---

        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 26, 2006, Vol. 9, No. 213

                            Headlines

A U S T R A L I A

A H LANDSEER: Members' Final Meeting Set for October 27
A J SEPPING: Shuts Down Business Operations
AMERICAN GREETINGS: Posts US$10-Mil. Loss in August 2006 Quarter
ANGELOS MENSWEAR: Prepares to Close Operations
BENDIGO EXPRESS: Members and Creditors to Hear Wind-Up Report

BIONICHE LIFE: Losses & Financial Woes Spark Going Concern Doubt
C&G RECYCLING: Members Agree to Wind Up Operations
COAST REGIONAL: Placed Under Creditors' Voluntary Wind-Up
CONTRACTORS SERVICES: Names Bettles and Carter as Liquidators
CROWN CASTLE: Declares Quarterly Preferred Stock Dividend Rate

DEVRON DEVELOPMENTS: Final Meeting Scheduled on October 27
E.B.A. AIR: Joint Final Meeting Set for October 27
FERNANDEZ RACING: Liquidator to Present Report on October 27
FORTESCUE METALS: To Hold Annual General Meeting on November 17
G.J.S. ELECTRICS: Prepares to Declare Dividend on November 26

GASRESEARCH AUSTRALIA: Creditors' Proofs of Claim Due on Nov. 1
HAIR TESTING: Liquidator Nicols to Present Wind-Up Account
HARYNE PTY: Commences Wind-Up of Operations
HASBRO INC: Earns US$99.6 Million in 2006 Third Quarter
HORNBY PTY: Members to Receive Wind-Up Report on October 27

J T MARSDEN: Commences Wind-Up of Operations
JASON THE RECLINING: Enters Wind-Up Proceedings
LINTDENT HOLDINGS: Placed Under Voluntary Liquidation
MEDICAL PRODUCTS: To Declare First and Final Dividend on Nov. 23
MITETAB PTY: Members and Creditors to Meet on October 27

MND JEWELS: Members Opt to Close Operations
MULTIPLEX GROUP: Settles Wembley Project Disputes
NYLEX LIMITED: To Hold Annual General Meeting on November 30
PAULLS CURTAINS: Members Agree on Voluntary Wind-Up
RF & AE MORRISON: Enters Voluntary Liquidation

ROCKWOOD SPECIALTIES: Moody's Assigns Loss-Given-Default Ratings
S & A STALLARD: Creditors Must Prove Debts by November 10
TOTALIS PTY: Creditors to Prove Claims by November 2
TRUE-LINE CEILINGS: Undergoes Voluntary Liquidation
UNIVERSAL COMPRESSION: Secures US$500-Million Credit Facility

WALTER GROUP: To Distribute Dividend on November 14
WELLINGTON CARPETS: Creditors Decide to Close Operations
XCHANGE ASIA: Will Declare First Dividend on November 24


C H I N A   &   H O N G  K O N G

ASIA PACIFIC: Wind-Up Petition Hearing Fixed on November 29
AUXMAN INVESTMENT: Members' Final Meeting Set on November 23
CHINA EASTERN: Two Executives Detained for Questioning
CLOVER SECURITIES: Commences Wind-Up of Operations
COUDERT BROTHERS: Meeting of Creditors Scheduled on October 31

COUDERT BROTHERS: Summary on the Bankruptcy Protection Filings
COUDERT BROTHERS: U.S. Trustee Picks 5-Member Creditors' Panel
ELEGANT ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 8
FANTEC LIMITED: Creditors to Prove Claims on November 20
GEARY SAINT: Creditors' Proofs of Claim Due on November 13

GRAFTECH INT'L: Moody's Assigns Loss-Given-Default Ratings
GUANGYAO INTERNATIONAL: Placed Under Voluntary Wind-Up
HERCULES INC: Moody's Assigns Loss-Given-Default Ratings
HEROIC INVESTMENT: Creditors Must Prove Debts on November 16
INCORPORATED OWNERS: Accepting Proofs of Debt Until Nov. 3

INVISTA B.V.: Moody's Assigns Loss-Given-Default Ratings
KORET (H.K.) LTD: Members to Hold Final Meeting on November 20
MANLAI COURT: Prepares to Close Operations
MEDIMEDIA INTERNATIONAL: Joint Liquidators Step Aside
MILLION HERO: Members to Receive Wind-Up Account on Nov. 24

MILLION TONE: Faces Wind-Up Proceedings
REMY COINTREAU: Achieves 1.3% Sales Growth in 2006 First Half
RICH ELEGANT: Enters Voluntary Wind-Up
ROAD KING: Moody's Reviews Baa3 Rating for Possible Downgrade
ROAD KING: Weak Business Profile Spurs S&P Downgrade to BB+

SINO PHARMACEUTICALS: Liquidator to Present Wind-Up Report
TEKNI-PLEX INC: Moody's Assigns Loss-Given-Default Ratings


I N D I A

AES CORP: Files US$40-Million Lawsuit Against Alstom in Delaware
CORPORATION BANK: Signs Infrastructure Deal with Three Parties
DUNLOP INDIA: To Reopen Sahagunj Plant on October 31
FEDERAL BANK: Net Profit Rose by 28% in September 2006 Quarter
HDFC BANK: Third Quarter Net Profit Climbs to INR262.9 Crore

HDFC BANK: World Bank's Private Arm Puts In US$100 Million
HINDUSTAN PETROLEUM: Eyeing 50% Stake in Egyptian Refinery
HINDUSTAN PETROLEUM: To Delist Equity Shares in 3 Stock Markets
HMT LIMITED: Annual General Meeting Extended to November 15
ICICI BANK: Sept. Quarter Net Profit Up by 30% to INR7.55 Bil.

ICICI BANK: Lalita Gupte to Retire from Board
LAKSHMI VILAS BANK: Fitch Assigns D/E Individual Rating
UNIFRAX CORP: Moody's Assigns Loss-Given-Default Ratings
VNESHTORGBANK JSC: Might Sell EADS Stake at Profit


I N D O N E S I A

BANK NIAGA: Wants to Raise Credits by AU$300 Million
BANK RAKYAT: Nine-Month Net Profit Up 24% Year-on-Year
BEARINGPOINT INC: Seeks Noteholders' Waivers of SEC Reports
CONTINENTAL AIRLINES: Earns US$237 Mil. for September Quarter


J A P A N

ALBERTO-CULVER: Moody's Assigns Caa1 Rtg. to US$280MM Sr. Notes
DAIWA SECURITIES: Fitch Affirms 'C' Individual Rating
FLOWSERVE CORPORATION: Moody's Assigns Loss-Given-Default Rating
ITOCHU CORP: Reports JPY48-Bil. Net Income for June 2006 Quarter
MITSUBISHI MOTORS: Reveals Sales Figures for September 2006

NANTO BANK: Records JPY6.603-Billion Net Income for FY 2005-2006
NIPPON SHEET: Posts JPY24.115-Bil. Net Income for June Quarter
XEROX CORP: Earns US$536 Million in Quarter Ended September 30


K O R E A

AGY HOLDING: Moody's Assigns Loss-Given-Default Rating
DAEWOO ELECTRONICS: Gets U.S. V-Chip License from Tri-Vision
PQ CORP: Moody's Assigns Loss-Given-Default Ratings
SHINHAN BANK: Third Quarter Earnings Conference Set for Nov. 2


M A L A Y S I A

ARMSTRONG WORLD: Nitram and Desseaux Gets Exclusivity Extension
ARMSTRONG WORLD: Amends Objection to Sea-Pac's US$4.9-M Claim
HARVEST COURT: Provides Update on Restructuring Status
PSC INDUSTRIES: Posts Summary Judgment Updates as of Sept. 2006
TALAM CORPORATION: Revenue Down 59% at MYR72MM in 1st Quarter

TALAM CORPORATION: Won't Seek Shareholders' OK in Share Purchase
TALAM CORPORATION: Subsidiary Inks Sale and Purchase Agreement
TAP RESOURCES: Posts MYR1,020,000 Loss in July 2006 Quarter


N E W   Z E A L A N D

AUTOPOINT LTD: Hearing of Liquidation Petition Set on Dec. 19
CINEMA COMPANY: Shareholders Appoint Haines as Liquidator
DENNY'S CORP: Embarks on Corporate Restructuring
DNA HOLDINGS: Placed Under Voluntary Wind-Up
E C B PROPERTIES: Shareholders Resolve to Liquidate Business

EUROSTONE LTD: Liquidation Hearing Slated for October 30
HAMILL REFRIGERATION: Commences Liquidation of Business
KEADAN HOLDINGS: Court to Hear Liquidation Petition on Oct. 30
NEW ZEALAND PREMIUM: Creditors to Prove Debts on October 30
OLYMPIC AIRLINES: Launches Tender for IT Services Contract

POGO PRODUCING: To Divest Oil & Gas Assets for Business Growth
PREMIER BUTCHERY: Court Appoints Joint Liquidators
SCORPION LTD: Liquidation Petition Hearing Set on Nov. 13
TANNER OUTDOOR: Liquidation Petition Hearing Slated for Nov. 13


P H I L I P P I N E S

HERTZ CORP: S&P Retains Negative Watch on BB- Corp. Credit Rtg.
METRO PACIFIC: MPIC Set to Acquire 227,515,063 MPC Common Shares
NATIONAL POWER: S&P Assigns BB- Rating to US$500 Million Notes
NATIONAL POWER: Fitch Assigns BB Rating to US$500 Million Notes
NATIONAL POWER: Says Price Changes in WESM Due to Market Forces

PHILIPPINE LONG DISTANCE: "Best Managed Company," EuroMoney Says
PHILIPPINE LONG DISTANCE: To Hold Teleconference on November 7


S I N G A P O R E

ADVANCED MICRO: ATI Purchase Gets Canadian Regulatory Approval
ADVANTEST CORPORATE: Creditors Must Prove Debts by Nov. 13
AKER KVAERNER: Inks NOK130-Million Supply Deal with Rashpetco
CHEE TAT: Placed Under Members' Voluntary Liquidation
FREESCALE SEMICONDUCTOR: Commences Tender Offers on Sr. Notes

LINDETEVES MARKETING: Proofs of Debt Due on November 6
PETROLEO BRASILEIRO: Advancing Biodiesel Plants Construction
PETROLEO BRASILEIRO: Bolivia Warns of Intervention in Operations
POLYONE CORP: Moody's Assigns Loss-Given-Default Ratings
REGAL MARINE: Creditors Must File Proofs of Debt by Nov. 3

VALEANT PHARMA: Accounting Errors Cue Moody's to Review B1 CFR


T H A I L A N D

FEDERAL-MOGUL: Asks Court to OK US$500MM Pneumo Claims Payment
FEDERAL-MOGUL: Wants to Recapitalize Non-Debtor Subsidiaries
SIAM CITY: Seeks New Head Amid Merger Talks with BankThai
TOTAL ACCESS: Gains THB1.2 Billion in 3rd Quarter 2006

     - - - - - - - -

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

A H LANDSEER: Members' Final Meeting Set for October 27
-------------------------------------------------------
Members of A H Landseer Pty Ltd, which is in liquidation, will
hold a final meeting on October 27, 2006, at 10:00 a.m., to
receive Liquidator Vine's explanation on the Company's wind-up.

The Joint and Several Liquidator can be reached at:

         S. W. Vine
         Ground Floor, 200 East Terrace
         Adelaide, South Australia 5000
         Australia


A J SEPPING: Shuts Down Business Operations
-------------------------------------------
At A J Sepping Pty Ltd's general meeting held on September 25,
2006, the members resolved to voluntarily wind up the company's
operations and distribute the proceeds of its assets disposal.

The liquidator can be reached at:

         Irene Summers
         10 Brickfield Street
         Parramatta, New South Wales 2150
         Australia


AMERICAN GREETINGS: Posts US$10-Mil. Loss in August 2006 Quarter
----------------------------------------------------------------
American Greetings Corporation filed its financial statements
for the second fiscal quarter ended August 25, 2006, with the
United States Securities and Exchange Commission on October 4,
2006.

                      Second Quarter Results

For the second quarter of fiscal 2007, the company reported net
sales of US$360.1 million, a pre-tax loss from continuing
operations of US$14.7 million and a loss from continuing
operations of US$13.2 million.

For the second quarter of fiscal 2006, the company reported net
sales of US$385.0 million, pre-tax income from continuing
operations of US$8.9 million and income from continuing
operations of US$3.8 million.

For the second fiscal quarter ended August 25, 2006, the company
reported a US$10,498,000 net loss compared with US$3,241,000 of
net income for the period ended August 26, 2005.

At August 25, 2006, the company's balance sheet showed
US$1,889,300,000 in total assets, US$731,932,000 in total
liabilities, and US$1,157,368,000 in total shareholders' equity.

                      Management Comments

Chief Executive Officer Zev Weiss said, "The combination of our
normal seasonality as well as the planned rollout of both our
strategic card and scan-based trading initiatives put enough
downward pressure on revenues and earnings to cause a loss from
continuing operations for the quarter.

"Although we had anticipated a down quarter, our results were
slightly below our plan by a few million dollars.  However,
because the second half of the fiscal year is stronger
seasonally than the first half, at the mid-point of the fiscal
year we still anticipate falling within our previously announced
earnings per share range for the full year of US$0.80 to
US$1.00."

In addition, Weiss stated, "We are incurring costs associated
with the strategic card initiative, and we believe that the
consumer is beginning to notice the changes we are making in our
card products and merchandising and our objective is to turn
that heightened consumer interest into revenues and earnings."

Weiss added, "During the quarter, we also completed our
strategic refinancing effort.  The last step of this process
reduced the shares that would have been issued due to the
conversion of our 7% notes by slightly more than 7 million.  
Over the course of the last 18 months, we have reduced our
diluted share count by approximately 27%.  Over the long term,
we will be focusing more of our resources on growth
opportunities, including our strategic card initiative, and less
aggressively on share repurchases."

                       Financing Activities

During the quarter, with the settlement of its 7% convertible
notes (both the original notes and the new notes issued in its
exchange offer), the company completed the last major step of
its strategic refinancing effort.

During the second fiscal quarter, the company used US$159.1
million of cash to settle the principal due under its new notes
and issued shares to settle the balance of the conversion value
of the new notes.

As a result of completing this last major step, the company did
not have to issue approximately 7.1 million shares that it would
have had to issue if all of the original convertible notes had
remained outstanding and been converted.

                         Share Repurchases

During the second fiscal quarter of 2007, the company purchased,
under the share repurchase program initiated in February 2006,
2.1 million shares of common stock for US$49.1 million.

As of the end of the second quarter, the company had a balance
of approximately US$48.8 million available under its repurchase
program. During the past 18 months, over the course of two share
repurchase programs, the company has repurchased 15.2 million
shares for US$351.2 million at an average price of US$23.14 per
share.

                           Cash Dividend

The company's Board of Directors authorized a cash dividend of
US$0.08 per share to be paid on October 23, 2006, to
shareholders of record at the close of business on October 13,
2006.

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

             http://ResearchArchives.com/t/s?13a4

                     About American Greetings

Cleveland, Ohio-based American Greetings Corporation (NYSE: AM)
-- http://corporate.americangreetings.com/-- manufactures  
social expression products.  American Greetings also
manufactures and sells greeting cards, gift wrap, party goods,
candles, balloons, stationery and giftware throughout the world,
primarily in Australia, Canada, the United Kingdom, Mexico, New
Zealand and South Africa.

                          *     *     *

Moody's Investors Service lowered the rating on American
Greetings Corporation's US$22.7 million 6.1% senior unsecured
notes due 2028 to Ba2 from Ba1.

Standard & Poor's Ratings Services also assigned its preliminary
'BB+' senior unsecured debt rating to American Greetings's Rule
415 shelf registration for debt securities.  The new shelf has
an indeterminate aggregate initial offering price or number of
debt securities.


ANGELOS MENSWEAR: Prepares to Close Operations
----------------------------------------------
At a general meeting of Angelos Menswear Pty Ltd held on
October 10, 2006, the Company's shareholders resolved to
voluntarily wind up the company's operations and distribute the
proceeds of its assets disposal.

The liquidator can be reached at:

         Wanda Chies
         c/o 202 Kembla Street
         Wollongong, New South Wales 2500
         Australia


BENDIGO EXPRESS: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
Bendigo Express Freight Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on
October 27, 2006, at 9:30 a.m.

At the meeting, members and creditors will hear the Company's
wind-up proceedings and property disposal exercises from the
Liquidators Erskine and Goodin.

The Joint and Several Liquidators can be reached at:

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


BIONICHE LIFE: Losses & Financial Woes Spark Going Concern Doubt
----------------------------------------------------------------
Bioniche Life Sciences Inc. revealed its financial results for
the 2006 fiscal year ended June 30, 2006.

                        Going Concern Doubt

Due to a number of factors, including the company's increased
operating losses with no material increase in working capital
and cash balances, and current burn rate, as well as
management's expectation that operating losses will increase due
to the FDA-approved start of its Phase III trials with Urocidin,
describe a "going concern uncertainty".  

The company is addressing this situation through monetizing
certain other non-core business assets; completing a partnership
deal to support its Phase III development program for Urocidin;
raising additional debt, preferred or common equity, and
potentially finding strategic financing partners to support the
animal health business.

These initiatives are progressing at various stages with the
support of the Board of Directors, and there is, however, no
assurance that they will be completed as currently planned.

                           FDA Approval

"Bioniche had an eventful year.  The U.S. Food and Drug
Administration approved our two Phase III trial protocols using
Urocidin(TM) in the treatment of non-muscle invasive bladder
cancer," Graeme McRae, president and chief executive officer of
Bioniche Life Sciences Inc., stated.  

"In addition, we were granted fast track status for the
refractory protocol, meaning that, when data from the refractory
study becomes available, we can expect an expedited review of
our Biologics Licensing Application for Urocidin."

Urocidin is the first product to be developed from the
Mycobacterial Cell Wall-DNA Complex (MCC) platform.  This is a
key technology for Bioniche, not only for bladder cancer, but
for other human oncology indications which will be pursued once
the Phase III clinical trials for bladder cancer are underway.

                        Cystistat(R) Sale

During Fiscal 2006, the company sold certain non-core assets
that were originally part of its Human Health division.  The
sale of Bioniche Pharma Group Limited and the product,
Cystistat(R), were part of a strategic plan to monetize non-core
assets and streamline the company's focus.

The cash generated from these transactions was used to finance
core research activities as the company starts its Phase III
bladder cancer clinical trials and completes trials with its E.
coli O157:H7 cattle vaccine for U.S. registration.

             Fiscal 2006 Financial Results Highlights

Consolidated revenues for the fiscal year remained flat when
compared with Fiscal 2005.

For the year ended June 30, 2006, the company reported a net
loss of CDN$1.1 million on revenues of CDN$26.7 million,
compared with a net loss of CDN$15.6 million on revenues of
CDN$26.6 million for the same period in 2005.

The continued rise of the Canadian dollar in Fiscal 2006 had a
negative impact on U.S. dollar and Euro dominated revenues of
CDN$1.3 million.  This was offset by revenues from product
additions, including the portfolio of embryo transfer products
from the former AB Technology (acquired in 2004) and increases
in market penetration of existing products, including additional
registrations for the company's top-selling follicle stimulating
hormone, Folltropin(R)-V, in Europe.

Excluding currency fluctuation, Fiscal 2007 revenues are
expected to improve in the animal health technology platforms,
primarily in reproduction and embryo transfer products.

The overall gross profit margin continued remained constant in
Fiscal 2006, at 57% as compared with 56% in Fiscal 2005.

Expenses totaled CDN$22.1 million for the 12 months ending June
30, 2006, which compares with CDN$17.2 million recorded in the
same period last year.  This increase of CDN$4.9 million, or
28%, includes:

   * CDN$2.5 million incurred to restructure the company's
     previous debt;

   * CDN$1.4 million in additional amortization associated with
     the intangible and other assets and write-off of deferred
     financing fees;

   * CDN$600,000 for administration charges associated with
     certain severances, staff additions, and quality assurance;

   * CDN$200,000 for cash paid interest and non-cash imputed
     interest associated with the new debt; and

   * CDN$200,000 in other non-material charges.

Gross research and development expenses remained stable in
Fiscal 2006, reaching CDN$12.9 million compared with CDN$12.4
million in Fiscal 2005.

As a result of the company's focus on the E. coli O157:H7 cattle
vaccine and bladder cancer therapy, the company completed
several financing transactions to increase its liquidity and
reorganize its capital structure.  

These transactions impacted the Fiscal 2006 income statement:

   * The sale of Bioniche Pharma Group, which closed during
     third quarter, generated a CDN$9.5 million gain, inclusive
     of the net year to date operations;

   * The sale of the Cystistat business, which closed during
     fourth quarter, generated an CDN$8.3 million gain inclusive
     of CDN$700,000 from net sales associated with the product.

"We are at an important point in our corporate development, and
expect to achieve several significant milestones in the coming
year," Mr. McRae added.  "These events will drive our future
commercial success and deliver significant value to our
shareholders."

A full-text copy of the company's 2006 Annual Report is
available for free at:

             http://ResearchArchives.com/t/s?139c

                About Bioniche Life Sciences Inc.

Based in Belleville, Ontario, Canada, Bioniche Life Sciences
Inc. (TSX: BNC) -- http://www.Bioniche.com/-- is a research-
based, technology-driven Canadian biopharmaceutical company
focused on the discovery, development, manufacturing, and
marketing of proprietary products for human and animal health
markets worldwide.  The fully integrated company employs
approximately 185 skilled personnel and has three operating
divisions: Human Health, Animal Health, and Food Safety.  The
company's primary goal is to develop proprietary cancer
therapies supported by revenues from marketed products in human
and animal health.

The company has locations in Australia, Canada, and the United
States.


C&G RECYCLING: Members Agree to Wind Up Operations
--------------------------------------------------
On October 5, 2006, the members of C & G Recycling Pty Ltd
resolved to wind up the company's operations and appointed Robyn
Erskine and Peter Goodin as liquidators.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, 3123
         Australia


COAST REGIONAL: Placed Under Creditors' Voluntary Wind-Up
---------------------------------------------------------
On October 6, 2006, the creditors of Coast Regional Transport
Pty Ltd passed a special resolution to voluntarily wind up the
company's operations.

K. L. Sutherland and H. A. MacKinnon were subsequently appointed
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         H. A. Mackinnon
         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia


CONTRACTORS SERVICES: Names Bettles and Carter as Liquidators
-------------------------------------------------------------
At a general meeting held on October 5, 2006, members of
Contractors Services (Aus) Pty Ltd appointed Jason Bettles and
Susan Carter as the Company's liquidators.

The Liquidators can be reached at:

         Jason Bettles
         Susan Carter
         Worrells
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia


CROWN CASTLE: Declares Quarterly Preferred Stock Dividend Rate
--------------------------------------------------------------
Crown Castle International Corp. reported that the quarterly
dividend on its 6.25% Convertible Preferred Stock will be paid
on November 15, 2006, to holders of record on November 1, 2006.  
The dividend will be paid in cash at a rate of US$0.781 per
share of Preferred Stock.

                        About Crown Castle

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

                          *     *     *

Standard & Poor's Ratings Services placed the ratings of
Houston, Texas-based wireless tower operator Crown Castle
International Corp. and its related entities on CreditWatch with
negative implications, including its 'BB' corporate credit
rating and the 'BBB-' secured bank loan rating of intermediate
holding company Crown Castle Operating Co.  However, the '3'
recovery rating for this bank loan is not on CreditWatch.

The Troubled Company Reporter - Asia Pacific reported on
October 17, 2006, that Moody's Investors Service affirmed all
ratings of Crown Castle Operating Company, including its B1
Corporate Family Rating, B1 Senior Secured Rating and SGL-2
Liquidity Rating.  The ratings reflect a B1 probability of
default and loss given default assessment of LGD 3 (43%) on the
senior secured facility. The outlook remains stable.


DEVRON DEVELOPMENTS: Final Meeting Scheduled on October 27
----------------------------------------------------------
Members and creditors of Devron Developments Pty Ltd, which is
in liquidation, will hold a final meeting on October 27, 2006,
at 10:00 a.m., to receive Liquidator McDonald's report regarding
the company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific on
January 24, 2006, the Company commenced a wind-up of its
operations due to its inability to pay debts.

The Liquidator can be reached at:

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


E.B.A. AIR: Joint Final Meeting Set for October 27
--------------------------------------------------
E.B.A. Air Conditioning Pty Ltd, which is in liquidation, will
hold a joint final meeting for its members and creditors on
October 27, 2006, at 9:00 a.m. and 9:15 a.m., respectively.

At the meeting, members and creditors will receive Liquidator
Whitton's account on the Company's wind-up and property disposal
activities.

The Liquidator can be reached at:

         R. W. Whitton
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


FERNANDEZ RACING: Liquidator to Present Report on October 27
------------------------------------------------------------
Fernandez Racing Pty Ltd will hold a final meeting for its
members and creditors on October 27, 2006, at 10:00 a.m., to
receive the report on the Company's wind-up and property
disposal exercises from Liquidator R. M. Sutherland.

According to the Troubled Company Reporter - Asia Pacific on
July 31, 2006, the members of the Company appointed Mr.
Sutherland as liquidator on July 3, 2006.

The Liquidator can be reached at:

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


FORTESCUE METALS: To Hold Annual General Meeting on November 17
---------------------------------------------------------------
Fortescue Metals Group Limited will hold its Annual General
Meeting on November 17, 2006, at 9:00 a.m., at the Exchange
Plaza Conference Centre, Level 8, 2 The Esplanade, Perth Western
Australia.

The Directors have determined that pursuant to the Corporations
Act, the persons eligible to vote at the meeting will be those
persons who are registered shareholders at 5:00 p.m. (WST) on
November 15, 2006.  Accordingly, share transfers registered
after that time will be disregarded in determining entitlements
to attend and vote at the meeting.

                       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.


G.J.S. ELECTRICS: Prepares to Declare Dividend on November 26
-------------------------------------------------------------
G.J.S. Electrics Pty Ltd, which is in liquidation, will declare
dividend to its creditors on November 26, 2006.

Creditors who were unable to submit their proofs of claim last
October 16, 2006, will be excluded from sharing in the dividend.

The Liquidator can be reached at:

         Steven Nicols
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney
         Australia
         Web site: http://www.bankrupt.com.au


GASRESEARCH AUSTRALIA: Creditors' Proofs of Claim Due on Nov. 1
---------------------------------------------------------------
Gasresearch Australia Pty Ltd, which is in liquidation, will
declare the first and final dividend for its creditors on
November 16, 2006.

Accordingly, creditors are required to prove their claims on
November 1, 2006, or be excluded from sharing in the
distribution.

The joint and several liquidators can be reached at:

         Martin Jones
         Ferrier Hodgson
         Chartered Accountants
         Level 26, 108 St George's Terrace
         Perth, Western Australia 6000
         Australia


HAIR TESTING: Liquidator Nicols to Present Wind-Up Account
----------------------------------------------------------
A final meeting of the members and creditors of Hair Testing
Laboratory Pty Ltd, which is in liquidation, will be held on
October 27, 2006, at 10:00 a.m.

During the meeting, Liquidator Steven Nicols will present the
accounts on the Company's wind-up proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on September 9,
2004.

The Liquidator can be reached at:

         Steven Nicols
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.bankrupt.com.au


HARYNE PTY: Commences Wind-Up of Operations
-------------------------------------------
At an extraordinary general meeting on October 6, 2006, the
members of Haryne Pty Ltd resolved to voluntarily wind up the
Company's operations.

Subsequently, K. S. Wallman was appointed as liquidator.

The Liquidator can be reached at:

         K. S. Wallman
         PO Box 253
         West Perth, Western Australia
         Australia


HASBRO INC: Earns US$99.6 Million in 2006 Third Quarter
-------------------------------------------------------
Hasbro, Inc. reported net revenues of US$1.039 billion for the
2006 third quarter, up 5% compared to US$988.1 million a year
ago and included a US$9.6 million favorable impact from foreign
exchange.

The company reported net income of US$99.6 million, which
includes stock-based compensation expense of US$3.9 million, net
of tax, due to the required implementation of SFAS 123R at the
beginning of the year.  Net earnings prior to fiscal 2006 did
not include stock-based compensation expense.

In the third quarter of 2005 net earnings on a reported basis,
which did not include the effect of stock-based compensation
expense, were US$92.1 million.

Alfred J. Verrecchia, President and Chief Executive Officer,
said, "We are pleased with our third quarter results.  Net
revenues were up 5%, with revenues excluding STAR WARS up 13%
for the quarter and year-to-date, driven in part by the success
of LITTLEST PET SHOP, PLAYSKOOL, NERF, PLAY-DOH, MONOPOLY,
TRANSFORMERS and CLUE. STAR WARS has performed well and
continues to be the #1 action figure property with US$69 million
in revenue for the quarter and US$182 million year-to-date,
demonstrating the strength of the brand even in a non-movie
year.

