TCRAP_Public/061031.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  

           Tuesday, October 31, 2006, Vol. 9, No. 216
  
                            Headlines

A U S T R A L I A

A. R. NEAL: Creditors' Proofs of Claim Due on November 30
ADSTEAM MARINE: Svitzerwijsmuller Extends Offer to Jan. 12, 2007
D A WILSON: Members Opt to Close Operations
FATKAT NOMINEES: Wind-Up Process Commenced
FLINDERS CONTRACTING: Will Declare Final Dividend on Nov. 30

HRS SEISMIC: Shuts Down Business Operations
KESAN PTY: Members Resolve to Wind Up Firm
LIBERTY FINANCIAL: Fitch Assigns BB+ Final Rtg on Class C Notes
MODISH HOLDINGS: To Declare Final Dividend for Employees
O. B. CLOTHING: Prepares to Declare Final Dividend on Nov. 29

OLD G.C. PTY: Enters Voluntary Wind-Up
OLD G.I. PTY: Members Opt for Voluntary Liquidation
OUTONA PTY: Members Opt to Shut Down Operations
PEGGYS ROCK: Courts Issue Wind-Up Order
PRIMELIFE CORPORATION: To Hold General Annual Meeting on Nov. 24

RAA-GIO INSURANCE: Enters Voluntary Liquidation
REMLANE PTY: Members Decide to Close Operations
REO TEK AUSTRALIA: Inability to Pay Debts Prompts Wind-Up
RETAIL DESIGN: Creditors Must Prove Debts by November 15
ROBINSWOOD PTY: To Declare Final Dividend on November 27

RYMO PTY: Members Agree to Wind-Up Firm
SESTINO PTY: Placed Under Voluntary Liquidation
STEELCOM ENGINEERING: To Declare First and Final Dividend
VILLAGE ROADSHOW: Exits Italian Cinema Investments
WATSON DINNISON: Members Opt to Wind Up Operations


C H I N A   &   H O N G  K O N G

ADVANCED INK: Court Names Joint Liquidators
AFK FAR EAST: Faces Wind-Up Proceedings
AGRO PRODUCTS: Members to Receive Wind-Up Report
ANDREW CORP: Markets Dual Band Satellite Systems with Overwatch
BALLY TOTAL: Holding Annual Shareholders Meeting on Dec. 19

BALLY TOTAL: Board Reduces Number of Directors from Nine to Six
BENQ: TRC Affirms twBB+/twB Corporate Credit Ratings
BOMBARDIER INC.: Launches Tender Offers for Outstanding Notes
CHINA SOUTHERN: Opens Shenzhen-Nagoya Flight
C.C.S. CONSTRUCTION: Receives Wind-Up Order from Court

CHINESE BANK: Affirms and Withdraws Individual E Rating
EMA DESIGN: Court Orders Wind-Up
FRANCIS WONG: Undergoes Voluntary Wind-Up
GLOBAL HOME: Creditors Agree to Voluntarily Wind Up Business
GLOBAL SECURITIES: Fitch Withdraws Ratings

HOTUNG SECURITIES: Ratings Withdrawn by Fitch
HUTCHISON ENTERPRISES ONE: Joint Liquidators Cease to Act
J & S INTERIOR: Court Issues Wind-Up Order
KELI CONSUMER: Enters Voluntary Wind-Up
LEIGHTON GODOWN: Shareholders Opt for Voluntary Wind-Up

LOAVES AND FISHES: Members Decide to Close Business
MILBRIGHT LTD: Creditors Must Prove Debts by November 30
NATIONWIDE TREASURE: Court Appoints Joint Liquidators
PETROLEOS DE VENEZUELA: Seeking Offshore Rigs for Mariscal Sucre
PETROLEOS DE VENEZUELA: Eyes Colombian Govt.'s Stake in Ecogas

PIUS INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 22
ROUSSEL UCLAF: Sole Member Resolve to Wind-Up Firm
SFA ASIA: Winds Up Business Operations
SMART LOYAL: Wind-Up Process Commenced
TMK OAO: S&P Keeps B+ Rating on CreditWatch Negative After IPO

UNITED PACIFIC: Court Favors Wind-Up
WISE RIGHT: Creditors' Proofs of Claim Due on November 18


I N D I A

CENTRAL BANK OF INDIA: Fitch Upgrades Individual Rating to D
DHANALAKSHMI BANK: Fitch Assigns 'D/E' Individual Rating
IFCI LTD: Bounces Back with INR1.6-Bil. Profit for Sept. Quarter
INDIAN OIL: Posts INR3,050-Crore Profit for Sept. 2006 Quarter
INDIAN OIL: To Set Up US$3.5-Bil. Refinery in Nigeria

INDIAN OIL: Joint Venture to Set Up LPG Import Terminal
INDIAN OVERSEAS BANK: Profit Up to INR2.5-Bil in Sept. Quarter
INDUSTRIAL DEVELOPMENT BANK: Net Profit Up by 21% for 1H/FY2007
INDUSTRIAL DEVELOPMENT BANK: Enters MOU with MITCON Consultancy
UNITED WESTERN: CARE Upgrades Tier II Bond Rating to AA+


I N D O N E S I A

CORUS GROUP: S&P Revises Watch Implications on Takeover Concerns
INCO LTD: CVRD Keeps Inco CEO in Revamp Efforts


J A P A N

ALL NIPPON: Exercises Two Conversion Options With Boeing
ALL NIPPON: Partners with InterContinental Hotels Group
AOZORA BANK: To Offer Investors More Than 600MM Shares in IPO
DAIWA SECURITIES: Posts 26% Decline in 2nd Quarter Net Income
DAIWA SECURITIES: Partners with Shanghai International Group

KOBE STEEL: Opens Copper Coil Splitting Plant in China
MIZUHO FINANCIAL: Unit Sues Stock Exchange For Trade Blunder
NOMURA HOLDINGS: Posts 28.5% Year-on-year Drop in 2Q Net Profit
SALLY HOLDINGS: Moody's Assigns B2 Corporate Family Rating
SANYO ELECTRIC: Outsources Refrigerator Production to Haier

SOFTBANK MOBILE: New Subscribers Clog Up Systems


K O R E A

HANAROTELECOM INC: Cable Subscribers Blocked from Viewing HanaTV
HYUNDAI MOTOR: 3rd Quarter '06 Net Profit Falls 27% from '07
SK CORP: Share Buyback Cues Fitch to Change Outlook to Negative


M A L A Y S I A

SBBS CONSORTIUM: SC Suspends Securities Trading
SELOGA HOLDINGS: Finalizing Revamp Plan to Regularize Condition
TALAM CORPORATION: 2nd Qtr. Revenue Down by 17.5% at MYR52-Mil.
TALAM CORPORATION: Inks Ambang Settlement Agreement
TALAM CORPORATION: Trustee and Noteholders Approve MuNIF

TECHVENTURE BERHAD: Negotiates with Lenders for its Debt Revamp
TENAGA NASIONAL: To Sell TNB Despite Expected Losses, CEO Says


N E W   Z E A L A N D

AIR NEW ZEALAND: Unions Ask Gov't. to be an Active Shareholder
CULINARY AIR: Liquidation Commenced on October 9
DOLAN BUILDINGS: Faces Liquidation Proceedings
EXPOSURE BY DESIGN: Names John Michael Gilbert as Liquidator
FELTEX CARPETS: AU Gov't. to Refer Employment Dispute to the OWS

FELTEX CARPETS: Asset Sale Contracts Executed, McGrathNicol Says
FELTEX CARPETS: Five Directors Resign
FROZEN FOODS: Shareholders Opt to Liquidate Business
GOLDEN ENTERPRISES: Court Appoints Joint Liquidators
KAYEM PROJECTS: Creditors Must Prove Debts by November 13

LEYHATTON INNOVATIONS: Court Hears Liquidation Petition
LOADED HOG: Liquidation Petition Hearing Set on Nov. 16
OKLEYS CONSTRUCTION: Liquidation Petition Hearing Set on Nov. 2
PW CARPARKS: Court to Hear Liquidation Petition on November 9
SEAVIEW BOATS: Creditors' Proofs of Claim Due on November 13

SYSTEM WORKS: Court Sets Date to Hear Liquidation Petition
* S&P Set to Rank NZ's Finance Companies Against Each Other


P H I L I P P I N E S

APEX MINING: Appoints Directors and Corporate Officers
ARANETA PROPERTIES: Elects Board Members for 2006-2007
ATLAS CONSOLIDATED: MGB Grants Priority Status to Berong Project
PHILIPPINE LONG DISTANCE: Opposes NTC's Plans to Impose SMP
VICTORIAS MILLING: Alexis R. Borlaza Resigns as Board Member


S I N G A P O R E

ADVANCED MICRO: Completes US$5.4 Billion ATI Purchase
ADVANCED MICRO: Earns US$134 Million in Quarter Ended October 1
CKE RESTAURANTS: Moody's Assigns Loss-Given-Default Rating
COMPACT METAL: Inks Ratus Projek Acquisition Agreement
LINENCARE LAUNDRY: High Court Orders Wind-Up

PETROLEO BRASILEIRO: May Develop Mexilhao Field without Repsol
PETROLEO BRASILEIRO: Mulls Thermo Plant Project with Uruguay
SEA CONTAINERS: Can Give Priority Status to Intercompany Claims
SEA CONTAINERS: Can Continue Using Existing Business Forms
SING HOE: Creditors' Proofs of Claim Due on November 20

TAP IMPEX: Placed Under Members' Voluntary Liquidation


T H A I L A N D

AGRO INDUSTRIAL: Court Okays Reform Plan; Set to Start Trading
TRUE CORP: Certain to Meet Customer Target Despite Poor Showing


* BOND PRICING: For the Week 30 October to 3 November 2006

     - - - - - - - -

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

A. R. NEAL: Creditors' Proofs of Claim Due on November 30
---------------------------------------------------------
Creditors of A. R. Neal Pty Ltd, which is in liquidation, are
required to submit their proofs claim to Liquidator B. A.
Secatore on November 30, 2006.

Failure to prove their debt will exclude creditors from sharing
in any distribution the company will make.

The Liquidator can be reached at:

         B. A. Secatore
         Cor Cordis
         Chartered Accountants
         406 Collins Street
         Melbourne, Victoria 3000
         Australia


ADSTEAM MARINE: Svitzerwijsmuller Extends Offer to Jan. 12, 2007
----------------------------------------------------------------
Adsteam Marine Limited disclosed that SvitzerWijsmuller A/S has
extended the Offer period for its cash offer to acquire all of
the outstanding shares in Adsteam.  The Offer will now close at
7:00 p.m. on January 12, 2007.

The Offer remains conditional on the satisfaction or waiver of
the UK regulatory condition and 90% shareholder acceptance.

The extended Offer period will allow SvitzerWijsmuller in
conjunction with Adsteam to continue to work with the UK
Competition Commission to address outstanding UK competition
issues in relation to the transaction.

The Adsteam Marine Board of Directors maintain their
recommendation in relation to the SvitzerWijsmuller Offer that,
in the absence of a higher offer, shareholders accept the Offer
after the UK regulatory condition of the Offer has been
satisfied or waived.

The Troubled Company Reporter - Asia Pacific previously reported
that SvitzerWijsmuller has continued its offer to purchase all
of the outstanding shares in Adsteam under revised terms until
October 27, 2006.

Shareholders with questions in relation to the Offer should
contact the Adsteam Offer Information Line on:

   -- 1800 24 23 00 from within Australia, between 8:00 a.m. and
      6:00 p.m. (AEST time) Monday to Friday; or

   -- + 61 2 9207 3622 (calls from outside Australia) between
      8:00 a.m. and 6:00 p.m. (AEST), or the SvitzerWijsmuller
      Offer Information Line on 1300 650 907 from within
      Australia, or +61 3 9415 4265 from outside Australia,
      between 9:00 a.m. and 5:00 p.m. (AEST time) Monday to
      Friday.

                     About SvitzerWijsmuller

SvitzerWijsmuller -- http://www.svitzerwijsmuller.com/-- is a  
major global towage and salvage company headquartered in
Copenhagen, Denmark with activities in 35 countries within
harbor towage, terminal towage, salvage, emergency response and
rescue, ocean towage and crew boat operations.  
SvitzerWijsmuller is a subsidiary of A.P. Moller - Maersk A/S.  
Last year, SvitzerWijsmuller had a turnover of US$355 million
and it employs approximately 2,500 people.

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a  
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.

The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.  Adsteam's debt was
estimated to be AU$360 million.  As of June 30, 2005, the
Company reported an "improved balance sheet" as it was able to
reduce its debt to AU$302 million, achieved through the sale of
non-core assets, improved earnings, improved debtor management
and a tight dividend policy.


D A WILSON: Members Opt to Close Operations
-------------------------------------------
At a general meeting on October 13, 2006, the members of D A
Wilson & Associates Pty Ltd resolved to shut down the company's
operations and appointed Ross Vile as liquidator.

The Liquidator can be reached at:

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


FATKAT NOMINEES: Wind-Up Process Commenced
------------------------------------------
At the meeting held on October 13, 2006, the members of Fatkat
Nominees Pty Ltd decided to voluntarily wind up the company's
operations.

Subsequently, Paul Vartelas was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Paul Vartelas
         B. K. Taylor & Co
         8/F, 608 St Kilda Road
         Melbourne
         Australia


FLINDERS CONTRACTING: Will Declare Final Dividend on Nov. 30
------------------------------------------------------------
A first and final dividend will be declared on November 30,
2006, for the creditors of Flinders Contracting Pty Ltd, which
is in liquidation.

Creditors are required to file their proofs of debt by
November 14, 2006, for them to share in the company's dividend
distribution.

The official liquidator can be reached at:

         B. R. Silvia
         Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia
         Telephone: 02 9286 9999
         Facsimile: 02 9286 9888


HRS SEISMIC: Shuts Down Business Operations
-------------------------------------------
On October 9, 2006, members of HRS Seismic Services Pty Ltd held
a meeting and resolved that a wind-up of the company's
operations is appropriate and necessary.

In this regard, K. S. Wallman was appointed as liquidator.

The Liquidator can be reached at:

         K. S. Wallman
         P. O. Box 263
         West Perth, Western Australia
         Australia


KESAN PTY: Members Resolve to Wind Up Firm
------------------------------------------
The members of Kesan Pty Ltd held a general meeting on
October 11, 2006, and resolved to voluntarily wind up the
company's operations.

Accordingly, Richard Herbert Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin Victoria 3189
         Australia


LIBERTY FINANCIAL: Fitch Assigns BB+ Final Rtg on Class C Notes
---------------------------------------------------------------
Fitch Ratings assigns final ratings to Liberty Financial Pty
Ltd's second non-conforming auto receivable-backed
securitization, Liberty Series 2006-1 Auto Trust:

   -- AU$25,000,000 Class A-1: 'F1+'
   -- AU$83,750,000 Class A-2: 'AAA'
   -- AU$34,350,000 Class B  : 'BBB+'
   -- AU$3,900,000 Class C   : 'BB+'

The notes will be issued by Liberty Funding Pty Ltd in its
capacity as trustee of the Liberty Series 2006-1 Auto Trust.  
The maturity date of the class A-1 note is October 2007, while
class A-2, B and C notes are due on March 2013.

At the cut-off date, the total collateral pool consisted of
6,437 loans totalling approximately AU$112.1 million.  The
weighted average current loan to value ratio was 112.46% and the
weighted average seasoning was 6.12 months.

The 'F1+' and 'AAA' ratings assigned to the Class A-1 and A-2
notes respectively are based on:

   -- the quality of the collateral;

   -- the credit enhancement provided by the subordinate notes;

   -- the required loss reserve amount is AUD2.0m on the closing
      date and the greater of (i) 10.0% of the aggregate amount
      of notes outstanding and (ii) AU$1.5 million;

   -- the excess spread available to cover losses;

   -- the liquidity reserve equivalent to the greater of: (i)
      0.86% of the aggregate of outstanding class A, B and C
      notes and the stated amount of the Class D notes and (ii)
      AU$375,000;

   -- the interest rate swap provided by Macquarie Bank Limited
      (rated 'A+'/'F1');

   -- Liberty Financial's non-conforming auto receivable
      underwriting and servicing capabilities; and

   -- the sound legal structure of the transaction.

The ratings assigned to other classes of notes are based on all
the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.


MODISH HOLDINGS: To Declare Final Dividend for Employees
--------------------------------------------------------
Modish Holdings Pty Ltd, which is in liquidation, will declare
the final dividend for its priority employees on November 13,
2006.

Creditors who cannot prove their claims by November 6, 2006,
will be excluded from sharing in the dividend distribution.

The Liquidator can be reached at:

         Morgan Lane
         Worrells
         Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4300
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au


O. B. CLOTHING: Prepares to Declare Final Dividend on Nov. 29
-------------------------------------------------------------
O. B. Clothing Corporation Pty Ltd, which is in liquidation,
will declare the final dividend for its creditors on November
29, 2006.

Creditors who cannot prove their claims by November 8, 2006, to
will be excluded from sharing in the distribution.

The Official Liquidator can be reached at:

         Paul A. Pattison
         Level 14, 461 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone: 9600 4611


OLD G.C. PTY: Enters Voluntary Wind-Up
--------------------------------------
On October 11, 2006, members of Old G. C. Pty Ltd decided to
voluntarily wind up the company's operations and appointed
Richard Herbert Judson as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin Victoria 3189
         Australia


OLD G.I. PTY: Members Opt for Voluntary Liquidation
---------------------------------------------------
On October 11, 2006, the members of Old G. I. Pty Ltd held a
general meeting and resolved to liquidate the company's
business.

Accordingly, Richard Herbert Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin Victoria 3189
         Australia


OUTONA PTY: Members Opt to Shut Down Operations
-----------------------------------------------
On October 11, 2006, the members of Outona Pty Ltd held a
general meeting and agreed to shut down the company's business
operations.

Richard Herbert Judson was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin Victoria 3189
         Australia


PEGGYS ROCK: Courts Issue Wind-Up Order
---------------------------------------
The Supreme Court of New South Wales and the Federal Court of
Australia issued on September 21, and September 22, 2006,
respectively, an order to wind up Peggys Rock Pty Ltd on.

Accordingly, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

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


PRIMELIFE CORPORATION: To Hold General Annual Meeting on Nov. 24
----------------------------------------------------------------
Primelife Corporation Limited advises the Australian Stock
Exchange that its Annual General Meeting will be held on
November 24, 2006, at 10:30 a.m., at Crowne Plaza Melbourne, 1-5
Spencer Street, in Melbourne, Victoria.

The meeting's agenda include:

   (a) receipt and consideration of the financial statements,
       reports of the directors and the auditor for the
       financial year ended June 30, 2006;

   (b) consideration and, if thought fit, passing an ordinary
       resolution:

       * electing these persons as directors of the company:

         -- Judith Sloan, and

         -- John D. Martin, and

       * re-electing these directors:

         -- Graeme J. Martin, and

         -- Andrew J. Love

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.

Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

ASIC alleged that the schemes are not registered, as required
under the Corporations Act.  ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


RAA-GIO INSURANCE: Enters Voluntary Liquidation
-----------------------------------------------
Members of Raa-Gio Insurance Staff Superannuation Pty Ltd held
an extraordinary general meeting on October 9, 2006, and agreed
to voluntarily liquidate the company's business.

Subsequently, Anthony Stevens Smith was appointed as liquidator.

The Liquidator can be reached at:

         Anthony Stevens Smith
         Ernst & Young
         Level 21, 91 King William Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 08 8233 7111


REMLANE PTY: Members Decide to Close Operations
-----------------------------------------------
At a general meeting held on October 11, 2006, the members of
Remlane Pty Ltd agreed that it is in the company's best
interests to wind up its operations.

