TCRAP_Public/061107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Tuesday, November 7, 2006, Vol. 9, No. 221

                            Headlines

A U S T R A L I A

3D CRYSTAL: Commences Wind-Up Proceedings
AJRMS PTY: To Declare Dividend for Priority Employees
AUSTRALIAN DANISH: Members to Receive Liquidator's Final Account
BARROWBY GREEN: Creditors Opt for Voluntary Wind-Up
BLUESTONE GROUP: Fitch Upgrades 12 & Affirms 17 Classes of Notes

CECMAR PTY: Creditors' Proofs of Claim Due on November 20
CHC HELICOPTER: S&P Revises Outlook to Stable & Affirms Ratings
CIVIL MARINE: Final Meeting Scheduled for November 10
COLIN URQUHART: To Declare First Dividend on November 23
COMMSCOPE INC: Reports US$43.6MM Sales for Third Quarter 2006

CONSTELLATION BRANDS: To Webcast November 9 Investor Conference
DECKCHAIR PUBLISHING: Creditors' Proofs of Debt Due on Nov. 10
DONTAS HOLDINGS: Members' General Meeting Set on November 15
EAT AGENCIES: Creditors Decide to Wind Up Operations
FELTON WOODS: Members & Creditors' Final Meeting Set on Nov. 13

GADSDEN PTY: To Declare Dividend on November 24
GETTY IMAGES: Earns US$37.6 Mln in Quarter Ended September 30
HARRIS ROBINSON: To Declare First and Final Dividend on Nov. 23
ILLAWARRA EMBROIDERY: Appoints Danny Vrkic as Liquidator
INTERSEN PTY: Members Agree on Voluntary Wind-Up

INTERSTAR: Fitch Affirms BB Ratings for Class D Notes
ITRON INC: Moody's Assigns Loss-Given-Default Rating
MAJOR & MINOR: Final Meeting Slated for November 10
MIARA PTY: Placed Under Members' Voluntary Wind-Up
NATIONAL AUSTRALIA: Members' Final Meeting Set on November 10

NRG ENERGY: Fitch Affirms IDR at B After Hedge Reset Transaction
NUNDARA PTY: Members to Hold Final Meeting on November 16
OBEL PTY: Prepares to Declare Dividend to Creditors
ORTEM (HOLDINGS): Members Opt to Liquidate Business
OWENS PARK: Undergoes Voluntary Liquidation

POLYPORE INT'L: Moody's Assigns Loss-Given-Default Ratings
RAYDAZ PTY: Will Declare Dividend on November 24
ROFE MANAGEMENT: Liquidator to Present Wind-Up Account
ROMET QUALITY: Enters Wind-Up Proceedings
SMS ADMINISTRATION: Court Issues Wind-Up Order

SMS ADVISING: Court Orders Wind-Up of Operations
STAFFCAM PTY: Liquidator A. R. Nicholls to Give Wind-Up Report
SUPERIOR ENERGY: Commences Exchange for 6-7/8% Notes Due 2014
TASMAN RECRUITING: Enters Wind-Up Proceedings
TOP TREES: Members to Receive Wind-Up Account


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Bad Loans Drop in First 3 Quarters of 2006
AMITY TRADING: Creditors' Proofs of Claim Due on November 30
BANK OF COMMUNICATIONS: Inks Deal with Northern Trust
BALL CORP: Declares US$0.10 Per Share Cash Dividend
BALL CORP: Earns US$101.5 Million for Third Quarter 2006

BANTA CORP: RR Donnelley Extends US$1.3 Bil. Cash Purchase Offer
BANTA CORP: RR Donnelley Purchase Deal Cues S&P to Amend Outlook
BANTA CORPORATION: Moody's Affirms Ba2 Corporate Family Rating
BEARINGPOINT INC: Launches Corp. Performance Management System
BETA INCORPORATION: Faces Wind-Up Proceedings

CHEERTEK LTD: Creditors Must Prove Debts by November 30
CORPSHINE INDUSTRIAL: Court Approves Wind-Up Petition
FIAT SPA: Board of Directors Unveils Incentive Plan
FIAT SPA: Moody's Changes Rating Outlook on Improved Performance
FUHWA SECURITIES: Appoints Lu Hui-Jung as Liquidator

GOLDEN DRAGON: Will Pay Dividend to Creditors on November 20
GOOD CHOICE: Commences Wind Up of Operations
GREEN LEAF: Appoints Leung as Liquidator
HANTEX INDUSTRIAL: Annual Meeting Slated for November 21
HARBOUR CRAFT: Liquidator Wu Step Aside

HIP SOON: Court to Hear Wind-Up Petition on November 8
HOPSON DEVELOPMENT: Completes Shares Sale, Gains US$128 Million
INVERNESS MEDICAL: S&P Assigns Junk Subordinated Debt Rating
KOREA FIRST: Sole Member to Receive Wind-Up Account on Nov. 30
LOAVES AND FISHES: Creditors to Prove Debts on November 27

MILLION SUN: Members to Receive Wind-Up Report
MODERN GARMENTS: Court Issues Wind-Up Order
PARKER-DAVIS: Members' Final Meeting Set on November 30
SELPRO LTD: Receive Wind-Up Order from Court
SEQ AVIATION: Receive Court's Wind-Up Order

SUN CHUNG: Names Leung as Official Liquidator
TCL MULTIMEDIA: TCL Corp Releases Thomson S.A. from Lockup
TOP FORTUNE: Liquidator to Present Wind-Up Account
WOLVERINE TUBE: Mulls Chapter 11 Filing
WOLVERINE TUBE: S&P Cuts Corp. Credit Rating to CC from CCC+

WOLVERINE TUBE: Bankruptcy Plan Prompts Junks Ratings by Moody's


I N D I A

EASTMAN KODAK: Posts US$37 Million Third Quarter GAAP Net Loss
GENERAL MOTORS: Denies Plan to Give Avtovaz Joint Venture Stake
GENERAL MOTORS: Partners with Alfa Bank to Form GM Finance
KOTAK MAHINDRA: Shareholders to Consider KMCC Amalgamation
NCO GROUP: Earns US$11.4 Million in 2006 Third Quarter

NCO GROUP: Moody's Junks Proposed US$200-Mln Sr. Sub. Notes
RELIANCE INDUSTRIES: Clarifies Reports on Jamnagar Refinery
VISTEON CORP: Weak Earnings Forecast Cues S&P to Cut Rating to B
VNESHPROMBANK: Moody's Assigns E+ Financial Strength Rating
* Reforms Stir Hope on State Government Finances, Fitch Says


I N D O N E S I A

INDOFOOD SUKSES: Nine-Month Profit Rises 10 Times to IDR506 Bil.
INTERNATIONAL NICKEL: 9-Month Profit Rose 17.4% From Last Year
MEDCO ENERGI: US Unit Gets New Leases in the Gulf of Mexico
NORTEL NETWORKS: Secures US$7.7 Million NRC Maintenance Contract
PT PERTAMINA: Signs Cooperation Deal With Singapore Petroleum

TELKOM INDONESIA: Aims for 2008 World's Top 500 Companies
* Bank Indonesia May Cut Key Policy Rate for 6th Time Since May


J A P A N

AES CORP: Partners With Three Others For Indonesian Power Plant
FORD MOTOR: Reducing Health Care Benefits of Salaried Employees
FORD MOTOR: Shows Improvement in October Sales Figures
MIZUHO FINANCIAL: To List on NYSE on November 8
MITSUBISHI MOTORS: To Expand in Saudi Arabia

NOMURA HOLDINGS: To Buy Instinet Brokerage
SOJITZ CORP: Partners With Three Others For Power Plant
TAIHEIYO CEMENT: Ups Stake in Ssangyong Cement
TREND MICRO: Posts Sales of JPY21-B For Third Qtr. of 2006
* April-Sept. Earnings of Japanese Megabanks Seen at JPY1 Tril.


K O R E A

DURA AUTOMOTIVE: Ontario Court Recognizes Chapter 11 Case
KOREA EXCHANGE: Court Denies Issuing Warrants to Lone Star Execs


M A L A Y S I A

CIMB BANK: Fitch Affirms Individual Strength Rating at C
DCEIL INTERNATIONAL: Wang & Co Raises Going Concern Doubt
FEDERAL FURNITURE: Trades Shares at Reduced Par Value
KIG GLASS: Awaits Appeals Committee's Decision on Delisting
KIG GLASS: Payment Default as of Sept. 30 Reaches MYR79,807,438

LITYAN HOLDINGS: October Default Amount Tops MYR16 Million
METROPLEX BERHAD: In Talks with Lenders for Revamp Plan
PAN MALAYSIAN: Inks Share Sale Agreement with Libertyray


N E W   Z E A L A N D

ABELE NEUSEELAND: Liquidation Hearing Slated for November 23
AERO ENTERPRISES: Liquidation Hearing Set on Nov. 23
AIR NEW ZEALAND: Orders 3 Bombardier Aircraft for Air Nelson
AWA MIRA: Court Appoints Joint Liquidators
DENNY'S CORP: Posts US$9.5MM Operating Revenue in Third Quarter

FELTEX CARPETS: Shareholder Wants T. Gavin Appointed to Board
FIRE TECHNOLOGY: Court Hears CIR's Liquidation Petition
GDC COMMUNICATIONS: Creditors Must Prove Debts by November 9
INNATE TECHNOLOGIES: Faces Liquidation Proceedings
JAP N SAVE: Hearing of Liquidation Bid Set on November 9

KIDS AND FAMILIES: Court to Hear Liquidation on Nov. 23
LOUIS ENTERPRISES: Creditors to Prove Claims on November 27
PAINTS & WALLPAPERS: Names Blanchett and McLean as Liquidators
ROTHWELL PROPERTIES: Creditors' Proofs of Claim Due on Nov. 17
STATIONERY DIRECT: Enters Liquidation Proceedings


P H I L I P P I N E S

BANCO DE ORO: 2006 3rd Qtr Income Up 53% From 2005 3rd Qtr.
EXPORT & INDUSTRY BANK: Benjamin Castillo Retires as President
GLOBE TELECOM: Moody's Affirms Ba2 Foreign Currency Rating
INTERNATIONAL WIRE: Purchases New Plant Site for US$600,000
METRO PACIFIC: Posts PHP477.9-Mln Net Loss for 3rd Quarter 2006

NATIONAL POWER: Completes US$500-Million Global Bonds Sale
PHIL. LONG DISTANCE: Moody's Affirms Ba2 Foreign Currency Rating
WENDY'S INTERNATIONAL: Earns US$72 Million in Third Quarter 2006
WENDY'S INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
* Moody's Revised Ratings Outlook Results to PHP22 Bln Savings


S I N G A P O R E

CHEMTURA CORP: Posts US$80.6 Million Third Quarter 2006 Loss
CHEMTURA: Selling EPDM & Certain Rubber Chemicals Businesses
CKE RESTAURANTS: Earns US$14.2 Million in Quarter Ended Aug. 14
COMPACT METAL: Notes Shareholder Change in Interest
DIGILAND INTERNATIONAL: Shareholders Pass All AGM Resolutions

LIANG HUAT: Posts Monthly Update on Financial Status
LINDETEVES-JACOBERG: Receives 213,065,602 Rights Shares
SEA CONTAINERS: Ch. 11 Case Cues Moody's to Junk Sr. Debt Rating
SEA CONTAINERS: Moves to Employ Ordinary Course Professionals
SEA CONTAINERS: Wants Court Nod on Uniform Compensation Protocol


T H A I L A N D

BLOCKBUSTER INC: Outlines New Deal for Online Renters
FEDERAL-MOGUL: Gets Stay on Discovery Propounded by Mt. McKinley
FEDERAL-MOGUL: Court Okays Stipulation of Permissible Objections
THAI PETROCHEMICAL: Expected to Pay Dividend on 2006 Earnings
TOTAL ACCESS: Third Quarter Net Profit Tops at THB1.2 Billion


* Fitch Wireless Review: Emerging Markets Pushing Global Growth
* BOND PRICING: For the Week 6 November to 10 November 2006

     - - - - - - - -

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

3D CRYSTAL: Commences Wind-Up Proceedings
-----------------------------------------
At an extraordinary general meeting held on October 19, 2006,
the members of 3D Crystal Pty Ltd resolved to voluntarily wind
up the company's operations.

Creditors appointed Paul William Gidley as liquidator at a
separate meeting held subsequently that same day.

The Liquidator can be reached at:

         P. W. Gidley
         Ferrier Hodgson
         Chartered Accountants
         PO Box 840
         Newcastle, New South Wales 2300
         Australia


AJRMS PTY: To Declare Dividend for Priority Employees
-----------------------------------------------------
AJRMS Pty Ltd, which is in liquidation, will declare the first
and final dividend for its priority employees on November 28,
2006.

Accordingly, these creditors must prove their claims on
November 21, 2006, or they will be excluded from sharing in any
distribution the Company will make.

The Liquidator can be reached at:

         Michael G. Jones
         c/o Jones Condon
         Chartered Accountants
         Australia
         Telephone:(02) 9251 5222


AUSTRALIAN DANISH: Members to Receive Liquidator's Final Account
----------------------------------------------------------------
Australian Danish Food Company Pty Ltd, which is in members'
voluntary liquidation, will hold a final meeting for its members
on November 16, 2006, at 10:00 a.m., to receive Liquidator
Francis' final account.

The Liquidator can be reached at:

         I. C. Francis
         Taylor Woodings
         Chartered Accountants
         Level 6, 30 The Esplanade
         Perth, Western Australia 6000
         Australia


BARROWBY GREEN: Creditors Opt for Voluntary Wind-Up
---------------------------------------------------
On October 18, 2006, creditors of Barrowby Green Pty Ltd decided
to voluntarily wind up the company's operations.

Subsequently, Roderick Mackay Sutherland was appointed as
liquidator.

The Liquidator can be reached at:

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


BLUESTONE GROUP: Fitch Upgrades 12 & Affirms 17 Classes of Notes
----------------------------------------------------------------
On November 5, 2006, Fitch Ratings upgraded 12 classes of
securitized notes backed by mortgages originated by Bluestone
Group Pty Limited.  The notes, issued by Trustees Executors
Limited (in its capacity as trustee of the Sapphire I NZ Series
2004-1 and Sapphire II NZ Series 2005-1 Trusts) and by Permanent
Custodians Limited (in its capacity as trustee of the Sapphire V
Series 2004-1 and Sapphire VII Series 2005-1E Trusts), are
upgraded as follows:

   -- Sapphire I NZ Series 2004-1 Trust Class M notes to 'AA'
      from 'A+;'

   -- Sapphire I NZ Series 2004-1 Trust Class B notes to 'BBB-'
      (BBB minus) from 'BB;'

   -- Sapphire II NZ Series 2005-1 Trust Class M notes to 'AA-'
      (AA minus) from 'A;'

   -- Sapphire II NZ Series 2005-1 Trust Class BA notes to
      'BBB+' from 'BBB;'

   -- Sapphire II NZ Series 2005-1 Trust Class BZ notes to 'BB+'
      from 'BB;'

   -- Sapphire II NZ Series 2005-1 Trust Class CA notes to 'B+'
      from 'B;'

   -- Sapphire V Series 2004-1 Trust Class M notes to 'AA' from
      'A+;'

   -- Sapphire V Series 2004-1 Trust Class BA notes to 'A' from
      'BBB+;'

   -- Sapphire V Series 2004-1 Trust Class BZ notes to 'BBB-'
      (BBB minus) from 'BB;'

   -- Sapphire V Series 2004-1 Trust Class CA notes to 'BB-' (BB
      minus) from 'B;'

   -- Sapphire VII Series 2005-1E Trust Class MA notes to 'AA+'
      from 'AA;' and

   -- Sapphire VII Series 2005-1E Trust Class MZ notes to 'A+'
      from 'A'

At the same time, Fitch affirmed 17 classes of rated securities
issued by the four trusts:

   -- Sapphire I NZ Series 2004-1 Trust:

      * Class A notes: 'AAA'
      * Class I notes (interest only): 'AAA'
      * Class MER (entitlements): 'AAA'

   -- Sapphire II NZ Series 2005-1 Trust:

      * Class A notes: 'AAA'
      * Class I notes (interest only): 'AAA'
      * Class MER (entitlements): 'AAA'

   -- Sapphire V Series 2004-1 Trust:

      * Class AA notes: 'AAA'
      * Class AM notes: 'AAA'
      * Class AZ notes: 'AAA'
      * Class I notes (interest only): 'AAA'
      * Class MER (entitlements): 'AAA'

   -- Sapphire VII Series 2005-1E Trust

      * Class A notes: 'AAA'
      * Class I notes (interest only): 'AAA'
      * Class MER (entitlements): 'AAA'
      * Class BA notes: 'BBB'
      * Class BZ notes: 'BB'
      * Class CA notes: 'B'

The upgrades follow a review that involved an analysis of the
performance of the transaction, with emphasis on the mortgage
default and loss levels and protection by the forms of credit
enhancement.

The underlying mortgage pools have performed well and credit
enhancement has built up, due to the level of prepayments with
total current 'AAA' subordination at 43.2% for Sapphire I NZ
Series 2004-1 Trust, 22.8% for Sapphire II NZ Series 2005-1
Trust, 33.46% for Sapphire V Series 2004-1 Trust and 16.2% for
Sapphire VII Series 2005-1 Trust.  Delinquencies across the
pools are performing in line with Fitch's expectations.


CECMAR PTY: Creditors' Proofs of Claim Due on November 20
---------------------------------------------------------
Cecmar Pty Ltd, which is subject to a deed of company
arrangement, will declare the first and final dividend for its
creditors on December 1, 2006.

Creditors who cannot prove their claims by November 20, 2006,
will be excluded from sharing in any distribution the Company
will make.

The Joint and Several Deed Administrator can be reached at:

         Q. J. Olde
         c/o Taylor Woodings
         Chartered Accountants
         Level 14, The Royal Exchange Building
         56 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8247 8000
         Facsimile:(02) 8247 8099


CHC HELICOPTER: S&P Revises Outlook to Stable & Affirms Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Vancouver, B.C.-based CHC Helicopter Corp. to stable from
positive.  At the same time, Standard & Poor's affirmed its
'BB-' long-term corporate credit and 'B' senior subordinated
debt ratings on the company.
     
"The outlook revision reflects the likelihood that CHC's
financial profile will not materially improve beyond that of its
current rating category in the near to medium term, given the
company's focuses on expansion and growth initiatives," said
Standard & Poor's credit analyst Jamie Koutsoukis.  

"Although CHC's debt levels are at the high end for the ratings
category, we expect the company will benefit from the robust
market for its services and the significant investment it is
making in new aircraft, such that the incremental revenue
generation from its expanded fleet should improve its current
coverage metrics," Ms. Koutsoukis added.
     
The ratings on CHC reflect:

   -- the company's reliance on the cyclical offshore oil
      and gas industry,

   -- competition within the helicopter services to the oil
      and gas industry,

   -- large capital spending requirements, and

   -- aggressive leverage.  

These factors, which hamper CHC's current credit profile, are
partially offset by:

   -- the company's strong cost position as the world's
      largest commercial helicopter services company, as well as

   -- its comparatively large and modern fleet of medium
      and heavy helicopters.
     
The stable outlook reflects Standard & Poor's expectations that
the company will continue to benefit from high oil prices and
strong demand for helicopter services in the markets it
services, and resultantly support the company's current
financial profile.  In addition, the incremental cash flows
generated by the company's expanding fleet should somewhat
offset its current elevated debt levels.

The rating agency does not expect, however, that CHC's balance
sheet will materially improve in the near to medium term.  An
outlook revision to positive would depend on CHC's ability to
significantly reduce its debt, combined with improvements in
free cash flow generation, which is unlikely in the near term.
Conversely, if CHC does not realize the expected improvements in
operating cash flow generation, and credit metrics continue to
deteriorate, a negative ratings action could occur.

CHC Helicopter Corporation (TSX: FLY.A and FLY.B; NYSE: FLI) --
http://www.chc.ca/-- is the world's largest provider of     
helicopter services to the global offshore oil and gas industry
with aircraft operating in more than 30 countries, including
Australia, Thailand, the Philippines, India, Bangladesh,
Malaysia and Indonesia.


CIVIL MARINE: Final Meeting Scheduled for November 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.

At the meeting, Liquidator Steven Nicols will present an account
of 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
         Australia
         Telephone:(02) 9299 2289
         Web site: http://www.bankrupt.com.au


COLIN URQUHART: To Declare First Dividend on November 23
--------------------------------------------------------
Colin Urquhart Real Estate Pty Ltd will declare the first
dividend for its creditors on November 23, 2006, to the
exclusion of those who will not able to prove their debts by
November 22, 2006.

The Joint and Several Liquidators can be reached at:

         S. Brennan
         M. Royal
         RoyalSBR
         Level 7, 28 University Avenue
         Canberra ACT 2601
         Australia


COMMSCOPE INC: Reports US$43.6MM Sales for Third Quarter 2006
-------------------------------------------------------------
CommScope, Inc., reported record third quarter 2006 sales of
US$466.1 million and net income of US$43.6 million.  The
reported net income includes after-tax charges of US$1.9 million
related to restructuring costs.  Excluding this special item,
adjusted third quarter earnings were US$45.5 million, or US$0.64
per diluted share.

For the third quarter of 2005, CommScope reported sales of
US$345.6 million and net income of US$11.5 million, or US$0.18
per diluted share.  The reported net income included total
after-tax charges of US$11.2 million, primarily for equipment
impairment related to global manufacturing initiatives.  
Excluding these special items, adjusted earnings were US$22.7
million, or US$0.34 per share.

Frank M. Drendel, CommScope Chairman and Chief Executive
Officer, said, "We delivered record third-quarter results fueled
by the expanding global demand for bandwidth.  We believe our
performance demonstrates we are executing our strategy well and
are strongly positioned for success in 2007.  We posted strong
sales growth in all segments.  Business enterprises are
upgrading their Local Area Networks and data centers.  Broadband
service providers and telecommunication carriers are investing
in their infrastructure to provide the 'quadruple play' of
video, data, voice and mobility.  CommScope's expanding
portfolio of infrastructure solutions continues to enable a host
of new and exciting communications services."

                        Sales Overview

CommScope's sales for the third quarter of 2006 increased 34.9%
year over year, primarily driven by increased customer demand
and price increases in response to higher raw material costs.  
Enterprise sales rose 41.6% year over year to US$237.7 million.  
Sales rose across essentially all geographic regions with
particular strength in the European region.  The strong third
quarter growth is primarily due to unusually strong orders
received during the second quarter and price increases resulting
from increased commodity prices.  The Enterprise segment
continued to experience organic growth as businesses moved
toward consolidated data centers and updated their Local Area
Networks to support bandwidth intensive applications.

CommScope's broadband segment sales rose to US$143.8 million, up
17.6% year over year, as a result of higher prices for coaxial
cable products, increased global sales volumes in all regions
and a product line acquisition announced earlier this year.  
Broadband sales continued to be positively affected by
competition between cable television operators and telephone
companies.

CommScope's carrier sales rose 52.9% year over year to US$85.0
million due to substantially increased demand for Integrated
Cabinet Solutions or ICS products.  ICS sales increased as
domestic telephone companies continued investing in their
infrastructure to support video and high-speed data services.

CommScope's total international sales rose 22.0% year over year
to US$137.1 million, or 29.4% of total company sales.

Overall orders booked in the third quarter of 2006 were US$392.6
million, up 6.6% from the year-ago quarter.

              Global Manufacturing Initiatives

CommScope's third quarter 2006 results reflect net pretax
restructuring charges of US$3.0 million (US$1.9 million after
tax) primarily for equipment relocation costs associated with
the company's global manufacturing initiatives.

CommScope has essentially completed the Enterprise portion of
these initiatives.  The Broadband portion of these initiatives
is expected to be completed in the first quarter of 2007.
   
                         Highlights

   -- CommScope's SYSTIMAX Solutions joined the Cisco Technology
      Developer Program as an IP Communications Participant
      Partner.  The Cisco Technology Developer Program sets
      criteria for interoperability testing by independent third
      parties and enables leading product and services firms to
      deploy innovative business solutions.  This program
      provides enterprise or service provider customers with
      information regarding Cisco Technology Developer Partner
      products and services that an independent testing facility
      has tested and found to interoperate with Cisco networking
      technology.

   -- Gross margin for the third quarter rose to 30.0%, up more
      than 250 basis points year over year and up more than 350
      basis points sequentially.  The gross margin improvements
      were primarily due to higher sales volume and selling
      prices, favorable product mix and the positive impact of
      the company's global manufacturing initiatives.

   -- SG&A for the third quarter of 2006 was US$62.8 million or
      13.5% of sales, compared to US$51.3 million or 14.8% of
      sales in the year-ago quarter. SG&A declined as a
      percentage of sales primarily due to higher sales levels.

   -- Third quarter 2006 results include US$1.3 million of
      pretax equity-based compensation expense accounted for in
      accordance with SFAS No. 123(R).

   -- Operating income for the third quarter of 2006 was US$64.9
      million or 13.9% of sales.  Excluding restructuring costs,
      operating income would have been US$67.9 million or 14.6%
      of sales.  In the year-ago quarter, operating income was
      US$19.9 million or 5.8% of sales.  Excluding special
      items, operating income would have been US$33.9 million or
      9.8% of sales for the quarter.

   -- Total depreciation and amortization expense was US$13.4
      million for the third quarter, which included US$3.2
      million of intangibles amortization.

   -- Net cash provided by operating activities in the third
      quarter was US$34.8 million, up 22% year over year.  
      Capital spending in the quarter was US$7.6 million.

CommScope also disclosed that its wholly owned subsidiary,
Connectivity Solutions Manufacturing, Inc., had closed on a an
agreement to sell real estate consisting of 70 acres and a
580,000-sq. ft. building at the Connectivity Solutions
manufacturing facility located in Omaha, Nebraska.  The sales
price for the land and building was approximately US$11 million.  
The sale will be recorded in the fourth quarter of 2006.

                Fourth Quarter and 2007 Outlook

CommScope management provided the following guidance for the
fourth quarter 2006 and calendar year 2007:

Fourth Quarter 2006 Guidance

   -- For the fourth quarter of 2006, revenue is expected to be
      US$370-US$385 million and operating margin is expected to
      be 9%-10%, excluding special items.

   -- Effective tax rate of approximately 30%-34%.

   -- Capital spending of approximately US$5-US$8 million.

Based on the fourth quarter 2006 guidance, sales for calendar
year 2006 are expected to be approximately US$1.60-US$1.62
billion, up 20% year over year.  Operating margin for calendar
year 2006 is estimated to be around 10.5%, excluding special
items.

                 Calendar Year 2007 Guidance
   
   -- For calendar year 2007, revenue is expected to be in the
      range of US$1.70-US$1.75 billion and operating margin is
      expected to be 11.5% or better, excluding special items.

   -- Effective tax rate of approximately 30%-34%.

   -- Depreciation and amortization expense of approximately
      US$50 million.

   -- Capital spending of approximately US$30-US$40 million.

Jearld L. Leonhardt, CommScope executive vice president and
chief financial officer, said, "As we move into the seasonally
slower fourth quarter, we expect a greater than normal
sequential sales decline due primarily to strong shipments in
the third quarter.  Our calendar year 2007 sales guidance is
based on our assumption of relatively constant raw material
costs, modest volume growth and a stable business environment.  
Based upon this revenue outlook, we believe we can deliver
another year of good earnings growth."

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last  
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications. Backed by strong research and
development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Australia, Brazil, China and
Ireland.

                          *     *     *

Standard & Poor's Rating Services removed its rating on Hickory,
North Carolina-based CommScope, Inc., from CreditWatch with
negative implications from CreditWatch, where they were placed
with negative implications on Aug. 7, 2006, and affirmed the
existing 'BB' corporate credit rating.  S&P said the outlook is
stable.


CONSTELLATION BRANDS: To Webcast November 9 Investor Conference
---------------------------------------------------------------
Constellation Brands, Inc. (NYSE: STZ, ASX: CBR), will webcast
its November 9, 2006, investor conference from New York City
beginning at 9:00 a.m. eastern time.  The web cast will take
place during the management presentation periods from 9:00 a.m.
to 12:15 p.m., then from 1:45 p.m. to 4:15 p.m.  All times are
eastern time zone.

Morning sessions include presentations by Constellation Brands
Chairman and Chief Executive Officer Richard Sands, President
and Chief Operating Officer Rob Sands, in addition to members of
the Constellation beers and spirits senior management team.

Presentations in the afternoon include Executive Vice President
and Chief Financial Officer Tom Summer and senior management
members of Constellation wines from key markets including
Europe, Canada, Australia and the United States.

Conference presentations will cover the company's financial
performance, as well as its current and future strategic,
operational and financial focus.

The webcast can be accessed on the Constellation Brands Internet
Web site -- http://www.cbrands.com/-- by following the  
instructions in the "Investors" section.  After the conference,
the webcast will be available at the Constellation Brands Web
site through November 30, 2006.  Financial and statistical
information discussed in the presentations, and a reconciliation
of any reported (GAAP) financial measures with comparable or
non-GAAP financial measures, will also be available at the
Company's Web site under "Investors" by selecting Financial
Information/Financial Reports.

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
-- http://www.cbrands.com/-- engages in producing and marketing  
beverage alcohol brands in wine, imported beer, and spirits
categories principally in the United States, the United Kingdom,
Australia, and New Zealand.

                         *     *     *

As reported in the Troubled Company Reporter on August 14, 2006,
Moody's Investors Service assigned a (P)Ba2 rating to
Constellation Brands, Inc.'s new shelf and concurrently, a Ba2
rating to Constellation's new US$500 million senior unsecured
note, due 2016.  Constellation's existing ratings are not
affected by these actions, and have been affirmed.  The ratings
outlook remains negative.

The TCR subsequently reported that in connection with Moody's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. beverage company sector,
the ratings agency affirmed its Ba2 Corporate Family Rating for
Constellation Brands and owngraded its Ba3 probability-of-
default rating to B1.  Moody's also assigned its LGD6 loss-
given-default ratings on the Company's US$250 million 8.125%
Senior Subordinated Notes due January 15, 2012, suggesting
noteholders will experience a 95% loss in the event of a
default.


DECKCHAIR PUBLISHING: Creditors' Proofs of Debt Due on Nov. 10
--------------------------------------------------------------
Deckchair Publishing Pty Ltd, which is in liquidation, will
declare dividend for its creditors.

Creditors' proofs of debt must be filed by November 10, 2006, to
be included in the company's distribution of dividend.

The Deed Administrator can be reached at:

         Anthony Warner
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia


DONTAS HOLDINGS: Members' General Meeting Set on November 15
------------------------------------------------------------
Members of Dontas Holdings Pty Ltd will convene for a general
meeting on November 15, 2006, at 10:30 a.m., to receive
Liquidator D. G. Scott's account on the company's wind-up and
property disposal activities.

On October 25, 2005, the Troubled Company Reporter - Asia
Pacific reported that the Company commenced a wind-up of its
operations on September 16, 2005.

The Liquidator can be reached at:

         Dean G. Scott
         2nd Floor, 83-89 Currie Street
         Adelaide, South Australia 5000
         Australia


EAT AGENCIES: Creditors Decide to Wind Up Operations
----------------------------------------------------
On October 18, 2006, creditors of Eat Agencies Pty Ltd decided
to close the company's operations.

Subsequently, Max Christopher Donnelly and R. L. Duggan were
appointed as liquidators.

The Liquidators can be reached at:

         Max Christopher Donnelly
         R. L. Duggan
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia


FELTON WOODS: Members & Creditors' Final Meeting Set on Nov. 13
---------------------------------------------------------------
Members and creditors of Felton Woods Manor Pty Ltd will convene
for their final meeting on November 13, 2006, at 10:30 a.m., to:

   -- receive the liquidator's final receipts and payments; and

   -- resolve that the company's books and records be destroyed.

The Troubled Company Reporter - Asia Pacific has reported that
Felton Woods' creditors resolved to wind up the company's
operations on December 1, 2005.

The Liquidator can be reached at:

         Anthony Warner
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.crswarnersanderson.com.au


GADSDEN PTY: To Declare Dividend on November 24
-----------------------------------------------
Gadsden Pty Ltd, which is in liquidation, will declare the first
and final dividend on November 24, 2006.

Creditors, who cannot prove their claims by the due date, will
be excluded from sharing in the dividend distribution.

The Official Liquidator can be reached at:

         Martin J. Green
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


GETTY IMAGES: Earns US$37.6 Mln in Quarter Ended September 30
-------------------------------------------------------------
Getty Images, Inc., reported US$37.6 million of net income for
the third quarter ended Sept. 30, 2006, up 3% compared to
US$39.3 million in the third quarter of 2005.

Revenue grew 7.4% to US$198.1 million from US$184.5 million in
the third quarter of 2005.  Excluding the effects of changes in
currency exchange rates, revenue grew 5.3%.  As a percentage of
revenue, cost of revenue was 25.4% an improvement from 25.7% in
the prior year.

"Our third quarter results reflect the dynamic changes that are
occurring in our industry, "said Jonathan Klein, co-founder and
chief executive officer.  "Today we are announcing a vision
which will capitalize on the industry evolution, which is as
exciting and as innovative as anything we have done in the past.  
We will manage aggressively through this transformation,
directing resources to areas that provide the most compelling
growth opportunities, thereby, setting the foundation for a new
stage of growth.  Sustained growth will be driven by continuous
innovation and a dedication to serve our customers."

Income from operations was US$54.7 million, compared to US$58.7
million in the third quarter of 2005.  Excluding stock-based
compensation, income from operations was US$59 million in the
third quarter of 2006, consistent with the third quarter of
2005.  Excluding stock-based compensation, the operating margin
was 29.8% compared to 32.0% in the third quarter last year.

Net cash provided by operating activities was US$181.5 million
and the acquisition of property and equipment totaled $49.6
million in the first nine months of 2006.  

Cash balances were US$290.7 million at Sept. 30, 2006, up from
US$259.5 million at June 30, 2006.

For the fourth quarter of 2006, the company expects to report
revenue of approximately US$196 million.  For 2006, the company
expects to report revenue of approximately US$800 million.

The company has announced a realignment of resources that will
result in a charge of approximately US$5 million in the fourth
quarter of the year for employee related costs and a possible
additional charge for consolidating certain office space of
approximately US$4 million. Full year and fourth quarter
guidance excludes these charges.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                          *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.  The upgrade in the corporate family rating to Ba1
from
Ba2 reflected Getty's leading market position, improving credit
metrics, impressive operating margins and good secular growth
trends in the stock imagery market.  Moody's also upgraded its
rating on the company's US$265 million series B convertible
subordinated notes due 2023, to Ba2 from Ba3.