"With the overall breadth and depth of our product portfolio we
have been able to grow our business for the quarter and year-to-
date, in spite of the revenue decline of US$58 million for the
quarter and US$193 million year-to-date in STAR WARS," Mr.
Verrecchia concluded.

"Earnings per diluted share were up a strong 23% in the quarter,
said David Hargreaves, Chief Financial Officer.  "Absent the
Lucas warrants mark to market expense of US$0.09 per diluted
share, the underlying business performed even better with
earnings per diluted share increasing 43% to US$0.67 per diluted
share for the quarter," he added.

North American segment revenues, which include all of the
company's toys and games business in the United States, Canada
and Mexico, were US$745.5 million for the quarter compared to
US$712.3 million a year ago, reflecting strong performances from
LITTLEST PET SHOP, PLAYSKOOL, NERF, PLAY-DOH and MONOPOLY.  The
segment reported an operating profit of US$111.6 million for the
quarter compared to US$85.3 million last year, as adjusted to
include the impact of stock-based compensation.  In addition to
the higher revenues, the improvement in operating profit
reflected declines in amortization and royalty expenses,
partially off-set by increases in product development and
advertising expenses.

International segment revenues for the quarter were US$280.4
million compared to US$264.6 million a year ago and included a
US$9.3 million favorable impact from foreign exchange.  Volume
increases reflected strong performance from LITTLEST PET SHOP,
PLAYSKOOL, TRANSFORMERS and MONOPOLY.  The International segment
reported an operating profit of US$43.2 million compared to an
operating profit of US$32.9 million in 2005, as adjusted to
include the impact of stock-based compensation expense.  The
improvement in operating profit is primarily due to decreases in
royalty and amortization expense.

The company reported third quarter Earnings Before Interest,
Taxes, Depreciation and Amortization of US$192.6 million
compared to US$187.9 million in 2005.  The attached schedules
provide a reconciliation of diluted earnings per share and
EBITDA to net earnings for the third quarters and nine-month
periods of 2006 and 2005.

During the quarter, the company repurchased approximately 6.6
million shares of common stock at a total cost of US$131
million.  Since June of 2005, the company has repurchased 23.5
million shares at a total cost of US$465.3 million.

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. --
http://www.hasbro.com/-- provides children's and family leisure  
time entertainment products and services, including the design,
manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                          *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc. and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


HORNBY PTY: Members to Receive Wind-Up Report on October 27
-----------------------------------------------------------
Hornby Pty Ltd, which is in liquidation, will hold a final
meeting for its members on October 27, 2006, at 12:30 p.m., to
receive Liquidator Travaglini's report on the company's wind-up
and property disposal activities.

The Liquidator can be reached at:

         Dino Travaglini
         c/o Moore Stephens
         Level 3, 12 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9225 5355


J T MARSDEN: Commences Wind-Up of Operations
--------------------------------------------
On October 4, 2006, the shareholders of J T Marsden & Sons Pty
Ltd passed a special resolution to voluntarily wind up the
company's operations and distribute the proceeds of its assets
disposal.

The liquidator can be reached at:

         Eric P. Marsden
         12 Mary Street
         Como, Western Australia 6152
         Australia


JASON THE RECLINING: Enters Wind-Up Proceedings
-----------------------------------------------
At a general meeting held on October 6, 2006, the members of
Jason The Reclining Rocker Pty Ltd resolved to voluntarily wind
up the company's operations.  Bruce Gleeson was subsequently
appointed as liquidator.

The Liquidator can be reached at:

         Bruce Gleeson
         c/o Jones Condon
         Chartered Accountants
         Level 13 189 Kent Street
         Sydney, New South Wales
         Australia
         Telephone:(02) 9251 5222


LINTDENT HOLDINGS: Placed Under Voluntary Liquidation
-----------------------------------------------------
On October 10, 2006, the shareholders of Lintdent Holdings Pty
Ltd agreed to voluntarily liquidate the company's business and
distribute the proceeds from the disposal of its assets.

The Liquidator can be reached at:

         Peter Sheldon
         Level 7, Suite 707
         35 Spring Street, Bondi Junction
         New South Wales 2022
         Australia


MEDICAL PRODUCTS: To Declare First and Final Dividend on Nov. 23
----------------------------------------------------------------
Medical Products Group Pty Ltd, which is subject to a deed of
company arrangement, will declare the first and final dividend
on November 23, 2006.

Creditors who failed to prove their claims by October 19, 2006,
are excluded from the dividend distribution.

The Deed Administrator can be reached at:

         Shaun Fraser
         McGrathNicol+Partners
         Level 30, Central Park
         152-158 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Web site: http://www.mcgrathnicol.com


MITETAB PTY: Members and Creditors to Meet on October 27
--------------------------------------------------------
Mitetab Pty Ltd, which is in liquidation, will hold a joint
meeting for its members and creditors on October 27, 2006, at
9:00 a.m. and 9:15 a.m., respectively.

During the meeting, Liquidator Whitton will present the report
regarding how the company was wound up and how the properties
were disposed of.

The Liquidator can be reached at:

         R. W. Whitton
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


MND JEWELS: Members Opt to Close Operations
-------------------------------------------
At a general meeting held on October 9, 2006, the members of MND
Jewels Pty Ltd passed a special resolution to close the
company's operations and appoint R. Vile as liquidator.

The Liquidator can be reached at:

         R. Vile
         Chartered Accountant
         21st Floor, 300 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3228 4000


MULTIPLEX GROUP: Settles Wembley Project Disputes
-------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 4, 2006, Multiplex Group was pursuing its entitlements
against Wembley National Stadium Ltd.  An adjudication process
has commenced in relation to a number of individual issues with
many more adjudications and possible legal proceedings to
follow.

WNSL is Multiplex's client for the Wembley Stadium project in
London.

An earlier TCR-AP report stated that Multiplex has taken seven
separate disputes, including payments, changes of specification,
and time schedules with WNSL to adjudication.

The TCR-AP subsequently indicated that discussions in relation
to a potential settlement between Multiplex and WNSL were
progressing and that the commercial terms remain to be
finalized.  Multiplex noted that it will advise the market if
and when any settlement with WNSL is completed.

In an update, Multiplex Group has resolved all variations and
reached a comprehensive settlement of all disputes with WNSL.  
The agreement is conditional on a consent to be obtained by WNSL
from its financiers.

Multiplex and WNSL have agreed a streamlined process wherein the
works and activities that are the responsibility of WNSL will be
completed in parallel with other works.  This should ensure that
the stadium is able to complete its test events earlier than
envisaged in previous progress updates.

The financial effect of the agreement with WNSL does not alter
the project loss position assumed in Multiplex's most recent
annual results.  As previously stated, this position remains
dependent on the resolution of subcontractor claims and other
third party recoveries.

                         About Multiplex

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

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

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

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


NYLEX LIMITED: To Hold Annual General Meeting on November 30
------------------------------------------------------------
Nylex Limited will hold its Annual General Meeting of members on
November 30, 2006, at 9:00 a.m., at Novotel Glen Waverley, 285
Springvale Road, in Glen Waverley 3150.

The meeting's agenda include receiving and considering the
company's financial position and performance statements as at
June 30, 2006, together with the consolidated accounts of the
economic entity and the reports of the Directors and Auditor
thereon, in accordance with the Corporations Act 2001.

                        About Nylex

Headquartered in Melbourne, Australia, Nylex Limited --
http://www.nylexlimited.com.au/-- is an Australian marketer,  
manufacturer and service provider of plant hire services,
building products, automotive products, plastic products, and
engineered products.

Nylex has been in restructuring for 11 years, the past six saw
the Company management balance between keeping creditors happy
and placating shareholders, who over time lost 90% of their
investments.  Nylex owed its bank lenders more than AU$400
million at the peak and has basically been in a controlled
liquidation of the mish-mash of assets built up in the 1990s.

The Company has sold many businesses to reduce its debt, moved
some production offshore and now has a strong balance sheet and
is looking for acquisitions.  It has also launched a major push
to build on its strong position in garden water control to
become a leader in overall household water conservation.

The Troubled Company Reporter - Asia Pacific reported on
November 29, 2005, that Nylex's future earnings are uncertain
after shareholders sold the Company's profitable asset,
Lucrative AH Plant Hire, to a rival controlled by Nylex
shareholder and Seven Network Chairman Kerry Stokes.

Shareholders agreed to sell AH Plant Hire to the Stokes-
controlled National Hire group for AU$111 million, which just
scrapped in at the bottom of the valuation range calculated by
independent expert Ernst & Young Valuation Services.

Nylex is operating under the close supervision of a group of
banks, which are keen to end the five-year asset sell-off.

In May 2006, Nylex announced a restructure that will cost about
AU$10 million, and has started talks with potential financiers
and existing and potential senior debt providers.


PAULLS CURTAINS: Members Agree on Voluntary Wind-Up
---------------------------------------------------
At a general meeting on October 4, 2006, the members of Paulls
Curtains & Carpets Pty Ltd resolved to voluntary wind-up of the
company's operations.

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

The Liquidator can be reached at:

         R. D. M. Smith
         126 George Street
         Morwell, Victoria 3840
         Australia


RF & AE MORRISON: Enters Voluntary Liquidation
----------------------------------------------
At a general meeting of R F & A E Morrison & Co Pty Ltd on
October 5, 2006, the members resolved to voluntarily wind up the
company's operations.

Accordingly, Russell Heywood-Smith was appointed as liquidator.

The Liquidator can be reached at:

         Russell Heywood-Smith
         BDO
         Chartered Accountants & Advisers
         248 Flinders Street
         Adelaide, South Australia 5000
         Australia


ROCKWOOD SPECIALTIES: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sector,
the rating agency confirmed its B1 Corporate Family Rating for
Rockwood Specialties Group Inc.  

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   EUR37.2 million
   (US$47.5 million)
   Gtd Sr Sec
   Credit Facility
   Tranche A-1 Term Loan
   due July 30, 2011      B1       Ba2      LGD2      27%

   EUR1.6 million
   (US$2 million)
   Gtd Sr Sec
   Credit Facility
   Tranche A-2
   Term Loan
   due July 30, 2011      B1       Ba2      LGD2      27%

   US$1134 million
   Gtd Sr
   Sec Credit Facility
   Tranche E
   Term Loan
   due July 30, 2012      B1       Ba2      LGD2      27%

   EUR272.1 million
  (US$347.9 million)
   Gtd Sr Sec
   Credit Facility
   Tranche F
   Term Loan
   due July 30, 2012      B1       Ba2      LGD2      27%

   US$250 million
   Gtd Sr Sec
   Revolving
   Credit Facility
   due July 30, 2010      B1       Ba2      LGD2      27%

   US$273 million
   10.625%
   Gtd Sr Sub Notes
   due 2011               B3       B3       LGD5      81%

   US$200 million
   7.500%
   Gtd Sr Sub Notes
   due 2014               B3       B3       LGD5      81%

   EUR375 million
  (US$480.1 million)
   7.625% Gtd Sr Sub
   Notes due 2014         B3       B3       LGD5      81%

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 Princeton, New Jersey, Rockwood Specialties
Group Inc. -- http://www.rockwoodspecialties.com/ -- is a  
global developer, manufacturer and marketer of advanced, value-
added specialty chemicals and materials.  Its products primarily
consist of inorganic chemicals and solutions, and engineered
materials.  Rockwood manufactures its products in over 99
manufacturing facilities in 25 countries, and sells its products
and provides services to more than 60,000 customers.  The
company has operations in Australia, Germany, France, Japan, and
Italy.


S & A STALLARD: Creditors Must Prove Debts by November 10
---------------------------------------------------------
S & A Stallard Pty Ltd, which is in liquidation, will declare
the first and final dividend to creditors on November 17, 2006.

Creditors who cannot prove their debts by November 10, 2006,
will be excluded from sharing in any distribution the company
will make.

The Liquidator can be reached at:

         Stephen Stallard
         c/o HLB Mann Judd
         Level 19, 207 Kent Street
         Sydney, New South Wales 2000
         Australia


TOTALIS PTY: Creditors to Prove Claims by November 2
----------------------------------------------------
Totalis Pty Ltd, which is in liquidation, will declare the first
and final dividend to creditors on November 17, 2006.

In this regard, creditors are required to submit their proofs of
claim by November 2, 2006, to be included in the dividend
distribution.

The Liquidator can be reached at:

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


TRUE-LINE CEILINGS: Undergoes Voluntary Liquidation
---------------------------------------------------
At a general meeting held on October 12, 2006, the members of
True-Line Ceilings Pty Ltd resolved to voluntarily wind up the
company's business operations.

Subsequently, Michael John Morris Smith was appointed as
liquidator at the creditors' meeting held that same day.

The Liquidator can be reached at:

         Michael John Morris Smith
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


UNIVERSAL COMPRESSION: Secures US$500-Million Credit Facility
-------------------------------------------------------------
Universal Compression Holdings, Inc., has entered into a five-
year US$500 million senior secured credit agreement.  The lead
banks in the syndicate for the facility are Wachovia Capital
Markets, LLC and Deutsche Bank Securities Inc.

Universal used approximately US$330 million under the new senior
secured credit facility, together with debt assumed by Universal
Compression Partners, L.P. and proceeds from the sale of UCLP
equity interests pursuant to the exercise of the over-allotment
option in the UCLP initial public offering, to repay all
balances under the prior senior secured credit facility.  The
new facility will be used for working capital, acquisitions and
general corporate purposes.

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.

                        *    *    *

Moody's Investors Service assigned on Oct. 22, 2006, 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.  Moody's said the
outlook remains stable.


WALTER GROUP: To Distribute Dividend on November 14
---------------------------------------------------
Walter Group Finance Pty Ltd, which is in liquidation, will
distribute a first and final dividend for its creditors on
November 14, 2006.

Creditors who cannot prove their claims by November 7, 2006,
will be excluded from sharing in the dividend distribution.

The Liquidator can be reached at:

         Martin Madden
         KordaMentha
         Level 5, Chifley Tower
         2 Chifley Square, Sydney
         New South Wales 2000
         Australia


WELLINGTON CARPETS: Creditors Decide to Close Operations
--------------------------------------------------------
At a meeting on October 4, 2006, the creditors of Wellington
Carpets Pty Ltd resolved to voluntarily wind up the company's
operations.

In this regard, Glenn Anthony Crisp was appointed as liquidator.

The Liquidator can be reached at:

         Glenn Anthony Crisp
         RSM Bird Cameron Partners
         Level 8, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


XCHANGE ASIA: Will Declare First Dividend on November 24
--------------------------------------------------------
Xchange Asia Pacific Pty Ltd, which is in liquidation, will
declare the first dividend for its creditors on November 24,
2006, to the exclusion of those who were unable to prove their
claims last October 19, 2006.

The Official Liquidator can be reached at:

         John Frederick Lord
         PKF
         Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9251 4100
         Facsimile:(02) 9240 9821
         Web site: http://www.pkf.com.au


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

ASIA PACIFIC: Wind-Up Petition Hearing Fixed on November 29
-----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Asia Pacific Biotech Co. Ltd -- formerly known as China Internet
Investment Capital Ltd -- on November 29, 2006, at 9:30 a.m.

Power Leader Technology Development Ltd filed the petition with
the Court on October 4, 2006.

The Solicitors for the Petitioner can be reached at:

         So, Lung & Associates
         15/F, Ming An Plaza Phase 2
         8 Sunning Road, Causeway Bay
         Hong Kong


AUXMAN INVESTMENT: Members' Final Meeting Set on November 23
------------------------------------------------------------
Members of Auxman Investment Ltd will hold a final meeting for
its members on November 23, 2006 at 11:00 a.m., to receive
Liquidator Ha Yue Fuen Henry's accounts on the Company's wind-up
and property disposal exercises.

The Liquidator can be reached at:

         Ha Yue Fuen, Henry
         Room 1010, 10/F Wing On Centre
         111 Connaught Road, Central
         Hong Kong


CHINA EASTERN: Two Executives Detained for Questioning
------------------------------------------------------
Two deputy general managers of China Eastern Airlines had been
detained for questioning, Reuters reports, citing the company's
board secretary, Luo Zhuping, who declined to discuss the
reasons for detention.

According to Mr. Lou, the two executives are Wu Jiuhong and Tong
Guozhao, in charge of the carrier's ground service and aviation
safety.  The airline would issue a statement on the issue soon,
Mr. Lou noted.

However, another company executive confirmed the detentions to
Reuters, saying the investigation might be related to a scandal
involving the airline's cargo unit.

Reuters recounts that in September, China Eastern officials told
the paper that a local prosecutor had detained at least five
mid-level executives in China Cargo Airlines, a unit of China
Eastern Airlines.

The China Business News reported on the previous detention
saying those executives had allegedly taken kickbacks believed
to be worth over CNY10 million or US$1.3 million.  As many as 27
company officials might be involved, the paper said.

                          *     *     *

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal  
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
Foreign Currency and Local Currency Issuer Default Ratings to B+
from BB-.  The outlook on the IDRs is stable.

The Troubled Company Reporter - Asia Pacific reported that the
working capital deficit of the company increased by about 105%,
or CNY13.106 billion, from CNY12.490 billion at Dec. 31, 2004,
to CNY25.597 billion at Dec. 31, 2005.


CLOVER SECURITIES: Commences Wind-Up of Operations
--------------------------------------------------
On October 18, 2006, members of Clover Securities Company Ltd
passed a special resolution to voluntarily wind up the company's
operations.

Subsequently, Kam Chi Chiu Anthony was appointed as liquidator.

The Liquidator can be reached at:

         Kam Chi Chiu, Anthony
         Room 1701, 17/F Shui On Centre
         6-8 Harbour Road, Wanchai
         Hong Kong


COUDERT BROTHERS: Meeting of Creditors Scheduled on October 31
--------------------------------------------------------------
The U.S. Trustee for Region 2 will convene a meeting of Coudert
Brothers LLP's creditors at 2:30 p.m., on October 31, 2006, at
the Office of the United States Trustee, 80 Broad Street, Second
Floor, in New York City.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                          *     *     *

Coudert Brothers LLP was an international law firm with
operations in China.  It is specializing in complex cross border
transactions and dispute resolution.  The Debtor filed for
Chapter 11 protection on Sept. 22, 2006 (Bankr.S.D.N.Y. Case No.
06-12226).  John E. Jureller, Jr., Esq., and Tracy L. Klestadt,
Esq., at Klestadt & Winters, LLP, represents the Debtor in its
restructuring efforts.  In its schedules of assets and debts,
Coudert listed total assets of US$29,968,033 and total debts of
US$18,261,380.  The Debtor's exclusive period to file a chapter
11 plan expires on Jan. 20, 2007.


COUDERT BROTHERS: Summary on the Bankruptcy Protection Filings
--------------------------------------------------------------
The Troubled Company Reporter on September 27, 2006, reported
that Coudert Brothers LLP filed for bankruptcy protection after
losing to two different lawsuits involving (1) a US$2.5 million
malpractice suit and (2) a host of other malpractice suits as
well as actions by former partners, creditors, and landlords.

The law firm's executive director, Patricia Kane, in a court
filing claimed that Coudert doesn't have the money to pay for
the judgment.  Ms. Kane also accused certain former Coudert
partners of siphoning over US$1.5 million of the firm's funds
into their private accounts.

                         Assets and Liabilities

Coudert Brothers LLP delivered its Schedules of Assets and
Liabilities to the U.S. Bankruptcy Court for the Southern
District of New York, disclosing:

     Name of Schedule                 Assets         Liabilities
     ----------------                 ------         -----------
  A. Real Property
  B. Personal Property              US$29,968,033
  C. Property Claimed
     as Exempt
  D. Creditors Holding                                 
     US$1,511,479
     Secured Claims
  E. Creditors Holding                                 
      US$4,402,060
     Unsecured Priority Claims
  F. Creditors Holding                                 
     US$12,347,840
     Unsecured Nonpriority
     Claims
                                  ------------      ------------
     Total                       US$29,968,033     US$18,261,380

                     Special Counsels for Germany

Coudert Brothers LLP asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ Ehlers,
Ehlers & Partners as its special counsel, nunc pro tunc to Sept.
22, 2006.

The Debtor seeks to retain Ehlers Ehlers as special counsel with
respect to its continued representation of the Debtor in matters
ending in Germany.  In addition to the general wind-down of the
Debtor's affairs in Germany, the Debtor relates that Ehlers
Ehlers has been representing the Debtor in these matters:

    (a) Bernd Christian Haager v. Coudert Brothers LLP;

    (b) Reinhard G. Regner v. Coudert Brothers LLP; and

    (c) Bundesagentur fur Arbeit v. Peter Schaal and Hubert
        Hesse.

The Haager and Regner cases are pending in the Frankfurt
Landgericht (Frankfurt Court) while Arbeit case is pending in
the Arbeitsgericht Munchen (Munich Labor Relations Court).

                          Bankruptcy Counsel

Coudert Brothers LLP asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ Klestadt
& Winters, LLP, as its bankruptcy counsel, nunc pro tunc to
Sept. 22, 2006.

Klestadt & Winters will:

    (a) perform all appropriate services as the Debtor's
        counsel, including, without limitation, advising the
        Debtor, representing the Debtor, and preparing all
        necessary documents on behalf of the Debtor;

    (b) take all necessary actions to protect and preserve the
        Debtor's estate during the chapter 11 case, including
        the prosecution of actions by the Debtor, the defense of
        any actions commenced against the Debtor in the context
        of the chapter 11 case, negotiations concerning all
        litigation in which the Debtor is involved, and
        objecting to claims filed against the estate;

    (c) prepare on behalf of the Debtor, as debtor-in-
        possession, all necessary motions, applications,
        answers, orders, reports, and papers in connection with
        the administration of its chapter 11 case;

    (d) provide counsel to the Debtor with regard to its rights
        and obligations as a debtor-in-possession; and

    (e) perform all other necessary legal services.


                     Councils for Statek and SenoRx

Coudert Brothers LLP asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ Wilson
Elser Moskowitz Edelman & Dicker LLP as its special counsel,
nunc pro tunc to Sept. 22, 2006.

Wilson Elser will continue representation of the Debtor in two
separate pending actions:

    (i) Statek Corporation et al. v. Coudert Brothers LLP, and
   (ii) SenoRx, Inc. v. Coudert Brothers LLP.

                          Statek Action

On October 28, 2005, Statek Corporation and Technicorp
International II, Inc., commenced an action in the Superior
Court of Connecticut, Judicial District of Stamford-Norwalk
(Case No. CV-05-50000425S) against, among other defendants, the
Debtor, Dean Poster, a former associate of Debtor, and Steven
Beharrell, a former partner of Debtor.  The suit alleges certain
causes of action for fraud, breach of fiduciary duty, legal
malpractice, fraudulent concealment, and negligence arising from
their alleged participation in, assistance in and concealment of
an international defalcation scheme of Frederick Johnston and
Sandra Spillane, the principals of the Statek Plaintiffs.  The
Statek Plaintiffs have alleged damages in a sum in excess of
US$30 million.

The Statek Plaintiffs claimed that the Debtor, by Messrs.
Beharrell and Poster, participated in, assisted in or concealed
Mr. Johnston's and Ms. Spillane's diversion of up to US$30
million in corporate funds from Statek Corporation, and its
other principal Miklos Vendel, for their own personal use, all
while the Statek Plaintiffs were clients of the Debtor.

Wilson Elser has filed a pending motion to dismiss the Statek
Action based upon, among other things, lack of jurisdiction over
the Debtor and Mr. Poster, in that all of the alleged legal
activities occurred in Great Britain, and forum non conveniens.  
To date, the court has ordered that the parties exchange
discovery on the issue of jurisdiction prior to any decision on
the pending motion.  The parties are in the process of
exchanging discovery and taking depositions with respect to the
jurisdiction issues.

                          SenoRx Action

On October 27, 2005, SenoRx, Inc., filed a complaint with the
Superior Court of the State of California for the County of San
Francisco, Case No. CGC04435849, alleging certain causes of
action against the Debtor for professional negligence, breach of
contract and breach of fiduciary duty, and asserting unspecified
damages.

SenoRx has alleged that Debtor negligently failed to properly
provide legal services related to the filing of Japanese,
European and Canadian PCT applications.  Thereafter, SenoRx
filed numerous "doe amendments" to amend its complaint to
identify and name 99 partners of the Debtor as additional party
defendants in the SenoRx Action.

                 Special Council for Lyman Gardens LLP

Coudert Brothers LLP asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ Dunn Koes
LLP as its special counsel, nunc pro tunc to September 22, 2006.

Dunn Koes will continue representation of the Debtor in an
appeal to the malpractice jury verdict and judgment entered in
the matter of Lyman Gardens Apartments, LLC, et al., v. Coudert
Brothers LLP, et al.

Lyman Gardens Apartments, LLC and Darryl Wong commenced an
action in the Superior Court of California for the County of Los
Angeles, Case No. BC299990, against Debtor and Ralph Navarro, a
partner of the Debtor, asserting certain causes of action for
professional negligence/attorney malpractice fraud, breach of
fiduciary duty, legal malpractice, fraudulent concealment, and
negligence arising from a real estate transaction for which the
Lyman Gardens Plaintiffs engaged the services of the Debtor.

In June 2006, after a trial on the merits, a jury awarded the
Lyman Gardens Plaintiffs compensatory and punitive damages
against the Debtor in the sum of US$2.5 million.  The Debtor has
appealed the Lyman Gardens Judgment, which appeal is presently
pending and has not yet been perfected.

                     Special Council for California

The U.S. Bankruptcy Court for the Southern District of New York
allowed Coudert Brothers LLP to employ Stein & Lubin LLP as its
special counsel, nunc pro tunc to September 22, 2006.

Stein & Lubin will represent the Debtor in connection with
several pending action and accounts receivable matters in
California:

   (a) The Cannery v. Coudert San Francisco Superior Court.  
       Case No. CGC 06-455031;

   (b) EOP v. Coudert for San Francisco Superior Court, One
       Market.  Case No. CUD 05616412;

   (c) EOP-Palo Alto Square, L.L.C v. Coudert for Santa Clara
       County Superior Court for the Palo Alto lease.  Case No.
       106 CV057796;

   (d) SVC West v. Coudert for San Francisco Superior Court.  
       Case No. CGC 06-449578;

   (e) Hunter Arbitration Santa Clara Bar Association.  File No.
       7369;

   (f) Guess Arbitration Los Angeles Bar Association.  Case No.
       M-152-06-MM; and

   (g) Gottlieb v. Hicks.  U.S. District Court, Central
       Division, Western District Case No. 2:04-CV-07318-GPS
       (SS).

Dennis D. Miller, Esq., discloses that Stein & Lubin is the
Debtor's prepetition creditor amounting to US$315,934.  The firm
has a security interest for its outstanding fees under
California in any proceeds of the Hunter Arbitration, Guess
Arbitration, SVC Case and Granada Hospitals fee application if
any proceeds are receive.

Mr. Miller adds that the firm has a security interest in certain
proceeds of a transaction between the Debtor and Orrick,
Herrington & Sutcliffe LLP, that is payable in January 2007, as
collateral for its outstanding fees.

                          *     *     *

Coudert Brothers LLP was an international law firm with
operations in China.  It is specializing in complex cross border
transactions and dispute resolution.  The Debtor filed for
Chapter 11 protection on Sept. 22, 2006 (Bankr.S.D.N.Y. Case No.
06-12226).  John E. Jureller, Jr., Esq., and Tracy L. Klestadt,
Esq., at Klestadt & Winters, LLP, represents the Debtor in its
restructuring efforts.  In its schedules of assets and debts,
Coudert listed total assets of US$29,968,033 and total debts of
US$18,261,380.  The Debtor's exclusive period to file a chapter
11 plan expires on Jan. 20, 2007.


COUDERT BROTHERS: U.S. Trustee Picks 5-Member Creditors' Panel
--------------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, appointed five
creditors to serve on an Official Committee of Unsecured
Creditors in Coudert Brothers LLP's chapter 11 case:

     1. De Lage Landen Financial Services, Inc.
        Attn: Lawrence Levin
        1111 Old Eagle School Road
        Wayne, PA 19087
        Phone: (610) 386-3458

     2. Statek Corporation
        Attn: Margaritha Werren, Director
        510 N. Main Street
        Orange, CA 92868
        Phone: (714) 639-7810

     3. Lyman Garden Apartments, LLC
        c/o Ronald Rus, Esq.
        Rus, Miliband & Smith, APC
        2600 Michelson Drive, Seventh Floor
        Irvine, CA 92612
        Phone: (949) 752-7100

     4. The San Francisco Cannery, LLC
        Attn: Christopher Martin
        2801 Leavenworth Street
        San Francisco, CA 94133
        Phone: (415) 781-8494

     5. DC-1627 Eve Street Limited Partnership
        Attn: Matthew H. Koritz, Esq.
        c/o Equity Office Properties Trust
        Two North Riverside Plaza, Suite 2100
        Chicago, IL 60606
        Phone: (312) 466-3445

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense. They may investigate the Debtors' business and
financial affairs. Importantly, official committees serve as
fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest. If negotiations
break down, the
Committee may ask the Bankruptcy Court to replace management
with an independent trustee.  If the Committee concludes
reorganization of the Debtors is impossible, the Committee will
urge the Bankruptcy Court to convert the Chapter 11 cases to a
liquidation proceeding.

