TCRAP_Public/061027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, October 27, 2006, Vol. 9, No. 214


                            Headlines

A U S T R A L I A

ACUBLD PTY: Appoints Joint Liquidators
ALLIANCE ATLANTIS: Moody's Reviews Low B Ratings for Upgrade
APPIN ESTATES: Creditors Must Prove Debts on November 17
ASPEON INC.: Auditor Expresses Going Concern Doubt
AUSTRALIAN HOSPITALITY: Members and Creditors to Meet on Oct. 30

BAXTER CONSTRUCTIONS: Liquidator to Present Wind-Up Report
BETTAWAY LOGISTICAL: Members Agree on Voluntary Liquidation
BNP PARIBAS: Members Opt for Voluntary Wind-Up
BRIGHT MOVERS: Supreme Court Orders Wind-Up
FEARWORTHY PTY: Appoints R. M. Sutherland as Liquidator

FINANCIAL NETWORK: To Hold Joint Meetings on October 30
FIX & CLEAN: Prepares to Declare Dividend on November 21
FORTESCUE METALS: Brings Up Old Proposal to Support Track Claim
FURNITURE BRANDS: To Declare Dividend for Unsecured Creditors
ICS FINANCIAL GROUP: Members Resolve to Liquidate Firm

ICS FINANCIAL SERVICES: Members Decide to Wind Up Firm
IRONS ENGINEERING: Workers Must Sign AWAs to Keep Jobs
LEONARDO TECHNOLOGIES: Final Meeting Slated for October 30
MAGGIEK PTY: Court Issues Wind-Up Order
MEGGITTONE PTY: Members' Final Meeting Set on October 30

MELBOURNE ACRYLIC: To Distribute Final Dividend on November 22
MTDP (HOLDINGS): Liquidator to Present Wind-Up Report
NADEP PTY: Commences Wind-Up Process
NATRAHERBAL PTY: To Distribute First and Final Dividend
OCEANNA PTY: Members and Creditors to Meet on October 30

ONE.TEL LTD: To Declare Third Interim Dividend on November 22
PAUL BATES: Enters Wind-Up Proceedings
PERCOMET PTY: Members and Creditors to Receive Wind-Up Report
PUPBEST PTY: Creditors Must Prove Debts by November 3
REFLECTINT PTY: Members Appoint Liquidator

SERVICE ELECTROPLATING: Members Agree to Wind Up Operations
SESI LLC: Moody's Puts Ba3 Rating on New US$200MM Loan Facility
SMS ADVISING: Court Orders Wind Up of Unregistered Schemes
SPANCORE PTY: Joint Meetings Scheduled on October 30
SUPERANNUATION WORLD: Names Sutherland as Liquidator

TEKMOULD PAYROLL: To Declare First and Final Dividend on Nov. 17
TRANSAX INT'L: Surprised by Significant Decline in Share Price
WESTPOINT GROUP: Court Extends N. Burnard & Kebbel Freeze Orders


C H I N A   &   H O N G  K O N G

ARTEL SOLUTIONS: Court Sets Wind-Up Petition Hearing on Nov. 1
BOMBARDIER INC: Fitch Rates Senior Unsecured Debt at BB
CHART INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
CLOVER SECURITIES: Creditors' Proofs of Claim Due on November 18
COUDERT BROTHERS: Wants R.L. Spear to Auction Los Angeles Assets

COUDERT BROTHERS: Hires Bradley Arant as Special Counsel
CRESVALE FAR: Liquidator to Receive Proofs Until November 10
ENERSYS CAPITAL: Moody's Assigns Loss-Given-Default Rating
FERRO CORP: Ends Talks for Specialty Plastics Business Sale
FOREGROUND SECURITIES: Accepts Proofs of Debt Until Nov. 20

GALAXY ADVANCE: Will Pay Dividend to Creditors on October 27
GUANGYAO INTERNATIONAL: Creditors to Prove Claims by Nov. 11
HING YIP: Court Appoints Joint Liquidators
HOUGHTON MIFFLIN: S&P Puts B Corp. Credit Rating on NegWatch
JIN BAO TA: Wind-Up Petition Hearing Fixed on November 1

JJR (HONG KONG): Faces Wind-Up Proceedings
JOY RISE: Court Issues Wind-Up Order
LEO KWAN: Court Orders Wind Up of Business
PORTOLA PACKAGING: Gets US$10 Mil. Credit Raise from GE Capital
RICH ELEGANT: Creditors Must Prove Debts by November 22

SALTON INC: Posts US$50.8 Million Loss in Fiscal Fourth Quarter
SAM KEE GARDEN: Prepares to Wind-Up Operations
SCHLUMBERGER BUSINESS: Members' Final Meeting Slated for Dec. 1
SYMPHONY (HK): Court Favors Wind-Up Petition
TAI PO FROZEN: Hearing of Wind-Up Petition Set on November 8

UNIVERSAL COMMS: Gets US$1.5-M from Pvt. Placement 2nd Closing
* Car Loans Pile Into Bad Debts, Tops CNY100 Billion
* Non-Performing Loans Drop in Chinese Commercial Banks


I N D I A

ICICI BANK: Set to Invest in Technology & Manpower
ICICI BANK: Acquires 1.5% Stake in TV Today Network
INDIAN OIL: Liquidates INR985 Crore Oil Bonds Due 2015
INDIAN OIL: Inks 3-Year Marketing Pact With Gabriel India
INDIAN OIL: B N Bankapur Named as New Refineries Director

IMAX CORP: S&P Affirms B- Rating and Removes Developing Watch
IMAX CORP: Inks Theatre Deal with Plaza de las Americas
SUN MICROSYSTEMS: Moody's Assigns Loss-Given-Default Ratings
VNESHTORGBANK JSC: Earns US$576 Million for First Half 2006
VNESHTORGBANK JSC: Forecasts Over US$1.1 Billion Profit in 2006

VNESHTORGBANK JSC: To Tackle Promstroybank Takeover Next Month


I N D O N E S I A

ANIXTER INT: Reports US$76.2MM Net Income for Third Quarter 2006
BANK NEGARA: Pefindo Upgrades 2011 Bonds Rating to 'idA'
ERICO INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
GOODYEAR TIRE: S&P Puts Synthetic Transactions' Rating on Watch
INCO LTD: Companhia Vale do Rio Doce Acquires 75.7% Stake

INCO LTD: Steelworkers Union Approves New Collective Agreement
TELKOM INDONESIA: Pefindo Affirms 'idAAA' Ratings


J A P A N

ALL NIPPON AIRWAYS: S&P Upgrades Corp. Credit Rating to 'BB'
FORD MOTOR: Moody's Says Weak Results Consistent with B3 Rating
FORD MOTOR: S&P Puts Ratings on Synthetic ABS on Negative Watch
FORD MOTOR: S&P Places B-Rated Sr. Unsec. Debt on Negative Watch
HOUGHTON INT'L: Moody's Assigns Loss-Given-Default Ratings

METHANEX CORP: Moody's Assigns Loss-Given-Default Ratings
MITSUBISHI UFJ: Two Affiliates to Merge in April 2007
SOLO CUP: Ends Review of Accounting Issues & Restates Financials
SOLO CUP: Moody's Reviewing Ratings & May Downgrade
SOLO CUP: S&P Cuts Corp. Credit Rating to CCC+ & Removes Watch

TIMKEN CO: To Exit U.K. Seamless Steel Tube Manufacturing
UNICO CORP: Files For Bankruptcy with JPY96.7 Billion Debt
YOKOGAWA ELECTRIC: Posts JPY1.72-Bil Net Loss for June Quarter


K O R E A

HANAROTELECOM INC: Third Qtr. Earnings Conference Set on Nov. 4
HANAROTELECOM INC: Taps Alcatel to Upgrade Infrastructure
HYNIX SEMICONDUCTOR: Posts KRW1.97-Tril. Consolidated Revenues
KOREA EXPRESS: Kumho-Asiana Wants to Take the Reins
LG TELECOM: Net Profit for 3rd Quarter 2006 Rose 150% from 2005

QUANTUM CORP: Moody's Assigns Loss-Given-Default Ratings


N E W   Z E A L A N D

AIR NEW ZEALAND: Changes Pacific Network Schedules for 2007
ALL VINES: Faces Liquidation Proceedings
B & S PATRICK: Court to Hear Liquidation Petition on November 2
EXHILARATOR HOLDINGS: Creditors' Proofs of Claim Due on Nov. 21
GENEVA FINANCE: ASCB Upholds False Advertising Complaint

HEATHERDALE ORCHARDS: Creditors' Proofs of Debt Due on Nov. 16
LINE KING: Liquidation Petition Hearing Set on Oct. 30
LUNAR INVESTMENTS: Court Appoints Joint Liquidators
PREFERG CONRACTOR: Commences Liquidation Process
PRESTIGE RV'S: Enters Liquidation Proceedings

RAISIN GRAPES: Liquidation Petition Hearing Set on Nov. 22
REACH INVESTMENTS: Liquidation Petition Hearing Set on Oct. 30
* New Zealand's Official Cash Rate Unchanged at 7.25%


P H I L I P P I N E S

GLOBE TELECOM: To Hold 3Q2006 Investors' Briefing on Nov. 8
NATIONAL POWER: Launches STAR 3 to Improve Effectivity
NATIONAL POWER: ERC to Impose WESM Controls
* Philippines to Post Lower 2006 Budget Deficit, Treasurer Says


S I N G A P O R E

CKE RESTAURANTS: Good Performance Cues S&P's Positive Watch
ISOFT GROUP: AIDB to Investigate Former Auditor RSM Robson
PETROLEO BRASILEIRO: May Abandon Operations in Bolivia
PETROLEO BRASILEIRO: Paying BRL4.387B of Interest on Own Capital
PETROLEO BRASILEIRO: Posts Daily Oil Output of 1.9-Mil. Barrels

PROGRESS MANUFACTURING: Proofs of Debt Due on November 20
SEAGATE TECH: Reports US$2.8B Revenue for Quarter Ended Sept. 29
SEAGATE TECHNOLOGY: Moody's Assigns Loss-Given-Default Ratings
TAT WEI: High Court to Hear Wind-Up Petition on November 3
VALEANT PHARMA: Financial Filing Delay Cues S&P's Negative Watch

VALEANT PHARMA: Says Filing of 3rd Qtr. Results Will be Delayed


T H A I L A N D

DATAMAT PCL: Names Niwes as COB, Prepares Rehabilitation Plan
G STEEL: Inks Energy Services Agreement with Siam Power
TANAYONG PCL: Court to Consider Objections on Plan Termination
TOTAL ACCESS: Starts Promotional Package for Northeast Region


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ACUBLD PTY: Appoints Joint Liquidators
--------------------------------------
At ACUBLD Pty Ltd's extraordinary general meeting held on
October 12, 2006, Riad Tayeh and Antony de Vries were appointed
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Antony de Vries
         Riad Tayeh        
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


ALLIANCE ATLANTIS: Moody's Reviews Low B Ratings for Upgrade
------------------------------------------------------------
Moody's Investors Service placed the Ba2 Corporate Family, Ba1
Senior Secured and Ba3 Probability of Default ratings of
Alliance Atlantis Communications Inc. under review for possible
upgrade.

The rating action follows AA's recent announcement that it will
explore ownership alternatives for its 51% interest in Motion
Picture Distribution LP.  The initiation of the review also
reflects the reasonably strong performance of AA's core
broadcasting and CSI franchise assets, which are producing
meaningful free cash flow in relation to debt levels.

The rating review will focus on:

   (1) Moody's expectation for the sale of MPD to occur in whole
       or in part;

   (2) AA's plans for any resulting cash proceeds in context of
       the company's stated capital structure target range of
       1.5x to 2.5x net debt to EBITDA;

   (3) the future prospects for AA's core broadcasting and CSI
       TV franchise assets; and

   (4) Moody's expectations that management may divert cash to
       shareholders via continued share buy backs or through the
       implementation of a dividend.

Ratings placed under review for possible upgrade:

    -- Corporate Family Rating, Ba2

    -- Probability-of-Default rating, Ba3

    -- Senior Secured rating, Ba1

    -- Loss-Given-Default rating for Senior Secured debt, LGD2
       (26%)

Alliance Atlantis Communications Inc., headquartered in Toronto,
Canada, is specialty channel broadcaster with a 50% ownership
interest in the CSI TV franchise.  The company has worldwide
offices in the United Kingdom, Spain and Australia.


APPIN ESTATES: Creditors Must Prove Debts on November 17
--------------------------------------------------------
The members of Appin Estates Ltd held a general meeting on
October 6, 2006, and appointed Roderick Mackay Sutherland as
liquidator.

Accordingly, Mr. Mckay requires the Company's creditors to prove
their debts by November 17, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

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


ASPEON INC.: Auditor Expresses Going Concern Doubt
--------------------------------------------------
Larry O'Donnell CPA, PC, expressed substantial doubt about
Aspeon Inc.'s ability to continue as a going concern after
auditing the company's financial statements for the fiscal years
ended June 30, 2006 and 2005.  The auditor pointed to the
company's significant losses from operations, net capital
deficit, and no ongoing source of income.

At June 30, 2006, the company's balance sheet showed
US$8.1 million in stockholders' deficit, compared with a US$7.9
million deficit at June 30, 2005.

                Liquidity and Capital Resources

"As of June 30, 2006, we had US$7 cash on hand, US$195 of
assets, no operating business or other source of income,
outstanding liabilities of approximately US$8.1 million, a
stockholders' deficit of approximately US$8.1 million and a
lawsuit brought against us by certain of our shareholders," the
company disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission.

The company said it is dependent on raising additional equity or
debt to fund any negotiated settlements with its outstanding
creditors and meet its ongoing operating expenses.

                      Bankruptcy Threat

"If we were to be subject to any further appeal, which may be
made in respect of the lawsuit brought against us by certain of
our shareholders, it is unlikely that the proceeds from our
Directors' and Officers' insurance policy would be sufficient to
meet the damages assessed and we would have no alternative but
to file for bankruptcy," the company warned.
Headquartered in Irvine, California, Aspeon, Inc. --
http://www.aspeon.com/-- designs, manufactures and markets open  
system touch screen point-of-sale computers.  During the year
the company established subsidiaries in United Kingdom,
Singapore and Australia.


AUSTRALIAN HOSPITALITY: Members and Creditors to Meet on Oct. 30
----------------------------------------------------------------
Australian Hospitality & Leisure Solutions Pty Ltd will hold a
joint meeting for its members and creditors on October 30, 2006,
at 10:30 a.m.

During the meeting, the members and creditors will receive the
Company's wind-up proceedings and property disposal exercises
from Liquidator Downey's report.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


BAXTER CONSTRUCTIONS: Liquidator to Present Wind-Up Report
----------------------------------------------------------
A joint meeting of the members and creditors of Baxter
Constructions Pty Ltd, which is in liquidation, will be held on
October 30, 2006, at 9:30 a.m.

At the meeting, the members and creditors will receive
Liquidator Downey's report on the Company's wind-up proceedings
and property disposal exercises.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


BETTAWAY LOGISTICAL: Members Agree on Voluntary Liquidation
-----------------------------------------------------------
After a general meeting held on October 10, 2006, the members of
Bettaway Logistical Services Pty Ltd agreed to voluntarily wind
up the company's operations.

Antony de Vries and Riad Tayeh were subsequently appointed as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Antony de Vries
         Riad Tayeh        
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


BNP PARIBAS: Members Opt for Voluntary Wind-Up
----------------------------------------------
On October 10, 2006, the members of BNP Paribas Public Company
Ltd resolved to voluntarily wind up the company's operations.

Accordingly, Mark Maxwell Taylor was appointed as the Company's
liquidator.

The Liquidator can be reached at:

         Mark Maxwell Taylor
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia


BRIGHT MOVERS: Supreme Court Orders Wind-Up
-------------------------------------------
On October 12, 2006, the Supreme Court of New South Wales
ordered Bright Movers Pty Ltd to wind up its operations and
appointed Steven Nicols as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


FEARWORTHY PTY: Appoints R. M. Sutherland as Liquidator
-------------------------------------------------------
At a general meeting of Fearworthy Pty Ltd held on October 10,
2006, the members resolved to voluntarily wind up the company's
operations and appointed Roderick Mackay Sutherland as
liquidator.

Mr. Sutherland's appointment was confirmed at the creditors'
meeting held later that day.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2001
         Australia
         Telephone: 02 9233 2111
         Facsimile: 02 9238 2144


FINANCIAL NETWORK: To Hold Joint Meetings on October 30
-------------------------------------------------------
Financial Network Australia Pty Ltd, which is in liquidation,
will hold a joint meeting for its members and creditors on
October 30, 2006, at 10:00 a.m.

At the meeting, Liquidator Lindholm will show an account
regarding the Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

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


FIX & CLEAN: Prepares to Declare Dividend on November 21
--------------------------------------------------------
Fix & Clean Pty Ltd will declare the first and final dividend
for its creditors on November 21, 2006.  Creditors are required
to prove their debts by November 7, 2006, to be included in the
benefit of the dividend.

As reported by the Troubled Company Reporter - Asia Pacific, on
June 14, 2006, the company was placed under voluntary
liquidation on May 11, 2006.

The Liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris
         Australia


FORTESCUE METALS: Brings Up Old Proposal to Support Track Claim
---------------------------------------------------------------
On October 23, 2006, a hearing on the dispute between Fortescue
Metals Group Limited and BHP Billiton over rail access livened
up as Fortescue claimed that an old proposal within the mining
giant to sell its rail track shows that the track is not part of
BHP's iron ore production process, Andrew Trounson of The
Australian reports.  Hence, Fortescue believes that the track
should be open to access.

As reported in the Troubled Company Reporter - Asia Pacific on
October 11, 2006, Fortescue Metals told the Federal Court that
BHP Billiton is neither the owner nor the operator of two
railways in West Australia's Pilbara region.

The Australian reveals that Fortescue's lawyer, Norman O'Bryan
QC, submitted confidential documents about a 1997 Macquarie Bank
proposal for BHP to sell off its West Australian iron ore rail
network through an initial public offer.

The paper cites Mr. O'Bryan telling the Court that "Some very
high-level people (within BHP) were all over the concept from
the late 1990s."  The documentation had raised no concerns over
the implications of a sale on BHP's production process, Mr.
O'Bryan noted.

"None of the documents consider that there would be an
interference with the production process," Mr. O'Bryan asserted.

Justice John Middleton, however, questioned the documents'
relevance, pointing out that more senior BHP executives might
have raised the issue before it was abandoned, The Australian
relates.

BHP's representative, Allan Myers QC dismissed the documents as
"just another piece of clutter.  It doesn't go to the truth of
anything," the paper further relates.

The case is the latest effort by Fortescue and the National
Competition Council to have BHP's iron ore railway declared
under the Trade Practices Act and opened for third-party use.

BHP and the other rail operator in the Pilbara, iron ore rival
Rio Tinto, claim that access will make them inefficient and come
at too high a price, while threatening investment in Australia's
largest export commodity.

According to the TCR-AP, BHP argued that the railway lines
should be closed to third parties because they are part of the
production process.

A TCR-AP report in May 2006 stated that the Australian
Government barred Fortescue from gaining access to BHP
Billiton's Pilbara rail line despite the NCC's recommendation
that the miner be granted the right to negotiate with BHP.

Fortescue is now appealing to the Australian Competition
Tribunal, The Australian reports.

Separately, BHP is challenging in the Federal Court the NCC's
ruling that the line is not part of a production process.

Key to the case is an effort by the NCC to overturn a previous
Federal Court decision in 1999 ruling that Rio's rail line was
part of a production process, The Australian reveals.

As noted in the TCR-AP, the National Competition Council lawyer
Charles Scerri QC told Justice Middleton that he intended to
call expert witnesses and use economic testing to prove the
actual railways were not involved in producing iron ore.

BHP will rely on a precedent case that ruled railways could be
part of the process, the TCR-AP said.

                       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.


FURNITURE BRANDS: To Declare Dividend for Unsecured Creditors
-------------------------------------------------------------
Furniture Brand Pty Ltd -- formerly Pisoni & Hardy -- will
declare the first and final dividend to its preferred unsecured
creditors on November 21, 2006.

Those who cannot formally prove their claims by November 7,
2006, will be excluded from sharing in any distribution the
company will make.

The Joint and Several Liquidators can be reached at:

         T. J. Clifton
         M. C. Hall
         PPB
         Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 8211 7800


ICS FINANCIAL GROUP: Members Resolve to Liquidate Firm
------------------------------------------------------
After the meeting held on October 10, 2006, the members of ICS
Financial Group Pty Ltd resolved to voluntarily liquidate the
company's business.

In this regard, Gavin Moss was appointed as liquidator.

The Liquidator can be reached at:

         Gavin Moss
         Level 28, 31 Market Street
         Sydney, New South Wales
         Australia


ICS FINANCIAL SERVICES: Members Decide to Wind Up Firm
------------------------------------------------------
On October 10, 2006, members of ICS Financial Services Pty Ltd
decided to voluntarily wind up the company's operations and
appointed Gavin Moss as liquidator.

The Liquidator can be reached at:

         Gavin Moss
         Level 28, 31 Market Street
         Sydney, New South Wales
         Australia


IRONS ENGINEERING: Workers Must Sign AWAs to Keep Jobs
------------------------------------------------------
Employees at Irons Engineering Pty Ltd have told the Australian
Workers Union that the new management will let them keep their
jobs as long as they sign Australian Workplace Agreements, ABC
News Online reports.

As reported in the Troubled Company Reporter - Asia Pacific on
October 19, 2006, Irons Engineering, which is in administration,
faces imminent collapse.

The TCR-AP noted that organizer Joe Kane disclosed that a
Melbourne firm has now offered to buy Irons Engineering's assets
without a guarantee of production or the jobs of 41 workers.

According to ABC News, Irons Engineering is going into
liquidation and the Melbourne company that has bought its assets
-- Specifix Fasteners -- met the company's 41 workers to talk
about their future.

ABC News cites Joe Kane from the AWU, as saying the workers will
be retrenched on October 25, 2006, and will not get their
entitlements -- annual leave or long service leave or redundancy
pay.

