TCRAP_Public/061025.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 25, 2006, Vol. 9, No. 212

                            Headlines

A U S T R A L I A

ADVANCED POLYMER: Court Issues Wind-Up Order
AEARO TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating
AHL TOWN: Members' Final Meeting Scheduled on October 27
ANTHILL FREIGHTERS: Commences Wind-Up Process
APELRIGHT PTY: Enters Wind-Up Proceedings

BRINDLEY LIMOUSINES: Commences Wind-Up of Operations
CONNELL WAGNER: Creditors Must Prove Debts by November 10
CUPBOARD WHOLESALERS: Commences Wind-Up Proceedings
CYLOCK PTY: Members and Creditors to Meet on October 26
DALLINA PTY: Names Handberg and Morgan as Receiver and Manager

DENBUR CONSTRUCTIONS: To Declare First and Interim Dividend
DESIGNER TRUSS: To Declare First and Final Dividend on Nov. 7
EAGLE EYE: Members and Creditors to Receive Wind-Up Report
ELASTIC WEBBING: Members to Receive Liquidator's Report
FIVE STAR: Liquidator Merrifield to Present Wind-Up Report

FORTESCUE METALS: Begins Pilbara Earthworks
FOURCO PTY: Prepares to Declare Dividend on November 14
FRESH EXPRESS: Westpac Banking Appoints Receivers and Managers
FRISMORE PTY: To Declare Dividend for Priority Creditors
G, K & R DEAVES: To Declare Dividend for Unsecured Creditors

GTB ENTERPRISES: Enters Liquidation Proceedings
HERITAGE WINES: Blue Hills Buys Storage Business
KOPPERS HOLDING: Moody's Assigns LGD6 Rating on Sr. Unsec. Notes
MARUYOSHI INTERNATIONAL: Members Decide to Wind Up Firm
PATHOLOGY SERVICES: Members Resolve to Liquidate Firm

PEARLCANE PTY: Creditors to Receive Dividend on Nov. 9
PKJS (VIC): Members Agree on Voluntary Liquidation
POLYMERLAND AUSTRALIA: Members to Receive Wind-Up Report
PORT PACIFIC: Members and Creditors to Convene on October 26
PRESFAST PTY: Will Declare First and Final Dividend on Nov. 10

RICHARDSON HUNTER: Creditors' Final Meeting Set on October 26
SOTHEBY'S HOLDINGS: Moody's Assigns Loss-Given-Default Ratings
STOLESKI NOMINEES: Members Opt for Voluntary Wind-Up
TECHWEB AUSTRALIA: Liquidator to Present Wind-Up Report
UNIVERSAL COMPRESSION: Moody's Gives Ba1 Rating to $500Mil. Loan

WEBCO AUSTRALIA: Members' Final Meeting Slated for October 26
XILLIX TECH: Receives Hercules' Demand Letter for Loan Repayment


C H I N A   &   H O N G  K O N G

AFFILIATED COMPUTER: Continuing SmartPA Operation
ASSON HOLDINGS: Court to Hear Wind-Up Petition on November 1
BENQ CORP: BenQ Mobile Confirms 1,900 Job Cuts in Germany
BLOUNT INC: Moody's Confirms Ba3 Corporate Family Rating
CNH GLOBAL: DBRS Holds Sr. Unsecured Debt's Rating at BB (High)

CUMMINS INC: Inks US$126-MM Joint Venture Pact with Beiqi Foton
DAILY CHARM: Wind-Up Process Commenced
DYNASTY RIGHT: Faces Wind-Up Proceedings
EMI GROUP: Expects 3% Revenue Decline in 2006 First Half
EMI GROUP: Moody's Cuts Rating on Weak Debt Protection Measures

ELECTRICAL COMPONENTS: Moody's Assigns Loss-Given-Default Rating
ESTERLINE TECH: Moody's Assigns Loss-Given-Default Ratings
FANTEC LIMITED: Placed Under Voluntary Wind-Up
FEDDERS NORTH: Moody's Assigns Loss-Given-Default Rating
GEARY SAINT: Enters Voluntary Liquidation

GLOBAL CROSSING: Provides Broadband Connectivity to OneCommunity
HELINGER LTD: Creditors Must Prove Debts by December 8
HEROIC INVESTMENT: Prepares to Close Operations
HIGHTOP INTERNATIONAL: Members to Receive Wind-Up Report
KEROPY TRAVEL: Wind-Up Petition Hearing Slated for November 8

LILAC LIMITED: Voluntarily Ceases Operations
NEW WAY INTERNATIONAL: Members to Receive Liquidator's Account
PETROLEOS DE VENEZUELA: Assures No Shortage of Fuel Supply
PETROLEOS DE VENEZUELA: Chevron May Build Gas Plant
PETROLEOS DE VENEZUELA: May Have to Repay US$1.6 Billion Bonds

PIAS INTERNATIONAL: Members to Convene on November 21
POLYMER GROUP: Finalizes Deal to Buy Spunbond Line in Argentina
ROAD KING: Fitch Downgrades IDR to BB+
SAM TAI: Members' Final Meeting Scheduled on November 21
SHING YIP: Creditors to Prove Debts on November 6

SINO HAND: Court to Hear Wind-Up Petition on November 15
TMK OAO: Installs Gas Purification System at Volzhsky Site
TMK OAO: Raises US$155 Million from Syndicated Credit Facility
VINCENT UNION: Creditors' Proofs of Claim Due on November 20


I N D I A

BRITISH INDIA: Government Explores Merger with NTC
CANARA BANK: Posts INR3.6-Billion Profit for Sept. 2006 Quarter
CENTURION BANK: Boosts Net Profit by 49% in Sept. 2006 Quarter
CONTINENTAL AIRLINES: Earns US$237 Mil. in Sept. 2006 Quarter
GENERAL MOTORS: Korean Unit Will Recall 7,858 Cars

QUEBECOR WORLD: Closing French Roto-Gravure Facility
SILICON GRAPHICS: Emerges from Chapter 11 Protection
SILICON GRAPHICS: Losses Spur KPMG's Going Concern Doubt
STATE BANK OF INDIA: Inks EUR30-Mil. Deal with Germany's G&D


J A P A N

ALITALIA SPA: Updates Industrial Plan & Reviews Alliance Options
ALITALIA SPA: Names Giovanni Sabatini to Board of Directors
AMR CORP: Earns US$15 Million in 2006 Third Quarter
ASHIKAGA BANK: Four Groups Show Interest in Bank
BANK OF KYOTO: S&P Affirms B Bank Financial Strength Rating

EIGHTEENTH BANK: Ups Profit Forecasts for the First Half of 2006
EIGHTEENTH BANK: JCR Affirms A+ Rating on Senior Debts
FORD MOTOR: Restating Results for Accounting Under SFAS 133
FORD MOTOR: Incurs US$5.8 Billion Net Loss in 2006 Third Quarter
FORD MOTOR: FMCC Earns US$262 Million in 2006 Third Quarter

KYUSHU-SHINWA HOLDINGS: Gets JPY7 Billion from Bank of Fukuoka
SOLO CUP: Posts US$299.4-Mil Net Loss for 2006 Second Quarter


K O R E A

BOE HYDIS: Xinhua Far East Downgrades Parent's Issuer Rating
HANA BANK: Parent Denies Takeover Move on Woori Bank
SK CORPORATION: 3rd Quarter Net Profit Declines to KRW308.4 Bil.
THOMAS EQUIPMENT: Hires M. Luther as Chief Restructuring Officer
WOORI BANK: Seeks License to Operate Subsidiary in Russia


M A L A Y S I A

ARMSTRONG WORLD: Posts Distribution Amount for Class 6 Claims
ARMSTRONG WORLD: Registers with SEC 5,349,000 Common Shares
ELBA HOLDINGS: Management Holds Off Payment to Creditors
FCW HOLDINGS: Still Exploring Financial Regularization Options
JIN LIN: Securities To Trade Starting November 14


N E W   Z E A L A N D

3D RECYCLING: Shareholders Resolve to Liquidate Firm
BARRAUD STREET: Court to Hear Liquidation Petition on Oct. 30
BE-WITCHED LTD: Faces Liquidation Proceedings
EXSELL MARKETING: Appoints Joint Liquidators
MANAWATU PLASTIC: Liquidation Petition Hearing Set on Oct. 30

METAL PROTECTION: Creditors Must Prove Debts by November 1
OXFORD TIMBER: Liquidation Hearing Set on October 30
QUADRA HOLDINGS: Creditors' Proofs of Debt Due on November 10
SHEEHAN ENTERPRISES: Creditors to Prove Claims on November 20
TAXIS COASTLINE: CIR Seeks to Liquidate Company


P H I L I P P I N E S

CLIENTLOGIC CORP: Inks Merger Deal with SITEL
PHILCOMSAT HOLDINGS: PCGG Must Answer Senate Inquiry on Losses


S I N G A P O R E

BOON WAN: Court to Hear Wind-Up Petition on October 27
CHUAN YI: Creditors Must Submit Proofs of Debt by November 6
GLOBAL DELIGHT: Wind-Up Hearing Set for November 3
LEVI STRAUSS: Revenue Down to US$1.02-Mil. for 3rd Qtr. 2006
LIANG HUAT: Submits Circular and Listing Application to SGX-ST

LOUIS PRESTON: Court Issues Wind-Up Order
PETROLEO BRASILEIRO: Unit Supplying Ethanol Biodiesel Mixture
SEA CONTAINERS: First Meeting of Creditors Slated for Nov. 21
TARGUS GROUP: Names Michael Hoopis as Chief Executive Officer
TIONG POLESTAR: Pays Final Dividend to Creditors


T H A I L A N D

FEDERAL MOGUL: Court Allows Wilfred Morin, Jr. to Continue Suit
KRUNG THAI: Plans to Float Domestic Hybrid Bonds
OMNOVA SOLUTIONS: Improved Performance Spurs S&P to Lift Ratings


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ADVANCED POLYMER: Court Issues Wind-Up Order
--------------------------------------------
On October 4, 2006, the Supreme Court of Victoria issued an
order to wind up Advanced Polymer Foam Pty Ltd.  Accordingly,
Gregory Stuart Andrews was appointed as official liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G. S. Andrews & Associates
         Certified Practising Accountants
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544


AEARO TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B2 Corporate Family Rating for Aearo Technologies,
Inc., as well as its Caa1 rating on the company's US$170 million
Senior 2nd Lien Secured Term Loan due 2013.  The debentures were
assigned an LGD5 rating suggesting noteholders will experience
an 86% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating            Default
   ----------           -------  -------  ------   ----------
   US$60 million Sr.
   1st lien secured
   revolver due 2012       B2       B1    LGD3       36%

   US$340 million Sr.
   1st lien secured
   TLB due 2013            B2       B1    LGD3       36%

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 Indianapolis, Indiana, Aearo Technologies,
Incorporated -- http://www.aearo.com/-- makes and sells
personal protection equipment in more than 70 countries,
including Australia, China, Brazil, France, Germany, Mexico, and
Singapore, among others, under brand names such as AOSafety, E-
A-R, Peltor, and SafeWaze.  Products include earplugs, goggles,
face shields, respirators, hard hats, safety clothing, first-aid
kits, and communication.  Safety products account for about
three-quarters of the company's sales.  Aearo also sells safety
prescription eyewear and makes energy-absorbing foams that
control noise, vibration, and shock.


AHL TOWN: Members' Final Meeting Scheduled on October 27
--------------------------------------------------------
AHL Town Developments Pty Ltd, which is in liquidation, will
hold a final meeting for its members on October 27, 2006, at
10:00 a.m.

At the meeting, Liquidator Barry Maxwell Dean will present the
final accounts on the Company's wind-up proceedings.

The Liquidator can be reached at:

         Barry Maxwell Dean
         Level 3, 1C Homebush Bay Drive
         Rhodes, New South Wales 2138
         Australia


ANTHILL FREIGHTERS: Commences Wind-Up Process
---------------------------------------------
The members of Anthill Freighters Pty Ltd held a general meeting
on September 28, 2006, and decided to wind up the company's
business operations.

Subsequently, Brian McMaster and Oren Zohar were appointed as
liquidators.

The Liquidators can be reached at:

         Brian McMaster
         Oren Zohar
         KordaMentha
         Level 11
         37 St Georges Terrace, Perth
         Australia


APELRIGHT PTY: Enters Wind-Up Proceedings
-----------------------------------------
On September 28, 2006, members of Apelright Pty Ltd resolved to
voluntarily wind up the company's operations.

Accordingly, Roger David Midgley Smith was appointed as
liquidator at the creditors' meeting held that same day.

The Liquidator can be reached at:

         Roger David Midgley Smith
         126 George Street
         Morwell, Victoria 3840
         Australia


BRINDLEY LIMOUSINES: Commences Wind-Up of Operations
----------------------------------------------------
At an extraordinary general meeting held on September 28, 2006,
the members of Brindley Limousines Pty Ltd resolved to
voluntarily wind up the company's operations.

Andrew Stewart Reed Hewitt was appointed as liquidator at the
creditors' meeting held subsequently that day.

The Liquidator can be reached at:

         Andrew Stewart Reed Hewitt
         Grant Thornton
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


CONNELL WAGNER: Creditors Must Prove Debts by November 10
---------------------------------------------------------
Liquidator Robert Michael Scales requires the creditors of
Connell Wagner Superannuation Ltd to file their proofs of claim
by November 10, 2006.

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

The Liquidator can be reached at:

         Robert Michael Scales
         Ernst & Young
         GPO Box 67
         Melbourne, Victoria 3001
         Australia
         Telephone: 03 8650 7698


CUPBOARD WHOLESALERS: Commences Wind-Up Proceedings
---------------------------------------------------
On October 4, 2006, members of Cupboard Wholesalers Pty Ltd
decided to voluntarily wind up the company's operations.

Subsequently, Barry Keith Taylor was appointed as liquidator at
the creditors' meeting held that same day.

The Liquidator can be reached at:

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


CYLOCK PTY: Members and Creditors to Meet on October 26
-------------------------------------------------------
Cylock Pty Ltd, which is in liquidation, will hold a final
general meeting for its members and creditors on October 26,
2006, at 11:00 a.m.

During the meeting, Liquidator Rod Slattery will present his
report on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Rod Slattery
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


DALLINA PTY: Names Handberg and Morgan as Receiver and Manager
--------------------------------------------------------------
On September 25, 2006, National Australia Bank Ltd appointed
Geoffrey Niels Handberg and Brent Leigh Morgan as receiver and
manager of Dallina Pty Ltd.

The Receiver and Manager can be reached at:

         Geoffrey Niels Handberg
         Brent Leigh Morgan
         Level 10, 200 Queen Street
         Melbourne, Victoria
         Australia


DENBUR CONSTRUCTIONS: To Declare First and Interim Dividend
-----------------------------------------------------------
Denbur Constructions Pty Ltd, which is in liquidation, will
declare the first and interim dividend to its creditors on
December 1, 2006.

Failure to file proofs of debt by November 7, 2006, will exclude
a creditor from sharing in the dividend distribution.

The Liquidator can be reached at:

         Danny Vrkic
         c/o Jirsch Sutherland & Co
         PO Box 573
         Wollongong, New South Wales 2500
         Australia


DESIGNER TRUSS: To Declare First and Final Dividend on Nov. 7
-------------------------------------------------------------
Designer Truss and Frame Pty Ltd, which is subject to a deed of
company arrangement, will declare its first and final dividend
to creditors on November 7, 2006.

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

The Deed Administrator can be reached at:

         Robert W. Morton
         Mortons Accountants
         5th Floor, 347 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone: 9620 4222
         Facsimile: 9620 4244


EAGLE EYE: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Eagle Eye Inspections Pty Ltd will
hold a meeting on October 27, 2006, at 10:30 a.m.

During the meeting, Liquidator Albarran will present the report
regarding the company's wind-up proceedings and the manner its
properties were disposed of.

The Liquidator can be reached at:

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


ELASTIC WEBBING: Members to Receive Liquidator's Report
-------------------------------------------------------
Elastic Webbing Australia Pty Ltd, which is in liquidation, will
hold a final meeting for its members on October 26, 2006, at
10:00 a.m.

During the meeting, the members will receive Liquidator Nicol's
accounts on the company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

         Colin Mcintosh Nicol
         McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road, Southbank Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web site: http://www.mcgrathnicol.com


FIVE STAR: Liquidator Merrifield to Present Wind-Up Report
----------------------------------------------------------
Members of Five Star Plastics Pty Ltd will convene for their
final meeting on October 26, 2006, at 11:00 a.m., to receive
Liquidator Merrifield's report on the company's wind-up and
property disposal activities.

The Liquidator can be reached at:

         B. J. Merrifield
         c/o Five Star Plastics Pty Ltd
         12 Lambert Avenue
         West Lakes Shore, South Australia 5020
         Australia


FORTESCUE METALS: Begins Pilbara Earthworks
-------------------------------------------
Fortescue Metals Group Ltd and its mining operations partner,
Roche Mining, has started groundbreaking at its AU$3.7-billion
Pilbara project at the Cloud Break Mine in Western Australia as
it looks to ship its first ore from early 2008, the Sydney
Morning Herald reports.

"The mines are the centerpiece of Fortescue's Pilbara Iron Ore
and Infrastructure project and this development shows work is on
track to commence extracting ore in mid-2007," the company
explained.

As reported in the Australian Associated Press, the Pilbara
Project is expected to lift production to 45 million tonnes a
year, placing Fortescue as Australia's third largest iron ore
miner.

                       About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                          *     *     *

Fortescue reported total assets of AU$221 million and total
liabilities of AU$84 million as of June 30, 2006.

Fortescue reported a net loss for the past two fiscal years.
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.


FOURCO PTY: Prepares to Declare Dividend on November 14
-------------------------------------------------------
Fourco Pty Ltd, which was placed under liquidation, will declare
the first and final dividend for its creditors on November 14,
2006.  Creditors who were unable to prove their debts on October
18, 2006, are excluded from sharing in the distribution.

The Liquidator can be reached at:

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


FRESH EXPRESS: Westpac Banking Appoints Receivers and Managers
--------------------------------------------------------------
Westpac Banking Corporation has appointed Peter James Hedge as
receiver and manager of Fresh Express Australia Pty Ltd on
October 5, 2006.

The Receiver and Manager can be reached at:

         Peter James Hedge
         Hedge & Associates
         Suite 3, Level 27, 363 George Street
         Sydney, New South Wales
         Australia


FRISMORE PTY: To Declare Dividend for Priority Creditors
--------------------------------------------------------
Frismore Pty Ltd, which is in liquidation, will declare the
first and final dividend for its priority creditors on November
9, 2006.  Creditors who were unable to submit their proofs of
claim on October 16, 2006, are excluded from sharing in the
distribution.

The Official Liquidator can be reached at:

         Alan Geoffrey Scott
         SimsPartners
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia


G, K & R DEAVES: To Declare Dividend for Unsecured Creditors
------------------------------------------------------------
G, K & R Deaves Pty Ltd, which is in liquidation, will declare
the first and final dividend for its unsecured creditors on
November 13, 2006.  Those who were unable to prove their claims
on October 6, 2006, are excluded from sharing in the
distribution.

The Joint and Several Official Liquidator can be reached at:

         Ray Richards
         SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


GTB ENTERPRISES: Enters Liquidation Proceedings
-----------------------------------------------
On October 2, 2006, the members of GTB Enterprises Pty Ltd
resolved to voluntarily liquidate the company's business and
appointed Kieran Patrick Owens as liquidator.

The Liquidator can be reached at:

         Kieran Patrick Owens
         Owens Accountants
         726 Anzac Highway
         Glenelg, South Australia 5045
         Australia


HERITAGE WINES: Blue Hills Buys Storage Business
------------------------------------------------
Heritage Fine Wines Pty Ltd's storage business has been sold to
Blue Hills Liquor Distributors Group for AU$700,000, press
reports say.

As stated in a circular to investors prepared by Receiver
Nicholas Crouch, of Crouch Insolvency, both parties are in the
process of establishing an on-line wine sales platform.

Heritage entered into a sale contract with Wine Investment
Services Pty Limited, a member of the Blue Hills Liquor
Distributors Group, on October 6, 2006, for the sale of the
wine storage business.  The sale agreement provides for, among
other things:

   * All investor storage agreements to be transferred to Blue
     Hills;

   * All future wine deliveries to be undertaken by Blue Hills;

   * The on-line WAM wine management system to be transferred to
     Blue Hills;

   * All investor wine subject to outstanding levies to be held
     on behalf of the Receiver and Manager (pursuant to the
     court approved lien); and

   * Blue Hills to establish a wine "pick face" and commence
     wine deliveries within a specified period.

According to The Age, investors in Heritage could receive better
prices for the premium wines that have been locked away in
storage, following the sale of the business to one of New South
Wales' largest independent beverage suppliers.

The Age notes that the sale of the company has been described as
a good outcome for investors who were facing the possibility
that their 1.1 million bottles of wine would have to be sold in
a mass auction that would force prices down.

Decanter.com recounts that around 3,000 investors, including
former New South Wales State Premier Nick Greiner, had poured
AU$70 million into the business, hoping to cash in on the
American-led craze for "cult" Australian wines.

"There will be no massive auction of the wine. Nor will there be
an opportunity for buyers to cherry pick," The Age cites Mr.
Crouch as saying.  "Instead the wine will be sold in an orderly
manner."

Blue Hills will soon begin selling the wine to its customers,
locally and overseas, The Age says.  Sales information is
expected to be distributed to shareholders in the coming weeks.

                          *     *     *

Heritage Fine Wines, founded by Simon Farid and Ben Tilley, was
placed in voluntary administration in March 2005 with the
directors blaming a downturn in sales, high overheads and a lack
of capital.  At the time, Heritage held more than 1.2 million
bottles of premium wine on behalf of 3,000 customers who had
invested in the company.

Nicholas Crouch, of Crouch Insolvency, was appointed as
Heritage's administrator.  He has discovered that 300,000
bottles valued at AU$11 million are missing from the company's
warehouses.  It is possible that criminal charges could be laid
in relation to the missing wine.

Mr. Crouch can be reached at:

          Nicholas Crouch
          Crouch Insolvency
          Level 28, St. Martins Tower
          31 Market St.
          Sydney NSW 2000
          Telephone: 02 8262 9333
          Fax: 02 8262 9300
          Web site: http://www.bankruptcy.net.au/contact-us.htm


KOPPERS HOLDING: Moody's Assigns LGD6 Rating on Sr. Unsec. Notes
----------------------------------------------------------------
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. Chemicals and Allied Products sector,
the rating agency confirmed its B1 Corporate Family Rating for
Koppers Holding Inc. and its B3 rating on the company's US$203
million 9.875% Sr Unsec Discount Global Notes due 2014.
Additionally, Moody's assigned an LGD6 rating to those bonds,
suggesting noteholders will experience a 90% 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 our notching
practices across industries and will improve the transparency
and accuracy of our ratings as our research has shown that
credit losses on bank loans have tended to be lower than those
for similarly rated bonds.

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

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

Headquartered in Pittsburgh, Pennsylvania, Koppers Holding Inc.,
-- http://www.koppers.com/-- is an integrated global provider
of carbon compounds and commercial wood treatment products.  The
company's products are used in a variety of applications in a
range of end markets, including the aluminum, railroad,
specialty chemical, utility, rubber and steel industries. The
Company operates two principal businesses: Carbon Materials &
Chemicals, and Railroad & Utility Products.  Through the Carbon
Materials and Chemicals business, the company is a distiller of
coal tar in North America, Australia, the United Kingdom and
Scandinavia.


MARUYOSHI INTERNATIONAL: Members Decide to Wind Up Firm
-------------------------------------------------------
At a general meeting of Maruyoshi International Australia Co.
Pty Ltd held on September 29, 2006, the members agreed that it
is in the company's best interest to wind up its operations.

In this regard, James Bettles and Susan Carter were appointed as
liquidators.

The Liquidators can be reached at:

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


PATHOLOGY SERVICES: Members Resolve to Liquidate Firm
-----------------------------------------------------
After a general meeting held on October 4, 2006, the members of
Pathology Services Pty Ltd decided to voluntarily liquidate the
company's business.

