TCRAP_Public/061018.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  

           Wednesday, October 18, 2006, Vol. 9, No. 207

                            Headlines

A U S T R A L I A

ANA ENTERPRISES: Prepares to Declare Dividend on October 19
ANN STREET: Creditors' Proofs of Debt Due on October 17
AWB LIMITED: Nationals Conference Supports Single Desk System
BALONGA CONSTRUCTIONS: Liquidators to Present Wind-Up Report
CHELTA CONSTRUCTIONS: Prepares to Close Operations

COFORDO 249: Members to Hear Wind-Up Report on October 23
EASTBOURNE HOLDINGS: Members to Meet on October 23
EASTBOURNE PTY: Members to Hear Wind-Up Details on October 23
EZI AUTOMATION: To Declare First Interim Dividend on November 24
FRISCO FURNITURE: Enters Voluntary Liquidation

G. TRUSCOTT: Undergoes Voluntary Liquidation
G.D. KELLY: Creditors Must Prove Debts by October 18
GEB HOLDINGS: Liquidator to Present Report on October 24
GUNBAR PASTORAL: Members' Final Meeting Set on October 23
IT OBJECTIVES: Shuts Down Business Operations

IVYCROSS INVESTMENTS: Final Meeting Slated for October 23
LQ20 (EAA): Will Declare Final Dividend on October 19
MAXWELL CORNISH: Members' Final Meeting Scheduled on Oct. 24
MULTIPLEX GROUP: Says Discussions on Wembley Project Progressing
NORTH-SOUTH MARKETING: Members to Receive Wind-Up Report

PAISLEY ROBERTSON: Members Resolve to Wind Up Business
RIVET GROUP: Members Opt for Voluntary Wind-Up
RURAL PROFILE: Schedules Final General Meeting on October 23
RW NADER: Creditors' Proofs of Claim Due on October 18
SHELF RETAIL: To Declare First Interim Dividend

SINGLETON ACCOUNTING: Court Issues Wind-Up Order
SWINBURNE UNIVERSITY: To Declare Final Dividend on October 18
VALLEN RETAIL: Enters Voluntary Wind-Up Process
W.C. ELDRIDGE: Members Opt to Shut Down Operations
W KELLETT & SONS: Members Resolve to Wind Up Firm

WATERCOURSE PLUMBING: Inability to Pay Debt Prompts Wind-Up
WESTERN GRAINS: Bank Appoints Receivers and Managers
WESTERN GRAINS TRANSPORT: Taps Receivers and Managers


C H I N A   &   H O N G  K O N G

ASIA TIME: Court Appoints Joint Liquidators
BEAUTIFUL MIND: Court Names Arboit and Blade as Liquidators
CHIEF RICH: Court to Hear Liquidation Petition on November 29
CHINA HARMONY: Court to Hear Wind-Up Petition on November 22
CHINA SOUTHERN: Buys Six Planes from Boeing for Freighter Fleet

COVANTA ENERGY: Moody's Confirms Ba3 Corporate Family Rating
CRYSTALTRACE TECHNOLOGY: Members to Hear Wind-Up Report
DIAMOND TECHNOLOGY: Creditors to Prove Debts on October 27
DUNHUANG (CHINA): To Pay First Ordinary Dividend on October 18
GEORGIA GULF: Completes Acquisition of Royal Group

GROUP LEADER: Final Members' Meeting Set on November 13
JIANGXI COPPER: Third Quarter Profit Tops at CNY1.5 Billion
LINK GARMENT: Cheung Yuk Cheung Ceased to Act as Liquidator
MAPICS HONG KONG: Members' Final Meeting Set on November 16
NOBLE GROUP: S&P Affirms Long Term Corp. Credit Rating at BB+

OCEAN PETROLEUM: Creditors and Contributories to Hold Meeting
PWC CONSULTING: Creditors' Proofs of Claim Due on November 3
STRONG BASE: Faces Wind-Up Proceedings
SWIFT & COMPANY: Moody's Confirms B2 Corporate Family Rating
TARGET REALTY: Wind-Up Petition Hearing Set on November 29

TAITUNG BANK: Taiwan Ratings Lowers Credit Rating to BB
TERRELL LTD: Creditors Must Prove Debts by November 14
TIN SHING: Members to Receive Wind-Up Report on November 15


I N D I A

CORPORATION BANK: BoD to Meet on Oct. 26 to Consider Financials
ICICI BANK: Proposed U.S. Dollar Notes Get S&P's BB+ Rating
NTPC LTD: To Consider Foray Into Equipment Manufacturing
RELIANCE INDUSTRIES: Board to Consider 2ndQ Results on Oct. 19
STATE BANK OF INDIA: Invests US$3 Million in Bahrain Branch

STATE BANK OF INDIA: Board Meeting Scheduled on Oct. 28
TATA MOTORS: Board of Directors to Hold Meeting on Oct. 30
TATA MOTORS: Reports Sales of 49,157 Vehicles in Sept. 2006
TATA POWER: Appoints Prasad Menon as Managing Director
UNION BANK OF INDIA: Names Sreenivasan as Non-Official Director

UNION BANK OF INDIA: INR10-Bil. Tier II Bonds Get's CRISIL's AA+


I N D O N E S I A

FREEPORT-MCMORAN: Moody's Assigns Loss-Given-Default Rating
GOODYEAR TIRE: Moody's Changes Rating Outlook to Negative
HILTON HOTELS: Moody's Assigns Loss-Given-Default Rating
NUTRO PRODUCTS: Moody's Assigns Loss-Given-Default Ratings


J A P A N

ALIXPARTNERS LLP: Completes Leveraged Recapitalization
BANK OF FUKUOKA: Moody's Affirms D+ Bank Fin'l Strength Rating
BANK OF FUKUOKA: Fitch Affirms 'C' Individual Rating
RAMBUS INC: Appoints David Shrigley as Independent Director
SHINWA BANK: Fitch Affirms 'E' Individual Rating

TIMKEN CO: Plans to Exit Seamless Steel Tube Manufacturing in UK


K O R E A

BURGER KING: Moody's Assigns Loss-Given-Default Rating
KOOKMIN BANK: To Hold 2006 3rd Quarter Conference on Oct. 30
* Korean Economy Estimated to Grow 4.3% in 2007


M A L A Y S I A

LITYAN HOLDINGS: High Court Grants 90-day Restraining Order
PARACORP BERHAD: Subsidiaries Ink Sale and Purchase Agreements
PAXELENT CORPORATION: Served with a Notice to Pay Judgment Sum
TENAGA NASIONAL: Won't Sell Coal Unit to Interested Buyers


N E W   Z E A L A N D

AIR NEW ZEALAND: Selects Swissport as Preferred Bidder
AIR NEW ZEALAND: Unions to Fight Swissport Outsourcing Proposal
ADVANCE INTERIORS: Liquidation Petition Hearing Set on Nov. 6
BEN LOMOND: Creditors' Proofs of Claim Due on November 6
CAM-TRANZ CAMBRIDGE: Appoints Joint Liquidators

CENTRAL EQUIPMENT: Names Joint Liquidators
GENEVA FINANCE: Increases Profit from NZ$2.2 Mln to NZ$3.8 Mln
HAMILTON TIMBER: Names Parsons and Kenealy as Liquidators
MAINLAND FARMS: Court Sets Liquidation Hearing on October 30
MGAF FERTILISER: Court to Hear Liquidation Petition on Oct. 27

PROSPOUT LTD: Creditors Must Submit Proofs of Debt by Nov. 2
SCRAPPYDOO METAL: Liquidation Petition Hearing Set for Oct. 20
WORLD FIRST: Court to Hear Liquidation Petition on October 30


P H I L I P P I N E S

APEX MINING: Appeals MGB's Ruling in Favor of North Davao Mining
APEX MINING: Board Authorizes Counsel to File Action with SSC
LEPANTO CONSOLIDATED: SGV Appointed as New External Auditor
MANILA ELECTRIC: President Arroyo Orders Internal Review of WESM
METROPOLITAN BANK: Receives Neutral Rating from Macquarie

RIZAL COMMERCIAL BANKING: Kicks Off Roadshows for Hybrid Issue
VULCAN INDUSTRIAL: Posts PHP72.75 Mln Deficit as of June 30
VULCAN INDUSTRIAL: Signs Phelps & TVI Confidentiality Agreements
* Philippines will be Off IMF Monitoring in April 2007
* President Arroyo Welcomes Possible Rating Upgrade from Moody's


S I N G A P O R E

AAR CORP: S&P Upgrades Corporate Credit Rating to BB from BB-
CHEERS HOLDINGS: Creditors' Proofs of Debt Due on November 6
CONVENIENCE SHOPPER: Creditors Must Prove Debts by November 6
HEXION SPECIALTY: Loan Refunding Prompts Moody's to Hold Ratings
LEUN WAH: Will Pay Dividend to Preferential Creditors on Oct. 27

LIANG HUAT: Inks Variation Deed in the Investment Agreement
LINDETEVES-JACOBERG: Files OIS with Monetary Authority
PERSATUAN KEBAJIKAN: Proofs of Debt Due on October 20
PETROBRAS INT'L: Fitch Rates US$500MM Sr. Notes Due 2016 at BB+
SEE HUP SENG: Issues and Allots Ordinary Shares to Creditors

SEE HUP SENG: Unveils Shareholders' Changes of Interest
SHENGY TECHNOLOGY: Creditors Proofs of Debt Due on November 6


T H A I L A N D

PICNIC CORP: SEC Continues to Investigate Illicit Deals


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ANA ENTERPRISES: Prepares to Declare Dividend on October 19
-----------------------------------------------------------
Ana Enterprises Australia Pty Ltd, which is in liquidation, will
declare a final dividend to creditors on October 19, 2006.

Creditors who cannot prove their debts by October 17, 2006, will
be excluded from sharing in the dividend distribution.

The Joint and Several Liquidators can be reached at:

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


ANN STREET: Creditors' Proofs of Debt Due on October 17
-------------------------------------------------------
Liquidator Geoffrey Frank Totterdell requires creditors of Ann
Street Mezzanine Pty Ltd to file their proofs of debt by
October 17, 2006.

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

The Liquidator can be reached at:

         Geoffrey Frank Totterdell
         Level 19, QV1
         250 St George's Terrace, Perth
         Western Australia 6000
         Australia


AWB LIMITED: Nationals Conference Supports Single Desk System
-------------------------------------------------------------
The Nationals conference has passed resolutions supporting
Australia's monopoly wheat export system and urging the Federal
Government not to review the single desk for four years, ABC
News Online reports.

A motion was passed to "admonish" any threat to the single desk,
with another saying its power of veto over grain exports must be
retained, the report says.

ABC cites Victorian Nationals delegate, Russell McKenzie, as
telling the conference that the single desk is a must for wheat
growers, noting that "with the Cole inquiry, we must be careful
to note that it isn't the single desk that's on trial here, it's
the conduct of employees of the AWB."

"The single desk has been subject to so many reviews over the
years and passed every one of them," Mr. Mckenzie asserted.

However, a Victorian delegate and GrainCorp director, Paul
Grigg, argued that the single desk power of veto should be given
to an independent authority to maximize returns to growers, ABC
News relates.

According to Mr. Grigg, the credibility of the National party is
at stake if the retention of the veto with the current
arrangement has support.

Nationals Queensland president and federal MP, Bruce Scott, told
the conference that Australia is in the grip of an extreme
drought and should consider a wheat system similar to strategic
oil reserves held by the United Sates, ABC relates.

South Australian delegate Debbie Thiele spoke against the
motion, saying "you're actually implying how AWB should carry-on
its business, you have no right to do so."

                          About AWB

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

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

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

                         *     *     *

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

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

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


BALONGA CONSTRUCTIONS: Liquidators to Present Wind-Up Report
------------------------------------------------------------
Balonga Constructions Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on October
23, 2006, at 9:30 a.m.

At the meeting, Liquidators Robyn Erskine and Peter Goodin will
report on the company's wind-up proceedings and property
disposal exercises.

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


CHELTA CONSTRUCTIONS: Prepares to Close Operations
--------------------------------------------------
At a general meeting of Chelta Constructions Pty Ltd held on
October 6, 2006, the members resolved to voluntarily wind up the
company's operations and distribute the proceeds of its assets
disposal.

The Joint and Several Liquidators can be reached at:

         Barrington Practice
         Accountants
         4/7 Narabang Way
         Belrose, New South Wales 2085
         Australia


COFORDO 249: Members to Hear Wind-Up Report on October 23
---------------------------------------------------------
The members of Cofordo 249 Pty Ltd, which is in liquidation,
will hold their final meeting on October 23, 2006, at 11:00 a.m.

At the meeting, the members will receive the company's wind-up
report and property disposal exercises from Liquidator Gerry
Mier.

The Liquidator can be reached at:

         Gerry Mier
         KPMG
         Level 13, Cairns Corporate Tower
         15 Lake Street, Cairns Queensland 4870
         Australia
         Telephone: 07 4046 8888


EASTBOURNE HOLDINGS: Members to Meet on October 23
--------------------------------------------------
A final meeting of the members of Eastbourne Holdings Pty Ltd
will be held on October 23, 2006, at 10:30 a.m., to receive
Liquidator McKenzie's account on the company's wind-up
proceedings and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on February 10,
2006, due to its inability to pay debts.

The Liquidator can be reached at:

         Donald Hugh McKenzie
         KPMG
         33 George Street
         Launceston, Tasmania 7250
         Australia
         Telephone:(03) 6337 3737


EASTBOURNE PTY: Members to Hear Wind-Up Details on October 23
-------------------------------------------------------------
Eastbourne Pty Ltd, which is in liquidation, will hold a final
meeting for its members on October 23, 2006, at 10:00 a.m., to
receive Liquidator McKenzie's accounts on how the company was
wound up and how its property was disposed of.

The Liquidator can be reached at:

         Donald Hugh McKenzie
         KPMG
         33 George Street
         Launceston, Tasmania 7250
         Australia
         Telephone:(03) 6337 3737


EZI AUTOMATION: To Declare First Interim Dividend on November 24
----------------------------------------------------------------
EZI Automation (Australia) Pty Ltd, which is subject to a deed
of company arrangement, will declare the first interim dividend
to creditors on November 24, 2006.

Those who were unable to prove their claims by October 17, 2006,
are excluded from sharing in the distribution.

The Deed Administrator can be reached at:

         B. R. Silvia
         Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9286 9999
         Facsimile:(02) 9286 9888


FRISCO FURNITURE: Enters Voluntary Liquidation
----------------------------------------------
At a general meeting held on October 5, 2006, the members of
Frisco Furniture Pty Ltd resolved to voluntarily wind up the
company's business operations.

In this regard, W. B. Rangott was appointed as liquidator.

The Liquidator can be reached at:

         W. B. Rangott
         Rangott Slaven
         Level 3, Engineering House
         11 National Circuit, Barton ACT
         Australia


G. TRUSCOTT: Undergoes Voluntary Liquidation
--------------------------------------------
At a general meeting held on October 6, 2006, the shareholders
of G. Truscott & Son Pty Ltd passed a special resolution to
voluntarily wind up the company's business operations.

Accordingly, Stuart Harvey Gow was appointed liquidator.

The Liquidator can be reached at:

         Stuart Harvey Gow
         Certified Practising Accountant
         Level 11, 30 Clarence Street
         Sydney
         Australia


G.D. KELLY: Creditors Must Prove Debts by October 18
----------------------------------------------------
G.D. Kelly Pty Ltd, which is in liquidation, will declare its
final dividend on October 19, 2006.

Creditors who cannot prove their debts by October 18, 2006, will
be excluded from sharing in the dividend distribution.

The Joint and Several Liquidators can be reached at:

         E. M. Senatore
         Stephen Brennan
         Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra, ACT 2601
         Australia
         Telephone:(02) 6214 6700
         Facsimile:(02) 6214 6799


GEB HOLDINGS: Liquidator to Present Report on October 24
--------------------------------------------------------
GEB Holdings Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on October 24, 2006, at
11:00 a.m.

During the meeting, Liquidator C. P. White will present the
report on the company's wind-up proceedings.

The Liquidator can be reached at:

         C. P. White
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne
         Australia


GUNBAR PASTORAL: Members' Final Meeting Set on October 23
---------------------------------------------------------
The members of Gunbar Pastoral Company Pty Ltd, which is in
liquidation, will hold a final meeting on October 23, 2006, at
10:30 a.m.

During the meeting, Liquidator T.M.S. Holden will present the
accounts of the company's wind-up and property disposal
activities.

The Liquidator can be reached at:

         T. M. S. Holden
         INPACT McDonald Carter
         Level 6, 31 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 8613 8888
         Facsimile:(08) 8613 8800


IT OBJECTIVES: Shuts Down Business Operations
---------------------------------------------
At a general meeting of IT Objectives Management Pty Ltd held on
September 25, 2006, the shareholders resolved to voluntarily
wind up the company's operations and appointed M. E. Slaven as
liquidator.

Subsequently, the appointment of Mr. Slaven was confirmed at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         M. E. Slaven
         Rangott & Slaven
         Unit 2, Level 3, Engineering House
         11 National Circuit, Barton ACT 2600
         Australia
         Telephone:(02) 6285 1430
         Facsimile:(02) 6281 1966


IVYCROSS INVESTMENTS: Final Meeting Slated for October 23
---------------------------------------------------------
The members and creditors of Ivycross Investments Pty Ltd will
meet at a final meeting on October 23, 2006, at 11:00 a.m., to
receive the account of the company's wind-up and property
disposal from Liquidator C. M. Williamson.

The Troubled Company Reporter - Asia Pacific reported that the
Company declared the first and final preferential dividend for
its creditors on July 11, 2006.

The Liquidator can be reached at:

         Christopher Michael Williamson
         SimsPartners
         Chartered Accountants
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia


LQ20 (EAA): Will Declare Final Dividend on October 19
-----------------------------------------------------
LQ20 (EAA) Pty Ltd, which is in liquidation, will declare the
final dividend on October 19, 2006.