"They'd only be paid up this week for the actual work that
they've done, so it puts them under a lot of strain to either
accept an AWA and its contents or leave with no entitlements,"
Mr. Kane says.

                     About Irons Engineering

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


LEONARDO TECHNOLOGIES: Final Meeting Slated for October 30
----------------------------------------------------------
Leonardo Technologies Asia-Pacific Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on October 30, 2006, at 10:00 a.m.

During the meeting, Liquidator de Vries will give an account on
the Company's wind up and property disposal exercises.

The Liquidator can be reached at:

         Antony De Vries
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


MAGGIEK PTY: Court Issues Wind-Up Order
---------------------------------------
On October 6, 2006, the Federal Court of Australia ordered
Maggiek Pty Ltd to wind up its operations and appointed Steven
Nicols as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


MEGGITTONE PTY: Members' Final Meeting Set on October 30
--------------------------------------------------------
The members of Meggittone Pty Ltd, which is in liquidation, will
hold a final meeting on October 30, 2006, at 10:00 a.m., to
receive Liquidator Iceton's final account and explanations
regarding the company's wind-up proceedings.

The Liquidator can be reached at:

         T. H. J. Iceton
         Iceton Hoggett & Co
         1st Floor, 18 Gibbs Street
         Miranda
         Australia


MELBOURNE ACRYLIC: To Distribute Final Dividend on November 22
--------------------------------------------------------------
Melbourne Acrylic Coatings Pty Ltd, which is in liquidation,
will declare the final dividend for its creditors on November
22, 2006.

Creditors who cannot prove their claims by November 16, 2006,
will be excluded from the benefit of the dividend.

The Liquidator can be reached at:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


MTDP (HOLDINGS): Liquidator to Present Wind-Up Report
-----------------------------------------------------
Members of MTDP (Holdings) Pty Ltd, which is in liquidation,
will hold a final meeting on October 30, 2006, at 9:00 a.m., to
receive Liquidator Llewellyn's account and explanation of the
company's wind-up.

The Liquidator can be reached at:

         Stephen John Llewellyn
         WHK Rutherfords
         82 Victoria Street
         Grafton, New South Wales 2460
         Australia


NADEP PTY: Commences Wind-Up Process
------------------------------------
The members of Nadep Pty Ltd held an extraordinary general
meeting on October 11, 2006, and decided to wind up the
company's operations.

James Alexander Shaw was subsequently appointed as liquidator at
the creditors' meeting held that same day.

The Liquidator can be reached at:

         James Alexander Shaw
         Ferrier Hodgson
         Chartered Accountants
         PO Box 840
         Newcastle, New South Wales 2300
         Australia


NATRAHERBAL PTY: To Distribute First and Final Dividend
-------------------------------------------------------
Natraherbal Pty Ltd, which is in liquidation, will declare the
first and final dividend to creditors on November 20, 2006.

Creditors who cannot prove their debts by November 14, 2006,
will be excluded from sharing in the dividend distribution.

The Liquidator can be reached at:

         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia
         Telephone: 9882 6666


OCEANNA PTY: Members and Creditors to Meet on October 30
--------------------------------------------------------
Oceanna Pty Ltd, which is in liquidation, will hold a joint
meeting for its members and creditors on October 30, 2006, at
10:00.

During the meeting, Liquidator Whittingham will present the
accounts regarding the company's wind-up proceedings and
property disposal exercises.

The Joint Liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9286 5555


ONE.TEL LTD: To Declare Third Interim Dividend on November 22
-------------------------------------------------------------
One.Tel Ltd, which is in liquidation, will declare the third
interim dividend to unsecured creditors on November 22, 2006.

Creditors are required to prove their debts by November 7, 2006,
to be included in the benefit of the dividend.

The Joint Liquidator can be reached at:

         S. J. Sherman
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia


PAUL BATES: Enters Wind-Up Proceedings
--------------------------------------
On October 11, 2006, the members of Paul Bates Photography Pty
Ltd resolved to voluntarily wind up the company's operations.

Consequently, Angus C. Gordon was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Angus C. Gordon
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


PERCOMET PTY: Members and Creditors to Receive Wind-Up Report
-------------------------------------------------------------
A joint meeting for the members and creditors of Percomet Pty
Ltd, which is in liquidation, will be held on October 30, 2006,
at 2:30 p.m.

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

The Liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9286 5555


PUPBEST PTY: Creditors Must Prove Debts by November 3
-----------------------------------------------------
Pupbest Pty Ltd, which is in liquidation, will declare the first
and final dividend to creditors on November 24, 2006.  Creditors
who cannot prove their debts by November 3, 2006, will be
excluded from sharing in the distribution.

The Joint Liquidator can be reached at:

         Ian Lock
         Sheahan Lock Partners
         Level 2, 32 Martin Place
         Sydney, New South Wales 2000
         Australia


REFLECTINT PTY: Members Appoint Liquidator
------------------------------------------
On October 6, 2006, members of Reflectint Pty Ltd -- formerly
Solartint Tuggerah and Solartint Hornsby -- resolved to
voluntarily wind up the company's operations and appointed
Roderick Mackay Sutherland as liquidator.

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

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         GPO Box 4258
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


SERVICE ELECTROPLATING: Members Agree to Wind Up Operations
-----------------------------------------------------------
On October 16, 2006, members of Service Electroplating Pty Ltd
agreed to voluntarily wind up the company's operations.

In this regard, George Duff Downie Raffan was appointed as
liquidator.

The Liquidator can be reached at:

         George Duff Downie Raffan
         Level 6, 8 West Street
         North Sydney, New South Wales 2060
         Australia


SESI LLC: Moody's Puts Ba3 Rating on New US$200MM Loan Facility
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3, LGD 3 (43%) rating to
SESI, L.L.C.'s new US$200 million seven-year senior secured term
loan facility, to be guaranteed by Superior Energy Services,
Inc. and substantially all of its current and future domestic
subsidiaries.  

At the same time, Moody's affirmed SESI, L.L.C.'s Ba3 Corporate
Family Rating, Ba3 Probability of Default Rating, and B1
guaranteed senior unsecured note rating (with the LGD assessment
changed to LGD 5 (71%) from LGD 4 (63%)).  

The rating outlook remains negative.

Proceeds from the term loan will be used to finance
approximately 55% of the cost of Superior's acquisition of
Warrior Energy Services Corporation.  On Sept. 26, 2006, Moody's
affirmed SESI, L.L.C.'s ratings and changed the rating outlook
to negative from stable following Superior's announcement that
it had signed a merger agreement to acquire Warrior for
approximately US$175 million in cash and 5.3 million shares of
common stock.  The transaction, which is subject to regulatory
approval and approval from Warrior's shareholders, is expected
to close late in the fourth quarter of 2006.

The negative ratings outlook reflects Superior's increasingly
aggressive growth strategy, which could result in higher
sustained financial leverage than recent historical levels and
may require the greater flexibility of a lower debt rating.  In
this regard, the company has undertaken two material
transactions in a relatively short amount of time at purchase
prices that Moody's considers to be high.

In addition, Moody's believes that the company's rapid growth
strategy could pose increasingly complex integration challenges
and could result in significant capital requirements, which in
combination with a potential sector softening in the latter half
of 2007 and 2008 could negatively pressure the rating.

The ratings affirmation reflects the use of common equity to
fund a meaningful portion of the Warrior acquisition, the
strategic benefits of the acquisition, including greater
geographic diversification and an enhanced market position in
cased hole wireline and snubbing, Warrior's focus on production-
related services and on providing services that require a high
level of technical expertise, and that the anticipated increase
in leverage as a result of the transaction remains in a range
appropriate for the Ba3 Corporate Family Rating.

The ratings could face downward pressure if management is unable
to maintain conservative operating and financial policies,
including increasing its financial leverage to a range unable to
withstand the company's business risk profile (debt/EBITDA, as
adjusted, above 2.3x or in a downcycle, above 2.75x), growing
its oil and gas operations to more than 25% of its EBITDA,
increasing its business risk profile through drilling risk
exposure, and funding material acquisitions without a
substantial equity component.

The outlook could stabilize if management is able to
successfully integrate and grow the Warrior operations, manage
capital spending within cash flow, and limit further material
increases in financial leverage.

The Ba3 rating incorporates the expectation that Superior will
continue to pursue an acquisitive growth strategy over the near
to medium term.  The ability for Superior to absorb additional
material acquisitions at its current rating level will depend,
in part, on how future acquisitions are financed, Superior's
operating and financial performance, and an evaluation of the
expected benefits and risks associated with the acquisitions.

Superior's Ba3 Corporate Family Rating is supported by:

   -- the company's scale and product diversification, with
      strong market positions in the niche businesses in which
      it participates;

   -- the company's ability to provide a broad array of
      services in an integrated fashion;

   -- its considerable production-related focus;

   -- the company's improving profitability and returns; and

   -- a financial leverage profile that helps accommodate the
      risks associated with the company's oil and gas
      operations and its regional concentration in the US Gulf
      of Mexico.

The company's ratings remain constrained by:  

   -- the inherent cyclicality and highly competitive nature of
      the oilfield services industry;

   -- the higher risk profile of its oil and gas operations,
      which represents a relatively new area for the company
      and which is expected to grow to 20% - 25% of
      consolidated EBITDA;

   -- its regional concentration in the Gulf of Mexico, a
      mature basin with significant full cycle oil and gas
      costs, which can result in curtailed E&P spending during
      oil and gas price troughs; and

   -- the considerable degree of cash flow volatility
      associated with the company's lift boat business.

The US$200 million term loan facility, which has minimal
amortization until maturity, is expected to have a cash sweep
mechanism that would require a portion of free cash flow to be
applied toward debt reduction, and sets mandatory pre-payments
with proceeds from capital markets financings and asset sales.

Financial covenants under the facilities are expected to include
a leverage ratio and interest coverage ratio.

In addition to the new term loan facility, Superior's pro-forma
capitalization will consist of a secured revolving bank credit
facility, which the company plans to upsize to US$250 million,
US$300 million in senior unsecured notes, and approximately
US$17 million in MARAD debt.

The Ba3, LGD 3 rating on the new US$200 million term loan is
restrained by weak tangible asset coverage and uncertainty
regarding future valuations of the Warrior collateral pool.  The
term loan lenders will have a perfected first lien on
substantially all of Warrior's assets and, on a pari passu basis
with the company's secured bank credit facility, substantially
all of Superior's assets up to the greater of US$250 million or
30% of the tangible net assets of Superior's assets, which at
US$248 million as of June 30, 2006 was only sufficient to cover
the company's US$250 million revolver.  

The company expects approximately US$46 million in excess
tangible net assets to be available to the term loan lenders by
year-end 2006.  Warrior's tangible assets at June 30, 2006
totaled approximately US$90 million.  The majority of the
Warrior collateral pool is comprised of fixed assets, which
Moody's considers to be relatively illiquid and which, in the
event of distress, could significantly impact valuations.

Superior Energy Services, Inc., is headquartered in Harvey,
Louisiana. The company has operations in Australia, Trinidad and
Tobago, the United Kingdom, the United States and Venezuela,
among others.


SMS ADVISING: Court Orders Wind Up of Unregistered Schemes
----------------------------------------------------------
On October 19, 2006, the Australian Securities and Investments
Commission obtained orders in the Tasmanian District Registry of
the Federal Court of Australia to wind up unregistered managed
investment schemes operated by SMS Advising Group Pty Ltd, SMS
Administration Group Pty Ltd, and its sole director, Barbara
Cavanough.

After an investigation and subsequent application by ASIC, the
Court made declarations that the companies and Ms. Cavanough
operated two unregistered managed investment schemes known as
the Maypole Secure Income Fund and the Assisted Trading Secure
Income Fund in breach of the Corporations Act.

The Court also ordered that SMS Advising and SMS Administration,
be wound up on just and equitable grounds.

ASIC's investigation found that:

   * the total amount invested in the Maypole Secure Income Fund
     was in excess of AU$1.7 million with funds loaned to
     Maypole Foods, a combined group of companies that included
     Maypole Bakery Pty Ltd based in Tasmania.  Investors were
     promised a return of 10.5% per annum; and

   * the total amount invested in the Assisted Trading Secure
     Income Fund was in excess of AU$3.8 million with the funds
     loaned to the Nuline Companies, a combined group of
     Tasmanian companies which included Nuline Fishing
     International Pty Ltd, Nuline Marketing Tasmania Pty Ltd
     and Nuline Marketing International Pty Ltd.  Investors were
     promised a return of between 9% and 15% per annum,
     depending on which activity the Nuline Companies were
     undertaking at the time.

John Gibbons of Ernst & Young has been appointed liquidator of
SMS Advising Group, SMS Administration and the two schemes.

                           Background

As reported in the Troubled Company Reporter - Asia Pacific on
May 25, 2006, the ASIC has revoked the Australian financial
services license of SMS Advising Group Pty Ltd due to the firm's
failure to comply with its obligations under its AFSL.

Ms. Cavanough was also banned from providing financial services
advice for 10 years, TCR-AP said.


SPANCORE PTY: Joint Meetings Scheduled on October 30
----------------------------------------------------
The members and creditors of Spancore Pty Ltd will hold a joint
meeting on October 30, 2006, at 10:00 a.m., to receive
Liquidator Downey's account on the Company's wind-up and
property disposal activities.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


SUPERANNUATION WORLD: Names Sutherland as Liquidator
----------------------------------------------------
On October 13, 2006, members of Superannuation World Pty Ltd
resolved to voluntarily liquidate the company's business and
appointed Roderick Mackay Sutherland as liquidator.

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

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2001
         Australia
         Telephone: 02 9233 2111
         Facsimile: 02 9238 2144


TEKMOULD PAYROLL: To Declare First and Final Dividend on Nov. 17
----------------------------------------------------------------
Tekmould Payroll Services Pty Ltd, which is in liquidation, will
declare the first and final dividend for its creditors on
November 17, 2006.

Failure to file proofs of debt by November 15, 2006, will
exclude the creditor from sharing in the dividend.

The Joint Liquidator can be reached at:

         H. A. Mackinnon
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia


TRANSAX INT'L: Surprised by Significant Decline in Share Price
--------------------------------------------------------------
Transax International Ltd. commented on the trading activity of
its common stock on October 23, 2006.

Transax International knows of no adverse issues relating to its
operations that would cause the volatile movement in its share
price and significant increase in trading volume.  The financial
fundamentals of the company have not changed.

Stephen Walters, President & CEO of Transax, commented, "We are
all surprised by the recent significant decline in our share
price.  I remind all our investors that we have recently pre-
announced another record quarter in both revenue and transaction
growth.  As of the close of business on October 23, 2006, the
market capitalization of Transax was roughly half of the
company's anticipated 2006 revenue."  Mr. Walters continued, "We
also continue to respond to the recent unsolicited interested
expressed to us for our Brazilian operations, MedLink.  We view
all these recent developments as positive steps forward for our
organization."

Based in Miami, Florida, Transax International Limited (OTCBB:
TNSX) -- http://www.transax.com/-- provides health information  
management systems to hospitals, physicians and health insurance
companies.  The company's subsidiaries, TDS Telecommunication
Data Systems LTDA provides services in Brazil; Transax Australia
Pty Ltd. operates in Australia; and Medlink Technologies Inc.
initiates research and development.

                        *    *    *

Transax International Limited's balance sheet at June 30, 2006,
showed a US$3,717,316 total stockholders' deficit from total
assets of US$2,196,551 and total liabilities of US$5,913,867.

Transax International's balance sheet at June 30, 2006, also
showed negative working capital with US$1,085,530 in total
current assets and US$4,943,668 in total current liabilities.


WESTPOINT GROUP: Court Extends N. Burnard & Kebbel Freeze Orders
----------------------------------------------------------------
On October 23, 2006, the Supreme Court of New South Wales by
consent and without admissions, has further extended orders
against Neil Austin Burnard and Palentia Pty Ltd (Palentia),
formerly known as Kebbel (NSW) Pty Ltd.

As reported in the Troubled Company Reporter - Asia Pacific on
June 6, 2006, the Australian Securities and Investment
Commission sought and obtained an order from the Supreme Court
of New South Wales freezing the assets of Neil Austin Burnard,
the sole director of Palentia Pty Ltd. -- formerly known as
Kebbel Pty Ltd. -- and who reportedly promoted Westpoint schemes
to investors.

In another TCR-AP report dated July 26, 2006, Justice Reginald
Barrett of the NSW Supreme Court extended the court orders
against Mr. Burnard, stopping him from disposing of his assets
or leaving Australia until October 23, 2006, and from coming
within 100 meters of an Australian point of overseas departure.

In an update, Justice White extended orders preventing
Mr. Burnard and Palentia from disposing of their assets until
5:00 p.m. on January 29, 2007.

The orders permit Mr. Burnard and Palentia to pay certain
expenses including ordinary living and operating expenses,
school fees for Mr. Burnard's children, legal expenses incurred
in these proceedings up to set amounts, and payments servicing
loan facilities with 'arms length' financial institutions.

Justice White also continued orders restraining Mr. Burnard from
leaving Australia and from coming within 100 metres of an
Australian point of overseas departure.  Mr Burnard was
previously required to deliver up all passports to the court and
he continues to be restrained from applying for the issue of a
new passport.

The parties have liberty to apply to the Court in relation to
these orders.

The matter returns to Court for further hearing at 10:00 a.m. on
January 29, 2007.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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

ARTEL SOLUTIONS: Court Sets Wind-Up Petition Hearing on Nov. 1
--------------------------------------------------------------
The High Court of Hong Kong is set to hear a wind-up petition
against Artel Solutions Group Holdings Ltd on November 1, 2006,
at 9:30 a.m.

HSH Nordbank AG, Hong Kong Branch filed the petition with the
Court on September 5, 2006.

The Solicitors for the Petitioner can be reached at:

         Baker & Mckenzie
         14/F, Hutchison House
         10 Harcourt Road
         Hong Kong
         Telephone: 2846 1888
         Facsimile: 2845 0476


BOMBARDIER INC: Fitch Rates Senior Unsecured Debt at BB
-------------------------------------------------------
Fitch Ratings has placed the debt and Issuer Default Ratings for
both Bombardier Inc. and Bombardier Capital Inc. on Rating Watch
Negative.  The existing ratings are listed below:

Bombardier Inc.

    -- IDR 'BB';
    -- Senior unsecured debt 'BB';
    -- Bank facilities 'BB';
    -- Preferred stock 'B+'.

Bombardier Capital Inc.

    -- IDR 'BB';
    -- Senior unsecured debt 'BB'.

These ratings cover approximately US$4.2 billion of outstanding
debt and preferred stock.  Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BI.

The Rating Watch is based on concerns about potential changes in
Bombardier's financial strategy, which has been focused on debt
reduction.  The tender offer announced earlier Monday indicates
that the company will retire little debt over the next two
fiscal years.  In addition, Fitch is concerned that some or all
of the debt reduction accomplished in the current fiscal year
(nearly US$1 billion) could be offset by new debt issuance.  The
company intends to fund the tender with a portion of an upcoming
bond issue.

The Rating Watch will be resolved when it becomes clear what
amount of debt Bombardier plans to issue in the near term, and
Fitch expects to resolve the Rating Watch within the next
several weeks.  Fitch believes that any downgrade will most
likely be limited to one notch.

Factors supporting the ratings include the company's cash
position, diversification, large backlog at Bombardier
Transportation, leading market positions, the health of the
business jet and turboprop markets, and BT's successful
restructuring.  Concerns include the variability of free cash
flow due to order flow at BT and Bombardier Aerospace; continued
low margins and free cash flow; business jet market cyclicality;
the sizable pension plan deficit; the impact of exchange rate
volatility on financial results and planning; and various RJ
concerns, including low backlog, weak orders, uncertainty
regarding development of new aircraft models, the future of the
50-seat RJ segment, and contingent obligations related to past
aircraft sales.

                          *     *     *

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative   
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.  The company has
operations in North America, Europe and China.


CHART INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
affirmed its B1 Corporate Family Rating for Chart Industries,
Incorporated, as well as its B3 rating on the company's US$170
million 9.125% Senior Subordinate Notes due 2015.  The
debentures were assigned an LGD5 rating suggesting creditors
will experience an 80% 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$115 Million
   Sr. Sec.
   Revolver due 2010         B1      Ba2    LGD2       27%

   US$180 Million
   Sr. Sec.
   Term Loan B
   due 2012                  B1      Ba2    LGD2       27%

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

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

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

Headquartered in Garfield Heights, Ohio, Chart Industries --
http://www.chart-ind.com-- is a supplier of engineered  
equipment required throughout the cryogenic liquid supply chain.  
This liquid supply chain spans all the major market steps and
includes cryogenic liquid production, purification,
distribution, storage and many end-user applications where
cryogenic liquids are finally converted into the desired gases.

Chart Industries has operations in Australia, China, the Czech
Republic, Germany, and the United Kingdom.


CLOVER SECURITIES: Creditors' Proofs of Claim Due on November 18
----------------------------------------------------------------
Liquidator Kam Chi Chiu Anthony requires the creditors of Clover
Securities Company Ltd to submit their proofs of claims by
November 18, 2006.

Creditors who fail to submit by the due will be excluded from
sharing in any distribution the Company will make.

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: Wants R.L. Spear to Auction Los Angeles Assets
----------------------------------------------------------------
Coudert Brothers LLP asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ R.L.
Spear Co. Inc. as its auctioneer.

R.L. Spear will act as the Debtor's agent for the purpose of
liquidating all remaining tangible assets of the former Coudert
office located at 333 S. Hope street, 23rd Floor, in Los
Angeles, California through a public sale on Oct. 28, 2006, at
11 a.m.

The Court recently rejected the Debtor's lease governing the Los
Angeles property.  The Debtor is now obligated to remove all the
Los Angeles property by Oct. 31, 2006, or it will be deemed
abandoned.

The firm will receive a commission equal to 15% of the gross
sales of any and all of the property sold on the sale date, as
well as reimbursement of the actual and necessary expenses
incurred in connection with the sale not exceeding US$6,500.

In addition, the firm reserves the right to charge auction
purchasers a 10% buyers premium on each item sold at the
auction.

R.L. Spear is a prepetition nonpriority creditor of the Debtor
with a US$10,566 unsecured claim.