In this regard, James Patrick Downey was appointed as
liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


PEARLCANE PTY: Creditors to Receive Dividend on Nov. 9
------------------------------------------------------
Pearlcane Pty Ltd, which is in liquidation, will declare the
first and final dividend for its preferential creditors on
November 9, 2006.

In this regard, Liquidator John Morgan will be receiving
creditors' proofs of claim until November 3, 2006.

The Liquidator can be reached at:

         John Morgan
         PKF
         Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


PKJS (VIC): Members Agree on Voluntary Liquidation
--------------------------------------------------
After a general meeting on October 4, 2006, the members of PKJS
(Vic) Pty Ltd decided to voluntarily wind up the company's
operations.

Accordingly, Gregory Stuart Andrews was named liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G. S. Andrews & Associates
         Certified Practising Accountants
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544


POLYMERLAND AUSTRALIA: Members to Receive Wind-Up Report
--------------------------------------------------------
A final meeting will be held for the members of Polymerland
Australia Pty Ltd on October 26, 2006 at 10:00 a.m.

During the meeting, the members will receive accounts on the
company's wind-up proceedings and property disposal exercises
from the liquidators.

The liquidators can be reached at:

         David Clement Pratt
         Stephen Graham Longley
         PricewaterhouseCoopers
         Freshwater Place, 2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia


PORT PACIFIC: Members and Creditors to Convene on October 26
------------------------------------------------------------
Port Pacific Trading Co. Pty Ltd, which is liquidation, will
hold a final meeting for its members and creditors on October
26, 2006, at 9:00 a.m. to:

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

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

The members and creditors may also consider other related
matters.

The Liquidator can be reached at:

         Raj Khatri
         Worrells
         Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4316
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au


PRESFAST PTY: Will Declare First and Final Dividend on Nov. 10
--------------------------------------------------------------
Presfast Pty Ltd, which is subject to a deed of company
arrangement, will declare the first and final dividend on
November 10, 2006.

Creditors who failed to submit their proofs of debt by October
5, 2006, are excluded from sharing in the dividend distribution.

The Deed Administrator can be reached at:

         Paul Weston
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9372 0777
         Facsimile:(02) 9372 0606


RICHARDSON HUNTER: Creditors' Final Meeting Set on October 26
-------------------------------------------------------------
Richardson Hunter Transport Pty Ltd, which is in liquidation,
will hold an annual general meeting and final meeting for its
creditors on October 26, 2006, at 9:30 a.m.

At the meeting, the creditors will consider any matters arising
from the liquidation and to receive Liquidator A. R. Yeo's wind-
up report.

The Liquidator can be reached at:

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


SOTHEBY'S HOLDINGS: 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 United States and Canadian Retail sector,
the rating agency confirmed its Ba3 Corporate Family Rating for
Sotheby's Holdings, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 Mil. Sr.
   Unsecured Notes      B1       B2       LGD6     90%

   Sr. Unsecured
   Shelf Registration   (P)B1    (P)B2    LGD6     90%

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

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

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

Headquartered in New York City, Sotheby's Holdings, Inc.
(NYSE:BID) -- http://www.search.sothebys.com/-- is the parent
company of Sotheby's worldwide auction businesses, art-related
financing and private sales activities.  The Company operates in
34 countries, with principal salesrooms located in New York and
London.  The company also regularly conducts auctions in 13
other salesrooms around the world, including Australia, Hong
Kong, France, Italy, the Netherlands, Switzerland and Singapore.


STOLESKI NOMINEES: Members Opt for Voluntary Wind-Up
----------------------------------------------------
On October 3, 2006, the members of Stoleski Nominees Pty Ltd
resolved to voluntarily wind up the Company's operations.

Subsequently, Andrew Stewart Reed Hewitt was named liquidator at
the creditors' meeting held that same day.

The Liquidator can be reached at:

         Andrew Stewart Reed Hewitt
         Grant Thornton
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


TECHWEB AUSTRALIA: Liquidator to Present Wind-Up Report
-------------------------------------------------------
Members of Techweb Australia Pty Ltd will hold a final meeting
on October 26, 2006, at 10:00 a.m., to receive Liquidator
Nicol's report regarding the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         Colin Mcintosh Nicol
         McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road, Southbank Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web site: http://www.mcgrathnicol.com


UNIVERSAL COMPRESSION: Moody's Gives Ba1 Rating to $500Mil. Loan
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1, LGD 3 (36%) rating to
Universal Compression Inc.'s US$500 million senior secured bank
credit facility.  At the same time, Moody's affirmed Universal's
Ba2 Corporate Family Rating, its Ba2 Probability of Default
Rating and its B1, LGD5 (88%) ratings on its US$175 million 7-
1/4% Senior Notes.  Universal Compression Inc. is a wholly owned
subsidiary of Universal Compression Holdings Inc.

Proceeds from the new credit facility are being used to
refinance Universal's existing senior secured revolver and
senior secured term loan.

The outlook remains stable.

Moody's will withdraw the ratings on the existing secured credit
facilities once they have been repaid.

Pete Speer, Moody's Vice President and Senior Analyst commented,
"While Moody's has affirmed the stable outlook, the recent IPO
of Universal Compression Partners creates uncertainties
regarding the future capital structure and leverage profile of
the combined enterprise which limits Universal's positive credit
momentum and could pressure the ratings."

Universal believes that the MLP structure of Universal
Compression Partners, L.P. provides a lower cost of capital that
could be utilized to accelerate growth of the domestic
compression business.  Moody's observes that UCLP adds the MLP
constituency to the mix, an equity base that requires
substantial and growing distributions.

Universal intends to drop down its U.S. compression business
into UCLP over time, which provides UCLP with a built-in growth
profile.  However, the compression business is untested in the
MLP model and established MLP's are showing evidence of the
strain of simultaneously growing their distributions, pursuing
organic and acquisition growth, and maintaining their credit
profile.

The ratings could be pressured if the company incurs substantial
leverage at UCLP in its drop down transactions without an
appropriate reduction of leverage at Universal in order to
maintain a reasonable combined leverage profile for the Ba2
rating.  An aggressive use of UCLP debt to fund share buybacks
at the Universal level or acquisitions could result in a
negative outlook or downgrade.

The Ba2 rating is supported by the company's leading position as
the second largest natural gas compression services company in
the world with 2.5 million horsepower as of June 2006, its
recent pricing power and record fabrication backlog which has
strengthened its earnings and cash flows, and its general
reduction in leverage over recent years (LTM Debt/EBITDA of 3.1x
and debt to capitalization of 43% at June 30, 2006).
Universal's core contract compression business provides 85% of
the company's gross margin and is very stable in comparison to
other oil and gas related businesses.

In addition to the uncertainties regarding the future capital
structure and leverage profile, Universal's Ba2 Corporate Family
Rating is restrained by the growth challenges in the domestic
compression sector which necessitates the pursuit of growth in
higher risk and more challenging foreign markets, the
substantial capital expenditures required for expansions and
acquisition event risk.

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


WEBCO AUSTRALIA: Members' Final Meeting Slated for October 26
-------------------------------------------------------------
A final meeting for the members of Webco Australia Pty Ltd will
be held on October 26, 2006 at 10:00 a.m.

At the meeting, the members will receive accounts of the
Company's wind-up and property disposal activities from
Liquidator Nicol.

The Liquidator can be reached at:

         Colin Mcintosh Nicol
         McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road, Southbank Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Web site: http://www.mcgrathnicol.com


XILLIX TECH: Receives Hercules' Demand Letter for Loan Repayment
----------------------------------------------------------------
Xillix Technologies Corp. received a demand letter from Hercules
Technology Growth Capital Inc. for the repayment of a term loan,
after the close of trading on Friday, October 13, 2006.

The term loan was advanced by Hercules to the company's wholly
owned subsidiary, Xillix US Ltd., pursuant to the loan agreement
dated as of December 20, 2005, which loan is guaranteed by the
company.

Hercules has alleged that Xillix is in default under the Loan
Agreement and related security agreement by reason of the
occurrence of material adverse effects consisting of the
company's failure to meet its internal forecasts of sales and
EBITDA for August, 2006 and the fact that the company's total
assets to liabilities ratio in August was less than 1.0 to 1.0.
Hercules has demanded repayment of the loan in the amount of
US$4,091,034, plus interest from October 1st at a daily rate of
US$1,369 and a back end fee of US$115,500, all by October 23,
2006.

The loan was advanced by Hercules to Xillix US in December 2005,
bears interest at the rate of 12.40% per annum, is repayable in
equal blended monthly installments of principal and interest in
the amount of US$260,000 each, and is guaranteed by the company
and secured by a security interest in all of the company's
assets.

In August 2006, Xillix had a number of discussions with Hercules
regarding the restructuring of the loan, which on August 21,
2006 culminated in the execution of an amendment to the Loan
Agreement, pursuant to which the company agreed to amend certain
of the terms of the Loan, including the amount of the monthly
payments, and paid the sum of US$1 million to Hercules as a
partial prepayment of principal.  In exchange, Hercules agreed
to waive certain claims which it otherwise may have had with
respect to defaults under the Loan Agreement.

Since August 2006, the company has continued to keep Hercules'
apprised of developments in its business and has made all
required payments and believes that it has complied with all of
the covenants set out in the Loan Agreement.

In view of the foregoing, the company is considering its
response to Hercules' demand, and will take whatever steps are
necessary to protect its intellectual property and other assets.

                          About Xillix

Xillix Technologies Corp. (TSX:XLX) -- http://www.xillix.com/--  
is a Canadian medical device company and is known for using
fluorescence endoscopy for improved cancer detection.  The
company's currently approved device, Onco-LIFETM, incorporates
fluorescence and white-light endoscopy in a single device that
has been developed for the detection and localization of lung
and gastrointestinal cancers.  Onco-LIFE is approved for sale in
the United States for the lung application and in Europe, Canada
and Australia for both lung and gastrointestinal applications.
The company also recently developed a new product, LIFE
LuminusTM, designed to allow fluorescence imaging of the colon
using conventional video endoscope technology.

                          *     *     *

In its financial statements for the quarterly period ended
June 30, 2006, Xillix Technologies reports a shareholders'
deficit of US$89,689,422 at June 30, 2006.  The company
discloses that the losses have been primarily funded by the
issuance of debt and equity, and their ability to continue as a
going concern is uncertain and dependent upon its ability to
achieve profitable operations, to obtain additional capital and
on the continued support of its shareholders.


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

AFFILIATED COMPUTER: Continuing SmartPA Operation
-------------------------------------------------
Affiliated Computer Services, Inc., has signed a two-year,
estimated US$4.8 million extension to its contract to continue
conducting clinical editing and pharmacy prior authorizations
with its SmartPA tool for the Texas Health and Human Services
Commission or HHSC Vendor Drug Program.

The HHSC Vendor Drug Program provides prescription drugs for the
Texas Medicaid, Children's Health Insurance Program or CHIP,
Children with Special Healthcare Needs, and Kidney Health Care
programs.

Affiliated Computer has supported the Texas HHSC Vendor Drug
prior authorization program since its inception and is
consistently recognized as meeting and exceeding the State's
legislative mandate for cost savings.  Affiliated Computer's
SmartPA, introduced into this program in 2004, is a clinical
editing and pharmacy prior authorization program that delivers
pharmaceutical cost containment, efficient pharmacy benefit
administration, and continued access to quality medications.
Unlike other prior authorization programs, this program uses a
clinical rules system, in conjunction with drug and medical
claims data, to help pharmacists determine the appropriateness
of dispensing certain medications to Medicaid patients.  The
system also uses information from healthcare providers, when
required, to determine if specific medications should be
dispensed.

SmartPA streamlines the prior authorization process for all
stakeholders -- physicians, pharmacists, recipients, and payors
-- and it adjudicates prior authorization requests online in
real time. Prescriptions that meet a pre-defined set of clinical
and fiscal criteria are approved in seconds.

The SmartPA program results in substantial savings in
administrative costs compared with traditional prior
authorization programs.  Savings result from the lower volume of
call center use.  Lower call center volume yielded considerable
administrative savings for the Texas Medicaid and CHIP programs.
In addition, SmartPA leads to major time savings for patients,
physicians, and pharmacists, who would otherwise have to contact
call centers, reprocess prescriptions, or experience delays in
therapy.

John Crysler, the managing director of Affiliated Computer
Services Government Healthcare Solutions said, "SmartPA is a
revolutionary tool that saves valuable time for physicians and
pharmacists, while creating prescription drug cost savings and
quality improvement.  We are proud that the Texas Health and
Human Services Commission turned to Affiliated Computer for its
pharmacy prior authorization needs."

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company has
global operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland and Singapore.

                           *     *     *

Standard & Poor's Ratings Services lowered in June 2006 its
corporate credit and senior secured ratings to BB from BB+ for
Affiliated Computer Services Inc.  The ratings remain on
CreditWatch with negative implications, where they were placed
Jan. 27, 2006.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  The rating outlook is negative.


ASSON HOLDINGS: Court to Hear Wind-Up Petition on November 1
------------------------------------------------------------
A petition to wind up Asson Holdings Ltd will be heard before
the High Court of Hong Kong on November 1, 2006, at 9:30 a.m.

The Director of Legal Aid filed the petition with the Court on
September 1, 2006.

The Solicitor for the Petitioner can be reached at:

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


BENQ CORP: BenQ Mobile Confirms 1,900 Job Cuts in Germany
---------------------------------------------------------
BenQ Mobile GmbH & Co. OHG, the German unit of BenQ Corp.,
confirmed plans to cut 1,900 jobs of its 3,000-strong workforce,
Deutsche Welle reports.

BenQ Mobile administrator Martin Prager said the cuts would
affect all areas of the business including administration,
marketing, sales and production.  According to the report, 1,100
jobs will be reduced at the company's Kamp Lintfort site and
around 850 jobs in Munich.  Mr. Prager said that the
reorganization would help safeguard the remaining 1,150 jobs at
the insolvent division.

Mr. Prager previously disclosed that the insolvent handset maker
is now working on a new business model that will focus on
research, development and design.  The remaining business would
develop and manufacture mobile phone handsets under license for
other makers, the German daily says.

"After three weeks of intensive scrutiny, it's clear that this
is the only chance to save the company as a whole," Mr. Prager
told a news conference last week.

The company intends to raise a profit by the end of the year in
order to invite investors to rescue the troubled handset maker,
after losing EUR850 million (US$1 billion) in the past 12
months.

As reported in the TCR-Europe on October 10, 2006, the IG Metall
union in Germany was investigating the possibility of a legal
action, possibly through a class action, to preserve the jobs of
3,000 BenQ Mobile staff who now stand to lose their jobs after
the company's insolvency filing.

The planned suit is aimed at forcing Siemens to create a EUR200-
million emergency program for the affected workers.

In defense, Siemens spokesman Marc Langendorf said: "So far
we've been the only ones to contribute substantial aid to the
affected employees, without it being legally binding on us to do
so," pointing to a special EUR35-million fund set up for
affected BenQ Mobile's employees.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.

Taiwan Ratings Corp., on August 17, 2006, lowered its long-term
corporate credit rating and unsecured corporate bond rating on
BenQ Corporation to twBB+ from twBBB.  At the same time, the
short-term corporate rating on the company was lowered to twB
from twA-3.  All ratings remain on CreditWatch with negative
implications, where they were placed on March 14, 2006.


BLOUNT INC: Moody's Confirms Ba3 Corporate Family Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its Ba3 Corporate Family Rating for Blount,
Incorporated, as well as its B2 rating on the company's US$175
million 8.875% Senior Subordinate Notes Due 2012.  The notes
were assigned an LGD5 rating suggesting noteholders will
experience an 86% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Million
   Sr. Sec.
   Revolver due 2009        Ba3      Ba1    LGD2        27%

   US$150 Million
   Sr. Sec. Term
   Loan due 2010            Ba3      Ba1    LGD2        27%

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 Portland, Oregon, Blount, Incorporated,-
http://www.blount.com- manufactures equipment, accessories, and
replacement parts to the forestry, yard care, and general
contractor industries worldwide.

Blount manufactures its products in the United States, Canada,
China, and Brazil, and sells them in more than 100 countries.


CNH GLOBAL: DBRS Holds Sr. Unsecured Debt's 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 the Company has
made progress in enhancing its competitive position and has
substantially improved its balance sheet.  However, DBRS notes
that the Company needs to accomplish much more operationally to
narrow the gap between itself and major rivals.  In addition,
the extent to which the Company remains committed to reducing
debt levels will have a considerable impact on the 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.

CNH Global N.V. -- http://www.cnh.com-- is a global, full-line
company in both the agricultural and construction equipment
industries.  The company's global scope and scale includes
integrated engineering, manufacturing, marketing and
distribution of equipment on five continents.  It organizes its
operations into three business segments: agricultural equipment,
construction equipment and financial services.  CNH markets its
products globally through its two brand families, Case and New
Holland.  Case IH and New Holland make up its agricultural brand
family.  Case and New Holland Construction (along with Kobelco
in North America) make up its construction equipment brand
family.

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


CUMMINS INC: Inks US$126-MM Joint Venture Pact with Beiqi Foton
---------------------------------------------------------------
Cummins Inc. and Beiqi Foton Motor Company signed an agreement
to form an equally owned joint venture company, Beijing Foton
Cummins Engine Company Limited, to produce two types of the
company's light-duty, high-performance diesel engines in
Beijing.

The engines primarily will be used in light-duty commercial
trucks, pickup trucks, multipurpose and sport utility vehicles,
including certain types of marine, small construction equipment
and industrial applications.

The company and Beiqi Foton will initially invest a combined
US$126 million into BFCEC.

The joint venture plant will have an annual capacity of 400,000
units and will produce the company's 2.8-liter and 3.8-liter
clean diesel engines, which will meet stringent on-highway and
off-highway emission standards worldwide, including Euro IV and
above.  BFCEC is scheduled to begin production in 2008.

"This joint venture provides Cummins with the opportunity to
enter an exciting new market with the support of a well-
respected partner," Joe Loughrey, president and chief operating
officer, said.  "These new products represent the company's
latest efforts to expand its presence in the important China
market, where Cummins has enjoyed considerable success over the
years."

"Foton Motor is a strong player in China's commercial vehicle
industry, while Cummins is a global power leader," Wang Jinyu,
Beiqi Foton president, said.  "The cooperation between the two
powerhouses will bring us a win-win relationship."

BFCEC represents a further expansion of the company's product
line in China, where it already is a foreign producer of heavy-
duty and mid-range diesel engines.

The company says that it currently operates more than 20
facilities in China, including nine manufacturing sites and
BFCEC will be the 10th.

                        About Foton Motor

Based in Beijing, China, Beiqi Foton Motor Co., Ltd., --
http://www.foton.com.cn-- is a producer of commercial vehicles
and a maker of light-duty trucks in China.  Foton's product line
includes trucks with payload under 35 tons, light bus, SUV,
pickup truck, medium and large buses.  The company has 28,000
employees.

                       About Cummins Inc.

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI) --
http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.  Cummins serves
customers in more than 160 countries, including China and India,
through its network of 550 Company-owned and independent
distributor facilities and more than 5,000 dealer locations.

                          *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


DAILY CHARM: Wind-Up Process Commenced
--------------------------------------
On October 17, 2006, a statement was delivered to the Registrar
of Companies that Daily Charm Industrial Ltd has commenced
voluntary winding-up.

Huen Ho Yin was appointed Provisional liquidator on October 16,
2006.

The Liquidator can be reached at:

         Huen Ho Yin
         Units 3307-3312
         33/F, West Tower
         Shun Tak Centre, 168-200 Connaught Road
         Central, Sheung Wan
         Hong Kong


DYNASTY RIGHT: Faces Wind-Up Proceedings
----------------------------------------
A wind-up petition filed against Dynasty Right Ltd will be heard
before the High Court of Hong Kong on November 15, 2006, at 9:30
a.m.

Bank of China (Hong Kong) Ltd filed the petition with the Court
on September 18, 2006.

The Solicitors for the Petitioner can be reached at:

         Tsang, Chan & Wong
         16/F, Wing On House
         No. 71 Des Voeux Road, Central
         Hong Kong


EMI GROUP: Expects 3% Revenue Decline in 2006 First Half
--------------------------------------------------------
EMI Group PLC provides trading update for the six months ended
September 30, 2006, outlining strong second-half release
schedule andconfirming confidence in its expectations for the
full year.

EMI Group expects to report a decline in total revenues of
approximately 3% on a constant currency basis for the six months
to September 30, 2006.  The year-on-year decline in revenues is
due to the phasing of EMI Music's planned release schedule
which, as previously indicated, has a greater weighting to the
second half of the financial year than in prior years.  After
the impact of exchange rate movements over the period, group
revenues are expected to decline by close to 5% on a reported
basis.

Underlying profit before tax, amortization and exceptional items
(underlying PBT) is expected to be approximately GBP27 million.
The strength of upcoming releases, together with continuing
strong momentum at EMI Music Publishing and further good
progress on the cost savings initiatives announced in April
2006, give the Board confidence that the Group is on track to
deliver results in line with its expectations for the full year.

EMI Music is expected to report a decline in revenues at
constant currency of approximately 4% for the six months to
September 30, 2006.  Digital revenues continue to show strong
growth and in the first half represented approximately 9% of
divisional revenues.  Top-selling releases over the period
included new albums from international superstar Janet Jackson
and local superstars Hikaru Utada, Chingy, Bob Seger, Trace
Adkins, Underoath, Tiziano Ferro and Renaud.  Of particular note
was the strong contribution from breaking and developing acts,
with successful new releases from Cherish, Letoya, Lily Allen,
Jolin Tsai, 30 Seconds to Mars, The Red Jumpsuit Apparatus and
on-going sales of albums from Corinne Bailey Rae, The Kooks and
Diam's.

The impact on EMI Music's divisional profit from both lower
revenues and the changed mix of releases as compared to the
prior year will be partly mitigated by progress on the cost
savings initiatives announced in April 2006.  The divisional
operating margin is expected to be approximately 3% for the
period to September 30, 2006.

EMI Music's planned release schedule for the remainder of the
financial year to March 31, 2007 features an exciting line up of
albums from long-established international and local superstars,
as well as newly emerging global and local talent.  The
highlights include albums from Norah Jones, Robbie Williams,
Keith Urban, Joss Stone, Dierks Bentley, RBD, Relient K, Tina
Turner, All Saints, Vasco Rossi, Simon Webbe, Depeche Mode, Moby
and a Beatles release which contains new music as featured in
the highly acclaimed Cirque du Soleil show, "Love", in Las
Vegas.  The planned artist releases, continued growth in digital
revenues and delivery of the announced cost savings, are
expected to drive strong growth in underlying revenues and
profits in the second half of the financial year.

On a constant currency basis, EMI Music Publishing is expected
to report first half revenues in line with the prior year.
Performance revenues exhibited particular strength, reflecting
strong on-going chart share.  The divisional operating margin is
expected to increase to approximately 25%.  It is expected that
EMI Music Publishing will continue to make good progress in the
second half of the current financial year, with key releases
from the likes of Sting, Kelly Clarkson, Fergie, Diddy, Scissor
Sisters, Natasha Bedingfield, Kanye West and Daddy Yankee.

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in China.
The group employs over 6,600 people. Revenues in 2005 were near
EUR2 billion and operating profit generated was over EUR225
million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.


EMI GROUP: Moody's Cuts Rating on Weak Debt Protection Measures
---------------------------------------------------------------
Moody's Investors Service downgraded EMI Group plc's senior debt
and guaranteed debt ratings to Ba2 from Ba1.  At the same time
Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  The rating outlook
is now stable.

Despite a visible improvement in operating performance during
the 2005/6 financial year EMI's cash-flow based measures of
indebtedness have remained relatively weak with Adj. RCF/Adj.
Net Debt at 8.3% while free cash flow (after capital
expenditures and dividends) was negative as it has been in four
out of the last five years.  While Moody's believes that EMI's
second half release schedule will help to compensate for a weak
first half performance (reported revenues -5%) during the
company's 2006/7 financial year, it will be challenging for EMI
to show meaningfully improved revenue and profits for the year
against the backdrop of a still struggling global market for
recorded music.

