TCRAP_Public/061019.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, October 19, 2006, Vol. 9, No. 208

                            Headlines

A U S T R A L I A

ABI (NSW): Commences Wind-Up of Operations
ALBOW PTY: Appoints R. M. Sutherland as Liquidator
ALLSTATE EXPLORATIONS: Union Wants Disclosure of Safety Reports
BASETRON PTY: Supreme Court Orders Wind-Up
BEVIS CORNER: Liquidator to Present Wind-Up Report

BEVIS HOLDINGS: Final Meeting Slated for October 25
COLWELL SACERDOTTI: Final Meeting Set on October 31
CONSTELLATION BRANDS: Restates Certificate of Incorporation
CONSTELLATION BRANDS: Earns US$68 Mln for Quarter Ended Aug. 31
CROWN CASTLE: US$5.8 Billion Global Merger Cues S&P's Neg. Watch

DINARA PTY: Court Appoints Official Liquidator
ERDYNAST HOLDINGS: Prepares to Declare Dividend on October 25
FRIVERT PTY: Shareholders' Final Meeting Set on October 27
GOLDEN STATE: Moody's Affirms B1 Corporate Family Rating
IRONS ENGINEERING: Workers Says Liquidation is Imminent

JACARANDA ENTERPRISE: Will Declare Final Dividend on October 19
JOHN THORNTHWAITE: Creditors Must Prove Debts by November 30
LQ21 (EF): To Declare Final Dividend on October 19
LQ22 (FGDSP): Set to Declare Final Dividend on October 19
LQ23 (FGDF): To Declare Final Dividend to Creditors

LUXFER HOLDINGS: Inks Deal to Reorganize Balance Sheet
NATSON PTY: Creditors' Proofs of Claim Due on October 20
NETAFIM ASIA: Members to Hear Liquidator's Report
NOVARA FURNITURE: Final Meeting Scheduled on October 30
OGIVE INTERNATIONAL: Liquidator Sleiman to Give Wind-Up Report

OPEN TEXT: Acquires Hummingbird Ltd. for US$489 Million in Cash
PACIFIC RIM: Members and Creditors to Receive Wind-Up Report
PENTA PROPERTY: Members Resolve to Wind Up Operations
PLIANT CORP: Moody's Junks Rtg on US$250 Million Sr. Sec. Notes
PRESTIGE PUBS: To Distribute First and Final Dividend

QUICK-TRIM GRADER: Court Issues Wind-Up Order
RASTUS AIRCRAFT: To Hold Final Meeting on October 31
STEPHEN D. THOMAS: Creditors' Proofs of Debt Due on October 25
TF AUSTRALIA: Members to Receive Wind-Up Report
THE KAMOGAWA: To Declare Final Dividend Declared on October 19

THORNTHWAITE (HOLDINGS): Placed Under Voluntary Liquidation
THORNTHWAITE (PROPERTIES): Enters Wind-Up Proceedings
WESTWOOD CONSTRUCTIONS: Creditors Appoint Liquidator
ZENITH CONSTRUCTIONS: Appoints Geroff and Colwell as Receivers


C H I N A   &   H O N G  K O N G

ACADA DEVELOPMENTS: Court Appoints Joint Liquidators
BULUSAN INVESTMENTS: Liquidators Cease to Act for the Company
CHINA ORIENWISE: Moody's Assigns Ba3 Corporate Family Rating
CNH GLOBAL: DBRS Holds Senior Unsecured Debt Rating at BB(high)
CREATE GLORY: Members' Final Meeting Slated for November 17

GIBRALTAR INDUSTRIES: Moody's Confirms Ba2 Corporate Family Rtg
DICKSON CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 25
DREAM ASIA: Annual General Meetings Set for November 3
HARMONY DEVELOPMENT: Creditors Must Prove Debts by November 13
HUNG YU: Wind-Up Petition Hearing Set on October 25

I-QUEST CORPORATION: Joint Liquidators Step Aside
INDALEX HOLDING: Moody's B3 Corporate Family Rating
JASPER TECHNOLOGY: Creditors & Contributories to Meet on Oct. 20
JIK SING: Liquidator to Receive Claims Until November 6
JONESWIN INVESTMENT: Members to Receive Wind-Up Report

KEEN TECH: Faces Wind-Up Proceedings
POLYMATECH HK: Creditors' Proofs of Debt Due on November 13
SANMINA-SCI: Fitch Lowers Senior Subordinated Debt Rating to B
SANMINA-SCI: Late 10-Q Filing Prompts Moody's to Review Ratings
TCL MULTIMEDIA: Inks Distribution Deal to Enter Oman Market

VENETIAN MACAO: Moody's Assigns Loss-Given-Default Ratings
VITELIC (HK): Names Liquidators, Members of Inspection Committee
XINHUA CHINA: Ernst & Young Raises Going Concern Doubt
ZION CRUADE: Liquidator to Present Wind-Up Report


I N D I A

PUNJAB NATIONAL: Board Schedules Meeting for Oct. 30
STATE BANK OF INDIA: Names Yoges Argawal as Managing Director
TATA MOTORS: Launches Passenger Vehicle Range in Ghana
TATA MOTORS: Raises Commercial Vehicle Prices by 2%


I N D O N E S I A

FOSTER WHEELER: Moody's Raises Rating on New $350MM Loan to Ba1
FOSTER WHEELER: Closes New US$350 Million Credit Facility
GARUDA INDONESIA: To Reduce 1st-Half Losses to US$39.12 Million


J A P A N

DOMINO'S INC: Moody's Assigns Loss-Given-Default Rating
FORD MOTOR: Could be Next in Renault-Nissan's Quest for Alliance
FORD MOTOR: Anthony Bamford Withdraws Plans to Buy Jaguar
LIVEDOOR CO: Former Exec says Horie Knew Accounts were Falsified
METALDYNE CORP: Moody's Junks Ratings on US$400MM Senior Notes

MITSUBISHI UFJ TRUST: Records JPY219-Billion Consolidated Income
MITSUBISHI UFJ TRUST: Posts JPY37.4-B Net Income For June Qtr.
NOMURA HOLDINGS: Discloses Stock Acquisition Rights Issue
SKYLARK CO: To Start Using U.S. Beef in 2007
TOKYO DOME: Lone Star to Buy Tokyo Dome Unit for JPY50.5 Billion

TOKYO DOME: To Cut Debt by 40% by Selling Golf Courses & Hotels
* Fitch Says Municipal Bankruptcy Law to Promote Borrowing Shift


K O R E A

DURA AUTOMOTIVE: Unit Unable to Make Interest Payment on Notes
DURA AUTOMOTIVE: Non-Payment of Interest Cues S&P's D Rating
HANAROTELECOM INC: KIS Raised Credit Rating to BBB+
THOMAS EQUIPMENT: Considering Sale of All Assets


M A L A Y S I A

MYCOM BERHAD: To Seek Shareholders' Approval on General Mandate
NORTH BORNEO: Submits 2005 Annual Accounts to Bursa Securities
PSC INDUSTRIES: Court Grants Restraining Order
SATERAS RESOURCES: Subsidiary Faces Wind-Up Petition
TENCO BERHAD: Enters Into Settlement Agreement with Lenders

UNITED CHEMICAL: Total Default Reaches MYR10,109,517 as of Sept.


N E W   Z E A L A N D

AQUIFER SPRING: Creditors Must Prove Debts by October 27
BARON CLIFFORD: Liquidation Hearing Slated for November 2
CAPITAL VENTURES: Creditors' Proofs of Claim Due on October 27
DESIGNASTRUCT BUILDING: Court to Hear Liquidation Petition
HIHI BEACH: Names McCloy and Agnew as Liquidators

KTB PROPERTIES: Liquidation Hearing Set on November 2
TK & SONS: Liquidation Hearing Fixed on November 2
TOTAL ENERGY: Creditors Must Prove Claims by October 30
TRANSOCEANIC SUPPLY: Appoints Joint Liquidators
WYNDHAM CONSTRUCTION: Mahone Files Liquidation Petition


P H I L I P P I N E S

APEX MINING: Sets Annual Stockholders' Meeting for November 21
ATLAS CONSOLIDATED: Commenced Toledo Mine Initial Rehabilitation
LAND BANK OF THE PHILS: Deutsche Bank Prices US$150-Mln Notes
MANILA ELECTRIC: To Talk with NAPOCOR for Power Supply Contract
PHILIPPINE LONG DISTANCE: To Raise 2007 Dividend Payout to 70%


S I N G A P O R E

CYGNUS REINSURANCE: Proofs of Claim Bar Date is on Nov. 13
EUROPEAN MICRO: Files 2001 Financials With Going Concern Opinion
GREENLODGE HOLDING: Creditors' Proofs of Debt Due on Nov. 13
HEXION SPECIALTY: Accrues US$7M in 2Q 2006 for 12 Properties
HEXION SPECIALTY: Refinancing Spurs Moody's to Affirm Ratings

REFCO INC: Ad Hoc Equity Comm. Objects to Disclosure Statement
REFCO INC: Files Modified Amended Disclosure Statement in NY
SEA CONTAINERS: Provides Update on Chapter 11 Filing
SEE HUP SENG: Completes Shares Acquisition of Speedo Corrosion
TRAD TECHNOLOGY: Proofs of Claim Bar Date Set for October 20


T H A I L A N D

DOLE FOOD: Deal on JP Fruit Sale Expected in a Few Weeks
DOLE FOOD: Restructuring Fresh Flower Business
SIAM COMMERCIAL: Kannikar C. Succeeds Khunying J.W. as President

     - - - - - - - -

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

ABI (NSW): Commences Wind-Up of Operations
------------------------------------------
On October 5, 2006, members of ABI (NSW) Pty Ltd resolved to
voluntarily wind up the company's operations and appointed
Daniel Civil as liquidator.

Creditors are required to prove their debts by October 31, 2006,
to Liquidator Daniel Civil, or be excluded from sharing in any
distribution the Company will make.

The Liquidator can be reached at:

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


ALBOW PTY: Appoints R. M. Sutherland as Liquidator
--------------------------------------------------
At Albow Pty Ltd's general meeting on October 4, 2006, the
members resolved to voluntarily wind up the company's operations
and appointed Roderick Mackay Sutherland as liquidator.

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

The Liquidator can be reached at:

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


ALLSTATE EXPLORATIONS: Union Wants Disclosure of Safety Reports
---------------------------------------------------------------
The Australian Workers Union boss, Bill Shorten, has demanded
the public release of safety reports and other technical
documents relating to a Beaconsfield goldmine tragedy after
reports that management was earlier warned of a potential
disaster, The Australian reports.

The Troubled Company Reporter - Asia Pacific reported that on
April 25, 2006, a rockfall killing a miner caused the closure of
the Beaconsfield mine.  The incident was subject to a coroner's
inquiry and a special investigation, the TCR-AP said.

On October 7, 2006, The Weekend Australian revealed that an
independent expert's report warned mine management three months
before the Anzac Day rockfall that its mining method may have
been inadequate, the report says.

Greg Mellick is holding a closed-door inquiry into the disaster
at the Tasmanian mine, which killed worker Larry Knight, The
Australian relates.  But, if the Mellick Inquiry could not
release the documents "then the coroner or the Tasmanian
Government has to release the information," The Australian cites
Mr. Shorten as saying.

One report, by AMC Consultants, found that damage to the mine
from the rockfall -- in the same area as the Anzac Day rockfall
-- extended "beyond the support capacity" of the mine.

According to The Australian, it is understood that the AMC
report, delivered to mine managers on January 30, 2006, was not
passed on by Allstate to Beaconsfield Gold, or to the Tasmanian
Government and mines inspector before the Anzac Day disaster.

The TCR-AP explained that Allstate holds 51.5% stake in the
Beaconsfield Mine Joint Venture in Beaconsfield with the natural
owner of the joint venture, Beaconsfield Gold, holding 48.5%.  
Beaconsfield also owns 30% of Allstate.

A spokesman for Michael Ryan, the administrator of Allstate,
asserted that mine management had "followed the recommendations
of the report and discussed the implementation with the
consultants regarding rock support at level 925," The Australian
relates.

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The company's
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


BASETRON PTY: Supreme Court Orders Wind-Up
------------------------------------------
On September 25, 2006, the Supreme Court of New South Wales
issued an order to wind up Basetron Pty Ltd.

Accordingly, Roderick Sutherland was appointed as official
liquidator.

The Official Liquidator can be reached at:

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


BEVIS CORNER: Liquidator to Present Wind-Up Report
--------------------------------------------------
Members and creditors of Bevis Corner Pty Ltd, which is in
liquidation, will convene for their final meeting on October 25,
2006, at 10:00 a.m., to hear the final accounts of the company's
wind-up proceedings from Liquidator J. P. Cronin.

The Liquidator can be reached at:

         J. P. Cronin
         McGrathNicol+Partners
         Level 32, Central Plaza One
         345 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3333 9800
         Web site: http://www.mcgrathnicol.com


BEVIS HOLDINGS: Final Meeting Slated for October 25
---------------------------------------------------
Bevis Holdings Ltd formerly Klasgold Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on October 25, 2006, at 10:00 a.m.

At the meeting, Liquidator J. P. Cronin will report about the
company's wind-up proceedings.

The Liquidator can be reached at:

         J. P. Cronin
         McGrathNicol+Partners
         Level 32, Central Plaza One
         345 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3333 9800
         Web site: http://www.mcgrathnicol.com


COLWELL SACERDOTTI: Final Meeting Set on October 31
---------------------------------------------------
The members and creditors of Colwell Sacerdotti & Associates Pty
Ltd, which is in liquidation, will hold a final meeting on
October 31, 2006, at 3:00 p.m.

During the meeting, the members and creditors will receive:

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

   -- formal notice of the end of the administration.

They will also discuss other related matters.

The Liquidator can be reached at:

         Paul Burness
         Worrells
         Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5506
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au


CONSTELLATION BRANDS: Restates Certificate of Incorporation
-----------------------------------------------------------
Constellation Brands, Inc., filed a Certificate of Elimination
with the Secretary of State for the State of Delaware effecting
the elimination from the company's Restated Certificate of
Incorporation of all matters relative to its 5.75% Series A
Mandatory Convertible Preferred Stock set forth in the
Certificate of Designations.

The company disclosed that no shares of the Preferred Stock were
issued and are outstanding after its automatic conversion into
shares of the company's Class A Common Stock on September 1,
2006.

The company also disclosed that on October 11, 2006, and after
the filing and effectiveness of the Certificate of Elimination,
it filed a Restated Certificate of Incorporation with the
Secretary of State of the State of Delaware, restating and
integrating, without further amending, the company's Certificate
of Incorporation.

A full text-copy of the Certificate of Elimination of the 5.75%
Series A Mandatory Convertible Preferred Stock may be viewed at
no charge at:

              http://ResearchArchives.com/t/s?1372

A full text-copy of the Restated Certificate of Incorporation of
Constellation Brands may be viewed at no charge at:

              http://ResearchArchives.com/t/s?1373

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
-- http://www.cbrands.com/-- engages in producing and marketing  
beverage alcohol brands in wine, imported beer, and spirits
categories principally in the United States, the United Kingdom,
Australia, and New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 14, Moody's
Investors Service assigned a (P)Ba2 rating to Constellation
Brands, Inc.'s new shelf and concurrently, a Ba2 rating to
Constellation's new US$500 million senior unsecured note, due
2016.  Constellation's existing ratings are not affected by
these actions, and have been affirmed.  The ratings outlook
remains negative.

As reported in the Troubled Company Reporter on Sept. 26, 2006
Moody's Investors Service's, in connection with its
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. beverage company sector,
affirmed its Ba2 Corporate Family Rating for Constellation
Brands Inc., and downgraded its Ba3 probability-of-default
rating to B1.  The rating agency also assigned its LGD6 loss-
given-default ratings on the Company's US$250 million 8.125%
Senior Subordinated Notes due Jan. 15, 2012, suggesting
noteholders will experience a 95% loss in the event of a
default.


CONSTELLATION BRANDS: Earns US$68 Mln for Quarter Ended Aug. 31
---------------------------------------------------------------
Constellation Brands Inc. reported net sales of US$1.4 billion
for the quarter ended Aug. 31, 2006, up 19% over prior year.

The Increase in net sales was primarily due to the June 5, 2006,
acquisition of Vincor International Inc., and from growth in the
base business.  Branded business net sales grew 20%.  The
increase was due to the addition of Vincor and 7% growth for
branded business organic net sales on a constant currency basis.

                           Net Sales

Growth of branded wine for North America, primarily in the U.S.,
drove an overall 6% increase in branded wine organic net sales
on a constant currency basis.  The Vincor acquisition
complemented the growth to drive a 28% increase for branded wine
on a constant currency basis.

Net sales of branded wine for North America increased 34%.
Branded wine net sales for Australia/New Zealand increased 15%.
Net sales of branded wine for Europe increased 21%.

Organic net sales for wholesale and other increased 6% on a
constant currency basis, primarily from growth in the Company's
U.K. wholesale business.

The 9% increase in imported beers net sales was primarily due to
volume growth for the Company's portfolio and reflected strong
consumer demand throughout the summer season.

Total spirits net sales increased 8% for the second quarter.
Investments behind the company's premium spirits brands
contributed to an 8% increase in branded spirits, while contract
production services increased 10%.

                           Net Income

For the three months ended Aug. 31, 2006, the Company reported
net income of US$68.4 million, compared to net income of US$82.4
million three months ended Aug. 31, 2005.

Net Income for the six months ended Aug. 31, 2006 was
US$153.9 million, versus net income of US$158.1 million for the
six months ended Aug. 31, 2005.

The Company disclosed that for the second quarter 2007,
operating income increased primarily due to the acquisition of
Vincor, as well as growth in the base business.  The Company
incurred US$4.1 million of stock-based compensation expense for
the second quarter related to the its March 1, 2006, adoption of
Statement of Financial Accounting Standards No. 123(R), which
reduced operating income growth by approximately 2 percentage
points.  For the quarter, the Company also recorded
approximately US$1.5 million of expenses, primarily corporate
transaction-related costs associated with the formation of the
Crown Imports LLC joint venture.

Wines segment operating margin increased 100 basis points, due
primarily to a strong increase in operating margin in the U.S.
base business.  Beers and spirits segment operating margin
declined 90 basis points for the quarter, primarily due to
increased material costs for spirits, higher spending behind
premium spirits and stock compensation expense recognition.

The company recorded US$21.7 million of restructuring and
related charges for strategic business realignment activities
for the second quarter 2007, compared to US$2.2 million for the
same period last year.  On June 5, 2006, the Company entered
into a new US$3.5 billion credit agreement, proceeds of which
were primarily used to fund the acquisition of Vincor, pay
certain Vincor indebtedness, and repay the outstanding balance
on the Company's prior credit agreement.  The company recorded
US$11.8 million of expense for the write-off of bank fees
related to the repayment of the prior agreement.  Interest
expense increased 55% to US$72.5 million for the second quarter
2007, primarily due to the financing of the Vincor acquisition
and higher average interest
rates.

                       Stock Repurchases

The Company also disclosed that during the second quarter 2007
it purchased 3.24 million shares of its class A common stock at
an aggregate cost of US$82 million, or at an average cost of
US$25.28 per share under its US$100 million share repurchase
program.

                            Outlook

Due to continued intense competition in the U.K. market, the
Company has revised its fiscal 2007 comparable basis diluted EPS
outlook to US$1.72 to US$1.76 from its previous estimate of
US$1.72 to US$1.80.

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
-- http://www.cbrands.com/-- engages in producing and marketing  
beverage alcohol brands in wine, imported beer, and spirits
categories principally in the United States, the United Kingdom,
Australia, and New Zealand.

                         *     *     *

As reported in the Troubled Company Reporter on Aug. 14, Moody's
Investors Service assigned a (P)Ba2 rating to Constellation
Brands, Inc.'s new shelf and concurrently, a Ba2 rating to
Constellation's new US$500 million senior unsecured note, due
2016.  Constellation's existing ratings are not affected by
these actions, and have been affirmed.  The ratings outlook
remains negative.

As reported in the Troubled Company Reporter on Sept. 26, 2006
Moody's Investors Service's, in connection with its
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. beverage company sector,
affirmed its Ba2 Corporate Family Rating for Constellation
Brands Inc., and downgraded its Ba3 probability-of-default
rating to B1.  The rating agency also assigned its LGD6 loss-
given-default ratings on the Company's US$250 million 8.125%
Senior Subordinated Notes due Jan. 15, 2012, suggesting
noteholders will experience a 95% loss in the event of a
default.


CROWN CASTLE: US$5.8 Billion Global Merger Cues S&P's Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the ratings of
Houston, Texas-based wireless tower operator Crown Castle
International Corp. and its related entities on CreditWatch with
negative implications, including its 'BB' corporate credit
rating and the 'BBB-' secured bank loan rating of intermediate
holding company Crown Castle Operating Co.

However, the '3' recovery rating for this bank loan is not on
CreditWatch.

