court of New South Wales
issued an order to wind up AST Communications Pty Ltd.  The next
day, the Federal Court of Australia also ordered the wind-up of
the business.

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


ATTWOOD BANNER: Appoints Receivers and Managers
-----------------------------------------------
On September 1, 2006, Bendigo Bank Ltd A.C.N. 068 049 178
appointed Andrew Stewart Reed Hewitt and Gregory John Keith as
receivers and managers of the assets and undertaking of Attwood
Banner Pty Ltd.

The Receivers and Managers can be reached at:

         Andrew Stewart Reed Hewitt
         Gregory John Keith
         Grant Thornton Recovery (Vic) Pty Ltd
         Level 35, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


BEEN THERE: Members to Receive Wind-Up Report
---------------------------------------------
The members of Been There Pty Ltd, which is in liquidation, will
hold a final meeting on October 23, 2006, at 10:30 a.m.

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

The Liquidator can be reached at:

         R. G. Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle, West New South Wales 2302
         Australia


BELL PLUMBING: Liquidator to Present Wind-Up Report
---------------------------------------------------
Members and creditors of Bell Plumbing & Fire Protection Pty
Ltd, which is in liquidation, will convene on October 20, 2006,
at 9:15 a.m., to hear the accounts of the company's wind-up
proceedings from Liquidators Robyn Erskine and Peter Goodin.

The Joint and Several Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road, Hawthorn East 3123
         Australia
         Telephone:(03) 9882 6666


C.P.H. INVESTMENTS: Liquidator Hoffman to Give Wind-Up Report
-------------------------------------------------------------
C. P. H. Investments Pty Ltd will hold a final meeting for its
members on October 20, 2006, at 10:00 a.m., to receive
Liquidator Hoffman's report on the company's wind-up proceedings
and property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on August 10,
2006.

The Liquidator can be reached at:

         Anthony Desmond Hoffman
         Hoffman Kelly Lajoie Pty Ltd  
         Level 1, 15 Harries Road  
         Coorparoo, Queensland
         Australia


CAMDEN GOODTONE: Placed Under Voluntary Liquidation
---------------------------------------------------
On September 26, 2006, members of Camden Goodtone Exhaust Centre
Pty Ltd resolved to place the company under voluntary
liquidation.

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

The Liquidator can be reached at:

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


CARABEEN PTY: Members Decide to Close Business
----------------------------------------------
On September 25, 2006, the members of Carabeen Pty Ltd agreed to
shut down the Company's business operations.

Subsequently, Peter Paul Krejci was appointed liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


CHATTEM INC: Earns US$15.2 Million for Fiscal 2006 Third Quarter
--------------------------------------------------------------
Chattem, Inc.'s total revenues for the third fiscal quarter
ended August 31, 2006, increased 6% to US$72 million from total
revenues of US$68.2 million in the prior year quarter.  Total
revenues increased 9% over the third quarter of fiscal 2005
excluding sales of pHisoderm, which was divested in November
2005.  Revenue growth for the quarter was driven by the
continued strength of the Gold Bond(R) franchise, up 24%; the
Dexatrim(R) franchise, up 42%; the BullFrog(R) franchise, up 9%;
along with incremental sales growth from Icy Hot(R) Pro-
Therapy(TM) and Selsun(R) Salon(TM).

Net income in the third quarter of fiscal 2006 was
US$15.2 million, compared to US$9.4 million in the prior year
quarter.  Net income in the third quarter of fiscal 2006
included a net recovery related to the Dexatrim litigation
settlement and SFAS 123R employee stock option expense.  Net
income for the third quarter of fiscal 2005 included legal
expenses related to the Dexatrim litigation settlement and a
severance charge.  As adjusted to exclude these items, net
income for the third quarter of fiscal 2006 was US$8.9 million,
compared to US$11.3 million in the prior year quarter.

              Nine-Month Period Financial Results

For the first nine months ended August 31, 2006, total revenues
were US$235.4 million, compared to total revenues of
US$215.4 million in the prior year period, representing a 9%
increase.  Total revenues increased 13% over the prior year
period excluding sales of pHisoderm.  Revenue growth for the
first nine months of fiscal 2006 was led by the new product
launches of Icy Hot Pro-Therapy and Selsun Salon and continued
growth of the Gold Bond business.  For the first nine months of
fiscal 2006, the Selsun franchise increased 11% and the Gold
Bond franchise increased 16%, as compared to the prior year
period.

Net income in the first nine months of fiscal 2006 was
US$40.2 million, compared to US$33.6 million in the prior year
period.  Net income in the first nine months of fiscal 2006
included a loss on early extinguishment of debt, net recoveries
related to the Dexatrim litigation settlement and SFAS 123R
employee stock option expense.  Net income in the first nine
months of fiscal 2005 included a loss on early extinguishment of
debt, a net recovery related to the Dexatrim litigation
settlement and a severance charge.  Excluding these items, net
income in the first nine months of fiscal 2006 was
US$31.6 million, compared to US$34 million in the prior year
period.

                  Income Statements Highlights

Operating Metrics

   -- Gross margin for the third quarter and first nine months
      of fiscal 2006 was lower compared to the prior year
      quarter and nine month period.  The decline was largely
      attributable to the launch of Icy Hot Pro-Therapy, which
      has lower gross margins than our other products.

   -- Advertising and promotion expense increased for the third
      quarter and first nine months of fiscal 2006 compared to
      the prior year quarter and nine month period, due
      primarily to increased spending to support the company's
      new product introductions.

   -- Selling, general and administrative expenses decreased for
      the third quarter and first nine months of fiscal 2006
      compared to the prior year quarter and nine month period
      reflecting lower restricted stock and variable
      compensation expense, offset by share-based payment
      expense under SFAS 123R.

Interest Expense

Interest expense decreased for the third quarter and first nine-
month period of fiscal 2006 as compared to the same prior year
periods as a result of the company's retirement of the
US$75 million Floating Rate Senior Notes in the first quarter of
fiscal 2006.

             Share Repurchase and Capital Resources

On July 25, 2006, the company successfully completed, a consent
solicitation from the holders of its US$107.5 million 7% Senior
Subordinated Notes due 2014 to an amendment to the indenture.  
Relative to the consent solicitation, the company's board of
directors authorized the repurchase of up to an additional
US$100 million of its common stock under the terms of the
company's existing stock repurchase program.

From June 1, 2006, to October 5, 2006, the company repurchased
572,863 shares of its common stock at an average cost of
US$31.42 per share, or US$18 million in the aggregate.  As of
October 5, 2006, a total of US$88.1 million remains available
under the company's board authorized stock repurchase program.

The company's total debt less cash as of August 31, 2006, was
US$134.1 million compared to US$139.4 million as of August 31,
2005.

                   Dexatrim Litigation Update

The company has resolved all of the claims submitted in the
Dexatrim PPA class action settlement and all claims have been
paid by the settlement trust that was funded by its insurance
carriers and the manufacturer of Dexatrim products containing
PPA.  On July 14, 2006, the Court granted a motion to dissolve
the settlement trust.

On August 31, 2006, the company received a payment of
US$10.7 million from the trust.

                         About Chattem

Based in Chattanooga, Tennessee, Chattem Inc. (NASDAQ: CHTT) --
http://www.chattem.com/-- manufactures and markets a variety of  
branded consumer products, including over-the-counter healthcare
products and toiletries and skin care products.  The company's
products include Gold Bond medicated powder, Icy Hot topical
analgesic, Dexatrim appetite suppressant, and Bullfrog sunblock.

Chattem has operations in the United Kingdom, Australia, and
Puerto Rico.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service placed Chattem Inc's corporate family
rating and senior subordinated ratings of Ba3 and B1,
respectively, under review for possible downgrade prompted by
the company's announcement that it had entered into an agreement
to acquire the U.S. rights to five leading consumer and over-
the-counter brands from Johnson & Johnson and the consumer
healthcare business of Pfizer Inc., for US$410 million in cash.  

Standard & Poor's Ratings Services revised its outlook on
Chattem to stable from positive.  At the same time, Standard &
Poor's affirmed all of Chattem's ratings, including its 'BB-'
corporate credit rating.  Approximately US$151 million of debt
was affected by this action.


CROWN CASTLE: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed all ratings of Crown Castle
Operating Company, including its B1 Corporate Family Rating, B1
Senior Secured Rating and SGL-2 Liquidity Rating.  The ratings
reflect a B1 probability of default and loss given default
assessment of LGD 3 (43%) on the senior secured facility.  The
outlook remains stable.

The rating action follows the company's announcement that it
will acquire tower operator Global Signal Inc., for total
consideration of approximately US$5.8 billion, including the
assumption of roughly US$1.8 billion in debt and up to
US$500 million in cash.  The transaction is subject to certain
conditions and approvals and is expected to close in the first
quarter of 2007.

The Corporate Family and Senior Secured ratings have been
affirmed because Moody's believes CCOC has the debt capacity
within its existing rating to withstand the marginal increase in
leverage that will result from the acquisition.  The affirmation
of CCOC's SGL-2 liquidity rating reflects no change to our
previous assumptions pending completion of the acquisition.  
CCOC expects to fund the cash portion of its acquisition through
its existing unused US$250 million revolving facility and a
US$300 million add-on to its existing US$1 billion term loan.

The B1 Corporate Family Rating and stable outlook reflect CCOC's
ability to generate stable and predictable cash flows from its
pro-forma portfolio of approximately 22,000 tower assets against
significant leverage of roughly 8.4x (on an adjusted, annualized
basis) and a pro-forma free cash flow to debt ratio in the low
single digits.  The rating and outlook also reflect Moody's
expectation that Crown Castle will reduce its pro-forma leverage
modestly over the next year towards the upper end of its stated
5x -- 7x leverage range.

Based in Houston, Crown Castle Operating Company owns and
operators communication towers and is a subsidiary of Crown
Castle International Corp.

                        About Crown Castle

Crown Castle International Corp. -- http://www.crowncastle.com/
-- engineers, deploys, owns and operates shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers wireless communications coverage to 68 of the top
100 United States markets and to substantially all of the
Australian population.  Crown Castle owns, operates and manages
over 10,600 and over 1,300 wireless communication sites in the
U.S. and Australia, respectively.


CROWN CASTLE: Buying Global Signal for US$5.8 Billion
-----------------------------------------------------
Crown Castle International Corp. and Global Signal Inc.
disclosed that they have entered into a definitive agreement for
Crown Castle to acquire Global Signal in a stock and cash
transaction valued at approximately US$5.8 billion, including
debt.

The transaction brings together two of the nation's leading
tower companies, with over 24,000 wireless sites.  The combined
company will have a high-quality portfolio of wireless towers
that are well-positioned for expected growth, with 16,240 of its
towers in the top 100 BTA's, the most of any tower company.

"We expect this extraordinary combination of companies with the
most towers in the best markets to create significant value for
our customers and shareholders," stated John P. Kelly, Crown
Castle's Chief Executive Officer.  "The complementary nature of
our US portfolios will result in a high-quality, diversified
customer base, with 76% of site rental revenues from the four
largest US wireless carriers.  Further, we have an experienced
management team, which will now be leveraged across a larger
portfolio, with proven abilities to excel in this industry.  
This transaction reflects our continued commitment to
undertaking endeavors that we believe will maximize recurring
cash flow per share, which we feel is the best way to create and
increase shareholder value.  We believe this combination
enhances our ability to achieve our long-term goal of 20 to 25%
annual recurring cash flow per share growth."

Based on pro forma results for both companies as of June 30,
2006, the combined company will have approximately US$16 billion
in total enterprise value, annualized site rental revenues of
US$1.2 billion and annualized Adjusted EBITDA of US$659 million.  
Recurring cash flow, defined as Adjusted EBITDA less interest
expense less sustaining capital expenditures, based on pro forma
annualized results for the second quarter 2006 for the combined
company, was US$329 million.

Wesley R. Edens, Global Signal's Chairman added, "This is a
merger of best-in-class assets and people.  We see enormous
opportunity in supporting the technological investments of our
tenants as the entire wireless industry continues to serve their
own customers better with improved network quality, coverage and
capacity.  Together, our companies will have the scale, scope
and growth prospects to deliver long-term value for our
shareholders."

The merger is expected to generate cost synergies of between
US$12 million and US$15 million annually, which are expected to
be realized within 12 months after closing.

"We are excited about bringing together Crown Castle and Global
Signal to create a powerful growth platform with a very
efficient capital structure," stated Ben Moreland, Chief
Financial Officer of Crown Castle.  "The new company will have a
cost of debt capital and flexibility that is unrivaled in the
tower industry.  We believe that this transaction enhances our
expected growth rates of revenue, Adjusted EBITDA and recurring
cash flow due to the relatively lower occupancy on the Global
Signal towers and the significant lease-up potential.  Further,
we have a proven track record of integrating acquisitions
without disrupting the delivery of services to our customers.  
In addition, in keeping with our capital allocation strategy, we
believe this transaction is near and long-term accretive to
recurring cash flow per share relative to our stand-alone
expectations."

Following the closing, Crown Castle's board of directors will
consist of all eight outside directors from Crown Castle's
existing board of directors and three outside directors from
Global Signal, as well as Mr. Kelly and Mr. Moreland.  Three of
Global Signal's current board members, Wesley R. Edens, Robert
H. Niehaus and David C. Abrams, are expected to join Crown
Castle's board upon closing.  As a result, the Crown Castle
board will increase from 10 to 13 members.  The corporate
headquarters for the combined company will remain in Houston,
Texas.  Mr. Kelly and Mr. Moreland will remain in their current
management roles as Chief Executive Officer and Chief Financial
Officer, respectively.

                       Transaction Details

Under the terms of the definitive merger agreement, Global
Signal common stockholders will be entitled to convert each
share of Global Signal into 1.61 Crown Castle shares or,
alternatively, can elect to receive cash in the amount of
US$55.95 per Global Signal share.  The total amount of cash
consideration is subject to a cap of US$550 million.  To the
extent that cash elections are made in respect of a number
greater than 9.83 million shares, the stock consideration would
be adjusted on a pro rata basis so that 9.83 million of Global
Signal's outstanding shares are exchanged for cash.

In connection with the transaction, Global Signal's three
largest shareholders, Fortress Investment Funds, Greenhill
Capital Partners, L.P. and Abrams Capital, LLC, have entered
into voting agreements in which they have agreed to vote shares
representing approximately 40% of Global Signal's outstanding
shares in favor of the Crown Castle transaction.

Crown Castle expects to finance the cash portion of the
transaction through its existing Senior Secured Credit Facility,
including a funded Revolving Credit Facility in the amount of
US$250 million and an add-on to Crown Castle's existing Senior
Secured Term Loan of US$300 million.  Crown Castle will also
assume estimated debt of US$1.8 billion.  At the closing of the
acquisition, Crown Castle expects to have total debt of
approximately US$5.4 billion and net debt of approximately
US$5.3 billion.

The merger agreement is subject to certain conditions and
approvals, including shareholder and regulatory approvals.  Upon
meeting these conditions and approvals, the merger is expected
to close in the first quarter of 2007.

Each of J.P. Morgan Securities Inc. and Morgan Stanley & Co.
Incorporated acted as financial advisor and Cravath, Swaine &
Moore LLP acted as legal advisor to Crown Castle.  Each of
Goldman Sachs & Co. and Banc of America Securities LLC acted as
financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP
acted as legal advisor to Global Signal, and Fried, Frank,
Harris, Shriver & Jacobson LLP acted as legal advisor to
Fortress Investment Funds.