Current year operating cash flows will also be held back by
significant restructuring spending (GPP60 million) although
Moody's acknowledges that EMI has completed compensatory
property sales to fund these outflows.  In addition, the company
is, in Moody's opinion likely to use any financial flexibility
gained over the medium term to consider add-on acquisitions
(music publishing catalogues, smaller recorded music labels)
given that acquisition activity has been very muted over the
last couple of years.

The Ba2 rating continues to recognize EMI's position as a global
player in the oligopolistic recorded music industry as well as
the company's leading world-wide position in music publishing
with a more stable revenue base compared to recorded music. EMI
Music Publishing is currently the world's largest music
publisher, but is likely to cede its top place to Universal
Music once Universal's acquisition of Bertelsmann Music Group's
music publishing business becomes effective.

The rating further acknowledges the significant restructuring
steps EMI has been taking over the last few years to lower the
company's cost base, including the outsourcing of manufacturing
in the U.S., Europe and Japan and the tight management of the
artist roster.

Current year cost savings are expected to save GBP30 million on
a run-rate basis from 2007/8 onwards.  In addition, EMI's
performance in music publishing remains relatively resilient
with mechanical revenues directly related to recorded music
sales representing no more than 45% (in 2005/6) of EMI's music
publishing revenues.

The Ba2 rating and a stable outlook assume that EMI can:

   -- translate its strong release schedule into revenue
      and profit growth for the second half of 2005/6;

   -- deliver consolidated revenue growth thereafter; and

   -- achieve cost reductions as forecast.

Failure to deliver these objectives, near-term debt-financed
acquisitions or failure to move the ratio of Adj. RCF/Adj.  Net
Debt towards 10% over time could result in ratings pressure. The
possible business combination between EMI and Warner Music Group
adds an element of uncertainty to the outlook over time.  While
any such combination would have significant cost saving
potential, the financing of a potential transaction and who
would be in the role of acquirer remain unclear.

However, merger talks have ceased for the time being as the EU
reconsiders the competitive implications of the merger between
Sony Music and Bertelsmann Music Group following the annulment
of the initial approval for this transaction by the European
Court of First Instance.  If after the review process the Sony
BMG merger were to be re-approved Moody's believes that a
resumption of the talks between EMI and Warner would likely
follow.

Moody's notes that the operating environment for recorded music
remains difficult.  The global recorded music markets have been
shrinking since 2001 and total global music sales (on a trade
values basis) fell by a further 4% during the first calendar
half of 2006 (after -1.9 % in 2005) despite continuing strong
digital sales.  Moody's believes that the fall for the first
half of 2006 is aggravated by the phasing of release schedules
with a further increasing bias towards releases during the
second half of the calendar year.

Nevertheless it will remain challenging for the industry to
reverse first half trends and achieve overall growth for the
calendar year.  Notwithstanding the relative success of both the
industry's legitimate download products and concerted legal
action, download and physical music piracy remain a constricting
factor for the global recorded music industry.  In addition, the
very success of the legitimate download product also means that
EMI and the industry as a whole will have to carefully manage
the retail channel as the continuing move towards digital
distribution is likely to take a toll on specialist retailers.

Ratings affected are:

EMI Group plc

   * CFR of Ba2 assigned
   * 8.25% GBP bonds due 2008
   * 8.625% notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   * 8.375% guaranteed notes due 2009

EMI Group plc, one of the world's leading music recording and
publishing companies is headquartered in London, England.  The
group has operations in China.


ELECTRICAL COMPONENTS: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Electrical
Components International Holdings Company, as well as its B3
rating on the company's US$60 million second-lien secured term
loan due 2014.  Those debentures were assigned an LGD5 rating
suggesting lenders will experience a 84% loss in the event of
default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$35 Million
   Sr. First-Lien
   Sec. Revolver
   due 2012               B1       Ba3     LGD3        36%

   US$155 Million
   Sr. First-Lien
   Sec. Term Loan
   due 2013               B1       Ba3     LGD3        36%

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%).

Electrical Components International Holdings Company --
http://www.electricalcomponentsinternational.com/--  
manufactures wire harnesses and leads for traditional and
specialty markets, complex harness sub-assemblies, radiant glass
heaters, power cords and we have contract manufacturing
capabilities.  The company has facilities in the United States,
Mexico, and China.


ESTERLINE TECH: 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, the rating agency confirmed its Ba2 Corporate
Family Rating for Esterline Technologies Corp. and its Ba3
rating on the company's 7.75% Senior Subordinated Notes due
2013.  Moody's assigned those debentures an LGD5 rating
suggesting noteholders will experience a 75% loss in case of
default.

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

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

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

Headquartered in Bellevue, Washington, Esterline Technologies
Corp. -- http://www.esterline.com/-- is a specialized
manufacturing company serving principally aerospace and defense
markets.  Esterline operates in three business segments:
Avionics and Controls, Sensors and Systems and Advanced
Materials.  The company has operations in China.


FANTEC LIMITED: Placed Under Voluntary Wind-Up
----------------------------------------------
On October 10, 2006, the sole member Chau Wai Fong of Fantec Ltd
passed a resolution to voluntarily wind up the company's
operations.

Subsequently, Chan Wing Kit was appointed liquidator.

The Liquidator can be reached at:

         Chan Wing Kit
         Units 2009-18
         20/F, Shui On Centre
         Nos. 6-8 Harbour Road, Wanchai
         Hong Kong


FEDDERS NORTH: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
affirmed its Caa1 Corporate Family Rating for Fedders North
America, Inc., as well as revised the rating on the company's
US$155 million 9.875% senior subordinate notes due 2014 to Caa2
from Caa3.  Those debentures were assigned an LGD5 rating
suggesting that noteholders will experience a 73% loss in the
event of a default.

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

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

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

                          *     *     *

Headquartered in Liberty Corner, New Jersey, Fedders North
America, Incorporated - http://www.fedders.com- provides air
conditioning and other air treatment products for commercial and
residential applications to markets worldwide.  Product lines
include residential central air conditioning systems, including
condensing units, air handlers, gas furnaces, air cleaners, and
humidifiers, as well as rooftop, vertical and horizontal
packaged air conditioners and heat pumps for commercial,
residential and telecommunications applications and also,
appliance air treatment products.

The company's international headquarters is in China, and has
operations in India, Germany, and Canada.


GEARY SAINT: Enters Voluntary Liquidation
-----------------------------------------
On October 6, 2006, members of Geary Saint Company Ltd resolved
to voluntarily wind up the company's operations and appointed
Lau Vui Cheong as liquidator.

The Liquidator can be reached at:

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


GLOBAL CROSSING: Provides Broadband Connectivity to OneCommunity
----------------------------------------------------------------
Global Crossing Ltd. has renewed and expanded its relationship
with OneCommunity, an ultra broadband services and applications
provider for municipal and non-profit organizations in
Northeastern Ohio.

Under the terms of a new agreement, Global Crossing is providing
Dedicated Internet Access services to OneCommunity to maximize
their existing infrastructure and investment and increase value
to the participants in their network.  The two companies will
also jointly market Global Crossing's enterprise Voice over
Internet Protocol and IP videoconferencing offerings, including
IP Video and iVideoconferencing, to OneCommunity subscribers.

Commenting on the deal, Scot Rourke, president of OneCommunity,
said, "Global Crossing has been a reliable and consistent
network partner that has in turn enabled us to deliver quality
next-generation broadband services to community governments and
nonprofits such as the Cleveland Clinic, Case Western Reserve
University and the City of Cleveland in northeastern Ohio.
Through Global Crossing, OneCommunity is expanding its future
offerings to include VoIP and IP videoconferencing services --
everything an intelligent community requires to do business in
our region and around the world."

OneCommunity has been a Global Crossing customer for the past
two years and continues to experience exponential growth each
year attributed to both an expanded customer base and
substantial usage growth enabled by the fiber-optic community
network.  As an example, One Community's first customer, Case
Western Reserve University has seen usage by students, faculty
and researchers surge literally ten-fold in the past two years.
For the first time, the two companies will also jointly market
VoIP Outbound, VoIP Local and IP video and iVideoconferencing to
OneCommunity subscribers.

Mike Toplisek, Global Crossing's senior vice president of
enterprise sales, noted, "By leveraging Global Crossing's IP
solutions, OneCommunity offers its subscribers leading-edge
services, further supporting the growth of businesses and
nonprofits in northeastern Ohio.  We're delighted to be a key
provider to OneCommunity and assist them in expanding their
subscriber offering to include VoIP and our award winning
iVideoconferencing services."

Global Crossing Enterprise VoIP Services may be provisioned over
DIA, public Internet or fully meshed IP VPN connections,
providing unlimited VoIP Local Services and VoIP Outbound
connection options to maximize flexibility and control expenses.
Global Crossing's VoIP Local Service is a direct inward dial
service that offers local origination for nationwide local
numbers through a single IP point of interconnection as a cost-
effective alternative to traditional toll-free applications.

Global Crossing's iVideoconferencing allows customers to place
ISDN calls directly on Global Crossing's IP network and
transports them directly to service nodes around the world.
This results in increased quality and ISDN cost reductions of
40% to 70% as compared to calls switched over traditional voice
networks. IP Video is a videoconferencing transport vehicle that
uses Global Crossing's fully meshed MPLS-based global IP VPN to
augment existing legacy infrastructure.

                   About OneCommunity

Founded in 2003, OneCommunity is a non-profit organization that
serves as northeast Ohio's platform for collaboration and
innovation leveraging its regional community fiber-optic
network.  It serves research, education, government, healthcare,
culture and other nonprofit facilities via a 10-gigabit backbone
with one-gigabit uplinks.  OneCommunity also partners with
leading technology businesses to develop innovative new services
and applications that drive economic development, enhanced
quality of life and create economic opportunities for the
region.

                   About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Hong Kong.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on December 9, 2003.

As of December 31, 2005, Global Crossing's balance sheet
reflected a US$173 million equity deficit compared to US$51
million of positive equity at December 31, 2004.


HELINGER LTD: Creditors Must Prove Debts by December 8
------------------------------------------------------
Creditors of Helinger Ltd are required by Liquidator Lo Wai Tsun
to file their proofs of debt by December 8, 2006, to be included
in any distribution the company will make.

The Liquidator can be reached at:

         Lo Wai Tsun
         22/F, JPMorgan Tower
         138 Rural Committee Road
         Shatin, New Territories
         Hong Kong


HEROIC INVESTMENT: Prepares to Close Operations
-----------------------------------------------
At an extraordinary general meeting of Heroic Investment Company
Ltd held on October 14, 2006, shareholders passed a special
resolution to voluntarily wind up the company's operations.

In this regard, Ho Lo Mai Ying was appointed as liquidator.

The Liquidator can be reached at:

         Ho Lo Mai Ying
         Room 508
         5/F, Wing On House
         71 Des Voeux Road, Central
         Hong Kong


HIGHTOP INTERNATIONAL: Members to Receive Wind-Up Report
--------------------------------------------------------
Members of Hightop International Ltd will hold a final meeting
on November 21, 2006, at Room 1307-8 Dominion Centre, 43-59
Queen's Road East, Wanchai, Hong Kong.

During the meeting, members will receive a report regarding the
company's wind-up and property disposal exercises from
Liquidator Poon Chi Woo.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on August 8, 2006.


KEROPY TRAVEL: Wind-Up Petition Hearing Slated for November 8
-------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Keropy Travel on November 8, 2006, at 9:30 a.m.

Pang Mei Ling, Chan Pui Ching and Cheung Lung Fu presented the
petition with the Court on September 13, 2006.

The Solicitors for the Petitioner can be reached at:

         Juliana O. Y. Chan
         26/F, Queensway Government Offices
         66 Queensway
         Hong Kong


LILAC LIMITED: Voluntarily Ceases Operations
--------------------------------------------
Shareholders on October 12, 2006, passed a special resolution to
voluntarily wind up Lilac Ltd's operations and appointed Kong
Chi How, Johnson as liquidator.

The Liquidator can be reached at:

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


NEW WAY INTERNATIONAL: Members to Receive Liquidator's Account
--------------------------------------------------------------
New Way International Development Ltd will hold a final general
meeting for its members on November 21, 2006, 10:00 a.m., at
Room 3508 Edinburgh Tower, The Landmark, 15 Queen's Road
Central, Hong Kong.

During the meeting, members will receive Liquidator Hung Chun
Ming's account on the company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

         Hung Chun Ming
         Room 701, 7th Floor
         Nam Wo Hong Bldg
         148 Wing Lok Street
         Sheung Wan, Hong Kong


PETROLEOS DE VENEZUELA: Assures No Shortage of Fuel Supply
----------------------------------------------------------
Petroleos de Venezuela SA assured total normality of fuel
supply, domestically and internationally, after announcing that
all its commercialization processes are going according to the
established plan.

Asdrubal Chavez, the Commerce and Supply Executive Director of
Petroleos de Venezuela, stated, "Venezuelans have a reliable
supply."

Mr. Chavez commented that all international trade agreements are
evolving according to the plan established by the industry, and
delivery guidelines have always been met.
Petroleos de Venezuela maintains a 3.4 million barrel production
after unifying statistics of crude and natural gas, a figure
supported by domestic fuel consumption and commitments
established by the industry in the international market.

Mr. Chavez noted, "Domestic fuel consumption is approximately
500 mil barrels, and supported by our production levels, we
guarantee that versions of an alleged shortage of supply in the
central region are false."

               Full normality in the central region

The operation of the Yagua Distribution Plant is completely
normal, and its daily load average is around 245 oil tank
trucks, an amount that guarantees full fuel supply in the area.

Similarly, Mr. Chavez disclosed the full operation of El Palito
Refinery, a complex that maintains its processing of 140
thousand crude barrels per day, and explained that the works
carried out are part of a plan of scheduled shutdowns
established by the refining circuit of the industry.

                          *     *     *

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

                          *     *     *

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


PETROLEOS DE VENEZUELA: Chevron May Build Gas Plant
---------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of
Venezuela, is negotiating with Chevron Corp. to construct the
country's first liquefied natural gas plant, Contra Costa Times
reports.

The plant would produce 4.7 million tons of liquefied natural
gas yearly.  The plant would be located in Guiria in the eastern
state of Sucre, Contra Costa says, citing Carlos Figueredo, the
head of Petroleos de Venezuela's offshore unit.

Mr. Figueredo told Contra Costa, "We hope it would be operating
before the end of the decade."

Mr. Figueredo said that Chevron would take a stake in plant,
Contra Costa states.

                          *     *     *

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

                          *     *     *

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


PETROLEOS DE VENEZUELA: May Have to Repay US$1.6 Billion Bonds
--------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil company of
Venezuela, may have to repay US$1.6 billion in bonds, Bloomberg
reports.

Bloomberg relates that Venezuela's President Hugo Chavez's plan
to take control of Exxon Mobil Corp.'s and ConocoPhillips' oil
production joint ventures may lead to defaults on US$1.6 billion
in bonds.

President Chavez told Bloomberg that his government would seize
four units owned in part by Exxon, ConocoPhillips, Chevron
Corp., France's Total SA and Norway's Statoil ASA.

Bloomberg notes that the ventures, set up before President
Chavez became president in 1999, pump 540,000 barrels of crude
per day, or 22% of Venezuela's oil.  Two of them sold the bonds
and the others owe UUS$2.3 billion in loans.

The report says that the ventures include:

   -- Petrozuata CA, 50.1% owned by ConocoPhillips;

   -- Cerro Negro CA, run by Petroleos de Venezuela, Exxon and
      BP Plc;

   -- Sincor SA, run by Total and Statoil; and

   -- Hamaca, owned by ConcoPhillips, Chevron, and Petroleos de
      Venezuela.

Miguel Octavio, a fund manager at BBO Financial Services in
Caracas who holds the securities, told Bloomberg that defaults
may require Petroleos de Venezuela to repay bonds that now cost
90% of their face value, providing a nice windfall for
investors.

Gersan Zurita, an analyst with Fitch Ratings, told Bloomberg,
"You would have a completely different project than the
bondholders originally agreed to finance.  What the government
wants would constitute a major material change.  If it's done
without private bondholder consent, we could have a default."

Bloomberg emphasizes that Petrozuata sold US$1 billion in bonds
in three parts.  Its US$625 million of 8.22% bonds due in 2017
have increased to 97.8 cents from 95 cents on the dollar in
2005.  If the bonds are paid in full by the end of 2006, they
would generate a price gain of 2.25%.

Cerro Negro, which is operated by Exxon, has US$600 million in
outstanding bonds with three maturities, according to Bloomberg.
The firm's US$50 million of 8.03% bonds due in 2028 would bring
in about 11% if repaid at face value.  The securities were
trading at about 90.12 cents on the dollar.

Petroleos de Venezuela and Exxon each own less than 42% of Cerro
Negro, while BP Plc holds the remainder.  Sincor has US$1.2
billion in outstanding loans, while Hamaca has US$1.1 billion in
loans, Bloomberg states.

                          *     *     *

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

                          *     *     *

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


PIAS INTERNATIONAL: Members to Convene on November 21
-----------------------------------------------------
Pias International Hong Kong Ltd will hold a final meeting for
its members on November 21, 2006, at 10:00 a.m., to receive
Liquidator Ho Wai Ip's account on the company's wind-up
proceedings and property disposal activities.

The Liquidator can be reached at:

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


POLYMER GROUP: Finalizes Deal to Buy Spunbond Line in Argentina
---------------------------------------------------------------
Polymer Group, Inc., disclosed that it has finalized a contract
with Reifenhauser REICOFIL to purchase a state-of-the-art
spunbond line for the expansion of its Dominion Nonwovens
Sudamericana SA facility near Buenos Aires, Argentina.

The new wide-width, multi-beam line will be a Reifenhauser
REICOFIL 4 spunbond line that will increase the capacity of
Dominion Nonwovens.  The new line comes in response to
customers' needs for its products in the South American region.
Continued growth in the Mercosur trading region is increasing
customer demand for the high-quality materials that Polymer
Group has built a reputation for providing at Dominion
Nonwovens.

Polymer Group will begin construction of the new facility in the
fourth quarter of this year and expects to complete installation
of the line by the end of fiscal year 2007.  This will enable
Dominion Nonwovens to begin producing high-quality fine denier
products for customers that meet the highest standards in the
industry.

William B. Hewitt, Polymer Group's interim chief executive
officer, stated, "Polymer Group's strategy of growing on a
global basis to provide the right products where customers need
them continues to be a focus for our business.  Our strategic
relationship with Reifenhauser REICOFIL has been paramount to
executing that strategy for many year and we are focused on
sustaining the mutually beneficial relationship for many years
to come.  By leveraging the industry leading strengths of each
company, PGI (Polymer Group) will continue to demonstrate its
commitment to its customers and core markets."

                          *     *     *

Headquartered in Charlotte, North Carolina, Polymer Group, Inc.
-- http://www.polymergroupinc.com/-- is a global, technology-
driven developer, manufacturer and marketer of engineered
materials.

The company has manufacturing offices in Argentina, China and
France, among others.

The Troubled Company Reporter - Asia Pacific reports that 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 B2
Corporate Family Rating for Polymer Group, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$45 million Sr.
   Secured Revolver
   due 2010             B1       B1       LGD3     33%

   US$410 million Sr.
   Secured Term
   Loan B due 2012      B1       B1       LGD3     33%


ROAD KING: Fitch Downgrades IDR to BB+
--------------------------------------
Fitch Ratings, on October 23, 2006, has downgraded Hong Kong-
based Road King Infrastructure Limited's long-term issuer
default rating to BB+ from BBB- and removed it from Rating Watch
Negative on which it was placed on September 14, 2006.  The
rating outlook is now stable.

The rating action follows the announcement by Road King that the
company has exercised the first option as prescribed by the
framework agreement with China's Sunco China Holdings Limited
announced on 5 September 2006.

According to the framework agreement, Sunco has granted Road
King three options to acquire Sunco's property assets in stages
over the next 18 months.  The first stage has now been completed
and the consideration is approximately HKD440 million for a 49%
stake in Sunco Binhai Land Limited -- Sunco A.  Sunco A's
subsidiaries have controlling stakes in 12 property development
projects in eight cities.  In addition, Road King has provided a
working capital loan of RMB100m to one of Sunco A's
subsidiaries.  Fitch is of the view that Road King is very
likely to exercise all granted options, though some operational
details of the agreement have yet to be disclosed.  The
consideration of equity investments in the three options would
be approximately HKD1 billion.  The rating action has factored
in the high possibility of Road King exercising the other two
options granted by Sunco and the quality of Sunco's assets.

The downgrade reflects a substantial increase in Road King's
exposure to real estate development in mainland China and hence
a material change in its risk profile of the group.  Assuming
that all granted options are eventually exercised, the on-
balance sheet real estate related assets would account for more
than 40% of Road King's total assets, up from the current level
of 20%.  This represents a major shift in business strategy,
from a focus on high stability, underpinned by mostly
transportation infrastructure assets, to a higher risk tolerance
strategy.  The agency notes that the company's increasing focus
on property development will increase its cash flow volatility.

Fitch also highlights that a substantial portion of assets have
been acquired on an off-balance sheet basis, given that Road
King's stake in those assets do not exceed 49%.  However, Road
King would gain effective control of those assets given that its
parent company, Wai Kee Holdings Limited, would hold a 4% stake
as prescribed by the framework agreement.  Taking this into
account, the proportion of Road King's assets in real estate
would be even higher.

The agency notes that the funding of these potential investments
is less of a concern.  Road King has a cash balance of HKD776m
as at 30 June 2006, complemented by steady operating cash flows
from its toll road portfolio and the options' timeframe of 18
months.

Road King is a toll road owner/operator with a portfolio of 21
toll roads in eight provinces in China.  The company is also
engaged in property development in Guangzhou and Changzhou in
the Jiangsu province.  Road King is controlled by Wai Kee, a
Hong Kong-listed civil engineering company.  Based in Beijing,
Sunco currently has 42 projects in 16 different cities in China.
Sunco commenced its property development business in 1994 and
has developed a total gross floor area of over 7m square meters.


SAM TAI: Members' Final Meeting Scheduled on November 21
--------------------------------------------------------
A final general meeting of the members of Sam Tai Stevedore Ltd
will be held on November 21, 2006, at Room 1307-8 Dominion
Centre, 43-59 Queen's Road East, Wanchai, Hong Kong.

At the meeting, Liquidator Poon Chi Woo will present an account
regarding the company's wind-up proceedings and the manner its
properties were disposed of.

According to the Troubled Company Reporter - Asia Pacific,
members of the company resolved to wind up the company's
operations on July 21, 2006.


SHING YIP: Creditors to Prove Debts on November 6
-------------------------------------------------
Creditors of Shing Yip Rent Office Ltd are required to prove
their debts on November 6, 2006, to Liquidator Ho Robert Yau
Chung.

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

The Liquidator can be reached at:

         Ho Robert Yau Chung
         20/F, East Town Building
         41 Lockhart Road, Wanchai
         Hong Kong


SINO HAND: Court to Hear Wind-Up Petition on November 15
--------------------------------------------------------
The High Court of Hong Kong received an application to wind up
Sino Hand Ltd on September 18, 2006, from Bank of China (Hong
Kong) Ltd.

The Court will hear the petition on November 15, 2006, at 9:30
a.m.

The Solicitors for Bank of China can be reached at:

         Robertsons
         57/F, The Center
         99 Queen's Road, Central
         Hong Kong


TMK OAO: Installs Gas Purification System at Volzhsky Site
----------------------------------------------------------
OAO TMK launched a new gas purification system in the electrical
steel smelting production unit of Volzhsky Pipe Plant, a
subsidiary.  The new system was launched as part of a program to
modernize and re-equip the production capacity of TMK
subsidiaries.

