TCRAP_Public/061106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, November 6, 2006, Vol. 9, No. 220

                            Headlines

A U S T R A L I A

ABGLAM PTY: Creditors Must Prove Debts by November 14
AIRSPEED SERVICES: To Shut Down Business Operations
ALLSTAFF INDUSTRIAL: Proofs of Claim Due on November 28
ATOM CIVIL: Federal Court Issues Wind-Up Order
AUSAIR AIRCONDITIONING: To Declare Priority Dividend on Dec. 14

BELDOON EMPLOYEES: Members' Final Meeting Set for Nov. 6
CIVIL MARINE: Members and Creditors to Hold Meeting on Nov. 10
CLINICAL ASSOCIATES: Commences Wind-Up of Operations
COLLINS CRUSHING: Creditors Must File Proofs of Debt by Nov. 7
COMPUTER NETWORK: Members Opt to Shut Down Business

CORPORATE COMPUTERS: Undergoes Voluntary Liquidation
HABLAT PTY: Members' Final Meeting Set for November 10
HIH INSURANCE: Asst. Secretary Gets 500 Hours Community Service
HUNTER VALLEY GRAVEL: To Declare Dividend on December 15
HUNTER VALLEY STEMMING: Will Declare Dividend on December 15

KOPPERS INVESTMENT: Members Agree to Wind Up Operations
LONERAGAN (HOLDINGS): Names Official Liquidators
MAJOR & MINOR: Final Meeting Scheduled for November 10
MIRAGE GRAPHICS: Federal Court Appoints Liquidator
NATIONAL AUSTRALIA: Liquidator to Present Wind-Up Report

PLUMPS LIMITED: Members to Receive Wind-Up Report on November 10
PRIMELIFE CORPORATION: Court Appoints Liquidator to Red Bluff
PROPERTY SECURED: Creditors Must Prove Debts by November 14
ROFE MANAGEMENT: Liquidator to Present Wind-Up Report on Nov. 10
SEFULE PTY: Creditors and Members to Receive Wind-Up Accounts

SKYLOTT PTY: Creditors Appoint Liquidators
SUPERANNUATION FOR AUSTRALIAN: Members to Meet on November 10
SYDNEY INVESTMENT HOUSE: Court Appoints Provisional Liquidator
THE CABINET: Creditors to Meet on November 10
THE CABINET CATERING: Creditors' Meeting Set for November 10

TORONTO DOMINION: Enters Voluntary Wind-Up
TRAUMEREI PTY: Members Agree to Voluntarily Wind Up Business
WOODVILLE NEW: Members Pass Resolution to Wind Up Operations
WSA BOYCE: To Declare Final Dividend for Unsecured Creditors


C H I N A   &   H O N G  K O N G

BALLY TOTAL: Files Restated Results for 2006 Qtr. Ended June 30
BANTA CORP: S&P Rates US$515 Credit Facilities at BB
BOMBARDIER INC: Fitch Downgrades Issuer Default Rating to BB-
CHINA CONSTRUCTION: Zhang Gets 15 Years in Jail
COUDERT BROTHERS: Gets Okay to Hire Dunn Koes as Special Counsel

COUDERT BROTHERS: Wants to Hire Yeo Wee as Special Counsel
DAIMLERCHRYSLER AG: Rules Out Sale of Chrysler Unit
E. SUN COMMERCIAL: Moody's Keeps D+ Financial Strength Rating
GLOBAL POWER: Has Until Nov. 12 to File Schedules and Statements
GUANGDONG DEVELOPMENT: CBRC Denies Approval of Citigroup Bid

JORDAN INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
KINETEK INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
PETROLEOS DE VENEZUELA: Moves Bidding Deadline for Delta Caribe
SENSUS METERING: Moody's Assigns Loss-Given-Default Rating
SPX CORPORATION: Moody's Assigns Loss-Given-Default Rating

SWIFT & COMPANY: Names Raymond Silcock as EVP and CFO
SWIFT & COMPANY: 1st Fiscal Qtr. Net Sales Rose to US$2.59 Bil.
SUPERIOR ESSEX: Moody's Assigns Loss-Given-Default Rating
WOLVERINE TUBE: Moody's Assigns Loss-Given-Default Rating


F I J I

* S&P Places Fiji Islands'S Long-Term Ratings On Watch Negative


I N D I A

FEDERAL BANK: Fitch Assigns 'D' Individual Rating
NOVELL INC: Amends 0.5% Sr. Debenture Consent Solicitation
NOVELL: Promotes Tom Francese to Exec. VP for Worldwide Sales
ORIENTAL BANK: Reports 51% Growth in 3rd Quarter 2006 Profit
RELIANCE INDUSTRIES: To Roll Out Fruit & Vegetable Chain

RELIANCE INDUSTRIES: Considers Raising US$2 Bil. For Investment
RELIANCE INDUSTRIES: Amends Deepwater Block Development Plan
RPG LIFE: Terminates Hindustan Antibiotics Lease Agreements
STATE BANK OF INDIA: Net Profit Slightly Lowers to INR11.8 Bil.


I N D O N E S I A

AVNET INC: Moody's Assigns Loss-Given-Default Ratings
GENERAL NUTRITION: Moody's Assigns Loss-Given-Default Ratings
GOODYEAR TIRE: Closing Tire Manufacturing Plant in Tyler, Texas
INCO LTD: CVRD Brings In New Board Following Purchase Completion
TELKOM INDONESIA: Expects 20% More Subscribers in 2007


J A P A N

ALL NIPPON: Group Posts JPY33-Bil Net Profit for First Half '06
AMERICAN AIRLINES: Earns US$1 Million in Quarter Ended Sept. 30
DURA AUTOMOTIVE: U.S. & Canadian Operations File for Chapter 11
DURA AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors
DURA AUTOMOTIVE: S&P's Ratings Tumble to D After Ch. 11 Filing

FORD MOTOR: Closes Production at Atlanta Assembly Plant
FTI CONSULTING: Appoints New Directors to Forensic, Corp Finance
MICRON TECHNOLOGY: Earns US$408 Million in 2006 Fiscal Year
SENSATA TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating
SOFTBANK CORP: Reviews Ads After Meeting with Regulator


K O R E A

SANDISK CORP: 1Q07 Trial Expected For STMicro's '45 Patent Suit
SHINHAN BANK: Reports 11% Decrease in 3rd Quarter Net Income


M A L A Y S I A

AKTIF LIFESTYLE: Moves to Another Location
COMSA FARMS: Default Status Remains Unchanged
COMSA FARMS: Failure to Submit Financials Prompts Suspension
JIN LIN: SC Extends Period to Submit Revamp Plan to January 2007
MYCOM BERHAD: To Seek Plan Extension Pursuant to Timelines

OLYMPIA INDUSTRIES: Jupiter Securities Issues 45 Mil. Shares
OLYMPIA INDUSTRIES: Subsidiary Served with Wind-Up Petition
OLYMPIA INDUSTRIES: To Submit Plan Extension Request
PANGLOBAL BERHAD: Subsidiary Changes Name
WEMBLEY INDUSTRIES: SC Rejects Appeal for Time Extension


N E W   Z E A L A N D

AMP PAPAMOA: Shareholders Opt to Liquidate Business
APOF CHARITABLE: Liquidation Process Commenced
APOF PAPAMOA: Enters Liquidation Proceedings
CENTRAL INSURANCE: Faces Liquidation Proceedings
DOT & MIKE: Names Parsons and Kenealy as Liquidators

FOOD QUEENS: Appoints Joint Liquidators
LYDICO FREIGHT: Liquidation Petition Hearing Set on Nov. 16
PETER HOMAN: Liquidation Hearing Set on November 9
R.T. DAVIS: Court to Hear Liquidation on November 16
ROBO'S WHOLESALE: Creditors to Prove Claims on November 24

TERRAFIRMA LANDSCAPING: Court to Hear CIR's Liquidation Petition
VOLCANIC INVESTMENTS: Court Set to Hear CIR's Petition


P H I L I P P I N E S

ALLIED BANK: Moody's Revises B1 Deposit Rating Outlook to Stable
BANCO DE ORO: Moody's Changes Ba3 Debt Rating Outlook to Stable
BANK OF THE PHILIPPINE ISLANDS: Moody's Amends Outlook to Stable
DEVELOPMENT BANK: Moody's Revises B1 Rating Outlook to Stable
EQUITABLE PCI: Moody's Revises Outlook for B1 Rating to Stable

LAND BANK: Moody's Changes Outlook of B1 Rating to Stable
METROPOLITAN BANK: Moody's Changes B1 Rating Outlook to Stable
METROPOLITAN BANK: To Seek Reconsideration of Tax Payment Order
PHILIPPINE NATIONAL BANK: NPL Ratio Drops to 27% as of Sept. 29
PHILIPPINE NATIONAL BANK: Moody's Revises Outlook to Stable

RIZAL COMMERCIAL BANKING: Moody's Changes Rtg Outlook to Stable
UNITED COCONUT PLANTERS: Moody's Changes Rtg Outlook to Stable
UNION BANK: Sept. 29 NPLs Increase to 11.33% from 9.46% in June


S I N G A P O R E

AVENTIS PHARMA: Creditors Must Submit Proofs of Claim by Dec. 3
BENCHMARK ELECTRONICS: S&P Places BB- Rating on CreditWatch
CANON ENGINEERING: Creditors' Proofs of Debt Due on December 4
HIQ BIOSCIENCE: High Court to Hear Wind-Up Petition on Nov. 24
REFCO INC: Court Gives Final OK on Amended Disclosure Statement

REFCO INC: Court Sets Dec. 15 Joint Plan Confirmation Hearing
REFCO INC: Court Offers Clarification on Nov. 15 Claims Bar Date
UNITED TEST: Moody's Assigns (P)Ba3 Corporate Family Rating


T H A I L A N D

KRUNG THAI: Foreign Investors Sell 50 Million Shares
TRUE CORP: Ventures into Film Production

     - - - - - - - -

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

ABGLAM PTY: Creditors Must Prove Debts by November 14
-----------------------------------------------------
A first and final dividend will be declared on December 22,
2006, for the creditors of Abglam Pty Limited, which is subject
to deed of company arrangement.

Accordingly, creditors are required to submit their proofs of
debt by November 14, 2006, to be included in the company's
distribution of dividend.

The deed administrator can be reached at:

         R. W. Whitton
         Lawler Partners
         GPO Box 5446
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000


AIRSPEED SERVICES: To Shut Down Business Operations
---------------------------------------------------
At a general meeting held on October 17, 2006, the members of
Airspeed Services Pty Ltd passed a special resolution to wind up
the company's operations and appoint Noel R. Willis as
liquidator.

The Liquidator can be reached at:

         Noel R. Willis
         c/o KPMG
         KPMG Centre
         491 Smollett Street
         Albury, New South Wales 2640
         Australia


ALLSTAFF INDUSTRIAL: Proofs of Claim Due on November 28
-------------------------------------------------------
Allstaff Industrial Personnel (SA) Pty Ltd, which is subject to
deed of company arrangement, will declare the first and final
dividend for its unpreferred unsecured creditors on December 14,
2006.

Creditors who can prove their debts by November 28, 2006, will
be included in the distribution.

The Joint & Several Deed Administrators can be reached at:

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


ATOM CIVIL: Federal Court Issues Wind-Up Order
----------------------------------------------
On October 13, 2006, the Federal Court of Australia ordered the
wind up Atom Civil Pty Ltd and appointed Antony De Vries as
official liquidator.

The Liquidator can be reached at:

         Antony De Vries
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia


AUSAIR AIRCONDITIONING: To Declare Priority Dividend on Dec. 14
---------------------------------------------------------------
Ausair Airconditioning Pty Ltd, which is in liquidation, will
declare the priority dividend for its creditors on December 14,
2006.

Creditors must submit proofs of debt by November 14, 2006, to be
included in the company's distribution of dividend.

The liquidator can be reached at:

         John Lord
         PKF
         Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9240 9702
         Web site: http://www.pkf.com.au


BELDOON EMPLOYEES: Members' Final Meeting Set for Nov. 6
--------------------------------------------------------
Beldoon Employees Pty Ltd, which is in liquidation, will hold a
final meeting for its members on November 6, 2006, at 10:00 a.m.

At the meeting, the members will receive the accounts of the
company's wind-up and property disposal exercises from
Liquidator David W. Johns.

The Liquidator can be reached at:

         David W. Johns
         206 Greenhill Road
         Eastwood, South Australia 5063
         Australia


CIVIL MARINE: Members and Creditors to Hold Meeting on Nov. 10
--------------------------------------------------------------
Civil Marine Constructions Pty Ltd, which is in liquidation,
will hold a final meeting for its members and creditors on
November 10, 2006, at 11:00 a.m., to receive the final accounts
of the company's wind-up proceedings and property disposal
exercises.

The liquidator can be reached at:

         Steven Nicols
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9299 2289
         Web site: http://www.bankrupt.com.au


CLINICAL ASSOCIATES: Commences Wind-Up of Operations
----------------------------------------------------
At a general meeting held on October 13, 2006, the members of
Clinical Associates Of Australia Number 2 Pty Ltd resolved to
voluntarily wind up the company's operations.

The liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


COLLINS CRUSHING: Creditors Must File Proofs of Debt by Nov. 7
--------------------------------------------------------------
Liquidator Kenneth Whittingham will be receiving proofs of debt
from the creditors of Collins Crushing Pty Limited, which is in
liquidation, until November 7, 2006.

The company will declare the first and final dividend on
December 15, 2006.

The Liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Chartered Accountants
         Level 19, 2 Market Street
         Sydney
         Australia
         Telephone: 9286 5555


COMPUTER NETWORK: Members Opt to Shut Down Business
---------------------------------------------------
At an extraordinary general meeting held on October 16, 2006,
the members of Computer Network Technology (Asia Pacific) Pty
Ltd resolved to shut down the company's business.

Accordingly, Keiran William Hutchison and John Raymond Gibbons
were appointed as liquidators.

The Liquidators can be reached at:

         Keiran William Hutchison
         John Raymond Gibbons
         Ernst & Young
         Ernst & Young Centre
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9248 4124


CORPORATE COMPUTERS: Undergoes Voluntary Liquidation
----------------------------------------------------
The members of Corporate Computers Aust Pty Ltd held a meeting
on October 16, 2006, and agreed to voluntarily wind up the
company's operations.

Accordingly, Nicholas Crouch was appointed as liquidator.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


HABLAT PTY: Members' Final Meeting Set for November 10
------------------------------------------------------
Hablat Pty Limited, which is in liquidation, will hold a final
meeting for its members on November 10, 2006, at 3:30 p.m.

At the meeting, company members will receive the report of
Liquidator Harper on Hablat's wind-up and property disposal
exercises.

The Liquidator can be reached at:

         R. J. Harper
         2a Hope Street, Pymble
         Australia


HIH INSURANCE: Asst. Secretary Gets 500 Hours Community Service
---------------------------------------------------------------
On November 3, 2006, the New South Wales Supreme Court sentenced
former Assistant Company Secretary of HIH Insurance Limited,
Robert Kelly, to 500 hours community service in relation to a
criminal charge arising from his role in the HIH group of
companies.

Mr. Kelly was previously found guilty of an offense under the
Crimes Act NSW when, on May 26, 2000, he did with the intention
of obtaining a financial advantage for FAI Insurances Limited,
concur in the making of a materially false or misleading
statement to officers of Westpac Banking Corporation, that
management of HIH was not able to produce consolidated accounts
of the FAI Group for the financial period ended June 30, 1999,
when in fact the accounts could have been produced.

The accounts were required to comply with a covenant under a
AU$150 million Medium Term Note Programme between FAI Insurances
and certain Noteholders being overseas financial institutions.
Westpac was the manager of the Note Programme.

The Note Programme also contained a covenant requiring the FAI
Group Shareholders Funds to be not less than AU$200 million.
However, as at June 30, 1999, the funds were only
AU$80.9 million.  The making of the statement to Westpac
assisted FAI avoid the risk of the Noteholders calling in
amounts owing under FAI Notes.

In sentencing Mr. Kelly, the Court acknowledged his assistance
to the Australian Securities and Investments Commission and the
DPP.  The Court also concluded that although the offense of
concurring with the making of a false and misleading statement
by a more senior HIH officer was serious, it was "qualitatively
different and of a significantly lower order than other offences
in relation to which sentences of imprisonment have been imposed
in HIH prosecutions."

According to Deputy Director of Enforcement Allen Turton, the
ASIC acknowledged Mr. Kelly's early guilty plea and the
cooperation and information he provided.

"This outcome demonstrates the merit of an early guilty plea and
the provision of cooperation with authorities," Mr. Turton
notes.

As reported in the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Mr. Kelly had told the Downing Centre Local Court
in Sydney that he would plead guilty when arraigned in August to
a charge arising from his role in the HIH Group.

According to the TCR-AP, through his lawyer, Mr. Kelly told the
Court that he would plead guilty to an offense under the Crimes
Act NSW.  He said that on May 26, 2000, with the intention of
obtaining a financial advantage for FAI Insurances Limited, he
concurred in the making of a materially false or misleading
statement to Westpac Banking Corporation officers and admitted
that HIH management was not able to produce consolidated
accounts for the FAI Group for the financial period ended June
30, 1999, when these accounts could have been produced.

"This is the sixth guilty plea obtained in ASIC's HIH
investigation.  ASIC will act to ensure that company directors
or officers who act dishonestly are brought before the Courts,"
Mr. Turton says.

                     About HIH Insurance

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
collapse, the HIH Group was known as the second largest general
insurer in Australia, and had operations in many other
countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


HUNTER VALLEY GRAVEL: To Declare Dividend on December 15
--------------------------------------------------------
Hunter Valley Gravel Supplies Pty Limited, which is in
liquidation, will declare the first and final dividend for its
creditors on December 15, 2006.

Creditors who cannot prove their debts by November 7, 2006, will
be excluded in the distribution.

The liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Chartered Accountants
         Level 19, 2 Market Street
         Sydney
         Australia
         Telephone: 9286 5555


HUNTER VALLEY STEMMING: Will Declare Dividend on December 15
------------------------------------------------------------
Hunter Valley Stemming Supplies Pty Limited, which is in
liquidation, will declare the first and final dividend for its
creditors on December 15, 2006.

Creditors must submit proofs of debt by November 7, 2006, to be
included in the company's distribution of dividend.

The liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Chartered Accountants
         Level 19, 2 Market Street
         Sydney
         Australia
         Telephone: 9286 5555


KOPPERS INVESTMENT: Members Agree to Wind Up Operations
-------------------------------------------------------
At a general meeting held on October 16, 2006, the members of
Koppers Investment Subsidiary Pty Limited passed resolutions to:

   -- place the company under members' voluntary liquidation;

   -- appoint Stephen Noel Armstrong as liquidator; and

   -- entitle the liquidator to charge fees for carrying out his
      duties at the rate prescribed by the Institute of
Chartered
      Accountants in Australia.

The Liquidator can be reached at:

         Stephen Noel Armstrong
         Allworths Chartered Accountants
         Level 9, St Martins Tower Sydney
         New South Wales
         Australia


LONERAGAN (HOLDINGS): Names Official Liquidators
------------------------------------------------
On October 16, 2006, the members of Loneragan (Holdings) Pty
Limited held a general meeting and resolved to voluntarily wind
up the company's operations.

Moreover, Robyn Louise Duggan and Max Christopher Donnelly were
nominated as the company's liquidators.

The Liquidators can be reached at:

         Robyn Louise Duggan
         Max Christopher Donnelly
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales
         Australia


MAJOR & MINOR: Final Meeting Scheduled for November 10
------------------------------------------------------
The members and creditors of Major & Minor Property Maintenance
Pty Ltd, which is in liquidation, will hold a final meeting for
its members and creditors on November 10, 2006, at 10:30 a.m.,
to:

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

   -- resolve that the books and records of the company be
      destroyed.

The liquidator can be reached at:

         Anthony Warner
         CRS Warner Sanderson
         Australia
         Web site: http://www.crswarnersanderson.com.au


MIRAGE GRAPHICS: Federal Court Appoints Liquidator
--------------------------------------------------
On October 13, 2006, the Federal Court of Australia has
appointed Christopher J. Palmer as the liquidator of Mirage
Graphics Pty Limited, which was placed in liquidation.

The Liquidator can be reached at:

         Christopher j. Palmer
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia


NATIONAL AUSTRALIA: Liquidator to Present Wind-Up Report
--------------------------------------------------------
The members of National Australia Management Services Pty Ltd
will hold a meeting on November 10, 2006, at 10:00 a.m., to
receive the report of Liquidators Timothy James Cuming and Allan
John Watson regarding the company's wind-up proceedings and
property disposal exercises.

The Liquidators can be reached at:

         Timothy James Cuming
         Allan John Watson
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


PLUMPS LIMITED: Members to Receive Wind-Up Report on November 10
----------------------------------------------------------------
The members of Plumps Limited will hold a meeting on November
10, 2006, at 10:00 a.m., to receive the accounts of Liquidators
Timothy James Cuming and Allan John Watson regarding the
company's wind-up and property disposal exercises.

The Liquidators can be reached at:

         Timothy James Cuming
         Allan John Watson
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


PRIMELIFE CORPORATION: Court Appoints Liquidator to Red Bluff
-------------------------------------------------------------
In proceedings brought by the Australian Securities and
Investments Commission, the Federal Court of Australia has
appointed a liquidator to an unregistered managed investment
scheme associated with a proposed retirement village to be
operated by Primelife Corporation Limited and situated on the
site of the former Red Bluff Hotel in Sandringham, Victoria.

As reported in the Troubled Company Reporter - Asia Pacific on
September 11, 2006, Primelife disclosed that since June 30,
2005, it has resolved Managed Investment Schemes, which included
its agreement to repurchase Red Bluff development.

The ASIC sought the appointment of a liquidator after a report
from the appointed independent accountant, Andrew McLellan of
PPB Chartered Accountants, identified potential irregularities
in the scheme's accounts.

ASIC argued that the appointment of an independent liquidator
was the only way to ensure that investors' interests were
properly represented and protected.

In appointing Colin Nicol of McGrath Nicol and Partners as
liquidator, Justice Goldberg noted that there were matters for a
liquidator to consider.

The ASIC also obtained orders that the former managers' legal
costs in relation to the hearing were not to be paid out of the
assets of the scheme.

