TCRAP_Public/061108.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  

           Wednesday, November 8, 2006, Vol. 9, No. 222

                            Headlines

A U S T R A L I A

2BC PTY: Prepares to Declare Final Dividend on November 14
ADSTEAM MARINE: Says Drought will Negatively Impact Business
ADSTO AEROSPACE: Members Agree on Voluntary Liquidation
AMBERGRIS PTY: Final Meeting Scheduled for November 10
ANGEL KB: Court Names Palmer as Liquidator

ART DE LORD: Members Decide to Voluntarily Wind Up Operations
BILLICH GALLERIES: Liquidator to Present Wind-Up Report
BLYTH INC: Moody's Assigns Loss-Given-Default Ratings
BROOKAIR AIR: Members and Creditors to Hear Wind-Up Report
CANBERRA DEVELOPMENT: Enters Voluntary Wind-Up

CNC INTERNATIONAL: Court Appoints Official Liquidator
DAVID PERKINS: Members Resolve to Wind Up Firm
E.KATZ MANUFACTURING: Set to Declare Dividend on November 9
EUROPEAN MARINE: Members to Receive Wind-Up Report on Nov. 10
FAI FINANCE: To Declare Second and Final Dividend on Nov. 15

FORTESCUE METALS: Awards AU$32.5 Million Contract to Nomad
GREG PARNELL: Shuts Down Business Operations
GETTY IMAGES: Sees Job Cuts, Staff Restructuring
INDENT THE TILE: Creditors' Proofs of Claim Due on Nov. 21
JO PTY: Creditors to Prove Claims on November 23

KOPPERS HOLDINGS: Dr. Whittle to Retire as Europe Gen. Manager
LAURELTON PTY: Members Decide to Wind Up Operations
LENNOX INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
LONERAGAN (HOLDINGS): To Declare Dividend on December 6
MINIFIE PTY: Liquidator to Present Final Accounts on Nov. 17

NATIONAL CONTRACTOR: To Declare First Interim Dividend
OAKBURN PTY: Members & Creditors' Final Meeting Set on Nov. 17
OURCORP GROUP: Appoints P. Ngan as Liquidator
RBS GLOBAL: Moody's Assigns Loss-Given-Default Rating
ROMET LTD: Members Opt for Voluntary Liquidation

SABEY & ASSOCIATES: Members Appoints Liquidators
SCS @ NORTHBRIDGE: Members Opt to Close Operations
SEAFOOD ONLINE: Director Schoch Committed for Trial
SMARTIRE SYSTEMS: D. Warkentin Gets Promoted to President & CEO
SNOW BRAND: Members Decide to Close Business

TRIMAS CORP: Moody's Assigns Loss-Given-Default Rating
WAMAC CONSTRUCTIONS: To Declare Priority Dividend on Nov. 21
WILLIAM ELLIS: Members Final Meeting Fixed on November 10
WOOLBROOK PTY: Members Opt for Voluntary Wind-Up
WPC 108: To Hold Final Meeting on November 10

WYKOPAL PTY: Final Meeting Slated for November 17


C H I N A   &   H O N G  K O N G

A P CONSULTING: Joint Liquidators Step Aside
AFFILIATED COMPUTER: Reports US$1.39 Billion Preliminary Revenue
ANDREW CORP: Posts US$59.7MM Net Loss in Quarter Ended Sept. 30
ANDREW CORP: Agrees to Acquire EMS Wireless for US$50.5 Million
ANDREW CORP: Simplifying Price Structure for Cable Products

APEX TRADE: Appoints Yip as Official Liquidator
ATMS (H.K.): Court Sets Date to Hear Wind-Up Petition
BANK OF CHINA: Posts CNY32.46 Billion Net Profit in First 3 Qtrs
BETERFORD DEVELOPMENT: Court Orders Wind-Up of Operations
CALIFORNIA STATE: Shareholders Resolve to Wind Up Operations

CHINABOND LTD: Shareholders Agree to Wind Up Business
CROWN HOLDINGS: Sept. 30 Stockholders' Deficit Cuts to US$107MM
CUMMINS: Earns US$171 Mil. in Third Fiscal Quarter Ended Oct. 1
DATA COMMENCE: Enters Voluntary Liquidation
FABRIKANT H.K.: Faces Wind-Up Proceedings

FRANCIS WONG: Creditors' Must Prove Debts by November 20
H.K. FESTIVAL: Court Favors Wind-Up
INTERNATIONAL PAPER: Completes US$5B Sale of Forestland to RMS
KA SHUN: Court Issues Wind-Up Order
KENFAME INVESTMENT: Receives Wind-Up Order from Court

KWAN KEE: Wind-Up Hearing Set on December 20
LEIGHTON GODOWN: Creditors' Proofs of Claim Due on November 27
LINDA FASHION: Creditors Meeting Set on November 10
M & T INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
PETROLEOS DE VENEZUELA: Posts US$43.6B First Nine-Month Revenue
PETROLEOS DE VENEZUELA: Constructing Submarine to Spot Leaks

PETROLEOS DE VENEZUELA: Fails Shipping Gasoline to US
SANTEX ENTERPRISES: Liquidation Process Initiated
SHANGHAI PUDONG: Seeks to Raise HK$10 Billion in Hong Kong IPO
SOPHISTRONIC LTD: Liquidator to Present Wind-Up Report
STEADINVEST COMPANY: Liquidator Tsang Wai Ming Steps Aside

TK ALUMINUM: Asset Disposal Cues Moody's to Review Junk Rating
TK ALUMINUM: Selling Assets to Tenedora Nemak for US$497 Million
TOWA CONCRETE: Court to Hear Wind-Up Petition on November 29
UNITY KING: Liquidators to Receive Claims Until November 17


I N D I A

AES CORP: Unit Says Firm Complies with Regulations
ANDHRA BANK: Net Profit Up 10.2% in September 2006 Quarter
BRITISH AIRWAYS: Sells BA Connect's Regional Operations to Flybe
BRITISH AIRWAYS: Earns GBP168 Million in Second Quarter 2006
BRITISH AIRWAYS: Reports October 2006 Traffic & Capacity Results

COMPANHIA SIDERURGICA: Tata Steel Denies Interest in Company
GENERAL MOTORS: Plans to Build Hybrid Cars in China
UNION BANK OF INDIA: To Wipe Out Non-Performing Assets by 2008
UNITED WESTERN: Amalgamation Gets India Union Govt.'s Nod
UNIVERSAL CORP: Declares US$0.44 Per Share Quarterly Dividend

UTI BANK: Moody's Assigns Ba1 to Hybrid Tier I Debt
UTI BANK: Inks Bancassurance Tie-Up with Metlife India


I N D O N E S I A

CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
HUNTSMAN CORP: Moody's Rates Unit's Planned US$400MM Notes at B3
LIPPO BANK: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
TELKOMSEL INDONESIA: Targets 10 Million New Subscribers in 2007


J A P A N

ALITALIA SPA: Hikes Net Debt by EUR91 Million in September
CB RICHARD: Inks Deal to Acquire Trammell Crow for US$2.2 Bln
CB RICHARD: Acquisition Deal Spurs Moody's to Affirm Ba1 Ratings
CB RICHARD: S&P Puts BB+ Ratings on CreditWatch Negative
COREL CORP: Acquisition Plan Spurs S&P to Affirm B Debt Ratings

COREL CORP: Pending Acquisition Spurs Moody's to Affirm Ratings
ELAN CORP: Posts US$123.3 Million in Losses for Third Quarter
SOFTBANK CORP: To launch Japanese MySpace with News Corp.
SOFTBANK CORP: Plans Changes in Zero-Yen Advertisements


K O R E A

BURGER KING: Earns US$40 Mil. for Quarter Ended Sept. 30, 2006
DURA AUTOMOTIVE: Seeks Court Nod to Use All Cash Collateral
DURA AUTO: Seeks Court Nod to Obtain US$300 Mil. DIP Financing
HANAROTELECOM: Agrees to Take Over Onse's Broadband Subscribers
HYUNDAI MOTOR: Unit Issues US$960-Mil. Asset-Backed Securities

HYUNDAI MOTOR: Global Sales for October Down 13.2% Year-on-Year
HYUNDAI MOTOR: Crafts "Ultra-Strong" Steel Sheet with POSCO
LG TELECOM: Fitch Upgrades Issuer Default Rating to BB+
SK CORPORATION: To Raise US$700 Mil. in Incheon Unit's IPO