The reconstruction of the gas purification system for electric
steel smelting at Volzhsky Pipe Plant is one of TMK's most
important investment projects.  Quad Engineering of Canada, one
of the world's leading manufacturers of industrial gas
purification systems, engineered and supplied the equipment for
the gas purification system.  The gas conduits, electrical
equipment, automation gear and water systems were assembled by
Montazhspetsstroy, which acted as general contractor.

The need to reconstruct the gas purification system was due to
the increased capacity of the electric smelting furnace after
its modernization in 2005, as well as the intensification of the
technological process.

The governor of Volgograd Oblast Nikolai Maksyuta congratulated
the employees of Volzhsky Pipe Plant on the launch of the new
modern gas purification system.  Speaking at a gala celebration
to mark the event, the governor noted TMK's significant
contribution to the increased investment attractiveness of the
region and to preserving its natural environment.  In the words
of TMK General Director Konstantin Semerikov, TMK's ecological
investments reflect the company's commitment to the principles
of sustainable development and to ensuring the conformity of the
company's ecological management system with international
standards.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has operations in UAE,
the United States and China, among others.

                        *     *     *

Moody's Investors Service assigned a B1 corporate family rating
to TMK and a (P)B2 senior unsecured rating to the loan
participation notes issued by TMK Capital S.A., guaranteed by
the operating subsidiaries of TMK. Moody's said the outlook on
both ratings is positive.

Standard & Poor's Ratings Services assigned a 'B+' long-term
corporate credit rating to OAO TMK.  Standard & Poor's also
assigned its 'B+' preliminary senior unsecured debt rating to
TMK's proposed Eurobond, which will be issued by special-purpose
vehicle TMK Capital S.A.


TMK OAO: Raises US$155 Million from Syndicated Credit Facility
--------------------------------------------------------------
OAO TMK has successfully closed a US$155 million syndicated
structured facility.  Bank Natexis (ZAO), Moscow, the Russian
banking subsidiary of Natexis Banques Populaires, acted in the
sole of mandated lead arranger, facility agent and book runner.

The syndication is regarded as having been very successful: the
loan has been 47% oversubscribed from the US$105 million
originally sought allowing for an increase of the loan up to
US$155 million.  The pool of banks includes Russian banks and
international banks through their local subsidiaries:

   -- Mandated Lead Arranger: Bank Natexis ZAO

   -- Senior Lead Arrangers:

         * Commerzbank (Eurasia), Moscow
         * Gazprombank, Moscow
         * ING Bank "Eurasia" ZAO, Moscow
         * International Moscow Bank
         * Societe Generale S.A., Paris, and
         * Banque Societe Generale Vostok, Moscow

The facility has been signed and drawn at the end of September
2006.

The transaction has a margin of 2.20% p.a. and is a 30-month
multi-currency amortizing structured facility with an option for
tenor extension up to 42 months.  The facility is secured at all
times by an assignment and pledge of commercial contracts for
the delivery of tubular products by TH TMK to prime Russian oil
companies and by a pledge of goods in circulation.

The transaction is very innovative as it is the first loan for a
Russian borrower backed with a security package registered
purely under Russian law syndicated among international and
Russian banks.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has operations in UAE,
the United States and China, among others.

                        *     *     *

Moody's Investors Service assigned a B1 corporate family rating
to TMK and a (P)B2 senior unsecured rating to the loan
participation notes issued by TMK Capital S.A., guaranteed by
the operating subsidiaries of TMK. Moody's said the outlook on
both ratings is positive.

Standard & Poor's Ratings Services assigned a 'B+' long-term
corporate credit rating to OAO TMK.  Standard & Poor's also
assigned its 'B+' preliminary senior unsecured debt rating to
TMK's proposed Eurobond, which will be issued by special-purpose
vehicle TMK Capital S.A.


VINCENT UNION: Creditors' Proofs of Claim Due on November 20
------------------------------------------------------------
Liquidators Thomas Andrew Corkhill and Iain Ferguson Bruce
require creditors of Vincent Union (International) Ltd to submit
their proofs of debt by November 20, 2006.

Failure to comply with the requirement will exclude a creditor
from participating in any distribution Vincent Union will make.

As reported by the Troubled Company Reporter - Asia Pacific, the
members of Vincent Union decided on October 11, 2006, to
voluntarily liquidate the company's business.

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


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

BRITISH INDIA: Government Explores Merger with NTC
--------------------------------------------------
The Government of India is exploring the possibility of merging
British India Corporation Ltd with National Textiles
Corporation, the Press Trust of India reports, citing Union
textile minister Shankersinh Vaghela.

The Government reportedly decided to look into the possible
merger of two state-owned firms because of the absence of
interest from the private sector.  Despite tenders being
invited, no private player has shown interest in taking over the
company and running it, PTI observes.

PTI believes the merger could make easier British India's
revival and its modernization viable.

With the merger, PTI points out, National Textile's Voluntary
Retirement Scheme would become applicable for British India's
workers, which Scheme could shed off British India's excess work
force.

British India's modernization is estimated to entail
INR25 crore, just about equal to the INR24 crore paid by the
Government to the company to pay employees' salaries, PTI notes.

                    About National Textile

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  It has around 22000 employees.  The
annual turnover of the company in the year 2004-05 was
approximately INR638 crores.

In 2002, the Board for Industrial and Financial Reconstruction
approved the revival of 53 viable mills and closure of 66
unviable mills.

National Textile is in the process of a major restructuring.  A
new corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.

                About British India Corporation

The British India Corporation Ltd was taken over by the
Government of India in 1981 through the acquisition of all
private shares.  The Company has two woolen mills -- Cawnpore
Woollen Mills Branch (Lalimli) at Kanpur in Uttar Pradesh and
New Egerton Woollen Mills Branch at Dhariwal in Punjab -- under
its direct control.  It also has two cotton subsidiaries, Elgin
Mills Co. Ltd. and Cawnpore Textiles Ltd., at Kanpur in Uttar
Pradesh.

In 1993, the Company was referred to the Board for
Industrial and Financial Reconstruction, which declared it a
Sick Industrial Company.  The BIFR passed orders on October 31,
1994, recommending the winding up of the Company.  Against this
order of BIFR, the Company filed an appeal before the Appellate
Authority of Industrial and Financial Reconstruction on Dec. 26,
1996.  The AAIFR also dismissed BIC's appeal on May 9, 1997, as
the AAIFR felt that no rehabilitation scheme was feasible for
the Company.  In 1999, BIC's two cotton subsidiaries were wound
up by the High Court.  The Company has been implementing a
INR214 crore rehabilitation scheme since early 2003 as per BIFR
orders.


CANARA BANK: Posts INR3.6-Billion Profit for Sept. 2006 Quarter
---------------------------------------------------------------
Canara Bank reported a net profit of INR3.618 billion for the
quarter ended September 30, 2006, an increase of more than
INR500 million from the INR3.07 billion for the same period last
year.

Total operating income has increased from INR24.902 billion for
the quarter ended Sept. 30, 2005, to INR29.932 billion for the
quarter ended Sept. 30, 2006.

With the increase in revenues came the rise in operating
expenses from INR6.184 billion for the September quarter last
year, to INR6.792 billion for the latest quarter.

Earnings per share figure for the September 2006 quarter is
INR8.82.

A full-text copy of the Canara Bank's financial results for the
quarter and half-year periods ended Sept. 30, 2006, is available
for free at http://ResearchArchives.com/t/s?13ea

                        About Canara Bank

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

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


CENTURION BANK: Boosts Net Profit by 49% in Sept. 2006 Quarter
--------------------------------------------------------------
Centurion Bank of Punjab reported a net profit of INR311 million
for the quarter ended September 30, 2006 (Q2-FY2007).  Net
profit for the quarter grew by 49% as compared to the
corresponding quarter of the previous year.  This is the 10th
quarter of sequential growth in net profits for the Bank.

Profit before tax for the quarter at INR506 million demonstrates
a growth of 593% over the corresponding quarter of the previous
year.  The net advances of the Bank at INR83.85 billion on
September 30, 2006, have grown by 64% over those on
September 30, 2005.  The bank's deposits grew by 41% over those
last year.

                      Operating Results

For the quarter ended September 30, 2006 (Q2-FY2007), Net
Interest Income increased by 44 % to INR1.35 billion from
INR941 million in the corresponding quarter last year.  Net
Interest Margin for the quarter ended September 30, 2006, has
improved to 4.7% this is significantly higher than that last
year (Net Interest Margin for the Q2-FY2006 was 4.4%) and is
among the highest in the industry.

Other income increased by 70% to INR881 million in Q2-FY2007
from INR517 million in Q2-FY2006.  Non-interest income now forms
40% of the Bank's total operating income as compared to 36% in
the corresponding quarter last year.

Operating expenses for Q1-FY2007 increased to INR1.61 billion
from INR1.19 billion during Q2-FY2006.

Subsequent to the merger with Bank of Punjab the Bank had tax
credits which resulted in a tax credit of INR136 million in the
quarter ended September 30, 2006.  The bank has now exhausted
all its tax credits and its earnings are now subject to the
maximum tax rate.  Consequently the Bank has provisions for
taxes amounting to INR195 million this quarter.

The Bank's earnings per share (non-annualized) increased to
INR0.21 from INR0.16 in the same period last year.

The bank has fully provided for all the provisions required
under 'Accounting Standards 15' related to retirement benefits.

                        Advances Portfolio

As of September 30, 2006, retail advances constituted 68% of the
total advances of the Bank.  Net Retail Advances grew by 61% to
INR57.02 billion from INR35.31 billion as of September 30, 2005,
and by 9% over the previous quarter i.e. the quarter ended
June 30, 2006 (Q1 FY2006).

The Bank has increased its focus towards the business generated
by Corporates including small and medium enterprises, leading to
a growth of 72% this quarter in the Bank's corporate and SME
advances as compared to the corresponding quarter in the
previous year; 19% over the previous quarter i.e. the quarter
ended June 30, 2006 (Q1 FY2006).  This segment is fast emerging
as an important engine of growth for the Bank in addition to the
existing retail business.

                           Asset Quality

As of September 30, 2006 the Bank's Net Non-Performing Loans
were 1.3% of Net Advances, against 2.6% as of September 30,2005.

The bank follows an accelerated provisioning policy which is
over and above the prudential provisioning norms prescribed by
the Reserve Bank of India in respect of both NPAs as well as
standard assets.

The bank is fully compliant with the prescribed provisions for
standard assets that will come in effect from March 2007.  No
further provisions would be required to be made on the Bank's
existing standard asset portfolio.

                             Deposits

The deposits of the Bank grew 41% to INR113.836 billion as on
September 30, 2006, from those in the corresponding quarter last
year.  The cost of deposits was 5.4% for the quarter ended
Sept. 30, 2006, however the Net Interest Margin for the Bank
grew from 4.4% in the corresponding quarter of the previous year
to 4.7% this quarter.  The bank's CASA ratio is 33% at the end
of this quarter as compared to 38% at the end of the
corresponding quarter last year.  The Credit-Deposit ratio for
the bank was 74% as on September 30, 2006.

                  Capital Adequacy and Net Worth

As of September 30, 2006, the Bank's total capital adequacy
stood at 11.6%, the Tier I capital of the Bank was 10.5%.  The
Net Worth of the Bank was INR11.099 billion and the Book Value
per Share was INR7.5 as compared to INR5.4 in the quarter ended
September 30, 2005.

The Board of directors and the shareholders of the Bank have
approved a preferential placement of up to 75 million shares to
India Advantage Fund V acting through its investment manager
ICICI venture funds Management Company limited; and up to 95
million shares to Bank Muscat.  This preferential issue, which
is subject to regulatory and statutory approvals, would raise
the Bank's capital adequacy and provide the capital to drive
further organic growth.

                  Merger with Lord Krishna Bank

The proposed merger of Centurion Bank of Punjab and Lord Krishna
Bank was approved by the Board of directors of both banks in
their respective meetings on September 4, 2006.  Subsequently
the proposal was approved by the shareholders of the Banks' at
their respective general meetings held on September 30, 2006.

Both banks have made an application to the Reserve Bank of India
on October 3, 2006, for the requisite regulatory approvals. Once
approved, the merger will result an improved nationwide
franchise of 373 branches and extension counters, 446 ATM's, and
about 3.5 million customers.

               About Centurion Bank of Punjab

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

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


CONTINENTAL AIRLINES: Earns US$237 Mil. in Sept. 2006 Quarter
-------------------------------------------------------------
Continental Airlines reported third quarter 2006 net income of
US$237 million, which includes a US$92 million gain on the sale
of a portion of the its investment in Copa Airlines.

Excluding net special charges of US$1 million and the US$92-
million Copa gain, the company's net income was US$146 million.

Operating income for the third quarter was US$192 million, an
US$83 million improvement over the same period of 2005.  Results
for the third quarter of 2006 also include a US$42 million
accrual for employee profit sharing, bringing the cumulative
accrued profit sharing pool to over US$100 million.

The company also reported that passenger revenue for the quarter
increased 17.1% or US$471 million over the same period in 2005,
to US$3.2 billion, with double digit percentage growth in each
mainline geographic region and in regional jet operations.
Consolidated revenue per available seat mile for the quarter
increased 7.4% year-over-year.

Mainline fuel costs for the quarter increased US$174 million
over the third quarter of 2005, primarily due to a 17.8%
increase in fuel prices compared to the same period last year.

The company ended the third quarter with approximately US$2.5
billion in unrestricted cash and short-term investments.

During the third quarter, the company recorded net special
charges of US$1 million consisting of an US$8 million settlement
charge related to lump-sum payments to retiring pilots and a
US$7 million reduction of previous charges related to
permanently grounded MD-80 aircraft.

                    Fuel Efficiency Program

The company disclosed that it has signed an agreement to acquire
winglets for 37 of its 737-500 and 11 of its long-range 737-300
aircraft, with installation beginning in 2007.  The company has
already completed the installation of winglets on its entire
fleet of 737-700s and -800s and plans to finish the installation
of winglets on its entire 757-200 fleet in the fourth quarter of
2006.  When the installations are complete, the company will
operate 230 narrow-body aircraft outfitted with winglets.
Winglets lower drag and improve aerodynamic efficiency, which
can reduce fuel consumption by up to 5%.

The company has disclosed that it converted 12 existing orders
for Boeing 737 Next Generation aircraft into orders for 12 new
Boeing 737-900ERs, expected to be delivered in 2008.

                         Pension Plans

During the quarter the company contributed US$79 million to its
pension plans and an additional US$70 million to the plans in
October.  The contributions bring its 2006 pension contributions
to US$246 million.  Since the beginning of 2002, the company has
contributed more than US$1.1 billion to its pension plans.

                Credit Facility and New Contract

The company also disclosed that it has amended its
US$350 million loan facility, secured by substantially all of
its Pacific operations, which lowered the interest rate and is
expected to save the company approximately US$6 million
annually.

The company further disclosed that it was awarded a
US$258 million, five-year mail contract with the U.S. Postal
Service effective Sept. 30, 2006.  The contract includes
Priority, First Class and Express mail products within the U.S.
and Puerto Rico.

Continental Airlines (NYSE: CAL) -- http://continental.com/--  
is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout the Americas, Europe and
Asia, serving 154 domestic and 138 international destinations.
More than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

The company has Asian operations in India, Indonesia, Japan,
Philippines, and Taiwan, among others.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reports that
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' long-term and 'B-3' short-term corporate
credit ratings, on Continental Airlines Inc.  The outlook is
revised to stable from negative.  Houston, Texas-based
Continental has about US$17 billion of debt and leases.


GENERAL MOTORS: Korean Unit Will Recall 7,858 Cars
--------------------------------------------------
General Motors Corp.'s Korean subsidiary, GM Daewoo Auto &
Technology Co., will recall 7,858 units because of defective
parts, the Korean government said on its Web site.

GM Daewoo manufactures automobiles under the Daewoo brand.

According to Korea's Ministry of Construction and
Transportation, the recall affects:

   -- 7,598 units of its Winstorm sport utility vehicles
      produced between June 1 and September 14 this year; and

   -- 260 units of Gentra sedans produced between July 1 and
      October 2.

The fog lamps of the Winstorm SUVs have problems, and the fuel
pipes in the Gentra units are too close to parts in its brake
system that might lead to fires in a traffic accident, the
Ministry explained.

Owners of the recalled vehicles can have them repaired free of
charge at GM Daewoo's service centers.

                      About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's
largest automaker, has been the global industry sales leader for
75 years.  With global headquarters in Detroit, GM manufactures
its cars and trucks in 33 countries.  In India, GM is
headquartered in Panchmahals, Gujarat.

On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the
'B'corporate credit rating and the 'B+' bank loan rating,
butexcluding the '1' recovery rating -- on Credit Watch with
negative implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a
RecoveryRating of 'RR1' to General Motor's new US$4.48 billion
seniorsecured bank facility.  The 'RR1' (recovery of 90%-100%)
isbased on the collateral package and other protections that
areexpected to provide full recovery in the event of a
bankruptcyfiling.

On June 21, 2006, Moody's Investors Service assigned a B2
ratingto the secured tranches of the amended and extended
securedcredit facility of up to US$4.5 billion being proposed
byGeneral Motors Corporation, affirmed the company's B3
corporatefamily and SGL-3 speculative grade liquidity ratings,
andlowered its senior unsecured rating to Caa1 from B3.
Moody'ssaid the rating outlook is negative.


QUEBECOR WORLD: Closing French Roto-Gravure Facility
----------------------------------------------------
Quebecor World Inc. intends to close its roto-gravure facility
in Lille, France as part of its ongoing restructuring efforts.

The Lille facility will be phased out during the coming months
and is expected to close at the end of the second quarter of
2007.  The closure will affect approximately 230 employee
positions.  Some of the workforce will be offered opportunities
to transfer to the Charleroi, Belgium facility.

Taking into account earlier restructuring initiatives and the
investment in the latest wide-web gravure technology in
Charleroi, the Company estimates the impact to its European
gravure capacity is essentially neutral.

Quebecor World Inc. -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has approximately 29,000 employees working in more than
120 printing and related facilities in India, the United States,
Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia,
Finland, France, Mexico, Peru, Spain, Sweden, Switzerland
and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 3, 2006, Standard & Poor's Ratings Services lowered its
ratings on commercial printer Quebecor World Inc., including its
long-term corporate credit rating to 'B+' from 'BB-', and placed
the ratings on CreditWatch with negative implications.

In August 2006, Moody's Investors Service placed a Ba3 Corporate
Family Rating, Ba3 Senior Unsecured rating and B2 Senior
Subordinated ratings of Quebecor World Inc.'s subsidiaries under
review for possible downgrade.

Also in August 2006, Dominion Bond Rating Service downgraded the
long-term debt ratings of Quebecor World Inc. and related
entities to BB from BB (high) and downgraded the Cumulative
Redeemable Preferred Shares to Pfd-4 from Pfd-4 (high).  DBRS
said the trends remain negative.


SILICON GRAPHICS: Emerges from Chapter 11 Protection
----------------------------------------------------
In fewer than six months after filing for bankruptcy protection,
Silicon Graphics, Inc., officially concluded its reorganization
and has emerged from chapter 11 a new company on Oct. 17, 2006.

The "New SGI" is the result of a massive overhaul of the
Company's global operations.  SGI has:

    * Re-engineered the Company's business model around customer
      needs and workflows;

    * Strengthened its product and solutions, creating the most
      competitive offering in years;

    * Installed a new management team fully accountable to
      meeting company objectives;

    * Installed a new Board of Directors;

    * Achieved annualized cost savings of $150 million; and

    * Recapitalized the company, eliminating long-term debt and
      arming it with $115 million in exit financing and a
      balanced operating budget.

"[On Oct. 17, 2006,] we debut the New SGI, an efficient and
fully recapitalized company armed with a new, market-centric
business model and empowered by a rekindled commitment to
solving the problems of customers in a targeted range of
markets," said Dennis McKenna, CEO of SGI.  "In these past six
months, everyone at SGI has worked intensely to remake the
organization into one engineered for stability and growth with
innovative new products targeting the largest market
opportunities in the history of the company.  We still have
considerable work ahead in implementing our growth initiatives,
but we are focused on Innovation for Results.  Without doubt,
this is a new day for SGI."

As it emerges from chapter 11, SGI is bringing competitive new
server, storage and services solutions to a combined addressable
market that annually invests more than US$80 billion in
technology.

                   New SGI Board of Directors

To help chart its new direction, SGI also appointed a new Board
of Directors.  Joining the Board will be Eugene I. Davis,
chairman and CEO of PIRINATE Consulting Group, LLC, and Anthony
Grillo, founder and CEO of American Securities Advisors, LLC;
both seasoned executives with significant board and financial
experience in restructuring.  Kevin Katari, managing member of
Watershed Asset Management, LLC, and Chun Won Yi, associate of
Quadrangle Group LLC, will also join the Board and represent the
new investors in the Company.  Continuing on the Board will be
SGI CEO Dennis McKenna and James A. McDivitt, former astronaut
and retired senior vice president of Government Operations and
International of Rockwell International Corporation.

                          New Financing

SGI also disclosed the completion of its exit financing facility
with Morgan Stanley Senior Funding, Inc. and General Electric
Capital Corporation, as lending agents.  The new facility
provides US$115 million in financing consisting of an $85
million term loan and a US$30 million revolving line of credit.
The new facility is secured by substantially all of the assets
of SGI and its domestic subsidiaries and has customary terms and
conditions, including covenants related to minimum levels of
EBITDA (earnings before interest, taxes, depreciation and
amortization) and minimum levels of cash and cash equivalents,
and limits on capital expenditures.

This facility, combined with US$57 million in proceeds from the
previously announced Rights Offering and sale of Overallotment
shares, will be used to pay off US$113 million in existing DIP
financing, make distributions pursuant to the Company's Plan of
Reorganization, and provide working capital for the Company's
ongoing operations.  The exit financing facility matures in five
years.

Pursuant to the Plan of Reorganization, the Company issued
11,125,000 shares of new SGI common stock to certain SGI
creditors in satisfaction of claims and upon exercise of stock
purchase rights and overallotment options.  SGI's prior common
stock has been canceled as of today's effective date with no
distribution made to holders of such stock.

SGI has applied for listing of its new common stock on NASDAQ
under the symbol SGIC.

                      SGI Financial Results

On Oct. 16, 2006, SGI filed, with the SEC, its Report on Form
10-Q for the quarter ended March 31, 2006, and its Annual Report
on Form 10-K for the year ended June 30, 2006.  The Company
expects to announce results for the quarter ended Sept. 29,
2006, including the effects of its fresh-start accounting, in
November.

                    About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for Chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation
   * Silicon Studio, Inc.
   * Cray Research America Latina Ltd.
   * Cray Research Eastern Europe Ltd.
   * Cray Research India Ltd.
   * Cray Research International, Inc.
   * Cray Financial Corporation
   * Cray Asia/Pacific, Inc.
   * ParaGraph International, Inc.
   * WTI-Development, Inc.

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.

As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.


SILICON GRAPHICS: Losses Spur KPMG's Going Concern Doubt
--------------------------------------------------------
KPMG LLP in Mountain View, California, raised substantial doubt
about Silicon Graphics Inc. and subsidiaries' ability to
continue as a going concern after auditing the Company's
financial statements for the fiscal year ended June 30, 2006.
The auditing firm pointed to the Company's recurring operating
losses, negative cash flows, stockholders' deficit and voluntary
Chapter 11 petition.

For the fiscal year ended June 30, 2006, the Company reported a
US$146.1 million net loss on US$518.8 million of net revenues
compared to a US$76 million net loss on US$729.9 million of net
revenues for the previous fiscal year.

As of June 30, 2006, the Company's balance sheet showed
US$380 million in total assets and US$710.5 million in total
liabilities resulting in a US$330.4 million stockholders'
deficit.

The Company's June 30 balance sheet also showed strained
liquidity with US$261 million in total current assets available
to pay US$316.6 million in total current liabilities coming due
within the next 12 months.