To the best of the Debtor's knowledge, R.L. has no connection
with the Debtor, its creditors, or any party-in-interest.

                          *     *     *

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: Hires Bradley Arant as Special Counsel
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Coudert Brothers LLP to employ Bradley, Arant Rose &
White LLP, as its special counsel, nunc pro tunc to Sept. 22,
2006.

Bradley Arant will provide services with respect to issues
related to the Debtor's Employee Pension Plan, as amended and
restated as of Jan. 1, 2001., and the Pension Benefit Guaranty
Corporation.

Kevin J. Henderson, Esq., a Bradley Arant partner, discloses
that the firm's professionals bill:

        Designation             Hourly Rate
        -----------             -----------
        Partners                   $350
        Associates                 $220
        Paralegal                  $195

Mr. Henderson assures the Court that his firm does not hold any
interest materially adverse to the Debtor's estate.

                         *     *     *

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.



CRESVALE FAR: Liquidator to Receive Proofs Until November 10
------------------------------------------------------------
Cresvale Far East Nominees Ltd intends to distribute dividend to
its creditors.

In this regard, Liquidators Joanne Oswin and Jan GW Blaauw will
be accepting proofs of claim from the creditors until
November 10, 2006.

The Liquidator can be reached at:

         Joanne Oswin
         Jan GW Blaauw
         22/F Prince's Building
         10 Chater Road, Central
         Hong Kong


ENERSYS CAPITAL: 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 its Corporate Family Rating for Enersys Capital, Inc. to
B1 from Ba3.  

Additionally, Moody's revised its ratings on the company's
US$100 million Revolver due 2009 and US$357.7 million Term Loan
B due 2011 to Ba2 from Ba3.  Those debentures were assigned an
LGD2 rating suggesting that creditors will experience a 28% 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 Reading, Pennsylvania, Enersys Capital,
Incorporated -- http://www.enersysinc.com/-- is engaged in the  
manufacture of industrial batteries.  The company has its
regional headquarters in China and Belgium.  It also has
operations in Mexico.


FERRO CORP: Ends Talks for Specialty Plastics Business Sale
-----------------------------------------------------------
Ferro Corporation has discontinued discussions with Wind Point
Partners regarding the sale of its Specialty Plastics business.

"We did not feel that we could reach an agreement that provided
Ferro shareholders with the full value of this business," said
James Kirsch, Ferro President and Chief Executive Officer.  "We
will continue to operate the Specialty Plastics business, and
expect it to remain a positive contributor to Ferro's
operations. As we go forward, we will continue to pursue
portfolio realignment activities that we believe best serve the
interests of our shareholders and the growth objectives of the
company."

                       About Ferro Corp

Headquartered in Cleveland, Ohio, Ferro Corporation --
http://www.ferro.com-- is a global producer of an array of  
performance materials sold to a range of manufacturers in
approximately 30 markets throughout the world.  Ferro applies
certain core scientific expertise in organic chemistry,
inorganic chemistry, polymer science and material science to
develop coatings for ceramics and metal; materials for passive
electronic components; pigments; enamels, pastes and additives
for the glass market; glazes and decorating colors for the
dinnerware market; specialty plastic compounds and colors;
polymer additives; specialty chemicals for the pharmaceuticals
and electronics markets, and active ingredients and high-purity
carbohydrates for pharmaceutical formulations.  The company's
products are classified as performance materials, rather than
commodities, because they are formulated to perform specific and
important functions both in the manufacturing processes and in
the finished products of its customers

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, France, Germany, Indonesia, Italy,
Japan, Mexico, Netherlands, Portugal, Spain, Taiwan, Thailand,
the United Kingdom, the United States, and Venezuela.

The Troubled Company Reporter - Asia Pacific reports that
Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remained on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.

Standard & Poor's will resolve the CreditWatch after Ferro files
its 2005 full year and 2006 quarterly financial statements,
which are expected by Sept. 30th and Dec. 31st, respectively.


FOREGROUND SECURITIES: Accepts Proofs of Debt Until Nov. 20
-----------------------------------------------------------
An intended dividend will be distributed for creditors of
Foreground Securities Company Ltd.

In this regard, Liquidators Joseph Lo Kin Ching and Dermot Agnew
will be accepting proofs of debt from the creditors until
November 20, 2006.

The Liquidators can be reached at:

         Joseph Lo Kin Ching  
         Dermot Agnew  
         26/F, Wing On Centre  
         111 Connaught Road Central  
         Hong Kong


GALAXY ADVANCE: Will Pay Dividend to Creditors on October 27
------------------------------------------------------------
Galaxy Advance Ltd will pay supplementary dividend to creditors
today, October 27, 2006.

The payment will be administered at Room 1601-2, 16th Floor, One
Hysan Avenue, Causeway Bay, Hong Kong.

The Liquidator can be reached at:
         
         Chan Wai Dune, Charles
         Fung Pui Cheung
         37/F, Hennessy Centre
         500 Hennessy Road
         Causeway Bay
         Hong Kong


GUANGYAO INTERNATIONAL: Creditors to Prove Claims by Nov. 11
------------------------------------------------------------
Creditors of Guangyao International Investment Trust Co. Ltd are
required to submit their proofs claim to Liquidator Akira
Nakamura by November 11, 2006, to share in any distribution the
Company will make.

The Liquidator can be reached at:

         Akira Nakamura
         1713, Horiuchi
         Hayama-cho, Miura-gun
         Kanagawa-ken
         Japan


HING YIP: Court Appoints Joint Liquidators
------------------------------------------
On July 25, 2006, the High Court of Hong Kong appointed Lai Kar
Yan and Darach E. Haughey as joint and several liquidators of
Hing Yip Holdings (Hong Kong) Ltd.

The Joint Liquidators can be reached at:

         Lai Kar Yan
         Darach E. Haughey
         35/F, One Pacific Place
         88 Queensway
         Hong Kong


HOUGHTON MIFFLIN: S&P Puts B Corp. Credit Rating on NegWatch
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on U.S.-based educational publisher
Houghton Mifflin LLC on CreditWatch with negative implications.

The 'B+' long-term corporate credit rating on Ireland-based
educational software publishing company Riverdeep Holdings PLC
was also placed on CreditWatch with negative implications.  This
reflects a potential combination of the two companies'
operations as well as a possible refinancing, although neither
party has so far confirmed that a transaction is being
negotiated or that a definitive agreement will be reached.

"The CreditWatch placements reflect a potential increase in the
combined group's financial leverage relative to the recent
levels seen at both companies, as well as the challenge of
integrating the two businesses," said Standard & Poor's credit
analyst Anna Overton.

Both companies are highly leveraged, with rapidly accreting
payment-in-kind notes in the capital structure putting pressure
on their financial management strategies.  Although the details
of the funding of the transaction have not emerged yet, equity
support is likely to remain thin.

S&P does not expect the combined entity's business risk profile
to be materially different from that of Houghton Mifflin, given
the mature nature and entrenched competition characterizing U.S.
school publishing.  Nevertheless, there might be some benefit
from replicating the success of  Riverdeep's direct school sales
and product management across the combined organization.

"Standard & Poor's will seek to clarify the business and
financial strategy of the combined entity," added Standard &
Poor's credit analyst Hal Diamond.  "The ratings on both
Houghton Mifflin and Riverdeep could be lowered if it becomes
evident that the combined operating cash flow base cannot
provide debt service coverage for consolidated obligations
comparable with levels seen at both companies so far."

Houghton Mifflin LLC -- http://www.hmco.com/--  is the fourth-
largest U.S. educational publisher, with long-standing solid
market shares in elementary and secondary school publishing.  
The company has distributors in the U.K., China, and Puerto
Rico.


JIN BAO TA: Wind-Up Petition Hearing Fixed on November 1
--------------------------------------------------------
The High Court of Hong Kong received an application to wind up
Jin Bao Ta Trading Company Ltd on August 23, 2006, from Alberto
Girotto.

The Court will hear the petition on November 1, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

         Barlow Lyde & Gilbert
         Suite 1901, 19/F
         Cheung Kong Center
         2 Queen's Road Central
         Hong Kong


JJR (HONG KONG): Faces Wind-Up Proceedings
------------------------------------------
On October 4, 2006, Istril Ltd filed before the High Court of
Hong Kong a petition to wind up the operations of JJR (Hong
Kong) Ltd.

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

The Solicitors for the Petitioner can be reached at:

         Ford, Kwan & Company
         Suites 1505-1508
         Chinachem Golden Plaza
         77 Mody Road, Tsimshatsui
         Kowloon, Hong Kong


JOY RISE: Court Issues Wind-Up Order
------------------------------------
On October 11, 2006, the High Court of Hong Kong issued a wind-
up order against Joy Rise Holdings Ltd.

The Troubled Company Reporter - Asia Pacific reported that on
July 26, 2006, Ng Wing Hung filed the wind-up petition before
the Court.  The Court heard the petition on September 27, 2006.


LEO KWAN: Court Orders Wind Up of Business
------------------------------------------
On October 11, 2006, the High Court of Hong Kong ordered Leo
Kwan Ltd to wind up its operations.

According to the Troubled Company Reporter - Asia Pacific,
Hartanto Sri Tjintawati filed a petition to wind up the
Company's operation before the Court on August 2, 2006.


PORTOLA PACKAGING: Gets US$10 Mil. Credit Raise from GE Capital
---------------------------------------------------------------
Portola Packaging Inc. entered into an amendment to its existing
Credit Agreement with General Electric Capital Corporation.

The Amendment, among other things, effected the following
revisions to the existing Credit Agreement:

   -- Increased the maximum loan limit from US$50 million to
      US$60 million with the amount in excess of US$50 million
      being based on the company's Working Capital/Fixed Asset
      Borrowing Base calculation, currently in excess of
      US$60 million.

   -- The Amendment increased the amount of capital expenditures
      the company is able to make each fiscal year from
      US$13.5 million to US$16.5 million.

The company paid GECC a fee of US$125,000 in relative to the
Amendment.

A full text-copy of the Ninth Amendment to Fourth Amended and
Restated Credit Agreement with GECC may be viewed at no charge
at http://ResearchArchives.com/t/s?13dc

Portola Packaging Inc. -- http://www.portpack.com/-- designs,  
manufactures and markets tamper evident plastic closures used in
dairy, fruit juice, bottled water, sports drinks, institutional
food products and other non-carbonated beverage products.  The
company also produces a wide variety of plastic bottles for use
in the dairy, water and juice industries, including various high
density bottles, as well as five-gallon polycarbonate water
bottles.  In addition, the company designs, manufactures and
markets capping equipment for use in high speed bottling,
filling and packaging production lines.  The company is also
engaged in the manufacture and sale of tooling and molds used in
the blow molding industry.  The company has locations in China,
Mexico and Belgium.

                         *     *     *

Portola's balance sheet at May 31, 2006 showed total assets of
US$171,700,000 and total liabilities of US$241,000,000 resulting
in an equity deficit of US$69.3 million.  Equity deficit at Aug.
31, 2005 was US$57.7 million.


RICH ELEGANT: Creditors Must Prove Debts by November 22
-------------------------------------------------------
Liquidator Hui Chung Ming requires the creditors of Rich Elegant
International Ltd to submit their proofs of debt by November 22,
2006.

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

The Liquidator can be reached at:

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


SALTON INC: Posts US$50.8 Million Loss in Fiscal Fourth Quarter
---------------------------------------------------------------
Salton Inc. has reported fiscal results for its fourth quarter
and year ended July 1, 2006. The company reported net sales of
US$129.5 million and a loss of US$50.8 million for its fiscal
2006 fourth quarter compared to net sales of US$151.2 million
and a loss of US$28.8 million for the fiscal 2005 fourth
quarter.  

Net sales decreased domestically by US$29.7 million.  This
decrease includes US$5.4 million of reductions, as a result of
the sale or discontinuance of certain product lines.  The
remaining US$24.3 million decrease resulted primarily from
volume and mix shifts as a result of price increases, other
planned product line changes and close outs of discontinued
product lines.  Despite continued weak consumer demand in the
United Kingdom, foreign sales increased by US$8 million.  The
loss in the 2006 fourth quarter included a pretax charge of
US$21.9 million for non-cash intangible asset impairments
associated with certain trade names and a $3.4 million non-cash
valuation allowance against certain foreign deferred tax assets.  
The loss in the 2005 fiscal fourth quarter included a pretax
charge of US$3 million for non-cash intangible asset
impairments.

Salton's sales were US$636 million for the year ended July 1,
2006 compared to US$781.7 million in fiscal 2005, a reduction of
US$145.7 million. Domestic sales declined by US$124.2 million
due to the impact of the sale of the tabletop product lines in
September 2005, inventory shortages, vendor and customer
uncertainty, post-holiday overstocks at retailers and planned
product discontinuation.  Foreign sales, particularly in the
United Kingdom, were impacted by a continuing weak retail
market, resulting in a decline of US$16.1 million in 2006.  In
addition, Salton incurred US$5.5 million in unfavorable foreign
currency fluctuation.

Gross profit declined from US$187.5 million (24%) in fiscal 2005
to US$144.4 million (22.7%) in fiscal 2006, primarily a result
of global raw material cost increases and additional costs
associated with inventory reduction programs.  These added costs
were partially offset by a US$10.6 million decline in
distribution expenses.

Selling, general and administrative expenses decreased to
US$172.1 million in 2006 compared to US$207.8 million for 2005
in connection with previously announced cost reduction
initiatives. It is expected that further restructuring
activities will continue in fiscal 2007, resulting in additional
distribution and SG&A expense reductions.  Net interest expense
was US$37 million for fiscal 2006 compared to US$51.7 million
for fiscal 2005 as a result of lower levels of indebtedness and
the debt exchange completed in August 2005.

The company had approximately US$293 million in indebtedness,
net of approximately US$44 million of cash, swap valuation and
accrued interest on senior secured notes at the end of the
fiscal 2006 year-end, compared to US$429.3 million as of July 2,
2005, net of approximately US$21.9 million of cash and swap
valuation.

"During fiscal 2006, we made significant progress in reducing
costs, improving inventory levels and strengthening our balance
sheet," said William Rue, President and Chief Operating Officer.
"As a result of our continuing focus on cost controls, we have
eliminated more than US$90 million in annual operating expenses
since 2004.  We continue to look for other areas to lower costs,
improve inventory turns and working capital utilization.  While
raw material costs remain high, we believe that our initiatives
will make Salton more competitive in the future."

                        Business Outlook

"We believe as a result of our cost reduction programs, improved
balance sheet and new product introductions that Salton is in a
much improved position entering the Holiday Season," said Salton
CEO Leon Dreimann.  "While the small appliance market remains
fiercely competitive, including ongoing pressure from high raw
material prices, several of our new products have created
tremendous excitement among our customers.  Salton has been
recognized for its innovation for many years, and our new
hydrogen grill will enable us to offer a truly unique product
combining the best of the George Foreman Grill with this
exciting technology which will be launched in mid 2007.  We feel
that through increased revenue, driven by product innovation,
along with tight cost containment that Salton will return to
profitability."

                         About Salton

Salton, Inc. -- http://www.saltoninc.com/-- designs, markets  
and distributes branded, high-quality small appliances, home
decor and personal care products.  Its product mix includes a
range of small kitchen and home appliances, electronics for the
home, time products, lighting products, picture frames and
personal care and wellness products.  Salton has operations in
Hong Kong and the United Kingdom.

                         *     *     *
Moody's Investors Service confirmed its Caa1 Corporate Family
Rating for Salton in connection with the implementation of its
new Probability-of-Default and Loss-Given-Default rating
methodology.  Additionally, Moody's assigned an LGD6 rating to
those notes, suggesting noteholders will experience a 91% loss
in the event of a default.


SAM KEE GARDEN: Prepares to Wind-Up Operations
----------------------------------------------
On October 11, 2006, Sam Kee Garden (H.K.) Ltd received a wind-
up order from the High Court of Hong Kong.

As reported by the Troubled Company Reporter - Asia Pacific, Ho
Chung Yin Andrew and Liau Lo Lin June filed the wind-up petition
with the Court on June 21, 2006.  The Court heard the petition
on September 13, 2006.


SCHLUMBERGER BUSINESS: Members' Final Meeting Slated for Dec. 1
---------------------------------------------------------------
A final general meeting of the members of Schlumberger Business
Continuity Services Ltd will be held on December 1, 2006, at
12:20 p.m.

During the meeting, Liquidator Natalia K M Seng will present an
account on the Company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Natalia K M Seng
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SYMPHONY (HK): Court Favors Wind-Up Petition
--------------------------------------------
On October 11, 2006, the High Court of Hong ordered that
Symphony (HK) Ltd's operations be wound up.

The Court received the wind-up petition on May 22, 2006.


TAI PO FROZEN: Hearing of Wind-Up Petition Set on November 8
------------------------------------------------------------
A liquidation petition filed against Tai Po Frozen Meat Company
Ltd will be heard before the High Court of Hong Kong on
November 8, 2006, at 9:30 a.m.

Hopeful Meat Ltd presented the petition with the Court on
September 8, 2006.

The Solicitors for the Petitioner can be reached at:

         Lam & Partners
         Hopeful Meat Limited
         Unit C, 20/F Eton Building
         No. 288 Des Voeux Road Central
         Sheung Wan
         Hong Kong


UNIVERSAL COMMS: Gets US$1.5-M from Pvt. Placement 2nd Closing
--------------------------------------------------------------
Universal Communications Systems, Inc., received US$1,506,025 in
proceeds from the second closing of its private placement
pursuant to a Subscription Agreement with several accredited and
qualified institutional investors.

The company completed on Feb. 27, 2006 a private placement
pursuant to a Subscription Agreement with several accredited
and/or qualified institutional investors.  The investors
subscribed to purchase an aggregate principal amount of
US$3,012,050 in 9% secured convertible promissory notes and 1
Class A and 1 Class B common stock purchase warrant for each 2
shares which will be issued on each closing date assuming full
conversion of the secured convertible notes on the closing date.  
The subscription agreement calls for two closings, an initial
closing representing US$1,506,025 of 9% secured convertible
promissory notes, 75,301,250 Class A warrants and 75,301,250
Class B warrants and a second closing representing the balance.  
The initial closing took place February 28, 2006.  Funds from
the second closing were received on Oct. 17, 2006, with total
proceeds of US$1,506,025.

The secured convertible notes, as amended in connection with the
October closing, bear simple interest at 9% per annum payable
monthly together with 5.5% of the initial principal, all
interest accrued and any other amounts not paid, commencing six
months from the issuance date, and mature 2 years after the date
of issuance. The payments may be made in cash or in the
company's common stock at a conversion rate which is the lesser
of US$0.005 per share or 70% of the average closing bid price
for the preceding five trading days, at the company's
discretion.  The conversion price is adjustable in the event of
any stock split or reverse stock split, stock dividend,
reclassification of common stock, recapitalization, merger or
consolidation.  In addition, the conversion price of the secured
convertible notes will be adjusted in the event that the company
will spin off or otherwise divest of a material part of its
business or operations or dispose of all or a portion of its
assets.  The company's obligation under the convertible notes is
secured by all of its assets pursuant to a certain Security
Agreement dated as of Feb. 27, 2006.

The Class A warrants, as amended, are exercisable until four
years from the effective date of the registration statement for
the warrant shares at an exercise price equal to the conversion
price of the Notes, and the Class B warrants are exercisable for
180 days from the effective date of the registration statement
for the warrant shares at an exercise price equal to the
conversion price of the Notes.

A full text-copy of the Waiver, Consent and Amendment Agreement
may be viewed at no charge at:

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

Universal Communications Systems, Inc. -- http://www.ucsy.com/-
- and its subsidiaries are actively engaged worldwide in
developing and marketing solar energy systems, as well as
systems for the extraction of drinkable water from the air.
Consolidated subsidiaries include wholly owned subsidiaries
AirWater Corp., AirWater Patents Corp, Millennium Electric
T.O.U. Ltd, Solar Style (USA) Inc., Solar One Inc, Solar Style
Ltd., and Misa Water International, Inc, and majority-owned
subsidiaries Atmospheric Water Technologies and Millennium USA.  
The company has operations in China, France and Panama.

Prior to 2003, the company was engaged in activities related to
advanced wireless communications, including the acquisition of
radio-frequency spectrum internationally.  Currently, the
company's activities related to advanced wireless communications
are conducted solely through its investment in Digital Way,
S.A., a Peruvian communication company and former wholly owned
subsidiary.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on Jan. 19, 2006,
Reuben E. Price & Co. expressed substantial doubt about
Universal's ability to continue as a going concern after it
audited the company's financial statements for the fiscal years
ended Sept. 30, 2005 and 2004.  The auditing firm pointed to the
company's over US$1.5 million working capital deficit and
recurring losses from operations.


* Car Loans Pile Into Bad Debts, Tops CNY100 Billion
----------------------------------------------------
Chinese banks have piled up a mountain of bad debt after lending
money to car buyers who can't afford the payments, Xinhuanet
says, citing a report from Chen Xinnian.

According to Mr. Chen, a senior researcher with the National
Development and Reform Commission, bad bank debt relating to car
loans has reached CNY100 billion, adding that the "Big Four"
state banks -- China Construction Bank, the Bank of China, the
Industrial and Commercial Bank of China and the Agricultural
Bank of China -- owned 81% of the bad debts.

Mr. Chen blames the lack of a sound individual credit system in
China for the bad loans, Xinhuanet relates.  He even pointed out
that some banks provide false information for loan applications.

The increasing demand for bank loans for expensive items such as
houses and cars has helped boost China's economy but they need
to be supported by a sound credit rating system, Mr. Chen adds.  

As a result, banks have become increasingly cautious in
extending car loans and the evaluation of personal credit
ratings to prevent their bad debts from swelling.


* Non-Performing Loans Drop in Chinese Commercial Banks
-------------------------------------------------------
Chinese commercial banks recorded a drop on its non-performing
loan ratio to 7.6%, down 1.3 percentage points over the
beginning of the year, the Xinhuanet reports.

According to the report, statistics with China Banking
Regulatory Commission show that bad loans in the state
commercial banks declined by CNY16.4 billion to CNY1.1 trillion
by the end of September 2006.  The bad loan ratio reached 9.3%,
down 1.2 percentage points over the beginning of the year.