                          *     *     *

Coudert Brothers LLP was an international law firm with
operations in China.  It is specializing in complex cross border
transactions and dispute resolution.  The Debtor filed for
Chapter 11 protection on Sept. 22, 2006 (Bankr.S.D.N.Y. Case No.
06-12226).  John E. Jureller, Jr., Esq., and Tracy L. Klestadt,
Esq., at Klestadt & Winters, LLP, represents the Debtor in its
restructuring efforts.  In its schedules of assets and debts,
Coudert listed total assets of US$29,968,033 and total debts of
US$18,261,380.  The Debtor's exclusive period to file a chapter
11 plan expires on Jan. 20, 2007.


ELEGANT ENTERPRISES: Court to Hear Wind-Up Petition on Nov. 8
-------------------------------------------------------------
A wind-up petition filed against Elegant Enterprises Ltd will be
heard before the High Court of Hong Kong on November 8, 2006, at
9:30 a.m.

Yoshimi Saito presented the petition with the Court on
September 11, 2006.

The Solicitors for the Petitioner can be reached at:

         Deacons
         5/F, Alexandra House
         18 Chater Road, Central
         Hong Kong



FANTEC LIMITED: Creditors to Prove Claims on November 20
--------------------------------------------------------
Liquidator Chan Wing Kit requires creditors of Fantec Ltd to
submit their proofs of claims by November 20, 2006, or be
excluded from sharing in any distribution the Company will make.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on October 10,
2006.

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


GEARY SAINT: Creditors' Proofs of Claim Due on November 13
----------------------------------------------------------
Creditors of Geary Saint Company Ltd are required to submit
their proofs of claim on November 13, 2006, to Liquidator Lau
Vui Cheong.

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

The Liquidator can be reached at:

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


GRAFTECH INT'L: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sector,
the rating agency confirmed its B1 Corporate Family Rating for
Graftech International Ltd.

Moody's also affirmed and revised its probability-of-default
ratings and assigned loss-given-default ratings on these two
bond issues and a loan facility:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$215 millin
   Gtd Sr Sec
   Revolving
   Credit Facility
   due 2010             Ba3      Ba1      LGD1     7%

   US$435 million
   10.25%
   Gtd Sr Unsec
   Global Notes
   due 2012             B2       B2       LGD4     62%

   US$225 million
   1.625% Gtd
   Sr Unsec Conv
   Debentures
   due 2024             B2       B2       LGD4     62%

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 Parma, Ohio, Graftech International Ltd.--
http://www.graftech.com/GrafTech/-- manufactures a range of  
graphite electrodes, products essential to the production of
electric arc furnace (EAF) steel and various other ferrous and
non-ferrous metals.  The company also manufactures natural
graphite products enabling thermal management solutions for the
electronics industry, and fuel cell solutions for the
transportation and power generation industries.  The products,
which include carbon and graphite electrodes, carbon and
graphite cathode blocks, advanced carbon and graphite materials,
and flexible graphite, are manufactured on four continents and
sold in over 70 countries around the world.  The company has
operations in China,  Mexico and France.


GUANGYAO INTERNATIONAL: Placed Under Voluntary Wind-Up
------------------------------------------------------
At an extraordinary general meeting of Guangyao International
Investment Trust Co. Ltd held on October 11, 2006, shareholders
resolved to voluntarily wind up the company's operations and
appointed Akira Nakamura as liquidator.

The Liquidator can be reached at:

         Akira Nakamura
         1713, Horiuchi, Hayama-Cho
         Miura-Gun, Kanagawa-Ken
         Japan


HERCULES INC: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sector,
the rating agency confirmed its Ba2 Corporate Family Rating for
Hercules Inc.

Moody's also revised and affirmed its probability-of-default
ratings and assigned loss-given-default ratings on these loans,
bonds and securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   Gtd Sr Sec
   Revolving
   Credit Facility
   due 10/2010          Ba1      Baa3      LGD2    18%

   US$391 million
   Gtd Sr Sec
   Term Loan B
   due 10/2010          Ba1      Baa3      LGD2    18%

   US$100 million
   6.60% Gtd
   Sr Sec Notes
   due 2027             Ba1      Baa3      LGD2    18%

   US$16 million
   11.125%
   Gtd Sr Unsec Notes
   due 2007             Ba2      Ba2       LGD3    40%

   US$250 million
   6.75%
   Gtd Sr Sub Notes
   due 2029             Ba3      Ba3       LGD4    61%

   US$3 million
   8.00% Conv Sub
   Debentures
   due 2010             B1       B1        LGD5    89%

   US$217 million
   6.50% Jr Sub
   Deferrable Int.
   Debentures
   due 2029             B1       B1        LGD5    89%

   Shelf - Sr Unsec     Ba2      Ba2       LGD3    40%

   Shelf - Sub          B1       Ba3       LGD4    61%

   Shelf - Jr Sub       B1       B1        LGD5    89%

   Shelf - Pref Cum     B1       B1        LGD6    97%

   Shelf - Pref Non Cum B1       B1        LGD6    97%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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 Wilmington, Delaware, Hercules Inc.  --
http://www.herc.com/-- manufactures and markets specialty  
chemicals and related services for a range of business, consumer
and industrial applications.  The company's principal products
include chemicals used by the paper industry, water-soluble
polymers, polypropylene fibers and polypropylene/polyethylene
bicomponent fibers, and specialty resins.  The company has its
regional headquarters in Switzerland and Hong Kong.


HEROIC INVESTMENT: Creditors Must Prove Debts on November 16
------------------------------------------------------------
Creditors of Heroic Investment Company Ltd are required to prove
their debts to Liquidator Ho Lo Mai Ying by November 16, 2006.

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


INCORPORATED OWNERS: Accepting Proofs of Debt Until Nov. 3
----------------------------------------------------------
An intended dividend will be distributed for creditors of The
Incorporated Owners of Foremost Building.

In this regard, Liquidators Bruno Arboit and Simon Blade will be
accepting proofs of debt from the creditors until November 3,
2006.

The Liquidators can be reached at:

         Bruno Arboit
         Simon Blade
         1203-1213 China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road, Central
         Hong Kong


INVISTA B.V.: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sector,
the rating agency confirmed its Ba2 Corporate Family Rating for
Invista B.V.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$400 million
   Gtd Sr Sec
   Revolving
   Credit Facility
   due Apr 2010           Ba2      Ba1      LGD2     29%

   US$303 million
   Gtd Sr Sec
   Credit Facility-
   Tranche A-1, A-2
   Term Loan
   due 2010               Ba2      Ba1      LGD2     29%

   US$930 million
   Gtd Sr Sec
   Credit Facility-
   Tranche B-1, B-2
   Term Loan
   due 2011               Ba2      Ba1      LGD2     29%

   US$675 million
   9.25%
   Sr Notes 2012          Ba3      Ba3      LGD5     79%

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 Wichita, Kansas, Invista V.B. --
http://invista.com/ -- manufactures textile and polymer.

Invista is composed of five business units -- Apparel,
Interiors, Intermediates, Performance and Textile Fibers, and
Polymers and Resins.  Invista owns more than 700 unique pending
or granted U.S. patents, with corresponding patents in almost
all of the countries where it has a business presence.  It has
operations in China.


KORET (H.K.) LTD: Members to Hold Final Meeting on November 20
--------------------------------------------------------------
Koret Hong Kong Ltd will hold a final meeting for its members on
November 20, 2006, 10:00 a.m., at 8th Floor, Gloucester Tower,
The Landmark, 15 Queen's Road Central, Hong Kong.

At the meeting, Liquidator Thomas Andrew Corkhill will present
an account of how the Company was wound up and how the
properties were disposed of.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on June 19, 2006.

The Liquidator can be reached at:

         Thomas Andrew Corkhill  
         8/F, Gloucester Tower  
         The Landmark, 11 Pedder Street
         Central, Hong Kong


MANLAI COURT: Prepares to Close Operations
------------------------------------------
At an extraordinary general meeting of Manlai Court Property
Management Company Ltd held on October 9, 2006, the members
resolved to voluntarily wind up the company's operations.

In this regard, Chan Wah Tip Michael and Ho Man Kei Keith were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Chan Wah Tip Michael
         Ho Man Kei, Keith
         601 Prince's Building
         Chater Road, Central
         Hong Kong


MEDIMEDIA INTERNATIONAL: Joint Liquidators Step Aside
-----------------------------------------------------
John James Toohey and Rainier Hok Chung Lam ceased to act as
joint and several liquidators of Medimedia International Ltd on
October 17, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
members of the company were to receive Mr. Toohey's final
accounts regarding the company's wind-up on October 17, 2006.

The Joint Liquidators can be reached at:

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


MILLION HERO: Members to Receive Wind-Up Account on Nov. 24
-----------------------------------------------------------
A final meeting of the members of Million Hero Development
(Peking) Ltd will be held on November 24, 2006, 11:00 a.m., at
Unit 9, 34/F., 118 Connaught Road West, Hong Kong.

During the meeting, members will receive an account regarding
the company's wind-up and property disposal exercises from the
liquidators.

The Troubled Company Reporter - Asia Pacific reported that
members of the company passed a special resolution to wind up
its operations on September 15, 2006.

The Joint Liquidators can be reached at:

         Chan Shu Kin
         Chow Chi Tong
         9/F, Tung Ning Building
         249-253 Des Voeux Road Central
         Hong Kong


MILLION TONE: Faces Wind-Up Proceedings
---------------------------------------
Atlas Copco China/Hong Kong Ltd on August 7, 2006, filed before
the High Court of Hong Kong a petition to wind up the operations
of Million Tone Construction and Engineering Ltd.

The Court will hear the petition on November 8, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Fairbairn Catley Low & Kong
         43/F, Gloucester Tower
         The Landmark, 15 Queen's Road Central
         Hong Kong


REMY COINTREAU: Achieves 1.3% Sales Growth in 2006 First Half
-------------------------------------------------------------
At Sept. 30, 2006, Remy Cointreau reported consolidated turnover
of EUR354.4 million for the first six months of the 2006/07
financial year.  This represented a year-on-year organic growth
of 1.3%.  The Group's own brands grew by 4.8%, due to the
dynamic performance of the Champagne and Cognac divisions.

                             Cognac

Remy Martin consolidated its position in the superior quality
segment, particularly in the top-of-the-range cognacs, which
showed strong growth in Europe (Russia), Asia (China) and the
U.S.

                       Liqueurs & Spirits

Divisional sales increased in all geographic areas, with
accelerated growth in the U.S. for Cointreau, in Europe for St.
Remy and in France for Passoa in particular.

                            Champagne

The excellent performance by the Champagne division was
primarily due to Piper-Heidsieck.  The brand experienced a 13.8%
increase in sales, the higher volumes combining with a firm
price increase policy and an improved product mix.  The U.S. and
Japanese markets confirmed their growth potential.

                          Partner brands

The division recorded a growth in sales of Scotch whisky and
Californian wines in the U.S. The decline in overall sales was
due to discontinuing a number of distribution contracts after
the end of the previous financial year.

Performance in the first six months of the financial year was
driven by the quality of the brands and the Group's value
strategy.  It is fully in line with the profitability growth
target Remy Cointreau set itself for the 2006/07 financial year.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine  
and spirit brands, known and recognized throughout the world.

These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.  The company has distribution facilities in China.

                          *     *     *

Remy Cointreau's senior unsecured debt carries a Ba2 rating from
Moody's Investors Service since 2003.  Standard & Poor's rated
the company's issuer credit at BB- in 2004.


RICH ELEGANT: Enters Voluntary Wind-Up
--------------------------------------
At an extraordinary general meeting held on October 20, 2006,
shareholders of Rich Elegant International Ltd passed a special
resolution to voluntarily wind up the company's operations.

Accordingly, Hui Chung Ming was appointed as liquidator.

The Liquidator can be reached at:

         Hui Chung Ming
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


ROAD KING: Moody's Reviews Baa3 Rating for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service will continue to review for possible
downgrade Road King Infrastructure Ltd's Baa3 issuer rating, and
also the Baa3 senior unsecured rating of the bond issued by Road
King Infrastructure Finance (2004) Ltd.

This comes as a response to Road King's announcement that it has
entered into a subscription agreement to acquire Sunco A, a PRC-
based developer with twelve projects in eight Mainland cities.  
The transaction forms part of Road King's acquisition of Sunco
China Holdings Ltd (Sunco acquisition) announced in September,
and is subject to the fulfillment of condition precedents and
shareholder approval.

"Upon completion of the Sunco A acquisition, Road King will have
a 49% interest in a land bank containing 2.1 million square
meters of gross floor area for a consideration of approximately
RMB445.5 million," says Kaven Tsang, a Moody's analyst.  The
rating agency further notes that Road King has provided an
additional RMB272.7 million of financial assistance to Sunco.

According to Road King's arrangements with the Sunco Group, it
has two further options to acquire two other assets from Sunco,
namely Phoenix Land and Sunco B.  Fulfillment of these options
would depend in part upon the successful completion of due
diligence.

If Road King goes ahead with these acquisitions, its property
investment will likely grow to over 35% in the next one to two
years, thereby weakening its financial metrics with adjusted
debt/gross cash flow consistently exceeding 4x.

"Moody's considers such levels as material enough to change Road
King's business and risk profiles, and hence pressure its Baa3
ratings," notes Tsang.  "Therefore, we need greater detail on
these potential acquisitions before Moody's can conclude its
review."

In its assessment, Moody's will review whether it will fully
consolidate Sunco A's profile into Road King, given that Road
King together with Wai Kee (which is Road King's major
shareholder), effectively control Sunco A.

The review will also analyze how the remaining investment is to
be funded and how this may affect Road King's leverage and
liquidity.  For instance, the rating could be downgraded to non-
investment grade should Road King's adjusted debt/gross cash
flow consistently exceed 4x, or if there were a material
deterioration in the company's liquidity profile.

Moody's believes that the Sunco acquisition points to an ongoing
shift in Road King's strategy towards investments in property
development projects in China, a process, which will raise its
overall business risk profile and cash flow volatility.  As
such, Moody's will continue to evaluate the company's plan for
property investments (including ongoing capital expenditure),
and whether any factors could mitigate its appetite for higher
business risk.

                          *     *     *

Established in 1994, Road King is a Hong Kong-listed company
with primary investments in toll roads in China. As of June 2006
the company had investments of over HK$6 billion and mileage of
more than 1,000 kilometers spread throughout eight provinces in
China.


ROAD KING: Weak Business Profile Spurs S&P Downgrade to BB+
-----------------------------------------------------------
Standard & Poor's Ratings Services said today that it had
lowered its long-term corporate credit rating on Road King
Infrastructure Ltd to BB+ from BBB-.  At the same time, the
rating was removed from CreditWatch, where it had been placed
with negative implications on Sept. 7, 2006. The outlook is
stable.

In addition, the issue rating on senior unsecured notes due 2011
that were issued by Road King Infrastructure Finance (2004) Ltd
and guaranteed by Road King was lowered to BB+ from BBB- and
removed from CreditWatch.

The rating actions follow the company's announcement on Oct. 23,
2006 that it intended to exercise its option to acquire a stake
in Sunco Binhai Land Ltd. (Sunco A), a Chinese property
developer, for Chinese renminbi (RMB) 445.5 million.  The
investment will complete the first tranche of an agreement made
last month with Sunco A's parent, Sunco China Holdings Ltd.
(Sunco), to invest in its property projects.

"The transaction raises Road King's exposure to China's volatile
property development market, thereby increasing its business
risk," said Standard & Poor's credit analyst Mary Ellen Olson.

Road King's property development exposure will materially
increase with the planned Sunco investments. Property may rise
to 25% of Road King's assets, compared with 20% currently.  Such
increased exposure is expected to increase the company's cash
flow volatility and debt leverage.

Road King's limited record in property development in China and
Sunco's weak financial profile are key concerns.  In addition,
Standard & Poor's notes that Road King is still in the process
of settling amounts due by Sunco A's project companies on land
parcels and obtaining land use rights certificates on those
parcels of land.

                          *     *     *

Established in 1994, Road King is a Hong Kong-listed company
with primary investments in toll roads in China. As of June 2006
the company had investments of over HK$6 billion and mileage of
more than 1,000 kilometers spread throughout eight provinces in
China.


SINO PHARMACEUTICALS: Liquidator to Present Wind-Up Report
----------------------------------------------------------
Members of Sino Pharmaceuticals (Hong Kong) Ltd will hold a
final general meeting on November 30, 2006, 10:00 a.m., at Unit
5, 5/F Yale Industrial Building, 61-63 Au Pui Wan Street in
Fotan, Shatin, N.T.

During the meeting, members will receive Liquidator de Souza's
report regarding the company's wind-up proceedings and property
disposal activities.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on February 18,
2006.

The Liquidator can be reached at:

         Tome Jose Carlos Elvino De Souza
         Flat A, 36/F
         Block C Tung Chung Crescent
         Tung Chung, N.T.


TEKNI-PLEX INC: 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 non-paper Packaging sector, the rating
agency confirmed its Caa1 Corporate Family Rating for Tekni-Plex
Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 million
   10.87% Sr. Sec.
   Notes due 2012       B3       B1       LGD2     15%

   US$275 million
   8-3/4% Sr. Sec.
   Notes due 2013       Caa2     Caa1     LGD3     45%

   US$275 million
   12-3/4% Sr. Sub.
   Notes due 2010       Ca       Caa3     LGD5     85%

   US$40 million
   12-3/4% Sr. Sub.
   Notes due 2010       Ca       Caa3     LGD5     85%

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 Somerville, New Jersey, Tekni-Plex Inc. --
http://www.tekni-plex.com/-- is a global, diversified  
manufacturer of packaging, products, and materials for the
healthcare, consumer, and food packaging industries.  The
company has operations in Argentina, China and Belgium.


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

AES CORP: Files US$40-Million Lawsuit Against Alstom in Delaware
----------------------------------------------------------------
AES Corp. is seeking US$40 million from Alstom SA, a French
firm, in a trial of a warranty dispute that started in a federal
court in Delaware on October 23, 2006, Bloomberg News reports.

Bloomberg notes that a unit of AES Corp. filed a lawsuit against
Alstom Power Inc. in 2004, claiming that the latter breached
contract over corrosion in pollution-control systems at an
US$800 million coal-fired power plant in Guyama, Puerto Rico.

The report says that Dane H. Butswinkas, the legal
representative of AES Corp., told the jurors on Monday that
parts of the 454-megawatt plant, which uses steam to generate
electricity, rusted to bits in a year after it started operating
in 2002.

Meanwhile, John Anthony Wolf, Alstom's attorney, said that AES
Corp. failed to maintain and run the equipment properly and that
AES Corp. is seeking exaggerated damages for problems that were
self-inflicted, Bloomberg relates.

Dane H. Butswinkas can be reached at:

            Williams & Connolly LLP
            725 Twelfth St., N.W.
            Washington, DC 20005
            Phone: 202-434-5110
            Fax: 202-434-5029
            e-mail: dbutswinkas@wc.com

John Anthony Wolf can be reached at:

            Ober Kaler
            120 East Baltimore Street
            Suite 800
            Baltimore, MD 21202-1643
            Phone: (410) 347-7346
            Fax: (410) 230-7272

AES Corporation -- http://www.aes.com/-- is a global power  
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has Asian presence in India, China and Sri Lanka.

                          *     *     *

Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'. Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  Fitch said the rating
outlook for all remaining instruments is stable.

In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified energy company The AES
Corp. to 'BB-' from 'B+'.  S&P said the outlook is stable.

Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


CORPORATION BANK: Signs Infrastructure Deal with Three Parties
--------------------------------------------------------------
Corporation Bank signed a memorandum of understanding with
Oriental Bank of Commerce, Indian Bank and India Infrastructure
Finance Company for jointly financing infrastructure projects,
Zee News reports.

Under the pact dated October 16, 2006, the banks will do the
project appraisal while all four parties will contribute for the
project financing, Zee News says.  IIFC is expected to
contribute more while the banks will just supplement the
contribution by investing in the projects selected.

According to the report, the parties are also considering
putting up a project appraisal company for analyzing investment
proposals.

                       About Corp. Bank

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

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


DUNLOP INDIA: To Reopen Sahagunj Plant on October 31
----------------------------------------------------
Dunlop India Limited is set to reopen its main plant at Sahagunj
on October 31, 2006, just two months after its Ambattur plant
restarted.

As reported by the Troubled Company Reporter - Asia Pacific,
Dunlop India resumed its production on its Ambattur plant on
August 27, after around eight years of closure.

The two plants can produce 130 tonnes of rubber products
together in a day, The Financial Express points out.

According to the newspaper, Dunlop's new owner, the Ruia Group,
will not only reopen factories but also revive the tire
manufacturer to make it a serious player in the industry.

The company has so far met its expenses through internal
resources, RealTimeTraders News says, citing Dunlop chairman
P.K. Ruia.

Dunlop India had already spent INR150 crore for the
modernization of its facilities and paying its past-due
liabilities, Moneycontrol.com notes.

                       About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

Dunlop's last complete financial results posted was for the
fiscal year ended March 31, 2003.  The company recorded
INR2.504 billion in total assets as of that date, and INR5.604
billion in total liabilities, resulting in a stockholders'
equity deficit of INR3.10 billion.

Moreover, Dunlop India incurred a net loss of INR306.1 million
for the year ended March 31, 2004, compared with a net loss of
INR392.2 million for the year ended March 31, 2003.

In January 2006, the Ruia Group took over the Company and voted
to reopen its plants.


FEDERAL BANK: Net Profit Rose by 28% in September 2006 Quarter
--------------------------------------------------------------
Federal Bank Limited increased its net profit for the quarter
ended Sept. 30, 2006, by 28% compared to the quarter ended
Sept. 30, 2005.

For the September 2006 quarter, the Bank posted INR694.6 million
in net revenues or earnings per share of INR8.11.  The net
profit figure for the September 2005 quarter was
INR54.6 million.

The Bank's income from operations (interest earned) for the
September 2006 quarter totaled INR4.34 billion, 29% higher than
the operating income of INR3.36 billion from the same period in
2005.

Income from interest on advances sharply rose to INR3 billion in
the September 2006 quarter, about 40% higher than the
INR2.1 billion earned for the same quarter last year.

A full-text copy of Federal Bank's unaudited financial results
for the quarter ended Sept. 30, 2006, is available for free at:

   http://www.federalbank.co.in/results/Q2results-23-10-2006.htm

                       About Federal Bank

Headquartered in Aluva, India, the Federal Bank Limited --
http://www.federal-bank.com/-- is engaged in the banking   
business, offering a number of deposit products to its retail
customers, including non-resident Indians, such as savings bank
account, current deposits, time deposits and recurring deposits
with suitable variations for customized products targeting
different groups, including students, salaried employees and
senior citizens.

Fitch Ratings gave Federal Bank a support rating of 5 on
July 22, 2003.


HDFC BANK: Third Quarter Net Profit Climbs to INR262.9 Crore
------------------------------------------------------------
The Board of Directors of HDFC Bank Limited approved the Bank's
accounts for the quarter and half-year periods ended Sept. 30,
2006, at its meeting held on October 17, 2006.  The accounts
have been subjected to "Limited Review" by the Bank's statutory
auditors.

                        Financial Results

* Quarter Ended September 30, 2006

For the quarter ended September 30, 2006, the Bank earned total
income of INR2,033.4 crores as against INR1,283.1 crores in the
corresponding quarter ended September 30, 2005.  Net revenues
(net interest income plus other income) for the quarter ended
September 30, 2006 were INR1,243.3 crores, an increase of 42.5%
over INR872.3 crores for the corresponding quarter of the
previous year.  Interest earned (net of loan origination costs)
increased from INR1,022.9 crores for the quarter ended
September 30, 2005, to INR1,635.7 crores for the quarter ended
September 30, 2006.  Net interest income (interest earned less
interest expended) for the quarter ended September 30, 2006
increased by INR233.5 crores to INR845.6 crores, up by 38.1%.
This was driven by an average asset growth of 40% and a stable
core net interest margin at just about 4%.

Other income (non-interest revenue) for the quarter ended
September 30, 2006, was INR397.7 crores, an increase of 52.9%
over INR260.2 crores for the corresponding quarter of the
previous year.  Its principal component was fees and commissions
contributing INR314.1 crores for the quarter ended September 30,
2006, a growth of 44.2% over the corresponding quarter of the
previous year.  The other two components of other income were
foreign exchange/derivatives revenues of INR58.2 crores and
profit on sale/revaluation of investments of INR20.6 crores (net
of loss on sale of debt mutual funds) as against INR28.4 crores
and INR11.9 crores respectively, for the quarter ended
September 30, 2005.

Operating (non-interest) expenses for the quarter increased by
INR177.5 crores to INR579.1 crores and were 46.6 % of net
revenues and 28.5% of the total income for the quarter ended
September 30, 2006.  Provisions and contingencies for the
quarter were INR305.7 crores (against INR180.6 crores for the
corresponding quarter ended September 30, 2005), principally
comprising of specific provision for non performing assets and
general provision for standard assets of INR220.7 crores and
amortization of premia (for investments in the Held to Maturity
category) of INR57.6 crores.

After providing INR95.5 crores for taxation, the Bank earned a
Net Profit of INR262.9 crores, an increase of 31.7% over the
quarter ended September 30, 2005.

Total balance sheet size increased by 39.7% from INR60,388
crores as of September 30, 2005, to INR84,363 crores as of
September 30, 2006.  Total deposits were INR63,447 crores, an
increase of 39.6% from September 30, 2005.  With savings account
deposits of INR18,241 crores and current account deposits at
INR14,851 crores, the CASA mix was healthy at around 52% of
total deposit as at September 30, 2006.  The Bank's total
customer assets (including advances, corporate debentures,
investments in securitised paper, etc) increased to INR49,326
crores as of September 30, 2006, from INR36,764 crores as of
September 30, 2005, a growth 34.2%.  Retail loans grew 44.4% on
a year-on-year basis to INR25,211 crores, and now form 56.0% of
gross advances.

* Half-Year Ended September 30, 2005

For the half-year ended September 30, 2006, the Bank earned
total income of INR3,888.5 crores as against INR2,440.7 crores
in the corresponding period of the previous year.  Net revenues
(net interest income plus other income) for the six months ended
September 30, 2006, were INR2,411.7 crores, up by 45.3% over
INR1,659.5 crores for the six months ended September 30, 2005.

Net Profit for the half-year ended September 30, 2006, was
INR502.2 crores, up by 31.1%, over the corresponding six months
ended September 30, 2005.

                          Business Update

Despite the higher interest rate environment and the branch
network remaining unchanged, the Bank's business momentum
remained healthy in both its retail and wholesale customer
franchises.  This has been enabled by the bank's strong
positioning as a "top 3" player in most products that the bank
participates in, increased sales staffing, productivity gains,
as well as higher penetration and cross sell to the Bank's
customer base.

Portfolio quality as of September 30, 2006 remained healthy with
net non performing assets at 0.4% of total customer assets.
Capital Adequacy Ratio was 12.1% against the regulatory minimum
of 9%. Tier I CAR was at 8.2%.

During the quarter ended September 30, 2006, the Bank has raised
INR241 crores of subordinated debt qualifying as Lower Tier II
capital, INR300 crores of Upper Tier II capital and INR200
crores of perpetual debt qualifying as Hybrid Tier I capital.

A full-text copy of HDFC Bank's unaudited financial results for
the quarter and half-year periods ended Sept. 30, 2006, is
available for free at http://researcharchives.com/t/s?13f4

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers  
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

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


HDFC BANK: World Bank's Private Arm Puts In US$100 Million
----------------------------------------------------------
The World Bank's private-sector arm, International Finance
Corporation, invested US$100 million in HDFC Bank Limited's
Upper Tier II Bonds, Asia Pulse reports.

The bonds maturing in 15 years carry an interest rate of 122.5
basis points (1.2 per cent) over LIBOR, the report says.

Asia Pulse, citing IFC executive vice president Lars H. Thunell,
says the funds will help HDFC Bank's capital base to support its
growing asset business.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers  
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

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


HINDUSTAN PETROLEUM: Eyeing 50% Stake in Egyptian Refinery
----------------------------------------------------------
Hindustan Petroleum Corporation Ltd is interested in acquiring a
50% stake in Alexandria Minerals Oil Company, The Financial
Express reports.

According to the report, AMOC, a refining company in Cairo,
Egypt, has a market cap of more than US$1.2 billion with
government-owned entities holding majority of the refinery's
shares.

AMOC intends to auction off 50% of its equity to the highest
bidder.

Hindustan Petroleum, according to The Financial Express, has
appointed ICICI Securities, Engineers India Limited and Denton
Wilde Sapte to conduct due diligence and come up with an optimum
bid price.

In a filing with the Bombay Stock Exchange, Hindustan Petroleum
clarifies that the news on the acquisition did not originate
from the company.  Without denying or confirming the report,
Hindustan Petroleum assures the Bourse that it will provide
necessary disclosure when concrete development takes place on
activities concerning the company.