The ASIC's actions, including obtaining winding up orders for
the scheme on September 26, 2006, have ensured that:

   (a) an independent accountant was appointed to review the
       scheme's books and records to identify the assets and
       identity of investors and report his findings to the
       Court; and

   (b) all investors would receive a copy of the independent
       accountant's report and have adequate opportunity to
       consider proposals to wind up the scheme and deal with
       the scheme's assets.

The ASIC's Executive Director of Enforcement, Jan Redfern
explained that the ASIC sought the appointment of an independent
accountant so that the scheme could be thoroughly investigated
and reviewed.

"To further protect investors' rights we sought the appointment
of a liquidator who can take control of the scheme and further
investigate the issues raised by the independent accountant,"
Ms. Redfern said.

The ASIC recounts that on September 23, 2004, it filed 37
proceedings in the Federal Court of Australia seeking, amongst
other things, orders that an investigating accountant be
appointed over each of the schemes to report to the Federal
Court to ascertain the position of each of the schemes.  The
ASIC also applied for the schemes to be wound up.

In an update, The ASIC has now finalized 18 of the proceedings,
including the winding up of 12 schemes.  A further seven of the
ASIC's remaining proceedings have, by consent, been ordered by
the Federal Court of Australia to be wound up.

                        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.

The 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.


PROPERTY SECURED: Creditors Must Prove Debts by November 14
-----------------------------------------------------------
Property Secured Investments Limited, which is subject to deed
of company arrangement, will declare the first and final
dividend for its creditors on December 17, 2006.

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

The Deed Administrator can be reached at:

         W. J. Harris
         McGrathNicol+Partners
         Level 14, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Web site: http://www.mcgrathnicol.com


ROFE MANAGEMENT: Liquidator to Present Wind-Up Report on Nov. 10
----------------------------------------------------------------
A final meeting will be held for the members and creditors of
Rofe Management Pty Ltd on November 10, 2006, at 11:30 a.m., to
receive the accounts from Liquidator Steven Nicols regarding the
company's wind-up and property disposal exercises.

The Liquidator can be reached at:

         Steven Nicols
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9299 2289
         Web site: http://www.bankrupt.com.au


SEFULE PTY: Creditors and Members to Receive Wind-Up Accounts
-------------------------------------------------------------
The members and creditors of Sefule Pty Limited, will hold a
final meeting on November 7, 2006, at 11:00 a.m., to receive the
report of Liquidator Steven Nicols regarding the company's wind-
up proceedings.

The Liquidator can be reached at:

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


SKYLOTT PTY: Creditors Appoint Liquidators
------------------------------------------
On October 17, 2006, the members of Skylott Pty Limited held an
extraordinary general meeting and resolved to wind up the
company's operations.

Neil Robert Cussen and Gavin Charles Morton were appointed as
liquidators at the creditors' meeting held later that day.

The Liquidators can be reached at:

         Neil Robert Cussen
         Gavin Charles Morton
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia


SUPERANNUATION FOR AUSTRALIAN: Members to Meet on November 10
-------------------------------------------------------------
A meeting will be held for the members of Superannuation For
Australian Corporate Employees Pty Ltd on November 10, 2006, at
10:00 a.m.

At the meeting, Liquidators Timothy James Cuming and Allan John
Watson will present the company's wind-up proceedings and
property disposal exercises.

The Liquidators can be reached at:

         Timothy James Cuming
         Allan John Watson
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


SYDNEY INVESTMENT HOUSE: Court Appoints Provisional Liquidator
--------------------------------------------------------------
The Supreme Court of New South Wales has appointed a provisional
liquidator to seven companies related to the Sydney Investment
House Group after an application by the Australian Securities
and Investments Commission.

On October 27, 2006, Quentin Olde of Taylor Woodings was
appointed provisional liquidator to these companies:

   1. Sydney Investment House Equities Pty Ltd (SIH Equities);
   2. Sydney Investment House Capital Limited (SIH Capital);
   3. Sydney Investment House Pty Ltd;
   4. Sydney Investment House (Beaconsfield) Pty Ltd;
   5. Melbourne Investment House Pty Ltd;
   6. Melbourne Investment House (Hawthorn) Pty Ltd; and
   7. Melbourne Investment House (Collingwood) Pty Ltd

Two of the directors of SIH Capital, Edwin Goulding and Steven
Geagea, were also defendants to these proceedings.  Mr Goulding
is a director of the other seven companies within the Sydney
Investment House Group.

SIH Capital is an unlisted public company that raised over
AU$8.4 million from the public through the issue of redeemable
preference shares between November 2004 and June 2005.  The
funds raised from the public were lent to other companies within
the Sydney Investment House Group that were controlled by Mr.
Goulding.  Many of the investors in SIH Capital were previously
investors in SIH Equities and had their investments rolled over
into SIH Capital.

The ASIC alleges that Messrs. Goulding and Geagea, and the
companies within the Sydney Investment House Group had been
involved in a number of contraventions of the Corporations Act
and ASIC Act, including that SIH Equities operated an
unregistered managed investment scheme and that Messrs. Goulding
and Geagea were involved in making false and misleading
statements to investors.  It is alleged these false and
misleading statements were made to investors to encourage them
to invest with SIH Capital.

ASIC is also concerned that some of the funds raised by SIH
Capital through the issue of a prospectus were then lent to
related companies by the defendants in a manner contrary to
statements made in the prospectus. ASIC is seeking orders and
declarations in relation to these and other allegations.  A
hearing date in relation to these matters has not been set by
the Court.

Sydney Investment House (Newcastle) Pty Ltd, a defendant to the
proceedings was not placed into provisional liquidation.  Sydney
Investment House (Newcastle) Pty Ltd is the developer of the
Soque apartments located at 13 Roslyn Street, Islington, a
suburb of Newcastle.  On November 1, 2006, the Court gave Mr.
Olde powers required to prepare a report into the affairs of
Sydney Investment House (Newcastle) Pty Ltd and to provide the
report to the Court by December 1, 2006.


THE CABINET: Creditors to Meet on November 10
---------------------------------------------
The creditors of The Cabinet Pty Limited, which is in
liquidation, will hold a final meeting on November 10, 2006, at
4:00 p.m., to consider the liquidators' report about the
companies' financial circumstances.

The liquidators can be reached at:

         Stephen J. Parbery
         Andrew L. Smith
         PPB, Level 15
         25 Bligh Street
         Sydney, New South Wales 2000
         Australia


THE CABINET CATERING: Creditors' Meeting Set for November 10
------------------------------------------------------------
The creditors of The Cabinet Catering & Event Management Pty
Limited will hold a final meeting on November 10, 2006, at
4:00 p.m., to receive the reports of Liquidators Stephen J.
Parbery and Andrew L. Smith regarding the company's wind-up
proceedings and property disposal exercises.

The Liquidators can be reached at:

         Stephen J. Parbery
         Andrew L. Smith
         PPB, Level 15
         25 Bligh Street
         Sydney, New South Wales 2000
         Australia


TORONTO DOMINION: Enters Voluntary Wind-Up
------------------------------------------
The members of Toronto Dominion Securities Pty Ltd met at a
general meeting on October 16, 2006, and passed a special
resolution to voluntarily wind up the company's operations.

The liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


TRAUMEREI PTY: Members Agree to Voluntarily Wind Up Business
------------------------------------------------------------
At an extraordinary general meeting held on October 16, 2006,
the members of Traumerei Pty Ltd agreed to voluntarily wind up
the company's operations and appointed Leslie William Edward
Charlton as liquidator.

The Liquidator can be reached at:

         Leslie William Edward Charlton
         943 Dandenong Road Malvern East
         Australia


WOODVILLE NEW: Members Pass Resolution to Wind Up Operations
------------------------------------------------------------
On October 13, 2006, the members of Woodville New & Second Hand
Tyres Pty Limited held a general meeting and passed a special
resolution to wind up the company's operations.

In this regard, P. Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


WSA BOYCE: To Declare Final Dividend for Unsecured Creditors
------------------------------------------------------------
A final dividend will be declared on December 18, 2006, for the
unsecured creditors of WSA Boyce Road Pty Limited, which is in
liquidation.

Accordingly, creditors who cannot prove their debts by
November 9, 2006, will be excluded from sharing in the company's
distribution of dividend.

The liquidators can be reached at:

         S. J. Parbery
         A. L. Smith
         Level 15, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia


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

BALLY TOTAL: Files Restated Results for 2006 Qtr. Ended June 30
---------------------------------------------------------------
Bally Total Fitness Holding Corporation filed with the
Securities and Exchange Commission an amended financial report
on Form 10-Q for the quarter ended June 30, 2006, correcting an
error in management's discussion and analysis of financial
condition and results of operations regarding membership roll
forward statistics for the three and six months period ended
June 30, 2006, and the related computation of average number of
members during the periods.

According to the company, as a result of the change in average
number of members for the periods, average monthly membership
revenue recognized per member and average monthly cash received
per member for the periods have been revised as the amounts are
derived using average membership in the denominator of the
calculation.

               Restated 2006 Second Quarter Results

Bally Total Fitness Holding Corporation's balance sheet at June
30, 2006, showed total assets of US$430,902,000 and total
liabilities of US$1,841,195,000 resulting in a total
stockholders' deficit of S$1,410,293,000.  The company's total
stockholders' deficit at Dec. 31, 2005, stood at
US$1,463,686,000.

The company's June 30 balance sheet also showed strained
liquidity with US$46,964,000 in total current assets and
US$611,627,000 in total current liabilities.

For the three months ended June 30, 2006, the company reported a
US$733,000 net loss on US$254,631,000 of net revenues, compared
with a US$1,607,000 net income on US$259,617,000 of net revenues
for the three months ended June 30, 2005.

Full-text copies of the company's financial statements for the
three months ended June 30, 2006, are available for free at:

               http://researcharchives.com/t/s?140c

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.

                          *     *     *

Moody's Investors Service affirmed its junk credit ratings for
Bally Total Fitness Holding Corporation, including the company's
US$235 million 10.5% senior unsecured notes (guaranteed) due
2011 and US$300 million 9.875% senior subordinated notes due
2007.

The rating outlook remains negative.


BANTA CORP: S&P Rates US$515 Credit Facilities at BB
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' corporate
credit rating to Banta Corp., a Menasha, Wis.-based printing and
supply chain management services company.

At the same time, Standard & Poor's assigned its 'BB' bank loan
rating and '3' recovery rating to the company's US$515 million
senior secured credit facilities reflecting S&P's expectation
for a meaningful (50%-80%) recovery of principal in the event of
a payment default.

Proceeds from the bank facilities will be primarily used to fund
a US$16 per share cash dividend (about US$388 million),
refinance certain existing debt, and for general corporate
purposes.

In addition, Standard & Poor's placed the ratings on Banta on
CreditWatch with negative implications.  The CreditWatch
placement reflects uncertainties surrounding the offer by Cenveo
Corp. to acquire Banta and its related exploration of strategic
alternatives to maximize shareholder value, which could extend
beyond the special dividend that is being financed with the new
bank facilities.

The Sept. 14, 2006, announcement by the company that it was
paying a special dividend to shareholders followed the receipt
of an offer by Cenveo to acquire Banta.

Banta's board of directors has turned down both Cenveo's initial
offer and revised one, which is set to expire on Oct. 31, 2006.

In addition to the special dividend, Banta announced on Oct. 3,
2006, that its board has authorized management, in conjunction
with its financial advisor, to explore all potential strategies
for further maximizing shareholder value, including, but not
limited to, remaining independent, joint ventures, mergers,
acquisitions, further return of capital, or the sale of the
company.

Ratings could be lowered in the event the search for strategic
alternatives results in a sizable leveraging transaction.


BOMBARDIER INC: Fitch Downgrades Issuer Default Rating to BB-
-------------------------------------------------------------
Fitch Ratings has downgraded the debt and Issuer Default Ratings
for both Bombardier Inc. and Bombardier Capital Inc.:

   Bombardier Inc.

     -- IDR to 'BB-' from 'BB';
     -- Senior unsecured debt to 'BB-' from 'BB';
     -- Credit facilities to 'BB-' from 'BB';
     -- Preferred stock to 'B' from 'B+'.

   Bombardier Capital Inc.

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

The ratings are removed from Rating Watch Negative, where they
were placed on Oct. 23 over concerns about potential changes in
Bombardier's financial strategy.  The Rating Outlook is Stable.

Fitch also expects to assign a 'BB-' rating to Bombardier's
proposed EUR1.8 billion issuance of senior unsecured bonds.  The
rating actions listed above are based on the expectation that
Bombardier will complete the bond issuance, a related tender
offer, and the proposed new letter of credit facility as
described in materials distributed by the company.

These ratings cover outstanding debt and preferred stock
totaling approximately US$4.2 billion, which could rise to more
than US$5.0 billion after the pending tender offer and bond
issuance are completed.  Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BI.

The downgrade is based on what Fitch considers to be a change in
Bombardier's financial strategy, which had included plans for
significant debt reduction.  Fitch's previous ratings had
incorporated expectations for debt reduction in fiscal 2007, and
possibly in fiscals 2008 and 2009.  Bombardier recently
announced three financial transactions (EUR1 billion tender for
BI and BC debt, EUR1.8 billion bond issuance by BI, and a new LC
facility) which will offset most of the approximately US$1
billion of debt reduction achieved so far in fiscal 2007 and
will likely defer additional debt reduction to beyond fiscal
2009.  The transactions extend debt maturities, resolve some
possible covenant pressures in fiscal 2008 and lower
Bombardier's LC fees.  However, Fitch believes that the
transactions will result in Bombardier having higher leverage
that is in line with the new rating level.

Pro forma for the financial transactions, Fitch estimates that
fiscal 2007 consolidated gross leverage (gross debt to EBITDA)
will be in the 4.6x-4.9x range.  Fitch estimates that
consolidated net leverage (net debt to EBITDA) will be in the
2.6x-2.9x range, although Fitch estimates that net leverage will
be higher for most of fiscal 2008 due to Bombardier's seasonal
working capital needs.  After the financial transactions, all
debt will be located at BI with the exception of BC's GBP300
million issue due in May 2009 and untendered bonds, if any.

The net leverage estimates assume US$1.8 billion- US$2.2 billion
of unrestricted cash balances at the end of F2007.  Bombardier
will also have approximately US$1 billion of restricted cash
balances related to the new LC facility.  These restricted cash
balances are not available for liquidity purposes or for the
benefit of unsecured bondholders.  Bombardier's unrestricted
cash balances will be the company's sole source of liquidity
because the new LC facility is not available on a revolving
credit basis.

Factors supporting the ratings and Outlook include the company's
diversification, leading market positions, the health of the
business jet and turboprop markets, cash balances, revised debt
maturity schedule, Bombardier Transportation's successful
restructuring, and large backlog at BT.  Concerns include the
variability of free cash flow due to order flow at BT and
Bombardier Aerospace; continued low margins and free cash flow;
the levels of consolidated gross debt compared to EBITDA and
free cash flow; business jet market cyclicality; the sizable
pension plan deficit; the impact of exchange rate volatility on
financial results and planning; and various regional jet
concerns, including weak orders, uncertainty regarding
development of new aircraft models, and contingent obligations
related to past aircraft sales.

Previously, Fitch calculated BI's credit metrics on a
deconsolidated basis accounting for BC as an equity investment.
This methodology was used for several reasons: consistency with
the way other industrial companies with sizable finance
subsidiaries are evaluated in the credit markets; the size of
BC's operations and the amount of BC's outstanding debt; the
fact that BC's debt was neither an obligation of BI nor
guaranteed by BI; and the calculation of BI's covenants, which
excluded BC.  Going forward Fitch will calculate Bombardier's
credit metrics on a consolidated basis, for these reasons.  BC's
assets and pro forma debt have declined substantially in the
past several years.  In addition, Bombardier's covenants will be
calculated on a consolidated basis for the new LC facility.
Finally, Bombardier revised some of its financial reporting
earlier this year, and it now reports only consolidated
financial results.

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.


CHINA CONSTRUCTION: Zhang Gets 15 Years in Jail
-----------------------------------------------
On November 3, 2006, Zhang Enzhao, the former head of China
Construction Bank Corp., was sentenced for 15 years in jail
after pleading guilty for taking bribes to arrange loans, his
lawyer told The China Daily.

The sentence was handed down at the Beijing No. 1 Intermediate
People's Court, the Xinhua News Agency relates.

As reported by the Troubled Company Reporter - Asia Pacific on
October 3, 2006, Mr. Zhang pleaded guilty before the Court for
taking bribes worth CNY4.15 million to arrange loans.

Mr. Zhang, according to the TCR-AP was facing 19 charges on
taking cash and property bribes for helping people get loan from
the bank.

He vacated his post in China Construction in June 2005, citing
personal reasons.  However, the bank later disclosed Mr. Zhang
was suspected of unspecified wrongdoing, the TCR-AP said.

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954 under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

On August 28, 2006, the Troubled Company Reporter - Asia Pacific
reported that Moody's Rating affirmed the bank's A2 long-term
deposit rating with a positive outlook and a bank financial
strength rating of D- with a stable outlook.  At the same time,
Moody's has put Bank of
America Asia's A1/Prime-1 foreign and Aa3/Prime-1 local currency
deposit ratings on review for possible downgrade.

In addition, Fitch Ratings affirmed on September 15, 2006, China
Construction Bank's long-term foreign currency IDR at A- and
Individual Rating at D.


COUDERT BROTHERS: Gets Okay to Hire Dunn Koes as Special Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
allowed Coudert Brothers LLP to employ Dunn Koes LLP as its
special counsel, nunc pro tunc to Sept. 22, 2006.

As reported in the Troubled Company Reporter on Oct. 4, 2006,
Dunn Koes will continue representation of the Debtor in an
appeal to a malpractice jury verdict and judgment entered in the
matter of Lyman Gardens Apartments, LLC, et al., v. Coudert
Brothers LLP, et al.

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

Plaintiffs engaged the services of the Debtor.

In June 2006, a jury awarded the Lyman Gardens Plaintiffs
approximately US$2.5 million in compensatory and punitive
damages against the Debtor.

The Debtor's appeal on the Lyman Gardens judgment is currently
pending and has not yet been perfected.

Pamela Dunn, Esq., a partner at Dunn Koes, tells the Court that
the firm's professionals bill:

         Professional                   Hourly Rate
         ------------                   -----------
         Partners                       US$275 - US$350
         Associates                         US$250
         Paralegal                          US$110

Ms. Dunn assured the Court that her firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

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


COUDERT BROTHERS: Wants to Hire Yeo Wee as Special Counsel
----------------------------------------------------------
Coudert Brothers LLP asks the U.S. Bankruptcy Court for the
Southern District of New York for authority to employ Yeo Wee
Kiong Law Corporation as its special counsel, nunc pro tunc to
Sept. 22, 2006.

Yeo Wee will continue to represent the Debtor in litigation
matters pending in Singapore.  The firm has worked in a suit
involving Oliver Langton Wright and Dan Marjonovic, the Debtor's
former partners, who have asserted claims against the Debtor in
Singapore.

Foo Maw Shen, Esq., a partner at Yeo Wee, tells the Court that
the firm's professionals bill:

         Professional                   Hourly Rate
         ------------                   -----------
         Partners                           US$350
         Associates                         US$200

Mr. Shen assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Shen can be reached at:

          Foo Maw Shen, Esq.
          Yeo Wee Kiong Law Corporation
          1 Raffles Place #39-02
          OUB Centre
          Singapore 048616

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

The Debtor's exclusive period to file a chapter 11 plan expires
on Jan. 20, 2007.  The firm had operations in Australia and
China.



DAIMLERCHRYSLER AG: Rules Out Sale of Chrysler Unit
---------------------------------------------------
DaimlerChrysler AG is not planning to sell its Chrysler division
as the U.S.-German carmaker disclosed of an "aggressive" review
of the unit, The Financial Times says.

Bodo Uebber, DaimlerChrysler's Finance Director, said the
company would review all options, including structural changes,
to turn around its U.S. unit.  Mr. Uebber, however, ruled out a
sale or partnership for the Chrysler unit.

"DaimlerChrysler reaffirms its previous statements made to the
media that there are no plans to sell Chrysler Group," the
company said in a statement.  "The company appropriately chose
not to add to the speculation regarding this topic.  However,
the resulting coverage and comments made it clear that this
'not-for-sale' statement needed to be reaffirmed."

In the third quarter of 2006, Chrysler posted an operating loss
of US$1.477 billion, compared with an operating profit of US$393
million in the same period last year.

The operating loss, according to a statement by DaimlerChrysler,
was primarily the result of a decrease in worldwide factory unit
sales, an unfavorable shift in product and market mix, and
negative net pricing.

"These factors reflect a continuing difficult market environment
in the United States as the Chrysler Group faced increased
dealer inventory levels from the prior quarter, a shift in
consumer demand toward smaller vehicles due to higher fuel
prices, and increased interest rates," DaimlerChrysler added.

                        About DaimlerChrysler

DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- engages
in the development, manufacture, distribution, and sale of
various automotive products, primarily passenger cars, light
trucks, and commercial vehicles worldwide.  It primarily
operates in four segments: Mercedes Car Group, Chrysler Group,
Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and accessories
under the MOPAR brand.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia, and Thailand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


E. SUN COMMERCIAL: Moody's Keeps D+ Financial Strength Rating
-------------------------------------------------------------
On November 1, 2006, Moody's Investors Service has affirmed E.
Sun Commercial Bank's D+ bank financial strength rating, Baa2/P-
3 foreign currency deposit ratings, and A1.tw national scale
rating, all with a stable outlook.  This follows the
announcement of its merger with E. Sun Bills Finance Company --
the deceasing entity -- by end-2006, subject to regulatory
approval.

Meanwhile, E. Sun Financial Holding Company's foreign currency
and local currency long-term issuer ratings were affirmed at
Baa3, local currency short-term issuer ratings at P-3, national
scale issuer rating at A2.tw/TW-2 and national scale sub-debt
rating at A3.tw, all with a stable outlook.

"These ratings affirmations reflect E. Sun Bills' small scale of
business operations compared to E. Sun Bank's, and the fact that
we expect a smooth integration following the merger thanks to
the substantial amount of pre-merger work already completed,"
says Cherry Huang, a Moody's VP and Senior Analyst.  She notes
that E. Sun Bills, another operating subsidiary of E. Sun
Holdings, is only a small player in the bills finance sector
with assets and capital accounting for only 10% and 16% of E.
Sun Bank's assets and capital respectively.

"The merger was originally initiated because of redundant and
duplicated resources at both entities, including
guaranteeing/underwriting of commercial paper, trading of short-
term money market instruments and long-term corporate/government
bonds.  In addition to cost savings on staffing, systems and
administration, the merger will align both entities' books for
better and more effective risk management and help avoid
excessive risk-taking," says Huang.