The CBRC also recorded twelve joint-stock commercial banks
posting bad loans of CNY116.8 billion, a decline of CNY30.5
billion over the beginning of the year, Xinhuanet notes.  The
bad loan ratio for them dropped 1.3 percentage points to 2.9% in
the period.

Liu Mingkang, director of the commission, urges commercial banks
to strengthen their efforts in reducing non-performing loans.

In the first nine months, Xinhunet recounts that Chinese
financial institutions reported 724 lawbreaking cases, 190 fewer
over the previous year.

Financial institutions in the banking sector should pay more
attention to such cases, improve corporate governance and set up
long-term mechanism of preventing risks, Mr. Liu says.  

Moreover, as China is to fully open its financial sector by the
end of this year according to its commitment to the World Trade
Organization, financial institutions could only survive the
market by enhancing income from businesses other than interest
rate and improving capability of better performance and service
to customers, Mr. Liu adds.


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

ICICI BANK: Set to Invest in Technology & Manpower
--------------------------------------------------
ICICI Bank Limited plans to make significant investments on
technology and manpower in the next five years, the Press Trust
of India reports.

The report, citing a statement made by an ICICI Bank official,
states that the heavy investments will serve the corporate, SME,
wealth management, and rural and agriculture sectors.

The Bank, without specifying the extent of the investment,
believes there is immense opportunity in the four sectors.

Investing will further reduce the Bank's operating cost, the
official told PTI.  The staff hiring will be mostly at the top-
end to serve the boom in the banking services, he added.

                        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: Acquires 1.5% Stake in TV Today Network
---------------------------------------------------
ICICI Bank Limited purchased 8.75 lakh of TV Today Network
Limited shares in the open market, acquiring 1.5% stake in the
television company, The Economic Times reports.

The Bank bought the stake at INR75 per share on the Bombay Stock
Exchange, hence shelling out INR6.56 crore.

                        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.


INDIAN OIL: Liquidates INR985 Crore Oil Bonds Due 2015
------------------------------------------------------
Indian Oil Corporation Limited successfully liquidated INR985
crore worth of oil bonds maturing in 2015 in the secondary
market trade on October 12, 2006, through the book-building
route, the company discloses in a press release.

The issue size was INR250 crore with a green shoe option.

The arrangers to the issue are:

   -- A.K. Capital Services Ltd.,
   -- Allianz Securities Ltd.,
   -- Centrum Capital Limited,
   -- ICICI Securities Ltd., and
   -- UTI Bank Ltd.

According to Indian Oil, it has liquidated oil bonds totaling
INR5,000 crore (of various maturities) in the secondary market
sale during the current fiscal year including the current sale.

The Government of India had previously issued oil bonds worth
INR6,571 crore to Indian Oil in March 2006 in lieu of the under-
recoveries suffered on the sale of LPG for domestic use and
Kerosene for public distribution system.  With the liquidation
of these bonds, Indian Oil says it has successfully disposed of
the entire quantum of oil bonds, except oil bonds of about
INR1,500 crore that are pledged with the Clearing Corporation of
India Limited for raising short-term funds.

Bonds worth INR2,321 crore received by Indian Oil in September
2005 against settlement of pool dues are also pledged with CCIL,
the company adds.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum   
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


INDIAN OIL: Inks 3-Year Marketing Pact With Gabriel India
---------------------------------------------------------
Indian Oil Corporation Limited and Gabriel India Ltd at New
Delhi ink a three-year agreement for marketing Garbriel Servo
Front Fork Oil.

The Gabriel Servo Front Fork Oil will be sold through the retail
network of Gabriel India and Indian Oil.

According to Indian Oil Marketing Director G.C. Daga, the
requirement for the Servo Front Fork Oil in the market is
currently being met by low quality and sub-standard products,
which reduce the life of the vehicle. Providing quality product
will lead to enhanced life of the vehicle and provide better
riding comfort, he adds.

India Oil also believes that the marketing deal will consolidate
both companies' presence catering to motorcycle users' needs.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum   
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


INDIAN OIL: B N Bankapur Named as New Refineries Director
---------------------------------------------------------
B N Bankapur has assumed charge as Director (Refineries) of
Indian Oil Corporation, taking over Jaspal Singh's previous
post, the company said in a press release.

Prior to this assignment, Mr. Bankapur was the Executive
Director (Operations) at the company's Refineries Division
headquarters.

A Chemical Engineer from the University of Mysore, Mr. Bankapur
started his career with Indian Oil more than three decades ago.
He has handled various portfolios in different refineries and at
the divisional headquarters of the oil major and possesses a
rich experience in the oil sector.  He has also been closely
involved in strategic planning and growth of the company through
capacity enhancement, value addition and diversification
projects.

Mr. Bankapur is credited with the company's successful foray in
the field of petrochemicals.  Under his leadership as the
Executive Director of Gujarat Refinery, commissioning of Indias
largest Linear Alkyl Benzene Plant was achieved in record time
in 2005.  In the very first year of its operation, LAB plant
achieved 100% capacity utilization.

In his capacity as Executive Director (Operations), Mr. Bankapur
was instrumental in successful supply of BS-II and EURO III
grade petrol and diesel at all IOC refineries.  He also guided
the refineries in improving their gross margins by operational
improvements and production of value added products for
increased profitability.  Mr. Bankapur is also on the Board of
Directors of Chennai Petroleum Corporation Ltd.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum   
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


IMAX CORP: S&P Affirms B- Rating and Removes Developing Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B-' corporate credit rating, on IMAX Corp. and
removed them from CreditWatch, where they were placed on
March 10, 2006, with developing implications.

The outlook is negative.  As of June 30, 2006, the company had
US$160 million of debt.

"The rating action is based on management having discounted the
likelihood of IMAX being acquired by a strategic buyer," said
Standard & Poor's credit analyst Tulip Lim.  "However, the
company is continuing talks with financial buyers."

As a result, S&P no longer sees the potential for an upgrade
arising from a strategic transaction, and the possibility of a
downgrade now appears less likely given that management has been
reviewing offers for a while without concluding a transaction.

The rating reflects the modest size and uncertain long-term
earnings potential of the company's niche market relative to its
debt burden, weak discretionary cash flow, and limited
liquidity.  These concerns overshadow IMAX's position as a
specialized provider of giant-screen projection, camera, and
sound systems; the recurring revenue provided by the installed
base of about 280 IMAX theater systems; and a measure of near-
term revenue visibility provided by the company's backlog of
pending system installations.

IMAX Corporation - http://www.imax.com-- is an entertainment  
technology company specializing in large-format and three-
dimensional (3D) film presentations. The company's principal
business is the design, manufacture, sale and lease of
projection systems based on technology for large-format, 15-
perforation film frame, 70-mm format (15/70-format) theaters,
including commercial theaters, museums and science centers, and
destination entertainment sites.  IMAX has locations in India
and Italy, among others.


IMAX CORP: Inks Theatre Deal with Plaza de las Americas
-------------------------------------------------------
IMAX Corp. signed an agreement with Plaza de las Americas-La
Gran Plaza Comercial de Bogota, a prominent retail developer in
Bogota, Colombia, to install an IMAX theatre as a new attraction
in the country's largest mall.  The theatre is scheduled to open
in the third quarter of 2007. The agreement reflects IMAX's
commitment to expand its network in Latin America, which now has
30 IMAX theatres scheduled to be open in the region by the end
of 2008.

"We are continuing to implement our international expansion
strategy with another partnership in another major city in Latin
America," said IMAX Co-CEOs and Co-Chairmen Richard L. Gelfond
and Bradley J. Wechsler.  "With a population of nearly 9
million, the city of Bogota is an ideal launching pad for The
IMAX Experience in Colombia.  We are delighted to announce our
partnership with Plaza de las Americas-La Gran Plaza Comercial
de Bogota to bring the ultimate cinematic experience to
moviegoers in Colombia for the first time."

"The IMAX Experience has been a successful draw for all types of
destinations, from museums, to multiplexes, to major retail
centers around the world," said Ms. Martha Lucia Stella, General
Manager of Plaza de las Americas-La Gran Plaza Comercial de
Bogota.  "With top Hollywood movies available to the IMAX
theatre network in IMAX and IMAX 3D, along with a wide range of
original IMAX films that are both entertaining and educational,
our new IMAX theatre will remind our millions of customers that
the Plaza de Las Americas is a premium destination that offers
unparalleled entertainment for the entire family."

IMAX Corporation - http://www.imax.com-- is an entertainment  
technology company specializing in large-format and three-
dimensional (3D) film presentations. The company's principal
business is the design, manufacture, sale and lease of
projection systems based on technology for large-format, 15-
perforation film frame, 70-mm format (15/70-format) theaters,
including commercial theaters, museums and science centers, and
destination entertainment sites.  IMAX has locations in India,
and Italy, among others.


SUN MICROSYSTEMS: 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. Technology Hardware sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Sun
Microsystems Inc.  

Additionally, Moody's revised or held 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
   ----------           -------  -------  ------   ----------

   US$550 million
   Sr. Unsec. Notes        Ba1      Ba1    LGD5        76%

   Shelf-Sr Unsec.      (P)Ba1   (P)Ba1    LGD5        76%

   Shelf-Subordinated   (P)Ba2   (P)Ba2    LGD6        99%

   Shelf-Preferred      (P)Ba3   (P)Ba2    LGD6        99%

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 Santa Clara, California, Sun Microsystems Inc.
-- http://www.sun.com/-- provides network computing  
infrastructure solutions that include computer systems, data
management, support services and client solutions and
educational services. It sells networking solutions, including
products and services, in most major markets worldwide through a
combination of direct and indirect channels.  The company has
operations in Brazil, Hungary and India, among others.


VNESHTORGBANK JSC: Earns US$576 Million for First Half 2006
-----------------------------------------------------------
Vneshtorgbank JSC released its consolidated financial results
for the first half ended June 30, 2006.

For the first six months of 2006, VTB's posted a 295% hike in
net profit to US$576 million on a 96% increase in revenues to
US$1.753 billion.  For the January-June period, the company's
net interest income rose 75.2% while net fee and commission
income hiked more than 100%.

Credits and advances to clients rose 18.9% to US$23.7 billion
while the value of client accounts hiked 45.6%.

VTB attributed the rise in operating volumes and profit to its
acquisition of Promstroybank and European banks previously owned
by the Bank of Russia.

As of June 30, 2006, VTB had US$45.3 billion in total assets,
US$39.5 in total liabilities and US$4.3 billion in shareholders'
equity.

                       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.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  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 India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

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.


VNESHTORGBANK JSC: Forecasts Over US$1.1 Billion Profit in 2006
----------------------------------------------------------------
JSC Vneshtorgbank expects to post RUR30 billion (US$1.1 billion)
in net profit this year, says RIAN Novosti citing Chief
Executive Andrei Kostin.

"That is considerably higher than last year," Mr. Kostin said.

Vneshtorgbank reported net profit of US$576 million on revenues
of US$1.753 billion for the first half ended June 30, 2006.  As
of June 30, 2006, VTB had US$45.3 billion in total assets,
US$39.5 in total liabilities and US$4.3 billion in shareholders'
equity.

                       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.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in

major Russian regions.  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 India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

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.


VNESHTORGBANK JSC: To Tackle Promstroybank Takeover Next Month
--------------------------------------------------------------
JSC Vneshtorgbank will decide in November whether to commence a
takeover of Industry & Construction Bank of St. Petersburg
(Promstroybank), says RIA Novosti citing Chief Executive Andrei
Kostin.

VTB currently owns 75% plus three shares of Promstroybank.  The
company has rise in operating volumes and profit in the first
half of 2006 to its acquisition of Promstroybank.  The regional
bank's shareholders has already approved of a takeover by VTB.

Once a decision for takeover is reached, VTB will apply for
approval from the Russian government.

Headquartered in St. Petersburg, Russia, Industry and
Construction Bank -- http://www.icbank.ru/-- engages in in  
universal banking with a special franchise in corporate finance
and investment banking.

                       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.

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  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 India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

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
=================

ANIXTER INT: Reports US$76.2MM Net Income for Third Quarter 2006
----------------------------------------------------------------
Anixter International Inc. reported results for the quarter
ended Sept. 29, 2006.

                  Third Quarter Highlights

   -- Record quarterly sales of US$1.33 billion, including
      US$13.6 million from the acquisition of IMS, Inc., in
      May 2006, rose 32% compared with sales of US$1.01 billion
      in the year ago quarter.

   -- Quarterly operating income of US$96.1 million reflected a
      97% increase from the US$48.9 million reported in the
      third quarter of 2005.

   -- Inclusive of US$22.8 million of income, or 53 cents per
      share, arising from a tax settlement with the Internal
      Revenue Service, net income in the quarter increased 204%,
      to US$76.2 million, or US$1.76 per share, from US$25.1
      million, or 62 cents per share, in last year's third
      quarter.

   -- Third quarter copper prices averaged US$3.54 per pound
      versus US$1.70 per pound in the year ago quarter.  This
      increase added an estimated US$68 million to sales,
      US$18 million to operating income, US$11 million to net
      income and 25 cents to earnings per share as compared
      with the year ago quarter.

Robert Grubbs, President and CEO, said, "Our focus on supply
chain services and our continued progress in the security and
OEM markets, along with solid growth in our core markets,
produced record sales and operating results in the third
quarter.  As has been the case over the past several quarters,
third quarter growth was broad-based across all the geographies
and markets we serve."

                  Third Quarter Results

For the three-month period ended Sept. 29, 2006, sales of
US$1.33 billion produced net income of US$76.2 million, or
US$1.76 per diluted share.  Included in the current year's third
quarter results were sales of US$13.6 million from the
acquisition of IMS in May 2006.  The current quarter results
include US$22.8 million, or 53 cents per diluted share, of
income primarily associated with a refund to be received from
the U. S. Internal Revenue Service resulting from the final
settlement of income taxes covering the period of 1996 through
1998.  The interest income portion of this settlement of US$7.7
million (after-tax impact of US$4.7 million) is reflected on the
income statement on the other, net line.  The remaining portion
of the settlement is recorded as an US$18.1 million reduction to
the tax provision.  In the prior year period, sales of US$1.01
billion generated net income of US$25.1 million, or 62 cents per
diluted share.

Operating income in the third quarter increased 97% to US$96.1
million as compared with US$48.9 million in the year ago
quarter.  For the latest quarter, operating margins were 7.2% as
compared with 4.8% in the third quarter of 2005.

                     Nine-Month Results

For the nine-month period ended Sept. 29, 2006, sales of US$3.64
billion produced net income of US$156.9 million, or US$3.66 per
diluted share.  When compared with the first nine months of the
prior year, 2006 year-to-date sales were favorably affected by
US$165.4 million related to the acquisitions of Infast in July
2005 and IMS in May 2006. The nine-month results include the
same described effects as those noted above related to the tax
settlement with the Internal Revenue Service for the third
quarter.  In the prior year period, sales of US$2.82 billion
produced net income of US$69.9 million, or US$1.74 per diluted
share.

Operating income in the first nine months of fiscal 2006
increased 83% to US$246.7 million as compared with US$134.7
million in the year ago period.  Operating margins in the first
nine months of 2006 were 6.8% as compared with 4.8% in the prior
year period.

                 Third Quarter Sales Trends

Commenting on third quarter sales trends, Mr. Grubbs said,
"Sales in the third quarter grew at a year-over-year organic
rate of 28% after adjusting for the IMS acquisition and the
favorable foreign exchange impact of US$21.1 million on third
quarter sales.  The year-over-year organic growth clearly
exceeded our target of 8 to 12%, as we again saw very strong
customer demand across a broad mix of our business."

Mr. Grubbs continued, "The factors driving our organic growth
were consistent with those we have seen the past few quarters.  
In the most recent quarter, we saw very strong growth in larger
project business, particularly as it relates to data center
builds in the enterprise cabling market and energy and natural
resources customers within our electrical and electronic wire &
cable market.  At the same time, we have continued to experience
strong growth in the security and OEM markets.  Lastly, rising
copper prices continued to contribute to our organic growth in
the most recent quarter.  During the quarter, market-based
copper prices averaged approximately US$3.54 per pound, compared
with US$1.70 per pound in the year ago third quarter and US$3.39
per pound in the second quarter of 2006.  We estimate that the
higher copper prices accounted for an estimated US$68 million of
our year-on-year quarterly increase in sales within the
electrical wire & cable market.  After taking out the impact of
copper prices, the IMS acquisition and foreign exchange,
however, we were still able to grow sales by nearly 22 percent
over the prior year third quarter.

"Specifically, in North America we saw year-over-year sales grow
by 33 percent to US$991.7 million in the most recent quarter.  
In addition to strong end-market demand, North American sales
were up US$10.8 million due to the stronger Canadian dollar,
US$13.6 million due to the acquisition of IMS, and an estimated
US$63 million due to higher copper prices," commented Mr.
Grubbs.

"In Europe, we saw sales climb by 26 percent as compared with
the year ago quarter, of which US$10.6 million was due to
exchange rate differences and US$5 million was due to higher
copper prices in the electrical wire & cable business.  Without
exchange rate differences and copper effects, sales in Europe
still grew organically by 18% as compared with the year ago
quarter."

"In the emerging markets of Latin America and Asia Pacific, we
saw a 39% increase in year-on-year sales, with a negligible
impact from currency exchange rate effects.  Growth was strong
throughout the segment as both Asia Pacific and Latin America
posted year-on-year growth rates in excess of 38 percent,"
continued Mr. Grubbs.

              Third Quarter Operating Results

"As a result of very strong sales growth, third quarter
operating margins were 7.2% as compared with 4.8% in the year
ago period," said Mr. Grubbs.  "In North America, the 33% sales
growth resulted in better operating leverage, which generated
operating margins of 7.8 percent as compared with 5.7% in the
prior year third quarter.  While strong market conditions and
market share gains were the primary drivers of the sales growth
and improved profitability, copper prices again played a
meaningful part in the strong third quarter operating results.  
As noted, copper prices added an estimated US$63 million to
North American electrical wire & cable sales, which had the
effect of adding an estimated US$17 million to third quarter
operating income as compared with the year ago quarter."

Mr. Grubbs added, "In Europe, operating margins in the most
recent quarter were 5.0% as compared with 2.1% in the year ago
quarter.  This significant improvement in operating margins
reflects the operating leverage we gained as a result of strong
organic sales growth. Operating results in the quarter did
benefit marginally from higher copper prices, which added an
estimated US$1 million to operating income and 35 basis points
to operating margins.  We were encouraged by the results in the
most recent quarter, but anticipate that maintaining
consistently solid organic sales growth will remain a
challenge."

"Third quarter operating margins in the Emerging Markets were
6.9% as compared with 3.4% in the year ago quarter.  Continued
sales growth throughout these markets has allowed us to better
leverage infrastructure costs and improve operating margins,"
added Mr. Grubbs.

                   Cash Flow and Leverage

"With organic growth rates again running above levels at which
we can generate positive cash flow from operations, due to the
high working capital requirements associated with such growth,
we saw an increase in outstanding debt balances during the
quarter," said Dennis Letham, Senior Vice President-Finance.  
"Although borrowings increased in the quarter, our strong
operating performance, combined with the recording of the tax
settlement with the Internal Revenue Service, meant shareholders
equity grew at an even faster rate.  As a result, we were again
able to reduce our debt-to-total capital leverage ratio.  At the
end of the third quarter that ratio was 44.7% as compared with
47.0% at the end of last year."

"For the third quarter our weighted average cost of borrowed
capital was 5.5% compared with 5.0% in the year ago quarter.  At
the end of the third quarter, 63% of our total borrowings of
US$732.6 million were fixed, either by the terms of the
borrowing agreements or through hedging arrangements.  We also
had US$208.1 million of available, unused credit facilities at
Sept. 29, 2006, which provide us with the resources to support
continued strong organic growth and to pursue other strategic
alternatives, such as acquisitions, in the coming quarters."

                     Business Outlook

Mr. Grubbs concluded, "The first nine months of 2006 have been a
record-setting period of revenue growth and operating
profitability for Anixter.  This record performance is the
result of strong underlying market fundamentals, solid progress
on our strategic initiatives to build our security and OEM
business, additions to our supply chain services offering, the
expansion of our product offering and the benefits of increased
copper prices.  As we enter the final quarter of the year, our
ability to continue executing on our strategic initiatives,
together with further progress on the integration of recent
acquisitions, will be the keys to our success."

"While the fundamentals support a continuation of the trends of
the past few quarters, the fourth quarter is generally
negatively affected by the large number of holidays and customer
facility shutdowns coincident with those holidays.  As a result,
it is our expectation that we will see a modest decline in
fourth quarter sales versus the third quarter results reported,
but that we will once again experience improved results compared
with the prior year.  Looking forward to 2007, we expect full
year organic sales growth to be within our target of 8 to 12
percent assuming no sudden significant changes in copper
prices."

Anixter International Inc. -- http://www.anixter.com-- is the  
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and our presence in 220
cities in 45 countries, including Australia, China, Hong Kong,
India, Indonesia, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.

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 Wholesale Distribution (Excluding
Healthcare) sector, the rating agency confirmed its Ba1
Corporate Family Rating for Anixter International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200 million
   5.95% Unsecured
   Notes                  Ba1     Baa3    LGD2        28%

   US$155 million
   Subordinated
   LYON's notes           Ba3     Ba2     LGD6        94%

   US$100 million
   Shelf                P(Ba1)  P(Baa3)   LGD2        28%

Fitch Ratings affirmed these ratings for Anixter International
Inc. and its wholly owned operating subsidiary, Anixter Inc.:

  Anixter:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured debt 'BB-'

  AI:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured notes 'BB+'
    -- Senior unsecured bank credit facility at 'BB+'

Fitch's action affects approximately US$700 million of public
debt securities.  The Rating Outlook is Stable.


BANK NEGARA: Pefindo Upgrades 2011 Bonds Rating to 'idA'
--------------------------------------------------------
PT Pefindo Credit Rating Indonesia upgraded its ratings for PT
Bank Negara Indonesia (Persero) Tbk. and the Bank's Bond I/2003
maturing on July 10, 2011 to "idA" from "idA-", while the rating
for the Bank's Subordinated Bond I/2003 maturing on July 10,
2013 is upgraded to "idA-".