Richard Herbert Judson was consequently appointed as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin Victoria 3189
         Australia


REO TEK AUSTRALIA: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
At a meeting on October 10, 2006, the members of Reo Tek
Australia Pty Ltd passed a special resolution to wind up the
company's operations due to its inability to pay debts.

In this regard, Peter Ivan Macks and Timothy James Clifton were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Peter Ivan Macks
         Timothy James Clifton
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia


RETAIL DESIGN: Creditors Must Prove Debts by November 15
--------------------------------------------------------
Retail Design Group (International) Pty Ltd, which is in
liquidation, will declare the first and final dividend on
November 30, 2006, to its creditors.

Creditors' proofs of debt must be filed by November 15, 2006, to
be included in the company's dividend distribution.

The Joint Liquidators can be reached at:

         Todd Kelly
         Peter Morris
         Foremans Business Advisors
         Suite 1, 29 Lake Street
         Cairns, Queensland 4870
         Australia


ROBINSWOOD PTY: To Declare Final Dividend on November 27
--------------------------------------------------------
Robinswood Pty Ltd, which is subject to a deed of company
arrangement, will declare the final dividend for its creditors
on November 27, 2006.

Creditors are required to lodge their claims by November 15,
2006, or they will be excluded from sharing in the dividend
distribution.

The Deed Administrator can be reached at:

         G. M. Carrello
         Dickson Carrello Insolvency Practitioners
         Level 1, London House
         216 St Georges Terrace
         Perth, Western Australia 6000
         Australia


RYMO PTY: Members Agree to Wind-Up Firm
---------------------------------------
At a general meeting on October 11, 2006, the members of Rymo
Pty Ltd resolved to voluntarily wind up the company's
operations.

Accordingly, Richard Herbert Judson was named as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin Victoria 3189
         Australia


SESTINO PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Members of Sestino Pty Ltd met on October 11, 2006, and decided
to voluntarily liquidate the company's business.

In this regard, Richard Herbert Judson was appointed as
liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin Victoria 3189
         Australia


STEELCOM ENGINEERING: To Declare First and Final Dividend
---------------------------------------------------------
Steelcom Engineering Pty Ltd, which is in liquidation, will
declare the first and final dividend on November 30, 2006.

Creditors are required to submit their proofs of debt by Nov.
20, 2006, to be included in the benefit of dividend.

The Liquidator can be reached at:

         Craig Crosbie
         Steelcom Engineering Ltd
         c/o PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


VILLAGE ROADSHOW: Exits Italian Cinema Investments
--------------------------------------------------
The directors of Village Roadshow Limited disclosed with the
Australian Stock Exchange that the company has concluded a Sale
and Purchase Agreement with its joint venture partner Warner
Bros. under which Warner Bros. will acquire Village Roadshow's
cinema interests in Italy.

The net cash proceeds from the disposal of Village's 50%
interest in Italy will be AU$60 million and there will be a
minimal impact on Village Roadshow's reported EBITDA and trading
profit for the 2007 financial year.  Exiting Italy will also
remove in excess of AU$130 million in operating lease
commitments.

Subject to finalizing costs associated with the transaction, the
estimated profit on disposal arising from the sale is expected
to be in the range of AU$10 million to AU$13 million after tax.

Graham Burke, Village Roadshow's Managing Director says, "we've
previously advised the market that it was our policy to only
invest in businesses where we have direct managemetn and, with
the sale of our Italian cinema business to our great partners,
Warner Bros., this has now been achieved in relation to all of
our international cinema investments."

Village Roadshow further advises that the Group's Film
Production Division has an interest rate hedge relating to its
US$1.4 billion financing facility, which is marked to market at
balance dates.  The company cannot predict the impact of these
mark to market fluctuations until nearer the end of each
reporting period.  However, an unrealized mark to market loss
could potentially offset the profit on sale of Italy as
disclosed.

                     About Village Roadshow

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.

The Company's troubles began in 2003 when it offered to buy back
its preference shares to head off a litigation threat by some
preference shareholders who were angered at the Company's
suspension of dividend payments.  Village Roadshow's reported
and budgeted profitability would not allow it to comfortably
fund about AU$42 million worth of ordinary and preference share
dividends out of annual earnings.  For the past years, the
Company has been facing major litigation brought by former
business partners, who had invested in its film investment
scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By
January 2006, Village Roadshow had advised that VRPG had reached
agreement with its financiers to increase its film production
facility from US$900 million to US$1.4 billion.  VRPG will
continue to co-produce and co-finance films with its principal
production partner, Warner Bros.  The revolving period of the
facility has also been extended for a further three years.  As a
result, drawdowns will now be available under the facility until
January 2011 (previously February 2008) with the debt now
scheduled to be fully repaid by January 2015 (previously January
2012).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that Village Roadshow posted a AU$2.21-million
loss for the half-year ended December 31, 2006, compared to a
net profit of AU$29.99 million in the previous corresponding
half.  The result is contrary to a profit downgrade in January,
which already suggested a break-even figure.

The entertainment group blames its poor financial result on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles.


WATSON DINNISON: Members Opt to Wind Up Operations
--------------------------------------------------
At a general meeting on October 11, 2006, the members of Watson
Dinnison Pty Ltd decided that the company must voluntarily
commence a wind-up of its operations.

Richard Herbert Judson was consequently named as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819, Moorabbin Victoria 3189
         Australia


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

ADVANCED INK: Court Names Joint Liquidators
-------------------------------------------
On September 19, 2006, the High Court of Hong Kong appointed
Wong Kwok Man and Alison Wong Lee Fung Ying as joint and several
liquidators of Advanced Ink & Coatings Ltd.

The Joint Liquidators can be reached at:

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


AFK FAR EAST: Faces Wind-Up Proceedings
---------------------------------------
A petition to wind up AFK Far East Ltd will be heard before the
High Court of Hong Kong on November 1, 2006, at 9:30 a.m.

AFK Hong Kong Ltd presented the petition with the Court on
August 31, 2006.

The Solicitors for the Petitioner can be reached at:

         Laracy Gall
         20/F, Dina House
         Ruttonjee Centre
         11 Duddell Street, Central
         Hong Kong
         Tel: 2836 0555
         Fax: 2836 0777


AGRO PRODUCTS: Members to Receive Wind-Up Report
------------------------------------------------
Members of Agro Products Trading Ltd will hold a final general
meeting on November 30, 2006, at 2:00 p.m., to receive
Liquidator Yuen Shu Tong's account on the Company's wind-up and
property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific,
creditors of the Company were required to submit their proofs of
debts on May 14, 2006.

The Liquidator can be reached at:

         Yuen Shu Tong
         3/F, Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


ANDREW CORP: Markets Dual Band Satellite Systems with Overwatch
---------------------------------------------------------------
Andrew Corp. and Overwatch Systems Ltd. have agreed to integrate
and jointly market satellite antenna systems with dual band
capability for military and government usage.

Under the agreement, Andrew's satellite communications antennas
will be paired with Overwatch's proprietary dual band feeds to
create a robust, reliable offering for government systems
integrators and government agencies.  This will enable Andrew's
multiband antennas to receive and send signals to satellites
that utilize dual bands, such as X-band and Ka-band, without
changing feed systems.  This is especially critical with the
upcoming launch of the Wideband Gap filler satellite program,
where the use of X-/Ka-band dual feeds is an integral part of
the requirements.

"We look forward to working together with Overwatch and
providing a fresh competitive approach to the unique dual band
satellite communications requirements of government and
commercial customers," said Russell Dearnley, director, Earth
Station Antennas and Systems, Satellite Communications, Andrew
Corp.  "Our antenna systems expertise and Overwatch's
proprietary feed technology are a powerful combination that will
benefit customers."

"We are pleased to join forces with Andrew in offering antenna
system solutions with increased operational effectiveness for
both military and commercial applications using our simultaneous
dual band feed technology," said Terry Benson, business area
manager, Communications Systems, Overwatch Systems Ltd.  
"Satellites are dual band, now satellite terminals can be, too."

Integrated dual band offerings from Andrew and Overwatch are
expected to be available in November.

Andrew's Satellite Communications Group provides a complete line
of antennas from 46 centimeters to 11.5 meters for all
enterprise, government/military, and consumer satellite
communication applications. Andrew-designed and -built products-
which cover C-, Ku-, K-, X-, and the emerging Ka-band-include
type approved earth station antenna hubs and gateways for
broadband and broadcast, VSAT broadband antennas for consumer
and enterprise customers, DBS antennas for home satellite
broadcast systems, and complete installation and testing
services.

                        About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in in China and India. Andrew is
an S&P 500 company founded in 1937.

                         *    *    *

Standard & Poor's Ratings Services retained on Aug. 7, 2006, its
'BB' ratings on Westchester, Illinois-based Andrew Corp. remain
on CreditWatch, where they were placed with positive
implications on May 31, 2006; the implications are revised to
developing from positive. The revision reflects an unsolicited
offer by CommScope Inc. to acquire Andrew for approximately
US$1.5 billion cash to Andrew's shareholders, which represents a
US$400 million premium to the current equity value of Eden
Prairie, Minnesotta-based ADC Telecommunications Inc.'s shares.

Additionally, CommScope would assume Andrew's debt. ADC had
initially agreed to merge with Andrew on a stock-for-stock
transaction on May 31, 2006.


BALLY TOTAL: Holding Annual Shareholders Meeting on Dec. 19
-----------------------------------------------------------
Bally Total Fitness Holding Corp. will hold its annual meeting
of shareholders on December 19, 2006, at 9:00 a.m., Central
Time, at:

         Renaissance Hotel
         8500 W. Bryn Mawr Avenue
         Chicago, Illinois

Bally total also disclosed record dates for its 2006 annual
meeting of shareholders.  Bally shareholders of record on the
close of business on Nov. 13, 2006, will be entitled to notice
of the annual meeting and to vote upon matters considered at the
meeting.

Bally will send a definitive proxy statement to shareholders of
record containing important information about the meeting and
the matters to be considered.  Shareholders are urged to read
the proxy statement when it becomes available.

Chicago, Ill.-based Bally Total Fitness Holding Corp. (NYSE:
BFT) -- http://www.Ballyfitness.com/-- is a commercial operator  
of fitness centers, with over 400 facilities located in 29
states, Mexico, Canada, Korea, the Caribbean, and China under
the Bally Total Fitness, Bally Sports Clubs, and Sports Clubs of
Canada brands.

At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.

                        *    *    *

Moody's Investors Service confirmed its Caa1 Corporate Family
Rating for Bally Total Fitness Holding Corp.


BALLY TOTAL: Board Reduces Number of Directors from Nine to Six
---------------------------------------------------------------
Bally Total Fitness Holding Corp.'s board of directors reduced
on Oct. 22, 2006, the number of current directors from nine to
six.

In addition, the Board also determined not to nominate Steven S.
Rogers for re-election as a director when his term expires at
the annual meeting on Dec. 19, 2006.  Accordingly, as Mr. Rogers
is the only director in Class I, the Board voted to move Interim
Chairman Don R. Kornstein from Class III to Class I so the Board
consists of as close to an equal number of directors in each
class, as is practical, and determined to nominate him for
reelection to Class I of the Board for a new three-year term at
the annual meeting.  The Board also voted to reduce the size of
the Board from six to five effective upon the annual meeting, at
which time the Class I directorship currently held by Mr. Rogers
will be eliminated.

Chicago, Ill.-based Bally Total Fitness Holding Corp. (NYSE:
BFT) -- http://www.Ballyfitness.com/-- is a commercial operator  
of fitness centers, with over 400 facilities located in 29
states, Mexico, Canada, Korea, the Caribbean, and China under
the Bally Total Fitness, Bally Sports Clubs, and Sports Clubs of
Canada brands.

At June 30, 2006, Bally Total's balance sheet showed a
US$1,410,293,000 stockholder's deficit.

                        *    *    *

Moody's Investors Service confirmed its Caa1 Corporate Family
Rating for Bally Total Fitness Holding Corp.


BENQ: TRC Affirms twBB+/twB Corporate Credit Ratings
----------------------------------------------------
Taiwan Ratings Corp. affirmed its twBB+/twB corporate credit
ratings and twBB+ unsecured corporate bond issue rating on BenQ
Corp.  The outlook on the long-term rating is negative.  At the
same time, Taiwan Ratings removed all ratings from Credit Watch
with negative implications, where they were placed on March 14,
2006, and withdrew all the ratings upon the company's request.

The rating affirmation reflects BenQ's improving operating
performance and cash flow after cutting funding to its German
handset subsidiary, and its adequate financial flexibility,
which is mainly supported by BenQ's liquid investments of more
than NT$40 billion in AU Optronics Corp. and Darfon Electronics
Corp.

The ratings also factor in BenQ's plan to separate its branding
and manufacturing operations.  The action is expected to allow
BenQ to better exploit its strong manufacturing capability to
grow its business going forward.

The outlook is negative, reflecting the challenges BenQ faces to
restructure its handset operations, as well as its thin
operating margin and high leverage.

                          *     *     *

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

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

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


BOMBARDIER INC.: Launches Tender Offers for Outstanding Notes
-------------------------------------------------------------
Bombardier Inc. and Bombardier Capital Funding LP launched
tender offers for any and all of the outstanding EUR500 million
6.125% Notes due 2007 issued in Europe by Bombardier Capital
Funding LP and a principal amount to be determined of the EUR500
million 5.75% Notes due 2008 issued in Europe by Bombardier Inc.

The minimum target amount of the tender offers is EUR500 million
with the exact aggregate repurchase amount to be announced on
Nov. 14 following the expiration date of the tender offers on
Nov. 13.

Settlement is expected on Nov. 17.  Details on the terms,
conditions and restrictions relating to the tender offers are
contained in the Invitation Memorandum dated Oct. 23.  The
tender offers are not open to U.S. persons or persons located or
resident in the United States or Italy.

The purpose of the tender offers is to take advantage of current
favorable conditions in the debt capital markets and to extend
the Bombardier's debt maturity profile by refinancing the 2007
Notes and the 2008 Notes with longer maturity securities.  The
tender offers are conditional upon completion of and will be
funded with a portion of the proceeds of a proposed new issue of
notes by Bombardier Inc., which is expected to be launched in
the near future.

Bombardier Inc. expects to complete the issue of notes prior to
the settlement of the tender offers, subject to market
conditions.  The new issue will not be registered under the
securities laws of any jurisdiction and cannot be offered or
sold in any jurisdiction without registration or an applicable
exemption for registration requirements.

Deutsche Bank is acting as sole Dealer Manager in connection
with the tender offers.

                        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.

                          *     *     *

Moody's Investors Service assigned a Ba2 rating to Bombardier
Recreational Products' CDN$250 million senior secured revolver
and a B1 rating to BRP's CDN$880 million senior secured term
loan.  At the same time, Moody's affirmed BRP's B1 corporate
family rating and revised the ratings outlook to negative from
stable.


CHINA SOUTHERN: Opens Shenzhen-Nagoya Flight
--------------------------------------------
On October 29, 2006, China Southern Airlines opened an air route
between Shenzhen and Nagoya, one of the biggest cities of Japan,
the China Daily reports.  

According to The Daily, the price for return tickets can be as
low as CNY1,200 for a member of tour group with at least 10
persons if the tickets are booked three days in advance.

China Southern is also expected to open flights between
Guangzhou and Nagoya soon, China Daily notes.

                          *     *      *

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.


C.C.S. CONSTRUCTION: Receives Wind-Up Order from Court
------------------------------------------------------
The High Court of Hong Kong issued a wind-up order against
C.C.S. Construction Company Ltd on October 11, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Chan Tai Wan filed the petition with the Court on August 9,
2006.


CHINESE BANK: Affirms and Withdraws Individual E Rating
-------------------------------------------------------
On October 27, 2006, Fitch Ratings affirmed and simultaneously
withdrew Taiwan-based Chinese Bank's ratings at Individual E and
Support 4.

Fitch will no longer provide analytical coverage of the bank.


EMA DESIGN: Court Orders Wind-Up
--------------------------------
On October 11, 2006, the High Court of Hong Kong ordered the
wind-up of Ema Design & Industries Ltd's operations.

The Troubled Company Reporter - Asia Pacific reported that on
August 4, 2006, Jieyang Xingcai Metal Products Ltd filed before
the Court a wind-up petition against the Company.


FRANCIS WONG: Undergoes Voluntary Wind-Up
-----------------------------------------
At a general meeting held on October 18, 2006, the members of
Francis Wong C.P.A. Co. Ltd resolved to voluntarily wind up the
company's operations and appoint Wong Man Chung Francis as
liquidator.

The Liquidator can be reached at:

         Wong Man Chung, Francis
         19/F, No. 3 Lockhart Road
         Wanchai
         Hong Kong


GLOBAL HOME: Creditors Agree to Voluntarily Wind Up Business
------------------------------------------------------------
The creditors of Global Home Products Hong Kong Trading Company
Ltd held a general meeting on October 16, 2006, and agreed to
voluntarily wind up the company's operations due to its
liabilities.

Subsequently, Jacky Chung Wing Muk and Edward Simon Middleton
were appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         KPMG
         8/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


GLOBAL SECURITIES: Fitch Withdraws Ratings
------------------------------------------
On October 27, 2006, Fitch Ratings affirmed and simultaneously
withdrew Global Securities Finance Corporation's ratings at:

   * Long-term foreign currency Issuer Default BB-/Stable;
   * National Long-term BB+(twn);
   * Short-term foreign currency B;
   * National Short-term B(twn);
   * Individual D; and
   * Support 5.

Fitch will no longer provide analytical coverage of the company.


HOTUNG SECURITIES: Ratings Withdrawn by Fitch
---------------------------------------------
On October 27, 2006, Fitch Ratings has withdrawn all the ratings
of Hotung Securities International Co.

Ratings withdrawn are:

   -- Long-term Issuer Default rating BB-;
   -- Short-term B;
   -- National Long-term BBB(twn);
   -- National Short-term F3(twn);
   -- Individual D; and
   -- Support 3.

Hotung was acquired by Taiwan Securities Corporation in October
2005.

Fitch will no longer provide analytical coverage of the company.


HUTCHISON ENTERPRISES ONE: Joint Liquidators Cease to Act
---------------------------------------------------------
On October 23, 2006, Ying Hing Chiu and Chung Miu Yin Diana
ceased to act as joint and several liquidators of Hutchison
Enterprises One Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
joint liquidators presented their report during the final
meeting of the Company's members on August 22, 2006.

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


J & S INTERIOR: Court Issues Wind-Up Order
------------------------------------------
The High Court of Hong Kong issued a wind-up order against the
operations of J & S Interior Design & Decoration Company Ltd on
October 11, 2006.

According to the Troubled Company Reporter - Asia Pacific,
Comegreat Ltd filed the wind-up petition on August 10, 2006.


KELI CONSUMER: Enters Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting on October 23, 2006, the
members of Keli Consumer Products Ltd passed a special
resolution to voluntarily wind up the company's operations.

In this regard, Wong Ip Tong was appointed as liquidator.

The Liquidator can be reached at:

         Wong Ip Tong
         Room 11, 7/F, Tins Enterprises Centre
         777 Lai Chi Kok Road, Kowloon
         Hong Kong


LEIGHTON GODOWN: Shareholders Opt for Voluntary Wind-Up
-------------------------------------------------------
Shareholders of Leighton Godown Ltd resolved on October 20,
2006, to put the company under voluntary wind-up.

In this regard, Wong Shen Dorothy was named as liquidator.

The Liquidator can be reached at:

         Wong Shen Dorothy
         Flat 7B, Hill Lodge
         1 Lok Fung Path, Shatin
         N.T., Hong Kong


LOAVES AND FISHES: Members Decide to Close Business
---------------------------------------------------
At a general meeting on October 19, 2006, the members of Loaves
and Fishes Volunteer Service Center Ltd decided to voluntarily
wind up the company's operations.

Accordingly, Lai Ying Sum was appointed as liquidator.