This action followed the company's agreement to acquire wireless
tower operator Global Signal Inc., for US$5.8 billion in a
transaction that is expected to close in the first quarter of
2007.

The purchase includes a cash component and assumed debt.  Pro
forma for the transaction, the company is expected to have
US$5.4 billion of total debt and US$338 million of preferred
stock.

As a result, Crown Castle's pro forma debt to EBITDA as of
June 30, 2006, is above 8x (before adjustments for preferred
stock and operating leases), compared to the low-7x area that
was previously expected for 2006.

"We will evaluate prospects for the business over the next few
years as well as management's prospective financial policy in
light of this more-aggressive leverage to resolve the
CreditWatch listing," said Standard & Poor's credit analyst
Catherine Cosentino.

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


DINARA PTY: Court Appoints Official Liquidator
----------------------------------------------
On September 25, 2006, the Supreme Court of New South Wales
ordered Dinara Pty Ltd to wind up its operations.

Roderick Sutherland was also appointed as official liquidator.

The Official Liquidator can be reached at:

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


ERDYNAST HOLDINGS: Prepares to Declare Dividend on October 25
-------------------------------------------------------------
Erdynast Holdings Pty Ltd will declare the first and final
dividend for its creditors on October 25, 2006.

Only those creditors who can prove their debts will be included
in sharing the dividend distribution.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia


FRIVERT PTY: Shareholders' Final Meeting Set on October 27
----------------------------------------------------------
Shareholders of Frivert Pty Ltd will hold a final meeting on
October 27, 2006, at 9:00 a.m., to receive Liquidator Ian John
Snook's report on the company's wind-up proceedings and property
disposal exercises.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a wind-up of its operations on May 1, 2006.

The Liquidator can be reached at:

         Ian John Snook
         William Buck, 48 Greenhill Road
         Wayville, South Australia 5034
         Australia


GOLDEN STATE: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products sector, the rating
agency affirmed its B1 Corporate Family Rating for Golden State
Foods Corp.  In addition, Moody's held its probability-of-
default ratings and assigned loss-given-default ratings on three
loans and a bond issue:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$90MM Sub. Notes     B3       B3      LGD5      88%

   US$30MM Gtd. Sr.
   Sec. Term Loan A
   Due Feb. 28, 2009      B1       B1      LGD3      48%

   US$30MM Gtd. Sr.
   Sec. Revolving
   Credit Facility
   Due Feb. 28, 2009      B1       B1      LGD3      48%

   US$135MM Gtd. Sr.
   Sec. Term Loan B
   Due Feb. 28, 2011      B1       B1      LGD3      48%

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 Irvine, California, Golden State Foods Corporation --
http://www.goldenstatefoods.com/-- processes meat, liquid and  
vegetable products, and distributes frozen beef patties,
condiments, syrup topping, sauces and prepared meats.  The
company has distributing centers in the U.S., Australia, and
Egypt, and operates 12 processing plants that produce such
McDonald's essentials as buns, beef, ketchup, and other
condiments.  One of McDonald's largest suppliers, Golden State
is now controlled by Yucaipa, an investment firm which owns 70%
of the company, and Wetterau Associates, a management company
owning most of the remainder.


IRONS ENGINEERING: Workers Says Liquidation is Imminent
-------------------------------------------------------
The future of car components company Irons Engineering Pty Ltd
is in doubt, ABC News Online reports.

Irons Engineering, based at Keswick in Adelaide, makes seats,
shock absorber and transmission parts for suppliers to Holden
and Ford, the report says.

According to ABC News, the firm is in administration and the
Australian Workers Union says a collapse appears imminent.

ABC News cites organizer Joe Kane as disclosing that a Melbourne
firm has now offered to buy Irons' assets, but that does not
guarantee production or the jobs of 41 workers.

"Asset sales mean the company goes into liquidation and all the
employees will be made redundant," Mr. Kane explains.

The union says Irons' customers -- including Holden -- had been
asked to prop up the company.  If production did stop at
Keswick, Holden's Elizabeth plant would feel the effects within
days, ABC News relates.

Headquartered in Keswick, South Australia, Irons Engineering Pty
Ltd -- http://www.ironseng.com.au/-- supplies precision  
machined metal components to Australian industry.  It provides a
broad cross section of components to exact customer
specifications through high volume machines along with CNC
technology and access to an excellent range of bar stock.


JACARANDA ENTERPRISE: Will Declare Final Dividend on October 19
---------------------------------------------------------------
Jacaranda Enterprise Company Pty Ltd, which is in liquidation,
will declare a final dividend for its creditors on October 19,
2006, to the exclusion of those who were unable to prove their
claims by October 17, 2006.

The Liquidator can be reached at:

         D. J. F. Lombe
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia


JOHN THORNTHWAITE: Creditors Must Prove Debts by November 30
------------------------------------------------------------
On October 3, 2006, the members of John Thornthwaite Pty Ltd
resolved to voluntarily wind up the company's operations.

To be included in the company's dividend distribution, creditors
are required to submit their proofs of debt by November 30,
2006, to Liquidator Daniel Civil.

The Liquidator can be reached at:

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


LQ21 (EF): To Declare Final Dividend on October 19
--------------------------------------------------
LQ21 (EF) Pty Ltd, which is in liquidation, will declare a final
dividend to creditors on October 19, 2006.

Creditors who were unable to formally prove their debt on
October 17, 2006, will be excluded from sharing in the
distribution.

The Liquidators can be reached at:

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


LQ22 (FGDSP): Set to Declare Final Dividend on October 19
---------------------------------------------------------
LQ22 (FGDSP) Pty Ltd, which is in liquidation, will declare a
final dividend to creditors on October 19, 2006.  Those who were
unable to prove their claims on October 17, 2006, are excluded
from sharing in the dividend distribution.

The Liquidators can be reached at:

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


LQ23 (FGDF): To Declare Final Dividend to Creditors
---------------------------------------------------
LQ23 (FGDF) Pty Ltd, which is in liquidation, will declare a
final dividend to its creditors on October 19, 2006.

Creditors who failed to submit their proofs of claim on
October 17, 2006, will be excluded in the dividend distribution.

The Liquidators can be reached at:

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


LUXFER HOLDINGS: Inks Deal to Reorganize Balance Sheet
------------------------------------------------------
Luxfer Holdings Plc entered into an agreement for the
reorganization of its balance sheet with an informal group of
holders of the Company's 10.125% Senior Notes due May 1, 2009.
The Noteholder Group represents approximately 67% of the total
outstanding GBP131.4 million of Notes.  

The proposed reorganization, if it achieves the requisite
approvals, is expected to result in a significant reduction of
the Company's debt and interest expense and a consequent
reduction in financial risk.  

The Directors believe that the proposed reorganization will
provide the Group with a stable and strengthened capital
structure and provide additional free cash flow to invest in
targeted growth opportunities and cost saving projects.  

The Reorganization Agreement provides for the Company's
stakeholders to receive:

   -- Noteholders:

      Noteholders will be exchanging all of their existing
      unsecured Senior Notes, including the accrued interest
      thereon up to the date of the proposed reorganization, and
      investing GBP3.050 million of cash, in return for
      GBP71.575 million of new unsecured Senior Notes and 87% of
      the post reorganization share capital of the Company.

      Noteholders will also receive GBP8.45 million in cash
      which they will use to buy out the shares of non-
      management shareholders.  The New Notes will have a new
      five-year maturity date and be priced with a cash element
      of Six Month LIBOR+450 basis points and a payment in kind
      element of 150 basis points accruing on a compound basis
      from Nov. 1, 2006.  The payment in kind element on the New
      Notes will step down to 100 basis points so long as the
      Company achieves a rating above CCC+ or Caa1.

      The Company and Noteholder Group are in the process of
      agreeing the detailed documentation of the New Notes.  The
      New Notes will be non-callable for the first year after
      being issued and will be callable by the Company at 103%,
      102%, 101% and 100% of par in each subsequent year
      thereafter.

   -- Shareholders:

      Shareholders other than certain management shareholders,
      holding approximately 85% of current share capital, will
      receive GBP8.45 million from Noteholders in return for
      their existing equity stake, equating to approximately
      7.4p per share, for both the Company's
      GBP0.6487 preference and ordinary shares.

   -- Management:

      Certain management will exchange their stake of
      approximately 15% of current share capital in the Company
      for 13% of the post reorganization share capital, with the
      economic benefit to a proportion of these shares being
      dependent on the Company's future success.

   -- Five-percent Cumulative GBP0.6487 preference share
      capital:

      As part of the proposed reorganization, the five-percent
      cumulative preference share capital will be exchanged into
      a combination of new ordinary share capital and deferred
      shares, which under International Financial Reporting
      Standards will reduce the Company's balance sheet
      liabilities by GBP110.8 million, based on the accrued
      liability outstanding at June 30, 2006.

The Group reported at the half year that it had incurred
GBP1.4 million of advisory costs in relation to the proposed
reorganization.  The total cost for the proposed reorganization
has been projected to be approximately GBP5 million.  

The proposed reorganization will therefore eliminate the
preference share liability and achieve a reduction in the
Group's outstanding notes of GBP59.825 million, offset by an
increase in drawings on senior secured debt facilities of
approximately GBP10 million in order to meet the proposed
reorganization's funding requirements.  

The Group currently has a GBP45 million asset backed secured
bank facility with Bank of America.  Under the proposed
indenture terms for the New Notes, the Group will be permitted
to incur total senior secured debt of up to GBP60 million,
giving the Group the potential to raise a further GBP15 million
of liquidity.   

                     Plan Implementation

The proposed reorganization will affect no other category of
creditors.  It is intended that the proposed reorganization will
principally be implemented by way of a scheme of arrangement
under section 425 of the Companies Act 1985 between the Company
and the holders of its Notes and the proposed reorganization is
conditional upon, inter-alia, the Scheme becoming effective.  

The Noteholder Group includes representatives of nine different
institutions and fund managers, four of which comprise an ad hoc
committee, which has been in discussions with the Company since
April 2006.  All the members of the Noteholder Group and the
Company have entered into a reorganization agreement, which
includes undertakings to support and implement the Scheme and
the Reorganization and offers holders of Notes the opportunity
to subscribe for New Notes.  

Holders of Notes who are not yet party to the Reorganization
Agreement, but are interested in becoming so, are invited to
contact the legal advisers to the Ad Hoc Committee, Bingham
McCutchen LLP.  

A number of the Company's shareholders, including the two major
institutional shareholders, have entered into undertakings to
support the implementation of the Reorganization, which will
also involve a scheme of arrangement amongst the Company's
shareholders, and the Reorganization will also be conditional
upon that scheme becoming effective.  

It is expected that the proposed reorganization will be
completed at the end of the current financial year, or early in
2007, and further announcements will be made as appropriate.

"The terms of the proposed reorganization will greatly enhance
the Group's balance sheet and provide the basis of a solid and
stable capital structure," Brian Purves, Chief Executive,
commented.  "The substantial reduction in debt will increase the
Group's financial liquidity and thereby place Luxfer in a strong
position to develop its business through investing in exciting
growth opportunities, whilst continuing to provide the highest
possible level of service to its customers."

                        Trading Update

Luxfer has in recent years been burdened with high leverage
against a backdrop of volatile markets.  In response to these
pressures, Luxfer has been implementing a profit improvement
plan consisting of a series of cost saving projects and price
increases.  This new Group-wide initiative had been launched by
the executive management team in late 2005 and had targeted
profit improvement opportunities in 2006 of over GBP15 million
to offset significant cost increases.  

The unaudited interim financial results for the six months ended
June 30, 2006, which were released in August this year,
demonstrated improvement upon the unaudited six months ended
June 30, 2005.  The performance was in line with the Group's own
forecasts and the profit improvement plan.  The unaudited
EBITDA for the six months ended June 30, 2006 increased by
around GBP1.7 million to GBP13.8 million, an increase of
approximately 14% compared to the unaudited six months ended
June 30, 2005.  

The increase was mainly driven by sales growth and successful
implementation of cost reduction actions.  At the half year the
Group reported that higher raw material and U.K. energy costs
were a continued cause for concern and the Group had implemented
a series of price increases to recover a significant element of
these cost increases.  As at June 30, 2006 the unaudited interim
financial balance sheet reported drawings on senior secured
facilities of GBP12 million and GBP2.9 million of cash and short
term deposits.  

                      Financial Projections

In agreeing the Reorganization Term Sheet with the Noteholder
Group, financial projections were provided by Luxfer to the
Noteholder Group for the remainder of 2006 and for a further 30
months after the proposed reorganization completion date.  These
projections are subject to the risks associated with forward-
looking statements as further explained in the statement at the
end of this press release.  

For the half-year June 30, 2006, the Gas Cylinders and
Speciality Aluminium divisions had suffered from a significant
rise in aluminium costs, however the Elektron division had
increased its unaudited trading profit to GBP6.3 million, from
GBP3.7 million as reported in the first half year of 2005.  The
financial projections for the remainder of 2006 assumed this
improvement in the Elektron division continued, whilst the other
divisions were able to recover a significant element of the
aluminium cost increases through price increases, to enable the
Group to attain approximately GBP26 million EBITDA for the full
year.  Year to date trading is consistent with this forecast.  

Projections beyond 2006 were used to demonstrate the benefits of
potential growth opportunities, additional production automation
and the successful completion of the Group's profit improvement
plan.  The growth opportunities outlined were based on new
products the Group has been developing over the last few years,
which were described in its December 2005 Report to Noteholders.  
The financial projections anticipated that the Group would be
able to grow rolling last twelve months EBITDA to approximately
GBP32 million by 18 months after the Completion Date, increasing
to approximately GBP38 million LTM EBITDA after 30 months from
the Completion Date.  

The estimated EBITDA growth in the projections provided to the
Noteholder Group assumed the Group was able to increase its
sales revenue to approximately GBP245 million for the full year
to December 2006, approximately a 6.5% increase when compared to
the previous year.  The financial projections provided for
LTM revenue to grow to approximately GBP265 million by 18 months
from the Completion Date, and then to approximately GBP288
million after 30 months from the completion date.  Unaudited
group revenue for the first half of 2006 was approximately 8%
higher than the first half of 2005, driven by a mixture of
volume growth and increased selling prices.  The increase in
divisional revenues over the 30-month financial projection
period was roughly in line with proportions to 2005 Group
revenues, although the Elektron division's projections assumed a
slightly higher level of growth than the other divisions.  The
Gas Cylinders division remained the largest division by measure
of revenue.  

The financial projections were based on the average price of
aluminium and other major input costs remaining at current
levels, the US$:GBP exchange rates averaging US$1.78 in 2006,
then being US$1.75 for the 30-month period.  

Based upon such assumptions, over the 30 months following the
Completion Date the financial projections included approximately
GBP30 million of capital expenditure, with approximately GBP18
million of capital expenditure planned in the first 18 month
period following the Completion Date and approximately a further
GBP12 million planned for the following 12-month period.  The
total capital expenditure over the 30-month period was estimated
to include approximately an additional GBP14 million more than
would have been invested without the proposed reorganization.  

This increase in capital expenditure was required to support and
help generate the growth and cost saving opportunities
identified in Luxfer's two main divisions, Gas Cylinders and
Elektron.  Both these divisions are seen by Luxfer's senior
management to have some strong market positions and have been
developing new products over the past few years to target future
growth markets.  Given the growth opportunities being pursued,
the Group's manufacturing facilities would need to be expanded,
but under the current capital structure the Group is constrained
in its ability to meet these long-term capital expenditure
requirements with resources directed towards essential and high
priority projects only.  

The EBITDA growth of approximately GBP15 million in the
financial projections, from the 2005 result of GBP22.8 million
before exceptionals to the projection of approximately GBP38
million after 30 months, included further growth in earnings
from the Elektron division, with this division contributing to
just over half the Group's improvement through expansion of its
zirconium catalyst and magnesium sheet and alloy operations.  
Around half of the capital expenditure in the 30-month period
was assumed to be directed at the Elektron division to support
its expansion strategy.  

The Gas Cylinders division had planned to continue to invest in
its composite cylinder and superform operations, with the
proposed reorganization enabling it to also benefit from a
substantial increase in capital expenditure; slightly less than
that of the Elektron division.  The projections for the
Speciality Aluminium division included only modest levels of
additional capital expenditure and profit improvement.  

The financial projections include opportunities to modernise and
automate certain production processes, and over time, several
million pounds of cost savings are targeted through automation
projects; however the financial projections assumed that the
main contributions to increased levels of EBITDA were through
expanding sales revenue and production capacity in growth
markets.  

Based on the proposed Reorganized capital structure, the planned
capital expenditure and attainment of the projected EBITDA
levels above, the Group projected a cash flow before interest,
tax payments, reorganization costs and cash proceeds from the
Zitzmann disposal, of approximately GBP17 million for the year
ending December 2006, with the rolling LTM cash flow being
projected to be approximately GBP16 million 18 months from the
Completion Date and then rising to approximately GBP22 million
after 30 months from the Completion Date.  

The above EBITDA and cash flow projections had been prepared on
the assumption the Zitzmann die-casting business remained part
of the Elektron division, though it was highlighted to the
Noteholders as a potential strategic disposal, with the
objective of reinvesting the proceeds back into the Elektron
division to deliver at least a similar level of financial
return.  The Group sold the Zitzmann die-casting business in
early August 2006 with the proceeds being received in September
2006.  As yet the proceeds have not been reinvested, although
discussions are underway regarding a potential investment
opportunity.  

The improved financial status of the Group would also provide
other benefits to aid Luxfer's financial and commercial
performance, including a more stable platform for developing
long-term customer and supplier relationships, as well as the
ability to hedge its aluminium price risk.  In the past year the
Group had suffered from a lack of hedging capacity and at the
end of 2005 it had only hedged forward 16% of its 2006 aluminium
purchase requirements compared to 50% to 60% in previous years.   
The proposed reorganization should enable the Group to return to
a more robust level of aluminium price hedging.  

The cash flow projections did not include any significant
increase in the funding requirements of the Group's retirement
benefit schemes.  The Group's U.K. Pension Trustees have
commenced their triennial actuarial review of the Group's U.K.
defined benefit pension fund, the results of which are not
expected to be finalized by the Trustees and agreed with the
Group until early 2007.  Once agreed, a formal plan to remediate
any deficit has to be submitted and agreed with the U.K.
Pensions Regulator.  

As at June 30, 2006 the unaudited IAS 19 accounting deficit was
GBP18.5 million for this U.K. plan and the Group's total
unaudited IAS 19 accounting deficits totalled GBP23.9 million.   

In respect of the proposed reorganization the Company is
receiving financial advice from Close Brothers Corporate Finance
Limited and legal advice from Cleary Gottlieb Steen & Hamilton
LLP.  The Ad Hoc Committee is receiving financial advice from
Houlihan Lokey Howard & Zukin (Europe) Limited and legal
advice from Bingham McCutchen LLP.  

                         Conference Call

The company will be holding an investor conference call on the
proposed reorganization at 3:00 p.m. BST on Oct. 20.  

Headquartered in Manchester, United Kingdom, Luxfer Holdings PLC
-- http://www.luxfer.com/-- specializes in the design and  
manufacture of high-pressure aluminium gas cylinders, as well as
aluminium, zirconium, and magnesium based engineering products
for use in the aerospace, automotive, medical and general
engineering industries.  Luxfer has operations in the United
Kingdom, the United States, Australia, Germany, France and the
Czech Republic.


NATSON PTY: Creditors' Proofs of Claim Due on October 20
--------------------------------------------------------
Natson Pty Ltd, which is in liquidation, will declare the first
and final dividend for its creditors and preferred employees on
November 15, 2006.

Accordingly, creditors are required to prove their claims on
October 20, 2006, or be excluded from sharing in the
distribution.

The Liquidator can be reached at:

         Andre Strazdins
         SimsPartners
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia


NETAFIM ASIA: Members to Hear Liquidator's Report
-------------------------------------------------
Netafim Asia Pacific Pty Ltd, which is in liquidation, will hold
a final meeting for its members on October 31, 2006, at
11:00 a.m.

During the meeting, members will receive the company's wind-up
report and property disposal exercises from Liquidator A. S. R.
Hewitt.

The Liquidator can be reached at:

         A. S. R. Hewitt
         Grant Thornton
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


NOVARA FURNITURE: Final Meeting Scheduled on October 30
-------------------------------------------------------
A final meeting of the members and creditors of Novara Furniture
Pty Ltd will be held on October 30, 2006, at 11:00 a.m., to
receive:

   -- the final receipts and payments from the Liquidator; and

   -- formal notice of the end of the administration.

They may also discuss other related matters.

The Liquidator can be reached at:

         Paul Burness
         Worrells
         Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5506
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au


OGIVE INTERNATIONAL: Liquidator Sleiman to Give Wind-Up Report
--------------------------------------------------------------
Ogive International (Australia) Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on October 26, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

         J. Sleiman
         Sleiman & Co
         Certified Practising Accountants
         Level 8, 65 York Street
         Sydney, New South Wales
         Australia


OPEN TEXT: Acquires Hummingbird Ltd. for US$489 Million in Cash
---------------------------------------------------------------
Open Text Corporation and Hummingbird Ltd. closed the
transaction pursuant to which all of Hummingbird's common shares
were acquired by a wholly owned subsidiary of Open Text.