The D+ BFSR and Baa2 deposit rating for E. Sun Bank also take
into account the financial implications of the aftermath of the
card crisis.  As a top 10 consumer lender, E. Sun Bank suffered
from the crisis in the same way that the other major issuers
did.  However, card losses are considered manageable, given
that:

   1) credit cards and unsecured personal loans (including cash
      cards) constitute only 5.2% and 3.5% of the bank's loan
      portfolio respectively as of June 2006; and

   2) around 70% of core earnings are from non-card businesses,
      which will help offset any losses on consumer exposures.

Both E. Sun Financial Holding Company Ltd and E. Sun Bank are
headquartered in Taipei, Taiwan.  They reported assets of NT$688
billion and NT$615.1 billion (approximately US$21.2 billion and
US$18.9 billion) as at 1H 2006 respectively.


GLOBAL POWER: Has Until Nov. 12 to File Schedules and Statements
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extend,
until Nov. 12, 2006, Global Power Equipment Group Inc. and its
debtor-affiliates' period to file their schedules of assets and
liabilities and statement of financial affairs.

The Debtors tell the Court they were unable to complete their
schedules and statements within the provided time under the
Bankruptcy Code due to their complex and diverse operations.

The Debtors say they need substantial time to gather information
form records to prepare the required schedules and statements.
The Debtors believe that the extension will provide sufficient
time to prepare its requirements.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).

Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.

As of Sept. 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000.  The Debtors'
exclusive period to filed a chapter 11 plan expires on Jan. 26,
2007.


GUANGDONG DEVELOPMENT: CBRC Denies Approval of Citigroup Bid
------------------------------------------------------------
The China Banking Regulatory Commission denies reports that
Citigroup gets the nod to buy majority control in the Guangdong
Development Bank for US$3 billion, The International Herald
Tribune reports.

The report cites Liu Mingkang, chairman of CBRC, telling
reporters that the banking regulator has approved no such deal.

On November 1, 2006, Xinhua News cited an insider informing the
news agency that Citigroup has won the right to buy a stake in
Guangdong Development Bank and the two are expected to sign an
agreement to finalize the acquisition soon.

"It's false.  It's misleading," Mr. Liu said of the report, The
International Herald relates.  "We haven't gotten any
application for the sale of the bank," Mr. Liu noted.

The Troubled Company Reporter - Asia Pacific relates that
bidding for Guangdong Development began last year when Citigroup
formed a consortium that was reported to be seeking majority
shares in the bank.

According to a report by the TCR-AP on September 14, 2006, the
Citigroup consortium offered around US$3 billion for 85% of the
bank, where Citigroup will take 40% to 45% of the shares
negotiated.

Meanwhile Rival bidder, Societe Generale, seeks a 19.9% stake in
the bank.  SG reduced its target stake from 25% to comply with
Chinese regulations capping foreign investment.

Chinese regulations currently only allows 25% foreign ownership
of a Chinese bank.

                          *     *     *

Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a
bank based in Guangzhou, Guangdong, People's Republic of China.
The bank was founded in 1988.

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

According to Fitch, Guangdong Development Bank's Individual 'E'
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.


JORDAN INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
revised its Corporate Family Rating for Jordan Industries Inc.
to Caa2 from Caa3, as well as revise its rating on the company's
11.75% Senior Subordinate Disc.  Debentures due 2009 to C from
Ca.  Those debentures were assigned an LGD6 rating suggesting
noteholders will experience a 95% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   10.375% Series
   B and D Senior
   Unsecured Notes
   Due 2007                Ca       Ca      LGD5       89%

   13% Senior 2nd Lien
   Secured Bonds          Caa3     Caa3     LGD4       61%

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

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

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

Headquartered in Deerfield, Illinois, Jordan Industries Inc.,
http://www.jordanindustries.com,thru its subsidiary Kinetec
Inc., is a manufacturer of electric motors, gears, gear-boxes,
and electronic controls.   The company has operations in Europe
and China.


KINETEK INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the Caa1 Corporate Family Rating for Kinetek
Industries, Inc., as well as revised the rating on the company's
10.75% Senior Notes due 2006 to Caa2 from Caa3.  Those
debentures were assigned an LGD4 rating suggesting noteholders
will experience a 66% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$15m 5% Senior
   Secured Notes
   Due 2007               B3       B1       LGD2       10%

   US$11m 10% Senior
   Secured Notes
   Due 2007               B3       B1       LGD2       10%

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

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

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

Headquartered in Deerfield, Illinois, Kinetek Industries Inc. --
http://www.kinetekinc.com-- is engaged in the design and
manufacture of motors, components and control systems. The
company has operations in Europe and China.


PETROLEOS DE VENEZUELA: Moves Bidding Deadline for Delta Caribe
---------------------------------------------------------------
Rafael Ramirez -- the energy and oil minister of Venezuela and
the president of Petroleos de Venezuela, the state-run oil firm
of Venezuela -- told Business News Americas that the government
has extended the bidding deadline for its Delta Caribe round of
four offshore natural gas exploration and production licenses.

The deadline for the offers were initially set for Oct. 27,
BNamericas says, citing Minister Ramirez.  Planners will
disclose a new deadline in the coming days.

Minister Ramirez told BNamericas that some of the 13 firms that
purchased bidding rules for the round requested the extension.

According to BNamericas, the blocks are in eastern Venezuela
near the Plataforma Deltana region that Petroleos de Venezuela
is exploring.  Chevron and Total were also exploring Plataforma
Deltana.

Minister Ramirez told BNamericas, "We have started getting word
of exploration results in block 4 of Plataforma Deltana, which
are extraordinary.  The results confirm what we have always
though and it's in our interest to attract the companies."

BNamericas notes that the ministry invited 34 firms to present
bids.  These entities bought bidding rules:

   -- Shell,
   -- Petroleo Brasileiro SA,
   -- Teikoku and Mitsubishi,
   -- Total,
   -- Chevron,
   -- Lukoil,
   -- Hocol,
   -- ENI,
   -- ONGC,
   -- Repsol YPF,
   -- Statoil, and
   -- Vinccler

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.


SENSUS METERING: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for Sensus Metering
Systems Inc., as well as revised the rating on the company's
US$275 Million 8.625% Senior Subordinate Notes due 2013 to B3
from Caa1.  Those debentures were assigned an LGD5 rating
suggesting noteholders will experience a 77% loss in the event
of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$40 Mil. Sr.
   Sec U.S.
   Revolver due 2009      B2       Ba3      LGD2       23%

   US$200 Mil. Sr.
   Sec U.S. term
   Loan Fac.
   due 2010               B2       Ba3      LGD2       23%

   US$30 Mil. Sr.
   Sec. European

   TL Fac. due 2010       B2       Ba3      LGD2       23%

   US$30 Mil. Sr. Sec.
   European Revolver
   Due 2009               B2       Ba3      LGD2       23%

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

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

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

Headquartered in Raleigh, North Carolina, Sensus Metering
Systems Inc. -- http://www.sensus.com/-- is a provider of
metering and Automatic Meter Reading (AMR) solutions for water,
gas, electric, and heat utilities as well as sub-metering
entities worldwide.  The company has locations in Germany, Chile
and China.


SPX CORPORATION: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the Ba1 Corporate Family Rating for SPX Corporation,
as well as the Ba2 rating on the company's 7.50% Senior Notes
due 2013.  Those debentures were assigned an LGD6 rating
suggesting noteholders will experience a 96% loss in the event
of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Mil. Sr.
   Revolver due 2010      Ba1      Ba1     LGD4       53%

   US$100 Mil. Global
   Revolver due 2010      Ba1      Ba1     LGD4       53%

   US$750 Mil. Sr.
   TL due 2010            Ba1      Ba1     LGD4       53%

   US$425 Mil. Foreign
   Trade Facility
   Due 2010               Ba1      Ba1     LGD4       53%

   6.25% Sr. Notes
   Due 2011               Ba2      Ba2     LGD6       96%

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

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

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

Headquartered in Charlotte, North Carolina, SPX Corporation --
http://www.spx.com/-- manufactures pumps, valves, metering and
mixing solutions, air filtration and dehydration products,
special service tools, diagnostic systems and testing equipment,
cooling towers, air-cooled condensers, boilers and residential
heating products, TV and radio broadcast antennas, power
transformers, high-tech die-castings and products for loading
docks.  The company has operations in China and Germany.


SWIFT & COMPANY: Names Raymond Silcock as EVP and CFO
-----------------------------------------------------
Swift & Company has named Raymond P. Silcock as executive vice
president and chief financial officer.

Mr. Silcock, who will join the company on Nov. 6, 2006, served
as executive vice president and chief financial officer of
Toronto-based private label soft drink manufacturer Cott
Corporation from 1998 to 2005 and prior to that was chief
financial officer of Delimex, a San Diego-based frozen food
maker, from 1997 to 1998.

Previously at Campbell Soup Company from 1979 to 1997, he held
various management positions, including most recently vice
president-finance, Bakery and Confectionary Division.

Mr. Silcock holds an MBA from the Wharton School of the
University of Pennsylvania and is a Fellow of the Chartered
Institute of Management Accountants (U.K.).

Swift & Company President and CEO Sam Rovit said, "Ray's
addition enhances the capabilities of our already strong
management team.  He is a seasoned and well-rounded finance
professional with extensive experience in the global food and
beverage industry.

"His successful track record of significantly improving sales
and earnings through effective strategic planning and
operational execution will benefit Swift in our drive to become
the best provider of red meat in the world.  We are very pleased
to have Ray join the Swift team."

Bill Trupkiewicz, acting CFO since February 2006, will continue
with Swift & Company as senior vice president, corporate
controller, and chief accounting officer.

Mr. Rovit added, "We are grateful for Bill Trupkiewicz's
outstanding performance as acting chief financial officer over
the past eight months.  His efforts, and those of the entire
finance team, supported the execution of our operational
excellence initiatives during the recent beef peak demand
season."

                       About Swift & Company

Swift & Company -- http://www.swiftbrands.com/-- provides
quality beef and pork products to consumers in the United
States.  The company has foreign sales offices in Hong Kong,
Japan, Mexico, South Korea, China, and Taiwan.

The Troubled Company Reporter - Asia Pacific reports that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products sector, the rating
agency confirmed its B2 Corporate Family Rating for Swift &
Company.

In addition, Moody's affirmed its probability-of-default ratings
and assigned loss-given-default ratings to these notes:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$257.26 million
   10.125% Gtd. Global
   Notes Due
   Oct. 1, 2009           B3       B3      LGD4       61%

   US$150 million
   12.500% Sr. Sub.
   Global Notes
   Due Jan. 1, 2010      Caa1     Caa1     LGD5       77%


SWIFT & COMPANY: 1st Fiscal Qtr. Net Sales Rose to US$2.59 Bil.
---------------------------------------------------------------
Swift & Company reported net sales of US$2.59 billion for its
fiscal first quarter ended Aug. 27, 2006, up 7.7% from net sales
of US$2.40 billion in the comparable prior-year period.

The company's net sales increase reflects an 11.6% net sales
gain in Swift Beef, a 4.5% net sales increase in Swift Pork, and
a 0.6% net sales decline in Swift Australia.

Swift Australia net sales were adversely affected by a 1.2%
decrease in the Australian dollar to U.S. dollar exchange rate
compared to the prior-year period.

The company's first-quarter EBITDA (Earnings Before Interest,
Taxes, Depreciation and Amortization) was US$53 million, up
83.9% from US$29 million in the prior-year period.  EBITDA
increases in Swift Beef were somewhat offset by declines in
Swift Australia and Swift Pork.

At the end of the fiscal first quarter, the company's borrowing
capacity under its US$550 million revolving credit facility
stood at US$254 million.  The company ended the first quarter
with US$55 million of cash on hand and US$824 million of total
debt outstanding.

"Our strategy delivered results this past quarter," Swift &
Company's president and chief executive officer Sam Rovit said.

"The implementation of Swift's operational excellence
initiatives and improved U.S. beef commodity market conditions
combined to produce the best first quarter in Swift Beef since
the enactment of export bans in December of 2003.

"Swift Pork performed more in line with historical profitability
averages, as expected, and Swift Australia's performance
continues to be held back by livestock supply constraints driven
by unfavorable finishing pasture conditions."

Mr. Rovit added, "I am extremely proud of the efforts of our
20,000 global employees this past quarter.  We worked as a team
to execute against a sound strategic plan first established over
a year ago.

"While we are encouraged by our first-quarter results, we
recognize that a full U.S. beef market recovery may take some
time to play out.

"Looking ahead, we intend to maintain our focus on Swift Beef as
we continue to identify and implement improvement initiatives in
our Pork and Australia business segments."

                            Swift Beef

Swift Beef's fiscal first quarter net sales increased 11.6% to
US$1.57 billion compared to US$1.40 billion in the prior-year
period. Selling price increases of 2.7% were accompanied by
volume increases of 8.7% as both domestic product demand and
cattle supplies improved over the prior-year period.

Swift Beef's fiscal first quarter EBITDA increased to US$36
million from US$4 million in the prior-year period.  The EBITDA
improvement reflects an 11.6% increase in net sales reflecting
the selling price and volume increases noted above, with
nominally higher raw material costs per unit partially
offsetting the increase in selling prices per unit.

EBITDA in the current year was also impacted by increases in
freight costs due to higher fuel surcharges from common carriers
coupled with higher packaging costs, partially offset by lower
utility costs.

Selling, general, and administrative costs were lower year over
year, principally reflecting lower professional fees, partially
offset by increased incentive accruals based on improved Company
performance.

                            Swift Pork

Swift Pork's fiscal first quarter net sales increased 4.5% to
US$546 million compared to US$523 million in the prior-year
period. Average selling prices increased 0.8% while sales
volumes increased by 3.7%.

Increases in selling prices were attributable to stronger-than-
usual seasonal demand for pork both domestically and
internationally as beef continued to provide a price umbrella
for pork products.

Swift Pork's fiscal first quarter EBITDA declined to US$12
million from US$16 million in the comparable prior-year period.
The decline primarily reflected sales volume increases that were
more than offset by increases in transportation because of
higher fuel surcharges and packaging costs, coupled with certain
one-time professional fees and consulting costs related to
strategic initiatives incurred in the current year.

                          Swift Australia

Swift Australia's fiscal first quarter net sales decreased 0.6%
to US$482 million compared to US$485 million in the prior-year
period. Average selling prices remained flat and sales volumes
declined 0.7%.

The decrease in net sales mainly resulted from volume declines
in the grass-fed business related to tighter cattle supplies
resulting from a longer time required for cattle to reach market
weights.

Net sales were adversely affected by a 1.2% decrease in the
Australian dollar to U.S. dollar exchange rate compared to the
prior-year period.

Swift Australia's fiscal first quarter EBITDA declined to US$5
million from US$9 million in the comparable prior-year period.
The decline primarily reflected decreased gross margin
principally in the grass-fed business related to increases in
livestock costs, coupled with slightly lower volumes and
nominally flat sales prices.

In addition, EBITDA was negatively impacted by higher hourly
labor, packaging, utility costs, and certain one-time
professional fees and consulting costs related to strategic
initiatives incurred in the current year.

                       About Swift & Company

Swift & Company -- http://www.swiftbrands.com/-- provides
quality beef and pork products to consumers in the United
States.  The company has foreign sales offices in Hong Kong,
Japan, Mexico, South Korea, China, and Taiwan.

The Troubled Company Reporter - Asia Pacific reports that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products sector, the rating
agency confirmed its B2 Corporate Family Rating for Swift &
Company.

In addition, Moody's affirmed its probability-of-default ratings
and assigned loss-given-default ratings to these notes:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$257.26 million
   10.125% Gtd. Global
   Notes Due
   Oct. 1, 2009           B3       B3      LGD4       61%

   US$150 million
   12.500% Sr. Sub.
   Global Notes
   Due Jan. 1, 2010      Caa1     Caa1     LGD5       77%


SUPERIOR ESSEX: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for Superior Essex
Communications LLC, as well as the B3 rating on the company's
US$257.1 Million 9.% Senior Unsecured Notes due 2012.  Those
debentures were assigned an LGD5 rating suggesting noteholders
will experience a 76% loss in the event of default.

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

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

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

Headquartered in Atlanta, Georgia, Superior Essex Communications
LLC -- http://www.superioressex.com/-- is a manufacturer of
data communications, cables magnet wire, winding wire and
electrical insulations.  The company has operations in China,
Mexico, and France.


WOLVERINE TUBE: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the Caa1 Corporate Family Rating for Wolverine Tube
Inc., as well as the Caa2 ratings on the company's 7.375% Senior
Unsecured Notes due 2008 and the 10.5% Senior Unsecured Notes
due 2009.  Those debentures were assigned an LGD4 rating
suggesting noteholders will experience a 61% loss in the event
of default.

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

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

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

Headquartered in Huntsville, Alabama, Wolverine Tube Inc. --
http://www.wlv.com/-- manufactures copper and copper alloy
tube, fabricated products, brazing alloys, fluxes and lead-free
solder. The company has operations in China and the U.K.


=======
F I J I
=======

* S&P Places Fiji Islands'S Long-Term Ratings On Watch Negative
----------------------------------------------------------------
On November 2, 2006, Standard & Poor's Ratings Services placed
its 'BB-' foreign currency and 'BB' local currency long-term
sovereign credit ratings on the Republic of Fiji Islands on
CreditWatch with negative implications following the continued
deterioration in the country's security situation.

"The action reflects the continuing decline in relations between
the government of Prime Minister Laisenia Qarase and the leader
of Fiji's military Commodore Bainimarama," said Standard &
Poor's credit analyst Kyran Curry of the Sovereign Ratings
group.  Recent statements from the military leaders that the
government is creating a "situation of violence" by involving
the Great Council of Chiefs to promote dialogue heightens the
risk of a coup.  Adding to the escalating tensions, Police
Commissioner is understood to have authorized the arrest of
Commodore Bainimarama on treason charges on his return from the
Middle East.

"The CreditWatch would be resolved pending a clear view of the
impact of the impasse on the economy and foreign reserves," Mr.
Curry said.  An affirmation of the ratings and removal from
CreditWatch would require a significant easing of the current
political tensions and an assessment of minimal economic impact.
Conversely, an escalation of the tensions could result in a one-
notch downgrade to the foreign currency and local currency
ratings on Fiji.  If significant uncertainty remained, Fiji
could remain on CreditWatch negative.

The 'BB-' foreign currency and 'BB' local currency counterparty
credit ratings on the Fiji Development Bank have also been
placed on CreditWatch negative.  The ratings on FDB reflect its
status as Fiji's official development bank and the bank's close
relationship and guaranteed support of the government of Fiji.


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

FEDERAL BANK: Fitch Assigns 'D' Individual Rating
-------------------------------------------------
Fitch Ratings changed the Outlook on the National Long-term
rating of The Federal Bank Limited to Positive from Stable.  At
the same time, the agency assigned 'A+(ind)' National rating to
FBL's proposed INR4.5-billion subordinated debt programme.

The agency also assigned an Individual rating of 'D' to FBL.
Fitch also affirmed FBL's National Long-term rating at
'A+(ind)', the existing rating of INR1.5bn subordinated debt at
'A+(ind)' and Support rating at '5'.

The revision of the Outlook reflects the improved capital and
asset quality ratios of the bank.  FBL was the first 'old'
private bank to raise equity from the international market in
FY06 through a Global Depository Receipts issue of INR3.5bn
listed on the London Stock Exchange.  This helped to strengthen
the capital adequacy ratio to 13.8% (Tier 1: 9.7%).

Furthermore, aggressive provisioning helped FBL to improve its
net non-performing loans ratio to 0.95% as at FYE06 from 4.95%
as at FYE03.  The net NPL ratio and net NPL to equity ratio are
now at the system medians.  FBL also recorded a turnaround in
profitability in FY06 in spite of a decline in income from
trading in government securities on the back of steady net
interest margins and loan growth as well as lower provision for
diminution in investments.  Sustained performance during the
next one or two years could result in an upgrade of the National
ratings.

While the gross NPLs decreased by more than INR1 billion in FY06
on the back of aggressive write-offs and recoveries, FBL has
started the process of migrating to a 'core banking software' to
improve its risk management systems as well as scalability of
the operations.  The provision for diminution in investments
declined due to reduced size of 'available-for-sale' portfolio
but the agency notes that the duration of the portfolio
continues to be high and makes the reported profit vulnerable to
sharp rises in interest rates.

FBL is one of the larger 'old' private sector banks with total
assets of INR206bn as at FYE06.  FBL's existing branch network
(472 branches, more than 70% of which are based in the home
state of Kerala) will be supplemented by addition of 32 branches
of the troubled Ganesh Bank of Kurundwad.  The asset quality
ratios are not expected to be affected by the merger due to the
small size of GBK (equal to about 1% of FBL in terms of assets).


NOVELL INC: Amends 0.5% Sr. Debenture Consent Solicitation
----------------------------------------------------------
Novell, Inc., has amended and extended its solicitation of
consents from the holders of its 0.50% convertible senior
debentures due 2024 (CUSIP Nos. 670006AB1 and 670006AC9).

The purpose of the consent solicitation is to obtain consent to
amend certain provisions of the indenture pursuant to which the
debentures were issued and to obtain a waiver of rights to
pursue remedies available under the indenture with respect to
certain alleged defaults thereunder with respect to covenants
regarding Novell's filing of periodic reports with the
Securities and Exchange Commission.

Under the terms of the amended consent solicitation:

   -- Holders of record of debentures as of 5:00 p.m.,
      New York City time, on Oct. 16, 2006, who validly deliver
      and do not revoke their consents prior to 5:00 p.m., New
      York City time, on Nov. 2, 2006, will receive a one-time
      consent fee for each US$1,000 in principal amount of
      debentures with respect to which consents are received
      equal to the product of US$57.50 multiplied by a fraction,
      the numerator of which is the aggregate principal amount
      of debentures outstanding on the Expiration Date and the
      denominator of which is the aggregate principal amount of
      debentures as to which Novell received and accepted
      consents.

   -- The amendments to the indenture as to which consents are
      solicited will provide Novell until May 31, 2007, to
      comply with Reporting Covenants under the indenture.

The consent solicitation was previously scheduled to expire at
5:00 p.m., New York City time, on Oct. 30, 2006.

All other terms of the consent solicitation with respect to
debentures as set forth in Novell's consent solicitation
statement, dated Oct. 17, 2006, remain applicable.