                        About Global Signal

Global Signal -- http://www.gsignal.com/-- owns, leases or  
manages approximately 11,000 towers and other wireless
communications sites.  Global Signal is organized and conducts
its operations to qualify as a real estate investment trust for
federal income tax purposes.

                        About Crown Castle

Crown Castle International Corp. -- http://www.crowncastle.com/
-- engineers, deploys, owns and operates shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers wireless communications coverage to 68 of the top
100 United States markets and to substantially all of the
Australian population.  Crown Castle owns, operates and manages
over 10,600 and over 1,300 wireless communication sites in the
U.S. and Australia, respectively.

                          *     *     *

Standard & Poor's Rating Services placed its ratings on Crown
Castle, including its 'BB' corporate credit rating, on
CreditWatch with negative implications.  The 'BB' senior secured
debt rating on related entity Crown Castle Operating Co. also
was placed on CreditWatch with negative implications.  However,
the '3' recovery rating is not on CreditWatch.

The Troubled Company Reporter reported on October 10, 2006, that
Moody's Investors Service affirmed all ratings of Crown Castle
Operating Company, including its B1 Corporate Family Rating, B1
Senior Secured Rating and SGL-2 Liquidity Rating.  The ratings
reflect a B1 probability of default and loss given default
assessment of LGD 3 (43%) on the senior secured facility.  The
outlook remains stable.


DIRECT INTERNATIONAL: Members' Final Meeting Set on Oct. 20
-----------------------------------------------------------
Direct International Science Consortium of Australia Pty Ltd,
which is in liquidation, will hold a final meeting for its
members on October 20, 2006, at 10:00 a.m.

At the meeting, the members will consider these resolutions:

     -- to receive and adopt the report of the liquidator's act
        and dealings during the conduct of the wind-up.

     -- to receive and adopt Australian Securities and
        Investments Commission Form 524 Accounts and Statement
        by a liquidator.

     -- to transact any other business which may properly be
        brought forward at the meeting.

The Liquidator can be reached at:

         Vernon James Fowle
         14 Mansfield Avenue
         Margaret River, Western Australia 6285
         Australia


FLOW-RITE ASIA: Set to Declare Final Dividend on November 11
------------------------------------------------------------
Flow-Rite Asia Pacific Pty Ltd, which is in liquidation, will
declare a final dividend on November 11, 2006.

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

The Joint and Several Deed Administrators can be reached at:

         Terry Grant Van Der Velde
         David Michael Stimpson
         SV Partners
         Level 16, 120 Edward Street
         Brisbane, Queensland 4000
         Australia


GEORGE M FARAH: Final Meeting Slated for October 20
---------------------------------------------------
A joint final meeting of the members and creditors of George M
Farah Clothing Pty Ltd, which is in liquidation, will be held on
October 20, 2006, at 10:00 a.m.

At the meeting, Liquidator Barry Anthony Taylor will report
about the company's wind-up and property disposal activities.

The Joint Liquidator can be reached at:

         Barry Anthony Taylor
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia


GLOBAL BINS: Receivers and Managers Cease to Act
------------------------------------------------
Robert Michael Scales and Guy Alexander Edwards ceased to act as
receivers and managers of Global Bins Australia Pty Ltd on
August 12, 2004.

The Troubled Company Reporter - Asia Pacific reported that on
July 12 2006, the company appointed Messrs. Scales and Edwards
as the company's receivers and managers.

The former Receivers and Managers can be reached at:

         Robert Michael Scales
         Guy Alexander Edwards
         PKF
         Chartered Accountants
         Level 11, 485 La Trobe Street
         Melbourne, Victoria 3000
         Australia


HAWKDALE PTY: Members to Receive Wind-Up Report
-----------------------------------------------
Members of Hawkdale Pty Ltd will hold a final meeting on October
20, 2006, at 10:00 a.m., to hear the report of Liquidator Ian
Richard Hall on the company's wind-up proceedings and property
disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a wind-up of its operations on June 9, 2006.

The Liquidator can be reached at:

         Ian Richard Hall
         PricewaterhouseCoopers
         1 Eagle Street
         Brisbane, Queensland 4001
         Australia


IDENTIC BOOKS: To Declare Employee Dividend on November 15
----------------------------------------------------------
Identic Books (Holdings) Pty Ltd will declare its first and
final priority dividend to employees on November 15, 2006.

Employees who were unable to prove their debts on October 11,
2006, will be excluded from sharing in any distribution the
Company will make.

According to the Troubled Company Reporter - Asia Pacific, the
company required its employees and unsecured creditors to submit
their proofs of claim on June 27, 2006, to share in the dividend
distribution set on July 28, 2006.

The Liquidator can be reached at:

         S. W. Free
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle, West New South Wales 2302
         Australia


KNF AUSTRALIA: To Declare Final Dividend on November 11
-------------------------------------------------------
KNF Australia Pty Ltd, which is subject to a deed of company
arrangement, will declare a final dividend to creditors on
November 11, 2006.  Those who were unable to prove their claims
on October 2, 2006, are excluded in the dividend distribution.

The Joint and Several Deed Administrators can be reached at:

         Terry Grant Van Der Velde
         David Michael Stimpson
         SV Partners
         Level 16, 120 Edward Street
         Brisbane, Queensland 4000
         Australia


LEAHY PETROLEUM: Members & Creditors to Receive Wind-Up Report
--------------------------------------------------------------
A final meeting for the members and creditors of Leahy Petroleum
Pty Ltd, which is in liquidation, will be held on October 20,
2006, at 11:00 a.m.

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

The Joint and Several Liquidator can be reached at:

         A. R. Yeo
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


MARYBOROUGH VEHICLE: Final Meeting Set for October 20
-----------------------------------------------------
The members and creditors of Maryborough Vehicle Centre Pty Ltd
will hold a final meeting on October 20, 2006, at 9:30 a.m., to
receive the liquidators report on the company's wind-up
proceedings and property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that on
July 20, 2005, the Company declared a first and final dividend
to its creditors.

The Joint and Several Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road, Hawthorn East 3123
         Australia
         Telephone:(03) 9882 6666


METRO TRAVEL: Members' Final Meeting Scheduled for October 20
-------------------------------------------------------------
Metro Travel Pty Ltd, which is in liquidation, will hold a final
meeting for its members on October 20, 2006, at 10:00 a.m.

During the meeting, Liquidators Hutchison and Gibbons will
present an account of the company's wind-up and property
disposal exercises.

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


MONLEA PTY: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------
Shareholders of Monlea Pty Ltd, trading as Nordex Panel Systems
and Nordex Interiors, held a meeting on September 27, 2006, and
passed a special resolution to wind up the company's operations
due to its inability to pay debts when they fall due.

In this regard, Robert Moodie was appointed as liquidator.

The Liquidator can be reached at:

         Robert Moodie
         c/o Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


NOREGRETS AUSTRALIA: To Declare Dividend to Priority Creditors
--------------------------------------------------------------
Noregrets Australia Pty Ltd will declare a first and final
dividend for its priority creditors on November 17, 2006.

Priority creditors who failed to submit their proofs of claim on
October 10, 2006, will be excluded in the dividend distribution.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a wind-up operation on February 10, 2005.

The Liquidator can be reached at:

         Cliff Rocke
         c/o PPB
         Level 1, 5 Mill Street
         Perth, Western Australia 6000
         Australia


ONEIDA LTD: April 29 Stockholders' Deficit Widens to US$43.5-Mln
----------------------------------------------------------------
Oneida Ltd. filed its financial statements for the first fiscal
quarter ended April 29, 2006, with the United States Securities
and Exchange Commission on September 14, 2006.

At April 29, 2006, the company's balance sheet showed
US$297,520,000 in total assets and US$341,085,000 in total
liabilities, resulting in a US$43,565,000 stockholders' deficit.  
The company had a US$33,297,000 deficit at Jan. 28, 2006.

The company's April 29 balance sheet also showed strained
liquidity with US$149,965,000 in total current assets available
to pay US$48,829,000 in total current liabilities coming due
within the next 12 months.

                       Results of Operation

Foodservice

Net sales of Foodservice Division products during the three
months ended April 29, 2006, decreased by US$4,834,000 (10.8%),
compared with the corresponding period in the prior year.

The decline in sales is attributed to reduced demand from
broadline/equipment & supply distributors, hotel and gaming,
chain restaurants, airline industry and liquidation sales of
approximately US$1,600,000; US$900,000; US$1,700,000; and
US$500,000 respectively, including the impact of the company's
decision to discontinue distribution of common glassware
products.  These decreases were offset slightly by increased
sales to the cruise line industry segment.

The uncertainty associated with the company's 2004 financial
restructuring as well as general business trends also resulted
in certain customers opting to either dual source their tabletop
product requirements with competitors, or direct source from
foreign manufacturers, which has resulted in lower sales in the
current year, especially in the commodity flatware and
dinnerware segments.

Airline segment sales are down due to the continued financial
condition of that sector.

Consumer

Net Sales for the Consumer division decreased by approximately
US$7,297,000 (23.5%) compared with the corresponding period in
the prior year.

In the company's continuing effort to restructure the Oneida
Outlet Store division, 24 stores were closed since January 2005
accounting for approximately US$2,000 of the net sales
reduction.

In addition, dinnerware sales for the quarter were down
approximately US$2,200,000 (39.3%) compared with the first
quarter of the prior year.  This is mainly the result of the
discontinuation of a major customer program and timing of new
product introductions, which fall into the second calendar
quarter in 2006 versus the first calendar quarter last year.

Flatware sales were down approximately US$2,800,000 (15.8%)
compared with the same period in 2005.  This is mainly due to
the impact of a major department store merger, the timing of a
major customer reorder, and the closeout of a catalog program.

Both flatware and dinnerware sales were also impacted by an
inventory reduction program undertaken by two major customers in
the first fiscal quarter.

International

Net sales of the International division declined by US$1,607,000
(11.6%) as compared with the same period in the prior year,
primarily attributed to the Mexico and United Kingdom
operations.  The decrease in sales in the United Kingdom was
impacted by the change in the company's crystal product supplier
and a general softness in the demand for retail tabletop
products.

Mexico sales volume was adversely impacted by the direct import
strategy of certain large volume customers in the company's
commodity flatware and dinnerware segment.

The company reported a US$10,450,000 net loss available to
common stockholders for the first fiscal quarter ended April 29,
2006, compared with a US$3,332,000 net loss for the same period
ended April 30, 2005.

Full-text copies of the company's first fiscal quarter
financials are available for free at

http://ResearchArchives.com/t/s?1327

                        Going Concern Doubt

On October 10, 2006, the Troubled Company Reporter, auditors
working for BDO Seidman, LLP, raised substantial doubt about
Oneida Ltd.'s ability to continue as a going concern after
auditing its consolidated financial statements for the year
ended January 28, 2006, and January 29, 2005.  The auditors
pointed to the company's uncertainties inherent in the
bankruptcy process, recurring losses, ability to comply with all
debt covenants under the existing debtor-in-possession financing
agreement, ability to generate sufficient cash from operations,
and obtain financing sources to meet its future obligations.

                         About Oneida Ltd.

Headquartered in Oneida, New York, Oneida Ltd. (OTC: ONEI) --
http://www.oneida.com/-- manufactures stainless steel and  
silverplated flatware for both the Consumer and Foodservice
industries, and supplies dinnerware to the foodservice industry.
Oneida also supplies a variety of crystal, glassware and metal
serveware for the tabletop industries.

The company has operations in Australia, Mexico and the United
Kingdom.


PISANO ENTERPRISES: To Hold Final Meeting on October 20
-------------------------------------------------------
Pisano Enterprises Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on October 20, 2006,
at 9:30 a.m.

During the meeting, the members and creditors will receive
Liquidator Anderson's report on the activities that transpired
during the wind-up period.

The Liquidator can be reached at:

         Gary Anderson
         PO Box 1661
         West Perth, Western Australia 6872
         Australia
         Telephone:(08) 9486 7822
         Facsimile:(08) 9226 4250
         Email: garya@iinet.net.au


PORTCAR PTY: Shuts Down Business Operations
-------------------------------------------
On September 27, 2006, the members of Portcar Pty Ltd agreed to
shut down the company's business operations and appointed Daniel
J. Civil as liquidator.

Accordingly, creditors are required to submit their proofs of
claim to Mr. Civil by November 10, 2006, or be excluded from
sharing in any distribution the company will make.

The Liquidator can be reached at:

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

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

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$20 Million
   Senior Secured
   Revolving Credit
   Facility due 2011      B2       B1      LGD3       36%

   US$150 Million
   Senior Secured
   First Lien
   due 2012               B2       B1      LGD3       36%

   US$45 Million
   Senior Secured
   Second Lien
   due 2012              Caa1     Caa1     LGD5       86%

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 Waukesha, Wisconsin, RedPrairie Corporation --
http://www.redprairie.com/-- is a provider of warehouse  
management, labor management and transportation management
software solutions.

The company has locations in Australia, China, Denmark, and the
United Kingdom, among others.


RENNIE PRODUCE: Members & Creditors' Meeting Set on Oct. 20
-----------------------------------------------------------
A joint meeting of the members and creditors of Rennie Produce
Pty Ltd, which is in liquidation, will be held on October 20,
2006, at 2:30 p.m.

During the meeting, Liquidator Barry Keith Taylor will show an
account of his acts and dealings on the company's wind-up.

The Liquidator can be reached at:

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


ROSTEDEN PTY: To Declare First and Final Dividend on October 24
---------------------------------------------------------------
Rosteden Pty Ltd will declare a first and final dividend on
October 24, 2006.

Priority creditors who were unable to prove their debts on
October 10, 2006, will be excluded from sharing in the dividend
distribution.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a wind-up of operation on October 27, 2005.

The Liquidator can be reached at:

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


S & P GROUP: Creditors' Proofs of Debt Due on October 17
--------------------------------------------------------
S & P Group Holdings Pty Ltd, which is subject to a deed of
company arrangement, will declare a first and final dividend to
creditors on October 18, 2006.

Creditors must submit their proofs of debts by October 17, 2006,
to be included in the company's distribution of dividend.

The Deed Administrator can be reached at:

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


TOTAL PIPELINE: To Declare Priority Dividend on November 5
----------------------------------------------------------
Total Pipeline Services Australia Pty Ltd, which is subject to a
deed of company arrangement, will declare a first and interim
priority dividend to creditors on November 5, 2006.

Creditors who were unable to prove their claims on October 1,
2006, will be excluded from sharing in the dividend
distribution.

The Joint and Several Deed Administrators can be reached at:

         J. W. Cunningham
         J. R. Park
         Ramsay Clout
         Chartered Accountants
         Suite 2, 63 The Esplanade
         Maroochydore, Queensland 4558
         Australia
         Telephone:(07) 5479 6411
         Facsimile:(07) 5479 6350


TRINITY BUSINESS: To Distribute First and Final Dividend
--------------------------------------------------------
Trinity Business Solutions Pty Ltd, which is in liquidation,
will distribute a first and final dividend for its creditors on
October 19, 2006.

Creditors who were unable to prove their claims on October 6,
2006, are excluded from sharing in dividend.

The Liquidator can be reached at:

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


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

Only those creditors who were able to prove their debts on
October 2, 2006, are included in sharing the dividend
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


ZEUS IMPORTS: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------
Members and creditors of Zeus Imports Pty Ltd will hold a final
meeting on October 20, 2006, at 10:00 a.m., to hear Liquidator
Sutherland's report about the company's wind-up and property
disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
Company declared a first and final dividend for priority
creditors on July 13, 2006.