The rating actions reflect Pefindo's increasing confidence on
the government, the majority owner of the Bank, to strongly
support the existence of the Bank in the market, as the Bank
holds significant market shares in terms of assets, loans as
well as third party deposits.  The ratings also reflect the
Bank's adequate capital base and liquidity.

As of 1H06, the Bank's equity amounted to IDR12.1 trillion, the
fourth largest among all commercial banks in Indonesia, while
liquidity measured by liquid assets over customer and short-term
funding ratio stayed favorably at 66.8% compared to peers'
average of 60.8%.  However, the ratings are still mitigated by
the Bank's assets quality that weakened to 16.6% as of 1H06 from
4.6% in FY04 mainly attributable to the implementation of PBI
7/2/2005 that required the downgrades of several the Bank's big
corporate loans, which actually have been in the portfolio of
the Bank since the crisis in 1998.

Bank Negara was established in 1946 and since then it has been
perceived as a corporate and government-related bank.  Up to
now, the Bank provides a broad range of commercial banking
activities through its 959 offices and 2,272 proprietary ATMs,
which are also incorporated with more than 8,000 units of other
ATM Network.  To support its daily banking activities, the Bank
employs around 18,664 staffs.  As to date, the Government of
Republic Indonesia still owns a majority ownership of 99.12%,
whilst the remaining 0.88% is held by the public.

The ratings actions reflect the Bank's:

-- Continuing strong support from the government.  Pefindo is
   strongly confident that the government will provide supports
   to Bank Negara in case it experiences financial difficulties
   given the systemic risks it can bring to the country's
   overall economy.  The assumption has been supported by the
   government action to inject a huge capital of
   IDR61.8 trillion through a recapitalization program during
   the crisis.  Despite the government support, the Bank itself
   is working very hard to achieve its new vision and mission
   formulated in "Navigation Map 2004-2018" in an effort to
   reposition its branding and improve its performance going
   forward.

-- Strong business position.  With total asset of IDR146.8
   trillion as of 1H06, Bank Negara is regarded as the third
   largest bank in Indonesia, controlling around 10% market
   share.  Total loans and deposits amounted to IDR65 trillion
   and IDR116.9 trillion during 1H06, capturing market shares of
   about 9.1% and 10.0%, respectively.  During the past several
   years, BBNI has tried to diversify its loan portfolio by
   reducing corporate loans and enlarging commercial and
   consumer loans.  As of 1H06, a portion of the Bank's
   corporate loan has declined to around 38% of total loans (vs.
   90% historically), while commercial and consumer loans
   contributed 43% and 17%, respectively.  As of 1H06, the
   Bank's consumer and commercial loans have reached IDR10.1
   trillion and IDR26.5 trillion, respectively partly due to a
   significant growth in small and medium consumer segment.  To
   strengthen its business position, the Bank has also further
   improved its integrated IT system, which recently has been
   completed and implemented in all of its outlets to support
   the Bank's product and service developments.

-- Adequate capital base and liquidity.  With total equity of
   IDR12.1 trillion as of 1H06, the Bank's capital base is
   considered adequate to absorb potential losses from its NPL
   in addition to LLR of 42.5%.  The Bank's CAR also stood
   favorably at 20% in 1H06 compared to 16.7% in FY05 and 17.9%
   in FY04, while LDR stayed at 51.8% as of 1H06, slightly
   declined from 54.2% in FY05 and 55.1% in FY04.  Bank Negara's
   liquidity measured Liquid asset/Customer & ST funding ratio
   is also considered relatively strong, standing at 66.8% as of
   1H06 compared to peers' average of 60.8%.

The ratings are mitigated by the Bank's:

-- Weak assets quality.  Along with the changes in its earnings
   asset composition, Bank Negara's risk profile had gradually
   shifted from market risks to credit risks.  The portion of
   the Bank's loans to total assets had continuously increased
   to 44.3% in 1H06 from 26.7% in FY01, while the portion of
   government bonds to total assets had continuously declined to
   21% in 1H06 from 69.0% in FY01, as the amount of government
   bonds held by the Bank declined to IDR20.7 trillion from
   IDR60.1 trillion during the period.  Along with its loan
   expansion, the Bank's asset quality measured by NPL ratio had
   weakened to 16.6% in 1H06 from 4.6% in FY04, as the total
   amount of non-performing loans (3-5) steeply increased to
   IDR10.0 trillion from IDR2.7 trillion during the period.  The
   significant increase in NPL ratio was mainly triggered by the
   implementation of "one obligor concept" through PBI 7/2/2005
   in early 2005 that made several of the Bank's big corporate
   loans downgraded.  As a result, the Bank's Loan Loss Reserve
   over NPL (3-5) ratio has dropped to 42.5% as of 1H06 from
   117.5% in FY04, which was also partly due to a charge off to
   cover its losses from LC fraud case.  In addition, Bank
   Negara is still burdened by a huge special mention loans
   (category 2), which could be further downgraded to lower
   categories in the medium term.  This loan category totaled to
   IDR7.6 trillion in 1H06, accounted for about 12% of its total
   gross loans.

                       About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id-- is a financial    
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
a securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service has lifted Bank Negara
Indonesia's senior debt rating to B1 from B2, and long-term
deposit rating to B2 from B3.  The revised ratings carry a
stable outlook.  Bank Negara's short-term deposit rating of Not-
Prime, and bank financial strength rating of E are unaffected.

Another TCR-AP report on May 24, 2006, stated that Fitch Ratings
affirmed Bank Negara's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

Further, another subsequent TCR-AP report on July 17, 2006, said
that Standard & Poor's Ratings Services revised the outlook on
the local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


ERICO INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
affirmed its B1 Corporate Family Rating for Erico International
Corporation, as well as revised the rating on the company's
US$141 million 8.875% senior subordinate notes due 2012 to B2
from B3.  Those notes were assigned an LGD5 rating suggesting
that noteholders will experience a 74% 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 Solon, Ohio, Erico International Corporation --
http://www.erico.com/-- is a designer, manufacturer and  
marketer of precision-engineered specialty metal products
serving markets in a diverse range of electrical, commercial and
industrial construction, utility and rail applications.  It has
offices in Indonesia, Australia, Belgium, Chile, Mexico, and the
United States, among others.


GOODYEAR TIRE: S&P Puts Synthetic Transactions' Rating on Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' ratings on
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust's class A-1 and A-2 certificates on
CreditWatch with negative implications.

The CreditWatch placements follow the Oct. 16, 2006, placement
of the ratings assigned to Goodyear Tire & Rubber Co. on
CreditWatch with negative implications.  Corporate Backed Trust
Certificates Goodyear Tire & Rubber Note-Backed Series 2001-34
Trust is a swap-independent synthetic transaction that is weak-
linked to the underlying securities, Goodyear Tire & Rubber
Co.'s 7% notes due March 15, 2028.

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


INCO LTD: Companhia Vale do Rio Doce Acquires 75.7% Stake
---------------------------------------------------------
Companhia Vale do Rio Doce reveals that 174,623,019 common
shares of Inco Limited have been validly deposited to CVRD's
offer to purchase for cash all of the outstanding common shares
of Inco.  

CVRD has taken up and accepted for payment all shares tendered,
which represent 75.66% of the issued and outstanding Inco common
shares on a fully diluted basis.

CVRD also announced that it has extended the expiry date of the
CVRD Offer to enable the remaining Inco shareholders to receive
prompt payment of the CDN$86.00 per share consideration under
the CVRD Offer.  The CVRD Offer will now expire at midnight
(Toronto time) on Nov. 3, 2006.

"Inco's Board and management believe that combining CVRD and
Inco presents a great opportunity to create value," said Scott
Hand, Inco's Chairman and Chief Executive Officer.  "We plan to
assist CVRD in every way we can to ensure a smooth integration
of our two companies, to create a new global leader in the
metals and mining industry."

"Inco has a long and storied history and our employees can take
can great pride in what we have achieved," Mr. Hand added. "Now
we're looking forward to an exciting new phase in our history."

                           About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining  
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily  
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INCO LTD: Steelworkers Union Approves New Collective Agreement
--------------------------------------------------------------
Members of the United Steelworkers' Local 7619 at Teck Cominco
Ltd.'s Highland Valley Copper mine have voted to accept a new
multi-year collective agreement with Inco Ltd., which will be in
place until Sept. 30, 2011.

USW Western Canada Director Steve Hunt said that worker
solidarity and tough bargaining by the union led to a contract
that leads the way in the Canadian copper mining industry, while
soundly defeating Teck Cominco's drive for concessions.

"Our members, who are the most productive copper miners in the
world, said no to concessions and stood strongly together to
achieve a solid collective agreement, with major increases to
wages and benefits," said Hunt.  "Steelworkers have negotiated
our fair share and these improvements will benefit our families
and our communities."

Local 7619 President Richard Boyce said the union's negotiating
committee counted on the strength of its membership to ensure
the last-minute agreement.  A strike was averted just minutes
before midnight on Sept. 30, 2006, as the union's nearly 800
members at HVC were poised to shut down operations.  Workers had
voted 99.8 per cent in favor of taking strike action if a new
contract was not reached.

Highlights of the five-year collective agreement include across-
the-board wage increases of four per cent in each year, along
with an additional wage category negotiated for trades and
technical workers.  On Oct. 1, 2010 the top wage will be $38.91
per hour.

Retiring employees will receive increased defined pension
benefits of US$60 per month per year of service in the first
year, with subsequent increases.  Those retiring in the fifth
year of the contract will receive US$68 per month per year of
service. Increased survivors' benefits will be provided at no
additional cost to workers.

To help achieve higher retirement benefits in the future,
workers will steer their future copper production bonuses -- in
which copper prices have risen by 300 per cent in the last three
years -- into the pension plan to drive further increases in
defined benefits.  If copper prices remain above CDN$1.27, the
copper bonus will add an additional US$1.50 to US$2 to the
pension base in each year of the deal.

Other key improvements are post-retirement medical benefits,
along with other improvements to benefit members and their
families.

To assist in training and keeping trades apprentices employed at
HVC, the union negotiated wage grade increases in all five years
of the apprenticeship period, along with a series of other
benefits.  In addition there are vacation pay increases to those
with between 18-28 years seniority.

The agreement also includes increased severance pay should any
employee be laid off as a result of the restructuring of
company's operations or in the case of a permanent closure.

The USW represents more than 280,000 men and women working in
every sector of Canada's economy.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily  
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


TELKOM INDONESIA: Pefindo Affirms 'idAAA' Ratings
-------------------------------------------------
PT Pefindo Credit Rating Indonesia affirmed its "idAAA" ratings
for PT (Persero) Telekomunikasi Indonesia Tbk., the Company's
Bond I of IDR1 trillion, and the Company's medium-term notes of
IDR1.125 trillion.  The ratings reflect strong demand of
telecommunication services in Indonesia, Telkom Indonesia's
superior market position in telecommunication industry and very
strong financial profile.  The ratings are, however, mitigated
by limited growth of fixed line business and the Company's large
exposure to foreign currency risks.

As the largest telecommunication player in Indonesia, Telkom
Indonesia's customer base is very well diversified for a wide
range of services including local, long distance and
international calls, cellular calls, fixed wireless access,
interconnection, data & internet, satellite transponder, leased
lines, cable TV, VOIP and other telecommunication related
services.

The Company is listed in three stock exchanges, Jakarta, New
York, and London.  As to date, the Government of Indonesia still
owns majority ownership of 51.19%, followed by public (31.96%)
and other institutions (16.85%).  In May 2001, Telkom Indonesia
had acquired PT Telkomsel, the largest cellular operator in the
country as parts of the cross-ownership settlements between
Telkom Indonesia and PT Indosat Tbk.  Currently, Telkom
Indonesia owns 65% of TLKS's shares.

                     About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/
-- provides local and long-distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed-
wireless service, leased lines, and data transport through
affiliates.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service gave Telekomunikasi
Indonesia a Ba1 local currency corporate family rating.

Standard & Poor's Ratings Services gave the Company foreign and
local currency corporate credit ratings of BB+.

Fitch Ratings has assigned Telkom Indonesia Long-
term foreign and local currency Issuer Default Ratings of 'BB-'.

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

ALL NIPPON AIRWAYS: S&P Upgrades Corp. Credit Rating to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on All
Nippon Airways Co. Ltd. to 'BB' from 'BB-' on the company's
stabilizing cash flow, backed by progress in business
restructuring.  The outlook on the long-term corporate credit
rating is stable.

All Nippon Airways has strengthened its earnings, backed by its
stable position in the domestic leisure travel market.  The
company has drastically lowered the risk of falling back into
the red by reducing costs, especially personnel costs, and
rationalizing operations through efficient fleet assignment and
enhanced airfare control.  Although high fuel prices remain a
risk factor, ANA is expected to maintain brisk cash flows,
supported by ongoing efforts to raise the efficiency of its
passenger transport business.  Through the Star Alliance
network, the company has deepened its connections with other
international carriers and continued to invest in new
aircraft.  The company is also focusing on growth segments, such
as establishing a new cargo airline in a joint venture with
Japan Post.  Overall, ANA is expected to be able to improve its
competitive position and further strengthen its earnings in the
medium to long term.

In preparation for an increase in departure and arrival slots
following the expansion of Haneda Airport in 2009, ANA is
planning capital investments exceeding JPY170 billion annually
over the next three to four years.  However, Standard & Poor's
believes the company can maintain the recovery in its financial
profile, given its stabilizing cash flow generation and its
efforts to further reduce costs.  Although debt levels remain
high, the company's ratio of total debt to total capital
(adjusted for leasing liabilities) decreased to 76% as of fiscal
2005 (ended March 31, 2006) from 84% a year earlier due to a
capital increase of JPY100 billion in March 2006.  The company
is expected to be able to continue to reduce debt.

The outlook is stable. Standard & Poor's will continue to follow
progress in ANA's efforts to strengthen its competitiveness and
prioritize its financial recovery.  If the likelihood increases
that the company will hit targets set in its medium-term
management plan through fiscal 2009, Standard & Poor's may
revise upward its outlook or rating on the company.  On the
other hand, if factors such as volatile fuel prices, safety
problems, terrorism, infectious diseases, or geopolitical risks
increase concerns over the company's earnings or financial
profile, the rating may come under downward pressure.


FORD MOTOR: Moody's Says Weak Results Consistent with B3 Rating
---------------------------------------------------------------
Moody's Investors Service disclosed that Ford's very weak third
quarter performance, with automotive operations generating a
pre-tax loss of US$1.8 billion and a negative operating cash
flow of US$3 billion, was consistent with the expectations which
led to the Sept. 19 downgrade of the company's long-term rating
to B3.

"Ford's rating at B3 anticipated further weakness in financial
results as indicated by the company's need to accelerate its
restructuring initiatives.  Nevertheless, Ford's outlook remains
negative." said Bruce Clark, senior vice president and lead auto
industry analyst at Moody's

"The key to Ford's Way Forward restructuring plan is to reduce
capacity by buying out 25,000 to 30,000 hourly employees and to
shift its product line toward cars and more fuel efficient
vehicles," Clark said

"The problem is that the financial benefits of the program don't
begin to kick in until 2009," he added.

"This means that even if things go according to plan, Ford will
likely burn through a significant amount of cash during 2006 and
2007.  The rate of cash consumption could improve in 2008, but
cash flow could still be negative in that year."

At September 30th, Ford had over US$23 billion in cash and
equivalents.  However, Ford needs several billion in cash to run
its day to day operations.  Consequently, the amount of funds
currently available to cover operating losses and restructuring
requirements is sizable, but it is not the full US$23 billion to
which Ford has access.

"If Ford hits its cost reduction, market share and new product
introduction objectives, the company's cash resources should be
adequate to cover uses through 2007," Clark said.

"But, things could start to get tight in 2008 if operating cash
flow is still negative.  In fact, the company's liquidity
position could become stressed prior to 2008 if the operating
environment is more difficult than planned.  This could happen
if the economy slows, if there is any kind of work stoppage
associated with the 2007 UAW negotiations, or if the already
weak financial position of the supplier base erodes further."

The significant level of cash consumption that Ford will face
during 2007 and 2008, and the potential strain that this will
place on the company's liquidity contributed to Moody's
September downgrade of Ford's Speculative Grade Liquidity rating
to SGL-3 from SGL-1.

Ford has reported its decision to consider accessing the secured
debt market in order to bolster its cash position.

"Given the extended time frame of the Way Forward restructuring
plan and the level of cash that may be required through 2008, it
will be important for Ford to increase its cash position in
order to provide an adequate liquidity cushion," Clark said.

"If Ford can't boost its liquidity through accessing the secured
debt market, through asset sales or through some other strategic
alternatives, there could be further pressure on its long-term
and SGL ratings."

Should Ford issue secured debt for the purpose of building
liquidity, there would likely be no adverse impact on the
company's B3 corporate family rating.  However, consistent with
the analytic framework contained in Moody's Probability of
Default and Loss Given Default Methodology dated August 2006,
the rating of any secured borrowings by Ford would likely be one
or more notches higher than the B3 corporate family rating.  In
contrast, the rating of the company's unsecured obligations
would be subject to a downgrade from current levels.

Ford reported that it would have to restate its quarterly and
annual financials back to 2001 due to errors in the application
of "the short-cut method" promulgated under Statement of
Financial Accounting Standard 133 in connection with the
accounting for certain hedging transactions.  As a result, Ford
expects earnings for 2002 to improve materially; the impact on
years 2003 through 2006 has not yet been assessed.  The company
also anticipates that there will be no cash impact and that the
necessary restatements for all years will be made in time to
permit a timely filing of its third quarter 10Q.

In a March 2006 Special Comment on SFAS 133 Moody's noted that
many recent restatements by other companies arising from SFAS
133 reflect technical misinterpretations of the accounting rules
which do not alter the economic substance of the transactions.  
On the matter of Ford's restatement Clark said, "Moody's
wouldn't view Ford's restatement as a negative credit event as
long as the company's auditors make no determination of a
Material Weakness with respect to Ford's ongoing hedge
accounting, there is no delay in the filing of the company's
financial statements, and no other accounting issues arise in
conjunction with this restatement."

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

The Company has operations in Japan.


FORD MOTOR: S&P Puts Ratings on Synthetic ABS on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on eight
U.S. single-issue synthetic ABS transactions related to Ford
Motor Co. (Ford; B/Negative/B-3) on CreditWatch with negative
implications.  In addition, the rating on one U.S. single-issue
ABS transaction related to Ford Motor Co. Capital Trust II is
lowered to 'CCC-' from 'CCC'.

The Oct. 23, 2006, placement of the senior unsecured debt
ratings on Ford on CreditWatch with negative implications and
the downgrade of Ford Motor Co. Capital Trust II do not have any
immediate rating impact on the Ford-related ABS supported by
collateral pools of consumer auto loans or auto wholesale
loans.

Each of the eight securitizations with ratings placed on
CreditWatch negative is weak-linked to Ford's senior unsecured
debt.  The lowered rating on STEERS Credit-Backed Trust Series
2002-3 F is weak-linked to the rating on Ford Motor Co. Capital
Trust II's preferred stock.  Either Ford or Ford Motor Co.
Capital Trust II provides the underlying collateral or
referenced obligations in the affected securitizations, as
indicated below.

The Oct. 23, 2006, placement of the ratings on Ford on
CreditWatch negative and the downgrade of Ford Motor Co. Capital
Trust II reflect the potential for unsecured creditors to be
disadvantaged if Ford were to incur a material amount of secured
borrowings.

           Ratings Placed On Creditwatch Negative

Corporate Backed Trust Certificates Ford Motor Co.
Debenture-Backed Series 2001-36 Trust

             Rating
Class    To               From   Role of Ford
A-1      B/Watch Neg      B      Underlying collateral
A-2      B/Watch Neg      B      Underlying collateral

Corporate Backed Trust Certificates Ford Motor Co. Note-Backed
Series 2003-6 Trust

             Rating
Class    To               From   Role of Ford
A-1      B/Watch Neg      B      Underlying collateral

CorTS Trust for Ford Debentures

             Rating
Class    To               From   Role of Ford
Certs    B/Watch Neg      B      Underlying collateral

CorTS Trust II for Ford Notes

             Rating
Class    To               From   Role of Ford
Certs    B/Watch Neg      B      Underlying collateral

Freedom Certificates US Autos Series 2004-1 Trust

             Rating
Class    To               From   Role of Ford
A        B/Watch Neg      B      Underlying collateral
X        B/Watch Neg      B      Underlying collateral

PPLUS Trust Series FMC-1

             Rating
Class    To               From   Role of Ford
Certs    B/Watch Neg      B      Underlying collateral

PreferredPLUS Trust Series FRD-1

             Rating
Class    To               From   Role of Ford
Certs    B/Watch Neg      B      Underlying collateral

SATURNS Trust No. 2003-5

             Rating
Class    To               From   Role of Ford
Units    B/Watch Neg      B      Underlying collateral

Trust Certificates (TRUCs) Series 2002-1 Trust

             Rating
Class   To                From   Role of Ford
A-1     B/Watch Neg       B      Underlying collateral

                    Rating Lowered

STEERS Credit-Backed Trust Series 2002-3 F

         Rating
Class   To     From       Role of Ford Motor Co. Capital Trust
II
Certs   CCC-   CCC        Referenced obligation

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

The Company has operations in Japan.


FORD MOTOR: S&P Places B-Rated Sr. Unsec. Debt on Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.

At the same time, S&P affirmed all other ratings on Ford, Ford
Motor Credit Co., and related entities, except the rating on
Ford Motor Co. Capital Trust II 6.5% cumulative convertible
trust preferred securities, which was lowered to 'CCC-' from
'CCC.'

The CreditWatch placement of the automaker's unsecured issues
reflects the potential for unsecured creditors to be
disadvantaged if Ford were to incur a material amount of secured
borrowings.  Ford announced that it is considering a range of
measures to help it fund operating losses and restructuring
plans while preserving cash and short-term VEBA trust balances
at or near current levels of about US$20 billion.  The Ford
announcement said these measures could include the negotiation
of secured credit facilities.