Other parties reportedly interested in acquiring AMOC include
Kuwaiti and Saudi Arabian oil firms, the newspaper adds.

                    About Hindustan Petroleum

Mumbai-based Hindustan Petroleum Corporation Ltd --
http://www.hindustanpetroleum.com/-- was formed in 1974 on   
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.

However, the Company has lately been incurring losses due to a
government mandate to sell fuel at subsidized prices.  The TCR-
AP reported on July 31, 2006, that Hindustan Petroleum
registered a net loss of INR6.08 billion during the first
quarter ending June 30, 2006, due to under-recoveries in sales
of petrol, diesel, cooking gas and kerosene.  This net loss
figure is INR1 billion more than the INR5.08-billion loss booked
in the same quarter in 2005.

The Company is counting on a Government bailout to save it from
bankruptcy.


HINDUSTAN PETROLEUM: To Delist Equity Shares in 3 Stock Markets
---------------------------------------------------------------
The members of Hindustan Petroleum Corporation Ltd at the annual
general meeting on Sept. 14, 2006, resolved to, inter alia,
delist the equity shares of the company from:

   1. Delhi Stock Exchange Association Ltd;
   2. Kolkatta Stock exchange Ltd; and
   3. Madras Stock Exchange Ltd.

During the meeting, the members also agreed to the declaration
of final equity dividend at the rate of 30%, i.e. INR3 per
equity share out of Hindustan Petroleum's profits for the year
ended March 31, 2006.

Additionally, the members also approved:

   -- the adoption of Audited Balance Sheet as at March 31,
      2006, and the Profit & Loss Account for the year ended
      March 31, 2006, together with the related Directors and
      Auditors Report;

   -- the re-appointment of Shri M Nandagopal, Shri Arun
      Balakrishnan & Shri C Roy Choudhury as Directors;

   -- the payment of remuneration to Statutory Auditors of the
      company to be appointed by the Comptroller & Auditor
      General of India for auditing of the accounts for the
      financial year 2005-06; and

   -- the appointment of Shri I M Pandey & Shri P K Sinha as
      Directors of the Company, liable to retire by rotation.

                    About Hindustan Petroleum

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on   
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.

However, the Company has lately been incurring losses due to a
government mandate to sell fuel at subsidized prices.  The TCR-
AP reported on July 31, 2006, that Hindustan Petroleum
registered a net loss of INR6.08 billion during the first
quarter ending June 30, 2006, due to under-recoveries in sales
of petrol, diesel, cooking gas and kerosene.  This net loss
figure is INR1 billion more than the INR5.08-billion loss booked
in the same quarter in 2005.

The Company is counting on a Government bailout to save it from
bankruptcy.


HMT LIMITED: Annual General Meeting Extended to November 15
-----------------------------------------------------------
The Government extended the time for HMT Limited to hold its
53rd Annual General Meeting to November 15, 2006, HMT says in a
filing with the Bombay Stock Exchange.

In the AGM, the company's accounts for the financial year ended
March 31, 2006, will be considered.

The company's Register of Members & Share Transfer Books will be
closed from November 3 to November 11, 2006 for the purpose of
the AGM.

HMT Limited -- http://www.hmtindia.com/-- is an engineering  
conglomerate. The company retains the Tractor's Business, which
develops tractors ranging from 25 horsepower to 75 horsepower.  
It has an installed capacity of 18,000 tractors for
manufacturing and assembly operations.  The Company has three
tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The Company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

                          *     *     *

Credit Analysis and Research Limited downgraded HMT's long term
bond issue of INR310 crore to CARE BB(SO) on February 18, 2005.  
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgrade to CARE BB(SO).  
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


ICICI BANK: Sept. Quarter Net Profit Up by 30% to INR7.55 Bil.
--------------------------------------------------------------
The Board of Directors of ICICI Bank Limited approved the
audited accounts of the Bank for the quarter ended September 30,
2006 (Q2-2007).

Highlights:

   -- Operating profit excluding treasury income increased 65%
      in Q2-2007 to INR1,325 crore (US$288 million) from INR804
      crore (US$175 million) in the quarter ended September 30,
      2005 (Q2-2006).

   -- Operating profit increased 54% to INR1,612 crore (US$351
      million) in Q2-2007 from INR1,044 crore (US$227 million)
      in Q2-2006.

   -- Profit after tax for Q2-2007 increased 30% to INR755 crore
      (US$164 million) from INR580 crore (US$126 million) for
      Q2-2006.

   -- Net interest income increased 47% to INR1,577 crore
      (US$343 million) for Q2-2007 from INR1,070 crore (US$233
      million) for Q2-2006.

   -- Fee income increased 62% to INR1,138 crore (US$248
      million) for Q2-2007 from INR704 crore (US$153 million)
      for Q2-2006.

   -- Profit after tax increased 24% to INR1,375 crore (US$299
      million) for the six-month period ended September 30, 2006
      (H1-2007), from INR1,110 crore (US$242 million) for the
      six-month period ended September 30, 2005 (H1-2006).

   -- Retail assets increased 57% to INR107,679 crore (US$23.4
      billion) at September 30, 2006, from INR68,537 crore
      (US$14.9 billion) at September 30, 2005.

   -- Deposits increased 57% to INR189,499 crore (US$41.3
      billion) at September 30, 2006, from INR120,452 crore
      (US$26.2 billion) at September 30, 2005.

                         Operating Review

* Credit Growth

The Bank's net customer assets increased 47% to INR163,785 crore
(US$35.7 billion) at September 30, 2006, compared to INR111,514
crore (US$24.3 billion) at September 30, 2005.  The Bank
maintained its growth momentum and market leadership in the
retail segment.  In H1-2007, the Bank's total retail
disbursements were about INR33,500 crore (US$7.3 billion)
including home loan disbursements of about INR13,400 crore
(US$2.9 billion).

Retail assets constituted 69% of advances and 66% of customer
assets.  The Bank is focusing on non-fund based products and
services, as well as capitalizing on opportunities presented by
the domestic and international expansion of Indian companies.  
The Bank is also extending its reach in the small and medium
enterprises segment.

* Rural Banking

The Bank is rolling out its rural strategy, providing a
comprehensive product suite encompassing credit, transaction
banking, deposit, investment and insurance, through a range of
channels.  The Bank is focusing on rural retail lending for
productive purposes, as well as rural infrastructure.  The
Bank's rural retail delivery channels include its own branches,
as well as various partnerships, including micro-finance
institution partners.  The Bank has also initiated banking
correspondent models.

The Bank's rural portfolio grew by about 70% on a year-on-year
basis.

* International Operations

The Bank now operates in 14 countries through branches,
representative offices and wholly-owned subsidiaries.  During
the quarter, the Bank's Canadian subsidiary opened its sixth
branch and the Bank opened a representative office in Indonesia.

The loan portfolio of the Bank's international branches
(including foreign currency financing to Indian companies)
increased to about INR15,000 crore (US$3.3 billion) at
September 30, 2006, from INR9,600 crore (US$2.1 billion) at
September 30, 2005.  The loan portfolio of the Bank's
international banking subsidiaries (including foreign currency
financing to Indian companies) increased to about INR9,400 crore
(US$2.0 billion) at September 30, 2006, from INR4,100 crore
(US$0.9 billion) at September 30, 2005.

The Bank's remittance volumes grew by 74% in H1-2007 compared to
H1-2006.  The Bank has launched remittances services to Sri
Lanka and the Philippines through its UK and Canada
subsidiaries.

ICICI Bank UK's unaudited profit after tax of for H1-2007 was
US$16.1 million (approximately INR74 crore), translating into a
return on equity of 21%.

* Capital Adequacy

The Bank's capital adequacy at September 30, 2006 was 14.3%
(including Tier 1 capital adequacy of 9.4%), well above RBI's
requirement of total capital adequacy of 9.0%.  The Bank's
unaudited capital adequacy estimated based on RBI's draft
guidelines issued in February 2005 on implementation of the
revised capital adequacy framework (Basel II), was about 14.9%
(including Tier 1 capital adequacy of about 10.5%) at
September 30, 2006.

* Asset Quality

At September 30, 2006, the Bank's net non-performing assets
constituted 0.9% of customer assets against 1.0% at September
30, 2005.  The Bank's net restructured loans at September 30,
2006 were INR4,942 crore (US$1.1 billion), down from INR5,713
crore (US$1.2 billion) at September 30, 2005.

* Key Domestic Subsidiaries

ICICI Securities achieved a profit after tax of INR35 crore
(US$8 million) in Q2-2007.  ICICI Lombard General Insurance
Company (ICICI Lombard) enhanced its leadership position with a
market share of 35% among private sector general insurance
companies and an overall market share of 12% in H1-2007.  ICICI
Lombard's unaudited profit after tax for Q2-2007 was INR18 crore
(US$4 million).

ICICI Prudential Life Insurance Company (ICICI Prudential Life)
continued to maintain its market leadership among private sector
life insurance companies.  Life insurance companies worldwide
make losses in the initial years, in view of business set-up and
customer acquisition costs in the initial years as well as
reserving for actuarial liability.  While the growing operations
of ICICI Prudential Life had a negative impact of INR112 crore
(US$24 million) on the Bank's consolidated profit after tax in
Q2-2007 on account of the above reasons, the company's unaudited
New Business Achieved Profit (NBAP) for Q2-2007 was INR161 crore
(US$35 million) as compared to INR100 crore (US$22 million) in
Q2-2006.  NBAP is a metric for the economic value of the new
business written during a defined period.  It is measured as the
present value of all the future profits for the shareholders, on
account of the new business based on standard assumptions of
mortality, expenses and other parameters.  Actual experience
could differ based on variance from these assumptions especially
in respect of expense overruns in the initial years.

Prudential ICICI Asset Management Company continues to be among
the top two asset management companies in India with assets
under management of over INR30,000 crore (US$6.5 billion) at
September 30, 2006.

A full-text copy of ICICI Bank's audited financial results for
the six months ended September 30, 2006, is available for free
at http://ResearchArchives.com/t/s?13f8

                        About ICICI Bank

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: Lalita Gupte to Retire from Board
---------------------------------------------
ICICI Bank Ltd Joint Managing Director, Lalita Gupte, will
retire from the Bank's board of directors on October 31, 2006.

Ms. Gupte joined erstwhile ICICI Ltd in 1971 and was elevated to
its Board of Directors in 1994.  She was appointed Joint
Managing Director of the Bank in 2002, following the merger of
ICICI with the Bank.  

The Bank believes that Ms. Gupte, over the last five years,
played the pivotal role in envisioning and implementing the
international strategy.  The international operations have grown
rapidly and now encompass a range of products and services
across a diverse customer base in a number of geographies.

Following Ms Gupte's retirement, Chanda Kochhar, Deputy Managing
Director will assume responsibility for international banking,
and will also continue to be responsible for corporate banking.

Dr. Nachiket Mor, Deputy Managing Director will continue to be
responsible for rural banking and global principal investments
and trading.

The Board at its meeting on October 24, 2006, elevated V
Vaidyanathan, senior general manager, as Executive Director on
the Board, subject to the approval of Reserve Bank of India, and
of the shareholders at the next general meeting.

                       About ICICI Bank

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


LAKSHMI VILAS BANK: Fitch Assigns D/E Individual Rating
-------------------------------------------------------
Fitch Ratings assigned the following ratings to The Lakshmi
Vilas Bank Limited:

   * National Long-term rating 'A-(ind)';

   * National Short-term rating 'F1(ind)';

   * Individual rating 'D/E';

   * Support rating '5';

   * National Long-term rating of 'A-(ind)' to
     the INR300 million subordinated debt program; and

   * National Short-term rating of 'F1(ind)' to the INR2 billion
     certificate of deposits program.

The Outlook on the ratings is Stable.

The agency notes that while the reported asset quality ratios of
the bank have been improving, the ratings also take into
consideration LVB's regional presence (close to half of the
bank's advances and more than half of its deposits and branches
are sourced from Tamil Nadu) and its average profitability
compared to old private banks in India.  The gross and net non-
performing loans ratios improved to 4.1% (FY04: 10.2%) and 1.9%
(FY04: 5.4%) as at FYE06 on the back of accelerated write-offs
during the last two years and lower accretions to gross NPL.  
LVB's short-term liquidity is supported by adequate renewal of
deposits.

The agency notes that LVB's lower net interest margin (FY06:
2.5%, systemic median: 3.3%), trading loss and payment of wage
arrears affected the pre-provision operating profits in FY06.
The cost-to-income ratio remained high at 73.6% and the reported
net income during the year was supported by deferred tax income
and write back of provision for depreciation in the equity
portfolio, which are non-recurring in nature.  LVB expects to
improve profitability by re-pricing its loan portfolio in a
rising interest regime; however, increased costs of the proposed
core banking software and the market risk on the high duration
'available-for-sale' investment portfolio could limit any
significant improvement.

Set up in the south Indian state of Tamil Nadu in 1926, LVB is
an 'old' private bank with a market share of less than 0.3% of
the total deposits.  The bank lends primarily to small and mid-
sized corporates through its network of 232 branches. The bank's
shareholding is diversified; its shares are listed on India's
National Stock Exchange.  LVB plans to strengthen its capital
ratio (10.8%, Tier 1: 6.9%) through a rights issue of INR976m in
FY07.


UNIFRAX CORP: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sector,
the rating agency confirmed its B2 Corporate Family Rating for
Unifrax Corp.  

Moody's also upgraded 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$50 million
   Gtd Sr Sec
   Revolver due 2012    B2       Ba3      LGD2     28%

   US$180 million
   Gtd Sr
   Sec Term Loan B
   due 2013             B2       Ba3      LGD2     28%

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 Niagara Falls, New York, Unifrax Corp. --
http://www.unifrax.com/-- manufactures heat-resistant ceramic  
fibers used primarily as insulation in automotive, commercial,
and industrial applications.  The company's brands include
Fiberfrax, Insulfrax, and Isofrax.  Unifrax maintains sales
offices and manufacturing facilities in Australia, Brazil,
France, Germany and India, among others.


VNESHTORGBANK JSC: Might Sell EADS Stake at Profit
--------------------------------------------------
Vneshtorgbank JSC mulls selling its 5% stake in Franco-German
company European Aeronautic Defense and Space Company Co., RIA
Novosti cites Industry and Energy Minister Viktor Khristenko.

"VTB's deal to buy 5% in EADS is a financial transaction, and
whether it will develop into a strategic one remains to be seen.  
Perhaps it will lead to an equally simple financial operation --
the sale of the shares on more profitable terms," Mr. Khristenko
told the members of the lower house of the parliament.

In September, President Vladimir Putin said VTB might transfer
its stake in EADS to United Aircraft Building Corporation -- a
state-controlled group formed to consolidate major domestic
aircraft assets -- if the owners of the aerospace giant agree to
give a larger chunk of Airbus contracts to Russian
manufacturers.  EADS wholly owns Airbus.

As reported in TCR-Europe on Sept. 14, bought a 5% stake for
EUR922 million in EADS.  The state-owned Vneshtorgbank, which is
holding the shares for the Russian aerospace industry, has been
purchasing shares in the defense and aerospace contractor for
months.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates through three subsidiaries located in the CIS
(Armenia, Georgia, Ukraine), seven subsidiaries located in
Western Europe (Austria, Cyprus, Switzerland, Germany,
Luxembourg, France) and Great Britain and through five
representative offices located in Italy, China, Byelorussia,
Ukraine and India.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank and Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


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

BANK NIAGA: Wants to Raise Credits by AU$300 Million
----------------------------------------------------
PT Bank Niaga Tbk intends to increase the amount of its credits
by between IDR2 trillion and IDR3 trillion (US$200 million to
US$300 million) in the last quarter of 2006 from the
IDR31.14 trillion that it had channeled until the third quarter,
Antara News reports.

Antara relates explains that, according to Bank Niaga President
Director Peter B. Stock, the Bank channeled 30% of its credits
to large companies, 30% to consumers, and 40% to small and
medium enterprises.

Bank Niaga, Mr. Stock said, was still flexible as it could
channel more than 30% of its credits to companies.

Mr. Stock added that if Bank Niaga channeled credits to the
corporate sector it would give priority to the development of
power plants, pointing out that the Bank had no plan to extend
credits for the construction of toll roads.

Antara notes that Bank Niaga, which is 64.63% owned by
Bumiputera-Commerce Holdings Bhd (CHB), has total credits of
IDR30.65 trillion in the second quarter of 2006, compared with
IDR27.87 trillion in the third quarter of last year.

Mr. Stock said that the amount of credits for house and car
ownership dropped drastically in the first semester of 2006 due
to sluggish macro-economic conditions, which improved in the
beginning of the second half of the year due to a drop in
inflation rate and interest rate.

Mr. Stock, according to the report, also said that Bank Niaga
had raised the working capital of its two subsidiaries, PT
Saseka Gelora Finance and PT Niaga Aset Manajemen, by
IDR50 billion and IDR100 billion, respectively.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator. The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance. As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Moody's Investors Service has placed Bank Niaga's
E+ bank financial strength rating on review for possible
upgrade.

These ratings were unaffected:

   -- Issuer rating of Ba3. Outlook stable;

   -- Subordinated debt rating of Ba3. Outlook stable; and

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

Additionally, Fitch Ratings on June 30, 2005 assigned a B+
rating to Bank Niaga's proposed USD100m, 10 year subordinated
debt issue.  At the same time, Fitch has affirmed the bank's
existing ratings including Long-term Senior foreign currency
rating of 'BB-' (BB minus), Individual rating of D, and Support
rating of 4. The Outlook remains Positive.


BANK RAKYAT: Nine-Month Net Profit Up 24% Year-on-Year
------------------------------------------------------
PT Bank Rakyat Indonesia's net profit for the nine-month period
ended September 30, 2006, rose 23.56% to IDR3.10 trillion from
the IDR2.51 trillion recorded for the same period last year due
to higher interest income, Antara News reports, citing Bank
Rakyat President Sofyan Basir.

According to the report, interest income in the 2006 nine-month
period rose 23.3% to IDR15.57 trillion from IDR12.63 trillion a
year earlier, while net interest income also rose 9.2% to
IDR10.20 trillion, compared with IDR9.34 trillion last year.

Mr. Basir said that 74.34% of the interest income was brought
about by interest income from loans, with the remainder
contributed by other revenues including fee-based income.

Moreover, Mr. Basir told XFN-Asia said in the first nine months
of 2006, Bank Rakyat managed to increase its outstanding loans
by 19.65% to IDR86.69 trillion from IDR72.46 trillion a year
earlier, at a time when industry-wide lending was relatively
low.

Mr. Basir said that 87.72% of the bank's outstanding loans, or
about IDR76.05 trillion, were loans extended to the micro and
SME sectors.  He added that IDR7.67 trillion in new loans were
extended to the micro and SME sectors in the first nine months,
or 53.9% of the total amount extended during the period.

Net interest margin during the period stood at 11.34%, higher
than the industry's average NIM at 6%, said Mr. Basir.  He said
the bank's loan expansion was reflected in its high loan to
deposit ratio at 77.29% as of end-September, which was higher
than the industry-wide LDR of 61.26% as of end-August.

According to Mr. Basir, the bank's net non-performing loans
ratio as of end-September improved to 1.91% from 2.09% at end-
September last year.  As of end-September, the bank's savings
and time deposits stood at IDR112.17 trillion compared to
IDR90.2 trillion a year earlier.

                  About Bank Rakyat Indonesia

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- clients services   
comprise Savings, Credits and Syariah.  In addition, the bank
divides its financial and business services into three groups:
Business Services, consisting of bank guarantees, bank
clearance, automatic teller machines and safe deposit boxes;
Financial Services, consisting of bill payments, CEPEBRI,
INKASO, deposit acceptance, online transactions and transfers,
and Other Services, consisting of tax and fine payments,
donations, Western Union and zakat contributions.  During the
year ended December 31, 2005, the bank had one branch office in
Cayman Islands and two representative offices in New York and
Hong Kong, respectively.

                         *     *     *

A Troubled Company Reporter - Asia Pacific report on May 24,
2006, stated that Fitch Ratings affirmed Bank Rakyat
Indonesia's:

   -- Long-term Foreign Currency Issuer Default Rating 'BB-';  
   -- Short-term 'B';
   -- Individual 'C/D';
   -- Support '4'.

The outlook for the ratings is stable.  

A subsequent TCR-AP report on July 6, 2006, indicated that
Moody's Investors Service has placed Bank Rakyat Indonesia's D-
bank financial strength rating on review for possible upgrade.  
BRI's other ratings were unaffected:

   -- Subordinated debt of Ba3; and
   -- Long-term/short-term deposit ratings of B2/Not Prime.
      Outlook stable.


BEARINGPOINT INC: Seeks Noteholders' Waivers of SEC Reports
-----------------------------------------------------------
BearingPoint Inc. is soliciting consents from the holders of
certain bonds to amend existing agreements governing the bonds.

The company seeks to specifically amend the agreements and
obtain waivers relating to the its Securities and Exchange
Commission reporting requirements.  The amendments and waivers
affect the company's 2.50% Series A Convertible Subordinated
Debentures due 2024, 2.75% Series B Convertible Subordinated
Debentures due 2024 and 5% Convertible Senior Subordinated
Debentures due 2025.

As previously disclosed, certain holders of the Series B
Debentures have alleged that the company is in default under the
applicable indenture due to its failure to timely provide
certain periodic SEC reports to the trustee and the State
Supreme Court for New York County entered an order finding the
company in default under the indenture.  The company believes
that there are serious errors in the court's ruling and intends
to pursue its rights and remedies in that regard and has filed
an appeal.

To resolve the uncertainties created by the court's ruling, the
company is seeking consents to proposed amendments of certain
provisions of the indenture governing each series of the
Debentures and a waiver of defaults, until Oct. 31, 2007,
including any default or event of default that may arise due to
the company's failure to file with the SEC and further to
furnish to the trustee and holders of Debentures, certain
reports required under the Securities Exchange Act of 1934, as
amended.  The company also seeks a rescission of any
acceleration related to its failure to file the SEC reports.

The effectiveness of the proposed amendments and waiver and the
payment of the consent fee are subject to the receipt of valid
consents from at least a majority of the aggregate principal
amount outstanding of each series of the Debentures.  The
company disclosed that it has the right to waive or amend the
terms and conditions of the offer and further that the amendment
and waiver will also include the waiver of all rights to
accelerate the Debentures that may arise under the indenture as
a result of the failure of another series of Debentures to
consent to the proposed amendments and waiver.  The company also
disclosed that if it does not receive the requisite consents
from all series of Debentures, it will continue to explore all
available options.

Holders of each series of record as of 5:00 pm, New York City
time, on Oct. 17, 2006, who validly deliver their consents, will
receive an initial consent fee, for each US$1,000 in principal
amount of Debentures equal to the product of US$10 multiplied by
a fraction, the numerator of which is the aggregate principal
amount of the series of Debentures outstanding on the expiration
date, expected to be at 5:00 p.m. New York City time on Oct. 26,
2006, and the denominator of which is the aggregate principal
amount of the series of Debentures to which the company received
and accepted consents.  The company says that if it has not
filed the Required Reports with the SEC by 5:30 pm, New York
City time on Oct. 31, 2007, it has the option to pay to these
holders an additional US$2.50 for each US$1,000 in principal
amount of such series of Debentures to which it has received and
accepted consents, which will extend the deadline for filing
Required Reports for one additional year.

The Liability Management Group of Citigroup Corporate and
Investment Banking serves as the consent solicitation agent.  
Questions regarding the consent solicitation may be directed to
The Liability Management Group at (800) 558-3745 (toll-free) or
(212) 723-6106.  The information agent for the consent
solicitation is Global Bondholder Services Corporation.  
Requests for copies of the Consent Solicitation Statement and
related documents may be directed to Global Bondholder Services
Corporation at (866) 857-2200 (toll- free) or (212) 430-3774.

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations in Indonesia, Australia,
Austria, Brazil, China, France, India, Japan, Mexico, Portugal,
Singapore and Thailand, among others.

                          *     *     *

Moody's Investors Service confirmed the ratings for
BearingPoint, Inc.  The action concludes the review that began
on April 21, 2005 following the company's announcement that it
would delay the filing of its 2004 financials.  The rating
outlook is negative.

Ratings confirmed include:

   * Corporate Family Rating -- B1

   * US$250 million series A subordinated convertible bonds
     due 2024 -- B3

   * US$200 million series B subordinated convertible bonds
     due 2024 -- B3

   * US$1 billion multiple seniority
     shelf -- (P)Ba3/(P)B2/(P)B3/(P)Caa1


CONTINENTAL AIRLINES: Earns US$237 Mil. for September Quarter
-------------------------------------------------------------
Continental Airlines Inc. filed its quarterly report for the
period ended Sept. 30, 2006, with the United States Securities
and Exchange Commission on Form 10-Q on Oct. 19, 2006.

The company reported a consolidated net income of US$237 million
from operating revenue of US$3.2 billion for the third quarter
of 2006, compared to a consolidated net income of US$61 million
from operating revenue of US$2.7 billion for the third quarter
of 2005.  Operating income was US$192 million for the third
quarter of 2006, as compared US$109 million for the third
quarter of 2005.

Net income for the three and nine months ended Sept. 30, 2006
include a gain on the sale of Copa's Class A common stock of
US$92 million.  

Passenger revenue increased 17.1% due to increased capacity,
increased traffic and higher fares.  Consolidated revenue
passenger miles for the third quarter increased 10.2% year-over-
year on a capacity increase of 9.1%, producing a consolidated
load factor of 82.2%, up 1.1 points over the same period in
2005. Consolidated yield for the third quarter increased 6%
year-over-year.  Consolidated RASM for the quarter increased
7.4% year-over-year due to higher yield and load factors.

Cargo revenue increased 14.7% primarily due to higher freight
and mail volumes and increases in freight fuel surcharges.

Aircraft fuel and related taxes increased 25.4%.  The average
jet fuel price per gallon including related taxes increased
17.8% to US$2.21 in the third quarter of 2006 from US$1.88 in
the third quarter of 2005.  Fuel expense was affected by losses
of approximately US$8 million related to the company's fuel
hedging program in the third quarter of 2006, which it did not
have in 2005.

During the third quarter of 2006, the company recorded an
US$8 million settlement charge related to lump sum distributions
from its pilot-only defined benefit pension plan.  The remaining
balance of the net special item recognized during the third
quarter of 2006 is attributable to our permanently grounded MD-
80 aircraft.  The company's accruals for future lease payments
and return conditions were reduced by US$7 million, following
negotiated settlements with its aircraft lessors.

In the third quarter of 2006, the company recognized a gain of
US$92 million related to the sale of 7.5 million shares of
Copa's Class A common stock.

           Results for the Nine Months Ended Sept. 30

For the nine months ended Sept. 30, 2006, the company reported
net income of US$370 million from operating revenue
US$9.1 billion, versus a net loss of US$25 million from
operating revenue US$7.6 billion for the comparable period in
the prior year.  Net income for the nine months ended Sept. 30,
2006, includes a gain on the sale of Copa's Class A common stock
of US$92 million and a cumulative effect of change in accounting
principle charge of US$26 million related to its adoption of
SFAS 123R effective Jan. 1, 2006.  Operating income was US$448
million for the nine months ended Sept. 30, 2006, compared to
US$55 million for the same nine months in 2005.

                Liquidity and Capital Resources

The company, as of Sept. 30, 2006, had US$2.7 billion in
consolidated cash, cash equivalents and short-term investments,
US$548 million higher than at Dec. 31, 2005, including US$247
million of restricted cash.  Restricted cash is primarily
collateral for estimated future workers' compensation claims,
credit card processing contracts, letters of credit and
performance bonds. Restricted cash at December 31, 2005 totaled
US$241 million.

Cash flows provided by operations for the nine months ended
Sept. 30, 2006 were US$904 million compared to US$453 million in
the same period in 2005.  The increase in cash flows provided by
operations in the first nine months of 2006 compared to the same
period in 2005 is primarily the result of an improvement in
operating income and advance ticket sales associated with
increased flight activity, partially offset by US$67 million
higher cash contributions to our defined benefit pension plans
in the first nine months of 2006 than in the first nine months
of 2005.

Cash flows used in investing activities were US$188 million for
the nine months ended Sept. 30, 2006, compared to cash flows
used investing activities of US$80 million for the nine months
ended Sept. 30, 2005.  Capital expenditures for the nine months
ended Sept. 30, 2006 were US$112 million higher than in the same
period in 2005.  Cash used for purchase deposits increased
US$39 million due to additional deposits paid on Boeing
aircraft.

Net capital expenditures for the full year 2006 are expected by
the company to be US$340 million, or US$420 million after
considering purchase deposits to be paid, relative to its order
of ten additional Boeing 787 aircraft and 24 additional Next-
Generation 737 aircraft.

Cash flows used in financing activities, primarily the payment
of long-term debt and capital lease obligations, were
US$222 million for the nine months ended Sept. 30, 2006,
compared to cash flows provided by financing activities of
US$154 million in the nine months ended Sept. 30, 2005.