Novell has issued a Supplemental Consent Solicitation Statement
that reflects the foregoing changes.  The Supplemental Consent
Solicitation Statement is available for review by all
debentureholders and may be obtained from the information agent.
Novell advises all debentureholders to review the section
entitled "Certain United States Federal Income Tax
Considerations," which has been amended to reflect important
considerations respecting the U.S. federal income tax
consequences of the consent solicitation as currently
structured.

Novell reserves the right to further amend the consent
solicitation for the debentures or extend the expiration time in
its sole discretion.

All holders of the debentures who have previously delivered
consents may withdraw their consents as described in the
Supplemental Consent Solicitation Statement.  Such holders who
do not wish to withdraw their consents do not need to redeliver
such consents or take any other action in response to this
extension.

Citigroup Corporate and Investment Banking is serving as the
solicitation agent for the consent solicitation.  Questions
regarding the consent solicitation may be directed to:

          Citigroup Corporate and Investment Banking
          Tel: (800) 558-3745 (toll-free)
               (212) 723-6106

The information agent for the consent solicitation is Global
Bondholder Services Corp.  Requests for copies of the
Supplemental Consent Solicitation Statement and related
documents may be directed to:

          Global Bondholder Services Corporation
          Tel: (866) 794-2200 (toll- free)
               (212) 430-3774

                          About Novell

Novell, Inc. -- http://www.novell.com/-- delivers Software for
the Open Enterprise.  With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software.

The company also has offices in Australia, China, Hong Kong,
Japan, Malaysia, New Zealand, Philippines, Singapore, South
Korea, Taiwan, Thailand and India.


NOVELL: Promotes Tom Francese to Exec. VP for Worldwide Sales
-------------------------------------------------------------
Novell promoted Tom Francese, president of Novell EMEA, to the
position of executive vice president for worldwide sales.  Mr.
Francese, a proven industry veteran who joined Novell in
Oct. 2005 after serving as vice president of IBM's software
business in Europe, will assume responsibilities for Novell
sales, channel and alliances activities around the globe.  He
will continue to serve as president of Novell EMEA.

"Few executives in the software industry can match Tom in
experience, results, and leadership," said Ron Hovsepian,
president and CEO of Novell.  "Tom's done a great job in getting
our business in EMEA back on a growth track, and he's got the
vision and skills to drive similar results for us globally.
Tom's deep background in the partnering world will help us
further grow the partner ecosystem around Novell's Linux* and IT
management offerings, a critical factor for our future success."

Mr. Francese brings more than 30 years of technology industry
experience to his new role.  A long-time IBM veteran, Francese
held positions in sales, sales management and operations,
including vice president, Software Group Sales for Europe,
Middle East and Africa, vice president, central region in
the Americas, vice president, Tivoli Worldwide Financial
Services Industry Sales, vice president, Worldwide Sales and
Support, Networking Computing Software, and director of
Enterprise Sales, London.  Mr. Francese's career
started with IBM in 1974 as a sales account manager in Houston,
Texas.

"Novell is at a tremendously exciting time in its storied
history, as we move aggressively to stake out a leadership
position in the rapidly growing Linux and security, identity and
systems management markets," said Mr. Francese.  "We're focused
on the right markets, and we have the right technologies, the
right vision and strategy, and, most importantly, the right
people to execute on our strategy. I'm looking forward to
driving sales execution in our key markets around the globe, and
working with partners to reach an even broader market for
Novell's solutions."

                          About Novell

Novell, Inc. -- http://www.novell.com/-- delivers Software for
the Open Enterprise.  With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software.

The company also has offices in Australia, China, Hong Kong,
Japan, Malaysia, New Zealand, Philippines, Singapore, South
Korea, Taiwan, Thailand and India.


ORIENTAL BANK: Reports 51% Growth in 3rd Quarter 2006 Profit
------------------------------------------------------------
Oriental Bank of Commerce's net profit sharply rose by 51% to
INR2.495 billion for the three months ended September 30, 2006,
from the INR1.653 billion in the corresponding period last year.

The Bank's total income rose to INR14.401 billion in the
September 2006 quarter from INR11.789 billion in the September
2005 quarter.

Oriental Bank says that there was just slight movement in the
expenses.  The Bank's operating expenses for the third quarter
of 2006 totaled INR2.566 billion, just 2.5% more than the
INR2.501 billion reported for the corresponding period last
year.  Other operating expenses for the September 2006 quarter
rose to INR1.523 billion from September 2005 quarter's
INR1.064 billion.

A full-text copy of Oriental Bank's financial results for the
quarter ended September 30, 2006, is available for free at its
Web site http://www.obcindia.com/FinResQly_0906.pdf

                About Oriental Bank of Commerce

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.  The bank has
introduced products and services, such as Anywhere Branch
Banking, Cash Management Service, Telebanking, automated teller
machines and Internet banking through select branches.  During
the fiscal year ended March 31, 2006, the Bank had a total of
1,148 branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


RELIANCE INDUSTRIES: To Roll Out Fruit & Vegetable Chain
--------------------------------------------------------
Reliance Industries Limited will roll out a fruit and vegetable
chain called Reliance Fresh, Reuters says, citing a Financial
Times report.

According to the FT report, Reliance Fresh is part of Reliance
Industries' planned five to six billion retail network.

The stores, which would be located near supplier farms, is
expected to initially sprout in Andhra, Pradesh, Punjab and West
Bengal, Reuters relates.

Reliance Chairman Mukesh Ambani explained to the FT in an
interview that the store will be more of a neighborhood store
than a hypermarket.

                 About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


RELIANCE INDUSTRIES: Considers Raising US$2 Bil. For Investment
---------------------------------------------------------------
Reliance Industries Ltd plans to raise US$2 billion via a
syndicated loan, or issuance of fixed or floating bonds or
foreign currency convertible bonds, the company informs the
Bombay Stock Exchange in a regulatory filing.

To consider the matter, the company's board of directors will
hold a meeting on November 9, 2006.

According to Reliance Industries, it will use the funds for
investment in oil and gas exploration projects, and production
business.

                 About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


RELIANCE INDUSTRIES: Amends Deepwater Block Development Plan
-----------------------------------------------------------
Reliance Industries Limited filed an amendment to the initial
development plan for the Deepwater Block KG-DWN-98/3 (referred
to as KG-D6), with the Director General of Hydrocarbon for
approval.

The Deepwater Block KG-DWN-98/3 in Krishna - Godavari Basin off
the East coast of India in Bay of Bengal was awarded to Reliance
Industries Limited and NIKO Resources Limited, Calgary,
Canada under NELP-1 bidding round.  RIL, as operator of the
block holds 90% of the participating interest and NIKO the
remaining 10%.

The block covers an area of 7,645 square kilometers and its
north-western boundary is about 40-60 kms southeast of Kakinada
in Andhra Pradesh.  Water depth in the block ranges up to 2700
meters.  RIL made the world's largest gas discovery in 2002 in
this block.

Based on the initial reserve estimates of the block RIL prepared
an Initial Development Plan for developing two discoveries
Dhirubhai 1 and Dhirubhai 3 in the block.  The Initial
Development Plan envisaged production plateau of 40 mmscmd.
The Initial Development Plan was submitted to the DGH in May
2004 and was approved in November 2004.

Subsequent to the approval of the Initial Approved Development
Plan for Dhirubhai 1 and Dhirubhai 3 gas fields, a lot of
exploratory work has been done in the block to assess the
overall hydrocarbon potential and the recoverable reserves in
these fields.  This includes acquisition of additional 3D
seismic data, drilling of additional exploratory wells resulting
in 13 discoveries and extensive coring of two development wells.

RIL has also obtained independent assessment of 2P reserves for
the Dhirubhai-1 and Dhirubhai-3 gas discoveries at 11.3 TCF
which is almost double of the earlier estimates.

In view of the significantly higher hydrocarbon potential and
large projected deficit of gas demand, RIL has sought approval
for the following:

   1. Increase in production rate from 40 mmscmd to 80 mmscmd;
      and

   2. Enhanced facilities for production, collection, evacuation
      and handling of gas, both onshore and offshore.

The revised estimate of capital expenditure for the enhanced
production profile is approximately US$5.2 billion.

Despite the increase in production rate, the project is on
schedule for first gas by second half 2008 to 2009.

This project is the first deepwater gas development project in
India and on commissioning would be among the largest and most
complex deepwater gas production system in the world.  This
project will be completed in about 6 years from the first
discovery making it amongst the fastest deepwater gas
developments in the world.

The gas production from KGD6 further fortifies Reliance's
commitment to provide India towards greater energy security in
view of the existing energy deficit.  The increased production
would double the current indigenous gas availability in the
country. The production rate of 80 mmscmd is equivalent to
450,000 barrels of oil equivalent per day, which is about 25% of
the current oil import in the country.  This would substantially
improve the balance of payment situation that is worsening on
account of oil imports.

The Board of Directors of RIL will review the project and its
financing plan on November 9, 2006.  The Board will examine
various funding options including project financing debt,
convertible bonds or other hybrid instruments to achieve the
optimal financing for this project.

                 About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


RPG LIFE: Terminates Hindustan Antibiotics Lease Agreements
-----------------------------------------------------------
Pursuant to a settlement pact, lease agreements that RPG Life
Sciences Ltd entered into with Hindustan Antibiotics Ltd are
terminated effective February 15, 2006.

RPG decided to terminate the leases and the related agreements
after determining that the move could save them about
INR4.80 crore per year.  The leases, absent the settlement pact,
would have otherwise remained in force until December 2015.

                    About RPG Life Sciences

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of default in debt
servicing obligations towards institutional investors.


STATE BANK OF INDIA: Net Profit Slightly Lowers to INR11.8 Bil.
---------------------------------------------------------------
State Bank of India Ltd's net profit for the quarter ended
September 30, 2006, decreases to INR11.845 billion from
INR12.154 billion in the quarter ended September 30, 2005.

Total Income for the September 2006 quarter, however, rose 9.6%
to INR108.112 billion from the corresponding period last year of
INR98.560 billion.  The bulk of the income for the September
2006 quarter comes from Interest Earned Operating Income of
INR93.775 billion.

The Bank's 3rd quarter 2006 operating expenses of INR28.598
billion was actually lower than that of the corresponding
quarter last year of INR29.197 billion.

The dip in net profit could be attributed to higher interest
expense (INR54.788 billion), other operating expenses
(INR9.051 billion) and the INR6.067 billion in income taxes for
September 2006.  For the September 2005 quarter, the Bank
enjoyed a tax refund of INR499.8 million.

                     About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


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

AVNET INC: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its Ba1 corporate
family rating on Avnet, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$400MM 8.00% Sr.
   Unsecured Notes
   due 2006               Ba1      Ba1     LGD3        49%

   US$250MM 6.00% Sr.
   Unsecured Notes
   due 2015               Ba1      Ba1     LGD3        49%

   US$300MM 6.625% Sr.
   Unsecured Notes
   due 2016               Ba1      Ba1     LGD3        49%

   US$300MM 2.00%
   Convertible Sr.
   Debentures due 2034    Ba1      Ba1     LGD3        49%

   Shelf - Sr.
   Unsecured            (P)Ba1    (P)Ba1   LGD3        49%

   Shelf - Subor.       (P)Ba2    (P)Ba2   LGD6        97%

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

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

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%).

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.  Revenues
for the fiscal year ended July 1, 2006 were US$14.3 billion.
It has operations in the following Asia-Pacific countries:
Indonesia, Australia, China, Hong Kong, India, Japan, Malaysia,
New Zealand, Philippines and Singapore.


GENERAL NUTRITION: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the US & Canadian Retail sector, the rating
agency confirmed its B2 Corporate Family Rating for General
Nutrition Centers, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75MM Gtd. Sr.
   Sec. Revolver        B1       Ba2      LGD1     4%

   US$96.2MM Gtd. Sr.
   Sec. Term Loan B     B1       Ba2      LGD2     13%

   US$150MM 8.625% Gtd.
   Senior Notes         B3       B1       LGD3     40%

   US$215MM 8.5% Gtd.
   Sr. Sub. Notes       Caa1     Caa1     LGD5     81%

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

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The company sells its products
through a worldwide network of more than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and
manufacturing/wholesale.

GNC's Asian operations include those in Indonesia and the
Philippines.


GOODYEAR TIRE: Closing Tire Manufacturing Plant in Tyler, Texas
---------------------------------------------------------------
The Goodyear Tire & Rubber Company reports the planned closure
of its tire manufacturing facility in Tyler, Texas, as part of
its previously announced strategy to exit certain segments of
the private label tire business.

At the time of its June private label announcement, Goodyear
said that the decision would require a corresponding reduction
in North American Tire's manufacturing capacity and that plant
performance, capabilities, cost savings opportunity and the
focus on serving NAT customers would dictate capacity reduction.

"We must take the steps necessary to reduce our costs and
improve our competitive position," said Jon Rich, president,
North American Tire.  "While this is an extremely difficult
decision for everyone involved, it was required to help turn
around our North American business."

Rich said the timing of the action would be coordinated to
minimize the impact on Goodyear's customers.

Goodyear previously announced to investors an aggressive
strategy to reduce costs by more than US$1 billion by 2008,
including reduction in high-cost tire manufacturing capacity.
The Tyler plant principally produces small diameter passenger
tires, a segment that has been under considerable pressure from
low cost imports.

The action is expected to eliminate about 1,100 positions,
create annual savings of approximately US$50 million after tax,
and result in a restructuring charge of between US$155 million
and US$165 million after tax.  The cash portion of these charges
is estimated to be between US$40 million and US$50 million.

Opened in 1962, the plant has produced approximately 25,000
passenger and light truck tires per day.

                       About Goodyear Tire

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

                          *     *     *

Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.

Fitch Ratings has placed Goodyear Tire on Rating Watch Negative.
Goodyear's debt and recovery ratings are:

    -- Issuer Default Rating (IDR) 'B';
    -- US$1.5 billion first lien credit facility 'BB/RR1';
    -- US$1.2 billion second lien term loan 'BB/RR1';
    -- US$300 million third lien term loan 'B/RR4';
    -- US$650 million third lien senior secured notes 'B/RR4';
    -- Senior Unsecured Debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V. (GDTE)

    -- US$EUR505 million European secured credit facilities
       'BB/RR1'.

The Troubled Company Reporter - Asia Pacific reported on Nov. 1,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Automotive and Equipment
sectors, the rating agency confirmed its B1 Corporate Family
Rating for Goodyear Tire.  Additionally, Moody's revised or held
its probability-of-default ratings and assigned loss-given-
default ratings on these loans and bond debt obligations:

Issuer: The Goodyear Tire & Rubber Company

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   First Lien Credit
   Facility               Ba3      Ba1     LGD 2      10%

   Second Lien Term
   Loan                   B2       Ba3     LGD 3      35%

   Third Lien Secured
   Term Loan              B3       B2      LGD 4      63%

   11% Senior Secured
   Notes                  B3       B2      LGD 4      63%

   Floating Rate Senior
   Secured Notes          B3       B2      LGD 4      63%

   9% Senior Notes        B3       B2      LGD 4      63%

   6-5/8% Senior Notes    B3       B3      LGD 6      94%

   8-1/2% Senior Notes    B3       B3      LGD 6      94%

   6-3/8% Senior Notes    B3       B3      LGD 6      94%

   7-6/7% Senior Notes    B3       B3      LGD 6      94%

   7% Senior Notes        B3       B3      LGD 6      94%

   Senior Unsecured
   Convertible Notes      B3       B3      LGD 6      94%

Issuer: Goodyear Dunlop Tires Europe B.V.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Euro Revolving
   Credit Facilities      B1       Ba1     LGD 2      10%

   Euro Secured
   Term Loan              B1       Ba1     LGD 2      10%


INCO LTD: CVRD Brings In New Board Following Purchase Completion
----------------------------------------------------------------
Following the acquisition by CVRD Canada Inc. of 174,624,019 of
Inco Limited's common shares, representing approximately 75.66%
of Inco's issued and outstanding common shares, each of the
members of Inco's Board of Directors has resigned, with the
exception of Scott Hand.

CVRD Canada is a wholly owned indirect subsidiary of Companhia
Vale do Rio Doce,

The vacancies left by the departure of the incumbent directors
have been filled with CVRD nominees Roger Agnelli (Chief
Executive Officer, CVRD), Jose Auto Lancaster Oliveira
(Executive Director, Non-Ferrous Minerals, CVRD), Murilo Pinto
de Oliveira Ferreira (Executive Director, Equity Holdings and
Business Development, CVRD), Fabio de Oliveira Barbosa (Chief
Financial Officer, CVRD), Gabriel Stoliar (Executive Director,
Planning, CVRD) and independent directors Michael Phelps, Mel
Leiderman, Stephen Wallenstein and Stanley Greig.  Roger Agnelli
will serve as chair of the Board of Directors.

CVRD Canada has asked incumbent Inco Chief Executive Officer,
Scott Hand, to remain with Inco to help oversee operations
during the transition period.

Inco also reported that it intends to withdraw its common shares
from listing on the New York Stock Exchange and from
registration
under Section 12(b) of the U.S. Securities Exchange Act of 1934,
as amended.  Inco expects that the delisting will become
effective in 20 days and that the deregistration will become
effective in 100 days.  The company has not arranged for listing
on any other U.S. national securities exchange or for quotation
of the common shares in any quotation medium.  Inco also intends
to delist its common shares from the Toronto Stock Exchange as
soon as it is in a position to do so.

CVRD Canada has previously disclosed that it intends to acquire
100% of the Inco common shares by way of either a "compulsory
acquisition" or a "subsequent acquisition transaction" and to
cause Inco to effect deregistration and to cease reporting under
the Exchange Act once the number of Inco security holders is
sufficiently reduced.  In light of these facts, Inco's Board of
Directors authorized the withdrawal of Inco common shares from
listing on the NYSE and from registration under Section 12(b) of
the Exchange Act.

Effective immediately, Inco will satisfy its reporting
obligations under the Exchange Act by filing reports with the
SEC on the forms available for use by foreign private issuers,
instead of those used by U.S. domestic reporting companies,
which it has historically used on a voluntary basis.

                          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.


TELKOM INDONESIA: Expects 20% More Subscribers in 2007
------------------------------------------------------
PT (Persero) Telekomunikasi Indonesia Tbk expects its cellular
subscriber count to rise around 20% in 2007 from 35 million
expected at the end of this year, Dow Jones Newswires reports,
citing an official of the company.

Telkom President Director Arwin Rasyid told Dow Jones Newswires
that the company plans to boost capital expenditure to
IDR16.9 trillion next year to serve more subscribers.

Dow Jones adds that Telkom may issue bonds or seek other
borrowings to help finance the capital expenditure next year.

                     About Telkom Indonesia

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

                          *     *     *

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

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

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


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

ALL NIPPON: Group Posts JPY33-Bil Net Profit for First Half '06
---------------------------------------------------------------
All Nippon Airways Co. Limited reported a profitable first half
of the current fiscal year -- the six-month period from April 1
to September 30, 2006 -- the company said in a press release.

For the first-half of 2006, the company posted a consolidated
net profit of JPY33.2 billion (2005: JPY19.7 billion) on revenue
of JPY752.8 billion (2005: JPY690.9 billion).  These figures
represent a 9% improvement in revenue and a 68.8% improvement in
net profit compared with the results for the same period in the
previous year -- ANA's highest ever net profit at the half-year
point.  However, the large difference can be attributed partly
to an extraordinary loss posted in fiscal 2005, which arose from
a change in accounting methods.  No conspicuous extraordinary
loss was reported in the present term under discussion.

Operating profit fell 1.2% to JPY68.7 billion (2005:
JPY69.5 billion) squeezed by an almost 41% increase in fuel
costs compared with the previous term.  As a result, recurring
profit also dropped 2.4% to JPY57.9 billion (2005: JPY59.4
billion).

                    Air Transportation Segment

ANA Group consists of air transport, travel, hotel operations
and other businesses.  Taking the air transportation segment
alone, a consolidated revenue of JPY629.3 billion (2005:
JPY573.3 billion) and an operating profit of JPY60.7 billion
(2005: JPY62.6 billion) were posted.  Airlines within the Group
carried 25.6 million passengers (2005: 25.2 million) over
30.4 billion Revenue Passenger Kilometres, which breaks down to
23.3 million domestic passengers and 2.2 million international
passengers over 20.4 billion and 9.9 billion RPKs, respectively.

                   Domestic Air Transportation

In the Japanese domestic market, despite increased competition
on trunk routes, the number of passengers carried held steady
vis-.-vis the previous year, when domestic travel was buoyed up
by the World Expo of summer 2005.  Amongst other factors, the
retention of passengers is attributed to the successful
introduction of the new Tabiwari promotional fare, in April,
which spurred demand for individual travel.  ANA has also
continued its efforts to make air travel ever more simple and
convenient, and on September 1 started its innovative 'SKIP'
service at 24 airports up and down the country, which removes
the physical need to check-in for flights.

"The good results from the first six months of this year are
evidence of the recovering Japanese economy and the increasing
demand for air travel within that, particularly business travel.
Domestically, we are pleased to have beaten last year's
passenger and revenue figures, given that demand was
particularly high in summer 2005 because of the Aichi World
Expo, and that more airlines have been competing on our trunk
routes since April this year," commented Tomohiro Hidema, ANA's
Executive Vice President, Finance.  "Internationally, we have
been able to improve our load factors and capture a growing
number of passengers, while maintaining capacity at more or less
the same level," he continued.

                 International Air Transportation

On the international front, strong demand for individual travel
-- in particular, business travel -- continued to fuel demand.
The six months under review saw the completed roll-out of the
popular New Style Club ANA product on North American routes.
Aircraft downsizing and increased frequencies on Osaka (Kansai)
- Qingdao and Osaka (Kansai) - Xiamen achieved a better match of
aircraft type with demand and secured greater passenger
convenience.

Demand for leisure travel to China showed no residual effect of
the anti-Japan demonstrations which depressed passenger numbers
in the same period of the previous term.  The June 2 move to
Terminal 1 at Tokyo's Narita airport with other Star Alliance
member carriers resulted in vastly improved connecting times and
amenities for all passengers.  Facilities for first and business
class passengers in particular were greatly enhanced.

As a result, passenger growth outstripped capacity growth, and
revenue improved 20% compared with same period of the previous
year.

                              Cargo

Healthy demand for cargo services was also evident throughout
the six months under review, with gains in both domestic and
international arenas.  Domestically, figures were buoyed up by
the improving economic outlook in Japan, and the addition of
extra late-night cargo flights in February this year.
Internationally, ANA was able to capture a greater share of the
Japan-North America market thanks to the introduction of
aircraft with greater cargo capacity on those routes.