If this occurs, "The rating on Ford's senior unsecured debt
could be lowered by up to two notches below the corporate credit
rating ('B')," said Standard & Poor's credit analyst Robert
Schulz, "reflecting the unsecured debt's disadvantaged recovery
prospects in the event of a bankruptcy by Ford."  We will
monitor ongoing developments and resolve the CreditWatch once
Ford's financing plans have been finalized.

The downgrade of Ford's Capital Trust II 6.5% cumulative
convertible trust preferred securities reflects S&P's view that,
in the wake of Ford's recent elimination of its common stock
dividend, the risk of a payment deferral by Ford on its trust
preferred securities is heightened, as the company seeks to
conserve liquidity in light of ongoing negative cash flows.  
Ford itself has not indicated any intention to defer dividends
on its trust preferred securities.  S&P would view such a
deferral as a default on the issue, under our rating
definitions.

Separately, the ratings on Ford and related entities are not
immediately affected by the company's announcement that it will
delay release of financial statements for the third quarter of
2006 and restate results dating back to 2001.  The restatements
are required because accounting for certain derivatives used to
hedge interest rate risk at Ford Credit did not comply with
Statement of Financial Accounting Standards No. 133 on
derivatives and hedging activities.  Actual cash flow or the
risk-management economics of the derivative transactions are not
affected by the restatements, and S&P does not expect the delay
or restatements to adversely affect Ford's or Ford Credit's
access to their unsecured bank credit lines.

However, S&P would reassess its views if the accounting
restatement process were to uncover additional issues or raise
broader concerns about the strength of Ford's internal controls
or risk-management practices, if additional restatements result
in a prolonged financial reporting delay, or if liquidity were
to be adversely affected.

Ford's third-quarter financial results, excluding the effect of
the restatements, showed further deterioration in automotive
results, which S&P expects to continue through the end of 2006.
North American operations reported a US$2.0 billion loss in the
latest quarter, excluding US$3.7 billion in special items,
compared with a loss of US$1.2 billion in the third quarter of
2005.

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

The Company has operations in Japan.


HOUGHTON 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 B2 Corporate Family Rating for
Houghton International Inc.

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

                                          Projected
                        POD      LGD      Loss-Given
   Debt Issue           Rating   Rating   Default
   ----------           -------  -------  ----------
   US$90 million
   Gtd Sr
   Sec Term Loan
   due 2011             B2       LGD3     45%

   US$25 million
   Gtd Sr
   Sec Revolving
   Credit Facility
   due 2010             B2       LGD3     45%

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 Valley Forge, Pennsylvania, Houghton
International Inc. -- http://www.houghtonintl.com/--  
manufactures oils and specialty chemicals for lubrication in
most of the big Midwestern industries: metalworking, automotive,
and steel.  Its products range from aluminum and steel rolling
lubricants to rust preventatives to fire-resistant hydraulic
fluids.  Houghton maintains operations in Austria, Australia,
Brazil, Chile, China, Denmark, Hong Kong, India, Japan, Korea,
United Kingdom, Finland, France, Germany, Greece, Ireland,
Italy, Malaysia, Poland, Norway, Romania, and Turkey.


METHANEX 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 Ba1 Corporate Family Rating for
Methanex Corp.

Moody's also affirmed its probability-of-default ratings and
assigned loss-given-default ratings to these two bond issues:

                                          Projected
                        POD      LGD      Loss-Given
   Debt Issue           Rating   Rating   Default
   ----------           -------  -------  ----------
   US$200 million
   8.75%
   Sr Unsec Notes
   due 2012             Ba1      LGD4     56%

   US$150 million
   6.00%
   Sr Unsec Notes
   due 2015             Ba1      LGD4     56%

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 Vancouver, British Columbia, Methanex Corp. --
http://www.methanex.com-- is a producer and marketer of  
methanol.  The company has global locations in Japan, Belgium,
Chile, China and the United Kingdom, among others.


MITSUBISHI UFJ: Two Affiliates to Merge in April 2007
-----------------------------------------------------
Diamond Lease Company Limited and UFJ Central Leasing Co., Ltd.,
equity method affiliates of Mitsubishi UFJ Financial Group,
Inc., disclosed that they have reached an agreement to merge on
April 1, 2007, and have signed a letter of understanding to that
effect.

The combined sales of Diamond Lease and UFJ Central Leasing are
over JPY1 trillion (consolidated sales in the year ended March
2006) and following the merger, the new company, Mitsubishi UFJ
Lease & Finance Company Limited. (provisional name; Mitsubishi
UFJ Lease & Finance) will be one of the leaders in the domestic
leasing business.

The new company will build on the strengths of both Diamond
Lease and UFJ Central Leasing, combining their operating
platforms, expertise and products to provide a range of high
quality services that meet a wide spectrum of customers'
leasing-related needs. Mitsubishi UFJ Lease & Finance will aim
for sustained development as a leading leasing company through
contributing to, and gaining the trust of society and its
customers by swiftly and precisely responding to customer
requirements.

Through the creation of Mitsubishi UFJ Lease & Finance in the
lease sector, MUFG will have made progress towards its stated
aim of creating highly competitive companies with a strong
presence in each of the main financial business domains,
including banking, trust banking and securities, as well as
investment trusts, credit cards, consumer finance and leasing.
The Group will continue to steadily strengthen its structure
with the planned merger of UFJ NICOS Co., Ltd. and DC Card Co.,
Ltd. to form a new credit card company (Mitsubishi UFJ NICOS
Co., Ltd. (provisional name)), as well as the scheduled
conversion of Mitsubishi UFJ Securities Co., Ltd. to a wholly-
owned subsidiary, both scheduled for the Spring of next year.
Through close cooperation between these group companies, MUFG
aims to enhance the structure with which it can comprehensively
and flexibly respond to the full range of customers' financial
needs.

Since its creation, MUFG has aimed to be number one in terms of
service, reliability and global coverage. In the future, through
the realization of integration benefits and the acceleration of
growth strategies, MUFG aims to become a premier, comprehensive,
global financial group.

           About Mitsubishi UFJ Trust and Banking Corp.

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

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


SOLO CUP: Ends Review of Accounting Issues & Restates Financials
----------------------------------------------------------------
Solo Cup Company has completed its review of accounting issues
and, based on that review, has restated some of its previously
issued consolidated financial statements.

The company filed with the United States Securities and Exchange
Commission on Oct. 16, 2006, two restated financials:

   -- for the year ended Jan. 1, 2006, and
   -- for the first quarter ended April 2, 2006.

The company has also filed its Form 10-Q for the second quarter
ended July 2, 2006, with the SEC, the filing of which had been
delayed pending completion of the review.

The filing of the second quarter 2006 Form 10-Q has satisfied
the terms of the indenture for the company's 8.5% Senior
Subordinated Notes due 2014.  In addition, on Oct. 13, 2006, the
company concluded its previously announced discussions with its
lenders under its credit facilities and obtained a waiver and
amendment through Jan. 2, 2007, with regard to those facilities.

The company's second-quarter results included:

   -- net sales of US$670.3 million, an increase of
      US$23.4 million, or 3.6%, from the prior-year quarter, as
      restated;

   -- gross profit of US$92.0 million, up 12% from the prior-
      year quarter, as restated; and

   -- a net loss of US$299.4 million, primarily reflecting a
      US$228.5 million non-cash charge for the impairment of the
      company's goodwill and a US$105.0 million non-cash charge
      to income taxes to establish a valuation allowance for its
      deferred tax assets.

"Two months to the day since we announced the delay in the
filing of our second-quarter results and the launch of our
internal review, we are pleased to report that we have completed
the review, that we have filed our restated consolidated
financial statements and our consolidated financial statements
for the second quarter of 2006, and that we can now focus 100%
of our attention on running the company and building value for
our customers, other business partners, investors and
employees," Robert M. Korzenski, chief executive officer, said.

"The restatement work was a rigorous and intense process that
revealed certain material weaknesses in our financial controls
and we are taking decisive steps to address those issues," Mr.
Korzenski said.

"Importantly, this work renewed our confidence in the
fundamentals of our business, reaffirmed the compelling
strategic, operational and financial rationale of the Solo
Cup/Sweetheart merger, and highlighted the quality and
dedication of our employee team.

"The restatement of our consolidated financial statements has
impacted our reported financial results but the process we have
gone through positions us well for long-term strength and
success," Mr. Korzenski concluded.

Full-text copies of the financial statements are available for
free at:

   For the year ended
   Jan. 1, 2006             http://ResearchArchives.com/t/s?13cc

   For the first quarter
   ended April 2, 2006      http://ResearchArchives.com/t/s?13cb

   For the second quarter
   ended July 2, 2006       http://ResearchArchives.com/t/s?13cd

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

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

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

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

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

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

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


SOLO CUP: Moody's Reviewing Ratings & May Downgrade
---------------------------------------------------
Moody's Investors Service is continuing the Review for Possible
Downgrade of Solo Cup Co. first initiated on Aug. 16, 2006, and
reiterated on Sept. 15, 2006.  Although Solo Cup has met its
obligation to file financial statements and has completed its
previously announced review of accounting issues, Moody's
continues to have concerns regarding liquidity and ongoing
business strategy.  Moody's will continue to assess
developments, specifically adequacy of any revisions to
financial covenants and prospective financial strategy and
performance.

Moody's notes that Solo Cup continues to face a challenging
business environment and that there was no free cash flow for
the fiscal second quarter (i.e. deficit of US$66 million), well
short of Moody's expectations.  Total debt to EBITDA at the end
of the quarter was about 7.8 times after Moody's standard
adjustments and about 7.0 times unadjusted.  EBIT interest
coverage was in the area of 0.6 times.

Moody's expects to conclude the review by the end of January
2007.  These ratings remain under Review for Possible Downgrade:

   -- US$150 million senior secured revolving credit facility
      maturing Feb. 27, 2010, B2;

   -- US$635 million senior secured term loan B due
      Feb. 27, 2011, B2;

   -- US$80 million senior secured second lien term loan due
      Feb. 27, 2012, Caa1; and

   -- US$325 million 8.5% subordinated notes due Feb. 15, 2014,
      Caa2.

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


SOLO CUP: S&P Cuts Corp. Credit Rating to CCC+ & Removes Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered all its ratings on
Solo Cup Co. by two notches, including its corporate credit
rating to 'CCC+', and removed them from CreditWatch where they
had been placed with negative implications on Aug. 18, 2006.

The outlook is negative.

"The downgrade was prompted by significantly weaker-than-
expected earnings, cash flow, and liquidity as well as concerns
about the company's ability to absorb additional raw material
cost volatility and to obtain further financial covenant relief
or restructure its debt," said Standard & Poor's credit analyst
Cynthia Werneth.  "Based on these factors, we now believe that
meaningful operating and capital structure improvements will
have to be achieved to reduce the risk of a default within the
next year."

Although detailed information on third-quarter performance is
not yet available, on Oct. 16, 2006, Solo's liquidity was
substantially unchanged from June 30, 2006, with cash and unused
bank line availability totaling only US$59 million.  Liquidity
is unexpectedly low for this time of year, particularly given
that the company obtained US$80 million in new second-lien debt
in March 2006.

This leads S&P to conclude that the company generated little if
any operating cash flow in the third quarter, which is usually a
seasonally strong period, after having used about US$100 million
of cash during the first half of the year.  Because of its
limited liquidity, S&P is concerned about Solo's ability to
continue to shoulder its heavy debt burden and to absorb any
future raw material cost increases, any slowdown in demand, or
other adverse developments.  Also, the company faces higher
interest margin on its bank credit facility in conjunction with
a waiver of financial covenants through year end and will incur
additional costs for an independent review of its supply chain.

Solo may also face near-term refinancing risk if it requires and
is unable to obtain financial covenant relief after expiration
of the current waiver.  S&P is are particularly concerned in
view of Solo's very weak financial profile, its repeated
requests for bank loan waivers and amendments during the past
year, and its recent addition of a tranche of second-lien debt.

The company is very highly leveraged.  As of June 30, 2006,
total debt, adjusted to include about US$200 million of
capitalized operating leases and unfunded postretirement
obligations on a tax-effected basis, was nearly US$1.4 billion.

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


TIMKEN CO: To Exit U.K. Seamless Steel Tube Manufacturing
---------------------------------------------------------
The Timken Company disclosed its intention to exit its European
seamless steel tube manufacturing operations located in Desford,
United Kingdom, as part of its strategy to manage its business
portfolio to improve performance.

Timken will begin consultations with representatives of the 400
associates located at the Desford facility to explore
alternative solutions to closure.

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

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

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

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

                           *     *     *

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


UNICO CORP: Files For Bankruptcy with JPY96.7 Billion Debt
----------------------------------------------------------
Unico Corporation has filed for bankruptcy protection under the
Corporate Rehabilitation Law with the Tokyo District Court after
it was unable to pay JPY96.7 billion (US$811 million) in debts
to its lenders, Kyodo News International reports, citing a
statement by the company.

According to Bloomberg News, Unico Corp., on Sept. 22, 2006,
admitted that it falsified earnings reports in the past years,
and that its liabilities had exceeded its assets in 2004 and
2005.

The company became financially overextended when it corrected
its inappropriate account processing after its auditing firm
notified it, Kyodo News relates.

Hoovers notes that Unico had made an announcement in August and
corrected its earnings going as far back as December 2004,
subsequently becoming insolvent.

Press reports note that the Jasdaq Securities Exchange will
delist the company on November 26 after transferring it to the
liquidation post.  Bloomberg notes that Unico shares have fallen
89% this year.

Headquartered in Hokkaido, Japan, The Unico Corporation --
http://www.unico-corp.co.jp/-- is a Japanese machinery leasing  
company.   The Company's principal activity is the provision of
installment sales credits, leasing/rental and loans.  The
operations are carried out through the following three
divisions: Installment sales, Leasing, Business loans and other.   
The Installment sales division deals with sales and installment
sales of construction machinery, environment-related equipment
and temporary houses/toilets.  The Leasing division operates and
provides financial lease of construction machinery, temporary
construction equipment/materials, temporary houses/toilets and
transportation equipment.  The Other division deals with
construction machinery repairs.


YOKOGAWA ELECTRIC: Posts JPY1.72-Bil Net Loss for June Quarter
--------------------------------------------------------------
Yokogawa Electric Corporation disclosed its financial results
for the first quarter of the fiscal year ending March 31, 2007.

The company's net loss for the quarter ended June 30, 2006, was
JPY1.722 billion, compared with the JPY5.679-billion net loss
recorded for the quarter ended June 30, 2006.

For the 2006-2007 first quarter, the company reported net sales
of JPY69.592 billion, compared with the JPY70.942 billion in net
sales for the 2005-2006 first quarter.

As of June 30, 2006, the company's balance sheet reflected total
current assets of JPY226.113 billion available to pay total
current liabilities of JPY109.210 billion coming due within the
next 12 months.  These figures are slightly higher compared with
the JPY216.663 billion total current assets and
JPY105.647 billion total current liabilities as of June 30,
2005.

Yokogawa Electric's balance sheet also showed total assets of
JPY408.024 billion and total liabilities of JPY182.728 billion,
resulting in total shareholders' equity of JPY209.601 billion.

Yokogawa Electric Corporation's financial report for the quarter
ended June 30, 2006, is available for free at:

http://www.yokogawa.com/pr/pdf/pr-ir-financial-2006-1q-en-00.pdf

Yokogawa Electric Corporation -- http://www.yokogawa.co.jp/--  
is a manufacturing company mainly engaged in the manufacture and
sale of measurement control equipment and information equipment.  
The company manufactures measurement control equipment and
information equipment through its subsidiaries, and sells the
equipment in the country, as well as overseas markets, including
Southeast Asian countries, European countries and the United
States, through its subsidiaries.  Yokogawa Electric also offers
engineering services and post-sale services.  Along with one of
its subsidiaries, the Company also manufactures security-related
equipment.  Its other business activities encompass the real
estate-related business and the provision of recruitment
services.  Headquartered in Tokyo, Yokogawa Electric has 92
subsidiaries and 14 associated companies in Japan, as well as
overseas markets, such as the United States, Singapore, the
Netherlands, Brazil, Korea and China.

On June 7, 2004, Standard and Poors gave the company a BB+ on
both its long-term local and foreign issuer credit rating.


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

HANAROTELECOM INC: Third Qtr. Earnings Conference Set on Nov. 4
---------------------------------------------------------------
Hanarotelecom Inc. will hold its 2006 Third Quarter Earnings
Conference on November 8, 2006, the company says in a regulatory
filing with the United States Securities and Exchange
Commission.

Other details of the Earnings Conference are:

   Venue:    Conference room of hanarotelecom's head office at
             17-7 Yeouido-dong, Youngdeungpo-gu, Seoul 150-874

   Format:   Conference Call

   Time:     16:00 (Korean time)

The conference will include a Q&A portion and provide Korean to
English interpretation.

                   About hanarotelecom

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

                          *     *     *

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

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


HANAROTELECOM INC: Taps Alcatel to Upgrade Infrastructure
---------------------------------------------------------
hanarotelecom, Inc., upgraded its infrastructure using Alcatel's
optical solution.  

The solution enables hanarotelecom to serve increased broadband
service requirements in the most reliable way and with the
highest operational simplicity, Alcatel said in a press release.

With the optical aggregation and multi-service transport offered
by the Alcatel solution, Korean end-users can efficiently access
Ethernet-based applications, like virtual private networks and
multimedia content including video, music and online games, the
release stated.

According to Alcatel, its optical solution could minimize
hanarotelecom's operational expenses because different services
could be bundled to achieve maximum efficiency in their
delivery.

"Customer satisfaction is the key driver for [hanarotelecom] in
constantly broadening our offering to deliver higher value to
end-users with guaranteed quality," hanarotelecom manager Kang
Min Lee said.  "Alcatel's cutting-edge and field-proven optical
technology enables us to provide the scalability required in our
network to cost-effectively address our fast growing service
demands."

                   About hanarotelecom

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

                          *     *     *

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

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


HYNIX SEMICONDUCTOR: Posts KRW1.97-Tril. Consolidated Revenues
--------------------------------------------------------------
Hynix Semiconductor Inc. released the earnings results for its
third quarter 2006, ended September 30, 2006.  The Company
recorded the consolidated revenues of KRW1.97 trillion which is
an 18% increase compared to the previous quarter's KRW1.67
trillion, and a 23% increase from KRW1.6 trillion in the same
period last year.

During the third quarter, a favorable market condition continued
for DRAM.  Demand was especially strong from PCs as more Vista-
ready PCs are sold, while supply was tight, due to technology
migration issues at some suppliers.  Meanwhile, NAND flash
market showed signs of improvements from August on the back of
the launch of new MP3 players and increasing densities for flash
cards and USBs.

Under such environment, the Company's weighted average selling
price for DRAM in the third quarter increased by 9%
sequentially, and bit growth increased by 14% based on the
smooth ramp up of 80nm technology and accelerated volume
production of 8" fab in Wuxi, China.  For NAND flash, average
selling price fell by 24% sequentially, and bit growth increased
46% quarter-on-quarter, attributable to the expansion of 70nm
technology and MLC products.

The Company recorded operating profit of KRW453 billion in the
third quarter, a 17% increase from previous quarter's KRW387
billion which resulted in the operating margin of 23%, same as
previous quarter.  As a result, the Company's EBITDA in the
third quarter recorded KRW833 billion, with EBITDA margin of
42%, which is an increase by 12% from KRW742 billion in the
previous quarter.  Net income for the third quarter of 2006
increased by 17% to KRW390 billion from KRW334 billion in the
previous quarter.

Despite of the revenue increase of 18% sequentially in the third
quarter, the Company's profits did not improve as much, mainly
due to the rapid ramp-up of the China fabs, which incurred
significant initial ramp-up cost, and thus had negative impact
on the Company's margins.  Nevertheless, due to the successful
ramp-up of these fabs, the Company's overseas production
increased significantly, which minimized the impact of the
countervailing duties that are imposed in the US, Europe and
Japan, and at the same time, enabled the Company to serve the
customers better in those areas.

In the third quarter, Hynix-ST Semiconductor Ltd, a joint
venture of Hynix and ST Micro for manufacturing of memory chips,
signed a syndication loan of US$750 million. The Company also
raised US$471 million through issuance of zero coupon
convertible bonds due 2011.  As a result of these financing
activities, cash and short-term financial instruments at the end
of the third quarter recorded KRW1.72 trillion, which is an
increase by KRW361 billion from previous quarter's KRW1.36
trillion.  Meanwhile, debt level at the end of the quarter also
increased by KRW825 billion, from KRW1.85 trillion at the end of
previous quarter to KRW2.68 trillion at the end of third quarter
of 2006, bringing debt to equity ratio and net debt to equity
ratio to 34% and 12%, respectively.

As a supplement to the consolidated financial results, non-
consolidated sales in the third quarter recorded KRW1.82
trillion, which is a 16% increase from previous quarter.  
Operating profits declined by 10% quarter-on-quarter to KRW292
billion, resulting 16% of operating profit margin.  Such a big
difference in the revenues and the operating profits between the
consolidated and the non-consolidated was mainly due to the
deviation of the market price and the internal transfer price.
Nevertheless, the Company's net profit recorded KRW384 billion
with 21% of net profit margin, which is same as previous
quarter, due to gain on valuation of overseas affiliates using
the equity method and other non-operating items.

                          *     *     *

Summarized Financial Statements of Hynix Semiconductor is
available for free at http://ResearchArchives.com/t/s?140e

                   About Hynix Semiconductor

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

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


KOREA EXPRESS: Kumho-Asiana Wants to Take the Reins
---------------------------------------------------
Kumho Asiana Group is interested in taking the reins of Korea
Express Co., Bloomberg News reports citing a statement by the
Group's chairman Park Sam Koo.

Mr. Park believes Korea Express would complement Kumho-Asiana's
operations with the company's well-established business in the
delivery industry.

"I think around 30 to 35 percent stake will be enough to secure
management control," The Korea Herald quotes Mr. Park as saying.  
"We also plan to team up with strategic and financial
investors."

Kumho Asiana currently holds a 13.47% stake in Korea Express.