M A L A Y S I A

AKER KVAERNER: Doubles Investment in Malaysia to NOK500 Million
DCEIL INTERNATIONAL: Revamp Plan Due on April 2007
DCEIL INTERNATIONAL: Unit Gets Demand to Pay MYR48,348,043
FALCONBRIDGE LTD: Xstrata Completes Acquisition of Company
FEDERAL FURNITURE: Awaits Approval of SC on Revamp Plan

INTERGRAPH CORP: Moody's Junks US$275-Million Second Lien Debt
PSC INDUSTRIES: Court Grants Order Under Sec. 176(1) of CA 1965
PSC INDUSTRIES: Subsidiary to Dispose Lands for MYR54 Million
PSC INDUSTRIES: Unveils Summary Judgment Status as of Oct. 2006
SINORA INDUSTRIES: Submits Two EIA Report to OK Logging


N E W   Z E A L A N D

ABELE NEW ZEALAND: Liquidation Hearing Set on Nov. 23
AIR NEW ZEALAND: Cuts Costs Through New Baggage System
BURNS PHILP: Rank Group Declares Offer Unconditional
DAN TURNER: Court Appoints Joint Liquidators
DENNY'S HOLDINGS: Moody's Assigns Loss-Given-Default Rating

EL CORAZON: Court Hears CIR's Liquidation Petition
EVERGREEN CELL: Faces Liquidation Proceedings
KIDS N FAMILIES: Liquidation Petition Hearing Set on Nov. 23
MARCROFT LTD: Court to Hear Liquidation Petition on Nov. 16
SOMMNET.COM LTD: Creditors' Proofs of Claim Due on Jan. 16

T F LTD: Liquidation Petition Hearing Fixed on November 30


P H I L I P P I N E S

ACTIS GLOBAL: Posts US$1 Million Net Loss in Second Quarter 2006
BANCO DE ORO: Board Approves Equitable PCI Bank Merger Plan
DEVELOPMENT BANK: Posts PHP3.08 Bln 3Q2006 Net Income, Up 22.71%
DEVELOPMENT BANK: Grants PHP500 Mln to Microfinance Institution
GLOBE TELECOM: Posts PHP3.6 Bln Net Income in 3rd Quarter 2006


S I N G A P O R E

CHEMTURA CORP: Names Mahoney as Sr. VP & Corporate Controller
FREESCALE: Firestone Commences Offer of US$4.35B Senior Notes
FREESCALE SEMICONDUCTOR: Moody's Assigns Ba3 Corp. Family Rating
HEXION SPECIALTY: Amends Senior Secured Credit Facility
LAZARD LTD: Posts US$35 Million Third Quarter 2006 Net Income

PETROLEO BRASILEIRO: Begins Repair on Bolivia-Brazil Pipeline
PETROLEO BRASILEIRO: Intecnial to Build Three Biodiesel Plants
PETROLEO BRASILEIRO: Sees 15% Return on Investments in Bolivia
SEA CONTAINERS: Court Allows Payment of Employee Obligations
SEAGATE TECH: Sued by Siemens AG for GMR Sensor Patent Breach

SEAGATE TECH: Will Establish Media Plant in Singapore
THE GLOBAL: Will Be Receiving Proofs of Debt Until Nov. 13


T H A I L A N D

AGRO INDUSTRIAL: Plans THB4-Billion Ethanol Project
BLOCKBUSTER INC: Outlines New Deal for Online Renters
IAP WORLDWIDE: Moody's Cuts Ratings on Covenant Violations
THAI WAH: SET Excludes Stocks from Index Calculations
TONGKAH HARBOUR: Stocks Out of Index Calculations, SET Says


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

2BC PTY: Prepares to Declare Final Dividend on November 14
----------------------------------------------------------
2BC Pty Ltd, which is in liquidation, will declare the first and
final dividend on November 14, 2006.

Creditors who were unable to prove their debts by October 24,
2006, will be excluded from sharing in the dividend
distribution.

The liquidator can be reached at:

         Kenneth J. Stout
         Austral House Level 2
         115 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone: 03 9639 1900
         Facsimile: 03 9654 0133
         Mobile: 0419 340 491


ADSTEAM MARINE: Says Drought will Negatively Impact Business
------------------------------------------------------------
The current drought will have a negative impact on Adsteam
Marine Ltd's business as grain shipments out of Australian ports
decline, the Australian Associated Press relates, citing the
company.

However, the company expects a booming resource sector to offset
the drought's drain on revenue, AAP says.

After Adsteam's annual general meeting held on November 7, 2006,
the company's chief executive officer, John Moller, told
journalists that Adsteam is an active operator of over 150 tug
boats in 36 ports in Australia, thus it gets a balanced exposure
to different sectors.

"There's no doubt the drought is impacting or will have a
significant impact on grain this year but also mining and
resources volumes continue to be strong, so the two of them in
our business will sort of matt each other out," Mr. Moller said.

                 No 2007 Financial Guidance

The Age relates that Adsteam declined to provide financial
guidance for fiscal 2007.

However, the paper cites chairman Bruce Corlett telling
shareholders that group earnings in the first quarter were
slightly ahead of last year.

"This is before the costs associated with the SvitzerWijsmuller
offer and one-off costs associated with our workplace reform
activities in the UK during the period," Mr. Corlett added.

AAP recounts that Adsteam cut costs last year in the United
Kingdom, where it earns about a third of its revenue, by
reducing the number of operators per tug from four to three.

Further labor reforms will take place over the next 12 months,
AAP notes.

According to Mr. Moller, Adsteam pays for most of the tugs
upfront through a staggered payment system.

"A lot of our capital expenditure that occurred in the past year
has actually gone into purchasing the tugs that will arrive in
2007," Mr. Moller revealed.

                     About SvitzerWijsmuller

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

                          About Adsteam

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

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


ADSTO AEROSPACE: Members Agree on Voluntary Liquidation
-------------------------------------------------------
At a meeting held on October 24, 2006, the members of ADSTO
Aerospace Pty Ltd unanimously resolved to voluntarily liquidate
the company's business.

Subsequently, Bruce Coombes was named as liquidator.

The Liquidator can be reached at:

         Bruce Coombes
         507 Norwest Central
         12 Century Circuit
         Baulkham Hills
         New South Wales 2153
         Australia


AMBERGRIS PTY: Final Meeting Scheduled for November 10
------------------------------------------------------
Ambergris Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on November 10, 2006, at
2:30 p.m.

At the meeting, the members and creditors will receive
Liquidator Hayes' final account on the company's wind-up
proceedings.

The Liquidator can be reached at:

         Alan Hayes
         Sims Partners
         Level 24, Australian Square
         264 George Street
         Sydney, New South Wales 2001
         Australia
         Telephone: 9241 3422


ANGEL KB: Court Names Palmer as Liquidator
------------------------------------------
On October 20, 2006, the Federal Court of Australia appointed
Christopher J. Palmer as official liquidator of Angel KB Pty
Ltd.

The Official Liquidator can be reached at:

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


ART DE LORD: Members Decide to Voluntarily Wind Up Operations
-------------------------------------------------------------
At an extraordinary general meeting held on September 25, 2006,
the members of Art de Lord Fabrications Pty Ltd decided to
voluntarily wind up the company's operations.

Subsequently, Peter P. Krejci was appointed as liquidator at the
creditors' meeting held later that day.

The Liquidator can be reached at:

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


BILLICH GALLERIES: Liquidator to Present Wind-Up Report
-------------------------------------------------------
Billich Galleries Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on November 10,
2006, at 10:00 a.m.

During the meeting, Liquidator Malanos will present a report
regarding the company's wind-up and property disposal
activities.

The Liquidator can be reached at:

         Nicholas C. Malanos
         Level 1, 32 Martin Place
         Sydney, New South Wales
         Australia


BLYTH INC: Moody's Assigns Loss-Given-Default Ratings
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc.  

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$125M senior
   unsecured bonds
   due 2009               Ba3      Ba3     LGD4        55%

   US$100M senior
   unsecured bonds
   due 2013               Ba3      Ba3     LGD4        55%

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 Greenwich, Connecticut, Blyth Inc. designs,
manufactures and markets a line of candles and home fragrance
products, tabletop heating products, candle accessories and home
decor and giftware products.  The company has operations in
Italy, Spain, Hong Kong, China, and Australia.


BROOKAIR AIR: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------
Brookair Air Conditioning Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on
November 10, 2006, at 10:00 a.m.

During the meeting, Liquidator Sutherland will present a report
regarding the company's wind-up and property disposal exercises.

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


CANBERRA DEVELOPMENT: Enters Voluntary Wind-Up
----------------------------------------------
On October 23, 2006, the members of Canberra Development Group
Pty Ltd decided to voluntarily wind up the company's operations
and appointed Robert John Ellison as liquidator.