The Liquidator can be reached at:

         Lai Ying Sum
         Room 1608, 16/F Nan Fung Tower
         173 Des Voeux Road, Central
         Hong Kong



MILBRIGHT LTD: Creditors Must Prove Debts by November 30
--------------------------------------------------------
Creditors of Milbright Ltd are required to submit their proofs
of claim to Liquidator Lau Chi Wai by November 30, 2006, to
share in the distribution the company will make.

The Liquidator can be reached at:

         Lau Chi Wai
         Unit A, 26/F, Block 2
         Elegant Terrace, 36 Conduit Road
         Hong Kong



NATIONWIDE TREASURE: Court Appoints Joint Liquidators
-----------------------------------------------------
The High Court of Hong Kong on October 5, 2006, appointed Kennic
Lai Hang Lui and Lau Wu Kwai King, Lauren as joint and several
liquidators of Nationwide Treasure (HK) Ltd.

The Joint Liquidators can be reached at:

         Kennic Lai Hang Lui
         Lau Wu Kwai King, Lauren
         5/F, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong


PETROLEOS DE VENEZUELA: Seeking Offshore Rigs for Mariscal Sucre
----------------------------------------------------------------
The government of Venezuela is looking for offshore rigs to
launch Petroleos de Venezuela's Mariscal Sucre Liquefied Natural
Gas Project during the first quarter of 2007, Dow Jones
Newswires reports.

Dow Jones underscores that Mariscal Sucre is situated in
shallower waters than reservoirs in Trinidad, a major gas
exporter, or in Venezuela's Deltana Platform, where Chevron
Corp. and Statoil are investing in offshore blocks.

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2005, Rafael Ramirez, the Venezuelan Minister of Energy
and Oil and president of Petroleos de Venezuela, said that the
Mariscal Sucre project was being fine-tuned to differentiate the
processes that would be developed in this potential area, north
of the Paria Peninsula.  The Mariscal Sucre project foresees the
exploitation of offshore non-associated gas reserves and the
construction of a liquefied natural gas plant in Sucre.  It also
contemplates liquefied natural gas production and processing.

Dow Jones relates that the project is part of an effort to
alleviate the domestic gas deficit and start exports in the
coming years.

Carlos Figueredo, the general manager of offshore projects for
Petroleos de Venezuela, is positive that the company will find
rigs despite strong demand, Dow Jones notes.

According to Dow Jones, "booming profits" in the oil and natural
gas sector have encouraged new exploration and development,
creating a tight rig market for firms looking to drill new
wells.

The rigs Petroleos de Venezuela wants to hire for its Mariscal
Sucre project are found in the market, Dow Jones says, citing
Mr. Figueredo.

Mr. Figueredo told the press, "In the size we're looking for
there are some options."

Petroleos de Venezuela hopes to drill eight wells at the Dragon
section of Mariscal Sucre in the next two years, which would
bring 600 million cubic feet a day of new natural gas, Dow Jones
states.

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

                        *    *    *

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


PETROLEOS DE VENEZUELA: Eyes Colombian Govt.'s Stake in Ecogas
--------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of
Venezuela, has expressed interest in bidding for the Colombian
government's stake in Ecogas, Hernan Martinez, the mining and
energy minister of Colombia, told reporters.

Business News Americas relates that Minister Martinez said that
five firms have expressed interest in Ecogas.  Three of those
firms are:

          -- Petroleos de Venezuela,
          -- Promigas, and
          -- Enbridge.

According to BNamericas, the six AFP pension fund managers of
Colombia lost the previous tender for the 97.2% Ecogas stake,
after their COP1.97-trillion offer dropped below the 90% minimum
price the Colombian government set.

The Colombian government will sell the shares on Nov. 24,
BNamericas states.

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

                        *    *    *

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


PIUS INTERNATIONAL: Court to Hear Wind-Up Petition on Nov. 22
-------------------------------------------------------------
A wind-up petition filed against Pius International Ltd will be
heard before the High Court of Hong Kong on November 22, 2006,
at 9:30 a.m.

Tang Lan To filed the petition with 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


ROUSSEL UCLAF: Sole Member Resolve to Wind-Up Firm
--------------------------------------------------
The sole member of Roussel UCLAF China Ltd on October 19, 2006,
passed a special resolution winding up the company's operations
voluntarily.

Yeung Betty Yuen and Paul David Stuart Moyes were consequently
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Yeung Betty Yuen
         Paul David Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SFA ASIA: Winds Up Business Operations
--------------------------------------
At a general meeting of SFA Asia Ltd on October 16, 2006, it was
agreed that a voluntary wind-up of the company's operations is
appropriate and necessary.

In this regard, Natalia K M Seng and Susan Y H Lo were appointed
as joint and several liquidators.

The Joint Liquidators can be reached at:

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


SMART LOYAL: Wind-Up Process Commenced
--------------------------------------
Smart Loyal Investment Ltd commenced a wind-up of its operations
on October 11, 2006, pursuant to an order by the High Court of
Hong Kong.

According to The Troubled Company Reporter - Asia Pacific, Au
Yeung Ho Fai presented the wind-up petition with the Court on
August 9, 2006.


TMK OAO: S&P Keeps B+ Rating on CreditWatch Negative After IPO
--------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'B+' long-term
corporate credit rating on Russia-based steel pipe producer OAO
TMK on CreditWatch with negative implications, after TMK's core
shareholder, Dmitriy Pumpyanskiy, increased his stake in the
company to 100% from 67%.

The ratings were originally placed on CreditWatch on Sept. 4
pending clarification of the company's eventual balance sheet
structure.

The parent company, TMK Steel Ltd. (beneficially owned by Mr.
Pumpyanskiy), recently raised a US$780 million loan from TMK as
well as US$470 million in bank debt, which Standard & Poor's
believes it will repay primarily from TMK's dividends or through
a sale of TMK stock.  

To finance the loan to TMK Steel, TMK issued a US$300 million
Eurobond in September 2006 and raised US$475 million in bank
debt.  The parent plans to sell about 20% of TMK stock at the
IPO scheduled for early November 2006.

"If the IPO proceeds help to refinance a significant part of
transaction-related debt at the company and parent levels by the
end of 2006, the rating is likely to be affirmed," said Standard
& Poor's credit analyst Elena Anankina.  "Otherwise, the rating
could be lowered, likely by one notch, reflecting higher
leverage and exposure to refinancing risks."

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


UNITED PACIFIC: Court Favors Wind-Up
------------------------------------
United Pacific Trading Ltd received a wind-up order from the
High Court of Hong Kong on October 11, 2006.

According to the Troubled Company Reporter - Asia Pacific, Wong
Kuk Yuen filed the wind-up petition with the Court on August 11,
2006.


WISE RIGHT: Creditors' Proofs of Claim Due on November 18
---------------------------------------------------------
Liquidator Kam Chi Chiu, Anthony, requires the creditors of Wise
Right International Ltd to submit their proofs of claims by
November 18, 2006.

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

The Liquidator can be reached at:

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


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

CENTRAL BANK OF INDIA: Fitch Upgrades Individual Rating to D
------------------------------------------------------------
Fitch Ratings has today upgraded Central Bank of India's
Individual rating to 'D' from 'D/E'.  At the same, the agency
affirmed the Support rating of '3'.

The upgrade of CBI's Individual rating reflects the significant
improvement in the bank's reported asset quality and solvency
indicators over the past three years.  The agency, however,
notes that the financials remain below the median for government
banks in India.

Though CBI's net interest margin in FY06 compares well with
other banks on account of the higher proportion of low cost
deposits, profitability indicators as measured by RoA and RoE
have generally been below the system median on account of higher
cost-income ratio and consistently higher provisions.  While net
income declined in FY06 due to lower securities trading income
and increased provisions for diminution in investments, the
agency expects the bank's operating performance to improve in
FY07 due to de-risking of the investments portfolio and thus
lower investment provisions.

Over the last three years, sustained emphasis on recoveries of
non-performing loans has resulted in a 17% decline in CBI's
absolute NPLs leading to significant improvement in its reported
asset quality ratios.  The decline was also aided by profits
from trading in government securities, which were used to
increase the loan loss reserves.  However, the reported gross
NPL ratio and net NPLs to equity remain weaker than the system
median.

Regulatory capital adequacy ratio declined in FY06 due to loan
growth and increased regulatory capital charge on market risk.
CBI plans to issue subordinated debt and raise equity though an
initial public offering in FY07 to prepare for the capital
charge on operational risk under Basel II.

Wholly-owned by the government, CBI's network of 3,123 branches
is the third-largest among banks in India.  CBI's main business
is providing working capital to corporates and public sector
enterprises but in recent times, it has increased its focus on
retail banking business (10.4% of advances), especially housing
loans.


DHANALAKSHMI BANK: Fitch Assigns 'D/E' Individual Rating
--------------------------------------------------------
Fitch Ratings assigned ratings to The Dhanalakshmi Bank Limited
as follows:

   * National Long-term rating of 'BBB-(ind)';

   * Individual rating of 'D/E';

   * Support rating of '5'; and

   * National Long-term Rating of 'BBB-(ind)' to DBL's INR170
     million subordinated debt programme.

The Outlook on the ratings is Stable.

The ratings reflect DBL's small size and its limited regional
presence.  The ratings also take into account DBL's equity size
of INR1.3 billion, which falls short of the regulatory minimum
of INR3bn for private banks in India.  The bank plans to raise
equity from the domestic market over the next two years. The
agency notes that the bank's capital adequacy ratio of 9.8%
(Tier 1: 6.2%) would move closer to the regulatory minimum of 9%
if the impact of the proposed Basel II guidelines is factored
in.

The gross non-performing loans ratio and net NPLs-to-equity
ratio improved to 6.7% and 34.2%, respectively, as at FYE06 but
continued to be higher than the system medians (gross NPL ratio:
3.2%; net NPL-to-equity ratio: 8.8%).  Fitch notes that DBL's
regional concentration (close to 50% of total loans are sourced
from the south Indian state of Kerala) makes the portfolio more
vulnerable to cyclical downturns.

The bank posted a net loss of INR216m in FY05 due to the
depreciation in the government securities portfolio and trading
losses in a rising interest rate environment.  Since then, DBL
has transferred a large part of its portfolio to the 'held-to-
maturity' category and has also reduced the duration of its
'available-for-sale' investments; the resulting reduction in
provisions for depreciation in investments helped the bank
report a net profit of INR95m in FY06 and INR31m in the first
quarter of FY07.  The cost-to-income ratio remains high (FY06:
74.3%, FY05: 79.2%) on account of expenses incurred in
implementing the technology initiatives and the relatively small
size of the bank.

DBL is a small 'old' private bank (total assets as at FYE06:
INR28.5bn) set up in 1927 in the south Indian state of Kerala.
The bank lends primarily to the small- and medium-sized
enterprises (more than 50% of the total advances).  About 70% of
its deposit and branches are concentrated in Kerala.


IFCI LTD: Bounces Back with INR1.6-Bil. Profit for Sept. Quarter
----------------------------------------------------------------
IFCI Limited bounced back with INR1.16 billion in net profit for
the quarter ended September 30, 2006.

For the quarter ended September 30, 2005, IFCI posted a net loss
of INR107.9 million.  IFCI also incurred consecutive net losses
from the quarter ended December 31, 2005, to the quarter ended
June 30, 2006.

The company increased by 36% its income from operations from
INR2.37 billion for the September 2005 quarter, to
INR3.23 billion for the September 2006 quarter.

Other income for the September 2006 quarter amounted to
INR20.3 million, arriving at the total income for the quarter of
INR3.23 billion.  Total income for the September 2005 quarter
was posed at INR2.4 billion.

IFCI's operating expenses sharply fell to INR389 million for the
September 2006 quarter, from the INR1.74 billion from the
corresponding quarter last year.

For the six months ended September 30, 2006, IFCI recorded in
INR1.00 net profit from INR5.75 billion of operating income.

A full-text copy of IFCI's audited financial results for the
quarter and half-year ended September 30, 2006, is available for
free at http://www.ifciltd.com/financials.htm

                       About IFCI Limited

IFCI Limited -- http://www.ifciltd.com/-- is established to  
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.  Non-
project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

Fitch Ratings, on June 29 2006, affirmed IFCI Limited's support
rating at '4'.  The outlook on the rating is stable.

Additionally, on February 15, 2006, Credit Analysis and Research
Limited retained a CARE D rating to the long and medium term
debt aggregating INR248 crore.  Instruments carrying this rating
are judged to be of the lowest category.  They are either in
default or likely to be in default soon.


INDIAN OIL: Posts INR3,050-Crore Profit for Sept. 2006 Quarter
--------------------------------------------------------------
Indian Oil Corporation Ltd. registered a net profit of INR3,050
crore for the second quarter ended September 30, 2006, as
compared to INR949 crore for the same quarter in the previous
year.  The operating profit of INR3,050 crore for the second
quarter of the current financial year includes INR7,168 crore,
being approval received from the Government of India for
issuance of Oil Bonds in lieu of under-realization suffered by
the Corporation.

The Corporation's Gross Turnover for the same period moved up by
26.32%, to INR55,134 crore from INR43,645 crore.  The throughput
of its refineries and pipelines network for the quarter at 10.51
million tonnes and 12.67 million tonnes respectively was higher
than that of the corresponding quarter of the previous year.  
The unaudited financial results of the Corporation were taken on
record at the meeting of the Board of Directors here today.

For the first six months ended Sept. 2006, the Corporation's net
profit was INR4,831 crore as against INR891 crore for the same
period of the previous year.  The net profit of INR4,831 crore
for the half year ending Sept. 2006 is after considering
INR7,168 crore, being approval received from the Government of
India for issuance of Oil Bonds in lieu of under-realization
suffered by the Corporation and one-time capital gain of
INR3,225 crore on sale of 20% equity investment in ONGC.

According to Sarthak Behuria, Chairman, IndianOil, the under-
recovery on all the four products during the first half of the
current fiscal was INR2,462 crore (after considering GOI Bonds
of INR7,168 crore) as compared to INR5,627 crore in the
corresponding period of the previous year.  The Corporation's
Gross Turnover moved up by 25.93%, to INR1,08,297 crore during
the first half of 2006-07 from INR85,999 crore for the
corresponding period of the previous year.

Mr. Behuria added that the Corporation sold 25.56 million tonnes
of products, including exports, during the first half of 2006-
07.  The throughput of its refineries and pipelines network was
20.54 million tonnes and 24.38 million tonnes respectively for
the same period as compared to 18.57 million tonnes and 22.08
million tonnes respectively in the previous year.

A full-text copy of IOC's financial results for the quarter
ended September 30, 2006, is available for free at:

           http://ResearchArchives.com/t/s?142e

                   About Indian Oil Corporation

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

                          *     *      *

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

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


INDIAN OIL: To Set Up US$3.5-Bil. Refinery in Nigeria
-----------------------------------------------------
Indian Oil Corp. is reportedly planning to invest US$3.5 billion
in Nigeria.

Citing an Economic Times report, XFN-Asia says Indian Oil wants
to set up a 15-million tonne refinery in the African country
with investment of around US$3.5 billion.

According to XFN-Asia, the Nigerian government had identified
Indian Oil as one of the companies invited for investments in
the country's downstream sector.

                   About Indian Oil Corporation

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

                          *     *      *

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

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


INDIAN OIL: Joint Venture to Set Up LPG Import Terminal
-------------------------------------------------------
IndianOil Petronas Private Ltd., a 50-50 joint venture between
Indian Oil Corporation Limited and Petroliam Nasional Berhad
(Petronas), will set up a liquefied petroleum gas import
terminal in south India, Reuters reports, citing Indian Oil
Chairman Sarthak Behuria.

The facility, work of which is estimated to start late December
2006, is expected to be completed by mid-2008.

According to Mr. Behuria, the joint venture has already applied
for approvals to set up the terminal.

                   About Indian Oil Corporation

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

                          *     *      *

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

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


INDIAN OVERSEAS BANK: Profit Up to INR2.5-Bil in Sept. Quarter
--------------------------------------------------------------
Indian Overseas Bank filed with the Bombay Stock Exchange its
unaudited financial results for the quarter ended September 30,
2006.

For the September 2006 quarter, the Bank posted a net profit of
INR2.50 billion, or INR4.59 earnings per share, from operating
income of INR13.72 billion.

The net profit for the quarter under review rose by 26% from the
INR1.98-billion figure for the quarter ended September 30, 2005.

Other income decreased by 15% from the INR1.75 billion for the
September 2005 quarter to INR1.52 billion for the September 2006
quarter.

                  About Indian Overseas Bank

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking  
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

Standard & Poor's Ratings Service gave Indian Overseas BB+
ratings to both long-term local and long-term foreign issuer
credit, and B ratings for both its short-term foreign and short-
term local issuer credit effective on January 16, 2006.


INDUSTRIAL DEVELOPMENT BANK: Net Profit Up by 21% for 1H/FY2007
---------------------------------------------------------------
Industrial Development Bank of India released its financial
results for the quarter and half-year ended September 30, 2006.

In a press release, IDBI highlighted improvements relating to
both periods:

1. First Half of Fiscal Year 2007:

      * Net profit up by 21% at INR290 crore;

      * Net Interest Income up at INR233 crore;

      * Business up 32% to INR85,262 crore;

      * Deposits increase by 71% to INR30,953 crore;

      * Advances up by 17% at INR54,309 crore;

      * Gross NPAs down to 2.31% from 4.36% as of September-end
        2005; and

      * Total assets grow by 11% to INR90,235 crore.

2. Second Quarter FY 2007:

      * Net profit moves up to INR139 crore; and

      * Net Interest Income up at INR135 crore.

                          Profitability

IDBI reported an increase of 5.7% in net profit to INR139 crore
for the quarter ended September 30, 2006, as against
INR132 crore in the corresponding quarter last year.

Operating profit rose by nearly 7% to INR133 crore in the
reporting quarter as against INR125 crore in the corresponding
quarter last year.

In the half-year ended September 30, 2006, IDBI reported a net
profit of INR290 crore as against INR240 crore in the
corresponding period last year, reflecting an increase of 21%.

Operating profit during this period increased by over 15% to
INR325 crore as against INR283 crore in the first half of FY
2005-06.  Net Interest Income for the half-year under reference
improved by 418% at INR233 crore over the corresponding half-
year of the previous year.  NII for Q2 FY07 at INR135 crore also
showed a healthy improvement over INR97 crore obtaining during
Q1 FY07 and minus INR45 crore during Q2 FY06.

The Bank continued to maintain a high overhead efficiency ratio
of 124% in H1 FY07.

                             Business

As of September 30, 2006, IDBI's total business (deposits and
advances) stood at INR85,262 crore as against INR64,571 crore as
of September 30, 2005, registering a growth of 32%.

Deposits increased by a robust 71% to INR30,953 crore (INR18,158
crore as of September-end 2005).  Low-cost current account and
savings account deposits now account for 25% of total deposits.

Advances increased by over 17% to INR54,309 crore as compared to
INR46413 crore as at end-September 2005.

Retail assets surged by INR850 crore in the reporting H1 FY07 to
above INR9,500 crore.  Retail assets now constitute over 17% of
total advances as against 16% as of March-end 2006.

As of September-end 2006, aggregate assets stood at INR90,235
crore as against INR81,555 crore same time last year,
registering a growth of 11%.

                          Cost of Funds

In a rising interest rate regime, the Bank managed to pare its
cost of funds to 6.66% in the reporting period as against 7.19%
in the corresponding period of last year.

                       Capital Adequacy Ratio

IDBI continued to maintain a sound capital base as indicated by
its capital adequacy ratio.  As against the stipulated RBI norm
of 9%, the bank's CAR stood at 14.66% (Tier-I: 11.73%) as of
September-end 2006.  The bank's CAR at end-June 2006 was 14.00%
(Tier-I: 11.44%).  This provides significant headroom for
further growing the business.