Creditors who cannot prove their claims by October 17, 2006,
will be excluded from participating in the distribution of
dividend.

The Liquidators can be reached at:

         C. R. Campbell
         P. G. Yates
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia


MAXWELL CORNISH: Members' Final Meeting Scheduled on Oct. 24
------------------------------------------------------------
Members of Maxwell Cornish Pty Ltd will hold a final meeting on
October 24, 2006, at 10:30 a.m., to receive the final accounts
of the company's wind-up operations from Liquidator D. R.
Vasudevan.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a wind-up of its operations and appointed D.
R. Vasudevan as liquidator on June 28, 2006.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


MULTIPLEX GROUP: Says Discussions on Wembley Project Progressing
----------------------------------------------------------------
In response to recent media speculation in the United Kingdom
and Australia surrounding negotiations on the Wembley Stadium
project dispute between Multiplex Group and Wembley National
Stadium Ltd., Multiplex advises that:

   (a) discussions in relation to a potential settlement between
       Multiplex and WNSL are progressing; and

   (b) the commercial terms remain to be finalized.

Multiplex notes that it will advise the market if and when any
settlement with WNSL is completed.

As reported in the Troubled Company Reporter - Asia Pacific on
October 4, 2006, Multiplex Group advised that there has been no
material change to the Wembley project status but noted that the
installation of more than 90,000 seats was complete.

The TCR-AP also reported that Multiplex was pursuing its
entitlements against WNSL.  An adjudication process has
commenced in relation to a number of individual issues with many
more adjudications and possible legal proceedings to follow.

Multiplex has taken seven separate disputes, including payments,
changes of specification, and time schedules with WNSL to
adjudication, the TCR-AP noted.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

The Company's troubles continue with plunging share prices,
extortion attempts, and threats of class action from disgruntled
shareholders.  The Roberts family, as founder and controlling
shareholder of Multiplex, opted to offer AU$50 million indemnity
in a bid to appease dissatisfied shareholders.  In May 2005,
Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of
February 2006, the Company is faced with liquidity crisis after
posting a massive AU$474 million loss on Wembley and is
currently in talks to bring down possible delay fees, pegged at
AU$138,000 per day beyond the scheduled March 31, 2006,
completion date.

The Troubled Company Reporter - Asia Pacific reported on
August 18, 2006, that Multiplex Group financial results for the
year ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


NORTH-SOUTH MARKETING: Members to Receive Wind-Up Report
--------------------------------------------------------
North-South Marketing Pty Ltd, which is in liquidation, will
hold a final meeting for its members on October 23, 2006, at
10:00 a.m.

During the meeting, the members will receive Liquidator J. M.
Hamley's report on the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         J. M. Hamley
         Castle Corporate Services Pty Ltd
         26 Ellingworth Parade, Box Hill
         Australia
         Telephone:(03) 9898 6666


PAISLEY ROBERTSON: Members Resolve to Wind Up Business
------------------------------------------------------
At an extraordinary general meeting held on September 29, 2006,
members of Paisley Robertson (Temora) Pty Ltd resolved to
voluntarily wind up the company's operations.

Stephen Jay was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Stephen Jay
         Suite 103, 1st Floor
         Wollundry Chambers, Johnston Street
         Wagga Wagga, New South Wales 2650
         Australia


RIVET GROUP: Members Opt for Voluntary Wind-Up
----------------------------------------------
The members of Rivet Group Pty Ltd passed a special resolution
on September 27, 2006, to voluntarily wind up the company's
operations.

Accordingly, M. E. Slaven was named liquidator.

The Liquidator can be reached at:

         M. E. Slaven
         Rangott & Slaven
         Unit 2, Level 3, Engineering House
         11 National Circuit, Barton ACT 2600
         Australia
         Telephone:(02) 6285 1430
         Facsimile:(02) 6281 1966


RURAL PROFILE: Schedules Final General Meeting on October 23
------------------------------------------------------------
The members and creditors of Rural Profile Pty Ltd, which is in
liquidation, will hold their final meeting on October 23, 2006,
at 10:00 a.m., to receive Liquidator James Stewart's account on
the company's wind-up proceedings and property disposal
activities.

The Liquidator can be reached at:

         James Stewart
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


RW NADER: Creditors' Proofs of Claim Due on October 18
------------------------------------------------------
RW Nader Pharmacies Pty Ltd will declare the final dividend to
its creditors on October 19, 2006.

Those who cannot submit their proofs of claims by October 18,
2006, will be excluded from sharing in the distribution.

The Joint and Several Liquidators can be reached at:

         E. M. Senatore
         Stephen Brennan
         Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra, ACT 2601
         Australia
         Telephone:(02) 6214 6700
         Facsimile:(02) 6214 6799


SHELF RETAIL: To Declare First Interim Dividend
-----------------------------------------------
Shelf Retail Equipment Pty Ltd, which is subject to a deed of
company arrangement, will declare a first interim dividend on
November 1, 2006.

Creditors must prove their claims by October 17, 2006, for them
to share in the company's distribution of dividend.

The Deed Administrator can be reached at:

         R. L. Duggan
         c/o Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia


SINGLETON ACCOUNTING: Court Issues Wind-Up Order
------------------------------------------------
The Supreme Court of New South Wales on September 29, 2006,
ordered Singleton Accounting Pty Ltd to wind up its operations
and appointed Roderick Mackay Sutherland as official liquidator.

The Official 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


SWINBURNE UNIVERSITY: To Declare Final Dividend on October 18
-------------------------------------------------------------
Swinburne University Sports & Recreation Association, which is
in liquidation, will declare its final dividend to creditors on
October 18, 2006.

Creditors who cannot prove their claims by October 18, 2006,
will be excluded from sharing in the dividend distribution.

The Liquidator can be reached at:

         T. M. S. Holden
         INPACT McDonald Carter
         Level 6, 31 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone: 8613 8888
         Facsimile: 8613 8800


VALLEN RETAIL: Enters Voluntary Wind-Up Process
-----------------------------------------------
At an extraordinary general meeting of Vallen Retail Pty Ltd
held on October 4, 2006, the members resolved to wind up the
company's operations.

Subsequently, Brent Kijurina was appointed liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         B. Kijurina
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


W.C. ELDRIDGE: Members Opt to Shut Down Operations
--------------------------------------------------
At an extraordinary general meeting on September 28, 2006, the
shareholders of W. C. Eldridge Pty Ltd resolved to close the
company's business operations and distribute the proceeds of its
assets disposal.

The Liquidator can be reached at:

         Robert Deutsch
         2/580 George Street
         Sydney, New South Wales 2000
         Australia


W KELLETT & SONS: Members Resolve to Wind Up Firm
-------------------------------------------------
At a general meeting of W Kellett & Sons Pty Ltd held on
October 4, 2006, it was resolved that the company should
commence a member's voluntary wind-up.

Accordingly, Keith Baker was appointed as liquidator.

The Liquidator can be reached at:

         Keith Baker
         Baker & Brindley
         Chartered Accountants
         87A Market Street
         Mudgee, New South Wales 2850
         Australia


WATERCOURSE PLUMBING: Inability to Pay Debt Prompts Wind-Up
-----------------------------------------------------------
At a meeting of Watercourse Plumbing Pty Ltd on October 6, 2006,
the shareholders passed a special resolution to voluntarily wind
up the company's operations due to its inability to pay debts
when they fall due.

In this regard, Geoffrey Reidy was appointed liquidator.

The Liquidator can be reached at:

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


WESTERN GRAINS: Bank Appoints Receivers and Managers
----------------------------------------------------
On September 7, 2005, the National Australia Bank Ltd A.C.N. 004
044 937 appointed Wayne Edward Benton as receiver and manager of
Western Grains Fertilizer Pty Ltd.

The Receiver and Manager can be reached at:

         Wayne Edward Benton
         Level 10, 90 Collins Street
         Melbourne, Victoria
         Australia


WESTERN GRAINS TRANSPORT: Taps Receivers and Managers
-----------------------------------------------------
On September 7, 2005, National Australia Bank Ltd appointed
Wayne Edward Benton as receiver and manager of all the assets
and undertakings of Western Grains Transport (NSW) Pty Ltd.

The Receiver and Manager can be reached at:

         Wayne Edward Benton
         Level 10, 90 Collins Street
         Melbourne, Victoria
         Australia


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

ASIA TIME: Court Appoints Joint Liquidators
-------------------------------------------
On September 6, 2006, the High Court of Hong Kong appointed
Desmond Chung Seng Chiong and Roderick John Sutton as joint and
several liquidators of Asia Time Technologies Ltd.

The Joint Liquidators can be reached at:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         14/F, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


BEAUTIFUL MIND: Court Names Arboit and Blade as Liquidators
-----------------------------------------------------------
On February 24, 2006, the High Court of Kong appointed Bruno
Arboit and Simon Richard Blade as joint and several liquidators
of Beautiful Mind WorldWide Ltd.

The Joint Liquidators can be reached at:

         Bruno Arboit
         Simon Richard Blade
         12/F, China Merchants Tower
         Shun Tak Centre, 168-200
         Connaught Road, Central
         Hong Kong


CHIEF RICH: Court to Hear Liquidation Petition on November 29
-------------------------------------------------------------
On September 7, 2006, the High Court of Hong Kong received an
application to liquidate Chief Rich Investment Ltd -- from Bank
of China (Hong Kong) Ltd.

The Court will hear the petition on November 29, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Messrs. Deacons
         5/F, Alexandra House
         No. 18 Chater Road, Central
         Hong Kong


CHINA HARMONY: Court to Hear Wind-Up Petition on November 22
------------------------------------------------------------
On November 22, 2006, the High Court of Hong Kong will hear a
petition to wind up the operations of China Harmony Investment
Company Ltd.

Wu Hon Kee Alfred filed the petition with Court on September 26,
2006.

The Solicitors for the Petitioner can be reached at:

         Poon Yeung & Li
         Unit 2303, 23/F
         Golden Center, 188 Des Voeux Road
         Central, Hong Kong


CHINA SOUTHERN: Buys Six Planes from Boeing for Freighter Fleet
---------------------------------------------------------------
China Southern Airlines Co. discloses that it has placed an
order for six Boeing 777 cargo planes for US$1.39 billion at
list prices to expand its freighter fleet, Bloomberg reports.

According to the airline's statement the B-777 freighters will
be delivered between November 2008 and July 2010, noting China
Southern will pay less than the catalog price for the aircraft.

Forbes relates that B777 are sold at a market price of US$232
million each.

The new freighters will increase China Southern's cargo capacity
by 26%, the company said.  The airline flew 599,460 metric tons
of cargo in the first nine months of the year, an increase of
6.5%, Bloomberg notes.

These new purchases, according to The Standard will increase to
more than 60 the number of aircraft China Southern has bought
this year.

On July 17, 2006, the Troubled Company Reporter - Asia Pacific
reported that the airline's board had also approved and reached
an agreement to purchase 50 Airbus A320 carriers.

In addition, China Southern also said its Xiamen Airlines Co.
unit ordered six Boeing 737-800 planes valued at US$423 million
based on the average list price.  Bloomberg recounts that Xiamen
Airlines switched an order for three Boeing 787s to six 737-800s
in August.

Credit Suisse analyst Karen Chan told The Standard that the
carrier might face more pressure on interest expense with new
airplane purchases.  But she said it would not have a negative
impact on profit given that jet fuel prices have dropped
significantly in the past few months.

                          *     *     *

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

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

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


COVANTA ENERGY: Moody's Confirms Ba3 Corporate Family Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Covanta Energy Corporation.  Additionally,
Moody's held its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior secured
   revolving credit
   facility due 2011       B1       B1     LGD4       64%

   Senior secured
   term loans 2012         B1       B1     LGD4       64%

   Senior secured
   letter of credit
   facility due 2012       B1       B1     LGD4       64%

   Second lien senior
   secured term loan
   due 2013                B2       B2     LGD5       84%

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

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

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

                          *     *     *

Headquartered in Fairfield, New Jersey, Covanta Energy
Corporation -- http://www.covantaenergy.com/-- is a publicly  
traded holding company whose subsidiaries develops, own or
operate power generation facilities and water and wastewater
facilities in the United States and abroad.  Covanta has
operations in the Philippines, China, Costa Rica, India, and
Bangladesh.


CRYSTALTRACE TECHNOLOGY: Members to Hear Wind-Up Report
-------------------------------------------------------
Members of Crystaltrace Technology International Company Ltd
will hold a meeting on November 21, 2006, 3:00 p.m., at 32/F.,
Morrison Plaza, 5-9A Morrison Hill Road, Wanchai, Hong Kong.

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

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

The Liquidator can be reached at:

         Ma Chi Chung
         Room 803, Tung Hip Commercial Bldg
         248 Des Voeux Road, Central
         Hong Kong


DIAMOND TECHNOLOGY: Creditors to Prove Debts on October 27
----------------------------------------------------------
Creditors of Diamond Technology Ltd are required to prove their
debts on October 27, 2006, to Joint Liquidators Wong Kwok Man
and Alison Wong Lee Fung Ying.

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

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


DUNHUANG (CHINA): To Pay First Ordinary Dividend on October 18
--------------------------------------------------------------
Dunhuang (China) Company Ltd will pay its first ordinary
dividend to creditors on October 18, 2006.

The Troubled Company Reporter - Asia Pacific previously reported
that Liquidator Kong Chi How, Johnson required the Company's
creditors to prove their debts on October 6, 2006.

The Liquidator can be reached at:

         Kong Chi How, Johnson
         29/F, Wing On Centre
         111 Connaught Road, Central
         Hong Kong


GEORGIA GULF: Completes Acquisition of Royal Group
--------------------------------------------------
On October 3, 2006, Georgia Gulf Corp completed its acquisition
of Royal Group Technologies.

Under the terms of the definitive agreement, originally
announced on June 9, 2006, Georgia Gulf has now acquired all of
the outstanding common stock of Royal Group for CDN$13.00 per
share in cash.

The Troubled Company Reporter - Asia Pacific reported
shareholders of Royal Group approved Georgia Gulf's proposal to
acquire all of its outstanding shares at CDN$13 per share on
August 4, 2006.

Existing management team of Georgia Gulf will now serve as
executives of the acquired Royal Group.

Meanwhile, Georgia Gulf will report its third quarter earnings
on October 26, 2006, which will not include Royal Group's third
quarter results as the acquisition has closed post quarter end.
Georgia Gulf will report fourth quarter results, inclusive of
Royal Group, in February of 2007.

                          *     *     *

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

On October 10, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings removed Georgia Gulf
Corporation's credit ratings from Rating Watch Negative;
downgraded the issuer default rating, senior secured credit
facility rating, and senior unsecured note rating; and assigned
ratings to new issues, upon the closing of the acquisition of
Royal Group Technologies earlier this week.

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

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

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

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

   -- New senior unsecured notes 'BB-'

   -- New senior subordinated notes 'B'

An IDR of 'BB-' incorporates:

   * the benefit of greater integration in the vinyls chain;

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

   * some success in realizing cost synergies.


GROUP LEADER: Final Members' Meeting Set on November 13
-------------------------------------------------------
Members of Group Leader Ltd will convene for their final meeting
on November 13, 2006 at 10:30 a.m., to receive Liquidator Lee
Kwok On, Alexander's accounts of the company's wind-up and
property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific,
creditors of the company resolved to wind-up the company's
operations on April 26, 2006.

The Liquidator can be reached at:

         Lee Kwok On, Alexander
         Rooms 1901-2
         Park-In Commercial Centre
         56 Dundas Street
         Kowloon, Hong Kong


JIANGXI COPPER: Third Quarter Profit Tops at CNY1.5 Billion
-----------------------------------------------------------
Jiangxi Copper Co disclosed that its net profit stood at CNY1.5
billion for the third quarter ended September 30, 2006, up from
CNY361.4 million in the third quarter period of the previous
year, Reuters reports.

The paper relates that based on the statement filed by the
company with Shanghai Stock Exchange, high sales prices
increased the company's core revenue to CNY7.31 billion for the
third quarter from CNY3.25 billion in the same period last year.

In addition, Jiangxi's earnings per share stood at CNY0.518
compared with CNY0.125 a year earlier.  For the first nine
months, the company posted a net profit of CNY3.56 billion, up
164.54% year-on-year.

Its core revenue rose 74.43% on a yearly basis to CNY17.72
billion for the first nine months, the company said.

                          *     *     *

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.  
Jiangxi Copper is a constituent of the Xinhua/ FTSE China 200
Index.  As of market close on April 28, 2006, its total market
capitalization and investable capitalization were CNY17.5
billion and CNY3.5 billion respectively.

On July 18, 2006, Xinhua Far East China Ratings has commented
that the likelihood of downward surprises on the issuer rating
for Jiangxi Copper Co., Ltd. was increasing and changed the
Company's rating outlook to negative from stable.  Its issuer
credit rating remains BB+.


LINK GARMENT: Cheung Yuk Cheung Ceased to Act as Liquidator
-----------------------------------------------------------
Cheung Yuk Cheung on October 3, 2006, ceased to act as
liquidator of Link Garment Manufacturing Company Ltd.

According to the Troubled Company Reporter - Asia Pacific,
Liquidator Cheung presented a wind-up report at the members'
final meeting on September 29, 2006.

The former Liquidator can be reached at:

         Cheung Yuk Cheung
         Room 1003, Park Tower
         15 Austin Road, Tsim Sha Tsui
         Kowloon, Hong Kong


MAPICS HONG KONG: Members' Final Meeting Set on November 16
-----------------------------------------------------------
Members of Mapics Hong Kong Ltd will convene on November 16,
2006, at 11:00 a.m., to receive Liquidator Cheng Chung Por
Gordon's report regarding the company's wind-up and the manner
its property were disposed of.

The Troubled Company Reporter - Asia Pacific reported that on
April 3, 2006, members of the Company agreed to wind up the
company's operations.