The Liquidator can be reached at:

         Robert John Ellison
         Bentleys MRI Canberra
         Level 1, 13 London Circuit
         Canberra ACT 2601
         Australia


CNC INTERNATIONAL: Court Appoints Official Liquidator
-----------------------------------------------------
On October 20, 2006, the Federal Court of Australia appointed
Christopher J. Palmer as official liquidator of CNC
International Pty Ltd.

The Official Liquidator can be reached at:

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


DAVID PERKINS: Members Resolve to Wind Up Firm
----------------------------------------------
On September 29, 2006, the members of David Perkins Pty Ltd held
a meeting and agreed that a wind-up of the company's operations
is appropriate and necessary.

Accordingly, Raymond George Tolcher was appointed as liquidator.

The Liquidator can be reached at:

         R. G. Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle, West New South Wales 2302
         Australia


E.KATZ MANUFACTURING: Set to Declare Dividend on November 9
-----------------------------------------------------------
E.KATZ Manufacturing Jewellers (A.C.T.) Pty Ltd will declare the
first and final dividend on November 9, 2006.

Creditors who were not able to prove their debts by November 2,
2006, will be excluded from sharing in the dividend
distribution.

The Liquidator can be reached at:

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


EUROPEAN MARINE: Members to Receive Wind-Up Report on Nov. 10
-------------------------------------------------------------
Members of European Marine Pty Ltd will convene on November 10,
2006, at 11:00 a.m., to receive the report of the company's
wind-up proceedings and property disposal exercises from
Liquidator Russel Peake.

The Troubled Company Reporter - Asia Pacific has reported that
the members of the company resolved to wind-up the company's
operations on August 9, 2006.

The Liquidator can be reached at:

         Russell Peake
         Jenkins Peake & Co
         Chartered Accountants
         PO Box 1570, Geelong 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938


FAI FINANCE: To Declare Second and Final Dividend on Nov. 15
------------------------------------------------------------
FAI Finance Corporation Pty Ltd will declare the second and
final dividend for its creditors on November 15, 2006.

Creditors who were not able to prove their debts on October 31,
2006, will be excluded from the sharing in the distribution.

The Liquidator can be reached at:

         Christopher John Honey
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.mcgrathnicol.com


FORTESCUE METALS: Awards AU$32.5 Million Contract to Nomad
----------------------------------------------------------
Fortescue Metals Group Limited awarded a AU$32.5-million
contract to Nomad Building Solutions Limited for Fortescue
Metal's Cloudbreak Mine Accommodation Village in the Pilbara
region, Western Australia.

The project is a 504-person accommodation village with
facilities plus an additional installation package of 200 rental
accommodation rooms.

Preliminary construction works for the project have commenced
and Nomad is expected to mobilize to site in early November
2006.  Project completion is expected to occur in May 2007.

                          About Nomad

Nomad is a leading provider of modular building solutions
utilized by companies operating in the resources (mining and oil
and gas), infrastructure, building construction, tourism, and
leisure sectors.  

                        About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                          *     *     *

Fortescue reported total assets of AU$221 million and total
liabilities of AU$84 million as of June 30, 2006.

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.


GREG PARNELL: Shuts Down Business Operations
--------------------------------------------
The members of Greg Parnell & Associates Pty Ltd held a general
meeting on September 29, 2006, and resolved to voluntarily wind
up the company's operations.

Daniel I. Cvitanovic was subsequently appointed as liquidator at
the creditors' meeting held that same day.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Chartered Accountant
         Shop 5 Old Potato Shed
         74-76 Hoddle Street
         Robertson New South Wales 2577
         Australia


GETTY IMAGES: Sees Job Cuts, Staff Restructuring
------------------------------------------------
Getty Images, Inc., plans to layoff some of its employees as it
proceeds with a staff restructuring, Kim Peterson at the Seattle
Times reports.

News of the proposed layoffs come in the wake of the company's
third quarter results that analysts say fell short of revenue
estimates, the Associated Press writes.  The company reported
US$37.6 million of net income for the third quarter ended Sept.
30, 2006, versus US$39.3 million in the third quarter of 2005.

Getty's chief executive officer Jonathan Klein said in the
Seattle Times article that increased competition from cheaper
image providers is hurting the company.  The company expects to
improve its finances by, among other things, placing its sales
team in direct contact with its key costumers.  Andrea James, a
Seattle Post-Intelligencer reporter, said the staff
restructuring will include a six-fold increase in the company's
market development executive staff.    

                       About Getty Images

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.


INDENT THE TILE: Creditors' Proofs of Claim Due on Nov. 21
----------------------------------------------------------
Indent The Tile People Pty Ltd, which is subject to a deed of
company arrangement, will declare the first and final dividend
on December 7, 2006.

To be included in the company's distribution of dividend,
creditors must submit their proofs of claim by November 21,
2006.

The Deed Administrator can be reached at:

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


JO PTY: Creditors to Prove Claims on November 23
------------------------------------------------
Jo Pty Ltd, which is in liquidation, will declare the second and
final dividend for its creditors on December 14, 2006.

Creditors are required to formally prove their claims by
November 23, 2006, for them to be share in the dividend
distribution.

The Liquidator can be reached at:

         Danny Vrkic
         c/o Jirsch Sutherland & Co
         PO Box 573
         Wollongong, New South Wales 2500
         Australia


KOPPERS HOLDINGS: Dr. Whittle to Retire as Europe Gen. Manager
--------------------------------------------------------------
Koppers Holdings Inc. disclosed that Dr. David Whittle, vice
president and general manager, European Operations, will be
retiring effective March 31, 2007.

The Company said that Dr. Whittle has been responsible for
European operations since the Company acquired 100% ownership of
Tarconord A/S, now known as Koppers Europe, in May 2000.

The Company concurrently disclosed the appointment of James T.
Dietz to replace Dr. Whittle effective March 31, 2007.  Mr.
Dietz has more than 21 years of experience in the coal tar
distillation business, with a background in engineering and
operations.  Mr. Dietz is currently operations manager for
Koppers' North American Carbon Materials & Chemicals business.  
In his new capacity, Mr. Dietz will report to Kevin J.
Fitzgerald, who was named senior vice president, Global Carbon
Materials & Chemicals.

                      About Koppers Holdings

Koppers Holdings Inc., (NYSE: KOP) -- http://www.koppers.com/--  
with corporate headquarters and a research center in Pittsburgh,
Pennsylvania, is an integrated producer of carbon compounds and
treated wood products.  Including its joint ventures, Koppers
operates facilities in the United States, United Kingdom,
Denmark, Australia, China, the Pacific Rim and South Africa.

Koppers Holdings's balance sheet at June 30, 2006, showed total
assets of US$625 million and total liabilities of US$733 million
resulting in a total stockholders' deficit of US$108
million.  Total stockholders' deficit at Dec. 31, 2005 stood at
US$206 million.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sector,
the rating agency confirmed its B1 Corporate Family Rating for
Koppers Holding Inc. and its B3 rating on the company's US$203
million 9.875% Sr Unsec Discount Global Notes due 2014.
Additionally, Moody's assigned an LGD6 rating to those bonds,
suggesting noteholders will experience a 90% loss in the event
of a default.


LAURELTON PTY: Members Decide to Wind Up Operations
---------------------------------------------------
Members of Laurelton Pty Ltd passed a special resolution on
September 15, 2006, to wind up the company's operations.

Mark Pearce was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Mark Pearce
         c/o Pearce & Heers Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane, Queensland 4000
         Australia


LENNOX INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the Ba2 Corporate Family Rating for Lennox
International Inc., as well as the (P)B1 rating on the company's
US$250 million Subordinate Shelf LGD6, 97%.  Those debentures
were assigned an LGD6 rating suggesting noteholders will
experience a 97% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$250m sr
   unsec shelf          (P)Ba3    (P)B1    LGD6        97%

   US$250m preferred
   shelf                (P)B2     (P)B1    LGD6        97%

   US$250m preferred
   shelf  PS2           (P)B2     (P)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%).

Headquartered in Richardson, Texas, Lennox International Inc. --
http://www.lennoxinternational.com/-- is engaged in the  
manufacture of home and industrial heating and cooling
equipments.  The company has interests and facilities Asia,
Australia, Europe, and South America.


LONERAGAN (HOLDINGS): To Declare Dividend on December 6
-------------------------------------------------------
Loneragan (Holdings) Pty Ltd will declare its first and final
dividend on December 6, 2006.

Failure to file proofs of debt by November 21, 2006, will
exclude the creditor from sharing in the dividend distribution.