                    Significant Developments

IDBI noted of these significant developments during July to
September 2006:
   
   -- The Government, by a notification dated September 30,
      2006, conveyed its approval of the amalgamation of
      erstwhile United Western Bank with IDBI, with effect from
      October 3, 2006. From the effective date itself, it has
      been 'business as usual' at all the branches of the
      erstwhile UWB.  It would operate, for the present, as a
      Special Business Unit of the Bank.

   -- Following the amalgamation of erstwhile UWB into IDBI, the
      Bank's delivery channels now comprise 430 branches, 18
      Extension Counters and 503 ATMs spread across 150 centers.
      Further, the acquisition of UWB would, inter alia, help
      grow IDBI's low-cost CASA deposit base and priority sector
      business volumes.

   -- IDBI, Federal Bank and Fortis signed a Memorandum of
      Understanding for formation of a Life Insurance Company in
      India.  IDBI and Fortis stated earlier that they were
      jointly seeking a third partner to pursue the Life
      Insurance business.  IDBI and Fortis have now jointly
      identified Federal Bank as the third partner.  The
      proposed Life Insurance Company will initially be 48%
      owned by IDBI, 26% by Federal Bank and 26% by Fortis.

   -- IDBI has bagged two 'special awards', in the "Best
      Internet Bank for Corporate Customers" and "IT Team of the
      Year" categories, respectively, for the year 2005-06 from
      the prestigious Institute for Development and Research in
      Banking Technology, in recognition of its customercentric
      IT initiatives.

                          *     *     *

A full-text copy of IDBI's financial results for the period
ended September 30, 2006, is available for free at:

   http://bankrupt.com/misc/IDBI_Sept2006Results.pdf

               About Industrial Development Bank

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com/-- is a commercial bank that  
offers a range of products, including secured loans, such as
housing loans, mortgage loans and loan against securities, and
unsecured loans, such as personal loans, educational loans and
overdrafts to merchant establishments.  It also distributes
third-party products, such as insurance and mutual fund products
to its retail customers.  IDBI also offers project financing,
film financing, equipment financing, asset credits, corporate
loans, working capital loans, direct discounting, the financing
of receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have stable outlooks.  The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.

Additionally, Standard & Poor's Ratings Services gave IDBI's
long-term foreign issuer credit a BB+ rating on April 19, 2006.


INDUSTRIAL DEVELOPMENT BANK: Enters MOU with MITCON Consultancy
---------------------------------------------------------------
Industrial Development Bank of India Limited entered into a non-
exclusive Memorandum of Understanding with MITCON Consultancy
Services Limited for jointly providing one-stop solutions to
companies for undertaking Clean Development Mechanism projects
under the Kyoto Protocol.

Mumbai-headquartered IDBI and Pune-headquartered Technical
Consultancy Organization MITCON will also assist companies to
sell the resultant carbon emission reduction units forward in
the global markets.

The MoU was signed by Shri B.K. Batra, Chief General Manager,
IDBI, and Dr. Pradeep Bavadekar, Managing Director, MITCON, at
IDBI's Corporate Office in Mumbai.  Shri V P Shetty, Chairman
and Managing Director, IDBI, and Shri Pradip Roy, Executive
Director, IDBI, were also present on the occasion.

IDBI is the first PSU bank to take up the initiative to assist
domestic companies to realize their CER generating potential.

The IDBI-MITCON arrangement is a win-win for both the entities,
as the former has expertise in project funding and CER trading
while the latter has consulting expertise in project
identification and registration of CDM projects with the United
Nations Framework Convention on Climate Change.  Under this
arrangement, companies can get single-point assistance
pertaining to origination and implementation of CDM projects, as
well as advisory services on generation and trading of CERs.

Speaking on the occasion, Shri V P Shetty said, "We want to
assist Indian companies, both large and small, who are keen on
implementing CDM and selling the resultant CERs generated
forward in the global markets.  While sale of CERs gives
companies additional revenue, IDBI stands to gain by way of
additional fee income."

IDBI is currently working on some of the CDM projects in the
textiles, steel, power, paper and sugar sectors. It expects to
assist many more companies to implement CDM projects by the end
of this financial year.

Further, IDBI is seeking to assist SMEs with CDM development in
a big way.  The bank intends to pool CERs generated by SMEs and
sell them globally in market lots of 50,000 to 1,00,000 CER
units.  This is significant as a typical SME in India can
generate far lesser CERs annually than the international market
lot.

Dr. Bavadekar also emphasized on the importance of having an
experienced and dedicated consultancy organization to identify
and register the projects in order to avail fulsome benefits
through emission trade.

               About Industrial Development Bank

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com/-- is a commercial bank that  
offers a range of products, including secured loans, such as
housing loans, mortgage loans and loan against securities, and
unsecured loans, such as personal loans, educational loans and
overdrafts to merchant establishments.  It also distributes
third-party products, such as insurance and mutual fund products
to its retail customers.  IDBI also offers project financing,
film financing, equipment financing, asset credits, corporate
loans, working capital loans, direct discounting, the financing
of receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have stable outlooks.  The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.

Additionally, Standard & Poor's Ratings Services gave IDBI's
long-term foreign issuer credit a BB+ rating on April 19, 2006.


UNITED WESTERN: CARE Upgrades Tier II Bond Rating to AA+
--------------------------------------------------------
Credit Analysis and Research Limited upgrades United Western
Bank's outstanding INR86.2-crore subordinated Tier II Bond
Issues from 'CARE B+' to 'CARE AA+.'

The Troubled Company Reporter - Asia Pacific reported on Oct. 4,
2006, that the Government of India approved the Scheme of
Amalgamation between UWB and the Industrial Development Bank of
India Ltd.

With the amalgamation, the outstanding Tier II Bonds are now
transferred to IDBI.

The impact of the merger on IDBI's financials and of other
recent developments prompted CARE to make the upgrade.  CARE
also removed the rating under credit watch.

               About Industrial Development Bank

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com/-- is a commercial bank that
offers a range of products, including secured loans, such as
housing loans, mortgage loans and loan against securities, and
unsecured loans, such as personal loans, educational loans and
overdrafts to merchant establishments.  It also distributes
third-party products, such as insurance and mutual fund products
to its retail customers.  IDBI also offers project financing,
film financing, equipment financing, asset credits, corporate
loans, working capital loans, direct discounting, the financing
of receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                         *     *      *

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have stable outlooks.  The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.

Additionally, Standard & Poor's Ratings Services gave IDBI's
long-term foreign issuer credit a BB+ rating on April 19, 2006.

                    About United Western Bank

United Western Bank Limited -- http://www.uwbankindia.com--  
operates a network of over 200 banks in India.  The group's
banks provide a full range of services, including retail and
merchant banking, investment management, treasury and NRI
services, credit card services and assorted ATM facilities.

                          *     *      *

Credit Analysis and Research Limited has placed the CARE B+
(very high credit risk/susceptible to default) rating to the
outstanding INR86.2 crore subordinated Tier II bond issues  of
United Western Bank under "credit watch" with developing
implications.

The Union Government placed United Western under a moratorium
running from September 2, 2006, to December 1, 2006, based on an
application from the Reserve Bank of India.  Under the
moratorium, depositors will be allowed to withdraw a maximum of
INR10,000, except in certain circumstances, at any of the bank's
branches, but not through the use of ATMs.


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

CORUS GROUP: S&P Revises Watch Implications on Takeover Concerns
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the implications of
the CreditWatch status of its 'BB' long-term corporate credit
rating on U.K.-based steel consortium Corus Group PLC to
developing from positive, reflecting uncertainties regarding the
financing structure of the proposed bid for the company by Tata
Steel Ltd. (BBB/Watch Neg/--), India's second-largest integrated
steel company.

At the same time, the positive implications of the CreditWatch
status of the 'B' short-term corporate credit rating on Corus
remained unchanged.  The ratings were initially placed on
CreditWatch on Oct. 18, 2006, following the announcement by
Corus concerning a possible recommended offer for the company
from Tata Steel.

"The revision of the CreditWatch status of the long-term ratings
reflects uncertainties regarding the financing structure of this
proposed transaction and to what extent it could impair Corus'
financial profile," said Standard & Poor's credit analyst
Tatiana Kordyukova.  "The potential ratings upside is
still valid and could materialize if the combined entity has a
stronger credit quality than Corus on a standalone basis, and if
there is sufficient evidence that Tata Steel will provide
financial support to Corus."

Our analysis will focus not only on the legal structure of the
financing but, more importantly, on the economic incentives of
Tata Steel to bail out Corus in a stress situation.

Furthermore, Standard & Poor's will assess whether Corus' weak
business risk profile would be enhanced by integration with the
low-cost operations of Tata Steel.  Nevertheless, the ratings
might be lowered if Tata Steel pursues an arm's-length approach
toward Corus' operations, and if the financing of the
transaction leads to a deterioration of Corus' financial
position.

Standard & Poor's will seek to resolve or update the CreditWatch
within 90 days.  Any resolution will require additional
clarification from Corus and Tata Steel, including detailed
information on terms of the potential transaction and
integration plans.  We will also monitor whether the proposed
terms of the transaction will evolve in the future.  We
maintained the positive implications on the short-term corporate
rating on Corus because, currently, we do not envisage a
scenario under which Corus' credit quality could deteriorate to
such an extent to justify a lower short-term rating.

                         About Corus Group

Corus Group PLC -- http://www.corusgroup.com/-- produces metal   
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide,
including Indonesia and the Philippines.  Corus was created
through the merger of British Steel plc and Koninklijke
Hoogovens N.V.

The group suffered six years ago from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.


INCO LTD: CVRD Keeps Inco CEO in Revamp Efforts
-----------------------------------------------
Companhia Vale do Rio Doce had asked Inco Ltd.'s chairman and
chief executive officer, Scott Hand, to remain with the Toronto
mining company and oversee what is expected to be a major
expansion of the nickel miner's assets under its new Brazilian
owner, TheGlobeandMail.Com reports.

The Troubled Company Reporter - Asia Pacific reported on
October 27, 2006, that CVRD had taken up and accepted for
payment 174,623,019 common shares tendered, which represent
75.66% of the issued and outstanding Inco common shares on a
fully diluted basis.  CVRD had earlier offered to purchase for
cash all of Inco's outstanding common shares.  

TheGlobeandMail.Com says that Mr. Hand will help guide the
transition of the new company, called CVRD Inco, that is slated
to incorporate a number of the Brazilian parent company's non-
core assets.  Sources said the planned expansion is designed
create a major North American financing platform that could help
bankroll CVRD's global expansion.

TheGlobeandMail.Com details that Mr. Hand spent most of August
and September trying to fight off the hostile, all-cash offer
from the Brazilian suitor.  He is expected to remain with the
new company for up to a year before he retires, within which
time, he is to help transform Inco into the North American-based
nickel unit of CVRD.  CVRD has already indicated that it will
transfer its Brazilian Onca Puma and Vermelho projects into CVRD
Inco, which is to be headquartered in Toronto.  It is understood
that other operations, which could include non-core iron ore
mining assets and possibly CVRD's Sossego copper mine as well as
other aluminum operations, may be transferred to the new
venture.

                           About CVRD

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

                         About Inco Ltd.

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

                          *     *     *

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


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

ALL NIPPON: Exercises Two Conversion Options With Boeing
--------------------------------------------------------
All Nippon Airways has exercised the options for two additional
767-300 Boeing-converted freighters, Bernama News reports.

Bernama News, citing Boeing Commercial Airplanes, explains that
ANA launched the 767-300BCF passenger-to-freighter conversion
programme in October 2005 with an order for three conversions
and four options.  Boeing now has five firm orders and two
options.

According to the report, ANA planned to use the freighters as
part of its joint venture cargo operation, ANA & JP Express,
with partners Japan Post, Nippon Express and Mitsui OSK Lines.  
ANA Executive Vice President Tomohiro Hidema confirms that the
converted freighters would help the company provide high
quality, competitive air cargo services through ANA & JP
Express.

The value of the agreement was not disclosed, Bernama News adds.

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline  
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

As reported in the Troubled Company Reporter - Asia Pacific on
May 30, 2006, Moody's Investors Service has upgraded to Ba1 from
Ba3 the senior unsecured debt ratings of All Nippon Airways Co.,
Ltd.  The rating action concludes the review initiated on March
3, 2006.  The rating outlook is stable.

According to the TCR-AP on Oct. 27, 2006, Standard & Poor's
Ratings Services raised its ratings on All Nippon Airways Co.
Ltd. to 'BB' from 'BB-' on the company's stabilizing cash flow,
backed by progress in business restructuring.  The outlook on
the long-term corporate credit rating is stable.

The TCR-AP reported on May 3, 2006, that Standard & Poor's
Ratings Services revised its outlook on the BB- long-term
corporate credit rating on All Nippon Airways to positive from
stable, reflecting the company's improved earnings and
expectations for stable profitability, thanks to cost reductions
efforts as well as a stronger competitive position.

Fitch Ratings on the other hand, gave All Nippon Airways a 'BB+'
rating.


ALL NIPPON: Partners with InterContinental Hotels Group
-------------------------------------------------------
All Nippon Airways and InterContinental Hotels Group have signed
a hotel operating joint venture to create one of the leading
hotel operating companies in Japan, ANA said in a press release.

The joint venture -- to be named IHG ANA Hotels Group Japan --
will officially commence on December 1, 2006.

ANA will sign new management contracts with IHG ANA Hotels Group
Japan for its 13 owned and leased hotels (4,943 rooms).  These
hotels will over time re-brand to one of the three co-brands
created for Japan -- ANA-InterContinental, ANA-Crowne Plaza and
ANA-Holiday Inn.  The flagship ANA Hotel Tokyo will be the first
to be co-branded in April 2007 as the ANA-InterContinental
Tokyo.  The remaining 12 hotels will be co-branded over the
following 18 months.

In addition, the joint venture will continue to operate ANA
Hotels & Resorts' other 18 hotels (4,127 rooms) under management
contracts, franchise agreements and marketing referral
agreements for third party owners, who will also be offered the
opportunity to enjoy the benefits of co-branding.  IHG currently
operates 11 hotels in Japan (3,100 rooms), which, combined with
IHG ANA Hotels Group Japan's 31 hotels, gives a combined estate
of 42 hotels with more than 12,000 rooms.

Headquartered in Tokyo, Japan, All Nippon Airways Co., Limited
-- http://www.ana.co.jp/eng/-- is Japan's second-largest  
airline company in terms of revenue.  The company, which was
founded in 1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

As reported in the Troubled Company Reporter - Asia Pacific on
May 30, 2006, Moody's Investors Service has upgraded to Ba1 from
Ba3 the senior unsecured debt ratings of All Nippon Airways Co.,
Ltd.  The rating action concludes the review initiated on March
3, 2006.  The rating outlook is stable.

The TCR-AP reported on Oct 27, 2006, that Standard & Poor's
Ratings Services raised its ratings on All Nippon Airways Co.
Ltd. to 'BB' from 'BB-' on the company's stabilizing cash flow,
backed by progress in business restructuring.  The outlook on
the long-term corporate credit rating is stable.

The TCR-AP reported on May 3, 2006, that Standard & Poor's
Ratings Services revised its outlook on the BB- long-term
corporate credit rating on All Nippon Airways to positive from
stable, reflecting the company's improved earnings and
expectations for stable profitability, thanks to cost reductions
efforts as well as a stronger competitive position.

Fitch Ratings on the other hand, gave All Nippon Airways a 'BB+'
rating.


AOZORA BANK: To Offer Investors More Than 600MM Shares in IPO
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Oct. 24, 2006, that Aozora Bank Ltd. would list its shares on
the Tokyo Stock Exchange on Nov. 14, to raise up to
US$3.3 billion for its investment fund owners in Japan's biggest
public offering in eight years.

Bloomberg News relates that, according to Aozora Bank, investors
will be offered 615.98 million shares at between JPY550 and
JPY610 each.  According to Bancnet360, 277.11 million shares of
the entire offering will be offered to overseas investors.

Bancnet says that the listing will allow New York-based Cerberus
Capital Management LP, which owns about two-thirds of Aozora, to
get a return on its investment.  Specifically, Reuters says that
the IPO would hand Cerberus, owning 62% of Aozora, at least a
five-fold return on its investment.  Reuters recounts that
Cerberus picked up most of its stake when it bought a 49% stake
from Softbank Corp. for JPY101.1 billion (US$850 million) in
2003.

Bloomberg says that a sale at JPY610 per share would give Aozora
Bank a market value of about JPY1.3 trillion, based on
conversion into common shares of all the government's holding of
stock.  Reuters, on the other hand, relates that the IPO could
value Aozora at as much as US$12 billion, adding that even at
US$10 billion, the bank would be more valuable than its rivals.

With a AU$10 billion price tag, Aozora would be valued at around
15 times the bank's forecast earnings for this business year,
Reuters states.

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit   
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

Fitch Ratings, on October 23, 2006, affirmed the Bank's
individual and support ratings at 'C' and '3'.  The outlook on
the ratings is stable.


DAIWA SECURITIES: Posts 26% Decline in 2nd Quarter Net Income
-------------------------------------------------------------
Daiwa Securities Group Inc. reports a net operating revenue of
JPY119.2 billion, down 2% quarter-on-quarter, for the second
quarter ending September 30, 2006, the company said in a press
release.

Ordinary income was JPY41.0 billion, down 10%, quarter-on-
quarter.  Net income was JPY17.0 billion, down 26% quarter-on-
quarter.

Highlights of the company's Second Quarter FY2006 earnings
results are:

   * Consolidated annualized ROE for the second quarter: 8.3%
     (Retail 14.7% Wholesale 5.4%) First half: 9.7% (Retail
     17.1% Wholesale 7.1%);

   * Series 16 Unsecured CB (issue amount: JPY80 billion,
     conversion price: JPY1,094) were converted before the
     redemption date, resulting in a significant increase in
     shareholders' equity;

   * Retail: Online margin position outstanding was JPY156
     billion as of September 30, 2006.  Contract assets under
     management of Daiwa SMA grew steadily to JPY189 billion as
     of September 30, 2006;

   * Wholesale: Investment banking deals increased considerably.
     Daiwa Securities SMBC Principal Investments invested in
     Mitsui Life Insurance; and

   * Asset Management: Daiwa Asset Management recorded the
     highest ordinary income since the second quarter of 2000 on
     a quarterly basis.

Highlights of the company's First-Half FY2006 earnings results
are:

   * Net operating revenue was JPY241.3 billion, up 5%
     year-on-year;

   * Ordinary income was JPY86.4 billion, up 3% year-on-year;
     and

   * Net income was JPY40.1 billion, down 12% year-on-year.

The company's Web site has these financial data (in JPY
millions):

                            FY2006 2Q   FY2006 1Q   FY2005 2Q
                            ---------   ---------   ---------
     Operating revenues      211,752     207,638     195,376
     Cost of sales             8,629       7,381       7,178
     SG&A                     82,580      78,942      80,106
     Operating income         36,672      43,148      58,582
     Non-operating income      4,622       3,223       1,957
     Non-operating expenses      261         955         384
     Ordinary income          41,034      45,416      60,155
     Net income               17,008      23,118      34,185

Daiwa Securities Group has also disclosed an interim dividend of
JPY12 per share for the first half of fiscal year 2006,
reflecting its interim earnings results.  The pay-out ratio
stands at 41.7% based on the consolidated net income of
JPY40.1 billion for the first-half of the current fiscal year.

The dividend record date is September 30, 2006, and the company
will commence payment from December 1, 2006.

                   About Daiwa Securities Group

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/ -- is a Japan-based securities company.   
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 25, 2006, affirmed the company's 'C'
individual rating.


DAIWA SECURITIES: Partners with Shanghai International Group
------------------------------------------------------------
Daiwa Securities Group Inc. signed a memorandum on a business
collaboration with Shanghai International Group Corp. of China,
PeopleDaily.Com reports.