HARRIS ROBINSON: To Declare First and Final Dividend on Nov. 23
---------------------------------------------------------------
Harris Robinson & Associates Pty Ltd, which is subject to a deed
of company arrangement, will declare the first and final
dividend on November 23, 2006.

Failure to submit proofs of debt by November 21, 2006, will
exclude a creditor from sharing in the company's distribution of
dividend.

The Deed Administrator can be reached at:

         John Vouris
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


ILLAWARRA EMBROIDERY: Appoints Danny Vrkic as Liquidator
--------------------------------------------------------
After a general meeting on October 19, 2006, the members of
Illawarra Embroidery Pty Ltd resolved to voluntarily wind up the
company's operations and appointed Danny Vrkic as liquidator.

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

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co - Wollongong
         Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone: 02 4225 2545
         Facsimile: 02 4225 2546


INTERSEN PTY: Members Agree on Voluntary Wind-Up
------------------------------------------------
At a meeting held on October 19, 2006, the members of Intersen
Pty Ltd unanimously resolved to wind up the company's operations
and appointed Stephen Gower Baker as liquidator.

The Liquidator can be reached at:

         Stephen Gower Baker
         Stephen Baker & Co
         Chartered Accountant
         Suite 2, 98 Woolwich Road
         Woolwich, New South Wales 2110
         Australia
         Telephone: 9817 6427
         Facsimile: 9879 0964


INTERSTAR: Fitch Affirms BB Ratings for Class D Notes
-----------------------------------------------------
On November 5, 2006, Fitch Ratings upgraded the Class B and
Class C notes backed by non-conforming mortgages originated by
Interstar Non-Conforming Finance Pty Limited.  The notes issued
by JP Morgan Trust Australia Limited in its capacity as trustee
of the Interstar Titanium Series 2004-1 Trust are upgraded as:

   -- Class B notes to 'AA-' from 'A+;' and
   
   -- Class C notes to 'BBB+' from 'BBB'

At the same time, Fitch has affirmed 10 classes of the rated
securities issued by the Interstar Titanium Series 2004-1 Trust
and the Interstar Titanium Series 2005-1 Trust:

   -- Interstar Titanium Series 2004-1 Trust:

      * Class A1 notes: 'AAA'
      * Class A2 notes: 'AAA'
      * Class Z notes (interest only): 'AAA'
      * Class D notes: 'BB'

   -- Interstar Titanium Series 2005-1 Trust

      * Class A1 notes: 'AAA'
      * Class A2 notes: 'AAA'
      * Class Z notes (interest only): 'AAA'
      * Class B notes: 'A+'
      * Class C notes: 'BBB'
      * Class D notes: 'BB'

The upgrades and affirmations follow a review that involved an
analysis of the performance of the transactions, with emphasis
on the mortgage default and loss levels and protection by the
forms of credit enhancement.

The underlying mortgage pools have performed well and credit
enhancement has built up, due to the level of prepayments with
total current 'AAA' subordination at 27.56% for Interstar
Titanium Series 2004-1 Trust and 18.58% for Interstar Titanium
Series 2005-1 Trust.


ITRON INC: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its Ba3 Corporate Family Rating for Itron Inc.  The
rating on the company's $55 million Senior Secured Revolver due
2009 was revised to Baa3 from Ba3.  Those debentures were
assigned an LGD1 rating suggesting creditors will experience a
3% loss in the event of default.

Additionally, Moody's revised its ratings on the company's $125
million 7.875% Subordinate Notes due 2012 to Ba1 from B2.  
Moody's assigned those debentures an LGD2 rating suggesting a
projected loss-given default of 25%.

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 Liberty Lake, Washington, Itron Inc. --
http://www.itron.com/-- offers products and services for energy  
and water providers around the world including Canada, The
Netherlands, United Kingdom, Qatar, Mexico, Taiwan, France and
Australia.


MAJOR & MINOR: Final Meeting Slated for November 10
---------------------------------------------------
A final meeting of the members and creditors of Major & Minor
Property Maintenance Pty Ltd, which is in liquidation, will be
held on November 10, 2006, at 10:30 a.m.

During the meeting, members and creditors will:

    -- 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
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.crswarnersanderson.com.au
         

MIARA PTY: Placed Under Members' Voluntary Wind-Up
--------------------------------------------------
Members of Miara Pty Ltd convened on October 19, 2006, and
decided to voluntarily wind up the company's operations.

Accordingly, Bryan Collis was named as liquidator.

The Liquidator can be reached at:

         Bryan Collis
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


NATIONAL AUSTRALIA: Members' Final Meeting Set on November 10
-------------------------------------------------------------
Members of National Australia Management Services Pty Ltd will
convene for a final meeting on November 10, 2006, at 10:00 a.m.

During the meeting, the members will receive accounts of the
company's wind-up proceedings from Liquidators Timothy James
Cuming and Allan John Watson.

The Liquidators can be reached at:

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


NRG ENERGY: Fitch Affirms IDR at B After Hedge Reset Transaction
----------------------------------------------------------------
On November 3, 2006, Fitch Ratings affirmed the issuer default
and instrument ratings of NRG Energy after the company's
announced hedge reset and capital allocation program.  The
Rating Outlook is Stable:

   -- Senior secured term loan B at 'BB'/'RR1';

   -- Senior secured revolving credit facility at 'BB'/'RR1';

   -- Senior notes to 'B+'/'RR3';

   -- Convertible preferred stock at 'CCC+'/'RR6'; and

   -- Issuer default rating (IDR) at 'B'.

The hedge reset program entails resetting existing power/gas
hedges that were acquired along with the purchase of Texas Genco
(Legacy Hedges), to reflect the current market prices and
entering into new, longer-dated gas hedges.  Given the high
correlation between natural gas prices and power prices, and the
greater liquidity and depth in the natural gas market, using
natural gas derivatives provides a good hedge to the power
generated from the company's Texas coal and nuclear plants.  The
last of the Legacy Hedges will expire in 2010. Given the natural
gas prices prevailing at the time the Legacy Hedges were put
into place as compared to prices today, these hedges are
substantially out of the money.

The proposed transaction involves:

   -- borrowing of US$1.1 billion of unsecured debt;

   -- using of US$1.1 billion of debt proceeds plus US$250
      million of cash on hand to reset the existing hedges to
      market;

   -- adding to hedged positions for years 2010 to 2012; and

   -- increasing share repurchase from US$250 million to US$500
      million.

The hedge reset transaction will provide NRG with greater cash
flow certainty by hedging its projected production into the 2012
time frame.  With the existing hedges in place, the company
currently has US$1.7 billion in mark to market exposure under
its second lien collateral structure.  Consequently, existing
counterparties (such as J. Aron) are reluctant to enter into
longer dated hedging transactions as they already have
significant mark to market exposure to NRG.  By resetting the
existing hedges to market, the company would eliminate the
US$1.7 billion of existing second lien exposure freeing the
company to enter into hedges for the 2010 to 2012 time frame.

Resetting the Legacy Hedges at current market prices will
substantially increase the company's cash flow.  As such, this
transaction has the perverse effect of improving cash flow-based
coverage and leverage metrics for 2007-2010 in spite of the
increase in total debt outstanding.  In addition, by permitting
longer dated hedges, the transaction provides greater cash flow
certainty for the medium term.  Off-setting in part these
benefits is that by incurring the incremental debt, the company
is, in effect, taking an obligation that would have amortized to
zero over time (i.e. the mark-to-market position of the Legacy
Hedges) and crystallized it into a bullet maturity.

The proposed transaction will not materially alter the company's
business risk.  The key risk for NRG remains a sustained outage
at one of its large base load plants in Texas (STP, Limestone or
Parrish) and this risk is unaffected as a result of this
transaction.  Although the ability to make interest payments
during such an outage is modestly weakened, the incremental
interest expense is small (US$90 million to US$100 million) as
compared to available liquidity (US$1.2 billion in cash and $850
million in unused revolver capacity).  This increase in
financial risk is offset by a reduction in NRG's business risk;
by resetting the hedges at a higher price, the likelihood of
having to cover a naked short gas position by buying higher
price spot gas (i.e. because there was an outage at a baseload
plant) is lower than it is currently since the Legacy Hedges are
below market.

A second major business risk for the company is a sustained
period of low natural gas prices.  This risk is also unchanged
as a result of the transaction.  Moreover, with the longer
hedges in place, the company would have greater time to address
a long-term decline in natural gas price by retiring its term
loan B debt.

As part of the proposed transaction, the company is seeking to
increase its 2007 stock buyback plan from US$250 million to
US$500 million.  On August 1, 2006, Fitch affirmed NRG's IDR
after the announcement of a US$500 million stock repurchase via
a non-recourse debt structure.  The company created a
subsidiary, which raised US$334 million in non-recourse debt
from Credit Suisse.  The company also injected US$166 million.  
The purpose of the structure was to take advantage of the
company's restricted payment basket.  However, the structure was
somewhat inefficient in that Credit Suisse had to take a short
position in NRG's stock to hedge its exposure (i.e. delta hedge
30% to 40% of the stock held by the non-recourse subsidiary).  
This shorting activity muted the benefit of the share buyback
from NRG's perspective.  Going forward, the company plans to
seek an amendment to allow greater restricted payments

NRG owns and operates a diverse portfolio of power-generating
facilities, primarily in Texas and the Northeast, South Central
and Western regions of the United States.  Its operations
include baseload, intermediate, peaking, and cogeneration
facilities, thermal energy production and energy resource
recovery facilities.  NRG also has ownership interests in
generating facilities in Australia and Germany.


NUNDARA PTY: Members to Hold Final Meeting on November 16
---------------------------------------------------------
Nundara Pty Ltd, which is in liquidation, will hold a final
meeting for its members on November 16, 2006, at 10:00 a.m., to
hear Liquidator Douglas John Farram's final account.

The Liquidator can be reached at:

         Douglas John Farram
         Carruthers Farram & Co Services Pty Ltd
         Suite 4, Level 4, 105 Pitt Street
         Sydney, New South Wales 2000
         Australia


OBEL PTY: Prepares to Declare Dividend to Creditors
---------------------------------------------------
Obel Pty Ltd, which is subject to a deed of company arrangement,
will declare the first and final dividend on November 24, 2006.

Creditors are required to file their proofs of claim by
November 20, 2006, or they will be excluded from any dividend
distribution.

The Joint and Several Deed Administrator can be reached at:

         Q. J. Olde
         c/o Taylor Woodings
         Chartered Accountants
         Level 14, The Royal Exchange Building
         56 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8247 8000
         Facsimile:(02) 8247 8099


ORTEM (HOLDINGS): Members Opt to Liquidate Business
---------------------------------------------------
Members of Ortem (Holdings) Ltd convened on October 20, 2006,
and passed a special resolution to liquidate the company's
business.

Accordingly, M. C. Smith was named as liquidator.

The Liquidator can be reached at:

         M. C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au


OWENS PARK: Undergoes Voluntary Liquidation
-------------------------------------------
On October 19, 2006, the shareholders of Owens Park 2200 Pty Ltd
met and agreed to voluntarily wind up the company's operations.

In this regard, Bryan Collis was appointed as liquidator.

The Liquidator can be reached at:

         Bryan Collis
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


POLYPORE INT'L: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its B2 Corporate Family Rating for
Polypore International, Inc.  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: Polypore International, Inc.  

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Unguaranteed Senior
   Discount Notes         Ca      Caa2    LGD 6      90%

   Issuer: Polypore, Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolving Credit
   Facility               B2       Ba3     LGD 2     16%

   US$ Senior Secured
   Term Loan              B2       Ba3     LGD 2     16%

   Euro Senior Secured
   Term Loan              B2       Ba3     LGD 2     16%

   8.750% Subordinated
   Notes                 Caa2     Caa1     LGD 4     61%

   8.750% Subordinated
   Notes                 Caa2     Caa1     LGD 4     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 our notching
practices across industries and will improve the transparency
and accuracy of our ratings as our research has shown that
credit losses on bank loans have tended to be lower than those
for similarly rated bonds.

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

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

Polypore International Inc. -- http://www.polypore.net/-- is a  
worldwide developer, manufacturer and marketer of highly
specialized polymer-based membranes used in separation and
filtration processes. Polypore's products and technologies
target specialized applications and markets that require the
removal or separation of various materials from liquids, with
concentration in the ultrafiltration and microfiltration
markets.  As a global provider, Polypore has manufacturing
facilities or sales offices in ten countries serving five
continents.  Polypore's corporate offices are located in
Charlotte, NC.  The company has operations in Australia and
China.


RAYDAZ PTY: Will Declare Dividend on November 24
------------------------------------------------
Raydaz Pty Ltd, which is subject to a deed of company
arrangement, will declare the first and final dividend to
creditors on November 24, 2006, to the exclusion of those who
cannot prove their claims by November 20, 2006.

The Joint and Several Deed Administrator can be reached at:

         Q. J. Olde
         c/o Taylor Woodings
         Chartered Accountants
         Level 14, The Royal Exchange Building
         56 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8247 8000
         Facsimile:(02) 8247 8099


ROFE MANAGEMENT: Liquidator to Present Wind-Up Account
------------------------------------------------------
Members and creditors of Rofe Management Pty Ltd will convene on
November 10, 2006 at 11:30 a.m., to receive Liquidator Nicols'
account on the company's wind-up.

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

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


ROMET QUALITY: Enters Wind-Up Proceedings
-----------------------------------------
At a general meeting on October 20, 2006, the members of Romet
Quality Foods Pty Ltd resolved to close the company's operations
and appointed M. C. Smith as liquidator.

The Liquidator can be reached at:

         M. C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au


SMS ADMINISTRATION: Court Issues Wind-Up Order
----------------------------------------------
On October 19, 2006, the Federal Court of Australia has ordered
SMS Administration Group Pty Ltd to wind up its operations.

The Court also directed the appointment of John Raymond Gibbons
as liquidator.

The Liquidator can be reached at:

         John Raymond Gibbons
         Ernst & Young
         Chartered Accountants
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9248 5555


SMS ADVISING: Court Orders Wind-Up of Operations
------------------------------------------------
The Federal Court of Australia on October 19, 2006, ordered SMS
Advising Group Pty Ltd to wind up its operations and appointed
John Raymond Gibbons as liquidator.

The Liquidator can be reached at:

         John Raymond Gibbons
         Ernst & Young
         Chartered Accountants
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9248 5555


STAFFCAM PTY: Liquidator A. R. Nicholls to Give Wind-Up Report
--------------------------------------------------------------
Members and creditors of Staffcam Pty Ltd, which is in
liquidation, will hold a final meeting on November 15, 2006 at
11:30 a.m., to receive account of the company's wind-up
proceedings and property disposal exercises from Liquidator A.
R. Nicholls.

The Liquidator can be reached at:

         A. R. Nicholls
         Nicholls & Co
         Suite 6, 459 Peel Street
         Tamworth, New South Wales 2340
         Australia


SUPERIOR ENERGY: Commences Exchange for 6-7/8% Notes Due 2014
-------------------------------------------------------------
Superior Energy Services, Inc., disclosed that SESI, L.L.C., its
wholly owned subsidiary, has commenced an exchange offer for its
outstanding 6-7/8% Senior Notes due 2014.  

These notes originally were issued in a May 22, 2006, private
offering in an aggregate principal amount of US$300,000,000.  
Holders of these notes may exchange them for a like principal
amount of a new issue of 6-7/8% Senior Notes due 2014 pursuant
to an effective registration statement on Form S-4 filed with
the Securities and Exchange Commission.  Terms of the new notes
are substantially identical to those of the original notes,
except that the transfer restrictions and registration rights
relating to the original notes do not apply to the new notes.  
Original notes that are not exchanged will continue to be
subject to transfer restrictions.  The new registered notes will
not be subject to transfer restrictions.

The exchange offer will expire at 5:00 p.m., New York City time,
on Nov. 27, 2006, unless extended.  Tenders of the original
notes must be made before the exchange offer expires and may be
withdrawn at any time before the exchange offer expires.  
Documents describing the terms of the exchange offer, including
the prospectus and transmittal materials for making tenders, can
be obtained from the exchange agent in connection with the
exchange offer at:

          The Bank of New York Trust Co., N.A.
          The Bank of New York Corporate Trust Operations -          
          Reorganization Unit
          101 Barclay Street - 7 East
          New York, NY 10286
          Fax: (212) 298-1915

                      About Superior Energy

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

The Troubled Company Reporter - Asia Pacific reports that
Moody's Investors Service affirmed SESI, L.L.C.'s ratings (Ba3
Corporate Family Rating and B1 rated US$300 million senior
unsecured notes guaranteed by Superior Energy Services, Inc.
(Superior)) and changed the rating outlook to negative from
stable following Superior's announcement that it had signed a
merger agreement to acquire Warrior Energy Services Corporation
(Warrior) for US$175 million in cash and 5.3 million shares of
common stock, with debt accounting for approximately 56% of the
acquisition cost (based on the September 22, 2006 closing
price).

The Troubled Company Reporter - Asia Pacific reports that
Moody's Investors Service assigned a Ba3, LGD 3 (43%) rating to
SESI, L.L.C.'s new $200 million seven-year senior secured term
loan facility, to be guaranteed by Superior Energy Services,
Inc. and substantially all of its current and future domestic
subsidiaries.  

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

The rating outlook remains negative.


TASMAN RECRUITING: Enters Wind-Up Proceedings
---------------------------------------------
At an extraordinary general meeting held on October 18, 2006,
the members of Tasman Recruiting Pty Ltd resolved to voluntarily
wind up the company's operations.

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

The Liquidator can be reached at:

         James Alexander Shaw
         Ferrier Hodgson (Newcastle)
         Chartered Accountants
         Level 3, 2 Market Street
         Newcastle, New South Wales 2300
         Australia


TOP TREES: Members to Receive Wind-Up Account
---------------------------------------------
Members of Top Trees Pty Ltd will convene for their final
meeting on November 10, 2006 at 10:30 a.m., to receive
Liquidator Fitzpatrick's account on the company's wind-up and
property disposal exercises.

The Troubled Company Reporter - Asia Pacific previously reported
that members of Top Trees resolved to wind-up company's
operations and appointed Mr. Fitzpatrick as liquidator on
November 21, 2005.

The Liquidator can be reached at:

         M. J. Fitzpatrick
         KPMG
         Level 30, Central Plaza One
         345 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone: 07 3233 3111


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

AGRICULTURAL BANK: Bad Loans Drop in First 3 Quarters of 2006
-------------------------------------------------------------
Agricultural Bank of China recorded a drop of its loan portfolio
by 2.68 percentage points to 23.49% in the first three quarters
of the year, the People Daily reports.  

Based on the bank's third quarter report, a total of CNY7.82
billion outstanding bad loans were eliminated in the first nine
months of 2006, the report says.

People Daily relates that a high bad loan ratio is a major
obstacle to the bank's ambition to transform itself from a
state-owned bank to a joint stock company listed on the stock
market.

The three other "Big Four" state-owned commercial banks -- the
Industrial and Commercial Bank of China, the Bank of China and
the China Construction Bank -- have already listed on domestic
or overseas bourses, People Daily notes.

Agricultural Bank posted profit of almost CNY43 billion for the
nine-month period ended September 2006, up 35% year-on-year.  
Its deposits increased by CNY530 billion in the same period, an
increase of CNY63 billion on the same period of 2005, People
Daily reveals.

                          *    *     *

The Agricultural Bank of China -- http://www.abocn.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter - Asia Pacific reported on June
27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an 'E' Individual rating.


AMITY TRADING: Creditors' Proofs of Claim Due on November 30
------------------------------------------------------------
Creditors of Amity Trading Company Ltd are required to submit
their proofs of claim by November 30, 2006 to Joint Liquidators
Andrew C. C. Ma and Felix K. L. Lee.

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

The Joint Liquidators can be reached at:

         Andrew C. C. Ma
         Felix K. L. Lee
         19/F, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


BANK OF COMMUNICATIONS: Inks Deal with Northern Trust
-----------------------------------------------------
Bank of Communications signed an agreement with the Northern
Trust to act as its overseas custodial agent.

Northern Trust provides global custody, accounting, performance
measurement and investment mandate compliance monitoring
services to Qualified Domestic Institutional Investors in China.
    
"Northern Trust is clearly at a pivotal point in the rapid
development of China's financial services and pension industry,"
Kevin Tan, Northern Trust's Chief Representative in Beijing,
says.  "Northern Trust is delighted to be working with Bank of
Communications to offer global custody to QDII clients, and this
comes very soon after the announcement earlier in October that
the National Council for the Social Security Fund of China has
also chosen Northern Trust for global custody."
    
This agreement between Northern Trust and Bank of Communications
marks the beginning of a working relationship between the two
institutions to jointly service institutional investors in China
as the restrictions on investment in foreign assets are relaxed.  
In addition to the above deal, a number of other major bids are
in the pipeline.
    
"This latest win underlines how dynamic the Chinese market is,
and the strong relationships Northern Trust has developed in the
market over the past few years makes us well positioned to
continue to grow our client base and our business going
forward," says Lawrence Au, General Manager for the Asia Pacific
region at Northern Trust.

                         About Northern Trust
    
Northern Trust Corporation (Nasdaq: NTRS) --
http://www.northerntrust.com-- is a leading provider of  
investment management, asset and fund administration, fiduciary
and banking solutions for corporations, institutions and
affluent individuals worldwide.  Northern Trust, a multibank
holding company based in Chicago, has a growing network of 84
offices in 18 U.S. states and has international offices in 13
locations in North America, Europe and the Asia-Pacific region.  
As of September 30, 2006, Northern Trust had assets under
custody of US$3.3 trillion, and assets under investment
management of US$667 billion.  

Northern Trust is authorised and regulated in the United Kingdom
by the Financial Services Authority.

                          *     *     *

Founded in 1908, Bank of Communications is one of four oldest
banks in China and one of the early note-issuing banks of China.  
BOCOM was also China's first state-owned shareholding commercial
bank.  With a 20% stake owned by HSBC, BOCOM was listed in Hong
Kong in June 2005, becoming the first major commercial bank from
the Chinese mainland to be listed overseas.

On September 29, 2005, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's raised the bank
fundamental strength ratings on Bank of China Ltd 'C' from 'D+'.

Earlier, TCR-AP reported that the Bank faced a fraud case
involving CNY220 million at its Jinzhou branch in Liaoning.  
According to the National Audit Office, several staff members at
the branch had forged documents to deceive the lender's Shanghai
headquarter about the cancellation of loans made out to 175
companies.


BALL CORP: Declares US$0.10 Per Share Cash Dividend
---------------------------------------------------
Ball Corp.'s board of directors declared a cash dividend of 10
cents per share, payable Dec. 15, 2006, to shareholders of
record on Dec. 1, 2006.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and  
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.  
Ball Corp. reported sales of US$5.7 billion in 2005 and the
company employs about 13,100 people worldwide, including
Argentina, Hong Kong, China, France, Germany and the United
Kingdom.

                        *    *    *

Moody's Investors Service assigned ratings to Ball Corp.'s
US$500 million senior secured term loan D, rated Ba1, and US$450
million senior unsecured notes due 2016-2018, rated Ba2.

It also affirmed existing ratings, which include Ba1 Ratings on
US$1.475 billion senior secured credit facilities and US$550
million senior unsecured notes due Dec. 12, 2012.  Moody's said
the ratings outlook is stable.

Fitch affirmed Ball Corp.'s 'BB' issuer default rating, 'BB+'
senior secured credit facilities, and 'BB' senior unsecured
notes.

Standard & Poor's Ratings Services also affirmed its 'BB+'
corporate credit rating on Ball Corp.  All ratings were placed
by S&P in March 2006.


BALL CORP: Earns US$101.5 Million for Third Quarter 2006
--------------------------------------------------------
Ball Corp. reported third quarter earnings of US$101.5 million,
on sales of US$1.82 billion, compared with US$79.3 million, on
sales of US$1.58 billion in the third quarter of 2005.

For the first nine months of 2006, Ball Corp.'s saw earnings of
US$278.8 million, on sales of US$5.03 billion, compared with
US$216.9 million on sales of US$4.46 billion in the first three
quarters of 2005.

Ball Corp.'s 2006 results include a gain of US$2.8 million
(US$1.7 million after tax) in the third quarter and US$76.9
million (US$46.9 million after tax) in the first nine months for
insurance recovery from a fire that occurred April 1 at a
beverage can manufacturing plant in Germany.  The 2005 third
quarter results include net after-tax costs of US$12.5 million,
connected with debt refinancing and with a program to streamline
the company's beverage can end manufacturing processes.  The
nine-month 2005 results included net after-tax costs of US$18.4
million, related to business consolidation and debt refinancing
activities.

R. David Hoover -- the chairperson, president and chief
executive officer of Ball Corp. -- said, "Overall, we were
pleased with our third quarter results, especially considering
the increased cost pressures we continue to experience
throughout the corporation.  We are making progress on profit
improvement and pricing initiatives that are essential to our
achieving acceptable returns.  We also are making good progress
on integrating the acquisitions we made earlier this year and on
completing important projects to improve operating
efficiencies."

                 Metal Beverage Packaging

Americas

Earnings in the quarter for the metal beverage packaging
Americas segment were US$63.7 million, on sales of US$659.6
million, compared with US$49.4 million, including a US$19.3
million charge for costs associated with streamlining can end
manufacturing processes, on sales of US$636.1 million in the
third quarter of 2005.  For the first nine months segment
earnings were US$182.9 million on sales of US$1.99 billion,
compared with US$177.4 million, including the US$19.3 million
charge, on sales of US$1.85 billion in the first three quarters
of 2005.  Inventory adjustment had a negative effect of US$9.3
million on segment earnings in the third quarter of 2006,
compared with US$2.7 million in 2005.

Mr. Hoover notes, "We made further progress on our project to
streamline our beverage can end manufacturing.  We expect to
cease end manufacturing at our Reidsville, N.C., plant in the
fourth quarter.  We will supply those ends from other facilities
and as a result should begin to realize in 2007 some of the
savings anticipated from this multi-year, multi-plant project."

Europe/Asia

Third quarter earnings in the metal beverage packaging
Europe/Asia segment were US$66 million, including US$2.8 million
in property insurance gains, on sales of US$425.1 million,
compared with US$56.7 million on sales of US$366.1 million in
the third quarter of 2005.  For the first nine months segment
earnings were US$235.7 million, including US$76.9 million in
property insurance gains, on sales of US$1.16 billion, compared
with US$145 million on sales of US$1.06 billion in the same
period in 2005.

Mr. Hoover stated, "The loss of production volume resulting from
the April 1 fire made for an extremely tight beverage can supply
situation for us in Europe this summer.  Our new plant in Serbia
and improved performance at other facilities helped bridge a
portion of the volume gap, but that contribution was partially
offset by higher material, freight and energy costs.  In China,
the demand for beverage cans continues to grow and we continue
to work through a year where high raw material prices have hurt
results, but where stringent cost controls have been put in
place and plant performance has improved."

       Metal Food & Household Products Packaging, Americas

Earnings for the third quarter in the metal food and household
products packaging Americas segment were US$19.4 million on
sales of US$381.3 million, compared with US$10.1 million on
sales of US$292.2 million in the third quarter of 2005.  For the
first nine months of 2006, earnings were US$33.2 million,
including a US$1.7 million charge for costs to shut down a food
can manufacturing line in Whitby, Ontario, on sales of US$884.8
million, compared to US$16.7 million, including a US$8.8 million
charge to shut down a food can manufacturing plant in Quebec, on
sales of US$655.5 in the same period in 2005.  Ball Corp.
acquired U.S. Can Corporation on March 27, 2006, and results
from the acquired business have been included in the metal food
and household products packaging segment since that date.

Mr. Hoover said, "We continue to consolidate the assets acquired
from U.S. Can with those of our legacy metal food can
operations.  Those activities led to our announced decision to
close plants in Alliance, Ohio, and Burlington, Ontario, later
this year with anticipated annual cost savings of approximately
US$8 million."

                Plastic Packaging, Americas

Earnings for the third quarter in the plastic packaging Americas
segment were US$8.3 million on sales of US$185.9 million,
compared with US$4.2 million on sales of US$124.7 million in the
third quarter of 2005.  Through the first three quarters of
2006, segment earnings were US$17.1 million on sales of US$486.8
million, compared with US$12.2 million on sales of US$373.9 in
the first three quarters of 2005.  The 2006 results include
those of assets acquired from Alcan on March 28, 2006.

Mr. Hoover noted, "We have completed the relocation of some of
the equipment acquired from Alcan Plastics into other plants and
have consolidated the R&D functions associated with the acquired
business into our overall packaging R&D operations in Colorado.  
Some of the activities from the Alliance plant will be
consolidated into one of the facilities we acquired from Alcan
Plastics as part of the ongoing integration of our manufacturing
assets."

                Aerospace and Technologies

Earnings were US$15.6 million on sales of US$170.4 million
during the third quarter of 2006 in the aerospace and
technologies segment, compared with US$15.2 million on sales of
US$164.8 million in the third quarter of 2005.  For the first
three quarters, earnings were US$33.4 million on sales of
US$505.7 million, compared with US$39 million on sales of
US$527.5 in the first three quarters of 2005.

Mr. Hoover said, "Excellent performance on several fixed price
programs that ended in the quarter helped boost third quarter
results in aerospace and technologies.  That kind of continued
performance, along with some hopeful signs we are beginning to
see in the awarding and funding of certain scientific and
defense contracts, we believe bode well for this segment as we
look to next year."

                          Outlook

Raymond J. Seabrook, executive vice president and chief
financial officer, said he anticipates full-year free cash flow
to be in the range of US$250 million.

Mr. Seabrook stated, "The seasonal working capital build we have
seen through the first nine months will be largely eliminated in
the fourth quarter.  We will continue our focus on free cash
flow generation in the future as some of the major capital
spending projects we have been engaged in wind down and we begin
to realize the benefits from them.  At mid-year we said we
expected results for the second half of 2006 would be better
than those of the first half, excluding property insurance
recovery related to the fire in Germany.  Our solid third
quarter results now make us confident of that outcome."  

"The cost recovery initiatives we have and will continue to
implement throughout our reporting segments will be critical to
sustaining and improving our performance in 2007.  Some of those
initiatives have been announced and already are being
implemented, and others are being discussed and developed with
suppliers and customers," Mr. Hoover noted.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and  
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.  
Ball Corp. reported sales of US$5.7 billion in 2005 and the
company employs about 13,100 people worldwide, including
Argentina, Hong Kong, China, France, Germany and the United
Kingdom.

                        *    *    *

Moody's Investors Service assigned ratings to Ball Corp.'s
US$500 million senior secured term loan D, rated Ba1, and US$450
million senior unsecured notes due 2016-2018, rated Ba2.

It also affirmed existing ratings, which include Ba1 Ratings on
US$1.475 billion senior secured credit facilities and US$550
million senior unsecured notes due Dec. 12, 2012.  Moody's said
the ratings outlook is stable.

Fitch affirmed Ball Corp.'s 'BB' issuer default rating, 'BB+'
senior secured credit facilities, and 'BB' senior unsecured
notes.

Standard & Poor's Ratings Services also affirmed its 'BB+'
corporate credit rating on Ball Corp. All ratings were placed by
S&P in March 2006.


BANTA CORP: RR Donnelley Extends US$1.3 Bil. Cash Purchase Offer
--------------------------------------------------------------
RR Donnelley & Sons Company disclosed that it has signed a
definitive agreement with Banta Corporation, pursuant to which
RR Donnelley will acquire Banta Corporation, in an all-cash
deal, for approximately US$1.3 billion, or US$36.50 per share,
after the special dividend of US$16 per share declared by Banta
Corp.

The agreement has been unanimously approved by the Boards of
Directors of both companies and is expected to close in the
first quarter of 2007.  The acquisition is expected to be
accretive to RR Donnelley's earnings in the first full year
after the closing of the transaction and is subject to customary
closing conditions, including regulatory approval and approval
of Banta shareholders.

The combination will enable RR Donnelley to expand the range of
products and services it offers customers, while at the same
time enhancing its services to the magazine, catalog, book and
direct marketing segments.

"Banta is an exceptional fit with RR Donnelley," Mark A.
Angelson, RR Donnelley's chief executive officer, said.  "This
combination will create immediate cross-selling opportunities
with our blue-chip customers as well as offer substantial
synergies in our procurement, manufacturing and services
operations.  We are delighted to have the opportunity to better
serve our customers by expanding the flexibility of our combined
global manufacturing and service platforms.  The addition of
Banta furthers our goal of increasing long-term shareholder
value and we look forward to maximizing the benefits for our
customers, employees and investors."

"RR Donnelley's innovative, customer-centered approach, broad
product and service mix and emphasis on developing value-added
solutions mirrors Banta's," Stephanie A. Streeter, Banta's
chairman and chief executive officer, said.  "Joining these two
highly successful, complementary companies will result in a
combined organization that creates new and exciting
opportunities for our customers and employees moving forward.  
Together, the companies will offer enhanced capabilities and an
increased array of options to our customers and I look forward
to working closely with RR Donnelley's management to ensure a
smooth transition."

Goldman, Sachs & Co. served as financial advisor to R.R.
Donnelley and Sullivan & Cromwell LLP provided legal counsel.  
UBS Securities LLC served as financial advisor to Banta Corp.
and Foley & Lardner LLP provided legal counsel.

                       About RR Donnelley

RR Donnelley (NYSE: RRD) -- http://www.rrdonnelley.com--  
provides solutions in commercial printing, direct mail,
financial printing, print fulfillment, labels, forms, logistics,
call centers, transactional print-and-mail, print management,
online services, digital photography, color services, and
content and database management to customers in the publishing,
healthcare, advertising, retail, technology, financial services
and many other industries.

                       About Banta Corp.

Headquartered in Menasha, Wisconsin, Banta Corp. --
http://www.banta.com/-- is a technology and market leader in  
printing and supply-chain management services.  The company
focuses on five printing services markets: books, special-
interest magazines, catalogs, direct marketing and literature
management.  Its global supply-chain management business
provides a wide range of outsourcing capabilities to some of the
world's largest companies.  The company has operations in
Ireland, Hungary, The Netherlands, Scotland, Singapore and
China.

The Troubled Company Reporter - Asia Pacific reports that
Moody's Investors Service assigned a Ba2 rating to the proposed
senior secured bank credit facility of Banta Corp.  The majority
of the proceeds of the proposed facility will fund an
approximately US$390 million special shareholder dividend.  
Moody's also assigned a Ba2 corporate family rating, a Ba3
probability of default rating, and an SGL-1 speculative grade
liquidity rating to Banta.  The outlook is stable.