The Liquidator can be reached at:

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


MINIFIE PTY: Liquidator to Present Final Accounts on Nov. 17
------------------------------------------------------------
A final meeting of the members and creditors of Minifie Pty Ltd
will be held on November 17, 2006, at 10:00 a.m., to consider
the final accounts from Liquidator Frank Lo Pilato.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on March 24, 2006.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone: 02 6247 5988


NATIONAL CONTRACTOR: To Declare First Interim Dividend
------------------------------------------------------
National Contractor Management Pty Ltd, which is subject to a
deed of company arrangement, will declare the first interim
dividend on November 20, 2006.

Creditors who failed to submit their proofs of claim by
October 20, 2006, will be excluded from sharing in the company's
distribution.

The Joint and Several Deed Administrator can be reached at:

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


OAKBURN PTY: Members & Creditors' Final Meeting Set on Nov. 17
--------------------------------------------------------------
The members and creditors of Oakburn Pty Ltd will convene for
their final meeting on November 17, 2006, at 9:30 a.m., to
receive the final accounts of Liquidator Frank Lo Pilato.

The Troubled Company Reporter - Asia Pacific previously reported
that the company commenced a wind-up of its operations on June
2, 2006.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone: 02 6247 5988


OURCORP GROUP: Appoints P. Ngan as Liquidator
---------------------------------------------
Members of Ourcorp Group Pty Ltd on September 26, 2006, passed a
special resolution to voluntarily wind up the company's
operations and appoint P. Ngan as liquidator.

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

The Liquidator can be reached at:

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


RBS GLOBAL: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for RBS Global Inc., as
well as the Caa1 rating on the company's US$300 million 11.75%
Senior Subordinate Notes due 2016 LGD6, 91%.  Those debentures
were assigned an LGD6 rating suggesting noteholders will
experience a 91% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150m Revolver
   due 2012               B1       Ba2     LGD2       20%

   US$610m Term Loan
   Facility due 2013      B1       Ba2     LGD2       20%

   US$485m 9.50% Sr.
   Notes due 2014         B3       B3      LGD4       66%

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 Milwaukee, Wisconsin, RBS Global Inc. --  
http://www.rexnord.com/-- is engaged in the manufacture of  
motion technology products that includes gears, couplings,
industrial bearings, flattop chain and modular conveyor belts,
special components, industrial chain and aerospace bearings and
seals. The company has locations in Brazil, France, Australia
and China.


ROMET LTD: Members Opt for Voluntary Liquidation
------------------------------------------------
On October 20, 2006, the members of Romet Ltd held a general
meeting and resolved to voluntarily liquidate the company's
business.

In this regard, M. C. Smith was appointed 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


SABEY & ASSOCIATES: Members Appoints Liquidators
------------------------------------------------
At a general meeting held on September 15, 2006, the members of
Sabey & Associates Pty Ltd appointed Paul Burness and Matthew
Jess as liquidators.

The Liquidators can be reached at:

         Paul Burness
         Matthew Jess
         Worrells
         Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5515
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au


SCS @ NORTHBRIDGE: Members Opt to Close Operations
--------------------------------------------------
At a general meeting held on September 20, 2006, the members of
SCS @ Northbridge Pty Ltd resolved to voluntarily wind up the
company's operations.

In this regard, Antony de Vries and Riad Tayeh were appointed as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


SEAFOOD ONLINE: Director Schoch Committed for Trial
---------------------------------------------------
A director Queensland aquaculture venture, Seafood Online.com
Ltd, William Matthew Schoch, has been committed to stand trial
on charges laid by the Australian Securities and Investments
Commission.

The committal proceeding involving a second director of Seafood
Online, Terrence Michael Byrne, has been adjourned to a date to
be set.

Mr. Schoch will stand trial on nine counts of dishonestly using
his position as a director to gain an advantage for himself and
others.

The charges against Messrs. Schoch and Byrne follow an
investigation by ASIC into their involvement in a deal alleged
to have assisted Seafood Online's AU$16 million public float to
achieve minimum subscription.

ASIC alleges that a company controlled by Mr. Schoch, Schochco
Pty Ltd, received undisclosed commissions for brokering the deal
and investing in the float itself.  It is also alleged a company
controlled by Mr. Byrne, Terry Byrne & Associates Pty Ltd,
received an undisclosed commission for investing in the float.

Messrs. Schoch and Byrne remain on bail.  A trial date is yet to
be set.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                           Background

Seafood Online commenced construction of an aquaculture farm on
land at Abbot Bay, north of Bowen in Queensland, in 1997.  To
raise the necessary funds to complete construction of the farm,
it raised capital by way of an Initial Public Offering and was
listed on the Australian Stock Exchange in February 2000.

The company was placed into external administration in February
2001.


SMARTIRE SYSTEMS: D. Warkentin Gets Promoted to President & CEO
---------------------------------------------------------------
SmarTire Systems Inc.'s board of directors has promoted vice
president of Sales and Marketing, David Warkentin to president
and chief executive officer.

Prior to joining the company in August 2005, Mr. Warkentin was
the vice president of sales for Intrinsyc Software
International, Inc., a Canadian public company that provides
engineering services to wireless mobile device makers and
licensable software for the wireless telephone handset market.  
From 2000 until 2004, he was the director of sales for Silent
Witness Enterprises Ltd., a Canadian company that manufactures
security cameras and digital video recorders targeted to the
financial, educational and corrections markets.  Also during
2000, Mr. Warkentin was the North American sales manager for
Digital Dispatch Systems, where he was responsible for a sales
team selling mobile dispatch hardware and software solutions
directly to end-users.

Robert Rudman, chairman of the board of directors, said, "Dave
has had an extremely positive impact on SmarTire.  Directing our
sales and marketing efforts, he has successfully built an
impressive portfolio of commercial customers that is now
translating into rapid revenue growth.  Dave has the right
vision and skill set to drive SmarTire forward in a decisive
manner.  He has earned the highest respect from his colleagues
and from our board of directors.  Dave replaces Leif Pedersen..
Leif has resigned as he decided to pursue other business in
Europe and not to relocate to Vancouver.  We thank him for his
excellent contributions over the past six months."

                  About Smartire Systems Inc.

Based in British Columbia, Canada, SmarTire Systems Inc. (OTC
Bulletin Board: SMTR) -- http://www.smartire.com/-- develops  
and markets technically advanced tire pressure monitoring
systems for the transportation and automotive industries that
monitor tire pressure and tire temperature.  Its TPMSs are
designed for improved vehicle safety, performance, reliability
and fuel efficiency.  The company has three wholly owned
subsidiaries: SmarTire Technologies Inc., SmarTire USA Inc. and
SmarTire Europe Limited.  The company has operations in
Australia and New Zealand.

                         Going Concern

In an addendum to its audit report, KPMG pointed to the
company's uncertainty in meeting its current operating and
capital expense requirements after auditing the Company's
financial statements for the fiscal years ended July 31, 2005,
and 2004.


SNOW BRAND: Members Decide to Close Business
--------------------------------------------
On September 20, 2006, the members of Snow Brand Trading
(Australia) Pty Ltd decided to close the company's business and
appoint R. B. McKern as liquidator.

The Liquidator can be reached at:

         R. B. McKern
         c/o McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road
         Southbank, Victoria 3006
         Australia
         Telephone:(03) 9038 3100
         Web site: http://www.mcgrathnicol.com


TRIMAS CORP: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for Trimas Corporation,
as well as revised the rating on the company's US$438 Million
9.875% Subordinated Notes to B3 from Caa1.  Those debentures
were assigned an LGD5 rating suggesting noteholders will
experience a 75% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$90 Mil. Sr.
   Sec Revolving
   Credit Facility        B1      Ba2      LGD2       20%

   US$60 Mil. Sr.
   Sec. Synthetic
   L/C Credit

   Facility               B1      Ba2      LGD2       20%
   US$260 Mil. Sr.
   Sec. Term

   Loan B                 B1      Ba2      LGD2       20%

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 Bloomfield Hills, Michigan, Trimas Corporation
-- http://www.trimascorp.com/-- is a manufacturer of trailer  
products, recreational accessories, packaging systems, energy
products and industrial specialty products for the commercial,
manufacturing, and consumer markets.  The company has operations
in Australia and Italy.


WAMAC CONSTRUCTIONS: To Declare Priority Dividend on Nov. 21
------------------------------------------------------------
Wamac Constructions Pty Ltd, which is in liquidation, will
declare the first and final dividend for priority unsecured
creditors on November 21, 2006.

Creditors who were not able to prove their debts by Nov. 7,
2006, will be excluded from the benefit of the dividend.