Other entities reportedly interested for a controlling stake in
Korea Express include the logistic firm, STX Group, and food-
processing company, CJ Corp.

                       About Korea Express

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine   
transportation, and logistics services.  The Company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

In 2005, Korea Express President Lee Kook-Dong signified that
the Company might be put up for sale after it completes a water
pipeline project in Libya in the first half of 2006.  The
Company agreed in December 2005 with the Libyan Government to
finish the Great Man-Made River project, the largest engineering
project in the world cited by the United Nations, by the end of
June 2006.

Mr. Lee is tasked with reviving the Company, which has been
under court receivership since June 2001 after it could not
service a KRW1.5-trillion debt, including KRW919 billion owed by
then-parent Dong-Ah Construction Industrial Co.  Mr. Lee will
decide with a Seoul court about when to sell the Company, which
has a market value of US$601 million.

In the Company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.


LG TELECOM: Net Profit for 3rd Quarter 2006 Rose 150% from 2005
---------------------------------------------------------------
LG Telecom Ltd.'s net profit for the quarter ended Sept. 30,
2006, sharply rose to KRW223.5 billion -- a 150% increase from
the KRW86.7 billion gained for the corresponding period last
year.

The huge increase in net profit was partly due to income tax
gains of KRW125.5 billion for the September 2006 quarter.

LG Telecom earned gross revenues of KRW987.1 billion for the
third quarter of 2006, a 12% increase from KRW883.9 billion
earned for the quarter ended Sept. 30, 2005.

With the increase in revenues came the rise in operating costs
of about 14%.  Expenses for operations totaled KRW888.5 billion
for the September 2006 quarter, compared to the KRW782.4 billion
incurred last year.

Accordingly, operating profit for the third quarter of 2006
dropped to KRW98.6 billion from the KRW101.5 billion posted for
the corresponding period last year.

                        About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and  
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

Fitch Ratings gave the Company 'BB' Long-Term Foreign Issuer
Default and Foreign Currency Long-Term Default Ratings.


QUANTUM 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. Technology Hardware sector this week,
the rating agency confirmed its B3 Corporate Family Rating for
Quantum 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$150 million
   Sr. Sec. Revolver
   due 2009                B2       Ba3     LGD2       24%

   US$225 million
   Sr. Sec.
   First Lien Facility
   due 2012                B2       Ba3     LGD2       24%

   US$160 million
   Subordinated
   convertible notes
   due 2010               Caa2     Caa2     LGD6       91%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in 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
alphanumeric 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%).

Headquatered in San Jose, California, Quantum Corp. --
http://www.quantum.com/-- is a global leader in storage,  
delivers highly reliable backup, recovery and archive solutions
that meet demanding requirements for data integrity and
availability with superior price/performance and comprehensive
service and support.  Quantum offers customers of all sizes an
unparalleled range of solutions, from leading tape drive and
media technologies, autoloaders and libraries to disk-based
backup systems.  In Europe, the company maintains operations in
Denmark, Czech Republic, Romania, Portugal, France, Germany, and
the United Kingdom.


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

AIR NEW ZEALAND: Changes Pacific Network Schedules for 2007
-----------------------------------------------------------
Air New Zealand will introduce several changes to its Pacific
network next year after a review of the airline's non-profitable
routes.

Effective April 2, 2007, Air New Zealand will suspend Rarotonga-
Papeete-Los Angeles services currently operated by the airline
three times per week.

Instead, Air New Zealand will code share with Air Tahiti Nui on
four of its daily Papeete-Los Angeles services maintaining
connections to/from London.  A weekly non-stop service between
Rarotonga and Los Angeles will be reinstated by Air New Zealand
to retain the link between the Cook Islands and North America.  
This will be extended to a twice weekly service during the peak
travel months of April and July 2007 and potentially the
December 2007 to February 2008 period.

A four times weekly non-stop service between Auckland and
Papeete will be provided jointly by Air New Zealand and Air
Tahiti Nui under a code share arrangement.  Regular services
between Auckland and Rarotonga will continue as scheduled with
no significant change to capacity.

Group General Manager Short Haul Airlines, Norm Thompson says
the decision to suspend the services was difficult given the
historic links Air New Zealand has with the Pacific and the
importance placed on tourism by the Pacific Island economies.

"Air New Zealand has been flying the Coral Route for over fifty
years and acknowledges in particular the importance of visitors
from the Northern Hemisphere to both French Polynesia and the
Cook Islands.

"However, we cannot justify retaining our current level of
service through Papeete and Rarotonga from Los Angeles. The high
costs and low yields make this route unsustainable so we will
suspend these flights as from the end of March next year," Mr.
Thompson says.

"We will continue to work closely with the Governments of both
country's and their respective tourism industry representatives
to monitor demand on the routes and would certainly consider
adding capacity or reinstating services if sustainable," Mr.
Thompson notes.

Air New Zealand's new code share arrangement with Air Tahiti
Nui, which is subject to approval by the respective governments,
will offer the people of New Zealand and French Polynesia a
better weekly spread of non-stop services between the two
destinations.

Air Tahiti Nui Chief Executive, Eric Pommier says "we look
forward to working with Air New Zealand in this new code-share
arrangement that will benefit both companies as well as our
respective countries.  This new cooperation will provide a
better distribution of services between New Zealand and French
Polynesia and afford convenient and improved frequencies to all
of our customers."

Air New Zealand's services between Nadi and Los Angeles will now
operate three times a week.  The other four days will be
operated as a code share with Air Pacific subject to government
approval.

Under this arrangement, a daily schedule will be provided
between Fiji and Los Angeles with connections to Air New
Zealand's services to/from London which will greatly enhance
northern hemisphere tourism flows into the Pacific.

The Pacific schedule changes as from April 2, 2007 are:

   * Rarotonga-Papeete-Los Angeles: three times weekly return
     service suspended;

   * Auckland-Papeete: four return services per week - Air NZ
     (two) and Air Tahiti Nui (two) with reciprocal code-share
     on all services;

   * Papeete-Los Angeles: four times weekly return service -
     operated by Air Tahiti Nui with Air NZ code on these
     services;

   * Rarotonga-Los Angeles: weekly return service - Air NZ.
     Services operated twice weekly during peak travel months,
     as Outlined; and

   * Nadi-Los Angeles: new days of operation for Air New
     Zealand, Monday, Wednesday and Friday - with Air New
     Zealand code-share on Air Pacific operated flights on this
     route.

                      About Air New Zealand

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

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

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


ALL VINES: Faces Liquidation Proceedings
----------------------------------------
The High Court of Blenheim will hear a liquidation petition
against All Vines Marlborough Ltd on November 22, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on September 4, 2006.

The Solicitor for the Petitioner can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception, 518 Colombo Street
         (P.O. Box 1782), Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


B & S PATRICK: Court to Hear Liquidation Petition on November 2
---------------------------------------------------------------
A petition to liquidate B & S Patrick Ltd will be heard before
the High Court of Auckland on November 2, 2006, at 10:00 a.m.

Accident Compensation Corporation filed the petition on July 17,
2006.

The Solicitor for the Petitioner can be reached at:

         Dianne S. Lester
         Maude & Miller
         Second Floor, McDonald's Building
         Cobham Court, P.O. Box 50-555
         Porirua City
         New Zealand


EXHILARATOR HOLDINGS: Creditors' Proofs of Claim Due on Nov. 21
---------------------------------------------------------------
On October 10, 2006, Geoff Falloon was appointed as liquidator
to oversee the wind-up of Exhilarator Holdings Ltd.

The Company's creditors are required to submit their proofs of
claim to Mr. Falloon by November 21, 2006, to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Geoff Falloon
         New Zealand Tax Limited
         P.O. Box 27, Nelson
         New Zealand
         Telephone:(03) 545 0545 or (027) 332 6759


GENEVA FINANCE: ASCB Upholds False Advertising Complaint
--------------------------------------------------------
An advertisement for Geneva Finance debenture stock that
highlighted a B+ Standard and Poor's credit rating has been
found wanting by the Advertising Standards Complaints Board, New
Zealand Press Association reports.

The report relates that the board upheld a complaint that the
advertisement would give consumers a false sense of security.  
The stock sounded good because of the B plus rating but was a
junk bond, ShareChat News cites the complainant, as saying.

According to the board, a majority of its members were of a view
that the advertisement did not reach a high standard of social
responsibility, NZPA relates.

However, the board conceded that the advertisement did not
suggest the rating was higher than it actually was.

But the advertisement's use of the word "sound" in the headline
would be likely to mislead the average consumer as to the nature
of the product offered, ShareChat says.

According to a minority of the board, the advertisement invited
consumers to seek more detail, adding that the information
presented was factual and the headline acceptable.

ShareChat cites Geneva Finance arguing that its advertisement
referred to the availability of a prospectus and investment
statement which both had comprehensive sections on the rating.  
Its Web site also provided information on the rating and stated
that further information was available from the S&P's Web site,
Geneva Finance states.

ShareChat notes that the Government has a regulation of non-bank
financial institutions under review due to the collapse of three
finance companies this year.

                      About Geneva Finance

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


HEATHERDALE ORCHARDS: Creditors' Proofs of Debt Due on Nov. 16
--------------------------------------------------------------
On October 10, 2006, Francesco Pessione was appointed as
liquidator of Heatherdale Orchards Ltd.

Creditors are required to submit their proofs of debt to Mr.
Pessione by November 16, 2006, or be excluded from sharing in
any distribution the Company will make.

Accordingly, creditors will hold a meeting on October 30, 2006,
at 9:00 a.m. to:

   -- consider the liquidator's statement of affairs;

   -- confirm or otherwise the appointment of Francesco Pessione
      as liquidator;

   -- consider whether or not to appoint a liquidation
committee.

The Liquidator can be reached at:

         Francesco Pessione
         Richards Woodhouse Limited
         P.O. Box 98, Nelson
         New Zealand
         Telephone:(03) 548 2369
         Facsimile:(03) 546 8836
         Email: rw@richwoodhouse.co.nz


LINE KING: Liquidation Petition Hearing Set on Oct. 30
------------------------------------------------------
On August 31, 2006, the Commissioner of Inland Revenue filed
before the High Court of Palmerston a liquidation petition
against The Line King Ltd.

The Court will hear the petition on October 30, 2006, at 10:00
a.m.

The Solicitor for the Petitioner can be reached at:

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


LUNAR INVESTMENTS: Court Appoints Joint Liquidators
---------------------------------------------------
On September 25, 2006, the High Court of Christchurch ordered to
liquidate Lunar Investments Ltd's operations and appointed Iain
Andrew Nellies and Wayne John Deuchrass as joint and several
liquidators.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level One, 148 Victoria Street
         (P.O. Box 13-401), Christchurch
         New Zealand


PREFERG CONRACTOR: Commences Liquidation Process
------------------------------------------------
On October 13, 2006, shareholders of Preferg Contractor Ltd
resolved to liquidate the company's business.

In this regard, Iain Andrew Nellies and Paul William Gerrard
Jenkins were appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         Insolvency Management Limited
         Level Three, Burns House
         10 George Street (P.O Box 1058), Dunedin
         New Zealand


PRESTIGE RV'S: Enters Liquidation Proceedings
---------------------------------------------
On October 2, 2006, shareholders of Prestige RV's (NZ) Ltd
resolved to liquidate the company's business and appointed Iain
Andrew Nellies and Wayne John Deuchrass as joint and several
liquidators.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         Insolvency Management Limited
         Level One, 148 Victoria Street
         (P.O. Box 13-401), Christchurch
         New Zealand


RAISIN GRAPES: Liquidation Petition Hearing Set on Nov. 22
----------------------------------------------------------
On November 22, 2006 at 10:00 a.m., the High Court of Blenheim
will hear a liquidation petition filed against Raisin Grapes
Marlborough Ltd.

The Commissioner of Inland Revenue filed the petition with the
Court on September 4, 2006.

The Solicitor for the Petitioner can be reached at:

         Julia Dykema
         Ground Floor Reception, 518 Colombo Street
         (P.O. Box 1782), Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


REACH INVESTMENTS: Liquidation Petition Hearing Set on Oct. 30
--------------------------------------------------------------
A liquidation petition filed against Reach Investments
Corporation Ltd will be heard before the High Court of
Christchurch on October 30, 2006, at 10:00 a.m.

Taggart Earthmoving Ltd filed the petition on September 27,
2006.

The Solicitor for the Petitioner can be reached at:

         T. W. Evatt
         White Fox and Jones
         Level Seven, ABN AMRO Craigs House
         90 Armagh Street
         (P.O. Box 1353), Christchurch
         New Zealand
         Telephone:(03) 353 0650
         Facsimile:(03) 353 0652


* New Zealand's Official Cash Rate Unchanged at 7.25%
-----------------------------------------------------
The Official Cash Rate will remain unchanged at 7.25%.

In a statement, the Reserve Bank of New Zealand states that
there has been a significant improvement to the near-term
inflation outlook, mainly as a result of the recent decline in
oil prices.  RBNZ expects lower fuel prices, together with the
recent rebound in the exchange rate and Statistics New Zealand's
reweighting of the CPI, to give an unusually low December
quarter CPI increase.  These are temporary factors, however,
and, apart from the likely favorable impact on inflation
expectations, they are not expected to impact materially on
medium-term inflation, RBNZ notes.

Indicators of medium-term inflation pressures remain
significant.  Overall GDP growth in the second quarter was
consistent with RBNZ's September projections and the continued
rebalancing of demand away from domestic spending towards
exports.  Continued strength in most of New Zealand's
international markets and a return to a downward trending NZ
dollar exchange rate should support this rebalancing.  On the
domestic side, however, the housing market remains resilient,
supported by net inward migration and ongoing mortgage credit
expansion at low interest margins.  Further, we could see a
pickup in household consumption in the third quarter as a result
of the drop in petrol prices.  On balance, inflation pressures
appear to be abating gradually.  But some indicators of resource
pressures, like high capacity utilization and a tight labor
market, continue to signal caution.

Taking all of this into account, monetary policy pressure will
need to be maintained for some time to bring inflation back
sustainably within the 1%-3% target band, RBNZ says.  In this
regard, the policy outlook is little changed from RBNZ's
September statement.  The balance of inflation risks remains
skewed to the upside.  Further monetary policy tightening cannot
be ruled out, and any easing of policy remains a considerable
way off, RBNZ reveals.


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

GLOBE TELECOM: To Hold 3Q2006 Investors' Briefing on Nov. 8
-----------------------------------------------------------
Globe Telecom Inc.'s will hold an Investors' Briefing on Nov. 8,
2006, at 2:30 p.m. at the Makati Shangri-la, Manila A & B rooms.

For the first part of the briefing, the management will present
and discuss the financial and operational performance for the
3rd quarter of 2006.  After which, a Q&A portion will commence
wherein guests could raise their queries with the management.

Participants are requested to confirm their availability by
responding to:

   Luz Sanchez
   Tel. No. +632 7302963
   E-mail: lssanchez@globetel.com.ph

   Wesa Elomina
   Tel. No. +632 7302152
   E-mail: raelomina@globetel.com.ph

An international teleconference facility will be made available
on the day:

   Call-in Conference Tel. No.: +65 6668 7512
   Conference Code            : 701625

For those who are unable to attend, a recording of the briefing
will be made available for playback two hours after briefing
ends.  This facility will be made available until Nov. 11, 2006.

To listen to the recording, please dial +65 6668 7522.  At the
voice prompt, key in the six-digit reference no. 212006 and end
with the # key.

These materials will be posted on Globe's Web site
http://www.globe.com.phon or before Nov. 8, 2006:

   (a) Press Release on financial and operating results for 3Q
       2006;

   (b) 3Q 2006 SEC FORM 17Q - management's discussion and
       analysis of our financial and operating results for 3Q
       2006; and

   (c) Investors' Briefing Presentation Materials


NATIONAL POWER: Launches STAR 3 to Improve Effectivity
------------------------------------------------------
Seeking to build on the gains of the STAR Program during its
first two years of implementation, the management of the
Philippine National Power Corporation has formally launched STAR
3, a corporate-wide program aimed at improving the synergy,
organizational health, and over-all effectiveness of National
Power as a corporation.

Vice President for Geothermal Generation & STAR 3 Committee
Chairman Danilo S. Sedilla said the program is in line with
National Power's "corporate quest for energy industry
leadership" and its vision to be "a provider of choice for
energy services" not only in the Philippines but in the entire
Southeast Asian region.

Where STAR 1 was designed to rekindle the pride of National
Power's employees in themselves and in the Corporation as an
institution, and STAR 2 was designed to motivate employees to
give their best in the workplace, at home and in the community.  

STAR 3 outlines seven basic objectives:

   1. The strengthening and upgrading of corporate policies, and
      the review of National Power's operational performance;

   2. The upgrading of performance enhancement programs to
      reinvigorate the corporate organization;

   3. The advancement of human resource development programs to
      mpower and motivate employees;

   4. The enhancement of quality systems, programs and
      procedures for performance excellence;

   5. The updating of the Management Information System to
      provide management with real time, accurate, and useful
      data;

   6. Review and recalibration of the present citation and
      awards system; and

   7. The identification, assessment, and pursuit of business
      opportunities that could serve as National Power's vehicle
      in launching itself in the global competitive market.

To jumpstart the implementation of STAR 3, President Cyril C.
Del Callar has created a 16-member committee chaired by VP
Sedilla, with Vice President Gina Lourdes D. Valeros as Vice
Chairman.  Its members are:

   * Vice President Juan Carlos J. Guadarrama,
   * Vice President Lorenzo S. Marcelo,
   * Vice President Oscar C. Lorico;
   * Katambayan S. Celino,
   * Paquito F. Garcia,
   * Rudy F. Brioso,
   * Wilfredo B. Sinay,
   * Emmanuel A. Umali,
   * Alexander Japon, and
   * Atty. Melchor P. Redulme, and
   * Ms. Marilou O. Dela Cruz

President Del Callar has also appointed Senior Vice Presidents
Silvano C. Zanoria and Pio J. Benavidez as Senior Advisers to
the Committee, and Ms. Elvira M. Sernal as the Committee
Secretariat.

                      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.


NATIONAL POWER: ERC to Impose WESM Controls
-------------------------------------------
The Energy Regulation Commission says it would impose the
necessary controls on the Wholesale Electricity Spot Market if
allegations would be proven that there was price manipulation
during the market's third trading month, causing prices to
suddenly spike.

"If anticompetitive behavior is established and duly reported to
the ERC, appropriate remedies such as directives to fix or
control the price will be issued and the appropriate penalties
imposed, after observance of the requirements of due process,"
ERC commissioner and officer-in-charge Alejandro Barin says.

On October 26, 2006, the Troubled Company Reporter - Asia
Pacific reported that National Power Corporation has clarified
that recent changes in the electricity prices of power
generators bidding in the WESM are just part of the dynamics
that govern the relationships of market participants.

The ERC is waiting for the WESM operator, Philippine Electricity
Market Corp., to finish its investigation of its suspicions of
price manipulation at the spot market from August 26, 2006, to
September 25, 2006.

"The ERC will evaluate and validate the PEMC's report, according
to set procedures," Mr. Barin says, noting that contrary to
criticisms, the ERC has never been remiss in its duties,
particularly in ensuring that competition is fair and that no
single entity benefits from market power.

The operative regulations are the "Competition Rules and
Complaint Procedures," which penalize abuse of market power or
anticompetitive behavior in the WESM.

                      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.


* Philippines to Post Lower 2006 Budget Deficit, Treasurer Says
---------------------------------------------------------------
The Philippines will post a full-year budget deficit that is
lower than the target of PHP125 billion, given the government's
tight spending and improved revenue collection, National
Treasurer Omar Cruz says.

This could help the government reduce its borrowings in 2007,
Mr. Cruz notes.

The government relies heavily on foreign and local borrowings to
fund its budget deficit, which should not exceed PHP63 billion
or 0.9% of projected gross domestic product in 2007.

"One thing is clear and that is the fact that we will be ahead
of our program," Mr. Cruz says.  "We can not pick a specific
number because that is less easy to predict but it's moot and
academic that we will over-perform this year," Mr. Cruz adds.

According to Mr. Cruz, the Development Budget Coordinating
Committee was already in the process of finalizing the fiscal
budget for 2007, which would ultimately determine the
government's borrowing program.

"The market will be shocked at the degree of reduction in our
borrowing program next year," Mr. Cruz says.  "We are not
changing the bottom line, specifically keeping the deficit at
PHP63 billion.  But borrowing will go down."

The Philippines swung to a budget deficit of PHP16.2 billion in
September, after recording four monthly surpluses.

The national government had a budget deficit of PHP50.4 billion
for January to September, lower than the programmed nine-month
deficit of PHP122 billion.

The national government had surpluses in April, May, June, and
August, bolstering hopes that the Philippines may record a
deficit lower than the full-year target of PHP125 billion, which
is equivalent to 2.1% of projected gross domestic product.

It had a fiscal gap of PHP146.5 billion in 2006, which was 2.7%
of GDP.

                           *     *     *

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


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

CKE RESTAURANTS: Good Performance Cues S&P's Positive Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Carpinteria, California-based CKE Restaurants Inc., including
the 'B+' corporate credit rating, on CreditWatch with positive
implications.  The '1' recovery rating on the company's secured
bank loan is not on CreditWatch.

"The action reflects the company's strengthening cash flow
protection measures due to an improving operating performance
and debt repayment," said Standard & Poor's credit analyst Diane
Shand.  Standard & Poor's will resolve the CreditWatch listing
following a meeting with management to evaluate the company's
business strategies and financial policies.

CKE's profitability has improved over the past two-and-a-half
after several years of weak results.  The positive trends are
due to management's focus on premium products, strategy of
targeting male customers in the 18-35 age range, and increased
operating efficiencies.  Same-store sales at Carl's Jr. rose
5.2% in the first half of 2006, following gains of 2.2% in all
of 2005, while Hardee's same-store sales increased 4.4%, after
being flat in all of 2005.  Operating margins for the 12 months
ended Aug. 14, 2006, expanded to 16.9%, from 14.3%, primarily
due to sales leverage and lower food costs.