The Joint and Several Liquidator can be reached at:

         Cheng Chun Por Gordon
         1902 Mass Mutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


NOBLE GROUP: S&P Affirms Long Term Corp. Credit Rating at BB+
-------------------------------------------------------------
On October 16, 2006, Standard & Poor's Ratings Services said
that its BB+ long-term corporate credit rating on Noble Group
Ltd was not affected by reported trading losses from its
aluminum trading division.  The losses raise concerns about the
effectiveness of Noble's risk management systems.  The systems
will remain under close scrutiny pending full details about the
cause and discovery of the losses.

The rating reflects Noble's exposure to the volatile and low
margin commodity trading business, the company's rising debt
levels, and its relatively small size compared with its wider
global peer group.

In addition, the current rating factors in concern about Noble's
persistently negative free operating cash flow generation.  All
these factors are offset by the depth and reach of the company's
product mix and rapidly expanding tonnage, which should help to
reduce cyclical pressure over the medium term.

Noble's business and financial operations remain exposed to
commodity cycles, as evidenced by a 58% drop in net profit to
US$59.9 million in the six months ended June 30, 2006.  
Nevertheless, growth in tonnage volume and product expansion are
gradually improving the company's business risk profile.

Despite weaker results from its logistics and aluminum division
in the first half of 2006 compared with the record levels
generated in 2004 and 2005, turnover increased by 2.3% while
total tonnage remained relatively flat at 43.4 million tons.

In the same period, Noble's revenues on a 'port discharge basis'
became more diversified, with 35% of revenue generated in China
and other Asia-Pacific markets in the six months ended June 30,
2006, compared with 51% as of Dec. 30, 2004.  While Noble
remains small relative to global commodity traders, it is
expected to continue to expand and strengthen its market
position, thereby reducing its vulnerability to commodity
cycles.

The stable outlook anticipates a gradual return to positive free
cash flow generation and a reduction in net leverage.  The
rating could be lowered if the company's ratio of funds from
operations to adjusted debt falls below 20%, total debt to
EBITDA exceeds 4.5x, or operating cash flow remains persistently
negative.  While upside potential over the medium term is
limited, an improvement in the company's business profile,
reduction in financial volatility, maintenance of appropriate
risk management systems, and a track record of positive free
operating cash flow generation would be positive for the rating.

                          *     *     *

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.


OCEAN PETROLEUM: Creditors and Contributories to Hold Meeting
-------------------------------------------------------------
Ocean Petroleum Company Ltd will hold meetings for its creditors
and contributories on October 24, 2006 at 3:30 p.m. and 4:00
p.m., respectively.

During the meeting, the resignation of Yeung Wing Yee as
liquidator of the company will be considered.

The Joint and Several Liquidators can be reached at:

         Cheung Chi Yu
         Yeung Wing Yee
         Room 908, 9/F
         One Pacific Place, 88 Queensway
         Hong Kong


PWC CONSULTING: Creditors' Proofs of Claim Due on November 3
------------------------------------------------------------
Creditors of PWC Consulting Hong Kong Ltd are required to submit
their proofs of claim to Joint Liquidators Ying Hing Chiu and
Chung Miu Yin, Diana by November 3, 2006.

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

The Liquidator can be reached at:

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


STRONG BASE: Faces Wind-Up Proceedings
--------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Strong Base Development Ltd on November 29, 2006.

Bank of China (Hong Kong) Ltd filed the petition with the Court
on September 7, 2006.

The Solicitors for the petitioner can be reached at:

         Messrs. Deacons
         5/F, Alexandra House
         No. 18 Chater Road, Central
         Hong Kong


SWIFT & COMPANY: 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. Consumer Products sector, the rating
agency confirmed its B2 Corporate Family Rating for Swift &
Company.

In addition, Moody's affirmed its probability-of-default ratings
and assigned loss-given-default ratings to these notes:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$257.26 million
   10.125% Gtd. Global
   Notes Due
   Oct. 1, 2009           B3       B3      LGD4       61%

   US$150 million
   12.500% Sr. Sub.
   Global Notes
   Due Jan. 1, 2010      Caa1     Caa1     LGD5       77%

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%).

                          *     *      *

Swift & Company -- http://www.swiftbrands.com/-- provides  
quality beef and pork products to consumers in the United
States.  The company has foreign sales offices in Hong Kong,
Japan, Mexico, South Korea, China, and Taiwan.


TARGET REALTY: Wind-Up Petition Hearing Set on November 29
----------------------------------------------------------
The High Court of Hong Kong is set to hear a wind-up petition
filed against Target Realty Ltd on November 29, 2006 at 9:30
a.m.

Bank of China (Hong Kong) Ltd filed the petition with the Court
on September 7, 2006.

The Solicitors for the Petitioner can be reached at:

         Messrs. Deacons
         5/F, Alexandra House
         No. 18 Chater Road, Central
         Hong Kong


TAITUNG BANK: Taiwan Ratings Lowers Credit Rating to BB
-------------------------------------------------------
On October 14, 2006, Taiwan Ratings Corp lowered its long-term
counterparty credit rating on Taitung Business Bank to twBB from
twBB+.  At the same time, the twB short-term counterparty credit
rating on the bank was affirmed.  The outlook on the long-term
rating is negative.

The rating action reflects TBB's deteriorating core
profitability and increasing uncertainty that the bank will be
able to rebuild its capital strength.  Both factors are putting
increasing pressure on TBB's currently vulnerable financial
profile.

The ratings reflect TBB's financial profile, specifically its
very weak asset quality and poor capitalization.  These negative
factors are partly offset by the bank's adequate liquidity for
current operation.

TBB's already low profitability has further deteriorated over
the past few months and is likely to remain under pressure over
the medium term. This is mainly due to a shrinking base of
unsecured high-margin consumer loans.  

Because of an industry-wide rise in delinquencies on unsecured
consumer loans, TBB has reduced such lending and attempted
instead to expand mortgage lending, which carries less risk.  
This self-imposed constraint has effectively squeezed the bank's
interest spread and is consequently unlikely to reverse the
decline in its profitability.

Recognition of up to NT$450 million in unamortized losses
annually due to disposals of impaired assets to an asset
management company is putting further pressure on TBB's
profitability.  The bank's annualized preliminary ROA in the
first three quarters of 2006 was about negative 4%, compared
with negative 1% in 2005 and 2.4% in 2004.

TBB's asset quality is very weak. The bank's ratio of impaired
assets -- official non-performing loans and foreclosed property
-- to total loans stood at 19% at the end of March 2006, up from
15.7% at the end of 2004, and is likely to have risen to above
20% as at the end of September 2006 due to its continuing high
level of impaired assets and shrinking loan base.

TTB's capitalization has deteriorated since the middle of 2005
as a result of the bank's inability to accumulate profit. At the
end of June 2006, the bank reported net worth of NT$90 million
and its official BIS ratio was negative 0.19%.  To meet
regulatory capital requirements, TTB has planned capital raising
initiatives, including a recently proposed issue of common
equity amounting to NT$2.2 billion and preferred shares
amounting to NT$600 million.

It remains unclear if the bank can effectively raise sufficient
new capital as it would be challenging for TTB to generate a
satisfactory return on such capital over the medium term.  If
TTB is unable to sufficiently restore its capital strength to
meet regulatory requirements, the government may restrict,
downsize, or take over the bank's operations.

The outlook reflects Taiwan Ratings' view that TTB's financial
profile could come under further pressure.  It may be revised to
stable if TTB can raise sufficient new capital and improve its
core profitability. The ratings may be lowered if the bank's
asset quality and/or core profitability deteriorates further.

They may also be lowered if TTB fails to effectively restore its
capitalization, leading to regulatory action, or if its
liquidity deteriorates beyond Taiwan Ratings' expectations.

                          *     *     *

Headquartered in Taiwan, Taitung Business Bank's principal
activities are providing banking, trust and other related
financial services to small and medium size enterprise. Its
services include accepting checking deposits and other form of
deposits, remittances, bills of exchange, loans and guarantee
services.


TERRELL LTD: Creditors Must Prove Debts by November 14
------------------------------------------------------
Liquidator Choi Shuk Han requires creditors of Terrell Ltd to
submit their proofs of debts by November 14, 2006, or be
excluded from sharing in any distribution the company will make.

The Liquidator can be reached at:

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


TIN SHING: Members to Receive Wind-Up Report on November 15
-----------------------------------------------------------
Tin Shing Services Ltd will hold a final general meeting of its
members on November 15, 2006, 11:00 a.m., at 20/F, Prince's
Building, Central, Hong Kong.

During the meeting, members will receive Liquidator Rainier Hok
Chung Lam's report on the company's wind-up and property
disposal activities.


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

CORPORATION BANK: BoD to Meet on Oct. 26 to Consider Financials
---------------------------------------------------------------
Corporation Bank has informed the Bombay Stock Exchange
that its board of directors will hold a meeting on October 26,
2006.

During the meeting, the Board will consider, among others, the
Bank's unaudited financial results (subject to limited review)
for the quarter and half-year periods ended September 30, 2006.

                       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.


ICICI BANK: Proposed U.S. Dollar Notes Get S&P's BB+ Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue
rating to the proposed senior unsecured, five-year, fixed-rate
U.S. dollar notes to be issued by India's ICICI Bank Ltd.
(foreign currency BB+/Positive/B), acting through its
Singapore Branch.  These notes are being issued under the bank's
multi-currency US$1 billion medium-term note issuance program.

The senior notes will constitute direct, unconditional,
unsubordinated, and unsecured obligations of the bank and will
rank pari passu with all of the bank's unsecured and
unsubordinated obligations, and ahead of all subordinated
debt issues.  The issue proceeds will be used to meet the
funding requirements of ICICI Bank's international operations
and for general corporate purposes, subject to regulatory
approvals.

Any material change to the terms and conditions of future senior
unsecured note issues could affect the rating on the particular
issue.

Standard & Poor's credit ratings are not recommendations to
purchase, hold, or sell any particular security.  In addition, a
rating does not comment on the suitability of an investment for
a particular investor.

                       About ICICI Bank

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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


NTPC LTD: To Consider Foray Into Equipment Manufacturing
--------------------------------------------------------
NTPC Ltd is considering going into the equipment manufacturing
business, The Financial Express reports.

According to the report, Indian Power Minister Sushil Kumar
Shinde suggested that NTPC undertake the new field, exploring
the area that Bharat Heavy Electricals Ltd is into.

"Given the huge capacity addition programme in the country, why
not have another company like BHEL," the report quotes the Power
Minister as saying.

BHEL, an engineering and manufacturing enterprise, is the
monopoly player in power equipment supplies.  Its market share
ranges from 50% to 80% in various categories, The Financial
Express notes.

The country's Power Secretary, RV Shahi, believes there's enough
room for a company like BHEL.  Mr. Shahi also pointed out to The
Financial Express that NTPC has the capacity to reduce the time
to execute the new venture by at least nine to 10 months.

NTPC chairman and managing director T Shankarlingam is still mum
about the subject.  "This is still at a preliminary stage and
without undertaking further studies I cannot say anything," the
CMD told the newspaper.

                       About NTPC Ltd

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal   
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

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


RELIANCE INDUSTRIES: Board to Consider 2ndQ Results on Oct. 19
--------------------------------------------------------------
The board of directors of Reliance Industries Limited will hold
a meeting on October 19, 2006, the company said in a filing with
the Bombay Stock Exchange.

At the meeting, the Board will, among others, consider Reliance
Industries' unaudited financial results for the quarter and
half-year periods ended September 30, 2006.

                  About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged    
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.  

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


STATE BANK OF INDIA: Invests US$3 Million in Bahrain Branch
-----------------------------------------------------------
State Bank of India invested US$3 million in its first
commercial branch in Bahrain, Gulf Daily News reports.

SBI, which opened its first Bahrain office 30 years ago, will
open the commercial branch in November, the daily says.  The
Bahrain commercial branch will be SBI's second branch in the
Gulf.

U.N. Challu, the Bank's newly promoted chief general manager in
the region, told the Gulf Daily that the Bahrain commercial
branch will function like any other local bank providing
deposits, loans, trade finance, letter of credit and remittance
services for non-resident Indians, among others.

The US$3 million is just an initial investment to develop the
new branch, Mr. Challu added.

                    About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the  
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Board Meeting Scheduled on Oct. 28
-------------------------------------------------------
State Bank of India informed the Bombay Stock Exchange that its
Central Board will hold a meeting on October 28, 2006.

The Central Board will take on record the working results of the
Bank for the quarter and half-year periods ended September 30,
2006.

                    About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the  
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


TATA MOTORS: Board of Directors to Hold Meeting on Oct. 30
----------------------------------------------------------
A meeting of Tata Motors Ltd's board of directors will be held
on October 30, 2006, for it to consider, inter alia, the audited
results for the half-year period and second quarter ended
September 30, 2006, pursuant to Clause 41 of the Listing
Agreement.

                    About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly    
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

A report by the Troubled Company Reporter - Asia Pacific on
September 28, 2005, stated that Standard & Poor's Ratings
affirmed its 'BB' long-term foreign and local currency corporate
credit ratings on Tata Motors.  The outlook is stable.

Additionally, Moody's Investors Service, on July 26, 2005, gave
Tata Motors 'Ba1' long-term corporate family and senior
unsecured debt ratings.


TATA MOTORS: Reports Sales of 49,157 Vehicles in Sept. 2006
-----------------------------------------------------------
Tata Motors reported a total sale of 49,157 vehicles (including
exports) for September 2006, a growth of 23.8% over 39,707
vehicles sold in September 2005.  Cumulative sales for the
Company at 2,65,829 nos. are growing by 36.3%

                      Commercial Vehicles

The Company's sales of commercial vehicles in September 2006 in
the domestic market were 26,627 nos., an increase of 39.5% over
19,087 vehicles sold in September last year.  M&HCV sales stood
at 15,193 nos., a growth of 34.1% over the September 2005 figure
while LCV sales were 11,434 nos., a growth of 47.4% over
September 2005.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 1,34,372 nos., an increase of 53.8% over the
corresponding period last year.  Cumulative M&HCV sales stood at
77,394 nos., an increase of 48.7% over the corresponding period
last year while cumulative LCV sales for the fiscal were 56,978
nos., an increase of 61.4% over the corresponding period last
year.

                       Passenger Vehicles

The passenger vehicle business reported a total sale of 18,609
vehicles in the domestic market in September '06, an increase of
15.7% over September '05.  The Indica sold 10,694 nos., a growth
of 10.6% over September '05.  The Indigo family based on the
encouraging response to its facelifted version, registered sales
of 3,568 nos., an increase of 6.4% over September '05.  The Sumo
and Safari accounted for sales of 4,347 nos., a growth of 42.3%
over September '05. Safari registered its highest ever sales of
1,543 nos. in the month.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,04,294 nos., an increase of 24% over the
previous year.  Cumulative sales of Indica at 67,728 nos.
registered a growth of 35.2% over the previous year while
cumulative sales of the Indigo family at 16,643 nos. registered
a decline of 9.9% over last year.  Cumulative sales of Sumo and
Safari were 19,923 nos., a growth of 27.8% over last year.

Car sales were adversely affected during the month due to a fire
led stoppage of production in the last week.  October sales are
also going to be restrained due to the impact.

                             Exports

The Company's sales from exports were 3,921 vehicles in
September '06 as compared to 4,542 vehicles in September '05, a
decrease of 14%.  The cumulative sales from exports in the
current period at 27,163 nos. have recorded a 17.6% growth over
the corresponding figures for the previous period.

                         About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly    
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

A report by the Troubled Company Reporter - Asia Pacific on
September 28, 2005, stated that Standard & Poor's Ratings
affirmed its 'BB' long-term foreign and local currency corporate
credit ratings on Tata Motors.  The outlook is stable.

Additionally, Moody's Investors Service, on July 26, 2005, gave
Tata Motors 'Ba1' long-term corporate family and senior
unsecured debt ratings.


TATA POWER: Appoints Prasad Menon as Managing Director
------------------------------------------------------
Tata Power Company Ltd appoints Prasad R. Menon as its Managing
Director effective October 16, 2006, the company informed the
Bombay Stock Exchange.  

Before his new assignment, Mr. Menon was the Managing Director
of Tata Chemicals Ltd.  Part of the Tata Group for over six
years, Mr. Menon played an integral role in Tata Chemicals
growth and development, including the merger with Hind Lever
Chemicals Ltd and its recent acquisition of Brunner Mond in the
United Kingdom.  A chemical engineer from the Indian Institute
of Technology Kharagpur, Mr. Menon has previously worked with
the Nagarjuna Group and ICI.

The company also appointed of Nawshir Mirza as non-executive
independent Director on the Board.  Mr. Mirza is the India
Advisor for the Jardine Matheson Group and previously was the
partner of Ernst & Young.

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of  
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


UNION BANK OF INDIA: Names Sreenivasan as Non-Official Director
---------------------------------------------------------------
Union Bank of India informed the Bombay Stock Exchange that the
Central Government nominated Shri K S Sreenivasan as part-time
non-official Director of the Bank, under Chartered Accountant
category.

Mr. Sreenivasan will assume the post for three years effective
from October 11, 2006.

                  About Union Bank of India

Headquartered in Mumbai, India, Union Bank of India --
http://www.unionbankofindia.com/-- is a scheduled commercial    
bank.  The bank offers a range of deposit schemes, including
Union Cumulative Deposit Scheme, cumulative deposit schemes,
deposit reinvestment certificates, monthly income schemes, Union
Flexi Deposit Scheme, capital gains exemption deposit schemes,
senior citizen deposit schemes, floating-rate deposit schemes
and Multi Gains Current Account scheme.  It offers various types
of loans, which include home loans, education loans and mortgage
loans.  It offers Internet banking facility under the name Union
E-Banking, which caters to both retail and corporate customers,
and individuals.  Through its tie-up with HDFC Standard Life
Insurance Co., the Bank offers group insurance products under
the name Union Suraksha.