The Liquidator can be reached at:

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


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

ASIAN AREA: To Hold Annual Meetings for Members and Creditors
-------------------------------------------------------------
The annual meeting of the members and creditors of Asian Area
Reinsurance Company Ltd will be held on November 10, 2006, at
10:00 a.m.

During the meeting, Liquidator Jan G W Blaauw will report on the
company's wind-up and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company paid its second dividend to preferential creditors on
July 14, 2006.

The Joint and Several Liquidator can be reached at:

         Jan G W Blaauw
         22/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


CAMA SERVICES: To Receive Claims Until November 15
--------------------------------------------------
Liquidator Suen Man Fai will be receiving proofs of claim from
the company's creditors until November 15, 2006.

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

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 CONSTRUCTION: Inks Deal with IFC on Global Trade Financing
----------------------------------------------------------------
On October 12, 2006, China Construction Bank signed an agreement
with the International Finance Corporation on trade financing,
the Xinhuanet News reports citing an official from the bank, as
saying.

According to the report, CCB would expand its trade-financing
business in developing countries with credit support from the
IFC to further enhance the bank's international competitiveness.

The IFC's motive is to promote sustainable private sector
investment in developing countries, help reduce poverty and
improve people's lives, the paper says.

Xinhua News recounts that CCB worked out a three-year strategic
development program for international business after it was
listed on the Hong Kong Stock Exchange in October 2005.

On the other hand, IFC has achieved an AAA long-term credit
rating at Standard & Poor's Ratings Services, Xihuanet notes,
adding that since IFC initiated its global trade financing
service in 2005, more than 60 banks worldwide have joined the
program.

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of  
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954 under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

On August 28, 2006, the Troubled Company Reporter - Asia Pacific
reported that Moody's Rating affirmed the bank's A2 long-term
deposit rating with a positive outlook and a bank financial
strength rating of D- with a stable outlook.  At the same time,
Moody's has put Bank of
America Asia's A1/Prime-1 foreign and Aa3/Prime-1 local currency
deposit ratings on review for possible downgrade.

In addition, Fitch Ratings affirmed on September 15, 2006, China
Construction Bank's long-term foreign currency IDR at A- and
Individual Rating at D.


DIAMOND TECHNOLOGY: Members Resolve to Wind Up Operations
---------------------------------------------------------
On October 6, 2006, members of Diamond Technology Ltd passed a
special resolution to wind up the company's operations.

Accordingly, Wong Kwok Man and Alison Wong Lee Fung Ying were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Wong Kwok Man
         Alison Wong Lee Fung Ying
         Grant Thornton Specialist Services Limited
         13/F, Gloucester Tower, The Landmark
         15 Queen's Road, Central
         Hong Kong


DU WIN GARMENTS: Court Orders Wind-Up of Business
-------------------------------------------------
The High Court of Hong Kong issued a wind-up order against Du
Win Garments Company Ltd on September 27, 2006.

According to the Troubled Company Reporter - Asia Pacific, Chan
Lai Yee filed the petition with the Court on July 28, 2006.


GUANGDONG BANK: Bank's Restructuring Still Incomplete, CBRC Says
----------------------------------------------------------------
The China Banking Regulatory Commission denied reports that the
restructuring of the Guangdong Development Bank has been
decided, and that Citigroup has been approved to buy shares into
the debt-laden bank, Xinhua News reports, citing an unnamed
official with the CBRC, as saying.

On October 11, 2006, Forbes, referring to a report from the
South China Morning Post, relates that Citigroup secured the
approval of the CBRC to buy state-owned Guangdong Development
Bank with a group of local investors.

Bidding for Guangdong Development began last year when Citigroup
formed a consortium that was reported to be seeking majority
shares in the bank.

According to a report by the Troubled Company Reporter - Asia
Pacific on September 14, 2006, the Citigroup consortium, which
includes China Life Group -- the nation's largest insurer -- and
State Grid Corp -- the major electricity distributor -- offered
around US$3 billion for 85% of the bank.  Citigroup reportedly
will take 40% to 45% of the shares negotiated with the bank.

According to Xinhua, Chinese regulations require that any
acquisition of or strategic investment in China's commercial
banks by overseas financial institutions must be ratified by the
CBRC.  Moreover, the shares asked by Citigroup exceed the limit
of 25% foreign ownership of a Chinese bank, Xinhua notes.

Meanwhile, Societe Generale, another bidder in the bank, has
revealed the structure of its consortium bid with Shanghai
Baosteel Group Corp and China Petrochemical Corp each seeking a
19.9% stake in the bank, the Shanghai Daily reports, citing a
senior SG official, as saying.

In addition, Dalian Shide Group Co, a privately owned company
involved mainly in manufacturing construction materials, is
bidding for a 10% stake while Jilin Province Trust & Investment
Co bid is also pursuing 10%, Forbes says.

Societe Generale reduced its target stake to 19.9% from 25% to
comply with Chinese regulations capping foreign investment,
Forbes relates.

A spokesman for Societe Generale also denied media reports that
rival bidder Citigroup has won the rights to take over the bank,
Forbes relates.

                          *     *     *

Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a  
bank based in Guangzhou, Guangdong, People's Republic of China.  
The bank was founded in 1988.  

Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual 'E'
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.


HCAPITAL ENTERPRISES: Liquidators Ceases to Act for Company
-----------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana ceased to act as joint
and several liquidators of Hcapital Enterprises Ltd on
October 9, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
liquidators presented the final accounts of the company's wind-
up on August 8, 2006.

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


HHEALTH ENTERPRISES: Liquidators Step Aside
-------------------------------------------
On October 9, 2006, Ying Hing Chiu and Chung Miu Yin, Diana
ceased to act as joint and several liquidators of Hhealth
Enterprises Ltd.

The Troubled Company Reporter - Asia Pacific reported that
Hhealth's members received the joint liquidators' final accounts
of the company's wind-up on August 8, 2006.

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


KAM TAI: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------
On October 11, 2006, the members of Kam Tai Paper Products
Factory Ltd resolved to voluntarily wind up the company's
operations due to its inability to pay debts when they fall due.

In this regard, Cosimo Borrilli and G Jacqueline Fangonil Walsh
were named as its joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Cosimo Borrilli
         G Jacqueline Fangonil Walsh
         Borrelli Walsh Limited
         Level 14, Tower 1, Admiralty Centre
         18 Harcourt Road
         Hong Kong


LUCKY REGENT: Creditors Must Prove Debts by October 31
------------------------------------------------------
Creditors of Lucky Regent International Ltd are required to
prove their debts by October 31, 2006.  Proofs of claim are to
be submitted to Liquidator Cosimo Borrelli.

Failure to prove debts will exclude any creditor from sharing in
any distribution the Company will make.

The Joint and Several Liquidator can be reached at:

         Cosimo Borrelli
         Level 14, Tower 1
         Admiralty Centre, 18 Harcourt Road
         Hong Kong


MING WAH: Hearing of Wind-Up Petition Fixed on November 22
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Ming Wah Construction and Engineering Ltd on November 22, 2006,
at 9:30 a.m.

Leung Yau Fook filed the petition with the Court on September
22, 2006.

The Solicitors for the Petitioner can be reached at:

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


MISSION OF MERCY: Commences Wind-Up of Operations
-------------------------------------------------
Members of Mission of Mercy Foundation Ltd passed a special
resolution on October 2, 2006 to voluntarily wind up the
company's operations.

Subsequently, Pong Yuen Sun, Louis was appointed as liquidator.

The Liquidator can be reached at:

         Pong Yuen Sun, Louis
         6/F, United Chinese Bank Building
         31-37 Des Voeux Road, Central
         Hong Kong


MOBIL OIL: Names Philip John Kass as Liquidator
-----------------------------------------------
Philip John Kass was appointed liquidator of Mobil Oil Hong Kong
Ltd by virtue of an ordinary resolution passed on September 29,
2006.

The Liquidator can be reached at:

         Philip John Kass
         22/F, Central Plaza
         18 Harbour Road, Wanchai
         Hong Kong


MULTIDATA INDUSTRIAL: Enters Liquidation Proceedings
----------------------------------------------------
At an extraordinary general meeting held on October 6, 2006, the
members of Multidata Industrial Ltd agreed to voluntarily
liquidate the company's business.

Chiu Chi Kin was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Chiu Chi Kin
         Block E, 3/F, Wang Cheong Building
         251 Reclamation Street, Kowloon
         Hong Kong


NG CHEONG: Creditors' Proofs of Claim Due on November 6
-------------------------------------------------------
Liquidator Lau Vui Cheong requires the creditors of Ng Cheong
Investment Company Ltd to prove their claims by November 6,
2006.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on September 28,
2006.

The Liquidator can be reached at:

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


NOBLE GROUP: To Buy Two Soy-Crushing Plants for US18-Mil.
---------------------------------------------------------
Noble Group said on October 16, 2006, that it is purchasing two
more soy-crushing facilities in China for about US$18 million,
Reuters reports.

According to the report, the company agreed to buy the plants
from two Singapore-based entities:

   1. a plant in Chongqing from Great Wall Investments Pte Ltd.;
      and

   2. another facility in Longkou in the northern province of
      Shandong from Sino Agri-Trade Pte Ltd.

The deals, according to the company's statement, would be
financed from its internal cash resources and bank borrowings.  
The book value of the two plants as of October 13, 2006, is
estimated at around US$34 million.

The acquisition followed Noble's investment in April in another
soy crushing plant in Qinzhou in China's southern province of
Guangxi, Reuters notes.

Noble Group Ltd., headquartered in Hong Kong and listed on the
Singapore Stock Exchange, is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries.

On September 29, 2006, the Troubled company Reporter - Asia
Pacific, reported that Moody's Investors Service affirmed the
Ba1 corporate family rating and senior unsecured bond rating of
Noble Group Ltd with a stable outlook.

According to Moody's Noble's Ba1 ratings reflect the company's
financial strengths, including its healthy liquid balance sheet,
a strong management team with extensive industry experience,
business diversity and leading market position - a position
which has benefited from an increasing demand for commodities in
Asia.


PWC CONSULTING: Shareholders Opt to Liquidate Business
------------------------------------------------------
Shareholders of PWC Consulting Hong Kong Ltd on October 3, 2006,
resolved to voluntarily liquidate the company's business and
appointed Ying Hing Chiu and Chung Miu Yin, Diana, as joint and
several liquidators.

The Liquidators can be reached at:

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


POLYMATECH HK: Placed Under Members' Voluntary Wind-Up
------------------------------------------------------
Members of Polymatech HK Co. Ltd passed a special resolution to
voluntarily wind-up the company's operations in a meeting on
October 3, 2006.

Consequently, Thomas Andrew Corkhill and Iain Ferguson Bruce
were appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

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


TERRELL LTD: Appoints Choi Shuk Han as Liquidator
-------------------------------------------------
Choi Shuk Han was appointed liquidator of Terrell Ltd by virtue
of a resolution passed at the creditors' meeting held on
September 29, 2006.

The Liquidator can be reached at:

         Choi Shuk Han
         Rooms 502-505, 5/F., Sun Hung Kai Centre
         30 Harbour Road, Wanchai
         Hong Kong


* Domestic Cap. Markets Set to Take Off Due to Reforms, S&P Says
----------------------------------------------------------------
Standard & Poor's Ratings Services on October 13, 2006,
published an article recapping its comments at a conference on
domestic capital markets in the People's Republic of China
hosted by Asia Society on Oct. 12, 2006, at the Pierre Hotel in
New York City.

According to John Chambers report called chairman of Standard &
Poor's sovereign rating committee, relaxing the quota system for
issuers and dropping the requirement for bank guarantees for
bond tenors over one years would accelerate the rate of growth
in the Chinese corporate bond market.

"Other reform such as the further liberalization of interest
rates, improvements to corporate governance, and greater
availability of reliable credit information would also deepen
the Chinese corporate bond market," noted Mr. Chambers.  
"Regarding making nontradable equity shares tradable, we expect
G-share reform both to ease raising equity capital for Chinese
firms and to facilitate mergers through share swaps," he
concluded.


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

ALLEGHENY TECHNOLOGIES: Moody's Gives 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 North American Metals & Mining sectors last
week, the rating agency confirmed its Ba2 Corporate Family
Rating for Allegheny Technologies Inc. and its B1 rating on the
company's US$300 million issue of 8.375% senior unsecured notes
due 2011.  Moody's also assigned an LGD6 rating to those bonds,
suggesting noteholders will experience a 90% 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 Allegheny
Ludlum Corporation's and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Million
   Gtd. Debentures
   due 2025               Ba2      Ba2     LGD4       53%

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 Pittsburgh, Pennsylvania, Allegheny
Technologies Inc. -- http://www.alleghenytechnologies.com/-- is  
a specialty stainless steel and alloy producer.  The company has
international locations in India, Germany, the United Kingdom,
Australia, Korea, Singapore, and Malaysia, among others.


CORPORATION BANK: Names Shri Ravi as Non-Official Director
----------------------------------------------------------
Corporation Bank names Shri S Ravi, Chartered Accountant, New
Delhi, as part time non-official director under Chartered
Accountant category effective on October 13, 2006, for a period
of three years.

Before the new assignment, all Shri Ravi took was the Bank's
shareholder director.

                       About Corp Bank

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes    
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as well as
debit and credit cards.

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


EXIM BANK: S&P Rates Proposed JPY20-Bil. Samurai Bonds 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured long-term foreign currency debt rating to the Export-
Import Bank of India's (India EXIM; BB+/Positive/B)
proposed JPY20-billion second series samurai bond due 2011.

The five-year bond marks India EXIM's second foray into the
Japanese capital market, after its successful maiden launch of a
JPY23-billion samurai bond earlier this year in February.

The issuer credit ratings on India EXIM, which are identical to
the sovereign, reflect its importance as a public policy bank.
The principal source of risk for India EXIM relates to its
sovereign host and particularly the persistent high public
sector deficits of the government of India (BB+/Positive/B).  s
a government agency, India EXIM is exposed to this risk via the
consequent impairment of the government's fiscal flexibility,
which constrains its capacity to extend capital support or
assistance to the bank in case of financial distress.  The
ratings also incorporate government ownership of and support for
India EXIM, and reflect the bank's stand-alone credit features
of a record of profitability and solid capitalization.

Established by an Act of Parliament in 1981, India EXIM's
designated mandate is broadly defined as creating export
capability.  As such, the bank's role includes trade finance,
advisory services, and promotional programs.

India EXIM's role as an instrument of India's economic and trade
policy has been reinforced in recent years by the increasingly
external focus of the Indian economy as it departs from the
inward orientation that has characterized it since independence.

"Since its inception, India EXIM has enjoyed strong government
support, notably through capital infusions, interest
equalization, and loan guarantees, reflecting the government's
commitment to expand both the scale and scope of its
operations," said Standard & Poor's credit analyst Agost Benard.

The government wholly owns the bank, and appoints the board of
directors, which include representatives of related ministries,
such as the Ministry of Finance and Reserve Bank of India.

Despite its public role, India EXIM operates on a commercial
basis with a fair degree of autonomy, and competes with private
sector banks in most of its activities.  Its commercial
orientation is highlighted by past performances of modest, but
consistent profitability -- averaging 2.4% (profit before tax to
average assets) in the past five years.  Profitability is,
however, coming under pressure as competition increases and
lending margins fall.

India EXIM's strong capitalization also underpins its
operations.  Its ratio of total equity to assets is a solid 14%
as at March 31, 2006, although this is below previous levels
(averaging 16.8% in the past five years), due to the significant
expansion of its loan book in recent years.  Nevertheless, India
EXIM's capitalization still compares favorably with other
sovereign-supported banks, such as Export-Import Bank of China
(2.3%).  In addition, India EXIM received government capital
injections totaling INR4 billion (US$90 million) in the past six
fiscal years in paid-up capital alone.