The liquidator can be reached at:

         P. Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia


WILLIAM ELLIS: Members Final Meeting Fixed on November 10
---------------------------------------------------------
The members of William Ellis Pty Ltd will hold a final meeting
on November 10, 2006, at 10:00 a.m., to receive Liquidator
Merrell's explanation about the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific previously reported
that William Ellis commenced a wind-up of its operations on
June 2, 2006.

The Liquidator can be reached at:

         Ralph Merrell
         Merrell Associates Pty Ltd
         Suite 3, 571 Military Road
         Mosman, New South Wales 2088
         Australia


WOOLBROOK PTY: Members Opt for Voluntary Wind-Up
------------------------------------------------
The members of Woolbrook Pty Ltd passed a special resolution to
voluntarily wind up the company's operations on September 15,
2006.

Accordingly, Mark Pearce was appointed as liquidator.

The Liquidator can be reached at:

         Mark Pearce
         c/o Pearce & Heers Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane, Queensland 4000
         Australia


WPC 108: To Hold Final Meeting on November 10
---------------------------------------------
The members and creditors of WPC 108 Pty Ltd will hold a final
meeting on November 10, 2006, at 10:00 a.m., to receive an
account of the company's wind-up and property disposal exercises
from Liquidator Stan Traianedes.

As reported by the Troubled Company Reporter - Asia Pacific,
WPC's creditors appointed Mr. Traianedes as the company's
liquidator on January 4, 2005.

The Liquidator can be reached at:

         Stan Traianedes
         Hall Chadwick
         Chartered Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia


WYKOPAL PTY: Final Meeting Slated for November 17
-------------------------------------------------
The members and creditors of Wykopal Pty Ltd will hold a final
meeting on November 17, 2006, at 9:00 a.m., to receive
Liquidator Pilato's accounts of the company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific,
Wykopal Pty commenced a wind-up of its operations on February 1,
2006.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone: 02 6247 5988


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

A P CONSULTING: Joint Liquidators Step Aside
--------------------------------------------
On October 27, 2006, Lai Kar Yan, Derek and Darach E. Haughey
ceased to act as joint and several liquidators of A P Consulting
Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
members of the Company convened for their final meeting on
October 27, 2006, and received the final accounts from the joint
liquidators.

The Joint Liquidators can be reached at:

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


AFFILIATED COMPUTER: Reports US$1.39 Billion Preliminary Revenue
----------------------------------------------------------------
Affiliated Computer Services, Inc., reported preliminary revenue
of US$1.39 billion.

Affiliated Computer disclosed certain summary preliminary first
quarter fiscal year 2007 financial information.

       Summary Preliminary First Quarter Fiscal Year 2007

   -- Preliminarily reported total revenues was US$1.39 billion,
      an increase of 6% compared with the first quarter of the
      prior year.

   -- Preliminarily reported total revenue growth was 10% after
      adjusting for the divestiture of the welfare to workforce
      services business, substantially all of which was sold in
      the second quarter of fiscal year 2006.  Consolidated
      internal revenue growth for the first quarter was 4%.  The
      Commercial segment grew 10%, of which 6% was internal
      revenue growth, and accounted for 61% of revenues this
      quarter.  The government segment had 1% internal revenue
      growth and 10% total revenue growth, excluding the WWS
      Divestiture, and accounted for 39% of consolidated
      revenues this quarter.

   -- Preliminarily reported diluted earnings per share was
      US$0.60 for the first quarter of fiscal year 2007 (which
      also has not been modified to take into account the
      financial effects of the completion of the ongoing
      internal investigation into stock option matters).  The
      preliminary results include US$0.05 per diluted share of
      legal expenses related to the ongoing stock option
      investigation and shareholder derivative lawsuits,
      US$0.04 per diluted share related to restructuring
      activities, US$0.01 per diluted share related to a waiver
      fee on the company's credit facility and US$0.01 per
      diluted share related to asset impairments and other
      charges.

   -- Reported diluted earnings per share for the first quarter
      of fiscal year 2006 was US$0.74 (which also has not been
      modified to take into account the financial effects of the
      completion of the ongoing internal investigation into
      stock option matters).  Reported results included US$0.04
      per diluted share of compensation expense related to the
      departure of the company's former chief executive officer
      and the company's assessment of risk related to the
      bankruptcies of certain airline clients.

   -- During the first quarter of fiscal year 2007, the company
      executed certain restructuring activities to further
      support its competitive position.  These activities, which
      were largely completed in late September, will serve to
      reduce annual costs by approximately US$75 million.  The
      company believes the bulk of its restructuring activities
      have been completed, but will continue to review its
      operations.  The company may execute other restructuring
      activities in the future if it believes these activities
      will benefit its business both operationally and
      competitively over the long-term.

   -- Cash flow from operations was the company's highest ever
      for a first quarter, preliminarily reported at
      approximately US$173 million, or 12% of revenues.  Capital
      expenditures and additions to intangible assets were
      preliminarily reported at approximately US$110 million, or
      8% of revenues.  Free cash flow during the first quarter
      was preliminarily reported at US$63 million.

   -- During the first quarter of fiscal year 2007, the company
      acquired Primax Recoveries, Inc. for US$40 million, plus
      contingent payments of up to US$10 million based on future
      performance.  Primax, with trailing twelve month revenues
      of approximately US$39 million, is one of the oldest and
      largest health care recovery firms providing subrogation
      and overpayment recovery services to help its clients
      improve their profitability.

   -- Subsequent to Sept. 30, 2006, the company acquired Systech
      Integrators, Inc., for US$65 million, plus contingent
      payments of up to US$40 million based upon future
      performance.  Systech, with trailing twelve-month revenues
      of approximately US$61 million, is a premier partner of
      SAP Americas and will expand ACS' existing SAP service
      offering with consulting and systems integration services.

   -- The company signed US$132 million of annual recurring
      revenue during the first quarter of fiscal year 2007.  In
      addition to the first quarter signings, the company has
      also been awarded approximately US$170 million of annual
      recurring revenue.  These awards will be reflected as
      closed new business once the related contracts are
      finalized and executed.

   -- During the quarter, the company repurchased approximately
      14.4 million shares for an aggregate purchase price of
      US$730.4 million, before transaction costs, or an average
      purchase price per share of US$50.62 pursuant to the June
      2006 US$1 billion share repurchase program.  As of
      Sept. 30, 2006, the company has completed the Prior
      Program and has US$1 billion of availability under the
      August 2006 US$1 billion share repurchase program.  As a
      result of the company's share repurchase activity,
      weighted average shares used to calculate diluted earnings
      per common share at Sept. 30, 2006, were 104.6 million.
      Actual shares outstanding at September 30, 2006 were 98.9
      million, consisting of 92.3 million Class A shares and 6.6
      million Class B shares.

Affiliated Computer is providing only certain summary
preliminary quarterly financial information at this time because
of the previously announced ongoing internal investigation it
has been conducting into stock option matters, the outcome of
which could impact these and prior period results and could
involve a restatement of prior periods.

The investigation, which is being conducted by an ad hoc
committee of the Affiliated Computer's board of directors
consisting of all the independent directors, who are proceeding
with the assistance of specially engaged independent outside
legal counsel, is expected to be completed later this quarter.  
For the same reason, the company will not be in a position to
file its Quarterly Report on Form 10-Q for the quarterly period
ended Sept. 30, 2006, on Nov. 9, 2006, when it would ordinarily
be due for filing.

Affiliated Computer has also delayed the filing of its Annual
Report on Form 10-K for its fiscal year ended June 30, 2006, in
view of the ongoing internal investigation.  The company expects
to file the Form 10-K and Form 10-Q as soon as practical
following completion of the internal investigation.

The summary preliminary quarterly financial information has been
prepared by Affiliated Computer's management and does not take
into account the financial effects of the completion of the
company's internal investigation into stock option matters and
has not been approved by the company's Audit Committee.  In view
of the company's decision to provide more limited information
than is customary, there will not be a conference call to more
fully discuss the results.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides  
business process outsourcing and information technology
solutions to commercial and government clients.  The company's
global presence include operations in Brazil, China, Dominican
Republic, India, Guatemala, Ireland, Philippines, Poland and
Singapore.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 4, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
rating and senior secured ratings on Affiliated Computer to 'B+'
from 'BB'.  S&P placed the ratings on CreditWatch with negative
implications where they were placed on Jan. 27, 2006.


ANDREW CORP: Posts US$59.7MM Net Loss in Quarter Ended Sept. 30
---------------------------------------------------------------
Andrew Corp. reported total sales of US$599 million for its
fourth quarter ended Sept. 30, 2006, an increase of 16% compared
to US$518 million in the prior year quarter.