Open Text, through its wholly owned subsidiary 6575064 Canada
Inc., acquired all of the issued and outstanding common shares
of Hummingbird at a cash price of US$27.85 per common share
which, together with the 764,850 common shares of Hummingbird
owned by Open Text prior to the transaction, represent all of
the issued and outstanding shares of Hummingbird.  The
transaction is valued at approximately US$489 million and was
disclosed by Open Text on August 4, 2006.

The transaction was completed pursuant to a plan of arrangement
under Section 192 of the Canada Business Corporations Act and an
arrangement agreement made as of August 4, 2006, which was
amended on September 19, 2006, among 6575064 Canada Inc., Open
Text, and Hummingbird.

Under the plan of arrangement, Hummingbird's shareholders are
entitled to receive US$27.85 in cash for each Hummingbird common
share.

                         About Hummingbird

Based in Toronto, Ontario, Hummingbird Ltd. (NASDAQ:HUMC,
TSX:HUM) -- http://www.hummingbird.com/-- provides enterprise  
software solutions.  The company's enterprise software solutions
fall into two principal categories: enterprise content
management solutions, and network connectivity solutions.  
Founded in 1984, Hummingbird employs over 1,400 people and
serves more than 33,000 customers, including 90% of Fortune 100.  
Hummingbird solutions are sold directly from 40 offices
worldwide and through an Alliance Network of partners and
resellers.

                         About Open Text

Open Text Corp. -- http://www.opentext.com/-- is a leading  
provider of Enterprise Content Management software targeting
large Global 2000 enterprise customers.  ECM software and
support services -- an estimated US$2.25 billion addressable
market -- help businesses capture, store, and manage
unstructured corporate data.  The company's flagship product,
Livelink ECM, has an installed base in excess of 20 million
seats in more than 114 countries.  It has field offices in
Australia, Japan and Singapore.

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Waterloo, Ontario-based enterprise
software provider, Open Text Corp.

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating, with a recovery rating of '2', to the company's proposed
US$490 million senior secured bank facility, which consists of a
US$75 million five-year revolving credit facility and a US$415
million seven-year term loan B.


PACIFIC RIM: Members and Creditors to Receive Wind-Up Report
------------------------------------------------------------
Members and creditors of Pacific Rim Translations International
Pty Ltd, which is in liquidation, will hold a joint final
meeting on October 30, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

         David H. Scott
         Jones Condon
         Chartered Accountants
         77 Station Street
         Malvern, Victoria 3144
         Australia


PENTA PROPERTY: Members Resolve to Wind Up Operations
-----------------------------------------------------
At a general meeting of the members of Penta Property Group Pty
Ltd held on October 4, 2006, it was resolved that a voluntary
wind up of the company's operations is appropriate and
necessary.

In this regard, Roderick Mackay Sutherland was appointed
liquidator and was confirmed at the creditors' meeting held
later that day.

The Liquidator can be reached at:

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


PLIANT CORP: Moody's Junks Rtg on US$250 Million Sr. Sec. Notes
---------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Pliant
Corporation subsequent to its emergence from Chapter 11 of the
U.S. Bankruptcy Code on July 18, 2006.

Moody's assigned these ratings:

   * US$288 million senior secured 1st lien 11.85% PIK notes due
     June 15, 2009, B2

   * US$7.5 million senior secured 1st lien 11.35% notes due
     June 15, 2009, B2

   * US$250 million senior secured 2nd lien 11.125% notes due
     September 1, 2009, Caa1

   * Corporate Family Rating, B3

   * Probability of Default Rating, B3

   * Stable ratings outlook

   * Speculative Grade Liquidity Rating, SGL-3

The ratings reflect substantial leverage and minimal free cash
flow subsequent to the recent financial restructuring.  Pro
forma for the reorganization and after application of Moody's
standard adjustments, debt to EBITDA at June 30, 2006 was over
7x and free cash flow was negative.  Moody's projects modest
improvement by year end with adjusted debt to EBITDA at
approximately 7x and free cash flow at breakeven.  Adjusted EBIT
to cash interest is projected to approach 1.3x.  Moody's expects
Pliant to maintain its adjusted EBIT margin in the mid single
digits and EBIT to average gross fixed assets at approximately
10%.  Strengths in Pliant's competitive profile include annual
revenues of US$1.1 billion, product diversity reflected in sales
of both commodity and value added films and packaging, and
formal customer agreements that account for over half of
revenues.

The stable ratings outlook anticipates that Pliant will
meaningfully reduce financial leverage and improve free cash
flow and interest coverage in the intermediate term.

The outlook or ratings could be lowered if Pliant loses a
significant customer or otherwise encounters operational
difficulties that result in adjusted debt to EBITDA remaining
above 7x, continued deficit free cash flow, or EBIT to cash
interest falling below 1x. The outlook or ratings could be
raised if Pliant exhibits a track record of sustained operating
performance that results in adjusted debt to EBITDA of less than
6.5 times, adjusted free cash flow to debt of greater than 3%
and EBIT interest coverage above 1.3 times.

The first time assignment of an SGL-3 Speculative Grade
Liquidity rating reflects Moody's expectations of adequate
liquidity through the next twelve months as cash from operations
should be sufficient to fund working capital requirements and
capital expenditures.  However, Moody's expects substantial
reliance on the US$200 million revolver, with average effective
availability of less than US$50 million.

Headquartered in Schaumburg, Illinois, Pliant Corporation
produces polymer-based films and flexible packaging products for
food, beverage, personal care, medical, agricultural and
industrial applications.  Revenue for the twelve months ended
June 30, 2006 was approximately US$1.1 billion.  The company has
operations in Australia, New Zealand, Asia and Latin America.


PRESTIGE PUBS: To Distribute First and Final Dividend
-----------------------------------------------------
Prestige Pubs of Australia Pty Ltd, which is in liquidation,
will distribute the first and final dividend to its creditors on
October 19, 2006.

Creditors who were unable to prove their debts on October 6,
2006, will be excluded from sharing in the distribution.

The Liquidator can be reached at:

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


QUICK-TRIM GRADER: Court Issues Wind-Up Order
---------------------------------------------
On September 29, 2006, the Supreme Court of New South Wales
ordered Quick-Trim Grader Hire Pty Ltd to wind up its operations
and appointed Daniel Jean Civil as official liquidator.

The Official Liquidator can be reached at:

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


RASTUS AIRCRAFT: To Hold Final Meeting on October 31
----------------------------------------------------
Rastus Aircraft Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on October 31, 2006,
at 11:00 a.m.

At the meeting, Liquidator McCann will report regarding the
company's wind-up proceedings and property disposal activities.

The Liquidator can be reached at:

         M. G. Mccann
         Grant Thornton
         Chartered Accountants
         Level 4, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia


STEPHEN D. THOMAS: Creditors' Proofs of Debt Due on October 25
--------------------------------------------------------------
Stephen D. Thomas & Associates Pty Ltd will declare a first and
final dividend to creditors on October 25, 2006.  Creditors who
were unable formally prove their debts by this date will be
excluded from sharing in the distribution.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a liquidation of its business on June 30,
2006.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia


TF AUSTRALIA: Members to Receive Wind-Up Report
-----------------------------------------------
The members of TF Australia Estate Pty Ltd will hold a joint
annual and final meeting on October 25, 2006, at 10:00 a.m.

During the meeting, Liquidator Lindholm will present his report
on the company's wind-up ended June 16, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on June 16, 2005.

The Liquidator can be reached at:

         John Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


THE KAMOGAWA: To Declare Final Dividend Declared on October 19
--------------------------------------------------------------
The Kamogawa Australia Pty Ltd, which is in liquidation, will
declare a final dividend on October 19, 2006.

Creditors who were unable to prove their debts on October 17,
2006, are excluded from any distribution the Company will make.

The Liquidator can be reached at:

         D. J. F. Lombe
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia


THORNTHWAITE (HOLDINGS): Placed Under Voluntary Liquidation
-----------------------------------------------------------
On October 3, 2006, members of Thornthwaite (Holdings) Pty Ltd
agreed to voluntarily liquidate the company's business and
appoint Daniel Civil as liquidator.

In this regard, Mr. Civil required the company's creditors to
submit their proofs of claim by November 30, 2006, to be
included share in the distribution.

The Liquidator can be reached at:

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


THORNTHWAITE (PROPERTIES): Enters Wind-Up Proceedings
-----------------------------------------------------
At a general meeting held on October 3, 2006, the members of
Thornthwaite (Properties) Pty Ltd resolved to voluntarily wind
up the company's operations and appointed Daniel Civil as
liquidator.

Accordingly, creditors are required to prove their claims by
November 30, 2006, to be included in the benefit of any
distribution the company will make.

The Liquidator can be reached at:

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


WESTWOOD CONSTRUCTIONS: Creditors Appoint Liquidator
----------------------------------------------------
On October 4, 2006, creditors of Westwood Constructions Pty Ltd
resolved to voluntarily wind up the company's operations and
appointed Sule Arnautovic as liquidator.

The Liquidator can be reached at:

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


ZENITH CONSTRUCTIONS: Appoints Geroff and Colwell as Receivers
--------------------------------------------------------------
on August 31, 2006, Peter Geroff and Will Colwell were appointed
as Receivers of Zenith Constructions Queensland Pty Ltd.

The Receivers can be reached at:

         Peter Geroff
         Will Colwell
         Level 7, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


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

ACADA DEVELOPMENTS: Court Appoints Joint Liquidators
----------------------------------------------------
On August 31, 2006, the High Court of Hong Kong appointed Jacky
C. W. Muk and Jannie Wong as joint and several liquidators of
Acada Developments Company Ltd.

The Joint Liquidators can be reached at:

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


BULUSAN INVESTMENTS: Liquidators Cease to Act for the Company
-------------------------------------------------------------
On October 9, 2006, Ying Hing Chiu and Chung Miu Yin Diana
ceased to act as joint and several liquidators of Bulusan
Investments Ltd.

According to the Troubled Company Reporter - Asia Pacific, on
August 8, 2006, the Joint Liquidators presented their report on
the company's wind-up activities to the members.

The former Liquidators can be reached at:

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


CHINA ORIENWISE: Moody's Assigns Ba3 Corporate Family Rating
------------------------------------------------------------
On October 18, 2006, Moody's Investor Service assigned a Ba3
corporate family rating to China Orienwise Limited.  The rating
outlook is stable.  This is the first time that Moody's has
assigned a rating to China Orienwise.

"The Ba3 rating reflects China Orienwise's various key credit
strengths, which include its leading position in China's rapidly
growing niche guarantee industry, its fairly stringent risk
management, profitable operation, strong management, and sound
financials" says May Yan, a Moody's VP/Senior Credit Officer.

"The rating also factors in the positive impact of its strategic
investors, including the Asian Development Bank, Citigroup
Venture Capital International and Carlyle," says Yan.

"On the other hand, the rating is also reflective of China
Orienwise's credit challenges, which include its overall small
scale -- against the backdrop of a highly fragmented and
evolving industry -- as well as the uncertainty due to the
evolving nature of regulation," adds Yan.

"Other challenges includes its volatile operating environment,
short operating history, reliance on bank relationships for
business, the possibility that rapid growth may stress its risk
management system and asset quality, its high reliance on the
key management role of its founder, its increasing leverage in
terms of high multiples of debt and guarantees to capital, and
its moderate level of liquidity" Yan says.

Although it has only about 2.4% national market share in terms
of registered capital, China Orienwise is one of the largest
private guarantee companies in China.  Its key businesses
include corporate, individual and performance guarantees,
entrusted lending, and advisory services.

The company does almost all of its corporate business with
small- and medium-sized enterprises.  The under-served financing
needs of SMEs and China's under-developed credit culture have
together acted as key drivers behind its quick growth and the
high profitability of its guarantee and entrusted loan
businesses.  In 2005, returns on average equity and average
assets were 14.3% and 2.6% respectively, while cost to income
was a low 26.7%.

China Orienwise has installed a stringent credit risk
management, characterized by thorough due diligence, a rigorous
credit approval process and effective collateral measures.  
Asset quality is strong. Its historical cumulative default rate
for both the guarantee and entrusted lending businesses was a
very low 0.3% as of August 2006. And its recovery rate was a
relatively high 69%.  Therefore, on a net basis, cumulative
default rate was only 0.1%. As a result, the company has
established a good reputation with domestic banks, and from
which it sources most of its business.

The company has a strong management team.  Its founder and
majority owner Mr. Zhang Kai Yong is an adept entrepreneur. The
management has a sound strategy and long-term vision.  In the
intermediate term, the company targets to become a national
player, expanding particularly in the East Coast where SME
lending is strong.  At the same time, it seeks to diversify,
increasing activities in entrusted lending and advisory
services, thereby reducing its reliance on the banks.  In the
long run, Mr. Zhang envisages developing the company into a non-
bank consumer/SME finance corporation.

In regard to Mr. Zhang's own role, he has been instrumental in
China Orienwise's development as well as its daily operations.
As a result, reliance on his management participation is high.  
The company's ability to reduce such management risk would be a
credit positive.

The company would also benefit from investments by its strategic
investors, not only in terms of capital but in regard to
corporate governance, risk management and other forms of
technical assistance. Its three strategic investors are Asian
Development Bank, Citigroup Venture Capital International and
Carlyle.  All three invested in China Orienwise in 2005 and
2006.

At the same time, the rating reflects Moody's concerns about the
volatile operating environment in China and the evolving nature
of regulations for the guarantee industry.  China's economy has
been on an upward trend for a number of years and an economic
downturn will likely adversely affect Credit Orienwise's asset
quality.  Moreover, its rapid growth may further stress its risk
management capabilities and asset quality.

While the company's stringent credit risk management system
could somewhat offset such cyclical turns and credit risks, the
very loose nature of the regulatory regime essentially reduces
an extra layer of protection for the company.  Currently, no
clear single agency regulates the industry and the various
relevant government entities do not always implement consistent
policies.

Another risk for the China Orienwise's business model is its
high reliance on banks for business.  As Chinese banks move
forward on reform, their risk management and corporate
governance standards will improve.  In other words, they will
improve their credit skills and catch up with China Orienwise in
this area and their abilities to take advantage of the
concomitant business opportunities.  In addition, some banks
have expanded their focus to SME lending, traditionally a niche
for China Orienwise.  But Moody's notes that such competition is
more of a long-term challenge and the company's greater
diversification into entrusted loans and advisory services
should to some extent mitigate such issues.

China Orienwise has relatively high leverage when compared to
those few global peers rated by Moody's.  At end-August 2006,
its leverage ratio (calculated as (debt + total
guarantees)/capital) was 3.1x.  As business keeps growing
rapidly and the company takes on additional debt, leverage will
rise.  However, Moody's expects it to stay below 7x if the
company wants to maintain its current rating level.

Liquidity is moderate.  Most free cash has been placed into
entrusted lending. Although short term with an average maturity
of 5.5 months, such loans bear significant credit risks.  
Therefore, Moody's will haircut these loans as liquid assets.  
To remain at the current rating level, the company needs to keep
at least 5% of its total assets in liquid bank deposits and/or
high quality liquid securities.  It also needs to carefully
manage the asset liability maturity and keep its weighted
average maturity for entrusted loans to be shorter than the
average maturity for its guarantees.

Moody's considers upside and downside potential for the current
Ba3 rating as limited, hence the stable outlook.

Positive rating pressure could emerge with:

    * a significant strengthening of its franchise;

    * establishment of a longer track record of sustained credit
      strength, particularly in a down-cycle;

    * continued improvements in risk management and asset
      quality, and a reduction of its reliance on banks for
      business; and

    * a strengthening in the regulatory environment.

On the other hand, negative rating pressure could emerge due to:

    -- an inability to sustain its franchise;

    -- a marked deterioration in asset quality;

    -- a significant rise in leverage whereby (debt + guarantee)  
       capital exceeds 7x;

    -- liquidity deteriorates significantly; and

    -- the parent takes on large additional debt.

Headquartered in Shenzhen, China Orienwise Limited --  is a
private guarantee company in China.  As of August 31, 2006, the
company had total assets of RMB2.6 billion (US$329 million).  
The company is 100% owned by the ultimate parent Credit
Orienwise Group Limited, which is in turn majority owned by the
founder Mr. Zhang Kai Yong through Orienwise International
Holding Limited.  Other strategic investors for Credit Orienwise
include the Asian Development Bank, Citigroup Venture Capital
International and Carlyle.


CNH GLOBAL: DBRS Holds Senior Unsecured Debt Rating at BB(high)
---------------------------------------------------------------
Dominion Bond Rating Service confirmed the ratings of CNH Global
N.V. and Case New Holland Inc. at BB (high) for the Issuer
Rating and Senior Unsecured Debt, respectively.

DBRS expects CNH's rating to remain steady as he company has
made progress in enhancing its competitive position and has
substantially improved its balance sheet.  However, DBRS notes
that he company needs to accomplish much more operationally to
narrow the gap between itself and major rivals.  In addition,
the extent to which he company remains committed to reducing
debt levels will have a considerable impact on he company's
credit profile, as leverage remains relatively high for a
cyclical entity with cash flow-to-debt of 0.18 at June 30, 2006.

The Company's results were primarily driven by strong global
economic conditions that bolstered demand for industrial
equipment.  However, demand was not balanced, as construction
equipment accounted for all revenue growth, while agricultural
was flat with rising farming costs and uncertainty with U.S.
government farming subsidies constraining spending decisions.
DBRS expects these trends to continue, but weakened residential
housing construction could contract growth.

In addition, CNH's strategic imperatives and reorganization have
gained traction. Equipment-buying decisions are heavily based on
brand loyalty, quality of a company's dealers, and product
performance and innovation.  As such, CNH has focused on
strengthening its brand heritage and revitalizing its product
line, which is important as customers tend to be loyal and this
adds stability.

However, this element also makes it more challenging to take
customers from rivals.  CNH introduced initiatives that have
improved dealer customer support, which is key as dealers are
the customer's primary contact.  Finally, cost efficiencies have
been gained from establishing a more common product platform,
rationalizing the supply chain, and building a lean and more
flexible manufacturing system.  This has driven recent EBITDA
margin growth of three percentage points from 2002 to the recent
12-month period.

The company has manufacturing plants in Austria, Belgium, Italy,
China, India, Brazil, Mexico, among others.


CREATE GLORY: Members' Final Meeting Slated for November 17
-----------------------------------------------------------
The members of Create Glory Ltd will convene for their final
meeting at 6th Floor, Kwan Chart Tower, 6 Tonnochy Road,
Wanchai, Hong Kong on November 17, 2006 at 11:00 a.m.

At the meeting, Liquidator Puen Wing Fai will report on the
company's wind-up proceedings and the manner its properties were
disposed of.


GIBRALTAR INDUSTRIES: Moody's Confirms Ba2 Corporate Family Rtg
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba2 Corporate Family Rating for
Gibraltar Industries, 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$300 Million
   Senior Secured
   Revolving Bank
   Facility due 2010      Ba1      Ba1     LGD3       31%

   US$125 Million
   Senior Secured
   Term Loan due 2012     Ba1      Ba1     LGD3       31%

   US$201 Million
   8% Senior
   Subordinated Notes
   due 2015               Ba3      Ba3     LGD5       83%

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

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

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

Headquartered in Birmingham, Alabama, Gibraltar Industries --
http://www.gibraltar1.com/-- manufactures, processes, and  
distributes metals and other engineered materials for the
building products, vehicular, and other industrial markets.

The company has 74 facilities in 26 states, including Canada and
China.


DICKSON CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 25
---------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Dickson Construction Company Ltd on October 25, 2006 at 9:30
a.m.

The Hong Kong Housing Authority filed the petition with the
Court on August 30, 2006.

The Solicitors for the Petitioner can be reached at:

         Simmons & Simmons
         35/F, Cheung Kong Center
         No. 2 Queen's Road, Central
         Hong Kong


DREAM ASIA: Annual General Meetings Set for November 3
------------------------------------------------------
Dream Asia Ltd, which is in liquidation, will hold an annual
general meeting for its members and creditors at Room 1601-02,
16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong on
November 3, 2006, at 3:00 p.m. and 3:30 p.m., respectively.

During the meeting, members and creditors will receive
Liquidator James Wardell's account regarding the company's wind
up during the preceding year.


HARMONY DEVELOPMENT: Creditors Must Prove Debts by November 13
--------------------------------------------------------------
Creditors of Harmony Development (H.K.) Company Ltd are required
by Liquidator Pang Siu Kei to file their proofs of debt by
November 13, 2006, to be included in the sharing of the
Company's distribution.