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?13b0

                    About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for Chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation
   * Silicon Studio, Inc.
   * Cray Research America Latina Ltd.
   * Cray Research Eastern Europe Ltd.
   * Cray Research India Ltd.
   * Cray Research International, Inc.
   * Cray Financial Corporation
   * Cray Asia/Pacific, Inc.
   * ParaGraph International, Inc.
   * WTI-Development, Inc.

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.

As of July 28, 2006, the company has total assets of
US$352,980,000 and total liabilities of US$662,258,000 resulting
into a stockholders' deficit of US$309,278,000.


STATE BANK OF INDIA: Inks EUR30-Mil. Deal with Germany's G&D
------------------------------------------------------------
The State Bank of India inked a EUR30-million agreement with
Giesecke & Devrient for the supply and maintenance more than
1,700 Banknote Processing Systems.

Under the deal, Germany's G&D will equip SBI's offices with its
Numeron or BPS 200 units.

India's vendor local infrastructure was key to securing the SBI
contract, G&D general manager Alexander Seelander told
finextra.com.

                     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.


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

ALITALIA SPA: Updates Industrial Plan & Reviews Alliance Options
----------------------------------------------------------------
The Board of Directors examined an update of Alitalia S.p.A.'s
Industrial Plan which constitutes a useful and appropriate basis
to be further integrated, taking into consideration -- as in the
guidance provided by the Italian government -- a feasible and
convenient alliance, in order to ensure a suitable long term
industrial framework in which the company can operate.

This updated plan confirms the strategic positioning of Alitalia
as a "highly efficient network carrier" as well as the medium
term financial targets previously announced.

According to the company, certain events that occurred in 2006
have slowed the company's restructuring.  These include:

   -- higher fuel prices;

   -- higher than expected growth of low cost airlines in Italy;

   -- strikes and threat of strikes that have periodically
      impacted the company; and

   -- the delay in implementation of certain restructuring
      measures foreseen in the plan.

Although key performance figures for 2006 provide confirmation
and show progress towards the Plan targets, they also show
delays in achieving some of the results.

The review of the strategic guidelines examined represents
continuity with the recent past and confirm Alitalia's
positioning as a "highly efficient network carrier" with a
strong focus on its core business.

The structure of the plan is confirmed to be in two phases:

   -- the restructuring phase: aimed at restoring the company's
      financial equilibrium; and

   -- the relaunch phase: aimed at increasing Alitalia's
      presence in the market.

The Plan regards all key areas of the company:

   -- fleet: increased capacity, improved product quality and
      reduced average age of the fleet and its maintenance costs
      will be achieved thanks to the introduction of
      new airplanes.

   -- network: increased activity will be generated during the
      implementation of the plan (this increase will take place
      all airports operated by the company) thanks to a redesign
      of the network and development of the fleet.

   -- group Companies: each company will be used and developed
      in accordance to demand.  This, in particular, will affect
      the Group's positioning in new markets through Volare.

   -- sales and marketing: improvement in service will boost
      sales particularly direct sales through web channels and
      call centers and leading to further cost reductions.

   -- cost reduction: confirmation of the stated target of
      reduction of unit costs (excluding fuel) up to 24%, to be
      achieved through both efficiency projects and improved use
      of resources.

In this context and considering all above, the Board has also
mandated the Chairman and Chief Executive Officer to start
immediately examining structural alliance options with another
carrier aimed at generating industrial synergies and maximizing
the company's profitability, and therefore to adjust the
Industrial Plan accordingly.

The Board also examined the Group's recent performance both in
terms of financial results.

Based on these results and also in compliance with a request
made by CONSOB under the terms of article 114, section 5, of
Decree no. 58/98, these are stated:

   -- indication of key updated financial results, in particular
      revenues and main costs, such as personnel and fuel costs.

      From January to August 2006 the Group's key financial
      results were:

         -- consolidated profits of about EUR3.101 million;

         -- fuel cost of about EUR678 million;

         -- labor cost of about EUR510 million;

   -- update regarding the implementation of the Industrial Plan
      2005-2008 announced to the market, highlighting, from a
      quantitive perspective, the main variances between the
      financial results outlined in point 1 and forecasts
      formulated on the basis of this plan.

      In order to compare figures from point 1 with those
      figures originally foreseen in the first year of the Plan,
      it is important to remember that on Jan. 31, 2006 the
      Board approved a budget that identified the same positive
      results target foreseen in the first year of the
      Industrial Plan as announced to the market.  The
      budget is today the most accurate base on which to analyze
      such variances.

      The major quantitative shifts in the figures regarding
      January-August 2006 and the budget available can be
      summarized as:

         -- in terms of consolidated revenues, there is a
            negative difference of about EUR82 million mainly
            due to reduced capacity in the first 8 months of the
            year, due to strikes that occurred in January and
            the actual flight hours.

         -- fuel costs are about EUR25 million higher than
            originally expected also due to the sharp increase
            of fuel prices in the past few months (almost US$80
            per barrel)

         -- in terms of labor costs, the difference is EUR40
            million compared to the planned target for the first
            eight months of 2006 mainly due to the unsuccessful
            implementation of efficiency programs

   -- data, updated with respect to what was previously declared
      in the first half results for 2006, on forecasted results
      for the second half of 2006 and, where available, on the
      estimated results for the same period, in order to
      highlight the main variances regarding the targets laid
      out in the Industrial Plan.

      Since what described in the above point 1) was already
      available to the company at the time of the approval for
      its first half results, the company confirms what was
      announced in the release regarding first half results for
      2006.  The forecast for the second half of the year is for
      positive operating and net results, partly due to some
      non-recurring items.  The Group's consolidated net result
      for the full year 2006 should approach the level achieved
      in 2005.

   -- directors' valuation regarding the impairment test on the
      Group's assets carried out with reference to the first
      half 2006 results and foreseen changes to the
      Industrial Plan

      As regards the test for value reduction (also known as
      impairment test), aimed at ascertaining the recoverability
      of the book value of the assets that generate financial
      flows (assets relative to short  or medium haul
      activities, long haul of expected future cash flow
      activities and all cargo) through the discounting
      retrievable from the same assets, the result was positive.

      this test, carried out in accordance Group does not need
      to devaluate the assets with IAS 36, was conducted on the
      basis of the documentation regarding the update to the
      Industrial Plan, starting from the forecast regarding the
      end of 2006 examined at the Board Meeting that took place
      on Sept. 12, 2006.

   -- update on the implementation of non-recurring operations
      indicated in the first half results for 2006.  With
      reference to non-recurring operations indicated in the
      half results for 2006, there is confidence in a positive
      result by the end of the year.  A selection process to
      find buyers is currently underway.

   -- evaluation of the Directors regarding the existence of
      sufficient cash flow over the next 12 months to cover the
      Group's financial needs

   -- the Board of Directors has also examined the projection of
      the Group's financial flows, which highlight that the
      current available liquidity and future cash flow
      generation of the company are enough to cover its
      financial needs over the next 12 months and thereafter

   -- timing and mode of the review of the business plan.

The timeframe to adjust the Industrial Plan will be strictly
correlated to the mandate given to Chairman and Chief Executive
Officer with regards to structural alliance options.

As reported on Oct 13, 2006, Italian Prime Minister Romano Prodi
foresees a bankrupt national carrier in January 2007 unless
involved parties come up with an "agreed solution."

"We have until January to hammer out a solution which can avoid
bankruptcy," Mr. Prodi said, sharing the same observation posed
by Alitalia CEO Giancarlo Cimoli.

According to the TCR-Europe on Oct. 11, Mr. Cimoli revealed that
Alitalia is poised for collapse given its current cost structure
and market conditions.

"At present, the national carrier is unable to generate profit,
even for previously invested capital," Mr. Cimoli said.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


ALITALIA SPA: Names Giovanni Sabatini to Board of Directors
-----------------------------------------------------------
The Board of Directors of Alitalia S.p.A. appointed Giovanni
Sabatini, as Director of the company.

Mr. Sabatini is General Manager at the Treasure Department of
the Ministry of Economy and Finance.

Mr Sabatini's curriculum vitae is available at the company's
registered office, so are the curricula of the other Directors.

Mr Sabatini is not member of internal committees or has not been
awarded mandates that would make him Executive Director.  He is
not an independent Director of Alitalia.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


AMR CORP: Earns US$15 Million in 2006 Third Quarter
-------------------------------------------------
AMR Corporation, the parent company of American Airlines Inc.,
reported a net profit of US$15 million for the third quarter of
2006.

The results include a US$99 million non-cash charge in Other
Income (Expense) to reduce the book value of certain outstanding
fuel hedge contracts.  Excluding the special item, the company's
profit was US$114 million.

The company's net loss was US$153 million in the third quarter
of last year.  Excluding the US$58 million net negative impact
of two special items, the net loss in the third quarter of 2005
was US$95 million.

"We are pleased to report a profit for the third quarter, which
represents the first time in nearly six years that we have
recorded a profit in two consecutive quarters," Gerard Arpey,
chairman and chief executive officer, said.  "These results show
continuing improvements in the company's core business
operations, even in the face of new challenges. But we also have
more hard work ahead of us as we build a company that is better
positioned for long-term success."

The company reported third quarter consolidated revenues of
US$5.8 billion, an increase of 6.6% from US$5.5 billion for the
same period last year.  In the third quarter, Other revenues
increased 13.3% year over year to US$333 million.  The company
estimates that the London security threat in August reduced
revenues in August and September by more than US$50 million.

American Airlines' mainline load factor was 81.7% during the
third quarter.  Yield increased 7% compared to the third quarter
of 2005, and passenger revenue per available seat mile for the
third quarter increased 7.7% year over year.

American's mainline cost per available seat mile in the quarter
was up 3.8% year over year and excluding fuel and special items,
the airline's unit cost for the third quarter increased 1% year
over year.

"While falling fuel prices provide significant benefits to our
company, fuel prices remain at historically high levels and
continue to be volatile," Mr. Arpey said.  "That's a reminder
that we must continue our efforts to conserve fuel and reduce
other expenses."

The company says that it regularly uses fuel hedging
instruments, including options and collars, to dampen the impact
of volatile fuel prices.  The company's fuel hedging activities
reduced fuel expenses by US$300 million during the period from
2003 through 2005, and have reduced year-to-date 2006 fuel
expense by US$66 million.

Cash and short-term investment balance of the company was
US$5.5 billion, including a restricted balance of US$464
million, at the end of the third quarter of 2006.  In addition
to making scheduled principal payments of US$1.1 billion, the
company said that it has repurchased approximately US$128
million of debt since January 2006 and depending on market
conditions, cash position and other considerations, may from
time to time redeem or repurchase its debt or take other steps
to reduce its debt or lease obligations.

The company disclosed that it continues to execute on the
strategy laid out in its Turnaround Plan by working together
with employees to identify ways to reduce costs, grow revenues,
improve the customer experience and simplify its operations,
which included:

   -- The signing, in September, of a 5-year service agreement
      with the U.S. Postal Service potentially worth
      US$500 million in revenue to American, the largest single
      contract ever awarded to the its Cargo division.

   -- The setting, also in September, by a team of Transport
      Workers Union employees at American line maintenance bases
      and management of a goal to obtain US$95 million of annual
      value creation for the airline by the end of 2008.  The
      announcement followed more than US$1 billion in similar
      goals set previously by maintenance employees at the
      company's Tulsa, Kansas City and Fort Worth maintenance
      bases.

The company also disclosed that in continuing efforts to bolster
its international business, American in July filed an
application with the United States Department of Transportation
to operate daily nonstop service between Dallas/Fort Worth
International Airport and Bejing, China, starting in March 2007.

The company further disclosed that the collaboration over the
past several years between management, unions and employees
helped produce a positive result in August, when Congress passed
a bill that enhances the company's ability to fund its pension
obligations.  Mr. Arpey noted that the company was able to
contribute US$104 million to its various defined benefit pension
plans since the end of the second quarter, bringing its total
2006 contributions to the plans to US$223 million through
Oct. 13, 2006.

American Airlines -- http://www.AA.com/-- is the world's
largest airline.  American, American Eagle and the
AmericanConnection regional airlines serve more than 250 cities
in over 40 countries with more than 3,800 daily flights.
American Airlines flies to Belgium, Brazil, Japan, among others.
The combined network fleet numbers more than 1,000 aircraft.
American Airlines is a founding member of the oneworld Alliance,
whose members serve more than 600 destinations in over 135
countries and territories.

At Dec. 31, 2005, AMR Corporation's equity deficit doubled to
US$1.478 billion from a US$581 million deficit from Dec. 31,
2004.

                           *     *     *

Standard & Poor's Ratings Services, effective June 6, 2006,
placed its ratings on AMR Corp. (B-/Watch Pos/B-3) and
subsidiary American Airlines Inc. (B-/Watch Pos/--) on
CreditWatch with positive implication.


ASHIKAGA BANK: Four Groups Show Interest in Bank
------------------------------------------------
At least four groups of companies are believed to have strong
interest in Ashikaga Bank, the Asian Banker reports.

The Asian Banker lists the groups as:

   * a group of regional banks in the Kanto region, led by the
     Bank of Yokohama, and Nikko Citigroup;

   * Tochigi Bank and Daiwa Securities Sumitomo Mitsui Banking
     Corp.;

   * Nomura Securities and Orix Corp., and;

   * Polaris Principal Finance, an investment fund affiliated
     with Mizuho Securities.

Bloomberg News adds that Ashikaga Bank may get bids from
companies including U.S.-based General Electric Co. and Lone
Star Funds.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 28, 2006, that the Japanese Government will commence the
process of selecting a white knight for state-administered
Ashikaga Bank in September 2006.  Financial Services Minister
Kaoru Yosano said that Ashikaga Bank is making progress in its
rehabilitation and that the government is preparing to screen
financial institutions willing to take over the Utsunomiya-based
regional bank.

The report also said that for the acquisition of Ashikaga, the
buyer is expected to allocate JPY150 billion to JPY200 billion
on capital to achieve an 8% capital-to-asset ratio, and some
JPY200 billion on goodwill.  In addition, possible buyers will
be required to show management policies for meeting regional
needs.  To win the final selection, the major companies are
competing to get influential regional banks to join their
groups.

The TCR-AP also explained that the government is expected to
pick the new owners through a bidding process, which is expected
to be finished by March 2007.

An earlier TCR-AP report on February 8, 2005 explained that
Ashikaga Bank collapsed in 2001 after its officials mismanaged
and tampered with the bank's accounts.  It was discovered that
in its financial statements submitted in June 2001, the bank
underreported future losses on bad loans and declared overly
optimistic earnings forecast.

The TCR-AP further revealed that the bank was placed under
government control in November 2003 after it was found to be
insolvent with a negative net worth of JPY102.3 billion as of
September 30, 2003.

Bloomberg News says that the auction of state-owned Ashikaga,
with 150 branches and JPY4.2 trillion of guaranteed deposits,
may attract as many as 20 bidders and sell for as much as
JPY400 billion.

The Ashikaga Bank, Ltd. -- http://www.ashikagabank.co.jp/-- is
a regional bank operating mainly in Tochigi prefecture in the
Northern Kanto area.  The bank handles banking, loans,
mortgages, foreign exchanges and investment trust through its
106 branches and 68 representative offices.  It also operates a
debt collection business, a real estate survey service, a system
programming and development business and a credit card business
through its 13 consolidated subsidiaries.

Standard & Poor's Ratings Services gave Ashikaga Bank a BB+
long-term foreign and local issuer credit rating on December 10,
2004.


BANK OF KYOTO: S&P Affirms B Bank Financial Strength Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Bank of Kyoto Ltd. to 'A' from 'A-
', reflecting the bank's improving financial flexibility and
lending asset quality.  At the same time, Standard & Poor's
assigned its 'A-1' short-term counterparty rating to the bank,
and affirmed its 'B' Bank Financial Strength Rating.  The
outlook on the long-term rating is stable.

Bank of Kyoto's lending asset quality is improving, reflecting
the recovering economy in the bank's home market of Kyoto
Prefecture.  Its net NPL ratio declined to 1.86% in fiscal 2005
from 2.47% the previous year.  The bank's lending portfolio is
well diversified compared to those of other regional banks, with
a high 83% of its loans extended to small and midsize
enterprises (SMEs).  Bank of Kyoto is also expanding into
adjacent prefectures, using stricter lending criteria to
compensate for its limited information and track record with
customers in those regions.  Standard & Poor's believes that the
bank's credit controls should keep its overall risk volume
within an appropriate range relative to its capitalization and
profitability.

On the other hand, the stock market recovery has caused the
bank's pretax latent profit on equity holdings to exceed its
Tier 1 capital.  Given that the volatility of its stock
portfolio, as measured by portfolio beta, is about even with
that of the overall market, and its book value is low, the surge
in latent profit has improved Bank of Kyoto's financial
flexibility.  Despite its large holdings of government bonds,
the bank's interest rate risk relative to shareholders' equity
and profit is about even with the average of rated regional
banks.  Concentration risk, credit risk, and foreign exchange
risk for other investments are also limited.

The bank's credit quality is expected to remain stable over the
midterm, supported by its strong customer base in its local
market.  A future upgrade would require the bank to improve
profitability while also controlling risks related to lending or
securities.  On the other hand, if the bank increases its risk
relative to capitalization or profitability beyond expectation,
it would negatively impact the rating.

Headquartered in Kyoto, Japan, The Bank of Kyoto, Ltd.  --
http://www.kyotobank.co.jp/-- is a regional bank, which mainly
provides banking services for corporate and individual clients.
The bank operates in two business segments.  The Banking segment
provides various banking services such as deposits, loans,
commodity trading, securities investment, domestic and foreign
exchange and other services.  Together with its subsidiaries,
the Others segment is involved in the management and leasing of
real estate, the research on regional economy, as well as the
provision of commercial support services, credit guarantee
services, investment and loan consulting services, business
consulting services, credit card services and other services.


EIGHTEENTH BANK: Ups Profit Forecasts for the First Half of 2006
----------------------------------------------------------------
The Eighteenth Bank Ltd increased its revenue forecasts for the
first half period ending September 30, 2006, from
JPY25.0 billion to JPY26.7 billion, Bloomberg News reports.

According to the Bloomberg report, the bank also increased its
net income forecast to JPY5.9 billion, an increase of 96.7% from
the earlier forecasted net income of JPY3.0 billion.

The bank earned JPY3.8 billion in the same period in 2005.

Headquartered in Nagasaki Prefecture, The Eighteenth Bank,
Limited -- http://www.18bank.co.jp/-- is a regional bank that
operates in three business segments.  The banking segment is
engaged in the provision of banking services, such as such as
loan services, deposit services, securities investment services,
foreign trading services, foreign exchange services, investment
trust services and other banking services.  The Leasing segment
is involved in the leasing of movable assets and others.  The
Others segment is involved in the provision of credit card
services, venture capital services, credit guarantee services,
computer services, temporary staffing services, building
maintenance services and other services.

Fitch Ratings assigned a C individual rating to Eighteenth Bank
on November 15, 2005.


EIGHTEENTH BANK: JCR Affirms A+ Rating on Senior Debts
------------------------------------------------------
Japan Credit Rating Agency, Ltd. has affirmed the A+/Stable
rating on senior debts of The Eighteenth Bank Ltd.

Eighteenth Bank is a regional bank that is headquartered in
Nagasaki City.  Its funds reach JPY2 trillion.  It has strong
presence in Nagasaki as the leading bank there.  It has been
expanding market shares in Nagasaki centering on the northern
part of the prefecture.

The bank incurred large loss for fiscal year ended March 31,
2005, disposing of large non-performing loans.  The loss
impaired capital.  Drop in credit costs and recovery of capital
have been going well as scheduled since then.  The ratio of non-
performing loans to total loans declined to 5.49% for the fiscal
year ended March 31, 2006.  JCR evaluates highly the improved
quality of loans through strengthened corporate rehabilitation
and establishment of distressed fund, disposing of non-
performing loans.  The bank aims to reduce the ratio of non-
performing loans to total loans to a range of 4% less than 5%
for fiscal year ending March 31, 2007.  JCR will pay attention
to the future developments.

                          *     *     *

Fitch Ratings assigned a C individual rating to Eighteenth Bank
on November 15, 2005.


FORD MOTOR: Restating Results for Accounting Under SFAS 133
-----------------------------------------------------------
Ford Motor Company plans to restate previous financial results
from 2001 through the second quarter of 2006 to correct the
accounting for certain derivative transactions under the
Statement of Financial Accounting Standards 133, Accounting for
Derivative Instruments and Hedging Activities.

The correction to the accounting does not affect the economics
of the derivative transactions, nor have any impact on the
company's cash.  However, the restatements are expected to
affect the preliminary financial results Ford reported for its
2006 third quarter.  The company expects to finalize restatement
amounts for the current period and all previous periods by the
time of the filing of its Quarterly Report on Form 10-Q for the
quarter ended Sept. 30, 2006.

Ford discovered that since 2001, certain interest rate swaps
Ford Motor Credit Company had entered into to hedge the interest
rate risk inherent in certain long-term fixed rate debt were
accounted for incorrectly under SFAS 133 because they did not
satisfy the standard's technical accounting rules to qualify for
exemption from the more strict effectiveness testing
requirements.  Ford Motor Credit Company uses transactions
involving derivatives, including swaps, forwards and options, to
reduce economic risk and volatility in a disciplined and
defensive manner.

PricewaterhouseCoopers LLP, the company's independent registered
public accounting firm, audited Ford's 2001 through 2005
financial statements, which included a review of these swaps.

"This is a very complicated accounting standard, and
interpretation of its proper application has continued to
evolve," said Executive Vice President and Chief Financial
Officer Don Leclair.  "Our overall hedging strategy is sound.
We will correct our accounting for these types of derivative
instruments.  We remain committed to strong internal controls
and reporting transparency."

Ford Motor Credit Company's interest rate swaps were entered
into as part of the unit's asset-liability management strategy.
The swaps economically hedge the interest rate risk associated
with long-term debt issuances. Although the final restatement
amounts have not yet been determined, we estimate based on the
information to date that Ford and Ford Motor Credit Company's
results in 2002 will improve materially. Other periods are still
under study.

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The Company has operations in Japan.

                          *     *     *

Moody's Investors Service, on Sept. 20, 3006, lowered Ford Motor
Company's corporate family rating and senior unsecured to B3
from B2, and Ford Motor Credit Company's senior unsecured to B1
from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.

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.

The TCR reported on July 24, 2006, that 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.  Moody's said the outlook for the
ratings is negative.


FORD MOTOR: Incurs US$5.8 Billion Net Loss in 2006 Third Quarter
----------------------------------------------------------------
Ford Motor Company reported Monday preliminary third-quarter
2006 financial results.  For the third quarter, Ford Motor
reported a net loss of US$5.8 billion.  This compares with a net
loss of US$284 million in the 2005 third quarter.  Excluding
special items, the third quarter loss from continuing operations
was US$1.2 billion, compared with a loss of US$191 million, or
10 cents per share, a year earlier.

The performance from continuing operations primarily reflected
operating challenges in the company's North America, Asia
Pacific and Africa, and Premier Automotive Group operations.
Performance also included continued profitability in South
America and at Ford Credit.  Though it lost money during the
quarter, Ford Europe showed a year-over-year improvement in
operating results and remained poised to deliver full-year
profitability.

Special items included in the quarter's net loss primarily
reflected the costs associated with restructuring efforts,
primarily in North America, as well as the revaluation of long-
lived assets related to automotive operations in North America
and Jaguar/Land Rover.  On an after-tax basis, special items
reduced third-quarter earnings by a total of US$4.6 billion.
The total pre-tax effect of these special items was
US$5.3 billion.

In addition, effective this quarter, the company established a
valuation allowance of US$2.2 billion against deferred tax
assets primarily at its North America and Jaguar/Land Rover
operations.  The valuation allowance was established because of
the cumulative losses the company has incurred and the financial
outlook for these operations.

Alan Mulally, Ford's president and chief executive officer, said
he and his senior management team are committed to creating a
viable Ford Motor Company business going forward.

"These business results are clearly unacceptable," Mulally said.
"We are committed to dealing decisively with the fundamental
business reality that customer demand is shifting to smaller,
more efficient vehicles.  Our focused priorities are to
restructure aggressively to operate profitably at lower volumes,
and to accelerate the development of new, more efficient
vehicles that customers really want.