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UNION BANK OF INDIA: INR10-Bil. Tier II Bonds Get's CRISIL's AA+
----------------------------------------------------------------
The Credit Rating Information Services of India Ltd rates Union
Bank of India's bond issues:

   * INR10.0-billion Upper Tier II Bonds Issue: AA+/Stable
     (Assigned)

   * INR3.0-billion Perpetual Bonds Issue: AA+/Stable (Assigned)

   * INR4.0-billion Bonds Issue: AA+/Stable (Assigned)

   * INR2.0-billion Bonds Issue: AA+/Stable (Reaffirmed)

   * INR8.0 Billion Bonds Issue: AA+/Stable (Reaffirmed)

   * INR4.5 Billion Bonds Issue: AA+/Stable (Reaffirmed)

   * INR2.5 Billion Bonds Issue: AA+/Stable (Reaffirmed)

   * INR 4.0 Billion Bonds Issue: AA+/Stable (Reaffirmed)

   * INR1.7 Billion Bonds Issue: AA+/Stable (Reaffirmed)

CRISIL's recently assigned rating of 'AA+/Stable' on the Upper
Tier II Bonds and Perpetual Bonds Issue of Union Bank of India
reflects the bank's comfortable capitalization levels and
healthy earnings profile.  UBI had a Tier I capital adequacy of
7.32% and an overall capital adequacy, as a proportion of risk-
weighted assets, of 11.4%, as on March 31, 2006.  For the year
ended March 31, 2006, UBI reported Profit After Tax of
INR6.7 billion.

CRISIL expects large absolute accretions to UBI's net worth to
enable it to maintain its overall capital adequacy at
comfortable levels over the medium term.  However, the bank has
limited flexibility in raising fresh equity capital through
dilution of the Government of India's holding: GoI has a 55.4%
stake in UBI, which is close to the regulatory minimum of 51%.

CRISIL's rating on UBI's Lower Tier II bonds continues to be
driven by the benefits the bank derives from majority ownership
by the Government of India.  The bank's good market position,
strong resource profile, and healthy earnings position also
strengthen the rating.  The bank's modest asset quality tempers
these rating strengths.

In its ratings of Indian public sector banks, including UBI,
CRISIL factors in the high likelihood of systemic support from
GoI in the event of distress.  CRISIL believes that majority
ownership creates a moral obligation for GoI to support the
PSBs, if the need arises.  The rating also takes into account
UBI's low-cost resource profile, characterized by a healthy
deposit mix, high stability, and reasonable growth in deposits.  
On an annual average basis, the bank's cost of deposits reduced
to 4.64% in 2005-06 (refers to financial year, April 1 to March
31), from 4.82% in 2004-05.  Although UBI's profitability in
2005-06 has declined, its earnings profile as measured by Net
Profitability Margin (NPM) is comparable to the system average.
UBI's NPM, based on yearly average funds, has declined to 1.62%
in 2005-06 from 1.79% during 2004-05.  This has been mainly
because of the fall in yields on its advances portfolio.

UBI's asset quality is average, despite the recent improvement
in the credit risk profile of its incremental loans and
advances. Slippages (additions to NPAs) have increased
marginally to 1.9% in 2005-06, leading to an increase in the
absolute amount of Gross NPAs.  Overall gross NPAs have declined
to 3.84% of the portfolio as on March 31, 2006, from 5.01% in
the previous year, which is in line with the overall trend in
the banking sector.

                          Outlook: Stable

CRISIL expects that GoI will continue to extend strong support
to all PSBs in India, including UBI.  Continued GoI support,
coupled with UBI's good business position, will significantly
offset the challenges faced by the bank in improving its
inherent asset quality.  CRISIL expects UBI's overall capital
adequacy ratio to remain at comfortable levels.  CRISIL further
expects UBI to remain profitable over the near to medium term.

                         About the Bank

Union Bank is one of the ten largest Indian banks with total
assets of over INR800 billion as on March 31, 2006.  Union Bank
was incorporated in 1919 at Mumbai and was nationalized during
the first round of bank nationalization in 1969.  Until August
2002, GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

For the year ended March 31, 2006, Union Bank reported a PAT of
INR6.7 billion on total income (net of interest expenses) of
INR23.74 billion.  For the quarter ended June 2006, the bank
reported a PAT of INR1.7 billion (INR2.4 billion for the
corresponding period of the previous year) on a total income of
INR6.35 billion.

                          *     *     *

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


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

FREEPORT-MCMORAN: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba3 Corporate Family Rating for
Freeport-McMoran Copper & Gold Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$340 Million
   6.875% Senior
   Unsecured Notes
   due 2014               B1       B1      LGD5       80%

   US$272 Million
   10.125% Senior
   Unsecured Notes
   due 2010               B1       B1      LGD5       80%

   US$55 Million
   7.5% Senior
   Unsecured Notes
   due 2006               B1       B1      LGD5       80%

   US$200,000
   7.20% Senior
   Unsecured Notes
   due 2026               B1       B1      LGD5       80%

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

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

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

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,  
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.


GOODYEAR TIRE: Moody's Changes Rating Outlook to Negative
---------------------------------------------------------  
Moody's Investors Service has affirmed Goodyear Tire & Rubber
Company's B1 Corporate Family rating, but changed the outlook to
negative from stable.  At the same time, the company's
Speculative Grade Liquidity rating was lowered to SGL-3 from
SGL-2.  These rating actions reflect the increased operating
uncertainty arising from the ongoing United Steelworkers strike
at Goodyear's North American facilities, and the company's
decision to increase cash on hand by drawing-down US$975 million
under its domestic revolving credit facility.

In the short-term, the extraordinary borrowing confirms liquid
resources at the company's disposal, but does so by increasing
gross leverage and carrying costs while labor negotiations in
its critical North American market remain unresolved.  
Goodyear's pro forma global cash position of US$2.3 billion
limits any near-term default probability, and the anticipated
investment of the revolver proceeds in money market securities
does not alter its net debt position.  However, the uncertain
outcome of any negotiations with the USW, the resultant impact
on Goodyear's North American cost structure and competitive
position, and the potential disruption to its tire production
and customer relationships create an additional degree of near-
term risk for Goodyear's credit stature.  In Moody's view, the
decision to draw under the credit facility may reflect the
extent of the gap between the parties and the time frame in
which a conclusion might be reached.

Should the USW negotiations be concluded in a timely and
constructive manner, it is likely that the rating outlook would
be changed to stable and the Speculative Grade Liquidity rating
raised to SGL-2.

Ratings affirmed:

Goodyear Tire & Rubber Company

PDR: B1

* first lien credit facility, Ba1, LGD 2, 10%

* second lien term loan, Ba3, LGD 3, 35%

* third lien secured term loan, B2, LGD 4, 63%

* 11% senior secured notes, B2, LGD 4, 63%

* floating rate senior secured notes, B2, LGD 4, 63%

* 9% senior notes, B2, LGD 4, 63%

* 6 5/8% senior notes, B3, LGD 6, 94%

* 8 1/2% senior notes, B3, LGD 6, 94%

* 6 3/8% senior notes, B3, LGD 6, 94%

* 7 6/7% senior notes, B3, LGD 6, 94%

* 7% senior notes, B3, LGD 6, 94%

* senior unsecured convertible notes, B3, LGD 6, 94%

Goodyear Dunlop Tyres Europe

* Euro revolving credit facilities, Ba1, LGD 2, 10%

* Euro secured term loan, Ba1, LGD 2, 10%

Ratings changed:

Goodyear Tire & Rubber Company

Speculative Grade Liquidity rating to SGL-3 from SGL-2

Goodyear's announcement of October 13 will increase debt/EBITDA
to roughly 5.4 times on a pro forma basis from 5.0 times using
June 30 results.  Similarly, EBIT/interest would experience a
minor deterioration from the 1.5 times achieved at the end of
June.  However, such calculations would presume a forward run-
rate of earnings level with June LTM results.  Weak replacement
tire demand in North America, challenges to yield management
from high and volatile commodity costs and surplus industry
capacity, and publicly unspecified rates at which it can
replenish tires sold from inventory while USW workers are on
strike underscore risks to assumptions for future performance
metrics.  Moody's would expect Goodyear's international
operations, which generate the preponderance of profits and cash
flow, to continue to perform well.  Any emerging changes to
Goodyear's profile must also be considered in the context of the
qualitative and quantitative progress the company has made over
the last few years, and the room established within the current
rating category for any immaterial relapse.

While Goodyear currently has tires to satisfy customer
requirements in North America, should that capacity diminish
over time, its North American enterprise value and cash flows
could deteriorate.  While these risks are not imminent, they
could appear on the horizon with greater certainty before year-
end.  A resolution of the labor negotiations could clarify the
company's prospects beyond the next few weeks, but the time
frame to expect an agreement is unknown.  As a precaution, the
outlook has been changed to negative.  This could quickly be
reversed should a resolution be announced, its terms assessed,
and revolver borrowings unwound.

The SGL-3 represents adequate liquidity over the next twelve
months.  The company's balance sheet resources have been
substantially bolstered by the borrowing, but internal cash flow
beyond the next few weeks is harder to predict.  A labor
agreement satisfactory to the company could also involve up-
front restructuring expenditures.  The trade-off to the increase
in cash is the effective exhaustion of remaining unused
commitments under the domestic revolving credit facility.  The
company will have comfortable headroom under its two financial
covenants.  But, over time, unknown EBITDA generation may start
to erode this cushion.  A near-term resolution of the labor
dispute could also lead to a rapid change in the company's
liquidity profile.  Consequently, the Speculative Grade
Liquidity profile has been lowered to SGL-3.

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.  Moody's also gave the company a B1 corporate family
rating.

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.


HILTON HOTELS: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the gaming, lodging and leisure sectors, the
rating agency confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%

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

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

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

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Indonesia, Australia, India, Trinidad and Tobago,
Philippines and Vietnam.


NUTRO PRODUCTS: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products sector, the rating
agency confirmed its B2 Corporate Family Rating for Nutro
Products, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million Sr.
   Secured Revolving
   Credit Facility
   Due Jan. 26, 2012      B1       Ba3     LGD2       29%

   US$470 million Sr.
   Sec. Term Loan
   Due July 26, 2013      B1       Ba3     LGD2       29%

   US$165 million Sr. Flt.
   Rt. Global Notes
   Due Oct. 15, 2013      B3       B3      LGD5       75%

   US$150 million 10.750%
   Sr. Sub. Global Notes
   Due April 15, 2014    Caa1     Caa1     LGD6       91%

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

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

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

Based in City of Industry, California, Nutro Products, Inc. --
http://www.nutroproducts.com/-- formulates and manufactures dry  
and canned food, biscuits, and treats for dogs and cats.  The
company's brand names include Natural Choice, MAX, and Gourmet
Classics.  Its products are available in feed stores and pet
supply shops, such as Petco and PetSmart, across the US and
Canada.  Nutro's products are also distributed worldwide,
including Indonesia, Peru and Austria, among others.


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

ALIXPARTNERS LLP: Completes Leveraged Recapitalization
------------------------------------------------------
AlixPartners LLP has completed a recapitalization in which
affiliates of Hellman & Friedman LLC made a significant
investment in the firm and AlixPartners' 81 managing directors,
along with the remainder of its more than 500 employees, also
gained a considerable stake in the enterprise.  Together, they
now hold a majority interest in the private firm.  

Jay Alix, who founded the firm in 1981, remains as co-chairman
and continues to hold a substantial equity interest in the firm.  
The other co-chairman is Philip Hammarskjold of Hellman &
Friedman.  Michael Grindfors continues as CEO.

Under terms of the agreement, each of AlixPartners' managing
directors was given the opportunity to roll over some of the
value of his or her existing interests in the firm into new
equity in the recapitalized organization.   All elected to do
so.  In addition, all current employees other than managing
directors will participate in a "phantom equity" program.  

"This transition in the firm's ownership will help prepare for
the next phase of AlixPartners' growth and global expansion,"
said Mr. Grindfors.  "I'm particularly pleased that every single
MD has decided to join in the recapitalization.  That
demonstrates our team's strong commitment to our business and
our future."

At the time the recapitalization was announced, on Aug. 4, the
firm noted that it has enjoyed 25 years of uninterrupted revenue
growth.  In the last 10 years, AlixPartners has grown from two
offices in the U.S. to 12 offices in North America, Europe and
Asia, with affiliations in South America and Australia, and has
achieved organic growth averaging more than 30 percent annually
during that time.  More than half of its revenue today comes
from providing services to healthy companies seeking performance
improvement, IT transformation and financial advisory services.  

                   About Hellman & Friedman

Headquartered in San Francisco, CA, U.S.A., Hellman & Friedman
LLC -- http://www.hf.com/-- focuses on investing in superior   
business franchises and as a value-added partner to management
in select industries including financial services, professional
services, asset management, software and information, media and
energy.  Recent investments include: Activant Solutions Inc.,
Artisan Partners Limited Partnership, DoubleClick, Inc.,
Gartmore Investment Management plc, GeoVera Insurance Group
Holdings, Ltd., LPL Holdings, Inc., Mondrian Investment
Partners, Ltd., The Nasdaq Stock Market, Inc. (NDAQ), Texas
Genco LLC, Vertafore, Inc. and VNU N.V.

                     About AlixPartners LLP

AlixPartners LLP -- http://www.alixpartners.com/-- provides   
business consulting and advisory firm services in five areas:
consulting services financial advisory; performance improvement;
turnaround and restructuring; case management; and information
technology.

The firm has more than 500 employees, with offices in Tokyo,
Chicago, Dallas, Detroit, Duesseldorf, London, Los Angeles,
Milan, Munich, New York, Paris and San Francisco.  


                           *    *    *

As reported in TCR-AP on Sept. 19, Standard & Poor's Ratings
Services assigned its 'BB-' corporate credit rating and stable
outlook to Southfield, Michigan-based business consulting firm
AlixPartners LLP.

At the same time, S&P assigned its 'BB-' bank loan rating and
recovery rating of '3' to AlixPartners' US$435 million senior
secured credit facility, indicating an expectation of meaningful
(50%-80%) recovery of principal in the event of a payment
default.  The credit facility consists of a US$50 million
revolving credit facility due 2012 and a US$385 million term
loan B due 2013.

Moody's Investors Service assigns a B1 first time rating to
AlixPartners LLP proposed US$435 million senior secured credit
facility -- US$385 million term loan and US$50 million revolver
-- and a B1 corporate family rating.  The ratings for the
secured credit facility 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 3 for the credit facility.  The
rating outlook is stable.


BANK OF FUKUOKA: Moody's Affirms D+ Bank Fin'l Strength Rating  
--------------------------------------------------------------
Moody's Investors Service has affirmed The Bank of Fukuoka,
Ltd.'s A3 long-term deposit rating, Prime-2 short-term deposit
rating, A3 issuer rating, Baa1 subordinated convertible bond
rating and D+ bank financial strength rating.  The rating
outlook remains stable.  This affirmation follows the bank's
announcement of its planned purchase of JPY7 billion of new
common stock to be issued by Kyushu-Shinwa Holdings, Inc.
(Kyushu Shinwa Holdings, the holding company of The Shinwa Bank,
Ltd.; neither entity is rated by Moody's).

The affirmation of Bank of Fukuoka's ratings is based on Moody's
view that the JPY7-billion investment will not have a material
impact on the bank's credit fundamentals.  Also, the rating
action is predicated on the bank's announcement that it intends
to make a moderately close business tie-up with Kyushu Shinwa
Holdings, not a full business integration.

Going forward, if Bank of Fukuoka's relationship with Kyushu
Shinwa Holdings were to change, such as through additional
capital injection or a business integration, it could
potentially have a downward impact on the ratings.

The Bank of Fukuoka, Ltd., is headquartered in Fukuoka.  Its
consolidated total asset size was approximately JPY7.7 trillion
as of March 2006.


BANK OF FUKUOKA: Fitch Affirms 'C' Individual Rating
----------------------------------------------------
Fitch Ratings has affirmed the ratings of Bank of Fukuoka as
follows:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BBB+' with Positive Outlook;

   -- Short-term foreign and local Currency IDRs at 'F2';

   -- Individual at 'C'; and

   -- Support '2'.

The affirmation follows Fukuoka's announcement late last week on
its plan to inject JPY7 billion of capital to Kyushu Shinwa
Holdings which owns 100% of Shinwa Bank.  By the end of this
month, Fukuoka will become the largest shareholder of the
Holdings with a 13% stake.  The agency notes that the impact on
Fukuoka's total capital ratio (9.65% at end-March 2006) would be
limited to 15bp of its risk weighted assets.  Fukuoka's ratings
affirmation reflects the limited impact on the bank's ongoing
improvement in its capital quality.  The agency continues to
maintain a Positive Rating Outlook on Fukuoka based on the
bank's increasingly strong position in Japan's westernmost
island of Kyushu, which is seen as a necessary platform for the
bank to grow.

In 2002, Shinwa Bank and Kyushu Bank, both based in Nagasaki
Prefecture, consolidated under the Holdings and subsequently in
2003, the subsidiary banks merged.  Earlier in 2002, the
government injected JPY30 billion public funds to Kyushu Bank,
which was transferred to the Holdings after the consolidation.
Shinwa as well as the predecessor banks have been suffering from
problem loans and provisioning.  Shinwa posted a net loss for
the half-year ended September 2006 after a ballooned
provisioning of nearly five times its earlier projection for the
period.  Accordingly, the Holdings posted net loss of JPY41
billion which accounted for over 40% of its Tier 1 capital at
end-March 2006.  For end-September 2006, Fitch estimates the
Holdings' Tier 1 ratio to be below 4% and its total ratio to be
less than 6%.

In addition to Fukuoka's subscription to the Holding's common
stocks, Jay Will Partners, a Japan-based recovery fund, will
inject JPY23 billion in the form of preferred stocks to the
Holdings.  The total injection would raise the Holding's Tier 1
ratio back to a near 6% and its total ratio to a near 8%.  The
capital injection and business tie-up with Fukuoka are favorable
to Shinwa's ratings.  The agency will closely monitor the
performance of Fukuoka and speed of disposal of problem loans
before raising Shinwa's 'E' Individual rating.

Fukuoka and Kumamoto Family Bank plan to establish a holding
company, Fukuoka Financial Group, in April 2007.  Fukuoka has so
far taken over Kumamoto Family's Tier 1 public funds earlier
this year (JPY30 billion face value).

