TCRAP_Public/061030.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

            Monday, October 30, 2006, Vol. 9, No. 215

                            Headlines

A U S T R A L I A

AWB LIMITED: Gives Up Veto Rights Over Export Applications
AWB LIMITED: Liberal MPs Want Single Desk Abolished or Given Up
AWB LIMITED: Warren Truss Denies Earlier Knowledge of Kickbacks
CROESUS MINING: Signs JV Agreement with Platina & Barrick
CSNA PTY: Creditors Must Prove Debts by November 9

D & D STEEL: Will Declare Final Dividend on November 29
DALE ENTERPRISES: Members Resolve to Wind Up Firm
DALE'S NOMINEES: Members Opt to Shut Down Business
ELECTROFORM PTY: Shuts Down Business Operations
ELITE CONSULTANTS: Members Opt for Voluntary Liquidation

FIREBALL INTERNATIONAL: Creditors To Prove Debts by November 7
FOREGONE NO.1: Members Resolve to Voluntarily Wind Up Operations
GRIFFIN COAL: Moody's Assigns Ba2 Corporate Family Rating
GRIFFIN COAL: S&P Assigns BB- Rating with Stable Outlook
HARD ROCK: Members & Creditors' Joint Meeting Set on October 30

INDEPENDENT NEWS: Fitch Puts IDR of BB- on Rating Watch Evolving
KIDZ.NET SERVICES: To Declare Final Dividend on November 24
MACBUILT STEEL: Liquidator to Present Wind-Up Report
MERANAK PTY: Members to Receive Liquidator's Account
MINTFORM PTY: Pass Resolution to Close Operations

NASIE PTY: Initiates Wind-Up Proceedings
NICOLINA CONSTRUCTIONS: Enters Voluntary Liquidation
ON FARM ELECTRONICS: Final Meeting Scheduled for October 30
PRIMA PRODUCE: Sole Member Decides Voluntary Wind-Up
PRIMA STYLES: Placed Under Voluntary Liquidation

PROSYS AUSTRALIA: Members & Creditors to Receive Wind-Up Report
RINGWOOD M.TEN: Final Meeting Slated for October 31
ROCKS AUSTRALIA: Final Meeting Set for November 6
ROSALIND DALE: Members Decide to Wind Up Firm
RYAN & JOHNSTON: Joint Liquidators to Give Wind-Up Accounts

SANCY FASHIONS: To Declare Dividend to Priority Creditors
SANOC PTY: Creditors Opt to Close Operations
SARGON TOWERS: Faces Wind-Up Proceedings
SAWAR PTY: To Declare Final Priority Dividend on November 24
SIMREAD PTY: Creditors' Proofs of Claim Due on November 7

SUERAY PTY: To Hold Final Meeting on October 31
W.A.L. AGNEW: Liquidators to Present Report on October 31
YORK GROVE: Distributes Final Dividend on November 29


C H I N A   &   H O N G  K O N G

ANCO COMPUTER: Members' Final Meeting Set for November 13
ANDI (HK) LTD: Members to Receive Liquidator's Report
ASIA DIRECT: Court Orders Wind Up of Operations
ASIAN MELODY: Placed Under Voluntary Liquidation
BOMBARDIER INC: Slashes Jet Production Rates & Cuts Workforce

CHARTER FAVOUR: Court to Hear Wind-Up Petition on November 1
CHINA EASTERN: Fires Two Top Executives
CHINA MERCHANTS: Third Quarter Net Profit Tops CNY1.41 Billion
CHINA SOUTHERN: Seeks Permission to Open Nepal Routes
COLUMBUS MCKINNON: Moody's Assigns Loss-Given-Default Rating

COUDERT BROTHERS: Court Okays Ehlers Ehlers as Special Counsel
COUDERT BROTHERS: Taps New Tokyo as Special Counsel
FERRO CORP: Reports US$16.2MM Net Income for Year Ended Dec. 31
FORD MOTOR: Seeks Increase on Sourcing of Chinese-Made Parts
GREENTOWN CHINA: S&P Assigns BB on Long Term Corp. Credit Rating

HODGSON ENTERPRISES: Members to Receive Wind-Up Report
HWL FINANCE: Commences Liquidation of Business
JUMBO WONDER: Court Orders Wind-Up
LILAC LTD: Proofs of Claim Due on November 21
MANLAI COURT: Creditors Must Prove Debts by November 20

MING BO PRINTING: Faces Wind-Up Proceedings
PETROLEOS DE VENEZUELA: Pipeline with Colombia Part of Pacts
PETROLEOS DE VENEZUELA: Spending VEB3.5 Tril. in Zulia Units
PETROLEOS DE VENEZUELA: 53% of Maracaibo Equipment in Bad Shape
POLYWORLD INTERNATIONAL: Creditors to Prove Debts by Nov. 20

SBFI (HONG KONG): Final Meeting Slated for November 29
SHENZHEN DEVELOPMENT: Raring to Push Through Reform Plans
SKY SUCCEED: To Hold Meetings on October 31
WISE RIGHT: Appoints Kam Chi Chiu, Anthony as Liquidator
XINHUA FINANCE: Long Term Corp. Credit Rating Gets B+ from S&P

YANLOCK LTD: Enters Voluntary Liquidation


I N D I A

BALLY TECH: Presents Preliminary Restated 2003 to 2005 Results
BALLY TECH: Forms Strategic Alliance with Points International
HDFC BANK: Moody's Assigns Ba2 Foreign Currency Deposit Rating
HINDUSTAN PETROLEUM: Records INR12.2-Bil. 3rd Quarter Net Profit
ICICI BANK: Ventures into Car Leasing with Germany's Sixt AG

ICICI BANK: Seeks to Operate from Qatar Financial Center


K O R E A

SK CORPORATION: To Repurchase 13 Million Common Shares
SK CORPORATION: To Sell 174 Stations to Hana for KRW470 Billion
SK CORPORATION: To Sell Yonghyun-dong Land for KRW193.6 Billion
* South Korea's Economy Grew 4.6% in Third Quarter, BOK Says


M A L A Y S I A

METROPLEX BERHAD: Lau and Choong Drops Wind-Up Petition
PAN MALAYSIAN: SC Won't Extend Submission of Regularization Plan
PANGLOBAL BERHAD: Court Extends Restraining Order to Jan. 2007
PANGLOBAL BERHAD: Updates on Units' Timber and Coal Production
TALAM CORP: Formulating Regularization Plan for Submission

TALAM CORPORATION: SC Extends Compliance Date for Europlus Merge
TALAM CORPORATION: 81st Annual General Meeting Set for Nov. 3
TENCO BERHAD: Unit Placed Under Creditors' Voluntary Wind-Up


N E W   Z E A L A N D

AFFCO ENTERPRISES: Appoints Joint Liquidators
ALL SET CARS: Liquidation Hearing Set on December 19
AUSTRALASIAN ROOFING: Appoints Joint and Several Liquidators
CAVALESE ENTERPRISES: Creditors' Proofs of Claim Due on Nov. 10
CENTRAL FLOORING: Names Brown and Rodewald as Liquidators

CLELANDS COLD: Shareholders Resolve to Liquidate Business
CLENDON LTD: Creditors to Prove Claims by November 10
COURTHOUSE CAFE: Court to Hear Liquidation Petition on Nov. 23
COURTHOUSE CAF & GALLERY: Faces Liquidation Proceedings
GREENLANE TRUST: Liquidation Petition Hearing Set on November 9

HACKETT TRUST: Court to Hear Liquidation Petition on November 16
IPF VA LTD: Appoints Official Assignee as Liquidator
* New Zealand Law Provides New Insolvency Options for Companies


P H I L I P P I N E S

APEX MINING: Resets Annual Stockholder's Meeting to December 15
DEVELOPMENT BANK: Sells Bad Assets to Lehman Brothers
MANILA ELECTRIC: Seeks ERC Approval for More Than PHP1 Rate Hike
METROPOLITAN BANK: Lists 173.6 Million Shares
NATIONAL POWER: Supports WESM Price Probe

VICTORIAS MILLING: DOLE to Decide on Negotiations Until Dec. 19
VITARICH CORP: Expands Animal Feeds Business Operations


S I N G A P O R E

CHINA AVIATION: To Repay US$132.36MM Deferred Debt to Creditors
INFOCOMMCENTRE PTE: Subjected to Wind-Up Petition
JIL COMPONENTS: Pays Dividend to Unsecured Creditors
MAE ENGINEERING: Compass Estimates SGD18.4-Mil. of Shares Value
PACIFIC CENTURY: Appoints Peter Allen as Managing Director

REFCO INC: Files September 2006 Cash Receipts and Disbursements
STATS CHIPPAC: Posts Higher Revenue at US397-Mil. in 3rd Qtr.'06


T H A I L A N D

PHELPS DODGE: Posts US$888 Million Third Quarter 2006 Profit
PHELPS DODGE: Declares US$0.20 Per Common Share Dividend
SIAM COMMERCIAL: Files Civil Suit against Safari World
THAI PETROCHEMICAL: Overseas Roadshows to Tighten Intl. Links
TOTAL ACCESS: Offers Insurance to Post-Paid Customers

     - - - - - - - -

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

AWB LIMITED: Gives Up Veto Rights Over Export Applications
----------------------------------------------------------
AWB Limited is under pressure from the Federal Government to
give up its monopoly power for the second time this year to
allow another major grain sale to Iraq, The Border Mail reports.

The report says it is understood that Prime Minister John Howard
and Deputy Prime Minister Mark Vaile are lobbying the company to
relax its prized veto power over export applications by other
companies to pave the way for a 500,000-tonne deal.

On October 20, 2006, Mr. Howard and Mr. Vaile met with AWB
International chairman Ian Donges, but it is believed the
meeting broke up without result, the Mail relates.

The paper cites Mr. Howard, as saying the talks were focused on
delivering the best financial outcome for drought-affected
growers in one of the worst seasons in years.

After pressure from the Government, AWB reluctantly agreed to
give up its veto rights to allow a local consortium, Wheat
Australia, to make a 350,000 tonne, AU$90 million sale to Iraq
in June.

                          About AWB

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

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

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

                         *     *     *

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

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

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


AWB LIMITED: Liberal MPs Want Single Desk Abolished or Given Up
---------------------------------------------------------------
Federal Liberal MPs from rural backgrounds demanded that AWB
Limited be stripped of its single-desk monopoly as Australia's
wheat exporter, the Sydney Morning Herald reports.

The report relates that the MPs demanded that either the single
desk be abolished, or that responsibility for wheat be given to
the Wheat Export Authority, which would enlist private operators
to handle buying and selling.

Led by the West Australian MP Wilson Tuckey, the Liberals
complained that because of the drought wheat exports would be
mostly provided this year by the less-afflicted West Australian
growers, the Sydney Herald says.

The Liberals also said farmers are fearful of the consequences
of Cole inquiry's findings into allegations that AWB paid AU$300
million in bribes to Saddam Hussein's regime in Iraq, The Sidney
Herald relates.

The paper cites one MP as saying that there is a prospect of a
class action being taken against AWB.  Growers who sold wheat to
AWB would technically be creditors and might be forced to bear
the burden of legal costs and any damages awarded, the Sidney
Herald says.

According to the Sydney Herald, the Liberals are also angry that
AWB charged growers AU$65 million in handling fees.  Farmers in
Western Australia, and to a lesser extent South Australia, will
bear the cost this year because they will be the sole exporters.

Their stance puts them at odds with their Nationals colleagues,
who are defending AWB and the single desk.  Senator Ron Boswell
was the only Nationals member to defend AWB, the Sidney Herald
relates.

Yet, the Troubled Company Reporter - Asia Pacific reported on
October 20, 2006, that AWB was planning to slash its AU$65
million marketing fee to encourage West Australian wheat growers
to deliver their wheat to the export pool.

The Sydney Herald cites sources, as saying it is expected the
Government will move on AWB's single-desk status after the Cole
inquiry's findings.

                          About AWB

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

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

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

                         *     *     *

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

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

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


AWB LIMITED: Warren Truss Denies Earlier Knowledge of Kickbacks
---------------------------------------------------------------
Trade Minister Warren Truss has launched a vigorous defense
against claims he had been aware since at least 2000 that AWB
Limited was involved in sanctions-busting in Iraq, The
Australian says.

The Australian cites Mr. Truss explaining in a new statement to
the Cole inquiry, that he had been aware only since October 2003
that "at least some of the contracts that AWB had made under the
oil-for-food program" involved trucking fees, "although I had no
knowledge of what that might have entailed".

Mr. Truss denied any knowledge of Alia, a Jordanian trucking
company, which acted as a front for Saddam Hussein, and did not
know the Iraqi regime required AWB to pay for transport.

According to Mr. Truss, it is "likely" that former AWB chairman
Trevor Flugge told him that Saddam's regime threatened to halve
imports from Australia before war broke out in Iraq.

"AWB was concerned that Australian criticism of the Saddam
regime might put the wheat trade in jeopardy," Mr. Truss
explained.  "It is also likely that Mr. Flugge discussed with me
the wheat trade between Australia and Iraq."

But Mr. Truss said AWB had "consistently denied" corruption, The
Australian relates.

The Australian reveals that in the last week of public hearings
of the Cole inquiry, a letter surfaced suggesting that Mr.
Flugge discussed trucking with Mr. Truss.

The letter, written by AWB executive Mark Emons, said Mr. Truss
wanted AWB to do whatever was necessary to keep the trade with
Iraq on track, The Australian reveals.

Mr. Emons admitted to the Cole Inquiry that he wrote all or part
of the letter "to put pressure" on Iraq, the paper adds.

According to The Australian, Mr. Emons -- who was accused of
"suspicious" transactions involving amounts up to AU$1million --
said he had "numerous discussions" with Mr. Flugge about
trucking.

John Howard met the current AWB chairman, Ian Donges to discuss
the future of the wheat exporter, which is fighting corruption
allegations and claims that it has set up farmers for a crisis
by forward-selling this year's small harvest at low prices, The
Australian relates.

Ahead of the talks, the paper cites Mr. Howard as saying he
would focus on the drought-affected wheat crop, not on changes
to the single desk.

"We don't intend to make any decision about the future of the
single desk until we have received the report of Mr. (Terence)
Cole," Mr. Howard says.

                          About AWB

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

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

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

                         *     *     *

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

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

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


CROESUS MINING: Signs JV Agreement with Platina & Barrick
---------------------------------------------------------
Queensland-based Platina Resources Ltd has signed a joint
venture agreement to search for platinum group metals at the
Polar Bear Project, near Norseman, spending AU$1.3 million over
3 years to earn a 70% interest in the project, WA Business News
reports.

According to the report, the Polar Bear Project is currently the
subject of a gold and nickel exploration and development joint
venture between Barrick Australia Pacific and Croesus Mining
Ltd, with Platina to explore over the same ground.

By sole funding a pre-feasiblity or feasibility study Platina
can earn further equity, WA Business relates.  However, should
the studies indicate a mineable resources greater than 5 million
ounces, Barrick and Coresus have claw-back opportunities --
involving significant penalty repayments to Platina -- to re-
purchase 70% of the project, the report says.

WA Business notes that exploration activities are expected to
commence in October and will include mapping and sampling of the
entire project area, with new geophysical surveys and
interpretation to be conducted where necessary.

                      About Croesus Mining

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold
through its Davyhurst and Central Norseman exploration projects.

The Troubled Company Reporter - Asia Pacific reported on July 4,
2006, that Croesus Mining has gone into administration after
failing to restructure its finances and meet its hedging debts.
Bryan Hughes and Vincent Smith, of Pitcher Partners Accountants,
Auditors & Advisors, were appointed as joint and several
administrators pursuant to Section 436A of the Corporations Act.

On July 20, 2006, creditors unanimously opted to accept a Deed
of Company Arrangement, which allows the Administrators to
pursue the possibility of restructuring Croesus Group and
realizing further value for the benefit of creditors and
shareholders, than may be received in a liquidation.


CSNA PTY: Creditors Must Prove Debts by November 9
--------------------------------------------------
CSNA Pty Ltd -- formerly Critical Solutions Nursing Agency --
will declare the first and final dividend for its creditors on
December 8, 2006.

Creditors are required to formally prove their debts by
November 9, 2006, for them to share in the dividend
distribution.

The Joint and Several Liquidators can be reached at:

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


D & D STEEL: Will Declare Final Dividend on November 29
-------------------------------------------------------
D & D Steel Pty Ltd, which is in liquidation, will declare the
first and final dividend for its creditors on November 29, 2006.

Creditors who will not be able to prove their claims by
November 7, 2006, will be excluded from sharing in the
distribution.