Citing Daiwa Securities, the report says that the company and
SIG agreed to establish a cooperative relationship soon and to
promote mutual development of products for rapidly advancing the
Chinese capital market.  At the initial stage, the two sides
will cooperate through exchange of information including market
research and will examine the details of business cooperation in
the future, Daiwa said.

                   About Daiwa Securities Group

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/ -- is a Japan-based securities company.   
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 25, 2006, affirmed the company's 'C'
individual rating.


KOBE STEEL: Opens Copper Coil Splitting Plant in China
------------------------------------------------------
Kobe Steel Ltd. disclosed in a press release that its copper
coil slitting company, Suzhou Kobe Copper Technology Co., Ltd.,
had opened in China.

Suzhou Kobe slits coiled copper sheet, which is used in
electronic materials.  The company is based in Suzhou, Jiangsu
Province, west of Shanghai.

Established in May 2005, Suzhou Kobe Copper Technology began the
slit processing of copper coils in July 2006.  Kobe Steel's
copper sheet business specializes in copper sheet for
semiconductor leadframes and automotive terminals and
connectors.

Demand for copper sheet for electronic materials is growing in
China, particularly in East China including Shanghai, Suzhou and
Hanzhou.  Semiconductor manufacturers are setting up plants,
creating a need for leadframes.  Car production is rising
sharply, furthering demand for electrical terminal and connector
parts.  By the end of 2006, Suzhou Kobe expects to process 160
metric tons of copper coil per month.  In fiscal 2008, it
anticipates processing 340 metric tons per month.

Until now, Kobe Steel made master copper coils in wide widths
and slitted them at its Chofu Plant in Japan.  The slit coils
were then shipped to customers in China.  Now that it is in
operation, Suzhou Kobe keeps an inventory of wide-width coils on
hand for slitting to customer specifications.  The China
operation enables Kobe Steel to improve delivery and technical
services.

          About Suzhou Kobe Copper Technology Co., Ltd.

Suzhou Kobe Copper Technology Co., Ltd. is located in Suzhou
Industrial Park, Suzhou, Jiangsu Province in China.  A 100-
percent-owned subsidiary of Kobe Steel, Suzhou Kobe is
capitalized at US$4.7 million.  The president is Minoru Uehara.
Approximately 30 people are employed by Suzhou Kobe.  Covering
4,000 square meters on property of 20,000 square meters, the
plant has a slitter line, a mini traverse machine, and packing
and inspection equipment.

                        About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--  
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.

Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.

As the Troubled Company Reporter - Asia Pacific reported on
May 31, 2006, Fitch Ratings has upgraded the long-term foreign
and local currency Issuer Default Ratings of Japanese steel-
maker Kobe Steel to BB+ from BB.  At the same time, the agency
affirmed Kobelco's short-term IDR at B.  The outlook on the
ratings is positive.


MIZUHO FINANCIAL: Unit Sues Stock Exchange For Trade Blunder
------------------------------------------------------------
Mizuho Securities Co. Ltd., part of Mizuho Financial Group, said
that it had filed a JPY41.5-billion lawsuit against the Tokyo
Stock Exchange over its failure to stop a massive trade blunder
in December 2005, the Taipei Times reports.

The Times explains that the TSE has admitted that a fault in its
system prevented a Mizuho Securities trader from canceling the
erroneous order, caused by a simple typing error that made the
firm appear saddled with a JPY40.7-billion loss.  The trader
punched in an order to sell 610,000 shares in a telecom firm at
one yen each instead of one share at JPY610,000, briefly causing
turmoil on the Tokyo bourse, whose head resigned soon afterwards
to take responsibility.

The Times report adds that the Financial Services Agency has
also slapped a "business improvement order" on the Tokyo
exchange.

Quoting Mizuho Securities the Taipei Times said that the claim
reflected the losses on sales completed after the first cancel
instruction was made.  "The litigation seeks compensation for
damages caused by the TSE's failure to process a cancel
operation due to a defect in the TSE's electronic trading
system, despite the fact that the company properly conducted the
stipulated operation to cancel an erroneous order immediately,"
Mizuho said.

The TSE and Mizuho Securities have held several rounds of talks
on the issue of compensation but failed to reach an agreement,
the Times added.

                  About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial  
institution.  The Company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The Company
has 130 consolidated subsidiaries and 19 associated companies.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.


NOMURA HOLDINGS: Posts 28.5% Year-on-year Drop in 2Q Net Profit
---------------------------------------------------------------
Nomura Holdings Inc.'s second-quarter profit fell 28.5% from a
year earlier as a sluggish stock market and stiff competition
ate into commissions, Reuters reports.

The earnings, however, was an improvement over the first
quarter.  Reuters reports that Nomura's group net profit totaled
JPY43.53 billion in the three months ended Sept. 30, 2006.  Net
profit was down sharply from the JPY60.88 billion the company
reported in the same quarter a year earlier, but improved from
JPY20.14 billion in April-June 2006.

Nomura President and Chief Executive Officer Nobuyuki Koga said
that "While we cannot be completely satisfied with the first
half of the year, the strategic initiatives we have taken are
steadily yielding results.  We will strive to achieve our
management targets by building a more stable earnings base both
domestically and internationally, and further grow our markets-
related business."

Bloomberg News reports that brokerage fees fell 15% to
JPY66.1 billion, hurt most by stock brokerage commissions, which
fell about 37% to about JPY31 billion.

Reuters explains that competition from discount Internet
brokerages as well as other full-service houses, meanwhile,
drove down average commission rates across the board.  
Compounding the decline in broking fees, higher interest rates
swelled Nomura's fundraising costs while investment banking
income rose only slightly from last year's levels despite
rebounding from a weak first quarter, Reuters adds.

                      About Nomura Holdings

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

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


SALLY HOLDINGS: Moody's Assigns B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned first time ratings, including
a corporate family rating of B2 and a speculative grade
liquidity rating of SGL-2, to Sally Holdings, LLC.

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

These are the rating actions:

   -- Corporate family rating at B2

   -- Probability-of-default rating at B2

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

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

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

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

   -- Speculative Grade Liquidity Rating of SGL-2

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

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

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

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

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

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

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

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

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

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

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


SANYO ELECTRIC: Outsources Refrigerator Production to Haier
-----------------------------------------------------------
Sanyo Electric Co. will outsource all of its domestic
refrigerator production to top Chinese refrigerator maker Haier
Group Co. to improve its least profitable business section by
cutting manufacturing costs, The Japan Times reports.

The Times adds that the struggling Japanese electronics maker
will market the Haier-made refrigerators under its brand name.  
Sanyo produces high-end refrigerators at its Oizumi factory,
while other units are manufactured in its overseas plants.

The Times explains that it will gradually transfer production of
large refrigerators from Oizumi to Haier, while setting up by
next spring a joint research and development venture with Haier
for the refrigerator business.  The company is also considering
shifting the production of small to midsize refrigerators to
Haier.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 10, 2006, that Sanyo Electric plans to reduce the number of
its group companies by about 10% in its efforts to stay
profitable by March 2008.  The report relates that Sanyo will
cut 30 out of its 300 group companies both in Japan and abroad,
which move will accelerate its restructuring efforts.  Sanyo,
however, did not specify the target firms.

The TCR-AP report explained that Sanyo's plan follows an
announcement last week that it would consolidate its production
of appliances and sell a building in Tokyo.  Sanyo has already
slashed 15% of its work force as part of a restructuring program
that included closing factories, reducing debt and streamlining
unprofitable operations.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading   
manufacturers of consumer electronics products.

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

Fitch noted that the company is restructuring its operations and
its financial flexibility has relatively improved due to new
capital injection in March 2006.

Also, the TCR-AP reported on May 25, 2006, that Standard &
Poor's Ratings Services affirmed its negative BB long-term
corporate credit and BB+ senior unsecured debt ratings on Sanyo
Electric.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


SOFTBANK MOBILE: New Subscribers Clog Up Systems
------------------------------------------------
Softbank Mobile Corp.'s parent company, Softbank Corp., said
that it did not know if it would be able to process applications
by cell phone users to switch carriers, a day after its computer
systems crashed for the second time in two days, Reuters
reports.

The International Herald Tribune explains that a deluge of new
customers came after Softbank Mobile announced aggressive price
cuts.  Japanese mobile users can keep their numbers even if they
switch networks, the International Tribune says.

According to Reuters, Softbank stopped taking orders to switch
carriers over the weekend because it was unable to keep up with
the applications.

The Tribune adds that it is the second time in two days that the
company stopped processing applications for fear of paralyzing
its computer system.  

                   About Softbank Corporation

Based in Tokyo, Japan, Softbank Corporation --
https://www.softbank.co.jp/ -- is a leading Japanese
telecommunications and media corporation, with operations in
broadband, fixed-line telecommunications, e-Commerce, Internet,
broadmedia, technology services, finance, media and marketing,
and other businesses.  SoftBank was established on September 3,
1981, and had a market capitalization of approximately US$32.8
billion at February 28, 2006.

SoftBank's corporate profile includes various other companies
such as Japanese broadband company Cable & Wireless IDC, cable
company BB-Serve, and gaming company GungHo Online
Entertainment.  On March 17, 2006, SoftBank announced its
agreement to buy Vodafone Japan, giving it a stake in Japan's
US$78 billion mobile market.

                          *     *     *

According to a Troubled Company Reporter - Asia Pacific report
on April 18, 2006, Standard & Poor's Rating Services agency
affirmed its 'BB-' long-term corporate credit rating on the
company, with negative implications.

Moody's Investors Service had, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2 from Ba3, concluding a review initiated on March 17,
2006, when the Company announced that it would acquire a 97.7%
stake in mobile phone giant Vodafone Group's Japanese unit,
Vodafone K. K.

                     About Softbank Mobile

Headquartered in Tokyo, Japan, Softbank Mobile Corp. --
http://www.softbankmobile.co.jp/-- offers mobile voice, data,   
and wireless Internet services throughout Japan.  Formerly known
as Vodafone K.K. and operated as Vodafone Japan, the island
country's #3 wireless carrier (behind giants NTT Docomo and
KDDI) has more than 15 million subscribers with more than 85%
also subscribing to Vodafone live!, the company's interactive
mobile service. The company also offers innovative "movie sha-
mail," its popular photo-messaging service using mobile
handsets.  UK-based Vodafone Group sold its 98% stake in
Vodafone K.K. to SOFTBANK in a deal valued at nearly US$16
billion.

The Troubled Company Reporter - Asia Pacific reported on Oct. 4,
2006, that Standard & Poor's Ratings Services' 'BB+' long-term
ratings on Softbank Mobile remain on CreditWatch with negative
implications.


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

HANAROTELECOM INC: Cable Subscribers Blocked from Viewing HanaTV
----------------------------------------------------------------
Home Internet and cable television operators are barring their
subscribers from watching hanarotelecom Inc.'s HanaTV, Cho Jin-
seo of The Korea Times reports.

HanaTV, which was launched in July 2006, is a video-on-demand
service via the Internet, the Korean newspaper explains.  Its
users can download movies, shows and other contents from the
Internet and watch them on TV.  In its first three months, more
than 60,000 customers have signed up for the service, the
newspaper relates, citing the company statement.

According to the report, the operators blocked about 280
subscribers from viewing HanaTV because the service purportedly
caused too much traffic on the Internet.  Other cable operators
are limiting users' download speed.

Jun Sang-jin, a hanarotelecom executive, sees the move as
illogical and an unfair discrimination against users.  "The
system operators do not have right to block users from a certain
service" Mr. Jun tells The Korea Times.

"More than 60% of Internet traffic is caused by peer-to-peer
file sharing services and there is no restriction on them," Mr.
Jun points out.

                   About hanarotelecom

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

                          *     *     *

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

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


HYUNDAI MOTOR: 3rd Quarter '06 Net Profit Falls 27% from '07
------------------------------------------------------------
Hyundai Motor Co. reported KRW283 billion in second quarter net
profits on sales of KRW5.887 trillion, declining 27% and 15.9%
from the figures reported in the corresponding quarter last
fiscal year respectively.

The prolonged shutdown of assembly lines and continued
appreciation of the Korean won against the U.S. dollar and Euro
and a spike in marketing expenses as a result of the company's
sponsorship of the 2006 FIFA World Cup in Germany were cited as
the chief negative factors affecting performance.  

While Jan-Sept unit sales contracted by 2.7% to 1,170,271 units,
sales revenues rose to KRW19.751 trillion, equivalent to a 2.5%
improvement over the same period last year thanks to new Santa
Fe SUV and Grandeur (Azera) premium sedan which enriched the
product mix and lifted margins.  Net profit for the Jan-Sept
reached KRW989 billion, a decline of 40.4% over the same period
last year.

Hyundai's overseas manufacturing subsidiaries in India, China
and the United States continue to show positive growth on both a
unit sales and revenue basis.  The company reported equity
earnings of KRW52.3 billion, KRW100.9 billion and KRW57.3
billion on its investments in Beijing Hyundai Motor Co, Hyundai
Motor India and Hyundai Motor Manufacturing Alabama.  

Full details of the company's third quarter business results are
posted in the IR Presentation area on the Investor Relations Web
site http://ir.hyundai-motor.com/eng/index.html

                      About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the    
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung has been indicted early in May 2006 for fraud
charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.


SK CORP: Share Buyback Cues Fitch to Change Outlook to Negative
---------------------------------------------------------------
Fitch Ratings today changed the rating Outlook on Korea-based SK
Corporation's 'BBB-' Long-term foreign currency Issuer Default
rating to Negative from Stable, following its planned KRW863.2
billion (US$909 million) share buyback announcement.  At the
same time, Fitch affirmed SK's Long-term foreign currency IDR
and senior unsecured debt rating at 'BBB-' and Short-term rating
at 'F3'. About USD300m of debt is affected.

SK announced today that it would purchase about 10% of its
shares (or 1.3m shares) over the next three months from the open
market.  The share buyback is expected to be funded through
asset disposals and the issuance of asset-backed securities.

This comes in the wake of SK's debt-financed acquisition of a
90.6% stake in SK-Incheon Oil Co., Ltd. completed in March 2006
and the share buyback worth KRW538bn during the first half of
2006, both of which Fitch projects would weaken SK's funds from
operations adjusted net leverage ratio to about 3.5x by end-2006
from 3.1x at end-2005.

SK also plans to sell part of its stake in SK-Incheon although
it will maintain a controlling share in this subsidiary.  Fitch
expects SK will use the proceeds from the partial sale to pay
down debt.  The Negative Outlook factors in the potential
execution risk associated with the partial sale of its stake in
SK-Incheon, and the possibility that SK's financial profile will
further deteriorate and not return to its pre-acquisition level
by end-2007.

"SK's rating could be negatively affected if SK does not
satisfactorily progress its funding plan for the share buyback
including the partial sale of its stake in SK-Incheon over the
next 12 months and if the recovery of its leverage measures
takes longer than Fitch expects, but any negative rating action
is likely to be limited to a one notch downgrade," commented Ms.
Mikyung Kwon, director in Fitch's Asia-Pacific energy and
utilities team.

The ratings continue to reflect SK's dominant position as the
leading energy and chemical company in Korea and its diversified
exposure across the energy value chain.  As a result of the
acquisition of SK-Incheon, SK became the fourth-largest oil
refinery in the Asia-Pacific region in terms of refining
capacity.  Given the country's heavy dependence on oil as a
source of energy, SK also benefits from the sustainable demand
for refined petroleum products.

Meanwhile, its growing oil and gas exploration and production
business increasingly provides a natural hedge for SK's
downstream refining and petrochemical products.  The ratings
also consider the improved financial profile of SK Networks and
SK Shipping that underwent financial difficulties in 2003 and
subsequently were bailed out by SK.  Continuous enhancement of
corporate governance standards has also been taken into account.

Fitch remains concerned over the effect of fluctuations in
petroleum prices and the cyclicality of petrochemical demand on
SK's earnings.  Its heavy dependence on foreign oil supplies
exposes SK to substantial supply and price risks, although these
are mitigated to some extent by long-term purchase contracts,
increasing share of oil and gas from E&P projects, and a
relatively favorable local regulatory environment (i.e. no price
control on petroleum and petrochemical products).

Given the current complex shareholding structure of SK Group,
the contagion risk from its troubled affiliates remains,
although Fitch views that this has been significantly reduced in
line with continuous improvement seen at SKN and SKS as well as
enhanced corporate governance.

A return to a Stable rating Outlook would likely result from the
recovery of SK's credit metrics to the post-acquisition level by
end-2007, led by successful execution of the funding and debt
reduction plans and or improvement in its operating performance.
Fitch will monitor the progress of SK's funding plan, partial
sale of its stake in SK-Incheon and operating performance.

                       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.


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

SBBS CONSORTIUM: SC Suspends Securities Trading
-----------------------------------------------
On October 29, 2006, the trading of the securities of SBBS
Consortium Berhad has been suspended pursuant to Paragraph
9.23(a) of Bursa Securities' Listing Requirements, due to the
company's failure to submit for public release its Annual Report
for the financial year ended December 31, 2005, which was due on
June 30, 2006.

In accordance with Paragraph 9.26 (4) of the Listing
Requirements, a trading suspension will be imposed on the listed
securities of SBSS.  However, since SBSS has already been
suspended from trading since March 31, 2006, due to a wind-up
entered pertaining to the company, the suspension will continue
regardless of the recent trading halt action.

Prior to the suspension, SBSS has also in some cases failed to
submit its financial reports.  The Troubled Company Reporter -
Asia Pacific recounts on August 25, 2006, that SBSS has failed
to submit its first quarter report for the period ended
March 31, 2006.  

A previous TCR-AP report on August 4, 2006, stated that the
Bursa Securities, on July 31, 2006, publicly reprimanded and
imposed a fine on SBBS for failing to issue its annual audited
accounts for the financial year ended December 31, 2005, which
previously was due on April 30, 2006.  The public reprimand and
fines were imposed after taking into consideration the various
relevant factors including the fact that SBBS had previously
breached the Listing Requirements.

                     About SBBS Consortium

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.

Due to its inability to service loan facilities, the company had
entered into various negotiations with its bank creditors, and
in order to ensure that these creditors are treated on a pari
passu basis, the company had ceased making repayments to its
bank creditors on an ad-hoc basis.  As a consequence of this
treatment, its bank creditors have taken various measures to
recover their outstanding loans.  

Negotiations between the company and its bank creditors are
nonetheless, still continuing.  The company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the company is working to implement corporate rehabilitation
exercises to turn its business around.  On May 9, 2006, SBBS
acknowledged that it belongs to Bursa Malaysia Securities
Berhad's Practice Note 17/2005 category because it is insolvent
by virtue of the wind-up order granted by the Kuala Lumpur High
Court on March 29, 2006.


SELOGA HOLDINGS: Finalizing Revamp Plan to Regularize Condition
---------------------------------------------------------------
Seloga Holdings Berhad, on October 2, 2006, disclosed that it is
still in the midst of finalizing a comprehensive restructuring
scheme to regularize its financial conditions.

Based on a May 9, 2006 disclosure, the company's plan to
regularize its financial conditions involves the Proposed
Capitalization of MYR3,500,000 which is due to Tan Sri Halim
Saad, a substantial shareholder of Seloga, by the issuance of
new ordinary shares of MYR1.00 each in the company at a still-
to-be-determined issue price.

The Proposed Capitalization is anticipated to increase the
shareholders' equity on a consolidated basis to 25% of its
issued and paid-up capital, which will regularize its condition
from the Amended PN17.

The company intends to make the applications to the relevant
authorities to regularize its financial condition by January 11,
2007, as required under the Bursa Malaysia Securities Berhad's
Listing Requirements.

Seloga has been classified as an Affected Listed Issuer of the
Amended Practice Note No. 17/2005 of Bursa Securities, when the
company's Financial Results for the quarter ended March 31,
2006, showed:

   -- a shareholders' equity on a consolidated basis was less
      than 25% of its issued and paid-up capital; and

   -- the shareholders' equity is less than the minimum issued
      and paid-up capital of MYR40 million.