Fukuoka, established in 1945, is the fourth-largest operating
bank among Japan's regional banks in terms of assets.  Fukuoka
has a loan market share in Fukuoka Prefecture of c.30%. Kumamoto
Family is relatively small in asset size but its loan share
stands at c.20% in Kumamoto Prefecture. Including Shinwa's over
30% loan market share in Nagasaki, Fukuoka's market share in
pan-Kyushu would be 20%, and in terms of aggregated assets, the
group will become the largest regional banking group in Japan.


RAMBUS INC: Appoints David Shrigley as Independent Director
-----------------------------------------------------------
Rambus Inc. appointed David Shrigley as an independent director
to its board of directors.  Mr. Shrigley was also appointed to
the compensation committee of the Board.

"Dave brings exceptional sales and marketing expertise to the
Rambus board and we are delighted to have the benefit of his
insight," Kevin Kennedy, chairman of the board of directors,
said.  "Dave's accomplishments include helping Intel emerge as a
leading semiconductor company as well as being a key leader in
Bay Networks' rise in the networking space.  We look forward to
his input as execute on our strategy of bringing world-class
technology solutions to the marketplace."

Mr. Shrigley served as a general partner at Sevin Rosen Funds, a
venture capital firm, from 1999 to 2005.  Prior to which, he
held the position of executive vice president, Marketing, Sales
and Service at Bay Networks.  Mr. Shrigley served in various
executive positions during his 18 years at Intel, including vice
president and general manager of Asia Pacific Sales and
Marketing Operations based in Hong Kong, and vice president and
general manager, Corporate Marketing.

Mr. Shrigley holds a bachelor's degree from Franklin University
in Columbus, Ohio.  He also serves on the board of SPI Lasers
PLC.

Headquartered in Los Altos, California, Rambus Inc., (NASDAQ:
RMBS) -- http://www.rambus.com/--is a technology licensing  
company specializing in the invention and design of high-speed
chip interfaces.  The company has regional offices in Japan,
India, Germany, and Taiwan.

Rambus, Inc., on Sept. 8, 2006, received a notice of purported
defaults from U.S. Bank National Association, trustee for the
company's Zero Coupon Convertible Senior Notes due 2010.  The
Notice asserted that the company's failure to file its Form 10-Q
for the quarter ended June 30, 2006 constituted defaults under
Sections 7.2 and 14.1 of the Indenture between the company and
the Trustee governing the Notes.  The Notice indicated that if
the company does not cure these purported defaults under the
Indenture within sixty days of Aug. 17, 2006 an Event of Default
would occur.  The company believes that it is not in default
under the terms of the Indenture.


SHINWA BANK: Fitch Affirms 'E' Individual Rating
------------------------------------------------
Fitch Ratings has affirmed Shinwa Bank's ratings at Individual
'E' and Support '3'.

The affirmation follows Bank of Fukuoka's announcement late last
week on its plan to inject JPY7 billion of capital to Kyushu
Shinwa Holdings, which owns 100% of Shinwa.  By the end of this
month, Fukuoka will become the largest shareholder of the
Holdings with a 13% stake.

In 2002, Shinwa Bank and Kyushu Bank, both based in Nagasaki
Prefecture, consolidated under the Holdings and subsequently in
2003, the subsidiary banks merged.  Earlier in 2002, the
government injected JPY30 billion public funds to Kyushu Bank,
which was transferred to the Holdings after the consolidation.
Shinwa as well as the predecessor banks have been suffering from
problem loans and provisioning.  Shinwa posted a net loss for
the half-year ended September 2006 after a ballooned
provisioning of nearly five times its earlier projection for the
period.  Accordingly, the Holdings posted net loss of
JPY41 billion which accounted for over 40% of its Tier 1 capital
at end-March 2006.  For end-September 2006, Fitch estimates the
Holdings' Tier 1 ratio to be below 4% and its total ratio to be
less than 6%.

In addition to Fukuoka's subscription to the Holding's common
stocks, Jay Will Partners, a Japan-based recovery fund, will
inject JPY23 billion in the form of preferred stocks to the
Holdings.  The total injection would raise the Holding's Tier 1
ratio back to a near 6% and its total ratio to a near 8%.  The
capital injection and business tie-up with Fukuoka are favorable
to Shinwa's ratings.  The agency will closely monitor the
performance of Fukuoka and speed of disposal of problem loans
before raising Shinwa's Individual rating.

Fukuoka and Kumamoto Family Bank plan to establish a holding
company, Fukuoka Financial Group, in April 2007.  Fukuoka has so
far taken over Kumamoto Family's Tier 1 public funds earlier
this year (JPY30 billion face value).

Fukuoka, established in 1945, is the fourth-largest operating
bank among Japan's regional banks in terms of assets. Fukuoka
has a loan market share in Fukuoka Prefecture of c.30%. Kumamoto
Family is relatively small in asset size but its loan share
stands at c.20% in Kumamoto Prefecture.  Including Shinwa's over
30% loan market share in Nagasaki, Fukuoka's market share in
pan-Kyushu would be 20%, and in terms of aggregated assets, the
group will become the largest regional banking group in Japan.


TIMKEN CO: Plans to Exit Seamless Steel Tube Manufacturing in UK
----------------------------------------------------------------
The Timken Company disclosed its intention to exit its European
seamless steel tube manufacturing operations located in Desford,
England, as part of its strategy to manage its business
portfolio to improve performance.  Timken will begin
consultations with representatives of the 400 associates located
at the Desford facility to explore alternative solutions to
closure.

"The proposed action is part of the company's strategy to focus
on lines of business that produce differentiated products while
driving profitable growth," said Salvatore J. Miraglia, Jr.,
president of Timken's Steel Group.  "Exiting this business would
further advance the focus of the Steel Group on differentiated
products that deliver value to both customers and shareholders."

The Desford facility generated sales of approximately
US$85 million to US$95 million in recent years but has not been
profitable.  It manufactures seamless steel tube for machining
and mechanical applications, primarily serving the bearing
industry in Europe.

In conjunction with the proposed exit of the business, Timken
would intend to sell some portion of the plant's assets and
secure a reliable alternative source of steel tube for its
European bearing operations.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered    
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations worldwide, including in Japan, Australia, Brazil,
China, France, Germany, Hungary, India, Korea, Singapore,
Taiwan, Turkey and Venezuela and employs 27,000 employees.

                          *     *     *

The company's 7.16% Medium-Term Notes, Series A due 2027 carry
Moody's Investors Service's Ba1 rating.


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

BURGER KING: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corporation to Ba3
from Ba2.

Additionally, Moody's held its Ba2 ratings on the company's
$150 million Senior Secured Revolver Due 2011 and US$250 million
Senior Secured Term Loan A Due 2011.  Moody's assigned those
loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.

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

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

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

                       About Burger King

The Burger King(R) system (NYSE: BKC) -- http://www.bk.com/--  
operates more than 11,100 restaurants in all 50 states and in
more than 65 countries and U.S. territories worldwide, including
Australia, China, Hong Kong and Korea.  Approximately 90% of
BURGER KING restaurants are owned and operated by independent
franchisees, many of them family-owned operations that have been
in business for decades.


KOOKMIN BANK: To Hold 2006 3rd Quarter Conference on Oct. 30
------------------------------------------------------------
Kookmin Bank will hold its 2006 Third Quarter Earnings
Conference on October 30, 2006, the company said in a regulatory
filing with the United States Securities and Exchange
Commission.  

The conference will be Web-cast live in Korean and English
throughout the world in the company's Web site --
http://www.kbstar.com/

After the presentation, there will be a Q&A session where
investors can participate by telephone at these numbers, using
these codes:

   -- from overseas: 82-31-810-3001 or 82-2-6677-2256

   -- from Korea: 1566-2256 or 031-810-3001
   
   -- Pass Code: 6412
   
   -- Q&A Code: 14

                       About Kookmin Bank

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

                      *       *       *

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

Fitch Ratings gave the bank a B/C rating.


* Korean Economy Estimated to Grow 4.3% in 2007
-----------------------------------------------
Korea's economy will grow 4.3% in 2007, slowing from this year's
estimated 5% growth, the Korean Government said on its Web site,
citing a report by the Korea Development Institute.

"The economy is continuing it slowing pace.  Industrial output
gain and service sector growth are losing their upward
momentum," the KDI report noted.

The government's projection for 2007 economic growth is however
lower than that of KDI's -- 4.6%.

The KDI believes economic slowdown is likely to continue but the
pace will not fall sharply if the North Korean nuclear crisis
does not worsen.

For this year, KDI cut its growth projection to 5% from the
previously projected 5.1%.  The institute cites slowing domestic
consumption for the reduction.


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

LITYAN HOLDINGS: High Court Grants 90-day Restraining Order
-----------------------------------------------------------
The Troubled Company - Reporter Asia Pacific reported on
April 17, 2006, that the High Court of Malaya gave Lityan
Holdings Berhad and its subsidiaries a 180-day extension of the
restraining order from April 12 to October 10, 2006.
  
In an update, the High Court of Malaya granted a further
extension of the restraining order, for a period of 90 days
effective from October 10, 2006, to January 8, 2007, to Lityan
and its subsidiaries, which are:

     * Digital Transmission Systems Sdn Bhd;
     * Hi Pro Edar (M) Sdn Bhd;
     * Imagebase Sdn Bhd;
     * Imageword (M) Sdn Bhd;
     * Impianas Sdn Bhd;
     * Integrated Telecommunication Technology Sdn Bhd;
     * Konsortium Jaya Sdn Bhd;
     * Lityan Foreign Equities Sdn Bhd;
     * Lityan Management Sdn Bhd;
     * Lityan Marketing Sdn Bhd;
     * Lityan Overseas Sdn Bhd;
     * Lityan Systems Sdn Bhd;
     * Sistem Komunikasi Gelombang Sdn Bhd;
     * Slam Atomised Metal Sdn Bhd;
     * Kirium Solutions Sdn Bhd;
     * KJ Mobidata Sdn Bhd;
     * KJ Telecommunications Sdn Bhd;
     * Advanced Business Solutions (M) Sdn Bhd;
     * Teem Business Solutions Sdn Bhd; and
     * Lityan Applications Sdn Bhd.

Moreover, previous TCR-AP reports stated that the Restraining
Order was obtained in order to facilitate the Company's Proposed
Restructuring Scheme, which involves:

     -- the proposed acquisition of Guanhong Group;

     -- the proposed scheme of arrangement with shareholders;

     -- the proposed scheme of arrangement with creditors;

     -- the proposed issuance of 50,000,000 new NewCo shares
        to the existing shareholders of Lityan and identified
        investors and the public at a minimum issue price of
        MYR1.00 per share;

     -- the proposed offer for sale of up to 70,000,000 NewCo
        Shares to the existing shareholders of Lityan and
        eligible investors to be identified in order to meet
        the public spread requirement as stipulated under the  
        Listing Requirements of Bursa Securities;

     -- the proposed transfer of listing status of Lityan to
        the NewCo; and  

     -- proposed disposal of the entire issued and paid-up
        share capital of Lityan comprising 5,140,300 Lityan
        Shares to the Lityan Group Purchaser at a fair value to
        be determined by an independent valuer and auditor.

                 About Lityan Holdings

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

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

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


PARACORP BERHAD: Subsidiaries Ink Sale and Purchase Agreements
--------------------------------------------------------------
Preciplast Sdn Bhd and Capxon Electronic (M) Sdn Bhd, wholly
owned subsidiaries of Paracorp Berhad, have entered, on
October 11, 2006, into a sale and purchase agreements with:

   -- Supreme Return Sdn Bhd, to dispose 100 ordinary
      shares at MYR1.00 each in Gandingan Pelangi (M) Sdn Bhd, a
      wholly owned subsidiary of Preciplast, for a
      cash consideration of MYR1.8 million.  This will also
      settle GPSB's indebtedness to Paracorp and Preciplast by
      SRSB; and

   -- Sin Yeap Holdings (M) Sdn Bhd, to dispose the
      Kapar freehold land held under H.S.(M) 12716, Lot PT No.
      17761, locality of Batu 5, Jalan Kapar, Mukim of Kapar,
      District of Klang, State of Selangor Darul Ehsan for a
      cash consideration of approximately MYR1.9 million.

The consideration of MYR1.8 million for the ordinary shares was
arrived at a "willing-buyer willing-seller basis" and after
taking into consideration the market value of the GPSB Land of
MYR4 million as appraised by PPC International Sdn Bhd, an
independent valuer appointed to undertake the market valuation
of the GPSB Land.

Moreover, Kapar Land's consideration price of MYR1.9 million was
arrived at a willing-buyer willing-seller basis and after taking
into consideration the market value at MYR2 million as appraised
by PPC International Sdn Bhd, an independent valuer appointed to
undertake the market valuation of the Kapar Land.  It contains a
single storey detached factory with two-storey office building
annex and has been operating for approximately five years.

The sale and purchase of the shares is subject to and
conditional upon the fulfillment of these conditions:

  (i) the approval of the Board of Directors of GPSB for the
      transfer of the shares in accordance with the terms
      and conditions of the sale and purchase agreement;

(ii) waiver from the Securities Commission from compliance with
      Chapter 12 of the SC Guidelines for the Proposed Disposal
      of GPSB; and

(iii) the delivery by Preciplast to SRSB of the redemption
      statement from the Alliance Merchant Bank Berhad
      stipulating the amount required for the redemption.  In
      the event that the redemption amount shall exceed
      MYR4 million, Paracorp shall forward to SRSB its
      irrevocable undertaking to pay AMBB the excess; and

(iv) the delivery by Preciplast to SRSB of an irrevocable
      letter of undertaking from Paracorp to redeem the GPSB
      Land from AMBB and confirming that the payment of the
      purchase consideration, Paracorp Debt and Debt are to be
      utilized by the stakeholder -- solicitors to SRSB -- in
      the redemption;

Within 90 days from the date of the sale and purchase agreement
with further extension of 30 days, the sale and purchase
agreement is subject to full realization of the conditions by
Capxon, which are:

  (i) waiver from the Securities Commission from compliance with
      Chapter 12 of the SC Guidelines for the Proposed Land
      Disposal;

(ii) approval from shareholders of Paracorp, being the holding
      company of Capxon;

(iii) Capxon to obtain and deliver to SYHSB's solicitor an
      original duly executed letter of undertaking from Capxon's
      financier that it is willing to discharge the Kapar Land
      for a sum of MYR1.9 million only and the remaining balance
      shall be reverted back to Capxon; and

(iv) the release and execution of all discharge documents from
      Capxon's financier for the Kapar Land upon the balance
      purchase consideration of MYR1.71 million excluding
      deposit amount of MYR190,000 being paid to Capxon's
      financier.

The Proposed Disposals will not have any impact on the share
capital of Paracorp or the shareholdings of its substantial
shareholders, as they will be satisfied entirely in cash.

                       About Paracorp

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

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

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


PAXELENT CORPORATION: Served with a Notice to Pay Judgment Sum
--------------------------------------------------------------
Paxelent Corporation Berhad has been served with a Notice to
Judgment Debtor of the Registration of a Foreign Judgment and a
sealed copy of the Order dated August 10, 2006, by the Johor
Bahru High Court.  This was in relation to the proceedings
commenced by Malayan Banking Berhad against the Company.

The Order is for the registration of the Judgment obtained by
Malayan Banking against the Company before the High Court of the
Republic of Singapore on April 19, 2002, and in respect of a
balance judgment sum equal to MYR12,120,417.70 owed by the
Company.

The Company has referred the matter to its solicitors for advice
and further action.

                About Paxelent Corporation

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


TENAGA NASIONAL: Won't Sell Coal Unit to Interested Buyers
----------------------------------------------------------
Tenaga Nasional Bhd will keep a majority stake in its coal-
producing unit -- TNB Coal International Ltd -- even though it
has received some attractive offers, Sharen Kaur of Business
Times reports.

Business Times notes that Tenaga Nasional holds 92.5% of TNB
Coal, which has coal mining rights in Kalimantan, Indonesia.  
Tenaga Nasional had invested US$11.9 million (MYR43.91 million)
in 2003 to purchase the stake and it made an advance payment of
US$17 million (MYR62.73 million) to allow the mine to operate.
The rest of the firm is held by coal mine concession owner
Robert Priantono Bonosusatya.

The report cites unidentified sources as saying that Tenaga
Nasional has received some very attractive offers from third
parties to buy over its shares in TNB Coal, but the group would
likely continue holding a majority stake in the mine.

It is believed that PT Adaro, Indonesia's largest coal producer,
and PT Pamapersada Nusantara, have submitted offers to Tenaga
Nasional, Business Times says.

PT Adaro, the report states, wants to buy the mining stake in
TNB Coal for US$23.75 million (MYR87.63 million).  It plans to
make an upfront payment of US$5.50 million (MYR20.29 million)
and a deferred payment of US$18.25 million (MYR67.34 million) on
a staggered basis.

Pama, on the other hand, offered to buy TNB Coal by writing off
Tenaga Nasional's investments and advances, totaling
US$28.9 million (MYR106.64 million).

"The TNB Coal investment has never been a losing concern despite
newspaper reports stating [Tenaga Nasional] made losses of about
MYR300 million from the venture.  There has been a
misunderstanding," Business Times cites the source as
clarifying.

The source said that Mr. Bonosusatya had a disagreement in
payment of royalty by Tenaga Nasional, thus exposing the group
to some potential losses.  He gets royalty payments when the
mines supply coal to Tenaga Nasional.

The source said Tenaga Nasional will resolve all outstanding
issues it has with its coal mine partners in Kalimantan amicably
to turn its investment in TNB Coal into a profitable entity.

                     About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,   
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's gave the Company a 'Ba' rating due to its relatively
high financial leverage and significant PPA obligations.