The Liquidator can be reached at:

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


HUNG YU: Wind-Up Petition Hearing Set on October 25
---------------------------------------------------
A wind-up petition filed against Hung Yu Outerwear Company Ltd
will be heard before the High Court of Hong Kong on October 25,
2006, at 9:30 a.m.

Lai Fu Wing filed the petition with the Court on August 22,
2006.

The Solicitor for the Petitioner can be reached at:

         Lai Fu Wing
         Flat 1702, Caeron Commercial Centre
         458-468 Hennessy Road, Causeway Bay
         Hong Kong


I-QUEST CORPORATION: Joint Liquidators Step Aside
-------------------------------------------------
On September 29, 2006, John J. Toohey and Anthony Mitchell
ceased to act as joint and several liquidators of I-Quest
Corporation Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
Liquidators gave a wind-up report to the members and creditors
of the Company on September 29, 2006.

The former Liquidators can be reached at:

         John J. Toohey
         Anthony Mitchell
         22/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


INDALEX HOLDING: Moody's B3 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 North American Metals & Mining sectors, the
rating agency confirmed its B3 Corporate Family Rating for
Indalex Holding Corp. and its Caa1 rating on the company's
US$270 million issue of 11.5% guaranteed senior second priority
secured notes due 2014.  Moody's also assigned an LGD5 rating to
those loans, suggesting noteholders will experience a 83% loss
in the event of a default.

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

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

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

Based in Lincolnshire, Illinois, Indalex Holding Corp. --
http://www.indalex.com/-- is the parent of the "Indalex" group  
of operating companies engaged in the production of extruded
aluminum products.  The company has an extrusion facility in
China.


JASPER TECHNOLOGY: Creditors & Contributories to Meet on Oct. 20
----------------------------------------------------------------
Creditors and contributories of Jasper Technology Ltd will hold
an annual meeting on October 20, 2006 at 3:00 p.m.

During the meeting, Liquidator Desmond Chung Seng Chiong will
present his account on the company's wind-up during the
preceding year.

The Joint Liquidator can be reached at:

         Desmond Chung Seng Chiong
         Ferrier Hodgson Limited
         14/F, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


JIK SING: Liquidator to Receive Claims Until November 6
-------------------------------------------------------
Liquidator Lau Vui Cheong will receive proofs of claim from
creditors of Jik Sing Company Ltd until November 6, 2006.

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

The Liquidator can be reached at:

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


JONESWIN INVESTMENT: Members to Receive Wind-Up Report
------------------------------------------------------
A final meeting of the members of Joneswin Investment Ltd will
be held on November 17, 2006, 12:00 a.m., at Room 2310, 23/F,
Hang Lung Centre, Causeway Bay, Hong Kong.

At the meeting, Liquidator Tsui Yeung Ching will present an
account of the company's wind-up and property disposal
activities.


KEEN TECH: Faces Wind-Up Proceedings
------------------------------------
A petition to wind-up Keen Tech Engineering Ltd will be heard
before the High Court of Hong Kong on October 25, 2006, at 9:30
a.m.

Wing's Engineering Company O/B Wing's Air-Conditioning
Engineering Ltd presented the petition with the Court on
August 29, 2006.

The Solicitors for the Petitioner can be reached at:

         Francis Kong & Co.
         Suite 903, 9/F, Kowloon Building
         555 Nathan Road, Kowloon
         Hong Kong


POLYMATECH HK: Creditors' Proofs of Debt Due on November 13
-----------------------------------------------------------
Creditors of Polymatech HK Co., Ltd are required to submit their
proofs of debt by November 13, 2006, to Liquidators Thomas
Andrew Corkhill and Iain Ferguson Bruce.

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

The Liquidators can be reached at:

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


SANMINA-SCI: Fitch Lowers Senior Subordinated Debt Rating to B
--------------------------------------------------------------
Fitch Ratings downgraded Sanmina-SCI Corporation:

   -- Senior subordinated debt to 'B/RR5' from 'B+/RR4'

Fitch also assigned this rating:

   -- US$600 million term loan expiring January 2008 'BB+/RR1'

The ratings on senior secured, senior subordinated and these
ratings remained on Rating Watch Negative:

   -- Issuer Default Rating 'B+'
   -- First lien senior secured credit facility 'BB+/RR1'

Fitch's action affects approximately US$1.6 billion of total
debt securities, pro forma for the issuance of the US$600
million term loan due January 2008 and redemption of US$525
million of subordinated convertible debentures due March 2007.

The senior subordinated downgrade reflects Sanmina layering
US$600 million of senior unsecured debt on top of the senior
subordinated debt, resulting in lower recovery prospects for the
subordinated debt.

Fitch estimates recovery for the subordinated notes would
decline to 11%-30% from 31%-50% prior to the refinancing,
resulting in an 'RR5' recovery rating.  The 'BB+/RR1' ratings
for the senior unsecured term loan reflect Fitch's estimation
that the unsecured debt will recover 100% in a distressed
scenario.

Fitch believes recovery parity between the senior unsecured and
senior secured debt is supported by the fact that the lending
group for the term loan is essentially the same as that of the
senior secured credit facility and maturity date of the term
loan, January 2008, is well ahead of the maturity of the credit
facility, December 2008.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence,
recovery rates for its creditors will be maximized in
liquidation rather than in restructuring (going concern).

In estimating Sanmina's liquidation value under a distressed
scenario, Fitch applied advanced rates of 80%, 20% and 10% to
Sanmina's current balance of accounts receivable, inventory and
property, plant and equipment, respectively.  That leads to a
distressed enterprise value estimate of approximately US$1.2
billion, providing the basis for a waterfall analysis to
determine recovery ratings.

The Negative Rating Watch continues to reflect Sanmina's delayed
filing of its 10Q and compliance certificates for the quarter
ended July 1, 2006, and corresponding non-compliance with
NASDAQ's filing requirements (the company continues to be listed
on the exchange pending a decision by NASDAQ's Listing
Qualifications Panel) as well as continuing investigations by
the SEC and a federal grand jury into the company's stock option
administration practices dating back to Jan. 1, 1997.

Sanmmina recently announced the conclusion of its own internal
investigation, which determined that most options awarded
between 1997 and 2006 were not correctly dated and accounted
for.  Fitch believes that a resolution of the stock option
investigations and satisfactory filing of Sanmina's 10Q as well
as compliance certificates is likely to resolve the Negative
Rating Watch status.

Pro forma for the refinancing Fitch believes liquidity was
sufficient as of July 1, 2006, and supported by approximately
US$563 million of cash and equivalents and an undrawn US$500
million senior secured revolving credit facility due 2008, which
is not available for refinancing purposes.

Sanmina's US$200 million receivables sales facility due 2007
also supports liquidity.  Fitch estimates that total debt on a
pro forma basis is approximately US$1.6 billion and consists
primarily of:

   1) US$600 million senior unsecured term loan due January
      2008;

   2) US$400 million of 6.75% senior subordinated notes due
      March 2013 (callable in 2009); and

   3) US$600 million of 8.125% senior subordinated notes due
      March 2016;

but excludes US$525 million of 3% convertible subordinated notes
which are being redeemed (Sanmina deposited the remaining amount
due on these notes with the trustee, thereby completing the
discharge of the indenture).

The company has locations in Brazil, China, Finland, Malaysia,
Mexico and Singapore, among others.


SANMINA-SCI: Late 10-Q Filing Prompts Moody's to Review Ratings
---------------------------------------------------------------
Moody's assigned a Ba2 rating to Sanmina-SCI Corporation's
proposed US$600 million unsecured term loan facility due 2008.  

The proceeds of the proposed US$600 million term loan will be
used to finance US$525 million of Sanmina's 3% convertible
subordinated notes due 2007.  Sanmina's corporate family rating
of Ba2 and all of its other outstanding ratings will remain
under review for possible downgrade.  Likewise, the new Ba2
rating on the proposed term loan facility will also be placed
under review for possible downgrade.  

Moody's notes that Sanmina's debt ratings were placed under
review for possible downgrade on Aug. 14, 2006, following
Sanmina's announcement of the on-going investigation into its
stock option administration practices and its confirmation that
Sanmina would not be able to file with the Securities and
Exchange Commission its 10-Q for the quarter ended July 1, 2006
by the required deadline as a result of the investigation.  The
ratings for the new facility reflects both the overall
probability of default of the company, to which Moody's assigned
a PDR of Ba2, and a loss given default of LGD 3.

Sanmina announced on October 12th that it has concluded its
internal investigation of its stock options practices and that
most stock option grants to executives and employees between
1997 and 2006 were not correctly dated.  As a result, Sanmina
will restate its financial statements for the past nine fiscal
years, though the amount of restatement has not been quantified.  
Moody's understands that cash impact from the restatement is not
likely to be material.

Although the conclusion of its internal investigation is an
important step toward resolution, Moodys' notes that Sanmina is
still under SEC and DOJ investigation, and has yet to file its
financial statements for the July 1, 2006 quarter, a violation
of its borrowing program covenant.  Sanmina has obtained consent
waivers from all of its debt holders, except for the holders of
its 2007 subordinated convertible notes, which will be
refinanced from the proceeds of the proposed term loan.  Until
Sanmina is able to file its financial statements within the
waiver period granted by the lenders, Moody's concern over
potential liquidity will remain and thus Sanmina's ratings
continue to be under review for possible downgrade.

Sanmina cited a general systemic controls failure as the cause
for options dating errors and plans to implement a number of
changes to improve internal control and accuracy of financial
accounting.  This controls failure raises concerns regarding the
quality of corporate governance and controls at Sanmina.  
Assessment of these risks, as well as continued exposure to
regulatory, legal and litigation risk, will be integrated into
the ratings review.

Moody's could move the ratings down if further concerns
regarding weakness in internal controls, disclosure, or
accounting controls emerge, if legal or regulatory action
yielded material costs or effected senior management, or if
concerns over its liquidity were to surface.  Conversely, upon a
favorable resolution of the SEC and DOJ investigations, and
satisfactory liquidity coupled with the filing of the July 2006
quarterly report with non-material restatements within the
consent waiver period, Sanmina's ratings could be confirmed.

Leverage and credit metrics will not change as a result of the
current refinancing.  Pro forma this transaction, leverage is
expected to be about 3.8x to EBITDA and EBITDA to interest
coverage about 3.4x, again pre-restatement.  Sanmina remains
well positioned as a tier-one EMS provider and plays a critical
role in the electronics supply chain.

Ratings assigned and placed under review for downgrade:

   * US$600 million senior unsecured term loan due 2008 at Ba2

Ratings under review for downgrade include:

   * Corporate family rating at Ba2;

   * Probability-of-default rating at Ba2;

   * US$400 million senior subordinated notes due 2013 at Ba3;

   * US$600 million senior subordinated notes due 2016 at Ba3;

   * SCI Systems Inc.'s US$525 million 3% convertible
     subordinated notes due 2007 at B1;

   * SGL-1 speculative grade liquidity rating.

Headquartered in San Jose, California, Sanmina-SCI Corporation -
- http://www.sanmina.com/-- is one of the largest electronics  
contract manufacturing services companies providing a full
spectrum of integrated, value added solutions.

The company has locations in Brazil, China, Finland, Malaysia,
Mexico and Singapore, among others.


TCL MULTIMEDIA: Inks Distribution Deal to Enter Oman Market
-----------------------------------------------------------
TCL Multimedia Corporation tied up with Saeed bin Nasser Al
Hashar to distribute TCL's range of products in Oman, the Times
of Oman reports.

"TCL is already well known in the Far East, Europe and the
United States for its high-quality, total-performance products,"
explained Miller He, marketing manager of TCL Middle East, UAE
operations.  "Our ambition now is to build TCL in the Oman
market as a brand that people instantly recognize and desire."

Saeed bin Nasser Al Hashar deals in world class brands Ariston,
Rinnai, Kardex, Voltas, Frigor, Frizair, etc. and has an
intensive distribution network in Oman through its dealer
outlets, hypermarkets and retails chains, Times of Oman says.  

                          *     *     *

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/-- is   
formerly known as TCL International Holdings Limited.  The
Group's principal activities are designing, manufacturing and
selling electronic products like colored TV, DVD players, VCD
players, home cinema hi-fi systems, mobile handsets, internet
related information technology products, refrigerators and
washing machines.  Its other activity includes trading
electronic parts and components used in the production of color
television sets.

On August 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

TCR - AP recounts that in 2004, TCL acquired the TV unit of
French electronics firm Thomson, which uses the Thomson brand in
Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


VENETIAN MACAO: 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 Gaming, Lodging & Leisure sector, the rating
agency revised Venetian Macao Ltd.'s Corporate Family Rating
from B1 to B2.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver               B1       B1      LGD3       33%

   Senior Secured
   Term Loan              B1       B1      LGD3       33%

   Senior Secured
   Term Loan              B1       B1      LGD3       33%

   Senior Secured
   Delayed Draw

   Term Loan              B1       B1      LGD3       33%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
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%).

Venetian Macao Ltd. -- http://www.venetianmacao.com/--operates  
the Venetian Macao which will feature 3,000 luxurious suites, a
100,000 spare meter state-of-the art convention and exhibition
center, a 2,000 seat live entertainment theater, over 85,000
square meters of retail mall space and a 15,000 seat arena.


VITELIC (HK): Names Liquidators, Members of Inspection Committee
----------------------------------------------------------------
The High Court of Hong Kong on August 31, 2006, appointed Wong
Kwok Man and Alison Wong Lee Fung Ying as joint and several
liquidators of Vitelic (Hong Kong) Ltd.

Subsequently, Hong Kong Oxygen & Acetylene Company Ltd and Core-
World Ltd were named members of the Committee of Inspection.

The Joint Liquidators can be reached at:

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


XINHUA CHINA: Ernst & Young Raises Going Concern Doubt
------------------------------------------------------
Ernst & Young LLP raised substantial doubt about Xinhua China
Ltd's ability to continue as a going concern after auditing the
Company's consolidated financial statements for the year ended
June 30, 2006.  The auditor pointed to the company's significant
operating losses and working capital deficiencies.

For the year ended June 30, 2006, Xinhua China reported a
US$10,837,629 comprehensive net loss on US$37,627, 191 of net
revenue compared with a US$5,651,870 net loss on US$15,496,537
of net sales for the same period in fiscal year ended June 2005.

As of June 30, 2006, Xinhua China's balance sheet showed
US$1,785,108 in total current assets and US$567,504 in current
liabilities.

Xinhua China's balance sheet showed solvency problems at the end
of June 2006, with total assets at US$1,914,674 and US$8,699,170
in total liabilities resulting to stockholders' deficit of
US$6,784,496.

A full-text copy of the Company's annual report is available for
free at http://bankrupt.com/misc/xinhuachina-june 2006.txt  

                          *     *     *

Headquartered in Beijing, China, Xinhua China Ltd --
www.xinhuachina.com.cn -- formerly known as Camden Mines Ltd are
engaged in books distribution.  The Group is authorized to
distribute books, periodicals, human figure and representation
art pictorials, audio video products, wholesale, retail and mail
order of publicly distributed electronic publications.


ZION CRUADE: Liquidator to Present Wind-Up Report
-------------------------------------------------
Members of Zion Cruade Association Ltd will convene for their
final meeting on November 19, 2006 at 3:00 p.m., to receive the
company's wind-up and property disposal exercises' report from
Liquidator Kwan Yiu Chung.

The Liquidator can be reached at:

         Kwan Yiu Chung
         Unit 1305, Tai Tung Building
         8 Fleming Road, Wanchai
         Hong Kong


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

PUNJAB NATIONAL: Board Schedules Meeting for Oct. 30
----------------------------------------------------
Punjab National Bank informed the Bombay Stock Exchange that the
Bank's Board of Directors will hold a meeting on October 30,
2006

The Board will take on record the reviewed Financial Results of
the Bank for the quarter and half-year periods ended Sept. 30,
2006.

                  About Punjab National Bank

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank  
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual rating
on June 1, 2005.


STATE BANK OF INDIA: Names Yoges Argawal as Managing Director
-------------------------------------------------------------
Shri. Yogesh Agarwal has been appointed as the Managing Director
of State Bank of India's Board of Directors.

Mr. Agarwal, who used to head the State Bank of Patiala, one of
SBI's associate banks, will act in his new SBI post from
Oct. 10, 2006, to June 30, 2010.

According to the Business Standard, Mr. Agarwal joined SBI as
probationary officer in 1972 and has worked on different
assignments including deputy managing director and chief
financial officer.

                     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: Launches Passenger Vehicle Range in Ghana
------------------------------------------------------
Tata Motors launched its passenger vehicles in Ghana.  The range
launched includes the Indica hatchback, the Indigo sedan, the
Indigo Station Wagon, the Sumo and the Safari Dicor.

Tata Motors is already present in Ghana with its commercial
vehicles, which were launched in 1974 and have been well
received in the market.

Mr Divyendu Kumar, Head - International Business, Passenger Car
Business Unit, Tata Motors, says, "Ghana has traditionally been
an important market for Tata Motors.  We are confident that the
passenger vehicle range will be seen to offer superior value to
customers in Ghana.  Over the coming years, we are positive that
Tata Motors will grow in Ghana. We aim to obtain a significant
share of the new car market in Ghana."

In Africa, Tata Motors markets both its passenger and commercial
vehicle range.  The company is present in South Africa, Senegal,
DR Congo, Ivory Coast, Kenya, Tanzania, Zambia, Uganda and
Madagascar.  In South Africa, the largest market in the
continent, the Tata brand is one of the fastest growing in the
history of the country's automobile market.

The distribution and marketing of Tata passenger vehicles in
Ghana will be handled by Tata Ghana & PHC Motors Ltd., which
also distributes Tata Motors' commercial vehicles.  Sales
dealerships are presently set up at Accra, Kumasi and Tamale.  
The range is supported by an effective after-market parts and
service network in cities like Accra, Tema Kumasi, Tamale and
Takoradi.  To ensure high levels of product performance and
customer satisfaction, plans are underway to establish service
centres in 10 more cities covering all geographical areas by
next year.

                        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: Raises Commercial Vehicle Prices by 2%
---------------------------------------------------
Tata Motors Limited raised prices of its commercial vehicles by
up to 2% due to increasing input costs, Reuters reports, citing
a company spokesperson.

According to Business Standard, the increase took effect
starting October 1.

Among others, the spokesperson pointed out, costs of raw
materials like steel and tires have been on an upscale
throughout the year.

The company makes it clear that only commercial vehicles are
affected.

                       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.


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

FOSTER WHEELER: Moody's Raises Rating on New $350MM Loan to Ba1
---------------------------------------------------------------
Moody's Investors Service changed the rating on Foster Wheeler
LLC's new US$350 million senior secured domestic credit facility
to Ba1 from Ba3.  The change in rating results from Moody's
implementation of its LGD rating methodology following the
company's successful close of its new facility.  The LGD rating
methodology enhances the consistency in our notching practices
across industries and will improve the transparency and accuracy
of our ratings as our research has shown that credit losses on
bank loans have tended to be lower than those for similarly
rated bonds.

The credit facility consists of a five-year US$200 million
senior secured revolving credit facility and a five-year
US$150 million synthetic letter of credit facility.  The rating
on the US$350 million facility reflects a loss given default of
LGD 1.  In addition, Moody's affirmed all existing ratings.  The
rating outlook is positive.

The facility replaces FWC's existing US$250 million senior
secured credit facility and as a result, the Ba1 rating on this
facility will be withdrawn.

Moody's noted that substantially all the assets and capital
stock of Foster Wheeler Ltd. and its direct subsidiaries secure
the new credit facility and that Foster Wheeler Ltd. and certain
domestic and foreign subsidiaries will provide guarantees.  
Financial covenants include a maximum leverage ratio and a
minimum interest coverage ratio.  Management has indicated that
is does not plan to draw the revolver in the near term.

Further, Moody's noted that the Ba1 rating for the bank facility
incorporates the benefits and limitations of the collateral, as
well as the modest level of potential borrowing.  The facility
will represent virtually all of FWC's corporate debt upon close
and is expected to be highly collateralized, resulting in a
multiple-notch upgrade from the corporate family rating.

The key rating factors supporting the B1 corporate family
ratings and positive outlook include:

   1) the completion FWC's debt reduction program, reducing debt
      to US$191 million during the second quarter of 2006,

   2) a significant improvement in global E&C market conditions
      and a stabilized global power outlook, enabling FWC to
      more than double backlog to US$5 billion at June 30, 2006,
      and

   3) Moody's expectation of continued improvement in free cash
      flow generation enhanced by recent asbestos settlements
      with insurance companies.

Moody's previous rating action on FWC was the Sept. 22, 2006
upgrade of the existing credit agreement to Ba1 from Ba3.

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of   
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in china, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.


FOSTER WHEELER: Closes New US$350 Million Credit Facility
---------------------------------------------------------
Foster Wheeler Ltd. has successfully closed on a new
US$350-million five-year senior secured domestic credit
facility, effective Oct. 13, 2006.