The TCR-AP also reports that Standard & Poor's Ratings Services
assigned its 'BB' corporate credit rating to Banta Corp.  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.


BANTA CORP: RR Donnelley Purchase Deal Cues S&P to Amend Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
listing on Banta Corp. 'BB' ratings to positive from negative
implications following the company's announcement that it has
signed a definitive agreement to be acquired by R.R. Donnelley &
Sons Co. for cash.

In addition, on Oct. 31, 2006, Cenveo Inc. withdrew its proposal
to acquire Banta.  The positive CreditWatch listing reflects the
proposed purchase of Banta by a higher-rated company.

Donnelley will pay US$1.3 billion for Banta or US$36.5 per
common share after the special dividend of US$16.00 per share
already declared by Banta.  At the same time, Standard & Poor's
placed its ratings on Donnelley on CreditWatch with negative
implications.  The acquisition has been approved by the boards
of directors of both companies and is expected to close in the
first quarter of 2007.

Following the close of the acquisition, if debt at Banta were
refinanced, Standard & Poor's would expect to withdraw its
ratings on the company.


BANTA CORPORATION: Moody's Affirms Ba2 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed the Baa2 Senior Unsecured and
P-2 short-term ratings of RR Donnelley and Sons Company, while
placing the Ba2 Corporate Family Rating, Ba2 Senior Secured
rating, Ba3 Probability of Default and LGD3 (39%) Loss-Given-
Default rating of Banta Corporation under review for possible
upgrade.  

The SGL-1 liquidity rating of Banta remains unchanged.

This action reflects the announcement that RRD has made a US$900
million all-cash acquisition offer for Banta ($36.50/share),
which has been approved by Banta's Board.  Banta will also pay
an extraordinary dividend of approximately US$400 million to its
shareholders ($16/share).  

The outlook for RRD's ratings remains negative.

The affirmation of RRD's long term rating reflects Moody's
belief that the acquisition, if consummated, will not negatively
affect RRD's credit metrics by 2008, assuming, importantly, that
the company dedicates all of its expected cash flow towards debt
reduction.

Moody's expects an immediate deterioration of credit metrics,
but the rating has been maintained because Moody's believes the
company is likely to focus on debt reduction following the Banta
acquisition.  The Debt/EBITDA is expected to increase
approximately _ of a turn towards 3X, pro-forma for 2006, before
reducing back towards 2x by 2008.  

Moody's also assumes that there will be some synergy benefits to
come from this acquisition by 2008, after usual interim
integration and restructuring costs are incurred in 2007.

The outlook for RRD's ratings remains negative because of
Moody's concerns over the continuing difficult conditions in the
printing industry, as well as both acquisition risk and the
potential for share buybacks.  

RRD has been acquisitive over the past several years and
although Moody's has concluded that the proposed acquisition of
Banta can be accommodated within the existing Baa2 rating, the
risk remains that RRD will undertake one or more future
acquisitions that will collectively cause a deterioration of
expected 2008 credit metrics.  

As well, even though Moody's is currently assuming that RRD will
dedicate all cash flow to debt reduction following the proposed
acquisition, the company has nevertheless recently authorized a
US$350 million share buyback program.

The review of Banta's ratings will focus on the likelihood of
the acquisition closing, the potential for RRD to refinance
Banta's debt, and the impact on its standalone operating
performance and credit metrics caused by its pending ownership
by RRD.

On Review for Possible Upgrade:

   * Issuer: Banta Corporation

     -- Corporate Family Rating, Placed on Review for Possible
        Upgrade, currently Ba2

Outlook Actions:

     -- Issuer: Banta Corporation
     -- Outlook, Changed To Rating Under Review From Stable

RR Donnelley and Sons Company, the world's largest commercial
printer with revenue of over US$9 billion, is headquartered in
Chicago, Illinois.  Banta Corporation, a commercial printer with
revenue of approximately US$1.5 billion, is headquartered in
Menasha, Wisconsin.


BEARINGPOINT INC: Launches Corp. Performance Management System
--------------------------------------------------------------
BearingPoint Inc. leveraged its 10-year commitment to developing
innovative corporate performance management systems to unveil
Corporate Performance Management, a premier global services
solution integrated with Oracle Business Intelligence.

According to a recent study, business intelligence ranks second
behind security on the CIO's list of top 10 priorities.  In
today's changing business environment, CEOs and CFOs of leading
organizations need more insight into their business.  The
pressure to deliver results while shouldering responsibility for
compliance compels them to demand greater return on investments
in enterprise resource planning systems, business intelligence
applications and compliance tools.  BearingPoint CPM is designed
to help companies improve return on investment, enhance timely
and accurate information delivery, and improve reporting and
corporate governance, while increasing efficiency and
effectiveness.

"BearingPoint's solution enables businesses to leverage the
costs associated with streamlining business processes to help
meet regulatory and governance mandates, such as Basel II,
gaining value and competitive advantage from their investment,"
said Greg Molley, managing director, for BearingPoint's Oracle
Business Intelligence Practice.  "We've strategically aligned
our resources with Oracle to make the connections needed for the
development and delivery of innovative business transformation
solutions.  Our cross-competency teams have been working
together extensively, giving us more experience on Oracle
technologies, greatly reducing client risk.  We were the first
to consolidate both the Oracle and PeopleSoft practices and
added the Siebel Practice to our global integrated community as
of January 2006.  Because of this, we're more closely aligned
with Oracle and its development process and have contributed to
the development and roll-out of upgrades and Oracle's Business
Intelligence strategy leveraging Oracle SOA."

BearingPoint's CPM provides the business insight executives
require, delivering in high value, business transformation
through:

   -- seasoned practitioners with cross-industry and
      cross-functional business process knowledge, as well as
      Oracle and non-Oracle technology experience;

   -- repeatable implementation practices to help companies
      manage risk and deliver predictable, value-added outcomes;

   -- reusable tools and project accelerators that are tailored
      to individual client needs through a collaborative
      delivery approach;

   -- specialized vertical solutions to meet the needs of the
      company's financial services clients; and

   -- specialized domain solutions for helping companies to meet
      their compliance needs and drive focused process
      improvement.

"BearingPoint was a very early partner in embracing our larger
BI strategy and working with our development team to understand
our strategy.  They communicated this strategy to our clients
and built out a solution we recognized this week with a Titan
Award.  BearingPoint moved quickly to align its practice to
capitalize on the opportunity," said Robert Stackowiak, vice
president, Business Intelligence Oracle Corporation Technology
Business Unit.  "BearingPoint's CPM solution leverages its
significant Oracle technology expertise with industry expertise,
business process and change management to help their clients
deliver solid business results.  The company's leadership in
developing innovative solutions has made it a valuable Oracle
partner for many years and they are well positioned to deliver
our Fusion business intelligence solutions as they are
introduced."

"BearingPoint takes a holistic approach in applying strategy,
business process industry expertise, and change management to
help increase our clients' return on investment," said Mr.
Molley.  "With the power of Oracle Business Intelligence at the
core, our teams focus on developing an integrated view of the
data locked in customers' information systems. With our CPM
solution, we can offer a global network of professionals
providing implementations, upgrades and strategic solutions
across the entire suite of Oracle products."

As a Certified Advantage Partner in the Oracle Partner Network,
BearingPoint has completed more than 2,000 Oracle
implementations and upgrades in more than 50 countries. To date,
it supports the evolution of Oracle Fusion Applications,
Oracle's initiative to protect customer investments while
extending and evolving the functionality of its Oracle,
PeopleSoft, JD Edwards, Siebel and emerging product lines.

"BearingPoint has been a trusted advisor to our organization for
many years," said Jennifer Fancher, first vice president,
Washington Mutual, Inc.  "We have clearly benefited from their
strategic vision, and the business acumen, project management,
and technical skills they bring to their teams to make the
visioning a reality.  Their work on our Corporate Performance
Management Solution has allowed us to manage our company more
effectively.  This is why BearingPoint continues to be one of
our key strategic partners."

                      About the Company

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

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

                         *     *     *

As reported in the TCR-Europe on Oct. 11, Moody's downgraded and
placed these ratings on review for further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2.


BETA INCORPORATION: Faces Wind-Up Proceedings
---------------------------------------------
A petition to wind up Beta Incorporation Management Ltd will be
heard before the High Court of Hong Kong on November 29, 2006,
at 9:30 a.m.

Chiu Tong Ricky presented the petition with the Court on
September 28, 2006.

The Solicitors for the Petitioner can be reached at:

         Dibb Lupton Alsop
         41/F, Bank of China Tower
         No. 1 Garden Road
         Hong Kong


CHEERTEK LTD: Creditors Must Prove Debts by November 30
-------------------------------------------------------
Joint Liquidators Andrew C. C. Ma and Felix K. L. Lee requires
the creditors of Cheertek Ltd, which is in members' voluntary
liquidation, to submit their proofs of debt by November 30,
2006.

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

The Joint Liquidators can be reached at:

         Andrew C. C. Ma
         Felix K. L. Lee
         19/F, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong



CORPSHINE INDUSTRIAL: Court Approves Wind-Up Petition
-----------------------------------------------------
On October 4, 2006, the High Court of Hong Kong issued an order
to wind up Corpshine Industrial Company Ltd's operations.

According to the Troubled Company Reporter - Asia Pacific, Top
Alliance Industries Ltd filed the petition with the Court on
July 17, 2006.


FIAT SPA: Board of Directors Unveils Incentive Plan
---------------------------------------------------
On November 3, 2006, the Board of Directors of Fiat S.p.A.
discussed the procedures for implementation of the incentive
plan authorized by the Stockholders Meeting of May 3.  On the
basis of the recommendation of the Nominating and Compensation
Committee and in view of current capital market conditions, the
Board approved a stock options plan as a replacement for the
plan originally envisaged.

With this resolution, the Board confirmed the importance of a
greater involvement of executives who hold key positions in
pursuing objectives relating to the company's and Group's
operating performance to promote retention and align their
interests with those of stockholders.

The incentive plan will have a duration of eight years, with a
four years lock up period, and will be based on a maximum of 20
million underlying Fiat ordinary shares offered at a strike
price of EUR13.37, equal to the arithmetical average of the
official prices posted on the Borsa Italiana S.p.A.'s market in
the past thirty days.

The stock options have a four-year vesting period in equal
annual quotas.  Grantees of the plan are the Chief Executive
Officer of Fiat S.p.A. Sergio Marchionne, for 10 million stock
options corresponding to an equal number of ordinary shares, and
for an additional 10 million stock options, more than 300
executives who have a significant impact on business results.

According to the specific provisions of the plan, the granting
of the stock options and their exercise is predicated in large
measure on the achievement of predetermined financial targets by
the Group in the 2007-2010 period.

The Board exercised the powers granted to it pursuant to Article
2443 of the Italian Civil Code for the capital increase to
service the incentive plan.  The capital increase is reserved to
employees of the company and/or its subsidiaries, within a limit
of 1% of the capital stock, i.e. for a maximum of EUR50,000,000
through the issue of a maximum of 10,000,000 ordinary shares
with a par value of EUR5 each, corresponding to 0.78% of the
capital stock and 0.92% of the ordinary capital, at the
abovementioned price of EUR13.37.  

Execution of this capital increase is subject to the approval by
the Stockholders Meeting of the incentive plan and the
satisfaction of its conditions.  The remainder of the plan will
be covered by shares previously issued to be purchased over the
duration of the plan in accordance with the law.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.  the company
has operations in India and China.

                        *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Moody's Changes Rating Outlook on Improved Performance
----------------------------------------------------------------
Moody's Investors Service changed the outlook on Fiat SpA's Ba3
Corporate Family Rating to positive from stable and affirmed the
long-term senior unsecured ratings as well as the short-term
non-Prime rating.

Falk Frey, Vice-President -- Senior Credit Officer and the lead
analyst at Moody's for the European automotive sector, said:
"The outlook-change to positive reflects the continued improving
trend of Fiat's operating performance, with group trading
profitability now restored to positive levels; Fiat Auto has
been turned around into a positive trading profit since Q4 2005
and we expect further sustainable improvements at least over the
near term."  

Furthermore, the outlook change to positive is based on the
expectation that Fiat's consolidated industrial operations will
generate a positive free cash flow in 2006, notwithstanding
continued commercial and economic pressures facing the group, as
well as a sizable reduction in industrial net debt.

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Canada Ltd.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance Luxembourg S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat Finance North America Inc.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat France S.A.

    * Outlook, Changed To Positive From Stable

Issuer: Fiat S.p.A.

    * Outlook, Changed To Positive From Stable

Fiat's Ba3/non-Prime ratings continue to reflect

   -- Fiat Group's scope and geographically
      well spread operations,

   -- the solid market position of Case New Holland and
      its potential to improve its highly indebted
      financial profile, and

   -- Iveco's stable market share in the European truck
      markets.

The Ba3 rating also anticipates that CNH, Iveco and Fiat Auto
should continue to improve operating profit margins and cash
flows over the period to end-2007, and also should achieve a
positive free cash flow on a group basis, without the benefit of
exceptional items.  This should facilitate further debt
reduction and lead to an improved overall financial flexibility,
which despite continued management efforts remains tight in
absolute terms and in the context of the auto industry.

An upgrade in Fiat's ratings would be triggered by evidence of a
further strengthening of the Group's overall financial profile
in 2007 and beyond, as evidenced by:

   -- a sustained and movement of adjusted RCF to net
      adjusted debt notably above 10%,

   -- a reduction in leverage towards a Debt/ EBITDA multiple
      of 5x (based on Moody's adjustments), and

   -- a positive adjusted EBIT Margin close to 2% in
      2006 trending towards 3.5% in 2007.

Such an improvement is challenged by the company's ability to:

   -- successfully launch new passenger car models beyond
      the Grande Punto, in particular a new C-segment
      model within Fiat Auto,

   -- re-organize sales channels across its key geographies
      and by

   -- the success of recently announced ventures
      and associations with other auto groups helping to
      shape Fiat Auto's profile and capacity utilization.

Furthermore, the need to improve the operating performance of
CNH in an increasingly difficult industry environment and the
ability to maintain the upward positive earnings trend at Iveco
would be essential components for any Fiat upgrade.

Moody's last rating action on Fiat was an affirmation of the Ba3
ratings and a change in the outlook to stable from negative on
Jan. 30.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.  the company
has operations in India and China.


FUHWA SECURITIES: Appoints Lu Hui-Jung as Liquidator
----------------------------------------------------
On October 16, 2006, Lu, Hui-Jung was appointed as liquidator of
Fuhwa Securities (Hong Kong) Co., Ltd.

The Liquidator can be reached at:

         Lu Hui-Jung
         6/F, 70-1, Alley 27
         Lane 372, Sec. 5, Chung Hsiao E. Road
         Taipei, R. O. C


GOLDEN DRAGON: Will Pay Dividend to Creditors on November 20
------------------------------------------------------------
Golden Dragon Food Company Ltd will pay the first and final
dividend of HK$250, 000 to its creditors on November 20, 2006.

The amount that will be paid to creditors' admitted claims as
preferential is 27%.

The Liquidators can be reached at:

         Chiang Ping Kwan
         Wu Wai Man
         2213 Asian House
         1 Hennessy Road, Wanchai
         Hong Kong


GOOD CHOICE: Commences Wind Up of Operations
--------------------------------------------
Good Choice Technology Development Ltd commenced a wind-up of
its operations on October 4, 2006, pursuant to an order by the
High Court of Hong Kong.

According to the Troubled Company Reporter - Asia Pacific, New
World Telecommunications Ltd presented the wind-up petition with
the Court on August 2, 2006.


GREEN LEAF: Appoints Leung as Liquidator
----------------------------------------
At an extraordinary general meeting held on October 18, 2006,
members of Green Leaf Ltd agreed to voluntarily wind up the
company's operations and appointed Leung Chi Wing as liquidator.

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

The Liquidator can be reached at:

         Leung Chi Wing
         Rm B, 4/F., Kiu Fu Commercial Building
         300 Lockhart Road, Wan Chai
         Hong Kong


HANTEX INDUSTRIAL: Annual Meeting Slated for November 21
--------------------------------------------------------
Hantex Industrial Ltd, which is in creditors' voluntary
liquidation, will hold an annual meeting for its contributories
and creditors on November 21, 2006, 11:00 a.m., at Units 3307-
3312, 33/F., West Tower, Shun Tak Centre, 168-200 Connaught Road
Central, Hong Kong.

During the meeting, Liquidator Huen Ho Yin will present an
account regarding the Company's wind-up during the preceding
year.


HARBOUR CRAFT: Liquidator Wu Step Aside
---------------------------------------
On October 13, 2006, Wu Wing Kit ceased to act as liquidator of
Harbour Craft Services Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, Mr.
Kit presented a report regarding the Company's wind-up during
the members' meeting held on September 29, 2006.

The Liquidator can be reached at:

         Wu Wing Kit
         Rooms 3104-7, 31/F, Central Plaza
         18 Harbour Road
         Hong Kong


HIP SOON: Court to Hear Wind-Up Petition on November 8
------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Hip Soon Trading Company Ltd on November 15, 2006, at 9:30 a.m.

Co Bun Ka filed the petition with the Court on September 12,
2006.

The Solicitors for Co Bun Ka can be reached at:

         Yau And Lau
         18/F, China Hong Kong Tower
         No. 8 Hennessy Road, Queensway
         Hong Kong
         Tel: 2810 1108
         Fax: 2810 1022


HOPSON DEVELOPMENT: Completes Shares Sale, Gains US$128 Million
----------------------------------------------------------------
Hopson Development has raised US$128 million or HK$996 million
after completing the placement of new shares that was priced at
the top end of the indicative range, Finance Asia reports.

Proceeds will be used to finance residential property
developments, the company said.

The company, according to The Standard, sold shares at HK$16.60
per share, representing a 6.7% discount to the last trading
price.

Credit Suisse arranged the share sale.

Tiger Global Funds, a U.S. based hedge fund, sold 50 million
shares of Hopson at HK$16.25 apiece.

The deal was done through a top-up placement -- an existing
shareholder sold secondary shares in the market and then
subscribed to the same amount of new shares at the same price --
which leaves Hopson pocketing the proceeds, Finance Asia
relates.

The placement was met with good demand among primary market
investors, however, Finance Asia says that it is bound to cause
some disappointment among existing Hopson shareholders given
that it comes only six weeks after the Tiger Fund sold half its
stake through a similarly sized placement.

According to Finance Asia's source, among the key reasons for
the sale was a desire by the management to increase the free
float and liquidity of the stock and to boost the number of
shareholders.

As a result of this transaction, which accounted for 4.9% of the
existing share capital, the free float will improve to about 34%
from 30%.

Analysts noted that part of the attraction in the sell is
Hopson's ability to maintain the pace of unit sales even in the
wake of China's austerity measures.

Hopson Development Company Holdings Limited (Hopson) is one of
the largest property developers in China.  Its principal
businesses are residential developments in four major cities:
Guangzhou, Beijing, Shanghai and Tianjin.

As reported by the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service on July 11, 2006, downgraded the
corporate family and senior unsecured ratings of Hopson
Development Holdings Limited to Ba2 from Ba1.  The ratings
outlook is stable.  This concludes the ratings review initiated
on June 13, 2006.

On October 31, 2006, Standard & Poor's Ratings Services revised
its outlook on Hopson Development Holdings Ltd to negative from
stable.  At the same time, it affirmed the 'BB+' long-term
corporate credit rating on the company.  The 'BB+' issue rating
on the company's US$350 million senior unsecured notes was also
affirmed.
     
"The outlook revision is based on Hopson's increasingly
aggressive land acquisition and slower-than-expected cash
generation," said Standard & Poor's credit analyst Jacphanie
Cheung. It is also based on escalated financial pressure
resulting from expanded debt leverage and increased interest
rates, and uncertainty about regulatory changes affecting the
property market in China.


INVERNESS MEDICAL: S&P Assigns Junk Subordinated Debt Rating
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and 'CCC+' subordinated debt rating for Inverness
Medical Innovations Inc. on CreditWatch with positive
implications.

"The CreditWatch action was taken in light of the company's
continued improvement in operating performance, its demonstrated
willingness and ability to access the equity markets to limit
borrowings, and the potential benefit of a still-to-be-agreed
upon joint venture with consumer products giant Procter & Gamble
Co.," said Standard & Poor's credit analyst David Lugg.

Waltham, Mass-based Inverness has grown its professional and
consumer diagnostics businesses through a series of acquisitions
that leveraged its key technology patents.  Over the last four
years, it has spent over US$300 million in cash for
acquisitions.  Still, during this period, adjusted debt has
risen only to US$237 million from US$212 million, as the company
privately placed some US$300 million in common stock.  EBITDA is
now about US$55 million on a rolling 12-month historic basis,
yielding a manageable debt to EBITDA of 3.3X, a figure that will
likely improve further.

Integration of these acquisitions has been an ongoing effort,
and coupled with an effective but expensive effort to defend its
intellectual property and chronic weakness in the noncore
nutritionals business, has yielded operating measure that often
disappointed, with adjusted operating margins (before D&A)
reaching a minimum of 6.8% in 2005.  For the quarter ended

Sept. 30, 2006, this measure had climbed to 12%.  Further
improvements are expected from an ongoing manufacturing and
facilities rationalization including a move to a low-cost
facility in China.

"Resolution of the CreditWatch listing will consider the
sustainability of the operating improvement along with
clarification of the terms of the proposed joint venture with
Procter & Gamble," Mr. Lugg said.

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. -- http://www.invernessmedical.com/-- makes diagnostic  
products including home pregnancy tests and fertility monitors.  
The company also manufactures consumer vitamins and nutritional
products.

The company has offices in Australia, Canada, China, Germany,
Japan, and the United Kingdom, among others.

The Troubled Company Reporter - Asia Pacific reports that
Moody's Investors Service upgraded Inverness Medical
Innovations, Inc.'s corporate family rating to B2 from B3.  
Additionally, Moody's upgraded the company's Probability of
Default rating to B2 from B3, the rating on its senior
subordinated notes to Caa1 from Caa2, and revised the rating
outlook to stable from negative.


KOREA FIRST: Sole Member to Receive Wind-Up Account on Nov. 30
--------------------------------------------------------------
The final meeting of the sole member of Korea First Finance Ltd
will be held on November 30, 2006, 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, Hong
Kong.

At the meeting, Liquidator Iain Ferguson Bruce will give an
account of Korea First's wind-up and property disposal
exercises.


LOAVES AND FISHES: Creditors to Prove Debts on November 27
----------------------------------------------------------
Creditors of Loaves and Fishes Volunteer Service Center Ltd are
required to submit their proofs of debt to Liquidator Lai Ying
Sum on November 27, 2006, or they will be excluded from sharing
in the company's distribution.

The Liquidator can be reached at:

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


MILLION SUN: Members to Receive Wind-Up Report
----------------------------------------------
Members of Million Sun Ltd will hold a final meeting on
November 27, 2006, at 10:30 a.m., to receive Liquidator Hue Yat
Lun Sansom's account regarding the company's wind-up
proceedings.

According to the Troubled Company Reporter - Asia Pacific,
members of Million Sun appointed Mr. Lun as liquidator on
June 19, 2006.

The Liquidator can be reached at:

         Hue Yat Lun Sansom
         Room 509, Bank of America Tower
         12 Harcourt Road, Central
         Hong Kong


MODERN GARMENTS: Court Issues Wind-Up Order
-------------------------------------------
The High Court of Hong Kong issued a wind-up order against
Modern Garments Ltd's operations on October 4, 2006.

The Troubled Company Reporter - Asia Pacific has reported that
Modern Garments was facing a liquidation proceeding from a
petition filed by Lloyd Textile Fashion Company Ltd on July 31,
2006.  The petition was heard on September 27, 2006.


PARKER-DAVIS: Members' Final Meeting Set on November 30
-------------------------------------------------------
Parker-Davis Property Ltd, which is in members' voluntary
wind-up, will hold a final members' general meeting on Nov. 30,
2006, at 2:30 p.m.

At the meeting, members will receive an account of Parker-Davis'
wind-up proceedings and property disposal exercises from
Liquidator Yuen Shu Tong.

The Liquidator can be reached at:

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


SELPRO LTD: Receive Wind-Up Order from Court
--------------------------------------------
On October 4, 2006, Selpro Ltd received a wind-up order from the
High Court of Hong Kong.

The petition was presented on July 28, 2006.


SEQ AVIATION: Receive Court's Wind-Up Order
-------------------------------------------
The High Court of Hong Kong ordered SEQ Aviation Services
Company Ltd on October 4, 2006, to wind up the company's
operations.

As reported by the Troubled Company Reporter - Asia Pacific, SEQ
Aviation was facing a liquidation petition filed by Cargofox
Services Ltd on July 12, 2006.


SUN CHUNG: Names Leung as Official Liquidator
---------------------------------------------
Leung Fung Yee Alice on October 20, 2006, was appointed as
liquidator of Sun Chung Estate (Shanghai) Company Ltd.

The Liquidator can be reached at:

         Leung Fung Yee Alice
         Jardine House
         5/F, 1 Connaught Place
         Hong Kong


TCL MULTIMEDIA: TCL Corp Releases Thomson S.A. from Lockup
----------------------------------------------------------
TCL Multimedia Technology Holdings Limited reveals that TCL
Corporation has released Thomson S.A. from the Lockup.  

Thomson and TCL Corporation entered into the Shareholders'
Covenants Agreement to regulate their rights and obligations in
the Company on Aug. 10, 2005, when Thomson first became a
Shareholder of the Company after exchanging its shares in TTE
upon exercise of the Exchange Option under the Exchange Option
Agreement for a total of 1,144,182,095 Shares representing about
29.32% of the issued share capital in the Company.

Under the Shareholders' Covenants Agreement, both Thomson and
TCL Corporation, are subject to the Lockup.

The main provisions are:

   -- neither Thomson nor TCL Corporation may transfer any of
      its shares in the Company in the first three years after
      the Closing Date;

   -- each of Thomson and TCL Corporation may subsequently sell
      down gradually its respective Shares in the Company; and

   -- after the fifth anniversary of the Closing Date, neither
      Thomson nor TCL Corporation will be subject to the Lock
      Up.

The Company became aware of the arrangement or agreement between
Thomson and TCL Corporation on the release of the Lockup in
about early October 2006.  The Company is not a party to the
agreement for the release of Lockup, which is an agreement
between the two substantial Shareholders of the Company and the
Company has no role to play in the agreement.

The Company was of the view that the release was merely an
agreement at the Shareholders' level and thus no announcement
was made at that time.  

After learning that TCL Corporation had announced on Oct. 31,
2006 that it had released Thomson from the Lockup, the Board
considers that the Company should make an announcement to inform
its Shareholders of the same.

To the best knowledge of the Company, the release of the Lockup
is a part of the global arrangement between the two substantial
Shareholders of the Company in their efforts to simplify and
clarify the general framework of their relationship.

To the best knowledge of the Company, TCL Corporation, the
controlling shareholder currently indirectly holds 1,512,121,289
Shares, representing about 38.74% of the issued share capital in
the Company, is still subject to the Lockup.

Upon the release of the Lockup, Thomson is now free to dispose
of any of its Shares in the Company.  As the release of Lockup
concerns only the right of the two substantial Shareholders
under the Lockup provision, it is not expected that the release
will affect the operation of the Company.

The Company is not aware of the current intentions of Thomson
regarding its Shares in the Company following the release of the
Lockup.  If Thomson finally decides to dispose of its Shares in
the Company through open market, it is expected that the public
float of the Shares will be substantially increased.

Under the Shareholders' Covenants Agreement, Thomson will no
longer be entitled to nominate two directors out of 11 directors
to the Board if its shareholding in the Company is less than
13.25%.

                           About TCL

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,  
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                          *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to CNY737.56
million.

TCR-Asia Pacific recounts that in 2004, TCL acquired the TV unit
of French electronics firm Thomson, which uses the Thomson brand
in Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


TOP FORTUNE: Liquidator to Present Wind-Up Account
--------------------------------------------------
Top Fortune Corporation Ltd, which is in members' voluntary
wind-up, will hold a final meeting for its members on November
27, 2006, 11:00 a.m., at Room 509, Bank of America Tower, 12
Harcourt Road, Central, Hong Kong.

During the meeting, Liquidator Hue Yat Lun, Sansom will present
an account regarding the Company's wind-up proceedings.


WOLVERINE TUBE: Mulls Chapter 11 Filing
---------------------------------------
Wolverine Tube, Inc., provided an update on Wednesday regarding
its restructuring and rationalization program, which is designed
to strengthen the company's balance sheet, reduce debt and
enhance its overall capital structure while continuing to serve
and support customers globally.

The company and its advisors have been evaluating refinancing
and restructuring alternatives in anticipation of the upcoming
maturities of the company's Secured Revolving Credit Facility
and Receivables Sale Facility in 2008 and its outstanding 7.375%
Senior Notes and 10.5% Senior Notes (collectively, the "Senior
Notes") in 2008 and 2009, as well as its future projected short-
term liquidity needs.  As part of that process, Wolverine
continues to be engaged in discussions with representatives of
its bondholders and other groups as to the most appropriate
transaction, if any, to reduce debt and maintain value for its
shareholders.

Wolverine has filed a Registration Statement on Form S-4 with
the Securities and Exchange Commission for an exchange offer and
consent solicitation to exchange newly issued equity and a new
issue of secured notes for the company's Senior Notes, subject
to certain conditions, including a minimum tender condition and
the SEC's declaring the Registration Statement effective.  If
the company does proceed with the exchange offer but conditions
to the exchange offer and consent solicitation are not
satisfied, the company intends to pursue other alternatives,
including, if certain conditions are met, a prepackaged plan of
reorganization of Wolverine and certain of its subsidiaries.  

The Registration Statement filed Wednesday therefore includes
solicitation for a Prepackaged Plan under chapter 11 of the
Bankruptcy Code.

If pursued, the Prepackaged Plan would generally provide
substantially the same consideration to the holders of the
Senior Notes as would the consummation of the exchange offer and
consent solicitation.  Further, under the contemplated
Prepackaged Plan, all administrative claims, priority claims,
secured claims and general unsecured claims (other than with
respect to the Senior Notes), including trade claims, would be
paid in full, and holders of existing common stock would receive
a pro rata share of a%age of the new common stock in certain
circumstances.  

Chip Manning, Wolverine's President and Chief Executive Officer
stated, "Today's filing is another step in the company's efforts
to improve its overall financial health.  It is important to
note that we are still continuing to explore a range of
alternatives, and no decision has been made on which course of
action the company will ultimately take."

Manning added, "We continue to believe that liquidity is
sufficient to sustain our operations in the near- to mid-term.  
The company's restructuring process should have no impact on our
day-to-day operations and our customers and vendors can continue
to rely on the same high quality service and relationships with
Wolverine that they have come to expect."

A full-text copy of the registration statement filed with the
SEC is available for free at
http://researcharchives.com/t/s?145f

Wolverine Tube, Inc. -- http://www.wlv.com/-- supplies copper  
and copper alloy tube, fabricated products and metal joining
products.  The company has locations in China, Mexico and
Portugal.


WOLVERINE TUBE: S&P Cuts Corp. Credit Rating to CC from CCC+
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Huntsville, Alabama-based Wolverine Tube Inc., to 'CC'
from 'CCC+', after Wolverine's exchange offer and solicitation
of consent filed with the SEC.  

The rating on the company's senior unsecured notes was also
lowered to 'C' from 'CCC'.

"The lower ratings on the notes reflect the distressed nature of
the proposed exchange and our belief that the value of the
exchange offer, if completed, is not equivalent to the value of
the original contracted amounts," said Standard & Poor's credit
analyst Lisa Tilis.

At the same time, S&P placed all of the ratings on CreditWatch
with negative implications pending the outcome of the proposed
restructuring, which could involve a Chapter 11 bankruptcy
filing.

Wolverine proposes to offer a combination of newly issued common
stock and convertible preferred stock and new secured notes to
current holders of its US$135 million 7.375% senior notes due
August 2008 and US$99 million 10.5% senior notes due April 2009.  
The exchange offer and consent solicitation is subject to
certain conditions, including a minimum tender condition.  The
exchange offer and consent solicitation is intended to reduce
debt and position Wolverine to continue its operational
restructuring efforts.

Also, if the requirements of the exchange offer are not met, the
company is soliciting acceptances of a prepackaged plan of
reorganization under Chapter 11.  The proposed terms for
noteholders under the prepackaged plan are substantially the
same as under the exchange offer and consent solicitation.

Wolverine is also continuing to explore other alternative
refinancing and restructuring options.  Standard & Poor's
believes that it is unlikely that the company will be able to
secure such financing in the absence of waivers for its current
indentures because of its very high debt leverage and weak
operating results.

If the distressed exchange is completed, the corporate credit
rating will be lowered to 'SD', or selective default, and the
ratings on the exchanged notes will be lowered to 'D'.  

Also, if any interest payments are missed while the company is
preparing to effect the exchange or considering its financing
options, the relevant issue rating would be lowered to 'D', with
no likely impact on the corporate credit rating.  

Alternatively, if the prepackaged plan of bankruptcy is filed,
all ratings will be lowered to 'D'.

Wolverine Tube, Inc. -- http://www.wlv.com/-- supplies copper  
and copper alloy tube, fabricated products and metal joining
products.  The company has locations in China, Mexico and
Portugal.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Huntsville, Alabama-based Wolverine Tube Inc., to 'CC'
from 'CCC+', after Wolverine's exchange offer and solicitation
of consent filed with the SEC.  

The rating on the company's senior unsecured notes was also
lowered to 'C' from 'CCC'.


WOLVERINE TUBE: Bankruptcy Plan Prompts Junks Ratings by Moody's
----------------------------------------------------------------
Moody's downgraded the ratings of Wolverine Tube, Inc.'s senior
unsecured notes to Caa3 from Caa2 and its corporate family
rating to Caa2 from Caa1.  

The outlook for the company remains negative.

This action was prompted by Wolverine's announcement of a
restructuring and reorganization program that will involve a
debt for equity exchange to the company's current noteholders.  
If the company does not receive enough support for this offer,
Wolverine intends to pursue a prepackaged bankruptcy plan.

The downgrade reflects Moody's opinion concerning the impact of
the restructuring program on noteholders' ultimate recovery as
well as the overall financial strength of Wolverine.  Industry
competitive dynamics, volatility of raw material prices, and
Wolverine's liquidity were also considered in the assessment of
the company's ratings and rating outlook.