                   Outlook for Fiscal Year 2006

The economic recovery in Japan is expected to continue and with
it a healthy demand for air transportation services.  Combined
with ANA's drive to increase sales to counter growing
competition, this is expected to produce revenue outstripping
that of earlier forecasts.  However, the price of fuel is also
expected to continue at its current historically high level, and
greater sales and marketing costs will be incurred as ANA moves
to grow passenger numbers, driving up operating costs and
squeezing profits.  Accordingly, while revenue projections will
be raised, projected costs will also increase.  Although ANA
will continue its on-going efforts to reduce them at all levels,
costs are forecast to increase by JPY30 billion, and revenue by
the same amount; profit forecasts remain unchanged.  The revised
forecast and detailed results for the period under review can be
found in the following tables.

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.

The company has overseas sales offices in New York, San
Francisco, Los Angeles, Washington D.C., Honolulu, Guam, London,
Frankfurt, Paris, Beijing, Shenyang, Tianjin, Dalian, Qingtao,
Shanghai, Hangzhou, Xiamen, Guangzhou, Hong Kong, Seoul,
Bangkok, Ho Chi Minh, and Singapore.

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.


AMERICAN AIRLINES: Earns US$1 Million in Quarter Ended Sept. 30
-------------------------------------------------------------
American Airlines, Inc., posted a US$1 million net income for
the three months ended Sept. 30, 2006, on US$5.83 billion of
revenues, compared to a US$161 million net loss earned on
US$5.47 billion of revenues for the same period in 2005.

The company's balance sheet at Sept. 30, 2006, showed
$26.7 billion in total assets and US$27.5 billion in
liabilities, resulting in a stockholders' deficit of
approximately US$800 million.

At Sept. 30, 2006, the company had US$5 billion in unrestricted
cash and short-term investments, an increase of US$1.2 billion
from Dec. 31, 2005.  Net cash provided by operating activities
in the nine-month period ended Sept. 30, 2006 was US$1.5
billion, an increase of US$679 million over the same period in
2005.  The increase was primarily the result of improved
economic conditions which allowed the industry to increase fare
levels.

The company contributed US$184 million to its defined benefit
pension plans during the nine month period ended Sept. 30, 2006,
and completed its required 2006 calendar year funding by
contributing an additional US$39 million on Oct. 13, 2006.

As of Sept. 30, 2006, the company had commitments to acquire an
aggregate of 47 Boeing 737-800s and seven Boeing 777-200ERs in
2013 through 2016.  Future payments for all aircraft, including
the estimated amounts for price escalation, will be
approximately US$2.8 billion in 2011 through 2016.

American Airlines currently expects fourth quarter mainline unit
costs to decrease more than four percent year over year.
Capacity for the company's mainline jet operations in the fourth
quarter is expected to decrease approximately 0.5 per cent year
over year.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1417

                     About American Airlines

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

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

                          *     *     *

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

Moody's Investors Service affirmed all debt ratings of AMR
Corp., and its primary subsidiary American Airlines, Inc. -
corporate family rating at B3 -- as well as all tranches of the
Enhanced Equipment Trust Certificates supported by payments from
American and the SGL-2 Speculative Grade Liquidity Rating.


DURA AUTOMOTIVE: U.S. & Canadian Operations File for Chapter 11
---------------------------------------------------------------
DURA Automotive Systems Inc.'s U.S. and Canadian subsidiaries
filed on Oct. 30, 2006, for protection under Chapter 11 of the
United States Bankruptcy Code with the U.S. Bankruptcy Court for
the District of Delaware.  DURA's European and other operations
outside the U.S. and Canada, accounting for approximately 51% of
DURA's revenue, are not part of the filing.

DURA's decision to pursue reorganization under Chapter 11 came
after evaluating all options to restructure its balance sheet to
reduce the company's indebtedness and interest expense.  DURA
elected to pursue a restructuring under court protection as it
will facilitate both a financial restructuring and ongoing
operational restructuring, the successful implementation of
which will help DURA overcome current financial and industry
pressures and position the company for long-term success.

                         DIP Financing

As part of the filing, DURA has arranged for approximately
$300 million in Debtor-in-Possession financing from Goldman
Sachs, GE Capital, and Barclays, which will be used by DURA to
fund normal business operations and continue its operational
restructuring program initiated in February 2006.

The company has requested, and expects to receive, permission
from the Court to pay employee salaries, wages and benefits.
DURA has also asked for authority to pay certain critical pre-
petition vendor claims and will continue to pay its post-
petition obligations in the ordinary course of business.  DURA
said the steps it is taking would help ensure continuity of
supply to customers.

"With industry conditions tightening further, we concluded that
our capital structure is no longer appropriate," chairman and
chief executive officer of DURA Automotive Systems Larry Denton
said.

"The Chapter 11 process will enable us to work with our
creditors on a plan that will reduce our debt burden and align
the business to meet the challenges of tomorrow's automotive
marketplace.

"The entire North American automotive supply industry is at an
extremely difficult juncture," Mr. Denton continued.

"Pursuing a financial reorganization under court protections is
the prudent course of action and positioning us for long-term
sustainability.  This is in the best interest of our employees,
customers, vendors, and other business partners."

DURA said the accelerating deterioration of the North American
automotive industry, in particular, further production cuts by
the major U.S. OEMs and the escalating cost of raw materials,
adversely affected DURA's cash position prior to the filing.
The DIP financing will improve DURA's liquidity, providing the
company with sufficient working capital to continue normal
operations and fund its turnaround.

In February 2006, DURA initiated an operational restructuring
program, focused on improving quality, lowering production
costs, increasing EBITDA and rightsizing the business to account
for capacity reductions.  The operational restructuring program
is generating improvements today and will continue to generate
additional improvements throughout the bankruptcy process.

"Once our operational and financial programs are complete, we
believe that DURA will have improved its competitive position in
the automotive supply market, combining best-in-class quality
with best-in-cost production through our global lean-
manufacturing footprint," Mr. Denton said.

"DURA plans to continue to serve customers with innovative,
competitively priced products that meet the highest standards of
quality today and into the future."

                   About DURA Automotive Systems

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a leading supplier of
similar products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to every North
American, Japanese and European original equipment manufacturer
and many leading Tier 1 automotive suppliers.  The company has
manufacturing and product development facilities in Japan,
Brazil and Germany.

                          *     *     *

Moody's Investors Service lowered the Probability of Default
rating of Dura Automotive Systems Inc. to D from Caa3.

Standard & Poor's Ratings Services lowered the corporate credit
rating of Dura Automotive Systems Inc. and its subsidiary, Dura
Operating Corp., to 'D' from 'CCC'.


DURA AUTOMOTIVE: Case Summary & 30 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Dura Automotive Systems, Inc.
             aka Dura Automotive Holdings, Inc.
             aka MC Holding Corp.
             2791 Research Drive
             Rochester Hills, MI 48309-3575

United States Bankruptcy Case No.: 06-11202

Debtor-affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
   Dura Operating Corp.                          06-11203
   Adwest Electronics Inc.                       06-11204
   Atwood Automotive, Inc.                       06-11205
   Atwood Mobile Products, Inc.                  06-11206
   Automotive Aviation Partners, LLC             06-11207
   Creation Group Transportation, Inc.           06-11208
   Creation Group, Inc.                          06-11209
   Creation Windows, Inc.                        06-11210
   Creation Windows, LLC                         06-11211
   Creation Group Holdings, Inc.                 06-11212
   Dura Aircraft Operating Company, LLC          06-11213
   Dura Automotive Systems Cable Operations Inc. 06-11214
   Dura Automotive Systems of Indiana, Inc.      06-11215
   Dura Brake Systems, L.L.C.                    06-11216
   Dura Cables North LLC                         06-11217
   Dura Cables South LLC                         06-11218
   Dura Fremont L.L.C.                           06-11219
   Dura Gladwin L.L.C.                           06-11220
   Dura Global Technologies, Inc.                06-11221
   Dura G.P.                                     06-11222
   Dura Mancelona L.L.C.                         06-11223
   Dura Services L.L.C.                          06-11224
   Dura Shifter L.L.C.                           06-11225
   Dura Spicebright, Inc.                        06-11226
   Kemberly, Inc.                                06-11227
   Kemberly, LLC                                 06-11228
   Mark I Molded Plastics of Tennessee, Inc.     06-11229
   Patent Licensing Clearinghouse L.L.C.         06-11230
   Spec-Temp, Inc.                               06-11231
   Trident Automotive, L.L.C.                    06-11232
   Trident Automotive, L.P.                      06-11233
   Universal Tool & Stamping Company, Inc.       06-11234
   Dura Automotive Canada ULC                    06-11235
   Dura Automotive Systems (Canada), Ltd.        06-11236
   Dura Canada LP                                06-11237
   Dura Holdings Canada LP                       06-11238
   Dura Holdings ULC                             06-11239
   Dura Ontario, Inc.                            06-11240
   Dura Operating Canada LP                      06-11241
   Trident Automotive Canada Co.                 06-11242
   Trident Automotive Limited                    06-11243

Type of Business: The Debtors design and manufacture driver
                  control systems, seating control systems,
                  glass systems, engineered assemblies,
                  structural door modules, and exterior trim
                  systems for the global automotive industry.
                  The Debtors also supplies similar products
                  to the recreation vehicle and specialty
                  vehicle industries.  The Debtors sell their
                  automotive products to every North American,
                  Japanese, and European original equipment
                  manufacturer and many leading Tier 1
                  automotive suppliers.  See
                  http://www.DURAauto.com/

Chapter 11 Petition Date: October 30, 2006

Court: District of Delaware

Judge: Kevin J. Carey

Debtors' Lead
Counsel:          Richard M. Cieri, Esq.
                  Marc Kieselstein, Esq.
                  Roger James Higgins, Esq.
                  Ryan Blaine Bennett, Esq.
                  Kirkland & Ellis LLP
                  200 East Randolph Drive
                  Chicago, IL 60601-6636
                  Tel: (312) 861-2000
                  Fax: (312) 861-2200

Debtors'
Co-Counsel:       Mark D. Collins, Esq.
                  Daniel J. DeFranseschi, Esq.
                  Jason M. Madron, Esq.
                  Richards Layton & Finger, P.A.
                  One Rodney Square
                  920 North King Street
                  Wilmington, DE 19801
                  Tel: (302) 651-7575
                  Fax: (302) 498-7575

Debtors' Special
Counsel:          Baker & McKenzie

Debtors'
Conflicts
Counsel:          Togut, Segal & Segal LLP

Debtors'
Investment
Banker:           Miller Buckfire & Co., LLC

Debtors'
Financial
Advisor:          Glass & Associates Inc.

Debtors'
Notice, Claims
and Balloting
Agent:            Kurtzman Carson Consultants LLC

Debtors'
Corporate
Communications
Consultants:      Brunswick Group LLC

Financial Condition as of July 2, 2006:

      Total Assets: US$1,993,178,000

      Total Debts:  US$1,730,758,000

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                        Nature of Claim   Claim Amount
   ------                        ---------------   ------------
U.S. Bank Trust Services         9% Senior Subd.
US$523,530,000
60 Livingston Ave. EP-MN-WS3C    Notes
St. Paul, MN 55107
Attn: Richard Prokosch
Tel: (651) 495-3918
Fax: (651) 495-8097


BNY Midwest Trust Company        8.625% Senior
US$400,000,000
2 N LaSalle Street, Suite 1020
Chicago, IL 60602
Attn: Roxanne J. Ellwanger
Tel: (312) 827-8574
Fax: (312) 827-8542

JP Morgan Trust Company          7.5% Convertible
US$55,205,000
Institutional Trust Service
227 West Monroe, Suite 2600
Chicago, IL 60606
Attn: Sharon K. McGrath
Tel: (402) 496-1960
Fax: (402) 496-2014

Johnson Electric North America   Trade
US$3,258,156
47660 Halyard Drive
Plymouth, MI 48101
Attn: Jessi Lamb
      Doug Eberle
      Doug Stange
Tel: (734) 392-5451
Fax: (734) 392-5480
     (734) 392-5388
     (734) 392-5386

ACH Glass                        Trade
US$2,200,817
17333 Federal Drive, Suite 230
Allen Park, MI 48101
Attn: Dave Thompson
      Steve Ewing
Tel: (313) 755-3735
Fax: (313) 755-2285

HS Spring Group                  Trade
US$1,969,900
25 Worchester Road
Toronto, ON M9W IK9
Canada

3805 Business Park Drive
Louisville, KY 40213
Attn: Kerry Pursley
      Paul Law
      Pamella Collins
Tel: (416) 675-9072
Fax: (416) 675-9074

Ready Rivet and Fastener Ltd.    Trade
US$1,877,979
170 Hollinger Crescent
Kitchner, ON N2K 2Z3
Canada
Attn: Dan Collins
Tel: (519) 745-6119
Fax: (519) 745-9453

ACH Vidriocar                    Trade
US$837,881
Calle Miguel Calalan
# 420 Parque
Industrial Rio Bravo
Juarez, Chihuahua 32700
Mexico
Attn: Armando Galindo
Tel: (526) 566-295-153
Fax: (595) 021-501-617


MakSteel                         Trade
US$949,700
7615 Torbram Road
Mississauga, ON L4T 4A8
Canada
Attn: Norm Trudeau
      Bill Cooke
Tel: (905) 671-3000 x 2255
Fax: (905) 673-4976

Thompson IG LLC                  Trade
US$782,031
3196 Thompson Road
Fenton, MI 48430
Attn: Chris DeSonia
      Debbie Schultz
Tel: (810) 629-9558
Fax: (810) 629-0041

Fastco Industries Inc.           Trade
US$623,113
2685 Mullins Avenue NW
P.O. Box 141427
Grand Rapids, MI 49544
Attn: Craig Gill
      Marti Archibald
Tel: (616) 453-5428
Fax: (616) 791-0481

Astro Shapes Inc.                Trade
US$581,593
65 Main Street
P.O. Box 2
Struthers, OH 44471
Attn: Terri Michaud
      Alison Ritchie
Tel: (330) 755-1414
Fax: (330) 755-3641

Technical Services Inc.          Trade
US$540,704
57006 241st Street
Ames, IA 50010
Attn: Martin Simpson
Tel: (525) 232-3188
Fax: (515) 232-2953

Young Technology Inc.            Trade
US$527,091
332 Commerce Drive
Carol Stream, IL 60188
Attn: Eric Luhrs
      John Wenstrup
Tel: (630) 690-4320 ext. 20
Fax: (630) 690-9487

Royal Plastics Inc.              Trade
US$525,362
3765 Quincy Street
Hudsonville, MI 49426
Attn: Perry Franco
Tel: (616) 667-4155
Fax: (616) 896-0290

Worthington Steel                Trade
US$500,232
200 Old Wilson Bridge Road
Columbus, OH 43085
Attn: Tom Grabowski
      John Cummings
Tel: (614) 438-3210
Fax: (614) 840-3706

Camcar Textron CDN               Trade
US$495,869
87 Disco Road
Rexdale, ON M9W 6K2
Canada
Attn: Andrew Chubb
      Brian Erickson
Tel: (800) 268-4806
Fax: (416) 675-3762

White Rogers                     Trade
US$463,291
P.O. Box 93638
Chicago, IL 60673
Attn: Debbie Schmidt
Tel: (870) 793-3855
Fax: (870) 793-1822

Kilbank Metal Turning &          Trade
US$460,115
Forming Inc.
4 Barrie Boulevard
St. Thomas, ON N5P 4B9
Canada
Attn: Donna Dyson
      Steve Smith
Tel: (519) 631-4470
Fax: (519) 631-3152

PPG Industries                   Trade
US$441,408
One PPG Place
Pittsburgh, PA 15272
Attn: Karen Blaylock
      Jason Skeen
Tel: (412) 434-3131
Fax: (419) 526-7487

AGC Automotive Americas          Trade
US$426,018
1 Auto Glass Drive
P.O. Box 5000
Elizabethtown, KY 42701
Attn: Darryl Mezigian
Tel: (248) 324-5062
Fax: (270) 769-8295

Sturgis Molded Products          Trade
US$406,473
70343 Clark Street
P.O. Box 246
Sturgis, MI 49091
Attn: Rejean Schragg
      Pam Kain
Tel: 1-800-572-1786
Fax: (269) 651-4072

Freedom Technologies Corp.       Trade
US$373,596
10370 Citation Drive, Suite 200
Brighton, MI 48116
Attn: John Piatek
Tel: (810) 227-3737
Fax: (810) 227-3909

Carthage Wire Mill               Trade
US$358,129
1225 East Central Avenue
Carthage, MO 64836
Attn: Christian Lupo
Tel: 1-800-527-1786
Fax: (314) 567-7334

Indalex Aluminum Solutions       Trade
US$353,787
75 Tri-State International
Suite 450
Lincolnshire, IL 60069
Attn: Pat Wooley
      Connie Shinuald
Tel: (866) 576-0146
Fax: (847) 295-3851

McLaughlin Metal Sales Co.       Trade
US$338,998
12898 Pennridge Drive
Bridgeton, MO 63044
Attn: Wilson Allee
      Dan Gutos
Tel: (314) 567-8585
Fax: (314) 567-7334

Orchid Automation                Trade
US$338,005
331 Alden Road
Markham, ON L3R3L4
Canada
Attn: Darrell Corkum
Tel: (615) 661-4300
Fax: (615) 661-4359

Ford Motor Company               Trade
US$337,542
P.O. Box 6248
Dearborn, MI 48126
Attn: Steve Martin
      Jennifer Zinn
Tel: (313) 322-3000 ext. 9798
Fax: (313) 845-4089

SAIA - Burgess North America     Trade
US$336,283
801 Scholz Drive
Vandalia, OH 45377
Attn: Ron Rogers
      Chris Mullins
Tel: (937) 454-2345
Fax: (937) 898-8624

Pilkington-Clinton Plant         Trade
US$332,499
11700 Tecumseh-Clinton Road
Clinton, MI 49236
Attn: Terrance Gallagher
      Pat Gallagher
Tel: (517) 456-2167
Fax: (517) 456-4242


DURA AUTOMOTIVE: S&P's Ratings Tumble to D After Ch. 11 Filing
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered Dura Automotive
Systems Inc.'s senior secured and subordinated debt ratings to
'D' from 'CC' following the company's announcement that it and
its U.S. and Canadian subsidiaries had filed for Chapter 11
bankruptcy protection.

In addition, these ratings were removed from CreditWatch with
negative implications.

At the same time, the '1' recovery rating on the secured debt
was affirmed and then withdrawn.  The corporate credit rating on
Dura and the rating on Dura Operating Corp.'s US$400 million
senior notes were already 'D' following the company's failure to
make an interest payment earlier this month.

Well-known challenges cited by the company in its bankruptcy
filing included production cuts by major U.S. automakers and
escalating costs of raw materials.  Dura indicated that its
operations outside the U.S. and Canada, which in total account
for about 51% of revenues, were not part of the filing.  Dura
has arranged a US$300 million DIP loan.

Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a leading supplier of
similar products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to every North
American, Japanese and European original equipment manufacturer
and many leading Tier 1 automotive suppliers.  The company has
manufacturing and product development facilities in Japan,
Brazil and Germany.


FORD MOTOR: Closes Production at Atlanta Assembly Plant
-------------------------------------------------------
Production ended at Ford Motor Company's Atlanta Assembly Plant
on Oct. 27, at 7 a.m., when the company produced its last Ford
Taurus.

Ford produced 7.5 million Taurus units since the sedan was
introduced in 1985.  From 1992 to 1996, Taurus was the best-
selling car in the United States.  Its peak year was 1992 with
409,751 units sold.  Ford produced Taurus at two assembly plants
-- Atlanta and Chicago -- until 2004 when Chicago Assembly began
production of Ford Five Hundred, Freestyle and Mercury Montego.

The Atlanta Assembly opened in 1947 and built a variety of
historical models including the light trucks, Ford Fairlane,
Fairmont, Falcon, Galaxie, Grananda, LTD, Rachero, Torino,
Thunderbird, Marquis, Sable and Taurus.

For the past five years Atlanta Assembly has ranked among the
top 10 most productive assembly plants in North America, as
reported by Harbour Consulting.  In the 2005 report, Atlanta
ranked number one in productivity.

Atlanta Assembly employed 1,950 workers, including 1,800 hourly
and 150 salaried. The hourly employees, like all UAW-represented
Ford employees in the U.S., can select among eight separation,
educational and retirement packages.

                        About Ford Motor

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

                          *     *     *

Standard & Poor's Ratings Services placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-' from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative reflecting Ford's
intent to raise secured financing that would impair the position
of unsecured debt holders.  Under Fitch's recovery rating
scenario it was estimated that unsecured holders would recover
approximately 68% in a bankruptcy scenario, equating to a
Recovery Rating of 'RR3' (50-70% recovery).

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


FTI CONSULTING: Appoints New Directors to Forensic, Corp Finance
----------------------------------------------------------------
FTI Consulting, Inc., disclosed the appointments of senior
managing directors Mary Barnes and Bruce Burton in the Forensic
and Litigation Consulting practice, and senior managing
director, Mark Weinsten, and managing director Scott Bingham, in
the Corporate Finance practice.

Commenting on the new appointments, Dominic DiNapoli, FTI's
chief operating officer, said, "At FTI, our priority is to not
only identify and meet the needs of our clients and the
marketplace, but to surpass them.  This goal requires careful
expansion of our elite talent pool.  Mary, Bruce, Mark and Scott
bring with them the diversity of talent and expertise that are
integral to FTI providing the highest level of client service."

                        New Appointments

Mary G. Barnes joins FTI as a senior managing director in FTI's
Forensic and Litigation Consulting segment.  Ms. Barnes, who
will be located in FTI's New York office, will focus on the
financial services industry with a primary concentration on
commercial and investment banking.

Ms. Barnes has more than 25 years experience in consulting and
executive management in the financial services industry.  Most
recently, her consulting efforts have included the areas of
internal controls, regulatory compliance and reporting, risk
management, forensic investigations and technology.

Ms. Barnes joins FTI from KPMG, where she was the global lead
partner for one of the top financial services organizations.  In
this role she managed activities across all businesses and
functions of the client (e.g. tax, transaction services,
forensics, etc.), domestically and globally, including leading
the transformation of a segment of the client's finance
function, and identifying and providing advice around regulatory
reporting issues.