The positive outlook on India EXIM reflects that on the
sovereign credit ratings on India.

"Standard & Poor's expects that India EXIM will remain an
important instrument for the government in its medium- to long-
term export development strategy," said Mr. Benard.  Proposed
capital support from the government over the next five years, if
continued, could further enhance its strong capital base. "We
believe that the public policy role of India EXIM will not be
changed in the medium term, but if there is a change in
government policy that adversely affects India EXIM's policy
role, the credit ratings on the bank could be affected," added
Mr. Benard.

                        About Exim Bank

Export-Import Bank of India -- http://www.eximbankindia.com/--   
was set up by an Act of Parliament in September 1981.  The
special purpose bank is wholly owned by the Government of India.
It aims to provide financial assistance to exporters and
importers, and to function as the principal financial
institution for coordinating the working of institutions engaged
in financing export and import of goods and services.

Headquartered in Mumbai, India, the bank also has overseas
offices in Budapest, Johannesburg, London, Singapore, Washington
DC.

On February 2, 2005, Standard and Poor's Ratings Service gave
Exim Bank's long-term foreign issuer credit a BB+ rating.


NCO GROUP: Moody's Junks US$365-Mil. Senior Subor. Notes' Rtg.
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 first time, rating to
NCO Group, Inc.'s US$565 million senior secured credit facility,
Caa1 ratings to US$365 million of senior subordinated notes, and
a B2 corporate family rating.  The ratings for these debt
instruments reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of B2, and a loss
given default of LGD 2 for the secured credit facility and LGD 5
to the subordinated notes.  The rating outlook is stable.

On July 21, 2006, NCO entered into a definitive agreement to be
acquired by an entity controlled by One Equity Partners, with
participation by certain members of senior management.  The
transaction is expected to close in the fourth quarter of 2006
and is subject to customary closing conditions including the
approval of NCO's shareholders.  Upon closing of this
transaction, NCO's stock will no longer be publicly traded.

The transaction is expected to be funded with the US$465 million
term loan, US$365 million of senior subordinated notes, US$355
million of cash equity contributed by OEP, US$23 million of
rollover equity and US$10 million of revolver borrowings.

The ratings benefit from solid pro forma credit metrics for the
rating category, high levels of EBIT, leading market positions
in receivables management and portfolio management business
lines and a good track record of profitability and cash flow
generation.  The ratings are constrained by the potential for
profitability erosion due to increasing competition in portfolio
management business, sensitivity of receivable collection trends
to a weakening economy and moderate revenue concentration.

The Ba3 rating on the senior secured credit facility reflects an
LGD 2 loss given default assessment as this facility is secured
by a pledge of the assets of the guarantor subsidiaries and 65%
of the stock of foreign subsidiaries.  The LGD 2 assessment
benefits from a significant amount of junior debt in the capital
structure.  The Caa1 rating on the senior subordinated notes
reflects an LGD 5 loss given default assessment given that it is
effectively subordinated to the secured credit facility.

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

Ratings assigned:

   * Corporate family rating at B2

   * Probability-of-default rating at B2

   * US$465 million 7 year senior secured term loan at Ba3

   * US$100 million 5 year senior secured revolver at Ba3

   * US$365 million senior subordinated notes at Caa1

   * Speculative grade liquidity rating at SGL-2

The stable outlook anticipates moderate revenue and EBIT growth
over the next 12-18 months.  Cash flow from operations is
expected to be used to fund capital expenditures of about US$30-
US$40 million per year, niche acquisitions which complement
existing business segments, and required term loan amortization.

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

Given the company's solid position in the rating category, a
moderate increase in pricing trends in the portfolio management
segment or decline in accounts receivable collection rates will
be unlikely to pressure the ratings.  However, a sharp downturn
in the business which results in EBIT coverage of interest and
free cash flow to debt that are expected to sustained at under 1
time and 0%, respectively, could lead to a downgrade.  

A significant debt financed acquisition that substantially
weakens credit metrics and liquidity could also pressure the
rating.

Based in Horsham, Pennsylvania, NCO Group, Inc. --
http://www.ncogroup.com/--  is a global provider of business  
process outsourcing services, primarily focused on accounts
receivable management and customer relationship management.  The
company also purchases and manages past due consumer accounts
receivable from consumer creditors such as banks, finance
companies, retail merchants, utilities, healthcare companies,
and other consumer-oriented companies.  The company reported
revenues of about US$1.1 billion for the twelve-month period
ending
June 30, 2006.

The company has locations in Antigua, Australia, Barbados,
Canada and India, among others.


NCO GROUP: S&P Rates US$465-Mil. Senior Secured Bank Loan at B+
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
counterparty credit rating to NCO Group Inc.  The outlook is
stable.

At the same time, S&P assigned a bank loan rating of 'B+' and a
recovery rating of '3' to the company's senior secured bank loan
(US$465 million) and revolver (US$100 million), indicating a
meaningful (50%-80%) recovery of principal in the event of a
payment default.  NCO's senior subordinated notes (US$365
million) were rated 'B-'.

"The ratings on NCO are based in part on its high leverage and
poor capitalization (negative tangible equity), marginal cash
flow coverage, and high level of operational risk," Standard &
Poor's credit analyst Rian M. Pressman, CFA, said.

The company's modest profitability, driven in part by its
sensitivity to changing market dynamics, is also a primary
factor in the rating.  Other considerations include NCO's strong
niche market position in accounts receivable and collection
services, well-established client relationships, and multiple
sourcing channels for the purchase of distressed receivables.

NCO's high leverage and poor capitalization (negative tangible
equity) limit the rating.  Following its acquisition by an
entity controlled by One Equity Partners (a private equity firm,
with participation by certain members of NCO's current senior
management), the company's debt is projected to total
approximately US$840 million (excluding the nonrecourse debt
associated with receivables purchases financed by Cargill).

At year-end 2006, debt-to-EBITDA and EBITDA interest coverage
ratios (both adjusted for operating leases) are forecasted to be
a modest 5.6x and 1.8x, respectively.

Although S&P recognizes that NCO's service-intensive businesses
require little capital support, the company's investment in
distressed receivables requires an appropriate level of
capitalization, especially given the assumption-driven analytics
backing those purchases.

Further growth in the distressed receivables portfolio without a
commensurate increase in capitalization will increase the
importance of capitalization in S&P's overall assessment.

Operational risk is high due to NCO's significant information
system infrastructure, high volume of acquisition activity (28
companies in the past 10 years), large number of employees (more
than 22,000), and significant international operations
(including call centers in Canada, Philippines, India, and the
Caribbean).

The operational integrity of the company's systems and processes
is crucial, as service disruptions could result in lost clients.
(The company is exposed to moderate customer concentrations.)  
NCO has made significant investments to mitigate this risk,
including disaster recovery planning and data security.

Positive rating factors include NCO's strong niche market
position in accounts receivable and collection services, well-
established client relationships, and multiple sourcing channels
for the purchase of distressed receivables.

Almost two-thirds of total revenue is generated by the accounts
receivable management business and NCO has a strong market
position in this niche business.  The company's competitive
advantages include size in a business where scale matters and a
successful track record.  NCO has well-established client
relationships with a number of blue chip companies and has
served its top 10 clients for an average of 10 years each.

Lastly, the company has multiple sourcing channels through which
to purchase distressed receivables, including existing ARM
clients, forward flow agreements, and a relationship with the
agricultural/food company, Cargill.

NCO's multiple sourcing channels enable it to selectively play
in the auction markets, thereby avoiding some of the irrational
pricing that has recently characterized that market.

Horsham, Pa.-based NCO is a provider of business process
outsourcing.  The company's three business lines are ARM, CRM,
and Portfolio Management.  At June 30, 2006, total assets were
US$1.3 billion.

The stable outlook is based on NCO's strong niche market
position in accounts receivable and collection services, well-
established client relationships, and multiple sourcing channels
for the purchase of distressed receivables.  Positive ratings
action may occur if the company reduces leverage and improves
profitability, while maintaining or improving its business risk
profile.  Negative ratings implications could result from
increased leverage, reduced profitability, or adverse
operational issues.

The company has locations in India, Antigua, Australia,
Barbados, Canada, Panama, Philippines, Puerto Rico, the United
Kingdom and the United States.


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

BANK PERMATA: Net Profit Increases 21.6% in Third Quarter 2006
--------------------------------------------------------------
PT Bank Permata Tbk reported an unaudited net profit of
IDR223.4 billion (US$24.2 million) in the first nine months
ended September 30, 2006, representing an increase of 21.6% from
IDR183.7 billion in the same period last year, The Jakarta Post
says.

According to The Post, Bank Permata also recorded good momentum
growth in net interest income and fee-based income while
strengthening its asset position.

The Bank's net interest income grew by 11.6% to IDR1.4 trillion
in the 2006 third quarter from IDR1.2 trillion in the 2005 third
quarter, while fee-based income increased by 36% to
IDR360 billion from IDR265 billion.

Meanwhile, operational expenses in the third quarter this year
increased 9.2% to IDR1.2 trillion from last year's
IDR1.1 trillion, while net operating profit improved 13% to
IDR322 billion from IDR285 billion.

"Recent initiatives to improve business and operational
efficiency have also shown clear results, as reflected in our
latest third quarter performance," Bank Permata President
Director Steward D. Hall said in a statement sent to The Post.
He added that the positive result in the bank's third quarter
financial performance was driven by its continued focus on the
small to medium enterprise and consumer lending sectors.

Due to the challenging macro-economic condition in the first
half of 2006, loans increased slightly by 3% from
IDR21.5 trillion to IDR22.2 trillion in the 2006 third quarter.
As a result, Loan to Deposit Ratio was recorded at 76.7%, down
from 81.8% recorded in the same period last year.

Bank Permata's balance sheet as of Sept. 30, 2006, reflected an
8.6% growth in total assets -- from IDR33.5 trillion to
IDR36.4 trillion.

In third party funds, the Bank successfully managed an increase
of 9.4%, amounting to IDR28.9 trillion, compared to
IDR26.4 trillion in the same period last year due to
improvements in the composition of low cost funds.  Demand
deposits and savings increased by 1.5% and 26%, to
IDR5.9 trillion and IDR5.5 trillion, respectively.  Deposits
were recorded marginally lower at IDR16 trillion compared to
IDR16.1 trillion last year.

The bank recorded a 3.3% increase in Non-Performing Loans, which
is higher than the previous year's 3%.

Based on the report, the bank's Capital Adequacy Ratio increased
to 12.8%, from 10.1% recorded last year, which is above the
limit set by Bank Indonesia at 8%.

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

                          *     *     *

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

These ratings were unaffected:

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


FAJAR SURYA: Fitch Assigns 'B+' Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has assigned Long-term foreign and local currency
Issuer Default Ratings of 'B+' to Indonesia-based industrial
paper producer, PT Fajar Surya Wisesa.  In addition, Fitch has
assigned a National Long-term rating of 'BBB+(idn)' to Fajar.
The Outlook for the IDRs is Stable while the Outlook for the
National rating is Positive.

The agency has also assigned an expected rating of 'B+' and a
Recovery Rating of 'RR4' to the proposed US$100 million
guaranteed secured notes due 2011 to be issued by Fajar Paper
Finance B.V. and guaranteed by Fajar.  The final rating is
contingent upon receipt of documents conforming to information
already received.

The ratings reflect Fajar's high leverage, its exposure to the
commoditised industrial paper industry, and some risks
associated with its expansion into sack kraft production.
Fajar's high leverage levels are reflected by a net debt/EBITDA
ratio of 5.2x in 2005, mainly attributable to its expansion
during the period.  The agency notes that prior to this
expansion, the company's leverage levels had been declining for
four years.  Fajar is a price-taker in a highly commoditized
market, for both its raw materials and end-products, and is thus
exposed to volatilities in pulp and waste-paper prices (as raw
materials for its production), as well as to price swings in
boxboard, containerboard and sack kraft that it produces.
However, Fitch notes that the company appears to be able to pass
raw material price increases to the consumers.  Additionally,
its policy of holding a relatively low level of inventory
further reduces price risks.

Fajar has successfully completed its expansion, with the newly
installed paper machine and cogeneration power plant becoming
fully operational in 17 August 2006 and 7 July 2006,
respectively, which added another 200,000 tonnes per annum of
production capacity earmarked for sack kraft production.  The
company's expansion commenced in 2005, and was funded by a
combination of internal cash accrual and a syndicated loan of
US$72 million, which will be refinanced by the notes issue.  The
agency notes that project-related risks are low as the
construction phase is now complete.  However, market risks still
remain as Fajar is a new entrant in the sack kraft market.  
These risks are mitigated by the fact that the expansion into
sack kraft production is aimed at filling an existing market
need, in particular from domestic cement manufactures, following
the exit of the only other domestic supplier since 2003.  Fajar
also expects to sell up to 50% of its sack kraft product
overseas, where its cost advantages may allow it to be
competitive.

The ratings draw support from Fajar's position as a small low
cost producer within a narrow niche of the market.  As such, it
can derive a degree of cushion from margin pressures arising
from competition and price fluctuations, which are the norm in
such a highly commoditised market.  Fajar derives its low
production costs from using waste paper for 99% of its raw
materials needs, as well as generating its own electricity and
steam from its two gas powered cogeneration power plants.
Additionally, Fajar also derives its cost advantages from lower
capital investment costs due to its use of partly reconditioned
and upgraded paper machines.  Apart from cost advantages, Fajar
also faces a relatively stable demand for its products partly
due to its track record of establishing long-term relationships
with its customer base.  Its strategy of remaining a non-
integrated manufacturer appears to be working in its favour as
its customers, namely the non-integrated box makers and
packaging printers, who make up around 74.4% of capacity within
this downstream segment, do not view it as a potential threat.
Lastly, Fitch also notes that Fajar's expansion into sack kraft
could potentially result in significantly better margins and
profits to sustain a superior discretionary cash flow generation
capacity.

The Stable Outlook for the IDRs reflects Fitch's expectation
that the company will start deleveraging following the
commissioning of PM7.  As the notes issuance is earmarked for
refinancing of existing debt, and that the company is not
currently planning other debt funded projects, the agency views
that the above expectation can be met.  However, a negative
rating action may be triggered by any significant increase in
leverage with net debt/EBITDA levels remaining above 5.0x in
2006 and 4.0x in 2007.  A negative rating action may also be
triggered should there be any material delay in, changes to, or
cancellation of proposed notes issuance.  Conversely, a proven
and sustained success in the commercialisation of its sack kraft
production that would give rise to sustained levels of net
debt/EBITDA at below 2.0x may result in a positive rating
action.  The Positive Outlook for the National Rating reflects
Fitch's view that the threshold for a positive trigger is lower
for the National Rating in relation to the IDRs.

Fajar is among the largest industrial paper manufacturers in
Indonesia with a focused range of products comprising liner
board, corrugated medium paper and coated duplex board.  As at
end-2005, it had a production capacity of 500,000 TPA, and with
the commissioning of PM7 its production capacity was increased
to 700,000 TPA.  Average capacity utilisation in the past five
years was 90.0%.  The company's net sales in 2005 amounted to
IDR1.5 trillion (US$153 million), while EBITDA was
IDR245.9 billion (US$25 million).  Fajar's total assets stood at
IDR3.5 trillion (US$351 million) as at end-2005.