These ratings were downgraded:

   -- Corporate Family Rating, to Caa2 from Caa1

   -- Gtd. Sr. Unsec. 7.375% notes, US$135 million due 2008, to
      Caa3 from Caa2 (LGD4 -- 62%)

   -- Gtd. Sr. Unsec. 10.5% notes, US$99 million due 2009, to
      Caa3 from Caa2 (LGD4 -- 62%)

Moody's previous rating action on Wolverine was the April 27,
2006 downgrade of its long-term debt ratings to Caa2 from Caa1
and its corporate family rating to Caa1 from B3.

Wolverine is a North American manufacturer and distributor of
copper and copper alloy tube, fabricated products and metal
joining products, headquartered in Huntsville, Alabama.  
Wolverine generated US$1.1 billion in revenues and a net loss of
US$45.3 million, for the nine months ended October 1, 2006 as
compared to revenues of US$636 million and a net loss of US$19.4
million realized in the same period earlier.

Wolverine Tube, Inc. -- http://www.wlv.com/-- supplies copper  
and copper alloy tube, fabricated products and metal joining
products.  The company has locations in China, Mexico and
Portugal.


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

EASTMAN KODAK: Posts US$37 Million Third Quarter GAAP Net Loss
--------------------------------------------------------------
Eastman Kodak Company reported a GAAP earnings improvement of
US$877 million for the third quarter of 2006, on sales of
US$3.204 billion, largely as the result of the recording of a
tax valuation charge in the year-ago quarter of US$778 million.  
The company also delivered a US$98 million increase in digital
earnings, driven by wider gross profit margins, from strong
earnings performance in the Graphic Communications and Consumer
Digital businesses, and the result of the company's global cost-
reduction initiatives.

Based on its third-quarter 2006 performance, the company is
confident of achieving its 2006 cash and digital earnings goals,
and expects digital revenue growth somewhat below its 10%
target, as a result of the company's focus on margin expansion.  
This corresponds to a total revenue decline of approximately 6%.

"Our business transformation is on track," said Antonio M.
Perez, Chairman and Chief Executive Officer, Eastman Kodak
Company.  "I am encouraged by our third-quarter results,
especially because they reinforce our confidence in our full-
year performance, which is the basis on which I manage the
company."

"We measure our progress against three important metrics - cash
generation, digital earnings, and digital revenue.  Our year-
over-year digital revenues were down slightly during the
quarter, reflecting our strong focus on margin expansion and
willingness to pursue more profitable sales, the universe of
which expands as our cost structure improves.  Our digital
earnings were vastly improved this quarter and our cash balance
continues to exceed US$1 billion.  While I am fully aware of the
challenges to largely complete our restructuring by the end of
next year, this performance represents clear progress toward our
goals and gives us good momentum to carry into the fourth
quarter and 2007."

For the third quarter of 2006:

    * Sales totaled US$3.204 billion, a decrease of 10% from
      US$3.553 billion in the third quarter of 2005, largely
      attributable to a 19% decline in traditional sales.  
      Third-quarter traditional revenue totaled US$1.402
      billion, compared to US$1.725 billion in the year-ago
      quarter, while digital revenue totaled US$1.793 billion,
      as compared to US$1.814 billion in the year-ago quarter.

    * The company's earnings from continuing operations in the
      quarter, before interest, other income (charges), net, and
      income taxes, were US$2 million, compared with a loss from
      operations of US$123 million in the year-ago quarter.

    * On the basis of generally accepted accounting principles
      in the U.S. (GAAP), the company reported a third-quarter
      net loss of US$37 million, which includes after-tax
      restructuring costs of US$202 million.  By comparison, the
      third quarter 2005 GAAP net loss was US$914 million.  The
      difference is largely driven by the inclusion in last
      year's third quarter of a US$778 million, non-cash charge
      to record a valuation allowance against the net deferred
      tax assets in the U.S.

    * Digital earnings were US$105 million, compared with US$7
      million in the year-ago quarter, marking the first time
      that the company's quarterly digital earnings growth
      exceeded the quarterly decline in traditional earnings.  
      This performance was primarily due to operational
      improvements throughout the digital portfolio, the impact
      of a non-recurring licensing arrangement within the
      Consumer Digital Group, and strong results in the Graphic
      Communications Group.   

Other third-quarter 2006 details:

    * For the quarter, net cash provided by operating activities
      on a GAAP basis was US$329million, compared with US$370
      million in the year-ago quarter.  Investable cash flow for
      the quarter was US$237 million, compared with US$216
      million in the year-ago quarter.

    * Kodak held US$1.102 billion in cash on its balance sheet
      as of Sept. 30, 2006, compared with US$610 million on
      Sept. 30, 2005.  This is consistent with the company's
      stated desire to maintain approximately US$1.0 billion of
      cash on hand.

    * Debt decreased US$192 million from the second-quarter
      level, to US$3.339 billion as of Sept. 30, 2006, and was
      down US$244 million from the Dec. 31, 2005 level of
      US$3.583 billion.  The company intends to reduce debt by
      approximately US$800 million in 2006.

    * Gross Profit was 27.3% in the current quarter, up from
      25.9% in the prior year quarter, primarily because of
      reductions in manufacturing costs and the favorable impact
      of the previously noted licensing arrangement, offset by
      volume declines in traditional product sales.

    * Selling, General and Administrative expenses declined by
      US$105 million in the third quarter, to US$565 million,
      compared with US$670 million for the prior-year quarter.  
      As a percentage of sales, SG&A decreased from 18.9% in the
      prior-year quarter to 17.6% in the third quarter of 2006.

                            2006 Goals

Kodak continues to expect net cash provided by operating
activities this year of US$800 million to US$1.0 billion, which
corresponds with investable cash flow of US$400 million to
US$600 million.  Accordingly, the company expects a GAAP loss
from continuing operations before interest, other income
(charges), net, and income taxes for the full year of US$400
million to US$600 million, which includes approximately US$1.0
billion in pre-tax restructuring charges.  This corresponds to
digital earnings from operations this year in a range of US$350
million to US$450 million. The company forecasts 2006 digital
revenue growth somewhat below 10%, reflecting the company's
focus on targeted participation in the consumer digital market.  
Total 2006 revenue is expected to be down approximately 6%.

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has Asia-Pacific operations in India, Australia,
China, Hong Kong, Japan, Korea, Malasia, New Zealand,
Philippines, Singapore, Taiwan and Thailand.

                        *     *     *

Moody's Investors Service placed Eastman Kodak Company on review
for possible downgrade.  Ratings under review include the
company's B1 Corporate Family Rating; B2 Senior Unsecured
Rating; and Ba3 rating on the Senior Secured Credit Facilities.

Moody's review continues to focus on the company's potential
sale of the Kodak Health Group as well as the fundamental
operating performance of the company.

Standard & Poor's Ratings Services placed its ratings on Eastman
Kodak Co. (B+/Watch Neg/--) on CreditWatch with negative
implications.  The Rochester, New York-based imaging company had
US$3.5 billion in debt as of June 30, 2006.


GENERAL MOTORS: Denies Plan to Give Avtovaz Joint Venture Stake
---------------------------------------------------------------
General Motors is not selling its 50% stake in General Motors-
Avtovaz joint venture to Avtovaz OAO, RIA Novosti cites GM
Russian Director Warren Brown.

Mr. Brown stressed that the two companies have positive
relations, thus no reason for change.

General Motors, Avtovaz and the European Bank for Reconstruction
and Development inked a deal to form the US$338-million joint
venture, which opened in September 2002.

                          About Avtovaz

Headquartered in Toliatti, Russia, Avtovaz OAO --
http://www.lada-auto.ru/-- manufactures passenger cars under  
brand names LADA, VAZ and NIVA.  Through its subsidiaries and
associates, the company manufactures automobile components,
distributes automobiles and spare parts and operates automobile
service centers.

                      About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India, and its vehicles are sold in 200
countries.

                          *     *     *

As reported in the TCR-Europe on Oct. 11, Standard & Poor's
Ratings Services said that its 'B' long-term and 'B-3' short-
term corporate credit ratings on General Motors Corp. would
remain on CreditWatch with negative implications, where they
were placed March 29, 2006.

As reported in the Troubled Company Reporter on July 27, 2006,
Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

In a TCR-Europe report on June 22, Moody's Investors Service
assigned a B2 rating to the secured tranches of the amended and
extended secured credit facility of up to US$4.5 billion being
proposed by General Motors Corporation, affirmed the company's
B3 corporate family and SGL-3 speculative grade liquidity
ratings, and lowered its senior unsecured rating to Caa1 from
B3.  Moody's said the rating outlook is negative.


GENERAL MOTORS: Partners with Alfa Bank to Form GM Finance
----------------------------------------------------------
Alfa Bank and General Motors CIS have formed a partnership to
sell GM vehicles on credit by official GM dealers throughout
Russia.

Alfa Bank was selected by GM CIS to be the official
representative for the "GM Finance" program on the basis of its
client-oriented services and advanced technology, competitive
and innovative products, large network in Russia capable of
covering the GM dealership network, and support for sales of GM
brands.  The key advantages of the program include competitive
lending terms and conditions, rapid and high-quality service,
and convenient and prompt provision of loans.  The two partners
are also teaming up to maintain "GM Finance" special programs
and promotional campaigns throughout Russia.

"General Motors CIS, whose market share has grown significantly
and whose brand Chevrolet is the number one automobile brand in
Russia, was looking for a partner that will support its efforts
to strengthen leading positions on the market by means of a
strong retail lending program," Jacek Gorsky, Commercial
Director of General Motors CIS, said.

The success of consumer financing and retail banking in Moscow
and the regions has underscored the great potential of this
business and prompted Alfa Bank to enter the auto lending market
in 2006.  The Bank's auto lending portfolio has grown in size to
more than US$120 million, with 70% of loans extended in the
regions.  The Bank provides services to retail clients, auto
dealers and automakers through its 900 points of sale in more
than 50 Russian cities.

"Alfa Bank aims to boost its auto loan portfolio to US$500
million in 2007. Together with GM we are establishing efforts to
capture a 20% share of the fast growing auto lending market in
Russia", Sergey Silantiev, the Head of Alfa Bank's Auto Lending
Department, said.

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key   
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                      About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India, and its vehicles are sold in 200
countries.

                          *     *     *

Standard & Poor's Ratings Services said that its 'B' long-term
and 'B-3' short-term corporate credit ratings on General Motors
Corp. would remain on CreditWatch with negative implications,
where they were placed March 29, 2006.

Dominion Bond Rating Service downgraded the long-term debt
ratings of General Motors Corporation and General Motors of
Canada Limited to B.  The commercial paper ratings of both
companies are also downgraded to R-3 (low) from R-3.

Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.  The 'RR1' is based on the collateral package and
other protections that are expected to provide full recovery in
the event of a bankruptcy filing.

Moody's Investors Service assigned a B2 rating to the secured
tranches of the amended and extended secured credit facility of
up to US$4.5 billion being proposed by General Motors
Corporation, affirmed the company's B3 corporate family and SGL-
3 speculative grade liquidity ratings, and lowered its senior
unsecured rating to Caa1 from B3.  Moody's said the rating
outlook is negative.


KOTAK MAHINDRA: Shareholders to Consider KMCC Amalgamation
----------------------------------------------------------
Pursuant to an order of the Court of Judicature at Bombay, Kotak
Mahindra Bank Ltd will hold a meeting for its equity
shareholders on December 5, 2006.  

During the meeting, shareholders will consider, and if thought
fit, approve with or without modification, the Arrangement
embodied in the Scheme of Arrangement between Kotak Mahindra
Bank and Kotak Mahindra Capital Company Ltd and their respective
shareholders and creditors.

                      About Kotak Mahindra

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial   
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

Fitch Ratings assigned a '5' Support rating to Kotak Mahindra
Bank.


NCO GROUP: Earns US$11.4 Million in 2006 Third Quarter
------------------------------------------------------
NCO Group, Inc., reported net income of US$11.4 million,
including special charges of US$3.6 million, net of taxes for
the third quarter of 2006.  This compares to net income of
US$7.6 million in the third quarter of 2005; including special
charges of US$2.2 million, net of taxes.

The special charges are associated with the restructuring of the
company's legacy operations to streamline the company's cost
structure, the integration of recent acquisitions, and costs
associated with the company's proposed merger.  The special
charges for 2005 also included the impact from Hurricane
Katrina. The restructuring charges are included as a separate
line item under operating costs and expenses, and the
integration, merger, and Hurricane Katrina charges are included
in payroll and related expenses, and selling, general and
administrative expenses.

NCO is organized into four divisions that include Accounts
Receivable Management North America, Customer Relationship
Management, Portfolio Management, and Accounts Receivable
Management International.

Overall revenue in the third quarter of 2006 was US$301.6
million, an increase of 21.0%, or US$52.4 million, from revenue
of US$249.2 million in the third quarter of 2005.

For the third quarter of 2006, ARM North America's revenue was
US$205.7 million as compared to US$186.8 million in the third
quarter of 2005.  The increase was primarily attributable to the
acquisition of Risk Management Alternatives, Inc., which was
completed on Sept. 12, 2005, and an US$8.7 million increase in
inter-company revenue from Portfolio Management, which is
eliminated in consolidation.  During the quarter, this division
recorded approximately US$3.4 million, net of taxes, of
restructuring charges, costs associated with integration of the
company's recent acquisitions, and merger costs.

For the third quarter of 2006, CRM's revenue was US$62.8 million
as compared to US$44.9 million in the third quarter of 2005.  
The increase was primarily attributable to new clients ramping
up business during the end of 2005 and during 2006.  While these
new contracts have allowed this division to expand its revenue
base in 2006, the deployment of large numbers of seats on an
expedited schedule adversely impacts near-term profitability
because the operating expenses are incurred in advance of the
revenue growth.

Partially offsetting the revenue from new clients in the third
quarter of 2006 was the reduction in revenue from a major client
where NCO ceased providing certain services when the client
exited the consumer long-distance business due to changes in
telecommunications laws.  During the quarter this division
recorded approximately US$133,000, net of taxes, of
restructuring and integration charges.

For the third quarter of 2006, Portfolio Management's revenue
was US$55.3 million compared to US$35.1 million in the third
quarter of 2005.  The increase included additional revenue from
portfolio assets acquired as part of two business combinations
at the end of the third quarter of 2005.  Portfolio Management
recorded US$13.1 million of revenue during the third quarter of
2006 from the sale of portions of several older portfolios with
little or no remaining carrying value, as compared to US$2.8
million during the third quarter of 2005.

For the third quarter of 2006, ARM International's revenue was
approximately US$8.4 million compared to US$3.5 million in the
third quarter of 2005.  The increase in revenue was primarily
attributable to the acquisition of the international operations
of RMA.  During the quarter this division recorded approximately
US$80,000, net of taxes, of restructuring and integration
charges.

Based in Horsham, Pennsylvania, NCO Group, Inc. --
http://www.ncogroup.com/-- is a global provider of business  
process outsourcing services, primarily focused on accounts
receivable management and customer relationship management.  The
company also purchases and manages past due consumer accounts
receivable from consumer creditors such as banks, finance
companies, retail merchants, utilities, healthcare companies,
and other consumer-oriented companies.  The company reported
revenues of about US$1.1 billion for the 12-month period ending
June 30, 2006.

The company has locations in India, Australia, Barbados, Canada,
Panama, Philippines, Puerto Rico, the United Kingdom and the
United States.

The Troubled Company Reporter - Asia Pacific reports that
Standard & Poor's Ratings Services assigned its 'B+' long-term
counterparty credit rating to NCO Group Inc.  The outlook is
stable.

The Troubled Company Reporter - Asia Pacific reports that
Moody's Investors Service assigned a Ba3 first time, rating to
NCO Group, Inc.'s US$565 million senior secured credit facility,
Caa1 ratings to US$365 million of senior subordinated notes, and
a B2 corporate family rating.  The ratings for these debt
instruments reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of B2, and a loss
given default of LGD 2 for the secured credit facility and
LGD 5 to the subordinated notes.  The rating outlook is stable.


NCO GROUP: Moody's Junks Proposed US$200-Mln Sr. Sub. Notes
-----------------------------------------------------------
Moody's Investors Service assigned a B3 rating to NCO Group,
Inc.'s proposed US$165 million senior unsecured notes and a
Caa1 rating to its proposed US$200 million of senior
subordinated notes, which are intended to replace a proposed
US$365 million senior subordinated notes offering that was
cancelled.  

Concurrently, Moody's withdrew the Caa1 rating assigned to the
discussed US$365 million of senior subordinated notes.  Pro-
forma for the aforementioned capital mix changes, Moody's
affirmed the B2 corporate family rating and the Ba3 rating on
the US$565 million senior secured credit facility.  The rating
outlook is stable.

On July 21, NCO entered into a definitive agreement to be
acquired by an entity controlled by One Equity Partners, with
participation by certain members of senior management.  The
transaction is expected to close in the fourth quarter of 2006
and is subject to customary closing conditions including the
approval of NCO's shareholders.  Upon closing of this
transaction, NCO's stock will no longer be publicly traded.

The transaction is expected to be funded with a US$465 million
term loan, US$200 million of senior subordinated notes,
US$165 million of senior unsecured floating rate notes,
US$365 million of cash equity contributed by OEP and
US$23 million of rollover equity.

The ratings benefit from solid pro forma credit metrics for the
rating category, high levels of EBIT, leading market positions
in receivables management and portfolio management business
lines and a good track record of profitability and cash flow
generation.  The ratings are constrained by the potential for
profitability erosion due to increasing competition in portfolio
management business, sensitivity of receivable collection trends
to a weakening economy and moderate revenue concentration.

The Ba3 rating on the senior secured credit facility reflects an
LGD2 loss given default assessment as this facility is secured
by a pledge of the assets of the guarantor subsidiaries
(which comprise about 60% of consolidated EBITDA for the
June 30, 2006 LTM period) and 65% of the stock of foreign
subsidiaries.  The LGD 2 assessment benefits from a significant
amount of junior debt in the capital structure (40% of debt
capitalization assuming 75% of the committed revolver is drawn).
The B3 rating on the senior unsecured notes reflects an LGD4
loss given default assessment given that it is effectively
subordinated to the secured credit facility but benefits from
US$200 million of junior ranking subordinated notes.  The Caa1
rating on the senior subordinated notes reflects an LGD6 loss
given default assessment given that it is effectively
subordinated to the secured credit facility and the senior
unsecured notes.

The SGL-2 rating reflects a good liquidity position pro forma
for the recapitalization transaction.

Moody's took these rating actions:

   -- assigned US$165 million senior unsecured floating
      rate notes at B3 (LGD4, 63%);

   -- assigned US$200 million senior subordinated notes
      at Caa1 (LGD6, 90%);

   -- withdrew US$365 million senior subordinated notes,
      rated Caa1 (LGD5, 82%);

   -- affirmed US$465 million 7 year senior secured term loan
      at Ba3 (to LGD2, 29% from LGD2, 26%);

   -- affirmed US$100 million 5 year senior secured revolver
      at Ba3 (to LGD2, 29% from LGD2, 26%);

   -- affirmed corporate family rating at B2;

   -- affirmed probability-of-default rating at B2; and

   -- affirmed speculative grade liquidity rating at SGL-2.

The stable outlook anticipates moderate revenue and EBIT growth
over the next 12-18 months.  Cash flow from operations is
expected to be used to fund capital expenditures of about
US$30-US$40 million per year, niche acquisitions which
complement existing business segments, and required term loan
amortization.

The ratings could be upgraded if financial performance improves
such that EBIT coverage of interest and free cash flow to total
debt can be sustained at over 1.7 times and 7%, respectively.

Given the company's solid position in the rating category, a
moderate increase in pricing trends in the portfolio management
segment or decline in accounts receivable collection rates will
be unlikely to pressure the ratings.  However, a sharp downturn
in the business which results in EBIT coverage of interest and
free cash flow to debt that are expected to sustained at under 1
time and 0%, respectively, could lead to a downgrade.  A
significant debt financed acquisition that substantially weakens
credit metrics and liquidity could also pressure the rating.

Based in Horsham, Pennsylvania, NCO is a global provider of
business process outsourcing services, primarily focused on
accounts receivable management and customer relationship
management.  The company also purchases and manages past due
consumer accounts receivable (PM or portfolio management
business) from consumer creditors such as banks, finance
companies, retail merchants, utilities, healthcare companies,
and other consumer-oriented companies.  The company reported
revenues of about US$1.1 billion for the 12-month period ending
June 30, 2006.

The company has locations in India, Australia, Barbados, Canada,
Panama, Philippines, Puerto Rico, the United Kingdom and the
United States.


RELIANCE INDUSTRIES: Clarifies Reports on Jamnagar Refinery
-----------------------------------------------------------
To clarify reports regarding its Jamnagar Refinery, Reliance
Industries Ltd issued a press release making it clear that
Refinery has not been shutdown and there is no need of a
shutdown.

In the morning of October 25, there was a fire in one of the
secondary processing units at the Jamnagar Refinery, Reliance
Industries relates.  Except for one personnel that was seriously
injured, there were no other casualties.  

The fire was brought under control by the company's Plant and
Fire Fighting personnel in less than two hours.  As a pre-
cautionary measure, the neighboring Diesel Hydro-treating Unit -
II was shut down.

The Hydro-treating Unit - II was restarted the following day and
is now operating at full through-put, Reliance Industries
states.  All other refinery units, including both the crude
units and petrochemical units, are operating normally.

Reliance also points out that:

   -- the LPG production at the the Refinery complex continues
      to be normal at an average production rate of over 7,000
      tonnes per day;

   -- all sales and other commitments of the Refinery are being
      adhered to without any interruption at all;

   -- the Refinery has enough flexibility built into its
      configuration to allow normal operations as per its usual
      heavy & sour crude slate and premium-grade product mix;
      and

   -- the restoration work at the location of the fire is going
      on in full-swing.

                 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.


VISTEON CORP: Weak Earnings Forecast Cues S&P to Cut Rating to B
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Visteon Corp. to 'B' from 'B+' and
its short-term rating to 'B-3' from 'B-2'.  

These actions stem from the company's weaker-than-expected
earnings and cash flow generation, caused by:

   -- vehicle production cuts,
   -- inefficiencies at several plant locations,
   -- sharply lower aftermarket product sales,
   -- continued pressure from high raw material costs, and
   -- several unusual items that will impact 2006 results.
     
Visteon, a global manufacturer of automotive components, has
total debt of about US$4 billion, including US$1.7 billion of
underfunded employee benefit obligations.  The rating outlook is
negative.
    
Visteon has lowered its earnings and cash flow expectations for
2006 to reflect its business challenges.  Earnings, as measured
by EBIT before restructuring costs, are expected to be
US$40 million - US$50 million, down from previous expectations
of US$170 million - US$200 million.  Visteon now forecasts
negative free cash flow at about US$100 million, down from
earlier expectations of positive US$50 million of free cash
flow.

Lower vehicle production from the company's major customers
account are a major factor, and had been expected by
Standard & Poor's.  But several other factors have combined to
make the earnings and cash flow forecast significantly lower
than our expectations.  Included among these are:

   -- Labor disruptions in Europe that have resulted
      in production inefficiencies and premium freight costs;

   -- A 25% drop in aftermarket sales to Ford Motor Co., and
      a rise in aftermarket production costs as the
      company shifts manufacturing to Mexico;
     
   -- Higher-than-expected materials costs as commodity
      prices remain high, volumes are low, and certain
      sub-suppliers experience financial distress; and
     
   -- One-time financing and litigation costs.

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries and
employs approximately 50,000 people.

With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   *  Climate Systems India Limited,
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Powertrain Control Systems India Private Ltd.
   *  TATA Visteon Automotive Private Ltd.
   *  TACO Visteon Engineering Private Ltd.


VNESHPROMBANK: Moody's Assigns E+ Financial Strength Rating
-----------------------------------------------------------
Moody's Investors Service assigned these global scale ratings to
Russia's Foreign Economic Industrial Bank Vneshprombank:

   -- B3 long-term and Not-Prime short-term foreign
      currency deposit ratings; and

   -- an E+ financial strength rating.

The outlook for all ratings is stable.  

At the same time, Moody's Interfax Rating Agency assigned a
Baa3.ru long-term national scale credit rating to Vneshprombank.

According to Moody's and Moody's Interfax, the B3/NP/E+ global
scale ratings reflect global default and loss expectation, while
the Baa3.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

Moody's notes that Vneshprombank's ratings reflect its small
size and limited franchise, which result in very high
concentration levels on the both sides of the balance sheet.
They also reflect the rating agency's concerns as to whether the
bank, like many of its peers, will be able to successfully
withstand competition in the longer term due to its
opportunistic strategy, as well as succession risks caused by
significant reliance on the owners to acquire franchise,
together with high risk appetite and potentially significant
credit risks arising from the recent rapid growth.
The ratings also reflect the bank's modest capitalization
(albeit improved) for the risks taken.  Supporting the rating is
the bank's currently adequate liquidity, no significant asset
quality problems to date, adequate profitability and its proven
history of acquiring additional franchise.

The B3/NP foreign currency deposit ratings do not incorporate
possible support from the bank's owners.  In Moody's view,
although such support cannot be ruled out, its scope and
timeliness are rather uncertain.  Given the bank's size and
market position, any support from the Russian financial
authorities is unlikely.

Moody's notes that significant development of the bank's
franchise accompanied by improved financial fundamentals would
be likely to drive the foreign currency ratings up, although
this is not expected in the near term.  Vneshprombank's ratings
could be downgraded if any significant asset quality problem
should appear, causing deterioration in capitalization levels or
liquidity problems.  In addition, loss of competitive advantage
either from fiercer competition or from loss of the owners'
power to acquire franchise could lead to a negative rating
action.

Vneshprombank is headquartered in Moscow, Russian Federation.
The bank reported total consolidated assets of US$174 million
and total equity of US$15 million under IFRS as at end-1H2006,
and ranked 188th by assets among Russian banks as of
June 30, 2006, according to Interfax.

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

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


* Reforms Stir Hope on State Government Finances, Fitch Says
------------------------------------------------------------
Fitch Ratings said that India's state finances are on the mend
after the fiscal crisis in FY2000.  The agency added that it is
optimistic about the future, in particular, welcoming the
reforms initiated by the Twelfth Finance Commission and the
surrounding policy developments.  Fitch believes that fiscal
consolidation over FY2007 to FY2011 will be driven by the three-
pronged strategy recommended by the TFC -- which subjects states
to greater market discipline; rewards states for fiscal
consolidation targets achieved through debt and interest rate
relief; and makes a commitment to fiscal correction statutory.

In a special three-part series of reports on Indian State
Government Finances, the agency commends the TFC's suggestion
that the center confine itself to extending plan grants to the
states, and leave it to the states to decide how much they wish
to borrow and from whom, i.e. from the center or from the open
market.  Fitch adds that this "disintermediation" of the center
in the borrowing process will lessen the states' fiscal burden,
compel them to open themselves to greater market scrutiny, and
foster the development of a market for state paper.

The first report, entitled "State Government Finances: Federal
Architecture and Institutional Reforms," released Nov. 3, 2006,
discusses how the Indian federation's functions and finances are
constitutionally separated between the union and its 29 states.
It notes that the desegregation of powers between the centre and
the states is such that the center collects most of the broad-
based taxes while most expenditure functions are assigned to the
state governments.  This takes the expenditure-to-revenue ratio
of the Indian states to 1.5x, which is higher than that for most
other fiscal federations.  The resultant vertical imbalance is,
however, resolved through intergovernmental transfers.  The two
most important institutions determining the levels of these
transfers are the Finance Commission (65% to 70% of total
transfers) and the Planning Commission (30% to 35%).

The Finance Commission is a constitutional body that convenes
every five years to determine how tax revenues are shared
between the center and the states. It also makes grants to the
states.  Both tax devolution and grants are intended to equalize
inter-state or "horizontal" differences.  The Planning
Commission, an institution set up by a resolution of the
government of India in 1950 and a legacy of India's socialist
past, formulates five-year development plans at the national
level and approves state-level annual plans.  It also transfers
resources for implementing these plans.

Prior to the recommendations of the TFC, Planning Commission
transfers were provided in a fixed grant-loan ratio of 30:70 for
most states.  This means that for every INR30 that a state
received in grants, it also received INR70 in loans, by default,
from the center.  Since the center lent these funds on to the
states at interest rates that were usually higher than the open
market rate (at least for the better-managed states), the states
were forced to bear the burden of the planning process.  Such
structurally mandated borrowing helped embed state indebtedness
and culminated in a state-level fiscal crisis in the fiscal year
to end-March 2000.

The agency, however, notes that the steps recommended by the
TFCs to solve India's fiscal problems could go further towards
addressing the causes rather than the symptoms of fiscal
deterioration.  In Fitch's opinion, the plan system, which was
designed to accelerate growth in a public sector-dominated
economy and now sits uncomfortably with the requirements of an
increasingly market-oriented economy, should ideally be done
away with altogether.

The next two reports entitled "State Government Finances:
Budgetary Performance" and "State Government Finances: State
Government Debt," address the evolution of state revenues,
expenditures, and state government debt in detail.  Both reports
will be released later this month and will be available on
Fitch's Web site at http://www.fitchratings.com/


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

INDOFOOD SUKSES: Nine-Month Profit Rises 10 Times to IDR506 Bil.
----------------------------------------------------------------
Indofood Sukses Makmur Tbk's net profit for the nine-month
period ended September 30, 2006, leapt more than 10 times from
the figure reported in the same period last year when it was
saddled with one-off payments, Reuters reports.

Specifically, the company revealed in a statement that its 2006
nine-month net profit rose to IDR506.1 billion (US$55.62
million) from IDR42.2 billion in the same period in 2005.  Sales
revenue for the current period climbed 18.5% to IDR16 trillion,
Reuters notes.

Reuters adds that, according to Indofood Chief Executive Officer
Anthoni Salim, the company believes that these positive trends
would continue in the fourth quarter of 2006.

Yet, the company's gross and earnings before interest, tax,
depreciation and amortization margins were lower due to higher
raw material and fuel costs and an increase in selling and
general administrative expenses, the report notes.

Moreover, Indofood's gross margin fell to 23.6% from 24.4% a
year ago while the EBITDA margin declined to 9.2% from 9.7% over
the period.

Reuters recounts that in 2005, the Indonesian Government decided
to sharply increase domestic fuel prices in an effort to scale
back costly fuel subsidies.  However, the move pushed inflation
to its highest levels in around six years, thus hurting consumer
purchasing power, Reuters says.

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed   
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares.  Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, which bring the
Company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 were 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

In 2005, Indofood's total outstanding debt fell to
IDR6.8 trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007.  
The Company also plans to redeem all the outstanding balance of
the Eurobonds this year.

The Troubled Company Reporter - Asia Pacific reported on
July 19, 2006, that Standard & Poor's Ratings Services has
withdrawn its 'B' corporate credit rating on Indofood at the
company's request.


INTERNATIONAL NICKEL: 9-Month Profit Rose 17.4% From Last Year
--------------------------------------------------------------
PT International Nickel Indonesia Tbk's net profit for the nine-
month period ended September 30, 2006, rose 17.4% to
US$247.91 million, due to a surge in nickel prices in the third
quarter, which offset a fall in production, according to XFN-
Asia News.

International Nickel also says that its sales in the first nine
months of 2006 rose 14% to US$748.14 million.  The report also
notes that due to a fire in the furnace in May, the company's
nickel production in the 2006 nine-month period fell to 50,400
from 55,600 tons a year.

XFN relates that the company's net profit in the quarter to
September 30, 2006, reached US$124.6 million or US$0.13 per
share, nearly double the US$62.4 million or US$0.06 per share
recorded in the same quarter in 2005.

According to the report, the production of nickel in the 2006
third quarter totaled 17,200 compared with 19,600 tons a year in
the 2005 third quarter.

International Nickel President and Chief Executive Officer Arif
Siregar said that the financial impact of lower production was
more than offset by higher prices received for their nickel, XFN
notes.

Mr. Siregar added that replacement, testing and reheating of the
furnace affected by the fire took nearly 12 weeks, and normal
operation resumed in mid-August.  So, based on the time lost,
Mr. Siregar said that the company expect its 2006 production to
fall to around 158-159 million pounds of nickel from 168 million
pounds in 2005, the report relates.

Mr. Siregar also stated that the company's realized price for
nickel in matte average US$21,009 per ton in the 2006 third
quarter compared to US$11,882 per ton in the 2005 third quarter.
The realized price for nickel is US$15,259 per ton in the first
nine months of 2006.

XFN reports that International Nickel's cash balance at end-
September 2006 stood at US$199.2 million down from US$264.3
million at end-September 2005, due to the repayment of debt
incurred on the company's last major expansion project.

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://www.pt-inco.co.id/-- is a nickel  
producer with a production facility and mine are in Sorowako,
Sulawesi, where it has a contract agreement until 2025.  It
produces nickel matte, an intermediate product, from lateritic
ores at its integrated mining and processing facilities near
Sorowako on the island of Sulawesi. Inco Limited of Canada holds
a 60.8% stake of the company and Sumitomo Metal Mining Co Ltd.
holds a 20.1% stake.

                          *     *     *

Standard and Poor's gave the company's long-term foreign and
local issuer credit both a BB- rating.

The company carries Fitch Ratings' BB long-term issuer default
and foreign currency long-term debt ratings.


MEDCO ENERGI: US Unit Gets New Leases in the Gulf of Mexico  
-----------------------------------------------------------
PT Medco Energi Internasional Tbk's wholly owned subsidiary,
Medco Energi US LLC, disclosed that the United States Minerals
Management Service has accepted its offers for all three of the
blocks it bid for at the August 16, 2006 Western Gulf of Mexico
OCS Oil and Gas Lease Sale 200 and has awarded leases
accordingly, Medco Energi US said in a press release.

The new leases cover Brazos Area Blocks 435, 492, and 514,
located in water depths of 65 to 80 feet in the Gulf of Mexico.  
Each of these leases covers 5,760 acres of federal waters. Each
lease carries a five-year primary term in which to establish
commerciality, and a perpetual term for the life of production
once production is established.  MEUS owns a 100% working
interest in each of the blocks, which are all subject to a
16.67% royalty in favor of the United States government. Medco's
cost for the 17,280 net acres covered by these blocks is
US$796,522.

Dave Gibbs, MEUS' president stated, "We are pleased to add these
leases to our active inventory. The company has an aggressive
drilling budget for 2007 and these leases will figure
prominently in our program. These leases significantly increase
our acreage position in the Gulf of Mexico and demonstrate our
commitment to the US energy business."

Medco Energi US LLC is a wholly owned subsidiary of PT
MedcoEnergi Internasional TBK and specializes in mature field
re-development activities in the Gulf of Mexico and coastal
areas of Texas and Louisiana.