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

AIR NEW ZEALAND: Selects Swissport as Preferred Bidder
------------------------------------------------------
Swissport International and partner company Transfield Services
New Zealand Ltd. agreed with Air New Zealand to be the preferred
bidders in the potential outsourcing of Air New Zealand's ground
handling operations at Auckland, Wellington, and Christchurch
airports, Travel Daily News reports.

Travel Daily says Swissport Chief Executive Officer Joseph In
Albon confirmed the report.

The report notes that the nomination is subject to contract
after a 58-day consultation period between Air New Zealand and
its labor unions.

Travel Daily relates that the management of Air New Zealand has
been conducting extensive studies over the past few months
regarding a potential rearrangement of its present ground
services at Auckland, Wellington, and Christchurch airports,
including the issue of an international tender invitation to
specialist ground handlers.

According to the report, Air New Zealand is seeking to enhance
the processes and cost structures concerned to ensure that it
can continue to offer a competitive product at these three
airports.

Should the deal go ahead, it would cover passenger-and-ramp
services at the airports for a period of up to 10 years handled
by Air New Zealand's current workforce of 1,675 employees,
Travel Daily says.

The agreement follows a tender administered by Air New Zealand
in a bid to improve service quality, reduce costs, and increase
labor flexibility and competitiveness, Travel Daily relates.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1.071 billion held
as at June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


AIR NEW ZEALAND: Unions to Fight Swissport Outsourcing Proposal
---------------------------------------------------------------
Unions for more than 1,700 Air New Zealand staff will fight a
proposal to outsource the work they do to a Spanish company, New
Zealand Press Association reports.

NZPA relates that Swissport International had put in a formal
offer to provide frontline services for NZ$20 million a year
less than current costs.

NZPA cites Service and Food Workers Union spokeswoman Jill Ovens
as saying that the union workers would be challenging Air New
Zealand's assumptions that the contractor could do the job
NZ$20 million cheaper.

"We're also going to be putting pressure on the Air New Zealand
board, which has got its AGM next week to basically get rid of
this management -- they've run amok," Ms. Ovens says.

Ms. Ovens asserts that it would be disastrous for the image of
the national airline if they contracted out the frontline staff.

Citing leaked documents, The Dominion Post reveals that
Swissport could work in a joint venture with Australia-based
Transfield Services to provide services including baggage
handling and check-in work.

According to the paper, the documents set a timetable to hand
over operations to Swissport and the airline proposed "that all
airport services at Auckland, Wellington, and Christchurch are
outsourced to a specialist ground-handling provider, Swissport".

Ms. Ovens said if the proposal is accepted it would mean full-
time workers would each have to take an average pay cut of about
NZ$15,000 a year, Dominion Post relates.

                     Union to Hold Meetings

The Dominion Post relates that stopwork meetings would be held
this week and next week in Auckland, Wellington, and
Christchurch to discuss a response to the proposal.

About 1,750 workers from SFWU and the Engineering, Printing and
Manufacturing Union would be attending the meetings.

                 SFWU Workers May Go on Strike

According to Alan Wood of The Dominion Post, Air New Zealand
could face industrial action next week from more than 200
members of the Service and Food Workers Union unhappy at the way
they are being treated under proposed cost-cutting moves.

Swissport NZ could re-employ staff made redundant, but Air New
Zealand had indicated to staff that their attendance record and
references could influence that re-employment, Dominion Post
cites one union leader, as saying.

Stuff.co.nz cites another union leader as saying that the
airline's staff had already helped put forward a proposal
including more flexible practices.  However, it was dismissed as
too expensive.

Dominion Post reveals that an alternative proposal from the
unions identified potential savings of NZ$9.7 million, but Air
New Zealand's assessment was the union scheme would save no more
than NZ$1.2 million.

According to Ms. Ovens, documents given to staff as part of a
consultation process had left them feeling harried and
mistreated.

Andrew Little, of the Engineering, Printing and Manufacturing
Union, said New Zealand Chief Executive Officer Rob Fyfe had, a
month ago, asked for a submission on workers' ability to change
work practices.  Mr. Little recounts that Mr. Fyfe's emphasis
was on flexibility rather than cost cutting, Dominion Post
relates.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1.071 billion held
as at June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


ADVANCE INTERIORS: Liquidation Petition Hearing Set on Nov. 6
-------------------------------------------------------------
The High Court at Hamilton will hear a liquidation petition
filed against Advance Interiors & Construction Ltd on November
6, 2006, at 10:45 a.m.

Amstar Interiors Ltd filed the petition on September 21, 2006.

The Solicitor for the Petitioner can be reached at:

         P. P. Buetow
         Kensington Swan
         Solicitors
         18 Viaduct Harbour Avenue
         Auckland, New Zealand

BEN LOMOND: Creditors' Proofs of Claim Due on November 6
--------------------------------------------------------
On October 4, 2006, shareholders of Ben Lomond Spares Ltd, which
is in liquidation, named Robert Laurie Merlo as liquidator for
the company.

Accordingly, Mr. Merlo requires the creditors to file proofs of
claim by November 6, 2006, for them to share in any distribution
the Company will make.

The Liquidator can be reached at:

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


CAM-TRANZ CAMBRIDGE: Appoints Joint Liquidators
-----------------------------------------------
On October 2, 2006, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of Cam-
Tranz Cambridge Ltd.

The Troubled Company Reporter - Asia Pacific reported that the
Commissioner of Inland Revenue filed a liquidation petition
against the Company and was heard before the High Court of
Hamilton on October 2, 2006.

The Joint Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


CENTRAL EQUIPMENT: Names Joint Liquidators
------------------------------------------
On October 2, 2006, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of
Central Equipment Co.

As reported by the Troubled Company Reporter - Asia Pacific, a
liquidation petition file by the Commissioner of Inland Revenue
against the Company was heard at the High Court of Hong Kong on
June 6, 2006.

The Joint Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


GENEVA FINANCE: Increases Profit from NZ$2.2 Mln to NZ$3.8 Mln
--------------------------------------------------------------
Geneva Finance Ltd reported that its net profit after tax for
the financial year ended March 31, 2006, rose to NZ$3.8 million
from NZ$2.2 million the previous financial year, New Zealand
Press Association relates.

According to ShareChat News, the profit announcement for the
March year coincided with the release of the company's latest
prospectus and credit rating.

As reported in the Troubled Company Reporter - Asia Pacific on
May 3, 2005, Standard & Poor's Ratings Services assigned its
'B+' long-term counterparty credit rating on Geneva Finance with
a stable outlook.

The TCR-AP also reported that on July 27, 2006, Geneva Finance
Limited has secured a NZ$30-million wholesale banking facility
with BOS International, a member of the HBOS Australia Group.

NZPA cites managing director Glenn Walker as saying the funding
was a reflection of confidence in the company's risk management
systems, policies, and processes.

NZPA says the profit increase was achieved on revenue of
NZ$39 million, up from NZ$21 million last year.  Operating
profit before tax increased from NZ$1.6 million to
NZ$5.7 million, NZPA adds.

Loan Receivables grew to NZ$110.88 million this year from
NZ$54.62 million last year.  Total Assets grew to
NZ$142.25 million this year from NZ$63.52 million last year,
NZPA reveals.

                      About Geneva Finance

Geneva Finance Limited -- http://www.genevafinance.co.nz/-- has  
21 professionally branded retail finance branches throughout New
Zealand to facilitate lending receivables collection and credit
management -- mirroring the trading bank consumer retail
distribution strategy while affording the company face-to-face
contact with applicants and security evaluations.


HAMILTON TIMBER: Names Parsons and Kenealy as Liquidators
---------------------------------------------------------
On October 2, 2006, Hamilton Timber Processors (2000) Ltd
appointed Dennis Clifford Parsons and Katherine Louise Kenealy
as joint and several liquidators.

As reported by the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue's liquidation petition was heard
before the High Court of Hamilton on October 2, 2006.

The Joint Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


MAINLAND FARMS: Court Sets Liquidation Hearing on October 30
------------------------------------------------------------
The High Court at Christchurch will hear a liquidation petition
filed against Mainland Farms Ltd on October 30, 2006, at 10:00
a.m.

Denny Holdings Ltd filed the petition on September 19, 2006.

The Solicitor for the Petitioner can be reached at:

         Owen Godfrey Paulsen
         Cavell Leitch Pringle & Boyle
         Solicitors
         Level Fifteen, Clarendon Tower
         corner of Worcester Street and Oxford Terrace
         (P.O. Box 799), Christchurch
         New Zealand
         Telephone:(03) 379 9940
         Facsimile:(03) 379 2408


MGAF FERTILISER: Court to Hear Liquidation Petition on Oct. 27
--------------------------------------------------------------
A petition to liquidate MGAF Fertiliser Ltd will be heard before
the High Court at Wanganui on October 27, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
September 19, 2006.

The Solicitor for the Petitioner can be reached at:

         Kerri Ann Doherty
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone:(04) 890 1045
         Facsimile:(04) 890 0009


PROSPOUT LTD: Creditors Must Submit Proofs of Debt by Nov. 2
------------------------------------------------------------
Prospout Ltd on October 2, 2006, appointed joint liquidators
Karen Betty Mason and Lloyd James Hayward to oversee the
company's liquidation.

In this regard, the Liquidators require the company's creditors
to submit their proofs of claim by November 2, 2006.  

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

The Joint Liquidators can be reached at:

         Karen Betty Mason
         Lloyd James Hayward
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


SCRAPPYDOO METAL: Liquidation Petition Hearing Set for Oct. 20
--------------------------------------------------------------
A liquidation petition filed against Scrappydoo Metal Recyclers
Ltd will be heard before the High Court at New Plymouth on
October 20, 2006, at 10:oo a.m.

Blackwoods Paykels filed the petition on September 18, 2006.

The Solicitor for the Petitioner can be reached at:

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


WORLD FIRST: Court to Hear Liquidation Petition on October 30
-------------------------------------------------------------
A petition to liquidate World First Imports Ltd will be heard
before the High Court at Christchurch on October 30, 2006, at
10:00 a.m.

Rainbow Confectionery Ltd filed the petition with the Court on
August 14, 2006.

The Solicitor for the Petitioner can be reached at:

         Kevin Patrick Mcdonald
         Eleventh Floor, Global House
         19-21 Como Street
         (P.O. Box 331-065 or D.X. B.P. 66-086)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


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

APEX MINING: Appeals MGB's Ruling in Favor of North Davao Mining
----------------------------------------------------------------
Apex Mining Co. has appealed the Mines and Geosciences Bureau's
ruling declaring the company's mining claim in Davao "void and
illegal," The Manila Times reports.

The report cites Apex's statement as asserting that the MGB's
decision, which favored North Davao Mining Corp., was a
"mistake."

The paper relates that in its motion for reconsideration, Apex
argued that North Davao Mining's application for a financial and
technical assistance agreement should be dismissed because it is
"not based on valid and existing mining claims" in Monte de Oro
in Compostella Valley.

"This judicial mistake will only prolong the already tedious and
long-delayed process to return NDMC to the private sector
because we will definitely exhaust all legal remedies to protect
our interest," Apex stated.

According to Manila Times, Apex and NDMC have overlapping claims
and the dispute has been with the regional panel of arbitrators
since 1996.  The paper says Apex has the option to question the
ruling through the Mines Adjudication Board, the Court of
Appeals, and the Supreme Court.

"We have a strong case and are determined to take this all the
way to Supreme Court, no matter how long this might drag," Apex
asserted.

Manila Times recounts that Crew Gold Corp., which owns 40% of
the shares sold by the Puyat family in Apex, earlier offered to
buy NDMC from the government before but was advised to
participate in a bidding process to be handled by the state-
owned Natural Resources Mining and Development Corp.

However, there have been no signs that the bidding would happen
anytime soon, the paper cites Apex, as saying.

Apex said it is willing to invest more and take the risk even in
the absence of a definitive survey on whether or not NDMC still
has viable reserves left.

According to Manila Times, Apex alleged that NDMC violated the
law for failing to have tie points, or permanent markers, to
clearly delineate its boundaries and prevent overlaps and
conflicts.

Apex also alleged that NDMC's mining claim is much larger than
its previous area, the paper relates.

                        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.


APEX MINING: Board Authorizes Counsel to File Action with SSC
-------------------------------------------------------------
At Apex Mining Company, Inc.'s Special Board Meeting held on
October 16, 2006, the Board unanimously authorized Atty. Leo
Cleto A. Gamolo, as the company's representative, to:

   (a) file an action or proceeding before the Social Service
       Commission or another government agency or institution in
       relation to SSS Case No. 12-16230-05; and

   (b) verify and sign for and on behalf of the company all
       necessary documents he may deem beneficial for Apex
       Mining's best interest.

The company did not disclose the details of the Case in its
filing with the Philippine Stock Exchange.

                        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.


LEPANTO CONSOLIDATED: SGV Appointed as New External Auditor
-----------------------------------------------------------
Lepanto Consolidated Mining Company advises the Philippine Stock
Exchange that on October 16, 2006, the company's Board of
Directors, on the recommendation of the Audit Committee,
approved the appointment of Sycip Gorres & Velayo as the
company's new external auditor.

                          *     *     *

Lepanto Consolidated Mining Company --
http://www.lepantomining.com/-- was incorporated primarily to  
engage in the exploration and mining of gold, silver, copper,
lead, zinc and all kinds of ores, metals, minerals, oil, gas and
coal and their related by-products.  The Company was
incorporated in 1936 and until 1997 was operating an enargite
copper mine.  It shifted to gold bullion production that same
year through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.  
Lepanto sells its gold bullion production to London's Johnson
Matthey.  Lepanto is now one of the country's top producers of
gold and its by-products, copper and silver.  The Company also
has investments in other areas through its subsidiaries such as
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.

The Troubled Company Reporter - Asia Pacific reported on
January 27, 2006, that Lepanto Consolidated is working to
recover from a PHP400-billion loss incurred in the past two
years due to labor disputes.


MANILA ELECTRIC: President Arroyo Orders Internal Review of WESM
----------------------------------------------------------------
President Gloria Arroyo has recently instructed the members of
the Board of the Power Sector Assets and Liabilities Management
Corporation to conduct an internal review of PSALM's trading
processes and structure in the Wholesale electricity Spot
market.

The PSALM board members include:

   * Department of Finance,
   * Department of Energy,
   * Department of Trade and Industry,
   * Department of Justice, and
   * the National Economic Development Authority

The government is making sure that the interest of the public
remains its foremost concern, as the government continues to put
high priority on the investigations into the power rates issues.

Likewise, the Department of Energy maintains its strict
vigilance on the WESM as the Administration continues to assert
its goal of protecting the consumers and pursuing all
institutional means to advance alternative sources of energy.

Energy Secretary Raphael Lotilla says internal review of trading
processes in WESM is meant to reinforce and not intended to
preempt the on-going independent investigation being carried out
by the Market Surveillance Committee.

The President has instructed to make sure that the conduct of
the investigation should be credible, independent, and
transparent, Mr. Lotilla adds.

Earlier, the passage of the biofuels bill by both houses of
congress is a victory for the Philippines as this allows the
government to begin the path towards eliminating the nation's
extreme dependence on foreign oil by further developing and
expanding the areas of alternative and renewable energy sources
that can be used throughout the country.

                      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.


METROPOLITAN BANK: Receives Neutral Rating from Macquarie
---------------------------------------------------------
Macquarie Research Equities has rated Metropolitan Bank & Trust
Co., "neutral," with a 12-month target price of PHP38, saying
the bank needs to further clean up its balance sheet, Xinhua
Financial News Service reports.

According to the report, Macquarie's target price is the same
level at which Metrobank is currently offering 174 million new
and secondary shares to the public to raise additional capital.

The offer price represents a 6.98% discount to the volume
weighted average price of Metrobank shares of PHP40.85 per share
for the 10 trading days ended October 10, 2006.

The Inquirer relates that the bank has voluntarily asked for a
shares trading suspension during the offer period, which ends
October 25, 2006.

"The new shares imply an 11% dilution to the existing
shareholder base," Xinhua cites Macquarie analyst Gilbert Lopez,
as saying, adding that the dilution means "any entry opportunity
is best after the offer."

Citing estimates for 2006, Mr. Lopez says Metrobank's headline
bad-loan ratio would be the same as the sector average at 6.9%,
while the foreclosure rate of 10.6% and restructured rate of
5.3% are "high even by the low standards of Philippine banks."

Mr. Lopez expects Metrobank's equity offer to attract investors
who are "hungry" for an alternative stock exposure in the
Philippines.  However, he notes that what investors would get is
"a bank which still needs to undertake further clean-up,"
Inquirer relates.

                        About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The Bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

Moreover, Moody's gave Metrobank a Ba3 Foreign Long-Term Bank
Deposits and Subordinated Debt Rating effective May 25, 2006.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.


RIZAL COMMERCIAL BANKING: Kicks Off Roadshows for Hybrid Issue
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 11, 2006, Rizal Commercial Banking Corporation advised
the Philippine Stock Exchange that the Bangko Sentral Pilipinas
Monetary Board has approved RCBC's plan to issue up to
US$100 million of Hybrid Tier 1 Notes.  The joint bookrunners
and joint lead managers for the issue are Citigroup and Credit
Suisse, the TCR-AP said.

In an update, a report from FinanceAsia relates that the notes
will have a non-cumulative perpetual non-call 10-year structure,
with a step up of 100 basis points over the initial credit
spread if not called.

According to the report, RCBC will kick off roadshows in
Singapore today, October 18, 2006, before heading to Hong Kong
on October 18, 2006, and London later in the week.  The leads
announce that pricing will follow the London roadshow, dependant
on market conditions, FinanceAsia says.

Last week, XFN-Asia reported that the Singapore Stock Exchange
approved in principle the listing of the Notes.

According to FinanceAsia, RCBC's perpetual bond issue is the
third hybrid tier-1 transaction from a Philippine bank and is
the newest bank capital-raising deal to emerge from a very
active space in the Asian marketplace.

As at July 2006, RCBC had a capital adequacy ratio of 14.98%,
versus an equity to assets ratio of around 7%, FinanceAsia
reveals.  The sale of the bonds will increase its CAR to 18.55%,
however it will more than likely decline as the bank adopts the
international accounting criteria, FinanceAsia notes.