The Company will be able to utilize the facility by issuing
letters of credit up to the full US$350 million limit.  The
Company will also have the option to use up to US$100 million of
the US$350 million limit for revolving borrowings, an option
which the Company has no immediate plans to use.

"This new agreement provides the increased bonding capacity and
financial flexibility that we require to support our growing
operations and increased volume of business and, at current
usage levels, will also reduce our bonding costs by
approximately US$8 million per year," said John T. La Duc,
executive vice president and chief financial officer.

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of   
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in china, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                        *    *    *

Moody's Investors Service upgraded on Oct. 16, 2006, the rating
on Foster Wheeler's new US$350 million, senior secured domestic
credit facility to Ba1 from Ba3.  The rating on the US$350
million facility reflects a loss given default of LGD 1 (6% LGD
rate).  In addition, Moody's affirmed all existing ratings.  
Moody's said the rating outlook is positive.


GARUDA INDONESIA: To Reduce 1st-Half Losses to US$39.12 Million
---------------------------------------------------------------
PT Garuda Indonesia intends to reduce its losses to
IDR360 billion (US$39.12 million) in the first half of 2006 from
IDR481 billion in the first half of 2005, Antara News reports.

"This is thanks to the competitive condition of the airlines in
the domestic, regional and international service and the
increasing world crude price in the last year," Asia Pulse cites
Garuda Indonesia President Director Emirsyah Satar as telling
the press on October 16, 2006.

According to Antara, Garuda's debt decreased from
US$804.2 million as of March 2005 to US$771 million as of the
end of June 2006 after the state-owned airline paid
US$33.2 million of its debts.

"The company's cash flow continued to improve in the January-
September 2006 period compared with that in the same periods
over the past two years," Mr. Satar said.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--   
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter - Asia Pacific reported on
August 16, 2006, that PT Garuda Indonesia will get fresh capital
of IDR1 trillion from the Government to enable the airline to
turn around its business.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its IDR4.55-trillion debt with foreign creditors under
the European Credit Agency, which were due last December 31,
2005.


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

DOMINO'S INC: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency held
its Ba3 Corporate Family Rating for Domino's 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$610M Sr. Sec.
   Term Loan
   Due 6/2010             Ba3      Ba2     LGD3      36%

   US$125M Sr. Sec.
   Revolver
   Due 6/2009             Ba3      Ba2     LGD3      36%

   US$100M Sr. Sec.
   Term Loan
   Due 10/2011            Ba3      Ba2     LGD3      36%

   US$403M 8.25%
   Sr. Sub. Notes
   Due 7/2011             B2       B2      LGD5      87%

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

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

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

Domino's Inc is a pizza delivery company that opened its first
store in Japan and in Asia in 1985.


FORD MOTOR: Could be Next in Renault-Nissan's Quest for Alliance
----------------------------------------------------------------
Nissan Motor Co. Ltd and Renault could set their sights on Ford
Motor Company as they continue to look for a North American
partner, Reuters Reports.

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

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

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

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

                           *     *     *

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

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

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

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

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


FORD MOTOR: Anthony Bamford Withdraws Plans to Buy Jaguar
---------------------------------------------------------
Anthony Bamford, JC Bamford Excavators Ltd.'s chairman of the
board, has abandoned plans of buying the Jaguar brand from Ford
Motor Co., the Associated Press reports.  Mr. Bamford had
signaled his interest for the luxury car brand in August.   

"Sir Anthony had always expressed an interest in Jaguar alone
and it appears that it is not for sale," JCB spokesman Daniel
Ward was quoted by AP as saying.

In a TCR-Europe report on Sept. 29, Lewis Booth, head of Ford of
Europe and the Premier Automotive Group, revealed that it has no
plans of selling its Jaguar brand at the moment.

According to Mr. Bamford, cited in the Financial Times, Ford was
only interested in selling the Jaguar brand together with the
profitable Land Rover operations.

"I am not interested in buying the two together and am therefore
not getting involved," Mr. Bamford said.

JC Bamford is a U.K.-based construction-machinery company.  Mr.
Bamford previously said that the brand has potential although
Jaguar needs to cut ties with Land Rover for him to consider his
plans further.

Ford has explored strategic options for its Aston Martin sports-
car unit in August, with particular emphasis on a potential sale
of all or a portion of the unit.  Last week, the company also
put Automobile Protection Corp., its extended warranty service,
on the auction block.

Jaguar is part of the Premier Automotive Group -- the
organization under which all of Ford's European brands are
grouped -- which includes other brands like Volvo, Land Rover
and Aston Martin.  In Ford's second quarter results, the segment
incurred US$180 million net loss.  The Company's management said
the decline in earnings in the PAG segment primarily reflected
unfavorable currency exchange related to the expiration of
favorable hedges, adjustments to warranty accruals for prior
model-year vehicles, mainly at Land Rover and Jaguar, and lower
market share at Volvo associated with new model changeovers,
offset partially by favorable product and market mix and lower
overhead costs.  

                     European Restructuring

Ford of Europe President and CEO John Fleming disclosed early
September that Ford Motor's strategic overhaul will not lead to
a big revamp in its profitable European operations, Reuters
reported.

"We will continue to do what we always do -- we continue to
refine our weight and get efficiencies year over year -- but not
a major reorganization," Mr. Fleming said.

Reuters said the company has already reduced the number of
European assembly plants to seven from 11 and cut 9,300 jobs
since 2000, while increasing output.  Ford's plants now operate
at over 100 percent capacity, and employs around 66,000 staff
including joint ventures.

In August 2006, sales of Ford brand vehicles in 21 European
countries decreased 400 units to 95,300 vehicles and year-to-
date sales increased 17,000 units to nearly 1.14 million units.

In 2005, Ford of Europe earned US$129 million.  

As reported in TCR-Europe on Sept. 18, Ford Motor disclosed
plans to further reduce its capacity and work force, and ramp up
new product introductions as it accelerates its North America
"Way Forward" turnaround plan.

Ford will cut its North American salaried-related work force by
about a third and offer buyout packages to all Ford and
Automotive Components Holdings hourly employees in the U.S.  The
reductions will contribute significantly to reducing ongoing
annual operating costs by about US$5 billion.  In addition, Ford
will renew 70% of its North American product lineup by volume by
the end of 2008.

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

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

                           *     *     *

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

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

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

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

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


LIVEDOOR CO: Former Exec says Horie Knew Accounts were Falsified
----------------------------------------------------------------
Former Livedoor Co. board member Fumito Kumagai told the Tokyo
District Court that the company's founder, Takafumi Horie, knew
that the firm's accounts had been window-dressed, Mainichi Daily
News says.

"I told him it's been pointed out that the accounts have been
falsified.  He then simply replied, 'Try hard,'" Mainichi quotes
Mr. Kumagai as telling the Court.  "'Try hard' meant that I
should overcome the problem.  Mr. Horie knew they were
fictitious," Mr. Kumagai added.

Mainichi recounts that Mr. Horie denied being aware that
Livedoor's consolidated mid-term accounts, which were closed in
September 2004, had been window-dressed, while the four other
Livedoor officials standing trial have testified that Mr. Horie
knew that the figures were falsified.

The five former Livedoor Co. executives, including Mr. Horie and
Mr. Kumagai, are under indictment on charges of violating the
Securities and Exchange Law.

                          *     *     *

Headquartered in Tokyo, Japan, Livedoor Company, Limited
-- http://corp.livedoor.com/en/-- is involved in out portal  
site "livedoor," financial business, corporate web solutions,
data center and IP telephony business.

The Troubled Company Reporter - Asia Pacific reported on January
18, 2006, that former Livedoor President Takafumi Horie and
other Livedoor directors were found to have conspired to cover
up the Company's JPY310-million pre-tax loss for the business
year ended September 2004, by tampering financial accounts to
instead show an inflated pre-tax profit of JPY5.03 billion.  
Moreover, Mr. Horie and the Company executives allegedly relayed
false information on a merger, with the intent to boost the
stock price of Livedoor Marketing Co.

Following the accounting scandal surrounding the Company in
January 2006, Livedoor's stock price plunged to JPY94 per share
from over JPY300 per share.  Livedoor was delisted from the
Tokyo Stock Exchange on April 14, 2006.


METALDYNE CORP: Moody's Junks Ratings on US$400MM Senior Notes
--------------------------------------------------------------
Moody's Investors Service changed the review of the ratings of
Metaldyne Corporation and its wholly-owned subsidiary, Metaldyne
Company LLC, to direction uncertain from under review for
possible upgrade.  The change is prompted by published reports
that Metaldyne's 11% senior subordinated noteholders have
entered into an agreement which provides that its signatories
will not tender the notes nor provide any requested consent
absent an approval by 90% of the principal amount of the
signatories of the lockup agreement, and at least 2/3 of the
number of signatories of the lockup agreement.

Each of the signatories to the lockup agreement will be
required to tender or provide consents if a supermajority of the
signatories to the lockup agreement accepts a tender or provides
consent.  This agreement decreases Metaldyne's flexibility in
tendering or renegotiating the 11% senior subordinated notes in
its attempt to complete the earlier announced agreement for
Metaldyne to be acquired by Asahi Tec Corporation.

The ratings under review, direction uncertain are:

Metaldyne Corporation:

   * Corporate Family Rating, Caa1;

   * US$150 million of 10% guaranteed senior unsecured notes due
     Nov. 2013, Caa2;

   * US$250 million of 11% guaranteed senior subordinated notes
     due June 2012, Caa3;

Metaldyne Company LLC

   * B2 rating for Metaldyne LLC's guaranteed senior secured
     credit facilities, consisting of:

   * US$400 million guaranteed senior secured tranche D term
     loans due Dec. 2009;

   * US$50 million guaranteed senior secured revolving credit
     facility due Aug. 2011;

   * US$150 million Synthetic L/C Facility due Aug. 2011;

The last rating action was on Sept. 1, 2006 when the ratings
were placed under review for possible upgrade based on the
announcement that Metaldyne had signed an agreement to be
acquired by Asahi, and on the potential financial and strategic
benefits that might result from the transaction.  Moody's review
noted, however, that the completion of the transaction is
subject to certain conditions including the successful tender of
a portion of the company's existing public debt and the granting
of waivers for the change of control language in the bond
indentures.

The decision by the holders of the senior subordinated notes to
enter into the lockup agreement could increase the financial
costs of proceeding with the acquisition or could result in a
failure to achieve the waivers necessary for the transaction to
proceed.

Moody's review will continue to consider the financial benefits
and strategic business opportunities which could come to
Metaldyne under a business combination with Asahi Tec.  The
review will also consider the current adverse business
environment in the auto components sector, including recently
announced production cutbacks in North America.

Headquartered in Plymouth, Mich., Metaldyne Corp --
http://www.metaldyne.com/-- is a leading global designer and   
supplier of metal-based components, assemblies and modules for
transportation related powertrain and chassis applications
including engine, transmission/transfer case, wheel end and
suspension, axle and driveline, and noise and vibration control
products to the motor vehicle industry.

The company has operations in these Asian locations: Suzhou,
China; Pyeongtaek, Korea; Yokohama, Japan and Jamshedpur, India.


MITSUBISHI UFJ TRUST: Records JPY219-Billion Consolidated Income
----------------------------------------------------------------
Mitsubishi UFJ Financial Group, Inc., the parent company of
Mitsubishi UFJ Trust and Banking Corp., reported a net income of
JPY219.5 billion for the first quarter ending June 30, 2006, a
decrease of JPY40.8 billion from the net income of
JPY260.4 billion for the same quarter in 2005.

Mitsubishi UFJ Financial reported a consolidated net interest
income of JPY470.7 billion and a JPY75.9-billion increase in
gross profit to JPY841.5 billion.  

Operating expenses for the quarter in review was also up by
JPY66.0 billion to JPY504.8 billion, giving the company a net
business profit of JPY336.6 billion.

As of June 30, 2006, loans went down to JPY666.0 billion from
the end of March 2006 mainly due to decreases in lending to
large and medium corporations.  Deposits were likewise down to
JPY2.5 trillion mainly due to a decline in corporate deposits.  
The company's NPL ratio was down to 1.88%, while its capital
ratio stood at 11.75% as of June 30, 2006.

           About Mitsubishi UFJ Trust and Banking Corp.

Mitsubishi UFJ Trust and Banking Corp. --
http://www.tr.mufg.jp/english/-- is one of Japan's leading  
asset-management companies with JPY28 trillion in managed
assets, Mitsubishi UFJ Trust and Banking meets the needs of
international investors with a variety of creative investment
products.

Fitch Ratings upgraded Mitsubishi UFJ Trust and Banking's
individual rating to C from C/D on January 1, 2006.


MITSUBISHI UFJ TRUST: Posts JPY37.4-B Net Income For June Qtr.
--------------------------------------------------------------
Mitsubishi UFJ Trust and Banking Corporation posted a net income
of JPY37.4 billion for the first quarter ended June 30, 2006, up
JPY14.1 billion from the JPY23.2 billion it posted in the same
quarter last year.

The company's gross profit was JPY25.1 billion better for the
quarter in review, from JPY83.4 billion in the first quarter
ended June 30, 2005, to JPY108.6 billion, mainly due to a
JPY38.6-billion improvement in net interest income to
JPY73.5 billion.

The company posted a JPY56.6-billion net operating profit with
an expense account amounting only to JPY52.0 billion

           About Mitsubishi UFJ Trust and Banking Corp.

Mitsubishi UFJ Trust and Banking Corp. --
http://www.tr.mufg.jp/english/-- is one of Japan's leading  
asset-management companies with JPY28 trillion in managed
assets, Mitsubishi UFJ Trust and Banking meets the needs of
international investors with a variety of creative investment
products.

Fitch Ratings upgraded Mitsubishi UFJ Trust and Banking's
individual rating to C from C/D on January 1, 2006.


NOMURA HOLDINGS: Discloses Stock Acquisition Rights Issue
---------------------------------------------------------
Nomura Holdings, the parent company of Nomura Securities Co.
Ltd., has revealed that its Group Executive Management Committee
has approved the issuance of stock acquisition with its stock
option plan, the company said in a statement.

The issuance is in accordance with Articles 236, 238 and 239 of
the Corporation Law of Japan as well as a resolution passed at
the company's 102nd Ordinary General Meeting of Shareholders
held on June 28, 2006.

The stock acquisition rights will be used as a means of both
enhancing performance-based incentives for employees of
subsidiaries of Nomura Holdings, as well as in order to acquire
talented personnel.

                     About Nomura Securities

Nomura Securities Co., Ltd. -- http://www.nomura.co.jp/-- is a  
wholly owned subsidiary of Nomura Holdings, Inc., which forms
part of the Nomura Group. NSC plays a central role in the
securities business, the Group's core business. Established
December 25, 1925, it is the oldest brokerage firm in Japan. It
is named after its founder Tokushichi Nomura II, a wealthy
Japanese stockbroking tycoon.

NSC provides a range of services through the capital markets
including investment advisory services and fund raising.

Fitch Ratings gave Nomura Securities a C individual rating on
April 13, 2006.

                      About Nomura Holdings

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

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


SKYLARK CO: To Start Using U.S. Beef in 2007
--------------------------------------------
Skylark Co. will start using beef imported from the United
States in 2007 after the supply of American beef to the Japanese
market grows, the company's chairman and chief executive, Kiwamu
Yokokawa, told Kyodo News.

Mr. Yokokawa added that Skylark will not use the beef within
this year due to its limited supply following the government's
decision to lift its import ban on U.S. beef in July 2006.

Skylark restaurants will clarify on its menus which dishes
contain U.S. beef, Mr. Yokokawa said.

Most of the nation's major supermarkets and restaurant operators
have yet to sell or use the beef, saying they need more time to
confirm the safety of American beef, Kyodo says.

Headquartered in Tokyo, Japan, Skylark Co. Ltd. --
http://www.skylark.co.jp/-- operates a chain of family  
restaurants in Japan through the following divisions:
Restaurants and food; Construction and maintenance and Other.  
The Restaurants and food division engages in restaurant chain
operations, sale of food materials and prepared foods, food
transportation and cleaning.  The Construction division deals
with design, construction and repairs of restaurants and
maintenance of building facilities.  The Other business division
deals with wallpaper, manufacture and sale of automobile goods,
real estate buying and selling and hotels and condominium
operations.

The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Standard & Poor's Ratings Services had
lowered its long-term corporate credit and senior unsecured debt
ratings on Skylark Co. Ltd. by two notches to 'BB' from 'BBB-',
on expectations of weakening profitability and a deterioration
in he company's debt structure over the next one to two years,
due to an increase in bank borrowings to carry out a management
buyout and to enhance the profitability of its existing
restaurants.

At the same time, S&P removed Skylark's ratings from CreditWatch
where they were placed with negative implications on June 9,
2006, after its announcement that it would conduct an MBO
through a tender offer for Skylark shares, aimed at privatizing
the company.


TOKYO DOME: Lone Star to Buy Tokyo Dome Unit for JPY50.5 Billion
----------------------------------------------------------------
Tokyo Dome Corp. will sell its lending unit -- Korakuen Finance
Co. -- to United States-based buyout firm Lone Star Funds for
JPY50.5 billion (US$429 million), Bloomberg News reports.

Bloomberg's Takahiko Hyuga notes that Korakuen provides
financing to 30 small consumer lenders that include Sanwa
Finance Inc., and has about JPY158 billion (US$1.3 billion) in
assets.

The purchase will be executed by Lone Star's Japan investment
unit, Lone Star Japan Acquisitions Ltd., Bloomberg cites Shinji
Kushiro, senior managing executive officer at Tokyo Dome, as
stating in a press conference in Tokyo.

Lone Star, the report says, hopes to strengthen its consumer
finance business by acquiring Korakuen.  The industry faces
consolidation after the government said it will lower the cap on
interest rates they can charge, Bloomberg recounts.  Lone Star
is betting it can turn the Tokyo Dome unit around by
implementing controls and tougher lending criteria.

Mr. Kushiro confirmed that the deal price is about
JPY50.5 billion and disclosed that the company has loaned 123
billion to its consumer lender clients.

Tokyo Dome posted a JPY97.1-billion loss for the six months
ended July 31, 2006, after setting aside about JPY23 billion for
possible bad loans at Korakuen Finance, Bloomberg notes.  The
main concern is that changes in laws affecting the consumer
finance industry may lead to losses and loan write-offs.

Bloomberg says that Mizuho Securities Co., an investment banking
unit of Japan's second-largest lender, advised Tokyo Dome on the
deal.

                     About Lone Star Funds

Lone Star Funds -- http://www.lonestarfunds.com/-- are closed-
end, private-equity limited partnerships that include corporate
and public pension funds, university endowments, foundations,
bank holding companies, family trusts and insurance companies.
Since 1995, the principals of Lone Star have organized private
equity funds totaling more than US$13.3 billion to invest
globally in secured and corporate unsecured debt instruments,
real estate related assets and select corporate opportunities.
Lone Star has affiliate offices in London, Tokyo, Seoul, Taipei,
Dallas, Dublin, Brussels, Luxembourg, and Frankfurt.  Its
general partner is a Bermuda-based entity headquartered in
Hamilton.

                       About Tokyo Dome

Established in 1936 to manage Korakuen Stadium (now known as
Tokyo Dome), Tokyo Dome Corp. -- http://www.tokyo-dome.co.jp/--   
operates sport and leisure facilities through four sectors:

   (a) Sports/Leisure Division -- manages the baseball stadium
                                  Tokyo Dome, golf courses,
                                  amusement parks and ski
                                  resorts;
   (b) Hotels Division         -- manages city hotels and resort
                                  hotels;
   (c) Retail Division         -- sells sports and variety
                                  goods; and
   (d) Other Operations        -- building management and
                                  administration and travel
                                  agencies.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Aug. 2,
2006, that Rating & Investment Information Inc. had affirmed its
'BB+' rating on Tokyo Dome Corp., after the Company adjusted its
forecasted results for the July 2006 interim period to a
JPY70.9-billion net loss.

In addition to adopting impairment loss accounting on fixed
assets that it had announced earlier, Tokyo Dome will also
dispose of provisions for its finance business, which would
significantly erode equity capital.


TOKYO DOME: To Cut Debt by 40% by Selling Golf Courses & Hotels
---------------------------------------------------------------
Tokyo Dome Corp. plans to reduce its consolidated interest-
bearing debt by nearly 40% to slightly more than JPY190 billion
over four years through January 2010 by selling some more of its
assets, AFX News Limited reports, citing The Nihon Keizai
Shimbun.

AFX relates that Tokyo Dome had earlier decided to sell its
financial operations to United States-based investment firm Lone
Star Funds.

Tokyo Dome now plans to sell six more facilities, including golf
courses, hotels and amusement parks across Japan, AFX says.  The
golf courses and resorts are expected to fetch more than
JPY10 billion in aggregate.

The report notes that so far, about a dozen foreign investment
funds and non-financial companies have expressed interest to buy
the Tokyo Dome assets, but the Company has narrowed prospective
buyers to about three or four based on such conditions as the
continued employment of workers.