Prior to her tenure at KPMG, Ms. Barnes was a partner in the
financial services practice at Bearing Point and a senior
executive at Bank of America where she led an internal
consulting group.

Ms. Barnes earned a BS in Industrial Engineering at the
University of Texas, Arlington.

Bruce Burton joins FTI as a senior managing director in the
Forensic and Litigation Consulting's growing Intellectual
Property practice.  Mr. Burton is based in Chicago and will
focus on developing FTI's Technology & Intellectual Property
Management capabilities, which includes helping clients
identify, protect, manage and extract value from their
intellectual assets.

Prior to joining FTI, Mr. Burton was a partner and the national
leader of the intellectual asset management practice at Deloitte
Consulting, a role in which he consulted on issues involving
strategy, management, valuation, licensing, process design, M&A,
tax planning, litigation, bankruptcy and other matters all in
relation to intellectual property and related assets.

Mr. Burton's industry experience is broad and includes
aerospace, automotive, consumer goods, higher education,
pharmaceuticals, telecommunications and other high-tech
industries.  He has particular expertise in all phases of
technology commercialization, IP strategy and implementation
procedures, IP due diligence, IP-related mergers and
acquisitions, and IP best practices.

Mr. Burton holds an MBA from the University of Chicago and a BA
from the University of Washington.  He is a CPA, a CMA and a
CFE.

Mark Weinsten returns to FTI as a senior managing director in
FTI's Corporate Finance practice after spending the past year as
CFO of GVV, where he was responsible for business plan
development and raising capital.  Based in FTI's Boston office,
Mr. Weinsten works with clients including boards of directors,
equity sponsors, management of distressed companies and
creditors and bank groups. His role includes assisting clients
in creating and implementing business strategies and operational
improvements, performing analyses related to capital budgeting
and raising decisions, conducting operations and organization
reviews to identify areas for clients to reduce costs and
enhance productivity, and has served in interim management
developing business plans and financial projections to provide
guidelines and targets for client growth and development.

Prior to joining FTI, Mr. Weinsten was a partner in
PricewaterhouseCoopers' business recovery services practice
(which was acquired by FTI in 2002) and assisted underperforming
companies and their various constituents across a breadth of
industries.  Before that he was in the management consulting
department of Grant Thornton.

Mr. Weinsten holds an MBA from the Wharton School at the
University of Pennsylvania and a BS in economics from Carnegie-
Mellon University.  He is a member of the American Bankruptcy
Institute and the Turnaround Management Association.  He has
also been an adjunct professor at Babson College's Olin School
of Business, where he has taught turnaround finance and
management to MBA students.

Scott Bingham joins as a managing director in FTI's Corporate
Finance practice, Transaction Advisory Services group.  In his
new role, Mr. Bingham will be part of FTI's Atlanta Transaction
Advisory Services group, and will focus on extending FTI's
presence in the Southeast.

Mr. Bingham brings over 14 years of experience to his new
position, the last nine of which were spent at
PricewaterhouseCoopers.  Most recently, he served as the
advisory practice leader for healthcare transaction consulting,
a role in which he coordinated the firm's resources for
supplying strategic, operational and financial healthcare
diligence consulting for private equity and venture capital
clients.

Mr. Bingham's extensive experience in transaction services also
includes a five-year tenure as the director of the transaction
services division at PricewaterhouseCoopers, where he served as
a transaction consultant for both strategic and financial buyers
throughout the deal continuum, and where he advised clients on a
myriad of deal technicalities, including due diligence, contract
structuring and negotiations, transition planning, leverage
recapitalizations, etc.  Prior to his experience at
PricewaterhouseCoopers, Mr. Bingham was the director of
corporate development at The MRC Group, formerly Medifax, Inc.,
a private equity-backed venture.

Mr. Bingham holds a BS in Accounting from Miami University and
is a CPA.

                        About FTI Consulting

Baltimore, Maryland-based FTI Conslulting Inc. -
http://www.fticonsulting.com-- is a consulting firm focusing on
five areas: forensics and litigation,  corporate
finance/restructuring,  technology,  economic consulting, and
strategic communications.  FTI Consulting has offices in the
United States, Japan, the United Kingdom, Australia, China, Hong
Kong, and Singapore.

Standard & Poor's Ratings Services, on September 18, 2006,
assigned its 'B+' rating to FTI Consulting Inc.'s proposed
US$215 million senior notes due 2016.

At the same time, Standard & Poor's affirmed the corporate
credit rating of FTI at 'BB-' and revised the outlook to
positive from stable, based on strong earnings performance and
talent retention.

Moody's Investors Service assigned a Ba2 rating to FTI
Consulting, Inc.'s proposed US$215 million of senior unsecured
notes and lowered the ratings on its US$150 million senior
subordinated convertible notes to B1 from Ba3.  Moody's affirmed
the Ba2 corporate family rating and the Ba2 rating on FTI's
existing senior unsecured notes.  The rating outlook remains
stable.


MICRON TECHNOLOGY: Earns US$408 Million in 2006 Fiscal Year
---------------------------------------------------------
Micron Technology Inc. reported results of operations for its
2006 fiscal year and fourth quarter, which ended Aug. 31, 2006.
For the 2006 fiscal year, the company earned net income of
US$408 million on net sales of US$5.3 billion, which compares to
net income of US$188 million on net sales of US$4.9 billion for
the prior fiscal year.  For the fourth quarter of fiscal 2006,
the company earned net income of US$64 million on net sales of
US$1.4 billion.

"Micron effectively executed its diversification strategy,
resulting in strong financial performance for the year while
strengthening its platform for future success," said Steve
Appleton, Micron's chairman, CEO and president.

In fiscal 2006, the company began to realize benefits from its
diversification strategy, particularly with its CMOS image
sensors.  The company is the world's leading provider of CMOS
image sensors and doubled its sales of imaging products from
fiscal 2005 to 2006.

The establishment in 2006 of the company's joint venture with
Intel Corporation for NAND flash memory production positioned
Micron for significant growth in this market.  This alliance
enables the company to realize the benefits of research and
development cost sharing and, through joint investments with
Intel, accelerate its NAND production ramp.  Once completed,
these investments will allow the company to bring additional
scale and cost reductions to its memory operations.  The
company's NAND product offering was further broadened with the
acquisition of Lexar Media, which provides a significant retail
presence and strengthened the company's portfolio of
intellectual property.

The effects of the company's transformation in fiscal 2006
noticeably strengthened the company's balance sheet.  Cash and
investment balances increased US$1.8 billion over the year at
the same time debt was reduced by approximately US$600 million.
The company invested approximately US$1.6 billion in capital
expenditures in fiscal 2006.  These investments were heavily
concentrated in 300mm wafer fab tooling as the company positions
its Manassas, Lehi and TECH Semiconductor operations for
advanced 300mm production.

Comparing the company's fourth quarter results to the previous
quarter, net sales grew primarily as a result of increased sales
in the company's memory segment.  Sales of DDR and DDR2 memory
products increased slightly in the fourth quarter of fiscal 2006
compared to the third quarter, representing approximately 50% of
the company's total net sales.  Sales of imaging products in the
fourth quarter of fiscal 2006 represented approximately 15% of
the company's sales.  Sales of NAND flash products increased in
the quarter and represented approximately 9% of the company's
total net sales for the fourth quarter.  Sales of NAND flash
products in the fourth quarter of fiscal 2006 include only
limited volumes from Lexar, as purchase accounting precludes the
company from recognizing Lexar inventory in the distribution
channel as of the date of the acquisition.  As a result of the
acquisition, the company's operating expenses in the fourth
quarter of fiscal 2006 include approximately US$20 million for
the Lexar operations.

During the fourth quarter of fiscal 2006, the company settled
various legal matters adversely affecting the company's gross
margin by approximately US$45 million, or three percentage
points.  Absent the effect of these settlements, the company's
gross margin on sales of memory products in the fourth quarter
of fiscal 2006 would have been slightly higher than the gross
margin in the preceding quarter.

At the end of the fourth quarter of fiscal 2006, the company had
US$3.1 billion in cash and short-term investments.  During
fiscal 2006 and the fourth quarter, the company generated US$2.0
billion and US$330 million, respectively, in cash from
operations and invested US$1.6 billion and US$633 million,
respectively, in capital expenditures.  The company anticipates
capital expenditures for fiscal year 2007 to be approximately
US$4 billion.

Subsequent to the end of fiscal 2006, the company and Toshiba
Corporation entered into agreements settling all outstanding
NAND flash memory-related litigation between the Companies.
Toshiba purchased certain of the company's semiconductor
technology patents and licensed certain patents previously owned
by Lexar Media.  The company will receive payments totaling
US$288 million over several years.

                           About Micron

Micron Technology, Inc. (NYSE:MU) -- http://www.micron.com-- is
a worldwide provider of semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND flash memory, CMOS image sensors, other semiconductor
components, and memory modules for use in leading-edge
computing, consumer, networking, and mobile products.  Micron
has worldwide locations including those in Japan, China, India,
Korea, Singapore, and Taiwan.

                          *     *     *

On Dec. 8, 2005, Moody's Investors Service revised its ratings
outlook on Micron Technology to stable (Corporate Family Rating
at Ba3).  Moody's affirmed the company's Ba3 Senior Implied
rating, Ba3 Issuer rating, (P) Ba3 Senior unsecured shelf
registration rating, (P) B2 Subordinated shelf registration
rating, B2 rating on US$632 million 2.5% convertible
subordinated notes due Feb. 2010 and B2 rating on US$210 million
6.5%, junior subordinated notes.


SENSATA TECHNOLOGIES: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for Sensata
Technologies B.V., as well as the Caa1 rating on the company's
US$301.6 million of Senior Subordinate Notes Due 2016.  Those
debentures were assigned an LGD6 rating suggesting noteholders
will experience a 93% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Mil.
   Multicurrency
   Revolver due 2012      B1       B1      LGD3       32%

   US$950 Mil.
   TL B & 325m
   ($400m) TL B
   due 2013               B1       B1      LGD3       32%

   US$450 Mil. 8%
   Sr. Notes
   Due 2014               B2       Caa1    LGD5       81%

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

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

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

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and
controls across a range of markets and applications.  The
company has manufacturing locations in Japan, Brazil, Mexico,
China and the Netherlands.


SOFTBANK CORP: Reviews Ads After Meeting with Regulator
-------------------------------------------------------
Softbank Corp. says that it is reviewing its advertising for its
new mobile phone price campaign after meeting with Japan's
antitrust watchdog, the Fair Trade Commission, Reuters relates.

As reported by the Troubled Company Reporter - Asia Pacific on
November 1, 2006, the FTC commenced its examination on whether
sales campaigns launched by Softbank are misleading to
consumers.  The TCR-AP report explains that Softbank's new
discounts are complex to understand and that the company, which
is a newcomer in Japan's cellphone industry, may be in violation
of mislabeling and telecommunications service law.

The TCR-AP added that the regulators are also concerned with
Softbank's advertisements, which highlighted the catch phrase
"Zero-yen calls and emails," but listed the conditions and
restrictions in small print.

                     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.

                   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.


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

SANDISK CORP: 1Q07 Trial Expected For STMicro's '45 Patent Suit
---------------------------------------------------------------
SanDisk Corp. expects the trial for STMicroelectronics NV's
suit, tagged Civil Case No: 4:05CV45, for patent infringement to
be held in the first quarter of 2007.

Trial for this case was previously scheduled for November 2006.

On Feb. 4, 2005, STMicro filed two suits against the Company in
the U.S. District Court for the Eastern District of Texas,
tagged Civil Case Nos. 4:05CV44 and 4:05CV45. Both complaints
seek damages and injunctions against the Company's products.

STMicro's wholly owned subsidiary, STMicroelectronics Inc., is
also a plaintiff in those suits.

On April 22, 2005, the Company filed counterclaims on two
patents in the '45 action.  These counterclaims seek damages and
injunctive relief against the STMicro entities' flash memory
products.

The Magistrate Judge in the '44 Action later issued a report
recommending that the Court grant the Company's motion summary
judgment motion of non-infringement on all accused products.

                      About Sandisk Corp.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  In
addition, the company produces devices such as USB drives and
MP3 music players.  SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of
$1.0 billion of senior unsecured convertible notes due 2013.
The 'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


SHINHAN BANK: Reports 11% Decrease in 3rd Quarter Net Income
------------------------------------------------------------
On November 2, 2006, Shinhan Financial Group released its
operating results for the nine-month period ended Sept. 30,
2006, in the form of a live web-cast and conference call.

In a filing with the United States Securities and Exchange
Commission, Shinhan disclosed Shinhan Bank's key figures:

                         3Q 2006       3Q 2005
(KRW, in Millions)   (Accumulated)  (Accumulated)       Change
                     -------------  -------------      --------
Operating Revenue      9,127,804      5,635,103        61.98 %
Operating Income       1,159,454        493,843       134.78 %
Ordinary Income        1,588,714        539,969       194.22 %
Net Income             1,182,017        537,032       120.10 %

(KRW, in Millions)      3Q 2006          3Q 2005        Change
                      ----------     -----------       --------
Operating Revenue     3,244,296       3,557,546        -8.81 %
Operating Income        493,068         414,045        19.09 %
Ordinary Income         639,386         701,311        -8.83 %
Net Income              461,732         519,420        -11.11 %

The full IR presentation material and an audio recording of the
Web-cast and conference call are available at Shinhan's Web site
http://www.shinhangroup.com/

                     About Shinhan Bank

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

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

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


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

AKTIF LIFESTYLE: Moves to Another Location
------------------------------------------
Effective on November 1, 2006, Aktif Lifestyle Corporation Bhd
has moved to a new location.

The Company's New Location Is At:

         Level 14, Uptown 1
         No. 1 Jalan SS 21/58
         Damansara Uptown
         47400 Petaling Jaya
         Selangor Darul Ehsan
         Telephone: 03-7725 2888
         Facsimile: 03-7725 7791/2/3

                   About Aktif Lifestyle

Headquartered In Kuala Lumpur, Malaysia, Aktif Lifestyle
Corporation Berhad's principal activities is the operation of
specialty retail stores.  Other activities include investment
holding.

The Company has defaulted on several loan facilities and
incurred continuous losses.  It embarked on various corporate
exercises aimed at regularizing its financial condition.  In
2005, the Company presented a proposed restructuring scheme,
which did not win the Securities Commission's favor due to
uncertainty in assets valuation and concerns on corporate
governance issues.  An appeal to the SC to review its decision
on the Proposed Restructuring Scheme was already submitted.

As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Malaysia Securities Berhad, on June 8, 2006, commenced
delisting procedures against Aktif, which is a Practice Note 10
company.  In a statement, Bursa Securities said that Aktif has
failed to ensure that its level of operations is adequate in
accordance to the listing requirements.


COMSA FARMS: Default Status Remains Unchanged
---------------------------------------------
Pursuant to Practice Note 1/2001 of the Listing Requirements of
Bursa Malaysia Securities Berhad, Comsa Farms Berhad discloses
that as of November 1, 2006, its default status remains
unchanged as that of the default status disclosed on October 2.

However, on October 2, Comsa Farms stated that its default
status was the same as that reported on September 19.

The Company stated in a regulatory filing on September 19, that
it has defaulted on the repayment of principal and interests
outstanding to the holders of MYR50.0 million redeemable
unsecured 2000/2005 bonds.

The Bond was issued on Nov. 6, 2000, and matured on Nov. 4,
2005. On the Maturity Date, Comsa Farms had repaid a total
principal of MYR10.0 million and the balance of MYR40.0 million
remains outstanding.

                            Background

On May 8, 2006, Comsa Farms entered into a Facility Agreement
with Malaysian Assurance Alliance Berhad, as lender, for a
working capital loan facility of MYR100.0 million.  The FA was
modified via a supplemental agreement dated May 22, 2006.  The
proceeds of the Facility are to be used, inter-alia:

     (i) MYR38.0 million to redeem the existing legal charges
         created on two parcels of leasehold lands together with
         all existing buildings and structure erected and
         situated at CL105343315 and CL105343324, in Quoin Hill,
         District of Tawau, measuring 1,278.97 acres in
aggregate
         in favor of OCBC Bank (Malaysia) Berhad;

    (ii) MYR40.0 million to be released to AmTustee Berhad, as
         Trustee for the Bonds, for the purpose of redeeming the
         Bonds;

   (iii) MYR8.0 million to be deposited with the Lender for the
         purpose of 12 months' upfront interest payment for the
         Facility; and

    (iv) MYR14.0 million as working capital for the Comsa Group.

The bondholders, together with MAA and Commerce International
Merchant Bankers Berhad, on May 19, 2006, vide an extraordinary
resolution, granted their indulgence to Comsa Farms for the
repayment of the outstanding amount due on the Bonds and the
deferment of the enforcement of their existing rights from
Nov. 4, 2005, to Aug. 31, 2006.

Subsequently, the Bondholders have agreed not to take any steps
to exercise any of their rights in respect of the trust deed
until after the Reprieve Period subject to Comsa Farms' failure
to pay the principal amount of the Bonds of MYR40,000,000 and
the Accrued Interest of MYR2,671,150.79 up to Aug. 31, 2006.

On May 26, 2006, MAA registered a third party first charge over
the Subject Assets.  The First Charge is to secure the first
tranche of the Facility of up to MYR38.0 million pursuant to the
FA.

On June 2, 2006, the Bondholders registered the third party
second charge over the Subject Assets.   The Bondholder Charge
is to secure the Principal Amount of MYR40,000,000 of the Bonds
and the Accrued Interest.

On August 15, 2006, Comsa Farms received a letter from MAA
informing it that they are unable to allow any of the remaining
tranches to be drawn until and unless there is any great
improvement to the company's current financial situation.

Comsa Farms was unable to pay the Principal Amount and the
Accrued Interest on Aug. 31, 2006, being the expiry date of the
Reprieve Period.

                Measures Taken to Address Default

The company says that it is in the process of exploring the
possibility of undertaking a restructuring exercise to
regularize its financial positions.

According to Comsa Farms, the defaults will not have any
material financial implications on the company as the financing
facilities involved had already been recognized as current
liabilities and non-current liabilities in the its audited
financial statements as at March 31, 2005.

In term of legal aspect, the Bondholders/Trustee are entitled to
enforce any and all of their rights and remedies under the trust
deed dated Nov. 6, 2000.

                        About Comsa Farms

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5.00 million shareholders' equity deficit as of
Nov. 2.


COMSA FARMS: Failure to Submit Financials Prompts Suspension
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Oct.
24, 2006, that Comsa Farms Berhad would issue and submit its
Annual Report for the financial year ended March 31, 2006,
by Oct. 31 to the Bursa Malaysia Securities Berhad.

However, in an update, Comsa Farms has failed to submit its
March 2006 financial report by the indicated date.  Thus the
company's trading of securities was suspended from Nov. 1, 2006,
at
9:00 a.m., until further notice.

Pursuant to Paragraph 9.26 (6) of the Securities Berhad's
Listing Requirements, if a listed issuer fails to issue the
outstanding financial statements within six months from the
expiry of the relevant timeframes, de-listing procedures will be
commenced against the company.

                        About Comsa Farms

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5.00 million shareholders' equity deficit as of
Nov. 2.


JIN LIN: SC Extends Period to Submit Revamp Plan to January 2007
----------------------------------------------------------------
The Bursa Malaysia Securities Berhad has approved Jin Lin Wood
Industries Berhad's application to extend the time within which
the company must submit its regularization plan from Sept. 13,
2006, to January 12, 2007.

Pursuant to the Securities Commission's Policies and Guidelines
on Issue/Offer of Securities, the implementation period of the
Proposed Restructuring Scheme is to be within 12 months from the
date of the SC's approval, which expired on September 12.

Jin Lin's scheme of arrangement with shareholders entails:

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

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

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

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

    (v) that contingent on the cancellation, Jin Lin will apply
        MYR8,800,000 out of the credit reserve arising in paying
        in full at par, 8,800,000 Jin Lin shares, which will be
        allotted and issued, credited as fully paid-up to
Gefung.

The share transfer book and the register of members will be
closed on November 14, 2006.

                           About Jin Lin

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

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


MYCOM BERHAD: To Seek Plan Extension Pursuant to Timelines
----------------------------------------------------------
Mycom Berhad disclosed on October 31, 2006, that it will ask
Bursa Malaysia Securities Berhad to extend the time within which
it is required to complete its Restructuring Scheme after these
major outstanding events are met:

   -- execution of trust deeds/deed polls and other creditors'
      agreements, which is proposed to be implemented by the
      middle of November 2006;

   -- approval of floating rate note holders at an extraordinary
      general meeting and execution of offshore agreements,
which
      is proposed to be executed by the middle of November 2006;
      and

   -- execution of the Underwriting Agreement in connection with
      the Rights Issue with Warrants, which is proposed to be
      implemented by the middle of November 2006.

In order to facilitate the proposed timelines for the
implementation of the Rights Issue with Warrants as set out in
the Bursa Securities' Listing Requirements, Mycom believes that
the Restructuring Scheme will be completed by January 2007.

However, the SC, through a letter dated Sept. 15, 2006,
stipulated that the Restructuring Scheme will be completed by
Dec. 31, 2006, hence Mycom will apply for the time extension of
its Revamp Plan.

Moreover, Mycom's Restructuring Scheme includes other major
outstanding events with these proposed timelines:

   -- Books closing date for the Capital Reduction, Capital
      Consolidation and Rights Issue with Warrants, which is
      proposed to be implemented by the end of November 2006;
      and

   -- dispatch of Abridged Prospectus, Rights Subscription Forms
      and Notice of Provisional Allotmen, which is proposed to
      be implemented by December 2006.

                         About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the company's accumulated losses.  As of
March 31, 2006, the company registered accumulated losses of
MYR1,155,517,000.  The company's June 30, 2006, balance sheet
revealed total assets of MYR817,965,000 and total liabilities of
MYR1,351,772,000, resulting into a stockholders' deficit of
MYR521,083,000.


OLYMPIA INDUSTRIES: Jupiter Securities Issues 45 Mil. Shares
------------------------------------------------------------
Olympia Industries Berhad informed the Bursa Malaysia Securities
Berhad that on October 27, 2006, Jupiter Securities Sdn Bhd
issued and allotted 45 million ordinary shares of MYR1.00 each
to Olympia Industries as consideration for the novation of a
MYR45-million loan to the company.

As a result, Olympia Industries' shareholding in Jupiter
Securities has increased from 60.06% to 70.57%.

                   About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.