"We have great global assets and resources that we will leverage
to significantly improve our product strategy, our production
efficiency and quality.  This will enable us to meet customer
expectations for distinctive vehicles much more cost
effectively. These actions will lead to profitable growth of our
business over the long term."

                       Automotive Sector

On a pre-tax basis, worldwide Automotive Sector losses in the
third quarter were US$1.8 billion. This compares with a pre-tax
loss of US$1.3 billion during the same period a year ago.

Worldwide automotive sales for the third quarter declined to
US$32.6 billion from US$34.7 billion in the same period last
year.  Worldwide vehicle unit sales in the quarter were
1,511,000, down from 1,531,000 a year ago.

North America:

In the third quarter, Ford's North America automotive operations
reported a pre-tax loss of US$2 billion, compared with a pre-tax
loss of US$1.2 billion a year ago.  The decline was largely
attributed to lower volumes and unfavorable mix, primarily
associated with lower industry volume and lower market share,
and higher incentives.  Cost reductions were a partial offset.
Sales were US$15.4 billion, down from US$18.2 billion for the
same period a year ago.

South America:

Ford's South America automotive operations reported a third-
quarter pre-tax profit of US$222 million, an improvement from a
pre-tax profit of US$96 million a year ago.  The improvement was
primarily explained by higher volume and favorable pricing.
Sales for the third quarter improved to US$1.5 billion from
US$1.2 billion in 2005.

Ford Europe

Ford Europe's third-quarter pre-tax loss was US$13 million
compared with a pre-tax loss of US$55 million during the 2005
period.  The improvement came from higher vehicles sales,
partially offset by higher pension-related costs, lower profits
from operations in Turkey and negative net pricing.  During the
third quarter, Ford Europe's sales were US$7.3 billion, compared
with US$6.4 billion during third quarter 2005.

Premier Automotive Group:

Premier Automotive Group reported a pre-tax loss of
US$593 million for the third quarter, compared with a pre-tax
loss of US$108 million for the same period in 2005.  The decline
was explained by adverse cost performance, primarily reflecting
adjustments to Jaguar and Land Rover warranty accruals and lower
volume at all operations, excluding Aston Martin.  Improvements
in overhead costs were offset by increases in advertising.
Third-quarter sales for PAG were US$6.5 billion, compared with
US$6.8 billion a year ago.

Asia Pacific and Africa:

For the third quarter, Asia Pacific and Africa reported a pre-
tax loss of US$56 million, compared with a pre-tax profit of
US$21 million a year ago.  The decline primarily reflected lower
production and dealer inventories, adverse mix, and higher
incentives, partially offset by cost reductions. Sales were
US$1.6 billion, compared with US$1.9 billion in 2005.

Mazda:

During the third quarter of 2006, Ford's share of Mazda pre-tax
profits and associated operations was US$40 million, compared
with US$112 million during the same period a year ago.  The
decline primarily reflected the non-recurrence of mark-to-market
gains on Mazda convertible bonds during 2005, which have now
been entirely converted to equity.

Other Automotive:

Third-quarter results included a pre-tax profit of
US$553 million in Other Automotive, compared with a loss of
US$241 million a year ago.  The year-over-year improvement
relates to tax-related interest and higher portfolio returns.

                  Financial Services Sector

For the third quarter, the Financial Services sector earned a
pre-tax profit of US$448 million, compared with a pre-tax profit
of US$1.1 billion a year ago.

Ford Motor Credit Company reported net income of US$262 million
in the third quarter of 2006, down US$315 million from net
income of US$577 million a year earlier.  On a pre-tax basis
from continuing operations, Ford Motor Credit earned
US$428 million in the third quarter, compared with
US$901 million in the previous year.  The decrease in earnings
was attributed to lower financing margins, higher depreciation
expense and the impact of lower average receivable levels.

                     Cash and Liquidity

The company ended the quarter with total cash, including
automotive cash, marketable securities, loaned securities and
short-term Voluntary Employee Beneficiary Association assets at
Sept. 30, 2006 of US$23.6 billion, unchanged from the end of the
second quarter.  The company's operating-related cash flow was
US$3.1 billion negative for the quarter.  During the quarter,
US$3 billion was transferred out of long-term VEBA and is now
included in total cash.

Don Leclair, executive vice president and chief financial
officer said, "As we restructure our business we will continue
to make investments in products necessary to ensure Ford's
future success. Throughout this period, maintaining strong
liquidity will continue to be a high priority."

                          Restatement

Ford has announced plans to restate certain financial results to
correct accounting under SFAS 133.  The preliminary third-
quarter results do not reflect these corrections.  The company
expects to finalize restatement amounts for this and previous
periods by the time it files its Quarterly Report on Form 10-Q
for the quarter ended Sept. 30, 2006. Financial statements
pertaining to the 2006 third quarter will be provided at that
time.

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The Company has operations in Japan.

                          *     *     *

Moody's Investors Service, on Sept. 20, 3006, lowered Ford Motor
Company's corporate family rating and senior unsecured to B3
from B2, and Ford Motor Credit Company's senior unsecured to B1
from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.

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.

The TCR reported on July 24, 2006, that 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.  Moody's said the outlook for the
ratings is negative.


FORD MOTOR: FMCC Earns US$262 Million in 2006 Third Quarter
-----------------------------------------------------------
Ford Motor Credit Company reported preliminary financial results
with third quarter profits.  At the same time, Ford Motor Credit
disclosed plans to restate previous financial results from 2001
through the second quarter of 2006 to correct the accounting for
certain derivative transactions under the Statement of Financial
Accounting Standards 133, Accounting for Derivative Instruments
and Hedging Activities.

Ford Motor Credit reported net income of US$262 million in the
third quarter of 2006, down US$315 million from earnings of
US$577 million a year earlier.  On a pre-tax basis from
continuing operations, Ford Motor Credit earned US$428 million
in the third quarter, compared with US$901 million in the
previous year.  The decrease in earnings primarily reflected
lower financing margins, higher depreciation expense and the
impact of lower average receivable levels.

"Our high-quality portfolio continues to perform very well,
generating profits and dividends for Ford Motor Company," said
Mike Bannister, chairman and CEO.  "Our recently announced North
American restructuring along with our efforts to reduce our
costs globally will further enhance our operational
effectiveness."

On September 30, Ford Motor Credit's on-balance sheet net
receivables totaled US$135 billion, compared with US$132 billion
on December 31, 2005.  Managed receivables, which include on-
balance sheet receivables and securitized off-balance sheet
receivables that we continue to service, were US$148 billion,
compared with US$150 billion on December 31, 2005.  Ford Motor
Credit paid cash dividends of $300 million during the third
quarter.

               Restatement of Financial Results

Ford Motor Credit Company plans to restate previous financial
results from 2001 through the second quarter of 2006 to correct
the accounting for certain derivative transactions under the
Statement of Financial Accounting Standards 133, Accounting for
Derivative Instruments and Hedging Activities.

The correction to the accounting does not affect the economics
of the derivative transactions, or have any impact on the
company's cash.  However, the restatements are expected to
affect the preliminary financial results Ford Motor Credit
Company for its 2006 third quarter.  Ford Motor Credit Company
expects to finalize restatement amounts for the current and all
previous periods by the time of the filing of its Quarterly
Report on Form 10-Q for the quarter ended Sept. 30, 2006.

The company discovered that since 2001, certain interest rate
swaps Ford Motor Credit Company had entered into to hedge the
interest rate risk inherent in certain long-term fixed rate debt
were accounted for incorrectly under SFAS 133 because they did
not satisfy the standard's technical accounting rules to qualify
for exemption from the more strict effectiveness testing
requirements.  Ford Motor Credit Company uses transactions
involving derivatives, including swaps, forwards and options, to
reduce economic risk and volatility in a disciplined and
defensive manner.

PricewaterhouseCoopers LLP, the company's independent registered
public accounting firm, audited Ford Motor Credit Company's 2001
through 2005 financial statements, which included a review of
these swaps.

"We are very disappointed that we must restate our earnings,"
said Bannister.  "We are committed to strong internal controls
and reporting transparency.  Our business fundamentals remain
sound, and our operations remain highly efficient and
profitable."

Ford Motor Credit Company's interest rate swaps were entered
into as part of its asset-liability management strategy.  The
swaps economically hedge the interest rate risk associated with
long-term debt issuances.  Although the final restatement
amounts have not yet been determined, based on the information
to date, the Company estimates that Ford Motor Credit Company's
results in 2002 will improve materially - other periods are
still under study.

                           About FMCC

Ford Motor Credit Company -- http://www.fordcredit.com/-- is
one of the world's largest automotive finance companies and has
supported the sale of Ford products since 1959.  Ford Motor
Credit operates in 36 countries and manages approximately $148
billion in receivables.  Ford Motor Credit is an indirect,
wholly owned subsidiary of Ford Motor Company.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The Company has operations in Japan.

                          *     *     *

Moody's Investors Service, on Sept. 20, 3006, lowered Ford Motor
Company's corporate family rating and senior unsecured to B3
from B2, and Ford Motor Credit Company's senior unsecured to B1
from Ba3.

Ford's Speculative Grade Liquidity rating has also been lowered
to SGL-3 from SGL-1.  The rating outlook is negative.  These
rating actions conclude a review for possible downgrade that was
initiated on Aug. 18.

At the same time, Standard & Poor's Ratings Services lowered its
long-term corporate credit ratings on Ford Motor Co., Ford Motor
Credit Co. and all related units -- except FCE Bank PLC -- to
'B' from 'B+' and its short-term ratings on these entities to
'B-3' from 'B-2.'

The ratings on FCE Bank, Ford Credit's European bank, were
lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch
rating differential between FCE and its parent that was
established in July.

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.

The TCR reported on July 24, 2006, that 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.  Moody's said the outlook for the
ratings is negative.


KYUSHU-SHINWA HOLDINGS: Gets JPY7 Billion from Bank of Fukuoka
--------------------------------------------------------------
Kyushu-Shinwa Holdings Inc. will be getting about JPY7 billion
from the Bank of Fukuoka in exchange for a 13% stake, Bloomberg
News reports.

According to the report, the move will make the Bank of Fukuoka
the top shareholder in the struggling regional bank, and will
pave the way for the Bank to take the initiative in
rehabilitating Kyushu-Shinwa, based in Sasebo, Nagasaki
Prefecture.

Bloomberg explains that Kyushu-Shinwa expects to go into the red
in the current fiscal year through March 2007 because its
banking unit, Shinwa Bank, was instructed by the Financial
Services Agency to accelerate bad-loan disposals.  Kyushu-Shinwa
now projects JPY38.4 billion in consolidated net loss in the
current business year, in a reversal from JPY5.3 billion in
profit the previous year.

Bank of Fukuoka would also purchase Kyushu-Shinwa's common
shares with voting rights for JPY7 billion.  Domestic
investment fund J-Will Partners Co. will buy Kyushu-Shinwa's
preferred shares worth about JPY23 billion through a special
purpose corporation.

The Bank of Fukuoka and the investment fund will each dispatch
two officials to Shinwa Bank's board.

                   About the Bank of Fukuoka

The Bank of Fukuoka, Ltd. -- http://www.fukuokabank.co.jp/-- is
a Japan-based regional bank that serves its home market of
Fukuoka Prefecture and the Kyushu region in western Japan.  The
bank is principally engaged in the provision of services that
include deposits, loans, as well as domestic and foreign
exchange services.  Additionally, the bank is involved in the
provision of corporate revival support, debt management and
collection, guarantee and administrative services.  Through one
of its wholly owned subsidiaries, the bank also specializes in
the management of real estate and the dispatch of manpower.

As reported in the Troubled company Reporter - Asia Pacific on
October 18, 2006, Moody's Investors Service affirmed The Bank of
Fukuoka, Ltd.'s A3 long-term deposit rating, Prime-2 short-term
deposit rating, A3 issuer rating, Baa1 subordinated convertible
bond rating and D+ bank financial strength rating.  The rating
outlook remains stable.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings has affirmed the ratings of Bank of Fukuoka as
follows:

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

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

   -- Individual at 'C'; and

   -- Support '2'.

                   About Kyushu-Shinwa Holdings

Headquartered in Nagasaki, Kyushu-Shinwa Holdings Inc. --
http://www.ksfg.co.jp/-- is chiefly engaged in the banking
business, such as the assessment and research of real estate
collateral, the provision of initial public offering (IPO)
support services and the management of loans, as well as the
clerical work, leasing, credit guarantee and credit card
businesses.

The Troubled Company Reporter - Asia Pacific reported on
October 18, 2006, that in 2002, Shinwa Bank and Kyushu Bank,
both based in Nagasaki Prefecture, consolidated under the
Holdings and subsequently in 2003, the subsidiary banks merged.
Fitch Ratings has affirmed Shinwa Bank's ratings at Individual
'E' and Support '3'.

According to Bloomberg News, Kyushu-Shinwa's capital-adequacy
ratio is estimated to have fallen to about 6% at the end of
September 2006 but the ratio is expected to rise to about 8% due
to the capital reinforcement.  Domestically operating banks are
required to have capital ratios of at least 8%.


SOLO CUP: Posts US$299.4-Mil Net Loss for 2006 Second Quarter
-------------------------------------------------------------
Solo Cup Company has completed its review of accounting issues
and has restated certain previously issued consolidated
financial statements.

The Company disclosed that it has filed its second quarter 2006
Form 10-Q and has satisfied the terms of the indenture for the
its 8.5% senior subordinated notes due 2014.  In addition, on
Oct. 13, 2006, the Company concluded discussions with its
lenders under its credit facilities and obtained a waiver and
amendment through Jan. 2, 2007.

"The restatement work was a rigorous and intense process that
revealed certain material weaknesses in our financial controls
and we are taking decisive steps to address those issues,"
Robert M. Korzenski, chief executive officer, said.
"Importantly, this work renewed our confidence in the
fundamentals of our business, reaffirmed the compelling
strategic, operational and financial rationale of the Solo
Cup/Sweetheart merger, and highlighted the quality and
dedication of our employee team."

For the thirteen weeks ended July 2, 2006, the Company reported
net sales of US$670.3 million, an increase of US$23.4 million,
or 3.6%, from net sales of US$646.9 million, as restated, for
the three months ended July 3, 2005.

Gross profit for the thirteen weeks ended July 2, 2006, was
US$92 million, an increase of $9.8 million, or 12%, from gross
profit of US$82.1 million, as restated, for the comparable
period in 2005.

For the thirteen weeks ended July 2, 2006, the Company reported
a net loss of US$299.4 million, versus a net loss of
US$2.8 million, as restated, for the comparable period in 2005.
The 2006 loss reflects a non-cash charge of US$228.5 million for
the impairment of goodwill and a non-cash charge of US$105
million to income tax expense to increase the valuation
allowance for deferred tax assets.

      Restatement of Previously Issued Financial Statements

The Company, on Aug. 16, 2006, disclosed a temporary delay in
the filing of its Form 10-Q with the SEC for the second quarter
ended July 2, 2006, saying it would need additional time to
complete an internal review initiated by Mr. Korzenski of issues
regarding certain accounting practices and procedures related to
the Company's second quarter of 2006 and prior periods.  The
internal review was led by Eric A. Simonsen, its interim chief
financial officer, and its findings were discussed with KPMG
LLP, the company's independent registered public accountants.

The categories of restated items included in one or more of the
company's restated consolidated financial statements include
timely recognition of certain credits to customers, certain
credits from vendors and certain accrued expenses; accrued
payroll and other related costs; accrued freight; and inventory
valuation.

The aggregate change in operating income associated with the
restatement was an increase of US$3.2 million in the first
quarter of 2006; a decrease of US$19.7 million in full fiscal
year 2005; a decrease of US$8.2 million in full fiscal year
2004; a decrease of US$7.1 million in full fiscal year 2003; a
decrease of US$900,000 in full fiscal year 2002; and an increase
of US$200,000 in full fiscal year 2001.

The Company says that the restatement of its consolidated
financial statements did not impact its cash balances.  It
currently has approximately US$23 million of cash on hand and
approximately US$36 million of borrowing availability under the
terms of its domestic revolving credit facility.

Mr. Korzenski added: "It should be noted that we now have a new
and very strong financial and accounting team; newly implemented
accounting controls; and a strong organizational commitment at
both the board and management levels to improved internal and
external communication."

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The Company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the non-paper Packaging sector, the rating
agency confirmed its B3 Corporate Family Rating for Solo Cup
Company.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   Sr. Sec.
   First Lien
   Revolver
   Maturing
   Feb 27, 2010           B2      B2      LGD3        34%

   US$637 million
   Sr. Sec. First
   Lien Term Loan B
   due Feb 27, 2011       B2      B2      LGD3        34%

   US$80 million
   Second Lien
   Term Loan due
   Feb 27, 2012          Caa1    Caa1     LGD5        70%

   US$325 million
   8.5% Senior Sub
   Notes due
   Feb 15, 2014          Caa2    Caa2     LGD5        87%


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

BOE HYDIS: Xinhua Far East Downgrades Parent's Issuer Rating
------------------------------------------------------------
Xinhua Far East China Ratings downgraded the issuer credit
rating of BOE Technology Group Co Ltd to CC from B.  Its rating
outlook remains negative.  The CC rating indicates the Company
is very likely to default in the foreseeable future.

As predicted by Xinhua Far East's downgrade in April, BOE's
vulnerable credit profile has been further weakened by a harsh
operating environment and high capital expenditures.  Sharply
falling product prices have overwhelmed the competitiveness of
the Company's 5th generation TFT-LCD production line and
resulted in a negative profit margin with heavy losses
reported in the first half of this year.  Meanwhile, the
Company's tremendous capital expenditure requirements, together
with its negative operating cash flow, pushed its debt burden to
an extremely high level.  Thus, Xinhua Far East considers BOE's
credit strength has been severely impaired and has rendered it
highly vulnerable to default on its financial commitments.

In the first half of 2006, adverse market conditions for the
Company's major products have plummeted BOE's gross margin and
EBITDA margin sharply to negative 23.9% and negative 14.9%,
respectively.  The considerable negative EBITDA means that it
could not even meet its variable costs of production.  Despite
enhanced cost savings by local sourcing and increased sales of
its 5th generation TFT-LCD products, improvements in operating
efficiency could not offset the impact of diving product prices,
particularly in 2nd quarter of this year. As BOE expects to
report a net loss in the first three quarters of 2006 and the
competition in TFT-LCD sector is very intensive and globalized,
Xinhua Far East considers BOE's heavy losses stemming from its
core operations can hardly turn around in the foreseeable
future.

In addition to the Company's poor operating results, the
downgrade action has factored in the highly risky nature of the
TFT-LCD sector and BOE's limited resources against operating and
financial volatilities.  In particular, BOE faces heightened
competition from its large international peers which are
flooding the market with 6th and 7th generation products, and
accordingly are dampening the market demand and product prices
of BOE's 5th generation products.  As the sector is highly
capital intensive and characterized by shortening product life
cycles, BOE has very limited flexibility in holding back its
capital expenditures.  Xinhua Far East anticipates it will be
difficult for BOE to sustain its development in the long run
given its constraints in capital and technology, operating
experience and risk control relative to its international peers.

The downgrade also reflects BOE's extremely weak financial
profile and very limited solvency and financial flexibility.
Following an aggressive financial policy, the Company relies
heavily on bank loans for expansion and capital expenditures,
the Company's debt level kept climbing since 2002, and it has
reached to such a seriously high level with its gross debt to
total capital ratio increasing to 84.5% in mid 2006. On the
other hand, BOE continued to generate negative operating cash
flow in the first half of 2006.  It also exhibited negative
EBITDA/interest coverage ratio, far less than adequate liquidity
ratio of 0.63 and limited cash reserves in hand, compared with
its mounting debt burden of CNY13,409 million as of mid 2006.

In addition, the Company's wholly owned subsidiary in Korea, BOE
Hydis, has entered into bankruptcy after years of losses,
although it is not consolidated in BOE.  These all indicate
BOE's extremely vulnerable creditworthiness.

Xinhua Far East noted BOE has completed funding of
CNY1,860 million in October through a private placement.
However, the funds are mainly for producing product components
for its 5th generation production line, its direct contribution
to BOE's financial flexibility is limited.

Historically, Xinhua Far East has downgraded BOE several times
to reflect its worsening credit profile, as a result of its
aggressive acquisition for Korea companies and its construction
of 5th generation production line.  Although BOE has raised four
rounds of equity financing since 1997, with total amount of
CNY5,117.9 million, adverse operating conditions and huge
funding requirements have overwhelmed the growth of its capital
base and hindered the Company from materially reducing its
financial and liquidity pressure.

BOE is one of the largest display device manufacturers in China.
Its main products are TFT-LCD panels used for PC monitors and TV
sets.  In 2005, BOE's turnover reached CNY13.450 billion.

BOE is a constituent of the Xinhua/ FTSE China 200 and B35
Indices.  As of market close on October 23, 2006, its total A-
share market capitalization and investable capitalization were
CNY3,078 million and CNY616 million respectively.  Its B-share
market cap totaled US4186 million, of which all is investable.

                   About BOE Hydis Technology

Headquartered in Seoul, South Korea, BOE Hydis Technology
Company, Limited, -- http://www.boehydis.com/-- develops,
manufactures and distributes flat panel display products for a
wide range of applications, including laptop computers, Tablet
PC's, monitors, medical, avionic and car navigation systems.
China's BOE Technology Group Co. acquired the Company from
Korea's Hynix Semiconductor Inc. in 2003.

As reported by the Troubled Company Reporter - Asia Pacific, BOE
Hydis applied for corporate rehabilitation on September 8, 2006,
with the Seoul Central District Court.


HANA BANK: Parent Denies Takeover Move on Woori Bank
----------------------------------------------------
Hana Financial Group, Hana Bank's parent company, rejects a
report that the Bank made moves to takeover Woori Bank, XFN-Asia
reports.

The Financial Times, quoting people familiar with the
discussions, previously reported that Hana Bank had approached
Woori Financial Group, offering a plan to gradually gain control
of Woori Bank.

The FT report said that the talks between Hana and Woori are at
a preliminary stage and are ongoing, XFN-Asia recounts.

"The report is not true," XFN-Asia quotes a Hana representative
as saying.  "We have not approached Woori about a takeover."

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.

                         About Hana Bank

Hana Bank -- http://www.hanabank.com/-- provides financial
services to individuals and corporate clients such as
international banking, trust business and security investment
business through 298 domestic branches and one head office.

Fitch Ratings gave Hana Bank an Individual Rating of B/C.

Moody's Investors Service gave the bank a D+ Bank Financial
Strength Rating.


SK CORPORATION: 3rd Quarter Net Profit Declines to KRW308.4 Bil.
----------------------------------------------------------------
SK Corporation reported record quarterly revenue of
KRW6.515 trillion, up 13% compared to KRW5.755 trillion reported
for the third quarter a year ago.  Sales revenue was primarily
driven by increased oil prices and higher product prices.  The
company's overall operating profit was up 5% year-over-year
supported by strong performance by both the lubricant and
petrochemical divisions.

Commenting on the results, the Head of Investor Relations Seung-
Hoon Lee said: "We are pleased with the increase in operating
profit this quarter compared to a year ago, especially given the
fact that we achieved record profit in last year's third
quarter."

Mr. Lee continued, "With a diversified business portfolio that
allows the company to hedge against cyclical nature of the
energy business, SK Corporation is well positioned to continue
its solid performance through the fourth quarter.  Improved
refining margins coupled with solid performances from other
business divisions will help the company achieve its 2006
operating guidance of KRW1.41 trillion."

The company's non-operating profit decreased by 45% year-on-
year, due to a KRW134.5 billion write-back of provisions for
allowances of exchangeable bonds in the 3rd quarter of 2005.
Excluding this one-off write-back, non-operating profits are
considerably stronger year-on-year.

                   Business Sector Performance

* Lubricant

Third quarter lubricant division sales and operating profit
increased 51% and 91% year-over-year to KRW262.8 billion and
KRW56.2 billion respectively.