                          About Seloga

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings  
Berhad's -- http://www.seloga.com.my/-- principal activities    
are the provision of civil engineering contracting services,  
property development, provision of insurance agency services and  
investment holding.  Other activities include mechanical and  
electrical engineering contracting services and manufacture of  
timber moldings.  The Group operates predominantly in Malaysia.

As of June 30, 2006, the company's balance sheet showed total
current assets of MYR95.593 million and total current
liabilities of MYR86.451 million.


TALAM CORPORATION: 2nd Qtr. Revenue Down by 17.5% at MYR52-Mil.
---------------------------------------------------------------
Talam Corporation Berhad has submitted its financial results for
the second quarter ended July 31, 2006, to the Bursa Securities.

For the second quarter ended July 31, 2006, Talam posted
MYR52,487,000 of consolidated revenues, a decrease of 17.5% as
compared to MYR63,655,000 in revenues for the same quarter last
year.  The decrease in revenue was mainly attributable to lower
locked in sales and soft property market.

The group also recorded MYR7,425,000 loss before tax, for the
second quarter ended July 31, 2006, a decrease of 89.6% as
compared with MYR71,521,000 for the same quarter last year.  The
89.6% decrease in loss before tax was mainly due to substantial
development costs recognized in the income statement in the
corresponding quarter in the preceding year arising from the
sales of several land from the remaining land bank held for
development of certain projects.  These developments costs were
apportioned to the land in accordance to the original
development value, which was much higher than the land sales
value thus resulting in under recognition of development costs
in prior years.

The group also recorded a MYR4,790,000 loss for the period ended
July 31, 2006, a significant reduction as compared with the
MYR78,133,000 loss for the period ended July 31, 2005.

As of July 31, 2006, the group's balance sheet showed strained
liquidity with current assets of MYR1,589,500,000 available to
pay current liabilities of MYR2,634,006,000.  Total assets as of
July 30, 2006, amounted to MYR3,203,286,000 and total
liabilities was MYR2,872,362,000, resulting in a stockholders'
equity of MYR330,924,000.

Talam's financial report for the Second Quarter Ended July 31,
2006, is available for free at:

           http://bankrupt.com/misc/tcrap_talam-2ndqtr.pdf

                          About Talam Corp.

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

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


TALAM CORPORATION: Inks Ambang Settlement Agreement
---------------------------------------------------
On October 5, 2006, a Settlement Agreement has been signed
between Talam Corporation Berhad, Ambang Sentosa Sdn Bhd,
Maxisegar Sdn Bhd, and PB Trustee Services Berhad.

Ambang Sentosa has purchased assets from Maxisegar under an
Asset Sale Agreement and has undertaken an issuance of Al-Bai
Bithaman Ajil Islamic Debt Securities of MYR986 million (varied
BaIDs) constituted by a Trust Deed both dated June 26, 2003, as
supplemented and amended by an Amendment and Restatement
Agreement dated July 28, 2005.

As at July 28, 2006, MYR498 million of Primary Notes and
MYR30.875 million of Secondary Notes in respect of Varied BaIDs
remain outstanding comprising the Varied BaIDs of Class B and
Class C.

Moreover, Ambang Sentosa, Maxisegar and Talam have requested PB
Trustee to agree to the settlement of Ambang Sentosa and
Maxisegar's respective obligations to PB Trustee as set out in
Talam's Proposal through the Settlement Agreement.

                       Talam's Proposal

The Settlement Agreement encompasses Talam's proposal that
incorporates these salient terms:

   * to settle MYR503.8 million as full and final settlement
     of Varied BaIDs as follows:

     -- cash portion of MYR67.8 million and all profits accruing
        thereon in the Escrow Accounts and the BaIDs Redemption
        Account as at the Cash Portion Payment Date;

     -- secured Al-Bai Bithaman Ajil Islamic Debt Securities of
        up to an aggregate nominal value of MYR150 million
        Settlement BaIDs to be issued in one series by Talam
        with tenure of eight years and at issuer's option to
        extend for another two years; and

     -- MYR286 million of Redeemable Convertible Preference
        Shares of par value at MYR0.20 per Redeemable Shares
        with a maturity period of five years with a further
        extension of maximum of two years.

The condition precedents set by the Trustees are:

  i. in respect of Ambang Sentosa, board resolution authorizing
     the Settlement Agreement and corporate documents;

ii. in respect of Maxisegar, board resolution and corporate
     documents, and the relevant documents pertaining to the
     creation of a valid Charge;

iii. in respect of Talam, the relevant Securities Commission
     approvals pertaining to the Settlement BaIDs, RCPS and the
     new shares, the relevant resolutions pertaining to the
     novation, issuance of the Settlement BaIDs and RCPS to the
     Trustee, issuance of new shares at the Conversion Price and
     the execution of the Settlement Agreement; and

iv. that the contractor be accepted within 7 days of the
     Settlement Agreement by the bondholders appointed for the
     project.

The Proposed Settlement will derive Talam goodwill from
assisting Ambang Sentosa and Maxisegar to settle both their
indebtedness by performing their obligations under the
Settlement Agreement.

                      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.  As of July 31, 2006, the group's balance sheet, showed
strained liquidity with current assets of MYR1,589,500,000
available to pay current liabilities of MYR2,634,006,000.  Total
assets amounted to MYR3,203,286,000 and total liabilities of
MYR2,872,362,000 resulting in a stockholders' equity of
MYR330,924,000.

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: Trustee and Noteholders Approve MuNIF
--------------------------------------------------------
On October 11, 2006, Europlus Corporation Sdn Bhd, a subsidiary
of Talam Corporation Berhad, has received from ABB Trustee
Berhad, a written notice informing that the Noteholders of
Europlus' Murabahah Notes Issuance Facility of MYR196 million
have on September 25, 2006, approved and passed the resolution
in writing on Talam's restructuring proposal on the Murabahah
Notes Issuance.

Europlus has undertaken an issuance of the Murabahah Notes of
MYR350 million constituted by a Trust Deed dated September 19,
2000, supplemented and amended by a Supplemental Trust Deed
dated July 3, 2003.  As at to date, the amount of MYR196 million
under the Murabahah Notes remains outstanding.

Europlus and Talam have requested ABB Trustee and Abrar
Discounts Berhad -- the facility agent -- to agree to the
settlement of Europlus' obligations to the ABB Trustee in
respect Europlus' issuance of the Murabahah Notes of
MYR350 million as set out in Talam's Restructuring Proposal.

The proposed full settlement of MYR196 million outstanding
amount under the Murabahah Notes Issuance will be satisfied by:

   -- the settlement of MYR6 million in cash by applying the
      monies available in the Sinking Fund Account; and

   -- the settlement of MYR190 million balance through the
      issuance of Redeemable Convertible Secured Loan Stocks by
      Talam.  The Loan Stocks will be secured against properties
      with a total forced sale value of not less than
      MYR190 million.

Through the restructuring proposal, Talam will derive goodwill
from assisting Europlus to settle its indebtedness by performing
the obligations under the restructuring proposal.

Talam's issued and paid up share capital will increase by
MYR190 million, upon the completion of the restructuring
proposal and assuming the full conversion of the Loan Stocks.

Moreover, upon the completion of the restructuring proposal and
assuming the full conversion of the Loan Stocks, Talam's Group
Net Assets will increase by MYR190 million.

The restructuring proposal will not have any material effect on
the earnings per share of the Talam Group for the financial year
ending January 31, 2007.  However, upon completion of the
restructuring proposal, there will be positive impact on the
future earnings of the Group.

                       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.  As of July 31, 2006, the group's balance sheet, showed
strained liquidity with current assets of MYR1,589,500,000
available to pay current liabilities of MYR2,634,006,000.  Total
assets amounted to MYR3,203,286,000 and total liabilities of
MYR2,872,362,000 resulting in a stockholders' equity of
MYR330,924,000.

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.


TECHVENTURE BERHAD: Negotiates with Lenders for its Debt Revamp
---------------------------------------------------------------
Techventure Berhad disclosed on October 27, 2006, that it is
still working on the proposed debt-restructuring scheme with the
financial institution lenders.

Techventure will eventually inform Bursa Malaysia Securities on
the status of the scheme.

The Troubled Company Reporter - Asia Pacific stated on
August 31, 2006, that the company was required to submit a
financial restructuring plan to the Securities Commission since
it was identified as an affected listed issuer of Practice Note
17 category under Bursa Securities.

The company fell under the category because:

   -- the auditors have expressed a modified opinion with
      emphasis on Techventure's going concern status in the
      latest audited accounts for the financial year ended
      December 31, 2005; and

   -- there are defaults in payment by Techventure and its major
      subsidiaries as announced pursuant to Practice
      Note No. 1 and Techventure is unable to provide a solvency
      declaration to Bursa Malaysia Securities Berhad.

In the event Techventure fails to comply with the obligation to
regularize its condition, all its listed securities will be
suspended from trading and delisting procedures will be
commenced against the Company.

                    About Techventure Bhd

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

In June 2003, the Company proposed a debt-restructuring program
to its financial institution lenders to avoid liquidation.  In
May 2006, the Company was categorized under the Amended Practice
Note 17 category of the Bursa Malaysia Securities Berhad's
Listing Requirements.  As an affected listed issuer, the Company
is required to regularize its financial condition or risk being
delisted from the Official List of Companies.


TENAGA NASIONAL: To Sell TNB Despite Expected Losses, CEO Says
--------------------------------------------------------------
Tenaga Nasional Bhd may dispose of its Indonesian unit, TNB Coal
International Ltd, if selling it is the best option available,
Antara News reports, citing the company's chief executive
officer, Che Khalib Mohd Noh, as telling Bernama News.

According to the report, Mr. Che Khalib says that Tenaga is
considering the sale of TNB Coal even if it has to incur losses.  
He points out that any losses connected with the sale are likely
to be insignificant.

Antara notes that Tenaga owns 92.5% of TNB Coal, which owns
coal-mining rights in Kalimantan, Indonesia, and the rest of the
firm is held by coal mine concession owner Robert Priantono
Bonosusatya.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 18, 2006, that Tenaga had decided to keep a majority stake
in TNB Coal even if it has received various attractive offers
from third parties for the coal producing unit.

The TCR-AP report stated that PT Adaro, Indonesia's largest coal
producer, and PT Pamapersada Nusantara, may have submitted
offers to Tenaga Nasional.

PT Adaro, the report said, wants to buy the mining stake in
TNB Coal for US$23.75 million (MYR87.63 million).  It plans to
make an upfront payment of US$5.50 million (MYR20.29 million)
and a deferred payment of US$18.25 million (MYR67.34 million) on
a staggered basis.  Pama, on the other hand, offered to buy TNB
Coal by writing off Tenaga Nasional's investments and advances,
totaling US$28.9 million (MYR106.64 million).

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity. The Company
also manufactures, sells and repairs transformers and
switchgears. It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services. It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's gave the Company a 'Ba' rating due to its relatively
high financial leverage and significant PPA obligations.


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

AIR NEW ZEALAND: Unions Ask Gov't. to be an Active Shareholder
--------------------------------------------------------------
Unions want the New Zealand Government to be a more active
shareholder in Air New Zealand, to stop the airline from
shedding more jobs, Newstalk ZB relates.

According to Newstalk, the Government owns 80% of the national
carrier and there are calls for it to buy up the remaining 20%.

Air New Zealand is an important strategic asset, Newstalk cites
Engineers Union boss Andrew Little as saying.

According to Mr. Little, Air New Zealand keeps coming up with
radical proposals to contract out jobs, which do not make
economic sense.

As reported in the Troubled Company Reporter - Asia Pacific on
October 13, 2006, nearly 1,700 Air New Zealand jobs are under
threat, with the company considering the outsourcing of staff in
its Airport Services Division.

The TCR-AP also previously reported that about 70 clerical jobs
in Air NZ's finance business area, now called Financial Shared
Services, will go to Fiji starting January 2007.

                      About Air New Zealand

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

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

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


CULINARY AIR: Liquidation Commenced on October 9
------------------------------------------------
On October 9, 2006, shareholders of Culinary Air Ltd, resolved
by special resolution to liquidate the company's business.

In this regard, Andrew James Stewart was appointed as
liquidator.

The Liquidator can be reached at:

         Andrew James Stewart
         Level Nineteen, Morrison Kent House
         105 The Terrace, Wellington
         New Zealand
         Telephone:(04) 472 0020
         Facsimile:(04) 472 7017


DOLAN BUILDINGS: Faces Liquidation Proceedings
----------------------------------------------
A petition to liquidate Dolan Buildings Ltd was heard before the
High Court of Palmerston North on October 30, 2006.

The Commissioner of Inland Revenue filed the petition with the
Court on September 13, 2006.

The Solicitor for the Petitioner can be reached at:

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


EXPOSURE BY DESIGN: Names John Michael Gilbert as Liquidator
------------------------------------------------------------
On October 11, 2006, John Michael Gilbert was named liquidator
for Exposure by Design Ltd.

Mr. Gilbert will be receiving proofs of claim from the Company's
creditors on November 8, 2006.  Failure to present proofs of
debt will exclude a creditor from sharing in 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


FELTEX CARPETS: AU Gov't. to Refer Employment Dispute to the OWS
----------------------------------------------------------------
The Australian Federal Government will refer a dispute over
employment agreements in Victoria to the Office of Workplace
Services involving 300 workers employed by Feltex Carpets
Limited in Australia, ABC News Online reports.

The report cites the textile union, as saying the employees have
been told by Godfrey Hirst that they must sign individual
contracts otherwise they will lose their jobs and will not
receive any redundancy entitlements.

According to textile union Victorian secretary Michele O'Neil,
"under the AWA, all of the award conditions that underpin their
current union collective agreement are taken away," ABC News
relates.

However, Godfrey Hirst spokesman David Wilson asserts that the
company is committed to negotiating a collective agreement with
the union, ABC News further relates.

"It's our intention to offer each and every employee a job going
down the track, we've offered a collective agreement it's been
in draft form for some considerable time, the union has rejected
it," ABC News cites Mr. Wilson as saying.

"All we ask is that they negotiate it and stop politicizing the
whole issue and provide a future for the workers and a future
for the company," Mr. Wilson adds.

                          About Feltex

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--  
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.  
In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.


FELTEX CARPETS: Asset Sale Contracts Executed, McGrathNicol Says
----------------------------------------------------------------
The Receivers and Managers -- McGrathNicol and Partners -- of
Feltex Carpets Limited inform the New Zealand Stock Exchange
that contracts have been executed for the sale of Feltex
Carpets' assets and operations to the Godfrey Hirst Group, on
terms consistent with their previous announcements.

As reported in the Troubled Company Reporter - Asia Pacific on
October 4, 2006, McGrathNicol and Partners have accepted Godfrey
Hirst's offer to buy Feltex as a going concern, including its
assets and undertakings in New Zealand, Australia, and the
United States.

The Receivers anticipate for the handover to occur in early
November 2006, the TCR-AP noted.

McGrathNicol and Godfrey Hirst are currently preparing change in
ownership.  Progress is being made towards a handover in
November 2006, McGrathNicol notes.

                          About Feltex

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--  
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.  
In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.


FELTEX CARPETS: Five Directors Resign
-------------------------------------
Feltex Carpets Limited disclosed with the New Zealand Stock
Exchange that Tim Saunders, Michael Feeney, John Hagen, and
David Hunter resigned on October 19, 2006, as directors of the
company.

Peter Thomas has resigned on September 22, 2006, the day
McGrathNicol and Partners was appointed as receivers for the
company.

With the management of the company and its assets under the full
control of the company's receivers, the directors have
effectively ceased to have any ability to fulfill their ongoing
responsibilities as directors, Feltex said.

                          About Feltex

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--  
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.  
In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.


FROZEN FOODS: Shareholders Opt to Liquidate Business
----------------------------------------------------
On October 9, 2006, shareholders of Frozen Foods Investment Ltd
resolved to liquidate the company's business and appointed
Andrew James Stewart as liquidator.

The Liquidator can be reached at:

         Andrew James Stewart
         Level Nineteen, Morrison Kent House
         105 The Terrace, Wellington
         New Zealand
         Telephone:(04) 472 0020
         Facsimile:(04) 472 7017


GOLDEN ENTERPRISES: Court Appoints Joint Liquidators
----------------------------------------------------
On October 5, 2006, the High Court of Auckland appointed John
Trevor Whittfield and Peri Micaela Finnigan as joint and several
liquidators of Golden Enterprises Ltd.

Accordingly, creditors of the Company are required to prove
their claims to the Joint Liquidators by November 24, 2006.

The Joint Liquidators can be reached at:

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


KAYEM PROJECTS: Creditors Must Prove Debts by November 13
---------------------------------------------------------
On October 12, 2006, Arron Leslie Heath and Michael Lamacraft
were appointed as joint and several liquidators of Kayem
Projects Ltd.

Subsequently, Company's creditors are required to submit their
proofs debt to the liquidators by November 13, 2006, or they
will be excluded from sharing in any distribution the Company
will make.

The Joint Liquidators can be reached at:

         Arron Leslie Heath
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


LEYHATTON INNOVATIONS: Court Hears Liquidation Petition
-------------------------------------------------------
The High Court of Palmerston North heard a liquidation petition
against Leyhatton Innovations Ltd on October 30, 2006.

Michael Eliot Voss and Alison Weston Voss filed the petition on
September 8, 2006.

The Solicitor for the Petitioner can be reached at:

         D. J. S. Parker
         Parker and Associates
         Level Four, 40 Johnson Street
         Wellington
         New Zealand
         Facsimile:(09) 499 0391


LOADED HOG: Liquidation Petition Hearing Set on Nov. 16
-------------------------------------------------------
On August 30, 2006, the New Zealand Customs Service filed, a
liquidation petition against The Loaded Hog Brewing 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:

         K. F. Quinn
         Forest Harrison
         Level Six, 5 High Street
         (P.O. Box 6211), Auckland
         New Zealand


OKLEYS CONSTRUCTION: Liquidation Petition Hearing Set on Nov. 2
---------------------------------------------------------------
On September 18, 2006, the Commissioner of Inland Revenue filed
a petition to liquidate Okleys Construction Company Ltd before
the High Court of Napier.

The petition will be heard on November 2, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         R. J. Collins
         Elvidge & Partners
         Corner of Raffles and Bower Streets
         Napier
         New Zealand


PW CARPARKS: Court to Hear Liquidation Petition on November 9
-------------------------------------------------------------
A liquidation petition filed against PW Carparks Ltd will be
heard before the High Court of Auckland on November 9, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 30, 2006.

The Solicitor for the Petitioner can be reached at:

         Adam R. A. Pell
         Auckland South Service Centre
         17 Putney Way
         (P.O. Box 76-198), Manukau City
         New Zealand


SEAVIEW BOATS: Creditors' Proofs of Claim Due on November 13
------------------------------------------------------------
On October 9, 2006, the High Court of Wellington appointed John
Francis Managh as liquidator of Seaview Boats Ltd.

Accordingly, Liquidator Managh requires the Company's creditors
to file their proofs of claim by November 13, 2006.  Failure to
comply with the requirement will exclude a creditor from sharing
in any distribution the Company will make.

The Liquidator can be reached at:

         John Francis Managh
         Gladstone Chambers
         50 Tennyson Street
         (P.O. Box 1022), Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280
         Email: jmanagh@xtra.co.nz


SYSTEM WORKS: Court Sets Date to Hear Liquidation Petition
----------------------------------------------------------
A liquidation petition filed against System Works Ltd will be
heard before the High Court of Christchurch on November 13,
2006, at 10:00 a.m.

Computer Concepts Ltd filed the petition on September 28, 2006.