                      About PT Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com-- is engaged in  
the exploration, production of and support services for oil and
natural gas and other energy industries, including onshore and
offshore drilling. Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities. Exploration and production
of oil and gas accounted for 78% of 2001 revenues; drilling
services, 15%; and methanol, 7%.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 10,
2006, that Moody's Investors Service has affirmed the B1 local
currency corporate family rating of PT Medco Energi
Internasional.  At the same time, Moody's affirmed the B2 the
senior unsecured bond rating of MEI Euro Finance Ltd, which is
guaranteed by Medco.  The outlook was downgraded to negative in
August 2006.

Another TCR-AP report on May 10, 2006, said that Standard &
Poor's Ratings Services has revised its outlook on Indonesia's
PT Medco Energi Internasional Tbk. to negative from stable.  
Standard & Poor's also affirmed its "B+" corporate credit rating
on Medco, an Indonesia-based oil and gas exploration and
production company.


NORTEL NETWORKS: Secures US$7.7 Million NRC Maintenance Contract
--------------------------------------------------------------
Nortel Government Solutions(x), a company wholly owned by
Nortel(x), has been selected by the U.S. Nuclear Regulatory
Commission to operate and maintain its digital courtroom systems
in Rockville, Maryland and Las Vegas, Nevada.

Nortel Government Solutions will provide the services under an
agreement estimated at US$7.7 million over four years.  The
agreement also includes support for NRC hearings, as well as
application development and testing.

The systems were developed by Nortel Government Solutions and
delivered to the NRC earlier this year.  They provide electronic
evidence presentation, digital audio and video transcripts, and
electronic capture and display of evidence.  This enables
immediate electronic access to documents, and live video and
audio feeds to ensure the widest possible public access to NRC
proceedings.

The digital courtroom systems are designed to help the NRC's
Atomic Safety and Licensing Board Panel simplify proceedings
ranging from routine cases to more complicated hearings
involving nuclear reactor licenses.

The company says that one of the proceedings is the potential
adjudication regarding a U.S. Department of Energy license
application for a commercial nuclear reactor waste storage
facility at Nevada's Yucca Mountain, located 100 miles northwest
of Las Vegas, which is expected to last three to four years as
mandated by Congress and could become one of the largest and
most complex administrative hearings in U.S. history.  The
digital database available to the two courtrooms is capable of
storing and providing electronic access to the millions of pages
of evidence and thousands of hours of testimony that may
accumulate.

"These showcase systems integrate everything into one multimedia
system with real-time access to information for all
participants," Chuck Saffell, chief executive officer, Nortel
Government Solutions, said.  "Our operations and maintenance
services will help the NRC to achieve and sustain the highest
performance, efficiency, security and reliability from its
electronic courtrooms."

               About Nortel Government Solutions

Based in Fairfax, Virginia, Nortel Government Solutions --
http://www.nortelgov.com/-- is a network-centric integrator,  
providing the services expertise, mission-critical systems and
secure communications that empower government to ensure the
security, livelihood, and well being of its citizens.  The
company is a provider for solutions designed to improve
workforce productivity, reduce operating costs, and streamline
inter-agency communications.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.  
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Indonesia, Australia, China, Hong Kong,
India, Philippines, Singapore, Taiwan and Thailand.

                          *     *     *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


PT PERTAMINA: Signs Cooperation Deal With Singapore Petroleum
-------------------------------------------------------------
PT Pertamina Tbk and Singapore Petroleum Co. Ltd. have signed a
memorandum of understanding to cooperate in searching for oil
and gas, Reuters reports, citing officials at the two companies.

Pertamina Chief Executive Officer Ari Soemarno said that the MOU
is expected to give benefit for both companies in the future,
and added that they expect Singapore Petroleum to participate in
oil and gas exploration at their working areas in Indonesia.

Reuters notes that Pertamina is seeking partners to explore and
develop its oil and gas fields because it does not have enough
funds to increase production.  Pertamina has offered 15
exploration areas open for cooperation with foreign companies
located on the islands of Sumatra and Java, but so far no deals
have been has been reached, the report says.

Singapore Petroleum currently has stakes in several oil and gas
projects in Indonesia, including Sampang production sharing
contract in East Java and the Kakap block in Natuna Sea.

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a    
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being met
by imports.

In 2003, PT Pertamina finance director Alfred Rohimone
disclosed that the Company's financial condition was in critical
condition because its expenses had surpassed its income due to
its obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.  
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


TELKOM INDONESIA: Aims for 2008 World's Top 500 Companies
---------------------------------------------------------         
PT Telekomunikasi Indonesia Tbk has set a target of inclusion in
the world's top 500 companies in 2008, the People's Daily Online
reports, citing a company executive.

According to the report, Telkom president Arwin Rasyid said that
to achieve the target, Telkom must raise market capitalization
to at least US$23 billion from the current US$18 billion.   Mr.
Rasyid added, "The barometer to be eligible in the Fortune 500
is market capitalization of US$23 billion.  Telkom has now
reached US$18 billion and we need US$5 billion more for the
Fortune 500 inclusion."

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 2, 2006, Telkom recorded a 60% rise in its net profit for
the nine-month period ended September 30, 2006, on the back of a
strong mobile business.

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-'

* Bank Indonesia May Cut Key Policy Rate for 6th Time Since May
---------------------------------------------------------------
Indonesia's central bank will probably cut its benchmark
interest rate by half a percentage point, the sixth reduction
since May, to help revive consumer spending after inflation
slowed to a two-year low, according to Bloomberg News.

Bank Indonesia Governor Burhanuddin Abdullah and his fellow
policy makers will cut the rate used as a reference for bills
sales to 10.25%, according to 15 of 16 economists in a Bloomberg
survey.  One expects a reduction to 10%.  

According to the report, lower borrowing costs will help
companies such as PT Lippo Karawaci, Indonesia's biggest
publicly traded real-estate company, resume construction of
stalled projects and boost demand for homes, cars and electronic
goods. Lippo Karawaci stopped building a shopping mall in west
Jakarta after interest rates surged to 12.75% last year.

Bloomberg News explains that Bank Indonesia raised its key
interest rate six times in five months to December, to stem
inflation after the government more than doubled fuel prices and
to boost the rupiah from a four-year low.

The rupiah has risen 7.8% in 2006, making it the second-best
among 15 currencies Asia-Pacific currencies tracked by
Bloomberg.  It fell 0.03% to IDR9116 against the U.S. dollar on
Nov. 3.

The Bloomberg report includes this table of economists'
estimates for the central bank's reference rate:

                                     Bank
                                Indonesia
     Firm                            Rate
     ------------------------------------
     Median                        10.25%
     Average                       10.23%
     High                          10.25%
     Low                           10.00%
     Number                            16
     ------------------------------------
     Action Economics              10.25%
     Bahana Securities             10.25%
     Bank Intl Indonesia           10.00%
     Bank of America               10.25%
     Danareksa Securities          10.25%
     DBS Group                     10.25%
     Forecast Ltd.                 10.25%
     HSBC Singapore                10.25%
     Ideaglobal                    10.25%
     ING Groep NV                  10.25%
     LippoBank                     10.25%
     Mandiri Securities            10.25%
     Nomura Securities             10.25%
     PT. CIMB-GK Securities        10.25%
     PT. Mega Capital              10.25%
     UOB Group                     10.25%


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

AES CORP: Partners With Three Others For Indonesian Power Plant
---------------------------------------------------------------
Sojitz Holdings Corp., AES Corporation, PT Perusahaan Listrik
Negara and PT Triaryani will participate in an Indonesian
project to construct a large power plant that uses low-grade
coal, the Nihon Keizai Shimbun reported.

According to Reuters, the companies will be polling in a total
of US$1.5 billion to build a 1,200 megawatt coal-fired power
plant to be built within 10 kilometers of a brown coal reserve
in southern Sumatra, the Nikkei was quoted by XFN-Asia.

The plant is due to be completed in 2011.

                About PT Perusahaan Listrik Negara

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity  
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted a IDR4.92-
trillion net loss in 2005, against a net loss of IDR2.02
trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Oct. 5,
2006, that Moody's Investors Service has assigned a B1 senior
unsecured rating to PT Perusahaan Listrik Negara's proposed U.S.
dollar bond issuance.  At the same time, Moody's has assigned
its B1 corporate family rating to PLN.  The rating outlook is
stable.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.

                       About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Oct. 3,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Sojitz Corp. to 'BB' from 'BB-'
and its long-term senior unsecured debt rating on the company to
'BBB-' from 'BB+', reflecting Sojitz's improved capitalization
and profitability.  The corporate credit rating remains on
CreditWatch with positive implications, while the long-term
senior unsecured debt rating was removed from CreditWatch.

Japan Credit Rating on August 8, 2006, assigned a BBB- rating to
bonds to be issued under the shelf registration of Sojitz
Corporation.  The bonds will be issued on August 17, 2006, and
will mature on August 17, 2006.

                      About AES Corporation

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

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

                          *     *     *

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

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

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


FORD MOTOR: Reducing Health Care Benefits of Salaried Employees
---------------------------------------------------------------
Ford Motor Co. plans to reduce expenses for U.S. salaried
workers by abolishing merit-pay raises, requiring bigger
payments for health benefits and reducing health-care payouts
for retirees, Bill Koenig and John Lippert at Bloomberg News
report.

The changes will take effect June 1, company spokeswoman Marcey
Evans said in the report.

Ford will require active salaried workers to increase monthly
health-care contributions and pay higher deductibles, Ms. Evans
told Bloomberg.  Specifics will vary because the company offers
those employees five health-care plans, she explained.

Ford also will now provide salaried retirees and their spouses
65 and older US$1,800 each for health-care expenses.  The
automaker currently provides the employees company-paid
supplemental health insurance beyond U.S. Medicare benefits.  
The affected retirees can use the US$1,800 payments to purchase
supplemental insurance, the source said, citing Ms. Evans.

In addition, Ms. Evans noted that Ford will no longer provide
supplemental health insurance for dependent children of retirees
older than 65.

Ms. Evans also noted that Ford will cut merit-pay increases to
active salaried employees and will reinstate matching contri-
butions for the salaried employee 401(k) retirement plans.

Ford had suspended such matching payments in July 2005.  The
company will pay 60 cents for each dollar employees contribute
for the first 5% of a worker's base pay, Bloomberg relates.

                        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 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.

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


FORD MOTOR: Shows Improvement in October Sales Figures
------------------------------------------------------
Ford Motor Company's dealers delivered 215,985 vehicles to U.S.
customers in October, up 8% compared with a year ago.  It is the
second monthly sales increase for the company, which posted a 5-
percent increase in September.

October car sales were up 22% as sales for the company's new
mid- size cars (Ford Fusion, Mercury Milan and Lincoln MKZ) were
more than double a year ago.  The Ford Focus and the outgoing
Ford Taurus also posted sharply higher sales.

Truck sales were up 1%, led by gains for the new 2007-model
Expedition and Navigator, which now are on sale in dealerships.

Expedition sales were 8,553 (up 41%), and Navigator sales were
2,066 (up 44%).

Ford's F-Series pickup also was up 3%, and the Ford Econoline
full- size van was up 31%.

October sales for the Ford Escape (9,603) lifted the vehicle's
lifetime sales to more than 1 million.  The Escape has been the
best-selling small utility vehicle in the United States since it
was introduced in late 2000.  Cumulative sales now total
1,001,186.

           U.S. Inventories Lower At the end of October,

Ford, Lincoln and Mercury inventories were estimated at 622,000
units.  This level is 107,000 units lower than a year ago and
30,000 units lower than at the end of September.  The company
estimates three- quarters of the present inventory is new 2007
models.

"We are very serious about aligning inventories with demand,"
said Al Giombetti, president, Ford and Lincoln Mercury sales and
marketing.  "Our dealers did an outstanding job with the 2006
model sell-down program, and we took a painful but necessary
action to reduce fourth-quarter production."

                      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 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.

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


MIZUHO FINANCIAL: To List on NYSE on November 8
-----------------------------------------------
Mizuho Financial Group Inc. will list on the New York Stock
Exchange on Nov. 8, 2006, becoming the second Japanese bank to
do so, The Japan Times reports.

The report said that Mizuho has received approval for the
listing from the U.S. Securities and Exchange Commission.  The
company hopes to expand its investment banking business by
working with foreign investment funds.  The Times adds that the
NYSE listing is seen as a way of gaining credibility with
investors and will mark Mizuho's full-scale return to the
international financial industry.

                  About Mizuho Financial Group

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

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

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


MITSUBISHI MOTORS: To Expand in Saudi Arabia
--------------------------------------------
Mitsubishi Motors Corporation intends to expand its presence in
the Kingdom of Saudi Arabia, the Japanese car company's top
executive said, according to AMEInfo.Com

AMEInfo.Com recounts that Osamu Masuko, president of Mitsubishi
Motors, said in a press conference at the Jeddah Hilton Hotel,
that the Kingdom remains a very important market for the
Japanese carmaker as indicated by his second visit to the
country.  

Mr. Masuko forecasted a higher demand for new vehicles in the
Kingdom and said that the carmaker would introduce new models in
the coming years that will cater to all segments of the market,
aside from the recently launched all-new Mitsubishi L200 and
Mitsubishi Galant, AMEInfo.Com continues.

According to an earlier report by AMEInfo.Com, Mitsubishi Motors
pledged to further consolidate its presence in Saudi Arabia,
stating that its decision was based on an unprecedented
20%market growth in the Kingdom of Saudi Arabia, over a
corresponding period last year.

AMEInfo adds that strong demand was especially witnessed in the
passenger cars, truck and bus segments, where the company
continues to be a market leader.  The report details that the
company's Pajero, Lancer, L200, Fuso and Canter vehicles were
among the best-selling brands.

                    About Mitsubishi Motors

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

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

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

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

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

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


NOMURA HOLDINGS: To Buy Instinet Brokerage
------------------------------------------
Nomura Holdings Inc. will acquire major electronic stock broker
Instinet from private-equity firm Silver Lake Partners, the Los
Angeles Times reports.

The Times adds that Nomura, the parent of Japan's top brokerage
Nomura Securities, will be paying cash for Instinet, and expects
to complete the deal in the first quarter of 2007, Instinet said
in a statement.  It did not disclose the purchase price.

The Times explains that Silver Lake, based in Menlo Park,
California, bought a majority interest in Instinet from the
Nasdaq Stock Market last December for US$208 million.  Silver
Lake has since said that it was planning to sell the brokerage
or take it public.  Nasdaq, on the other hand, bought Instinet
from Reuters Group last year for about US$1.9 billion.  Nasdaq
kept INET and sold the brokerage to Silver Lake.

According to the Times, the acquisition will allow Nomura to
provide institutional investors with higher value-added trading
technologies and add Instinet's global agency brokerage business
with about 1,500 clients worldwide and a presence in all major
financial markets, Nomura said.

Instinet executes trades for institutional investors like mutual
funds, hedge funds and pension funds.

                      About Nomura Holdings

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

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


SOJITZ CORP: Partners With Three Others For Power Plant
----------------------------------------------------
Sojitz Holdings Corp., AES Corporation, PT Perusahaan Listrik
Negara and PT Triaryani will participate in an Indonesian
project to construct a large power plant that uses low-grade
coal, the Nihon Keizai Shimbun reported.

According to Reuters, the three companies will be polling in a
total of US$1.5 billion to build a 1,200 megawatt coal-fired
power plant to be built within 10 km of a brown coal reserve in
southern Sumatra, the Nikkei was quotes by XFN-Asia as saying.

The plant is due to be completed in 2011.

                      About AES Corporation

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

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

                          *     *     *

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

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

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

                About PT Perusahaan Listrik Negara

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity  
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted a IDR4.92-
trillion net loss in 2005, against a net loss of IDR2.02
trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Oct. 5,
2006, that Moody's Investors Service has assigned a B1 senior
unsecured rating to PT Perusahaan Listrik Negara's proposed U.S.
dollar bond issuance.  At the same time, Moody's has assigned
its B1 corporate family rating to PLN.  The rating outlook is
stable.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.


                       About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Oct. 3,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Sojitz Corp. to 'BB' from 'BB-'
and its long-term senior unsecured debt rating on the company to
'BBB-' from 'BB+', reflecting Sojitz's improved capitalization
and profitability.  The corporate credit rating remains on
CreditWatch with positive implications, while the long-term
senior unsecured debt rating was removed from CreditWatch.

Japan Credit Rating on August 8, 2006, assigned a BBB- rating to
bonds to be issued under the shelf registration of Sojitz
Corporation.  The bonds will be issued on August 17, 2006, and
will mature on August 17, 2006.


TAIHEIYO CEMENT: Ups Stake in Ssangyong Cement
----------------------------------------------
Taiheiyo Cement Corp. is set to raise its stake in South Korean
firm Ssangyong Cement Industrial Co Ltd to more than 33.3% in
the next fiscal year, the Nihon Keizai Shimbun (Nikkei) said.

According to the report Taiheiyo has already acquired a 30%
stake in Ssangyong, whose importance is growing for the Japanese
firm as an export base for the key United States market. The
Nikkei said it had spent around JPY75 billion to do so.

According to the paper, Taiheiyo will spend around one billion
yen to purchase Ssangyong shares to raise its stake.

                      About Ssangyong Cement

Ssangyong Cement Industrial Co., Ltd. --  
http://www.ssangyongcement.co.kr/-- was established in May 1962  
and is now South Korea's largest cement manufacturer.  Ssangyong
Cement operates the Donghae Plant, the world's largest single
production plant, Yeongwol and Munkyong Plants for a combined
annual production of 15 million tons or 25% of Korea's total
annual production.  Ssangyong Cement supplies high-quality
products through its 28 outlets operating throughout the nation.  
Ssangyong Cement exports 50% of Korea's total cement production
and produces ready-mixed concrete (Remicon) for domestic use.

The Troubled Company Reporter - Asia Pacific reported on
August 12, 2005, that Ssangyong Cement began its debt workout
program in October 2001.  Creditor banks, including Korea
Development Bank and Chohung Bank have controlled the company.
Under the rehabilitation plan, the company was supposed to
regain control from banks by the end of 2005.

                     About Taiheiyo Cement

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998  merger  
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.    

The Troubled Company Reporter - Asia Pacific reported on
February 9, 2006, that Standard & Poor's Rating Services
assigned its 'BB' long-term corporate credit and senior
unsecured debt ratings to Taiheiyo Cement Corporation.  The
outlook on the long-term corporate credit rating on the company
is stable.  The outlook on the long-term corporate credit rating
is stable.  


TREND MICRO: Posts Sales of JPY21-B For Third Qtr. of 2006
----------------------------------------------------------
Trend Micro Inc. has disclosed its earnings results, including
record net sales, for the third quarter 2006.

Trend Micro posted consolidated net sales of JPY21.0 billion  
(or US$180.54 million), operating income of JPY6.11 billion (or
US$52.53 million) and net income of JPY3.82 billion (or US$32.85
million) for the quarter.  These figures reflect 17% growth in
net sales compared to the same period a year ago.

The company continued to enjoy steady growth around the world,
led by a 19% year-over-year revenue increase in North America
and 17% in Europe, closely followed by Japan at 16% growth.  
Much of the company's worldwide growth was buoyed by strong
sales in SMB and consumer solutions which experienced a 19% and
20% increase respectively, year-over-year.

Continuing growth was further supported with the introduction of
three new solutions.  Trend Micro launched InterScan Gateway
Security Appliance, a solution specifically designed to meet the
content security needs of medium-sized businesses during August
2006.  In September 2006, the company introduced its latest
consumer security offering - Trend Micro Internet Security an
all-in-one solution against identity theft.  Also in September,
Trend Micro announced its latest landmark in content security
innovation with the release of InterCloud Security Service, a
service than enables the identification of botnet activity and
offers customers the ability to quarantine and optionally clean
bot-infected PCs.

"In the third quarter, we were very pleased with our progress in
delivering security solutions designed specifically to meet the
needs of our different sized customers," said Eva Chen, CEO of
Trend Micro.  "We delivered new solutions against malicious
content and attacks and will continue this momentum with our
focus on protecting customers from web based threats that can
result in data leakage and information theft.  This steadfast
focus helps strengthen our potential for growth now and in the
future."

Based on information currently available to the company,
consolidated net sales for the fourth quarter ending December
31, 2006 is expected to be JPY22.80 billion  (or US$194.87
million, based on an exchange rate of 117JPY = 1USD).  Operating
income and net income are expected to be JPY7.10 billion (or
US$60.68 million) and JPY3.80 billion (or US$32.48 million),
respectively.

                Third Quarter Business Highlights

Corporate

   * Trend Micro was listed on the Dow Jones Sustainability
     Indexes for the third year running.  Inclusion suggests
     long-term value for shareholders based on corporate
     governance, environmental and social reporting, customer
     relationship management, strategic planning, risk and
     crisis management, and talent retention;  

   * In August 2006, Trend Micro was recognised as number 9 on
     the Cape Horn Strategies "2006 Software Industry Sustained
     Success Honor Roll" having achieved 9 consecutive years of
     profitable growth; and

   * New customers in the third quarter included: In the United
     States and Canada - Celestica.  In Europe - BT Nederland
     N.V., Gemeentewerken Rotterdam (local authority of
     Rotterdam), Smurfit Kappa Group, HSBC and Iberia and in
     China - ICBC (Industrial & Commercial Bank of China),
     Xizang Mobile (Tibet Mobile) and An Hui Electric Power.

Patents

Trend Micro was awarded the following patents in the third
quarter 2006:

   * U.S. Patent No. 7,099,853, entitled "Configurable
     Hierarchical Content Filtering System" covers a content
     filtering scanning method that distributes the scanning of
     incoming data against a knowledge base to more than one
     computer.  This technology advantageously allows a complete
     pattern file to be segmented, with different computers
     scanning incoming data using different segments of the
     pattern file; and

   * U.S. Patent No. 7,062,553, entitled "Virus Epidemic Damage
     Control System and Method for Network Environment" covers a
     method of early virus detection by analyzing whether
     identical sections of files have been modified over a
     certain time interval.  According to a specific example of
     the patented technology, a network system finds all files
     having been modified within a predetermined time interval
     and analyzes the modifications.  If the modified sections
     of the modified files are identical or similar, the network
     is alerted of a possible virus outbreak, allowing early
     containment and quarantine.

Channel

   * In August 2006, U.S. based solution-provider readers of CMP
     Technology's VARBusiness magazine recognized Trend Micro in
     the Annual Report Card award program,  for the outstanding
     satisfaction levels it provides.  Trend Micro received the
     Product Innovation award, for the third consecutive year,
     and Loyalty award in the Security Management Software
     category from the biweekly magazine that provides strategic
     insight to technology integrators;

   * In August 2006, Trend Micro announced a distribution
     agreement with Westcon Group, Inc., in which Comstor and
     Westcon divisions will have access to the entire Trend
     Micro product line for customers in the United States; and

   * In Europe during August, Trend Micro also announced a pan-
     European partnership with added-value distributor Westcon
     Group, focussed exclusively around Westcon Group's
     distribution of Cisco's 5500 series Adaptive Security
     Appliance (ASA). Trend Micro provides content security for
     the ASA 5500 series family offering customised and
     comprehensive protection against a variety of security
     threats.  

Product

Trend Micro introduced the following products in the third
quarter 2006:

   * Trend Micro InterScan Gateway Security Appliance - designed
     for mid-sized organisations that are looking for an easy to
     install, easy to maintain content security solution.
     While protecting corporate and personal data, the appliance
     supports employee productivity and it includes an anti-bot
     functionality to help prevent internal PC's from becoming
     zombies;

   * Trend Micro Internet Security - the 2007 Internet Security
     release incorporates Trend Micro's well-known PC-cillin(TM)
     engine and anti-malware protection along with a host of new
     features addressing threats such as rootkits, spyware,
     phishing and the growing problem of identity-theft.  The
     Trend Micro Internet Security subscription also includes
     TrendSecure(TM) new online security services.  TrendSecure
     offers added security for consumers who not only connect at
     home, but often while they are on the go.  TrendSecure is
     currently available in English and Japanese; and

   * Trend Micro InterCloud Security Service - is the industry's
     most advanced solution for the identification of botnet
     activity and enables customers to quarantine and optionally
     clean bot-infected PCs.  It is designed to meet the
     performance and scalability requirements of Internet
     Service Providers, universities, and other large network
     providers.  The solution incorporates a Service Delivery
     Platform and a service subscription that leverages Trend
     Micro's expertise in threat identification, analysis,
     mitigation and remediation.

                        About Trend Micro

Headquartered in Japan, Trend Micro Incorporated --
http://www.trendmicro.com/-- is a pioneer in secure content and   
threat management.  Founded in 1988, Trend Micro provides
individuals and organizations of all sizes with award-winning
security software, hardware and services. With headquarters in
Tokyo and operations in more than 30 countries, Trend Micro
solutions are sold through corporate and value-added resellers
and service providers worldwide.

Standard and Poor's Ratings Service gave Trend Micro's long-term
foreign and local issuer credits 'BB' ratings on July 13, 2005.


* April-Sept. Earnings of Japanese Megabanks Seen at JPY1 Tril.
---------------------------------------------------------------
The combined net profits for April-September at Japan's three
megabank groups -- Mitsubishi UFJ Financial Group Inc., Mizuho
Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. --
are believed to have reached JPY1 trillion, according to a
Mainichi Daily News.

According to the report, the combined profit figure is expected
to be lower than the year-before total of JPY1.44 trillion, but
the amount will be historically high thanks to heavy profits
from releases of loan-loss reserves.  For the full year ending
in March 2007, the three groups' net profits are expected to
exceed JPY2 trillion, reaching a level close to the combined
record high scored in the preceding year, Daiwa Institute of
Research chief analyst Akira Takai said.

The report adds that the three groups' core banking profits,
however, are believed to have performed poorly in April-
September.  Their interest margins have improved at a sluggish
pace because the three raised deposit rates following the Bank
of Japan's credit-tightening in July but remained unable to
considerably raise loan rates amid stiff competition.

           About Mitsubishi UFJ Trust and Banking Corp.

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

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

                  About Mizuho Financial Group

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

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

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


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

DURA AUTOMOTIVE: Ontario Court Recognizes Chapter 11 Case
---------------------------------------------------------
The Ontario Superior Court of Justice, entered a "Foreign
Recognition Order," which recognized under Canadian law the
Chapter 11 bankruptcy proceedings commenced by DURA Automotive
Systems Inc. and its U.S. and Canadian subsidiaries filed in the
United States Bankruptcy Court for the District of Delaware on
Oct. 30, 2006.

DURA's European and other operations outside of the U.S. and
Canada, accounting for approximately 51% of DURA's revenue, are
not part of the Chapter 11 proceedings nor are they part of the
Canadian Court proceedings.  DURA's European and other non-U.S.
and non-Canadian operations therefore remain unaffected by
either orders entered by the U.S. Bankruptcy Court or the
Canadian Court's Foreign Recognition Order.

In the Foreign Recognition Order, the Canadian Court also:

     -- Granted a stay of all proceedings in Canada against DURA
        and its U.S. and Canadian subsidiaries;

     -- Recognized the U.S. Bankruptcy Court's interim order
        authorizing DURA to access up to US$50 million of the
        approximately US$300 million in Debtor in Possession
        financing from Goldman Sachs, GE Capital and Barclays;

     -- Appointed RSM Richter Inc. as Information Officer for
        Canadian stakeholders in respect of DURA's Canadian
        recognition proceedings; and

     -- Recognized all other "first day orders" of the U.S.
        Bankruptcy Court that DURA submitted to the Ontario
        Court for recognition.   

These other first day orders authorize DURA and its U.S. and
Canadian subsidiaries to:

      * Pay employee salaries, wages and benefits that accrued
        prior to the petition filing date;
     
      * Pay certain critical pre petition filing date vendor
        claims and certain claims of vendors whose goods were
        received within the 20 day period prior to the petition
        filing date;

      * Provide "adequate assurance" to utilities in the form of
        a deposit equal to an average of 2 weeks' worth of
        utilities' bills;
     
      * Pay all "trust fund" and similar taxes accruing prior to
        the petition filing date; and

      * Continue using the pre petition cash management system.

DURA and its U.S. and Canadian subsidiaries previously said that
they will be paying, in the ordinary course of business, all
post petition employee, wages, salaries and benefits accruing on
and after the petition filing date.  They will also be paying on
a going forward basis, and in the ordinary course of business,
all vendors and service providers who provide goods and services
to them after the petition filing date.

The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware is presiding over the Chapter 11
proceedings of Dura and its U.S. and Canadian subsidiaries.  

The Application Record filed in respect of the hearing and the
Foreign Recognition Order will be posted at
http://www.rsmrichter.com/

                   About DURA Automotive Systems

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- 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 and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.The company has three locations in Asia: Japan, China
and Korea.

                          *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

                          *     *     *

The Debtors filed for chapter 11 protection on October 30, 2006
(U.S. Bankr. Del. Case No: 06-11202).  Daniel J. DeFranceschi,
Esq.., and Jason M. Madron, Esq., at Richards, Layton & Finger,
P.A. represent the Debtors.  No Official Committee of Unsecured
Creditors has been appointed in this case to date.  As of July
2, 2006, the Debtors reported US$1,993,178,000 in total assets
and US$1,730,758,000 total debts.


KOREA EXCHANGE: Court Denies Issuing Warrants to Lone Star Execs
----------------------------------------------------------------
The Seoul Central District Court rejected prosecutors' request
to issue a warrant to detain executives of United States-based
Lone Star Funds, The Korea Herald reports.

As stated in previous Troubled Company Reporter - Asia Pacific
reports, investigators had been looking into Lone Star's
purchase of a 50.5% stake in KEB in 2003, and had been examining
whether the acquisition was appropriate.  The probe focuses on
the alleged charges of the Bank's cheap sale and manipulation of
the Bank for International Settlement equity rate.

Prosecutors assert that Lone Star executives allegedly conspired
with KEB and South Korean Government officials to lower the
bank's price below actual market value.

According to Korea Herald, the Seoul Court denied issuance of
warrants because an additional probe was needed to arrest the
executives.

The Korean newspaper, citing analysts, says that the Court's
decision reduced the chances of uncovering incriminating
evidence for Lone Star's alleged manipulation.  Analysts believe
that the decision would ease the fund's efforts to sell KEB to
another buyer.

The TCR-AP reported on March 24, 2006, that Lone Star agreed to
sell its 64.62% stake in KEB to Kookmin Bank.  The deadline to
complete the deal had been put off because of the probe into
Lone Star.  Kookmin Bank is now negotiating whether to extend
the takeover agreement after the deal expired on September 16.

                     About Lone Star Funds

Lone Star Funds -- http://www.lonestarfunds.com/-- are closed-  
end, private-equity limited partnerships that include corporate
and public pension funds, university endowments, foundations,
bank holding companies, family trusts and insurance companies.
Since 1995, the principals of Lone Star have organized private
equity funds totaling more than US$13.3 billion to invest
globally in secured and corporate unsecured debt instruments,
real estate related assets and select corporate opportunities.
Lone Star has affiliate offices in London, Tokyo, Seoul, Taipei,
Dallas, Dublin, Brussels, Luxembourg, and Frankfurt.  Its
general partner is a Bermuda-based entity headquartered in
Hamilton.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--    
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
consecutive quarterly profits since the end of 2003.

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.

                          *     *     *

South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.

The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.  On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.

Prosecutors are investigating whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.


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

CIMB BANK: Fitch Affirms Individual Strength Rating at C
--------------------------------------------------------
On November 2, 2006, Fitch has affirmed the ratings of CIMB Bank
Berhad -- formerly Bumiputra-Commerce Bank Berhad -- as follows:

   * Long-term foreign currency Issuer Default rating
     'BBB+'/Outlook Stable;

   * Short-term foreign currency 'F2';

   * Individual 'C'; and

   * Support '2'.

This follows the November 1, 2006 vesting of the entire business
undertaking of Southern Bank Berhad into the much larger CIMB
Bank.

Southern Bank ratings were placed on Rating Watch Positive on
March 17, 2006, following the announcement that Bumiputra-
Commercial Holdings Berhad, which wholly-owns CIMB Bank, would
be acquiring Southern Bank.  Following the consummation of the
legal merger, the agency took the following rating actions as
detailed below. At the same time, Southern Bank's subordinated
debt and preference shares obligations which were assumed by
CIMB Bank have been upgraded and removed from Rating Watch, and
are now at the same level as those of CIMB Bank.

The following ratings on Southern Bank were withdrawn:

   -- Long-term foreign currency IDR upgraded to 'BBB+' from
     'BBB' and removed from Rating Watch;

   -- Individual affirmed at 'C/D'; and

   -- Support affirmed at '3'.

The following obligations assumed by CIMB Bank were upgraded and
removed from Rating Watch:

   -- Subordinated debt rating of 'BBB' from 'BBB-';
      and
   
   -- Preference shares rating of 'BBB-'from 'BB+'.

The CIMB group is the second-largest banking group in Malaysia
behind Maybank, having undergone internal restructuring since
mid-2005 aimed at creating economies of scale and harnessing
possible synergies through the operational integration of the
group's commercial and investment banking businesses.  From a
strategic point of view, Southern Bank will provide the group
with access to a strong credit-card, consumer/SME banking and
wealth management business to complement its strength in
corporate and investment banking, placing it in a stronger
position to compete in the retail business segment.

The full integration of Southern Bank is expected to be
completed by the first half of 2007, where all its branches will
be rebranded as CIMB Bank.  

Fitch will continue to monitor the integration of Southern Bank
closely and the progress towards cost savings and other
synergies.


DCEIL INTERNATIONAL: Wang & Co Raises Going Concern Doubt
---------------------------------------------------------
Wang & Co, the external auditor of Dceil International Bhd, has
raised doubt on Dceil's ability to continue as a going concern
after auditing the company's financial statements for the fiscal
year ended June 30, 2006, The Edge Daily relates.

According to the report, the auditor pointed to the bankers'
demands for the company to settle its outstanding loans.

"The group received demand letters, writ of summons and
statement of claims in respect of outstanding borrowings.  These
events indicate a material uncertainty which may cast
significant doubt on the company's ability to continue as a
going concern," The Edge cites Wang & Co as saying in a
statement.

Dceil may be "unable to realize its assets and liabilities in
the normal course of business," the auditor's statement also
added.

The Edge also says that, in a separate statement, Dceil
disclosed that its subsidiaries, Dceil Sdn Bhd and Dceil Imex
Sdn Bhd, had defaulted in loan payments amounting to
MYR67.7 million.

Wang & Co pointed out, though, that the evidence available for
it to perform an audit in the company was limited as it did not
attend the company's stocktaking on June 30, 2006, The Edge
notes.  Accordingly, the auditor was unable to carry out all the
auditing procedures necessary to obtain adequate assurance
regarding the quantities and condition of inventories as at
End-June 2006.