At Sept. 30, 2006, the company had approximately US$5.5 billion,
including current maturities, of long-term debt and capital
lease obligations and currently don't have any undrawn lines of
credit or revolving credit facilities and substantially all of
its readily financeable assets are encumbered, except its
remaining interests in Copa and Holdings.

The company, in October 2006, contributed an additional
US$70 million to its defined benefit pension plans, resulting in
total contributions of US$246 million in 2006.

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 Indonesia, Hong Kong, India,
Japan, Philippines, and Taiwan.

                          *     *     *

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.


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

ALBERTO-CULVER: Moody's Assigns Caa1 Rtg. to US$280MM Sr. Notes
---------------------------------------------------------------
Moody's Investors Service assigned first time ratings, including
a corporate family rating of B2 and a speculative grade
liquidity rating of SGL-2, to Sally Holdings, LLC.  

The rating outlook is stable.  The ratings are conditional upon
review of final documentation.

These are the rating actions:

     -- Corporate family rating at B2

     -- Probability-of-default rating at B2

     -- US$400 million senior secured guaranteed bank revolving
        credit facility at Ba2 (LGD 1, 7% LGD rate)

     -- US$1.07 billion senior secured guaranteed term loans at
        B2 (LGD 4, 50% LGD rate)

     -- US$430 million senior unsecured guaranteed notes at B2
        (LGD 4, 55% LGD rate)

     -- US$280 million unsecured senior subordinated guaranteed
        notes at Caa1 (LGD 6, 93% LGD rate)

     -- Speculative Grade Liquidity Rating of SGL-2

Sally Holdings, LLC will own the beauty retail operations and
the beauty distribution businesses currently owned by Alberto-
Culver Company.  Alberto-Culver is separating its consumer
products business from its Sally/BSG operations, into two
publicly-traded companies.  Alberto-Culver shareholders will
receive from New Sally Holdings, Inc. one share of each New
Alberto-Culver and New Sally stock and a special cash dividend
of US$25 share.   

New Sally will fund the special dividend with debt and with
US$575 million of equity invested by Clayton, Dubilier & Rice
Fund VII, L.P.  At the conclusion of the transaction, New Sally
will be owned approximately 52.5% by Alberto-Culver shareholders
and 47.5% by CD&R, on a fully-diluted basis.  New Sally, through
intermediate holding companies including Sally Holdings, will
own Sally and BSG.

The B2 corporate family rating of Sally Holdings reflects post-
transaction credit metrics that will be weak, especially very
high leverage and low cash flow coverage.  Scale, in terms of
revenues, is commensurate with Ba rated companies.  The ratings
are further constrained by sales concentrations in hair care
products, vendor concentrations, and wide-ranging competition.
Offsetting these high yield attributes are the company's
investment grade characteristics -- including extensive
geographic diversification, leading positions in defined
subsectors of retail, low seasonality and cyclicality, and
generally robust comparable store sales increases.  The ratings
clearly benefit from the leading position of both Sally and BSG
in their respective market segments and the quality and depth of
their merchandise assortments.

The speculative grade liquidity rating of SGL-2 reflects Sally
Holding's comfortable liquidity profile and incorporates Moody's
expectation that over the next four quarters Sally Holdings will
fund its ordinary working capital, capital expenditures and
mandatory debt amortization with cash generated from operations;
however, the cushion of excess free cash flow will not be large
in comparison to Sally Holdings' scale.  

The SGL rating also incorporates Moody's belief that the company
will have access to its new US$400 million asset-based revolving
credit facility and that the facility's single covenant will not
be tested.  Given that all assets will be pledged to lenders,
there is no alternative liquidity other than the sale of a
business, which would impair enterprise value.

The stable outlook reflects Moody's expectation that the company
will continue to grow comparable store revenues, improve
operating margins and generate positive free cash flow which
will be applied heavily to debt reduction.  Given the magnitude
of Sally Holdings' post-transaction leverage, an upgrade is
unlikely in the intermediate term.  Over the longer term, an
upgrade would require continuing solid operating performance
coupled with debt reduction such that debt to EBITDA falls below
6 times and free cash flow to debt is above 5% on a sustainable
basis.  

Conversely, negative rating pressure would develop if operating
performance were to be weaker than expected or if overall
comparable store sales were to become negative.  Quantitatively,
ratings would be lowered if normalized annual reported EBITDA is
not a minimum of US$260 million, or if free cash flow to debt
becomes negative.

New Sally, through intermediate holding company Sally Investment
Holdings, LLC, will own Sally Holdings.  Sally Holdings will own
the operating subsidiaries and Sally Capital Inc.  Sally
Holdings will be a borrower under a US$400 million senior
secured Asset Backed revolving credit facility and US$1.07
billion in senior secured Term Loans, and a co-issuer, with
Sally Capital, of US$430 million senior unsecured notes and
US$280 million unsecured senior subordinated notes.

The US$400 million senior secured revolving credit facility will
benefit from borrowing base governance and expected full
collateral coverage in a hypothetical default scenario.  The
revolving credit facility is secured by a first-priority lien on
accounts receivable, inventory and other assets, and a second
priority lien on all other tangible and intangible assets of the
company.  The US$1.07 billion senior secured term loans (to be
comprised of term loan A and term loan B) will be secured by a
first priority lien on all tangible and intangible assets other
than ABL Collateral, including property, plant, and equipment
and capital stock of subsidiaries, as well as a second priority
lien on the ABL Collateral.  Moody's believes that there will be
relatively little collateral coverage on the term loans during a
hypothetical default scenario.  Sally Holdings will be a
borrower under the ABL and the Term Loans; if there are
additional borrowers, all will be jointly and severally liable.  
Both the revolving credit facility and the term loans will have
guarantees from the direct parent of each borrower, and from
each direct and indirect domestic subsidiary of Sally Holdings
(other than any subsidiary that is a borrower or a foreign
subsidiary holding company).

The US$430 million senior unsecured notes and the US$280 million
unsecured senior subordinated notes reflect their unsecured
status. Sally Holdings and co-Issuer Sally Capital will be
jointly and severally liable.  These issues will be guaranteed
by Sally Holdings' direct and indirect operating subsidiaries
and by Sally Holdings' immediate parent.

New Sally Holdings, Inc., headquartered in Denton, Texas, will
be a leading national retailer and distributor of beauty
supplies with operations under its Sally Beauty Supply and
Beauty Systems Group businesses.  For the fiscal year ended
September 30, 2005, New Sally's revenues exceeded
US$2.2 billion.  The company has stores in Canada, Mexico,
Puerto Rico, the U.K., Ireland, Germany and Japan.


DAIWA SECURITIES: Fitch Affirms 'C' Individual Rating
-----------------------------------------------------
Fitch Ratings has changed the Outlook on the Long-term foreign
and local currency Issuer Default ratings of Daiwa Securities
Group Inc. to Positive from Stable.  At the same time, the
agency also affirmed the ratings of DSGI as follows: Long-term
foreign and local currency IDRs 'BBB+', Short-term foreign and
local currency IDRs 'F2', Individual rating 'C' and Support
rating '5'.

The revision in Outlook reflects the agency's positive view on
the longer-term prospects for the group.  Fitch has also taken
into consideration DSGI's strong franchise as Japan's second-
largest securities group in its core activities of retail and
wholesale securities business, its business tie-up with Sumitomo
Mitsui Banking Corporation ("SMBC", rated 'A'/Stable) through
their shared joint-venture wholesale securities operation --
Daiwa SMBC -- and the management's commitment to ongoing profit
diversification as key drivers underpinning the group's
prospects going forward.  The ratings also reflect the
stabilisation in DSGI's core performance and financial
indicators.  The agency also notes that the group demonstrates
adequate liquidity, leverage and capitalisation levels.

Fitch notes, however, that it will need to be convinced that
DSGI's currently improving trends in performance are sustainable
and that the management's business model is sufficiently robust
to ensure the group's success through diverse market conditions
before the agency would consider any further changes in DSGI's
ratings.


FLOWSERVE CORPORATION: 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
revised the Corporate Family Rating for Flowserve Corporation to
B1 from Ba3, as well as the ratings on the company's US$400
million revolver due 2010 and the US$600 million term loan due
2012 to Ba2 from Ba3.  These debentures were assigned an LGD3
rating suggesting that creditors will experience a 41% 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 Irving, Texas, Flowserve Corporation --
http://www.flowserve.com/-- also has offices in other  
countries, including Japan, China, Indonesia, the Philippines
and Australia.


ITOCHU CORP: Reports JPY48-Bil. Net Income for June 2006 Quarter
----------------------------------------------------------------
ITOCHU Corporation posted its financial results for the first
quarter of fiscal year ending March 31, 2007.

For the quarter ended June 30, 2006, the Company reported a net
consolidated income of JPY48.1 billion on JPY559.7 billion in
revenues, compared with a net income of JPY29.7 billion on
JPY487.0 billion in revenues for the same quarter of the
previous fiscal year.

As of June 30, 2006, Itochu Corp's balance sheet showed
JPY2.819 trillion in total current assets available to pay
JPY2.279 trillion in total current liabilities coming due within
the next 12 months.

Also, at March 31, 2007, the Company's balance sheet showed
total assets of JPY5.0 trillion and total liabilities of
JPY4.25 trillion, resulting to a total stockholders' equity of
JPY752.94 billion.

ITOCHU President and Chief Executive Officer Eizo Kobayashi said
that ITOCHU Group achieved a record-high net income and record
highs for all of the other main income items, that gross trading
profit increased in all its business segments for the second
consecutive year, and that it steadily strengthened its "basic
earning power."

Itochu  Corp's financial report for the quarter ended June 30,
2006, is available for free at:

   http://bankrupt.com/misc/Itochu_1Q2007_Report.pdf

Itochu Corporation -- http://www.itochu.co.jp/-- is a Japan-
based trading company.  It operates in eight business segments.  
The Textile segment offers clothing and interior products, such
as wool, synthetic fabrics, silk and others.  The Machinery
segment is engaged in the automobile, industrial machinery,
plants and related businesses.  The Space, Information and
Multimedia segment is involved in the media network, high
technology and related businesses.  The Metal and Energy segment
is involved in the mining, metal, energy and related businesses.  
The Living Materials and Chemicals segment is involved in the
precision chemistry, rubber, timber, glass, cement and other
related businesses.  The Food segment is involved in the
production, distribution and sale of wheat, rice, corn, frozen
food and others.  The Financial, Real Estate, Insurance and
Logistics segment provides financial consultation, real estate,
transportation and other services.  The Overseas Corporation
segment is involved in various trading activities.

The company has operations in Bulgaria, France, Colombia, and
Argentina, among others.

Fitch Ratings gave Itochu Corp's long-term local credit issuer a
BB+ rating on October 2, 2005.  Fitch had earlier given the
company a BB+ rating for its senior unsecured debt and long-term
foreign credit default on March 10, 2004.

Moody's Investors Service gave the company a Ba1 rating on its
issuer rating and local currency long-term debt and an NP on its
short term rating on February 7, 2005.  Moody's had earlier
given the company's senior unsecured debt a Ba1 rating.


MITSUBISHI MOTORS: Reveals Sales Figures for September 2006
-----------------------------------------------------------
Mitsubishi Motors Corporation disclosed global production, as
well as domestic sales and export results, both for September
2006 and the first half of fiscal year 2006.

In September 2006, total global production came in at 106,666
units, a decline of 15.4% from the year ago period.  Japanese
production fell 5.4% year-on-year to 62,812 units.

Total vehicle sales in Japan reached 27,779 units, a 3.1% rise
over the September 2005 total, marking the seventeenth
consecutive month of year-on-year sales gains.  Registered
vehicle sales declined fell to 7,183 units, or 88.3% of the year
ago figure.  Lower sales in the Colt series as the series
advances in its product life cycle, which was not completely
offset by sales of Outlander, was the cause of the decline.
Minicar sales continued year-on-year growth however, increasing
to 20,596 units, 109.5% of the total for September 2005.  Sales
of the new eK Wagon and i models overcame declines in commercial
minicars to push the segment higher.  Total sales for passenger
cars rose 10.8% year-on-year to 20,745 units, while commercial
vehicle sales dropped to 7,034 units, 14.6% less than the level
for the same period last year.

Overseas production for the month totaled 43,854 units, 73.5% of
the year ago period figure.  European production declined
slightly to 7,517 units, or 98.2% of last year's total.  North
American production came in at 8,210 units, a 6.3% fall year-on-
year.  Asian production totaled 24,766 units, a 38.1% decline
from September 2005's levels representing continued weakness in
Asian markets such as Indonesia, Malaysia, and Taiwan where
economic conditions are not favorable for the industry.

Total exports from Japan grew slightly in September 2006, up
1.0% over the pervious period to 38,692 units.  Exports to
Europe decreased to 10,224 units, 68.8% of the level seen last
year due to lower sales of Pajero and Outlander (Airtrek) models
which will undergo model changes this fiscal year. Exports to
Asia came to 3,086 units, up a strong 37.4% year-on-year due to
strong sales in Singapore and growth in units exported from
Japan to China.  Exports to North America rose to 6,213 units,
136.0% of the September 2005 total due to higher sales in the US
and Canada compared to the year ago period.

April - September 2006

In the first half of fiscal year 2006, global production totaled
615,936 units, 92.0% of the levels seen in the first half of
fiscal year 2005.  Japanese production came to 340,202 units, a
7.4% increase year-on-year.

Japanese vehicle sales in the first half reached 114,281 units,
an increase of 6.4% over the year ago period.  Following overall
industry trends, registered vehicle volume declined a small 1.6%
year-on-year to 32,654 units while minicar sales grew to 81,627
units, 9.9% higher than levels seen last year.  Passenger car
volume increased to 78,412 units, 112.4% of the total for the
same period in fiscal year 2005, and commercial vehicle volume
declined to 35,869 units, down 4.7% over the comparable period
last year.  Market share for the period improved to 4.4%, an
increase of 0.4 percentage points over the 4.0% market share
seen in the first half of fiscal year 2005.

Overseas production in the period dropped to 275,734, or 78.1%
of the total for the pervious period.  Production in Europe for
the first half came in at 46,122 units, a 33.4% increase over
the year ago total due to strong sales of the Colt CZC cabriolet
model launched in this fiscal year.  Production in North America
increased 3.9% year-on-year to 46,290 and Asian production
declined to 162,635 units, a 35.0% decline from the total for
the comparable period.  This decline again stems from weak
economic conditions in markets such as Indonesia, Malaysia and
Taiwan.

Lastly, exports from Japan totaled 191,223 units, up 4.3% over
the total for the first half of fiscal year 2005.  Exports to
Europe fell to 59,458 units, down 9.8% year-on-year due again to
lower sales of models that are undergoing model changes this
fiscal year. Shipments to North America rose to 27,952 units,
129.3% of the year ago total due to improving sales in the US
and Canada.  Finally exports to Asia totaled 14,892 units, 79.3%
of the previous period total due to weakness in markets.

                    About Mitsubishi Motors

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

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

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

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

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

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


NANTO BANK: Records JPY6.603-Billion Net Income for FY 2005-2006
----------------------------------------------------------------
The Nanto Bank, Ltd., disclosed financial results for the fiscal
year ended March 31, 2006.

For FY 2005-2006, the Bank reported a net income of
JPY6.603 billion compared with the JPY7.635-billion net income
for FY 2004-2005.

The Bank recorded a total income of JPY113.469 billion and total
expenses of JPY100.047 billion for the fiscal year ended March
31, 2006.

As of March 31, 2006, Nanto Bank's balance sheet showed total
assets of JPY4.682 trillion and total liabilities of
JPY4.481 trillion, resulting to a total stockholders' equity of
JPY196.096 billion.

Nanto Bank President Hiromune Nishiguchi said that the company
is currently implementing the "Value-up Nanto" plan, which is a
medium-term management plan covering the period from April 2005
to March 2008.

The plan calls for concerted efforts by management and staff to
raise satisfaction levels among all stakeholders, including
communities, customers, stockholders and employees.  The Plan
also lays out a strategy for strengthening Nanto Bank's brand.

Nanto Bank's Annual Report for the Fiscal Year ended March 31,
2006, is available for free at:

http://bankrupt.com/misc/nanto_bank_march2006_annualreport.pdf

Headquartered in Nara Prefecture, Japan, The Nanto Bank, Ltd. --
http://www.nantobank.co.jp/-- is a regional bank that is  
principally engaged in the provision of a range of banking and
financial products and services.  It operates in six main
business segments.  The Banking segment provides banking, loan,
stock investment and currency exchange services through a
network of 112 branches.  The Securities segment is engaged in
the stock investment business.  The Credit Guarantee segment
provides credit guarantee services for various loans, including
housing loan.  The Leasing segment leases a range of products
including office automation equipments, industrial machinery and
automobiles.  The Software Development segment develops and
sells computer systems for office automation backup and business
streamlining.  The Credit Card segment provides various credit
card services.  Other businesses include building management and
real estate-related services.  The Nanto Bank has 10
subsidiaries.

On March 28, 2006, Fitch Ratings gave Nanto Bank a C individual
rating.


NIPPON SHEET: Posts JPY24.115-Bil. Net Income for June Quarter
--------------------------------------------------------------
The Nippon Sheet Glass Co. Ltd disclosed its financial results
for the first quarter of the fiscal year ending March 31, 2007.

Net income for the quarter ended June 30, 2006, is
JPY24.115 billion, compared with the JPY2.475-billion net income
for the quarter ended June 30, 2005.

For the first quarter of fiscal year 2006-2007, the company
reported net sales of JPY63.154 billion, compared with
JPY62.432 billion for the first quarter of fiscal year 2005-
2006.

At June 30, 2006, the company's balance sheet showed total
assets of JPY1.302 trillion and total liabilities of
JPY1.023 trillion.  These balance sheet figures are higher
compared to the JPY417.750 billion in total assets and
JPY208.122 billion in total liabilities recorded as of June 30,
2005.

Nippon Sheet Glass Co's financial report for the quarter ended
June 30, 2006, is available for free at:

   http://www.nsg.co.jp/en/ir/financial/jul2006.pdf

Headquartered in Tokyo, Japan, Nippon Sheet Glass Company,
Limited -- http://www.nsg.co.jp/-- operates in four business  
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that Standard & Poor's Ratings Services affirmed
its 'BB+' long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.  At the same time, Standard & Poor's removed the ratings
from CreditWatch, where they were placed on Nov. 1, 2005.


XEROX CORP: Earns US$536 Million in Quarter Ended September 30
------------------------------------------------------------
Xerox Corporation reported third-quarter 2006 net income of
US$536 million, compared to US$63 million of net income earned
in the equivalent prior year quarter ended Sept. 30, 2005.  The
company's third-quarter earnings this year include a previously
announced tax benefit of 45 cents per share partially offset by
restructuring of 7 cents per share and a litigation charge of 7
cents per share.  

"Through earnings expansion, annuity growth and a strong
financial position that allows for stock buyback and
acquisitions, we exceeded our expectations this quarter and are
delivering on our commitment to build shareholder value," said
Anne M. Mulcahy, Xerox chairman and chief executive officer.

Total revenue of US$3.8 billion grew 2% in the third quarter.
Post-sale and financing revenue, which represents about 75% of
Xerox's total revenue, increased 3%, largely driven by 4% post-
sale growth from digital systems.

Total revenue and post-sale revenue included a currency benefit
of 1 percentage point.  "The leading indicators of our growth
strategy - which is all about boosting our annuity stream
through growth in digital, services and color - continued to
trend positively in the third quarter," added Ms. Mulcahy.  
"Install activity was up for Xerox digital systems in key
markets like office multifunction and production color.  Our
expertise in document management flowed through to post-sale
growth of 7% from global services.  And, our broad portfolio of
color technology fueled a 16% increase in post-sale revenue from
color."

About 48% of the company's equipment sales in the third quarter
were from color products, a year-over-year increase of 7 points.
Total revenue from Xerox's industry-leading color systems grew
16% in the third quarter and now represents 36% of the company's
revenue, up 4 points from a year ago.  The number of pages
printed on Xerox color systems grew 35% in the quarter.

While equipment sale revenue was down 1% in the third quarter
including a 1 point benefit from currency, installs of key
products like the Xerox iGen3 Digital Production Press and
DocuColor systems as well as WorkCentre multifunction systems
drove up activity, fueling future gains in the company's post-
sale revenue.

Signings for document management services were up 16% year to
date and were about flat in the third quarter as the company
experienced longer lead times for finalizing multi-year
contracts.

Xerox's production business provides commercial printers and
document-intensive industries with high-speed digital printing
and services that enable on-demand, personalized printing.  
Total production revenue increased 3% in the third quarter
including a 2 point currency benefit.  Installs of production
black-and-white systems declined 6% with growth in light
production only partially offsetting declines in higher-end
production printing.  Production color installs grew 107%,
reflecting accelerated activity for the iGen3 and continued
strong demand for the DocuColor 5000 and 7000/8000 series as
well as the DocuColor 240/250 multifunction system.

Earlier this month, Xerox made several announcements that
strengthen its leadership in the production market including the
acquisition of XMPie, a leading provider of variable information
software; advanced finishing capabilities for the iGen3 and
DocuTech 180 Highlight Color system; and a dual-engine printer
that sets a new speed record for two-sided, cut-sheet black-and-
white printing.

Xerox's office business provides document technology and
services for businesses of any size.  Total office revenue was
flat in the third quarter including a 2 point currency benefit.  
Installs of office black-and-white systems were up 10%, largely
driven by 19%  growth from Xerox's mid-range line of WorkCentre
multifunction products.  In office color, installs of
multifunction systems were up 46% reflecting strong demand for
the color WorkCentre systems launched in May and the continued
success of the office version of the DocuColor 240/250.  
Expanding its competitive offerings for small and medium-sized
businesses, Xerox launched in September the WorkCentre 4150, its
fastest-ever desktop multifunction system.

The company also cited continued improvement in its developing
markets operations.  Total revenue grew 7% in DMO.  Gross
margins were 40.2% in the third quarter, a year-over-year
decline of 1.1 points.  The decline was primarily due to product
mix and equipment pricing as well as lower margins in Xerox's
global services business as the company incurred upfront costs
to support new multi-year managed services contracts.  Selling,
administrative and general expenses were 25.6% of revenue, a
year-over-year improvement of 1.3 points.

Xerox generated operating cash flow of US$530 million in the
third quarter and closed the quarter with US$1.5 billion in cash
and short-term investments.  Since launching its stock buyback
program last October, the company has repurchased about 78
million shares, totaling US$1.1 billion of the US$1.5 billion
program through the third quarter of this year.  Also during the
quarter, Xerox closed on the US$175 million cash acquisition of
Amici LLC, a provider of electronic-discovery services that
support litigation and regulatory compliance.

In early October, Xerox announced the US$54 million cash
acquisition of XMPie, which is expected to close in the next few
weeks.  Xerox expects fourth-quarter 2006 earnings in the range
of 21-24 cents per share, including restructuring charges of
about 13 cents per share. Excluding restructuring, Xerox expects
fourth-quarter adjusted EPS of 34-37 cents per share.

"We expect our fourth-quarter performance will keep us on track
to deliver our full-year earnings expectations," said Ms.
Mulcahy.

                            About Xerox

Headquartered in Stamford, Connecticut, Xerox Corporation
(NYSE: XRX) -- http://www.xerox.com-- develops, manufactures,  
markets, services, and finances document equipment, software,
solutions, and services worldwide.  It offers digital monochrome
and color systems for customers in the graphic communications
industry and enterprises, as well as various prepress and post-
press options.  Xerox Corporation markets its products through
direct sales force, as well as through a network of independent
agents, dealers, value-added resellers, and systems integrators.
The company has operations in Japan, Italy and Nicaragua.

                          *     *     *

Fitch upgraded Xerox Corp.'s Issuer Default Rating to 'BBB-'
from 'BB+', Senior unsecured debt to 'BBB-' from 'BB+' and Trust
preferred securities to 'BB' from 'BB-'.  In addition, Fitch
affirmed the senior unsecured bank credit facility at 'BBB-' and
withdrawn the secured term loan rating of 'BBB-' since the
secured term loan was repaid and the secured bank facility
terminated concurrently with the effectiveness of the new
unsecured credit facility.  The Rating Outlook is Stable.

Standard & Poor's Ratings Services raised its corporate credit
rating on Stamford, Connecticut-based Xerox Corp. and related
entities to 'BB+' from 'BB-', and removed it from CreditWatch,
where it was placed with positive implications on Jan. 26, 2006.
The upgrade reflected substantial recent debt reductions, good
cash flow and growth in equipment sales.  The outlook is stable.

Moody's Investors Service revised the rating outlook of Xerox
Corporation and supported subsidiaries to positive from stable.
Moody's previously raised the senior implied rating of Xerox and
its financially supported subsidiaries to Ba1 from Ba3.  The
action was prompted by Xerox's significant debt and leverage
reduction over the last year, stable operating profit and free
cash flow generation, and the prospects for further
strengthening of its credit metrics and overall financial
flexibility.


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

AGY HOLDING: 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 AGY Holding
Corporation, as well as its Caa1 rating on the company's US$45
million Senior Secured 2nd Lien Bank Facilities Due 2013.  The
facilities were assigned an LGD5 rating suggesting creditors
will experience an 88% 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$30m sr sec
   1st lien bank
   fac due 2011 (Rev.)       B2       B1    LGD3        38%

   US$135m sr sec
   1st lien bank
   fac due 2012              B2       B1    LGD3        38%

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


DAEWOO ELECTRONICS: Gets U.S. V-Chip License from Tri-Vision
------------------------------------------------------------
Tri-Vision International Ltd/Ltee, through its wholly owned
subsidiary Tri-Vision Electronics Inc., licensed United States
V-chip Patent No. 5,828,402 to Daewoo Electronics Corporation.

Tri-Vision Electronics owns the sole rights to U.S. V-chip
Patent No. 5,828,402.

According to Tri-Vision, its open V-chip is the only known
patented technology capable of accepting modified or new rating
systems.

As part of the transition to a digital television broadcast
system in the United States, the Federal Communications
Commission has mandated phased-in rules to ensure that the V-
chip can respond to any rating system changes in all digital
television receiver products by March 1, 2007.  The first phase
of the FCC's ruling took effect on March 15, 2006.

Currently, Tri-Vision has issued 80 licenses for its U.S. and
Canadian Patents to companies which include Sony, Hitachi,
Sanyo, Pioneer, Philips, JVC, Panasonic, Sharp, LG Electronics
and Samsung, among others.

                   About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer   
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

The Troubled Company Reporter - Asia Pacific reported on
November 14, 2005, that creditors of Daewoo Electronics have
placed the firm for sale for US$1 billion.  ABN Amro,
PricewaterhouseCoopers and Woori Bank were appointed to find a
buyer for the business.

According to the TCR-AP, Daewoo Electronics has been under a
debt workout program since January 2000, months after its parent
group -- the Daewoo Group -- collapsed under debts of nearly
US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.


PQ CORP: Moody's Assigns Loss-Given-Default Ratings
---------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sector,
the rating agency confirmed its B1 Corporate Family Rating for
PQ Corp.  

Moody's also revised and held its probability-of-default ratings
and assigned loss-given-default ratings on these two loans and a
bond issue:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$365 million
   Gtd Sr
   Sec Term Loan
   due 2012             B1       Ba2      LGD2     26%

   US$275 million
   7.50%
   Gtd Sr Sub Notes
   due 2013             B3       B3       LGD5     84%

   US$100 million
   Gtd Sr
   Sec Credit Facility
   due 2011             B1       Ba2      LGD2     26%

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 Berwyn, Pennsylvania, PQ Corp. --
http://www.pqcorp.com/ -- manufactures silicate, zeolite, and  
other performance materials serving the detergent, pulp and
paper, chemical, petroleum, catalyst, water treatment,
construction, and beverage markets.  It is a global enterprise,
operating in 19 countries on five continents, and along with its
chemical businesses, includes Potters Industries, a wholly owned
subsidiary, which is a leading producer of engineered glass
materials serving the highway safety, polymer additive, metal
finishing, and conductive particle markets.  The company has
operations in Korea, Mexico, and Italy, among others.


SHINHAN BANK: Third Quarter Earnings Conference Set for Nov. 2
--------------------------------------------------------------
Shinhan Financial Group will hold its 2006 Third Quarter
Earnings Conference on Nov. 2, 2006, Shinhan Bank's parent
disclosed in a regulatory filing with the United States
Securities and Exchange Commission.

The conference will be Web-cast live on Shinhan Group's Web site
http://www.shinhangroup.com

Other details of the Earnings Conference are:

   Time:       16:00 (Seoul Time)
   Format:     Live Web-Cast and Conference Call
   Language:   Korean and English

Shinhan Group's 2006 3Q Earnings Release presentation material
will be available at the Web site at the time of the web-cast.

A Q&A session will follow the presentation.