The Solicitor for the Petitioner can be reached at:

         G. P. Tyrrell
         Saunders & Co
         227 Cambridge Terrace
         (P.O. Box 18), Christchurch
         New Zealand
         Telephone:(03) 379 7690
         Facsimile:(03) 353 0469


* S&P Set to Rank NZ's Finance Companies Against Each Other
-----------------------------------------------------------
Standard & Poor's is due to say this week whether it will go
ahead with a ratings scale, ranking New Zealand's finance
companies against each other, Rob Stock of the Sunday Star Times
reports.

The government is considering making credit ratings mandatory
for all deposit-takers after the collapses of Provincial
Finance, Western Bay Finance, and National Finance 2000, Sunday
Star relates.

Mr. Stock explains that the aim of credit ratings is to help
investors identify the risks lurking behind the shiny finance
firm facades.  From that it can be deduced easily whether they
are paying fair interest rates, or offering low rates to pose as
a safe investment, Mr. Stock says.

The proposed S&P rating scale would do anything but that, Sunday
Star notes.

The paper relates that this month, in a closed-door meeting of
the Financial Services Federation, S&P's plans for a rating
scale was criticized.

According to Stuff.co.nz, members were concerned the 10 ratings
on the scale would not be comparable to S&P's international 22-
rung ratings scale, or that of Fitch and Moody's.  The scale
would also be far less precise, Stuff.co.nz notes, adding that
S&P have confirmed both points.

Thus, the ratings would be useless for comparing finance company
risks with those of other bond issuers or bank term deposits,
which have full ratings from the likes of S&P, Fitch, and
Moody's, Stuff.co.nz says.

Neither would the proposed S&P scale have an "investment grade"
line in the sand -- the notional line below which investments
are considered to be junk bonds, stuff.co.nz adds.

Sunday Star cites Justin Kerr, chief executive of the
federation, as saying regulators would be unlikely to accept the
scale as a true credit rating.  Any regulator with sense will
demand comparability between all the ratings it "approves" for
use, Mr. Kerr asserts.

Sunday Star says S&P should ditch the plan, and would be better
learning a lesson from smaller New Zealand rival Risk Analysis,
the reincarnation of Rapid Ratings.  Risk Analysis claims its
ratings are comparable with full S&P, Moody's, and Fitch
ratings, and as thorough -- which passes the kinds of tests any
regulator would have in mind, the paper relates.

Ratings are not yet widely understood, though that would change
if they were made mandatory, stuff.co.nz notes.

Just how poorly understood was shown last week when Geneva
Finance was censured for its adverts which played on public
ignorance by implying a B+ rating from S&P was a stamp of
security, after 20% of companies with B ratings from S&P
defaulted in the five-year period between 1989 and 2004,
stuff.co.nz recounts.

Introducing S&P's proposed ratings scale would just deepen that
confusion, Sunday Star says.

The Troubled Company Reporter - Asia Pacific reported on October
27, 2006, an advertisement for Geneva Finance debenture stock
that highlighted a B+ Standard and Poor's credit rating has been
found wanting by the Advertising Standards Complaints Board.

The TCR-AP said the board upheld a complaint that the
advertisement would give consumers a false sense of security.  
According to the complaint, the stock sounded good because of
the B plus rating but was a junk bond.


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

APEX MINING: Appoints Directors and Corporate Officers
------------------------------------------------------
Atlas Mining Co., Inc., informs the Philippine Stock Exchange
that during the company's Special Board Meeting held on
October 26, 2006:

   A. the resignation of two Independent Directors were
      accepted:

      1. Arsenio Benjamin Santos, and
      2. Pablo A. de Borja

   B. four Directors were elected:

      1. Baiverth M. Diabo -- Independent,
      2. Atty. Ernesto T. Caluya -- Independent,
      3. William LeClair, and
      4. Simon Booth

   C. Board Committees were appointed:

      * Nomination Committee:

        Leo Cleto A. Gamolo (Chairman)
        David Attewill
        Timoteo B. Aquino
        Ernesto Caluya

      * Remuneration Committee:

        David Attewill (Chairman),
        Leo Cleto A. Gamolo,
        William LeClair, and
        Baiverth M. Diabo

      * Audit Committee:

        William LeClair (Chairman),
        David Attewill, and
        Atty. Ernesto T. Caluya

   D. Corporate Officers were also appointed:

      Leo Cleto A. Gamolo -- Chairman and President

      Joel Muyco          -- Vice President for Operations/
                             Masara Resident Manager

      David B. Puyat      -- Corporate Secretary

      Genoveva Ruina      -- Asst. Corporate Secretary

      Meredith Maliwat    -- Treasurer

      Jose Manuel Banayad -- Compliance Officer for Good
                             Governance/Corporate Information
                             Officer

                        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.


ARANETA PROPERTIES: Elects Board Members for 2006-2007
------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that
Araneta Properties, Inc.'s Annual Stockholders' Meeting was
reset to October 27, 2006, with a record date of stockholders
entitled to vote on September 12, 2006.

In an update, Araneta Properties informed the Philippine Stock
Exchange that during the ASM, members of the company's Board of
Directors for the year 2006-2007 were elected:

   1. Benito R. Araneta,
   2. Gregorio Ma. Araneta III,
   3. Carlos R. Araneta,
   4. Roberto V. Ongpin,
   5. Cesar C. Zalamea,
   6. George L. Go, and
   7. Rene B. Azurin, and

   as Independent Directors:

   8. Perry L. Pe, and
   9. Alfredo de Borja

The company also disclosed that SGV and Co. was re-appointed as
the external auditor for the taxable year 2006.

                      Board Elects Officers

In an organizational meeting of the Board of Directors held
subsequent to the stockholders' meeting, these officers were
elected:

   Benito R. Araneta        -- Chairman
   Gregorio Ma. Araneta III -- President/CEO/ Vice-Chairman
   Crisanto Roy B. Alcid    -- Executive Vice President
   Jose Antonio Rodenas     -- Vice President
   Carlos R. Araneta        -- Treasurer
   Atty. Lou Rodriguez      -- Corporate Secretary
   Atty. Rhoan Purugganan   -- Asst. Corporate Secretary

Additionally, members of the various committees were appointed:

Audit Committee:

   Alfredo De Borja
   Gregorio Ma. Araneta III
   Roberto V. Ongpin

Nomination Committee:

   Alfredo de Borja
   Benito R. Araneta
   Gregorio Ma. Araneta III

Remuneration Committee:

   Alfredo de Borja
   Carlos R. Araneta
   Gregorio Ma. Araneta III

                     About Araneta Properties

Araneta Properties, Inc., formerly known as Integrated Chrome
Corporation, was originally organized to mine chrome ore and
produce ferros metal or commonly known as ferrochrome.  It
changed its name to its present one and changed its primary
purpose to that of land and property development in 1997 with
the entry of the Araneta Group.  With its diversification to the
property development business, it relegated its original primary
purpose to that of a secondary concern.  ARA is now engaged in
the fine-tuning of a master plan for the development of 1,500
hectares of land located in the municipality of San Jose del
Monte, Bulacan, and Caloocan City.

J. Carlitos G. Cruz, of Sycip Gorres Velayo & Company raised
significant doubt on Araneta Properties' ability to continue as
a going concern, noting that the Company has incurred a net loss
of PHP22.9 million in 2005 and PHP55.9 million in 2004, and has
a deficit of PHP651.3 million  as of December 31, 2005, and
PHP626.6 million as of December 31, 2004.

According to Mr. Cruz, the Company's ability to continue as a
going concern depends on the successful development and
completion of its real estate for sale and development asset and
their subsequent sale at reasonable margins.

The Troubled Company Reporter - Asia Pacific reported on June 9,
2006, that the company posted a PHP15.91-million net loss for
the first quarter ending March 31, 2006, an 8.75% increase from
the previous corresponding period's net loss of PHP14.63
million.


ATLAS CONSOLIDATED: MGB Grants Priority Status to Berong Project
----------------------------------------------------------------
The Directors of Atlas Consolidated Mining and Development
Corporation disclosed to the Philippine Stock Exchange that the
company's Berong Nickel Project located in Palawan has been
granted Priority Mining Development Status by the Mines and
Geosciences Bureau under the Mining Revitalization Program of
the Philippines.

The Bureau is a Joint Venture among Atlas, Toledo Mining
Corporation Plc, and Investika Ltd.

As previously reported, the development of the mine site and
associated infrastructure is nearing completion as activities
focus on the extraction of a metallurgical bulk sample of 30,000
dry tons at a grade of 1.7% Nickel.  As of October 27, 2006,
4,000 wet tons of ore has been mined and placed on the coastal
stockpiles for shipment to customers by mid-November 2006.

Commercial mining operations are expected to commence in
November/December as soon as necessary final approvals are
secured from the Philippine Government.  Exports are targeted to
reach 80,000 to 90,000 dmt of ore for 2006, 620,000 dmt for
2007, and 1 million dmt in 2008 and beyond.  The grade of
laterite ore to be mined in the first year of operations is
estimated to average 1.9% nickel.

Kim Freeman, Managing Director of Atlas noted that "this is an
important project for Atlas with significant revenue potential
for the company.  The project enjoys professional management and
is operated under the highest environmental and social
standards."

                    About Atlas Consolidated

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

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

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


PHILIPPINE LONG DISTANCE: Opposes NTC's Plans to Impose SMP
-----------------------------------------------------------
Philippine Long Distance Telephone Company opposed the National
Telecommunication Commission' plans to impose Significant Market
Power obligations on dominant industry players, the Manila
Bulletin reports.

According to the report, SMP obligates dominant licensees to
publish access prices and interconnection agreements.  Non-
dominant competitors cannot set prices, terms and conditions
that are less attractive than those offered by dominant
licensees.  SMP also allows NTC to approve prices of end-user,
resale, and wholesale services, the Manila Bulletin adds.

Manila Bulletin notes that PLDT maintained that NTC's basis for
SMP intervention, as stated in its December 2005 and August 2006
Consultative Papers on Competition Policy, is vague.

PLDT also asserted that in the last 5 years, NTC has already
deregulated rates for leased lines and cellular mobile telephone
services, hence it does not see any reason why the commission
should want to regulate rates once wore, the paper adds.

"The PLDT Group remains unclear on what specific competitive
problems the NTC is seeking to solve," Manila Bulletin cites
PLDT as stating in the position paper it submitted to
Commissioner Ronald Olivar Solis.

PLDT further argued that SMP conflicts with the country's main
priority, which is to attract investment in telecoms and
telecoms-dependent sectors, Manila Bulletin relates.

PLDT explained "the Philippines should be seeking to promote
further landline penetration, additional mobile phone
penetration especially in hard-to-serve lower-income segments
and internet access through broadband infrastructure of all
types."

Manila Bulletin reveals that the Philippines currently has only
4% fixed line penetration and 1% broadband penetration.

"However, an SMP regime will lay the foundation for
interventions - such as unbundling or reselling - that will, in
fact, dramatically reduce the incentives for operators to invest
in such infrastructure, particularly in areas the NTC would
prioritize," according to the PLDT position paper, Manila
Bulletin says.

                          About PLDT

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

                          *     *     *

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

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.


VICTORIAS MILLING: Alexis R. Borlaza Resigns as Board Member
------------------------------------------------------------
During the meeting of the Board of Directors of Victorias
Milling Company Inc., held on October 27, 2006, the resignation
of Alexis R. Borlaza as member of the Board, Chairman of the
Audit Committee, and as member of the Executive and Budget &
Finance Committees -- was accepted.

                     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.


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

ADVANCED MICRO: Completes US$5.4 Billion ATI Purchase
-----------------------------------------------------
Advanced Micro Devices Inc. has completed its approximately
US$5.4 billion acquisition of ATI Technologies Inc.  With
approximately 15,000 employees, the company merges AMD's
technology leadership in microprocessors together with ATI's
leadership in graphics, chipsets and consumer electronics.

"Today marks a historic day for our employees, our partners and
our customers as we officially welcome ATI into the AMD family,"
said AMD Chairman and CEO Hector Ruiz.  "On day one, we are
delivering a winning set of complementary technologies, igniting
a new level of innovation and continuing to champion choice for
the industry.  Thanks to the strength of our talented employees,
the new AMD now has a full range of intellectual property in
microprocessors, graphics, chipsets and consumer electronics to
deliver open platforms and integrated solutions.  In the near
term, customers gain a new level of choice, and in the long
term, we believe the possibilities for innovation are truly
limitless."

                      Transaction Details

Under the terms of the transaction, AMD acquired all of the
outstanding common shares of ATI for a combination of
approximately US$4.3 billion in cash and 58 million shares of
AMD common stock, based on the number of shares of ATI common
stock outstanding on Oct. 24, 2006.  All outstanding options and
restricted stock units of ATI were assumed.  The value of the
ATI acquisition of approximately US$5.4 billion is based upon
the closing stock price of AMD common stock on Oct. 24, 2006 of
US$20.32 per share and excludes the value of assumed equity
awards.

AMD financed the cash portion of the transaction with a
combination of cash and new debt.  AMD obtained a US$2.5 billion
term loan from Morgan Stanley Senior Funding, Inc., which,
together with combined existing cash, cash equivalents, and
marketable securities balances of approximately US$1.8 billion,
provided full funding for the transaction.

AMD announced the final pro-ration applicable to ATI common
shares in the acquisition.  The total consideration to be paid
for each common share, based on the Parent Closing Stock Price
(as defined in the Plan of Arrangement, as amended), is
approximately US$21.36. The final election results indicate
these pro-ration:

     -- ATI shareholders who elected to receive cash will be
        entitled to receive, for each common share for which a
        valid cash election was made, approximately US$18.59 in
        cash plus approximately 0.1245 of a share of AMD common
        stock;

     -- ATI shareholders who elected to receive stock will be
        entitled to receive, for each common share for which a
        valid stock election was made, 0.9596 of a share of AMD
        common stock; and

     -- ATI shareholders who did not make a valid election will
        be entitled to receive, for each share for which no
        valid election was made, 0.9596 of a share of AMD common
        stock.

Pro-ration was necessary because the cash consideration elected
to be received exceeded the amount of cash available in the
acquisition. Any fractional shares will be paid in cash.

                   Integrated Platforms in 2007

Customers should benefit from AMD's and ATI's combined platform
development and technical support teams, which will be co-
located in Taipei and Shanghai.  Combined with the existing
Austin and Toronto locations, these sites offer research and
development and support to provide customers with a complete
solution for optimized platform development.

AMD plans to deliver a range of integrated platforms in 2007 to
serve key markets, including: commercial clients; mobile
computing; and gaming and media computing.  PC users will
benefit from innovations intended to extend battery life on the
next-generation AMD Turion 64 mobile technology-based platform
and enhancements to the AMD LIVE! digital media PC platform that
will enable users to get more from their favorite photos, music,
and movies.  AMD believes that these integrated platform
innovations will bring customers improved system stability,
better time-to-market, increased performance and energy-
efficiency and overall, an enhanced user experience.

"By driving innovation and integration in processing, especially
in graphics, the new AMD has the potential to empower
breakthrough computing experiences for users of Windows Vista,"
said Jim Allchin, Co-President of Microsoft's Platforms &
Services Division.  "We are excited by the potential benefits
that this union can bring to enhance the Windows Vista
experience."

AMD also sees an opportunity to deliver processing solutions to
the growing consumer electronics market.  The company intends to
leverage ATI's strength in the consumer market by pursuing new
opportunities to invest in the consumer electronics and high-end
discrete graphics markets.  With leading technology and customer
relationships, AMD is positioned to address digital convergence
by leveraging critical IP to create new innovations and devices
that facilitate end-to-end content delivery and connectivity to
improve end-user experiences.

                    CPU/GPU Silicon "Fusion"

AMD plans to create a new class of x86 processor that integrates
the central processing unit and graphics processing unit at the
silicon level with a broad set of design initiatives
collectively codenamed "Fusion."  AMD intends to design Fusion
processors to provide step-function increases in performance-
per-watt relative to today's CPU-only architectures, and to
provide the best customer experience in a world increasingly
reliant upon 3D graphics, digital media and high-performance
computing.

With Fusion processors, AMD will continue to promote an open
platform and encourage companies throughout the ecosystem to
create innovative new co-processing solutions aimed at further
optimizing specific workloads.  AMD-powered Fusion platforms
will continue to fully support high-end discrete graphics,
physics accelerators, and other PCI Express-based solutions to
meet the ever-increasing needs of the most demanding enthusiast
end-users.

"With the anticipated launch of Windows Vista, robust 3D
graphics, digital media and device convergence are driving the
need for greater performance, graphics capabilities, and battery
life," said Phil Hester, AMD senior vice president and chief
technology officer.  "In this increasingly diverse x86 computing
environment, simply adding more CPU cores to a baseline
architecture will not be enough.  As x86 scales from palmtops to
petaFLOPS, modular processor designs leveraging both CPU and GPU
compute capabilities will be essential in meeting the
requirements of computing in 2008 and beyond."

Fusion processors are expected in late 2008 or early 2009, and
the company expects to use them within all of the company's
priority computing categories, including laptops, desktops,
workstations and servers, as well as in consumer electronics and
solutions tailored for the unique needs of emerging markets.

                             About ATI

ATI Technologies Inc. designs and manufactures 3D graphics, PC
platform technologies and digital media silicon solutions.  With
fiscal 2005 revenues of US$2.2 billion, ATI has approximately
4,000 employees in the Americas, Europe and Asia.

                            About AMD

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE:AMD) -- http://www.amd.com/-- provides microprocessor
solutions for computing, communications and consumer electronics
markets.  The company has a facility in Singapore.  It has sales
offices in Belgium, France, Germany, the United Kingdom, Mexico
and Brazil.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on AMD.  The rating agency also assigned its 'BB-'
bank loan rating, one notch above the corporate credit rating,
and a '1' recovery rating to the company's proposed US$2.5
billion senior secured term loan, to be used as partial funding
of the acquisition.  S&P further raised its rating on the
company's US$600 million (US$390 million outstanding) senior
notes to 'B+' from  'B'.

At the same time, Moody's Investors Service assigned a Ba3
rating to AMD's US$2.5 billion senior secured bank facility
while confirming the Ba3 corporate family rating and Ba3 rating
on the company's US$390 million senior notes due 2012.  The
ratings reflect both the overall probability of default of the
company, to which Moody's assigns a PDR of Ba3, and a loss given
default of LGD3 for both the new bank facility and the US$390
million senior notes both of which will share the same
collateral and security package.


ADVANCED MICRO: Earns US$134 Million in Quarter Ended October 1
---------------------------------------------------------------
Advanced Micro Devices Inc. reported sales of US$1.33 billion,
operating income of US$119 million, and net income of US$134
million for the quarter ended Oct. 1, 2006.  These results
include US$16.5 million of employee stock-based compensation
expense.

In the third quarter of 2005, excluding the Memory Products
segment1, AMD reported sales of US$1.01 billion and operating
income of US$129 million.  In the second quarter of 2006, AMD
reported sales of US$1.22 billion and operating income of US$102
million.

"Third quarter sales increased 9% from the prior quarter, and
32% year-over-year, due to strong demand for all AMD processor
brands," said Robert J. Rivet, AMD's chief financial officer.

"Microprocessor unit shipments grew 18% sequentially as
customers continued leveraging AMD's open platform approach.
Demand for AMD Turion 64 mobile processors was especially
strong, resulting in record mobile processor sales and unit
shipments coupled with increased average selling prices.  Record
AMD Opteron processor sales resulted from continued adoption of
dual core processors, record unit shipments and improved ASPs."

Desktop processor sales were flat sequentially with increased
unit shipments offset by decreased ASPs.

AMD continued to successfully ramp production in both Fab 36 and
Chartered Semiconductor.  The conversion to 65-nanometer
production in Fab 36 is on track, with revenue shipments planned
for the fourth quarter.

Third quarter gross margin was 51.4%, compared to 56.8% in the
second quarter of 2006 and 55.4% in the third quarter of 2005.
The gross margin decrease was largely due to lower desktop
processor ASPs which caused a decline in overall processor ASPs.