"Any adjustment to these figures would have consequential effect
on the loss for the year," Wang & Co added.

According to The Edge, Dceil declared MYR23.54 million worth of
inventories as at June 30, 2006.  The company posted a net loss
of MYR39.25 million in fiscal year 2006, against a net profit of
MYR5.24 million in 2005.

Moreover, as reported by the Troubled Company Reporter - Asia
Pacific on Sept. 13, 2006, for fiscal year June 30, 2006, the
group registered of MYR94.2 million revenue as compared with the
previous financial year's MYR122.7 million revenue.  This
represented a 23% decrease in turnover.  

                         About DCEIL

DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works.  Its other activities include manufacturing of toilet
partitions and investment holding.  The Group operates in
Malaysia and other foreign countries.

DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements


FEDERAL FURNITURE: Trades Shares at Reduced Par Value
-----------------------------------------------------
Federal Furniture Holdings (Malaysia) Berhad disclosed that
pursuant to the Share Capital Reduction, the existing ordinary
shares of the company will be traded in the Bursa Malaysia
Securities Berhad at a reduced par value of MYR0.50 per share on
the effective date, November 6, 2006, at 9:00 a.m.

Moreover, the market price of Federal Furniture's ordinary
shares will not be adjusted on the effective date.

The company will dispatch the notice relating to the effective
date on due course.

As reported by the Troubled Company Reporter - Asia Pacific on
October 16, 2006, the Kuala Lumpur High Court granted Federal
Furniture to reduce:

   -- its capital by canceling 50 sen from the par value of
      every ordinary share of MYR1.00 in the company; and

   -- the Share Premium Account by MYR10,833,007.  

Upon the completion of the capital reduction, Federal
Furniture's authorized share capital will be reduced from
MYR50,000,000 comprising 50,000,000 ordinary shares of MYR1.00
each to MYR25,000,000 comprising 50,000,000 ordinary shares of
50 sen each.  The issued and paid-up share capital will be
reduced from MYR27,681,500 comprising 27,681,500 ordinary shares
of MYR1.00 each to MYR13,840,750 comprising MYR27,681,500
ordinary shares of 50 sen each.

                    About Federal Furniture

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On July
5, 2006, the Company submitted its Regularization Plan to Bursa
Malaysia Securities Berhad for approval.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR145,551,934 and total liabilities of
MYR151,217,536, resulting into a shareholders' deficit of
MYR5,665,602.


KIG GLASS: Awaits Appeals Committee's Decision on Delisting
-----------------------------------------------------------
KIG Glass Industrial Berhad is still awaiting the decision of
the Appeals Committee regarding the company's delisting from the
Bursa Malaysia Securities Berhad.

KIG Glass was to be delisted from the official list of Bursa
Securities on Sept. 19, 2006.  However, KIG Glass on September
13, 2006, submitted an appeal of the Bourse's decision.  

                   About KIG Glass Industrial

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.

Due to its inability to pay debts, the Company ceased operation
in May 2005.  As of December 31, 2005, the KIG Group's
accumulated losses stood at almost MYR300 million.  The
shareholders funds in the KIG Group were in deficit of
approximately MYR93 million while its total borrowings amounted
to approximately MYR104 million.

As of June 30, 2006, the group has total assets of MYR57,173,000
and total liabilities of MYR153,698,000, resulting into a
stockholders' deficit of MYR96,525,000.


KIG GLASS: Payment Default as of Sept. 30 Reaches MYR79,807,438
---------------------------------------------------------------
KIG Glass Industrial Berhad provides an update of the company's
default status of principals and interests as pursuant to
Practice Note 1/2001 of the Bursa Malaysia Securities Berhad's
Listing Requirements.

KIG Glass reports that its defaults, as of September 30, 2006,
totaled MYR79,807,438.

                                             Total Interest and
Lender               Type of Facility       Principal in Default
------               ----------------       --------------------
Bumiputra Commerce   Bankers Acceptances      MYR29,947,637
Bank Berhad          Term loans               MYR20,904,592
                     Trust Receipts               MYR61,014
                     Revolving credit and
                       Letter of Credit        MYR1,890,893
                     Overdraft                 MYR2,012,229
                    
Bumiputra Commerce   Term Loans                MYR9,355,610
Bank Berhad          Overdraft                 MYR1,072,756
                                    
Overseas Union       Overdraft                 MYR3,304,822
Bank Berhad          Bankers Acceptance          MYR736,000
                             
Bumiputra Commerce   Term Loan                 MYR9,724,840
Bank (Labuan)       
Limited

RHB Bank Berhad      Overdraft                   MYR797,045

United Overseas      Term Loan                    N.A.
Bank Limited
China
                                             -------------
                                             MYR79,807,438

Based on its current financial position, KIG Glass is
deemed insolvent.

All the default in payments includes the defaults made by major
subsidiaries namely KIG Ceramics Industrial Sdn Bhd, with
shareholding of 62.5% and Zibo Jiali Glass Industry Co Ltd with
shareholding of 69.5%.

KIG and its subsidiaries were unable to service the loan
repayments to the banks/financial institutions since the company
and Ziabo Jiali have ceased operations.
                 
                   About KIG Glass Industrial

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.

Due to its inability to pay debts, the Company ceased operation
in May 2005.  As of December 31, 2005, the KIG Group's
accumulated losses stood at almost MYR300 million.  The
shareholders funds in the KIG Group were in deficit of
approximately MYR93 million while its total borrowings amounted
to approximately MYR104 million.

As of June 30, 2006, the group has total assets of MYR57,173,000
and total liabilities of MYR153,698,000, resulting into a
stockholders' deficit of MYR96,525,000.


LITYAN HOLDINGS: October Default Amount Tops MYR16 Million
----------------------------------------------------------
As of October 31, 2006, Lityan Holdings Berhad and its
subsidiaries have defaulted on a total of MYR16,217,950.12 of
its various credit facilities granted by these financial
institutions:

                                             Total Principal and
Lender                Type of Facility       Interest in Default
------                ----------------       -------------------
RHB Bank Berhad       Overdraft Facility         MYR280,990.91
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility         MYR562,058.81
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit           MYR8,791,355.69
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-          MYR5,350,005.59
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$ 5 million
(Formerly known as    (secured)
Bank Islam (L) Ltd)

Ambank Berhad         Overdraft Facility         MYR1,233,539.12
                      of MYR1 million            ---------------
                                                
                                                MYR16,217,950.12

Based on Lityan's current financial position, the company is
deemed insolvent.  

Lityan had submitted its Proposed Restructuring Scheme to the
Securities Commission, Foreign Investment Committee and Bank
Negara Malaysia for approval on January 20, 2006.  The SC, vide
its letter dated June 6, 2006, had not approved the Proposed
Restructuring Scheme.  

On July 6, 2006, Lityan had submitted to the SC an application
for a review of its decision.  However, the SC rejected the
application vide its letter dated September 27, 2006.

Moreover, on October 9, 2006, Lityan had filed an application
for Judicial Review on the decision of the SC and also applied
for an Interim Order to stay the decision of Bursa Securities to
remove the securities of Lityan from its Official List on
October 13, 2006.

At the hearing on October 11, 2006, the application of Lityan
for leave ex-parte to issue a certiorari to squash the SC's
decision in rejecting the Proposed Restructuring Scheme will now
be heard on November 22, 2006, and counsel for Bursa Securities
informed the Kuala Lumpur High Court that the de-listing will be
deferred until November 23, 2006.

Meanwhile, Lityan is concurrently also looking into other
business opportunities within its core activities and also
actively taking steps to dispose the Group's non-core
investments and non-operating assets to address its current
financial position.

                     About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides   
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring the Company onto stronger financial footing via an
injection of new viable businesses.  

Lityan's consolidated balance sheet as of June 30, 2006,
revealed current assets of MYR38,695,000 available to pay total
liabilities of MYR142,144,000 coming due within the next 12
months.  The company has total assets of MYR70,551,000 and total
liabilities of MYR145,676,000, resulting into a stockholders'
deficit of MYR78,839,000.

As reported by the Troubled Company Reporter - Asia Pacific, on
November 3, 2006, the company has US$22.22 million total assets
in US$19.11 million shareholders' equity deficit as of Nov. 2,
2006.


METROPLEX BERHAD: In Talks with Lenders for Revamp Plan
-------------------------------------------------------
Metroplex Berhad, on November 1, 2006, disclosed that the
company is currently in negotiations with its lenders based on
the proposed composite scheme of arrangement to regularize its
financial condition.

The company has until Dec. 8, 2006, to submit its Proposed
Scheme to the relevant authorities for approval.

                   About Metroplex Berhad

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

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

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

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


PAN MALAYSIAN: Inks Share Sale Agreement with Libertyray
--------------------------------------------------------
On October 31, 2006, Pan Malaysian Industries Berhad and its
wholly owned subsidiary, Excelton Sdn Bhd, have entered into
conditional share sale agreement with Libertyray (Malaysia) Sdn
Bhd to dispose:  

   -- 30,531,283 Sale Shares of Pan Malaysian representing
      approximately 24.44% equity interest in Metrojaya; and

   -- 83,220,700 Sale Shares of Excelton representing 66.62%
      equity interest in Metrojaya, which totaled to 113,751,983
      ordinary shares of MYR1.00 each representing an equity
      interest of approximately 91.06% .

The total purchase consideration is MYR273 million.  This
represents MYR2.40 per Sale Share and was arrived at a willing
buyer-willing seller basis after taking into consideration these
events:

     (i) strong revenue and earnings growth of Metrojaya in the
         past three financial years;

    (ii) future earnings potential of Metrojaya; and

   (iii) the established brand names under Metrojaya and its
         presence as a leading and successful retailing group in
         Malaysia.

Moreover, the sale consideration of MYR273 million shall be
satisfied through:

   * a sum of MYR13.65 million representing 5% of the total sale
     consideration which, will be paid by Libertyray to Pan
     Malysian and Excelton, as deposit and part payment;

   * a sum of MYR13.65 million representing 5% of the total sale
     consideration which, will be paid within one month from the
     date of the Sale Agreement; and

   * the balance of the sale consideration of MYR245.70 million
     which will be paid within seven market days from the date
     of the Sale Agreement becoming unconditional.

Pan Malaysian intends to use the total proceeds of
MYR273 million from the proposed disposal as:

       Proposed Utilisation                         Amount
       --------------------                         ------
       Repayment of bank borrowings               MYR259,000
       Working capital                             MYR13,255
       Defraying estimated expenses                   MYR750
       relating to the Proposals                 ------------
                                         Total:   MYR273,005

Barring any circumstances and if all the required approvals are
met, the Proposed Disposal is expected to be completed by the
first quarter of 2007.

                 About Pan Malaysian Industries

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

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


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

ABELE NEUSEELAND: Liquidation Hearing Slated for November 23
------------------------------------------------------------
On November 23, 2006, at 10:00 a.m., the High Court of Nelson
will hear a liquidation petition filed against Abele Neuseeland
Tours Ltd.

The Commissioner of Inland Revenue filed the petition on
September 12, 2006.

The Solicitor for the Petitioner can be reached at:

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


AERO ENTERPRISES: Liquidation Hearing Set on Nov. 23
----------------------------------------------------
On September 27, 2006, the Commissioner of Inland Revenue filed
before the High Court of Nelson a liquidation petition against
Aero Enterprises Ltd.

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

The Solicitor for the Petitioner can be reached at:

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


AIR NEW ZEALAND: Orders 3 Bombardier Aircraft for Air Nelson
------------------------------------------------------------
On November 3, 2006, Bombardier Aerospace revealed that Air New
Zealand has placed a firm order for three 50-seat Bombardier
Q300 turboprop airliners on behalf of its wholly owned regional
airline subsidiary Air Nelson.  The order represents the
conversion of options taken as part of Air New Zealand's initial
order which was announced on October 10, 2004.  At that time,
Air New Zealand placed a firm order for 17 Q300 aircraft and
took options on an additional 10 Q300 and 13 70-seat Bombardier
Q400 aircraft.  As of July 31, 2006, nine Q300 aircraft had been
delivered to Air New Zealand.

The value of the transaction based on Q300 list prices is
approximately US$48.6 million.

"The performance and reliability of the Bombardier Q300 was a
key factor for us in choosing this aircraft type for Air
Nelson's fleet," John Hambleton, General Manager, Air Nelson
said.  "These aircraft have supported Air Nelson to steadily
grow its markets and better serve regional New Zealand."

"Reaction to the Q300 from both crew and customers has been
outstanding.  Our flight attendants and customers are impressed
by the spaciousness, quietness and vibration-free environment of
the cabin," Mr. Hambleton said.

"We are gratified by the reaction of Air New Zealand, Air Nelson
and their passengers to the Bombardier Q300," Steven Ridolfi,
President, Bombardier Regional Aircraft said.  "It is more
evidence that the Q300 is the most comfortable and cost-
effective turboprop in the 50-seat class."

Mr. Ridolfi noted that Air New Zealand was the ninth Star
Alliance partner to operate Bombardier Q-Series turboprops or
CRJ regional jets, joining Adria Airways, Air Canada Jazz, Air
Nippon Network Ltd., Austrian arrows, Lufthansa Regional, SAS,
United Express and US Airways Express. These airlines have
ordered more than 600 Bombardier regional aircraft.

                        About Bombardier

A world-leading manufacturer of innovative transportation
solutions, from regional aircraft and business jets to rail
transportation equipment, Bombardier Inc. is a global
corporation headquartered in Canada.  Its revenues for the
fiscal year ended January 31, 2006, were US$14.7 billion and its
shares are traded on the Toronto Stock Exchange.

Bombardier, CRJ, Q-Series, Q300 and Q400 are trademarks of
Bombardier Inc. or its subsidiaries.

                      About Air New Zealand

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

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

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


AWA MIRA: Court Appoints Joint Liquidators
------------------------------------------
On October 16, 2006, the High Court of Whangarei appointed Henry
David Levin and Barry Phillip Jordan as joint and several
liquidators of AWA Mira Freightline Ltd.

Accordingly, the joint liquidators fixed November 13, 2006, as
the last day for the Company's creditors to prove their claims.

The Joint Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         c/o Gavin Harold
         PPB McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


DENNY'S CORP: Posts US$9.5MM Operating Revenue in Third Quarter
---------------------------------------------------------------
Denny's Corp. reported US$9.5 million operating revenue in the
third quarter ended Sept. 27, 2006.

Denny's Corp. posted these results for its third quarter:

   -- company unit same-store sales increased 4.2% with
      positive guest traffic;

   -- franchised unit same-store sales increased 4.7%;

   -- total operating revenue increased US$9.5 million to
      US$258.2 million;

   -- the divestiture of 65 real estate assets for gross
      proceeds of US$67 million resulted in gains on
      disposition of assets of US$39 million;

   -- Denny's prepaid US$80 million in debt with proceeds from
      asset sales and surplus cash;

   -- The asset sales resulted in an incremental US$13.1
      million provision for income taxes;

   -- Operating income (excluding asset sale gains) increased
      US$7.5 million to US$16.6 million; and

   -- Net income (excluding gains and tax provision) increased
      US$4.9 million to US$0.1 million.

Nelson Marchioli, President and Chief Executive Officer, stated,
"Denny's results in the third quarter were driven by a strong
positive response to our promotional and product offerings.  
During the quarter, Denny's also launched a new television
campaign along with a targeted discounting program.  Together,
these initiatives successfully revitalized demand and produced
solid sales growth.  Denny's value proposition in the quarter
was particularly effective in driving guest traffic without
sacrificing average check.  This contributed to our improved
sales momentum despite the challenging consumer environment and
the difficult traffic trends experienced by our industry in
2006."

"During the third quarter, we made significant progress towards
our goal of reducing long-term debt.  Through the sale of non-
core real estate we reduced our debt by US$80 million.  Denny's
is stronger financially than at any time in the past 15 years,
carrying less debt and lower interest costs.  As a result,
Denny's is better positioned to reinvest in this great brand and
to focus its efforts on new unit development in the coming
years," Mr. Marchioli concluded.

                  Third Quarter Results

For the third quarter of 2006, Denny's reported total operating
revenue of US$258.2 million, an increase of 3.8%, or US$9.5
million over the prior year quarter.  Company restaurant sales
increased 3.9%, or US$8.9 million, to US$234.7 million as a
result of a 4.2% increase in company same-store sales.  This
sales increase offset an eleven-unit decline in company-owned
restaurants since the third quarter of last year.  Franchise
revenue increased 2.6%, or US$0.6 million, to US$23.5 million as
a 4.7% increase in same-store sales offset a twelve-unit decline
in franchised restaurants.

Company restaurant operating margin (as a percentage of company
restaurant sales) for the third quarter was 13.8% compared with
10.7% for the same period last year.  Product costs for the
third quarter increased by 0.3 percentage points compared with
last year due primarily to a shift in entr,e mix towards lunch
and dinner items.  Payroll and benefits improved by 1.1
percentage points due primarily to improving experience in
worker's compensation costs.  Other operating costs improved 2.4
percentage points due to a US$7.2 million reduction in legal
settlement costs resulting primarily from US$5.8 million in
specific charges taken in the prior year period.  Partially
offsetting the decrease in legal costs was a US$1.0 million
increase in utilities and a US$0.6 million decrease in
supplemental restaurant income.

General and administrative expenses for the third quarter
increased US$1.8 million from the same period last year due
mainly to higher incentive and stock-based compensation as well
as additional corporate staff.

Gains on disposition of assets increased US$39.0 million due to
the sale of 65 restaurant properties owned by the company but
previously leased to franchisee operators.

Operating income for the third quarter was US$55.6 million, an
increase of US$46.4 million compared with prior year operating
income of US$9.2 million.  This increase was due primarily to
US$39.0 million in asset sale gains.  Excluding these gains,
operating income increased US$7.5 million to US$16.6 million
compared with US$9.1 million in the prior year period.

Interest expense for the third quarter increased US$1.0 million
to US$15.0 million due to higher interest rates on the variable-
rate portions of Denny's debt compared with the prior year
period.  Other non-operating expense increased US$1.6 million
due to a pro rata write-off of deferred financing costs
associated with the US$80.0 million prepayment of first lien
term loan debt during the quarter.

Provision for income taxes for the third quarter increased by
US$14.9 million over the prior year due primarily to US$12.8
million in deferred income taxes and US$0.3 million in current
income taxes recorded as a result of the asset sales.  The
deferred income tax provision relates primarily to the
utilization of deferred income tax assets that had been
previously recorded relying on certain tax planning strategies.

Net income for the third quarter was US$25.5 million, or US$0.26
per diluted common share, an increase of US$28.9 million
compared with prior year net loss of US$3.4 million, or US$0.04
per common share.  Excluding asset sale gains and income taxes
from the current and prior year period, net income increased
US$4.9 million to US$0.1 million.

             Real Estate Sales/Debt Reduction

During the third quarter, Denny's made substantial progress on
its initiative to sell non-core real estate assets and utilize
the proceeds to reduce debt.  Denny's previously announced a
sale transaction of 60 restaurant properties for gross proceeds
of approximately US$62 million.  An additional five properties
were sold during the third quarter for gross proceeds of US$5
million. Denny's applied the net proceeds from these
transactions, along with surplus cash, to reduce the outstanding
balance on its first lien term loan by US$80 million during the
quarter.  Year-to-date Denny's has reduced its debt balances by
approximately 15%, or US$84 million.

At the end of the third quarter, Denny's owned 21 restaurant
properties that were being marketed for sale.  Six of these
properties are contracted for sale under the earlier multi-
property transaction and are expected to close by year-end.  In
total, 19 of the remaining properties are expected to be sold
within the next twelve months.

                      Business Outlook

While Denny's Corp. acknowledges that third quarter sales
results were higher than previously expected, it remains
cautious in the sales outlook for the fourth quarter based on
the uncertain macroeconomic environment and the difficulty that
presents when forecasting revenues.  Given an improved outlook
for full-year sales, Denny's Corp. would expect adjusted EBITDA
at the upper end of the previous guidance range of US$113 to
US$118 million.

The earnings per share guidance management previously provided
is no longer relevant due to the asset sale gains, restructuring
and impairment charges, non-operating expenses and provision for
income taxes recorded in the third quarter.  The expectation of
further gains, charges and non-operating expenses, along with a
potential debt refinancing transaction, could cause fourth
quarter earnings to vary materially.

                       About Denny's Corp.

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

                          *     *     *

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

Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the company's emergence from bankruptcy on Oct. 2,
2006.  The outlook is stable.


FELTEX CARPETS: Shareholder Wants T. Gavin Appointed to Board
-------------------------------------------------------------
A Feltex Carpets Limited shareholder is seeking the approval of
the High Court in Auckland to have shareholder activist Tony
Gavigan appointed to the Feltex board, the New Zealand Press
Association reports.

Ian Hamilton, of Invercargill, who owns 172,000 Feltex shares,
lodged the application on October 27, 2006, NZPA cites a report
from The Dominion Post.

Mr. Gavigan, who is an auditor, is gathering a group of Feltex
shareholders to take legal action against several parties
associated with the float of Feltex Carpets, NZPA relates.

According to ShareChat News, Feltex Carpets has had no directors
since they all resigned.

The Troubled Company Reporter - Asia Pacific has reported that
Tim Saunders, Michael Feeney, John Hagen, and David Hunter
resigned on October 19, 2006, as directors of the company.  
Peter Thomas has resigned on September 22, 2006, the day
McGrathNicol and Partners was appointed as receivers for the
company, the TCR-AP noted.

The action is being taken because of concerns the receivers were
acting solely in the interest of their secured creditor
appointee and were selling Feltex assets too cheaply, ShareChat
cites Mr. Gavigan, as saying.

Mr. Gavigan suggests that Feltex Carpets may have been worth
more broken up, rather than being sold as a going concern.

Being a Feltex director would also give access to documents that
could be used in a class action, Mr. Gavigan says.

Receiver Colin Nicol said the sale of Feltex complied with
statutory obligations in New Zealand and Australia, NZPA
relates.

According to NZPA, an independent expert in New Zealand, Ferrier
Hodgson, reviewed the process and legal opinions were also
obtained from senior counsel in both countries.

"A break up sale would have triggered significant redundancy
payments in Australia, which would have greatly reduced the sale
price compared to the going concern sale outcome to Godfrey
Hirst," NZPA cites Mr. Nicol as saying.

                          About Feltex

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

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

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

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


FIRE TECHNOLOGY: Court Hears CIR's Liquidation Petition
-------------------------------------------------------
The High Court of Hamilton heard a liquidation petition against
Fire Technology Services Ltd on November 6, 2006.

The Commissioner of Inland Revenue filed the petition with the
Court on September 28, 2006.

The Solicitor for the Petitioner can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


GDC COMMUNICATIONS: Creditors Must Prove Debts by November 9
------------------------------------------------------------
On October 12, 2006, the High Court of Auckland appointed Henry
David Levin and David Stuart Vance as joint and several
liquidators of GDC Communications Ltd.

Accordingly, the Joint Liquidators require creditors to prove
their debts by November 9, 2006.  Failure to present proofs of
debt will exclude a creditor from sharing in any distribution
the Company will make.

The Joint Liquidators can be reached at:

         Henry David Levin
         David Stuart Vance
         c/o Gavin Harold
         PPB McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


INNATE TECHNOLOGIES: Faces Liquidation Proceedings
--------------------------------------------------
A petition to liquidate Innate Technologies Ltd will be heard
before the High Court of Auckland on November 16, 2006, at 10:45
a.m.

Corporate Consumables Ltd filed the petition on October 12,
2006.

The Solicitor for the Petitioner can be reached at:

         Travis Jon Lamb
         Hughes Robertson
         Barristers & Solicitors
         Fourth Floor, Leaders Building
         15 Brandon Street (P.O. Box 2513)
         Wellington
         New Zealand


JAP N SAVE: Hearing of Liquidation Bid Set on November 9
--------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Jap n Save Ltd on November 9, 2006, at 10:45 a.m.

Akub Ali filed the petition with the Court on August 18, 2006.

The Solicitor for the Petitioner can be reached at:

         David John Rooke
         David Rooke Pakuranga Law Office
         P.O. Box 51-230
         Pakuranga, Auckland
         New Zealand


KIDS AND FAMILIES: Court to Hear Liquidation on Nov. 23
-------------------------------------------------------
On September 12, 2006, the Commissioner of Inland Revenue filed
a liquidation petition against Kids and Families Are Us Ltd
before the High Court of Nelson.

The petition will be heard on November 23, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

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



LOUIS ENTERPRISES: Creditors to Prove Claims on November 27
-----------------------------------------------------------
On October 16, 2006, John Robert Buchanan and Callum James
Macdonald were appointed as liquidators of Louis Enterprises
Ltd.

Accordingly, creditors of the Company are required to prove
their claims to the liquidators by November 27, 2006.

The Liquidators can be reached at:

         John Robert Buchanan
         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         P.O. Box 101 993
         North Shore Mail Centre, Auckland
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


PAINTS & WALLPAPERS: Names Blanchett and McLean as Liquidators
--------------------------------------------------------------
On October 12, 2006, David Blanchett and Peter McLean were named
as joint liquidators for Paints & Wallpapers Wanganui Ltd.

The liquidators will be receiving proofs of claim from the
Company's creditors on November 24, 2006.  Failure to present
proofs of debt will exclude a creditor from sharing in any
distribution the Company will make.

The Joint Liquidators can be reached at:

         David Blanchett
         Peter McLean
         Beattie Rickman
         P.O. Box 191, Hamilton
         New Zealand


ROTHWELL PROPERTIES: Creditors' Proofs of Claim Due on Nov. 17
--------------------------------------------------------------
On October 18, 2006, Jeffrey Philip Meltzer and Rachel Mason
were appointed as joint and several liquidators of Rothwell
Properties Ltd.

Creditors are required to submit their proofs of claim to the
liquidators by November 17, 2006, or be excluded from the
benefit of any distribution the Company will make.

The Joint Liquidators can be reached at:

         Jeffrey Philip Meltzer
         Rachel Mason
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302
         Wellesley Street, Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


STATIONERY DIRECT: Enters Liquidation Proceedings
-------------------------------------------------
On October 18, 2006, shareholders of Stationery Direct Ltd
resolved by special resolution to liquidate the company's
business and appoint Jennifer Mary Gillies as liquidator.

The Liquidator can be reached at:

         Jennifer Mary Gillies
         661 Ararimu Valley Road
         Waimauku
         New Zealand
         Telephone:(09) 411 9551
         Facsimile:(09) 411 9528


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

BANCO DE ORO: 2006 3rd Qtr Income Up 53% From 2005 3rd Qtr.
-----------------------------------------------------------
Banco de Oro Universal Bank posted a 23% growth in bottomline
profits with a consolidated net income of PHP2.29 billion for
the first nine months of 2006.  Net income for the third quarter
of 2006 alone was at PHP1.03 billion, 53% higher than the
PHP672-million net income for the same period last year, and 85%
higher than the PHP558 million for the second quarter of 2006.

Despite a generally lower interest rate environment for this
year, the Bank managed to improve its net interest income for
the 2006 third quarter by 17%, owing to a substantial increase
in its portfolio of interest earning assets.

Non-interest income for the quarter ended Sept. 30, 2006, grew
47% to PHP3.7 billion from the PHP2.5 billion for the same
quarter last year, on account of an upsurge in trading gain due
to a decline in interest rates in the third quarter of this
year.  Trust fees increased by 30% and service charges also
increased 8%.

Operating expenses for the 2006 third quarter was 33% higher
from the same period last year primarily owing to expenses
related to the consolidation of the credit card subsidiary into
the Parent Bank as well as the integration of the acquired UOBP
branches.  With a 228-branch network as of the third quarter of
the year, the Bank plans to redeploy 23 more branches in
strategic business areas in the coming months.

Total resources as of the third quarter stood at
PHP290.4 billion for a 36% year-on year growth.  Investment
securities increased by 32% to PHP113.7 billion while net loans
and other receivables grew by 28% to PHP123.8 billion.  Funding
the growth in assets was a 37% growth in total deposits to
PHP204.4 billion and a 24% increase in total capital owing to
the continued profitable operations of the Bank.

Return on average equity was computed at 14.03% while return on
average assets registered at 1.17%

                       About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

                          *     *     *

Fitch Ratings Ltd. had on July 27, 2006, upgraded Banco de Oro
Universal Bank's Support rating to '3' from '4', and affirmed
its Individual rating at 'C/D', following a review of the Bank.


EXPORT & INDUSTRY BANK: Benjamin Castillo Retires as President
--------------------------------------------------------------
In a disclosure statement submitted to the Philippine Stock
Exchange, Export and Industry Bank informs of the acceptance by
the Bank's Board of Directors of the retirement of its long-time
president, Benjamin P. Castillo.

Mr. Castillo, who has served as the bank's president since the
start of its commercial operations in 1997, retires effective
October 31, 2006.  Exportbank Chairman Jaime C. Gonzalez will be
the acting president of the bank in a concurrent capacity.

During his term as president, Mr. Castillo was a member of
Exportbank's Board of Directors and also held the position of
Chairman of the Philippine Clearing House and Director of the
Bankers Association of the Philippines.

                  About Export & Industry Bank

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

The Bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend annual financial aid of
PHP600 million to the Bank.


GLOBE TELECOM: Moody's Affirms Ba2 Foreign Currency Rating
----------------------------------------------------------
On November 3, 2006, Moody's Investors Service affirmed Globe
Telecom, Inc.'s Ba2 senior unsecured foreign currency rating and
changed its outlook to stable from negative.  At the same time,
Moody's has affirmed Globe's Baa2 domestic currency issuer
rating.  The outlook for this rating remains stable.

"The action has been prompted by the change in outlook on the
Philippines Ba3 country ceiling for foreign currency bonds to
stable from negative," says Moody's Charles Macgregor, VP/Senior
Credit Officer and lead analyst for the company.

Globe's rating reflects the application of Moody's Joint Default
Analysis to Government Related Issuers.  In accordance with this
rating methodology, the Baa2 rating of Globe encompasses these
inputs:

   * Baseline credit assessment of 10 (on a scale of 1 to 21,
     where 1 represents lowest credit risk);

   * Aa2 local currency rating of Singapore Telecommunications
     (SingTel) -- its 44% shareholder;

   * Low dependence; and

   * Medium support

"The baseline credit assessment (BCA) of 10 is underpinned by
Globe's position as the second largest telecommunications
operator in the Philippines as well as its healthy financial
profile and free cash flow generative status, including a sound
debt maturity and liquidity profile," says Mr. Macgregor.

"On the other hand, the BCA factors in Globe's exposure to an
inherently volatile regional economy and the risks associated
with the political uncertainty evident in the Philippines," says
Macgregor, adding, "Notably, any deterioration in the political
environment and changes in the regulatory regime could impact
the company's ongoing access to the capital markets and its
prospects for continued growth."

Globe's foreign currency senior unsecured debt rating of Ba2 is
above the Philippines' foreign currency country ceiling of Ba3.
The foreign currency senior unsecured debt rating incorporates
convertibility risk, which is the likelihood of the government
declaring a debt moratorium to counter a foreign currency
crisis.

Moody's views foreign currency bonds subject to international
law as less likely to be subject to a debt moratorium than
foreign currency obligations subject to local law.  Therefore, a
differential exists between Globe's foreign currency bond rating
and the sovereign rating.

As such, Globe's foreign currency bond rating is a function of
its own risk of default and the probability of a Philippine
government default on its foreign debt (implied by its B1
rating), the likelihood that the government would declare a
moratorium in the event of a default (implied by the Ba3 foreign
currency ceiling) and, if it did, the chances that it would
exempt a company such as Globe.

The ratings outlook is stable.  Globe's credit metrics already
exhibit a strong investment grade quality, and hence upward
rating pressure would now be a function of a more stable
economic, political and social environment, which could reduce
the uncertainties associated with its prospective operating
environment.  The company's baseline credit assessment may
experience upward pressure if absolute EBITDA exceeds PHP50
billion with a margin of more than 65% and with adjusted debt to
adjusted EBITDA falling towards 1x.

At the same time, negative rating action may be evident if the
company adopts a more aggressive financial policy concurrent
with major M&A activity and a downturn in its operating
environment, whether driven by political, economic or regulatory
factors. Globe's BCA may experience downward pressure with
EBITDA margin falling below 50% and in conjunction with an
adjusted debt to adjusted EBITDA ratio approaching 2x.

Globe Telecom, Inc, headquartered in Manila, is a leading
provider of telecommunications services in the Philippines.


INTERNATIONAL WIRE: Purchases New Plant Site for US$600,000
-----------------------------------------------------------
International Wire Group, Inc., purchased a new plant site
located in Sherrill, New York, from a subsidiary of Oneida, Ltd.

The purchase of this facility, which is approximately 80,000
square feet, for approximately US$600,000, will be used to
expand and move current bare wire production in the central New
York region.  New and existing equipment will be installed in
this facility over the next 6 to 8 months.  Total capital
expenditures related to the facility are expected to be
approximately US$14 million.  The City of Sherrill, New York
provides favorable hydroelectric power rates that should result
in lower production costs.

Rodney D. Kent, Chief Executive Officer, stated, "We are pleased
to acquire this facility in central New York to enhance our
production capacity with lower utility costs.  This location's
proximity to our other plant sites provides greater production
flexibility."

                    About International Wire

International Wire Group, Inc. is a manufacturer and marketer of
wire products, including bare, silver-plated, nickel-plated and
tin-plated copper wire, for other wire suppliers and original
equipment manufacturers or "OEMs".  Their products include a
broad spectrum of copper wire configurations and gauges with a
variety of electrical and conductive characteristics and are
utilized by a wide variety of customers primarily in the
aerospace, appliance, automotive, electronics and data
communications, industrial/energy and medical device industries.  
The company manufactures and distributes its products at 13
facilities located in the United States, Belgium, France, Italy,
Mexico and the Philippines.

                          *     *     *

Standard & Poor's assigned these ratings on Dec. 2, 2003, to
International Wire:

   -- Long-term foreign issuer credit: D, and
   -- Long-term local issuer credit: D.


METRO PACIFIC: Posts PHP477.9-Mln Net Loss for 3rd Quarter 2006
---------------------------------------------------------------
For the third quarter of financial year 2006, Metro Pacific
Corporation reported a net loss of PHP477.9 million, resulting
from the effect of various non-recurring provisions made during
the first six months of 2006 and from poor performance by
subsidiary Negros Navigation Company.