GOODYEAR TIRE: Borrows $1 Bil. Under Revolving Credit Facility
--------------------------------------------------------------
The Goodyear Tire & Rubber Company has significantly enhanced
its cash position by borrowing nearly US$1 billion under an
existing revolving credit facility.
  
The company said it borrowed approximately US$675 million on
October 13 and US$300 million on October 5 under its
US$1.5 billion U.S. First-Lien Credit Facility.  Thus, this
particular facility is almost fully drawn, when including its
US$500 million deposit-funded facility.

"Before the start of the United Steelworkers strike in North  
America, Goodyear had about US$1.3 billion in cash and cash  
equivalents and approximately US$1.6 billion in available credit  
lines," said Richard J. Kramer, executive vice president and
chief financial officer.  "This action provides additional cash
in the unlikely event of a prolonged strike."

Goodyear has implemented contingency plans to meet customer
needs during the strike, which began on October 5 at 16
facilities in the United States and Canada.

"We are shipping products to customers from existing inventory,  
operating non-affected tire plants as usual, operating affected  
plants with salaried employees and importing from our  
international operations," Kramer said.

Kramer reiterated Goodyear's position that its goal in the  
negotiations with the USW is to reach a fair contract that  
enhances the company's competitiveness and helps Goodyear win
with customers.  "We cannot accept a contract that creates
competitive and cost disadvantages versus our foreign- owned
competitors and imports," he said.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's Asia Pacific headquarters is in
Shanghai, China.

                          *     *     *

Fitch affirmed The Goodyear Tire & Rubber Company's Issuer
Default Rating at 'B'; US$1.5 billion first lien credit facility
at 'BB/RR1'; US$1.2 billion second lien term loan at 'BB/RR1';
US$300 million third lien term loan at 'B/RR4'; US$650 million
third lien senior secured notes at 'B/RR4'; and Senior Unsecured
Debt at 'CCC+/RR6'.

Moody's Investors Service assigned a B3 rating to Goodyear Tire
& Rubber Company's US$400 million ten-year senior unsecured
notes.

Standard & Poor's Ratings Services assigned its 'B-' rating to
Goodyear Tire & Rubber Co.'s US$400 million senior notes due
2015 and affirmed its 'B+' corporate credit rating.


* State-Owned Banks Need Guarantee to Cut Loans
-----------------------------------------------
Revisions on Governmental Regulation Number 14/2005 on
Guidelines of the Write-off of State/Regional loans has been
signed, Tempo Interactive says.  However, according to PT Bank
Negara Indonesia Managing Director Sigit Pramono, state-owned
banks still need assurances.

Mr. Pramono said that actually the revisions of the governmental
regulation can give help to state-owned banks in settling non-
performing loans, Tempo relates.  With the revisions, state-
owned banks are given authority in giving a haircut.

However, Mr. Pramono stated that the Supreme Audit Agency and
the Attorney General's Office viewed that the haircut can be
considered as damaging state finances so that the board of
directors can be suspected of committing corruption.  Therefore,
understanding among state higher institutions must be clear so
that it will not create a misunderstanding.

Agus Martowardojo, Chairman of State-Owned Banks Association,
has also asked that the government give information to higher
state institutions.

"The government must come to [the Supreme Audit Agency], the
House of Representatives and AGO to explain about the revisions
to the regulation so that there is no different perception," Mr.
Martowardojo, who is also the managing director of PT Bank
Mandiri, said.

Earlier, AGO and the Supreme Audit Agency canceled the plan for
revising the governmental regulation, Tempo recounts.  Both
institutions evaluated that the haircut injured state finances
and may be considered as corruption.

Of the national banks non-performing loans reaching 8.8% (gross
non-performing loans), Bank Mandiri's non-performing loans
reached the highest position.  Up until the first half of 2006,
total credit of Bank Mandiri reached 26.2% or around
IDR26.4 trillion.  The second ranking was BNI with non-
performing loans of IDR10.8 trillion or 15.6%.

                          *     *     *  
  
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
=========

DAIEI INC: Aeon in Exclusive Talks to Acquire Stake in Daiei
------------------------------------------------------------
Marubeni Corp. and Aeon Co. said that they have begun
negotiations on how to rehabilitate Daiei Inc.

Japanese retailer Aeon said in a disclosure to the Tokyo Stock
Exchange that it is in exclusive talks to acquire a 15% stake in
Daiei from Marubeni.  

According to Bloomberg News, Aeon, which is Japan's largest
supermarket chain, may invest in Daiei to increase its share of
the nation's US$1.1-trillion retail market.  Bloomberg also
notes that Aeon may also buy 20% of supermarket operator
Maruetsu Inc. from Daiei.  The combined stakes are worth about
JPY75 billion (US$627 million).

Bloomberg relates that Daiei, emerging from bad debts that
resulted in a government bailout, is the latest acquisition
target for Aeon, which has already revived two bankrupt
supermarket chains in the world's second-largest economy --
Yaohan Japan Corp. and Mycal Corp.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 8, 2006, that Daiei, currently rehabilitating under the
umbrella of Marubeni Corp., is looking to halve its outstanding
interest-bearing debt from JPY410 billion to JPY200 billion by
the end of fiscal 2006.  The TCR-AP notes that as of the end of
February this year, Daiei's debts stood at JPY413 billion on the
basis of a consolidated settlement of accounts.

An earlier TCR-AP report stated that Marubeni, in August 2006,
said that it was open to strategic partners in operating Daiei.  
A subsequent TCR-AP report on Sept. 7 indicated that United
States-based Wal-Mart Stores Inc. had bid to form a business
tie-up with Daiei and that Aeon had also submitted a rival bid
to help rehabilitate Daiei.

Press reports believe that the exclusive talks between Aeon and
Marubeni thwarts the rival bid by Wal-Mart Stores.

            Aeon May Sell Shares to Fund Acquisition

Bloomberg relates that Aeon may sell shares to help pay for
stakes in Daiei and Maruetsu.

Bloomberg cites Aeon spokesman Masakazu Ogura as saying "We are
considering several ways to raise money. . . At this point we
haven't made a decision."

The retailer will sell JPY100 billion of stock to help pay for
the purchases, the Tokyo Shimbun newspaper reported on Oct. 14,
2006, without specifying where the information came from.

                           About Aeon

Headquartered in Chiba, Japan, Aeon Company Ltd. --
http://www.aeon.info/-- is a retailing group of over a hundred  
member companies in Japan and overseas whose business model is
based on shopping center operation.  Aeon had 1,159 stores and
about 150 discounters nationwide as of Aug. 20, 2006.

Sales at Aeon accounted for about 3.4% of the Japanese retail
market, or JPY4.43 trillion, in the year ended Feb. 20, 2006.

Last year, Aeon bought Carrefour SA's eight stores in Japan when
Europe's largest retailer pulled out of the supermarket business
in the country.  Carrefour said it lost between EUR200 million
(US$254 million) and EUR300 million in its four-year Japanese
foray.

                           About Daiei

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through  
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter - Asia Pacific on
August 18, 2006, Marubeni Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei.  Marubeni now holds a 44.6%
stake in the company.

A subsequent TCR-AP report on September 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.  
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Although Daiei cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier, Marubeni views
the debt level as still being too high.


DAIEI INC: Moody's Comments on AEON's Credit Quality  
----------------------------------------------------
Moody's Investors Service said that it does not expect any
immediate impact on AEON Co., Ltd.'s (Aeon, Baa1) credit quality
if the company acquires an about 15% stake in The Daiei, Inc.
(Daiei, not rated by Moody's) and an about 20% stake in The
Maruetsu, Inc. (Maruetsu, not rated by Moody's).

The company announced that it has earned the right to negotiate
with Marubeni Corporation (Baa3), which is currently the largest
shareholder of Daiei, holding 44.3%., and with Daiei, presently
holding a 36% share in Maruetsu.  The right of negotiation will
be valid until the end of March 2007.  In Moody's opinion, the
additional financial risks inherent with the acquisition of
these stakes will have a limited impact on Aeon's overall
financial profile, although the company has not yet announced
the acquisition costs.

The rating agency notes that these transactions will enable the
Aeon Group to further strengthen its overall franchise and
buying power.

Aeon has been aggressive in expanding its franchise through
acquisitions in 2006, i.e. acquiring shares of Origin Toshu Co.,
Ltd. for about JPY53 billion, The J.Jill Group. Inc. through The
Talbots, Inc., Aeon's subsidiary in the U.S., for about
JPY60 billion and Diamond City Co., Ltd., for about
JPY69 billion.  However, it is Moody's understanding that Aeon
plans to seek growth opportunities by balancing its business
strategy and the financial strategy of the Aeon Group as a
whole.

Moody's will continue to monitor whether this policy will be
followed.

AEON Co., Ltd. headquartered in Chiba, is one of Japan's leading
retailers.  It leads the Aeon Group, which operates various
retail outlets, mainly consisting of JUSCO, Saty, Vivre and
Maxvalue stores, as well as the Ministop convenience store
franchise.  It also operates large shopping centers.

Marubeni Corporation, headquartered in Tokyo, Japan, is a major
Japanese trading company.

The Maruetsu, Inc., headquartered in Tokyo, Japan, is one of
Japan's supermarket operators.

                           About Daiei

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through  
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter - Asia Pacific on
August 18, 2006, Marubeni Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei.  Marubeni now holds a 44.6%
stake in the company.

A subsequent TCR-AP report on September 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.  
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Although Daiei cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier, Marubeni views
the debt level as still being too high.


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

AGY HOLDING: Moody's Rates US$175-Million 2nd Lien Notes at B2
--------------------------------------------------------------
Moody's Investors Service assigned a B2 /LGD4-54% rating to AGY
Holding Corp.'s proposed US$175 million eight-year 2nd lien
senior secured 144A Notes and affirmed its B2 corporate family
rating.  AGY's rating outlook remains stable.

Assignment:

Issuer: AGY Holding Corp.

    * Senior Secured Gtd Global Notes due 2014: B2 / LGD4 - 54%

These new notes will refinance the debt issued on April 7 when
AGY was acquired by Kohlberg & Co. in a transaction valued at
US$271 million, excluding fees and expenses.  The acquisition
was financed with US$210 million of Senior Secured Credit
Facilities, comprised of a US$30 million senior secured
revolving credit facility, a US$135 million senior secured 1st
lien term loan and a US$45 million senior secured 2nd lien term
loan, as well as cash.

Moody's ratings for AGY's existing debt will be withdrawn at the
conclusion of this new transaction.  The new debt provides
additional flexibility by lengthening the maturity schedule with
no amortizing debt.  As part of this refinancing, AGY also plans
to arrange a privately placed US$40 million five-year 1st lien
senior secured asset-based revolver that will not be rated.

AGY's ratings reflect its substantial leverage resulting from
the purchase of virtually all outstanding equity interests by
equity sponsor, Kohlberg & Co.

The B2 corporate family rating also considers:

   -- AGY's small size, customer and application
      concentration, ongoing margin compression from input
      cost inflation,

   -- the speculative grade credit quality of certain of
      the company's main customers, and

   -- exposure to several highly cyclical end-use markets.

Moody's assigned a B2 rating, LGD4 Assessment, and a Loss Rate
of 54% to the proposed US$175 million eight-year 2nd lien senior
secured notes.  The rating is equal to the corporate family
rating level given that the 1st lien debt only accounts for 19%
of total debt, even assuming that the secured revolver is fully
drawn.

All of AGY's senior secured bank debt will be guaranteed by both
of AGY's North American subsidiaries, AGY Aiken LLC, and AGY
Huntingdon LLC, which own over 99% of the company's total
assets.  Moody's believes that, with potentially US$215 million
in senior secured 1st and 2nd lien debt, tangible asset coverage
of debt is reasonable, reflected in the pari passu 2nd lien term
loan and corporate family ratings.

Headquartered in Aiken, South Carolina, AGY Holding Corp. --
http://www.agy.com/-- is a U.S. producer of glass fiber yarns.   
Its products are used globally in a variety of industrial,
electronic, construction, and specialty applications.  The
company has sales and distribution offices in Korea, France, and
Japan.


AGY HOLDING: S&P Revises Rating Outlook on Revenue Decline
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on AGY
Holding Corp. to negative from stable.  At the same time,
Standard & Poor's affirmed its 'B' corporate credit rating on
AGY.

In addition, S&P assigned its 'B-' rating and a recovery rating
of '3' to the company's proposed US$175 million second-lien
senior secured notes, indicating that the lenders can expect
meaningful recovery (50% to 80%) of principal in the event of a
payment default.

Proceeds from the proposed senior notes and an unrated
US$40 million first-lien senior secured revolving credit
facility will be used to refinance the company's existing credit
facility.

The 'B-' rating on the second-lien notes is one notch below the
corporate credit rating to reflect the notes' junior claim on
collateral, and the presence of higher priority debt in the
capital structure.

The rating is based on preliminary terms and conditions.

The outlook revision reflects S&P's expectation for a decline in
revenues and earnings from a key product-application, the up-
armoring of the military Humvee vehicle.

Demand for AGY's product used in the military Humvee is likely
to decline in the near-term following unexpected design changes
to the vehicle.  The military Humvee application constituted a
meaningful portion of AGY's earnings for the first half of 2006.
Lower than expected Humvee-related earnings in the future will
likely weaken overall operating performance somewhat and result
in very little room at the current rating for other possible
unexpected negative developments.

The company has limited ability in the near-term to entirely
offset this loss through increased earnings from existing
products or from the launch of new products.

Still, S&P expects improved market conditions in some markets
such as electronics and AGY's new product pipeline in its niche
markets to partly offset the shortfall.

The ratings reflect a vulnerable business position in a
relatively narrow segment of the glass fiber market, with
concentration of revenue and operating profits in a few
customers and product-applications, and a highly leveraged
financial profile.

These risk factors are partly offset by the company's
technological capabilities in some specialized product
categories, a focus on growing the contribution from value-added
products, and good market shares in the business niches in which
it competes.

Headquartered in Aiken, South Carolina, AGY Holding Corp. --
http://www.agy.com/-- is a US producer of glass fiber yarns.   
Its products are used globally in a variety of industrial,
electronic, construction, and specialty applications.  The
company has sales and distribution offices in Korea, France, and
Japan.


AMKOR TECH: SEC 10-Q Filing Cues Moody's to Put Positive Outlook
----------------------------------------------------------------
Moody's Investors Service confirmed the corporate family and
long-term debt ratings of Amkor Technology, Inc. and assigned a
positive rating outlook.  In addition, Moody's upgraded the
company's speculative grade liquidity rating to SGL-3,
reflecting an improved liquidity situation following the
company's avoidance of covenant defaults and consent fees.  
These actions conclude the ratings review that commenced on
August 15, 2006.

The ratings confirmation and positive outlook reflect Amkor's
filing of its June 2006 10-Q on October 6, 2006, which cured the
technical default under its note indentures.  In addition, the
company concluded its internal investigation involving Amkor's
historical stock option practices and restated its financial
results for years 2003, 2004, 2005, the first and second
quarters of 2005 and first quarter of 2006.  These restatements
did not impact materially the company's financial position.

Although liquidity concerns have diminished, Moody's notes that
Amkor's ratings continue to reflect the inadequate oversight,
processes and controls related to the granting of past stock
options and the resulting impact on the accuracy of the
company's financial reporting, which increases accounting risk.  
While the financial charges are not deemed material, Moody's
confidence in the company's financial reporting has weakened.  
The ratings also reflect Amkor's ongoing efforts to remediate
the material weaknesses, which are not yet complete; the impact
of higher costs associated with the remediation; additional
legal and accounting costs associated with the investigation;
and the ongoing SEC investigations.