The company's June 30, 2006, balance sheet revealed a
stockholders' deficit of MYR1,041,766,000 resulting from total
liabilities of MYR2,035,268,000 exceeding total assets of
MYR1,001,289,000.


OLYMPIA INDUSTRIES: Subsidiary Served with Wind-Up Petition
-----------------------------------------------------------
Olympia Industries Berhad's 71% owned subsidiary, Mascon Sdn
Bhd, has been served with a wind-up petition on October 31,
2006, by Poh Loy Earthworks Sdn Bhd.

Poh Loy, a contractor for earthworks at a project site located
at Cheras, in Daerah Ulu Langat, Selangor, asserts a
MYR7,178,794.98 claim, comprising of the outstanding amount of
MYR4,785,105.59 and interest charge of MYR2,393,339.39, against
Mascon.

However, Mascon argues that:

   -- the outstanding amount had been discharged and settled in
      full; and

   -- it has the sole right to recover the outstanding amount
      directly from the project owner.

Olympia Industries' total cost of investment to Mascon is
MYR30,655,896.  However, full provision has been made for
diminution in the value investment of Mascon.

Olympia says that the wind-up proceedings will have no material
financial and operational impact on the Group.  The expected
losses from the wind-up proceedings will be based from the
amount claimed by the Petitioner.

Mascon is in the process of instructing its solicitors to file
an affidavit opposing the wind-up petition.

                  About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.

The company's June 30, 2006, balance sheet revealed a
stockholders' deficit of MYR1,041,766,000, resulting from total
liabilities of MYR2,035,268,000 exceeding total assets of
MYR1,001,289,000.


OLYMPIA INDUSTRIES: To Submit Plan Extension Request
----------------------------------------------------
Olympia Industries Berhad on October 31, 2006, disclosed that
its Restructuring Scheme would be completed by January 2007.

However, the Bursa Securities, through a letter dated Sept. 15,
2006, stipulated that the company's Restructuring Scheme can be
completed by December 31, 2006.

In this regard, Olympia Industries intends to submit an
application to the Bursa Securities for the extension of time to
complete its revamp plan after these two major outstanding
events are met:

   -- execution of trust deeds/deed polls and other creditors'
      agreements, which is proposed to be implemented by middle
      of November 2006; and

   -- execution of the Underwriting Agreement in connection with
      the Rights Issue with Warrants, which is expected to be
      implemented by middle of November 2006.

Moreover, Olympia's Restructuring Scheme's major outstanding
events, with its proposed timelines, are:

   -- Books Closing Date for the Capital Reduction, Capital
      Consolidation and Rights Issue with Warrants, which is
      expected to be implemented by the end of November 2006;

   -- dispatch of Abridged Prospectus, Rights Subscription Forms
      and Notice of Provisional Allotment, which is expected to
      be implemented by December 2006; and

   -- listing of new Olympia Industries shares, warrants,
      Irredeemable Convertible Unsecured Loan Stocks, Redeemable
      Unsecured Loan Stocks and Irredeemable Convertible Bonds
      on the Bursa Securities, which is expected to be
      implemented by January.

                     About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.

The company's June 30, 2006, balance sheet revealed a
stockholders' deficit of MYR1,041,766,000 resulting from total
liabilities of MYR2,035,268,000 exceeding total assets of
MYR1,001,289,000.


PANGLOBAL BERHAD: Subsidiary Changes Name
-----------------------------------------
Panglobal Berhad disclosed that its subsidiary has changed its
name.  PanGlobal Technologies Sdn Bhd has changed its name to
Perintis Glokal Teknologi Sdn Bhd on October 19, 2006.

PanGlobal Technologies is a 60% owned subsidiary of Menara
PanGlobal Sdn Bhd, which is a wholly owned subsidiary of
PanGlobal Properties Sdn Bhd, which in turn is a wholly owned
subsidiary of Panglobal Berhad.

                      About PanGlobal Berhad

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

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

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


WEMBLEY INDUSTRIES: SC Rejects Appeal for Time Extension
--------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Wembley Industries Holdings Berhad, on July
3, submitted to the Securities Commission an application to
extend for another year the deadline of the signing of a
supplemental joint venture agreement and completion of the
company's restructuring scheme.

The joint venture agreement is between Wembley's subsidiary --
Plaza Rakyat Sdn Bhd -- and Dewan Bandaraya, Kuala Lumpur, and
is also a part of Wembley's restructuring scheme.

SC Plaza Rakyat initially had until July 31, 2006, to sign the
supplemental joint venture agreement with Dewan Bandaraya.
Wembley has instructed its adviser, Alliance Merchant Bank
Berhad, to make a formal request to extend the deadline.

However, the Securities Commission, on August 29, 2006, rejected
Wembley's request to extend until January 31, 2007, the signing
deadline.

A subsequent TCR-AP report stated that on September 28, 2006,
Wembley Industries had submitted an appeal to the SC to
reconsider its extension request.

In an update, the SC, through a letter dated October 18, 2006,
rejected the appeal made by the company.

                       About Wembley Industries

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the company's Proposed Debt Restructuring.
The company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.

As of March 31, 2006, the company's balance sheet revealed total
assets of MYR422,729,000 and total liabilities of
MYR1,214,178,000, resulting in a MYR791,749,000 stockholders'
deficit.  The Company's accumulated losses as of March 31, 2006,
have reached MYR1,063,555,000.


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

AMP PAPAMOA: Shareholders Opt to Liquidate Business
---------------------------------------------------
On October 18, 2006, shareholders of AMP Papamoa Beach Gardens
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


APOF CHARITABLE: Liquidation Process Commenced
----------------------------------------------
On October 18, 2006, shareholders of APOF Charitable Papamoa Ltd
decided 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


APOF PAPAMOA: Enters Liquidation Proceedings
--------------------------------------------
On October 18, 2006, shareholders of APOF Papamoa Ltd resolved
to liquidate the company's business.  Accordingly, 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


CENTRAL INSURANCE: Faces Liquidation Proceedings
------------------------------------------------
A liquidation petition filed against Central Insurance Brokers
Ltd will be heard before the High Court of Dunedin on
November 16, 2006, at 10:00 a.m.

ING Life (NZ) Ltd filed the petition with the Court on
October 5, 2006.

The Solicitor for the Petitioner can be reached at:

         Murray John Tingey
         Bell Gully, Level Twenty-two
         Vero Centre, 48 Shortland Street
         Auckland
         New Zealand


DOT & MIKE: Names Parsons and Kenealy as Liquidators
----------------------------------------------------
On October 19, 2006, Dennis Clifford Parsons and Katherine
Louise Kenealy were appointed as joint and several liquidators
of Dot & Mike Ltd.

The Joint Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


FOOD QUEENS: Appoints Joint Liquidators
---------------------------------------
On October 19, 2006, Thomas Lee Rodewald and Kirsty Michelle
Shaw were appointed as joint and several liquidators of Food
Queens Catering Ltd.

The Joint Liquidators can be reached at:

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


LYDICO FREIGHT: Liquidation Petition Hearing Set on Nov. 16
-----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Lydico Freight Ltd on November 16, 2006, at 10:00
a.m.

Accident Compensation Corporation filed the petition on August
3, 2006.

The Solicitor for the Petitioner can be reached at:

         Dianne S. Lester
         Maude & Miller
         Second Floor, McDonald's Building
         Cobham Court (P.O. Box 50-555 or D.X. S.P. 32-505)
         Porirua City
         New Zealand


PETER HOMAN: Liquidation Hearing Set on November 9
--------------------------------------------------
The Commissioner of Inland Revenue filed before the High Court
of Auckland a liquidation petition against Peter Homan Fashions
Ltd on July 24, 2006.

The petition will be heard before the Court on November 9, 2006,
at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Simon John Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland
         New Zealand


R.T. DAVIS: Court to Hear Liquidation on November 16
----------------------------------------------------
On August 29, 2006, Accident Compensation Corporation filed a
liquidation petition against R. T. Davis Builders 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:

         Dianne S. Lester
         Maude & Miller
         Second Floor, McDonald's Building
         Cobham Court (P.O. Box 50-555 or D.X. S.P. 32-505)
         Porirua City
         New Zealand


ROBO'S WHOLESALE: Creditors to Prove Claims on November 24
----------------------------------------------------------
On October 19, 2006, Kim S. Thompson was appointed as liquidator
in the liquidation of Robo's Wholesale Cars Ltd.

In this regard, Liquidator Thompson require company creditors to
submit their proofs of claim by November 24, 2006, or be
excluded from the benefit of any distribution the Company will
make.

The Liquidator can be reached at:

         Kim S. Thompson
         P.O. Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6064


TERRAFIRMA LANDSCAPING: Court to Hear CIR's Liquidation Petition
----------------------------------------------------------------
An application to liquidate Terrafirma Landscaping 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 14, 2006.

The Solicitor for the Petitioner can be reached at:

         Simon John Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland
         New Zealand


VOLCANIC INVESTMENTS: Court Set to Hear CIR's Petition
-------------------------------------------------------
On August 29, 2006, the Commissioner of Inland Revenue filed
before the High Court of Auckland a liquidation petition against
Volcanic Investments Ltd.

The petition will be heard on November 9, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Simon John Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland
         New Zealand


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

ALLIED BANK: Moody's Revises B1 Deposit Rating Outlook to Stable
----------------------------------------------------------------
On November 2, 2006, Moody's Investors Service revised the
outlook of Allied Banking Corp.'s foreign currency long-term
deposit rating of B1 to stable from negative.

The bank's foreign currency Not-Prime short-term deposit rating
and bank financial strength rating of E+ remain stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


BANCO DE ORO: Moody's Changes Ba3 Debt Rating Outlook to Stable
---------------------------------------------------------------
On November 2, 2006, Moody's Investors Service revised the
outlook of Banco de Oro Universal Bank's foreign currency senior
debt rating of Ba3 and foreign currency long-term deposit rating
of B1 from negative to stable.

The outlooks for Banco de Oro's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


BANK OF THE PHILIPPINE ISLANDS: Moody's Amends Outlook to Stable
----------------------------------------------------------------
On November 2, 2006, Moody's Investors Service revised the
outlook of the Bank of the Philippine Islands' foreign currency
long-term deposit rating of B1 to stable from negative.

The outlooks for BPI's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of C- remains
stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


DEVELOPMENT BANK: Moody's Revises B1 Rating Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has revised the outlook of Development
Bank of the Philippines' foreign currency long-term deposit
rating of B1 and local currency long-term deposit rating of Ba2
from negative to stable.

The outlooks for DBP's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of D remain
stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


EQUITABLE PCI: Moody's Revises Outlook for B1 Rating to Stable
--------------------------------------------------------------
On November 2, 2006, Moody's Investors Service revised the
outlook of Equitable-PCI Bank's foreign currency senior debt
rating of Ba3, foreign currency long-term deposit rating of B1
and foreign currency subordinated debt rating of Ba3 to stable
from negative.

The outlook for Equitable-PCI's foreign currency Not-Prime
short-term deposit rating remains stable.  While the outlook for
its bank financial strength rating of D- remains positive.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


LAND BANK: Moody's Changes Outlook of B1 Rating to Stable
---------------------------------------------------------
On November 2, 2006, Moody's Investors Service has revised the
outlook of the Land Bank of the Philippines's foreign currency
long-term deposit rating of B1 to stable from negative.

The outlook for Land Bank's foreign currency Not-Prime short-
term deposit rating and bank financial strength rating of E+
remains stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating. See
press release of November 2, 2006, for greater discussion on
sovereign issues.


METROPOLITAN BANK: Moody's Changes B1 Rating Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has revised the outlook of
Metropolitan Bank & Trust Co.'s foreign currency long-term
deposit rating of B1 and foreign currency subordinated debt
rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


METROPOLITAN BANK: To Seek Reconsideration of Tax Payment Order
---------------------------------------------------------------
In a filing with the Philippine Stock Exchange, Metropolitan
Bank & Trust Co. quoted a report from the BusinessWorld
published on November 3, 2006, entitled "Metrobank told to pay
P3.79B in taxes."

BusinessWorld stated that the Court of Tax Appeals has ordered
Metropolitan Bank to pay PHP3.79 billion in back taxes for the
years 1995 to 1998, with a 25% penalty and 20% delinquency
interest.

According to the paper, part of the back taxes is a
PHP3.58-billion assessment by the Bureau of Internal Revenue for
documentary stamp tax on the bank's universal special savings
account.  The court's First Division ruled that this account was
a type of time deposit subject to stamp tax under the National
Internal Revenue Code of 1993, BusinessWorld noted.

BusinessWorld relates that it has been told by Metropolitan Bank
assistant corporate secretary Antonio V. Viray that the bank
would seek reconsideration of the tax court's ruling.

"This is an industry issue, and we believe we have good grounds
to have it reversed.  There's a good chance the Supreme Court
will see our point," BusinessWorld cited Mr. Viray, as saying.

Metropolitan Bank notes in its PSE statement that its handling
lawyer has not received an official copy of the Court of Tax
Appeals Order, and confirms Mr. Viray's statements.

                        About Metrobank

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

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

                          *     *     *

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

Moody's Investors Service gave Metrobank a foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3.

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

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

   * Short-term rating 'B,'

   * Support rating '3.


PHILIPPINE NATIONAL BANK: NPL Ratio Drops to 27% as of Sept. 29
---------------------------------------------------------------
Philippine National Bank's non-performing loans accounted for
27% of its total loans as of September 29, 2006, down from 29%
during the same period last year, Xinhua Financial News Service
reveals.

According to the Philippine Daily Inquirer, PNB's latest
statement of condition showed that its total NPLs decreased to
PHP27.41 billion from PHP28.27 billion a year earlier.

Return on equity improved to 3.5% compared to 2.6% a year ago,
the paper says.

                 About Philippine National Bank

Philippine National Bank -- http://www.pnb.com.ph/-- is the
Philippine's first universal bank established on July 22, 1916.
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

Standard and Poor's Ratings Services has given PNB 'B' Short-
Term Foreign Issuer Credit and Short-Term Local Issuer Credit
Ratings, as well as 'B-' Long-Term Foreign Issuer Credit and
Long-Term Local Issuer Credit Ratings effective as of April 26,
2006.

Moody's Investors Service gave PNB a B1 foreign currency long-
term deposit rating, a Ba2 local currency senior debt rating,
and a Ba3 local currency subordinated debt rating.

On October 31 2006, Fitch Ratings affirmed PNB's Individual
rating at 'E' and Support rating '3' after a review of the bank.


PHILIPPINE NATIONAL BANK: Moody's Revises Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has revised the outlook of Philippine
National Bank's foreign currency long-term deposit rating of B1,
local currency senior debt rating of Ba2, and local currency
subordinated debt rating of Ba3 to stable from negative.

The outlook for PNB's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E remains
stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


RIZAL COMMERCIAL BANKING: Moody's Changes Rtg Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has revised the outlook for Rizal
Commercial Banking Corp.'s foreign currency senior debt rating
of Ba3, foreign currency Hybrid Tier 1 of B3, and foreign
currency long-term deposit rating of B1 to stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


UNITED COCONUT PLANTERS: Moody's Changes Rtg Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has revised the outlook of United
Coconut Planters Bank's foreign currency long-term deposit
rating of B1 from negative to stable.

The outlooks for UCPB's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E remains
stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.


UNION BANK: Sept. 29 NPLs Increase to 11.33% from 9.46% in June
---------------------------------------------------------------
Union Bank of the Philippines's held non-performing loans, which
accounted for 11.33% of its loan portfolio on September 29,
2006, having accounted for 9.46% at the end of June, Xinhua
Financial News Service cites the bank as saying.

Non-Performing loans held by Union Bank of the Philippines
accounted for 11.33% of its loan portfolio on Sept 29, having
accounted for 9.46 percent at the end of June, UnionBank said.

Based on its latest statement of condition, the bank showed
PHP8.01 billion of NPLs on September 29, 2006, an increase from
PHP4.06 billion at the end of June, the Philippine Inquirer
relates.

Inquirer notes that the bank made specific provisions of PHP5.21
billion for probable losses and general provisions of PHP1.06
billion.

The bank's return on equity stood at 9.21%, Xinhua relates.

                          About UnionBank

Union Bank of the Philippines -- http://www.unionbankph.com/--
offers a wide range of products and services to both corporate
and individual clients.  Its core businesses are payment
services, corporate cash management foreign exchange, capital
markets, corporate finance and consumer finance.  It is also
engaged in investment management, trust banking, insurance
brokerage, currency brokerage, private banking, pre-need
products marketing, investment banking and financial advisory
and real property development and marketing via Union
Properties, Inc.

Moody's Investors Service gave UnionBank a 'Ba3' Senior
Unsecured Debt and Long-Term Bank Deposits Ratings effective
May 25, 2006.


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

AVENTIS PHARMA: Creditors Must Submit Proofs of Claim by Dec. 3
---------------------------------------------------------------
The creditors of Aventis Pharma Industrial Operations Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by December 3, 2006, to be included in the
company's distribution of dividend.

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

Aventis Pharma's liquidator can be reached at:

         Tam Chee Chong
         c/o 6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


BENCHMARK ELECTRONICS: S&P Places BB- Rating on CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating on Angleton, Texas-based Benchmark Electronics
Inc. on CreditWatch with positive implications after the company
announced it will acquire Pemstar Inc. in a stock transaction
valued at about US$300 million.

Pemstar is an electronics manufacturing service company that has
good penetration in adjacent markets to Benchmark.  Pemstar
reported revenues of US$871 million for the fiscal year ended
March 31, 2006, approximately 46% of which is derived from
industrial equipment programs, nearly double Benchmark's revenue
contribution from that segment.

Profitability has been suppressed by restructuring actions and
an unprofitable contract that is being evaluated to determine
strategic alternatives.

"The acquisition will broaden Benchmark's market reach in higher
margin, stable programs in industrial equipment as well as
augmenting low cost manufacturing capacity," said Standard &
Poor's credit analyst Lucy Patricola.

The acquisition will increase Benchmark's revenue by over 30%
and enhance its business position, which has been a limiting
factor for its ratings.  While Benchmark retains sufficient
liquidity to extinguish Pemstar debt of about US$100 million,
leverage would remain low, under 1x, if the debt remains
outstanding.

S&P will meet with management to discuss and evaluate the
enhanced business prospects of the combined companies, as well
as any restructuring costs and their impact, to determine the
final impact on the rating.

                          *     *     *

Benchmark Electronics, Inc. is in the business of manufacturing
electronics and providing services to original equipment
manufacturers of telecommunication equipment, computers and
related products for business enterprises,
video/audio/entertainment products, industrial control
equipment, testing and instrumentation products and medical
devices.

The company has operations in United States, Brazil, Mexico,
Europe, and Asia, which includes Thailand, China and Singapore.


CANON ENGINEERING: Creditors' Proofs of Debt Due on December 4
--------------------------------------------------------------
Canon Engineering Singapore Pte Ltd, which was placed under
members' voluntary liquidation, requires its creditors to submit
their proofs of debt by December 4, 2006, so to be included in
the company's distribution of dividend.

The company's liquidator can be reached at:

         Ong Lee Wha
         545 Orchard Road
         #11-07 Far East Shopping Centre
         Singapore 238882


HIQ BIOSCIENCE: High Court to Hear Wind-Up Petition on Nov. 24
--------------------------------------------------------------
Eddie Ong Chin Hin filed a wind-up petition against HIQ
Bioscience Pte Ltd on October 25, 2006.

The wind-up petition will be heard before the High Court of
Singapore on November 24, 2006, at 10:00 a.m.

The Petitioner's solicitors can be reached at:

         Drew & Napier LLC
         20 Raffles Place
         #17-00 Ocean Towers
         Singapore 048620


REFCO INC: Court Gives Final OK on Amended Disclosure Statement
---------------------------------------------------------------
The Honorable Robert D. Drain of the United States Bankruptcy
Court for the Southern District of New York has issued a final
written order approving Refco Inc. and its debtor-affiliates'
Disclosure Statement, as modified, with respect to its First
Amended Plan of Reorganization.

Judge Drain found that the Disclosure Statement contains
"adequate information" as that term is defined in Section 1125
of the Bankruptcy Code.

Judge Drain ruled that the Disclosure Statement may be amended
and modified from time to time to incorporate immaterial
modifications, fill in blanks, and reflect any modifications
that the Debtors determine to be appropriate, which do not
materially change the Disclosure Statement or affect any rights
of a party-in-interest

All objections, to the extent not withdrawn or resolved, are
overruled.

The Debtors are authorized and empowered to take all steps and
perform acts as may be necessary to implement and effectuate the
Disclosure Statement Order.

                    Amended Disclosure Statement

As reported in the Troubled Company Reporter on Oct. 11, 2006,
the Debtors filed with the Court their Amended Plan of
Reorganization and accompanying Disclosure Statement, with Marc
Kirschner, the Chapter 11 trustee for Refco Capital Markets,
Ltd.; the Official Committee of Unsecured Creditors; and the
Additional Committee of Unsecured Creditors as co-proponents.

The Amended Plan contemplates that on or prior to the effective
date of the plan, the RCM Chapter 11 Case will be converted to a
case under subchapter III of Chapter 7 of the Bankruptcy Code,
unless the Debtors and the RCM Trustee agree that there is a
compelling reason for the RCM Estate to be administered under
Chapter 11.  In the event of a conversion to Chapter 7, the Plan
will constitute a settlement and compromise between the RCM
Estate and the Debtors' Estates, on one hand, and among the
Estates of the various Debtors and certain creditors, on the
other hand, for which approval is sought simultaneously with the
confirmation of the Plan.

               Creditor Recovery Under Amended Plan

The Amended Plan separately classifies Claims against and
Interests in:

   * Refco and its 24 affiliates -- Contributing Debtors,
   * Refco Capital, Markets, Ltd., and
   * Refco F/X Associates, LLC.

Administrative and Priority Tax Claims against the Contributing
Debtors, RCM, and FXA are not classified under the Plan.
Administrative and Priority Tax Claims will be paid in full in
cash.

The Amended Plan groups Claims against and Interest in the
Contributing Debtors into eight classes:

                                        Estimated    Estimated
  Class  Description                  Claim Amount  % Recovery
  -----  -----------                  ------------  ----------
   1     Non-Tax Priority Claims      US$3,000,000    100.0%
   2     Other Secured Claims           US$700,000    100.0%
   3     Secured Lender Claims      US$704,000,000    100.0%
   4     Senior Subordinated
           Note Claims              US$397,400,000     83.4%
   5(a)  Contributing Debtors Gen.
           Unsecured Claims         US$522,700,000     23.0%
   5(b)  Related Claims                          -      0.0%
   6     RCM Intercompany Claims                 -      N/A
   7     Subordinated Claims                     -      0.0%
   8     Old Equity Interests                    -      0.0%

The Class 3 Secured Lender Claims against the Contributing
Debtors will be allowed and paid to the extent provided for in
the Early Payment Order.