This improved operating profit was attributed to many factors,
including the increased capacity of the Lube Base Oil plants,
resulting from the change of de-waxing catalysts earlier this
year.  In addition, tight supply market conditions and increased
demand for Group III VHVI base oil, contributed to the increase
in sales and operating profit.

* Petrochemicals

The petrochemicals division's third quarter total sales and
operating profit increased by 27% and 30%, to KRW1.566 trillion
and KRW139.4 billion, respectively.  The increase was propelled
by the New Reforming Center's successful operation, coupled with
favorable market conditions.

During the quarter, many companies in North East Asia scheduled
regular maintenance shutdowns for their naphtha crackers, which
resulted in tightened supply.  SK Corporation was able to
leverage the market conditions and achieved another strong
quarterly performance, despite shutting down its own number two
naphtha cracker center for regular maintenance.

* Exploration and Production

The E&P division's sales and operating income for the third
quarter of 2006 decreased by 3% and 9% year-over-year, to
KRW95.8 billion and KRW62.8 billion respectively.

The company continued to be an active E&P player during the
third quarter, preparing its exploration activities in
Kazakhstan where it has a 50% share in Kazakhstan Block 8.

The division expects additional oil production from Brazil BMC-8
from the second half of 2007, along with LNG production from
Yemen LNG and Peru LNG projects from the end of 2008 and 2009,
respectively.  The company's average daily production and
operating profit for E&P division in 2009 is expected to at
least double the current levels.

* Petroleum

Although local market demand weakened during the quarter, sales
revenue for the petroleum division increased 9% to KRW4,528.4
billion, primarily due to increased exports and higher petroleum
product prices.  Operating profit decreased by 21% as compared
to the exceptional third quarter of 2005, due to lower simple
refining margins.

However, after steadily expanding in new markets such as
Indonesia, Singapore and China, the petroleum division's export
sales volume surpassed domestic sales for the first time in a
single quarter, with a total of approximately KRW2.4 trillion.
The fourth quarter's outlook for the petroleum market is in the
company's favor.  Refining margins are forecasted to improve and
the coming winter season in the Northern Hemisphere should spur
increased demand, on a quarter over quarter basis.

                 3Q 2006 FINANCIAL PERFORMANCE

1. 3Q 2006 (vs. 3Q 2005)

                          (Unit: KRW billion)
                      ---------------------------
                      3Q 2005   3Q 2006   Changes    Change
                      -------   -------   -------    ------
Sales                 5,754.9   6,514.7     759.8     +13%
Operating Profit        333.1     349.5      16.4      +5%
Non-Operating Profit    176.6      97.5     -79.1     -45%
Pretax Income           509.7     447.0     -62.7     -12%
Net Profit              430.7     308.4    -122.3     -28%


             3Q 2006 BUSINESS SECTOR PERFORMANCE

1. Sales

                           (Unit: KRW billion)
                      ---------------------------
                      3Q 2005   3Q 2006   Changes    Change
                      -------   -------   -------    ------
Petroleum             4,168.0   4,528.4     360.4      +9%
Petrochemical         1,228.8   1,565.5     336.7     +27%
E&P                      99.1      95.8      -3.3      -3%
Lubricant               173.6     262.8      89.2     +51%
Others                   85.4      62.2     -23.2     -27%
                      -------   -------   -------    ------
Total                 5,754.9   6,514.7     759.8     +13%

2. Operating Profit

                           (Unit: KRW billion)
                      ---------------------------
                      3Q 2005   3Q 2006   Changes    Change
                      -------   -------   -------    ------
Petroleum               121.9      96.6     -25.3      -21%
Petrochemical           106.9     139.4      32.5       30%
E&P                      68.9      62.8      -6.1       -9%
Lubricant                29.5      56.2      26.7       91%
Others                    5.9      -5.5     -11.4      -19%
                      -------   -------   -------    ------
Total                   333.1     349.5      16.4        5%

                       About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company
with 4,916 employees and 22 offices around the world in 2005.
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


THOMAS EQUIPMENT: Hires M. Luther as Chief Restructuring Officer
----------------------------------------------------------------
Thomas Equipment Inc. appointed Michael S. Luther as Chief
Restructuring Officer and he will be responsible for leading all
day-to-day operations of the company, effective immediately.

Mr. Luther has been involved in corporate finance and merchant
banking for 20 years.  Most recently, Mr. Luther managed a hedge
fund associated with Deutsche Bank and during his tenure Mr.
Luther led combined transactions of over US$1 billion, the most
notable of which was the purchase of Alamo National Car Rental,
acquired for roughly US$4 billion by Cerberus Capital of New
York.

James E. Patty, President and Chief Executive Officer, and
William Davis, Chief Operating Officer, have resigned as part of
the next phase of Thomas' restructuring.  Thomas' Board of
Directors approved an undertaking by Thomas' Compensation
Committee to work out separation agreements with both which
fairly compensates each for their significant work for Thomas
over recent months.  Mr. Patty and Mr. Davis will provide Mr.
Luther with transitional support.  In addition, Mr. Patty is a
Thomas Director and will remain on its Board of Directors.

"The Board of Directors has appreciated all of the extremely
hard work and long hours both James E. Patty and Dr. William
Davis have put into the first phase of our restructuring,"
stated David Marks, Chairman of Thomas Equipment, Inc.  "The
Board of Directors believes that Mr. Luther is uniquely
qualified to interface with Thomas' senior lenders, investors
and creditors as the company moves towards the next phase of its
restructuring and we expect he will be an extremely valuable
part of our senior management team."

"The company continues to face significant short-term challenges
that must be overcome to successfully implement longer term
strategic opportunities," stated Mr. Luther.  "We will continue
to push forward with the restructuring and I am very confident
that we can emerge as a stronger and more vibrant company."

                      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.


WOORI BANK: Seeks License to Operate Subsidiary in Russia
---------------------------------------------------------
Woori Bank wants Russian regulators' permission to upgrade its
representative office to a subsidiary in Moscow, Na Jeong-ju,
staff reporter of The Korea Times, reports.

For the establishment of the subsidiary, Woori Bank President
Hwang Young-key signed a letter of intent with Bank of Russia
officials on October 20, 2006, The Chosun Ilbo relates.

Foreign banks, the Chosun Ilbo explains, must open subsidiaries
instead of branches to provide banking services in Russia.

"If [Woori] gets a license, it will be the only Korean
commercial bank operating in Russia where a growing number of
Korean companies are operating and the demand for banking
services is rising," Mr. Na observes.

When the deal is approved, Woori will first provide the money
transfer, foreign exchange and loan services to Korean
expatriates and foreign corporations in Russia, Chosul Ilbo
says.  Under Russian law, the Bank will only be able to offer
deposit services to Koreans and Muscovites two years after it
opens a subsidiary.

Woori wants the license as early as June 2007.

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


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

ARMSTRONG WORLD: Posts Distribution Amount for Class 6 Claims
-------------------------------------------------------------
Armstrong World Industries Inc. disclosed the amount of the
initial distributions it expects to make to general unsecured
creditors under its Chapter 11 plan.  Specifically,
distributions to holders of allowed unsecured claims falling in
Class 6 will commence on Oct. 17, 2006, pursuant to its Court-
approved "Fourth Amended Plan of Reorganization, as Modified,"
dated Feb. 21, 2006.

The company says that per US$10,000 of the Class 6 claims, an
initial distribution of 116 Common Shares of reorganized
Armstrong World Industries and approximately US$2,435 in cash
are expected.  The initial distributions exclude approximately
US$11 million of cash and 538,000 shares that are reserved from
distribution due to disputed unsecured claims in Class 6.  A
total of 19,418,520 shares and approximately US$407 million of
cash will be distributed to creditors in Class 6 under the Plan.

Separately, in discharge of all of its present and future
asbestos-related personal injury claims, on October 2 the
company issued under the Plan 36,981,480 Common Shares to the
Armstrong World Industries, Inc. Asbestos Personal Injury
Settlement Trust and by October 17 will distribute to the Trust
approximately US$738 million in cash, representing the portion
of cash distributions to which the Trust is entitled under the
Plan.  All present and future asbestos-related personal injury
claims must be asserted against, and will be resolved by, the
Trust, and such claims may not be asserted against the company.

Under the Plan, payments to unsecured creditors having allowed
claims of US$10,000 or less (or who have reduced their claims to
US$10,000) began on October 2.  The creditors receive
distributions entirely in cash in an amount equal to
approximately 75% of their allowed claims.

The cash amount to be distributed to Class 6 creditors and the
Trust includes "Available Cash" as defined in the Plan and
$775 million of the cash proceeds expected from US$800 million
of term loans that the company is arranging in lieu of issuing
notes under the Plan.  The term loans are in addition to a
US$300 million revolving credit facility already established,
which is currently undrawn and will be available to support the
company's ongoing liquidity needs.

The company also disclosed that its Common Shares have been
approved for listing on the New York Stock Exchange under the
ticker symbol "AWI."  Trading on the NYSE is expected to
commence on a "when issued" basis, and "regular way" trading is
anticipated to begin on a date to be announced by the New York
Stock Exchange.

"We are pleased to return to the New York Stock Exchange, where
Armstrong first began trading on July 17, 1935," F. Nicholas
Grasberger III, senior vice president and chief financial
officer, said.  "This is the renewal of a long and rewarding
relationship between Armstrong and the NYSE."

"We are pleased to welcome back Armstrong World Industries to
our family of NYSE-listed companies, resuming our 70-plus year
partnership with the company," John A. Thain, NYSE Group, Inc.
chief executive officer, said.  "We look forward to serving
Armstrong World Industries and its shareholders, and providing
the company with superior market quality and brand visibility."

                    About Armstrong World

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The company has Asia-Pacific locations in Malaysia, Singapore,
Australia, China, Hong Kong, Indonesia, Japan, Philippines,
South Korea, Taiwan, Thailand and Vietnam.  It also has
locations in Colombia, Costa Rica, Greece and Iceland, among
others.

The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.
Silberglied, Esq., at Richards, Layton & Finger, P.A., represent
the Debtors in their restructuring efforts.  The company and its
affiliates tapped the Feinberg Group for analysis, evaluation,
and treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.  (Armstrong
Bankruptcy News, Issue No. 103; Bankruptcy Creditors'
Service,Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB' bank loan
rating to the proposed US$1.1 billion senior secured bank
facility of Armstrong World Industries Inc. (D/--/--), based on
preliminary terms and conditions.


ARMSTRONG WORLD: Registers with SEC 5,349,000 Common Shares
-----------------------------------------------------------
Walter T. Gangl, Deputy General Counsel and Assistant Secretary
of Armstrong World Industries, Inc., discloses in a regulatory
filing with the United States Securities and Exchange Commission
that the company has registered 5,349,000 shares of common stock
to be issued to officers and key employees in accordance with
its 2006 Long-Term Incentive Plan.

The maximum offering price for each share is US$35, for an
aggregate offering price of US$187,215,000.

The company paid a US$20,032 registration fee.

                    About Armstrong World

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The company has Asia-Pacific locations in Malaysia, Australia,
China, Hong Kong, Indonesia, Japan, Philippines, Singapore,
South Korea, Taiwan, Thailand and Vietnam.  It also has
locations in Colombia, Costa Rica, Greece and Iceland, among
others.

The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.
Silberglied, Esq., at Richards, Layton & Finger, P.A., represent
the Debtors in their restructuring efforts.  The company and its
affiliates tapped the Feinberg Group for analysis, evaluation,
and treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.  (Armstrong
Bankruptcy News, Issue No. 103; Bankruptcy Creditors'
Service,Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                           *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the company's emergence from bankruptcy on Oct. 2,
2006. The outlook is stable.


ELBA HOLDINGS: Management Holds Off Payment to Creditors
--------------------------------------------------------
Pursuant to Paragraph 3.2 of Practice Note 1/2006 of The Bursa
Malaysia Securities Berhad's Listing Requirements, Elba Holdings
Berhad disclosed that as of October 2, 2006, there is no change
to the status of default in payments to its lenders as compared
to its Sept. 1, 2006 update.

The TCR-AP reported on Sept. 8 that Elba Holdings and its
subsidiaries have defaulted on their payments, according to
their disclosure on Sept. 1, 2006.

According to the TCR-AP report, Elba Holdings received demand
notice for the repayment of a MYR45-million term loan facility
triggered by a downgrade in corporate credit rating assigned by
an independent credit rating company on March 14, 2006.
Subsequently, other financial institutions have indicated to the
Company and its subsidiaries the wish to recall majority of the
credit facilities.  The credit facilities utilized by the
Company and its subsidiaries amounted to MYR80.75 million as of
June 30, 2006.

In this regard, the management is of the opinion that all
payments to financial institutions should be suspended until a
restructuring scheme is put in place.  Hence, a reputable
financial advisor has been appointed to assist the Company in
drawing up plans in conjunction with the input of the major
creditors.

The Company is currently negotiating with the creditors,
including financial institutions, to restructure the outstanding
liabilities.  The Company and its subsidiaries are in the
process of exploring the possibility of undertaking a
restructuring exercise.

If the Company and its subsidiaries are unable to meet
obligations for immediate repayment, the financial institutions
have the rights to institute winding up proceedings under the
statutory regulations.

                      About Elba Holdings

Elba Holdings Berhad -- http://www.elbaholdings.com.my/-- is a
Malaysia-based investment holding company engaged in the
provision of management consultancy services to its
subsidiaries.  Through its subsidiaries, the Company
manufactures, distributes and trades in apparels.

The company disclosed on May 8, 2006, that it is an affected
listed issuer of the Amended Practice Note 17 category of the
Listing requirements.  Based on the audited consolidated results
for the year ended December 31, 2005, the company's
shareholders' equity on consolidated basis was less than 25% of
its issued and paid up capital and less than the minimum issued
and paid up capital as required by the Listing Requirements.  In
addition, the company's auditors have expressed a debt with
emphasis on the company's going concern for fiscal 2005.

As of June 30, 2006, Elba has total assets of MYR85,230,000 and
total liabilities of MYR90,799,000, resulting into a
stockholders' deficit of MYR5,569,000.


FCW HOLDINGS: Still Exploring Financial Regularization Options
--------------------------------------------------------------
FCW Holdings Berhad disclosed on October 2, 2006, that it is
still exploring a suitable regularization plan to address its
financial condition.

On May 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that FCW Holdings was classified under Bursa Malaysia
Securities Berhad's Practice Note 17 category since the
Company's shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the Company
was required to submit a plan to regularize its financial
condition.

Bursa Malaysia Securities may suspend or delist FCW's shares
should the Company fail to submit its regularization plan, which
is due 12 weeks from now.

                       About FCW Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

FCW Holdings is a Practice Note 17 company.  It has been
incurring continuous losses since 1999.  By March 31, 2006, the
Company's accumulated losses has hit MYR135,469,000, from
MYR134,410,000 accumulated losses in March 31, 2005.  The
Company is also facing possible delisting by Bursa Malaysia
Securities Berhad if it fails to submit a plan to regularize its
financial condition.


JIN LIN: Securities To Trade Starting November 14
-------------------------------------------------
Jin Lin Wood Industries Berhad disclosed on October 20, 2006,
that its securities will be traded and quoted from November 10,
to November 14, 2006.

The Scheme of Arrangement with shareholders entails the:

  (i) reduction of the existing issued and paid-up share capital
      of Jin Lin for MYR44,000,000 comprising 44,000,000
      ordinary shares of MYR1.00 each in Jin Lin to MYR8,800,000
      comprising 44,000,000 ordinary shares of MYR0.20 each in
      Jin Lin;

(ii) consolidation of 44,000,000 ordinary shares of MYR0.20
      each in Jin Lin into 8,800,000 Jin Lin Shares upon
      completion of the Reduction;

(iii) cancellation of the entire issued and paid-up share
      capital of Jin Lin of MYR8,800,000 comprising 8,800,000
      Jin Lin Shares upon completion of the Consolidation;

(iv) in consideration for the Cancellation, Gefung Holdings
      Berhad shall allot and issue to the shareholders of Jin
      Lin, 8,800,000 new ordinary shares of MYR1.00 each in
      Gefung at par, credited as fully paid-up on the basis of
      one new Gefung Share for every one Jin Lin Share held
      after the Consolidation; and

  (v) forthwith and contingent upon the Cancellation, Jin Lin
      shall apply an amount of MYR8,800,000 out of the credit
      reserve arising in paying in full at par, 8,800,000 Jin
      Lin Shares which shall be allotted and issued, credited
      as fully paid-up to Gefung.

The Registrar can be reached at:

         Symphony Share Registrars Sdn Bhd
         Level 26, Menara Multi-Purpose, Capital Square
         No. 8, Jalan Munshi Abdullah
         50100 Kuala Lumpur
         Telephone: 03-27212222
         Facsimile :03-27212530

                        About Jin Lin

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment, and investment holding.

As of June 30, 2006, the Company's balance sheet showed total
assets of MYR66,849,000 and total liabilities of MYR100,292,000,
resulting into a stockholders' deficit of MYR33,443,000.


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

3D RECYCLING: Shareholders Resolve to Liquidate Firm
----------------------------------------------------
On September 26, 2006, shareholders of 3D Recycling Ltd resolved
to liquidate the company's business.  Subsequently, Stephen Mark
Lawrence and Anthony John McCullagh were appointed as joint and
several liquidators.

Creditors are required to prove their debts by October 26, 2006,
or be excluded from participating in any distribution the
Company will make.

The Liquidators can be reached at:

         Stephen Mark Lawrence
         Anthony John McCullagh
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678, Auckland 1140
         Australia
         Telephone:(09) 300 1946
         Facsimile:(09) 302 0536


BARRAUD STREET: Court to Hear Liquidation Petition on Oct. 30
-------------------------------------------------------------
A petition to liquidate Barraud Street Caf‚ Ltd will be heard
before the High Court of Palmerston North on October 30, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on June 2, 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


BE-WITCHED LTD: Faces Liquidation Proceedings
---------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Be-Witched Ltd on November 30, 2006, at 10:45 a.m.

Clearview Marketing Ltd filed the petition with the Court on
August 30, 2006.

The Solicitor for the Petitioner can be reached at:

         Malcolm Whitlock
         Debt Recovery Group NZ Limited
         149 Ti Rakau Drive
         Pakuranga, Auckland
         New Zealand


EXSELL MARKETING: Appoints Joint Liquidators
--------------------------------------------
On September 25, 2006, shareholders of Exsell Marketing Ltd
appointed Peri Micaela Finnigan and John Trevor Whittfield as
the company's joint and several liquidators.

In this regard, the Liquidators require the company's creditors
to prove their claims by November 3, 2006, for them to share in
the distribution.

The Joint Liquidators can be reached at:

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


MANAWATU PLASTIC: Liquidation Petition Hearing Set on Oct. 30
-------------------------------------------------------------
On September 25, 2006, the Commissioner of Inland Revenue filed
before the High Court of Palmerston North a liquidation petition
against Manawatu Plastic Repairers (2002) Ltd.

The petition will be heard on October 30, 2006, at 10:00 a.m.

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


METAL PROTECTION: Creditors Must Prove Debts by November 1
----------------------------------------------------------
Liquidator Robert Laurie Merlo requires creditors of Metal
Protection Ltd to prove their debts by November 1, 2006.

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

The Liquidator can be reached at:

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


OXFORD TIMBER: Liquidation Hearing Set on October 30
----------------------------------------------------
On October 30, 2006, the High Court of Christchurch will hear a
liquidation petition filed against Oxford Timber and Milling
Ltd.

Desmond James Lines, Adrienne Anne Lines and Nina Caroline
McCallum-Clark (as trustees of The Octon Grange Trust) filed the
petition on September 15, 2006.

The Solicitor for the Petitioner can be reached at:

         P. J. Woods
         Anthony Harper
         Lawyers
         Level Five, Anthony Harper Building
         47 Cathedral Square
         (P.O. Box 2646), Christchurch
         New Zealand
         Facsimile:(03) 366 9277


QUADRA HOLDINGS: Creditors' Proofs of Debt Due on November 10
-------------------------------------------------------------
On September 27, 2006, John Robert Buchanan and Callum James
Macdonald were appointed as liquidators of Quadra Holdings Ltd.

Accordingly, creditors are required to submit their proofs of
debt to the liquidators by November 10, 2006, or be excluded
from sharing in any distribution the Company will make.

The Liquidators can be reached at:

         John Robert Buchanan
         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         P.O. Box 101 993
         North Shore Mail Centre, Auckland
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


SHEEHAN ENTERPRISES: Creditors to Prove Claims on November 20
-------------------------------------------------------------
Liquidator Robert James Taylor require creditors of Sheehan
Enterprises Ltd -- formerly Frankham Lyne Ltd -- to file their
proofs of claim by November 20, 2006.

On September 27, 2006, the company's shareholders appointed
Mr. Taylor as liquidator.

The Liquidator can be reached at:

         Robert James Taylor
         Christmas Gouwland & Co.
         P.O. Box 106-090, Auckland
         New Zealand
         Telephone:(09) 309 1799
         Facsimile:(09) 307 3113


TAXIS COASTLINE: CIR Seeks to Liquidate Company
-----------------------------------------------
On September 21, 2006, the Commissioner of Inland Revenue filed
a petition to liquidate Taxis Coastline Ltd.

The petition will be heard before the High Court of Rotorua on
November 13, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         E.M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


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

CLIENTLOGIC CORP: Inks Merger Deal with SITEL
---------------------------------------------
ClientLogic and SITEL have entered into a definitive merger
agreement.  Under the terms of the agreement, a newly formed
subsidiary of ClientLogic will merge with SITEL and pay
US$4.05 per share in cash for all of the outstanding common
stock of SITEL.

The Board of Directors of each company has unanimously approved
the transaction.  The transaction is expected to be completed in
the first quarter of 2007 and is subject to customary closing
conditions, including approval of SITEL's shareholders and
regulatory clearances.

SITEL's Board of Directors has recommended to SITEL's
shareholders that they vote in favor of the transaction.
Approximately 19.9% of the outstanding common stock of SITEL is
subject to voting agreements which require such shares to be
voted in favor of the merger.

SITEL has agreed to pay a termination fee to ClientLogic should
the transaction not close due to certain circumstances.
ClientLogic will fund the transaction with the proceeds of a
committed loan facility.

The transaction values SITEL at approximately US$450 million.
Commenting on the pending transaction, Jim Lynch, Chairman and
CEO of SITEL Corporation, said, "Our board and our financial
advisor Citigroup reviewed numerous opportunities while
searching for strategic alternatives that would create the
greatest value for our shareholders.  Based on this review, it
was clear to SITEL's board that the offer from ClientLogic
represents the best alternative to create significant
shareholder value."  The US$4.05 to be paid in cash in the
merger for each SITEL share represents a 33% premium to the
volume-weighted average SITEL share price for the 30-trading day
period ending October 11.

The combined entity will continue to be named ClientLogic
Corporation, and will have approximately 65,000 employees across
28 countries.  Dave Garner will be chief executive officer of
the combined entity.

"Growing market demand for bigger, more complex customer-care
BPO solutions requires larger service providers with increased
geographic presence, capacity and service capabilities", said
Dave Garner, President and CEO of ClientLogic.  "Our mission
will be to deliver the BPO industry's highest-quality services,
while providing our clients with the strategic insight, scale
and diversity of offerings to guarantee success."

The combination of ClientLogic and SITEL will create a company
with revenue of over US$1.7 billion, and one of the most diverse
client bases, service offerings, and geographic footprint in the
industry.  The combined entity will offer clients world-class
options for onshore, nearshore and offshore customer care
solutions, in over 145 facilities throughout the Americas, EMEA
and Asia Pacific.

Citigroup Global Capital Markets is acting as financial advisor
to SITEL and has provided a fairness opinion in connection with
the transaction.  Davis Polk & Wardwell and Faegre & Benson are
acting as legal counsel to SITEL in connection with the
transaction.

Goldman, Sachs & Co. is acting as financial advisor to
ClientLogic.  Mayer, Brown, Rowe & Maw LLP and Oppenheimer Wolff
& Donnelly LLP are acting as legal counsel to ClientLogic in
connection with the transaction.