AMD expects demand for its products to be seasonally strong in
the fourth quarter and sales to increase sequentially.

                            About AMD

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE:AMD) -- http://www.amd.com/-- provides microprocessor
solutions for computing, communications and consumer electronics
markets.  The company has a facility in Singapore.  It has sales
offices in Belgium, France, Germany, the United Kingdom, Mexico
and Brazil.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on AMD.  The rating agency also assigned its 'BB-'
bank loan rating, one notch above the corporate credit rating,
and a '1' recovery rating to the company's proposed USUS$2.5
billion senior secured term loan, to be used as partial funding
of the acquisition.  S&P further raised its rating on the
company's USUS$600 million (USUS$390 million outstanding) senior
notes to 'B+' from  'B'.

At the same time, Moody's Investors Service assigned a Ba3
rating to AMD's USUS$2.5 billion senior secured bank facility
while confirming the Ba3 corporate family rating and Ba3 rating
on the company's USUS$390 million senior notes due 2012.  The
ratings reflect both the overall probability of default of the
company, to which Moody's assigns a PDR of Ba3, and a loss given
default of LGD3 for both the new bank facility and the USUS$390
million senior notes both of which will share the same
collateral and security package.


CKE RESTAURANTS: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency
confirmed its B1 Corporate Family Rating for CKE Restaurants
Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150m Senior
   secured revolver
   due 2007               B1       Ba2     LGD2       29%

   US$230m Senior
   secured term
   loan B due 2009        B1       Ba2     LGD2       29%

   US$105m 4%
   convertible
   subordinated
   notes due 2023        Caa1      B3      LGD6       95%

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%).

                        About CKE Restaurants

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


COMPACT METAL: Inks Ratus Projek Acquisition Agreement
------------------------------------------------------
Compact Metal Industries Ltd informed the Singapore Stock
Exchange that as part of its Proposed Restructuring Exercise, it
has entered with several vendors into a share sale agreement of
13,439,750 ordinary shares at MYR1.00 each in Ratus Projek Sdn
Bhd comprising the entire issued and paid up share capital of
Ratus Projek.

Moreover, it was proposed that Compact Metal will acquire the
entire issued and paid-up Ratus Projek Shares from the vendors,
for a purchase consideration of SGD4.28 million, (approximately
MYR9,560,061) which shall be satisfied by the issuance of the
company's ordinary shares at an issue price of SGD0.02 per
Share.  The purchase consideration was based on Ratus Projek's
adjusted audited net tangible asset which, was derived from the
audited net tangible loss as at December 31, 2003, adjusted to
take into account the capitalization of certain amount of
MYR12,439,750 that is due to the shareholders and directors and
the impairment charge of MYR1,961,109 arising from the market
valuation of the Masai Property as at December 31, 2003.

Accordingly, 214,149,478 Ratus Projek Converted Shares shall be
issued to the vendors in proportion to their respective
shareholdings in Ratus Projek.

As the group is in a tangible loss position, the entire issued
and paid up share capital of Ratus Projek shall be injected into
the group.  The company will then give the participating
Creditor Banks a first fixed charge over the Ratus Projek
Converted Shares by way of a debenture.  The rationale for this
injection is to provide additional security to the Participating
Creditor Banks.

Accordingly, the Proposed Ratus Projek Acquisition is subject to
the following conditions:

a) the verification of the company or its professional and
    financial advisers that the following terms have been
    carried out completely which are:

     i. the increase of the authorized capital of Ratus Projek
        to MYR25,000,000; and

    ii. the conversion of the debts/advances amounting to
        MYR12,439,750 in aggregate into equity by way of
        allotment of 12,439,750 new Ratus Projek Shares;

b) the approval of the company's shareholders at the company's
    general meeting to complete the transactions, including but
    not limited to the issue of the Ratus Projek Converted
    Shares;

c) attainment of the consents and authorizations which are
    necessary under any applicable laws and regulations in
    Singapore in respect of the Ratus Projek transaction
    Acquisition Agreement, and including but not limited to the
    approval of the Singapore Exchange for the listing and
    quotation of the Ratus Projek Converted Shares, the approval
    of the Securities Industry Council of Singapore or the
    Monetary Authority for all the matters and conditions in
    relation to the proposed acquisition; and

d) the vendors to receive the copy of the offer information
    statement to be prepared by the company in relation to the
    proposed issue of the Ratus Projek Converted Shares for the
    lodgement with the Monetary Authority, document in form and
    substance satisfactory to the vendors.

However, if any of the mentioned conditions is not fulfilled or
not waived by the company by January 31, 2007, or other earlier
date as the parties may agree, the Ratus Projek Acquisition
Agreement shall cease.

                      About Ratus Projek

Ratus Projek is private limited company incorporated under the
laws of Malaysia.  The company's principal activity is property
development.  Ratus Projek owns a freehold property located at
Lot MLO 9009, Mukim Plentong Masai, Johor, Malaysia and the
developments, fixtures and buildings thereon.  Apart from owning
the Masai Property, Ratus Projek does not own any other assets
and did not carry on any trade activity.

                     About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.  The Group operates in Singapore,
Malaysia, Indonesia, the Philippines, and Australia

As reported by the Troubled Company Reporter - Asia Pacific on
August 10, 2006, Auditors KPMG raised significant doubt on the
Group's ability to continue as a going concern, citing the
Group's recurring loses and inability to meet repayment
obligations.

As of June 30, 2006, Compact Metal's consolidated financial
statement showed a net loss of SGD3,829,000, which is an
improvement from the SGD9,796,000 net loss recorded in the same
quarter of 2005.


LINENCARE LAUNDRY: High Court Orders Wind-Up
--------------------------------------------
The High Court of Singapore has entered a wind-up order
pertaining to Linencare Laundry & Drycleaning Services Pte Ltd
on October 20, 2006.

Ho Kum Chin has filed the wind-up petition against the company.

Accordingly, the creditors of Linencare are required to submit
their proofs of debt to the liquidator.

The company's liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PETROLEO BRASILEIRO: May Develop Mexilhao Field without Repsol
--------------------------------------------------------------
A source from Petroleo Brasileiro SA, the state-owned oil firm
of Brazil, told Estado Newswire that the company is about to
cancel an agreement with Repsol YPF SA regarding the joint
development of the former's Mexilhao natural gas field.

According to Dow Jones Newswires, Petroleo Brasileiro is the
sole owner of exploration rights for Mexilhao, which is located
in the Santos Basin off the coast of Sao Paulo.

Since early 2005 Petroleo Brasileiro and Repsol had studied a
joint development of Mexilhao, Estado says, citing the source.

The source told Dow Jones, "The initial idea was to share
investments, which were considered very high considering the
risks at this mega-field.  As time went by, the risk diminished
as we are getting to know better the characteristics of the
field and find efficient technological solutions."

However, a source from Repsol told Dow Jones that there is still
hope for a joint development ahead of a January 2007 deadline
for the conclusion of negotiations between Petroleo Brasileiro
and Repsol on Mexilhao.

Petroleo Brasileiro said in its quarterly magazine that it will
begin producing up to 9 million cubic meters of natural gas per
day from Mexilhao in the first half of 2009.

Production at Mexilhao is then slated to rise to 15 million
cubic meters daily by 2010 or 2011, Petroleo Brasileiro told Dow
Jones.

Dow Jones relates that Petroleo Brasileiro expects that
investments for the development of Mexilhao will be US$2
billion.  In 2005, however, Petroleo Brasileiro had estimated
investments for Mexilhao at US$3 billion.

Petroleo Brasileiro had been keen on connecting the development
of Mexilhao to a wider accord with Repsol that could have
included the latter's assets in Argentina and Bolivia, Dow Jones
states.

However, after Bolivia's oil and gas nationalization declaration
in May, Petroleo Brasileiro lost interest in Repsol's Bolivian
assets, Dow Jones reports, citing the Petroleo Brasileiro
source.

                        About Repsol

Repsol YPF, SA, is an integrated oil and gas company engaged in
all aspects of the petroleum business, including exploration,
development and production of crude oil and natural gas,
transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, petrochemical production
and marketing of petroleum products, petroleum derivatives,
petrochemicals, LPG and natural gas.

                        About YPF SA

YPF SA is an integrated oil and gas company engaged in the
exploration, development and production of oil and gas and
natural gas and electricity-generation activities (upstream),
the refining, marketing, transportation and distribution of oil
and a range of petroleum products, petroleum derivatives,
petrochemicals and liquid petroleum gas (downstream).
Repsol, which holds 99.04% of YPF's shares, controls YPF.

                   About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Mulls Thermo Plant Project with Uruguay
------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil company of Brazil,
is studying plans on constructing a US$200-million thermo plant
with UTE, the state power firm of Uruguay, Business News
Americas reports, citing Ariel Ferragut, the latter's
spokesperson.

According to BNamericas, the 200-megawatt, diesel-fired plant
will be built in the Maldonado department in Uruguay.

Mr. Ferragut told BNamericas that the plant could operate on
another power source likes natural gas and coal, depending on
availability and prices.

Petroleo Brasileiro and UTE would start international tenders
for the plant's construction and equipment supply, once the two
firms agree on developing the project, BNamericas says, citing
Mr. Ferragut.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was
founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

                        *    *    *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


SEA CONTAINERS: Can Give Priority Status to Intercompany Claims
---------------------------------------------------------------
The Honorable Kevin J. Carey of the United States Bankruptcy
Court for the District of Delaware grants, on an interim basis,
Sea Containers, Inc., and its debtor-affiliates' request to
accord administrative priority expense status to all
Intercompany Claims against a Debtor by another Debtor arising
after the Petition Date as a result of an Intercompany
Transaction, pursuant to Sections 503(b)(1) and 364(b) of the
Bankruptcy Code.

Judge Carey grants the Debtors' request for 30 days, to ensure
that each individual Debtor will not fund, at the expense of its
creditors, the operations of another entity.

In the normal operations of their business, the Debtors engage
in intercompany transactions involving intercompany trade and
intercompany cash and capital needs.

As a result, there are numerous intercompany claims that reflect
intercompany receivables and payments made in the ordinary
course of the Debtors' businesses.  These Intercompany
Transactions include, but are not limited to expense allocation
and advances.

At any given time, there may be Intercompany Claims owing among
the Debtors.  The Debtors maintain records of all Intercompany
Transactions and can ascertain, trace and account for all
Intercompany Transactions.

If postpetition Intercompany Claims are accorded administrative
priority expense status, each entity will continue to bear
ultimate repayment responsibility for those ordinary course
transactions, Robert D. MacKenzie, president and chief executive
officer of Sea Containers, Ltd., and a director of Sea
Containers Services, Ltd., says.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Can Continue Using Existing Business Forms
----------------------------------------------------------
Sea Containers, Inc. and its debtor-affiliates obtained
authority from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to continue to use
all correspondence, business forms, and checks existing
immediately before the Debtors' filing of the petition without
reference to their status as a debtor-in-possession.

Judge Carey grants the Debtors' request on an interim basis, for
30 days.

Robert D. MacKenzie, president and chief executive officer of
Sea Containers, Ltd., and a director of Sea Containers Services,
Ltd., points out that parties doing business with the Debtors
will undoubtedly be aware of the Debtors' status as a debtor-in-
possession as a result of the size and publicity surrounding the
cases, the press releases issued by the Debtors, and other press
coverage.

If the Debtors were required to change their correspondence,
business forms, and checks, Mr. MacKenzie says, the Debtors
would be forced to choose standard forms rather than current
forms with which the Debtors' employees, customers and vendors
are familiar.

A change in operations would create a sense of disruption and
potential confusion within the Debtors' organization and
confusion for the Debtors' customers and vendors, Mr. MacKenzie
asserts.

The Debtors believe that it would be costly and disruptive to
cease using all existing forms and to purchase and begin using
new stationery, business forms, and checks.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SING HOE: Creditors' Proofs of Claim Due on November 20
-------------------------------------------------------
Sing Hoe Metal Pte Ltd, which was placed under members'
voluntary liquidation, require its creditors to submit their
proofs of debt by November 20, 2006, to its liquidator, Ng Geok
Mui.

The Liquidator can be reached at:

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


TAP IMPEX: Placed Under Members' Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting held on October 27, 2006,
the members of Tap Impex (S) Pte Ltd passed resolutions to
voluntarily wind up the company's operations and appoint Chia
Lay Beng as the company's liquidator.

Accordingly, the creditors of Tap Impex are required to submit
their proofs of debt by November 20, 2006, to Liquidator Chia
Lay Beng.

The Liquidator can be reached at:

         Chia Lay Beng
         c/o BDO Raffles
         5 Shenton Way #07-01
         UIC Building
         Singapore 068808


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

AGRO INDUSTRIAL: Court Okays Reform Plan; Set to Start Trading
--------------------------------------------------------------
Agro Industrial Machinery Plc expects to resume trading on the
Stock Exchange of Thailand by the end of the year following
court approval of its debt-restructuring plan, The Bangkok Post
reports.   

Agro Industrial also projects strong growth over the next
several years attributed to a new distribution contract with the
leading Japanese farm-equipment producer Iseki.

The company -- formerly known as Thai Engine Pcl -- was
purchased last year for THB180 million by a group of investors
led by Suthisak Lohsawat, The Post recounts.

Theerasak Kanchanasakchai formerly controlled Thai Engine, which
fell into financial difficulty following the 1997 economic
crisis and was since suspended from trade in August 2000.  

Mr. Suthisak, according to The Post, is a well-known investor in
the local market, with reportedly close ties to Payap
Shinawatra, the brother of deposed Prime Minister Thaksin
Shinawatra.  In addition to AMAC, Mr. Suthisak also controls
large stakes in companies such as EMC, Sino-Thai Resources
Development and Siam Inter Multimedia, all companies that are
popular among speculative day-traders.

According to The Post, by the end of June 2005, the company
faced debt of THB6.98 billion, with assets of just
THB112 million and negative shareholders' equity of
THB6.87 billion.

Accordingly, the company faced liquidation until Mr. Suthisak
proposed a plan to buy out the company for THB180 million in
cash, with THB140 million used to clear existing debt and THB40
million used for working capital.  The company's capital was
reduced to THB20 million, then increased to THB200 million
through the issue of THB180 million new shares at THB1 par
value.

Moreover, Agro Industrial issued 6.135 million new shares to
retail investors at one satang each, Chakkrit Thanavirun, the
company's financial officer said.

Currently Mr. Suthisak and other investors controls 50% of AMAC,
with 14% held by the Far East Group and 10% by Chamni Janchai,
the chief executive officer of Thai Heat Exchange.

Other major shareholders include UBS AG Singapore, with 16
million shares, and Market Dollar Group Ltd, with eight million.  
Overall, the 180 million shares represented by Mr. Suthisak and
27 other investors control 75% of AMAC, with the rest held by up
to 800 retail investors.

Mr. Suthisak currently is a director of the company, while
Pittayapol Nattaradol, a former president of the Bank for
Agriculture and Agricultural Co-operatives, is the chairman and
Teerachai Riensubdee, a former managing director of Padaeng
Industry, is the managing director.

Meanwhile, AMAC informed that its business strategy is to
continue Thai Engine's core business of producing engines for
farm tractors and machinery under the Singha-Kanongna brand.

According to Mr. Teerachai, the company is planning to expand
its operations with the sale of Iseki-branded machinery imported
from Japan.  On Nov 6, 2006, AMAC will sign a two-year sole
distribution agreement with Iseki, with the company projecting a
10% market share for Iseki tractors by next year, The Post
relates.

"We hope that AMAC and Iseki will complement each other well and
that this will become a long-term relationship.  We also hope
that Iseki looks to our Rayong plant to eventually produce
engine parts in the future," Mr. Teerachai said.

AMAC projects revenue to be equally split between the Singha-
Kanongna and Iseki brands, but eventually, the Japanese brand
could account for up to 70% of total sales.

The company projects a sales margin of around 10% for each Iseki
sale, with margins expected to rise strongly if the Japanese
company agrees to shift parts manufacturing to the Rayong plant.

Mr. Chakkrit said the tractor market in Thailand was worth
around THB10 billion per year.  "Reaching our 10% target would
mean sales of one billion baht each year."

Moreover, Mr. Chakkrit said AMAC posted net profit of THB14
million on revenue of THB90 million for the first nine months of
the year.  Total assets reached THB140 million at the end of
September, with liabilities of THB40 million and a book value of
THB0.50 per share.

"We hope to petition the SET to allow trading of our stock to
resume by the end of the year, as we already meet market
requirements," Mr. Chakkit said.

On March 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Stock Exchange of Thailand has allowed the
listing of Agro Industrial's public shares, however, since the
Company was undergoing rehabilitation, trading for all of the
company's shares are suspended until all causes of delisting are
eliminated.

Agro Industrial Machinery Public Company Limited --
http://www.thaiengine.com/-- was formerly known as Thai Engine  
Manufacturing Public Company Limited until February 9, 2006.  
The Company manufactures small diesel engines under the
Mitsubishi brand.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

On November 7, 2000, the creditors' meeting voted in favor of
the Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan as
well as appointed Churchill Pryce Planner Company Limited as
plan administrator.  The rehabilitation plan subsequently went
through some amendments.
  
On July 7, 2005, the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.

Agro Industrial expects to resume trading on the Stock Exchange
of Thailand by the end of the year following court approval of
its debt-restructuring plan, The Bangkok Post reported on
October 30, 2006.   


TRUE CORP: Certain to Meet Customer Target Despite Poor Showing
---------------------------------------------------------------  
True Corp remains confident that it can achieve this year's
wireless broadband customer target, despite securing only a
quarter of the projection in the first 10 months, The Bangkok
Post reports.  

Currently, the company has a total of 13,000 WiFi subscribers,
far behind the 50,000 it had hoped to attract for the year.

True Corp's managing director for home and consumer solutions,
Thiti Nantapatsiri, said the company is spending THB50 million
for the remaining two months of this year to aggressively
promote WiFi through bundled packages and promotional tariffs.

"Given our widespread coverage of wireless broadband, we are
confident that our WiFi customer base will reach 50,000 by the
end of this year," he said.

The Post notes that the company currently has 3,400 WiFi hotspot
locations in more than 50 provinces, including Bangkok.

Meanwhile, True Corp last week installed its third WiFi outdoor
zone in the Sukhumvit-Thong Lo area, covering 240,000 square
metres or two square kilometers, The Post adds.  It also has
outdoor WiFi zones covering one square kilometre each in Siam
Square and along Silom Road.

True Corp's customers can connect via GPRS-enabled mobile
phones, notebook computers and personal digital assistants at
speeds 20 to 100 times faster than normal Internet dial-up
connections.

Phaibul Sirivanich, director for consumer services, said that
the company planned a further step to promote WiFi use in
collaboration with eight companies including Acer, Asus and
BenQ.

True will offer two months of free wireless broadband access to
customers who buy the companies' laptops and PCs at the Commart
Fair next month.

Mr. Phaibul said the company was also preparing to introduce a
series of aggressive tariff promotions, which he is confident to
bring in more users.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/--- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

Standard & Poor's Ratings Services, on July 27, 2006, affirmed
its BB long-term corporate credit rating on True Corp Public Co
Ltd.  The outlook is stable.  

True Corp also currently carries Moody's corporate family rating
at Ba3, with stable outlook.


* BOND PRICING: For the Week 30 October to 3 November 2006
----------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     7
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 8.850%    03/15/10     7
Fletcher Building Ltd                 7.550%    03/15/11     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     8
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    70
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     4


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     1
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/07/18    73
Senai-Desaru Expressway Bhd           3.500%    06/07/19    72
Senai-Desaru Expressway Bhd           3.500%    06/09/20    69
Senai-Desaru Expressway Bhd           3.500%    12/09/20    68
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       6.000%    12/07/06     1




                            *********

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 ***