As of September 30, 2006, MPC's balance sheet revealed
strained liquidity with PHP2,018,240 in total current
assets available to pay PHP2,056,723 of total current
liabilities coming due within the next 12 months.

MPC'S September 30, 2006 balance sheet also showed total
liabilities of PHP3,537,624 exceeding total assets of
PHP3,516,220, resulting to total shareholders' deficit of
PHP21,404.

MPC notes that it presently has only one operating business --
Negros Navigation.  

MPC recounts that its entire shareholding in Landco Pacific
Corporation was sold to Metro Pacific Investments Corporation on
April 30, 2006.  As a result, MPIC's pro forma nine-month
results are also included in MPC's disclosure with the
Philippine Stock Exchange, reflecting the ongoing transition
from MPC to MPIC.

A full-text copy of MPC's disclosure with the PSE is available
for free at:

http://www.pse.org.ph/html/disclosure/pdf/dc2006-5271_MPC.pdf

         2006 Consolidated Nine-Month Results for MPC

Negros Navigation's reduced fleet -- six vessels in operation in
2006 versus nine in 2005 -- carried lower volumes of passengers
and cargo during the first 9 months of 2006.  This resulted in
MPC's lower consolidated revenues of PHP1.99 billion for the
first nine months of 2006, compared with revenues of
PHP2.5 billion for the same period in 2005.

Consolidated cost of sales, which include vessel operating
costs, stood at PHP1.79 billion for the period, a decrease from
the PHP2.2 billion incurred last year, due to Negros
Navigation's reduced operations and to enhanced cost controls.

Financing charges were reported at PHP162.3 million for the
first nine months of 2006, compared with PHP136.9 million for
the same period in 2005, due to increased interest charges
incurred by Negros Navigation.

The consolidated results of MPC reflect Landco's operations only
until April 30, 2006.

    2006 Pro Forma Consolidated Nine-Month Results for MPIC

MPIC's pro forma nine-month results differ from MPC's in that it
reflects the full nine months results for Landco and start-up
costs for MPIC.  As of November 6, 2006, MPIC reported a pro
forma net loss of PHP492.2 million for the first nine months of
2006, attributable to continued losses at Negros Navigation, and
the continued effect of various non-recurring provisions
previously made.

MPIC reported pro forma consolidated revenues of PHP2.51 billion
for the period, reflecting increased revenues by Landco.  Pro
forma cost of sales stood at PHP1.984 billion in 2006 versus
PHP2.183 billion in 2005, reflecting Negros Navigation's reduced
operations.  Pro forma financing charges of PHP160.1 million
were reported for the first nine months of 2006, due to
increased interest charges incurred by Negros Navigation.

By itself, Landco reported a net profit of PHP43.8 million for
the first nine months of 2006, due to healthy take up at new and
expansion projects.  The initial, core business of MPIC, Landco
is presently engaged in an aggressive effort to expand its
product portfolio and its business.

          Management Focuses on Recapitalization Plan

"We are in discussion with a number of parties in order to find
ways to address effectively [Negros Navigation's] losses, and to
enable that business to determine its own growth trajectory and
its future.  Moving forward, we are focused on the ongoing MPIC
tender offer and in completing the reorganization and
recapitalization plan.  The result will be a well-capitalized
and listed MPIC with considerable growth opportunities for the
future," Jose Ma. K. Lim, Metro Pacific's president and CEO,
says.

As reported in the Troubled Company Reporter - Asia Pacific on
October 26, 2006, MPIC and four shareholders of MPC who
collectively hold a total of 725,160,154 common shares,
comprising 76% of MPC's total outstanding common shares, have
executed an agreement providing for Metro Pacific Investments'
acquisition of the MPC shares in exchange for new MPIC shares.

                      About Metro Pacific

Metro Pacific Corporation -- http://www.metropacific.com/-- is  
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co.,
raised significant doubts on MPC's ability to continue as a
going concern after auditing the Company's annual report for the
period ended December 31, 2005.

Ms. Miguel noted in the auditors' report that MPC suffered
significant losses in prior years leading to its inability to
meet its maturing obligations, on principal and interest, to
certain third-party lenders and to a related company.  Although
the Company has generated a PHP194.26-million net income
attributable to equity holders for the year ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of
December 31, 2005, due to prior year's accumulated losses.

In response, the company continues to implement measures geared
towards generating liquidity to meet maturing obligations and
profitability, including debt rehabilitation activities and a
capital restructuring plan.


NATIONAL POWER: Completes US$500-Million Global Bonds Sale
----------------------------------------------------------
National Power Corporation has successfully raised
US$500 million through the sale of 10-year global bonds.

In a statement, the Power Sector Assets and Liabilities
Management Corporation said the order book for the bonds was
closed in just 14 hours after the issue was announced on
October 25, 2006.  A total of 210 investors participated in the
transaction, including 90 from Asia, 55 from Europe, and 65 from
the United States.

National Power President Cyril C. del Callar said he was pleased
with the outcome of the issue, adding "the strong investor
response to our offering is very encouraging."

"With this benchmark deal, we have completed our US dollar
funding plans for the year," the Mr. del Callar noted.

PSALM President Nieves L. Osorio echoed Mr. del Callar's
reaction, saying: "We have successfully re-benchmarked the
credit of National Power and this positions us better for future
funding exercises."

For his part, National Treasurer Omar Cruz said the successful
sale of the global bonds "marks a turnaround in the appetite of
international investors for the National Power credit and
manifests their enhanced appreciation of the overall fiscal
situation of the Republic."

The bonds are fully guaranteed by the Philippine government and
will mature on November 2, 2016.  The notes were priced at a
yield of 6.875%.

It was the only international bond float for National Power for
the year, and completes its offshore funding program for 2006.
Citigroup and Deutsche Bank acted as joint lead managers
and joint book runners for the issue.

The proceeds of the bond issue will be used to refinance
National Power's maturing debts.

                       About National Power

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a PHP16-
million profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
improved fuel mix and better fuel prices.


PHIL. LONG DISTANCE: Moody's Affirms Ba2 Foreign Currency Rating
----------------------------------------------------------------
On November 3, 2006, Moody's Investors Service affirmed
Philippine Long Distance Telephone Company's Ba2 senior
unsecured foreign currency rating and changed its outlook to
stable from negative.  At the same time, Moody's has affirmed
PLDT's Baa3 domestic currency issuer rating.  The outlook for
this rating remains positive.

"The action has been prompted by the change in outlook on the
Philippines Ba3 country ceiling for foreign currency bonds to
stable from negative," says Moody's Charles Macgregor, VP/Senior
Credit Officer and lead analyst for the company.

PLDT's current foreign currency senior unsecured debt rating of
Ba2/stable is above the Philippines' foreign currency country
ceiling of Ba3/stable.  The foreign currency senior unsecured
debt rating incorporates convertibility risk, which is the
likelihood of the government declaring a debt moratorium to
counter a foreign currency crisis.

Moody's views foreign currency bonds subject to international
law as less likely to be subject to a debt moratorium than
foreign currency obligations subject to local law.  Therefore, a
differential exists between PLDT's foreign currency bond rating
and the sovereign rating.

As such, PLDT's foreign currency bond rating is a function of
its own risk of default and the probability of a Philippine
government default on its foreign debt (implied by its B1
rating), the likelihood that the government would declare a
moratorium in the event of a default (implied by the Ba3 foreign
currency ceiling) and, if it did, the chances that it would
exempt a company such as PLDT.

The domestic currency issuer rating outlook is positive, while
the foreign currency rating has a stable outlook.

"At the same time, PLDT's credit metrics already exhibit a
strong investment grade quality," says Mr. Macgregor, adding,
"Hence, upward pressure on the local currency rating would now
be a function of a more stable economic, political and social
environment, and which could reduce the uncertainties associated
with the company's prospective operating environment."

Indicators of a stabilizing environment could be reflected by a
strengthening in EBITDA, both absolutely, as in above PHP90
billion, and as a percentage of revenue, as in above 65%.  A
seamless transition to a 3G platform would also represent a
positive development, while the foreign currency ratings would
undergo an upgrade with an upgrade in the sovereign rating.

Downward rating pressure is not expected, given that PLDT
currently enjoys a healthy financial and operating risk profile.
Event risk is, however, apparent due to sovereign-related issues
that could manifest themselves in changes to either the tax or
regulatory environments. Such an outcome may be seen in weaker
credit metrics, specifically EBITDA margin falling below 50%,
debt/EBITDA rising above 2.0x, and FFO Interest coverage
trending towards 4x. In addition, PLDT's foreign currency
ratings are sensitive to movements in the sovereign rating.

Philippine Long Distance Telephone Company, based in Manila, is
that country's leading provider of integrated telecommunications
services.


WENDY'S INTERNATIONAL: Earns US$72 Million in Third Quarter 2006
----------------------------------------------------------------
Wendy's International Inc. reported a US$72.0-million net income
for the third quarter of 2006, compared to a US$72.1 million net
income for the third quarter of 2005.

The company also reported US$623.8 million of total revenues for
the current quarter, a 2.5% increase from US$608.8 million of
total revenues for the same period in 2005.

Commenting on the results, Kerrii Anderson, the company's
interim chief executive officer and president, said "[a]s we
complete our strategic initiatives of spinning off Tim Hortons,
selling Baja Fresh and reducing costs, we are sharpening our
focus on the Wendy's brand.  By following our new comprehensive
strategic plan, 'Quality-Driven: Wendy's Recipe for Success,' we
intend to continue driving improved restaurant-level economic
performance by focusing on product innovation, targeted
marketing, cost containment and operations excellence."

                  Fourth Quarter Forecasts

The company anticipates that it will incur additional costs in
the fourth quarter, including US$4 million to US$8 million in
pretax charges for the closure of Wendy's restaurants and
approximately US$3 million in pretax expense for research and
development related to its breakfast test.

In addition, the company expects to record higher expense for
performance-based incentive compensation in the fourth quarter
of 2006 commensurate with anticipated improved operating results
compared to 2005.

         Board Approves 115th Consecutive Dividend

The company's Board Of Directors approved a quarterly dividend
of 8.5 cents per share, payable on November 20 to shareholders
of record as of Nov. 6.  The dividend will be the company's
115th consecutive dividend.  Because the record date for the
dividend payment is before the expiration date of the tender
offer, shareholders of record on November 6 who tender their
shares in the tender offer will be entitled to the dividend
payment.

                         About Wendy's

Wendy's International Inc. (NYSE:WEN) -- http://www.wendys-
invest.com/ -- is a restaurant operating and franchising company
with more than 9,900 total restaurants and quality brands,
including Wendy's Old Fashioned Hamburgers(R) and Baja Fresh
Mexican Grill.  The company also has investments in three
additional quality brands -- Tim Hortons, Cafe Express and Pasta
Pomodoro(R).  There are Wendy's restaurants in Asia, including
the Philippines.

                          *     *     *

On July 12, 2006, Moody's Investors Service assigned Wendy's
International Inc.'s long-term corporate family rating and
senior unsecured debt rating at Ba2.

Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Wendy's International Inc.
to 'BB+' from 'BBB-'.  At the same time, the short-term rating
was lowered to 'B-1' from 'A-3'.  The outlook was negative.


WENDY'S INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency held
its Ba2 Corporate Family Rating for Wendy's International Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these
debentures:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$200m 6.25%
   senior unsecured
   notes due 2011         Ba2      Ba2     LGD4       54%

   US$225m 6.2% senior
   unsecured notes
   due 2014               Ba2      Ba2     LGD4       54%

   US$100m 7%
   debentures
   due 2025               Ba2      Ba2     LGD4       54%

   Unsecured shelf        Ba2      Ba2     LGD4       54%

   Subordinated shelf     Ba3       B1     LGD6       97%

   Preferred shelf        B1        B1     LGD6       97%

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

Wendy's International Inc. (NYSE:WEN) -- http://www.wendys-
invest.com/ -- is a restaurant operating and franchising company
with more than 9,900 total restaurants and quality brands,
including Wendy's Old Fashioned Hamburgers(R) and Baja Fresh
Mexican Grill.  The company also has investments in three
additional quality brands -- Tim Hortons, Cafe Express and Pasta
Pomodoro(R).  There are Wendy's restaurants in Asia, including
the Philippines.


* Moody's Revised Ratings Outlook Results to PHP22 Bln Savings
--------------------------------------------------------------
The Philippines has already saved approximately PHP22 billion as
a result of its improved credit rating and the rise in the value
of the peso in relation to the US dollar, Press Secretary and
Presidential Spokesman Ignacio R. Bunye said in explaining the
benefits of the new rating by Moody's Investors Service.

As reported in the Troubled Company Reporter - Asia Pacific on
November 3, 2006, Moody's Investors Service changed to stable
from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.

In his weekly column "The View from the Palace," Mr. Bunye said
the improved credit outlook and the consequent improvement in
the peso vis-.-vis the US currency have resulted in increased
savings that could be used for education and social services.

Mr. Bunye bewailed the inability of President Gloria Macapagal-
Arroyo's detractors to give credit to the rating upgrade and its
beneficial effects.

"A good credit rating results in smaller cost in servicing our
loan.  A few basis points reduction in our interest rates could
result in billions of pesos in savings," Mr. Bunye said.

"To be more precise, we have to date already saved approximately
PHP22 billion as a result of both the improved credit outlook
and the consequent improvement in the peso in relation to the
dollar," Mr. Bunye added.

Mr. Bunye noted that the President had already determined how
the savings would be spent.

"Of these savings, President Arroyo has asked DBM (Department of
Budget and Management) Secretary (Rolando) Nonoy Andaya to
earmark PHP16 billion for education, PHP5 billion for health and
PHP1billion for social services," Mr. Bunye said.


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

CHEMTURA CORP: Posts US$80.6 Million Third Quarter 2006 Loss
------------------------------------------------------------
Chemtura Corp. reported a US$80.6 million loss from continuing
operations for the third quarter of 2006, and earnings from
continuing operations on a non-GAAP basis of US$18.3 million.

Robert L. Wood, the chairperson and chief executive officer of
Chemtura, commented, "This year's third quarter results reflect
a number of operating challenges and several notable
accomplishments.  Crop Protection results were negatively
impacted by high bad debt reserves and lower sales in Latin
America and competitive pressures in the US mite market, and we
continued to struggle in Rubber Additives and EPDM Elastomers.  
We've begun recapturing volume in our non-flame retardant
Plastic Additives business but it has not yet translated into
the margin recovery we anticipate.  Flame Retardants, Consumer
Products, Lubricant Additives and Urethanes all turned in solid
performances."

"Over the course of 2006, our managerial emphasis has been on
strengthening Chemtura's capabilities and resolving remaining
legacy issues.  Third quarter results demonstrate considerable
progress toward those objectives. We intend to continue focusing
our efforts on growing our best franchises, fixing problem
areas, streamlining costs, and honing our portfolio to create
a far better performing company," Mr. Wood said.

                     Third Quarter Results

Chemtura's third quarter 2006 net sales of US$917.0 million were
less than one percent below third quarter 2005 net sales of
US$918.4 million.  The decrease is due to lower sales of US$13.6
million related to the sale of the company's Industrial Water
Additives business or IWA in May 2006 and a US$21.7 million
decrease in sales volume, which were mostly offset by increased
selling prices of US$26.5 million and favorable foreign currency
translation of US$7.0 million.

Included in Chemtura's operating loss for the three and nine
month periods ended Sept. 30, 2006, is a pre-tax charge of
US$51.9 million, which represents the estimated impact of the
goodwill impairment that is being evaluated in accordance with
Statement of Financial Accounting Standards No. 142, "Goodwill
and Other Intangible Assets."  This charge represents
management's current estimate of the impairment, which may be
higher or lower than the final measurement.  The final
measurement of the impairment is expected to be completed prior
to the filing of the company's Quarterly Report on Form 10-Q on
Nov. 9, 2006.

Chemtura's operating loss for the third quarter of 2006 was
US$45.2 million as compared with an operating loss of US$49.7
million for the third quarter of 2005.  This 9% improvement is
primarily due to:

   -- the absence of non-recurring third quarter 2005 merger
      related charges for the write-off of in-process research
      and development of US$75.4 million; and

   -- a purchase accounting inventory adjustment of
      US$37.1 million resulting from the:

   * merger with Great Lakes Chemical Corp. on July 1, 2005;

   * reduced merger costs of US$18.3 million;

   * increased selling prices of US$26.5 million; and

   * cost reduction program savings of US$21.0 million, which
     were partially offset by:

   (a) an estimated goodwill impairment charge of
       US$51.9 million;

   (b) higher raw material and energy costs of US$30.3 million;

   (c) a US$19.0 million increase in antitrust costs primarily
       related to settlements reached in the third quarter of
       2006;

   (d) lower sales volume of US$18.4 million;

   (e) a US$14.5 million charge related to the impairment of
       long-lived assets of the Fluorine business;

   (f) US$11.8 million of unfavorable manufacturing costs
       resulting from lower production volumes;

   (g) higher freight costs of US$6.9 million related to fuel
       surcharges;

   (h) an increase in the provision for doubtful accounts of
       US$4.5 million primarily resulting from the current
       economic situation of the agricultural markets in Brazil;

   (i) inventory write-offs of US$3.6 million;

   (j) the absence of US$3.5 million of operating profit due to
       the sale of the IWA in May 2006; and

   (k) additional depreciation expense of US$2.9 million
       resulting from a change in the useful life of assets at
       one of the company's manufacturing facilities.

Chemtura's operating loss also includes US$2.4 million
(US$1.5 million after-tax) related to the incremental stock-
based compensation expense for the quarter ended Sept. 30, 2006,
associated with the adoption of FASB Statement No. 123R, "Share
Based Payment," on Jan. 1, 2006.

Chemtura's loss from continuing operations for the third quarter
of 2006 was US$80.6 million, compared with US$120.3 million for
the third quarter of 2005.  This improvement is due in part to:

   -- the 9% improvement in operating profit;

   -- lower interest expense of US$6.8 million;

   -- a US$2.4 million increase in equity income from the Davis
      Standard joint venture;

   -- a gain of US$1.5 million due to the adjustment of a
      contingency related to the 2004 sale of the company's
      Gustafson joint venture, and

   -- a higher tax benefit in 2006 compared with 2005  
      principally due to:

     (i) the absence of non-recurring taxes in 2005 on dividends
         under the Foreign Earnings Repatriation provisions of
         the 2004 American Jobs Creation Act; and

    (ii) the lack of any tax benefit in 2005 for the write-off
         of in-process research and development related to the
         Merger.

The increases were partially offset by higher costs of
US$13.5 million for the loss on early extinguishment of debt
principally related to the early retirement of the company's
9.875% Notes in July 2006.

During the third quarter of 2006, Chemtura recorded a gain on
sale of discontinued operations of US$45.9 million (net of taxes
of US$21.1 million), related to the sale of the OrganoSilicones
business to General Electric company in July of 2003.  This gain
represents the recognition of the additional contingent earn-out
proceeds related to the combined performance of GE's existing
Silicones business and the OrganoSilicones business from the
date of the sale through Sept. 30, 2006.

                 Third Quarter Non-GAAP Results

On a non-GAAP basis, third quarter 2006 operating profit was
US$51.7 million compared with third quarter 2005 pro forma non-
GAAP operating profit of US$93.6 million.  This 45% decrease is
comprised of:

   -- higher raw material and energy cost of US$30.3 million;

   -- lower sales volume of US$18.4 million;

   -- US$11.8 million of unfavorable manufacturing costs due to
      lower production volume;

   -- US$6.9 million of higher freight costs;

   -- US$4.5 million primarily due to an increase in the
      provision for doubtful accounts resulting from the current
      economic situation of the agricultural markets in Brazil;

   -- US$3.6 million of inventory write-offs;

   -- the absence of US$3.5 million of operating profit due to
      the sale of IWA;

   -- US$3.4 million of other strategic and corporate initiative
      costs;

   -- US$2.4 million related to the incremental effect of stock
      option expense; and

   -- other net increases in operating costs, which were
      partially offset by selling price increases of
      US$26.5 million and synergy cost savings of US$21.0
      million.

Chemtura's non-GAAP earnings from continuing operations for the
third quarter of 2006 was US$18.3 million, excluding pre-tax
charges of US$51.9 million for the estimated impairment of
goodwill, US$25.7 million for antitrust costs resulting
primarily from settlement offers made to certain rubber
chemicals and indirect class action claimants and legal fees
associated with the antitrust investigations and civil lawsuits,
a US$24.3 million loss on early extinguishment of debt related
to the retirement of the company's 9.875% Senior Notes due 2012,
a US$14.5 million asset impairment charge related to the
impairment of certain tangible and intangible assets of the
Fluorine business, US$2.9 million for additional depreciation
due to the change in the useful life of certain assets at one
of the company's manufacturing facilities, US$1.1 million for
merger costs related to the Merger, and US$0.9 million for
facility closures, severance and related costs.  Excluded from
non-GAAP earnings is also a pre-tax credit of US$1.5 million
related to the reversal of certain reserves related to the
company's Gustafson joint venture that was sold in 2004. Non-
GAAP earnings from continuing operations includes US$2.4 million
(US$1.5 million after-tax) related to the incremental stock-
based compensation expense for the quarter ended Sept. 30, 2006,
associated with the adoption of FASB Statement No. 123R, "Share
Based Payment," on Jan. 1, 2006.

Pro forma non-GAAP earnings from continuing operations for the
third quarter of 2005 excludes pre-tax charges of US$19.4
million for merger costs resulting from the Merger, US$10.9
million for the loss on early extinguishment of debt, US$6.7
million for antitrust costs, US$4.6 million for direct costs
resulting from Hurricanes Katrina and Rita, and
US$0.2 million for facility closures, severance and related
costs.

                       Nine-Month Results

Chemtura's net sales for the nine months ended Sept. 30, 2006,
of US$2,849.1 million were US$738.6 million above net sales for
the comparable period of 2005 of US$2,110.5 million.  The
increase was primarily due to US$855.6 million in additional
sales resulting from the Merger, partially offset by the
exclusion of US$48.3 million of sales due to the deconsolidation
of the company's Polymer Processing Equipment business in April
2005.

The operating profit of Chemtura for the nine months ended
Sept. 30, 2006, was US$53.6 million as compared with
US$55.7 million for the nine months ended Sept. 30, 2005.  This
4% decrease is primarily a result of:

   -- a US$51.9 million charge related to the impairment of
      goodwill;

   -- higher antitrust costs of US$57.5 million due primarily to
      additional settlements throughout 2006;

   -- US$66.0 million in higher raw material and energy costs;

   -- US$48.1 million in lower sales volume;

   -- US$28.6 million in unfavorable manufacturing costs
      resulting from lower production volumes;

   -- US$20.1 million for the impairment of long-lived assets;

   -- US$3.9 million in unfavorable currency translations;

   -- higher freight costs of US$7.6 million related to fuel
      surcharges;

   -- an increase in the provision for doubtful accounts of
      US$3.7 million primarily resulting from the current
      economic situation of the agricultural markets in Brazil;

   -- inventory write-offs of US$7.0 million;

   -- US$6.5 million due to the sale of the Industrial Water
      Additives business (IWA) in May 2006; and

   -- US$6.6 million related to the incremental effect of stock
      option expense.

The charges were offset in part by US$130.2 million of
additional operating profit resulting from businesses acquired
in the Merger through the first six months of 2006, US$46.7
million in higher selling prices, US$35.2 million in cost
reduction program savings, lower facility closure, severance
and related costs of US$26.2 million, lower merger costs of
US$12.2 million, the absence of the write-off of in-process
research and development of US$75.4 million and purchase
accounting inventory adjustments of US$37.1 million in 2005
related to the Merger.

Chemtura's loss from continuing operations for the nine months
ended Sept. 30, 2006, was US$67.0 million, or US$0.28 per
diluted share, compared with the loss from continuing operations
of US$91.9 million, or US$0.58 per diluted share, for the nine
months ended Sept. 30, 2005.  This improvement is mainly due to
a higher tax benefit during 2006 compared with 2005 principally
due to the absence of non-recurring taxes in 2005 on dividends
under the Foreign Earnings Repatriation provisions of the 2004
American Jobs Creation Act and the lack of any tax benefit for
the write-off in-process research and development related to the
Merger, and an increase in other income, net of US$11.5 million,
which includes a US$6.0 million increase in equity income from
the Davis Standard joint venture, a US$4.3 million favorable
settlement of a contractual matter and income of US$1.5 million
related to the reversal of certain reserves related to the
company's Gustafson joint venture that was sold in 2004.  These
increases were partially offset by the four percent decrease in
operating profit discussed above, an increase in the loss on
early extinguishment of debt of US$33.0 million resulting from
the early retirement of the company's Senior Floating Rate and
9.875% Notes in 2006, and higher interest expense of
US$3.0 million.

For the nine months ended Sept. 30, 2006, Chemtura recorded a
gain on sale of discontinued operations of US$45.9 million (net
of taxes of US$21.1 million), or US$0.19 per diluted share,
related to the sale of the OrganoSilicones business to General
Electric company in July of 2003.  This gain represents the
recognition of the additional contingent earn-out proceeds
related to the combined performance of GE's existing Silicones
business and the OrganoSilicones business from the date of the
sale through Sept. 30, 2006.

Chemtura reported an income tax benefit for the first nine
months of 2006 of US$0.3 million.  This lower than expected tax
benefit is attributable to non-deductible goodwill written-off
associated with the Industrial Waters Additive divestiture and
the impairment relating to the Fluorine business, partially non-
deductible anti-trust costs, offset by favorable settlements
of certain tax examinations and tax legislative changes.

           Nine-Month Pro Forma and Non-GAAP Results

Pro forma net sales of Chemtura for the first nine months of
2006 were US$173.2 million or 6% less than nine-month 2005 pro
forma net sales of US$3,022.3 million.  Of this decrease
US$201.0 million was attributable to lower volume, US$48.3
million was due to the deconsolidation of the Polymer
Processing Equipment business unit in April 2005, an additional
US$26.1 million was due to declines in volume and selling prices
resulting from supply agreements related to the divestiture of
the Industrial Water Additives business in May 2006, US$7.1
million due to the net effect of other acquisitions and
divestitures, and US$20.9 million due to unfavorable
foreign currency impact, partially offset by a US$130.2 million
increase in selling prices.

On a non-GAAP basis, Chemtura's nine-month 2006 operating profit
of US$231.4 million was US$72.3 million or 24% lower than nine
month 2005 pro forma non-GAAP operating profit of US$303.7
million.  This decrease is comprised of raw material and energy
cost increases of US$76.5 million, lower volumes of
US$76.1 million, US$44.3 million of unfavorable manufacturing
costs, US$13.0 million of higher freight costs, US$10.2 million
of other strategic and corporate initiative costs, US$7.1
million of unfavorable foreign currency translation, US$6.6
million related to the incremental effect of stock option
expense, US$6.5 million due to the sale of the Industrial Water
Additives business in May 2006, US$5.5 million of inventory
write-offs, an increase in the provision for doubtful accounts
of US$3.7 million and other net increases in operating costs,
which were partially offset by selling price increases of
US$130.2 million and synergy cost savings of
US$61.4 million.

Chemtura's non-GAAP earnings from continuing operations for the
first nine months of 2006 of US$95.3 million, or US$0.40 per
diluted share, excludes pre-tax charges of US$70.8 million for
antitrust costs resulting primarily from settlement offers made
to certain rubber chemicals, plastic additives and urethanes
civil and indirect claimants and legal fees associated with
the antitrust investigations and civil lawsuits, US$51.9 million
for the estimated impairment of goodwill, a US$43.9 million loss
on early extinguishment of debt related to the retirement of the
company's Senior Floating Rate Notes due 2010 and the 9.875%
Senior Notes due 2012, a US$20.1 million asset impairment charge
related to the impairment of retained long-lived assets related
to the Industrial Water Additives business and certain tangible
and intangible assets of the Fluorine business, US$15.9 million
for merger costs resulting from the Merger, a US$12.5 million
loss on the sale of the Industrial Water Additives business and
US$8.7 million for additional depreciation due to the change in
the useful life of certain assets at one of the company's
manufacturing facilities.  Also excluded from non-GAAP earnings
are pre-tax credits of US$1.9 million for facility closures,
severance and related costs, a US$4.3 million favorable
settlement of a contractual matter, US$4.0 million of interest
income on a favorable tax settlement and US$1.5 million related
to the reversal of certain reserves related to of the company's
Gustafson joint venture that was sold in 2004.

Pro forma non-GAAP earnings from continuing operations for the
first nine months of 2005 of US$135.0 million, or US$0.57 per
diluted, share excludes pre-tax charges of US$25.5 million for
facility closures, severance and related costs, which included a
charge of US$19.5 million related to the closure of the
company's Tarrytown, NY facility, US$28.1 million of merger
costs resulting from the Merger, US$13.2 million for antitrust
costs, US$10.9 million for the loss on the early extinguishment
of debt and US$4.6 million for direct costs resulting from
Hurricanes Katrina and Rita, partially offset by a pre-tax
credit of US$7.2 million for insurance recoveries related to a
fire at the company's Conyers, Georgia facility.

The non-GAAP effective rate of tax for 2006 is forecast to be
approximately 34%.

                         About Chemtura

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.   In Latin America, Chemtura has facilities in
Brazil and Mexico.  In the Asia Pacific, Chemtura has facilities
in Australia, China, Hong Kong, India, Japan, South Korea,
Taiwan, Thailand and Singapore

                          *     *     *

Moody's Investors Service assigned a Ba1 rating to Chemtura
Corporation's US$400 million of senior notes due 2016 and
affirmed the Ba1 ratings for its other debt and the corporate
family rating.

Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to Chemtura Corp.'s US$400 million notes
due 2016.  Standard & Poor's affirmed Chemtura's 'BB+' long-term
corporate credit rating.  S&P said the outlook remains positive.


CHEMTURA: Selling EPDM & Certain Rubber Chemicals Businesses
------------------------------------------------------------
In order to place greater focus on its core businesses, Chemtura
Corp. has signed a letter of intent to sell its EPDM business
and the Rubber Chemicals businesses associated with Geismar,
Louisiana as well as Flexzone antiozonants worldwide.  The
parties are working toward a definitive agreement, which will be
signed by the end of 2006.  The transaction is subject to
regulatory approvals.  Proceeds from the sale will be used
primarily for debt reduction.

Robert L. Wood, Chemtura's chairperson and chief executive
officer, said, "This sale is an important milestone in our plan
to divest non-core assets and businesses.  We are pleased to be
transferring these businesses to a buyer who is interested in
growing them, which should benefit our customers."

The EPDM and Rubber Chemicals businesses being sold had revenues
for the twelve months ended Sept. 30, 2006, of approximately
US$300 million.

                         About Chemtura

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.   In Latin America, Chemtura has facilities in
Brazil and Mexico.  In the Asia Pacific, Chemtura has facilities
in Australia, China, Hong Kong, India, Japan, South Korea,
Taiwan, Thailand and Singapore

                          *     *     *

Moody's Investors Service assigned a Ba1 rating to Chemtura
Corporation's US$400 million of senior notes due 2016 and
affirmed the Ba1 ratings for its other debt and the corporate
family rating.

Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured debt rating to Chemtura Corp.'s US$400 million notes
due 2016.  Standard & Poor's affirmed Chemtura's 'BB+' long-term
corporate credit rating.  S&P said the outlook remains positive.


CKE RESTAURANTS: Earns US$14.2 Million in Quarter Ended Aug. 14
---------------------------------------------------------------
CKE Restaurants Inc. earned US$14,216,000 on US$375,965,000 of
total revenues for the twelve weeks ended Aug. 14, 2006.  This
compares to the company's US$8,448,000 net income on
US$359,783,000 of total revenues for the twelve weeks ended
Aug. 15, 2005.

As of Aug. 14, 2006, CKE Restaurants' balance sheet showed total
assets of US$791,984,000, total liabilities of US$411,227,000,
and total stockholders' equity of US$380,757,000.

The company's August 14 balance sheet also showed strained
liquidity with US$150,250,000 in total current assets and
US$176,035,000 in total current liabilities.

Full-text copies of the company's financial statements for the
quarter ended Aug. 14, 2006, are available for free at:

              http://researcharchives.com/t/s?146a

Headquartered in Carpinteria, California, CKE Restaurants Inc.,
through its wholly owned subsidiaries, engages in the ownership,
operation, and franchising of quick-service and fast-casual
restaurants.  The company operates its restaurants primarily
under Carl's Jr., Hardee's, La Salsa Fresh Mexican Grill, and
Green Burrito brand names.  As of Jan. 31, 2006, the company
operated or franchised approximately 3,160 restaurants in 43
states and 13 countries -- including Singapore.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific, on
Oct. 31, 2006, Moody's Investors Service's implementation of its
new Probability- of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency
confirmed its B1 Corporate Family Rating for CKE Restaurants
Inc.

Additionally, Moody's revised its ratings on the company's
US$150 million Senior Secured Revolver Due 2007 and US$230
million Senior Secured Term Loan B due 2009 from B1 to Ba2.  
Those loan facilities were assigned an LGD2 rating with a
projected loss- given default of 29%.

Moody's also revised its rating on the company's US$105 million
4% Convertible Subordinated Notes due 2023 from Caa1 to B3.  
Moody's assigned those debentures an LGD6 rating suggesting
noteholders will experience a 95% loss in the event of a
default.


COMPACT METAL: Notes Shareholder Change in Interest
---------------------------------------------------
On October 27, 2006, Wan Yee Lai, a registered shareholder of
Compact Metal Industries Ltd has changed his shareholding in the
company.

Before the change, Mr. Wan held 79,000 deemed shares with 0.036%
issued share capital.  After the change, Mr. Wan holds 634,000
deemed shares with 0.286% issued share capital.  Mr. Wan's
holdings of direct shares still remains at 710,000 shares with
0.321% issued share capital.

Mr. Wan's change of deemed shareholding was due to the open
market purchase.

                       About Compact Metal

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

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

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


As reported in the Troubled Company Reporter - Asia Pacific, on
Nov. 3, 2006, the company registered US$54.36 million in total
assets and a US$25.64 million shareholders' equity deficit as of
Nov. 2, 2006.


DIGILAND INTERNATIONAL: Shareholders Pass All AGM Resolutions
-------------------------------------------------------------
The shareholders of Digiland International Limited have passed
all the resolutions during the recently held annual general
meeting on October 31, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, on
October 31, 2006, the resolutions that were passed for
shareholders' approval at the annual general meeting were:

   -- the acquisition and exercise of an option to subscribe for
      shares in Ximeta, Inc, constituting 6.96% of the enlarged
      issued share capital of Ximeta;

   -- the proposed shareholders' mandate for interested person
      transactions;

   -- the proposed Digiland Performance Share Plan;

   -- the proposed share purchase mandate;

   -- the proposed alteration of the Memorandum and Articles of
      Association of the company; and

   -- the approval in principle the listing and quotation of new
      Shares, which will be allotted and issued pursuant to the
      Digiland Performance Share Plan

                         About Digiland

Digiland International Limited -- http://www.digiland.com.sg/--
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific, on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12, 2006.