Tokyo Dome hopes to sell the assets by April 2007.  AFX says
that the move spells the completion of Tokyo Dome's disposal of
unprofitable businesses.

Using more than JPY60 billion in proceeds from these deals,
Tokyo Dome aims to first cut its interest-bearing debt by 31%
from JPY305.3 billion at the end of last fiscal year to
JPY212 billion by the end of January 2008, AFX points out.  
Tokyo Dome, according to the report, then intends to reduce the
figure by another JPY20 billion over the following two years by
securing net profits of more than JPY10 billion.

                       About Tokyo Dome

Established in 1936 to manage Korakuen Stadium (now known as
Tokyo Dome), Tokyo Dome Corp. -- http://www.tokyo-dome.co.jp/--   
operates sport and leisure facilities through four sectors:

   (a) Sports/Leisure Division -- manages the baseball stadium
                                  Tokyo Dome, golf courses,
                                  amusement parks and ski
                                  resorts;
   (b) Hotels Division         -- manages city hotels and resort
                                  hotels;
   (c) Retail Division         -- sells sports and variety
                                  goods; and
   (d) Other Operations        -- building management and
                                  administration and travel
                                  agencies.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Aug. 2,
2006, that Rating & Investment Information Inc. had affirmed its
'BB+' rating on Tokyo Dome Corp., after the Company adjusted its
forecasted results for the July 2006 interim period to a
JPY70.9-billion net loss.

In addition to adopting impairment loss accounting on fixed
assets that it had announced earlier, Tokyo Dome will also
dispose of provisions for its finance business, which would
significantly erode equity capital.


* Fitch Says Municipal Bankruptcy Law to Promote Borrowing Shift
----------------------------------------------------------------
Fitch Ratings commented that as Japan's central government
promotes migration of municipal borrowing from traditional
government-owned or -managed lenders to the private capital
markets, municipal bankruptcy law can assist this transition by
providing a clear and uniform process by which to balance the
interests of a municipality with those of its creditors. Japan's
Ministry of Internal Affairs and Communications established a
panel of experts this August to consider whether the country
should have a municipal bankruptcy law.

Municipal bankruptcy law in the U.S. (commonly called Chapter 9)
has a long-established history, having been in effect
continuously since 1937, so it is not surprising that the
Japanese market references Chapter 9 as it ponders its own
municipal bankruptcy law.  "Any law promulgated in Japan should
reflect the country's legal and regulatory framework for how
financially stressed municipalities can provide essential public
services while reorganising their debts, and how creditors can
get paid for amounts owed," said William Streeter, Managing
Director and Head of International Public Finance Japan and Asia
Pacific.  It also needs to co-exist with Japan's comprehensive
system of intergovernmental relations.  The agency announced
this conclusion in a new report entitled "Conversations about
Public Finance - Japan: The Advent of Municipal Bankruptcy Law
in Japan."

This report provides a summary of U.S. municipal bankruptcy law,
how it evolved, and how it balances the interests of both the
municipality and its creditors.  It also provides the only
financial markets analysis of implementing such a law in Japan.

Firstly, it is unlikely that active capital markets
participation in the financing of local government needs will be
possible without a clear and uniform process that balances the
interests of both a municipality and its creditors.

Secondly, the municipality's desire during a debt reorganization
to make its debt service affordable and a creditor's desire to
get paid in full are complemented by the perpetual tax and user
fee generating capability of many municipal entities.  Separate
from default risk, the recovery prospects should be far better
for the local government sector than for any corporate sector.

Thirdly, since the central government in Japan decides both
municipal law and bankruptcy law, the design and implementation
of municipal bankruptcy law should be far easier in Japan than
it was in the U.S. where the federal court system needs to
continuously balance its authority against the sovereignty of
state governments.

Fourthly, despite recently publicized incidents of municipal
financial stress in Japan, municipal bankruptcy in Japan is
likely to be rare due to the relative wealth of local
governmental taxable resources in Japan, and the ongoing
strength of the system of intergovernmental relations even after
reform.  "There should be a desired goal in Japan of avoiding
municipal bankruptcy by strengthening the role of administrative
oversight, increasing transparency of consolidated municipal
financial results, and promoting the use of debt ratings in
order to foster market discipline," according to Mr. Streeter.

Finally, and contrary to some market analysis, municipal ratings
migration will not emanate from the introduction of municipal
bankruptcy law.  Ratings migration and a broadening municipal
ratings spectrum will occur in relation to the pace and
direction of decentralisation, and as a far greater number of
local governments enter the capital markets after being diverted
away from traditional sources of lending, such as from Zaito
agencies and the postal system.

"Conversations about Public Finance - Japan" is a series of
special reports, with topics that are designed to be of interest
to investors, investment bankers and issuers in Japan as that
country's process for decentralising governmental responsibility
unfolds.  This is the second report of the series.


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

DURA AUTOMOTIVE: Unit Unable to Make Interest Payment on Notes
--------------------------------------------------------------
Dura Operating Corp., a wholly owned subsidiary of Dura
Automotive Systems Inc., will not make the US$17,250,000
interest payment due on Oct. 16, 2006 on Dura Operating's
outstanding 8-5/8% Senior Notes due 2012.

The Indenture relating to the Notes provides a 30-day grace
period before the nonpayment of interest due on the Notes will
constitute an event of default under the Indenture.  Upon any
event of default, BNY Midwest Trust Company, the Trustee under
the Indenture, or the holders of at least 25% in principal
amount of the outstanding Notes, would be entitled to declare
all of the Notes to be due and payable immediately.  In
addition, under the Indenture, following the thirty-day grace
period, the Trustee could pursue any available remedy to collect
the payment of principal and interest on the Notes or to enforce
the performance of any provision of the Notes or the Indenture.

Under the Indenture, the Dura Operating must pay interest on
overdue installments of interest without regard to any grace
period at the rate of 9-5/8% per annum.  Currently US$400
million in aggregate principal amount of the Notes is
outstanding.

                        Event of Default

The failure by Dura Operating to make the interest payment on
the Notes will constitute an immediate event of default under
Dura Operating's asset-based revolving credit facility.  The
failure by the Dura Operating to make the interest payment on
the Notes upon the expiration of the 30 day grace period will
also constitute an event of default under Dura Operating's
outstanding 9% Senior Subordinated Notes due 2009 and Second
Lien Term Loan.  Upon any such event of default, the applicable
trustee or administrative agent, as the case may be, or the
holders of at least 25% in principal amount of the outstanding
series of Senior Subordinated Notes or Second Lien Term Loan,
will be entitled to declare all such indebtedness to be due and
payable immediately.

Dura Automotive had previously said that it is evaluating its
capital structure with a focus on reducing its long-term debt.  
This financial restructuring would be in addition to the
comprehensive operational restructuring that Dura Automotive is
undertaking in response to challenging industry conditions.
Industry conditions continue to deteriorate, with announcements
over the past several weeks from all three North American OEMs
of additional significant production cuts.  In addition, raw
material prices have continued to be at or near record levels.  
Dura expects that the deterioration of industry conditions will
require it to undertake a debt restructuring in the near term.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia,
specifically in China, Japan and Korea.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

As reported by the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on September 20, 2006, lowered Dura
Automotive's Corporate Family Rating to 'Ca' from 'Caa1'.


DURA AUTOMOTIVE: Non-Payment of Interest Cues S&P's D Rating
------------------------------------------------------------
Standard & Poor's Ratings Services took the following rating
actions on Dura Automotive Systems Inc. and its subsidiary, Dura
Operating Corp., following the company's announcement that it
will not make a required bond interest payment that is due
[Mon]day:
   
   -- the corporate credit rating on Dura was lowered
      to 'D' from 'CCC';

   -- the rating on Dura Operating's US$400 million
      senior notes due 2012, for which the interest payment
      is due, was lowered to 'D' from 'CC';

   -- Dura's senior secured debt rating was lowered to 'CC'
      from 'CCC+' and placed on CreditWatch with
      negative implications.  The '1' recovery rating on
      the secured debt was affirmed; and
     
   -- Dura's 'CC' subordinated debt rating was placed
      on CreditWatch with negative implications.
     
Dura has suffered from poor operating results in recent years
because of:

   -- lower vehicle production from its large U.S. customers,

   -- unfavorable product mix,

   -- higher-than-expected raw material costs, pricing
      pressure,  and

   -- a bloated overhead cost structure relative to
      current revenue generation.  

Dura's recent financial results were substantially below prior-
year levels: During the second quarter, EBITDA was down US$29
million (60%) from last year, and the company's free cash flow
was negative US$50 million.  Although automotive industry
conditions were difficult during the second quarter, Dura's
performance was much worse than expected.  Industry pressures
have intensified since the second quarter, and Standard & Poor's
believes current financial performance has deteriorated further.
     
Dura is evaluating its capital structure in light of earnings
and cash flow pressures.  The company exercised its right to
defer dividend payments on its preferred stock earlier this
month to preserve cash.

"Dura has a 30-day grace period to make the interest payment on
its senior notes before default would occur, but we do not
expect the company to make the interest payment.  We believe the
risk of a bankruptcy filing in the next few weeks is high.  If
the company were to file for bankruptcy, the senior secured and
subordinated debt ratings on the company would be lowered to
'D'," said Standard & Poor's credit analyst Martin King.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia,
specifically in China, Japan and Korea.


HANAROTELECOM INC: KIS Raised Credit Rating to BBB+
---------------------------------------------------
Korea Investors Service on October 13, 2006, adjusted
hanarotelecom Inc.'s credit rating upward by one notch from BBB
to BBB+, the company said in a press release.

KIS explained in its analysis report that this upward adjustment
of the company's credit rating resulted from several positive
factors including the company's stable subscriber base, abundant
cash-flow/continuous decrease in financial burden, and increase
in customer value boosted by the advance of convergence.

According to KIS's analysis report, the credit rating adjustment
was mostly attributed to a significant increase in the company's
customer value accompanied by the advance of convergence between
telecommunication and broadcasting as well as between fixed line
and mobile given that the company's network and subscriber base
were expected to further expand to cover VoIP, IPTV, and other
businesses with the development of convergence.

Janice Lee, hanarotelecom's CFO, remarked that she was glad that
the company's value was recognized while hanaTV, its commercial
telecommunication-broadcasting convergence service, was
successfully run. She explained that this adjustment in the
company's credit rating would greatly contribute to an upgrade
of its external credibility and an improvement in its financial
structure including a great reduction in financing cost.

                   About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second  
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


THOMAS EQUIPMENT: Considering Sale of All Assets
------------------------------------------------
Thomas Equipment, Inc., has expanded its view of possible
restructuring alternatives for the company's businesses and
assets.

In addition to the company's consideration of a sale of the
Thomas 2004 assets, the Board of Directors is also considering
the sale of all assets of the company in a single transaction.

The Company and its representatives are in discussions with
various parties concerning a number of alternative transaction
structures.

                     About Thomas Equipment

Headquartered in Milwaukee, Wisconsin, Thomas Equipment, Inc. --
http://www.thomas-equipment.com/-- is a technologically  
advanced  global manufacturer of a full line of skid steer and
mini skid steer loaders as well as attachments, mobile screening
plants and six models of mini excavators.  The company
distributes its products through a worldwide network of
distributors and wholesalers.  In addition, the company's wholly
owned subsidiaries manufacture specialty industrial and
construction products, a complete line of potato harvesting and
handling equipment, fluid power components, pneumatic and
hydraulic systems, spiral wound metal gaskets, and packing
material.  The company maintains an office in Korea.

At March 31, 2006, Thomas Equipment Inc.'s balance sheet showed
a stockholders' deficit of US$31,289,000, compared to a
US$67,129,000 at June 30, 2005.


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

MYCOM BERHAD: To Seek Shareholders' Approval on General Mandate
---------------------------------------------------------------
Mycom Berhad disclosed on September 29, 2006, that during the
Company's 39th annual general meeting, it will seek the approval
of its shareholders for a proposed renewal of a mandate for
recurrent related party transactions of a revenue or trading
nature.  Moreover, Mycom will also seek the shareholders'
approval for the proposed renewal of a general mandate for
financial assistance vide an ordinary resolution, pursuant to
Paragraph 10.09 of the Listing Requirements of Bursa Malaysia
Securities Berhad.

                      About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  As of
March 31, 2006, the Company registered accumulated losses of
MYR1,155,517,000.  The Company's June 30, 2006, balance sheet
revealed total assets of MYR817,965,000 and total liabilities of
MYR1,351,772,000, resulting into a stockholders' deficit of
MYR521,083,000.


NORTH BORNEO: Submits 2005 Annual Accounts to Bursa Securities
--------------------------------------------------------------
The North Borneo Corporation Bhd submitted its outstanding
annual audited accounts for the financial year ended Dec. 31,
2005, to Bursa Securities on November 2, 2006.  However, as at
to-date, the Company has yet to submit its Annual Report for the
financial year ended December 31, 2005, which was due to be
submitted to Bursa Securities for public release on June 30,
2006.

Previous reports of the TCR-AP state that the Company violated
the Listing Rules of Bursa Securities by failing to issue for
public release its annual audited accounts for the 2005
financial year by the April 30, 2006 deadline.  As a result, the
Bursa Securities publicly reprimanded and imposed a fine on the
Company.

                      About The North Borneo

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.

Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.  On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts.  The Plan, however, met objections from
creditors.  On March 6, 2006, two scheme creditors of North
Borneo -- Sabah Development Bank and Prokhas Sdn Bhd --
withdrew their support of the Company's proposed debt
restructuring, saying that they are no longer agreeable to the
terms of the planned business disposal as part of the
restructuring program.

The Company's March 31, 2006 balance sheet showed total assets
of MYR1,662,000 and total liabilities of MYR163,379,000
resulting into a MYR161,717,000 deficit in shareholders' funds.


PSC INDUSTRIES: Court Grants Restraining Order
----------------------------------------------
Pursuant to Sections 176(1) and 176(10) of the Companies Act,
1965, PSC Industries Bhd and its wholly owned subsidiary, Penang
Shipbuilding & Construction Sdn Bhd, were granted a restraining
order by the High Court of Malaya on October 17, 2006.

The Restraining Order states that:

(i) PSC Industries may proceed to convene various meetings of
     its members and both PSC Industries and Penang Shipbuilding
     may proceed to convene meetings of certain creditors of
     both companies for the purpose of considering if thought
     fit, approving the proposed schemes of arrangement pursuant
     to Section 176(1) of the Companies Act, 1965; and

(ii) all proceedings against PSC Industries and Penang
     Shipbuilding, including but not limited to wind-up,
     execution and arbitration proceedings already commenced
     against the Group, are restrained and stayed for a period
     of nine months effective from Oct. 17, 2006, to July 16,
     2007.

                       About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan
pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad's Listing Requirements.  As of
March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


SATERAS RESOURCES: Subsidiary Faces Wind-Up Petition
----------------------------------------------------
Cosmopac Sdn Bhd, a wholly-owned subsidiary of Sateras Resources
(Malaysia) Berhad, has been served with a wind-up petition by
Pengurusan Danaharta Nasional Berhad, on October 12, 2006.

Pengurusan Danaharta claims that Cosmopac owes it
MYR46.5 million as per a judgment dated October 10, 2000.  Due
to the default in payment of the amount after the lapse of 21
days, Pengurusan Danaharta then filed a petition with the Court
to wind up Cosmopac pursuant to Section 218(2) of the Companies
Act 1965.

The wind-up petition will have no financial and operational
impact on Sateras as full provision has been made.  However,
Cosmopac said it will pursue its negotiation with Pengurusan
Danaharta to secure an acceptable settlement scheme.

                  About Sateras Resources

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.  As of June 30, 2006, the Company's
financial statements revealed accumulated losses of
MYR412,064,000 and stockholders' deficit of MYR102,430,000.


TENCO BERHAD: Enters Into Settlement Agreement with Lenders
-----------------------------------------------------------
On October 16, 2006, Tenco Berhad, together with wholly owned
subsidiaries Westech Sdn Bhd, Wilron Products Sdn Bhd and Tenco
Industries Sdn Bhd, entered into a settlement agreement for the
full and final settlement of MYR10,000,000 in debts, paid in
cash, with its lenders:

     * Standard Chartered Bank Malaysia Berhad;
     * Deutsche Bank (Malaysia) Berhad;
     * United Overseas Bank (Malaysia) Bhd;
     * Affin Bank (Malaysia) Berhad;
     * Ambank (M) Berhad;
     * Hong Leong Bank Berhad;
     * Malayan Banking Berhad;
     * RHB Bank Berhad;
     * Digital Transmission Systems Sdn Bhd;
     * HSBC Bank Malaysia Bhd; and
     * Malaysian Trustees Berhad (as the coordinator for the
       Lenders)

Tenco financed the settlement sum through a bridging loan
obtained and repayable in full together with interest being six
months London Inter-Bank Offering Rate plus 2% less withholding
tax within 12 months after the date of full draw down.

Tenco, together with its Subsidiaries and Lenders entered into a
Debt Restructuring Agreement and a Security Sharing Agreement
both dated January 31, 2000, to restructure and reschedule the
repayment of indebtedness of Tenco and its Subsidiaries.

On June 1, 2005, a second Debt Restructuring was made to further
restructure and reschedule the repayment of the indebtedness of
Tenco and its Subsidiaries, pursuant to the first Debt
Restructuring and the Security Sharing.

However, due to the poor historical financial performance of
Tenco Group, its banks borrowings were defaulted in repayment.
As at December 31, 2005, the total amount owed by Tenco Group to
its Lenders as per the Settlement Agreement stood at
MYR37,940,532.

The debt settlement will give rise to a gain of approximately
MYR24,463,000 for Tenco Group for the financial year ending
March 31, 2007.  The debt settlement is also expected to give
rise to an interest saving of MYR1,988,000 for the same
financial year.

                     About Tenco Berhad

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

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


UNITED CHEMICAL: Total Default Reaches MYR10,109,517 as of Sept.
----------------------------------------------------------------
On October 11, 2006, United Chemical Industries Berhad disclosed
that as at September 30, its total default stands at
MYR10,109,517, comprising of:

   -- MYR6,349,332 owed to RHB Bank Berhad as an unsecured term
      loan; and

   -- MYR3,760,184 owed to Bank Industri Malaysia Berhad as
      secured term and revolving credits.

The Troubled Company Report - Asia Pacific recounts that as of
August 31, 2006, United Chemical's outstanding loans default
aggregated to MYR10,034,115.

                   About United Chemical

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company that
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

As of March 31, 2006, the Company posted accumulated losses of
MYR94,030,173 and a shareholders' deficit of MYR72,349,087.


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

AQUIFER SPRING: Creditors Must Prove Debts by October 27
--------------------------------------------------------
Liquidator John Michael Gilbert requires the creditors of
Aquifer Spring Water Company Ltd to submit their proofs of debt
by October 27, 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:

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


BARON CLIFFORD: Liquidation Hearing Slated for November 2
---------------------------------------------------------
A petition to liquidate Baron Clifford Ltd will be heard before
the High Court at Napier on November 2, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on September 15, 2006.

The Solicitors for the Petitioner can be reached at:

         R. J. Collins
         Elvidge & Partners
         c/o Raffles and Bower Streets, Napier
         New Zealand


CAPITAL VENTURES: Creditors' Proofs of Claim Due on October 27
--------------------------------------------------------------
On October 2, 2006, shareholders of Capital Ventures Greenlane
Ltd appointed Laurence George Chilcott and Peter Charles
Chatfield as joint and several liquidators.

Subsequently, the liquidators required the creditors to file
their proofs of claim by October 27, 2006, to be included in any
distribution the company will make.

The Joint Liquidators can be reached at:

         Laurence George Chilcott
         Peter Charles Chatfield
         Smith Chilcott Bertelsen Harry
         Chartered Accountants
         Level Eleven, Shortland Tower One
         51-53 Shortland Street
         (P.O. Box 5545), Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


DESIGNASTRUCT BUILDING: Court to Hear Liquidation Petition
----------------------------------------------------------
The High Court at Wanganui will hear a liquidation petition
against Designastruct Building Systems Ltd on October 27, 2006
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 10, 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


HIHI BEACH: Names McCloy and Agnew as Liquidators
-------------------------------------------------
On September 28, 2006, Hihi Beach Resort Ltd appointed Colin
McCloy and Richard Dale Agnew as joint and several liquidators.

Subsequently, the Joint Liquidators required the Company's
creditors to submit their proofs of claim by December 28, 2006,
or be excluded from sharing in the distribution.

The Troubled Company Reporter - Asia Pacific reported that the
High Court of Auckland was set to hear the Commissioner of
Inland Revenue's petition to liquidate the Company on September
28, 2006.

The Joint Liquidators can be reached at:

         Colin McCloy
         Richard Dale Agnew
         PricewaterhouseCoopers
         Level Eight, PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


KTB PROPERTIES: Liquidation Hearing Set on November 2
-----------------------------------------------------
A petition to liquidate KTB Properties Ltd will be heard before
the High Court at Napier on November 2, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on September 11, 2006.