The TCR-AP reported that on October 12, 2006, Fitch Ratings
assigned an expected rating of 'B-' to RCBC's planned hybrid
issue of up to US$100 million.  The final rating is contingent
on the receipt of final documents conforming to information
already received.

The TCR-AP subsequently reported that Moody's Investors Service
has assigned a B3 rating to RCBC's (RCBC, E+/B1/NP) proposed
issuance of USD-denominated perpetual securities, callable with
a step-up feature in 2016.  The rating outlook is negative, in
line with the outlook on the Philippines' sovereign ratings.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

                          *     *     *

Moody's Investors Service gave Rizal Commercial Banking a 'Ba3'
Long-Term Bank Deposit Rating effective May 25, 2006.

On September 21, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed RCBC's ratings at
Long-term Issuer Default rating 'BB-', Individual "D/E" and
Support "3" after a review of the bank.  The Outlook of the
Long-term rating is Stable.


VULCAN INDUSTRIAL: Posts PHP72.75 Mln Deficit as of June 30
-----------------------------------------------------------
Vulcan Industrial & Mining Corporation's consolidated gross
revenue for the six months ended June 30, 2006, amounts to
PHP27.87 million compared with PHP21.30 million for the six
months ended June 30, 2005, resulting to net loss after minority
interest of PHP1.97 million compared to net loss after minority
interest of PHP3.66 million in June 30, 2005.

The Company's revenue was mainly derived from the sale of
aggregates of subsidiary, Vulcan Materials Corporation, since
Vulcan Industrial is concentrating on exploration activities and
has no active mine at the moment.  So far the results of the
exploration work in Panaon Island are very encouraging, Vulcan
Industrial notes.

Vulcan Industrials' total cost and expenses increased to
PHP31.84 million as of June 30, 2006, from PHP28.55 million as
of June 30, 2005, due to the increase in the sales and increase
in power cost.

The company's total asset was PHP810.71 million as of June 30,
2006, 3.63% lower than the PHP841.32 million as of December 31,
2005.  The inventories decreased due to the increase in sales
and production during the period and only one out of two
crushers was operating.

Accounts receivable increased due to the increase in sales
during the quarter.  The decrease in investments in associates
was used to partially pay the advances to related party and
other payables.  Deferred charges increased because of the costs
incurred in various exploration activities.

Liabilities were PHP283.55 million as of June 30, 2006, which is
lower by 9.17% compared to PHP312.19 million on December 31,
2005.  The decrease was due to the partial payment of some
payables and advances to related party as of June 30, 2006.

Deficit showed a balance of PHP72.75 million as of June 30,
2006, compared to PHP68.78 million on December 31, 2005.

Vulcan Industrial's debt-to-equity ratio as of June 30, 2006, is
0.54:1 compared to a ratio of 0.59:1 as of December 31, 2005.

The company's financial results for the period ended June 30,
2006, posted at the PSE is available for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/VUL_17Q_Jun2006.pdf

                     Unpaid Metrobank Loan

Vulcan Industrial also disclosed that a loan with Metropolitan
Bank & Trust Co., bears interest of 12% per annum under:

   (a) a pledged agreement by the company;

   (b) a continuing surety agreement executed by the Company and
       certain stockholders;

   (c) an assignment of trade receivables and inventories; and

   (d) by chattel mortgage on certain machinery and equipment of
       VMC.

VMC failed to pay the full amount of the monthly installments on
the principal loan balances starting October 2003.  On March 18,
2004, VMC was able to restructure the loan and the maturity of
the loan has been extended to March 11, 2006.

However, VMC was still unable to pay the loan as of May 12,
2006.

                    About Vulcan Industrial

Vulcan Industrial & Mining Corporation is engaged mainly in oil
and mineral exploration projects.  One of its successful
ventures is the concrete aggregate project in Rodriguez, Rizal,
which was spun-off into a joint venture company called Vulcan
Materials Corporation.  VMC is on its tenth year of rock
aggregate quarrying, crushing and marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the Company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported that after
auditing Vulcan Industrial's financial report for the year ended
December 31, 2005, Sycip, Gorres, Velayo & Co. raised
significant doubt on the Company's ability to continue operating
as a going concern due to its difficulty in meeting its
obligations to creditor banks.

The Company and its subsidiary's current liabilities exceeded
current assets by PHP227.1 million in 2005, and by PHP151.8
million in 2004, and its recurring losses are due to its share
in the net losses of subsidiary Vulcan Materials Corp.  


VULCAN INDUSTRIAL: Signs Phelps & TVI Confidentiality Agreements
----------------------------------------------------------------
In a filing with the Philippine Stock Exchange Commission, dated
October 12, 2006, Vulcan Industrial and Mining Corporation
disclosed that it has signed a Confidentiality Agreement with
Phelps Dodge Exploration Corporation - Philippine Branch.

On October 6, 2006, Vulcan Industrial also signed a
Confidentiality Agreement with TVI Resources.

Pursuant to the Agreements, Phelps Dodge and TVI will review
Vulcan Industrial's mining data for possible joint venture in
the future. Not sure this statement is correct.

This are the original:

Please be informed that Vulcan Industrial and Mining Corporation
has signed a Confidentiality Agreement with Phelps Dodge
Exploration Corporation - Philippine Branch for the later to
review its mining data for possible joint venture in the future.

Please be informed that Vulcan Industrial and Mining Corporation
has signed a Confidentiality Agreement with TVI Resources for
the later to review its mining data for possible joint venture
in the future.

                       About Phelps Dodge

Phelps Dodge Exploration Corporation is a subsidiary of Phelps
Dodge International Corp. -- http://www.pdic.com/. Phelps Dodge  
International operates through a group of production facilities
and sales units in 19 countries including the Philippines,
manufactures and supplies world-class quality products for
power, construction, oil and gas, mining, original equipment
manufacturers, and telecommunications markets around the world.

                    About Vulcan Industrial

Vulcan Industrial & Mining Corporation is engaged mainly in oil
and mineral exploration projects.  One of its successful
ventures is the concrete aggregate project in Rodriguez, Rizal,
which was spun-off into a joint venture company called Vulcan
Materials Corporation.  VMC is on its tenth year of rock
aggregate quarrying, crushing and marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the Company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported that after
auditing Vulcan Industrial's financial report for the year ended
December 31, 2005, Sycip, Gorres, Velayo & Co. raised
significant doubt on the Company's ability to continue operating
as a going concern due to its difficulty in meeting its
obligations to creditor banks.

The Company and its subsidiary's current liabilities exceeded
current assets by PHP227.1 million in 2005, and by PHP151.8
million in 2004, and its recurring losses are due to its share
in the net losses of subsidiary Vulcan Materials Corp.  


* Philippines will be Off IMF Monitoring in April 2007
------------------------------------------------------
The International Monetary Fund will let the Philippines off its
post-program monitoring in April, IMF country representative
Reza Baquir says.

The government has been working to bring this development about
for some time.

Mr. Baquir said at a media briefing on mid-2006 post-program
monitoring, or PPM, discussions: "The end of the PPM is a sign
of the economy's strength and a sign that vulnerabilities
continue to fall. . .external viability continues to improve and
it is a development that we will welcome."

The PPM provides for more frequent consultations between the IMF
and member countries whose funding arrangements have expired but
which continue to have outstanding credit with the Fund.

For the Philippines, it had been stretched out every year since
2001 as a buffer against the government's financial problems.

Under this monitoring scheme, the IMF reviews the Philippine
economic performance twice a year, the last of which was
completed in early August.  It can offer advice but may no
longer impose on policy, like on public sector borrowings.

In a report released on October 13, 2006, in Washington after
the end of the mid-2006 PPM discussions, the IMF executive
directors commended Philippine authorities for the country's
strong macroeconomic performance -- including robust growth,
moderating inflation, and an improved external position -- and
for progress in structural reforms.

"While stronger fundamentals have made the Philippines more
resilient and less vulnerable to shocks, [the IMF] cautioned
that important vulnerabilities remain," the report said.  
"Although on a declining path, the public debt is still high,
with external commercial borrowing requirements continuing to be
sizeable."

                           *     *     *

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


* President Arroyo Welcomes Possible Rating Upgrade from Moody's
----------------------------------------------------------------
President Gloria Macapagal-Arroyo welcomed reports the
Philippines may soon get a credit rating upgrade from Moody's
Investors Service, even as she urged the Senate to speed up
deliberations on the proposed 2007 budget, which she said would
define the development agenda of the government.

"We welcome the reports that the Philippines could be due for a
credit rating upgrade from Moody's," Pres. Arroyo said in a
speech at the 58th charter day of Calbayog City.

"Fiscal discipline is winning the day for the Philippines and we
urge the Senate to speed up deliberations on the budget so that
we can show the world our determination to bring the fruits of
reforms to the doorsteps of every Filipino," Pres. Arroyo added.

Pres. Arroyo further said the administration's budget would not
only define the government's development agenda, but would also
signify the "payback" to the people of her administration's
"tough reforms."

Moody's is expected to upgrade its outlook on the Philippines
from "negative" to "stable" by the end of the year.

Moody's has retained its "negative" outlook on the Philippines
among major international credit rating agencies.

                           *     *     *

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


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

AAR CORP: S&P Upgrades Corporate Credit Rating to BB from BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Dale,
Illinois-based aviation support services provider AAR Corp.,
including the corporate credit to 'BB' from 'BB-'.

The outlook is stable.  About US$300 million of debt is
outstanding excluding US$30 million of nonrecourse debt.

"The upgrade is based on improved credit protection measures,
benefiting from generally better industry environment, expanding
scope of services, and increasing operating efficiency," said
Standard & Poor's credit analyst Roman Szuper.

The global airline industry continues to recover in 2006,
spurred by a healthy economy and growing air traffic, although
high oil prices have constrained gains at many air carriers.  
Profit increases in 2005 and 2006 and conversion of debt to
equity strengthened credit protection measures to levels overall
appropriate for the rating.

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

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' rating to
AAR Corp.'s 1.75% US$125 million convertible senior notes due
2026 sold via SEC Rule 144A with registration rights.  At the
same time, Standard & Poor's affirmed its ratings, including the
'BB-' corporate credit rating, assigned effective June 16, 2003,
on the aviation support services provider.  S&P said the rating
outlook is stable.


CHEERS HOLDINGS: Creditors' Proofs of Debt Due on November 6
------------------------------------------------------------
Cheers Holdings Pte Ltd, which was placed under a members'
voluntary liquidation, require creditors to submit their proofs
of debt by November 6, 2006.

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

The liquidator can be reached at:

         Tee Ling Zhi
         c/o 680 Upper Thomson Road
         NTUC Fairprice Co-operative
         Singapore 787103


CONVENIENCE SHOPPER: Creditors Must Prove Debts by November 6
-------------------------------------------------------------
Tee Ling Zhi as liquidator for Convenience Shopper Pte Ltd,
which was placed under a members' voluntary liquidation,
requires creditors of the company to submit their proofs of debt
by November 6, 2006.

The Liquidator can be reached at:

         Tee Ling Zhi
         c/o 680 Upper Thomson Road
         NTUC Fairprice Co-operative
         Singapore 787103


HEXION SPECIALTY: Loan Refunding Prompts Moody's to Hold Ratings
----------------------------------------------------------------
Moody's Investors Service affirmed the long term debt ratings
of Hexion Specialty Chemicals Inc. and changed the outlook on
Hexion's ratings to stable from positive following the company's
announcement that it plans to increase the size of its term loan
to US$2 billion and refinance its second lien notes, increasing
the outstanding amount by US$200 million.  Hexion will use the
additional proceeds to pay a US$500 million dividend to its
existing shareholders.  

The changes to the capital structure will likely change the Loss
Given Default assessments for Hexion's rated debt and may cause
the ratings of the second lien debt and the company's small
pollution control revenue bonds to be downgraded by one notch;
this will be determined once the final structures and
documentation are reviewed.  Moody's also affirmed the company's
SGL-2 speculative grade liquidity rating, but this is also
subject to change depending on the covenants in the new credit
facility.

The B2 corporate family rating of Hexion reflects elevated
leverage on a historical EBITDA basis, the expectation that cash
flows will be reduced by pension contributions and ongoing
restructuring costs, integration risk due to the pace of
additional tuck-in acquisitions, and concern over financial
metrics in the trough of the cycle.  Hexion has significant
pension liabilities and modest litigation exposure, which is
unusual for a highly leveraged company.

The ratings benefit from the company's size, product diversity,
global operations and the anticipation of significant additional
synergies.  The company's metrics would map to the upper end of
the "B" rating category using Moody's Chemical Industry ratings
methodology.  However, the pro forma averages may not adequately
reflect the company's through-the-cycle performance.

The stable outlook reflects the continuing solid operating
environment for thermoset resins that has resulted in
substantial earnings growth over the past year and the
expectation that trailing debt to EBITDA will remain elevated at
over 5x and free cash flow to debt will remain below 5% over the
next two years.  Moody's believes that 2006 EBITDA will be in
excess of US$525 million excluding pro forma adjustments for
ongoing acquisitions and planned synergies.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.--
http://hexionchem.com/-- makes thermosetting resins (or  
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in 18
countries.  The company has its Asian headquarters in Singapore,
with offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.                           

                          *     *     *

Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to Hexion Specialty's US$1.675
billion senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


LEUN WAH: Will Pay Dividend to Preferential Creditors on Oct. 27
----------------------------------------------------------------
Leun Wah Electric Company (Private) Ltd, which is in
liquidation, will pay the first and final dividend to its
preferential creditors on October 27, 2006.

The amount that will be paid to creditors' admitted claims is
100%.

The company's liquidator can be reached at:

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


LIANG HUAT: Inks Variation Deed in the Investment Agreement
-----------------------------------------------------------
Liang Huat Aluminium Limited has entered into a Variation Deed
dated October 13, 2006, with Ho Lee Group Pte Limited to amend
certain provisions in an Investment Agreement between both
parties.  

Subsequent to the entry of the Variation Deed and pursuant to
the terms of the Investment Agreement, Ho Lee Group has procured
a co-investor, Lion Capital Group Limited, on October 13, 2006.  
This is in line with Ho Lee's strategy to develop Liang Huat's
business in the People's Republic of China as Ho Lee believes
that the sole director and shareholder of Lion Capital, Zou
Jiaru, with her extensive business contacts and experience in
China, will be a suitable strategic business partner for Liang
Huat and will contribute to the Company's future growth and
development in China.

Lion Capital will only have rights under the Investment
Agreement upon its completion and not prior to its completion.  
Upon the completion, Lion Capital shall pay Ho Lee the sum of
SGD300,000 in consideration for the allotment and issuance of
the number of new ordinary shares in the capital of Liang Huat
representing 7.0% of the issued and paid-up share capital of
Liang Huat at the date of completion.  Moreover, upon the
completion of the Investment Agreement, Liang Huat will also
allot and issue the number of Investor Shares representing 63%
instead of 70% of the Enlarged Share Capital to Ho Lee.  
Accordingly, Ho Lee and Lion Capital will collectively hold 70%
of the Enlarged Share Capital upon the completion of the
Investment Agreement.

In the previous reports of TCR-AP, in the event of non-
completion of the Investment Agreement, Lion Capital and Ho Lee,
will be entitled to exercise the Conversion Option pursuant to
the Investment Agreement, and upon the exercise, Liang Huat will
allot and issue to Lion Capital and Ho Lee the Conversion Shares
resulting in the holding of 29.0% of Liang Huat's issued share
capital.

However, Ho Lee and Liang Huat have now agreed that in the
event of non-completion of the Investment Agreement, only Ho Lee
will be entitled to exercise the Conversion Option pursuant to
the Investment Agreement.  Ho Lee and Liang Huat will amend the
Investment Agreement accordingly to reflect this intention.

                        About Liang Huat

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is    
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.

Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004.  Presently, the company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.


LINDETEVES-JACOBERG: Files OIS with Monetary Authority
------------------------------------------------------
On Oct. 6, 2006, Lindeteves-Jacoberg Limited has filed the Offer
Information Statement with the Monetary Authority of Singapore
pursuant to the Renounceable Non-underwritten Rights Issue of
248,056,294 new ordinary shares in the capital of the Company.

Under the Laws of the Republic of Singapore, the basis of
provisional allotment will be one rights share for every two
shares held by an entitled shareholder at the books closure date
and fractional entitlements will be disregarded.  In the
allotment of excess rights shares, preference will be given to
shareholders for rounding of odd lots, and substantial
shareholders and directors will rank last in priority.  Up to
248,056,294 rights shares will be issued with a subscription
price of SGD0.12 for each rights share.

Moreover, on October 13, 2006, the OIS together with a copy of
the Application Form for Rights Shares and excess Rights Shares
and the Provisional Allotment Letter have been dispatched to the
Company's entitled shareholders.

The trading period for the nil-paid provisional allotments of
Rights Shares on the Singapore Exchange Securities Trading
Limited commenced on October 13, 2006, and ends on October 23,
2006.  The last day for renunciation and payment of Rights
Shares is on October 30, 2006, at

Entitled shareholders who do not receive the offer information
may obtain copies of the documents from:

         The Central Depository (Pte) Limited
         4 Shenton Way
         #02-01 SGX Centre 2
         Singapore 068807; or

         Tricor Barbinder Share Registration Services
         8 Cross Street
         #11-00 PWC Building
         Singapore 048624

                  About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

                          *     *     *

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.


PERSATUAN KEBAJIKAN: Proofs of Debt Due on October 20
-----------------------------------------------------
Persatuan Kebajikan Islam Kampong Bedok Singapura, which is in
liquidation, require its creditors to submit their proofs of
debt to the Official Receiver by October 20, 2006, to be
included in the distribution of dividend.

The company's liquidator can be reached at:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PETROBRAS INT'L: Fitch Rates US$500MM Sr. Notes Due 2016 at BB+
---------------------------------------------------------------
Fitch Ratings assigned a 'BB+' rating to Petrobras'
US$500-Million 6.125% Senior Notes due 2016 issued through its
wholly owned subsidiary, Petrobras International Finance
Company.  PIFCo is unconditionally guaranteed by Petrobras.  
Proceeds are to be used for debt refinancing and other general
corporate purposes.