In the fourth quarter 2006, wireless infrastructure sales
increased 16% versus the prior year quarter and included the
US$23.7 million sales from the acquisition of Precision Antennas
Ltd. in April 2006.  Satellite Communications sales increased 2%
versus the prior year quarter.

In the fourth quarter of fiscal 2006 the company recorded a net
loss of US$59.7 million compared to net income of US$7.5 million
in the year ago quarter.  The company recorded a non-cash charge
in the fourth quarter to provide a full valuation allowance of
US$83.4 million on its U.S. deferred tax assets.

"Recording this non-cash charge is based upon our assessment of
the accounting rules related to valuation allowances, and is not
a reflection of our future global business prospects," Ralph
Faison, president and chief executive officer, said.  "We are
currently analyzing a number of strategies that may enable us to
utilize a greater portion of these underlying U.S. tax benefits
prior to their expiration, and realize more of their cash
value."

The fourth quarter net loss also included US$4.7 million related
to intangible amortization; US$5 million related to
restructuring activities; US$10.3 million of expenses associated
with the termination of the proposed ADC merger; an impairment
charge on capitalized software of US$3.9 million; filter product
line transition costs of US$3.8 million; a gain of US$2.6
million for repatriation benefit; a gain on the sale of land at
the company's Orland Park facility of US$9 million; and a gain
on the termination of the former Allen Telecom pension plan of
US$14.2 million.

Gross margin for the fourth quarter of fiscal 2006 was 22.6%,
compared with 22.1% in the prior quarter and 22.4% in the prior
year quarter.  Excluding a US$3.8 million charge related to the
previously announced restructuring of the filter product supply
chain, gross margin in the current quarter was 23.2%.

Operating income for the fourth quarter was US$35 million or
5.9% of sales compared to US$22 million or 4.3% of sales in the
prior year quarter.

                    Fiscal 2006 Results

Fiscal 2006 sales increased 9% to US$2.15 billion.  Wireless
infrastructure sales, including US$39 million from the
acquisition of Precision Antennas Ltd., increased 11% versus the
prior year.  Satellite communication sales decreased by 13%.  
Total orders increased by 13%, and backlog at fiscal year end
was 14% higher than a year ago.

Gross margin for fiscal 2006 was 22.1%, a decrease of 20 basis
points from the prior year.

Operating income for fiscal 2006 was US$83 million or 3.9% of
sales compared to US$78 million or 4% of sales in the prior
year.  Including the non-cash charge to provide a full valuation
allowance of US$83.4 million on the company's U.S. deferred tax
assets, a net loss of US$34 million was recorded for the year
compared to net income of US$39 million for the prior year.

           Balance Sheet and Cash Flow Highlights

Cash and cash equivalents were US$170 million at Sept. 30, 2006,
compared to US$116 million at June 30, 2006 and US$189 million
at Sept. 30, 2005.

Total debt outstanding and debt to capital were US$346 million
and 18.7% at Sept. 30, 2006, compared to US$302 million and
16.1% at June 30, 2006 and US$303 million and 16.3% at Sept. 30,
2005.  Debt increased during the quarter due to working capital
funding for foreign operations and foreign acquisitions and the
recognition of a US$25 million lease obligation resulting from
the classification of the company's new Joliet facility,
currently under construction, as a capitalized lease.

Cash flow from operations was US$56.1 million for the fourth
quarter, compared to cash flow from operations of US$24.5
million in the prior quarter and cash flow from operations of
US$45.9 million in the prior year quarter.  Capital expenditures
were US$20.2 million for the fourth quarter, compared to US$17.7
million in the prior quarter and US$17.7 million in the prior
year quarter.

For the full year, cash flow from operations was US$92.3 million
compared to cash flow from operations in the prior year of
US$89.4 million.  Capital expenditures were US$71.0 million, or
3.3% of sales, for the full year compared to US$66.4 million, or
3.4% of sales, in fiscal year 2005.

                    Fiscal 2007 Outlook

For the fiscal year 2007, the company anticipates sales to range
from US$2.25 billion to US$2.375 billion, excluding any further
significant rationalization of product lines or significant
acquisitions.

It anticipates that total intangible amortization will be
approximately US$15 million in fiscal 2007 compared to US$19
million in fiscal 2006 and reported tax rate to be in the range
of 35% to 37%.  Average diluted shares outstanding are
anticipated to be approximately 175 million due to the
accounting effect of outstanding convertible debt.

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

                        *    *    *

Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to negative from developing.  The
'BB' corporate credit rating and other ratings on the company
were placed on CreditWatch developing on Aug. 7, 2006.


ANDREW CORP: Agrees to Acquire EMS Wireless for US$50.5 Million
---------------------------------------------------------------
Andrew Corp. has agreed to acquire EMS Wireless -- a Norcross,
Georgia-based division of EMS Technologies, Inc.

Under the agreement, Andrew will pay US$50.5 million in cash for
EMS Wireless, a major designer and manufacturer of base station
antennas and repeaters for cellular networks in North America.  
Its customers include the major wireless operators in the US.

John DeSana, a group president in the Antenna and Cable Products
Segment of Andrew Corp., said, "EMS Wireless and its employees
have a successful track record in innovation and customer
responsiveness, and their addition to Andrew will deliver
compelling strategic and financial benefits.  EMS Wireless will
strengthen our relationships with key customers and extend our
leadership position in wireless subsystems."

EMS Wireless had revenues of US$28.5 million for the first half
of 2006.  It employs 200 people in Norcross, Georgia, and
Curitiba, Brazil.  The transaction is expected to close within
30-60 days and be slightly accretive to earnings in fiscal 2007.  
Andrew expects to achieve US$5 million to US$10 million annually
in synergies and reduced corporate spending beginning in fiscal
2007.

Paul Domorski, the president and chief executive officer of EMS
Technologies, noted, "We are very proud of our Wireless division
and its remarkable achievements over the past 13 years.  I
credit our highly talented personnel with building the EMS
Wireless cellular and PCS base station antenna business.  
Meanwhile, the industry is consolidating rapidly and greater
scale is very important.  We believe EMS Wireless and its
dedicated employees will have a better future as part of a
larger organization, such as Andrew, that is less affected by
swings in sales of particular products and has a wider array of
products to offer to wireless carriers.  For these reasons, we
think Andrew Corporation is the perfect match."

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

                        *    *    *

Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to negative from developing.  The
'BB' corporate credit rating and other ratings on the company
were placed on CreditWatch developing on Aug. 7, 2006.


ANDREW CORP: Simplifying Price Structure for Cable Products
-----------------------------------------------------------
Andrew Corp. will implement a simplified pricing structure for
all cable products.

Effective Jan. 1, 2007, Andrew will eliminate standalone
surcharges and adjust list prices to reflect fluctuating costs
of raw materials, especially copper, that are used in
manufacturing Andrew's HELIAXr and RADIAX cable and related
products. Prices will be adjusted quarterly, as necessary.

Andrew began applying surcharges on its cable products in April
2006 to partially offset the ongoing, dramatic rise in raw
material costs.  Effective Jan. 1, surcharges instead will be
included in the adjusted prices.  On average, however, the new
price structure is expected to have little or no impact on
current net pricing paid by customers.

"This new structure will simplify pricing of cable products for
Andrew customers, and is in direct response to our customers'
feedback regarding standalone surcharges," said John DeSana,
group president, Antenna and Cable Products Segment, Andrew
Corporation.  "We remain committed to cost-effectively providing
the world's highest quality and performance in cable products,
including a simplified pricing plan and new options such as our
recently introduced aluminum cable products."

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

                        *    *    *

Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to negative from developing.  The
'BB' corporate credit rating and other ratings on the company
were placed on CreditWatch developing on Aug. 7, 2006.


APEX TRADE: Appoints Yip as Official Liquidator
-----------------------------------------------
On October 16, 2006, Yip Sau Fong was appointed by a special
resolution as liquidator of Apex Trade Investments Ltd.

The Liquidator can be reached at:

         Yip Sau Fong
         Unit 201, Discovery Bay Office Centre
         No. 2 Plaza Lane
         Discovery Bay
         Hong Kong


ATMS (H.K.): Court Sets Date to Hear Wind-Up Petition
-----------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against ATMS (H.K.) Co. Ltd on November 29, 2006, at 9:30 a.m.

Nam Kwong Electric Company Ltd filed the petition with the Court
on October 4, 2006.