The Liquidator can be reached at:

         John Park
         KordaMentha (Qld)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4000
         Facsimile:(07) 3225 4999


DALE ENTERPRISES: Members Resolve to Wind Up Firm
-------------------------------------------------
After an extraordinary general meeting held on October 13, 2006,
the members of Dale Enterprises Pty Ltd decided to voluntarily
wind up the company's operations and appointed Michael John Dale
as liquidator.

The Liquidator can be reached at:

         Michael John Dale
         Unit 1202, 349 New South Head Road
         Double Bay
         Australia


DALE'S NOMINEES: Members Opt to Shut Down Business
--------------------------------------------------
The members of Dale's Nominees Pty Ltd held a meeting on
October 13, 2006, and agreed to shut down the company's business
operations.

Accordingly, Michael John Dale was appointed as liquidator.

The Liquidator can be reached at:

         Michael John Dale
         Unit 1202, 349 New South Head Road
         Double Bay
         Australia


ELECTROFORM PTY: Shuts Down Business Operations
-----------------------------------------------
At a general meeting held on September 7, 2006, the members of
Electroform Pty Ltd decided to voluntarily wind up the company's
operations.

In this regard, Peter Ngan was appointed as liquidator.  Mr.
Ngan's appointment was confirmed at the creditors' meeting held
later that same day.

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


ELITE CONSULTANTS: Members Opt for Voluntary Liquidation
--------------------------------------------------------
At a general meeting held on September 13, 2006, the members of
Elite Consultants Pty Ltd passed a special resolution to
voluntarily liquidate the company's business and distribute the
proceeds of its assets disposal.

In this regard, Mark Schiliro was appointed as liquidator.

The Liquidator can be reached at:

         Mark Schiliro
         Level 2, 333 George Street
         Sydney
         Australia


FIREBALL INTERNATIONAL: Creditors To Prove Debts by November 7
--------------------------------------------------------------
Fireball International Pty Ltd, which is subject to a deed of
company arrangement, will declare the first and final priority
dividend on November 29, 2006.

Creditors are required to prove their debts by November 7, 2006,
to share in the dividend distribution.

The Deed Administrator can be reached at:

         Lorraine Smith
         KordaMentha (Qld)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4900
         Facsimile:(07) 3225 4999


FOREGONE NO.1: Members Resolve to Voluntarily Wind Up Operations
----------------------------------------------------------------
At a general meeting of Foregone No. 1 Pty Ltd -- formerly BKH
Contractors Pty Ltd -- held on October 11, 2006, the members
resolved to voluntarily wind up the company's operations and
appointed Peter Ngan as liquidator.

Mr. Ngan's appointment was confirmed at the creditors' meeting
held that same day.

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


GRIFFIN COAL: Moody's Assigns Ba2 Corporate Family Rating
---------------------------------------------------------
On October 27, 2006, Moody's has assigned a Ba2 corporate family
rating to Griffin Coal Mining Company Pty Limited and a Ba2
senior unsecured rating to its planned US$400 million senior
note issuance.  This is the first time Moody's has assigned
ratings to Griffin.

"The ratings reflect Griffin's strong coal reserves, solid
position as a supplier in Western Australia -- as supported by
various off-take contracts -- and its efficient as well as
strongly profitable operations," says Dr David Howell, a Moody's
VP/Senior Analyst.

"However, offsetting these operating strengths are financial
metrics that will weaken in coming years due to planned capital
expenditures," says Dr Howell, adding, "Such expenditures are in
response to a key operating risk, which involves the company's
need to find alternative takers of its coal when its contract
with Verve Energy expires in 2010."

Griffin is looking to achieve this objective by building two
power plants -- which will off-take its coal -- as well as a
plant to produce carbonised coal.

"However, while these strategies to diversify its offtakers are
sensible, they will also introduce an element of execution risk
in coming years as well as increase leverage," says Dr Howell.

The rating outlook is stable, reflecting Moody's expectation of
continued solid demand for thermal coal in Western Australia, a
situation which underpins Griffin's ability to find a market. It
also reflects expectations that the construction of its
Bluewaters I power station -- which has started and is being
built under a turnkey contract -- will not experience any
delays.

Moody's would not expect the rating to be raised prior to the
completion of Bluewaters I and the carbonized coal plant.
Successful construction of both would eliminate the associated
execution risk. On the other hand, given Griffin's concentrated
customer base, the rating could come under downward pressure
should Griffin lose a key customer or experience delays in the
construction of the power stations or the carbonized coal plant.

The Griffin Coal Mining Company Pty Ltd is a wholly owned
subsidiary of Devereaux Holdings Pty Ltd, a private company
owned in turn by the Stowe family.  Devereaux acquired 100% of
Griffin in 1985 when it was privatized.

Griffin operates two open-cut mines in the Collie Basin in the
south-western part of Western Australia.  They produced 3.04
million tonnes of coal during FY2006.  Major customers include
Verve Energy's Muja power station -- which is adjacent to the
mines -- and industrial customers mostly within 200km.


GRIFFIN COAL: S&P Assigns BB- Rating with Stable Outlook
--------------------------------------------------------
On October 27, 2006, Standard & Poor's Ratings Services assigned
its 'BB-' long-term corporate credit rating to the The Griffin
Coal Company Pty Ltd.  The outlook is stable.  The new rating
comes as Griffin, which is owned by the Stowe family and is one
of only two coal-mining companies in Western Australia, prepares
to raise US$400 million from a note issue to refinance group
debt and provide additional funds for the company's capital-
expenditure program.

The rating on Griffin reflects the West Australian-based
company's limited mine and geographic diversity, significant
short-term capital expenditure associated with investment
projects, changing customer mix, reliance on growth plans of key
industrial customers, and limited financial disclosure due to
its private company status. These weaknesses are mitigated by
the company's low-cost coal mining operations, its strong market
share, contracted relationships with key Western Australian
industrial customers, favorable proximity of mines to proposed
power-generation plants and industrial customers, and long
reserve life.

"The stable outlook anticipates that Griffin will successfully
complete its growth plans over the next three years while
maintaining appropriate liquidity and key financial metrics,"
Standard & Poor's analyst Peter Stephens said. "This includes
the development of the Bluewater electricity-generation plants
and mine expansion to meet expected growth from Griffin's
industrial customer base."

Potential for an upward rating revision would require successful
completion of the Griffin power-generation strategy and the
establishment of long-term contracts with industrial clients for
new supply, while improving cash flow-protection measures.
Downward rating pressure could follow deterioration in financial
metrics resulting from weaker-than-expected demand from key
clients, delays in executing its growth strategy, or weaker cash
flow-protection measures. The rating would be under pressure if
funds from operations to debt falls below 15%, and debt to
EBITDA exceeds 4x.


HARD ROCK: Members & Creditors' Joint Meeting Set on October 30
---------------------------------------------------------------
Hard Rock Plumbing Pty Ltd, which is in liquidation, will hold a
joint meeting for its members and creditors on October 30, 2006,
at 10:30 a.m.

During the meeting, Liquidator Brown will present the accounts
of the Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

         Adrian Brown
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


INDEPENDENT NEWS: Fitch Puts IDR of BB- on Rating Watch Evolving
----------------------------------------------------------------
On October 26, 2006, Fitch Ratings placed Independent News &
Media Plc's Issuer Default Rating of 'BB-' on Rating Watch
Evolving following the announcement of a leveraged buyout of its
41% subsidiary APN News & Media Limited.

Under the announced plan, Providence Private Equity Partners
will buy out all the share capital of APN for AU$3.8 billion
(EUR2.3bn) using a leveraged acquisition vehicle.  IN&M will
then reinvest some of the proceeds of the share sale to give it
a 40% stake in the vehicle.  The transaction is expected to
release significant cash (approximately AU$600 million or
EUR360m) to IN&M, which could be used for international
acquisitions, maximization of shareholder returns, or general
corporate purposes.  It is unclear whether the company has any
plans to apply some of this cash to de-leveraging, though this
remains a possibility.  Following the deal, Fitch understands
IN&M will manage and run the entity, but will not retain
control, leading to APN being accounted for as an associate,
rather than consolidated.

"There are sound strategic reasons for the move, though its
rating impact will depend very much on the structure of the deal
and the use to which the proceeds are put," says Alex Griffiths,
Director in Fitch's European TMT team. "Operationally, the
growth benefits of allowing the group to pursue its
international expansion strategy are diluted by some loss of
control of APN, which will become a higher risk asset, and an
increased risk profile for the group as a whole as its exposure
to emerging markets rises. Using part of the cash to de-leverage
would offset some of this risk."

The Evolving Watch reflects Fitch's view that, were this deal to
conclude, the rating could remain at its current level, or move
up or down. Based on the current details of the deal, and
Fitch's expectations, there remains a strong possibility that
the rating will be affirmed at its current level, especially if
some of the proceeds are used to pay down existing debt.

Any rating action will reflect Fitch's methodology for the
group, which adjusts leverage metrics for IN&M's minority
ownership in APN by stripping out APN's earnings and debt from
the group's metrics and including only dividend streams. This
gives a leverage, measured as net debt/EBITDA, on a Fitch basis,
of 4.4x in FY05, compared to 3.4x on a headline basis (these
measures include certain instruments, such as convertible notes
and preference shares, as debt. IN&M excludes these for internal
debt targets).


By its measure, IN&M's leverage is below its target for
consolidated net debt/EBITDA of 3x. To the extent that the
deconsolidation of APN aligns management's target to Fitch's
methodology, this could lead to lower leverage expectations,
which would be rating positive.

The Evolving Watch will be resolved when the deal closes or is
abandoned.  The rating outcome will depend on the final
structure of the transaction, and the nature of debt issued by
the acquisition vehicle, and clarity on the group's use of
proceeds.

APN accounted for 60% of IN&M's consolidated EBITDA in FY05, and
contributed EUR24 million in dividends to the group.


KIDZ.NET SERVICES: To Declare Final Dividend on November 24
-----------------------------------------------------------
Kidz.Net Services Pty Ltd, which is in liquidation, will declare
the first and final dividend for its creditors on November 24,
2006.

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

The Liquidator can be reached at:

         Peter Rodgers
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


MACBUILT STEEL: Liquidator to Present Wind-Up Report
----------------------------------------------------
A final meeting of the members and creditors of MacBuilt Steel
Homes Pty Ltd, which is in liquidation, will be held on
October 30, 2006, at 10:00 a.m.

During the meeting, Liquidator Geoffrey McDonald will present a
report regarding the Company's wind-up proceedings.

The Liquidator can be reached at:

         Geoffrey McDonald
         c/o Hall Chadwick
         HSBC Building
         Level 20, 300 Queen Street
         Brisbane, Queensland 4000
         Australia


MERANAK PTY: Members to Receive Liquidator's Account
----------------------------------------------------
Members of Meranak Pty Ltd will hold a final meeting on
November 6, 2006 at 9:00 a.m., to receive Liquidator Rosenfeld's
accounts on the Company's wind-up and property disposal
exercises.

On August 17, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company commenced a wind-up of its operations
on July 26, 2006.

The Liquidator can be reached at:

         Leslie Rosenfeld
         Rosenfeld Kant & Co
         Level 24 Tower II, 101 Grafton Street
         Bondi Junction, New South Wales
         Australia


MINTFORM PTY: Pass Resolution to Close Operations
-------------------------------------------------
After a general meeting on September 7, 2006, the members of
Mintform Pty Ltd passed a special resolution to voluntarily wind
up the company's operations and appointed Peter Ngan as
liquidator.

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

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


NASIE PTY: Initiates Wind-Up Proceedings
----------------------------------------
On October 13, 2006, the members of Naside Pty Ltd agreed to
voluntarily wind up the company's operations.

Moreover, Raymond George Tolcher was appointed as liquidator.

The Liquidator can be reached at:

         Raymond George Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia


NICOLINA CONSTRUCTIONS: Enters Voluntary Liquidation
----------------------------------------------------
On September 7, 2006, members of Nicolina Constructions Pty Ltd
resolved to voluntarily liquidate the company's business and
appointed Peter Ngan as liquidator.

Subsequently, the liquidator's appointment was confirmed at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


ON FARM ELECTRONICS: Final Meeting Scheduled for October 30
-----------------------------------------------------------
On Farm Electronics Pty Ltd, which is in liquidation, will hold
a final meeting for its members and creditors on October 30,
2006, at 10:30 a.m.

At the meeting, the members and creditors will receive
Liquidator Hewitt's account of the company's wind-up and
property disposal exercises.

The Liquidator can be reached at:

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


PRIMA PRODUCE: Sole Member Decides Voluntary Wind-Up
----------------------------------------------------
The sole member of Prima Produce Pty Ltd on October 12, 2006,
passed a special resolution to voluntarily wind up the company's
operations.  D. R. Vasudevan was appointed as liquidator.

The Liquidator can be reached at:

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


PRIMA STYLES: Placed Under Voluntary Liquidation
------------------------------------------------
Members of Prima Styles Pty Ltd met on October 13, 2006, and
agreed to voluntarily wind up the company's operations.

Accordingly, Michael John Dale was appointed as liquidator.

The Liquidator can be reached at:

         Michael John Dale
         Unit 1202
         349 New South Head Road
         Double Bay
         Australia


PROSYS AUSTRALIA: Members & Creditors to Receive Wind-Up Report
---------------------------------------------------------------
Members and creditors of Prosys Australia Pty Ltd, which is in
liquidation, will hold a final meeting on October 31, 2006, at
12:45 p.m.

During the meeting, Liquidators V. R. Dye and N. Giasoumi will
give accounts of the company's wind-up and property disposal
exercises from Liquidators V. R. Dye and N. Giasoumi.

The Joint and Several Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road, Hawthorn East 3123
         Australia


RINGWOOD M.TEN: Final Meeting Slated for October 31
---------------------------------------------------
Ringwood M. Ten Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on October 31, 2006,
at 2:00 p.m.

At the meeting, the members and creditors will receive wind-up
accounts from the liquidators.

The Joint and Several Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road, Hawthorn East 3123
         Australia


ROCKS AUSTRALIA: Final Meeting Set for November 6
-------------------------------------------------
Rocks Australia Pty Ltd, which is in liquidation, will hold a
joint meeting for its members and creditors on November 6, 2006,
at 10:00 a.m.

During the meeting, the members and creditors will receive
Liquidator R. W. Whitton's account on the company's wind-up
proceedings and property disposal activities.

The Liquidator can be reached at:

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


ROSALIND DALE: Members Decide to Wind Up Firm
---------------------------------------------
At a general meeting of Rosalind Dale Pty Ltd on October 13,
2006, the members agreed it is the company's best interest to
wind up its operations.

In this regard, Michael John Dale was appointed as liquidator.

The Liquidator can be reached at:

         Michael John Dale
         Unit 1202, 349 New South Head Road
         Double Bay
         Australia


RYAN & JOHNSTON: Joint Liquidators to Give Wind-Up Accounts
-----------------------------------------------------------
A final meeting of the members and creditors of Ryan & Johnston
Pty Ltd will be held on October 31, 2006, at 2:15 p.m.

During the meeting, the members and creditors will hear the
company's wind-up proceedings and property disposal exercises
from Liquidators Dye and Giasoumi.

The Joint and Several Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road, Hawthorn East 3123
         Australia


SANCY FASHIONS: To Declare Dividend to Priority Creditors
---------------------------------------------------------
Sancy Fashions Pty Ltd, which is in liquidation, will declare
the first and final dividend to priority creditors on
November 28, 2006.

Creditors are required to prove their claims by November 14,
2006, to be included in the Company's dividend distribution.

The Liquidator can be reached at:

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


SANOC PTY: Creditors Opt to Close Operations
--------------------------------------------
Creditors of Sanoc Pty Ltd convened on October 9, 2006, and
resolved to voluntarily wind up the company's operations

In this regard, Gideon Rathner and David Coyne were appointed as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Gideon Rathner
         David Coyne
         Lowe Lippmann
         Chartered Accountants
         5 St Kilda Road
         St Kilda, Victoria 3182
         Australia


SARGON TOWERS: Faces Wind-Up Proceedings
----------------------------------------
The members of Sargon Towers Pty Ltd on September 13, 2006,
decided to voluntarily wind up the company's operations and
appointed Peter Ngan as liquidator.

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

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


SAWAR PTY: To Declare Final Priority Dividend on November 24
------------------------------------------------------------
Sawar Pty Ltd, which is in liquidation, will declare the first
and final priority dividend to its creditors on November 24,
2006, to the exclusion of those who cannot prove their claims by
November 8, 2006.

The Joint and Several Liquidators can be reached at:

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


SIMREAD PTY: Creditors' Proofs of Claim Due on November 7
---------------------------------------------------------
Simread Pty Ltd, which is in liquidation, will declare the first
and final dividend to creditors on December 5, 2006.

Accordingly, creditors are required to submit their proofs of
claim by November 7, 2006, or they will be excluded from sharing
in the distribution.