The Solicitors for the Petitioner can be reached at:

         R. J. Collins
         Elvidge & Partners
         c/o Raffles and Bower Streets, Napier
         New Zealand


TK & SONS: Liquidation Hearing Fixed on November 2
--------------------------------------------------
The High Court at Napier will hear a petition to liquidate TK &
Sons Ltd on November 2, 2006. at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on September 14, 2006.

The Solicitors for the Petitioner can be reached at:

         R. J. Collins
         Elvidge & Partners
         c/o Raffles and Bower Streets, Napier
         New Zealand


TOTAL ENERGY: Creditors Must Prove Claims by October 30
-------------------------------------------------------
The creditors of Total Energy Services Ltd are required to
submit their proofs of claim by October 30, 2006, to Joint
Liquidators Arron Leslie Heath and Lloyd James Hayward.

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:

         Arron Leslie Heath
         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


TRANSOCEANIC SUPPLY: Appoints Joint Liquidators
-----------------------------------------------
On September 28, 2006, Kenneth Peter Brown and Thomas Lee
Rodewald were appointed as joint and several liquidators of
Transoceanic Supply Services Ltd.

The Joint Liquidators can be reached at:

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


WYNDHAM CONSTRUCTION: Mahone Files Liquidation Petition
-------------------------------------------------------
On June 7, 2006, Mahone Management Ltd filed a petition to
liquidate Wyndham Construction Ltd.

Accordingly, on October 12, 2006, the High Court at Auckland was
set to hear the petition.

The Solicitor for the Petitioner can be reached at:

         Anita Legge
         Haigh Lyon  
         34 Shortland Street, Auckland 1010
         New Zealand
         Telephone:(09) 306 0600
         Facsimile:(09) 307 0353


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

APEX MINING: Sets Annual Stockholders' Meeting for November 21
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Aug. 30, 2006, that Apex Mining Company Inc.'s Annual
Stockholders' Meeting, which was earlier postponed from June 28,
2006, to September 27, was further reset to November 8.

In an update, Apex Mining informs the Philippine Stock Exchange
that the ASM will now be held on November 21, 2006, at 9:00
a.m., at the Valle Verde Country Club in Pasig City, to consider
matters including:

   (a) presentation and approval of the Financial Statements as
       of December 31, 2005, embodied in the 2005 Annual Report;

   (b) appointment of external auditors; and

   (c) election of directors.

The Board has fixed the close of business hours on October 16,
2006, as the record date for the determination of stockholders
entitled to notice the meeting and to vote at the specified
election date.

                        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 an equity deficit of PHP1.037 billion.  Current
liabilities exceed current assets by PHP86 million.


ATLAS CONSOLIDATED: Commenced Toledo Mine Initial Rehabilitation
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 12, 2006, the Directors of Atlas Consolidated Mining
and Development Corporation disclosed that initial
rehabilitation work is immediately commencing on its copper mine
in Toledo, Cebu, on the basis of confirmation from Crescent
Asian Special Opportunities Portfolio of an additional
US$13 million drawdown on its US$33 million funding package in
favor of the company's 100%-owned subsidiary Carmen Copper  
Corporation, the operator of the Toledo Copper mine.

In an update, the Board informs the Philippine Stock Exchange
that the US$13-million initial rehabilitation of the Toledo
Copper Mine commenced on September 11, 2006.

According to Kim Freeman, Managing Director, work is ramping up
smoothly with approximately 700 personnel engaged as of
October 18, 2006.  Mining equipment will be imported from Japan
starting in December 2006 through early 2007, Mr. Freeman says.

                Carmen Copper Bank Loan Approved

The Board reports that the Trade and Investment Development
Corporation of the Philippines (Philippine Export-Import Credit
Agency) has approved Carmen Copper Corporation's application for
a bank loan guarantee of up to US$100 million or its Peso
equivalent.  On the basis of this approval, Carmen Copper is
currently in talks with prospective bank creditors to provide
the required debt financing to rehabilitate the mine.

Carmen Copper is Atlas' wholly owned subsidiary that is tasked
to operate the Toledo Copper Mine.

                    About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
December 31, 2005.  Moreover the Company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.


LAND BANK OF THE PHILS: Deutsche Bank Prices US$150-Mln Notes
--------------------------------------------------------------
On October 12, 2006, sole bookrunner Deutsche Bank priced a new
US$150-billion 10 non-call five-year lower tier-2 subordinated
bond for Landbank of the Philippines, Timothy Cuffe of
FinanceAsia reports.

Final pricing for the BB- deal came at par with a coupon of
7.25% equivalent to 252 basis points over US Treasuries, the
report says, adding that the notes step up to Treasury plus 378
basis points if not called.

As reported in the Troubled Company Reporter - Asia Pacific on
October 6, 2006, Fitch Ratings has assigned an expected rating
of 'BB-' to Land Bank's planned subordinated debt issue of up to
US$100 million to US$150 million.

The order book closed to almost US$1 billion, an
oversubscription ratio of over six times, with 108 investors
taking part, FinanceAsia relates, noting that at that level, it
is the largest ever lower tier-2 book ever built.

FinanceAsia reveals that in terms of geography, Singapore
investors accounted for approximately 46% of the offering, 16%
originated from European investors, Hong Kong and Asia were each
allocated 14% and UK-based investors bought the remaining 10%.
By investor type, banks accounted for 31% of the offering, funds
38%, insurers 10%, and retail 21%.

According to FinanceAsia, the deal marks the tightest spread to
sovereign of any bank issue from the Philippines.  At this
level, it came at a 95-100 basis points premium to the sovereign
curve, since the country has a February 2011 issue trading at a
6.11% yield bid, FinanceAsia notes.

FinanceAsia states that investors are very receptive to the
lower tier-2 structure because of the additional yield it
provides as subordinated debt.  Bank capital has been a very
robust asset class in Asia's international debt capital market
this year, particularly in the lower tier-2 space, FinanceAsia
notes.

Lower tier-2 provides a relatively strong level of investor
protection in the event of default of the underlying credit,
FinanceAsia adds.

Land Bank of the Philippines -- http://www.landbank.com/-- is a  
government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining financially viable.  Today, Landbank
claims to be the largest formal credit institution in the rural
areas and to rank among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.  From
its initial role as the financing arm of the agrarian reform,
the bank has evolved into a full-service commercial bank.

On October 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has assigned a Long-term foreign
currency and local currency Issuer Default rating of 'BB', and a
National Long-term rating of 'AA(phi)' to Land Bank of the
Philippines.  The Outlook on the ratings is Stable.  At the same
time, the agency also assigned an expected rating of 'BB-' to
LBP's planned subordinated debt issue of up to US$100 million to
US$150 million.  Fitch also affirmed the bank's Individual and
Support ratings at 'D' and '3', respectively.


MANILA ELECTRIC: To Talk with NAPOCOR for Power Supply Contract
---------------------------------------------------------------
Manila Electric Company confirmed with the Philippine Stock
Exchange that it has agreed with National Power Corporation to
open negotiations for a new power supply contract, citing a
report from the BusinessWorld dated October 16, 2006.

According to BusinessWorld, Meralco and National Power plan
another power supply contract, which could shield consumers from
spikes in prices in the country's electricity spot market.

The paper said the parties have formed negotiating teams to seal
an agreement before year-end or early next year.

                      About Manila Electric

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

                          *     *     *

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

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

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


PHILIPPINE LONG DISTANCE: To Raise 2007 Dividend Payout to 70%
--------------------------------------------------------------
Philippine Long Distance Telephone Co. advises the Philippine
Stock Exchange that it is targeting to increase its dividend
payout in 2007 to 70% of its core earnings.  For 2006, PLDT is
committed to pay common dividends representing 60% of its core
earnings per share, of which an interim dividend per share of
PHP50.00 was already paid in September 2006.

The PLDT Group continues to generate strong free cash flows,
which are sufficient to support the Group's internal
requirements as well as dividend payment commitments to
shareholders.

The company says that while its free cash flow may vary from
time to time due to a number of factors including capex and
working capital requirements, it estimates the annual free cash
flow being generated by PLDT Group to be approximately US$700-
US$800 million per year.

                          About PLDT

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

                          *     *     *

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

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

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


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

CYGNUS REINSURANCE: Proofs of Claim Bar Date is on Nov. 13
----------------------------------------------------------
Cygnus Reinsurance Pte Ltd, which was placed under members'
voluntary liquidation, requires its creditors to file their
proofs of debt by November 13, 2006, to be included in the
Company's distribution of dividend.

The company's liquidator can be reached at:

         Makoto Shioda
         c/o 77 Robinson Road #17-00
         SIA Building
         Singapore 068896


EUROPEAN MICRO: Files 2001 Financials With Going Concern Opinion
----------------------------------------------------------------
European Micro Holdings, Inc., filed its 2001 Annual Report for
the year ended June 30, 2001, with the Securities and Exchange
Commission on Oct. 12, 2006.

Weinberg & Company P.A. in Boca Raton, Fla., raised substantial
doubt about European Micro Holdings, Inc.'s ability to continue
as a going concern after auditing the company's consolidated
financial statements for the year ended June 30, 2001.  The
auditor pointed to the company's net losses, working capital
deficiency, and accumulated deficit.

For the year ended June 30, 2001, the company reported an
US$8,976,000 net loss on US$94,093,000 of total net sales
compared with a US$3,207,000 net loss on US$115,493,000 of total
net sales for the same period in 2000.

At June 30, 2001, the company's balance sheet showed
US$14,068,000 in total assets, US$12,001,000 in total current
liabilities, and US$2,067,000 in total shareholders' equity.

The company had a US$6,556,000 accumulated deficit at June 30,
2001.

A full-text copy of the company's 2001 Annual Report is
available for free at:

               http://ResearchArchives.com/t/s?1371

European Micro Holdings, Inc., was an independent distributor of
microcomputer products, including personal computers, memory
modules, disc drives and networking products, to customers
mainly in Western Europe and to customers and related parties in
the United States and Asia, including Singapore.  The company's
customers consisted of value-added resellers, corporate
resellers, retailers, direct marketers and distributors.  

In July 2001, the management approved a plan for the liquidation
and eventual sale or dissolution of the company.  Accordingly,
it is engaged in an ongoing orderly liquidation of its assets.


GREENLODGE HOLDING: Creditors' Proofs of Debt Due on Nov. 13
------------------------------------------------------------
Chee Yoh Chuang and Lim Lee Meng, as liquidators for Greenlodge
Holding Pte Ltd, which is under voluntary liquidation, ask
creditors of the company to submit their proofs of debt by
November 13, 2006.

Failure to file the proofs of debt by the bar date will exclude
creditors from sharing in the Company's distribution of
dividend.

The company's Liquidators can be reached at:

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


HEXION SPECIALTY: Accrues US$7M in 2Q 2006 for 12 Properties  
------------------------------------------------------------
Hexion Specialty Chemicals Inc. has accrued about US$7 million
at June 30, 2006, and Dec. 31, 2005, for remediation and
restoration liabilities at 12 currently owned facilities.

Of these 12 facilities, two sites are no longer operating. There
are no other parties responsible for remediation at these sites.
Much of the remediation is voluntarily being performed by the
Company for greater control over the costs to be incurred and
the timing of cash flows.

The Company anticipates about US$3 million of these liabilities
will be paid within the next three years, with the remaining
amounts to be paid over the next 10 years. Company estimates
show that costs associated with these sites may fall within a
range of US$6 million to US$13 million, in the aggregate.

                          *     *     *

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 Singapore, 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.


HEXION SPECIALTY: Refinancing Spurs Moody's to Affirm 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 this morning 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
(any second lien stub notes may fall by more than notch
depending on the revised convenants); 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 management expects to generate additional synergies of more
than US$100 million from the original merger and subsequent
acquisitions.  

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 (excluding one-time
extraordinary items) will remain elevated at over 5x and free
cash flow to debt (excluding restructuring costs) 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 Singapore, Australia, China, Korea, Malaysia, New
Zealand, Taiwan, and Thailand.


REFCO INC: Ad Hoc Equity Comm. Objects to Disclosure Statement
--------------------------------------------------------------
The Ad Hoc Committee of Equity Security Holders of Refco, Inc.,
asks the United States Bankruptcy Court for the Southern
District of New York to deny approval of the Debtors' Disclosure
Statement with respect to their First Amended Plan of
Reorganization because it describes a Plan that:

   (i) effectively consolidates parent level entities with other
       debt-laden, subsidiary estates without factual or legal
       basis;

  (ii) provides the parent equity holders with less than the
       would receive in a Chapter 7 liquidation; and

(iii) incorporates other improper provisions.

Paul N. Silverstein, Esq., at Andrews Kurth LLP, in New York,
tells Judge Drain that the Amended Disclosure Statement portrays
the Plan confirmation as consisting of nothing more than the
approval of "a series of interdependent settlements and
compromises" negotiated by certain "Settlement Negotiation
Parties," pursuant to Rule 9019 of the Federal Rules of
Bankruptcy Procedure.

The portrayal is incorrect, and the Disclosure Statement needs
to be clarified, the Ad Hoc Equity Committee asserts.

The Ad Hoc Equity Committee insists that the rights of non-
parties to the "Settlements" should be preserved and must be
addressed at confirmation under Sections 1129(a) and (b) of the
Bankruptcy Code.

Mr. Silverstein argues that the Debtors and the Official
Committee of Unsecured Creditors have the burden of proof by
preponderance of evidence to show that the applicable
requirements of Section 1129 are satisfied as to each disputed
term of the Plan.  The inquiry under Rule 9019, by contrast, is
largely whether an arm's-length compromise on a dispute falls
within the lowest point of range of reasonable outcomes.  Rule
9019 requires a lesser showing virtually by definition.  Thus,
he says, the Disclosure Statement language should be corrected.

Mr. Silverstein notes that the disclosure of the "Settlement" of
the mystery "Substantive Consolidation Dispute" is also woefully
lacking, even by Rule 9019 standards.  He points out that the
Plan Proponents do not describe:

   (i) the particular factors that tend to support or negate
       substantive consolidation under governing Second Circuit
       precedent;

  (ii) the particular constituencies that have opposed or likely
       will oppose substantive consolidation;

(iii) the positions of each constituency;

  (iv) the relative litigation risks or probabilities;

   (v) the relative benefits or harms of substantive
       consolidation; and

  (vi) how substantive consolidation will affect each particular
       Debtor constituency.

Furthermore, the Ad Hoc Equity Committee complains that while
the Plan purports to include a schedule of retained causes of
action, no list of claims has been filed with the Court, and
that schedule is not referenced in the Plan or Disclosure
Statement.  

Mr. Silverstein states that failure to disclose the potential
defendants may preclude a litigation trustee from asserting the
claims post-confirmation.  While the Plan contains a general
reservation clause, it may be insufficient to preserve the
causes of action.

The Ad Hoc Equity Committee also wants the Disclosure Statement
revised to include a meaningful description of potential
defendants against whom the Debtors may hold claims.

In addition, Mr. Silverstein contends that the Disclosure
Statement does not contain any information regarding the Plan
administrator's or the litigation trustee's selection,
qualifications, and compensation.

The Disclosure Statement contains no Chapter 7 liquidation
analysis, Mr. Silverstein further notes.

The statement that the Ad Hoc Equity Committee members acquired
their interests at "distressed prices" is irrelevant and largely
false, since those holders purchased shares on open market
trades, Mr. Silverstein argues.

"If [that] statement is made as to the Ad Hoc [Equity] Committee
members, the Disclosure Statement should state that the RGL
notes are held by many 'distressed' investors who purchased
those securities after the bankruptcy filing for as little as 23
cents on the dollar," Mr. Silverstein asserts.

The Ad Hoc Equity Committee also asserts that the Disclosure
Statement should disclose:

   -- the terms of a Litigation Trust Agreement, which will
      control and materially affect ultimate distributions to be
      received by stakeholders;

   -- the terms of Private Actions Trust as contemplated by a
      Global Term Sheet;

   -- claims and potential conflicts between the Private Actions
      Trust and the Litigation Trust, including the potential
      for limited recoveries against insolvent defendants,
      tension or inconsistencies in claims; and

   -- the directors and officers to be released, along with any
      potential estate or third party claims against those
      parties.

The Ad Hoc Equity Committee proposes that the boiler-plate
language in the Disclosure Statement about "forced sale"
discounts and erosion in value in a Chapter 7 liquidation should
be excised because the Debtors are being liquidated, and their
assets have largely already been sold.

Moreover, the Ad Hoc Equity Committee proposes that the Debtors
should describe alternatives to the Plan consummation, including
comparative de-consolidated results for different estates and
classes.  The Plan release should also be clarified to state
that the release of certain lenders does not release those
parties in any other capacity, including their capacities as
underwriters.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO INC: Files Modified Amended Disclosure Statement in NY
------------------------------------------------------------
To resolve various issues with regard to the Disclosure
Statement, Refco Inc. and its debtor-affiliates, the Official
Committee of Unsecured Creditors, the Additional Creditors
Committee, and Marc S. Kirschner, the Chapter 11 trustee for
Refco Capital Markets, Ltd., delivered a modified Disclosure
Statement with respect to their First Amended Plan of
Reorganization to the United States Bankruptcy Court for the
Southern District of New York on Oct. 13, 2006.

The Modified Disclosure Statement incorporates the Plan
Proponents' consolidated response to the Disclosure Statement
Objections.

The Plan Proponents assert that a number of the Disclosure
Statement Objections are, in reality, objections to Plan
confirmation rather than to the adequacy of the disclosure.  
Those objections, if left unresolved through negotiations that
will no doubt take place between the parties after the
Disclosure Statement hearing, should be considered at the
proposed Plan confirmation hearing on Dec. 15, 2006.

To obviate the need for formal objections, the Plan Proponents
encouraged parties-in-interest who had disclosure concerns to
communicate their concerns to the Plan Proponents informally.  
Thus, a number of potential objections were informally resolved
and the modified Disclosure Statement now contains language
reflecting those resolutions.  In addition, the Plan Proponents
modified in some instances the Disclosure Statement to correct
and update previously reported information.

None of the Objections to Plan confirmation lead to the
conclusion that it is impossible to confirm the Plan as written.
Therefore, the Plan Proponents ask the Court to overrule all
Objections and approve the Modified Disclosure Statement.

A blacklined copy of the Modified Disclosure Statement is
available at no charge at:

          http://ResearchArchives.com/t/s?1387

       Plan Proponents' Reply to FXA Customers' Objection

To provide full disclosure to the Refco F/X Associates, LLC
customers regarding the basis for their claims classification,
the Plan Proponents modified their Disclosure Statement to add
provisions supplementing the description of how FXA's business
operated and the relationship between FXA and FXCM and between
FXA and its customers.

According to J. Gregory St. Clair, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in New York, the Disclosure Statement
now clarifies that clients that trade in foreign currencies are
not protected in the same manner as customers that engage in
securities transactions with a stockbroker and are not granted a
statutory priority in the event of the liquidation of the
foreign exchange dealer.  The Disclosure Statement further notes
that customer deposits were not required to be, and were not,
segregated by FXA.

Accordingly, the Debtors contend that the FXA clients merely
hold general unsecured claims against the FXA estate.

                    Constructive Trust Action


Mr. St. Clair reminds Judge Drain that several parties also
objected that:

   -- there was not disclosure regarding a recent adversary
      proceeding that was brought on behalf of certain FXA
      clients alleging that the customers' deposits do not
      constitute the property of FXA or RCM or their bankruptcy
      estates;

   -- FXA and RCM have been unjustly enriched by those customer
      deposits; and

   -- the plaintiffs are entitled to the value of the customer
      deposits.

To address that issue, the Plan Proponents have included a new
provision that describes the allegations contained in the
Constructive Trust Action.  The Modified Disclosure Statement
also discloses that the Debtors dispute the allegations in the
Constructive Trust Action and all other assertions that the FXA
customers are anything other than holders of prepetition non-
priority general unsecured claims against FXA.

The Modified Disclosure Statement further includes:

   (i) the position of the RCM Trustee that any claim or cause
       of action asserting that any Assets in Place are not the
       property of RCM, including any claim or cause of action
       in the nature of constructive trust, is barred and can no
       longer be pursued against RCM, except where expressly
       reserved for in the orders entered in the Assets in Place
       Adversary Proceeding; and

  (ii) FXA's position that the constructive trust claim against
       RCM asserted in the constructive trust action belongs to
       FXA and not the FXA clients.

                       Other Modifications

The Plan Proponents state that the approximately 16 pages of
disclosure in the Disclosure Statement dedicated to describing
the "Settlements" embodied in the Plan is more than adequate of
disclosure related to the proposed waiver of FXA's intercompany
claim against RCM under the Plan.  Whether it is appropriate for
that release to be approved as part of the Plan is a matter that
will be decided as part of the confirmation hearing, Mr. St.
Clair says.