For those interested in participating in the Q&A Session, the
company gives these instructions:

   * From Overseas, please dial: 82-31-810-3001
   * From Korea, please dial: 031-810-3001
   * Pass Code: 9505
   * To raise a question, please press: 14 (numbers 1 and 4)
   * To delete question, please press: 15 (numbers 1 and 5)

To listen to a recording of the Conference Call:

   * From Overseas, please dial: 82-31-810-3100
   * From Korea, please dial: 031-810-3100
   * Pass Code: 71371#

                      About Shinhan Bank

Headquartered in Taepyeong-no, Seoul, Shinhan Bank --
http://www.shinhan.com/-- was established in 1982 with capital  
from Korean residents in Japan.  It is Korea's fourth largest
bank by assets -- second largest after merging with Chohung Bank
-- holding a 9% share of deposits and 11% of loans.  The bank
has developed a strong franchise in the consumer as well as
small and medium-sized enterprise segments.  In September 2001,
it formed a holding company, Shinhan Financial Group, under
which it and five other affiliates became stable companies.
Since then, the Shinhan Financial Group has expanded its
organizational structure to include 11 subsidiaries and is now
Korea's second largest financial group.

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2006, that Moody's Investors Service has raised
Shinhan Bank's Bank Financial Strength Rating to D+ from D.  The
revised rating carries a stable outlook.  The higher BFSR
reflects the bank's sustained financial fundamentals upon its
merger with affiliate Chohung Bank.

Despite Moody's initial concerns, Chohung Bank's credit-
worthiness under its parent, Shinhan Financial Group, has
improved substantially.  Therefore, the absorption of Chohung
Bank into Shinhan Bank will not dilute the financial health of
the combined bank as greatly anticipated at the time of the
acquisition.  Nonetheless, the financial fundamentals place
Shinhan Bank at the low end of the rating band.


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

ARMSTRONG WORLD: Nitram and Desseaux Gets Exclusivity Extension
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted Armstrong World Industries Inc.'s debtor-affiliates,
Nitram Liquidators Inc. and Desseaux Corporation of North
America, the exclusive right to file a plan of reorganization
until March 6, 2007, and to solicit acceptances of that plan
until May 8, 2007.

The Bankruptcy Court extended the deadline for the company and
its debtor-affiliates to file notices to remove prepetition
lawsuits and administrative proceedings.

The company's Fourth Amended Plan of Reorganization was
confirmed by the District Court on August 18, 2006, and it
emerged from bankruptcy on October 2.

Accordingly, the company's Removal Period expired Sept. 17,
2006.  The Remaining Debtors' Removal Period remains pending.

                     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: Amends Objection to Sea-Pac's US$4.9-M Claim
-------------------------------------------------------------
Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, tells the United States Bankruptcy Court
for the District of Delaware that since Armstrong World
Industries Inc. filed the objection against Sea-Pac Sales
Company's Claim No. 4854, it had become aware of additional
information relating to the Sea-Pac Claim requiring the company
to amend the objection to assert additional defenses and to
raise additional objections to the Claim.

Mr. Madron adds that the company had become aware of claims it
has against Sea-Pac, which have arisen during the pendency of
its Chapter 11 case.

Sea-Pac has been a wholesale distributor for the company's
commercial and residential floor covering products in the
Pacific Northwest for many years.  Pursuant to the arrangement,
Sea-Pac agreed to warehouse, sell and distribute the company's
products to retailers and customers in the Pacific Northwest.

Mr. Madron relates that during the summer of 2006, the company
and Sea-Pac were involved in discussions concerning the future
distribution relationship between them.  In July 2006, Frank
Ready, president and chief executive officer of the North
American Floor Products division, sent a letter to Jared
Williams, president of Sea-Pac, stating that the company would
continue the relationship with Sea-Pac until July 31, 2007.  The
company also stated that an earlier transition will be discussed
should Sea-Pac wish to exit at any time before the date.

Mr. Williams accepted the company's offer in a letter addressed
to Mr. Ready, dated Sept. 15, 2006.

Mr. Madron informs the Court that both letters constitute a
"letter agreement" between the company and Sea-Pac.  According
to him, the company relied on Sea-Pac's promise to act as its
distributor in the Pacific Northwest until July 31, 2007, unless
an earlier transition date was agreed by the parties.

The negotiations of the transition to a different distribution
relationship was common knowledge among the company and Sea-Pac
employees, Mr. Madron states.  One or more Sea-Pac employees had
contacted the company regarding the status of Sea-Pac as a
distributor of the company and inquired as to their current and
future employment situation.

Certain sales representatives of the company told Sea-Pac sales
people that, "if you lose your employment with Sea-Pac and do
not have a written agreement preventing you from working for us,
then we would be extremely interested in speaking with you about
employment possibilities with AWI."

Paul Murfin, vice president of Sales for AWI Floor Products,
received an e-mail from Mr. Williams on Sept. 30, 2006, accusing
the company of trying to hire away Sea-Pac's sales
representatives, Mr. Madron relates.

On Oct. 2, 2006, Terry Goodall, Director of Sales for Sea-Pac,
sent a letter to all of the company's retailers and customers in
the Pacific Northwest notifying them that the company and Sea-
Pac have come to a "strategic impasse" and have "agreed to
separate and we are anxious for this to occur."

Mr. Madron says that the Goodall Letter also told the company's
customers of the "diversification of our product lines" and
encouraged them to purchase competing non-AWI flooring products
from Sea-Pac.

          Armstrong World's Breach of Contract Claim

Mr. Madron asserts that the "letter agreement" constitutes a
valid and enforceable agreement between the company and Sea-Pac
requiring Sea-Pac to act as the company's distributor in the
Pacific Northwest until July 31, 2007, unless an earlier
transition date was agreed to by the parties.

Mr. Madron contends that Sea-Pac provided no notice of its
actions and intentions to unilaterally repudiate its obligations
and withdraw as the company's distributor.

The breach of contract has caused and will continue to cause the
company damages of US$75,000 in increased cost and expenses in
finding substitute distribution services, cancelled orders,
increased sales cost, lost sales, and loss of reputation and
goodwill, Mr. Madron avers.

The company is entitled to damages to compensate for damages
caused by Sea-Pac's breach of contract, Mr. Madron insists.  
Should Sea-Pac be entitled to an allowed administrative expense
for any portion of its Claim, the company's liability for that
claim should be offset by the amount of damages owed to the
company as a result of the breach.

As of the Effective Date, the company's records reflect that
US$2,011,188 was owed by Sea-Pac on account of goods delivered
before the Effective Date, which is subject to reduction by
certain credits applied in the ordinary course of the parties'
business dealings.  Although certain invoices are not yet past
due, Sea-Pac's actions led the company to believe that Sea-Pac
does not intend to pay the amounts owing to them for the goods.

To the extent that Sea-Pac fails to pay for the goods, the
company has a counterclaim against Sea-Pac that may offset its
liability on account of any allowed administrative expense that
Sea-Pac might have against the company, Mr. Madron maintains.

        Armstrong World's Supplemental Claim Objections

Furthermore, the company argues that:

   a) Sea-Pac Claim is barred to the extent it asserts claims
      previously asserted and withdrawn, with prejudice.

      On August 30, 2001, Sea-Pac filed Claim No. 3528 against
      the Company, asserting liquidated claims approximately
      US$111,500.  As well as precautionary contingent claim in
      the amount of US$7,000,000, all with respect to the Sea-
      Pac agreements.

      Sea-Pac withdrew with prejudice the claim well after it
      became aware of the alleged breaches asserted in the Sea-
      Pac Claim.

   b) Sea-Pac's Residential Agreement Breach claim must be
      disallowed because it is barred by the applicable statute
      of limitations.

   c) Any amendment of the Sea-Pac Claim asserting additional
      administrative expenses for actions occurring before the
      Effective Date should be rejected.

      The company denies that it attempted to hire Sea-Pac's
      sales force away from Sea-Pac, that it misused Sea-Pac's
      confidential information, or that it took any action that
      was a breach of any contractual duty or violation of any
      state or federal law.

         Armstrong World Wants Arbitration Motion Denied

Sea-Pac seeks to compel arbitration of its claims against the
company rather than have the Claim Objection resolved in
Bankruptcy Court.

Sea-Pac failed to establish any basis for the Arbitration
Motion, Mr. Madron contends, citing the principles enunciated by
the U.S. Court of Appeals for the Third Circuit in In re Mintze,
434 F.3d 222 (3d Cir. 2006).

Mr. Madron asserts that:

   a) Sea-Pac has no right to arbitration under the terms of the
      expired Sea-Pac Agreements.

      The expired Sea-Pac Agreements expressly permit the
      parties to litigate their disputes if no party timely
      elects arbitration, "if any dispute is not resolved by
      negotiation within 30 days of its arising, then, at the
      written request of either party within an additional
      10 days, the dispute shall be submitted to mediation with
      a mediator chosen jointly."

      Neither Sea-Pac nor the company elected to proceed with
      Arbitration within the deadlines provided in the expired
      agreement.

      In accordance with the Agreement, "if in the absence of
      a request for mediation . . . then, at the option of
      either party, such dispute shall be submitted to binding
      arbitration . . ."  Until the recent filing of the
      Arbitration Motion, Sea-Pac took no action in furtherance
      of its option to submit the alleged disputes to
      arbitration.

      The Agreement further provides that if arbitration is not
      initiated within 30 days of its becoming an option, either
      party may resort to litigation.  Sea-Pac made no request
      for arbitration until the Debtor filed for Claim
      Objection, six months after the expiration of the latest
      possible deadline for requesting arbitration.

   b) Arbitration is not an appropriate forum for resolution of
      the Sea-Pac Claim.

      * The Court has discretion to deny enforcement of
        arbitration provisions.

        The Court's fundamental issue is whether the dispute
        could arise outside of the bankruptcy or whether the
        "statutory rights" at issue derive exclusively from the
        Bankruptcy Code provisions.  Sea-Pac is asserting
        entitlement to an administrative expense, which is a
        creature of the Bankruptcy Code and afforded priority
        treatment ahead of other creditors.

        Accordingly, even if there was an enforceable
        arbitration provision at issue, the Court has discretion
        to refuse to refer the matter to arbitration because
        arbitration of the Claim Objection conflicts with the
        objectives of the Bankruptcy Code.

      * The Court should exercise its discretion to deny the
        arbitration because the facts mitigate against
        arbitration:

           -- The determination of the Sea-Pac Claim's priority
              is within the exclusive jurisdiction of the
              Bankruptcy Court, given the strong policy of the
              Bankruptcy Code to have a centralized forum for
              resolving the entire body of claims against a
              debtor's estate.

           -- Sea-Pac should be absolutely barred from asserting
              administrative expense claims after failing to
              comply with the Administrative Expense Bar Date
              established in the company's case.

           -- The analysis involved in valuing the
              administrative expense claims requires the
              expertise of the Bankruptcy Court and application
              of breach of contract principles by an arbitration
              panel may conflict with the standard imposed by
              the Bankruptcy Code.

           -- The expired Sea-Pac Agreement does not contain any
              provision entitling Sea-Pac to attorneys' fees
              and, as a matter of bankruptcy law, an unsecured
              creditor may not recover postpetition attorney's
              fees or other collection costs from an insolvent
              debtor.

                           Sea-Pac Responds

On Sea-Pac's behalf, Michael G. Busenkell, Esq., at Eckert
Seamans Cherin & Mellott, LLC, in Wilmington, Delaware, asserts
that:

   a) Sea-Pac has an enforceable right to arbitration under the
      Agreements.

      * The arbitrators should decide whether Sea-Pac has waived
        arbitration.

        In Howsam v. Dean Writer Reynolds, Inc., 537 U.S. 79
        (2002), and Moses H. Cone Memorial Hospital v. Mercury
        Constr. Corp., 460 U.S. 1, 24-25 (1983), the Supreme
        Court has held that whether conditions precedent to an
        obligation to arbitrate have been met, including the
        timing of arbitration requests, are for arbitrators to
        decide than the Court.

      * Sea-Pac timely initiated arbitration.  

        Sea-Pac has 70 days from the time the dispute arose to
        seek arbitration of its claims, according to the
        Agreements.  The dispute arose on July 23, 2006, the
        date Sea-Pac received the company's claims objections.
        Accordingly, until the Debtors filed the Claims
        Objection on July 20, 2006, Sea-Pac had an allowed claim
        and no dispute existed regarding the Claim.  The
        Arbitration Motion filed on Sept. 30, 2006 is within the
        70-day time period.

      * The failure to initiate arbitration within the time set
        forth in the Agreements does not amount to a waiver of
        arbitration rights.

        The provisions of the Agreements relied upon by the
        Debtors do not state that arbitration is no longer
        available after expiration of the 30-day period.  
        Rather, the Commercial Agreement and Residential
        Agreement indicate that either party may pursue
        litigation rather than arbitration once the 30-day
        period expires.

   b) Arbitration is appropriate for Sea-Pac's Claims.

      Arbitration of the Debtors' liability under the Agreements
      involves neither bankruptcy issues nor statutorily created
      rights under the Bankruptcy Code.  Sea-Pac's claims are
      purely state law breach of contract claims.  Moreover,
      arbitration of the Debtors' liability under the Agreements
      does not offend any objectives of the Bankruptcy Code.

      Contrary to the Debtors' assertion, Sea-Pac does not seek
      arbitration of issues, which it acknowledges are within
      the Court's jurisdiction:

         -- the priority of Sea-Pac's claims;

         -- the timelines of Sea-Pac's claims; and

         -- Sea-Pac's right to recover attorney's fees from the
            Debtors' estates.

      Similarly, there are no purely bankruptcy issues that
      require centralized resolution.  No special bankruptcy
      expertise is required to resolve Sea-Pac's underlying
      contract claims; arbitration will not adversely impact
      other creditors; and arbitration does not threaten the
      assets of the estate.

                       About Sea-Pac Sales

Sea-Pac Sales (Seattle Hardware) focuses on selling gold mining
equipment to fortune seekers.  The company became a division of
Seattle Hardware in the 1950s when appliances, electronics and
floor covering products began to out-grow hardware.  In 1984,
Sea-Pac was merged with Palmer G. Lewis Company and remained as
part of that group until purchased by the current owner,
Warn/Williams Associates, in 1990.  The company's distribution
center and headquarters are located in Kent, Washington-serving
Oregon, Washington, Idaho, Montana, Alaska, and Northern
Wyoming.

                      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.


HARVEST COURT: Provides Update on Restructuring Status
------------------------------------------------------
Harvest Court Industries Berhad, on October 2, 2006, has posted
with the Bursa Securities its status of default pursuant to
Practice Note 17/2005 of the Listing Requirements of Bursa
Malaysia Securities Berhad.  As of September 30, 2006, the
company and its subsidiaries disclosed no change in its default
status to its various credit facilities to the financial
institutions as compared with its July 23, 2006 disclosure.

On July 23, 2004, Harvest Court and its affiliate companies have
defaulted in the repayment of various facilities granted by its
bankers:

     1. Affin Bank Berhad;
     2. Utama Merchant Bank Berhad;
     3. RHB Bank Berhad;
     4. Alliance Merchant Bank Berhad;
     5. Public Bank Berhad; and
     6. United Overseas Bank (M) Berhad.

In order to address the default issue, Harvest Court, on
April 27, 2006, appointed Hwang-DBS Securities Berhad to advise
it on a corporate exercise to restructure the company.  The
Exercise may involve:

     -- a capital reduction;
     -- a capital raising;
     -- a debt restructuring and settlement; and
     -- the acquisition of suitable assets/businesses which are
        currently being identified.

These proposals are preliminary and will be finalized upon the
completion of a financial and viability assessment and receipt
of feedback after discussions with the company's lenders and
major creditors.

An earlier TCR-AP report on June 12, 2006, stated that Harvest
Court had asked Bursa Malaysia to extend the deadline for the
Company to comply with the Listing Requirements until
March 2008.  Furthermore, the Company also submitted an
application for an extension of its deadline to submit a
regularization plan to the relevant authorities until
March 7, 2007.  

There are no financial and legal implications in respect of the
default in payments as none of Harvest Court's bankers have
initiated legal action or recalled their facilities.  The HCIB
Group's operations are still ongoing and certain of its bankers'
facilities are still being utilized.

                     About Harvest Court

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln   
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure the Company, including a debt restructuring and
capital reduction.  The Company's proposed corporate exercise
was rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all financial problems of the Company.  Its
appeal to reconsider the rejection was also junked by the
Commission on February 24, 2006.  The Harvest Court Board is now
in talks with lenders and major creditors for its next course of
action.

The Company's March 31, 2006, balance sheet revealed strained
liquidity with MYR18,934,859 in current assets available to pay
MYR51,890,884 of current liabilities coming due within the next
12 months.


PSC INDUSTRIES: Posts Summary Judgment Updates as of Sept. 2006
---------------------------------------------------------------
Pursuant to Practice Note 1/2001 of the Listing Requirements of
Bursa Malaysia Securities Berhad, on September 29, 2006, PSC
Industries Berhad and some of its subsidiaries have posted
updates on its Summary Judgment status:

1) AmBank (M) Bhd

   On May 5, 2006, PSC Industries announced that the Senior  
   Assistant Registrar of Kuala Lumpur High Court had allowed on
   May 4, 2006, AmBank's application for summary judgment with
   costs against PSCI and Penang Shipbuilding & Construction Sdn
   Bhd.  Notice of Appeal has been filed against the decision.
   The hearing of Appeal has been adjourned to January 23, 2007.

2) Tractors Malaysia (1982) Sdn Bhd

   On July 13, 2006, PSC Industries announced that the Registrar
   of Kuala Lumpur High Court on July 7, 2006, had allowed the
   Petitioner's application for summary judgment against PSC-
   Naval Dockyard Sdn Bhd (now known as Bouasted Naval Shipyard
   Sdn Bhd), an associate company of PSC Industries, for the sum
   of EUR3,795,000 or the equivalent sum in Ringgit Malaysia
   calculated at the exchange rate as at July 6, 2006. The
   hearing of Appeal on which was scheduled on Sept. 25, 2006,
   has been adjourned to Nov. 7, 2006.

   No further announcement will be made on the development of
   case as Bouasted Naval Shipyard Sdn Bhd had ceased to be a
   subsidiary of PSC Industries on December 15, 2005.

3) OCBC Bank (M) Bhd

   On April 14, 2006, PSC Industries announced that the Deputy
   Registrar of Kuala Lumpur High Court had allowed OCBC Bank
   (M) Bhd's application on April 13, 2006, for summary judgment
   with costs against PSC Industries and Penang Shipbuilding.
   The Court has fixed the hearing for October 11, 2006.

4) Alliance Bank Malaysia Bhd

   On March 13, 2006, PSC Industries received the Writ of
   Summons and Statements of Claim from Alliance Bank
   Malaysia Bhd claiming against Bouasted Naval and Tan Sri
   Dato' Amin Shah Bin Haji Omar Shah a judgment sum of
   MYR274,854,796.60 (as at  November 30, 2005) plus interests
   and costs.  The court has fixed the summary judgment hearing
   for Nov. 6, 2006.  

                      About PSC Industries

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

The Company is currently formulating a regularization plan
pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad's Listing Requirements.  

As of March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


TALAM CORPORATION: Revenue Down 59% at MYR72MM in 1st Quarter
-------------------------------------------------------------
Talam Corporation Berhad submitted its unaudited financial
report for the first quarter ended April 30, 2006, to the Bursa
Securities.

For the 2006 first quarter, Talam posted MYR71,649,000 of
consolidated revenues, a 59.3% decrease as compared to the
MYR175,954,000 of revenues for the same period last year.  The
decrease in the current revenue was mainly attributable to
lower locked in sales and soft property market.

Pre-tax loss for the quarter of ended April 30, 2006, decreased
to MYR2,768,000 as compared with the MYR26,515,000 pre-tax loss
for the same quarter last year.  The reduction of the pre-tax
loss was due to the reduction in administration and operating
expenses resulting from a one-off provision for impairment of
inventory and decrease in staff related costs.

Talam incurred a MYR5,049,000 loss in the quarter ended
April 30, 2006, as against MYR19,271,000 in the same quarter
last year.

Talam's consolidated balance sheet as of April 30, 2006, showed
strained liquidity with MYR1,688,658,000 in current assets
available to pay MYR2,730,964,000 in current liabilities coming
due within the next 12 months.  Total assets as of April 30,
2006, amounted to MYR3,307,522,000 and total liabilities was
MYR2,698,992,000, resulting in a stockholders' equity of
MYR608,530,000.

Talam's financial report for the First Quarter Ended
April 30, 2006, is available for free at:

       http://bankrupt.com/misc/tcrap_talam.pdf

                      About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.

As reported by the Troubled Company reporter - Asia Pacific on
September 11, 2006, Ernst & Young has raised doubt on Talam's
going concern ability, citing the group's losses and default in
loan repayments.  Accordingly, the Company is an affected listed
issuer of the Amended Practice Note 17 category.


TALAM CORPORATION: Won't Seek Shareholders' OK in Share Purchase
----------------------------------------------------------------
Talam Corporation Berhad, on September 26, 2006, disclosed that
it will not seek the approval of its shareholders for the
renewal of authorization that will enable the company to
purchase up to 10% of the issued and paid-up ordinary share
capital of the Company pursuant to Section 67A of the Companies
Act, 1965.

This was in relation to Talam's disclosure on Aug. 29, 2006, in
which the company proposed during its Annual General Meeting to:

   -- obtain the shareholders' mandate for recurrent related
      party transactions of a revenue or trading nature pursuant
      to Chapter 10.09 of the Listing Requirements of the Bursa
      Malaysia Securities Berhad; and

   -- seek the approval of its shareholders for the purchase of
      up to 10% of the issued and paid-up ordinary share
      capital.

As at to-date, Talam purchased 878,600 of its own shares.  All
shares purchased are being held as treasury shares.

                      About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.

The Group's balance sheet for April 30, 2006, showed current
assets of MYR1,688,658,000 and current liabilities of
MYR2,730,964,000.  Total assets amounted to MYR3,307,522,000,
available to pay total liabilities of MYR2,698,992,000,
resulting in a stockholders' equity of MYR608,530,000.

As reported by the Troubled Company reporter - Asia Pacific on
September 11, 2006, Ernst & Young has raised doubt on Talam's
going concern ability, citing the group's losses and default in
loan repayments.  Accordingly, the Company is an affected listed
issuer of the Amended Practice Note 17 category.


TALAM CORPORATION: Subsidiary Inks Sale and Purchase Agreement
--------------------------------------------------------------
Talam Corporation Berhad's subsidiary, Zillion Development Sdn
Bhd Selangor, has entered on Sept. 29, 2006, into two separate
sale and purchase agreements with Banting Resources Sdn Bhd to
dispose 376 acres of land located at Mukim Tanjung 12, Daerah
Kuala Langat.

The Land which was purchased for MYR32,900,000, at MYR87,500 per
acre at a willing buyer and willing seller basis, will be
disposed free from all charges and encumbrances.

The net proceeds from the Proposed Disposal will be used by
Talam for working capital.

The Proposed Disposal will not have any material effect on the
net tangible assets and earnings per share of Talam Group for
the financial year ending January 31, 2007.  The Proposed
Disposal will result in a one-off loss of MYR11,307,776.20.

                       About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.

The Group's balance sheet for April 30, 2006, showed current
assets of MYR1,688,658,000 and current liabilities of
MYR2,730,964,000.  Total assets amounted to MYR3,307,522,000,
available to pay total liabilities of MYR2,698,992,000,
resulting in a stockholders' equity of MYR608,530,000.

As reported by the Troubled Company reporter - Asia Pacific on
September 11, 2006, Ernst & Young has raised doubt on Talam's
going concern ability, citing the group's losses and default in
loan repayments.  Accordingly, the Company is an affected listed
issuer of the Amended Practice Note 17 category.


TAP RESOURCES: Posts MYR1,020,000 Loss in July 2006 Quarter
-----------------------------------------------------------
On September 29, 2006, TAP Resources posted its unaudited
financial report for the first quarter ended July 31, 2006, with
the Bursa Securities.

For the quarter under review, TAP Resources recorded a turnover
of MYR776,000, which is a significant reduction as compared with
the MYR2,880,000 turnover posted for the same quarter last
financial year.  The construction segment contributed MYR763,000
to TAP's revenue.  Loss before tax was MYR1,010,000, compared
with the previous corresponding financial period's profit before
tax of MYR75,000.  Moreover, the Group recorded MYR1,020,000
loss for the quarter ended July 31, 2006, as compared with the
MYR65,000 profit in the same quarter last fiscal year.

As of July 31, 2006, the Group's balance sheet showed strained
liquidity with total current assets of MYR5,640,000 available to
pay total current liabilities of MYR51,516,000 coming due within
the next 12 months.  Total assets amounted to MYR74,173,000 and
total liabilities amounted to MYR51,516,000, leaving
stockholders' equity of MYR22,657,000.

The Group's Financial Statement for the First Quarter Ended
July 31, 2006, is available for free at:

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

                    About TAP Resources

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

The Company has defaulted in the redemption of the balance of
MYR31,734,381 redeemable convertible secured loan stocks.  It
has also defaulted in the payment of interests, default
interests and overdue interests totaling approximately
MYR3.1 million.


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

AUTOPOINT LTD: Hearing of Liquidation Petition Set on Dec. 19
-------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Autopoint Ltd -- on December 19, 2006, at 10:00
a.m.

Transco 2006 Ltd filed the petition on September 13, 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


CINEMA COMPANY: Shareholders Appoint Haines as Liquidator
---------------------------------------------------------
On September 20, 2006, shareholders of Cinema Company Ltd
resolved to liquidate the company's business and distribute the
surplus assets.

Accordingly, Douglas Peter Haines was appointed liquidator.

The Liquidator can be reached at:

         Douglas Peter Haines
         Level Two, BDO House
         99-105 Customhouse Quay
         P.O. Box 10-340, Wellington
         New Zealand
         Telephone:(04) 472 5850
         Facsimile:(04) 473 3582
         e-mail: doug.haines@wlg.bdospicers.com


DENNY'S CORP: Embarks on Corporate Restructuring
------------------------------------------------
Denny's Corporation has embarked on a corporate restructuring,
which created new positions and realigned key operational roles
and responsibilities under a new reporting structure with six
positions reporting directly to the chief executive officer and
president.

The company says that the direct reports now include chief
operating officer, chief financial officer, chief legal officer,
chief marketing officer, chief diversity officer and chief
people officer.

The company disclosed that among the new aspects of its focused
organizational structure is the creation of a chief operating
officer position.  Under which, the company consolidates into
one responsibility both company and franchise operations and the
facilities/repair and maintenance as well as the procurement
groups that previously were separate functions.  The company
says that Sam Wilensky will serve as acting head of operations,
in addition to directing franchisee operations, while a search
is mounted for a full-time chief operating officer.  The
position is expected to be filled by the end of 2007.

The company also disclosed that Mark Wolfinger is elevated to
executive vice president, Growth Initiatives, in addition to his
role as chief financial officer.  Mr. Wolfinger will assume
expanded responsibility for Development, including Strategic and
Alternative Delivery Initiatives, ensuring that the company
remains focused on growth.  He will also have added
responsibility for Information Technology and a newly created
all center that responds to the needs of guests and employees.

Yvonne Wolf was also elevated to the new position of chief
people officer and will report directly to the chief executive
officer. Ms. Wolf will assume responsibility for hiring,
developing and retaining diverse talent essential to the success
of the brand.

Other key executives, including Margaret Jenkins, chief
marketing officer, Rhonda Parish, executive vice president and
chief legal officer, and Ray Hood, chief diversity officer, will
continue to report directly to the chief executive officer.  In
her role as chief marketing officer, Ms. Jenkins will emphasize
retaining guests in addition to acquiring new guests.  Ms.
Parish will increase her department's involvement with
government and public affairs.  Mr. Hood will continue to ensure
that diversity is embedded into and influences all aspects of
the company's business.

The company further disclosed that Craig Herman, senior vice
president of Company Operations, is retiring and has expressed
an interest to be a franchisee.  Company Operations will be led
by Janis Emplit, senior vice president, who will also oversee a
consolidated facilities team.

                       About Denny's Corp.

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

                          *     *     *

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

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.


DNA HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
On September 25, 2006, shareholders of DNA Holdings Ltd passed a
special resolution to voluntarily wind up the company's
operations and appointed Damien Grant as liquidator.

Mr. Grant subsequently requires creditors to prove their claims
by November 30, 2006, for them to share in the distribution.

The Liquidator can be reached at:

         Damien Grant
         P.O. Box 352, Auckland
         New Zealand
         Telephone: 021 549 047
         Facsimile:(09) 444 4013


E C B PROPERTIES: Shareholders Resolve to Liquidate Business
------------------------------------------------------------
On September 21, 2006, shareholders of E C B Properties Ltd
passed a special resolution to liquidate the company's business.

In this regard, Gareth Russel Hoole and Kevin David Pitfield
were appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Gareth Russel Hoole
         Kevin David Pitfield
         Staples Rodway Limited
         Chartered Accountants
         P.O. Box 3899, Auckland
         New Zealand
         Telephone:(09) 309 0463


EUROSTONE LTD: Liquidation Hearing Slated for October 30
--------------------------------------------------------
On September 21, 2006, Chelsea Diamond Tools Ltd filed a
liquidation petition against Eurostone Ltd before the High Court
of Christchurch.