The Official Liquidator can be reached at:

         Peter Rodgers
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


SUERAY PTY: To Hold Final Meeting on October 31
-----------------------------------------------
Members and creditors of Sueray Pty Ltd, which is in
liquidation, will hold a final meeting on October 31, 2006, at
2:30 p.m., to receive the liquidators' report regarding the
company's wind-up proceedings.

The Joint and Several Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road, Hawthorn East 3123
         Australia


W.A.L. AGNEW: Liquidators to Present Report on October 31
---------------------------------------------------------
W.A.L. Agnew & Son Proprietary Ltd, which is in liquidation,
will hold a final meeting for its members and creditors on
October 31, 2006, at 2:45 p.m.

At the meeting, the liquidators will present a report on the
company's wind-up and property disposal activities.

The Joint and Several Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road, Hawthorn East 3123
         Australia


YORK GROVE: Distributes Final Dividend on November 29
-----------------------------------------------------
York Grove Pty Ltd, which is in liquidation, will distribute the
first and final dividend to its creditors on November 29, 2006.

Creditors who cannot submit their proofs of claim by November 8,
2006, will be excluded from sharing in the dividend
distribution.

The liquidator can be reached at:

         Andrew Mclellan
         York Grove Pty Ltd
         c/o PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


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

ANCO COMPUTER: Members' Final Meeting Set for November 13
---------------------------------------------------------
A final general meeting of the members of Anco Computer (HK)
Company Ltd will be held on November 13, 2006, 2:30 p.m., at
Unit 511, 5/F, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.

During the meeting, members will receive Liquidator Ho Man Kit's
account regarding the Company's wind-up proceedings and property
disposal activities.


ANDI (HK) LTD: Members to Receive Liquidator's Report
-----------------------------------------------------
Andi (HK) Ltd, which is in members' voluntary wind-up, will hold
a final meeting for its members on November 23, 2006, 10:00
a.m., at Room 1010, 10th Floor, Wing On Centre, 111 Connaught
Road Central, Hong Kong.

At the meeting, Liquidator Ha Yue Fuen, Henry will present a
report on the Company's wind up and property disposal exercises.


ASIA DIRECT: Court Orders Wind Up of Operations
-----------------------------------------------
On October 11, 2006, the High Court of Hong Kong ordered the
wind-up of Asia Direct Products Company Ltd.

The Troubled Company Reporter - Asia Pacific previously reported
that HKR Properties Ltd filed the petition with the Court on
August 4, 2006.


ASIAN MELODY: Placed Under Voluntary Liquidation
------------------------------------------------
On September 29, 2006, Asian Melody Ltd commenced a voluntary
liquidation of its business and appointed Ying Hing Chiu and
Chung Miu Yin Diana as joint and several liquidators.

The Joint Liquidators can be reached at:

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


BOMBARDIER INC: Slashes Jet Production Rates & Cuts Workforce
-------------------------------------------------------------
Bombardier Aerospace, a unit of Borbardier Inc. is adjusting its
regional aircraft production rates to reflect current market
demand.

As a result, the production rate for its CRJ700/900 regional
jets will be reduced.  This will be partly offset by an increase
in the Q400 turboprop production level in response to the
growing need for this type of cost efficient regional airliner,
which is ideally suited to short-haul routes.  Bombardier will
adjust its workforce level accordingly.

Total Bombardier aircraft deliveries for the current fiscal year
2006/07 are expected to remain at a similar level to that of
last fiscal year 2005/06 (year ending Jan. 31, 2006), but with a
different product mix.

"We lead the regional aircraft market with 1,376 deliveries of
our CRJ Series and 749 deliveries of our Q-Series regional
aircraft, including more than 320 deliveries of our CRJ700/900
regional jets and over 350 deliveries of Q300/400 turboprop
aircraft as of July 31, 2006," Pierre Beaudoin, President and
Chief Operating Officer of Bombardier Aerospace, said.  "Recent
orders for both our larger 90-passenger CRJ900 aircraft from
Northwest Airlines and My Way Airlines and 70-seat Q400 aircraft
from Frontier Airlines and Luxair demonstrate that we have the
right products for operators looking to take advantage of our
regional aircraft's competitive operating economics."

"The restructuring of the airline industry continues, with
relatively few orders for regional jets in the 70- to 90-seat
jet category being awarded in recent years," Mr. Beaudoin added.
This situation should improve as attested by the numerous sales
campaigns we are actively pursuing.  However, we must be prudent
and manage proactively our CRJ700/900 jets production schedule
in the short term to ensure we achieve our goal of increased
profitability and our success in the long term.  This means
making difficult but necessary decisions.  We recognize the
impact this decision will have on our affected employees and we
will treat them fairly and with respect."

                   Production Rates Adjustment

   -- for the 70-passenger CRJ700 and 90-seat CRJ900 regional
      jets, starting November 2006, a reduction to a rate of one
      aircraft produced every five days from a rate of one
      aircraft every three days, or a total of approximately 65
      deliveries in the current fiscal year 2006/07 (year ending
      Jan. 31, 2007) and approximately 50 deliveries in the next
      fiscal year 2007/08 (year ending Jan. 31, 2008).

   -- for the Q-Series turboprop family, which includes the
      Q200, Q300 and Q400 airliners, starting in October 2006,
      the increase in the Q400 production level will result in a
      total of approximately 50 Q-Series deliveries in the
      current fiscal year 2006/07 and approximately 65 Q-Series
      deliveries in the next fiscal year 2007/08.

                        Impact on Manpower

By the end of the current fiscal year 2006/07, the workforce
level at Bombardier's Toronto facility where the Q-Series and
Global aircraft are manufactured will have risen by over 800
employees to reflect the increase in production levels.

However, the company expects that the adjustment in the
CRJ700/900 regional jets production rate will result in a
workforce reduction of approximately 1,330 employees, including
management, at its Montr‚al-area facilities and at its Belfast
site over a nine-month period starting October 2006.

Total Bombardier Aerospace employment as of July 2006 was
approximately 26,900.  The overall workforce level has remained
at a similar level since January 2004.

Impact on Manpower Level by

   Site                  Layoffs          Employees to leave

   Belfast               645              Starting January 2007

   Montreal-area         485              Starting late November

   Management and
   other salaried
   employees in
   Canada                200              Starting October 2006

   Total               1,330

Severance costs associated with the layoffs will total
approximately US$31 million US and the majority of these costs
will be expensed through the normal course of operations in the
third quarter of the current fiscal year 2006/07 (year ending
Jan. 31, 2007).

While the order level for larger regional jets is still
challenging, the order book for turboprops is growing.
Furthermore, orders and deliveries of business aircraft continue
to rise year over year.  Bombardier is ideally positioned in
corporate aviation, with the broadest and most modern line-up of
business aircraft to meet strong demand in North America and
Europe and growing interest in the Asia-Pacific region.
According to the latest General Aviation Manufacturer
Association (GAMA) figures for the first half of 2006,
Bombardier is a leader with 30 per cent of all business jet
deliveries.

                        About Bombardier

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.

                          *     *     *

As reported in the TCR-AP on Oct. 25, Fitch Ratings placed the
debt and Issuer Default Ratings for both Bombardier Inc. and
Bombardier Capital Inc. on Rating Watch Negative.  The existing
ratings are:

Bombardier Inc.

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

Bombardier Capital Inc.

   -- IDR BB; and
   -- 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.

Bombardier Inc.'s 6.3% Notes due 2014 also carry Moody's
Investor Service's Ba2 rating and Standard & Poors' and Fitch
Ratings' BB ratings.


CHARTER FAVOUR: Court to Hear Wind-Up Petition on November 1
------------------------------------------------------------
An amended wind-up petition filed against Charter Favour Ltd
will be heard before the High Court of Hong Kong on November 1,
2006, at 9:30 a.m.

The Incorporated Owners of Million Fortune Industrial Centre
filed the petition and was amended on August 31, 2006.

Any creditors who oppose or support the making of an order on
the amended petition may appear at the time of the hearing.

The Solicitors for the Petitioner can be reached at:

         Ho & Tam
         Suite 2202, 22/F, Chinachem Tower
         34-37 Connaught Road, Central
         Hong Kong


CHINA EASTERN: Fires Two Top Executives
---------------------------------------
China Eastern Airlines said that it had fired two top executives
for allegedly "breaking the law," the Xinhuanet reports.

Wu Jiuhong and Tong Guozhao, both deputy general managers at the
Shanghai-based airline, are "under investigation by authorities
for being suspicion of breaking the law," the report cites the
company, as saying in a statement.

On October 26, 2006, the Troubled Company Reporter - Asia
Pacific reported that both Mr. Wu and Mr. Tong had been detained
for questioning.  The reasons for detention were not disclosed.

"The case only involves Wu and Tong, and it will not affect the
operations of the company," the airline further said.

Mr. Wu has served as the company's deputy general manager since
April 2002 and Mr. Tong, since April 2005, Xinhuanet notes.

                          *     *     *

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

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

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


CHINA MERCHANTS: Third Quarter Net Profit Tops CNY1.41 Billion
--------------------------------------------------------------
On October 27, 2006, China Merchants Bank reported a better-
than-expected third quarter result, The Standard reports, adding
that this was the first time the bank disclosed unaudited
quarterly earnings since listing on the Hong Kong bourse in
September.

Based on the company's statement posted on the Web site of the
Shanghai Stock Exchange, China Merchant's net profit for the
third quarter was CNY1.67 billion, without providing comparative
figures.  The results beat projections of an average CNY1.41
billion in a Reuters poll of six analysts.

The Standard notes that based on China Merchants Bank's audited
net profit of CNY1.09 billion announced in the third quarter of
2005, profit was up 53%.

Meanwhile, earnings per share for the third quarter was CNY0.12,
while for the first nine months of the year, earnings per share
was up 9.09% at CNY0.31.

In addition, interest income for the quarter came in at CNY5.26
billion, with fee-based income at CNY600 million, and other
operating income at CNY263.6 million.

For the first nine months, interest income was CNY23.89 billion,
while fee-based income amounted to CNY2.052 billion, accounting
for 89.86% and 7.72% of total income, respectively.

Outstanding non-performing loans amounted to CNY12.4 billion and
the NPL ratio for the nine months was 2.3%, the bank's statement
said.

China Merchants' total assets as of end September, was CNY874
billion, up 19% from end 2005.  Total loans increased 14.39% to
CNY540 billion with a profit margin of 34.95%, down 90 basis
points from 35.85% a quarter earlier.

Total savings amounted to CNY732 billion yuan, up 15.4% from end
2005.  Net asset value per share was CNY3.51, a rise of 47.48%
from a year ago, The Standard notes.

                          *     *     *

China Merchants Bank -- http://www.cmbchina.com/-- is the
second-largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

On August 3, 2006, The Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has upgraded its Individual rating
on China Merchants Bank to 'D' from 'D/E'.  At the same time,
the bank's Support rating was affirmed at '3'.

Fitch Ratings affirmed on September 5, 2006, China Merchants
Bank's Individual D and Support 3 ratings.

Fitch on August 3, 2006, upgraded its Individual rating on China
Merchants Bank (CMB) to 'D' from 'D/E'. At the same time, CMB's
Support rating was affirmed at '3'.


CHINA SOUTHERN: Seeks Permission to Open Nepal Routes
-----------------------------------------------------
The China Southern Airlines has sought approval by the Nepali
Ministry of Culture, Tourism and Civil Aviation to fly on
Guangzhou-Kathmandu sector, The Xinhuanet reports, citing a
source at the Tourism Ministry.

According to Yagya Gautam, joint-secretary at Nepal's Tourism
Ministry, the government has received the airline's application
seeking the government's nod to fly to Nepal from Guangzhou,
China.

"We are yet to consider China Southern Airlines' interest to
begin its operations in Nepal since we haven't received all the
required documents," Yagya Gautam told The Himalayan Times.

The ministry will begin the process once all the requirements
are met through diplomatic channels, Yagya Gautam said.

"Since Guangzhou is one of the main business centers in China,
the airline's operation on the sector concerned will strengthen
ties between China and Nepal," Keshav Khanal, deputy director
general at the Civil Aviation Authority of Nepal said.

The Xinhuanet recounts that the Nepali government had recently
given the green signal to Etihad Airways, an airline from the
United Arab Emirates to fly on Dubai-Kathmandu sector.

China Southern can fly to Nepal once it receives a flight
schedule from CAAN, Mr. Gautam said.

                          *     *     *

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

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

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


COLUMBUS MCKINNON: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its B1 Corporate Family Rating for Columbus Mckinnon
Corporation.

Additionally, Moody's revised its rating on the company's US$115
million 10% Senior Secured 2nd Lien Notes due 2010 to Ba2 from
B2.  Moody's assigned those debentures an LGD2 rating suggesting
noteholders will experience a 29% loss in the event of a
default.

The rating on its US$136 million 8 7/8% Senior Subordinated
Notes due 2013 was also revised to B2 from B3 with an LGD5, 71%
rating.

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 Amherst, New York, Columbus Mckinnon
Corporation -- http://www.cmworks.com/-- manufactures electric
chain hoists, electric wire rope hoists, hand operated hoists,
lever tools, hoist trolleys, air balancers and air-powered
hoists.

The company has facilities in Ireland, Spain, Thailand, Uruguay
and China, among others.


COUDERT BROTHERS: Court Okays Ehlers Ehlers as Special Counsel
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave Coudert Brothers LLP permission to employ Ehlers, Ehlers &
Partners as its special counsel, nunc pro tunc to Sept. 22,
2006.

As reported in the Troubled Company Reporter on Oct. 3, 2006,
the Debtor sought Ehlers Ehlers' retention with respect to its
continued representation of the Debtor in matters pending in
Germany.  In addition to the general wind-down of the Debtor's
affairs in Germany, the Debtor related that Ehlers Ehlers has
been representing the Debtor in these matters:

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

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

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

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

Dr. P. Nikolai Ehlers, Esq., a partner at Ehlers Ehlers, told
the Court that the firm's professionals bill:

         Professional                   Hourly Rate
         ------------                   -----------
         Partners                           US$360
         Associates                         US$260
         Paralegal                          US$180

Mr. Ehlers disclosed that the firm is a prepetition creditor of
the Debtor in that the Debtor owes Ehlers Ehlers US$30,000 based
upon services rendered to the Debtor prior to the bankruptcy
filing.

Mr. Ehlers assured the Court that his firm does not have an
interest materially adverse to the interest of the Debtor or its
estate.

Coudert Brothers LLP was an international law firm specializing
in complex cross border transactions and dispute resolution.
The company had operations in China and Australia.  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. lestadt, 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: Taps New Tokyo as Special Counsel
---------------------------------------------------
Coudert Brothers LLP asks the U.S. Bankruptcy Court for the
Southern District of New York for permission to employ New Tokyo
International Attorneys at Law, as its special counsel, nunc pro
tunc to Sept. 22, 2006.

The Debtor seeks New Tokyo's retention with respect to its
continued representation of the Debtor in matters in related to
the lease entered into by the Debtor with respect to its Tokyo
office, the Debtor's Japanese bank accounts, and general issues
related to the wind down of the Debtor's Tokyo office.  The firm
has been representing the Debtor in these matters:

    (a) Coudert Brothers LLP v. Toyo Property Co., Ltd.; and

    (b) Toyo Property Co., Ltd., et al. v. Coudert Brothers LLP,
        et al.

Hiroyuki Kanae, Esq., a partner at New Tokyo, tells the Court
that the firm's professionals bill:

         Professional                   Hourly Rate
         ------------                   -----------
         Partners                       US$375 - US$400
         Associates                     US$165 - US$235
         Paralegal                      US$100 - US$165

Mr. Kanae discloses that the firm is a prepetition creditor of
the Debtor in that the Debtor owes New Tokyo US$21,000 based
upon services rendered to the Debtor prior to the bankruptcy
filing.

Mr. Kanae assures the Court that his firm does not have an
interest materially adverse to the interest of the Debtor or its
estate.

Coudert Brothers LLP was an international law firm specializing
in complex cross border transactions and dispute resolution.
The company had operations in China and Australia.  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. lestadt, 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.


FERRO CORP: Reports US$16.2MM Net Income for Year Ended Dec. 31
---------------------------------------------------------------
Ferro Corp. reported US$16.2 million of net income for the year
ended Dec. 31, 2005, compared to US$24.9 million of net income
earned in the prior year.

Sales from continuing operations for the year ended Dec. 31,
2005, of US$1,882.3 million were 2.1% higher than for the
comparable 2004 period.  Improved pricing and more favorable
product mix in North America, Asia-Pacific and Latin America
were the primary drivers for the revenue gain.  Weakness in the
market for multiplayer capacitors depressed unit demand and
revenues, particularly in the first half of 2005.  On a
consolidated basis, the impact of strengthening foreign
currencies versus the U.S. dollar had only a minimal positive
impact on revenues.