In Moody's view, Amkor's credit fundamentals, absent the
accounting and control issues surrounding its historical stock
options practices, are more reflective of a B3 credit.  The
positive outlook reflects Moody's expectations that Amkor
will complete successfully its remediation efforts; and that
additional costs for remediation and accounting and legal
services will be offset by a reduction in operating expenses in
other areas or will be absorbed through improving performance.

However, Moody's could move the rating outlook back to stable if
further concerns regarding weaknesses in internal, disclosure
and accounting controls emerged, liquidity issues resurfaced or
if Amkor witnessed a sudden slowdown in customer demand.  
Additionally, given that the investigation found evidence of
intentional manipulation of stock option pricing linked to
former executives, we note that if the potential for legal risk
increases as a result of former management actions or adverse
conclusions from the SEC investigations, the ratings could be
constrained or possibly downgraded.

These ratings were confirmed and loss given default estimates
changed:

   * Corporate Family Rating -- Caa1

   * Probability of Default Rating -- Caa1

   * US$300 million Guaranteed Senior Secured 2nd Lien Term Loan
     due 2010 - B1

   * US$1,162 million Senior Unsecured Notes with various
     maturities -- Caa1

   * US$22 million 10.5% Senior Subordinated Notes due 2009 --
     Caa2

   * US$190 million 2.5% Convertible Senior Subordinated Notes
     due 2011 - Caa3

   * US$142 million 5.0% Convertible Subordinated Notes due 2007
     -- Caa3

These ratings were upgraded:

   * Speculative Grade Liquidity Rating to SGL-3 from SGL-4

                      About Amkor Technology

Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) --
http://www.amkor.com/-- provides advanced semiconductor    
assembly and test services.  The company offers semiconductor
companies and electronics original equipment manufacturers a
complete set of microelectronic design and manufacturing
services.  It has sales and manufacturing offices in Japan,
China, Taiwan, the Philippines and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services lowered its corporate and
other ratings on Amkor and placed the ratings on CreditWatch
with developing implications.  The corporate credit rating was
lowered to 'CCC' from 'B-'.  The downgrade followed Amkor's
announcement that it received notice from the trustees of $1.6
billion of its senior and subordinated notes that the delay in
filing its Form 10-Q for the June quarter constitutes a default
under the notes.


HYNIX SEMICONDUCTOR: Sees Favorable DRAM Demand in 2007
-------------------------------------------------------
Hynix Semiconductor Inc. is hopeful that the market for its
dynamic random access memory chips will be favorable in 2007.

According to Reuters, Hynix is currently feeling a growing
demand for the computer memory chips ahead of Microsoft Corp.'s
launch of the Microsoft Vista operating system.

DRAM demand is expected to surge with the forthcoming launch of
the new operating system.  Vista is reportedly going to be
released to business customers within the next few weeks and to
consumers early 2007.

In the April to June 2006 quarter, Hynix ranked third in DRAM
sales behind Samsung Electronics and Germany's Qimonda, Reuters
notes.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


HYNIX SEMICONDUCTOR: Eugene Unit Questioned on Tax Breaks
---------------------------------------------------------
According to The Register-Guard, a daily newspaper in Eugene,
Oregon, in the United States, doubts arose on whether Hynix
Semiconductor Inc.'s subsidiary in Eugene should get tax breaks.

The Troubled Company Reporter - Asia Pacific reported on
April 25, 2006, that Hynix Semiconductor pleaded guilty to the
U.S. Department of Justice's charge that the company conspired
with other entities to fix prices of dynamic random access
memory chips.

With the admission, an environmental law group questions the
entitlement of the company's Eugene unit -- Hynix Semiconductor
Manufacturing America Inc. -- to tax breaks it has received over
the years.

Hynix has reportedly obtained more than US$50 million in
property tax breaks because of its location in the city's
enterprise zone.

The Register-Guard quoted Bern Johnson, a director of the
environmental group, as saying, "The Eugene operation is a
wholly owned subsidiary.  It is part of a corporation that
apparently has committed illegal acts.  The bottom line is
corporate structure shouldn't be used to avoid accountability."

New Oregon enterprise zone rules however require only tax break
recipients to comply with the laws of U.S. Congress, the Oregon
legislatures and the city or country that sponsored the zone,
the Eugene newspaper pointed out.  Previously, the newspaper
noted, rules required the recipients to comply with "all local,
state and federal laws applicable to the firm's business."

County assessor Jim Gangle told the newspaper that no one has
asked him to investigate whether the price fixing would
disqualify the company from tax breaks.

The city council may be interested in knowing because of the
significant amount of taxes the City is forgoing, David Kelly, a
Eugene councilor told the newspaper.

But Mr. Kelly told the newspaper that he believes that Hynix has
been a very good corporate citizen. "So I'm not thinking Hynix
in Eugene as a bad guy in any way," he added.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.  
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


WOORI FINANCE: KDIC to Punish Officers for Paying Large Bonuses
---------------------------------------------------------------
The Korea Deposit Insurance Corp. will impose disciplinary
measures against seven executives of Woori Finance Holdings Co.
Ltd., including Chairman Hwang Young-key, for paying high
bonuses to employees, The Korea Times reports.

KDIC, which holds 78% in Woori Finance, asserts that the large
bonuses are a serious violation of a memorandum of agreement it
signed with the holding company in August 2005.

The MOU reportedly requires Woori Finance to get KDIC's
permission in, among others, adjusting employee's pay scale and
making major management decisions.

According to the Korea Times, Woori Finance paid KRW47.4 billion
in bonuses to employees on March 27, 2006, because of the
company's sharp growth in earnings last year.  A week later, the
company decided to pay additional bonuses of KRW39.5 billion to
all employees, who received on average KRW3.3 million each, the
newspaper recounts.

The KDIC told The Times that the hefty bonus payments show that
the management is in a deep "moral hazard."

Woori Finance employees however believe they deserve better
treatment because of their efforts helped the company improve
its financial status, The Times said.  A Woori official
explained to the daily that the bonus payments was part of
measures to boost employee morale and was a token of gratitude
their efforts.

The Troubled Company Reporter - Asia Pacific previously reported
that the Korean Government is planning to sell KDIC's 78% stake
in Woori by March 2008.

                 About Woori Finance Holdings

Woori Finance Holdings Co., Ltd. -- http://www.woorifg.com/--   
is a holding company of Woori Bank, Kwangju Bank, Kyongnam Bank,
and Woori Credit Card.  The Company manages and controls its
financial subsidiaries.  It engages in a range of businesses,
including commercial banking, credit cards, capital markets
activities, international banking, asset management, and
bancassurance.

Fitch Ratings gave Woori Finance Holdings a 'B/C' Individual
Rating effective on September 30, 2005.


* South Korea Supports U.N. Security Council Resolution 1718
------------------------------------------------------------
The Foreign Ministry of the Republic of Korea issued this
statement in connection with the United Nations Security Council
Resolution 1718 that was adopted on October 14, 2006 (EST).

1. The Government of the Republic of Korea welcomes and supports
   the fact that the United Nations Security Council unanimously
   adopted on October 14 (EST) the Resolution 1718 imposing
   sanctions against North Korea, reflecting concern of the
   entire international community regarding North Korea's
   October 9 nuclear test.

2. The Government urges the North to fully recognize the firm
   stance of the international society reflected in the latest
   UNSC Resolution, accept the unified demand by the
   international community, abandon its nuclear weapons and
   other nuclear programs, and return to the NPT regime.

3. The Government already issued a statement on October 9, 2006,
   expounding that the North's action represented a direct
   challenge to the UNSC Resolution 1695 and that it was a
   provocative act discarding its duties stipulated in the 1991
   South-North Joint Declaration on Non-nuclearization of the
   Korean Peninsula as well as the September 19, 2005, Joint
   Statement issued by the participants in the Six-Party Talks.
   The Government's October 9 statement made it clear, too, that
   all the responsibilities stemming from the incident from now
   on would be imposed on the North.

4. As a member of the UN, the Government of the Republic affirms
   that it would respect the latest UNSC Resolution and carry it
   out faithfully.  At the same time, the Government demands
   again that the North return immediately to the Six-Party
   Talks and implement the September 19 Joint Statement, meeting
   the expectations of the international community desiring a
   peaceful and diplomatic resolution of the nuclear issue.

5. In the future, under the principle that the North's nuclear
   program should never be condoned, the Government of the
   Republic will continue to closely coordinate its policies
   with all the parties concerned and make responses in its all-
   out effort to solve the North nuclear problems and promote
   peace and stability on the Korean Peninsula.


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

DIGITAL LIGHTWAVE: Issues US$269,931 Promissory Note to Optel
-------------------------------------------------------------
Digital Lightwave Inc. issued a secured promissory note for
US$269,931 to Optel Capital, LLC, to reimburse the draw on the
letter of credit by MC Test Service, Inc. on Oct. 4, 2006.

MC Test provides outsourced manufacturing services to the
Company pursuant to a letter of agreement.  Optel, an entity
controlled by Bryan J. Zwan, the Company's largest stockholder
and chairman of the board of directors, established a
US$6-million irrevocable letter of credit on behalf of the
Company and named MC Test as beneficiary.  The Letter of Credit
was renewed for US$2 million and the expiration date extended
until Dec. 30, 2006.

MC Test, on Oct. 4, 2006, drew down US$269,931 of the Letter of
Credit for outsourced manufacturing services provided to the
Company by MC Test.

The Company's obligation with Optel is evidenced by the secured
promissory note bears interest at 10% per annum and is secured
by a security interest in substantially all of the Company's
assets.  

Principal and accrued but unpaid interest under the secured
promissory note is due and payable upon demand by Optel at any
time after Dec. 31, 2006.

The Company disclosed that it continues to have insufficient
short-term resources for the payment of its current liabilities.
As of Oct. 4, 2006, it has been unable to secure any financing
agreement or to restructure its financial obligations with
Optel.

As of October 4, 2006, the Company owed Optel approximately
US$54.4 million in principal plus approximately US$10.2 million
of accrued interest thereon.

The Company also disclosed that approximately US$64.6 million of
principal and accrued interest payable to Optel is currently due
and payable on demand.

The Company further disclosed that Optel currently is its
principal source of financing and it has not identified any
other funding source that would be prepared to provide current
or future financing.  The Company is continuing its discussions
with Optel to restructure the Short-Term Notes and the Secured
Convertible Promissory Note by extending the maturity date, and
to arrange for additional short-term working capital.  If the
Company does not reach an agreement to restructure the Short-
Term Notes and the Secured Convertible Promissory Note, and
obtain additional financing from Optel, the Company will be
unable to meet its obligations to Optel and other creditors.

A full text-copy of the Oct. 4, 2006 Secured Promissory Note
issued by Digital Lightwave to Optel may be viewed at no charge
at http://ResearchArchives.com/t/s?1354

Based in Clearwater, Florida, Digital Lightwave Inc. designs,
develops and markets products for installing, maintaining and
monitoring fiber optic circuits and networks.  The Company's
product lines include: Network Information Computers, Network
Access Agents, Optical Test Systems, and Optical Wavelength
Managers.  The Company's wholly owned subsidiaries are Digital
Lightwave (UK) Limited, Digital Lightwave Asia Pacific Pty,
Ltd., and Digital Lightwave Latino Americana Ltda.

The company has presence in Australia, Canada, Denmark, France,
Greece, Hong Kong, India, Indonesia, Korea, Mexico and Malaysia,
among others.

                          *     *     *

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


FORMIS MALAYSIA: Completes Holiday Plaza Acquisition
----------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
March 22, 2006, Formis (Malaysia) Berhad, now known as Perduren
(Malaysia) Berhad, entered into a conditional sale and purchase
agreement with Holiday Plaza Sdn Bhd and Holiday Bowl Sdn Bhd to
acquire certain Holiday Plaza properties for MYR180,000,000 in
aggregate.

On October 2, 2006, Perduren informed Bursa Malaysia Securities
Berhad that the parties have fulfilled the conditions precedent
pursuant to the Sale Agreement and hence, completed the
acquisition.

Perduren informs the Bourse that it will file an application to
uplift from PN17 classification in due course.

                    About Formis (Malaysia)

Formis Malaysia Berhad -- http://www.formis.net/-- now know as,  
Perduren (Malaysia) Berhad, was incorporated in Malaysia under
the Companies Act, 1965 on March 23, 1992, under the name of
Orlando Holdings Berhad.  The Company was first listed on the
Second Board of Bursa Malaysia Securities Berhad on December 28,
1992, and subsequently, on March 20, 2000, changed to its
present name before being transferred to Main Board of Bursa
Securities on March 30, 2000.

Formis is principally an investment holding company and through
its subsidiaries, is involved in the provision of hardware,
software, maintenance and consultancy services in information
technology business, computer networking solutions and systems
integration as well as the wholesale and retail of full range of
"Orlando" ready-made menswear and related accessories.

Formis was admitted into Bursa Malaysia Securities Berhad's
Practice Note 17 category on March 10, 2006, due to a deficit in
its adjusted shareholders' equity and the impending cessation of
its major business.  Formis is in the process of completing the
disposal of its IT Business to My-InfoTech (M) Berhad.
Furthermore, it had also entered into a conditional sale and
purchase agreement dated January 6, 2006, to dispose of Orlando
Corporation Sdn Bhd.  After the disposal of its IT Business and
the proposed disposal of OCSB, Formis will not have any business
operations.


FORMIS MALAYSIA: Appoints Loh Chen Yook as Director
----------------------------------------------------
Formis (Malaysia) Berhad, now known as Perduren (Malaysia)
Berhad, appointed Loh Chen Yook as Non-Executive Director on
October 4, 2006.

Mr. Loh holds 6,209,000 Ordinary Shares of MYR1.00 each in the
company.

Mr. Loh has over 25 years of experience in business.  Over the
years, the involvement of his business is property development,
infra-structure, building construction as well as timber
logging.

                    About Formis (Malaysia)

Formis Malaysia Berhad -- http://www.formis.net/-- now know as,  
Perduren (Malaysia) Berhad, was incorporated in Malaysia under
the Companies Act, 1965 on March 23, 1992, under the name of
Orlando Holdings Berhad.  The Company was first listed on the
Second Board of Bursa Malaysia Securities Berhad on December 28,
1992, and subsequently, on March 20, 2000, changed to its
present name before being transferred to Main Board of Bursa
Securities on March 30, 2000.

Formis is principally an investment holding company and through
its subsidiaries, is involved in the provision of hardware,
software, maintenance and consultancy services in information
technology business, computer networking solutions and systems
integration as well as the wholesale and retail of full range of
"Orlando" ready-made menswear and related accessories.

Formis was admitted into Bursa Malaysia Securities Berhad's
Practice Note 17 category on March 10, 2006, due to a deficit in
its adjusted shareholders' equity and the impending cessation of
its major business.  Formis is in the process of completing the
disposal of its IT Business to My-InfoTech (M) Berhad.
Furthermore, it had also entered into a conditional sale and
purchase agreement dated January 6, 2006, to dispose of Orlando
Corporation Sdn Bhd.  After the disposal of its IT Business and
the proposed disposal of OCSB, Formis will not have any business
operations.


PAN MALAYSIAN: Will Proceed with Proposed Share Consolidation
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
October 11, 2006, that Pan Malaysian Industries Berhad has
withdrawn its application for a Proposed Share Consolidation and
Proposed Rights Issue to the Securities Commission.

On October 11, 2006, through a filing with Bursa Malaysia
Securities Berhad, Pan Malaysian clarified that it does not
intend to proceed with the Proposed Rights Issue.  However, the
company intends to continue with the Proposed Capital
Reconstruction, which among others, includes the Proposed Share
Consolidation.