The ratings of Petroleo Brasileiro S.A. are supported by
substantial proved hydrocarbon reserves and increasing upstream
output, recognized leadership in offshore exploration and
production, a favorable international product price environment,
successful corporate and industry restructuring during the past
decade, a transition to more transparent financial standards,
and dominant domestic market shares.  The company further
benefits from material international operations and its shift to
a net export position in 2005, which supports the generation of
foreign currency cash flow.  These factors are tempered by
vulnerability to fluctuations in international commodity prices,
exposure to local political interference, currency risk,
domestic market revenue concentration, and significant medium-
term capital-investment requirements linked to the company's
ambitious strategic plan.  The announced nationalization of
Petrobras' Bolivian energy investments, while negative, is not
expected to affect materially the company's credit quality or
ratings.  The combination of ultimate government control, which
underscores the ability to influence corporate strategy and
long-term policy decisions, and a significant domestic market
focus continues to affect the company's rating.

Earlier this year, Petrobras announced its 2007-2011 business
plan, which primarily reflects new projects to increase
production and refining both in Brazil and internationally, the
increase in costs of related services and equipment in the
productive chain, and a stronger local currency, all of which
increases capital spending when expressed in U.S. dollars.  
Under the new business plan, Petrobras estimates it will invest
US$87.1 billion through 2011, an increase of US$34.7 billion
(66%) for the comparable period under the previous plan.  
Approximately US$49 billion (56% of total), up from US$31
billion (59%), has been allocated to exploration and production
activities, representing a slight shift in allocation percentage
toward downstream activities.

Fitch views the planned increase in E&P investment, including
additional investment in natural gas E&P, to be positive for the
long-term credit quality of the company.  Management projects no
significant changes on the main corporate strategic targets or
pressures on the financial profile, as approximately 87% of
Petrobras' funding needs (investments and debt amortizations)
should continue to be met via internal cash flows, with the rest
to be financed with conventional financing mechanisms, project
structures, and special-purpose vehicles.

Fitch recognizes the positive credit effect of the market-
oriented measures implemented in the past five years as well as
improvements in corporate governance.  The opening to private
participation and deregulation, strong management commitment to
increased financial transparency, corporate reorganization and
modernization, and aggressive upstream production development,
coupled with value-chain strategies, should strengthen credit
fundamentals.  While there has been close coordination of
business plans with federal authorities, it does not appear to
have affected market-oriented efforts to improve operational
efficiencies, increase upstream production volumes, or adhere to
capital discipline guidelines.

Petrobras is a mixed-capital company, with the government owning
approximately 40% of Petrobras' total capital and 55.7% of its
voting capital.  The remainder of the shares are publicly
traded, and an estimated 40% is held by foreign investors.  
Despite Fitch's concerns generated by the significant imbalance
between local currency revenues and hard currency expenses and
liabilities, it is important to note that Petrobras' operations
are of vital economic importance to the nation, suggesting the
government has a prime incentive to ensure Petrobras' access to
hard currency for servicing foreign obligations.

Petrobras' financial profile remains strong, with solid credit-
protection measures continuing to benefit from increased
production and the global rise in hydrocarbon and product
prices. The company reported total debt/LTM EBITDA of 0.4 times
and EBITDA/interest expense of 26.5x under U.S. GAAP through
June 2006.  Petrobras maintains strong liquidity in relation to
short-term debt obligations.  The company ended the second
quarter of 2006 with a total consolidated debt of US$19.682
billion, of which approximately 25% was classified as short
term. The company's sizeable US$10.4 billion in cash and
equivalents resulted in total net debt of US$9.3 billion.  
Petrobras' management has indicated its preference to maintain a
substantial cash balance going forward, partially debt funded,
to minimize its exposure to international capital market
volatility.

The company's EBITDA continues to be favored by the increase in
the domestic production of oil and natural gas liquid, even
though it was offset by scheduled maintenance stoppages in
several production systems during the semester.  On July 25,
2006, the company closed its tender for certain outstanding
bonds of its subsidiary PIFCo for liability management purposes,
which totaled US$866 million.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was founded in  
1953.  The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various
wholesale customers and retail distributors in Brazil.  
Petrobras has operations in China, India, Japan, and Singapore.
  
                          *     *     *

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

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

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

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


SEE HUP SENG: Issues and Allots Ordinary Shares to Creditors
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific previously reported
that See Hup Seng Limited has entered into separate settlement
agreements with trade creditors for the listing and quotation of
up to 31,758,000 new ordinary shares.  Subsequently, on
October 3, 2006, the Singapore Exchange Securities Trading
Limited has approved the application.

In an update, See Hup Seng has issued and allotted the new
ordinary shares in the capital of the Company to each of its
trade creditors:

Name of Trade Creditor             Number of new ordinary shares
----------------------             -----------------------------
Allinton Engineering & Trading Pte Ltd            130,000
Asia Airblast Pte Ltd                             114,000
Aver Asia (S) Pte Ltd                             878,000
Cintai (S) Pte Ltd                              1,705,000
GI Obuchi Marine and Engineering Services         257,000
Hempel (Singapore) Pte Ltd                      2,464,000
Jotun (Singapore) Pte Ltd                         450,000
Pan Marine Blasting Abrasive Pte Ltd              518,000
Performance Coatings International Pte Ltd        291,000
Red Eagle Marine Services                       1,235,000
Richill Industries Pte Ltd                      1,428,000
Rotor Auto Electrical Pte Ltd                      40,000
Seamate Engineering Services                      142,000
Sin Hoe Heng Pte Ltd                              570,000
Star-Ray Pte Ltd                                  264,000
Tat Seng Marine & Engineering Services          1,507,000
Trek Investigations & Security Management
Services                                          267,000
Y.H.L. Logistics Pte Ltd                          500,000

Total:                                         12,760,000

See Hup Seng has also allotted and issued 18,998,000 new
ordinary shares to Thomas Lim Siok Kwee, making an aggregate of
SGD2,849,700.  This was part of the settlement of the loan owed
by the Company to Mr. Lim.  The Company has repaid the balance
loan amount of SGD75.59 in cash to Mr. Lim.

The listing and quotation of the 18,998,000 new ordinary shares
of the Company allotted to Mr. Lim is expected to take place on
October 18, 2006, at the SGX-Sesdaq, while the listing and
quotation of the 12,760,000 new ordinary shares of the Company
allotted to the Trade Creditors at the SGX-Sesdaq, will be
announced in due course.

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed, on April 7, 2006, significant doubt in
the company's ability to continue as going concern, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


SEE HUP SENG: Unveils Shareholders' Changes of Interest
-------------------------------------------------------
On October 11, 2006, See Hup Seng Limited has unveiled the
changes of interest of its substantial shareholders.

Lim Siok Kwee Thomas held 13,049,050 shares before the change
with 5.8% issued share capital.  After the change, Mr. Lim holds
32,047,050 shares with 12.09% issued share capital.  The change
of interest was due to the allotment of 18,998,000 new ordinary
shares to Mr. Lim that was due to conversion of debts and
dilution of shareholdings as a result of total allotment of
41,758,000 new ordinary shares in the share capital of the
Company.    


Another substantial shareholder, Tan Ong Huat held 10,500,000
shares before the change with 4.70% issued share capital.  After
the change, Mr. Tan holds 10,500,000 shares with 3.96% issued
share capital.  The change of interest was due to the dilution
of shareholdings as a result of allotment of 41,758,000 new
ordinary shares in the share capital of the Company.    

Yap Sew held 12,000,000 shares before the change with 5.371%
issued share capital.  After the change Mr. Yap holds 12,000,000
with 4.525% issued share capital.  The change of interest was
also due to the dilution of shareholdings as a result of
allotment of 41,758,000 new ordinary shares in the share capital
of the Company.

Oversea-Chinese Banking Corporation Limited, another substantial
shareholder also holds 14,900,000 shares before and after the
change, but the issued share capital lowered from 6.67% before
the change, to 5.62% after the change.

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed, on April 7, 2006, significant doubt in
the company's ability to continue as going concern, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


SHENGY TECHNOLOGY: Creditors Proofs of Debt Due on November 6
-------------------------------------------------------------
Shengy Technology Co Pte Ltd, which was placed under members'
voluntary liquidation, requires its creditors to submit proofs
of debt by November 6, 2006, to be included in the company's
distribution of dividend.

The company's liquidator can be reached at:

         Hong Rongsheng
         20 Collyer Quay
         #10-03 Tung Centre
         Singapore 049319


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

PICNIC CORP: SEC Continues to Investigate Illicit Deals
-------------------------------------------------------
The Securities and Exchange Commission has sent additional
information to the Department of Special Investigation regarding
a criminal probe into Picnic Corp, The Bangkok Post reports.

According to the SEC's ongoing investigations, Picnic had
recorded deposits of THB852 million in its 2004 financial
statement from a sales contract for large gas cylinders.

However, the SEC relates that in the first quarter of this year,
Picnic reported that it had cancelled the cylinder contract,
returned a portion of the deposits and booked a loss provision
of THB454 million.

On July 20, 2006, the Troubled Company Reporter - Asia Pacific
reported Picnic's first quarter 2006 financial statement results
and stated that the Company attributed its loss mainly due to
its provision of THB460 million on these doubtful debts:

   * THB146 million account receivable in LPG business;
   * THB254 million account receivable in engineering business;
   * THB59.98 million worth of other accounts receivable in LPG
     business.

The SEC says Picnic had also booked an asset increase of
THB1.9 billion for its 2004 statement stemming from an increase
in value of its gas cylinders, stemming partially from a
purchase contract worth THB1.32 billion from a single company.

Yet in Picnic's third-quarter 2005 statement, it set aside loss
reserves of THB1 billion for depreciation of small gas
cylinders, the SEC notes.  

These, according to the SEC, made the commission conclude that
the said the cylinder contracts were designed to benefit Picnic
executives, including managing director Teeratchanont
Larpvisuthisin and deputy managing director Supaporn
Larpvisuthisin, at the expense of the company.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                          Going Concern Doubt

Somchai Kurujitkosol of S.K. Accountant Services Co Ltd, raised
substantial doubt regarding the Company's and its subsidiaries'
ability to continue as a going concern after auditing their
consolidated financial statements for the quarter ended March
31, 2006.

Mr. Kurujitkosol said that as of March 31, 2006, the Company's
and its subsidiaries' current liability exceeds their current
asset by THB1.838 billion.  He said that the Company and its
subsidiaries are parties to various loan agreements coming from
finance institutions and some parts now constitute defaulted
liabilities.

Mr. Kurujitkosol added that the Company's ability to continue
its operation is dependent on its ability to negotiate a debt
restructuring agreement, to increase its share capital, and to
follow up debt collection from its account receivables.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
October 18-19, 2006
   EUROMONEY
     2nd Annual Latin America Syndicated Loans Conference
       JW Marriott Hotel, Miami, FL
         Contact: http://www.euromoneyplc.com/

October 18, 2006
  Turnaround Management Association
    Dinner Meeting
      Washington Athletic Club, Seattle, WA
        Contact: http://www.turnaround.org/

October 19, 2006
  Turnaround Management Association
    TMA of Nevada's 1st Breakfast Meeting
      The A,B,C's of Valuing and Selling a Business
        Palace Station, Las Vegas, NV
          Contact: http://www.turnaround.org/

October 19, 2006
  Beard Audio Conferences
    Surviving the Digital Deluge:
      Best Practices in e-Discovery and Records Management
        for Bankruptcy Practitioners and Litigators
          Telephone: 240-629-3300
            Web site: http://www.beardaudioconferences.com/

October 19, 2006
  Turnaround Management Association
    Navigating the Potholes and Speed Bumps on Today's
      Economic Highway
        Waller Lansden Dortch & Davis
          Nashville, TN
            Contact: http://www.turnaround.org/

October 19, 2006
  Insolvency Practitioners Association Of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

October 19, 2006
  Turnaround Management Association
    Billards Networking Night - Young Professionals
      TBA, New Jersey
        Contact: 908-575-7333 or http://www.turnaround.org/

October 21, 2006
  Turnaround Management Association
    Applying Lean Methodology to Manage
      Operational Turnarounds
        Oxford Hotel, Denver, CO
          Contact: http://www.turnaround.org/

October 23, 2006
  Turnaround Management Association
    Annual Meeting and Networking Reception
      100th Bomb Group & Banquet Facility
        Cleveland, OH
          Contact: http://www.turnaround.org/

October 23, 2006
  Turnaround Management Association
    A View from the Bench: A Panel Discussion
      Recent Developments in Bankruptcy
        Sheraton at Four Seasons, Greensboro, NC
          Contact: http://www.turnaround.org/

October 25, 2006
  Beard Audio Conferences
    Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions Review Risks, Examine Latest Decisions
        Affecting Directors, Advisors and Lenders of Troubled
          Companies
            Web site: http://www.beardaudioconferences.com/
              Telephone: 240-629-3300

October 26, 2006
  Turnaround Management Association
    Breakfast Event "The Latest in Fraud Investigations"
      with guest speaker Chad Cretney of
        PricewaterhouseCoopers
          Ernst & Young Tower
            Calgary, AB
              Web site: http://www.turnaround.org/

October 26, 2006
  Turnaround Management Association
    Hedge Funds - Expanded Financing Opportunities in Business
      Turnarounds
        Arizona
          Web site: http://www.turnaround.org/

October 26, 2006
  Turnaround Management Association
    Breakfast Speaker Series #3
      TBA, Calgary, Alberta
       Telephone: 403-294-4954
         Web site: http://www.turnaround.org/

October 26, 2006
  Turnaround Management Association
    Breakfast Speaker Series #3
      TBA, Calgary, Alberta
        Telephone: 403-294-4954
          Web site: http://www.turnaround.org/

October 27, 2006
  Turnaround Management Association
    Breakfast with Coach Dan Reeves
      Westin Buckhead, Atlanta, GA
        Telephone: 678-795-8103
          Web site: http://www.turnaround.org/

October 28, 2006
  Turnaround Management Association
    BK/TMA Golf Tournament
      Orange Tree Golf Resort, AZ
        Telephone: 623-581-3597
          Web site: http://www.turnaround.org/

October 30-31, 2006
  Distressed Debt Summit: Preparing for the Next Default Cycle
    Financial Research Associates LLC
      Helmsley Hotel, New York, NY
        Contact: http://www.frallc.com/

October 31, 2006
  Turnaround Management Association
    Luncheon
      Citrus Club, Orlando, Florida
        Telephone: 561-882-1331
          Web site: http://www.turnaround.org/

October 31 - November 1, 2006
  International Women's Insolvency & Restructuring Confederation
    IWIRC Annual Conference
      San Francisco, CA, USA
        Web site: http://www.iwirc.com/

November 1, 2006
  Turnaround Management Association
    Halloween Isn't Over! - Ghosts of turnarounds past who
      remind you about what you should have done differently
        Portland, Oregon
          Web site: http://www.turnaround.org/

November 1-4, 2006
  National Conference Of Bankruptcy Judges
    National Conference of Bankruptcy Judges
      San Francisco, California
        Web site: http://www.ncbj.org/

November 2, 2006
  Turnaround Management Association
    TMA UK Annual Conference
      Millennium Gloucester Hotel, London, UK
        Web site: http://www.turnaround.org/

November 2-3, 2006
  Beard Group & Renaissance American Conferences
    Third Annual Conference on Physician Agreements & Ventures
      Successful Strategies for Medical Transactions and
        Investments
          The Millennium Knickerbocker Hotel - Chicago
            Telephone: 903-595-3800; 1-800-726-2524;
              Web site: http://www.renaissanceamerican.com/

November 3, 2006
  Association Of Insolvency & Restructuring Advisors
    AIRA/NCBJ Breakfast Program
      Marriott, San Francisco, CA
        Telephone: 415-896-1600
          Web site: http://www.airacira.org/

November 7, 2006
  Turnaround Management Association
    Networking Breakfast
      Marriott, Bridgewater, New Jersey
        Telephone: 908-575-7333
          Web site: http://www.turnaround.org/

November 7-8, 2006
  Euromoney
    5th Annual Distressed Debt Investment Symposium
      Hyatt Regency, London, UK
        Contact: http://www.euromoneyplc.com/

November 7-8, 2006
  International Monetary Fund and the Financial
    Supervisory Service
      Macroprudential Supervision: Challenges for Financial
        Supervisors
          Seoul, South Korea
            Telephone: 82-2-3771-5114
              Web site: http://www.fss.or.kr/

November 8, 2006
  Turnaround Management Association
    Luncheon & Guest Speaker, Joel Naroff to
      discuss the economy, lending and M&A markets
        Davio's Northern Italian Steakhouse, Philadelphia, PA
         Web site: http://www.turnaround.org/

November 8, 2006
  Turnaround Management Association
    Breakfast Meeting
      Marriott Tyson's Corner, Vienna, Virginia
        Telephone: 703-912-3309
          Web site: http://www.turnaround.org/

November 9-10, 2006
  Turnaround Management Association - Australia
    TMA Australia National Conference  
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

November 15, 2006
  LI TMA Formal Event
    TMA Australia National Conference
      Long Island, New York, USA
        Web site: http://www.turnaround.org/

November 15-16, 2006
  Euromoney Institutional Investor
    Asia Capital Markets Forum
      Island Shangri-La, Hong Kong
        Web site: http://www.euromoneyplc.com/

November 16, 2006
  Insolvency Practitioners Association of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

November 23-24, 2006
  Euromoney Conferences
    5th Annual China Conference
      China World Hotel
        Beijing, China
          Web site: http://www.euromoneyconferences.com/

November 30, 2006
   Euromoney Conferences
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

December 5, 2006
  Euromoney Conferences
    CFO Forum
      Hyatt Regency, Hangzhou, China
        Web site: http://www.euromoneyconferences.com/

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/



                            *********

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 ***