The company's balance sheet at Dec. 31, 2005, showed US$1.66
billion in total assets, US$1.17 billion in total liabilities,
total shareholders' equity of US$468,091 and Series A
convertible preferred stock of US$20.4 million.

At Dec. 31, 2005, the company had a US$300 million revolving
credit facility that was scheduled to expire in September 2006,
as well as US$200 million of senior notes and US$155 million of
debentures outstanding with varying maturities, the majority of
which extended beyond 2010.  The company also had an accounts
receivable securitization facility under which the company could
receive advances of up to US$100 million, subject to the level
of qualifying accounts receivable.

Subsequent to Dec. 31, 2005, the company replaced or modified
its existing facilities to secure future financial liquidity.
The US$300 million revolving credit facility was replaced by a
US$700 million credit facility, consisting of a US$250 million
multi-currency senior revolving credit facility expiring in 2011
and a US$450 million senior delayed-draw term loan facility
expiring in 2012.  In addition, the company extended its US$100
million accounts receivable securitization facility for up to
three additional years.

The company expects to file its 2005 reports on Form 10-Q for
the quarters ending March 31, June 30 and Sept. 30, 2005 by the
end of October.  With the completion of the 2005 financial
filings, the company will then focus on the completion of its
Form 10-Q filings for the first three quarters of 2006, and
expects to file these reports with the SEC by the end of 2006.

A full-text copy of the company's annual report is available for
free at http://researcharchives.com/t/s?1362

                      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.


FORD MOTOR: Seeks Increase on Sourcing of Chinese-Made Parts
------------------------------------------------------------
Chairman of Ford Motor Company Bill Ford, announced in Beijing
that the company will nearly double its sourcing of auto parts
this year in China, the firm's fastest-growing major market, the
China Daily reports.

The report says the company will use the auto parts in other
Asian nations, as well in the United States and Europe.

According to Mr. Ford, the company expects to purchase China-
made parts worth between US$2.5 billion and US$3 billion this
year, up from US$1.6 billion to US$1.7 billion in parts
purchased from China last year.

The China Daily relates that sourcing of cheap parts in China
and Asia is becoming an increasingly important means for the
loss-ridden group to cut its costs.  Ford recently posted third-
quarter losses of US$5.8 billion, mainly due to sagging sales in
the United States.

The company's parts purchases in the entire Asia-Pacific region
stand at some US$9 billion a year, the China Daily cites Mark
Schulz, head of Ford's international operations, as saying.
Globally, its parts purchases are worth US$80 billion to US$90
billion annually.

Ford now has more than 100 first-tier parts suppliers in China,
according to Ford Motor China spokesman Kenneth Hsu, the China
Daily relates.

                          *     *     *

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

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

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

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

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

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

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

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


GREENTOWN CHINA: S&P Assigns BB on Long Term Corp. Credit Rating
----------------------------------------------------------------
On October 26, 2006, Standard & Poor's Ratings Services said
that it had assigned its 'BB' long-term corporate credit rating
to Greentown China Holdings Ltd.  The outlook is stable.

At the same time, it assigned its 'BB' issue rating to a
proposed US$375 million issue of senior unsecured fixed-rate
notes. The issue is due 2013 and redeemable after 2010. The
proceeds will be used primarily for land acquisitions,
development costs, and general corporate purposes.

"The ratings reflect the company's strong presence in Hangzhou
and experience in other first and second-tier cities, large and
low-cost land bank, and diverse development projects," said
Standard & Poor's credit analyst Jacphanie Cheung.

These strengths are partly offset by above-average risks facing
residential property developers in China, including the cyclical
nature of the property market, evolving government regulations
and tightening policies, and fierce competition. Other major
risks include the company's rapid expansion plan, relatively
concentrated activities in Zhejiang province, a lack of stable
recurring income, and its high use of borrowings to fund
business expansion.

Greentown was listed on the Hong Kong Stock Exchange in July
2006.  It has more than 11 years of operational history and an
experienced management team.  The company has a strong presence
and a recognized brand name in Hangzhou, where it has mid- to
high-end property developments. It is one of the largest
property developers in Zhejiang province and has operations in
17 cities across China including Qingdao, Beijing, Shanghai,
Changsha, and Hefei.


HODGSON ENTERPRISES: Members to Receive Wind-Up Report
------------------------------------------------------
Hodgson Enterprises Ltd, which is in liquidation, will hold a
final general meeting for its members on December 1, 2006, 4:00
p.m., at Level 28, Three Pacific Place, 1 Queen's Road East,
Hong Kong.

At the meeting, members will receive a report regarding the
company's wind-up and property disposal exercises from Joint
Liquidators Ying Hing Chiu and Chung Miu Yin, Diana.


HWL FINANCE: Commences Liquidation of Business
----------------------------------------------
On September 11, 2006, HWL Finance (BVI) Ltd commenced a
voluntary liquidation of its business and appointed Ying Hing
Chiu and Chung Miu Yin, Diana as joint and several liquidators.

The Joint Liquidators can be reached at:

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


JUMBO WONDER: Court Orders Wind-Up
----------------------------------
Jumbo Wonder Ltd was ordered by the High Court of Hong Kong to
wind up its business operations on October 11, 2006.

According to the Troubled Company Reporter - Asia Pacific, HKR
Properties filed the petition with the Court on August 4, 2006.


LILAC LTD: Proofs of Claim Due on November 21
---------------------------------------------
Liquidator Kong Chi How Johnson requires creditors of Lilac Ltd
to submit their proofs of claims by November 21, 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:

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


MANLAI COURT: Creditors Must Prove Debts by November 20
-------------------------------------------------------
Creditors of Manlai Court Property Management Company Ltd are
required to prove their debts by November 20, 2006, or they will
be excluded from the benefit of any distribution the Company
will make.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on October 9,
2006.

The Joint Liquidators can be reached at:

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


MING BO PRINTING: Faces Wind-Up Proceedings
-------------------------------------------
A petition to wind up Ming Bo Printing & Dyeing Factory Ltd will
be heard before the High Court of Hong Kong on November 22,
2006, at 9:30 a.m.

Mau Shun Hing filed the petition before the Court on
September 27, 2006.

The Solicitors for the Petitioner can be reached at:

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


PETROLEOS DE VENEZUELA: Pipeline with Colombia Part of Pacts
------------------------------------------------------------
Representatives of Petroleos de Venezuela, Ecopetrol and the
energy ministries of Venezuela and Colombia told Prensa Latina
that the Venezuelan-Colombian pipeline is part of efforts to
consolidate bi-national energy accords.

The representatives said that companies from Colombia and
Venezuela are constructing the pipeline, Prensa Latina relates.

Petroleos de Venezuela told Prensa Latina that the government of
Colombia authorized its support to Petroleos de Venezuela for
the construction of the pipeline.

According to Prensa Latina, Colombian officials granted
permission for the construction of the Antonio Ricaurte, a
segment of the pipeline that is within the Colombian national
territory.

Prensa Latina underscores that the initiative will cover an
extension of 124.2 miles, allowing gas supply for industrial
development and consumption by the population.

The report says that Venezuelan and Colombian governments showed
interest in extending technical work as far as Panama, so talks
are slated for the coming months.

The envoys of the two countries will move further on the process
in a meeting in Bogota, Colombia, this month, Prensa Latina
states.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

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

                        *    *    *

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


PETROLEOS DE VENEZUELA: Spending VEB3.5 Tril. in Zulia Units
------------------------------------------------------------
Petroleos de Venezuela, the state-owned oil company of
Venezuela, will invest about VEB3.5 trillion for Zulia
exploration and production operations upgrade, El Universal
reports.

El Universal relates that an audit indicated that the investment
will help upgrade equipment, half of which is not working
properly.

Ricardo Coronado, the western division manager of Petroleos de
Venezuela, told El Universal, "We already recovered flow
stations Lagunillas, Bachaquero C and Lana 4."

El Universal notes that the stations collect and pump crude that
comes from the Maracaibo lake fields.

Petroleos de Venezuela has collected over 500 tons of scrap
metal and has replaced 5,000 kilometers of pipeline from inside
and around Maracaibo, Business News Americas states.

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

                       *    *    *

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


PETROLEOS DE VENEZUELA: 53% of Maracaibo Equipment in Bad Shape
---------------------------------------------------------------
Officials of Petroleos de Venezuela, the state-owned oil firm of
Venezuela, told El Universal that an audit the company conducted
earlier this year indicated that 53% of the oil installations in
Lake Maracaibo are in critical operating conditions.

Petroleos de Venezuela has decided to allocate US$1.6 billion
for repairs, El Universal says, citing the officials.

Dow Jones Newswires relates that Petroleos de Venezuela has
repaired three flow stations and replaced 5,000 kilometers of
pipelines on Lake Maracaibo, where around a third of the
country's oil is produced.

Ricardo Coronado, the head of the western operations of
Petroleos de Venezuela, told El Universal, "We've already
recovered the Lagunillas 1, Bachaquero C and Lana 4 flow
stations."

Mr. Coronado said that Petroleos de Venezuela's western
operations produced an average of 950,000 barrels per day
through August 2006, which is lower than the targeted 970,000
barrels per day.

Venezuela is producing almost 3.3 million barrels of oil daily,
while industry estimates put the production closer to 2.6
million barrels per day, Dow Jones says, citing Petroleos de
Venezuela.

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

                        *    *    *

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


POLYWORLD INTERNATIONAL: Creditors to Prove Debts by Nov. 20
------------------------------------------------------------
Creditors of Polyworld International Ltd, which is in
liquidation, are required to submit their proofs of debts to the
contributories' solicitors by November 20, 2006.

The Solicitors for the Contributories can be reached at:

         Kitty So And Tong
         9/F, Asia Standard Tower
         59-65 Queen's Road, Central
         Hong Kong


SBFI (HONG KONG): Final Meeting Slated for November 29
------------------------------------------------------
SBFI (Hong Kong) Ltd, which is in creditors' voluntary
liquidation, will hold a final meeting for its members and
creditors at 27th Floor, Alexandra House, 16-20 Chater Road,
Central, Hong Kong, on November 29, 2006, at 10:00 a.m. and
10:30 a.m., respectively.

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


SHENZHEN DEVELOPMENT: Raring to Push Through Reform Plans
---------------------------------------------------------
Shenzhen Development Bank's chairman, Frank Newman, in a press
briefing held on October 26, 2006, said that it would resume its
State shares reform after its first round failure, the China
Daily reports.  No timeframe was specified.

Mr. Newman said, "No matter whether they are "non-tradable
shareholders, tradable shareholders or the regulatory
departments, we cannot control anyone."  The reform plan, he
added, would be passed "sooner or later" since all parties want
to get the reform done and see further growth.

China Daily recounts that shareholders in the Shenzhen-listed
medium-sized bank rejected its compensation plan to convert non-
tradable State shares into tradable stock in July.  Opponents
complained the offer was too low compared with those of other
listed commercial banks.

The failure of the first-round share reform has delayed the
capital injection of GE's consumer financial arm that agreed to
take a 7.3% stake in SDB for US$100 million, the Daily relates.
It is still awaiting official approval a year after the deal was
announced.

The deal, the paper notes, could immediately boost the bank's
core capital adequacy ratio to the required 4%, which stood at
3.59% on September 30, 2006.

"The bank intends to improve its capital adequacy ratio through
internal capital generation and by raising new capital," Mr.
Newman said in a statement.

Although its capital adequacy ratio has remained at a low level,
the bank's net profit jumped 223% to CNY427 million in the July-
September quarter from a restated CNY132 million a year earlier,
according to the latest financial results.

For the first nine months, net profit soared 197% year-on-year
to CNY890 million, 186% greater than for 2005.  The bank
attributed the growth mainly to its robust retail business.

The bank's non-performing loans ratio fell to 8.3% from 9.3% at
the end of last year, but remained unchanged to the level
reported for the end of June.

Provisions for credit for the first nine months of the year were
adjusted down 29% from a year earlier to CNY993 million.

"The bank was pleased that lower provisions for credit were
appropriate in 2006, as more of the problems in the old loans
portfolio have now been dealt with," the bank explained in the
statement, adding that it had completely eliminated the
shortfall of provisions under the China Banking Regulatory
Commission's formula during the first quarter.

But analysts said they held conservative attitudes towards SDB's
financial status, the Daily relates.

"The SDB's new operating income increased by just 26 per cent
for the first nine months of 2006. It would be no different from
other commercial banks," Luo Yi, an analyst with China Merchants
Securities, told China Daily.

Mr. Luo expressed doubts over the reduction of provisions, which
could boost net profit but was insufficient.

Another analyst with Ping'an Securities, who wished to be
anonymous, expressed the same concern by saying "the bank's
future is unclear, some handsome figures are meaningless."

Based in Shenzhen, Guangdong, People's Republic of China,
Shenzhen Development Bank Company Ltd's --
http://www.sdb.com.cn/-- principal activities are the provision
of local and foreign currency deposits and loan services.  Other
activities include foreign currencies exchanging, foreign
currency deposit and remittances, acts as an agent for issuing
foreign currency value-bearing securities, management of letters
of credit and operation of both an international and a domestic
discounting service.

Fitch Ratings on August 14, 2006, affirmed Shenzhen Development
Bank's Individual 'D/E' and Support '4' ratings.


SKY SUCCEED: To Hold Meetings on October 31
-------------------------------------------
A general meeting of members and creditors of Sky Succeed Ltd
will be held at Room 401, 4th Floor, China Insurance Group
Building, 141 Des Voeux Road Central, Hong Kong on October 31,
2006, at 2:30 p.m. and 3:00 p.m., respectively.

At the meetings, Liquidator Lo Wing Hung will present an account
of the Company's wind-up during the preceding year.


WISE RIGHT: Appoints Kam Chi Chiu, Anthony as Liquidator
--------------------------------------------------------
Kam Chi Chiu Anthony was, by a special resolution, appointed as
liquidator of Wise Right International Ltd on October 18, 2006.

The Liquidator can be reached at:

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


XINHUA FINANCE: Long Term Corp. Credit Rating Gets B+ from S&P
--------------------------------------------------------------
Standard & Poor's Ratings Services said on October 26, 2006,
that it had assigned its 'B+' long-term corporate credit rating
to Xinhua Finance Ltd.  The outlook is stable.

At the same time, it assigned its 'B+' issue rating to a
proposed issue of five-year senior unsecured fixed-rate notes.
The size will be finalized upon pricing.  The bond proceeds will
be used primarily for strategic acquisitions and to refinance an
outstanding syndicated loan.

"The ratings reflect XFL's short history of profitability; the
execution risk associated with its aggressive growth, both
organic and through acquisitions; the evolving regulatory and
legal environment in China; and expectations that the company's
cash flow protection will be weak over the next two years," said
Standard & Poor's credit analyst Bei Fu.

"Given its focus on China, the company's growth is susceptible
to a potential slowdown in the economy and the development of
the country's capital markets."

These factors are offset by XFL's first-mover advantage and
partnership with established international and domestic players
in most of its business lines, synergies among business units,
ample growth potential, brand-name association with Xinhua News
Agency, and an experienced management team.

XFL has five service lines: ratings, indices, financial news,
investor relations, and distribution & media.  The company has
rapidly grown over the past few years, using acquisitions to
supplement organic growth.  Overseas subsidiaries are more
established than XFL and currently contribute the majority of
the group's overall revenue and EBITDA.  The ratings business
accounts for the largest portion of EBITDA, and, combined with
indices and distribution & media, account for the majority of
cash flow.

In 2005, XFL reported total revenue of US$110 million and net
profit of US$10.3 million under International Financial
Reporting Standards.  This was the first time the company had
reported positive net earnings.  Total revenue was US$75 million
and net profit US$4.9 million in the first six months of 2006.
The company is on track to achieve its 2006 full-year revenue
target of US$166 million.  Carve-outs of certain business units
from the high yield bond, particularly its distribution & media
operation, will dilute creditors' access to their cash flows.


YANLOCK LTD: Enters Voluntary Liquidation
-----------------------------------------
On September 11, 2006, Yanlock Ltd commenced a voluntary
liquidation of its business and appointed Ying Hing Chiu and
Chung Miu Yin Diana as liquidators to act jointly and severally.

The Joint Liquidators can be reached at:

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


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

BALLY TECH: Presents Preliminary Restated 2003 to 2005 Results
--------------------------------------------------------------
Bally Technologies Inc. disclosed preliminary restated results
for the fiscal years ended June 30, 2005, 2004, and 2003.  The
Company had earlier disclosed that the previously issued
financial statements for those periods, their related auditors'
reports, and the quarterly financial information reported for
the years ended June 30, 2005, and 2004, should no longer be
relied upon and would require restatement.