The Plan Proponents added a new section to the Disclosure
Statement that specifically addresses the issue of the lack of
any disclosure regarding Saeed Abdulrahman Alqahtani's
US$5,800,000 administrative claim.  The Plan Proponents disclose
that they estimate that certain FXA customers had postpetition
net gains of approximately US$10,000,000.

With respect to the FXA Japanese clients' objections, the Plan
Proponents have materially expanded their discussion regarding
the formation of RefcoFX Japan KK, the relationship between FXA,
FXCM, Refco Japan, the FXA Japanese clients, and the Hong Kong
Shanghai Banking Corp. bank account held by Refco Japan.  The
Plan Proponents have also provided additional disclosure
regarding the pending actions in Japan against Refco Japan, and
the turnover action recently commenced by FXA against FXCM,
Refco Japan, Hong Kong Shang Hai Banking Corp., and certain FXA
Japanese clients.

Moreover, the Plan Proponents have supplemented the Disclosure
Statement to reflect Russia Growth Fund's concerns.  However,
the Plan Proponents note that neither the Plan nor the RCM
Settlement Agreement contemplate different distribution
mechanics or economic terms as a result of RCM being
administered in either Chapter 7 or Chapter 11.

Mr. St. Clair explains that the Plan simply provides the option
for the Debtors and the RCM Trustee to choose an applicable
chapter of the Bankruptcy Code if they believe one to be more
likely to facilitate distributions.  Neither Russia Growth Fund
nor any RCM creditor has raised objections as to the disclosures
in respect of fundamental distribution or economic terms.  As
such, he says, it would appear that Russia Growth Fund,
regardless of the conversion issue, has sufficient informatio to
assess the Plan and potential corresponding recoveries.

With respect to the objections raised by the Ad Hoc Equity
Committee of Security Holders, Mr. St. Clair argues that the
Debtors' contribution toward a common settlement fund is not co-
extensive with "substantive consolidation" of the Debtors'
estates.  The Plan does not currently contemplate "substantive
consolidation," but instead, it is predicated on a "voluntary
pooling of assets" of Debtors that remain separate legal
entities, he says.

Mr. St. Clair further asserts that the Equity Committee
understates, and in many cases ignores, the liabilities existing
at Refco.

"Contrary to the Equity Committee's assertions, it is not the
case that Refco Inc. is a debt-free parent that owns all Refco-
related claims and is immune to all defenses or counterclaims
relating to [that] claim," Mr. St. Clair contends.

A summary of the Disclosure Statement Objections and the Plan
Proponents' corresponding responses is available at no charge
at:

              http://ResearchArchives.com/t/s?1386

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

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

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

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


SEA CONTAINERS: Provides Update on Chapter 11 Filing
----------------------------------------------------
In order to achieve a financial restructuring, Sea Containers
Ltd. and two subsidiaries, Sea Containers Services Ltd. and Sea
Containers Caribbean Inc., voluntarily filed for protection
under Chapter 11 of Title 11 of the United States Bankruptcy
Code.  The filings were made on Oct. 15, 2006, in the United
States Bankruptcy Court for the District of Delaware.

A copy of the Company's chapter 11 case summary was published on
Oct. 17, 2006, in the Troubled Company Reporter - Asia Pacific.

"Although we have not paid the October 15 public notes, we are
optimistic about the success of our restructuring program and
our ability to reach agreement with creditors," Bob Mackenzie,
President and Chief Executive Officer, said.  "The prime reason
for seeking protection is to prevent any individual creditor
from taking action on its own, which would be against the
interests of Sea Containers and the majority of creditors.  The
Chapter 11 process is very different from Administration in the
U.K., because the directors remain in charge.  We continue with
our business strategy and for our key operating units it will be
'business as usual'.  Chapter 11 will allow us the flexibility
and the time needed to implement our reorganization plan and to
move Sea Containers onto a sustainable financial footing.  Much
has already been achieved this year to improve Sea Containers'
finances, including the sale of Silja, the reduction by more
than 50% of group debt and the recent refinancing of our
containers."

Other than the two subsidiaries, no other subsidiary company
within the group has filed for protection.  Operating
subsidiaries such as Great North Eastern Railway, the U.K. rail
operator, and the SeaStreak ferry services in New Jersey, will
continue their normal day-to-day operations.  GE SeaCo, the
joint venture container leasing business, is a completely
separate business and is completely unaffected.

The filing companies have sought Chapter 11 protection because
their directors concluded that a court-supervised reorganization
will better enable the companies to restructure their debt,
working co-operatively with creditors to place the respective
companies on a sound and sustainable financial footing.  On
Aug. 11, 2006, the Company stated that it would not pay the
US$115 million principal amount of the 10-3/4 % senior notes due
on Oct. 15, 2006, unless it concluded that it could pay in full
the other public notes maturing in 2008, 2009 and 2012 and all
other unsecured creditors, as well as retain sufficient working
capital.

Since then, the Company has outlined a restructuring proposal to
the advisors representing the ad-hoc committee of note holders
and has had a number of discussions with these advisors with the
aim of restructuring the Company's public notes and other
unsecured financial obligations.  Sea Containers has also been
in discussions with advisors to the trustees of Sea Containers'
two principal U.K. pension schemes.  Although Sea Containers
believes that progress has been made in these discussions, it
has not been able to reach agreements with the necessary
stakeholders prior to the Oct. 15, 2006 maturity date of the 10-
3/4 % notes.  The Company has decided it cannot pay the October
15 notes at maturity, and is thus in payment default.  The
decision to seek Chapter 11 protection was taken by the
directors of the filing companies by board action on Oct. 14,
2006.

Sea Containers Ltd continues to operate under the direction of
its Board and the Company's subsidiaries remain under the
control of their respective managements and boards of directors.  
It is intended that the filing companies will continue to
function normally, with minimal change to the way they conduct
business and be able to fund their continuing operations during
the reorganization process.  Sea Containers fully expects that
there will be no interruptions to the payment of salaries and
benefits for employees and that the filing companies will
continue to meet supplier obligations incurred during the
Chapter 11 process.  Sea Containers may initiate one or more
complementary proceedings outside of the United States in order
to facilitate the Chapter 11 process.

                          Cash Position

Sea Containers' total cash on Oct. 14, 2006 was US$126 million
of which approximately US$59 million was either restricted as
security for obligations to third parties or held in
subsidiaries and could not be remitted back to the Company for
various legal, regulatory or bank covenant reasons.

The remaining free cash of US$67 million compares to US$80
million as at July 31, 2006.  The main movements on free cash
are the receipt of US$40 million from the container refinancing
and sale of containers, the repayment of secured debt of US$9
million, a net US$23 million to meet both the recurring and non-
recurring operating needs of the business and US$16 million of
restructuring costs.  The free cash balance of Sea Containers
Ltd on Oct. 14, 2006 was US$49 million, with the remaining US$18
million held in subsidiaries available for group purposes.

                            Pensions

In light of the deficits relating to the Sea Containers 1983 and
1990 Pension Schemes in the U.K., Sea Containers has sought to
ensure that the restructuring takes account of the pension
liabilities.  The directors of Sea Containers Services Ltd are
in discussions with the trustees of the 1983 and 1990 Schemes
and the U.K. Pension Regulator about the future of those
Schemes.  The trustees of the 1983 and 1990 schemes have issued
certain demands and notices, pursuant to legal requirements and
the pension scheme rules, to Sea Containers Ltd and
participating employers including Sea Containers Services Ltd.  
The trustees have appointed professional advisors to support
them.

Active members of the 1983 Scheme were recently informed that
the directors of Sea Containers Services Ltd, with the agreement
of the trustees, had decided that active members should cease to
accrue benefits for future service with effect from Sept. 30,
2006.  These employees will be given an opportunity to join the
Sea Containers Group Stakeholder Pension Plan in the U.K.

                           Containers

Sea Containers recently completed two transactions relating to
its container operations. These transactions represent a further
step in Sea Containers' strategy of simplifying its business and
placing its finances on a sounder footing.

The first transaction, as reported in the Company's SEC Form 8-K
filed Oct. 10, 2006, is a US$160.7 million refinancing of
containers, representing the bulk of those containers owned by
Sea Containers but managed by GE SeaCo.  The new facility is for
a term of three years.  This transaction assigns and refinances
the existing 2001 container securitization, as well as repaying
all other existing credit facilities secured by Sea Containers'
owned containers.

This transaction achieves a number of objectives. Firstly, it
rationalized and simplified the existing container financing
structure.  Secondly, it cured a number of existing covenant
defaults in separate container financing facilities.  Thirdly,
it released approximately US$16 million of cash liquidity to
assist in the overall restructuring program.  Fourthly, in
connection with this transaction, certain containers and tanks
were released from lien so that these units could be either sold
or financed more efficiently.

In the second transaction, Sea Containers sold on Oct. 13, 2006
its containers which are leased and managed outside GE SeaCo.
This business lacked critical mass and could not be efficiently
operated by Sea Containers.  The sale of about 14,000 containers
and tanks was made to Unitas Containers Limited, a global
container leasing company based in Bermuda and London,
delivering net proceeds of approximately US$24 million to Sea
Containers.  As a result of the above refinancing transaction,
these containers were sold free of debt.

The overall liquidity released by the above two transactions
amounts to approximately US$40 million.  In addition the
refinancing released from lien an approximate US$15 million of
containers for future sale or financing.

                            GE SeaCo

The Company filed an SEC Form 8-K on Oct. 4, 2006 regarding the
GE SeaCo joint venture.  In addition to providing audited
financial statements for GE SeaCo and its subsidiaries, it
reported that the Company had received letters from GE,
asserting that there had been a change of control at Sea
Containers Ltd. around March 20, 2006 when James Sherwood, the
founder of Sea Containers, resigned various positions including
that of Chairman of the Board.  Under the GE SeaCo joint venture
agreements, a change of control at Sea Containers would enable
GE to purchase its interest in the GE SeaCo joint venture, at an
agreed or litigated valuation.  On the basis of this assertion,
GE also notified the Company that a valuation process should
proceed.  The Company believes these assertions have no merit
and, if necessary, will defend the action vigorously to protect
its investment in GE SeaCo in the interest of Sea Containers'
shareholders and creditors.  GE SeaCo continues to perform well,
with both partners firmly focused on improving market
competitiveness through cost reduction and improved
technology.

                        Outstanding Debt

At Oct. 14, 2006, Sea Containers had US$650 million of
consolidated debt outstanding.  This compares to US$630 million
(including shipyard debt) at July 31, 2006.  The movement was an
increase in container debt from the container refinancing of
US$29 million less a repayment of US$9 million in relation to
secured ferry debt.

The US$20 million unsecured liability owed to a shipyard payable
on Sept. 30, 2006 was assigned to a financial investor and
rescheduled for payment on Oct. 15, 2006 to align with the
repayment date of the October 2006 public notes.  This unsecured
liability was also not paid on Oct. 15, 2006.

                              GNER

The Chapter 11 filings do not affect the control and operations
of GNER, which is the rail franchise that runs the East Coast
Main Line in the U.K.  Sea Containers and GNER have kept the
U.K. Government's Department for Transport abreast of
developments, and GNER is not in breach of any of its franchise
commitments.  GNER's lines of credit and financial activities
have been 'ring- fenced' from those of Sea Containers, apart
from the standby credit and overdraft facilities mentioned in
the Aug. 11, 2006 news release of Sea Containers.  These
facilities are provided by Sea Containers as a condition of the
franchise agreement and remain undrawn.

Employees of GNER and Sea Containers Railway Services Ltd do not
participate in the Sea Containers U.K. pension schemes.  They
participate in separate U.K. schemes, the Railway Pension Scheme
and an SCRS defined contribution scheme.

                     About Sea Containers Ltd.

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

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

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


SEE HUP SENG: Completes Shares Acquisition of Speedo Corrosion
--------------------------------------------------------------
See Hup Seng Limited has completed a share and sale agreement
with CT Holdings Pte Limited to acquire all the issued ordinary
shares of Speedo Corrosion Control Pte Ltd on October 6, 2006.

Accordingly, the listing and quotation of the Consideration
Shares at the SGX-Sesdaq has taken place on October 13, 2006.

The TCR-AP recounts that on July 25, 2006, See Hup Seng inked a
deal with CT Holdings Pte Limited to purchase all the issued
ordinary shares of Speedo Corrosion Control Pte Ltd for
SGD3.5 million.

The acquisition of Speedo Corrosion would allow See Hup Seng to:

     -- enlarge the Group's operating capacities to take
        advantage of the thriving marine and offshore
        industries;

     -- maximize the synergies from the combined strength of the
        Company and Speedo Corrosion in the area of corrosion
        prevention;

     -- take over the contract rights of Speedo Corrosion for
        immediate contribution to the Company's business in the
        current financial year;

     -- acquire an experienced and skillful workforce in
        addition to the existing team of the Company; and

     -- take over a profitable operation that will contribute
        significantly to the Group's business after acquisition.

                     About Speedo Corrosion

Speedo Corrosion is a company incorporated in Singapore.  It
specializes in the business of contractors and consultants of
corrosion control services principally for the marine and
offshore industries.  The unaudited net profit after tax for the
six months ending June 30, 2006, of Speedo Corrosion is
SGD0.9 million.

                       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.


TRAD TECHNOLOGY: Proofs of Claim Bar Date Set for October 20
------------------------------------------------------------
The creditors of Trad Technology Construction Pte Ltd, which was
placed under voluntary liquidation, are required to submit their
proofs of debt by October 20, 2006, to be included in the
Company's 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


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

DOLE FOOD: Deal on JP Fruit Sale Expected in a Few Weeks
--------------------------------------------------------
Dr. Marshall Hall, the managing director of the Jamaica
Producers Group Ltd., told RJR News that the deal regarding the
sale of its 65% shareholdings in JP Fruit Distributors Ltd. to
Dole Food Co. could be closed in a few weeks.

As reported in the Troubled Company Reporter - Latin America on
Oct. 4, 2006, the Jamaica Producers accepted Dole Food's offer
to buy the shareholdings in JP Fruit for J$2.76 billion or
US$41.9 million.  Details of the accord are currently being
finalized with Dole.  Under the offer obligations, the Jamaica
Producers had two choices:

          -- to accept the bid, or
          -- to buy back Dole Food's interest in the JF Fruit.

Dole Food already holds a 35% stake in JP Fruit.

                About Jamaica Producers Group

Jamaica Producers Group Ltd. cultivates, distributes and markets
bananas and other fresh produce.  It manufactures and
distributes juices.  It is the largest grower of bananas in
Jamaica, controlling about 80% of the island's production.  It
is also a major marketer of the fruit in Britain.  The company
has had a partnership with Dole Food Co. since 1994 when
Producers sold 35% of JP Fruit Distributors Ltd. to Dole Food.

                     About Dole Food Co.

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com/-- is a producer and marketer  
of fresh fruit, fresh vegetables and fresh-cut flowers, and
markets a line of packaged foods.  The company has four primary
operating segments.  The fresh fruit segment produces and
markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors, and Agricultural
Cooperative sectors, the rating agency confirmed its Ba3
Corporate Family Rating for Dole Food Co., Inc.

Additionally, Moody's revised or confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:

   Issuer: Dole Food Company, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan B Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%

Gtd. Global Notes
Due 2010                  B3       B3      LGD5       77%

Global Notes Due 2009     B3       B3      LGD5       77%

Gtd. Global Bonds
Due 2011                  B3       B3      LGD5       77%

Debentures Due 2013       B3       B3      LGD5       77%

   Issuer: Solvest Ltd.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan C Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%


DOLE FOOD: Restructuring Fresh Flower Business
----------------------------------------------
Dole Food Co., Inc., disclosed that it was restructuring its
Dole Fresh Flowers division to better focus on high-value
products and flower varieties, and position the business unit
for future growth.  Dole said these actions are a continuation
of performance-improving measures that began in 2005, and
represent an acknowledgement of the global challenges facing the
fresh flower industry.

"The fresh flower business is highly fragmented and competitive.
Industry oversupply has driven prices down, creating significant
pressure on growers to improve performance.  Latin American
growers are also facing new competition from emerging markets in
Africa and Asia," said John Amaya, president Dole Fresh Flowers.  
"Being a market leader also means making difficult decisions,
and today we continue to take necessary steps to reinvent our
business, implementing changes that will create efficiencies,
improve performance and allow DFF to focus on markets in which
Dole's quality products and service can earn a premium."

In a move to better align supply with demand, and focus on
delivering superior products and service for its customers, DFF
is implementing measures that will allow it to focus on
delivering more desirable varieties of flowers to market, and
increase the quality of those products.  Specific actions Dole
Fresh Flowrs is taking include:

   -- Dole Fresh Flowers will close the flowers operation in
      Ecuador and two farms in Colombia
      (Porcelain and Splendor-Corzo), affecting 2,188
      employees.  These farms have historically produced
      products with limited/seasonal demand and have high
      costs.

   -- Additionally, Dole Fresh Flowers is downsizing other farms
      of the flowers operation, which will impact 1,275
      employees.

   -- A global sales force reduction of 35 percent is underway,
      and Dole Fresh Flowers is making additional
      administrative/management workforce reductions of 29%.

   -- Dole Fresh Flowers subsidiaries' employees in Colombia and
      Ecuador who are affected by this disclosure will receive
      appropriate severance benefits.

   -- In addition to reducing headcount in the operation, Dole
      Fresh Flowers is also taking steps to lower
      infrastructure/overhead costs throughout the operation.

   -- The above measures are expected to improve annual cash
      flow by approximately US$35 million.  Restructuring
      charges, the bulk of which are expected to be recorded
      during the third and fourth quarters of 2006, are
      estimated at US$26 million, which approximately US$13
      million represents cash.

   -- Certain Dole Fresh Flowers customers will be affected by
      this restructuring, and are currently being notified by
      the company.  Dole Fresh Flowers is committed to
      maintaining relationships with current or past customers
      as it completes this restructuring and focuses efforts on
      penetrating new markets with a premium product.

The Miami Herald underscores that Dole Fresh did not say how
many jobs would be cut at its headquarters, which are located
west of Miami International Airport.

Dole Food told Central Valley Business Times that the measures
are aimed at improving annual cash flow by US$35 million.

Some clients will be affected by the restructuring, Central
Valley Business says, citing Dole Food.

"Dole Fresh Flowers understands, and takes very seriously, the
impact the announcement will have on employees and their
families.  We are working with our employees and government
officials in Colombia and Ecuador to ensure the payment of
severance benefits and a smooth transition for these changes,"
said Mr. Amaya.

                   About Dole Fresh Flowers

Dole Fresh Flowers is the largest producer of fresh-cut flowers
in Latin America. Over 90% of the company's Latin American
flowers are shipped into North America.  Its products include
over 800 varieties of fresh-cut flowers, such as roses,
carnations and alstroemeria, and are produced on approximately
1,400 acres in Colombia and Ecuador.  The company's subsidiaries
own and operate packing and cooling facilities on their flower
farms, and one of its subsidiaries leases a facility in Bogota,
Colombia for bouquet construction.

                     About Dole Food Co.

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com/-- is a producer and marketer  
of fresh fruit, fresh vegetables and fresh-cut flowers, and
markets a line of packaged foods.  The company has four primary
operating segments.  The fresh fruit segment produces and
markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors, and Agricultural
Cooperative sectors, the rating agency confirmed its Ba3
Corporate Family Rating for Dole Food Co., Inc.

Additionally, Moody's revised or confirmed its probability-of-
default ratings and assigned loss-given-default ratings on these
loans facilities:

   Issuer: Dole Food Company, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan B Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%

Gtd. Global Notes
Due 2010                  B3       B3      LGD5       77%

Global Notes Due 2009     B3       B3      LGD5       77%

Gtd. Global Bonds
Due 2011                  B3       B3      LGD5       77%

Debentures Due 2013       B3       B3      LGD5       77%

   Issuer: Solvest Ltd.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Term Loan C Due 2013      Ba3      Ba2     LGD2       20%

Gtd. Sr. Sec.
Letter of Credit
Due 2013                  Ba3      Ba2     LGD2       20%


SIAM COMMERCIAL: Kannikar C. Succeeds Khunying J.W. as President
----------------------------------------------------------------
Siam Commercial Bank's board of directors approved on Oct. 17,
2006, the appointment of Kannikar Chalitaporn as its new
president, succeeding Khunying Jada Wattanasiritham, whose term
expires at the end of January 2007, The Bangkok Post reports.

Khunying Jada will retain a seat on the SCB board.

Meanwhile, Vichit Suraphongchai, the current chairman of the SCB
executive committee, will take up the position of bank chief
executive officer, a post also previously held by Khunying Jada.

Ms. Kannikar, The Post recounts, joined the bank in 2003 as
senior executive vice-president and head of retail banking after
35 years at the consumer-products giant Unilever.  She has been
credited with spearheading SCB's branch restructuring and
redesign.

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal  
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 23, 2006, that Moody's Investors Service confirmed Siam
Commercial Bank Public Company Limited's D+ bank financial
strength rating and changed its outlook to positive from stable.




                            *********

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.


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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.
   
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