                        About SITEL Corp

SITEL -- http://www.sitel.com/-- provides outsourced customer
support services.  SITEL designs and improves customer contact
models across its clients' customer acquisition, retention, and
development cycles.  SITEL has over 42,000 employees in 101
global contact centers located in 26 countries.

                        About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in Austria, Canada, France, Germany, India,
Ireland, Mexico, Morocco, Netherlands, Panama, Philippines,
United Kingdom, United States.

                          *     *     *

Standard & Poor's Rating Services placed its 'B' corporate
credit rating on Nashville, Tennessee-based ClientLogic Corp. on
CreditWatch with positive implications.


PHILCOMSAT HOLDINGS: PCGG Must Answer Senate Inquiry on Losses
--------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
May 10, 2006, two rival groups of Philcomsat Holdings Corp.
shareholders threw accusations of mismanagement against each
other, which led the Philippine Senate to initiate a probe on
the Company and summon officials of the Presidential Commission
on Good Government, led by Chairman Camilo Sabio.

Locked in a long-running battle of control over the Philcomsat
groups are the group of Manuel Nieto Jr. and Enrique Locsin,
versus the group of minority stockholders led by Victor Africa
and Erlinda Ilusorio Bildner.

According to news.balita.ph, the Philcomsat investigation was
initiated after administration Sen. Miriam Defensor Santiago
filed a resolution seeking for an investigation on the alleged
anomalous losses incurred by the company supposedly committed by
the PCGG nominees sitting on its board of directors.

The TCR-AP stated on May 10, 2006, that Philcomsat Holdings
reported a PHP22-million net loss, on revenues of PHP111 million
and operating expenses of PHP133 million in 2005.  The report
said that despite its losses, company's officials still receive
bonuses.

             Supreme Court Says PCGG Must Cooperate

Fel Maragay recounted in her October 7, 2006 column with the
Manila Standard Today that when the PCGG commissioners ignored
the summons, the Senate cited them for contempt and ordered
their arrest.

The Inquirer specifically relates that in September, the Senate
issued warrants of arrests against Chairman Sabio and four PCGG
commissioners for defying its summons.  Chairman Sabio was
arrested in his office by a Senate security team, while the
others went into hiding.

Mr. Maragay noted that the Supreme Court intervened but
temporarily lifted the arrest due to the PCGG's claim of
exemption from the investigation.

However, in an October 17 update, the Philippine Daily Inquirer
reported that the Supreme Court issued an order determining that
the PCGG had been stripped of its immunity from congressional
investigation.

             Senate to Resume Probe on November 6

The Philippine Senate will resume in November its investigation
on the anomalous losses incurred by Philcomsat after the Supreme
Court ruling that nullified the PCGG's claim of immunity,
news.balita.ph.

The report notes that the investigation will be headed by the
Senate committee on government corporations and public
enterprises chaired by Senator Richard Gordon.

news.balita says that Senator Gordon wanted the immediate
resumption of the investigation, but upon conferring with
administration Sen. Juan Ponce Enrile, they decided to call the
hearing after the Senate resumes session on November 6.

As the TCR-AP stated on May 10, 2006, Senator Enrile is minority
shareholder of Philcomsat.

The report cites Senator Gordon as saying in a press conference
that the Senate Investigation will also pave the way for the
PCGG officials to report to the Filipino people their
accomplishments.

"We will find out if the PCGG has been doing its job.  We will
expand our investigation and look into the operations of the
companies that the PCGG has taken over, where they have made
money, where they lost money and where they made money for
themselves," Senator Gordon added.

According to Senator Gordon, the investigation is in line with
the proposed measure that seeks the abolition of the PCGG.

Senator Gordon also clarified that the warrant of arrests
ordered against PCGG Chairman Sabio and the rest of its
commissioners, and the officials of Philcomsat is still in
effect and they could be arrested any time if they continue to
disregard the summons and subpoenas of the Upper Chamber to
attend the congressional hearings.

                          *     *     *

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The Company has since withdrawn from oil exploration because
there was no commercial discovery of oil.

On January 10, 1997, the Company approved amendments to its
Articles of Incorporation, changing its primary purpose from
embarking in the discovery, exploitation, development and
exploration of mineral oils, petroleum in its natural state,
rock or carbon oils, natural oils and other volatile mineral
substances to a holding company.

According to a Troubled Company Reporter - Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.

Philcomsat is involved in an anomaly brought about by huge
losses.  The Company reported a PHP6.965-million loss in 2004,
and a PHP22-million loss in 2005.  The Philippine Senate has
initiated an inquiry into the matter.

Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill gotten, had
been confiscated by the Government.


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

BOON WAN: Court to Hear Wind-Up Petition on October 27
------------------------------------------------------
On October 4, 2006, Tan Siew Chang and Tan Kok Seng have filed
an application to wind up Boon Wan Holding Co Pte Ltd.

The High Court of Singapore will hear the wind-up petition on
October 27, 2006, at 10:00 a.m.

The Petitioners' solicitor can be reached at:

         Yeo Wee Kiong Law Corporation
         No. 1 Raffles Place
         #39-02 OUB Centre
         Singapore 048616


CHUAN YI: Creditors Must Submit Proofs of Debt by November 6
------------------------------------------------------------
Chuan Yi Marine Pte Ltd, which was placed under members'
voluntary liquidation, requires its creditors to submit their
proofs of debt by November 6, 2006, for them to be included in
the company's distribution of dividend.

The company's liquidators are:

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


GLOBAL DELIGHT: Wind-Up Hearing Set for November 3
--------------------------------------------------
Reserve Cash Limited has filed on October 5, 2006, an
application to wind up Global Delight Pte Ltd.

The High Court of Singapore will hear the wind-up petition on
November 3, 2006, at 10:00 a.m.

Reserve Cash's solicitors can be reached at:

         Robert Wang & Woo LLC
         No. 9 Temasek Boulevard
         #32-01, Suntec Tower 2
         Singapore 038989


LEVI STRAUSS: Revenue Down to US$1.02-Mil. for 3rd Qtr. 2006
------------------------------------------------------------
Levi Strauss & Co has filed on October 10, 2006, its financial
results for the third quarter ended August 27, 2006, with the
United States Securities and Exchange Commission.

For the quarter under review, net revenues were US$1,023 million
compared to US$1,037 million for the same quarter in 2005, an
approximately 1% decrease on a reported basis and a 2% decrease
on a constant-currency basis.  The change in net revenue
primarily reflects lower U.S. Levi Strauss Signature and Asia
Pacific sales, partially offset by increased U.S. Dockers sales.

Net income for the third quarter ended August 27, 2006,
increased 29% to US$49 million compared to US$38 million in the
same quarter of 2005.  The improvement reflects a 14% increase
in operating income, primarily driven by a US$29 million
benefit-plan curtailment gain related to the planned closure of
a U.S. distribution center, partially offset by higher income
tax expense.

"We improved our profitability and cash flow - our primary
objective this year," said Phil Marineau, chief executive
officer.  "We're addressing a number of challenges to our
business, including fixture reductions at U.S. Wal-Mart stores
and a sales decline in Japan .  However, in the face of retailer
consolidation in the United States and the challenging European
market, I'm pleased with the U.S. Levi's and Dockers performance
and the improving trends in Europe ," added Mr. Marineau.

Gross profit decreased 1% to US$467 million compared to
US$472 million in the third quarter of 2005.  Gross margin was
stable at 45.7% of revenues for the third quarter of 2006
compared to 45.5% of revenues in the same period last year.

Selling, general and administrative expenses decreased 6% or
US$21 million to US$307 million in the third quarter of 2006
from US$327 million in same period of 2005.  Lower SG&A expenses
in the 2006 period were primarily attributable to the
curtailment gain and lower advertising and promotion costs,
partially offset by the US$8 million compensation and
US$5 million non-cash pension costs related to the retirement of
the company's CEO and higher selling expense associated with
opening new company-operated retail stores in Europe and the
United States.

Operating income for the third quarter of 2006 increased
US$19 million to US$158 million compared to US$139 million in
prior year period.  The increase was primarily due to lower
SG&A, partially offset by lower net revenue.

Interest expense for the quarter decreased 6% to US$60 million
compared to US$64 million in the third quarter of 2005.  The
decrease was primarily attributable to lower average interest
rates during the 2006 quarter.

Income tax expense for the third quarter of 2006 was
US$58 million compared to US$40 million in the 2005 period.  The
increase is primarily driven by the increase in income before
taxes in the current period compared to the prior year.  The
effective tax rate for the first nine months of 2006 was 39%
compared to 47% for the same period in 2005.

Strong year-to-date cash flow in 2006 is attributable to
improved working capital management and lower interest and
restructuring payments.

"We delivered solid operating income, even as we invested in our
business.  Better working capital management and cost discipline
helped contribute to our bottom line.  We expect to see stable
revenues in the fourth quarter," said Hans Ploos van Amstel, the
Company's Chief Financial Officer.

As of August 27, 2006, the Company's balance sheet showed total
current assets of US$1.65 billion and total current liabilities
of US$924 million.  Total assets amounted to US$2.90 billion
total liabilities of US$4 billion, which leaves a stockholders'
deficit of approximately US$2 billion.

The Company's Financial Statement for the Third Quarter Ended
August 27, 2006, is available for free at:

        http://bankrupt.com/misc/tcrap.LeviStrauss.pdf

                      About Levi Strauss

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.

The company's global divisions are based in Singapore, San
Francisco and Brussels.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Retail sector, the rating
agency confirmed its B2 Corporate Family Rating for Levi Strauss
& Co., and its B3 rating on the company's Various senior
unsecured notes.  Additionally, Moody's assigned an LGD5 rating
to those bonds, suggesting noteholders will experience a 59%
loss in the event of a default.


LIANG HUAT: Submits Circular and Listing Application to SGX-ST
--------------------------------------------------------------
Liang Huat Aluminium Limited has submitted to the Singapore
Stock Exchange its circular and the notice of its general
meeting for the approval of:

   -- the allotment and issuance of up to 19,500,000,000 new
      ordinary shares in Liang Huat's capital at an issue price
      of US$0.00015 each in connection with:

      a) the modified scheme of arrangement between the Company
         and its scheme creditors; and

      b) the modified scheme of arrangement between Liang Huat
         and its scheme creditors;

   -- the allotment and issuance of up to 2,000,000,000 new
      ordinary shares in the Company's capital at an issue price
      of US$0.0015 each to the Investor and Lion Capital Group
      Limited upon completion of the Investment Agreement,
      representing approximately 70% of the enlarged share
      capital of the Company, for an aggregate cash
      consideration of US$3,000,000;

   -- the grant of an option to the Investor to convert
      US$1,250,000 of the Investment Amount into up to
      840,000,000 new ordinary shares in the capital of the
      Company at an issue price of US$0.0015 each upon non-
      completion of the Investment Agreement and the allotment
      and issuance of the Conversion Shares to the Investor,
      representing approximately 29% of the enlarged share
      capital of the Company at the time of the allotment and
      issuance of such shares, upon exercise of the said option;

   -- a whitewash resolution for the waiver by the Company's
      independent shareholders of their right to receive a
      mandatory general offer from the Investor and its concert
      parties upon completion of the Investment Agreement;

   -- a whitewash resolution for the waiver by the Company's
      independent shareholders of their right to receive a
      mandatory general offer from Malayan Banking Berhad and
      its concert parties upon non-completion of the Investment
      Agreement;

   -- the reduction of the share capital of the Company;

   -- the consolidation of every 10 ordinary shares into 1
      ordinary  share in the Company, pursuant to and in
      connection with a scheme of arrangement under section 210
      of the Companies Act, Chapter 50;

   -- the allotment and issuance of up to 55,000,000 new
      ordinary shares in the Company's capital at an issue price
      of US$0.00015 each to Tan Yong Kee, Tan Tiang Cheng, Tan
      Cheng Nguan, Koh Boon Teck, Foo Meng Kee, Siew Chee Meng
      and Chandra Mohan, representing approximately 0.19% of the
      enlarged share capital of the Company, for the conversion
      of debt of US$919,693 owed by the Company to the
      creditors;

   -- the placement exercise by the Company for the allotment
      and issuance of up to a maximum of 300 million new
      ordinary shares in the Company's capital to be allotted
      and issued at the issue price being an amount which is
      priced at either:

      a) up to 50% discount to the weighted average price for
         trades done on the Singapore Exchange Securities
         Trading Limited for the full market day on which the
         placement Agreement are signed between the Company and
         the placees; or

      b) US$0.005, whichever is higher for each Mandate
         Placement Share in the event of Completion or non-
         completion of the Investment Agreement;

   -- the new general mandate to issue new ordinary shares in
      the Company's capital; and

   -- the amendments to the Articles of Association of the
      Company;

A new Shareholders' mandate for interested person transactions
has been submitted to the SGX-ST on October 23, 2006, for
clearance.  In addition, the Board also wishes to announce that
concurrently with the submission of the Circular to the SGX-ST,
the additional listing application for the admission to the
Official List of the SGX-ST of the Scheme Shares, the Investor
Shares, the Conversion Shares, the Creditors' Shares and the
Mandate Placement Shares has also been submitted to the SGX-ST
on October 23, 2006, for the approval.

                          About Liang Huat

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

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


LOUIS PRESTON: Court Issues Wind-Up Order
-----------------------------------------
The High Court of Singapore has, on October 13, 2006, ordered
Louis Preston Holdings Pte Ltd to wind up its operations.

Accordingly, creditors of Louis Preston must file proofs of debt
in order to be included in the Company's distribution of
dividend.

Overseas Union Enterprise Limited had filed the wind-up petition
against Louis Preston.

The Company's liquidator can be reached at:

         The Official Receiver
         45 Maxwell Road, #05-11/#06-11
         The URA Centre, East Wing
         Singapore 069118


PETROLEO BRASILEIRO: Unit Supplying Ethanol Biodiesel Mixture
-------------------------------------------------------------
Petroleo Brasileiro SA, a state-run oil firm of Brazil, said in
a statement that BR Ditribuidora, its fuel retailer, will supply
an ethanol biodiesel mixture to VIP, an urban transport company
in Sao Paulo.

Local press says that Petroleo Brasileiro will supply diesel B-
30, which is made up of 62% diesel, 30% biodiesel and 8%
ethanol.

According to reports, VIP operates about 1,880 buses in Sao
Paulo.

VIP estimates its demand for the fuel at 14 million litters
yearly, Business News Americas reports.

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

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

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

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

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

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


SEA CONTAINERS: First Meeting of Creditors Slated for Nov. 21
-------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
will hold a meeting for the creditors of Sea Containers Ltd.,
Sea Containers Services Ltd., and Sea Containers Caribbean Inc.
on Nov. 21, 2006, at 10:00 a.m.

The meeting will be held at:

         Room 2112
         2nd Floor
         J. Caleb Boggs Federal Building
         844 North King Street
         Wilmington, Delaware

This is the first meeting of creditors required under 11 U.S.C.
Sec 341(a) in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                     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.


TARGUS GROUP: Names Michael Hoopis as Chief Executive Officer
-------------------------------------------------------------
Targus Group International Inc. reported that Michael P. Hoopis
will become chief executive officer effective Oct. 23, 2006.

Howard Johnson, Chairman of the Board of Directors of Targus,
and Timothy Mayhew, Managing Director of Fenway Partners,
jointly commented: "We are delighted that Mike has joined Targus
to provide the leadership and consumer products expertise
necessary to lead the next phase of the company's development.
Throughout his career, Mike has earned a strong reputation for
successfully managing well-known consumer product companies
including Black & Decker's Worldwide Household Products Group,
Price Pfister Plumbing Products, Kwikset Security Hardware and
most recently Water Pik Technologies.  His ability to quickly
develop and execute focused business plans in difficult
competitive environments has led to consistent sales and profit
improvements and significant increases in enterprise values."

"Mike's proven leadership and strategic capabilities, coupled
with his experience in global businesses, multiple channels of
distribution, new product innovation and supply chain excellence
will be invaluable to Targus as he manages the business to
realize its tremendous potential" Messrs. Johnson and Mayhew
continued.

For the past seven years, Mr. Hoopis served as Water Pik's
President and Chief Executive Officer.  Mr. Hoopis was
responsible for overseeing the spin-off and transition of Water
Pik from a segment of Allegheny Teledyne to a public company in
1999.  Prior to Water Pik, Mr. Hoopis held several management
positions at Black & Decker from 1989-1998, including President
of Worldwide Household Products, Price Pfister, Inc. and Kwikset
Corporation.  Prior to Black & Decker, Mr. Hoopis held several
management positions with Beatrice Foods Inc.  Mr. Hoopis earned
his B.S. from the University of Rhode Island.

The company also reported that Victor C. Streufert will assume
the position of Chief Financial Officer, Treasurer and Executive
Vice President effective October 23, 2006, replacing John
McAlpine who has left the company to pursue other opportunities.

Messrs. Johnson and Mayhew commented: "With over 25 years of
experience in key finance leadership roles, Vic's background in
building world-class finance organizations and accelerating
revenue and profit growth will be a critical element of Targus'
ongoing success.  We expect that Vic's unique blend of both
public and private company experience will allow him to add
significant value to Targus' finance, accounting and information
systems efforts in the coming years."

Most recently, Mr. Streufert was the Chief Financial Officer at
Water Pik, where he worked closely with Mr. Hoopis in creating
significant value.  Under Messrs. Hoopis and Streufert's
leadership, Water Pik's share price nearly quadrupled from the
time of the spin-off to US$27.75 at the time the company was
sold.

Prior to Water Pik, Mr. Streufert served as Senior Vice
President of Finance and Administration and Chief Financial
Officer of National Telephone & Communications, Inc., where he
oversaw the finance, legal, and human resources departments from
1996-1998.  In 1995 and 1996, he was Vice President of Finance
and Chief Financial Officer of Pyxis Corporation where he
refocused the company on earnings growth and completed the
company's merger with Cardinal Health, Inc. From 1989-1995, he
was Executive Vice President and Chief Financial Officer of
American Health Properties, Inc., a US$600 million NYSE-listed
health care company.  Prior to American Health Properties, Mr.
Streufert held a variety of financial/accounting positions at
Colgate Palmolive and American Hospital Supply Corporation.  Mr.
Streufert earned his M.B.A. from the University of Chicago and
his B.A. in Economics from Valparaiso University.

Eric Brenk, an advisor to Fenway Partners, served as interim CEO
during a period of transition for the company and will return to
his role at Fenway while continuing to work with Targus as a
consultant.

Korn/Ferry International completed the placement of Mr. Hoopis
at Targus.

                          *     *     *

Targus Group International, Inc, headquartered in Anaheim,
California, designs, develops, and distributes notebook computer
cases and computer accessories.  The company sells its products
to original equipment manufacturers, third-party distributors,
and retailers worldwide.  Targus generated revenue of US$432
million for the twelve months ending June 30, 2006.

Targus has operations in the Asia Pacific, specifically in
Australia & New Zealand, China, Hong Kong, Japan, Korea, and
Singapore.

Moody's Investors Service downgraded all ratings of Targus Group
International, Inc. including the first-lien secured bank loan
to B2 and the second-lien secured bank loan to Caa1.  The
ratings downgrades are prompted by the decline in operating
margin over the past year that has caused substantial
deterioration in credit metrics.  Operating profit has risen at
a much slower pace than revenue as the company has written off
obsolete inventory, one of the company's major customers has
transitioned to a consignment relationship, and the company
ended up paying for unplanned air freight and repackaging costs
in order to meet retailer deadlines for new products.  The
rating outlook is revised to negative from stable.

These are the ratings downgraded:

   * US$230 million first-lien secured bank facilities to B2
     from B1,

   * US$85 million second-lien secured term loan to Caa1 from
     B3; and

   * Corporate family rating to B2 from B1.


TIONG POLESTAR: Pays Final Dividend to Creditors
------------------------------------------------
Tiong Polestar Engineering Pte Ltd, which is in liquidation, has
paid the final dividend to its creditors on October 5, 2006.

The company's liquidator can be reached at:

         Jamshid K Medora
         22 Malacca Street
         Royal Brothers Building #08-02
         Singapore 048980


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

FEDERAL MOGUL: Court Allows Wilfred Morin, Jr. to Continue Suit
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved the stipulation by Federal-Mogul Corporation and
Wilfred J. Morin, Jr., to lift the stay to allow Mr. Morin to
proceed with the Vermont Action for the limited purpose of
obtaining a decision from the Windsor Superior Court, Windsor
County, in Vermont, and accordingly get hold of any applicable
insurance coverage.

As reported in the Troubled Company Reporter on Aug. 17, 2006,
in January 2002, Mr. Morin, commenced a personal injury action
in the Windsor Superior Court against among others, the Debtor.

Mr. Morin sustained injuries due to defective forklift brakes
manufactured by a successor-in-interest to the Debtor.

Mr. Morin sustained the injuries prior to Debtor's filing for
bankruptcy.

The Debtors assert that there is insurance coverage available
with respect to Mr. Morin's claim, which claim is unrelated to
asbestos.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.

Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based
at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at
Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq.,
Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard
Firm represent the Official Committee of Unsecured Creditors.
(Federal-Mogul Bankruptcy News, Issue No. 112; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


KRUNG THAI: Plans to Float Domestic Hybrid Bonds
------------------------------------------------
Krung Thai Bank PCL is planning to sell THB3-4 billion of hybrid
bonds in November and another THB60 billion of short-term debt
in December, Reuters reports, citing a company disclosure.

According Apisak Tantivorawong, Krung Thai's president, the 10-
year hybrid debt issue is expected to help boost the bank's tier
I capital to 11% from 10.51%, enabling the bank to lend more in
the future.

The new issue, The Bangkok Post notes, would give the bank the
capital funds to increase its loan portfolio by about
THB30 billion.

The hybrid tier-one issue, callable in 2016, was oversubscribed
two times and priced with a coupon rate of 7.378%, or at 280
basis points over US treasuries, The Bangkok Post relates.

Mr. Apisak said that the domestic bonds would feature a domestic
credit rating of A+ from Fitch, compared with the BBB- rating
assigned to the US dollar bond.

The bank would arrange the bonds itself and other details of the
bonds would be decided later, Mr. Apisak adds.

Meanwhile, The Post further relates that Krung Thai plans to
offer short-term debentures with terms of up to 270 days in
December, priced favorably compared with fixed deposit rates and
aimed at large bank depositors.

One Krung Thai executive who declined to be identified told
Reuters that the 270-day bonds in December would amount to
THB60 billion.

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

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

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

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


OMNOVA SOLUTIONS: Improved Performance Spurs S&P to Lift Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
performance chemicals and decorative products manufacturer
OMNOVA Solutions Inc.  The corporate credit rating was raised to
'B+' from 'B'.  The outlook is stable.

"The upgrade acknowledges OMNOVA's improving operating
performance, the strengthening of the financial profile, and the
potential for additional debt reduction following the September
2006 sale of the GenFlex Building Products business," said
Standard & Poor's credit analyst David Bird.

OMNOVA sold GenFlex to Firestone Building Products Co. for
approximately US$40 million.  Based on management's commitment
to improving the financial profile, Standard & Poor's expects
the company to use the majority of the proceeds from the sale to
reduce debt.

The ratings reflect OMNOVA's vulnerable business position as a
niche provider of emulsion polymers, specialty chemicals, and
decorative products to mature and highly competitive markets.

The ratings also reflect OMNOVA's exposure to volatile raw
material costs, many of which are derived from oil and natural
gas, and its highly aggressive financial profile.  These
attributes are only partially offset by competitive business
positions as the No. 1 or No. 2 supplier in each of its key end
markets and moderate product diversification.

OMNOVA generated approximately $698 million in revenues over the
past 12 months ended Aug. 31, 2006 (pro forma for the sale of
the GenFlex business).  Also on that date, the company
maintained approximately US$203 million of total debt (adjusted
to capitalize operating leases) outstanding, excluding any
improvements in the capital structure from the proceeds
generated by the sale.

The company has operations in China and Thailand.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***