The data represents the Company's preliminary estimate of the
impact of the restatement for the fiscal years ended June 30,
2005, 2004 and 2003.

These amounts are subject to change until the filing of the
Company's amended 2005 Form 10-K with the United States
Securities and Exchange Commission, which is expected to be
filed in October 2006.  These amounts indicated the total
revenues as  previously reported and the preliminary impact of
the restatement.

                                Previously       Restatement
                                  Reported       Adjustments
                                ----------     -------------
   Total revenues for the
   Fiscal year ended:
      June 30, 2003         US$363,200,000     (US$3,900,000)
      June 30, 2004            480,400,000        (1,700,000)
      June 30, 2005            484,000,000         1,100,000

The restatement also includes certain inventory adjustments
related to the Company's computation of variances between actual
and standard costs for games produced.

The restatement also includes other non-revenue related items
including, but not limited to, expense accrual adjustments,
depreciation expense and other expenses, none of which are
significant individually or in the aggregate.

Robert Caller, the Company's chief financial officer, commented,
"The process of the restatement has been long and arduous for
the Company and investors, and we look forward to completing
this over the next few weeks.  We will also continue to focus on
completing our reporting for fiscal year 2006."

Upon filing its amended 2005 Form 10-K, the Company plans to
file its Form 10-Qs for each of the quarters within fiscal year
2006, and the 2006 Form 10-K, before Dec. 31, 2006.

The Company has requested an amendment to its bank loan
agreement, to extend the deadline for delivery of the 2006
audited financial statements from Nov. 3, 2006, to Dec. 31,
2006.

While the Company believes it can achieve this filing schedule,
there can be no assurance that the schedule will be met, or that
the amendment to the credit agreement will be successfully
obtained.

As previously disclosed, the Company did not achieve its fiscal
2006 profitability objectives due to:

   -- lower gross margins on game sales related to introductory
      pricing and the manufacturing costs of its newly
      commercialized slot machine platforms introduced in fiscal
      2006,

   -- high legal and accounting costs associated with ongoing
      litigation and restatement activities,

   -- increased interest costs,

   -- inventory obsolescence charges, and

   -- the acceleration of depreciation on legacy daily-fee
      games.

                     About Bally Technologies

Headquartered in Las Vegas, Bally Technologies, Inc., --
http://www.BallyTech.com/-- designs, manufactures, operates and
distributes advanced gaming devices, systems and technology
solutions worldwide.  Bally's product line includes reel-
spinning slot machines, video slots, wide-area progressives and
Class II, lottery and central determination games and platforms.
Bally also offers an array of casino management, slot
accounting, bonusing, cashless and table management solutions.

The company also owns and operates Rainbow Casino in
Vicksburg,Miss.  Bally Technologies' has operations in Macau,
China and India.

                          *     *     *

Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


BALLY TECH: Forms Strategic Alliance with Points International
--------------------------------------------------------------
Bally Technologies, Inc., disclosed a strategic partnership with
Points International Ltd. -- owner and operator of Points.com --
that introduces the Points.com portal and Points.com Business
Solutions products to the evolving reward programs available
throughout the gaming industry.

Designed to appeal to both casinos and their patrons, the
partnership expands the Bally Casino Management Systems and
Bally Power Bonusing product portfolios.  Casino patrons,
through membership in Points.com, will enjoy vast opportunities
for reward management, including redemption into the world's
largest and most successful reward programs currently
participating on Points.com.  The flexibility and utility that
Points.com brings to these members makes the currencies earned
at Bally-powered reward programs even more valuable.

In addition, casino reward programs powered by Bally
Technologies can now easily integrate individual casino-branded
versions of the industry-leading Points.com Business Solutions
products, giving them increased potential for enhancing revenues
and customer loyalty.

"The power of player's club points as a tool to reward players
and increase revenue is well known in the gaming industry and
this agreement with Points International will allow us to add
innovative new features to our already-strong suite of Bally
Power Bonusing products," said Paul Lofgren, Executive Vice
President of Business Development for Bally.

"The gaming industry is a tremendous market and one we're eager
to explore," said Rob MacLean, CEO of Points International Ltd.
"Bally Technologies, the clear leader in gaming systems
technology, is the ideal partner with whom to begin this
exploration."

                    About Points International

Points International Ltd. is owner and operator of Points.com,
the world's leading reward-program management portal.  At
Points.com consumers can Swap, Earn, Buy, Gift, Share and Redeem
miles and points from more than 25 of the world's leading reward
programs.

                     About Bally Technologies

Headquartered in Las Vegas, Bally Technologies, Inc., --
http://www.BallyTech.com/-- designs, manufactures, operates and
distributes advanced gaming devices, systems and technology
solutions worldwide.  Bally's product line includes reel-
spinning slot machines, video slots, wide-area progressives and
Class II, lottery and central determination games and platforms.
Bally also offers an array of casino management, slot
accounting, bonusing, cashless and table management solutions.

The company also owns and operates Rainbow Casino in
Vicksburg,Miss.  Bally Technologies' has operations in Macau,
China and India.

                          *     *     *

Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


HDFC BANK: Moody's Assigns Ba2 Foreign Currency Deposit Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a C- financial strength
rating and Ba2/Not-Prime foreign currency deposit ratings to
HDFC Bank Limited. All ratings carry a stable outlook.


Moody's says that the C- FSR reflects the bank's healthy
profitability profile, which is underpinned by a young but well-
established commercial banking franchise, with particularly
strong positions in select businesses.  The FSR also factors in
the bank's moderate risk appetite and competent risk management,
but also a challenging credit environment in India.

HDFC Bank is a rapidly growing private sector bank that was set
up in 1994 and now accounts for 2-3% of India's banking sector
loans and deposits.  It has a nationwide presence and is active
in corporate and retail banking, with a distinctive niche in
payment services.  The bank's strong income-generating capacity
relative to rated peers in India is founded on strong interest
margins and healthy fee income generation, and is supportive of
the rating.

In assigning the C- FSR, Moody's has recognised the bank's
consistently good asset quality and the robustness of its credit
practices.  It notes, however, that the bank's rapidly growing
retail asset portfolio has not been tested under adverse
economic conditions.  Like all rated Indian peers, HDFC Bank
also has high exposure concentration to the Indian government
through its government securities portfolio, and this constrains
the rating.

Moody's adds that HDFC Bank's management has been successful in
building up defensible market positions in corporate and retail
banking businesses, within the context of a favourable operating
environment.  To the extent that HDFC Bank's franchise continues
to grow while maintaining the current mix of healthy
profitability, modest risk appetite and appropriate controls,
then there could be positive pressure on the rating in the
medium-to-longer term.  Conversely, there could be negative
pressure on the FSR if a changing competitive environment in
India leads to a material and sustained deterioration in
profitability or if the Indian credit environment materially
deteriorates.

Moody's concludes that in the event of difficulty there is a
moderate to high likelihood that HDFC Bank will receive support
from the financial authorities.  This view is based on the
bank's growing importance to the domestic payments system and on
the Indian government's consistent track record of support to
the banking sector.  Given the bank's C- FSR and likelihood of
support, the bank's FCDRs are constrained by theBa2/Not-Prime
ceiling in India.

HDFC Bank is headquartered in Mumbai, India, and at the end of
March 2006 had total assets of INR735.1 billion (US$16.5
billion).


HINDUSTAN PETROLEUM: Records INR12.2-Bil. 3rd Quarter Net Profit
----------------------------------------------------------------
For the quarter ended September 30, 2006, Hindustan Petroleum
Corporation Ltd earned INR12.2 billion in net profit from gross
sales of INR262.3 billion for the period.  The September 2006
figures show a huge improvement from that of last year --
INR221.4-million net loss from INR178.9 billion sales for the
quarter ended September 30, 2005.

Hindustan Petroleum earned INR1.9 billion from income from other
sources for the quarter under review, an increase of more than
40% from the INR789.2 billion for the corresponding period last
year.

Total Income (net of excise) increased from INR169.2 billion for
the September 2005 quarter to INR245.6 billion for the quarter
September 2006 quarter.

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

   http://www.hindustanpetroleum.com/Cdocs/AnnualResultSep06.pdf

                    About Hindustan Petroleum

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

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

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


ICICI BANK: Ventures into Car Leasing with Germany's Sixt AG
------------------------------------------------------------
ICICI Bank reportedly joined forces with Germany's Sixt AG to
provide vehicle leasing and fleet management services to
corporate clients in India.

Under the alliance, which was entered into on Oct. 26, 2006,
ICICI will handle the financing aspect while Sixt will take up
the operational and client-relation responsibilities, The Hindu
relates.

"We will give 100% finance to Sixt to acquire cars, while Sixt
will give the car on lease to a client at 60 to 80% of the price
of the car for a particular period (three to four years) and get
the car back after the term," ICICI Bank vehicle finance head
Sachin Khandelwal explained to The Hindu.

The parties expect the alliance to generate a yearly revenue of
INR300 crore.

"We expect a revenue of INR200 crore in car leasing and INR100
crore in renting business in a year," The Hindu quotes Sixt
India Vice Chairman and Managing Director Sunjay J. Kapur, as
saying.

According to dpa German Press Agency, Sixt started operations in
India in January 2006 and Mr. Kapur holds the master franchise
for Sixt in the country.

Mr. Kapur believes that the vehicle leasing market in India was
currently limited to large corporations.  However, ICICI and
Sixt plans to tap medium and small-scale enterprises and create
a demand for about 35,000 cars in the next five years, the
German news agency says.

                         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: Seeks to Operate from Qatar Financial Center
--------------------------------------------------------
ICICI Bank is planning to operate from the Qatar Financial
Center, The Financial Express reports, citing a statement made
by the Bank's Managing Director, Kalpana Morparia.

Before seeking a license from the QFC, the Bank sought the
Reserve Bank of India's permission for the move, the newspaper
said.

Ms. Morparia told the newspaper that she is optimistic about
getting the go-ahead from RBI and the QFC license.

According to Ms. Morparia, the Bank believes more on setting up
alliances with regional banks than setting up a huge branch in a
particular country.

                         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.


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

SK CORPORATION: To Repurchase 13 Million Common Shares
------------------------------------------------------
SK Corporation will buy back 13,000,000 of its outstanding
common shares starting Oct. 31, 2006, to Jan. 30, 2007, the
company disclosed in its Web site.

The move is aimed at stabilizing the stock price to enhance
shareholder's value.

Based on the closing share price on Oct. 25 of KRW66,400, SK
Corp. estimates the total purchase price for the buy-back at
KRW863.2 billion.

The securities brokerage firms for the transaction are:

   -- SK Securities,
   -- Daewoo Securities,
   -- Hana Securities, and
   -- Hyundai Securities.

An SK official told Reuters that the company does not plan to
cancel the shares.

                       About SK Corporation

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

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


SK CORPORATION: To Sell 174 Stations to Hana for KRW470 Billion
---------------------------------------------------------------
SK Corporation will sell 174 of its gas stations to Hana Bank
for KRW470 billion, about 2.7% of the oil company's total
assets.

The parties intend to execute the contract for the sale of the
gas stations on November 8, 2006.  The parties will also sign a
put or call option contract with respect to the stations.

After the sale, the leases of the gas stations (between SK Corp.
and SK Incheon) will be terminated.

According to SK Corp., the book value of the assets is at
KRW459,639,448,301.

                       About SK Corporation

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

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


SK CORPORATION: To Sell Yonghyun-dong Land for KRW193.6 Billion
---------------------------------------------------------------
To achieve financial flexibility and improve asset management
efficiency, SK Corporation decided to dispose the land site of a
distribution center in Yonghyun-dong, Incheon.

The 335,032 square meter-property has a book value of KRW132.1
billion.

In its Web site, SK Corp. disclosed that it intends to sell the
Yonghyun-dong Land for KRW193.6 billion, which represents 1.1%
of the company's assets as of the end of 2005, to Inport (PFV)
pursuant to a sales contract.

                       About SK Corporation

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

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


* South Korea's Economy Grew 4.6% in Third Quarter, BOK Says
------------------------------------------------------------
South Korea's economy grew 4.6% in the third quarter of 2006
compared to the same period last year because of expanding
exports and a rise in construction investment, the Korean
Government's Web site stated, citing a preliminary report of the
Bank of Korea.

In the third quarter of 2006, gross domestic product, the total
output of goods and services, grew 0.9% compared to the previous
quarter, the Web site noted.

The BOK said there are growing signs that economic growth is
slowing, hit by high oil prices and the won's strength against
the dollar.

However, the report noted of growing signs of slowing economic
growth due to high oil prices and the Korean won's strength
against the U.S. dollar.

"Despite an improvement in construction and corporate capital
spending, the economy has been struggling since the second
quarter, affected by weak domestic consumption and slowing
exports," said Lee Kwang-june, head of the BOK's economic
statistics department.  "However, 5% growth will be possible for
the year."

In a statement dated Oct. 23, 2006, the central bank said that
Korea's economy is expected to grow 5% this year on the back of
strong exports and a sustained recovery in private spending.

Mr. Lee also expects the GDP to expand 0.8% in the fourth
quarter.

The central bank further noted of these figures for the third
quarter:

   -- private spending increased 0.5% in the third quarter from
      the previous quarter;

   -- exports increased 2.6% in the third quarter;

   -- corporate facility investment rose 3.1% in the July-
      September period, accelerating from a 2.5% rise the
      previous quarter;

   -- construction investment rose 2.3% quarter-on-quarter,
      compared with a 3.9% quarterly drop in the second quarter.


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

METROPLEX BERHAD: Lau and Choong Drops Wind-Up Petition
-------------------------------------------------------
On March 23, 2006, the solicitors of Lau Ah Kow and Choong Bee
Yook have filed a wind-up petition before the High Court of
Kuala Lumpur against Metroplex Project Management Sdn Bhd, a
wholly owned subsidiary of Metroplex Berhad.  The Petitioners
assert a MYR56,437 claim covering arrears of rental of Parcel
No. A13/C5, Chancellor Condominium, which was leased by
Metroplex Projects.

Subsequent TCR-AP reports on July 21 and Oct. 24, 2006, stated
that the Court moved to September 15, 2006, the hearing of
Metroplex Project's application to set aside the default
judgment.  The application to set aside the Judgment was again
adjourned to October 17, 2006, to enable the Petitioners to file
a further affidavit to present evidence that their assignee bank
consents to their action to claim rentals from Metroplex
Project.

In an update, Metroplex, through a filing with the Bursa
Malaysia, says that the Petitioners had withdrawn their wind-up
petition against Metroplex Project on October 20, with no order
as to costs.

                    About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the company will be put into liquidation.

As of July 2006, the company's balance sheet showed
MYR1.21 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.

The company's default in loan facilities extended to it by
various lenders as of September 30, 2006, totaled to
MYR1,804,056,438.


PAN MALAYSIAN: SC Won't Extend Submission of Regularization Plan
----------------------------------------------------------------
On October 6, 2006, Pan Malaysian Industries Berhad has
withdrawn its application for a Proposed Share Consolidation and
Proposed Rights Issue to the Securities Commission.  Moreover,
on that same day, Pan Malaysian has submitted to Bursa
Securities an application for an extension of time within which
it must submit a revised Regularization Plan.

However, the Bursa Securities, on October 20, 2006, rejected the
company's extension motion.

The Bursa Securities' letter stated that if Pan Malaysian fails
to submit its revised Regularization Plan for approval by
November 7, 2006, a suspension will be imposed to the trading of
the company's listed securities pursuant to Paragraph 8.14C(4)
of the Listing Requirements of Bursa Securities.  The suspension
will take effect from November 14, 2006, at 9.00 a.m., and de-
listing procedures will be commenced against the company.

The company intends to submit an appeal to the Bursa Securities
regarding its rejection of the company's extension request.

              About Pan Malaysian Industries

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  The group's other
activities include investment and property holding.  The group's
operation is predominantly in Malaysia, Hong Kong and Singapore.

The group has been suffering recurring losses since 1999.
Moreover, as of June 30, 2006, Pan Malaysian has total assets of
MYR705,300,000 and total liabilities of MYR727,790,000,
resulting into a stockholders' deficit of MYR33,338,000.


PANGLOBAL BERHAD: Court Extends Restraining Order to Jan. 2007
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Oct. 5,
2006, that the hearing of Taisho Company Sdn Bhd's application
to set aside the Restraining Order granted to PanGlobal Berhad
has been moved to October 9, 2006.

Moreover, PanGlobal has disclosed that the Court of Malaya will
hear on October 12, 2006, further submissions on some
preliminary points raised by Taisho's solicitors on its
application to set aside the Restraining Order.

In an update, PanGlobal had been informed by its solicitors that
the Court had granted further extension of the Restraining Order
for a period of 90 days effective from October 4, 2006, to
January 1, 2007.  Moreover, the Court had dismissed Taisho's
application to set aside the Restraining Order.