The Solicitors for the Petitioner can be reached at:

         Liu, Chan and Lam
         Rooms 1710-18
         17/F, Hutchison House
         10 Harcourt Road, Central
         Hong Kong


BANK OF CHINA: Posts CNY32.46 Billion Net Profit in First 3 Qtrs
----------------------------------------------------------------
Bank of China posted CNY32.46 billion net profit in the first
three quarters of this year, Xinhuanet News says, citing the
bank's statement.

According to Xinhuanet, based on its balance sheet at the end of
September 30, 2006, BOC had total assets at CNY5.27 trillion, an
increase of CNY530.58 billion, or 11.9% over the end of 2005.  
Its total debt was CNY4.87 trillion, an increase of CNY384.25
billion, or 8.57% from the third quarter period of 2005.

Total Renminbi and foreign currency deposits totaled CNY4.05
trillion, CNY347.2 billion more than in the same period in 2005,
while its outstanding loans portfolio reached CNY2.35 trillion,
an increase of 9.24%, Xinhuanet reveals.

Bank of China's non-performing loans totaled CNY98.6 billion as
at the end of September 2006, with a NPL ratio of 4.04%,
Xinhuanet notes.

                          *     *     *

Headquartered in Beijing, China, the Bank of China --
http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.

                          *     *     *

Moody's Investors Service on August 11, 2006, affirmed the
bank's BFSR at D-.

The Troubled Company Reporter - Asia Pacific reported that on
September 15, 2006, Fitch Ratings affirmed Bank of China's:

   * Long-term foreign currency IDR at A-;
   * Short-term rating at F2;
   * Individual affirmed at D; and
   * Support at 1.

The Outlook was revised to Positive from Stable.


BETERFORD DEVELOPMENT: Court Orders Wind-Up of Operations
---------------------------------------------------------
On October 4, 2006, Beterford Development Company Ltd was
ordered by the High Court of Hong Kong to wind up its
operations.

According to the Troubled Company Reporter - Asia Pacific, the
Company was facing a liquidation petition filed by the Bank of
China (Hong Kong) on August 3, 2006.


CALIFORNIA STATE: Shareholders Resolve to Wind Up Operations
------------------------------------------------------------
At an extraordinary general meeting held on October 27, 2006,
shareholders of California State Enterprises Ltd resolved to
voluntarily wind up the company's operations.

In this regard, Hue Yat Lun, Sansom was appointed as liquidator.

The Liquidator can be reached at:

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


CHINABOND LTD: Shareholders Agree to Wind Up Business
-----------------------------------------------------
At an extraordinary general meeting held on October 27, 2006,
shareholders of Chinabond Ltd agreed to voluntarily wind up the
company's operations and appointed Hue Yat Lun, Sansom as
liquidator.

The Liquidator can be reached at:

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


CROWN HOLDINGS: Sept. 30 Stockholders' Deficit Cuts to US$107MM
---------------------------------------------------------------
Crown Holdings Inc. filed its financial statements for the third
quarter ended Sept. 30, 2006, with the Securities and Exchange
Commission on Nov. 1, 2006.

The company previously sold its remaining European plastics
businesses in 2006 and amounts related to those businesses have
been reclassified to discontinued operations.

At Sept. 30, 2006, the company's balance sheet showed US$7.236
billion in total assets, US$7.072 billion in total liabilities,
and US$271 million in minority interests, resulting in a US$107
million shareholders' deficit.  The company had a US$236 million
deficit at Dec. 31, 2005.

Net sales from continuing operations in the third quarter rose
to US$2.022 billion, up 7% over the US$1.89 billion in the third
quarter of 2005.  The increase in sales was primarily
attributable to stronger sales unit volumes.

Third quarter gross profit was US$262 million compared with
US$272 million in the 2005 third quarter.  As a percentage of
net sales, gross profit was 13% in the quarter compared to 14.4%
in the third quarter last year.  The decline was primarily
driven by the impact of higher raw material costs partially
offset by stronger sales unit volumes, increased operating
efficiencies and productivity gains.

Segment income (defined by the company as gross profit less
selling and administrative expense) was US$184 million in the
third quarter compared with US$185 million in the 2005 third
quarter. Segment income as a percentage of net sales was 9.1% in
the quarter compared to 9.8% in the same period in 2005.

Commenting on the quarter, John W. Conway, chairman and chief
executive officer, stated, "We are pleased that in the face of
significantly higher input costs, profits have remained firm and
stable which is particularly noteworthy in light of last year's
solid third quarter.

"Our North American Food segment had outstanding results on
strong volumes and increased productivity.  Both volumes and
margin increased in the Americas Beverage business from the
first and second quarters of this year.  Internationally, four
new beverage can lines in the Middle East began operations in
the quarter which adds to our annual capacity in that fast
growing market."

Interest expense in the third quarter was US$73 million compared
with US$94 million in the third quarter of 2005.  The decrease
reflects the impact of lower average interest rates, the result
of the company's 2005 refinancing.

Net income from continuing operations in the third quarter was  
US$87 million compared with US$82 million in the third quarter
of 2005.  The company is currently in a dispute with a European
supplier regarding the cost of materials supplied in 2006.  If
the outcome of the proceedings is unfavorable, the company
anticipates that it would record a charge to its net income from
continuing operations for the third quarter and nine months
ended Sept. 30, 2006.

Included within net income from continuing operations in the
third quarter of 2005 the company recorded a net gain of US$13
million related to a net gain on the remeasurement of foreign
currency exposures in Europe partially offset by a provision for
restructuring.

For the three months ended Sept. 30, 2006, the company reported
US$85 million of net income compared with US$78 million of net
income for the comparable period in 2005.

Through September 30, the company has repurchased 6,246,378
shares of common stock for US$117 million during 2006, including
5,262,878 shares through a previously announced accelerated
share repurchase program.  The number of common shares
outstanding as of Sept. 30, 2006, was 162,923,235, which is
approximately 3% lower than as at June 30, 2006.

Full-text copies of the company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?1470
Philadelphia, Pa.-based Crown Holdings Inc. (NYSE: CCK) --
http://www.crowncork.com/-- through its affiliated companies,  
supplies packaging products to consumer marketing companies
around the world.  The company has operations in Argentina,
China and Eastern Europe.

                           *     *     *

Standard & Poor's Ratings Services affirmed its 'BB-' rating and
its '2' recovery rating on Crown Holdings' existing US$1.5
billion credit facilities including its US$200 million add-on
senior secured term loan B due 2012.


CUMMINS: Earns US$171 Mil. in Third Fiscal Quarter Ended Oct. 1
---------------------------------------------------------------
Cummins Inc. filed its financial statements for the third fiscal
quarter ended Oct. 1, 2006, with the U.S. Securities and
Exchange Commission on Nov. 1, 2006.

Sales for the quarter were US$2.81 billion, compared with
US$2.47 billion for the third quarter of 2005.  Net income of
US$171 million was up from US$145 million in the same period
last year.

Earnings before interest and taxes rose 23% to US$296 million
while gross margins remained near record levels at 23.3% of
sales.

For the three months ended Oct. 1, 2006, the company reported
US$171 million of net income compared with US$145 million of net
income for the three months ended Sept. 25, 2005.

Each of the company's business segments enjoyed double-digit
percentage sales growth in the third quarter, led by the Power
Generation and Distribution businesses, both of which performed
above the top end of their targeted sales and profit ranges.

Sales in the Engine Business, the company's largest segment,
rose 10% despite a decline in light-duty automotive volumes late
in the quarter as a result of plant shutdowns at automotive
facilities related to inventory rebalancing.

The company saw sales growth in most of its markets around the
world -- both in its wholly owned businesses and at its joint
ventures, where income increased 19% from the same period in
2005.

"We performed well in the third quarter and see great
opportunities for the future," Cummins chairman and chief
executive officer Tim Solso said.

"In particular, our Power Generation and Distribution businesses
enjoyed significant growth - both in terms of revenue and
profit.

"We also continue to produce returns above 10%, even as we are
investing in new products, new markets and additional capacity
for 2007 and beyond."

As a result of the strong financial performance, the company's
cash position has improved by US$248 million from the beginning
of the year, even as Cummins has continued to pay down debt and
increased its pension funding.

The company's debt/capital ratio is below its 30% target range
and Cummins plans to repay an additional US$250 million in long-
term debt in December, as previously announced.

The company also repurchased US$14 million of its common stock
in the third quarter as part of a previously announced plan to
repurchase up to 2 million shares.

"Our continued strong financial performance has allowed us to
create a strong balance sheet," Cummins chief financial officer
Jean Blackwell said.

"As a result, the company is well positioned to withstand the
challenges of the business cycle and invest in growth
opportunities that will be the key to our future success."