The Proposed Share Consolidation also covers the Proposed Par
Value Reduction, Proposed Share Premium Reduction and the
proposed amendment to the company's Memorandum of Association to
facilitate the Proposed Capital Reconstruction.

The Proposed Capital Reconstruction will allow:

   -- the company's accumulated losses to be substantially
      written off;

   -- the company to undertake future corporate exercises; and

   -- the declaration of dividends by the company when it
      returns to profitability in future.

The TCR-AP report noted that the company is currently
formulating a revised Regularization Plan, which it believes
will raise more funds compared to the scrapped Proposed Rights
Issue.  In formulating the revised Regularization Plan, the
company adds, a number of options are being deliberated by its
management including the divestment of relevant assets like the
investment in Metrojaya Berhad and the valuation of any related
divestment.

According to the company, the details of the Revised Plan are
not yet finalized.

                 About Pan Malaysian Industries

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  Its other activities
include investment and property holding.  The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.

The Group has been suffering recurring losses since 1999.
Moreover, as of June 30, 2006, Pan Malaysian has total assets of
MYR705,300,000 and total liabilities of MYR727,790,000,
resulting into a stockholders' deficit of MYR33,338,000.


PANGLOBAL BERHAD: Restraining Order Further Extended to Jan. 1
--------------------------------------------------------------
The High Court of Malaya further extends the restraining order
it granted to Panglobal Berhad for an additional 90 days or up
to January 1, 2006.

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

Taisho Company Sdn Bhd, in an application, sought to set aside
the Restraining Order and the extensions previously granted.
Taisho also requested for leave to commence execution
proceedings including winding-up proceedings against PanGlobal.

The Malaya Court dismissed Taisho's application.

                   About PanGlobal Berhad

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

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


PARK MAY: Wants Additional Time to Complete Restructuring
---------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that Park
May Berhad asked the Securities Commission to extend until
December 26, 2006, the deadline to complete its restructuring.

In a filing with the Bursa Malaysia Securities Berhad, Park May
disclosed that it sent another application to the SC on
Sept. 21, 2006, to ask for more time.  Pursuant to the
application, the company sought to extend the deadline to
complete its proposed Restructuring Scheme until June 26, 2007.

As of October 3, 2006, there was no significant development with
regards to the Proposed Restructuring Scheme, the company
revealed.

                     About Park May Berhad

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad
-- http://www.parkmayberhad.com/-- provides public bus   
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6 million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category.  As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR38.9 million and total liabilities of
MYR92.1 million.  


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

A1 HOUSE REMOVALS: Names Official Assignee as Liquidator
--------------------------------------------------------
On October 5, 2006, A1 House Removals Ltd appointed its official
assignee as liquidator.

The Troubled Company Reporter - Asia Pacific reported that the
Commissioner of Inland Revenue filed a liquidation petition
against the company on July 18, 2006.  The petition was heard
before the High Court of Napier on October 5, 2006.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


AUCKLAND ALUMINUM: Creditors to Prove Claims on November 3
----------------------------------------------------------
On September 21, 2006, shareholders of Auckland Aluminum
Scaffolding Services Ltd appointed Peri Micaela Finnigan and
John Trevor Whittfield as joint and several liquidators in
preparation for the company's liquidation activities.  

Accordingly, the Joint Liquidators required creditors to submit
their proofs of claim by November 3, 2006, or be excluded from
sharing in any distribution the Company will make.

The Joint Liquidators can be reached at:

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


ARTICULATE TEXTURES: Names Official Assignee as Liquidator
----------------------------------------------------------
On October 5, 2006, Articulate Textures Ltd appointed its
Official Assignee as liquidator.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealan
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


HELILOGGING LTD: Appoints Joint Liquidators
-------------------------------------------
On October 5, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Helilogging
Ltd.

As reported in the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a liquidation petition
against the Company on August 7, 2006.  The petition was heard
before the High Court of New Plymouth on October 5, 2006.

The Joint Liquidators can be reached at:

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


INNES APPAREL: Official Assignee to Act as Liquidator
-----------------------------------------------------
The Official Assignee for Innes Apparel (1997) Ltd was appointed
as the company's liquidator on October 4, 2006.

According to the Troubled Company Reporter - Asia Pacific, Keung
Investment Ltd filed a liquidation petition against the company
on July 19, 2006.  The petition was heard before the High Court
of Timaru on October 6, 2006.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


NZ PHYSIOTHERAPHY: Creditors Must Prove Debts by October 24
-----------------------------------------------------------
Members of New Zealand Physiotherapy Accreditation Scheme Inc.
appointed Spencer Smith as liquidator on October 6, 2006.

Creditors are required to prove their debts by October 24, 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:

         Spencer Smith
         6 Amapur Drive, Khandallah
         Wellington
         New Zealand
         Telephone:(04) 479 2898
         Facsimile:(04) 479 2868


ORIGIN PACIFIC: Creditors Unlikely to Recover Funds
---------------------------------------------------
Origin Pacific founder Robert Inglis has lost more than
NZ$20 million trying to prop up the airline, The Nelson Mail
reports, citing Origin Chief Financial Officer Greg Rudings.

The Nelson Mail reveals that Companies Office records show that
Mr. Inglis is a shareholder and director of several other
companies, including Shaaba Properties Ltd and Northwood Hop
Company Ltd.

Mr. Rudings explains that money collected through the Origin
receivership went to preferential creditors first.  Mr. Inglis,
as a shareholder, is at the bottom of the list with unsecured
creditors, Mr. Rudings notes, adding that Mr. Inglis had some
secured loans with Origin, but they were also way down the line
of priority.

Mr. Inglis is unlikely to get any money back, like other
shareholders who injected extra funds into the company in a
creditors' rescue deal in 2004 to save the airline when it hit
financial strife, Mr. Rudings further explains.

Mr. Rudings also notes that Origin staff had received wages but
was still owed holiday pay.

           Passengers Unlikely to Recover NZ$112,000

According to Nelson Mail, on October 13, 2006, Origin's
receiver, Murray Allott, informed passengers owed NZ$112,000 for
tickets they paid for by cash or cheque, that they are unlikely
to get anything back.  It was also disclosed that a trust
account set up to protect their funds has only NZ$91.53 in it.

The paper cites Mr. Rudings as revealing that Origin had held a
substantial cash reserve fund to protect the passengers, but
after the airline stopped its passenger service in August, legal
advice made it clear that the money was not deemed to be
protected and had to be used to pay staff wages.

Mr. Rudings explains that the legal advice was that the trust
fund was not protected because of a technicality and the way
funds were transferred into it -- deposited in total without any
way of payments being reconciliated back to individual ticket
holders.

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific "has lost its struggle to
survive" and has suspended operations, putting most of its 260
staff out of work immediately.  Thus, Origin Pacific halted its
passenger services on August 10, 2006, after it was unable to
secure the capital urgently needed to reduce its debt.

A subsequent TCR-AP report on September 18, 2006, stated that
Origin Pacific admitted that its attempts at finding a buyer for
its freight business had failed, and is thus taking steps to
wind up its operations.


ORIGIN PACIFIC: Liquidation Petition Hearing Set for Nov. 23
------------------------------------------------------------
Origin Pacific's preferential creditor -- the Inland Revenue
Department -- has applied to put the airline into liquidation,
the Nelson Mail reports.

A hearing will be held in the High Court at Nelson on
November 23, 2006.

However, Origin Pacific's founder, Robert Inglis, would probably
put the company into voluntary liquidation before then, the
report cites Origin's chief financial officer, Greg Rudings, as
saying.

As reported in the Troubled Company Reporter - Asia Pacific on
September 21, 2006, Origin Pacific Airways was placed in
receivership, with Christchurch chartered accountant Murray
Allott as the receiver.

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific "has lost its struggle to
survive" and has suspended operations, putting most of its 260
staff out of work immediately.  Thus, Origin Pacific halted its
passenger services on August 10, 2006, after it was unable to
secure the capital urgently needed to reduce its debt.

A subsequent TCR-AP report on September 18, 2006, stated that
Origin Pacific admitted that its attempts at finding a buyer for
its freight business had failed, and is thus taking steps to
wind up its operations.


TARANAKI TIMBER: Names Brown and Rodewald as Joint Liquidators
--------------------------------------------------------------
On October 5, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Taranaki
Timber & Treatment Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of New Plymouth heard a liquidation petition filed
against the Company on October 5, 2006.  The Commissioner of
Inland Revenue filed the petition on August 7, 2006.

The Joint Liquidators can be reached at:

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


TAYLOR PROPERTY: Creditors' Proofs of Claim Due on October 27
-------------------------------------------------------------
On September 19, 2006, shareholders of Taylor Property Plus Ltd
appointed Terence Charles Webb Bastion as liquidator.

Consequently, Mr. Bastion required creditors to file proofs of
claim by October 27, 2006.  Failure to prove their claims will
exclude a creditor from sharing in any distribution the company
will make.

The Liquidator can be reached at:

         Terence Charles Webb Bastion
         c/o Terry Bastion
         KBC House, 272 Karori Road
         Karori, Wellington
         New Zealand
         Telephone:(04) 476 5775
         Facsimile:(04) 476 5778


TE RUNAKA: Appoints Official Assignee as Liquidator
---------------------------------------------------
On October 2, 2006, the Official Assignee for Te Runaka ki
Otautahi o Kai Tahu Trust was appointed as the company's
liquidator.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealan
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


WESTBURY CONSTRUCTION: Creditors' Proofs of Debt Due on Nov. 6
--------------------------------------------------------------
Members of Westbury Construction Ltd on September 29, 2006
passed a special resolution to liquidate the company's business
and appointed Rowan John Chapman and Amanda-Jane Atkins as joint
liquidators.

Subsequently, the liquidators fixed November 6, 2006, as the
last day for the company's creditors to prove their claims.

The Joint Liquidators can be reached at:

         Rowan John Chapman
         Amanda-Jane Atkins
         c/o Lisa McGowan
         WHK Gosling Chapman Partnership
         Level Six, Gosling Chapman Tower
         51-53 Shortland Street (P.O. Box 158)
         Auckland, New Zealand
         Telephone:(09) 303 4586
         Facsimile:(09) 309 1198


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

ABS-CBN BROADCASTING: To Complete DirectTV Contract by Oct. 2007
----------------------------------------------------------------
ABS CBN Broadcasting Corp. expects to complete a contract
renewal with U.S.-based DirecTV Inc., by October 2007, ABS-CBN
News reports.

The report recounts that on July 21, 2005, ABS-CBN and its
subsidiary, ABS-CBN International, signed an affiliation
agreement with DirecTV, one of the leading DTH system providers
in the U.S.

Under the deal, DirecTV will have an exclusive right to air The
Filipino Channel package on its DTH platform.  In return,
DirecTV will pay ABS-CBN based on the number of subscribers, new
and existing, who will avail of the service during the migration
period, ABS-CBN explains.

The migration period ended in August, which has been a good deal
for the company, the report cites Eugenio "Gabby" Lopez III, as
saying.  The new agreement could double the subscriber growth in
the medium term, Mr. Lopez notes.

Mr. Lopez discloses that the company currently averaged at 6,000
subscribers a month and license fees generated last year by its
global operations reached PHP1.6 billion.

According to ABS-CBN, in the first half of 2006, ABS-CBN Global
contributed 75% of total revenues and posted a 3% decline in
sales to PHP1.704 billion as direct-to-home subscription
revenues in North America were reduced by half after the deal
with DirecTV, which provided for a 50:50 revenue-sharing upon
migration to the DirecTV platform.

                   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.


APEX MINING: Directors & Officer Resign
---------------------------------------
At the Special Board Meeting of Apex Mining Company, Inc., held
on October 13, 2006, the resignation of four members of the
company's Board of Directors were accepted:

   1. Raymund B. Puyat,
   2. David B. Puyat,
   3. Feliciano L. dela Cruz, and
   4. Eric R. Tagle

Atty. Mignon L Bragais's resignation as Vice President of
Accounting Systems and Control, Compliance Officer, and
Corporate Information Officer, was also accepted.

During the meeting, Jan Vestrum and Joel Muyco were also elected
as members of the Board.

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The Company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the Company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The Company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture  with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

Apex Mining Co., Inc., incurred a net loss of PHP46 million for
the year ended December 31, 2005.  As of this date, the Company
has accumulated a deficit of PHP1.037 billion while current
liabilities exceed current assets by PHP86 million.


MANILA ELECTRIC: Does Not Benefit from WESM Price Hikes
-------------------------------------------------------
On October 13, 2006, Manila Electric Company explained that as a
distribution utility, it does not stand to benefit from any
increase in the prices of the Wholesale Electricity Spot Market.

"WESM costs form part of generation charges, which are passed
through to consumers," Meralco president and chief operating
officers Jesus Francisco says, adding that "distribution
utilities' such as Meralco and electric cooperatives do not
retain any portion of the generation charge."  On the average,
between 60% and 70% of an electric consumer's bill are for
generation costs.

"Generation charges of distributors include only costs incurred
by utilities and this is closely monitored by the government
through the Energy Regulatory Commission," Mr. Francisco further
explains.  Thus, distributors do not draw any benefit from
increased generation and spot market prices.

In fact, distributors are adversely affected by high generation
costs.  "Our experience shows that when electric rates go up,
power consumption goes down," Mr. Francisco further says.  "High
power prices have a direct adverse impact on our sales and
revenues so that Meralco has every incentive to ensure that its
generation charge remains reasonable."

According to Mr. Francisco, there is also no truth to the
allegation that higher WESM prices would allow higher dispatch
of Meralco's IPPs, which were already well-dispatched since the
WESM started.

Mr. Francisco further says Electric Power Industry Reform Act
mandates distributors "to supply electricity in the least cost
manner to its captive market.  We are always mindful of our
obligation to customers to ensure that our rates include only
costs necessary for providing electric service."

                      About Manila Electric

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

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

The TCR-AP further stated on April 27, 2006, that the Company
filed a report with the Philippine Stock Exchange, indicating a
66.1% decline in its net loss from January to March 2006 to
PHP748 million against a PHP2.2 billion loss for the same period
in 2005.

According to a subsequent TCR-AP report on April 24, 2006,
Manila Electric cannot seek a loan to expand its facilities
unless it repays outstanding short-term debts amounting to
around PHP4.7 billion.


PHILIPPINE LONG DISTANCE: Files Bypass Complaint Against Innove
---------------------------------------------------------------
Philippine Long Distance Telephone Co. filed a complaint with
the National Telecommunications Commission against Innove, a
wholly owned subsidiary of rival Globe Telecom Inc., for routing
international calls to PLDT's network through GlobeQUEST
WebPhone service without an interconnection agreement, Darwin G.
Amojelar of The Manila Times reports.

GlobeQuest is Globe's personal computer-to-phone service.

According to the report, PLDT said the routing of calls to its
local subscribers from GlobeQUEST WebPhone without an
interconnection arrangement is tantamount to a bypass.

Manila Times explains that in a bypass, an entity other than the
local exchange carrier provides long-distance service by
establishing direct access to an end-user within the LEC's
authorized local exchange service area.

Pursuant to Section 8, Article IV of Republic Act 7925, a LEC
should "be protected from uncompensated bypass or overlapping
operations of other telecommunications entities except when it
is unable to provide, within a reasonable period of time and at
desired standard, the interconnection arrangements required by
such entities."