                   About PanGlobal Berhad

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad
-- http://home.panglobal.com.my/-- is engaged in underwriting
all classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
September 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.

The company's June 30, 2006 balance sheet revealed total assets
of MYR692.907 million and total liabilities of
MYR905.548 million, resulting to a stockholders' deficit of
MYR354.833 million.


PANGLOBAL BERHAD: Updates on Units' Timber and Coal Production
--------------------------------------------------------------
PanGlobal Berhad has given Bursa Malaysia an update on its
subsidiaries' timber and coal volume production as of September
2006.

The production volume of timber of Limbang Trading (Limbang) Sdn
Bhd, a wholly owned subsidiary of PanGlobal, for the month of
September 2006 reached 29,261.41 cubic meters.

Meanwhile, the production volume of coal of Global Minerals Sdn
Bhd, another wholly owned subsidiary of PanGlobal, for the month
of September 2006 was 36,797.36 mt.

                   About PanGlobal Berhad

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad
-- http://home.panglobal.com.my/-- is engaged in underwriting
all classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
September 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.

The company's June 30, 2006 balance sheet revealed total assets
of MYR692.907 million and total liabilities of
MYR905.548 million, resulting to a stockholders' deficit of
MYR354.833 million.


TALAM CORP: Formulating Regularization Plan for Submission
----------------------------------------------------------
In compliance with Paragraph 3.2 of the Practice Note No.
17/2005 of the Listing Requirements of Bursa Malaysia Securities
Berhad, Talam Corporation Berhad has disclosed on October 2,
2006, that it is currently formulating a Regularization Plan to
be submitted to the relevant authorities for approval.

As reported by the Troubled Company Reporter - Asia Pacific, on
Sept. 11, 2006, the company was considered as an affected listed
issuer of the Amended Practice Note 17 category, since Auditors
Ernst & Young were unable to express their opinion on
the company's Audited Accounts based on the Audited Financial
Statements of Talam for the financial year ended January 31,
2006.

Moreover, the company is confident that all matters expressed by
the auditors which lead to their inability to express their
opinion are financial based and will be regularized upon the
completion of the financial debts restructuring exercise.

                     About Talam Corp.

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

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

As reported by the Troubled Company Reporter - Asia Pacific, on
September 11, 2006, Ernst & Young has raised doubt on Talam's
going concern ability, citing the group's losses and default in
loan repayments.


TALAM CORPORATION: SC Extends Compliance Date for Europlus Merge
----------------------------------------------------------------
Talam Corporation Berhad disclosed on July 5, 2006, that the
Securities Commission has given a time extension until June 23,
2007, for Talam and Europlus Berhad to comply with the SC-
imposed conditions for their proposed merger of their property
related businesses.

Under the SC's approval for the time extension, Talam is
required to make an announcement on the status of compliance on
a quarterly basis.

The tables showing conditions imposed by the SC on the
properties of Talam and Europlus, which have yet to be met and
the current status of the conditions imposed on the properties
of Talam is available for free at:

    http://bankrupt.com/misc/tcrap_talam-conditions.xls

                     About Talam Corp.

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

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

As reported by the Troubled Company Reporter - Asia Pacific, on
September 11, 2006, Ernst & Young has raised doubt on Talam's
going concern ability, citing the group's losses and default in
loan repayments.


TALAM CORPORATION: 81st Annual General Meeting Set for Nov. 3
-------------------------------------------------------------
Talam Corporation Berhad will hold its 81st Annual General
Meeting on November 3, 2006, at 10:30 a.m., at the Perdana
Ballroom of the Pandan Lake Club, Lot 28, Jalan Perdana 3/8 in
Pandan Perdana, Kuala Lumpur.

At the meeting, the company's members will be asked:

   -- to receive and adopt the company's Audited Financial
      Statements for the year ended January 31, 2006, and the
      reports of the Directors and Auditors;

   -- to approve the payment of Directors' fees for the year
      ended January 31, 2006;

   -- to re-elect Directors Y.A.M. Tengku Sulaiman Shah Al-Haj
      Ibni Al-Marhum Sultan Salahuddin Abdul Aziz Shah Al-Haj
      and Sulaiman Hew Bin Abdullah who retire in accordance
      with Article 97 of the Articles of Association of the
      Company;

   -- to appoint Deloitte KassimChan as auditors and to
      authorize the Directors to fix their remuneration;

   -- to authorize the Directors to allot and issue shares
      pursuant to Section 132D of the Companies Act, 1965; and

   -- to approve the proposed shareholders' mandate for Talam
      and its subsidiaries to enter into recurrent transactions
      of a revenue or trading nature with Agrocon (M) Sdn Bhd.

                       About Talam Corp.

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

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

As reported by the Troubled Company Reporter - Asia Pacific, on
September 11, 2006, Ernst & Young has raised doubt on Talam's
going concern ability, citing the group's losses and default in
loan repayments.


TENCO BERHAD: Unit Placed Under Creditors' Voluntary Wind-Up
------------------------------------------------------------
Westech Sdn Bhd, a wholly owned subsidiary of Tenco Berhad, was
placed under a creditors' voluntary wind-up, pursuant to Section
254(1)(a) of the Companies Act 1965, during a creditors' meeting
held on October 26, 2006.

Accordingly, Datuk Tan Kim Leong was appointed as Westech's
liquidator.  There was no Committee of Inspection appointed
during the creditors' meeting.

It was also disclosed that Westech's wind-up will have no
material financial impact on Tenco Group.

Westech's liquidator can be reached at:

         Datuk Tan Kim Leong
         12th Floor Menara Uni.Asia
         1008 Jalan Sultan Ismail
         50250 Kuala Lumpur

                       About Tenco Berhad

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

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

As of June 30, 2006, the group's balance sheet revealed weak
liquidity with current assets of MYR39,664,000 available to pay
current liabilities of MYR49,204,000 coming due within the next
12 months.  The group has a net current deficit of MYR9,540,000.
The group's accumulated losses stood at MYR50,087,840 as of
June 30, 2006.


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

AFFCO ENTERPRISES: Appoints Joint Liquidators
---------------------------------------------
On September 29, 2006, Kenneth Peter Brown and Thomas Lee
Rodewald were appointed as joint and several liquidators of
Affco Enterprises Ltd.

The Joint Liquidators can be reached at:

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


ALL SET CARS: Liquidation Hearing Set on December 19
----------------------------------------------------
The High Court of Auckland will hear a petition to liquidate All
Set Cars Ltd on December 19, 2006, at 10:00 a.m.

Commercial Factors Ltd filed the petition before the Court on
September 20, 2006.

The Solicitor for the Petitioner can be reached at:

         R. L. Brennan
         Blackwells
         Barristers & Solicitors
         Level Five, 235 Broadway
         Newmarket, Auckland
         New Zealand


AUSTRALASIAN ROOFING: Appoints Joint and Several Liquidators
------------------------------------------------------------
On October 13, 2006, shareholders of Australasian Roofing
Corporation Ltd appointed Peter Reginald Jollands and Rory Iain
Grieve as joint and several liquidators.

The Liquidators now require the Company's creditors to submit
their proofs of debt by November 30, 2006, for them to share in
any distribution the Company will make.

The Joint Liquidators can be reached at:

         Peter Reginald Jollands
         Rory Iain Grieve
         Jollands Callander
         Accountants and Insolvency Practitioners
         Level Four, 3-13 Shortland Street
         Auckland
         New Zealand
         Web site: http://www.jollandscallander.co.nz


CAVALESE ENTERPRISES: Creditors' Proofs of Claim Due on Nov. 10
---------------------------------------------------------------
John Michael Gilbert was named liquidator of Cavalese
Enterprises Ltd after the commencement of the Company's
liquidation on September 13, 2006.

Accordingly, Mr. Gilbert requires the Company's creditors to
submit their proofs of claim by November 10, 2006, or they will
be excluded from the benefit of any distribution the Company
will make.

The Liquidator can be reached at:

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


CENTRAL FLOORING: Names Brown and Rodewald as Liquidators
---------------------------------------------------------
On October 9, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Central
Flooring (Taupo) Ltd.

The Joint Liquidators can be reached at:

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


CLELANDS COLD: Shareholders Resolve to Liquidate Business
---------------------------------------------------------
On September 29, 2006, shareholders of Clelands Cold Stores (NZ)
Ltd passed a special resolution to liquidate the Company's
business and appointed Douglas John Wilson as liquidator.

Mr. Wilson now requires the Company's creditors to submit their
proofs of claim by November 17, 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:

         Douglas John Wilson
         MGI Wilson Eliott
         Chartered Accountants
         Level Two, Fidelity House
         81 Carlton Gore Road, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 377 1362
         Facsimile:(09) 307 2740


CLENDON LTD: Creditors to Prove Claims by November 10
-----------------------------------------------------
Liquidator John Michael Gilbert requires creditors of Clendon
Ltd to submit their proofs of claim by November 10, 2006.

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

Mr. Gilbert was appointed as the Company's liquidator on
September 13, 2006.

The Liquidator can be reached at:

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


COURTHOUSE CAFE: Court to Hear Liquidation Petition on Nov. 23
--------------------------------------------------------------
An application to liquidate Courthouse Caf‚ Ltd will be heard
before the High Court of Nelson on November 23, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on September 1, 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


COURTHOUSE CAF & GALLERY: Faces Liquidation Proceedings
--------------------------------------------------------
On September 1, 2006, the Commissioner of Inland Revenue filed
before the High Court of Nelson a petition to liquidate
Courthouse Caf‚ & Gallery Ltd.

The Court will hear the said petition on November 23, 2006, at
10:00 a.m.

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


GREENLANE TRUST: Liquidation Petition Hearing Set on November 9
---------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Greenlane Trust Ltd on November 9, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 17, 2006.

The Solicitor for the Petitioner can be reached at:

         Jonathan Ridling
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City
         New Zealand


HACKETT TRUST: Court to Hear Liquidation Petition on November 16
----------------------------------------------------------------
On August 24, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Hackett Trust Company Ltd before
the High Court of Auckland.

The petition will be heard on November 16, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Jonathan Ridling
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City
         New Zealand


IPF VA LTD: Appoints Official Assignee as Liquidator
----------------------------------------------------
On October 9, 2006, the Official Assignee for IPF VA Ltd was
appointed as the company's liquidator.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Rotorua heard the liquidation petition filed
against the Company last October 9, 2006.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


* New Zealand Law Provides New Insolvency Options for Companies
---------------------------------------------------------------
Creditors and directors of failing companies will, in the
future, have more flexible and effective methods to deal with
financial distress under changes to New Zealand's insolvency
laws passed by Parliament on October 27, 2006, Commerce Minister
Lianne Dalziel said.

"A key feature of the Insolvency Law reform Bill is the adoption
of a voluntary administration regime for companies in financial
distress, as a potential alternative to liquidation.  The new
process will provide a 'breathing space' for administrators to
assess the company's viability to continue trading before
deciding whether to rehabilitate the company by entering into a
deed of company arrangement with the creditors, or enter into
liquidation," Ms. Dalziel said.

A full-text copy of the Draft Insolvency Law Reform Bill is
available for free at:

http://www.med.govt.nz/templates/StandardSummary____10816.aspx

According to Ms. Dalziel, the Australian model had seen
increased returns to creditors and she is confident that similar
benefits would occur in New Zealand.

Other major provisions restrict the abuse of phoenix company
structures by directors of failed companies intending to defeat
the legitimate interests of creditors, and improve mechanisms
for dealing with cross-border insolvencies.

The Bill repeals and replaces the Insolvency Act 1967, amends
insolvency provisions of the Companies Act 1993 and creates new
legislation on cross-border insolvency.  The legislation will be
implemented later next year once the regulations are in place.

Earlier this month Ms. Dalziel also released a discussion
document to further explore industry attitudes to regulation of
insolvency practitioners after submissions to the Bill
overwhelmingly supported the establishment of a regulatory
framework.  Submissions close February 2, 2007.


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

APEX MINING: Resets Annual Stockholder's Meeting to December 15
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific recently reported
that Apex Mining Company Inc. advised that its Annual
Stockholders' Meeting was scheduled on November 21, 2006, at
9:00 a.m., with a record date of October 16, 2006, at the Valle
Verde Country Club in Pasig City, to consider matters including:

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

   (b) appointment of external auditors; and

   (c) election of directors.

However, in a filing with the Philippine Stock Exchange, Apex
Mining advised that it has reset the ASM to December 15, 2006,
but with the same time and venue.

The Board has fixed the close of business hours on November 10,
2006, as the record date for the determination of stockholders
entitled to notice of meeting and to vote at the specified
election date.

Apex Mining explains that the postponement is due to some
inevitable circumstances that prevent the company to meet the
deadline of the Securities and Exchange Commission and the PSE
relative to the preparation of the ASM.

According to the TCR-AP, the ASM was earlier postponed from
June 28, 2006, to September 27, and further reset to November 8.

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The Company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the Company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The Company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture  with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

Apex Mining Co., Inc., incurred a net loss of PHP46 million for
the year ended December 31, 2005.  As of this date, the Company
has accumulated an equity deficit of PHP1.037 billion.  Current
liabilities exceed current assets by PHP86 million.


DEVELOPMENT BANK: Sells Bad Assets to Lehman Brothers
-----------------------------------------------------
Development Bank of the Philippines disclosed that it had sold
PHP9.56 billion worth of bad assets to a unit of United States-
based investment bank Lehman Brothers under the Special Purpose
Vehicle framework, The Philippine Daily Inquirer reports.

The sale, which was finalized after a bidding on October 16,
2006, brought down DBP's non-performing assets to 1.92% of total
assets from 8.45%, the report cites DBP president Reynaldo
David, as telling reporters.

According to the Inquirer, the assets sold were:

   -- PHP5.8 billion in non-performing loans; and

   -- PHP3.7 billion in "real and other properties owned or
      acquired" -- mainly foreclosed assets.

However, Mr. David said he could not disclose the pricing but
the "values unlocked were much, much better than the pricing of
bulk asset sales by Philippine financial institutions in the
past," the paper relates.

The Inquirer notes that Lehman Brothers Asian Investments Ltd.,
manages portfolios in the Philippines, South Korea, Japan,
China, and Indonesia.

Lehman Brothers has also bought bad assets from other Philippine
banks like Equitable PCI Bank and Rizal Commercial Banking
Corp., the Inquirer adds.

                            About DBP

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- is the Philippines's most
progressive development banking institution, providing for the
medium and long-term financing needs of enterprises, with
emphasis on small and medium-scale industries, particularly in
the countryside.

                          *     *     *

On, September 4, 2006, Fitch Ratings assigned a rating of 'BB-'
to DBP's hybrid issue of up to US$130 million.

Standard & Poor's Ratings Services also assigned its 'B+' long-
term issue credit ratings to the bank's Tier-I Hybrid Security
of up to US$130 million.  S&P also assigned its 'BB-/B' foreign
currency and 'BB+/B' local currency counterparty credit ratings
to DBP, with a stable outlook.


MANILA ELECTRIC: Seeks ERC Approval for More Than PHP1 Rate Hike
----------------------------------------------------------------
Manila Electric Co. has asked the Energy Regulatory Commission
for a rate increase of more than PHP1 per kilowatt-hour, citing
high bid prices at the wholesale electricity spot market amid
suspicion of trading manipulation by some generators, Roderick
T. dela Cruz of the Manila Standard Today reports.

"Generation costs increased due to an upward movement in WESM
prices," Meralco explained in a disclosure to the Philippine
Stock Exchange.

According to the Standard, Meralco had two rate applications
with the commission.  If approved, the generation charge for the
months of September and October will be updated, the paper
relates.

The Standard notes that Meralco has been charging PHP4.43 per
kilowatt-hour since August, when it was stopped from
implementing new rate hikes.

As reported in the Troubled Company Reporter - Asia Pacific on
October 18, 2006, President Gloria Arroyo instructed the members
of the Board of the Power Sector Assets and Liabilities
Management Corporation to conduct an internal review of PSALM's
trading processes and structure in the Wholesale electricity
Spot market.

                      About Manila Electric

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

                          *     *     *

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

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

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


METROPOLITAN BANK: Lists 173.6 Million Shares
---------------------------------------------
On October 26, 2006, Metropolitan Bank and Trust Co.,
successfully completed a global equity offering of 173.6 million
shares at PHP38 per share with 164.9 million shares sold in the
international market and the balance of 8.7 million shares sold
through allocation to local buyers.

Industry observers noted that together, the offering amounting
to PHP6.6 billion (US$132 million) is approximately 10% of the
foreign direct investment figures of the Philippine economy in
2005, which was at US$1.132 billion.