RCM will be entitled to an additional Claim if, at the
conclusion of the claims reconciliation process:

   (x) the total Allowed Contributing Debtors General Unsecured
       Claims are less than US$394,000,000; and

   (y) the Distributions to be made to Holders of Allowed
       Contributing Debtors General Unsecured Claims would
       result in a recovery for the Holders in excess of 35%
       from the sum of the Contributing Debtors Distributive
       Assets and the Contributing Debtors' portion of the RGL
       FXCM Distribution.

Specifically, RCM will be entitled to an additional Claim equal
to the positive difference between US$394,000,000 minus the
amount of the Allowed Contributing Debtors General Unsecured
Claims.  The Additional RCM Claim will participate pro rata in
all Distributions from Contributing Debtors Distributive Assets
and the Contributing Debtors' portion of the RGL FXCM
Distribution to Holders of Allowed Contributing Debtors General
Unsecured Claims that exceed the 35% recovery threshold.  The
Additional RCM Claim, however, will not be subject to the 40%
limit on Distributions set forth in the Contributing Debtors
General Unsecured Claim Distribution.

The Amended Plan groups Claims against FXA into seven classes:

                                        Estimated    Estimated
  Class  Description                  Claim Amount  % Recovery
  -----  -----------                  ------------  ----------
   1     FXA Non-Tax Priority Claims    US$165,000     100.0%
   2     FXA Other Secured Claims       US$120,000     100.0%
   3     FXA Secured Lender Claims  US$704,000,000       N/A
   4     FXA Sr Sub. Note Claims    US$397,400,000       N/A
   5(a)  FXA Gen. Unsecured Claims  US$140,700,000
                                 to US$180,700,000      35.0%
   5(b)  Related Claims                          -       0.0%
   6     FXA Convenience Claims      US$12,500,000      40.0%
   7     FXA Subordinated Claims                 -       0.0%

The Amended Plan provides that Class 5(a) FXA General Unsecured
Claims less than or equal to US$10,000, or greater than
US$10,000 but, with respect to which, Holder voluntarily reduces
the Claim to US$10,000, will be treated as Class 6 FXA
Convenience Claims.

The aggregate amount of Distributions to Class 6 FXA Convenience
Claims is limited to US$5,000,000.  To the extent that the
amount of Class 5(a) FXA General Unsecured Claims electing to
receive a Class 6 FXA Convenience Claim causes the aggregate
amount to exceed the cap, the Holders of Claims permitted to
elect the treatment will be determined by reference to the
amount of the Claim, with the Claim in the lowest amount being
selected first and the next largest claim being selected
thereafter until the cap is reached.

The ranges of claims and recoveries for Holders of FXA General
Unsecured Claims are subject to material deviations and may be
significantly lower due to:

   (i) alleged administrative expenses incurred in trading
       activity post-bankruptcy; and

  (ii) a dispute with a related entity in Japan concerning
       ownership of a significant portion of FXA cash.

FXA has commenced a turnover action against Japan KK to require
it to turn certain cash assets over to FXA.

The Amended Plan groups RCM Claims into seven classes:

                                        Estimated    Estimated
  Class  Description                  Claim Amount  % Recovery
  -----  -----------                  ------------  ----------
    1    RCM Non-Tax Priority Claims     US$90,000     100.0%
    2    RCM Other Secured Claims   US$110,400,000     100.0%
    3    RCM FX/Unsecured Claims    US$985,600,000      37.6%
    4    RCM Securities Customer
           Claims                 US$2,793,800,000      85.4%
    5    RCM Leuthold Metals Claims  US$15,600,000     100.0%
    6    Related Claims                          -       0.0%
    7    RCM Subordinated Claims                 -       0.0%

Holders of Allowed Related Claims will be subordinated and will
receive no Distribution unless all Holders of Allowed RCM
FX/Unsecured Claims, Allowed RCM Securities Customer Claims and
Allowed RCM Leuthold Metals Claims have been paid in full.

To the extent that a Non-Debtor Affiliate has an Intercompany
Claim against RCM, the Claim will be resolved by:

   (a) the netting of the Claim against any Claim held by the
       Contributing Debtors or RCM against the Non-Debtor
       Affiliate; or

   (b) to the extent that a distribution is made by RCM on
       account of the Claim, the Contributing Debtors will
       reimburse RCM for payments from any amounts the
       Contributing Debtors receive directly or indirectly from
       any Non-Debtor Affiliate.

Holders of Claims under these classes are impaired and entitled
to vote on the Amended Plan:

   -- Class 4 Senior Subordinated Note Claims, Class 5(a)
      Contributing Debtors General Unsecured Claims, Class 5(b)
      Related Claims and Class 6 RCM Intercompany Claims,
      against one or more of the Contributing Debtors;

   -- Class 4 FXA Senior Subordinated Note Claims, Class 5(a)
      FXA General Unsecured Claims, Class 5(b) Related Claims,
      and Class 6 FXA Convenience Claims, against FXA; and

   -- Class 3 RCM FX/Unsecured Claims, Class 4 RCM Securities
      Customer Claims, Class 5 Leuthold Metals Claims and Class
      6 Related Claims, against RCM.

                    BAWAG Proceeds Allocation

On October 5, 2006, the Court approved a partial allocation of
the proceeds of a settlement agreement among the Debtors, the
Creditors Committee and BAWAG P.S.K. Bank fur Arbeit und
Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft.

The BAWAG Allocation Order provides that US$100,000,000 of the
BAWAG Guaranteed Proceeds was indefeasibly allocated to Refco
Group Ltd., LLC, for payment to the Senior Secured Lenders.

The consideration given by BAWAG, aside from the US$100,000,000
already earmarked for RGL, will be allocated this way:

   * US$150,000,000 will be allocated to the Contributing
     Debtors for payment to the Holders of Senior Subordinated
     Note Claims;

   * US$56,250,000 -- plus 100% of up to US$150,000,000 in the
     form of the BAWAG Contingent Payment -- will be allocated
     to the Contributing Debtors for payment to the Holders of
     Allowed Contributing Debtors General Unsecured Claims;

   * US$200,000,000 will be allocated to RCM for payment to the
     Holders of RCM Securities Customer Claims and RCM
     FX/Unsecured Claims; and

   * the value of each release granted by BAWAG in favor of each
     of the Debtors and RCM would be allocated to each of the
     Debtors and RCM, as applicable, without any resulting
     transfer of Cash or other Distribution.

On September 21, 2006, BAWAG wired US$337,500,000 to the Debtors
and US$337,500,000 to the U.S. government.  The Debtors expect
to receive US$168,700,000 of the amount transferred by BAWAG to
the U.S. government prior to confirmation of the Plan.

The BAWAG Settlement Agreement provides that:

   -- any creditor who voluntarily elects to receive any portion
      of the BAWAG Proceeds must release BAWAG from all claims
      or actions arising from or related to the Debtors; and

   -- any portion of the BAWAG Proceeds that would have been
      allocated to any creditor that elects not to provide the
      required release must be returned to BAWAG.

The Amended Plan provides that Holders of Allowed Claims against
the Contributing Debtors and RCM can, if they affirmatively
elect, opt out of the BAWAG settlement and thereby return their
share of BAWAG Proceeds to BAWAG in lieu of agreeing to release
BAWAG from liability.

Opting out, however, will significantly reduce the aggregate
recoveries to be received by the Creditors under the Plan:

                                Estimated Plan   Estimated Plan
                                Recovery With    Recovery Minus
   Creditor Class               BAWAG Proceeds   BAWAG Proceeds
   --------------               --------------   --------------
   Senior Subordinated
      Note Claims                    83.4%            45.7%

   Contributing Debtors General
      Unsecured Claims               23.0%            12.2%

   RCM Securities
      Customer Claims                85.4%            80.6%

   RCM FX/Unsecured Claims           37.6%            30.9%

                   US$140,000,000,000 Claim Pile

As of September 29, 2006, the Debtors' claims agent, Omni
Management Group, LLC, had received approximately 14,000 timely
filed proofs of claim in the Debtors' Chapter 11 cases asserting
more than US$140,000,000,000 in the aggregate, not including
claims asserted in unliquidated amounts.  The Debtors and their
professionals have been engaged in the process of evaluating the
proofs of claim to determine whether objections seeking
disallowance, reclassification or reduction of certain asserted
claims should be filed.  The Debtors expect to seek disallowance
of approximately US$130,000,000,000 of the claims.

                 Administration of Refco Estates

The Joint Sub-Committee of the Official Creditors Committees
will designate an entity to serve as Plan Administrator for both
Reorganized Refco and Reorganized FXA.  The Joint Sub-Committee
will also select a trustee for the Litigation Trust to be
established under the Plan.

The Litigation Trust will be structured in a manner that
provides for a senior Tranche A and a junior Tranche B.  No
Distributions of Litigation Trust Interests will be made in
respect of Tranche B until Tranche A has been fully and
indefeasibly paid.  However, Holders of Allowed Old Equity
Interests may receive recoveries directly from 10% of the IPO
Underwriter Claims Recovery in Tranche A.

The Litigation Trust will have an initial five-year term, which
may be extended for one or more one-year terms.  The Trust may
be terminated earlier than its scheduled termination if:

   -- the Bankruptcy Court has entered a final order closing all
      of or the last of the Chapter 11 cases and the RCM Chapter
      11 case to the extent the RCM Chapter 11 case was \
      converted to Chapter 7;  and

   -- the Litigation Trustee has administered all the Trust
      assets and performed all other duties required under the
      Plan.

The RCM Trustee will retain his rights, powers and duties
necessary to carry out his responsibilities with respect to the
RCM Estate.

The Court will convene a hearing on October 16, 2006, at
10 a.m., to consider whether the Amended Disclosure Statement
contains adequate information within the meaning of Section 1125
of the Bankruptcy Code.  Objections, if any, are due by Oct. 9.

A blacklined copy of the Debtors' Amended Disclosure Statement
is available for free at:

              http://ResearchArchives.com/t/s?132f

                         About Refco Inc.

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

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

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

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

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

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


REFCO INC: Court Sets Dec. 15 Joint Plan Confirmation Hearing
-------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York set Dec. 15, 2006, at 10:00 a.m., as the hearing to
consider confirmation of the First Amended Joint Plan of
Reorganization filed by Refco Inc. and its debtor-affiliates;
the Official Committee of Unsecured Creditors of Refco and the
Additional Committee; and Marc Kirschner, the Chapter 11 Trustee
for Refco Capital Markets, Ltd.

The Confirmation Hearing may be continued from time to time by
announcing it in open court, without further notice to parties-
in-interest.

The Court also set:

   * December 1, 2006, at 4:00 p.m., as the deadline for filing
     and serving objections to Plan confirmation;

   * November 20, 2006, at 4:00 p.m., as the deadline for filing
     and serving objections to claims solely for purposes of
     voting on the Plan, which deadline will not apply to Claims
     Objections that may be asserted for purposes other than
     voting on the Plan;

   * December 5, 2006, at 4:00 p.m., as the deadline for filing
     and serving motions pursuant to Rule 3018(a) of the Federal
     Rules of Bankruptcy Procedure seeking temporary allowance
     of claims for voting purposes; and

   * December 8, 2006, at 5:00 p.m., as the deadline for
     submitting ballots to Financial Balloting Group LLC, the
     Debtors' special voting agent.

Claimholders whose claims are subject to an objection that was
served after the Claims Objection Deadline will not be subject
to the Rule 3018(a) Motion Deadline.

Pursuant to Sections 105(a) and 502(a) of the Bankruptcy Code,
any claim as to which an objection has been filed before the
Claims Objection Deadline will be ineligible to vote on the
Plan, and that claim will not be counted in determining whether
the Section 1126(c) requirements have been met with respect to
the Plan:

   (i) unless the claim has been temporarily allowed for voting
       purposes pursuant to Rule 3018(a); or

  (ii) except to the extent that the objection to that claim has
       been resolved in favor of the creditor asserting the
       claim.

Holders of claims in Contributing Debtors Classes 4, 5(a), 5(b)
and 6; FXA Classes 4, 5(a), 5(b) and 6; and RCM Classes 3, 4, 5,
6, 7 and 8 are impaired and entitled to vote on the Plan.
Failure of a claimholder to timely deliver a properly executed
Ballot will be deemed to constitute an abstention by that holder
with respect to voting on the Plan, and that abstention will not
be counted as a vote for or against the Plan.

The Honorable Robert D. Drain fixed Oct. 16, 2006, as the record
date for purposes of determining creditors and equity holders
entitled to receive Solicitation Packages and related materials,
if any; and creditors entitled to vote to accept or reject the
Plan and elect certain treatment.

Judge Drain directed the Debtors to mail to all of their known
creditors, the Senior Subordinated Note Indenture Trustee and
equity security holders as of the Record Date, and all other
entities required to be served under Rules 2002 and 3017, notice
of, inter alia, the Confirmation Hearing, within Oct. 25, 2006.

Furthermore, Judge Drain ruled that each Senior Subordinated
Note Claimholder will receive BAWAG Proceeds as a component of
its pro rata share of the Senior Subordinated Note Holder
Distribution, unless that Noteholder opts out of the BAWAG
Settlement.

Only the Senior Subordinated Note Claimholders who vote to
reject the Plan will be eligible to elect not to receive Senior
Subordinated Note Holder BAWAG Proceeds.  Election by any Senior
Subordinated Note Claimholder who votes to accept the Plan will
be disregarded.

Holders of Class 3 RCM FX/Unsecured Claims and Class 4 RCM
Securities Customer Claims under the Plan will be deemed to have
agreed to:

   (i) assign their RCM Related Claims against the Debtors to
       the Litigation Trust;

  (ii) affirm their understandings that their RCM Related
       Claims against any Contributing Non-Debtor Affiliate will
       be subordinated pursuant to the Plan, as of each
       applicable Contributing Non-Debtor Affiliate Trigger
       Date, to all other existing claims against and equity
       interests in the applicable Contributing Non-Debtor
       Affiliate; and

(iii) release the Secured Lenders from the Secured Lender
       Released Claims, if any, unless the holders elect not to
       accept that treatment.

The Ballots for Class 6 FXA Convenience Claims, Class 6 RCM
FX/Unsecured Convenience Claims and Class 7 RCM Securities
Customer Convenience Claims will contain the same Ballot
elections as the Ballots for Class 5(a) FXA General Unsecured
Claims, Class 3 RCM FX/Unsecured Claims, and Class 4 RCM
Securities Customer Claims.  However, the Ballot elections made
on a particular Convenience Class Ballot will be effective only
if Convenience Class treatment is denied to the claimant making
the Ballot elections due to oversubscription of the applicable
Convenience Class.

Parties-in-interest are entitled to request that the Debtors
demonstrate cause for any instance in which:

   (a) a Ballot was withdrawn;

   (b) a vote was changed by the filing of a superseding Ballot;
       or

   (c) the Voting Deadline was extended.

The deadline for filing and serving a Request for Cause will be
December 14, 2006, at 12:00 noon.

Notwithstanding Local Rule 3018-1(b), the Debtors' voting agents
will serve by December 12, 2006, notice to any claimholder who
is permitted to make an election with respect to a claim
treatment, but whose election is deemed ineffective or otherwise
is not counted.

                        About Refco Inc.

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

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

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

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

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

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


REFCO INC: Court Offers Clarification on Nov. 15 Claims Bar Date
----------------------------------------------------------------
The Honorable Robert D. Drain of the United States Bankruptcy
Court for the Southern District of New York clarified that in
the case of Refco Capital Markets Ltd., the bar date for
administrative claims will apply whether RCM is being
administered in Chapter 11 or Chapter 7 of the Bankruptcy Code.

The Bankruptcy Court previously set November 15, 2006, as the
deadline for filing administrative expense payment requests in
Refco Inc. and its debtor-affiliates' chapter 11 cases.

The Court also set a subsequent Administrative Bar Date for
claims that accrue from November 1, 2006, through the effective
date of the Debtors' Chapter 11 Plan of Reorganization.  That
deadline will be on the 30th calendar day following the Plan
Effective Date.

Judge Drain ruled that these claims do not require filing of
Administrative Expense Payment Requests on or before the
Administrative Bar Dates:

   -- postpetition claims of professionals retained in the
      Debtors' cases for compensation for postpetition fees and
      Expenses;

   -- postpetition claims based on goods or services provided in
      the ordinary course of business, which are paid or remain
      payable according to typical and customary business terms.

Failure to file requests for payment of Ordinary Course of
Business Claims by the Administrative Bar Dates will not bar
payment of claims in the ordinary course of business.

Judge Drain further ruled that the Ad Hoc Committee of Equity
Security Holders, Bank of America, N.A., and the Debtors'
prepetition secured lenders under the August 2004 credit
agreement are exempted from the Initial Administrative Bar Date.

Man Financial Inc. will have until November 27, 2006, to file
all of its Administrative Expense Payment Requests.

Any Administrative Expense Claimholder against the Debtors who
is required, but fails to file an Administrative Expense Payment
Request on or before the Administrative Bar Dates or the date,
as to Man, will:

   (i) be forever barred, estopped, and permanently enjoined
       from asserting Administrative Expense Claim against the
       Debtors, their successors, or their property; and

  (ii) not be entitled to receive further notices regarding the
       Administrative Expense Claims.

                         About Refco Inc.

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

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

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

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

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

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


UNITED TEST: Moody's Assigns (P)Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba3
corporate family rating to United Test and Assembly Center Ltd.
and a provisional (P)Ba3 senior unsecured rating to UTAC's
proposed US$200M convertible bonds due 2013.  The ratings
outlook is stable.  This is the first time that Moody's has
assigned ratings to UTAC.

The bonds proceeds will be used to repay the company's
US$175 million bridge loan for the acquisition of NS Electronics
Bangkok, a transaction completed in June 2006, while the balance
will be used for general corporate purposes.

Moody's expects to affirm the ratings and remove them from their
provisional status upon completion of the convertible bonds
issuance.

"The Ba3 ratings reflect the company's unique market position in
memory and MSLP (mixed signal & logic products)-testing
services.  It enjoys strong sales growth and profitability -
against the industry average - due to its test-centric business
model," says Moody's Ken Chan, an AVP/Analyst and lead analyst
for the company.

"UTAC has an experienced management team, which shows financial
discipline, operational synergies from the NSEB acquisition, and
an improving sales mix that should help buffer it against
industry cyclicality.  Such positive attributes are consistent
with a Ba credit profile," Chan adds.

"However, due to the company's aggressive growth plan, coupled
with high capital expenditures, we expect it to generate
negative free cash flow in the near term which better positions
it at the Ba3 rating when compared with its global peers," says
Chan.

The ratings further reflect UTAC's exposure to the competitive
and volatile semiconductor back-end outsourcing assembly and
test industry, especially given its limited operating track
record.  Meanwhile, the high capex nature of its business model
-- albeit discretionary -- together with its high operational
leverage and relatively small cash buffer translate into cash
flow pressure and a likelihood of reliance on external facility
lines over the next two years.

The ratings outlook is stable, reflecting the expectation that
UTAC will continue with its prudent financial policy as it
executes its business plan and maintains its competitiveness in
the medium term.

The ratings could experience upward pressure if the company:

   (1) demonstrates a longer track record for
       successfully implementing its business model
       and sustaining its competitiveness against its
       global peers in full turnkey solutions and
       mixed-signal logic products;

   (2) generates positive FCF to fund organic business
       growth and for debt reduction, such that
       TD/Cap < 25-30% and EBIT/Int > 4.5-5.0x on a
       sustained basis, and

   (3) builds up its cash holding and maintains a strong
       level of balance sheet liquidity to buffer
       against industry cyclicality.

On the other hand, downward ratings pressure could evolve if:

    (1) evidence emerges that UTAC's business model is
        losing traction, leading to a material weakening in
        its competitiveness against its global peers;

   (2) an industry downturn emerges, and which
       materially impairs its debt-servicing ability; and

   (3) an aggressive financial policy emerges, and
       which includes a material debt-funded acquisition,
       such that TD/Cap > 40-45%, EBIT/Int < 2.5-3.0x over
       the cycle.

                           About UTAC

United Test and Assembly Center Ltd, which is based in Singapore
and listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.

The company has manufacturing facilities in Singapore, China
(Shanghai), Taiwan and Thailand, and a global sales network in
Singapore, Thailand, Taiwan, the US, Italy, Korea and Japan.


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

KRUNG THAI: Foreign Investors Sell 50 Million Shares
----------------------------------------------------
Krung Thai Bank's overseas investors parted with as many as
50 million shares worth THB649 million for fear that the bank
may set aside more loan-loss reserve in the current quarter, The
Nation reports.

The shares were sold for THB12.98 apiece.

A Kim Eng Securities (Thailand) analyst told The Nation that the
big lot was caused by foreign investors' concerns that the bank
is likely to allocate more provisioning this quarter.

In addition, compared to the book value of other large banks,
Krung Thai stock is less attractive.  He recommended investors
to sell for profit as the price has already peaked.
Fundamentally, a suitable price should be THB12.80, which is
lower than the market price, The Nation relates.

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

Fitch Ratings, on September 12, 2006, affirmed the individual
C/D rating of Krung Thai Bank Public Company Limited.

The bank currently carries Moody's Investors Service's bank
financial strength rating of D.


TRUE CORP: Ventures into Film Production
----------------------------------------
True Corp, with its wholly owned subsidiary, True Magic, entered
the film-production business as part of its drive to develop
content for the group's services, The Nation reports.

The parent allotted THB1 million capital to True Magic two
months ago to produce and distribute films and commercials, the
paper says.

Paisit Vatjanapagorn, True Corp's director and general manager
for broadband, broadcast and multimedia, told The Nation that
its subsidiary had already invited independent filmmakers and
interested talent to propose projects.

"We want to produce the best films in Thailand.  We have no
fixed partnership formula.  In some cases, we may finance the
productions for them, and in others we may invest jointly with
them.  We are open to all ideas, since we want to attract as
much talent as possible to work with us," Mr. Paisit said.

"The films we produce could be shown in theatres or on our
numerous telecom channels, depending on negotiations with the
producers," Mr. Paisit added.

The move, according to The Nation, is part of the company's
continuing development of content for the group, which includes
pay-TV company UBC True, cellular operator True Move and
broadband-Internet operator True Internet.

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.




                            *********

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.

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