CKE has also substantially reduced debt over the past two-and-a-
half years through the conversion of a portion of its
convertible notes into common equity and repayment of debt.  
Total funded debt has declined to $183.6 million at Aug. 14,
2006, from $418.7 million at Jan. 26, 2004.  Cash flow
protection measures have strengthened as a result of better
profitability and reduced debt.  EBITDA coverage of interest
increased to 3.7x in the 12 months ended Aug. 14, 2006, from
2.9x at the end of 2005, and total debt to EBITDA declined to
2.8x from 3.6x. Both measures are strong for the rating
category.

                     About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com/-- through its subsidiaries, franchisees   
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,131
franchised, licensed or company-operated restaurants in 43
states and in 13 countries -- including Singapore.


ISOFT GROUP: AIDB to Investigate Former Auditor RSM Robson
----------------------------------------------------------
The Accountancy Investigation and Discipline Board intends to
investigate RSM Robson Rhodes LLP in relation to the firm's
audit on iSOFT Group plc's financial statements for the years
ended April 30, 2003, April 30, 2004, and April 30, 2005.  The
AIDB is also investigating the company's executive or non-
executive directors, who are members of the accountancy bodies
that support the AIDB, in the relevant periods.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
independent investigation into possible accounting
irregularities conducted by the company's current auditors,
Deloitte & Touche, in July 2006 did not uncover evidence that
any of the current non-executive directors had any knowledge of
any irregularities.

The company believes that the AIDB investigation is likely to
cover similar matters to the investigation by the FSA that is
already underway and will of course give its cooperation to the
investigation.

                         About iSoft

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical  
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

An initial probe, conducted by Deloitte & Touche and Eversheds
LLP, found evidence of accounting irregularities affecting the
financial years ended April 30, 2004, and April 30, 2005.  The
group submitted the findings, which contained grounds for a more
formal investigation, to the Financial Services Authority, a
British regulator.  According to the company, Deloitte was
appointed as the group's auditor in July 2005 and was not
therefore acting for the group during the period covered by the
investigation.  After the initial review, the board suspended
Steve Graham, the group's commercial director, pending the
outcome of the formal investigation.

The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years 2004 and 2005 in
accordance with the accounting policy in force at that time.
The irregularities uncovered to date do not appear to have
affected the group's cash position.


PETROLEO BRASILEIRO: May Abandon Operations in Bolivia
------------------------------------------------------
Petroleo Brasileiro SA, Brazil's state oil company, could
abandon its operations in Bolivia if a deal with Yacimientos
Petroliferos Fiscales Bolivianos, its Bolivian counterpart, is
not reached, the Associated Press reports, citing the Brazilian
President Luiz Inacio Lula da Silva's top adviser.

Brazilian officials told AP that the country hopes to reach an
accord with Bolivia over the exploration and production of
Bolivian natural gas before the Oct. 28, 2006, deadline set by
Bolivia.

Silas Rondeau, the mines and energy minister of Brazil, told
Agencia Estado that he expected to travel to Bolivia this
weekend to complete an accord and is very hopeful about the
talks with Bolivian officials.

AP underscores that Marco Aurelio Garcia, a top aide to
President Silva, said that if a deal is reached a new contract
will be established.  

If there would be no agreement between Brazil and Bolivia,
Petroleo Brasileiro will have to leave Bolivia and then it would
be compensated by the Bolivian government or through decisions
made by international authorities, Mr. Garcia told AP.

Moreover, the TCR-AP reported on Oct. 26, 2006, that 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 before the Oct. 28,
deadline.

                    About Petroleo Brasileiro

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.


PETROLEO BRASILEIRO: Paying BRL4.387B of Interest on Own Capital
----------------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras's board of directors
approved a BRL4.387 billion payment to shareholders in the form
of interest on own capital.  The amount, corresponding to a
gross value of BRL1.00 per common and preferred shares, is being
accrued in the company's financial statements on Sept. 30, 2006,
and will be disbursed by Jan. 15, 2007, based on the
shareholding position as of Oct. 31, 2006.

If payment occurs after Dec. 31, 2006, interest based on the
SELIC rate will be payable from Dec. 31, 2006, through the
effective payment date. The shares will be negotiated ex-
interest on capital from Nov. 1, 2006. This interest on capital
will be offset against any remuneration payable at the close of
the 2006 fiscal year and will be subject to income tax of 15%
withheld at source except in the case of shareholders who are
exempt.

                   About Petroleo Brasileiro

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.


PETROLEO BRASILEIRO: Posts Daily Oil Output of 1.9-Mil. Barrels
---------------------------------------------------------------
Petroleo Brasileiro, the state-run oil company of Brazil, said
in a press release that it has attained a new production record
of 1.913 million barrels of oil per day, which is 30,000 barrels
per day more than the 1.882 million barrels daily recorded in
May.

Dow Jones Newswires relates that the new record was obtained
mainly due to maintenance on land oil fields as well as the
start of production at three new oil wells at the Albacora Leste
field in the Campos Basin.

Petroleo Brasileiro told Dow Jones that with the new wells, the
P-50 rig that pumps from the Albacora Leste field now produces
about 150,000 barrels per day.

Petroleo Brasileiro said that in the coming weeks, the P-50
likely will reach its full production capacity of 180,000
barrels per day, Dow Jones notes.

Dow Jones underscores that if production boost were to be
constant, Petroleo Brasileiro's output would finally surpass
Brazil's estimated daily oil product consumption of about 1.85
million barrels per day.

Petroleo Brasileiro expects its daily oil production in the
country to be at 2 million barrels per day by the end of the
year for the first time as two more programs will be
implemented, Dow Jones says.

Dow Jones emphasizes that Petroleo Brasileiro will likely begin
production in November at its P-34 rig, which is expected to
produce 60,000 barrels per day from the Jubarte field.  

Petroleo Brasileiro will launch in December production at the
100,000-barrel per day FPSO Cidade do Rio de Janeiro, which will
pump from the Espardarte field, Dow Jones states.

                   About Petroleo Brasileiro

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.


PROGRESS MANUFACTURING: Proofs of Debt Due on November 20
---------------------------------------------------------
Progress Manufacturing (Holding) Pte Ltd, which was placed under
members' voluntary liquidation, requires its creditors to submit
their proofs of debt by November 20, 2006, to be included in the
company's distribution of dividend.

The liquidator can be reached at:

         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way #07-01
         UIC Building
         Singapore 068808


SEAGATE TECH: Reports US$2.8B Revenue for Quarter Ended Sept. 29
----------------------------------------------------------------
Seagate Technology reported revenue of US$2.8 billion, GAAP net
income of US$59 million, and diluted earnings per share of
US$0.10 for the quarter ended Sept. 29, 2006.

Included in the US$2.8 billion of revenue is approximately
US$344 million from legacy Maxtor designed products.  Net income
and diluted earnings per share includes approximately US$82
million of charges directly associated with the Maxtor
acquisition.  Excluding acquisition related charges and a
favorable adjustment to a pre-existing restructuring reserve of
US$4 million, non-GAAP net income and diluted earnings per share
were US$137 million and US$0.23.

In the year-ago quarter, Seagate reported revenue of US$2.09
billion, GAAP net income of US$272 million and diluted earnings
per share of US$0.54.

"Seagate delivered another strong performance in the Sept.
quarter, reflecting our leadership position in a marketplace
characterized by continued healthy growth in demand for
storage," said Bill Watkins, Seagate chief executive officer.  
"I'm pleased that we achieved the results we outlined for the
quarter.  Our integration of Maxtor continues ahead of schedule,
allowing us to complete the customer transition to more cost-
effective Seagate products during the December quarter."

"During the quarter, we continued to see an aggressive pricing
environment in the notebook and desktop markets, resulting from
what we believe are competitors who seem intent on trying to
capture market share without regard to profitability.  I'm
pleased, particularly in the face of this environment, with the
revenue retention we have achieved, and we are confident in our
ability to continue to reduce cost and improve profitability
throughout the year.  As the leading manufacturer in the disc
drive industry, we are operating from a position of strength,
from both a cost and product leadership perspective.  Moving
forward, while we remain committed to pricing discipline, we
intend to maintain our current share position, and will manage
our pricing strategy accordingly."

The average selling price, on a blended basis, decreased
approximately US$4.00 from the June quarter.  In aggregate,
price decreases on a "like for like" product basis during the
September quarter were in excess of 6%, which was in line with
the company's expectations at the beginning of the quarter.

                         Business Outlook

For fiscal year 2007, excluding acquisition related costs but
including Maxtor's operating results, Seagate now expects
US$11.4-11.8 billion in revenue and US$1.70-1.80 for Non-GAAP
diluted earnings per share. Including approximately US$210
million of expected acquisition related costs and US$18 million
of fees associated with the early redemption of the 8% notes,
GAAP diluted earnings per share would be US$1.35-US$1.45. The
company's adjusted revenue and earnings outlook for fiscal 2007
reflects a pricing environment in the desktop and notebook
markets that became more aggressive at the end of the September
quarter, thus impacting pricing for subsequent quarters.

In the second half of its fiscal year, Seagate will benefit from
new products, new market opportunities and the completion of the
Maxtor integration.

For the December quarter, Seagate expects to report revenue of
US$2.8-3.0 billion, and diluted earnings per share of US$0.30-
0.34, excluding acquisition related costs but including Maxtor's
operating results.  Included in the company's outlook for the
December quarter is an unfavorable impact to gross margin and
earnings of approximately US$30 million of unplanned costs
associated with legacy Maxtor drives. GAAP diluted earnings per
share for the December quarter, including approximately US$60
million of expected acquisition related costs and US$18 million
of fees associated with the early redemption of the 8% notes,
would be US$0.17-0.21.

                   Dividend and Stock Repurchase

The board of directors has approved an increase in the quarterly
dividend from US$0.08 to US$0.10 per share.  The company has
declared the quarterly dividend to be paid on or before
Nov. 17, 2006, to all common shareholders of record as of
Nov. 3, 2006.

During the quarter ended Sept. 29, 2006, the company repurchased
6.7 million common shares worth approximately US$150 million.
The company has approximately US$2.35 billion available under
the current authorized stock repurchase program.

                    About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets  
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Singapore and Thailand.

                        *    *    *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


SEAGATE TECHNOLOGY: 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. Technology Hardware sector, the rating
agency confirmed its Ba1 Corporate Family Rating for
Seagate Technology.

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

                                          Projected
                        POD      LGD      Loss-Given
   Debt Issue           Rating   Rating   Default
   ----------           -------  -------  ----------   
   US$300 million
   Senior Notes
   due 2009             Ba1      LGD4      56%

   US$600 million
   Senior Notes
   due 2011             Ba1      LGD4      56%

   US$600 million
   Senior Notes
   due 2016             Ba1      LGD4      56%

   US$230 million
   6.8% Convertible
   Senior Notes
   due 2010             Ba1      LGD4      56%

   US$60 million
   5.75% Convertible
   Subordinated
   Debentures
   due 2012             Ba2      LGD6       96%

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

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

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

                   About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets  
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Singapore and Thailand.


TAT WEI: High Court to Hear Wind-Up Petition on November 3
----------------------------------------------------------
Standard Chartered Bank filed an application to wind up
Tat Wei Printing Packaging Pte Ltd on October 12, 2006.

The wind-up petition will be heard before the High Court of
Singapore on November 3, 2006, at 10:00 a.m.

Standard Chartered's solicitors can be reached at:

         Rajah & Tann
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


VALEANT PHARMA: Financial Filing Delay Cues S&P's Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Costa
Mesa, California-based Valeant Pharmaceuticals International,
including Valeant's 'BB-' corporate credit rating, on
CreditWatch with negative implications.

"The rating actions follow the specialty pharmaceutical
company's announcement that it does not expect to file its Form
10-Q for third-quarter 2006 by the filing date," said Standard &
Poor's credit analyst Arthur Wong.  "The delay is attributed to
the company's need to restate its financials, possibly as far
back as 1997, due to errors in accounting for stock option
grants."

A Valeant board of directors-appointed special committee is
still conducting its review, and the magnitude of the
restatements has not yet been determined.  Valeant was already
subject to an informal SEC probe regarding the issue.  The
failure to file its Form 10-Q on time would constitute a default
of reporting requirements under its convertible and high-yield
note agreements that if not cured in 60 days could result in an
acceleration of the amounts outstanding under those notes.

"Standard & Poor's will monitor the cost and ability of Valeant
to cope with this situation before resolving the CreditWatch
listing," Mr. Wong said.

              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 Singapore and Taiwan.

                          *     *     *

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. pharmaceutical sector last week, the
rating agency confirmed its B1 Corporate Family Rating for
Valeant Pharmaceuticals International, and its Ba3 rating on the
company's US$300 million issue of 7% senior unsecured notes due
2011.  Additionally, Moody's assigned an LGD3 rating to those
bonds, suggesting noteholders will experience a 39% loss in the
event of a default.

Valeant Pharmaceuticals International's senior unsecured debt
and corporate family ratings carry Moody's Ba3 and Ba1 ratings
respectively, while its long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings.


VALEANT PHARMA: Says Filing of 3rd Qtr. Results Will be Delayed
---------------------------------------------------------------
Valeant Pharmaceuticals International disclosed in a regulatory
filing with the Securities and Exchange Commission that the
company will be unable to file quarterly report on form 10-Q for
the quarter ended Sept. 30, 2006, as well as complete the
restatement of previously issued financial statements until the
special committee of independent directors of the company's
board of directors has completed its review of the company's
option grant practices and audit of restated periods.

Bary G. Bailey, Valeant Pharmaceuticals' executive vice
president and chief financial officer, said that the company's
failure to remain current in its periodic reporting obligations
could have material adverse consequences which could include
compliance issues under the information reporting requirements
of the company's outstanding convertible and high-yield notes,
which if not timely cured could result in the acceleration of
the outstanding amounts due under those notes.

                           SEC Inquiry

The company previously received a request from the SEC for data
on its stock option granting practices since Jan. 1, 2000, as
part of an informal inquiry.  

Accordingly, the company initiated a review of its option
grants, which covers option grants by the company since its
initial public offering in 1982.

The review is being conducted under the direction of the Special
Committee with the assistance of outside legal counsel.

          Stock Option Grant Review Preliminary Results

On Oct. 20, 2006, after receiving from the Special Committee a
report on certain preliminary results of its review, the Board
of Directors concluded that as a result of errors in the
company's accounting for stock options, financial statements for
certain prior periods will need to be restated.

The Special Committee reported that it has determined, with
respect to broad-based grants in 1997 and subsequent years, the
company should have used different measurement dates for the
purpose of computing compensation expense for those stock option
grants in accordance with Accounting Principles Board Opinion
No. 25, "Accounting for Stock Issued to Employees."

While the Special Committee has not yet reached a definitive
conclusion as to the causes of these errors, new accounting
measurement dates are being applied to the affected option
grants, and the company expects to recognize material additional
non-cash, stock-based compensation expense for the affected
periods.

Because the Special Committee has not completed its review, the
company has not yet determined the magnitude of the restatement,
but based upon the review, the Board of Directors, upon
recommendation of the Finance and Audit Committee, determined
that the company's annual and interim financial statements,
earnings press releases and similar communications previously
issued by the company for and after 1997 should no longer be
relied upon.

The company notes that the majority of errors in accounting for
options identified to date by the Special Committee pertains to
options granted prior to the change in the company's Board of
Directors and management in June 2002.

Additional errors were found in accounting for certain options
granted to employees since the board and management change, but
none of the errors related to options granted to the current
chief executive officer or chief financial officer.

              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 Singapore and Taiwan.

                          *     *     *

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. pharmaceutical sector last week, the
rating agency confirmed its B1 Corporate Family Rating for
Valeant Pharmaceuticals International, and its Ba3 rating on the
company's US$300 million issue of 7% senior unsecured notes due
2011.  Additionally, Moody's assigned an LGD3 rating to those
bonds, suggesting noteholders will experience a 39% loss in the
event of a default.

Valeant Pharmaceuticals International's senior unsecured debt
and corporate family ratings carry Moody's Ba3 and Ba1 ratings
respectively, while its long-term foreign and local issuer
credits carry Standard & Poor's BB- ratings.


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

DATAMAT PCL: Names Niwes as COB, Prepares Rehabilitation Plan
-------------------------------------------------------------
The board of directors of Datamat Pcl convened for a meeting on
October 24, 2006, and approved:

   1. the appointment of Niwes Phancharoenworakul as the new
      director and Chairman of the board effective on
      October 24, 2006;

   2. the demand to receive the return of the property, seal and
      documents concerning the property and business of the
      Company from Advance Planner Co., Ltd.;

   3. the Company's permission to re-enter into the business
      rehabilitation where the Company asked to act as the
      Planner itself; and appointment of the team act as the
      Planner and/or the Executive Planner in taking any actions
      under the law:

         i. Mr. Niwes Phancharoenworakul;

        ii. Mr. Watchara Achakornlak;

       iii. Mr. Bhana Swasdibutara; and

        iv. Mr. William Linton Raper

   4. the appointment of Watchara Achakornlak as the Chief
      Financial Officer with the duties to control, Supervise
      and administer the Company's finances.

                          *     *     *

Headquartered in Bangkok, Thailand, Datamat Public Co. Limited -
- http://www.datamat.co.th/-- distributes computers, provides  
computer technology services, and maintains computer and
software system.  It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.

The Company is currently categorized under the "Non-Performing
Group" sector of the Stock Exchange of Thailand.

As of August 25, 2006, Datamat's balance sheet reflected total
assets of US$17.55 million, and total shareholder's deficit of
US$1.72 million.


G STEEL: Inks Energy Services Agreement with Siam Power
-------------------------------------------------------
On October 18, 2006, G Steel Pcl entered into an Energy Services
Agreement with Siam Power Generation Pcl, a major share-holder
of the company, which is a group of companies incorporated in
Malaysia namely Emperial Power Ltd.

According to G Steel, the agreement would be beneficial to the
company in terms of a secure source of power supply needed in
its manufacturing of existing production and for future
expansion project.

Furthermore, the company anticipates that it would also reduce
its long term costs of power supply procurement.  

                          *     *     *

G Steel Public Company Ltd, headquartered in Bangkok, produces
hot rolled coils (HRC) in different grades and gauges. G Steel
is a stand-alone operating entity with no related group
companies.

                          *     *     *

Standard & Poor's Ratings Services said on September 26, 2006,
that it has affirmed the B+ corporate credit rating on
Thailand's G Steel Public Co. Ltd.  The outlook is negative.

In addition, Moody's Investors Service on September 21, 2006,
downgraded G Steel's corporate family and senior unsecured bond
ratings from B1 to B2.  

This rating action follows the company's announcement that it
has completed the purchase of up to US$180 million in NSM
convertible bonds, which will allow G Steel to convert into
approximately 33% stake in NSM over the next 18 months.  The
ratings outlook is stable.


TANAYONG PCL: Court to Consider Objections on Plan Termination
--------------------------------------------------------------
On October 24, 2006, Tanayong Pcl filed before the Central
Bankruptcy Court of Thailand a petition seeking to terminate the
rehabilitation plan of the company.

However, nine creditors of the company raised objections
regarding the petition.  Thus, the Central Bankruptcy Court set
a date for consideration on October 26, 2006.

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with certain SET
requirements.

Tanayong's total consolidated assets for the fiscal year ended
March 30, 2006, was THB6.926 billion, and its total liabilities
was THB35.458 billion, resulting to a shareholders' deficit of
THB28.531 billion.


TOTAL ACCESS: Starts Promotional Package for Northeast Region
-------------------------------------------------------------
Total Access Communication launched a promotional prepaid
package specifically for the Northeast, to compete in the area
with Advanced Info Service, the Nation says.  

According to the report, DTAC has launched a SIM card for users
registered in northeastern provinces to call any other DTAC
subscriber registered in the Northeast for THB1 per minute,
regardless of where the call is made from throughout the
country.

Accordingly, customers will be charged THB2 per minute for calls
to other regions' numbers or other networks, the Nation adds.

The Nation recounts that early this month, Advanced Info
introduced a low-rate package -- THB1 per minute to call any
network -- for prepaid mobile-phone customers in the Northeast
as part of its regional marketing strategy.  However, if
subscribers travel outside the region, the call rate jumps to
THB2 within the Advanced Info network and THB4 to different
networks.

The Northeast, according to The Nation has become a battlefield
for the two leading cellular operators, mainly because of its
large population of 21 million and more than five million
mobile-phone subscribers, of which over three million are
Advanced Info subscribers while 1.5 million are DTAC users.

The Nation cites Total Access chief executive, Sigve Brekke, as
saying DTAC has been studying and marketing northeastern
consumers for some time.  The company has this year rolled out
many base stations in the region, making its network coverage
comparable to its main competitor.

The firm's latest package targets northeastern customers who
frequently travel outside the region but remain strongly
attached to their hometowns, The Nation notes.

                          *     *     *

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.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
------                         ------     ------   ------------

AUSTRALIA

Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      23.98      -11.13
KH Foods Ltd                      KHF      62.30       -1.71
Orbital Corporation Limited       OEC      14.01       -4.86
RMG Limited                       RMG      22.33       -2.16
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      25.79      -43.45
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology Holdings      8057      14.10       -2.07
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Magnum International Holdings
   Limited                        305      10.35       -5.83
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     151.61      -19.15
New World Mobile Holdings Ltd     862     215.47     -126.57
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd                1013      24.00       -3.15
Shandong Jintai Group Co. Ltd.  600385     19.58      -12.18
Shanghai Xingye Housing
   Company Ltd                 600603      14.90      -72.98
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Sun's Group Manufacturing
   Company Limited                988     103.02      -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.48       -7.15
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     160.45      -19.82
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Voksel Electric Tbk              VOKS      44.01      -11.74
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Unitex Tbk                       UNTX      29.08       -5.87


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14

MALAYSIA

Antah Holdings Bhd                ANT     184.65      -98.29
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      63.60       -5.00
Jin Lin Wood Industries Berhad    JLW      21.68       -1.74
KIG Glass Industrial Berhad       KIG      15.76      -24.61
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     227.68     -114.64
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     255.84     -227.85
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     189.92      -50.36
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Global Equities Inc.              GEI      24.18       -1.81
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      56.91      -10.59
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
SungKwang Co., Ltd.             41140      19.06       -1.60
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24

                            *********

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

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

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


                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***