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

The Solicitor for the Petitioner can be reached at:

         Kevin McDonald
         Level Eleven, 19-21 Como Street
         P.O. Box 331-065
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 6827


HAMILL REFRIGERATION: Commences Liquidation of Business
-------------------------------------------------------
On September 21, 2006, Hamill Refrigeration Ltd was placed into
liquidation and Grant Bruce Reynolds and Gilbert Dale Chapman
were appointed as liquidators.

Accordingly, the creditors are required to submit their proofs
of claims by October 30, 2006, or be excluded from sharing in
any distribution the Company will make.

As reported by the Troubled Company Reporter - Asia Pacific on
March 8, 2006, the company was facing the Commissioner of Inland
Revenue's liquidation petition, which was heard before the High
Court of Auckland on March 16, 2006.

The Liquidators can be reached at:

         Grant Bruce Reynolds
         Gilbert Dale Chapman
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 577 0162
         Facsimile:(09) 577 0243


KEADAN HOLDINGS: Court to Hear Liquidation Petition on Oct. 30
--------------------------------------------------------------
Verve Works Ltd filed on October 3, 2006, a liquidation petition
against Keadan Holdings Ltd with the High Court of Christchurch.

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

The Solicitor for the Petitioner can be reached at:

         John Shingleton
         Malley & Co Lawyers
         Tenth Floor, 47 Cathedral Square
         Christchurch
         New Zealand


NEW ZEALAND PREMIUM: Creditors to Prove Debts on October 30
-----------------------------------------------------------
On September 19, 2006, Raymond Gordon Burgess was appointed as
liquidator of New Zealand Premium Beverage Ltd.

Accordingly, Mr. Burgess requires the Company's creditors to
file proofs of debt by October 30, 2006.  Failure to prove their
debt will exclude creditors from sharing in any distribution the
Company will make.

The Liquidator can be reached at:

         Raymond G. Burgess
         P.O. Box 82-100, Auckland
         New Zealand
         Telephone:(09) 576 7806
         Facsimile:(09) 576 7263


OLYMPIC AIRLINES: Launches Tender for IT Services Contract
----------------------------------------------------------
Olympic Airlines S.A. invites bidders for the tender of its
Information Technology Services, including essentially a
Passenger Services System (RES, TICKETING/FARES, DCS, IBE), a
Frequent Flyer System and a Yield Management System, on a hosted
environment to assist with several facets of the Company's
commercial and operational business, in accordance with the
terms specified in the Tender Documents.

Time is of essence to the contract to be concluded, in order to
achieve 100% E-ticketing operation the latest by end 2007 and
all systems to be fully operational by April 2007.

Participation in the tendering procedure requires experience in
supplying Reservations, DCS, Inventory Control and Ticketing
systems to other airlines, as specified in the Tender Documents.

Bids are acceptable only if submitted either directly by the
Bidder or through his especially for this Tender authorized
representative in Greece, stating in either case full name and
address.

Interested participants have until 12:00 GMT on October 31,
2006, to submit their bids by registered mail or courier in a
sealed envelope to:

         Olympic Airlines S.A.
         Attn.: Secretary of the B.o.D.
         Athens International Airport
         AIA Building 97, 5th km.
         Spata-Loutsa
         19019 Athens
         Greece

Bids will remain valid and binding until Jan. 31, 2007.

Request for receipt of Tender Documents, i.e.:

   -- invitation to bidders,

   -- terms of reference,

   -- technical specifications,

   -- specifying identity of the company, contact person, fax
      number and e-mail address,

must be addressed to:

         Olympic Airlines S.A.
         Attn. Mrs. Maria Giannouzi
         Legal Department
         Athens International Airport
         Building 97
         19019 Spata Attica
         Greece
         Fax: +30 2103565236

Each Bidder will bear all costs associated with the preparation
and submission of its bid, and the Company shall in no case be
responsible or liable for such costs, regardless of the conduct
or the outcome of the Tender process.

The Company reserves the right not to accept any Bid received
after the time set above.

Participation in this Tender procedure presupposes and is deemed
as acceptance of all its terms and conditions.  The Company is
not bound to accept the best or any Bid.  Furthermore, the
Company reserves the right to annul the Tender process and
reject all Bids at any time prior to award of contract by
informing the Bidders in writing, without thereby incurring any
liability to the Bidder having submitted the best offer or any
other Bidders, or any obligation to inform the Bidder having
submitted the best offer or any other Bidders on the grounds of
the Company's decision.

The present Invitation and the other Tender Documents are
governed by Greek law and in case of any disputes that my arise
from or in connection with this Invitation and the other Tender
Documents, the Courts of Athens shall have exclusive
jurisdiction.

Headquartered in Athens, Greece, Olympic Airlines S.A. --
http://www.olympicairlines.com/-- the holding company of the  
Olympic Airways group of companies, flies passengers and cargo
to five continents, including Australia, while offering ground
handling, technical maintenance and information technology
services to third parties.

The group's net loss widened to EUR87 million in 2004 from EUR23
million a year before.  Together with the 2004 deficit,
Olympic's EUR110 million in accumulated losses are nearly
equivalent to its EUR130 million in equity.


POGO PRODUCING: To Divest Oil & Gas Assets for Business Growth
--------------------------------------------------------------
Pogo Producing Company intends to divest certain non-strategic
oil and gas properties principally located in the Gulf of
Mexico, south and east Texas, south Louisiana, the Permian Basin
and Texas panhandle, and in western Canada.

"We are constantly evaluating our assets, in order to high-grade
our operations and strengthen our balance sheet," said Pogo's
Chairman and Chief Executive Officer, Paul G. Van Wagenen.  
"Consistent with our previously stated goal of reducing risk and
enhancing investment value to our shareholders, we have
initiated a review of all of Pogo's assets to determine where to
deploy our resources most effectively.  As part of this review,
the company has analyzed the performance of its asset base
relative to targeted rates of return, and is determined to
enhance value for its shareholders by pursuing a sale of the
non-core portion of those assets.  We expect this sale to
further concentrate Pogo's asset base into one that is more
capable of steady, predictable growth, as well as reducing unit
operating costs, improving capital efficiency and increasing
Pogo's profitability."

Based on current market valuations for comparable properties,
the company would expect to ultimately realize in the range of
US$700 million to US$800 million in proceeds from the sales of
all non-core assets.  Pogo expects to proceed expeditiously with
a phased sale process and anticipates closing the sale of the
Gulf of Mexico, south Texas, east Texas and south Louisiana
properties by the end of the first quarter of 2007.  The second
phase of this sale process, covering certain properties in the
Permian Basin, the Texas panhandle and in western Canada should
commence early in 2007 and be completed by mid-year.  Proceeds
from the asset sales are planned to be used for debt reduction.  
Pogo has retained Jefferies Randall & Dewey, a division of
Jefferies & Company, Inc., to assist in the initial sale
process.

The properties included in the first phase of the divestment
plan currently would be expected to produce, in 2007, oil and
natural gas equal to approximately 37 million cubic feet
equivalent per day and represent more than 90 billion cubic feet
equivalent of proven reserves, plus meaningful probable and
possible reserves, as well as exploratory upside potential, and
would include approximately 125,000 gross leasehold acres.

                      About Pogo Producing

Headquartered in Houston, Texas, Pogo Producing Company (NYSE:
PPP) -- http://www.pogoproducing.com/-- explores for, develops   
and produces oil and natural gas.  Pogo owns approximately
4,000,000 gross leasehold acres in major oil and gas provinces
in North America, 3,119,000 acres in New Zealand and 1,480,000
acres in Vietnam.

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 U.S. and Canadian Exploration and Production
sector this week, the rating agency confirmed its Ba3 Corporate
Family Rating for Pogo Producing Company.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   8.25% Sr. Sub.
   Notes due 2011         B2       B1      LGD4       70%

   6.625% Sr. Sub.
   Global Notes
   due 2015               B2       B1      LGD4       70%

   6.875% Sr. Sub.
   Global Notes
   due 2017               B2       B1      LGD4       70%

   7.875% Sr. Sub.
   Global Notes
   due 2013               B2       B1      LGD4       70%

   Multiple Seniority
   Shelf (Senior
   Unsecured)           (P)Ba3  (P)Ba2     LGD3       33%

   Multiple Seniority
   Shelf (Subordinate)  (P)B2   (P)B1      LGD4       70%

   Multiple Seniority
   Shelf (Junior
   Subordinate)         (P)B2   (P)B2      LGD6       97%

   Multiple Seniority
   Shelf (Preferred
   Shelf)               (P)B3   (P)B2      LGD6       97%

   Trust II Preferred
   Shelf                (P)B2   (P)B2      LGD6       97%

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

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


PREMIER BUTCHERY: Court Appoints Joint Liquidators
--------------------------------------------------
On September 21, 2006, the High Court of Auckland appointed Iain
Bruce Shephard and Christine Margaret Dunphy as joint and
several liquidators of Premier Butchery Ltd.

On September 7, 2006, the Troubled Company Reporter - Asia
Pacific reported that Countrywide Meats Ltd filed a liquidation
petition against Premier Butchery.  The petition was heard
before the High Court of Auckland on September 21, 2006.

The Joint Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Level Two, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


SCORPION LTD: Liquidation Petition Hearing Set on Nov. 13
---------------------------------------------------------
A petition to liquidate Scorpion Ltd will be heard before the
High Court of Rotorua on November 13, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 29, 2006.

The Solicitor for the Petitioner can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand


TANNER OUTDOOR: Liquidation Petition Hearing Slated for Nov. 13
---------------------------------------------------------------
Tanner Outdoor Centre Ltd is facing a liquidation petition filed
by the Commissioner of Inland Revenue on August 29, 2006, before
the High Court of Rotorua.

The petition is slated for hearing 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


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

HERTZ CORP: S&P Retains Negative Watch on BB- Corp. Credit Rtg.
---------------------------------------------------------------
Standard & Poor's Ratings Services stated that its ratings on
Hertz Corp., including the 'BB-' corporate credit rating, remain
on CreditWatch with negative implications, where they were
placed on June 26, 2006.

The initial CreditWatch placement was based on potential
incremental debt at Hertz, the sole operating entity of Hertz
Global Holdings Inc., to fund a dividend of approximately US$1
billion to its shareholders just six months after the company's
acquisition; this was completed on June 30, 2006.  "[Mon]day's
CreditWatch update follows the filing by Hertz Global Holdings,
the indirect parent company of Hertz, of an amended S-1 for an
IPO, proceeds of which would be used to pay off the US$1 billion
loan to fund the June 30, 2006, dividend, and to fund yet
another dividend to Hertz's shareholders," said Standard &
Poor's credit analyst Betsy Snyder.

Standard & Poor's will review the progress of the IPO and, if
successful, its effect on Hertz's financial profile, to resolve
the CreditWatch.  The resolution of the CreditWatch will also
incorporate an assessment of the company's more aggressive than
expected financial policy, as evidenced by the large dividend
payouts to its shareholders.

The ratings on Park, Ridge, New Jersey-based Hertz Corp. reflect
a weakened financial profile after the successful completion of
its US$14 billion acquisition, reduced financial flexibility,
and the price-competitive nature of on-airport car rentals and
equipment rentals.  Ratings also incorporate the company's
position as the largest global car rental company and the strong
cash flow its businesses generate.  Hertz was acquired from Ford
Motor Co. by

Clayton, Dubilier & Rice Inc., The Carlyle Group, and Merrill
Lynch Global Private Equity in December 2005.  The acquisition,
which added over US$2 billion of debt to Hertz's balance sheet,
has resulted in an increase in its borrowing costs, and credit
ratios have weakened from previous relatively healthy levels.  
In addition, the company's historically strong financial
flexibility has declined somewhat, with around two-thirds of its
tangible assets now secured, compared to around 10% previously.

Hertz Corp. -- https://www.hertz.com/ --  the largest global car
rental company, participates primarily in the on-airport segment
of the car rental industry.  This segment, which generates
approximately 69% of Hertz's consolidated revenues, is heavily
reliant on airline traffic.  Demand tends to be cyclical, and
can also be affected by global events such as wars, terrorism,
and disease outbreaks.  Hertz has also grown its off-airport
business (12% of consolidated revenues), the segment of the car
rental business that is less cyclical and more profitable, but
which is dominated by 'A-' rated Enterprise Rent-A-Car Co.  
Through its Hertz Equipment Rental Corp. subsidiary (HERC, 18%
of consolidated revenues), Hertz also operates one of the larger
industrial and construction equipment renters in the U.S., along
with some European locations.  Hertz has operations in Hungary,
Peru and the Philippines, among others.


METRO PACIFIC: MPIC Set to Acquire 227,515,063 MPC Common Shares
----------------------------------------------------------------
Metro Pacific Investments Corporation and four shareholders of
Metro Pacific Corporation who collectively hold a total of
725,160,154 common shares, comprising 76% of MPC's total
outstanding common shares, have executed an agreement providing
for Metro Pacific Investments' acquisition of the MPC shares in
exchange for new Metro Pacific Investments shares.

Pursuant to the requirements of the Tender Offer Rules, SRC Rule
19, Metro Pacific Investments is making a tender offer for the
remaining 227,515,063 common shares of MPC.

Specifically, Metro Pacific Investments is offering to acquire
all the common shares of the MPC minority shareholders at the
exchange ratio of one Metro Pacific Investments common share,
plus three warrants to purchase up to three Metro Pacific
Investments common shares at P1.00 per share, for every four MPC
common shares.

In the event that the number of MPC shares tendered by an MPC
Minority Shareholder is not entirely divisible by 4, MPIC will
acquire any extra MPC shares for a cash consideration of P0.25
per share for up to a maximum of three shares.

The tender offer is tentatively scheduled to begin on October
27, 2006, and end on November 28, 2006.

Metro Pacific Investments notes that it will be sending
shareholders an information package containing:

   * an Information Memorandum on Metro Pacific Investments;

   * the description of the tender offer and its terms and
     conditions; and

   * the application forms for the tender offer

Metro Pacific Corporation -- http://www.metropacific.com/-- is  
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co.,
raised significant doubts on MPC's ability to continue as a
going concern after auditing the Company's annual report for the
period ended December 31, 2005.

Ms. Miguel noted in the auditors' report that MPC suffered
significant losses in prior years leading to its inability to
meet its maturing obligations, on principal and interest, to
certain third-party lenders and to a related company.  Although
the Company has generated a PHP194.26-million net income
attributable to equity holders for the year ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of
December 31, 2005, due to prior year's accumulated losses.

In response, the company continues to implement measures geared
towards generating liquidity to meet maturing obligations and
profitability, including debt rehabilitation activities and a
capital restructuring plan.


NATIONAL POWER: S&P Assigns BB- Rating to US$500 Million Notes
--------------------------------------------------------------
On October 25, 2006, Standard & Poor's Ratings Services assigned
its 'BB-' rating to the proposed US$500 million unsecured notes
to be issued by Philippines' National Power Corp. (Napocor;
foreign currency BB-/Stable/--, local currency BB+/Stable/--).  
The Republic of Philippines (foreign currency BB-/Stable/B;
local currency BB+/Stable/B) will unconditionally and
irrevocably guarantee the notes.  Napocor will use the proceeds
for capital expenditure.

Napocor is a wholly government-owned generation company and the
dominant power provider in the Philippines.  Napocor owns 6,622
megawatts of installed capacity, including capacity from plants
owned by Napocor but operated by independent power producers. An
additional 5,704 MW is available from the other IPPs.

The ratings on Napocor reflect the Philippine government's
unconditional direct guarantee on all of the utility's debt
obligations, including the proposed issue. The government also
provides a performance undertaking on all of Napocor's contracts
to purchase power from IPPs. Based on these guarantees and
undertakings, the government is ultimately responsible for
Napocor's indebtedness.

Napocor's stand-alone credit profile is very weak. Low
affordability among consumers, very weak financial profile,
overcapacity, difficulty in raising electricity rates, and heavy
costs associated with long-term take-or-pay contracts for power
purchase obligations continue to affect
Napocor.

Furthermore, Napocor's operating environment remains uncertain.  
The government plans to restructure Napocor by transferring its
assets and liabilities to Power Sector Assets and Liabilities
Management Corp. (PSALM), which would then sell the generation
assets and privatize the transmission assets, through
concession, to private utilities.

Progress on the sale of generation assets has been slow so far.  
As of September 2006, PSALM had only awarded the bids for seven
hydroelectric stations with a total capacity of 120.5 MW.
Creditors' approval has only been obtained for these power
stations.  For the other assets, approval is still pending from
some major creditors although one of them has already given its
consent.

These weaknesses are partly offset by Napocor's significant
market share in electricity generation and status as the sole
transmission company in the Philippines.


NATIONAL POWER: Fitch Assigns BB Rating to US$500 Million Notes
---------------------------------------------------------------
On October 25, 2006, Fitch Ratings assigned a rating of 'BB' to
the US$500 million fixed-rate notes issued by National Power
Corporation in the Philippines.

The Notes are irrevocably and unconditionally guaranteed by the
Republic of the Philippines and hence the rating of the Notes is
based on the 'BB' Long-term foreign currency Issuer Default
rating of the ROP (Outlook Stable).

The rating addresses the timely payment of interest and the
ultimate payment of principal of the notes by the legal final
maturity in October 2016.


NATIONAL POWER: Says Price Changes in WESM Due to Market Forces
---------------------------------------------------------------
National Power Corporation has clarified that recent changes in
the electricity prices of power generators bidding in the
Wholesale Electricity Spot Market are just part of the dynamics
that govern the relationships of market participants.

In a statement, National Power also explained that these price
fluctuations are also an indication of the self-correcting
mechanism in electricity prices under a competitive and
deregulated environment, where power rates reflect, or at least
approximate, the true cost of generation.

National Power, which is one of the major players in the WESM,
at the same time denied allegations that it has been bidding
"high" recently to recover losses incurred in the past two
months at the spot market.  Neither has it been engaging in any
"bid-low" strategies, the Corporation stressed.

"On the contrary, National Power has been consistently bidding
well within the range of its allowable Rate-of-Return," the
statement said.  "It is the market that dictates how much can be
charged at any given bidding hour.  This is the very essence of
competition."

The power company pointed out that WESM records will show that
National Power has been bidding in the spot market using
electricity generation prices based on its approved revenue
requirement.

National Power also explained that there are many factors that
affect prices in an open market.

"Trading in an open market such as the WESM depends on the
strategies and decisions on electricity pricing by trading
participants.  These strategies and decisions tend to respond to
real market situations.  To protect the interest of consumers,
the market employs safeguards to assure that rates are within
realistic levels, and that no participant exhibits anti-
competitive behavior and unfair practice.  The governing rules
of the WESM assure that the market will result in electricity
rates that are viable and competitive," the statement said.

The power company added that it still offers the cheapest
electricity rates in the industry under its Time-Of-Use scheme,
even as it assured that it will continue to sustain the
continuous implementation of various measures to cut costs, and
to further improve the efficiency and reliability of its
operations.

"These include the sustained implementation of our optimized
generation mix - using less imported fuel oil and more of our
indigenous and renewable energy sources.  In 2005, National
Power significantly lowered the use of oil-based generation
capacities, shifting the load to the more costeffective power
generation plants such as hydro, geothermal and natural gas.  In
2005, we were able to generate more than P1 billion in savings
out of this program," National Power said.

National Power further explained that the implementation of the
optimized generation mix has also lessened the impact of the
continuous increases in oil prices on power generation costs.  
National Power's bidding strategy in the WESM, to the extent
possible, would approximate this cost-effective generation mix
approach.

                      About National Power

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a PHP16-
million profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.

On October 25, 2006, Standard & Poor's Ratings Services assigned
its 'BB-' rating to the proposed US$500 million unsecured notes
to be issued by Philippines' National Power Corp.

Fitch Ratings, meanwhile, assigned a rating of 'BB' to the
US$500 million fixed-rate notes issued by National Power.


PHILIPPINE LONG DISTANCE: "Best Managed Company," EuroMoney Says
----------------------------------------------------------------
The Philippine Long Distance Telephone Co. was recently cited as
the Best Managed Company in Asia in a survey conducted by
Euromoney, a respected international financial magazine.

PLDT topped a field of 223 major Asian companies nominated by 49
financial institutions and analysts worldwide in Euromoney's
2006 polls.  Aside from being the Best Managed Company in Asia,
PLDT was also recognized with four more best-in category awards:

   1. Best Fixed Line Company in Asia,
   2. Best Cellular Company in Asia,
   3. Most Convincing and Coherent Strategy - Philippines, and
   4. Most Transparent Accounts in Asia

The other companies included in the top five in Euromoney's 2006
poll were: Sun Hung Kai Properties of Hong Kong, 2nd place;
Bharti Telecom of India, 3rd place; CapitaLand of Singapore, 4th
place; and Ayala Land of the Philippines, Ping An Insurance of
China and Public Bank Malaysia, all tied at 5th place.

Euromoney commended PLDT's success in dealing with what PLDT
Chairman Manuel V. Pangilinan called a "tipping point" in the
telecommunications industry where mass adoption of new
technology would leave "legacy businesses" behind.

"Pangilinan describes PLDT's transformation as one from an
infrastructure play to a marketing and customer-centric
company," said Euromoney.

"Now, he says, the company faces another tipping point, as 3G
networks spur wireless broadband and mobile and video commerce.
PLDT plans to spend an additional US$1 billion over the next
three to four years to upgrade its technology as part of a
strategy that it dubs 'broadbanding the future.'  Although
management has said that this will put earnings growth under
pressure, the market has rewarded the strategy: PLDT shares have
risen 36% over the past 12 months," it added.

Mr. Pangilinan said it was indeed an honor for PLDT to be chosen
as the best managed company not only in the Philippines but in
Asia.

"This recognition has been made possible by the industry,
commitment and passion of the people of PLDT.  Yet it provides
us with fresh impetus to pursue relentless innovation, deliver
excellent service to our clients and exceptional results to our
shareholders," he said.

"I am also gratified by the acknowledgment given our efforts to
set new strategic directions for PLDT and to establish the
highest standards of transparency and corporate governance for
the Group," Mr. Pangilinan added.

PLDT President and CEO Napoleon L. Nazareno added that the
Euromoney award is a testament to the Filipino's ability to
excel in business.

"This recognition by the international financial community shows
that Philippine business can make its mark in Asia and the
world. Our innovations in technology applications and business
models have helped make the Philippine telecoms industry one of
the most dynamic in the region and the world," he said.

In Euromoney's 2005 polls last year, PLDT was Best Managed
Company in the Philippines and Best Telecoms Fixed in Asia.  It
also clinched 2nd place in Most Convincing and Coherent Strategy
in Asia, 2nd place in Best Treatment of Minority Shareholders in
Asia, and 2nd place in Most Accessible Senior Management in
Asia.

                          About PLDT

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

                          *     *     *

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

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

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


PHILIPPINE LONG DISTANCE: To Hold Teleconference on November 7
--------------------------------------------------------------
The Philippine Long Distance Telephone Company advises the
Philippine Stock Exchange that it will hold a teleconference to
discuss the Company's Nine Months 2006 Financial and Operating
Results on November 7, 2006, at 3:30 p.m., Manila Time.

Dial-in details for the teleconference are:

   International access: (852) 2258-4000
   US Toll Free        : +1 (800) 365-8460
   Local access        : 888-8000
   Passcode            : PLDT
   Leader              : Anna Bengzon

Presentation materials may be downloaded or viewed prior to the
conference call from the PLDT Web site:

           http://www.pldt.com.ph/ir/presentation.asp

They are also available at these alternative links during the
conference call period only:

           https://www.pldtonline.com/pldt/ir/index.htm

           http://www.pldtuk.com/pldt/ir/index/htm

           http://203.98.157.83/pldt/ir/index.htm

Parties-in-interest are required to confirm their participation
by faxing the invitation with the relevant information to +632
810-7138 as soon as possible.  Without the response, PLDT cannot
assure a party's access to the conference call.

A copy of the invitation is filed with the PSE.

Maricar Cabador of PLDT may be contacted for inquiries at +632
816-8024 or via E-mail at cscabador@pldt.com.ph

Playback facilities will be available until November 22, 2006:

   International : (825) 2802-5151
   US Toll Free  : 1-800-395-9177
   Passcode      : 794950
   Leader        : Anna Bengzon

                          About PLDT

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

                          *     *     *

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

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

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


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

ADVANCED MICRO: ATI Purchase Gets Canadian Regulatory Approval
--------------------------------------------------------------
Advanced Micro Devices, Inc., and ATI Technologies Inc.
disclosed that the proposed acquisition of ATI by AMD has been
approved by the Minister of Industry under the Investment Canada
Act, satisfying one of the conditions to the closing of the
acquisition.

"We are confident that our plans for the combination of AMD and
ATI will deliver world-class customer-centric solutions and will
benefit Canada and its future role in the technology industry,"
said AMD Chairman and CEO Hector Ruiz.  "We look forward to the
successful completion of the transaction that will generate new
opportunities for both companies, the employees and the
communities in which we operate."

The proposed acquisition, announced on July 24, 2006, still
remains subject to the approval of ATI shareholders, court
approval of the plan of arrangement and other customary closing
conditions. Subject to satisfaction or waiver of these
conditions, the transaction is expected to be completed during
the week of October 23.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the Fair Trade Commission of Taiwan cleared the
proposed merger.

Demonstrating that the transaction will be a net benefit to
Canada, AMD made several commitments to the Minister of Industry
with respect to its Canadian operations, including:

    --  Plans to expand research and development in Canada by
        committing to increase the number of employees in the
        R&D sector in Canada, increase total expenditures on
        research and development in Canada when compared to

    --  ATI's expenditures in this area in the prior years, and
        increase the number of student co-op positions that will
        be available to Canadian students at its operations in
        Canada;

    --  Nominating a Canadian for election to AMD's board of
        directors over the next five years, highlighting the
        importance that Canada will play in the ongoing
        operations of the combined AMD-ATI entity; and

    --  Plans for a global mandate for the current ATI consumer
        business unit, which will continue to be based in
        Markham, Canada.  The current head of this unit, a
        Canadian citizen, is expected to continue in this
        leadership role.

                          About ATI

ATI Technologies Inc. designs and manufactures 3D graphics, PC
platform technologies and digital media silicon solutions.  With
fiscal 2005 revenues of US$2.2 billion, ATI has approximately
4,000 employees in the Americas, Europe and Asia.

                          About AMD

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc. -- http://www.amd.com/-- designs and manufactures   
microprocessors and other semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.

Standard & Poor's removed the rating from CreditWatch negative
where it had been placed on July 24, 2006, following the
announced acquisition of unrated ATI Technologies Inc.  The
ratings outlook is negative.

At the same time, the rating agency assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.

Standard & Poor's also raised its rating on the company's
US$600 million (US$390 million outstanding) senior notes to 'B+'
from 'B', because the company plans to withdraw its shelf
registration which structurally subordinated the notes.  
Concurrent with the closing of the new bank loan and pursuant to
a debt incurrence test in the indenture for the notes, the notes
will become pari passu to the bank loan and the note rating will
become 'BB-' with a '1' recovery rating.

Moody's Investors Service assigned a Ba3 rating to Advanced
Micro Device's US$2.5 billion senior secured bank facility while
confirming the Ba3 corporate family rating and Ba3 rating on the
company's US$390 million senior notes due 2012.  The ratings
reflect both the overall probability of default of the company,
to which Moody's assigns a PDR of Ba3, and a loss given default
of LGD3 for both the new bank facility and the US$390 million
senior notes both of which will share the same collateral and
security package.  The rating outlook is stable.


ADVANTEST CORPORATE: Creditors Must Prove Debts by Nov. 13
----------------------------------------------------------
Neo Ban Chuan and Yeap Lam Kheng, as liquidators of Advantest
Corporate Office (Singapore) Pte Ltd, require the creditors of
the company, which is in members' voluntary liquidation, to
submit their proofs of debt by November 13, 2006, to be included
in the company's distribution of dividend.

The Liquidators can be reached at:

         Neo Ban Chuan
         Yeap Lam Kheng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


AKER KVAERNER: Inks NOK130-Million Supply Deal with Rashpetco
-------------------------------------------------------------
Rashid Petroleum Company (Rashpetco) has awarded Aker Kvaerner
A.S.A. a contract to supply five umbilicals to the Rosetta Phase
3 gas development in the Rosetta Concession, offshore Nile
Delta, Egypt.

The contract is valued at NOK130 million.  Work has already
started on the steel tube umbilicals totaling approximately 43
kilometers in length to be manufactured at Aker Kvaerner
Subsea's facility in Moss, Norway.  Delivery of the umbilicals
is scheduled for the third quarter of 2007.

"This contract builds on our growing activity in the region and
our position as the market leader in subsea steel tube
umbilicals," Raymond Carlsen, EVP Aker Kvaerner Subsea, said.