In its letter to the NTC, PLDT said "routine monitoring done by
PLDT has disclosed that incoming calls from GlobeQUEST WebPhone
service from the US and the United Kingdom, and from the
regional area to a local PLDT phone were routed at the local
interconnect of PLDT and Innove without the benefit of an
interconnect arrangement and are charged and/or rated as local
calls to Metro Manila."

PLDT contended that the practice violated the terms and
conditions of its local interconnection agreement with Innove
wherein both parties have agreed not to engage in an operation
or service that constitutes uncompensated bypass of their
respective systems, Manila Times notes.

Manila Times cites Froilan Castelo, Globe senior vice-president
for regulatory affairs, as saying, his company already stopped
the service from other networks three months ago when the
illegal bypass was detected

Mr. Castelo asserts that no significant damage was done on PLDT,
because the service only had a few subscribers.

Manila Times also cites a letter from Innove to PLDT, as saying
there was "no intention on its part to avoid the payment of
appropriate access charges to PLDT."  

"However, there are some unscrupulous users who bring Globe1
cards abroad and use the WebPhone service to call PLDT
subscribers," the letter stated.

Globe1 is the company's PIN-based prepaid call card, Manila
Times notes.

                           About PLDT

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

                          *     *     *

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

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

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


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

ISLE OF CAPRI: To Own 13.8% Interest in Singapore Project
--------------------------------------------------------
Isle of Capri Casinos Inc. disclosed financial details
associated with revised agreements in connection with resort
developer Eighth Wonder's proposal to build an integrated resort
complex on Sentosa Island in Singapore.

Under the terms of the new agreements, Isle of Capri will own a
13.8% interest in Eighth Wonder's proposed Sentosa Island
project.  Should Eighth Wonder be the successful bidder in the
Sentosa Island RFP, Isle of Capri's equity contribution will be
US$65 million.  Isle of Capri will also receive a payment equal
to 2% of casino gross revenues for a 15-year period.

                          *     *     *

Based in Biloxi, Miss., Isle of Capri Casinos, Inc. (Nasdaq:
ISLE) -- http://www.islecorp.com/-- develops and owns gaming  
and entertainment facilities.  The Company owns and operates
riverboat and dockside casinos in Biloxi, Vicksburg, Lula and
Natchez, Miss.; Bossier City and Lake Charles (two riverboats),
La.; Bettendorf, Davenport and Marquette, Iowa; and Kansas City
and Boonville, Mo.  The Company also owns a 57% interest in and
operates land-based casinos in Black Hawk (two casinos) and
Cripple Creek, Colorado.  Isle of Capri's international gaming
interests include a casino that it operates in Freeport, Grand
Bahama, and a 2/3 ownership interest in casinos in Dudley,
Walsal and Wolverhampton, England.  The company also owns and
operates Pompano Park Harness Racing Track in Pompano Beach,
Fla.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 6, 2006,
Standard & Poor's Ratings Services placed its ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating,
on CreditWatch with negative implications.

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the Company's
debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event
of a default.


SEA CONTAINERS: Files for Bankruptcy Protection in Delaware
-----------------------------------------------------------
Sea Containers Ltd., Sea Containers Caribbean Inc., and Sea
Containers Services Ltd. filed chapter 11 petitions in the
United States Bankruptcy Court for the District of Delaware
yesterday in an attempt to effect a consensual restructuring of
their financial obligations.

The filing came as no surprise after Sea Containers declared it
can't pay a US$630 million debt.  The move will provide the
company a breathing space from creditors while it restructure
its finances.

At June 30, 2006, the Debtors had approximately US$1.7 billion
in total assets and US$1.6 billion in total debts on a
consolidated basis.

According to Robert D. MacKenzie, Sea Containers' president and
chief executive officer, the Debtors were forced to file for
bankruptcy protection because:

     (i) they will not have sufficient cash available to meet
         their upcoming debt obligations, specifically the
         Oct. 15, 2006 Public Note payment; and

    (ii) they desire to minimize the risk of certain creditors'
         enforcement actions against them and their assets,
         which could jeopardize the value of the estate.

The Debtors have continued to experience a steady decline in
liquidity primarily due to a slump in positive cash flow from
their operations and that of their non-debtor subsidiaries.  
Losses associated with its ferry business have continued due to
increased oil prices, an overall decline in passenger volume,
increased competition in the market, and the incurrence of ship
lay-up costs.  

The Debtors have been able to extract limited cash flow from GE
SeaCo, the main part of the container business, due to certain
arrangements with GE Capital.  The Debtors' once-profitable rail
business also suffered from increased competition, higher fuel
and electricity costs and the terms of a new franchise
agreement.

                     Financial Indebtedness

In fiscal year 2005, Sea Containers reported US$1.7 billion
revenues on continuing and discontinued operations and US$532.9
million in net losses.  As of Oct. 15, 2006, the Debtors have
approximately US$49 million in cash available to fund their
operations while in chapter 11.

The Debtors' principal liabilities consist of:

     (i) indebtedness from public notes issued by SCL, which
         comprised of:

         a. US$115 million 10-3/4% Notes due Oct. 15, 2006;
         b. US$149.8 million 7-7/8% Notes due Feb. 15, 2008;
         c. US$19.2 million 12-1/2% Notes due Dec. 1, 2009; and
         d. US$103 million 10-1/2% Notes due May 15, 2012.

    (ii) guarantee and related obligations of SCL and other
         prepetition financial obligations; and

   (iii) potential pension obligations.

The public notes are unsecured obligations of Sea Containers
Ltd. and are not guaranteed by any of the other Debtors or any
non-debtor subsidiary.  The public notes rank equally in right
of payment with respect to each other.

Concurrent with negotiations, Mr. MacKenzie said, the Debtors
plan to continue implementing their operations restructuring by:

   -- withdrawing from the ferry business;
   
   -- selling non-performing assets or assets in non-core
      business lines;

   -- restructuring certain obligations; and

   -- reducing overhead and administrative costs.

The Debtors anticipate that they will be able to emerge as a
stronger company concentrated around their container leasing and
rail operations.

                     About Sea Containers Ltd.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


SEA CONTAINERS: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Sea Containers Ltd.
             22 Victoria Street
             P.O. Box HM 1179
             Hamilton, HMEX
             Bermuda

Bankruptcy Case No.: 06-11156

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Sea Containers Caribbean Inc.              06-11155
      Sea Containers Services Ltd.               06-11157

Type of Business: The Debtor provides passenger and freight
                  transport and marine container leasing.  It
                  operates in four segments: Ferry, Rail,
                  Container, and Leisure.
                  See http://www.seacontainers.com/

Chapter 11 Petition Date: October 15, 2006

Court: District of Delaware

Debtor's Counsel: Robert S. Brady, Esq.
                  Young, Conaway, Stargatt & Taylor
                  The Brandywine Bldg.
                  1000 West Street, 17th Floor
                  P.O. Box 391
                  Wilmington, DE 19899
                  Tel: (302) 571-6600
                  Fax: (302) 571-1253

Financial Condition as of June 30, 2006:

   Consolidated Total Assets: $1.673 Billion

   Consolidated Total Debts:  $1.582 Billion

Debtors' List of Consolidated 20 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
United States Trust Company   Note Debt           US$149,800,000
of New York                   7 7/8% Senior Notes
Attn: Corporate Trust and     Due February 2006
Agency Division
114 W. 47th St.
New York, NY 10036

United States Trust Company   Note Debt           US$115,000,000
of New York                   10 3/4% Senior Notes
Attn: Corporate Trust and     Due October 2006
Agency Division
114 W. 47th St.
New York, NY 10036

The Bank of New York          Note Debt           US$103,000,000
Attn: Corporate Trust         10 1/2% Senior Notes
Administration                Due May 2012
101 Barclay St.
New York, NY 10285

SPCP (Silverpoint)            Contract Debt        US$19,500,000
2 Greenwich Plaza
Greenwich, CT 06830

The Bank of New York          Note Debt            US$19,200,000
Attn: Corporate Trust         12 1/2% Senior Notes
Administration                Due December 2009
101 Barclay St.
New York, NY 10285

Centrabanca                   Guarantee            US$19,166,720
Corso Europa 16               Borrower: Hoverspeed
Milan, Italy                  Italia
                              Collateral: Supersea
                              Cat 4

HSH Nordbank                  Guarantee            US$15,800,000
Gerhart-Hauptmann-Piatz50     Borrower: Hoverspeed
Hamburg 20095                 Italia
Germany                       Collateral: SuperSea
                              Cat 3

GE SeaCo SRL                  Trade Debt           US$11,941,906
Randall M Cathell
2nd Fl., Chamberlain Place
Broad Street
Bridgetown, Barbados
West Indies

HSH Nordbank                  Bank Loan             US$5,100,000
Gerhart-Hauptmann-Piatz50     Co-Borrower: SeaCat 4
Hamburg 20095                 Limited
Germany                       Collateral: SeaCat
                              Scotland

HSH Nordbank                  Bank Loan             US$2,700,000
Gerhart-Hauptmann-Piatz50     Co-Borrower: YMCL
Hamburg 20095                 Collateral: Assets of
Germany                       YMCL

Bank of Scotland              Bank Loan             US$2,300,000
155 Bishopsgate               Collateral: IT
London, EC2M 3YB              equipment
UK

GE SeaCo America LLC          Trade Debt            US$1,751,948
1601 Oceanic Street
Charleston, SC 29405

Bank of Scotland              Bank Loan               US$500,000
155 Bishopsgate               Co-Borrower: SC Rail
London EC2M 3YB               Services
UK                            Collateral: Rail
                              infrastructure

GE Seaco British Isles Ltd.   Trade Debt               US$90,837

Law Office of Tank & Co.      Professional Services    US$22,052

GE France                     Trade Debt               US$13,561

Jane Fryer                    Pension Obligations        Unknown
                              (1983 Scheme)

Rosemary Kennell              Pension Obligations        Unknown
                              (1990 Scheme)

Citicapital Commercial Corp.  Guarantee of Time           
Unknown
                              Charter Obligations
                              Primary Obligor:
                              SeaStreak America,
                              Inc.

JP MorganChase Bank           Guarantee of Time           
Unknown
                              Charter Obligations
                              Primary Obligor:
                              SeaStreak America,
                              Inc.


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

KRUNG THAI: Heads Under Scrutiny for Possible Wrongdoings
---------------------------------------------------------
Krung Thai Bank is under a regulatory inspection after two
senior executives were singled out for possible wrongdoing while
its director is facing a petition for removal from the bank's
board, The Bangkok Post reports.

According to The Post, the bank board recently forced Sathit
Chuwatthanakun, a senior executive vice-president, to accept a
retirement package and leave the bank one year before his term
expired.  Somanat Chutima, another senior executive vice-
president, was suspended from duty pending an investigation.

In addition, the Office of the Auditor-General has petitioned
Finance Minister M.R. Pridiyathorn Devakula to remove Pol. Lt.
Gen. Wichianchot Sukchotrat, a KTB director, from the bank's
board for failing to meet qualifications.

Krung Thai's president, Apisak Tantivorawong, confirmed that the
board had agreed to force Mr. Sathit to leave the bank in return
for a compensation package.  "He was ordered to leave for
inappropriate actions," Mr. Apisak said, without giving further
details.

Mr. Sathit most recently oversaw the bank's regional operations,
and over the past five years had managed the bank's small and
medium-sized business clients, corporate clients and business
activities with state agencies, The Post relates.

Meanwhile, Mr. Somanat, who oversaw the bank's asset-management
operations, is under an investigation relating to the bank's
past sale of non-performing assets.

The Post notes that the Department of Special Investigation is
looking into allegations that sales of distressed assets by the
bank violated internal regulations after the Bank of Thailand
discovered irregularities during an audit.

Accordingly, the regulators directed the KTB board to
investigate the case after certain KTB executives were found to
have possibly profited from the sales of distressed assets.

The paper recounts that in the first eight months of the year,
the bank sold off THB1.43 billion worth of non-performing
assets, with its distressed-asset portfolio standing at
THB32 billion at the end of August.

Non-performing loans at KTB, meanwhile, stood at THB91.9 billion
at the end of June, or 9.67% of total loans, The Post adds.  

Meanwhile, Pol. Lt. Gen. Wichianchot is facing dismissal from
the bank's board after the Office of the Auditor-General noted
that he failed to meet qualifications.

Pol. Lt. Gen. Wichianchot received a two-year suspended sentence
from the Supreme Court's political division related to his
actions when serving as a former commissioner of the National
Counter-Corruption Office.

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

Fitch Ratings, on September 12, 2006, affirmed the individual
C/D rating of Krung Thai Bank Public Company Limited.

The bank currently carries Moody's Investors Service's bank
financial strength rating of D.


* Analysts Warns Investors of Poor 3rd Quarter Bank Results
-----------------------------------------------------------
Thailand's economic analysts warned investors to brace
themselves for disappointing third-quarter bank results as
tighter interest spreads and rising tax expenses and operating
costs cut into profits, The Bangkok Post.

Kittima Sattayapan, a deputy vice-president at SCB Securities,
told The Post that net profits for the banking sector were
likely to drop 20% year-on-year for the third quarter due to
higher expenses and shrinking interest margins.

Profits however are likely to rise 5% for the third quarter
compared with the previous one, Msw. Kittima said, adding that
the Bank of Ayudhya was a likely out-performer with profit up
20% year-on-year, due to investment gains.

State-owned Krung Thai Bank and Siam City Bank could offer a
pleasant surprise, with Krung Thai boosted from dividend
payments by the Vayupak Fund and Siam City gaining from the
redemption of notes issued by the Asset Management Corp.

Meanwhile, Kim Eng Securities projects bank profits of
THB19.27 billion for the third quarter, a 17.2% decline from the
year before and off 1.5% from the second quarter, The Post
notes.

Kim Eng Securities relates that higher provisioning expenses on
loans transferred to asset management companies as well as for
non-performing loans would hit net profits, even though net
interest income should rise 9% year-on-year and 1.1% quarter-on-
quarter on steady loan growth and higher interest rates.

However, one Kim Eng analyst said "net interest margins should
fall overall due to the higher cost of deposits."  

Kasikornbank, meanwhile, is expected to post the strongest gains
in net interest margins, at 4.11% for the third quarter compared
with 3.7% the year before.  Bank of Ayudhya is also projected to
show gains of 2.99% compared with 2.62% for the third quarter
last year.

"We still maintain a positive outlook for both the short- and
long-term for the banking sector, as interest margins are likely
to continue to rise and the sector overall boasts solid
fundamentals," the analyst said.

While non-performing loans should rise slightly from the 9.04%
of total loans reported in August, the overall outlook remains
positive, as authorities remain intent on pushing down sector
bad loans to 2% of total loans by mid-2007.

KGI Securities recommends investors to be overweight on Bangkok
Bank, Siam Commercial Bank and Bank of Ayudhya.


* BOND PRICING: For the Week 16 October to 20 October 2006
----------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     4
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 8.850%    03/15/10     7
Fletcher Building Ltd                 7.550%    03/15/11     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     6
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Nufarm Finance (NZ) Ltd.              8.560%    10/15/06     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    70
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     5

KOREA
-----
Korea Electric Power                  7.950%    04/01/96    55

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/24/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Malaysian Government                  4.837%    07/15/25     4
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/07/18    73
Senai-Desaru Expressway Bhd           3.500%    06/07/19    72
Senai-Desaru Expressway Bhd           3.500%    06/09/20    69
Senai-Desaru Expressway Bhd           3.500%    12/09/20    68
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         4.880%    11/20/12     1
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       6.000%    12/07/06     1



                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Valerie Udtuhan, Francis
James Chicano, Catherine Gutib, Tara Eliza Tecarro, 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 ***