As reported in the Troubled Company Reporter - Asia Pacific on
October 13, 2006, Metrobank wanted to sell up to 173.62 million
primary common shares, about a tenth of its existing 1.63
billion shares, mostly to foreign investors.  The shares would
be taken from the bank's unissued capital stock.

UBS equity capital markets head for South East Asia, James
Fleming said, the Metrobank offer was the first primary
overnight bookbuilding offer that took a total of only 18 hours,
with the majority of 164 million shares offered in the
international market gobbled up in the first hour.  "It is the
first Philippine bank to make a successful sale in the
international market, including the Middle East, since 1999,"
Mr. Fleming added.

Meanwhile, UBS chief representative Lauro Baja III said the
offering is the first time ever that a Philippine institution
offered primary shares overnight.

UBS Investment Bank is the sole international underwriter and
bookrunner while its domestic counterpart is Metrobank
subsidiary First Metro Investment Corporation.

As of June 30, 2006, Metrobank has consolidated total assets of
PHP588 billion, consolidated total loans and receivables (net)
of PHP278 billion and consolidated deposits of PHP442 billion.

                        About Metrobank

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

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

                          *     *     *

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

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

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

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

   * Short-term rating 'B,'

   * Support rating '3.


NATIONAL POWER: Supports WESM Price Probe
-----------------------------------------
National Power Corporation supports the ongoing investigation of
alleged price manipulations at the Wholesale Electricity Spot
Market, saying this only proves that the systems and safety
mechanisms in the electricity spot market are working.

The investigation was undertaken after the Board of Directors of
the Philippine Electricity Market Corporation, which oversees
the operation of the WESM, unanimously approved a resolution
authorizing the probe.

The investigation, however, is specific only to the trading
activities of the Power Sector Assets and Liabilities Management
Corporation, because there is no evidence that other spot market
participants have tried to influence WESM prices.  PEMC has
likewise assured the public that electricity prices during the
period in question will still be subject to adjustments,
depending on the results of the investigation.

As reported in the Troubled Company Reporter - Asia Pacific on
October 27, 2006, the Energy Regulation Commission said it would
impose the necessary controls on the WESM if allegations would
be proven that there was price manipulation during the market's
third trading month, causing prices to suddenly spike.

According to National Power, as a rule, changes in the
electricity prices of generators in the WESM are just part of
the dynamics that govern the relationships of market
participants.  Due to competition and deregulation, spot market
prices also have a self-correcting mechanism, which allows rates
to reflect, or at least to approximate, the true cost of
generation.

"National Power has been consistently bidding within its
allowable Rate-of-Return range.  It is the market that dictates
how much can be charged at any given bidding hour.  This is the
very essence of competition," the power company says.

National Power adds that WESM records will show that it has been
bidding using electricity generation prices that are based on
its approved revenue requirement, and that are within the range
of its Time-of-Use Rates, both of which were approved by the
ERC.

"These rates are the lowest in the market today, and can be
found in our Web site at http://www.napocor.gov.ph  We also
invite everybody to look at the records of the WESM, through its
Web site at http://www.wesm.ph as this will clearly show the
facts with respect to the bids submitted by our trading teams,"
National Power states.

"Our bidding is handled by nine trading teams, representing our
nine major power generation plants.  National Power does not
have a dominant position in terms of market share in the WESM;
nor does it have any capability, nor the intention, of
dominating the market, much more of manipulating prices.  The
generation capacity that we are trading in the electricity spot
market does not even constitute the biggest block.  We only hold
about 20% of all the energy traded in the WESM.  This is almost
equal to the share of the independent power producers of the
Manila Electric Company," National Power further states.

National Power also notes that it has always been supportive of
the objectives of the open market to promote electricity pricing
based on true cost.

                       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.


VICTORIAS MILLING: DOLE to Decide on Negotiations Until Dec. 19
---------------------------------------------------------------
The Department of Labor and Employment has until December 19,
2006, to resolve the deadlock in the collective bargaining
negotiation between the management of Victorias Milling Company
and the Vicmico Supervisors' Union, The Visayan Daily Star
reports.

In its telephone interview with VSU president Johnson Gancita,
the Daily Star cites Mr. Gancita, as saying the DOLE, through
Secretary Arturo Brion, assumed jurisdiction over their case on
October 19, 2006, noting that both parties have to wait for 60
days for the decision of the labor department.

"Both parties have already submitted their position papers so we
will just wait for the decision," Mr. Gancita said.

According to the Daily Star, the parties' manifestations for the
labor secretary to assume jurisdiction have been submitted to
the National Conciliation and Mediation Board office in Bacolod
City on September 21, 2006.

The Daily Star recounts that the management and the union
reached a deadlock in their negotiation in February 2006, the
time when the Collective Bargaining Agreement was supposed to be
renewed.

The Daily Star reveals that on Victorias Milling's part, the
unresolved bargaining issues are:

   (a) the duration of CBA, which is five years from February 1,
       2006 to January 31, 2011;

   (b) no salary increases for the first two years of the CBA
       although the company is offering to grant straight 2%
       increases each year for the last three years;

   (c) a grant of signing bonus equivalent to 50% of the monthly
       basic salary; and

   (d) all other unaffected terms of the CBA will remain the
       same.

On the other hand, the Union said it is renegotiating for the
remaining two years of the CBA from February 1, 2006, to
January 31, 2008, the paper relates.  The Union is also
proposing a 20% salary increase for two years, 12% for the first
year and 8%, for the second year and, a signing bonus equivalent
to their one-month salary, the Daily Star adds.

                     About Victorias Milling

Headquartered in Victorias City, Bacolod, Victorias Milling
Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.

On July 4, 1997, the Company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the Company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management
Committee to oversee the Company's operations and
rehabilitation.

The Company is currently undergoing debt restructuring.


VITARICH CORP: Expands Animal Feeds Business Operations
-------------------------------------------------------
Vitarich Corporation recently put up a parent stock breeding
farm in Iloilo to further boost its growing poultry business in
Western Visayas and to help support increased livestock
activities in the region.

Meanwhile, the 56-year-old agri-based firm said it is beefing up
operations for expansion of its animal feeds business across the
country, and is further dedicating substantial resources for
research and development to pave the continuous improvement in
production process and product value enhancements of its animal
feeds.

The company's Research Center located in Marilao, Bulacan, is
the first of its kind in the Philippines and was designed to
provide local farmers with world-class yet affordable animal and
aquaculture feeds.

"We shall continue to develop even better products and enhanced
services and look forward to reaching our many farmers all over
the country," chairman and president Rogelio Sarmiento said.

                         About Vitarich

Vitarich Corporation -- Http://www.vitarich.com/ -- is among the
leading integrated producers and wholesalers of poultry and
animal feed products in the Philippines.  The Company also
develops, produces and sells animal health products.  It is
dedicated to the poultry and feeds industry, committing all of
its resources to the production of poultry products, including
upstream production activities such as feed milling, and
additional ventures where the company's knowledge of the poultry
and feeds production process provides it with competitive
advantage.

In 1988, the Company entered into a joint venture agreement with
Cobb-Vantress, Inc. and formed Breeder Master Inc., (formerly
Phil-American Poultry Breeders, Inc.) to engage in the
production of day-old parent stocks.  Cobb-Vantress is 100%
owned by Tyson Foods, Inc, the worlds largest chicken company.
BMI is 80% owned by Vitarich and 20% owned by Cobb-Vantress.

Despite the Company's expansion into other areas, its core
business remains rooted in poultry.  As of end-2001,
contribution to gross sales of the Company's business groups was
-- foods 62%, feeds 30%, and farms 8%.

VITA is presently engaged in the manufacture and distribution of
various poultry products like chicken, animal and aqua feeds,
and day-old chicks, among others.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that after auditing Vitarich's 2005 annual
report, Punongbayan & Araullo raised substantial doubt the
Company's ability to continue as a going concern, due to
significant losses for the past three years, including net
losses worth PHP249.3 million in 2005 and PHP291.2 million in
2004, resulting in significant deficit amounting to PHP1.8
billion as of Dec. 31, 2005.

The TCR-AP reported that Vitarich disclosed to the Philippine
Stock Exchange that after the Company's annual stockholders'
meeting held on June 30, 2006, the company planned to reduce
losses by 50% to around PHP125 million in 2006 by continuously
shifting the focus to hog and aqua from chicken and poultry
feeds -- to break even.

As at December 31, 2005, and 2004, the Company holds 100%
interests in Philippines' Favorite Chicken, Inc., and Gromax,
Inc., both domestic corporations, the TCR-AP noted.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
September 19, 2006, that Vitarich Corporation has filed a
petition for corporate rehabilitation with the Regional Trial
Court of Malolos City, Bulacan.


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

CHINA AVIATION: To Repay US$132.36MM Deferred Debt to Creditors
---------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd disclosed that
pursuant to the Scheme of Arrangement and the Creditors
Share Invitation, dated May 24, 2005, entered between the
company and its creditors, China Aviation has a balance Deferred
Debt obligation of US$132.6 million to the Scheme Creditors
which is to be repaid over a period of five years, with the
first installment of US$62.17 million being due and payable on
March 28, 2007.

Prior to that, on May 12, 2005, China Aviation disclosed that
the Deferred Debt would be repaid from different sources
including the cash flows from its operations, dividends from the
company's investments, the sale of the investment in Compania
Logistica De Hidrocarburos SA and a refinancing exercise.

The company's Final Scheme of Arrangement dated May 24, 2005, is
available for free at:

http://bankrupt.com/misc/CAOImprovedScheme120505English.pdf

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

Moreover, China Aviation commenced a process to consider the
sale of its 5% interest in Compania Logistica and has appointed
Deloitte & Touche Corporate Finance as the financial adviser.

Accordingly, the sale of the investment in China Aviation is
subject to the approval of the company's board and shareholders.

               About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company's Restructuring Plan was approved by shareholders on
March 3, 2006, and sanctioned by the High Court of Singapore on
March 21, 2006.  It became effective on March 28, 2006.

The company is currently working with an insolvent balance
sheet, according to a TCR-AP report on Oct. 27, 2006, with a
US$390.07 million shareholder's deficit on total assets
of US$211.96 million.


INFOCOMMCENTRE PTE: Subjected to Wind-Up Petition
-------------------------------------------------
The High Court of Singapore has entered a wind-up order against
Infocommcentre Pte Ltd -- formerly Silicon Technology Investment
Pte Ltd -- on October 13, 2006.

In this regard, the company's creditors are required to submit
their proofs of debt to its liquidator, Timothy James Reid.

The company's liquidator can be reached at:

         Timothy James Reid
         c/o Messrs Ferrier Hodgson
         50 Raffles Place
         #16-06 Singapore Land Tower
         Singapore 048623


JIL COMPONENTS: Pays Dividend to Unsecured Creditors
----------------------------------------------------
Jil Components Singapore Pte Ltd has paid the first and final
dividend to its unsecured creditors on October 27, 2006.

The amount paid was 50.04% to all admitted unsecured creditors.

As reported by The Troubled Company Reporter - Asia Pacific on
Nov. 1, 2005, the High Court of Singapore entered a wind-up
order against the company on October 21, 2005.

The company's liquidator can be reached at:

         Teh Tatt Wah
         89 Short Street #10-02
         Golden Wall Centre
         Singapore 188216


MAE ENGINEERING: Compass Estimates SGD18.4-Mil. of Shares Value
---------------------------------------------------------------
Compass Consulting Pte Ltd, the independent valuer appointed by
Mae Engineering, is in view that subject to the limitations and
assumptions set out in the valuation report, the indicative
valuation of SGD18,400,000 underlying  the company's acquisition
of 38% equity interest in Lereno Sdn Bhd as at the valuation
date of March 31, 2006, is considered reasonable.

Mae Engineering has agreed with Lereno, Eligro Sdn Bhd, together
with its shareholders that the purchase consideration to acquire
38% of the issued and paid up share capital of Lereno shall be
an aggregate of SGD17,500,000, which is lower than Compass
Consulting's valuation.

As reported by The Troubled Company Reporter - Asia Pacific on
Oct. 5, 2006, the sale and purchase agreement was entered
between Mae Engineering, Eligro and Lereno on Sept. 27, 2006.

The purchase consideration will be satisfied by the allotment
and issue of an aggregate of 350,000,000 new ordinary shares in
the capital of Mae Engineering at an issue price of SGD0.05 to
the new Shareholders, who are David John Beresford-Long, Fong
Soon Leong, Giorgio Vanalli, Gian Franco Longhini, Ho Siau
Chiang, and Spektra Anggun Sdn Bhd.

The value of Lereno is derived to be SGD46,052,631.58, which
represents 100% of the value of Lereno based on 38% of the share
capital of Lereno being SGD17,500,000.

                    About MAE Engineering

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.
The company also suffered a liquidity crunch since September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.

As of March 31, 2006, the company's balance sheet showed
SGD7,404,000 in total assets and SGD27,257,000 in total
liabilities, resulting in a SGD19,853,000 stockholders' equity
deficit.  The Company's March 31 balance sheet also revealed
strained liquidity with SGD6,346,000 in total current assets
available to pay SGD27,200,000 in total current liabilities
coming due within the next 12 months.


PACIFIC CENTURY: Appoints Peter Allen as Managing Director
----------------------------------------------------------
On October 25, 2006, Pacific Century Regional Devts disclosed
that it has appointed Peter A. Allen as Managing Director.

As the Group's Managing Director, Mr. Allen will be responsible
for the overall management and strategic development of the
Company.

For the past 10 years, Mr. Allen was the Executive Director and
Chief Financial Officer of Pacific Century on 1997, and was last
re-elected as a Director of the company on 2006.  A member of
the Nominating, Remuneration and Executive Committees of Pacific
Century, Mr. Allen is also an Executive Director of PCCW Limited
and a Non-Executive Director of Pacific Century Insurance
Holdings Limited

Mr. Allen holds 5,010,000 ordinary shares of US$0.10 each in the
Company and 360,000 ordinary shares of HK$1 each in Pacific
Century Insurance Holdings Limited, a subsidiary of the company.

Mr. Peter A. Allen holds 360,000 options to subscribe for shares
of HK$1 each in Pacific Century Insurance.  These options are
exercisable at HK$5.233 and may be exercised from July 7, 2000,
to July 6, 2009.

                            About PCRD

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India. The group's principal activities include the provision of
international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.

According to a TCR-AP report on Oct. 27, 2006, the company has a
US$107.11 million shareholder's deficit on total assets of
US$1381.26 million.


REFCO INC: Files September 2006 Cash Receipts and Disbursements
---------------------------------------------------------------
Refco, Inc., and its debtor-affiliates delivered to the Court a
statement of their cash receipts and disbursements for the
period from September 1 to 30, 2006.

Peter F. James, controller of Refco, reports that the company
held a US$1,519,115,000 cash balance at the start of the
reporting period.  Refco received US$374,284,000 and disbursed
US$11,763,000 in cash.  Refco's ending cash balance totals
US$1,881,636,000.

As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately US$2,400,000.

Mr. James discloses that Refco paid US$551,000 in gross wages,
of which approximately US$285,000 was paid on behalf of and
reimbursed by the Non-Debtors and Refco LLC.  Refco also
withheld US$173,000 in employee payroll taxes, of which
US$18,000 was remitted to a third party vendor.

Mr. James states that all taxes due and owing, as well as tax
returns, have been paid and filed for the current period.

Refco paid US$2,562,000 for professional fees for September, and
US$27,878,000 since their bankruptcy filing.  The Debtors did
not pay professional fees on Refco LLC's behalf.

Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

Refco prepared its Monthly Statement in lieu of comprehensive
financial statements.

A full-text copy of Refco's September 2006 Monthly Statement is
available at no charge at:

             http://ResearchArchives.com/t/s?1404

                          About Refco

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


STATS CHIPPAC: Posts Higher Revenue at US397-Mil. in 3rd Qtr.'06
----------------------------------------------------------------
On October 25, 2006, STATS ChipPAC Ltd released its financial
results for the third quarter ended Sept. 24, 2006.

For the quarter under review, revenue increased by 31.8% to
US$397.1 million, as compared to US$301.3 million in the third
quarter of 2005.  However, this represents a sequential decline
of 5.0% as compared to the second quarter of 2006.  On a US GAAP
basis, net income for the third quarter of 2006 was US$18.5
million or US$0.09 per diluted ADS, as compared to a net loss of
US$1 million or a loss of US$.01 per diluted ADS in the third
quarter of 2005.  US GAAP results for the third quarter of 2006
include US$8.8 million in special items and costs associated
with the merger of STATS and ChipPAC.  US GAAP results for the
third quarter of 2005 include US$14.0 million in special items
and costs associated with the merger of STATS and ChipPAC.
Excluding the special items and including certain adjustments,
non-GAAP adjusted net income for the third quarter of 2006 was
US$27.3 million or US$0.13 per diluted ADS, as compared to a
non-GAAP adjusted net income of US$13.0 million or US$0.06 per
diluted ADS in the third quarter of 2005.  Results for the third
quarter of 2006 include approximately US$3.4 million in share-
based compensation expenses.