Rashid Petroleum Company is a public-private joint venture
operated by Great Britain-based oil and gas major BG Group,
which together with its sister company Burullus Gas Company,
operates a network of 34 offshore natural gas wells.  The
company is the largest upstream natural gas operator in Egypt
overseeing over 40% of the nation's daily gas production.  
Together with BG Group, the Egyptian Natural Gas Holding Company
(EGAS) and Edison of Italy are shareholders in Rashid Petroleum
Company.  

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Singapore, Brazil,
Chile, China, India, Indonesia, Japan, Malaysia, South Korea,
Thailand.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                          *     *     *

Moody's Investors Service upgraded the of Aker Kvaerner Oil &
Gas Group and Aker Kvaerner AS, primarily to reflect the
sustainable strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
two years, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


CHEE TAT: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------
The members of Chee Tat Investments Pte Ltd held an
extraordinary general meeting on October 20, 2006, and resolved
to voluntarily wind up the Company's operations.  Chia Lay Beng
was then appointed as liquidator.

Accordingly, the Company's creditors are required to file their
proofs of debt by November 20, 2006, to be included in the
Company's distribution of dividend.

The Liquidator can be reached at:

         Chia Lay Beng,
         1 Scotts Road #21-07/08/09
         Shaw Centre
         Singapore 228208


FREESCALE SEMICONDUCTOR: Commences Tender Offers on Sr. Notes
-------------------------------------------------------------
Freescale Semiconductor, Inc., is commencing tender offers for
its US$350 million aggregate outstanding principal amount of
6.875% Senior Notes due 2011 and its US$500 million aggregate
outstanding principal amount of 7.125% Senior Notes due 2014.  

In connection with the tender offers, Freescale is soliciting
consents to proposed amendments that would, among other things,
eliminate most of the restrictive covenants and certain of the
events of default contained in the indenture governing the
Notes.  The tender offers will expire at 5:00 p.m., prevailing
eastern time, on Nov. 21, 2006, unless either or both tender
offers are earlier terminated or extended.  In order to receive
the consent payment, which is included in the total
consideration, holders must tender their Notes and consent to
the proposed amendments at or prior to 5:00 p.m., prevailing
eastern time, on Nov. 3, 2006, unless the time and date for
either or both consents is extended.

Both tender offers and consent solicitations are being made
pursuant to the terms and subject to the conditions set forth in
an Offer to Purchase and Consent Solicitation Statement, dated
Oct. 23, 2006.  The Statement contains a description of the
specific terms and conditions of the tender offers and consent
solicitations.  Subject to certain exceptions set forth in the
Statement, tenders of Notes may be withdrawn and consents may be
revoked at any time until the applicable Consent Date, but not
thereafter.

Subject to the terms and conditions in the Statement, Freescale
will pay each Holder who validly consents to the applicable
proposed amendments at or prior to 5:00 p.m., prevailing eastern
time, on the applicable Consent Date, US$30.00 in cash per
US$1,000 principal amount of the Notes for which consents have
been validly delivered and not validly revoked at or prior to
5:00 p.m., prevailing eastern time, on the applicable Consent
Date, payable on the applicable settlement date.

As more fully described in the Statement, the total
consideration for each US$1,000 principal amount of each series
of Notes validly tendered pursuant to the applicable tender
offer and accepted for payment on the applicable settlement date
and consents delivered pursuant to the applicable solicitation
and not validly withdrawn or revoked at or prior to 5:00 p.m.,
prevailing eastern time, on the applicable Consent Date, will be
determined with respect to each series of Notes on the basis of
a yield to the applicable First Call Date equal to the sum of
the bid-side yield on the applicable reference treasury security
with respect to such series of Notes as calculated by the Dealer
Managers in accordance with standard market practice plus the
applicable fixed spread of 50 basis points.  The total
consideration applicable to a series of Notes includes the
Consent Payment applicable to such series of Notes and is
payable on the applicable settlement date.  In addition, any
holders who validly tender and do not validly withdraw their
Notes in the tender offers will receive accrued and unpaid
interest from the last interest payment date to, but not
including, the settlement date with respect to such series of
Notes, payable on the applicable settlement date.  Subject to
the terms and conditions in the Statement, the settlement date
for each tender offer is expected to occur promptly following
the applicable Expiration Date.

Each tender offer is conditioned upon the satisfaction of
certain conditions, including, among other things, there being
validly tendered and not withdrawn at least a majority in
aggregate principal amount of the outstanding Notes of each
applicable series and the receipt of the requisite consents for
each applicable series of Notes, execution of the applicable
supplemental indenture providing for the applicable proposed
amendments and the consummation of the merger pursuant to the
previously announced Agreement and Plan of Merger, dated Sept.
15, 2006, by and among Freescale, Firestone Holdings LLC and
Firestone Acquisition Corporation.

Each of Credit Suisse Securities (USA) LLC and Citigroup
Corporate and Investment Banking has been retained as a Dealer
Manager in connection with the tender offers and as a
Solicitation Agent in connection with the consent solicitations.  
Any questions or requests for assistance may be directed to:

         Credit Suisse Securities (USA) LLC
         Telephone: (800) 820-1653 (U.S. toll-free)
                    (212) 325-7596 (collect); or

         Citigroup Corporate and Investment Banking
         Telephone: (800) 558-3745 (U.S. toll-free)
                    (212) 723-6106 (collect)

D.F. King & Co., Inc. has been retained as Tender Agent and as
Information Agent in connection with the tender offers and
consent solicitations.  Requests for additional copies of the
Statement or any other document may be directed to:

         D.F. King & Co., Inc.
         48 Wall Street
         New York, New York 10005
         Telephone: (800) 714-3312 (U.S. toll-free)

                  About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
Taiwan, China, Hong Kong, India, Japan, Korea, Malaysia, and
Singapore.  The company's 7-1/8% Senior Notes due 2014 carry
Moody's Investors Service's Ba1 rating.

                        *    *    *

Freescale Semiconductor's 7-1/8% Senior Notes due 2014 carry
Moody's Investors Service's Ba1 rating.

Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for US$17.6
billion, the largest ever technology leveraged buy-out.


LINDETEVES MARKETING: Proofs of Debt Due on November 6
------------------------------------------------------
Lindeteves Marketing Services Pte Ltd, which was placed under a
members' voluntary liquidation, requires its creditors to submit
their proofs of debt by November 6, 2006.

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

The liquidator can be reached at:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


PETROLEO BRASILEIRO: Advancing Biodiesel Plants Construction
------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, said
in a statement that it has agreed with biodiesel cooperatives to
advance plans on constructing biodiesel plants.

Petroleo Brasileiro told Business News Americas that it will
work with the agriculture cooperatives for the conclusion of
technical and economic feasibility studies for the plants
costing BRL100 million each.  The cooperatives include:

         -- Biopampa,
         -- Cooperbio, and
         -- Frigorifico Mercosul.

According to local press, two plants will be constructed.

BNamericas relates that Petroleo Brasileiro signed accords with
the cooperatives in May to conduct initial studies.  The
agreement with Cooperbio includes ethanol production.  

Petroleo Brasileiro told BNamericas that some 80,000 small
farmers in the state would produce the oilseeds for biodiesel
production.

BNamericas states that Petroleo Brasileiro wants to make sure
that the supply of biodiesel would meet legal admixture
requirement of 2% from 2008 onward and 5% from 2013.

BR Distribuidora, the retail arm of Petroleo Brasileiro, will
buy production from the plants, BNamericas reports.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
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.


PETROLEO BRASILEIRO: Bolivia Warns of Intervention in Operations
----------------------------------------------------------------
The Bolivian government has warned it will intervene in Petroleo
Brasileiro SA's operations in the nation next week if no deal
over new production contracts is reached by Oct. 28, Valor
Economico reports.

Juan Ramon Quintana, a representative of Bolivia's President Evo
Morales, traveled to Brasilia, Brazil, on Thursday last week to
deliver an ultimatum to Brazil's President Luiz Inacio Lula da
Silva, Valor relates.

President Morales disclosed on May 1 a nationalization of
Bolivia's oil and gas sector, giving foreign oil companies 180
days to renew production contracts or leave the nation.  

The Bolivian government declined last week requests of extending
the Oct. 28 deadline, which is on Oct. 28, Dow Jones states.

                          *     *     *

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.


POLYONE CORP: Moody's Assigns Loss-Given-Default Ratings
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sector,
the rating agency confirmed its B2 Corporate Family Rating for
PolyOne Corp.  

Moody's also upgraded its probability-of-default ratings and
assigned loss-given-default ratings on these debts:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$300 million
   10.625%
   Sr Global Unsec
   Notes
   due 5/2010           B3       B2       LGD4     59%

   US$200 million
   8.875%
   Sr Unsec Notes
   due 5/2012           B3       B2       LGD4     59%

   US$50 million
   7.5%
   Sr Unsec Debentures
   due 12/2015          B3       B2       LGD4     59%

   US$20 million
   7.11%
   Unsec MTN P.S.#3
   due 6/2007           B3       B2       LGD4     59%

   US$10 million
   7.16%
   Unsec MTN P.S.#4
   due 6/2008           B3       B2       LGD4     59%

   US$10 million
   6.89%
   Unsec MTN P.S.#6
   due 9/2008           B3       B2       LGD4     59%

   US$20 million
   6.91%
   Unsec MTN P.S.#7
   due 10/2009          B3       B2       LGD4     59%

   US$20 million
   6.52%
   Unsec MTN P.S.#8
   due 2/2010           B3       B2       LGD4     59%

   US$20 million
   6.58%
   Unsec MTN P.S.#9
   due 2/2011           B3       B2       LGD4     59%

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

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

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

                  About PolyOne Corp.

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North  
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand and Singapore.


REGAL MARINE: Creditors Must File Proofs of Debt by Nov. 3
----------------------------------------------------------
The creditors of Regal Marine Pte Ltd, which is in compulsory
liquidation, are required to prove their debts by November 3,
2006, to be included in the Company's distribution of dividend.

The company's liquidator can be reached at:

         Ramasamy Subramaniam Iyer
         Goh Thien Phong
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


VALEANT PHARMA: Accounting Errors Cue Moody's to Review B1 CFR
--------------------------------------------------------------
Moody's Investors Service puts the B1 corporate family rating
ratings of Valeant Pharmaceuticals International under review
for possible downgrade.  The company's disclosure that it will
restate certain financial statements as a result of accounting
errors related to accounting for stock options prompted this
rating action.

The rating review is prompted primarily by concerns that failure
to file timely financial statements with the SEC could lead to
an acceleration of debt maturities.  According to the indentures
governing US$300 million of Valeant's senior notes, US$240
million of 3% convertible notes and US$240 million of 4%
convertible notes, failure to file timely SEC reports
constitutes a covenant violation.  If the trustee or holders of
25% of the respective series of notes or convertibles declare a
default, Valeant must cure the violation within 60 days or the
debt becomes immediately due.

Secondary concerns include the company's cash flow relative to
debt, which has remained somewhat weak for Moody's B1 corporate
family rating, and delays in the expected timeline for
Viramidine regulatory filings following VISER1 data published in
March 2006 and VISER2 data published in September 2006.  Moody's
rating outlook on Valeant has been negative since March 23,
2006.

Moody's rating review will focus on:

   (1) the ability of the company to meet the filing
       requirements specified in the indentures;

   (2) the nature and extent of the restatement, as well as the
       disclosures of any weaknesses in internal controls over
       financial reporting; and,

   (3) the company's ability to improve free cash flow over the
       near term through growth in product sales and cost
       restructuring activities while continuing to invest in
       Viramidine clinical trials.

Ratings placed under review for possible downgrade:

   * Valeant Pharmaceuticals International

     -- B1 corporate family rating

     -- Ba3 senior unsecured notes of US$300 million due 2011
       (LGD3, 39%)

     -- Ba3 probability of default rating

              About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty  
pharmaceutical company with US$823 million of 2005 revenues.  It
has offices in Biopolis Way, Taiwan and Singapore.


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

FEDERAL-MOGUL: Asks Court to OK US$500MM Pneumo Claims Payment
--------------------------------------------------------------
Federal-Mogul Corp. and its affiliates, the Asbestos Claimants
Committee, and the Legal Representative of Futures Asbestos
Claimants ask the U.S. Bankruptcy Court for the District of
Delaware to approve an alternative settlement with certain
Pneumo Parties to resolve approximately US$500 million in filed
claims against the Debtors' estates.

The Pneumo Parties consist of:

   * Cooper Industries, Ltd., and Cooper Industries, LLC, as
     successor by merger to Cooper Industries, Inc.;

   * PCT International Holdings, Inc.; and

   * Pneumo Abex, LLC, as successor by merger to Pneumo Abex
     Corp.

The Debtors, et al., and the Pneumo Parties have compromised and
settled their disputes and entered into a global settlement on
certain terms and conditions set forth in a Term Sheet, executed
as of July 6, 2006.

James L. Patton, Jr., Esq., at Young Conaway Stargatt & Taylor
LLP, in Wilmington, Delaware, relates that the Term Sheet
incorporates alternative settlement structures referred to as
"Plan A" and "Plan B."  Plan A will be included in, and
implemented only through, the confirmation of the Debtors' Third
Amended Plan of Reorganization.

If confirmed, Plan A will control the settlement between the
Pneumo Parties and the Debtors, et al.

Under Plan A, the Pneumo Parties will pay US$756 million,
consisting of a US$256 million cash payment and a US$500 million
promissory note payable in 25 annual installments of US$20
million, and contribute proceeds of insurance rights and other
assets to a certain trust.  In exchange, the Pneumo Parties will
be included in a class of "Protected Parties" under the Plan's
channeling injunction.

The Debtors, et al., anticipate filing amendments to the Third
Amended Plan, incorporating the Plan A portion of the Term Sheet
in the near future.

Plan B is a back-up alternative for resolution of the Pneumo
Parties disputes so that the Third Amended Plan can be promptly
confirmed and go effective, even if Plan A is not implemented.

Plan B will only be implemented in the event that Plan A is not
confirmed or otherwise successfully implemented.

According to Mr. Patton, the Plan B Settlement Agreement
resolves significant objections to confirmation of the Third
Amended Plan from Cooper, Pneumo Abex and other Pneumo Parties,
as well as their votes rejecting the Plan.  The Agreement
represents the results of the Debtors, et al.'s thorough
investigation of, among other things:

   -- each party's rights and obligations;

   -- the magnitude of direct and indirect asbestos-related
      claims filed by the Pneumo Parties against the Debtors;
      and

   -- the amount of insurance available to satisfy those claims.

Mr. Patton relates that the Pneumo Asbestos Claims arise from:

   (i) a 1994 Asset Purchase Agreement, in which Wagner Electric
       Co., purchased all of the assets comprising the "Friction
       Products Division" from Pneumo Abex; and

   (2) a 1998 Purchase and Sale Agreement, in which Federal-
       Mogul acquired all of the stock of and other equity
       interests in Moog Automotive Products, Inc., Wagner's
       successor, and certain other Cooper subsidiaries from
       Cooper.

Under Plan B, Cooper will receive US$138 million and Pneumo Abex
will receive US$2 million in cash, in full and complete
settlement and satisfaction of the Pneumo Protected Parties'
claims or causes of action against the Debtors and their non-
Debtor affiliates.  Upon the Plan B Payment, the Pneumo Parties
and the Debtors will exchange mutual general releases.

The Pneumo Parties also agree to vote in favor of the Third
Amended Plan.

Furthermore, Cooper and Federal-Mogul Products, Inc., will enter
into an agreement modifying their rights under a 2004
Partitioning Agreement, providing that, under Plan B, Cooper
will relinquish its right to consent to certain settlements of
the "Subject Policies," with proceeds of any settlements being
shared 80% to

F-M Products and 20% to Cooper.  Cooper will retain its rights
to submit claims under the Subject Policies not settled in that
fashion in accordance with the existing Partitioning Agreement.

Mr. Patton maintains that the Plan B Settlement Agreement
resolves years of mounting litigation between the Debtors, et
al., and Cooper, including a pending appeal before the U.S.
Court of Appeals for the Third Circuit.

The Debtors, et al., assure the Court that the Agreement is in
the best interests of all creditors and, hence, should be
approved in its entirety.

The Debtors, et al., also tells the Court that the Official
Committee of Unsecured Creditors, the Official Committee of
Equity Security Holders, and the administrative agent for the
Debtors' lenders prior to filing for chapter 11 protection do
not object to the proposed Agreement.

A full-text copy of the Plan B Settlement Agreement is available
at no charge at http://ResearchArchives.com/t/s?13c5


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. 114; Bankruptcy Creditors' Service,Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FEDERAL-MOGUL: Wants to Recapitalize Non-Debtor Subsidiaries
------------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve the
recapitalization of Federal-Mogul, S.A., and Federal-Mogul
Holding Italy S.r.L., to provide the entities with necessary
adjustments to their balance sheets to maintain their status as
going concerns.

The Restructuring Entities are wholly owned non-debtor
subsidiaries of Debtor FM International, LLC, and make up the
bulk of operations of Federal-Mogul Corp. and its worldwide
family of companies in France and Italy.

By improving the balance sheets of the Restructuring Entities
through elimination of large debts currently on their books, the
Recapitalizations will restore confidence in the Restructuring
Entities' outside business partners; suppliers currently
refusing to extend credit terms; and customers who have been
withholding new business and threatening to re-source production
if the Restructuring Entities do not improve their financial
situations, James E. O'Neill, Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub LLP, in Wilmington, Delaware, explains.

Mr. O'Neill notes that the recapitalizations will have an
economically neutral impact on the Debtor's overall net worth
and will not involve the actual movement of any of the Debtors'
cash.  Nevertheless, the interests of certain Debtors are
implicated by the Recapitalizations.

                        Restructured Notes

A financial restructuring of F-M France and F-M Italy outside of
any formal reorganization proceedings in either of those
countries has been considered desirable by the Debtor for some
time,

Mr. O'Neill relates.  Treatment of certain restructured notes,
which comprise the largest liabilities of both F-M France and F-
M Italy, has figured prominently in those plans.

The Restructured Notes were created between 1998 and 2001 to
fund transfers of certain businesses within the Debtor following
its acquisition of T&N Limited and its subsidiaries in 1998.

Specifically, three sets of intercompany notes were issued to
T&N and its indirect subsidiaries as part of the integration of
the T&N businesses into the Debtor:

   (1) the August 1998 French Notes totaling US$294.7 million
       and a third note issued by F-M France in June 1999, which
       are the subject of the French Recap, and an additional
       note for US$26.25 million;

   (2) a US$139.5 million intercompany loan note issued in May
       2001, a portion of which is intended to be the subject of
       the Italian Recap; and

   (3) two notes of Federal-Mogul Holding Deutschland GmbH, a
       non-Debtor subsidiary, in the original aggregate amount
       of approximately US$467 million, both of which were
       issued in July 1998.

Until the end of 2005, disagreements between the Debtors and
certain T&N administrators concerning the overall terms of the
U.K. restructuring prevented the Debtors from including the
Restructured Notes as part of any consensual restructuring of F-
M France and F-M Italy.  The administrators of the U.K. Debtors'
cases, who considered the Intercompany Notes to be among the
easily saleable assets of the U.K. Debtors, began to market the
Intercompany Notes for sale in mid-2005 and entered into an
agreement to sell the Intercompany Notes to a third party in
August 2005.

Subsequently, the Administrators, the Debtor, T&N, and the co-
proponents of the Debtors' Plan of Reorganization and other
parties entered into a global settlement of outstanding issues
concerning the U.K. Debtors' restructuring.  Under the U.K.
Global Settlement, the Debtors could make an offer to acquire
the Intercompany Notes by paying the Administrators an amount
equal to the difference between:

   -- the cash then held by the Administrators; and

   -- the amount considered by the Administrators as necessary
      to fund company voluntary arrangements and schemes of
      arrangement for the U.K. Debtors to allow them to emerge
      from the U.K. proceedings.

In late December 2005, the Debtor and Federal-Mogul (Continental
European Operations) Limited, a wholly owned non- Debtor
subsidiary of Federal-Mogul, acquired the Intercompany Notes.  
The French Notes were transferred to the Debtor, and the Italian
and German Notes were transferred to F-M CEO.

                   F-M France Recapitalization

F-M France serves as the holding company for several French
Federal-Mogul operations, consisting of 10 manufacturing
facilities and an after-market distribution center.  The French
Subs supply pistons, rings, engine bearings and bushings,
sintered parts, friction material for brakes, and sealing
products.  French Original Equipment Manufacturer customers,
including Renault and PSA Peugot-Citroen, also require the
French Subs to serve as their primary contact for sales,
engineering and customer service on behalf of all Federal-
Mogul's European operations.

Mr. O'Neill states that F-M France has made annual interest
payments of US$21.25 million as required by the French
Acquisition Notes.  Meanwhile, F-M France only receives, on
average, up to US$5 million in annual dividends from the French
Subs.  As a result, it has been experiencing on-going losses of
up to US$15 million per year since 1998, Mr. O'Neill relates.

In addition, the French Subs' operating results forced F-M
France to depreciate the US$383.75 million book value of its
investment in the French Subs by US$207.5 million to
approximately US$176.25 million over the last eight years.

The proposed Recapitalization of F-M France involves the
exchange for equity in F-M France of approximately 84% of the
US$268.45 million owed under two intercompany loan notes by F-M
France to the Debtor.

Specifically, Mr. O'Neill explains that the US$225.3 million
owed under the French Notes to the Debtor, plus US$12.29 million
relating to interest accrued under the French Notes through
September 2006, will be exchanged for a 100% equity stake in F-M
France.

In conjunction with the exchange of part of the French Notes, F-
M International's equity interest in F-M France will be
canceled.

The cancellation is supported by valuations conducted by
Jefferies & Company, Inc., the financial advisor for the
Official Committee of Unsecured Creditors, showing that the
equity in F-M France currently has no value.

The French Recap must be completed by December 2006 to avoid the
possibility of a statutory liquidation under French law.

The French Recap will strengthen F-M France's balance sheet
enabling it to obtain financing from third parties and improve
its debt-to-equity ratio from a negative ratio to a positive one
of less than one.  In addition, the improvement of F-M France's
financial position will remove a statutory bar to the entity
being able to deduct, for French tax purposes, the amount of
interest payable on the remaining French Acquisition Notes in
2007, which will confer a near-term financial benefit of
approximately US$9 million to F-M France.

                          Italian Recap

F-M Italy serves as the holding company for Federal-Mogul
Operations Italy S.r.L.  F-M Italy's sister companies --
Federal-Mogul Ignition S.r.L. and Federal-Mogul Filtration
Products S.r.L. -- primarily produce ignition products and
wipers.

The Debtor's Italian operations consist of eight manufacturing
facilities and after-market distribution center.  The primary
OEM customers are Fiat/Iveco, with additional sales to companies
like BMW, Audi and Renault.  The F-M Ignition Italy and F-M
Filtration businesses are dependent on the Debtor's other non-
Italian entities for technology, distribution and support.

According to Mr. O'Neill, the proposed restructuring of F-M
Italy's current capital structure contemplates the exchange of
50% of the Italian Note for 100% of shares in F-M Italy followed
by its two-step consolidation with F-M Ignition Italy, F-M
Filtration Products S.r.L., and F-M Operations Italy.

Immediately before the consolidation, the Italian Note will be
transferred by F-M CEO to a newly formed U.S. limited liability
company in return for an indirect equity interest in F-M LLC.  
In addition, 50% of the Italian Note will be exchanged for a
100% equity interest in FM Italy.

As with the French Recap, the existing equity interest in F-M
Italy will be canceled.  The cancellation is supported by the
valuation conducted by Jefferies showing that the equity in F-M
Italy has currently no value.

Mr. O'Neill explains that the subsequent consolidation of the F-
M Italian Entities, to be consummated in accordance with Italian
law, will involve two mergers resulting in all of the Debtor's
Italian operations being merged into F-M Italy:

   (i) F-M Ignition Italy and its wholly owned subsidiary,
       F-M Filtration, will be merged into F-M Italy; and

  (ii) F-M Operations Italy, a wholly owned subsidiary of F-M
       Italy, will then merge into F-M Italy.

The current shareholders of F-M Ignition Italy, each of whom is
a direct or indirect subsidiary of the Debtor, are:

   * Debtor F-M International, with a 51.79% current interest;
   * Debtor Federal-Mogul Ignition Company, with an 18.93%
     interest; and
   * non-Debtor Federal-Mogul Netherlands BV, which is currently
     wholly owned by F-M Ignition U.S., with a 29.28% interest.

To facilitate the consolidation of the Debtor's Italian
operations and to streamline the resulting ownership structure,
F-M International and F-M Ignition U.S. will indirectly transfer
their interests in F-M Ignition Italy and F-M Netherlands to F-M
LLC via a newly formed non-Debtor Federal-Mogul Dutch entity.  
In exchange, F-M International and F-M Ignition U.S. will
receive commensurate equity holdings in F-M Dutch NewCo, which
holdings together with that of the Debtor will constitute 100%
of the equity in F-M Dutch NewCo.

As a result of the consolidation of the F-M Italian Entities, F-
M International and F-M Ignition U.S. will be granted indirect
equity interests in the reconstituted F-M Italy proportionate to
the value of their current holdings in F-M Ignition Italy,
adjusted to reflect the fact that:

   (x) those new equity interests will be in F-M Italy, a
       consolidated entity encompassing three businesses as a
       result of the Italian Recap;

   (y) the intended partial exchange of part of the Italian Note
       for equity; and

   (z) any changes in valuations of the F-M Italian Entities at
       the time the consolidation is consummated.

The Debtors also want the Italian Recap completed before the end
of 2006 to comply with Italian law and preserve certain tax
benefits.  Otherwise, among other things, statutory auditors
will be unable to give F-M Italy a going-concern opinion for
2006 that could conceivably result in F-M Italy's compulsory
liquidation under Italian law.

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. 114; Bankruptcy Creditors' Service,Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SIAM CITY: Seeks New Head Amid Merger Talks with BankThai
---------------------------------------------------------
Siam City Bank has so far received three applications for its
presidency, which includes Chulakorn Singhakowin, the former
president of Bank of Asia, The Bangkok Post reports, citing the
bank's chairman Sompol Kiatphaibool.

As reported in the Troubled Company Reporter - Asia Pacific, the
position has been vacant since former president Arun
Chirachavala vacated his post on September 1, 2006.

According to the TCR-AP, Mr. Arun's resignation was prompted by
conflicts within the bank's board of directors.  The conflicts,
the TCR-AP said, steamed over differences in business
strategies.

Meanwhile, The Nation relates that the next president of Siam
City Bank would face a tough assignment regarding the bank's
planned merger with BankThai.  Industry analysts, the paper
adds, are hard to put on the benefits of the planned merger
apart from some economies of scale.

"BankThai is a small bank and will not bring much benefit to
SCIB.  In fact, SCIB might not enjoy this merger," said a local
broker's analyst. "But it might be a good consolidation for the
authorities, who hold shares in both banks. It will be good for
the industry as well as the shareholders."

Therapong Vachirapong, director of research at Phatra
Securities, told The Post that the main concern in a merger
would be the ability of the two parties to create synergy.  
However, Mr. Therapong felt that the plan does not seem to
support SCIB's deposit franchise, and as a result it is unlikely
to reduce funding costs.  "The merger could solve the financial
problems of the two, but structural problems are unlikely to be
solved."

Another analyst from Kim Eng Securities (Thailand) told The
Nation that the prospective merger might become a synergy trap,
because the two banks had no apparent strength.

The analyst said BankThai had no clear position on whether it
will be a retail or a wholesale bank, while SCIB has announced
that it will be a universal bank.  However, SCIB's fundamental
strength does not measure up to the concept, because it has only
limited fee-based income.

In addition, the loan-to-deposit ratio of the two banks is low
at 60% each, compared with the ratio of large banks, which is
78-92%, The Nation further relates.

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal  
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.  
The bank has more than 500 branches countrywide.  The bank had
total assets worth THB814 billion as of December 31, 2005.

On March 31, 2006, The Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service placed Siam Commercial
Bank Public Company Limited's bank financial strength rating of
"D+" on review for possible upgrade.  Moody's reaffirmed its
ratings on September 26, 2006.

On October 20, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of 'BB';
    * Short-term foreign currency rating of 'B';
    * National long-term rating of 'A-(tha)'; and
    * National Short-term rating of 'F1(tha)'.


TOTAL ACCESS: Gains THB1.2 Billion in 3rd Quarter 2006
------------------------------------------------------
Total Access Communication disclosed that it made a third-
quarter net profit of THB1.2 billion or US$32 million, up 17%
from a the same period of the previous year, Reuters reports.

In addition, the company said that it obtained 841,044 new
customers in the third quarter, taking its total to 11.5
million.  Of the new additions, 690,481 were pre-paid and
150,563 were post-paid customers.

Total Access, Reuters recounts gained 799,162 net new customers
in the second quarter and 1.15 million in the first quarter of
2006.


Total Access Communications, DTAC -- http://www.dtac.co.th/--   
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

Fitch Ratings, on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


                            *********

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

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

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


                            *********


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.  Rousel Elaine Tumanda, Nolie Christy Alaba,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***