LIANG HUAT: Posts Monthly Update on Financial Status
----------------------------------------------------
Liang Huat Aluminium Limited has given an update on the
group's financial position, progress of the debt restructuring
plan and negotiations with its creditors.

Liang Huat disclosed that it plans to make modifications to the
schemes.  Under the modified scheme, the company requested its
investor, Ho Lee Group to invest a sum of SGD3,000,000 into the
company.

On April 13, 2006, Liang Huat entered into a conditional
investment agreement with its Investor for a subscription of new
shares in the company representing a controlling stake by the
Investor for a cash consideration of SGD3,000,000.

Upon the completion of the Investment Agreement, the Investor
will own 70% of all issued ordinary shares of Liang Huat after
taking into account the number of shares that will be issued
pursuant to the Modified Schemes and the Investment Agreement.

Under the Investment Agreement, the cash consideration in
respect of the Investment is SGD3,000,000 and is to be satisfied
in full by the allotment and issuance of 70% of all issued
ordinary shares of Liang Huat upon the completion credited as
fully paid up.

The completion of the Investment will take place five business
days after the fulfillment of the conditions precedent in the
Investment Agreement or other date as the Investor and the
company may agree in writing.

The Investment will be subject to the company and the Purchaser
obtaining the necessary requisite regulatory and other
approvals, consents and waivers, which are set out in the
Investment Agreement, which includes:

   -- the Modified Schemes having been duly approved by the
      relevant Scheme Creditors and approved and sanctioned by
      the High Court and the respective Orders of Court
      relating to the approval of the respective Modified Scheme
      be lodged with the relevant authorities;

   -- the company having obtained approval from the High Court
      to sanction the capital reduction of the company;

   -- all necessary approvals by the Shareholders of the
      respective Modified Schemes, capital reduction, capital
      amalgamation, and the issuance of shares to the Investor;
      and

   -- the Investor not being obliged to make a takeover offer to
      the remaining shareholders of the company in respect of
      all the remaining shares not already owned by the Investor
      or his concert party or parties and if applicable, the
      grant of waiver by the Securities Industry Council from
      the requirements to make a general takeover offer to the
      remaining shareholders of the company.

In the event that any of the conditions precedent in the
Investment Agreement cannot be fulfilled and are not waived by
the Investor or if the Completion does not occur for any reason
by December 31, 2006, or other date as the Investor and the
company may mutually agree other than by reason of a breach by
the Investor of its obligation to complete, the Investor will be
entitled to a number of conversion shares constituting 29% of
all the allotted and issued shares of the company.

On June 6, 2006, Liang Huat disclosed that the Investor and the
parties acting in concert with it have obtained a whitewash
waiver from the SIC.  Accordingly, the Investor and the parties
acting in concert with it will not be required to make a
mandatory general offer for all the remaining shares in the
company which they do not already own, following the Investor
Shares Allotment and subject to the conditions presented.

Moreover the company revealed on July 18, 2006, the appointment
of MS Corporate Finance Pte Ltd as the Independent Financial
Advisor to advise the Independent Shareholders on the proposed
whitewash resolutions.

On August 10, 2006, Liang Huat declared the proposed
modifications to the Schemes and notice of Creditors' Meeting.

Subsequently on August 25, 2006, Liang Huat disclosed that at
the Creditors' Meetings held on August 25, 2006, the Principal
Scheme Creditors, the LHAI Scheme Creditors and the Durabeau
Scheme Creditors have each respectively approved the proposed
modifications to the Modified Schemes.

The company unveiled on September 22, 2006, that Maybank and the
parties acting in concert with it have obtained the relevant
whitewash waiver from the SIC.  In relation to this, Maybank and
the parties acting in concert with it will not be required to
make a mandatory general offer for all the remaining Shares,
which they do not already own, following the allotment and
issuance of new Shares by Liang Huat to Maybank.

Subsequently, on October 14, 2006, Liang Huat and the Investor
had entered into a variation deed dated October 13, 2006, to
amend certain provisions in the Investment Agreement to clarify
the rights of a co-investor.  It was also disclosed that
subsequent to the entry into the Variation Deed and pursuant to
the terms of the Investment Agreement, as modified by the
Variation Deed, the Investor procured Lion Capital Group Limited
as a co-investor, on October 13, 2006.

By October 23, 2006, Liang Huat revealed that the draft circular
to its shareholders, together with a notice of the proposed
extraordinary general meeting to seek the shareholders' approval
of the matters set out, had been submitted to the SGX-ST for
clearance.  Liang Huat also revealed that concurrently with the
submission of the Circular to the SGX-ST, the additional listing
application for the admission of the shares in the company to
the Official List of the SGX-ST was also submitted for approval.

Liang Huat is in the process of fulfilling the remaining
conditions precedent as set out in the Investment Agreement in
order for completion to take place.

Accordingly, the company also advised its shareholders to
exercise caution in dealing with the shares of the company.

                        About Liang Huat

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is  
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.

Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004.  Presently, the company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.

The TCR-AP recounts on Nov. 3, 2006, that the company registered
US$19.30 million in total assets and US$76.43 million
shareholders' equity deficit as of Nov. 2, 2006.


LINDETEVES-JACOBERG: Receives 213,065,602 Rights Shares
-------------------------------------------------------
Lindeteves-Jacoberg Limited, on November 2, 2006, disclosed that
as at the closing date, a total of 213,065,602 Rights Shares of
valid acceptances and excess applications were received.  This
represents approximately 85.9% of the total number of Rights
Shares, which were available for subscription pursuant to the
Rights Issue.

An aggregate of 187,001,500 Rights Shares were allotted to --
ATB Austria Antriebstechnik AG and Arisaig Asean Fund Limited --
Lindeteves-Jacoberg's shareholders representing approximately
75.4% of the 248,056,294 Rights Shares.

The details of the valid acceptances and excess application for
the Rights Shares are these:

   -- valid acceptances were received for a total of 164,316,137
      Rights Shares, representing approximately 66.2% of the
      248,056,294 Rights Shares available under the Rights
      Issue; and

   -- excess applications were received for a total of
      48,749,465 Rights Shares, representing approximately 19.7%
      of the 248,056,294 Rights Shares available.

Moreover, Lindeteves-Jacoberg attempted to sell through its
appointed broker, on a best effort basis, the provisional
allotment of 1,498,875 Rights Shares representing approximately
0.6% of the 248,056,294 Rights Shares available under the Rights
Issue which would have been provisionally allotted to foreign
shareholders.

However, the company was not successful in selling any of the
provisional allotment of 1,498,875 Rights Shares due to the
existing market conditions at the trading period from
Oct. 13, to October 23, 2006.  

Moreover, Lindeteves-Jacoberg disclosed that there would be no
available proceeds for distribution to foreign shareholders in
proportion to their respective shareholdings or the number of
Shares entered against their names in the Depository Register as
at the Book Closure Date.  Accordingly, no foreign shareholders
shall have any claim whatsoever against the company, the
manager, the company's appointed broker or the CDP in connection
with it.

If any acceptance or excess application for the Rights Shares is
unsuccessful or invalid, or if the number of excess Rights
Shares allotted is less than that applied for, the amount paid
on acceptance or application or the surplus application monies
will be refunded to the applicant -- without interest or any
share of revenue or other benefit arising from there -- by means
of a crossed cheque drawn on a bank in Singapore and sent to him
by ordinary post or by crediting his bank account with the
relevant Participating Bank at his own risk within 14 days after
the Closing Date.

The Rights Issue was 85.9% subscribed and the company has raised
approximately SGD25.4 million in net proceeds after deducting
the estimated expenses of approximately SGD150,000.

In connection with the Rights Issue, ATB Austria has disclosed
in the Offer Information Statement that it has:

     (i) extended in aggregate, of approximately EUR1.9 million
         loans or equivalent to approximately SGD3.7 million to
         Lindeteves-Jacoberg as interim funding for working
         capital purposes on March 17, and April 24 , 2006.  
         Pursuant to an undertaking dated May 16, 2006, given by
         ATB Austria to the company for the subscription of
         126,508,710 Rights Shares, the loan amount has been
         capitalized to partially off-set against the
         subscription monies, payable by ATB Austria;

    (ii) fully advanced a sum of approximately EUR5.6 million or
         equivalent to approximately SGD11.3 million to the
         company for working capital purposes on August 21,
         2006.  Pursuant to the Rights Issue Advance Agreement
         entered between ATB Austria and the company on June 21,
         2006, the Advance Amount has been used to partially
         off-set against the subscription monies, payable by ATB
         Austria pursuant to its subscription of 126,508,710
         Rights Shares; and

   (iii) advanced a sum of approximately EUR2.4 million or
         equivalent to approximately SGD4.8 million to LJ GmbH
         on Aug. 15, 2006.  The Second Advance Amount has been
         utilized by Schorch, LJ GmbH's wholly-owned subsidiary,
         for working capital purposes.  Pursuant to the Second
         Advance Agreement entered on September 4, 2006, between
         ATB Austria, the company and LJ GmbH, the Second
         Advance Amount has been used to off-set against the
         subscription monies, payable by ATB Austria pursuant to
         its subscription of 126,508,710 Rights Shares and
         38,644,790 excess Rights Shares.  The Loan Amount,
         Advance Amount and part of the Second Advance Amount
         equivalent to approximately SGD0.2 million will fully
         off-set against the subscription monies, payable by ATB
         Austria pursuant to its subscription of 126,508,710
         Rights Shares.  A total of 38,644,790 excess Rights
         Shares have been issued to ATB Austria to fully off-set
         the remainder of the Second Advance Amount of
         approximately equivalent to SGD4.6 million.  

The net proceeds of approximately SGD25.4 million from the
Rights Issue will be allocated through:

   * capitalization of the Loan Amount of SGD3,706,320 or
     approximately equivalent to EUR1.9 million in relation to
     payment of cash by ATB Austria for subscription of
     126,508,710 Rights Shares under the Rights Issue;

   * repayment of bank borrowings of approximately
     SGD3.3 million or approximately of 13% of the net proceeds;
     and

   * the remaining proceeds will be used as general working
     capital or approximately 72.4% of the net proceeds for the
     Group.  

Pending deployment of the net proceeds for the mentioned
purposes, the net proceeds excluding the Loan Amount and Advance
Amount may be deposited with banks, or financial institutions,
or invested in short-term money market instruments, or used for
any other purpose on a short-term basis, as the directors may
deem fit in the best interests of the Group.

Lindeteves-Jacoberg will make announcements when the Rights
Issue proceeds are materially deployed and provide status report
on the use of the Rights Issue proceeds in its annual report.
Moreover, the company will be releasing an announcement to
advise on the date for the listing of and quotation for the
Rights Shares.

                    About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

The TCR-AP reported on Oct. 27, 2006, that the company has total
assets of US$225.52 million and US$53.23 million equity deficit
as of Oct. 26, 2006.


SEA CONTAINERS: Ch. 11 Case Cues Moody's to Junk Sr. Debt Rating
----------------------------------------------------------------
Moody's downgraded the ratings of Sea Containers Ltd., including
the company's senior unsecured rating to Ca from Caa3.

Moody's will withdraw all ratings because Sea Containers and two
of its subsidiaries filed to reorganize under Chapter 11 of the
U.S. Bankruptcy Code on Oct. 15, 2006.

The downgrades reflect Moody's belief that holders of the
unsecured notes are likely to recognize a meaningful loss upon
the resolution of the bankruptcy proceedings.  Holders of Sea
Containers unsecured notes of US$386 million, and the company's
pension trusts are expected to be the largest creditors.

Sea Containers is a holding company and its operating
subsidiaries were not included in the bankruptcy filing.  The
senior unsecured notes, however, do not benefit from upstream
guarantees from the operating subsidiaries.

In Moody's view, the value of Sea Containers 50% interest in GE
SeaCo will be a primary contributor of value in any debt
reorganization plan, although there is considerable uncertainty
in value.  Sea Containers has not filed financial statements for
some time.  At Dec. 31, 2005, GE SeaCo assets totaled US$1.3
billion, including US$1.1 billion of marine containers, with
total debt of US$939 million including advances due to the
parent companies.

There have been no recent sales of large marine container
fleets; however, applying the current market multiples for TAL
International Group, Inc., to GE SeaCo's 2005 financial
statements, implies a possible value for Sea Containers 50%
interest in the US$100 million to US$200 million range.

Moody's notes that changes in the GE SeaCo container fleet or
lease book subsequent to Dec. 31, 2005, could affect the value.

Separately, however, General Electric Capital Corporation, the
50% partner in GE SeaCo, notified Sea Containers that GECC will
exercise its right to purchase Sea Containers' 50% equity
interest at a fair market value not disclosed.  This notice was
made prior to Sea Containers' bankruptcy filing.  GECC believes
a change of control, as defined by the GE SeaCo Member's
Agreement, occurred upon the resignation of Sea Containers
former CEO.  According to Sea Containers, it will contest GECC's
interpretation of the Members Agreement.

In addition to the senior unsecured notes, Sea Containers is
liable for certain debt obligations of its operating
subsidiaries, including approximately US$60 million of term
loans secured by first lien mortgages on ten vessels.  Some of
these vessels are trading currently while others are laid up.

While the collateral coverage on a loan-by-loan basis is not
clear, Moody's does not anticipate significant residual claims.
While adequate to cover the secured debt, Moody's does not
expect these vessels nor the residual value of the containers
pledged to the recently amended Sea Containers' container
securitization facility to provide significant additional
recovery value relative to the liabilities of Sea Containers.

The remaining unencumbered containers owned by Sea Containers
might also contribute if not used as a source of liquidity
during the bankruptcy proceedings.

Debt list:

   * Sea Containers, Ltd

   * Ratings downgraded and to be withdrawn:

     -- Corporate Family, to Ca from Caa2
     -- Senior Unsecured, to Ca from Caa3
     -- Issuer Rating, to Ca from Caa3

                      About Sea Containers

Sea Containers Ltd -- http://www.seacontainers.com/-- is a    
Bermuda registered company with regional operating offices in
London, Genoa, New York City, Rio de Janeiro, Sydney and
Singapore.  The company is owned almost entirely by United
States shareholders and its primary listing is on the New York
Stock Exchange.  The company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the company has associated investments in property,
publishing, and plantations.

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

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


SEA CONTAINERS: Moves to Employ Ordinary Course Professionals
-------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates regularly utilize
the services of various attorneys, accountants, financial
advisors, and other professionals in the ordinary course of
their business operations.  

The OCPs provide services to the Debtors in a variety of
discrete matters unrelated to the Debtors' Chapter 11 cases,
including, but not limited to, general litigation, employment
and labor law, intellectual property law, general corporate and
securities law, accounting, auditing, financial advisory, and
tax matters.  Other OCPs have been, or may be, utilized by the
Debtors from time to time.

A list of the Debtors' OCPs is available for free at:

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

The Debtors seek the Court's permission to continue to utilize
the services of the OCPs postpetition without the necessity of
filing formal applications for the employment and compensation
of each OCP pursuant to Sections 327, 328, 329, 330, and 331 of
the Bankruptcy Code.

Due to the number and geographic diversity of the OCPs that they
utilized, the Debtors note that it would be costly and
administratively burdensome to both the Debtors and the Court to
ask each OCP to apply separately for approval of its employment
and compensation.

The Debtors want to employ the OCPs on terms substantially
similar to those in effect before the Petition Date, but subject
to certain terms and conditions.  The Debtors represent that:

   (a) they wish to employ the OCPs as necessary for the day-to-
       day operations of the Debtors' businesses;

   (b) the fees and expenses incurred by the OCPs will be kept
       to a minimum; and

   (c) the OCPs will not perform substantial services relating
       to bankruptcy matters without Court permission.

The Debtors propose to implement uniform procedures for the
retention and compensation of OCPs:

   (1) After an OCP submits an affidavit and a monthly invoice,
       the OCP will be allowed to offset the invoiced amount
       against any unapplied prepetition retainer, and if there
       are unsatisfied postpetition fees and expenses related to
       that invoice, the Debtors will be allowed to pay 100% of
       the postpetition fees and expenses incurred; provided
       that the fees do not exceed:

          * GBP40,000 per month on average over the previous
            rolling three-month period to the extent that the
            OCP has historically been paid in pounds sterling,
            or

          * US$40,000 per month on average over the previous
            rolling three-month period to the extent that the
            OCP has historically been paid in U.S. dollars.

   (2) If the fees incurred and invoiced exceed the monthly cap,
       the OCP must seek Court approval of the fees; provided
       that the OCP will be entitled to a net interim offset and
       payment of up to US$40,000 or GBP40,000.

   (3) Each OCP will file with the Court and serve on the Office
       of the United States Trustee, counsel to the Debtors, and
       counsel to the Official Committee, an Affidavit within 30
       days of commencing postpetition services to the Debtors.  
       The OCP Affidavit will include information like services
       to be rendered, the hourly rates to be charged by the
       OCP, and a disclosure of its disinterestedness.

   (4) The Notice Parties have 10 days to object to the OCP
       Affidavit.  Objections not resolved will be brought
       before the Court.

   (5) Beginning with the fiscal quarter ending December 31,
       2006, within 15 days following the end of each fiscal
       quarter in which the Debtors' Chapter 11 cases are
       pending, the Debtors will file with the Court and serve
       on the Notice Parties a statement containing:

       -- the name of the OCP;

       -- the total amounts paid during the previous quarter;
          and

       -- a general description of the services rendered.

   (6) The Debtors reserve the right to supplement the OCP List.

The Debtors note that while some of the OCPs may wish to
continue to represent them on an ongoing basis, others may be
unwilling to do so if they are forced to apply for payment of
fees and expenses through the formal application process.  If
the knowledge and expertise of any OCP with respect to the
particular areas and matters for which it was responsible before
the Petition Date are lost, the Debtors say they will
undoubtedly incur additional and unnecessary expenses as other
professionals without that background and expertise will have to
be retained to assist the Debtors with their business
operations.

The Debtors believe the OCP Procedures will allow them to avoid
any disruption in the professional services required in the day-
to-day operation of their businesses.

As the OCPs will provide professional services in connection
with the Debtors' ongoing business operations, the Debtors do
not believe the OCPs are "professionals," as that term is used
in Section 327 of the Bankruptcy Code, whose retention must be
approved by the Court.  Nevertheless, the Debtors seek the
Court's approval to avoid any subsequent controversy regarding
their employment and compensation of the OCPs during the
pendency of their Chapter 11 cases.

                      About Sea Containers

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

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

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


SEA CONTAINERS: Wants Court Nod on Uniform Compensation Protocol
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware to
establish uniform procedures for:

   (i) the allowance of interim compensation and reimbursement
       of expenses of professionals retained by court order; and

  (ii) the reimbursement of expenses incurred by the members of
       the Official Committee of Unsecured Creditors.

The Debtors have filed or intend to file applications to employ:

   (a) Sidley Austin LLP as general reorganization and
       bankruptcy counsel,

   (b) Young Conaway Stargatt & Taylor, LLP, as Delaware
       counsel,

   (c) PricewaterhouseCoopers LLP as financial advisor,

   (d) Kirkland & Ellis LLP as special conflicts litigation
       counsel,

   (e) Carter Ledyard & Milburn LLP as special counsel for U.S.
       corporate matters, and

   (f) Richards Butler LLP as special counsel for foreign legal
       matters.

The Debtors expect to hire other estate professionals in their
Chapter 11 cases.  The Creditors' Committee will likely seek to
retain its own professionals as well.

The Debtors want to streamline the professional compensation
process and enable the Court and all parties-in-interest to more
effectively monitor the fees incurred by the Professionals.  The
procedures will also reduce the financial burdens imposed on the
Professionals while awaiting final approval of their fees and
expenses.

Specifically, the Debtors propose that:

   (1) No earlier than the 25th day of each month following the
       month for which compensation is sought, each Professional
       seeking interim allowance of its fees and expenses may
       file an application and serve a copy of that application
       to:

     (a) the Office of the United States Trustee
         for the District of Delaware
         J. Caleb Boggs Federal Building, Rome 2207
         844 N. King Street
         Wilmington, DE 19801
         Attn: David Buchbinder, Esq.

     (b) the Debtors
         Sea Containers, Ltd.
         c/o Sea Containers Services Ltd.
         20 Upper Ground
         London SE1 9PF, United Kingdom
         Attn: Edwin S. Hetherington, Esq.

     (c) counsel to the Debtors
         Sidley Austin LLP
         One South Dearborn
         Chicago, IL 60603
         Attn: Larry J. Nyhan, Esq., and
               Brian J. Lohan, Esq.

              -- and --

         Young Conaway Stargatt & Taylor, LLP
         The Brandywine Building
         1000 West Street
         Wilmington, DE 19801
         Attn: Robert S. Brady, Esq.  

      (d) counsel to the official committee

   (2) Each Notice Party will have 20 days to object to a
       Monthly Fee Application.  If there are no objections, the
       Debtors will be allowed to pay 80% of the Professional's
       fees and 100% of the expenses requested.  If objections
       are filed, the Debtors will be allowed to pay 80% of the
       undisputed fees and 100% of the undisputed expenses.  The
       first Monthly Fee Application will cover the period from
       the Petition Date through and including October 31, 2006.

   (3) The parties are encouraged to resolve timely objections
       filed.  If unsuccessful, the parties may seek a Court
       ruling on the Objection.  The Professionals may seek
       payment of the difference, if any, between the Maximum
       Interim Payment and the Actual Interim Payment made, or
       forego payment of the Incremental Amount until the next
       quarter fee application request hearing or final fee
       application hearing, at which time the Court will
       consider and rule on the Objection, if requested by the
       parties.

   (4) Beginning with the approximate three-month period from
       the Petition Date and ending on December 31, 2006, and at
       the end of each three-month period thereafter, each
       Professional must file with the Court and serve on the
       Notice Parties a notice requesting interim Court approval
       and allowance of compensation for services rendered and
       reimbursement of expenses sought in the Monthly Fee
       Applications filed during that period.  Each Quarterly
       Fee Application Request will be filed and served by no
       later than 45 days after the end of the applicable
       Interim Fee Period.  The first Interim Fee Application
       Deadline will be February 14, 2007.

   (5) The Debtors will ask the Court to schedule a hearing on
       Quarterly Fee Application Requests at least once every
       six months or at other intervals as the Court deems
       appropriate.

   (6) The pendency of an Objection will not disqualify a
       Professional from future payment.

   (7) All fees and expenses paid to Professionals in accordance
       with the Compensation Procedures are subject to
       disgorgement until final allowance by the Court.

The Debtors further ask the Court to allow each Committee Member
to submit statements of expenses and supporting vouchers to
counsel to the applicable Committee, who will collect and submit
those requests for reimbursement in accordance with the
Compensation Procedures as if that Committee Member were a
Professional.

                      About Sea Containers

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

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

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


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

BLOCKBUSTER INC: Outlines New Deal for Online Renters
-----------------------------------------------------
Blockbuster Inc. is giving online renters expanded access to
movies through the introduction of BLOCKBUSTER Total Access(TM),
a movie rental program that gives online customers the option of
returning their DVDs through the mail or exchanging them at more
than 5,000 participating BLOCKBUSTER(R) stores for free in-store
movie rentals.  The new program, available only from
Blockbuster, means Total Access subscribers don't need to wait
to get DVDs through the mail, essentially allowing them to
double the number of movies they can access each month.

Beginning Nov. 1, Blockbuster will automatically upgrade all
current and new online rental subscribers to the Blockbuster
Total Access program at no extra cost, immediately giving them
the option of mailing back their online movies, exchanging them
at any participating Blockbuster store, or a combination of the
two.  For each online rental exchanged in the store, customers
can receive a free in-store movie rental.  Subscribers to
Blockbuster's lower-priced US$5.99 and US$7.99 plans will also
be included in the Total Access program and will be able to
exchange their online DVDs for free in-store movie rentals.

Another feature Blockbuster Total Access offers subscribers is a
faster shipping cycle.  When subscribers return their online
rentals to a participating Blockbuster store, the store check-in
process automatically initiates the shipment of the next
available movies in the subscriber's rental queue, whether they
take advantage of the in-store exchange option or not.  That
means Total Access customers generally will get their online
movies a day faster than if they had dropped the return movies
in the mail.

In addition to being able to exchange online rentals at
participating Blockbuster stores for free movie rentals,
Blockbuster Total Access customers will also receive a free in-
store rental coupon each month.  Subscribers can use the monthly
rental coupon in the same visit with their in-store exchanges
for another free movie, or by itself if they have already
returned their DVDs through the mail or just aren't ready to
return their online rentals yet.  Movies received through the
in-store exchange option or with the rental coupon do not count
against the total number of DVDs an online customer can have out
at any one time per their subscription plan.

In-store movies are still subject to store rental terms,
including due dates, and must be returned to the store from
which they were rented.

Another added convenience is that customers can now sign up for
Blockbuster's online rental service right in the stores.  With
the launch of the Blockbuster Total Access program, almost all
participating Blockbuster stores will have online wireless
access, so store personnel can sign up new subscribers on the
spot.

As of the end of September, Blockbuster had approximately 1.5
million online subscribers, a year-over-year increase in its
subscriber base of 50%, which included some 100,000 trial
subscribers at quarter-end who subsequently converted to paying
members.  During the third quarter, the company added
approximately 150,000 net subscribers.

With more than 60,000 titles to choose from online, Blockbuster
delivers DVDs right to subscribers' mailboxes in return-pre-paid
postage envelopes.  There are no due dates or late fees with
movies rented from Blockbuster's online rental service, and
subscription plans start as low as US$5.99 a month, with the
US$17.99 three-out unlimited movie plan being the most popular.  
A two- week free trial membership to Blockbuster Total Access is
available for a limited time, including to those customers who
have previously tried Blockbuster's online rental service but
are not currently subscribing to the service.

                      About Blockbuster

Blockbuster Inc. (NYSE: BBI, BBI.B) --
http://www.blockbuster.com/-- provides in-home movie and game  
entertainment, with more than 9,000 stores throughout the
Americas, Europe, Asia and Australia.  The company also operates
in Thailand, Taiwan, and New Zealand.

As reported in the Troubled Company Reporter on Oct. 11, 2006,
Moody's Investors Service affirmed its B3 Corporate Family
Rating for Blockbuster Inc. in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the US and Canadian Retail
sector.

Standard & Poor's Ratings Services lowered, in November 2005,
its corporate credit and bank loan ratings on Blockbuster Inc.
to 'B-' from 'B' and the subordinated note rating to 'CCC' from
'CCC+'. S&P said the outlook is negative.

Fitch downgraded, in August 2005, Blockbuster Inc.'s Issuer
default rating to 'CCC' from 'B+'; Senior secured credit
facility to 'CCC' from 'B+' with an 'R4' recovery rating; and
Senior subordinated notes to 'CC' from 'B-' with an 'R6'
recovery rating.


FEDERAL-MOGUL: Gets Stay on Discovery Propounded by Mt. McKinley
----------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the United States
Bankruptcy Court for the District of Delaware rules that all
discovery propounded by Mt. McKinley Insurance Company and
Everest Reinsurance Co. in the Chapter 11 cases of Federal-Mogul
Corporation -- save for discovery propounded in connection with
ongoing proceedings concerning Mt. McKinley's request to
disqualify Gilbert, Heintz & Randolph as special insurance
counsel to the Debtors -- will be stayed subject to further
Court order, until a date to be set after the filing of an
amended plan of reorganization for the Debtors.

Mt. McKinley's brief in support of discovery and the Plan
Proponents' reply to that brief, together with all related
pleadings, are adjourned from the Court's consideration at
present, without prejudice to the parties' ability to raise
certain issues addressed by those briefs in connection with the
Plan confirmation.

The company and its debtor-affiliates, the Official Committee of
Asbestos Claimants and the Legal Representative for Future
Asbestos Claimants ask the U.S. Bankruptcy Court to issue a
protective order:

    -- extending the time for all parties and third-party
       witnesses to respond or object to all discovery requests,
       deposition notices and subpoenas propounded by Mt.
       McKinley Insurance Company and Everest Reinsurance
       Company until a date to be determined by the Court; and

    -- staying the issuance of further discovery until after the
       Response Date.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 114; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FEDERAL-MOGUL: Court Okays Stipulation of Permissible Objections
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved a stipulation among Federal-Mogul Global Inc., T&N
Limited, et al., the Official Committee of Asbestos Claimants,
Professor Eric D. Green, the duly appointed legal representative
for future asbestos-related personal injury claimants, and
certain insurers, which defines the scope of permissible
objections to confirmation of the Debtors' Third Amended Plan of
Reorganization that may be prosecuted by the Stipulating
Insurers.

The company disclosed that all rights of all non-parties to the
Stipulation are unaffected and preserved for determination as
part of the Plan confirmation process.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No.01- 10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 114; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


THAI PETROCHEMICAL: Expected to Pay Dividend on 2006 Earnings
-------------------------------------------------------------
Thai Petrochemical Industry PCL is expected to pay a dividend on
its 2006 earnings with a yield of about 5%, Reuters says, citing
the company's major shareholder, PTT PCL.

According to PTT president Prasert Bunsumpun, Thai Petrochem
anticipates to post operating profit this year, which will allow
the company to pay a dividend.

Reuters recounts that Thai Petrochemical -- which will be
renamed IRPC Public Co. Ltd. -- has not paid a dividend since
accumulating foreign debts during the 1997-1998 Asian economic
crisis.

Thai Petrochem's earnings, Reuters relates, have improved since
the company completed its US$2.7-billion debt restructuring in
April.  PTT owns almost one-third of TPI after the
restructuring.

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

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

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


TOTAL ACCESS: Third Quarter Net Profit Tops at THB1.2 Billion
-------------------------------------------------------------
Total Access Pcl disclosed its third quarter results for the
period ended September 30, 2006, with THB1.2 billion in net
profit -- up 17.1% compared with the figure it reported for the
same quarter in 2005.  

Service revenues were THB11.9 billion, an increase of 16%
compared with the revenues posted in the third quarter last
year.  EBITDA for the 2006 third quarter were THB4.4 billion, an
increase of 10.2% year-on-year.

According to the company, it obtained 841,044 new customers in
the 2006 third quarter, bringing the total number of customers
to 11.5 million.  Of the total net additions, 690,481 were
prepaid and 150,563 were postpaid customers.

Total Access' postpaid customers are approaching 2 million, and
have now had a positive growth for 41 months continuously.  The
company also saw continued growth in value-added-service
revenues, which increased 40% year-on year and now represents 9%
of service revenues.  

Total Access Chief Executive Officer Sigve Brekke said that the
continual growth in subscribers and revenues reflected
consumers' strong confidence in the company's service and
network quality, despite heavy price promotions over the past
months.

Apart from working to maintain its value for money and
innovative pricing mechanisms, the company continued to expand
its network capacity and coverage.  When the market was plagued
by poor network congestion during the recent price war, the
company had invested in expanding gateway capacity to ensure
smooth transition for all consumers.  At end of Q306, the
company rolled out 1,030 new base stations, bringing the total
number to 7,078 nationwide.

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

                          *     *     *

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

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

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


* Fitch Wireless Review: Emerging Markets Pushing Global Growth
---------------------------------------------------------------
In Fitch's review of 62 operators from 28 different countries,
total aggregate wireless subscribers reached 1.196 billion at
mid-year 2006, representing a year-over-year growth of 19.4%,
which compares favorably with the 2005 year-end growth rate of
18.7%.  Aggregate growth is being greatly influenced by Latin
American growth of 42.5% for second-quarter 2006.  The growth of
Latin America, along with many other global regions, is being
supported by a strong economy, lower tariffs, and low wireless
and fixed-line penetration.  In comparison, Asia experienced
subscriber growth of 18.5% in second quarter, while the United
States/Canada and Europe achieved growth rates of 13.5% and 8%,
respectively.

Prepaid subscribers are continuing to grow as a percentage of
the total aggregate subscriber base in the world.  In Fitch's
Global Wireless Review special report, prepaid subscribers
reached a total of 688 million or 58% of the total global
subscribers in second-quarter 2006.  This level of total prepaid
subscribers represents a growth of 28%.  In fact, reviewing the
mix of total global net subscriber growth shows that prepaid was
150 million compared to 45 million for postpaid in the second
quarter year-over-year comparison.  The prepaid percentage of
total subscriber mix should continue to increase as some of the
faster growing wireless markets, such as India, also have the
highest prepaid mix percentages.  Also, decreases in tariff
rates have spurred prepaid wireless as a substitution for fixed-
line services.

Generally, lower tariffs along with increased promotional
activities from aggressive competition and higher penetration of
lower usage customers are leading to lower average revenue per
user (ARPU) levels.  Based on Fitch's report, global ARPU
figures of the 52 operators that supply this data, 35 or 67%
reported lower second-quarter year-over-year data points.
Another six, or 12% of operators reported unchanged ARPU and the
final 11 or 21% reported an increase.  The most widespread ARPU
strength appears to be in Canada, where operators, on average,
experienced a second quarter year-over-year increase of 4.6%.
The Canadian strength is characterized by a three-competitor
market, comparably low market penetration, stable tariff pricing
and relatively low minute usage among subscribers.

Additional statistical comparisons through mid-2006 and
commentary can be found in Fitch's special report, "Global
Wireless Review: Statistics and Commentary," which contains a
two-year quarterly review of 14 major operating statistics for
approximately 62 wireless operators spanning 28 countries.  The
report also includes summary reviews of regional developments
related to wireless activity in North America, Europe/Middle
East/Africa, Asia/Pacific, and Latin America.

The full report, "Global Wireless Review," is available at
http://www.fitchratings.com/ Click on the "Corporate Finance"  
header, then "Corporates" then "Special Reports."


* BOND PRICING: For the Week 6 November to 10 November 2006
-----------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07    10
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     7
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     8
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    70
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     5
KOREA
-----
Korea Development Bank                7.350%    10/27/21    50
Korea Development Bank                7.450%    10/31/21    50
Korea Development Bank                7.400%    11/02/21    50

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kosmo Technology Industrial Bhd       2.000%    06/23/08     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/07/18    73
Senai-Desaru Expressway Bhd           3.500%    06/07/19    72
Senai-Desaru Expressway Bhd           3.500%    06/09/20    69
Senai-Desaru Expressway Bhd           3.500%    12/09/20    68
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       6.000%    12/07/06     1




                            *********

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

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

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


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S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
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