As of September 24, 2006, the company's balance sheet showed
US$612.9 million current assets and total current liabilities of
US$380.7 million.  Moreover, the company's Sept. 24, 2006,
balance sheet reflects total assets of US$2.5 billion available
to pay total liabilities of US$1.2 billion which leaves a
stockholders' equity of US$1.3 billion.

"The operating environment was challenging in the third quarter
as a small group of our customers in the communications segment
took aggressive measures to adjust their inventory levels
downward.  Even though we did see some improvement from our
consumer and multi-applications customers, this was not enough
to offset the weakness in our communications segment.  As a
result, our revenue declined by 5.0% from the prior quarter.
However, this quarter's results still represent strong growth of
31.8% from the same quarter a year ago, and reaffirm that 2006
will be a very strong growth year for us", said Tan Lay Koon,
President and Chief Executive Officer of STATS ChipPAC.

"Despite the challenging operating environment, we maintained
our profitability on a US GAAP basis as compared to the prior
quarter.  We believe this demonstrates the resiliency of our
business model post merger.  On a year-over-year comparison, our
growth in revenue, gross margin and profitability shows that our
emphasis on profitable growth and capital discipline has
continued to benefit our company.  Our cost savings activities,
including reducing our labor force at the beginning of the
quarter, also contributed to our ability to maintain our margins
and profitability", added Mr. Tan.

Michael G. Potter, Chief Financial Officer of STATS ChipPAC,
said that, "We achieved record net income on a GAAP basis in the
third quarter of 2006, with results in-line with prior guidance.
We benefited from lower merger-related amortization expense, the
workforce reduction announced last quarter, and other cost
savings activities.  We continue to take a disciplined approach
to capital spending and drive costs down across our
organization.  We improved our cash position in the third
quarter and given our strong cash position and lower
requirements for capital expenditures, we repurchased the entire
US$50.0 million aggregate principal amount of our 8.0%
Convertible Subordinated Notes due 2011 on October 16, 2006.  We
will be looking for opportunities to reduce our debt and improve
our capital structure in the future."

Mr. Tan also disclosed that, "We remain positive in our long-
term outlook given our balanced product portfolio and geographic
diversity, combined with good traction in new customer programs.
We will continue executing our business strategy that is focused
on margin improvement, free cash flow generation and technology
leadership.  We expect 2006 to be a record year for us in both
revenue and profitability.  Based on current customer forecasts,
we expect revenue in the fourth quarter of 2006 to be
approximately US$401.0 million to US$421.0 million or 1% to 6%
higher than the third quarter of 2006, with US GAAP net income
in the range of US$19.0 million to US$26.0 million, which
represents US GAAP net income per diluted ADS of US$0.09 to
US$0.12, including the impact of US$0.02 per ADS for the
expensing of share-based compensation. Non-GAAP adjusted net
income is expected to be in the range of US$22.0 million to
US$29.0 million or in the range of US$0.10 to US$0.13 per
diluted ADS, including the impact of US$0.02 per ADS for the
expensing of share-based compensation.  Non-GAAP adjusted net
income is calculated without the effect of certain merger and
integration expenses and purchase accounting adjustments."

The company's Financial Results for the Third Quarter Ending
September 24, 2006, is available for free at:

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

                       About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd. --
http://www.statschippac.com/-- provides semiconductor test and
assembly services.  The company assembles leaded and laminate
packages and provides related services such as package design
and leadframe and substrate designs.  The company provides these
tests and assembly services to semiconductor companies, which do
not have their own manufacturing facilities.  The company's
offices outside the United States are located in Singapore,
South Korea, China, Malaysia, Taiwan, Japan, the Netherlands and
United Kingdom.

                          *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on October 21, 2004
and the company's Senior Unsecured Debt a 'Ba2' rating on
October 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credit Rating effective on October 7, 2004.


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

PHELPS DODGE: Posts US$888 Million Third Quarter 2006 Profit
------------------------------------------------------------
Phelps Dodge reported that its net profit increased 143% to
US$888 million in the third quarter of 2006, compared with the
third quarter of 2005, mainly due to increasing metal prices.

Steven Whisler, the chief executive officer of Phelps Dodge,
said in a statement, "Phelps Dodge continues to benefit from
strong market fundamentals for copper and molybdenum, and
delivered another strong quarterly operating performance and
robust cash flows."

Business News Americas relate that Phelps Dodge's sales and
other operating revenues increased to US$3.46 billion in the
third quarter if 2006, from the US$2.18 billion recorded in the
same period of 2005.

Copper prices averaged US$3.479 per pound, compared with the
US$1.704 per pound on the London Metal Exchange over the two
quarters, BNamericas notes.

According to BNamericas, copper production was lower due to the
heavy rain on operations in southwest United States, slightly
offset by higher production at Phelps Dodge's South American
mines.

Phelps Dodge, says BNamericas, posted consolidated copper output
of 301,800 short tons in the third quarter of 2003, compared
with the 304,200 short tons in the third quarter of 2005.

BNamericas underscores that Candelaria, Phelps Dodge's mine in
Chile, reported that production increased to 52,500 short tons
in the third quarter of 2006, from the 52,100 short tons in the
same period of 2005.
El Abra, another mine of Phelps Dodge in Chile, said that its
production increased to 61,300 short tons in the third quarter
of 2006, compared with the 55,800 short tons in the same period
of 2005, according to BNamericas.

BNamericas emphasizes that Phelps Dodge's Cerro Verde copper
mine in Peru recorded an output of 27,000 short tons in the
third quarter of 2006, compared with the 26,600 short tons in
the third quarter of 2005.

Arthur Miele, Phelps Dodge's senior vice president in marketing,
told BNamericas that the firm expects an average copper price of
US$3.30 per pound or higher for the fourth quarter of 2006, and
about US$3.10 per pound or higher for 2006.

Phelps Dodge foresees a balanced to modest surplus in the copper
market nest year.  But this could tip into a deficit if supply
disruptions continue, BNamericas says, citing Mr. Miele.

Mr. Miele said that as a result copper prices should moderate
but remain historically high.  Phelps Dodge agrees with the
consensus opinion of an average copper price of US$2.50 per
pound or higher in 2007, BNamericas relates.

Mr. Whisler told BNamericas, "We obviously feel very good about
where metal markets are. Everything indicates continued strength
in those markets."

Tim Snider, the Phelps Dodge COO, told BNamericas that the
firm's strong project pipeline includes the US$850-million Cerro
Verde expansion that is on budget and schedule.  The first half
of the expansion will come on stream in the fourth quarter of
2006 and the second half in the first quarter of next year.

According to the report, the Cerro Verde sulfide mill expansion
project will add 200,000 short tons of copper output to oxide
solution extraction/electrowinning operations.

BNamericas states that the expansion in the first five years
will contribute extra 230,000 short tons of copper per year on
average to provide total average output of 325,000 short tons
annually.

Cerro Verde in the first 10 years will average 290,000 short
tons per year, of which 210,000 short tons will come from the
expansion, BNamericas says, citing Phelps Dodge.

Mr. Snider told BNamericas that engineering studies continue on
the sulfide development project at Phelps Dodge's El Abra copper
mine.

"We will time the project to allow for the smooth transition
from oxides to sulfides in the 2009-10 period," BNamericas says,
citing Mr. Snider.

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, China, the Philippines
and Japan, among others.

                          *     *     *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PHELPS DODGE: Declares US$0.20 Per Common Share Dividend
--------------------------------------------------------
Phelps Dodge Corp. has declared a dividend of 20 cents per share
on the common shares of the corporation.  The dividend is
payable on Dec. 1, 2006, to common shareholders of record at the
close of business on Nov. 16, 2006.

                       About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, China, the Philippines
and Japan, among others.

                          *     *     *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


SIAM COMMERCIAL: Files Civil Suit against Safari World
------------------------------------------------------
Siam Commercial Bank has filed a lawsuit with the Civil Court
against Safari World Plc for breaching a THB2.36-billion loan
agreement after nine years of debt restructuring, The Nation
reports.

Specifically, Pin Kewkacha, Safari president -- operates the
Safari World and Phuket FantaSea parks -- disclosed in a
statement to the Stock Exchange of Thailand that the lawsuit was
for a "breach of the loan agreement, The Bangkok Post relates.

Siam Commercial Bank's president, Khunying Jada Wattanasiritham,
told The Bangkok Post that the bank had restructured loans for
Safari on three occasions over the past nine years.

Ms. Khunying Jada said that Safari's operations and investments
in Phuket FantaSea had been heavily affected following the
December 2004 tsunami, with the sharp decline in tourism to
Phuket cutting into the company's revenue and projections.

Ms. Khunying Jada also said Phuket FantaSea had recorded losses
and as a result, the company did not have the cash flow to repay
debts.  However, SCB had collateral for the Safari loan that
covered the debt, which the bank currently treats as a doubtful
loan.

The Nation recounts that SCB reported to the Stock Exchange of
Thailand last year that it had agreed with Safari to do a third
debt restructuring, which took effect on July 1, 2004.

According to SCB's report, the loan principal as of June 30,
2004 was THB1.4 billion, while the overdue interest was THB577
million.  The company also had THB10 million in an overdraft
loan.

Based on the restructuring plan, Safari agreed to repay the
principal by June 2015 in 40 quarterly installments starting
from September 5, 2005.  Safari also agreed to pay interest of
3% per annum from July 1, 2004 to June 30, 2005.  In addition,
the company agreed to pay interest at the MLR per annum from
July 1, 2005 to June 30, 2015.

Meanwhile, The Nation relates that Safari World has recorded
losses so far this year as it did last year mainly due to its
interest payments.

Safari informed the SET that its higher interest expenses were a
result of a local bank charging at the default rate of 15%
rather than the normal minimum lending rate, thus Safari had
defaulted on the bank's loan.

Based on Safari's 2006 first quarter results submitted to the
Stock Exchange of Thailand, the company posted an operating loss
of THB107.99 million, made up of its own loss of THB64.86
million and the THB43.13-million loss of its subsidiary, Phuket
FantaSea Plc.

"The costs and expenses in the first quarter of Bt179.79
million, an increase of 57% from the same period of 2005, was
caused by the increase of the interest rate from the normal MLR
to the default rate as the company had not paid the principal
and interest to a local bank following the debt restructuring
contract," the company stated in its report for the first
quarter.

Furthermore, during the second quarter of 2006, Safari World
recorded an operating loss of THB100.41 million, made up of its
own loss of THB83.12 million and THB17.29 million of Phuket
FantaSea.

The company's loss in the second quarter of 2006 was 112% more
than the THB39.23 million in the second quarter of last year,
The Nation notes.

Most of the increase in costs and expenses came from the rise in
interest expenses of THB40.81 million, the cost of sales and
services of THB10.86 million and sales and administrative
expenses of THB13.45 million.

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 23, 2006, that Moody's Investors Service confirmed Siam
Commercial Bank Public Company Limited's D+ bank financial
strength rating and changed its outlook to positive from stable.


THAI PETROCHEMICAL: Overseas Roadshows to Tighten Intl. Links
-------------------------------------------------------------
Executives of Thai Petrochemical Industry will hold roadshows in
London and New York as part of the re-branding program for the
petrochemical conglomerate, The Bangkok Post reports.

Piti Yimprasert, the company's chief executive officer, said
that Macquarie Securities would help the company stage roadshows
abroad to help rebuild its relations with foreign institutional
investors.

Thai Petrochem's poor credibility in the international markets
had complicated efforts to refinance its capital base and issue
new bonds, Mr. Yimprasert added.

The Post recounts that Thai Petrochem has faced numerous
lawsuits over the past seven years involving creditors,
regulators and founder Prachai Leophairatana.  As a result, the
company entered into court supervised business rehabilitation in
2000 as the country's largest debtor, and exited restructuring
just last year.

Mr. Yimprasert said the roadshow would be a good opportunity to
promote the company's new direction.

"It would be our chance to meet up with the investors directly.
We need to tell people who we are now and update our current
situation, as well as the future business plan," he said.

In addition, the company's shareholders also approved a new
investment budget of US$1.2 billion to US$1.4 billion for 2007.

The Post relates that the increased investment budget will be
used to improve the production efficiency of existing facilities
including the company's oil refinery, deep seaport and power
plant.

Mr. Yimprasert predicted that Thai Petrochem's sales this year
would reach their target of THB200 billion, despite a 45-day
maintenance shutdown of its refinery in the fourth quarter, as
output overall had increased this year.

The Post notes that the company has been operating at a capacity
of 180,000 barrels per day this year.  The company however, is
hopeful to lift capacity to 230,000 barrels per day next year,
and to 250,000 barrels within three years.

Also part of the re-branding program is to change the company's
name to IRPC, or Integrated Refinery and Petrochemicals Complex.
Shareholders of the company, The Post relates, approved the plan
on October 26, 2006.

In addition to acquiring a new name, Thai Petrochem is shifting
its business focus.  Half of its revenue this year will come
from petrol and lubricant sales and the rest from
petrochemicals, which used to account for up to 90% of all
sales.

The Troubled Company Reporter - Asia Pacific recounts that Thai
Petrochem is also mulling the sale of its 68 petrol stations
that retails oil nationwide.

Furthermore, the company is also eyeing to take advantage of a
synergy with its major shareholder, PTT Plc.  The two companies
can achieve synergy in the retail oil business since Thai
Petrochem can supply oil products through PTT's 1,200 service
stations, the TCR-AP added.

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
Plc -- http://www.tpigroup.co.th/-- is the leading integrated
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.

The Thai Government was reorganizing the bankrupt company, which
had defaulted on US$2.7 billion in loans, when PTT Plc,
Thailand's largest oil and gas group, and Thailand's biggest
company, purchased a 31.5% stake in Thai Petrochemical late in
2005.  In December 2005, PTT and three other state agencies
completed payment for a 61.5% stake in Thai Petrochemical.  The
money was used to pay for a bulk of the Company's defaulted
loans.

On April 28, 2006, The Troubled Company Reporter - Asia Pacific
reported that the Central Bankruptcy Court of Thailand approved
Thai Petrochemical's exit from business rehabilitation.  The
Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.


TOTAL ACCESS: Offers Insurance to Post-Paid Customers
-----------------------------------------------------
Total Access Communication inks a deal with Muang Thai Life
Assurance on October 26, 2006, to provide group accident-
insurance coverage to 1.2 million of its post-paid mobile-phone
customers, The Nation reports.

The total sum insured is THB125 billion.

According to The Nation, DTAC's post-paid customers whose
numbers have been registered with the company for more than one
year but less than five years will receive THB50,000 worth of
coverage.  Those who have been with DTAC for six to 10 years
will receive THB100,000 worth of coverage, while those who have
used DTAC's service for more than a decade will receive
THB500,000 worth of coverage.

In addition, eligible DTAC customers will automatically qualify
for insurance payments for accidental injury.  The full amount
will be paid for accidental death.

Total Access has not revealed the cost of the premiums, The
nation notes.  However, the paper notes that initially, the
insurance coverage will be available for one year, starting next
month.

Sunti Medhavikul, DTAC's chief customer officer, said the
project was a pilot program aimed at creating greater customer
satisfaction.  The company will decide whether or not to renew
the policy for its customers next year.

"It'll depend on our customers' satisfaction.  If they like it,
we'll continue it," he said.

Based on the agreement, Muang Thai will pay claims "within a
week or two" after receiving verification that injury or death
has resulted from an accident.

Mr. Sunti said that about 700,000 post-paid customers had been
with DTAC for one to five years, about 400,000 for six to 10
years and the rest -- about 100,000 -- for more than 10 years.

For customers who have multiple DTAC mobile-phone numbers, the
company will pick the one that has been registered for the
longest time.

Meanwhile, according to The Nation, Muang Thai president Sara
Lamsam said his company was aware of the risk of a high claim
ratio, but he expected claims would be in the normal industry
range of 30-40% per annum for personal-accident policies.

Both Mr. Sunti and Mr. Sara said the synergy between their
companies would continue and that plans were afoot for "a number
of programmes" aimed at benefiting the customers of both DTAC
and Muang Thai.

Separately, Mr. Sunti said DTAC would no longer compete in price
wars to become the industry's leader.  "We'll play along, but
we'll focus mainly on customer service," he said.  "Currently,
there are about 4.5 million post-paid mobile-phone customers in
Thailand, I believe that number could grow to 6 million, so
we'll come up with more services to increase our customer base."


Total Access Communications, DTAC -- http://www.dtac.co.th/--  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

Fitch Ratings, on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.



                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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 ***