Cummins reaffirmed its previous full-year guidance of US$14 to
US$14.20 a share.  The company will provide guidance for 2007 in
January, but expects EBIT margins to be within its 7% to 10%
target range, on flat to 5% increase in sales.

Despite the anticipated temporary slow-down in the heavy-duty
engine market due to the emissions changes, Cummins expects 2007
to be a solid year for several reasons:

   * Cummins expects sales growth in most of its end markets.

   * The company expects to see continued profitable growth in
     emerging markets, most notably China and India.

   * Cummins has a strong balance sheet, resulting in
     considerably less interest expense and greater liquidity.

   * The company has a cost-control strategy in place across all
     businesses that is focused on using Six Sigma to become
     more efficient.

   * Cummins has increased the flexibility in its manufacturing
     plants to deal with the expected fluctuations in demand
     next year resulting from new emissions regulations.

The company also continues to invest in profitable growth
opportunities, two of which were highlighted by announcements in
October.  Cummins announced that it will produce a new line of
high-performance, light-duty diesel engines at its Columbus
Engine Plant by the end of the decade and that DaimlerChrysler
is the first major customer for the new engine.

The company also announced that it had signed a joint venture
agreement with Beiqi Foton Motor Company in China to produce
2.8- and 3.8-liter engines for the light commercial vehicle
markets in China beginning in 2008.

"We have some exciting opportunities ahead," Mr. Solso said.  
"The work done by Cummins employees around the world in recent
years has prepared us well for 2007 and beyond.

                   Third-quarter details

Engine segment

Revenues rose 10% to US$1.84 billion and Segment EBIT increased
20% to US$183 million, or 9.9% of sales, which is at the top of
the targeted range of 7% to 10%.

Global engine shipments rose 3% from the same period in 2005.  
Higher heavy-duty, medium-duty and high horsepower shipments
more that offset a drop in light-duty shipments due to softness
in the U.S. auto industry.

Heavy-duty engine shipments in North America were strong as OEMs
worked to meet increased demand from truck fleets, in part due
to fleets replacing trucks ahead of the 2007 emissions changes.  
The company also grew its sales in the North American medium-
duty truck and bus engine market by 48% from the same quarter in
2005.

Power Generation segment

Revenues rose 24% to US$624 million well above the targeted
range of 8% to 10%.  Segment EBIT increased 24% to US$57
million, or 9.1% of sales compared with the targeted range of 7%
to 9%.

Sales increases were driven by volume gains as a result of
strong demand in the commercial generator set and alternator
businesses.  Commercial sales rose 32% as demand grew around the
world, with the exception of China and Southeast Asia.

Alternator sales rose 25% and the segment also posted sales
gains in its energy solutions, rental and power electronics
businesses.  Sales in the consumer business fell 1.5% from the
same period in 2005 due to continued softness in the
recreational vehicle market.

Distribution segment

Revenues rose 17% to US$346 million above the segment's 10%
growth target.  Sales gains primarily were driven by growth in
the Middle East, Europe, and South Pacific.  Increases in sales
of power generation equipment were led by the reconstruction
effort in the Middle East, which accounted for more than half
the sales growth in this business line.

Segment EBIT increased 36% to US$38 million, or 11% of sales
above the target range of 8% to 10% as the segment continues to
achieve its goal of growing earnings faster than revenues.

The company also saw significant improvement in income from its
North American distributor joint ventures during the quarter.  

Components segment

Sales for the segment made up of the company's filtration,
turbocharger, fuel systems, and exhaust after-treatment
businesses rose 17% to US$564 million.  The segment benefited
from strong sales gains in its North and Latin American
filtration business as well as significantly higher sales in its
North American fuel systems business.

Segment EBIT dropped 10% to US$19 million, or 3.4% of sales,
compared with the same period in 2005.  The businesses in this
segment -- most notably Emission Solutions and Cummins Turbo
Technologies -- continue to invest heavily to ensure that
Cummins has both the capability and capacity to provide critical
technologies to support the 2007 products.

In addition, this segment focused on rationalizing plants and
transferring production to assist in future profit improvement,
which resulted in manufacturing inefficiencies during the
quarter.

At Oct. 1, 2006, the company's balance sheet showed US$7.579
billion in total assets, US$4.668 billion in total liabilities,
US$240 million in minority interest, and US$5.671 billion in
total shareholders' equity.

Full-text copies of the company's third fiscal quarter
financials are available for free at:

              http://ResearchArchives.com/t/s?1463

                       About Cummins Inc.

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI) --
http://www.cummins.com/-- designs, manufactures, distributes  
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.  Cummins serves
customers in more than 160 countries, including China and India,
through its network of 550 Company-owned and independent
distributor facilities and more than 5,000 dealer locations.  

                         *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


DATA COMMENCE: Enters Voluntary Liquidation
-------------------------------------------
Shareholders of Data Commence Ltd held a general meeting on
October 27, 2006, and agreed to voluntarily wind up the
company's operations.

Hue Yat Lun Sansom was subsequently appointed as liquidator.

The Liquidator can be reached at:

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


FABRIKANT H.K.: Faces Wind-Up Proceedings
-----------------------------------------
A petition to wind up Fabrikant Hong Kong Ltd -- formerly Ash
Ltd -- will be heard before the High Court of Hong Kong today,
November 8, 2006, at 9:30 a.m.

The Hongkong and Shanghai Banking Corporation Ltd filed the
petition with the Court on September 7, 2006.

The Solicitors for the Petitioner can be reached at:

         Allen & Overy
         9/F, Three Exchange Square
         Central
         Hong Kong


FRANCIS WONG: Creditors' Must Prove Debts by November 20
--------------------------------------------------------
Creditors of Francis Wong C.P.A. Co. Ltd are required to submit
their proofs of debt to Liquidator Wong Man Chung Francis by
November 20, 2006, for them to be share in any distribution the
company will make.

The Liquidator can be reached at:

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


H.K. FESTIVAL: Court Favors Wind-Up
-----------------------------------
Hong Kong Festival Catering Management Ltd received a wind-up
order from the High Court of Hong Kong on October 4, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Heung Chun Hung filed the wind-up petition with the Court on
August 2, 2006.


INTERNATIONAL PAPER: Completes US$5B Sale of Forestland to RMS
--------------------------------------------------------------
International Paper has completed the previously announced sale
of 4.2 million acres of forestland in the Southeastern U.S. and
Michigan to an investor group led by Resource Management
Service, LLC (RMS) for approximately US$5 billion in cash and
notes, subject to certain post-closing adjustments.

Together with the US$1.13 billion sale to TimberStar Southwest
completed earlier, 2006 fourth-quarter proceeds from these two
forestland transactions total approximately US$6.1 billion in
cash and notes, and will result in an estimated special fourth-
quarter pre-tax gain in excess of US$4 billion.  With the
closing of this sale, proceeds from transformation-related
forestland sales now total approximately US$6.6 billion.

International Paper's sale of the majority of its U.S.
forestlands is part of the company's transformation plan to
improve returns and position the company for long-term success
by focusing on uncoated papers and packaging businesses,
exploring strategic options for other businesses, returning
value to shareowners, strengthening the balance sheet, and
strategically reinvesting in growing markets.

"I'm pleased that this milestone substantially completes the
sale of our U.S. forestlands, which is a big step forward for
International Paper's transformation plan," said IP Chairman and
Chief Executive Officer John Faraci.  "So far, we've received
approximately US$9.5 billion of the US$9.7 billion in proceeds
expected from sale agreements announced to date.

"We've returned approximately US$1.4 billion to our shareowners
through a share repurchase, and we've also begun the process of
strengthening our balance sheet by repaying debt.  We continue
to improve results in our platform businesses, and we've
announced plans for strategic, accretive reinvestments in China,
Brazil and Russia, significantly strengthening our global
positions in uncoated papers and packaging."

The transaction with RMS was announced in April 2006, as part of
International Paper's sale of the majority of its U.S.
forestlands. RMS led negotiations for the 4.2 million-acre
purchase on behalf of an investor group comprising RMS, Atlanta-
based Forest Investment Associates, Boston-based GMO Renewable
Resources and other investors.

In connection with the transaction, the parties also entered
into a 20-year fiber supply agreement for International Paper's
pulp and paper mills in the South, a 10-year fiber supply
agreement on the Michigan forestlands to be assigned to IP's
former coated paper facilities in the region (now owned by Verso
Paper), and a 10-year fiber supply agreement for IP's wood
products facilities, all at market prices. Under the terms of
the agreement, the forestlands will continue to be managed and
third-party certified under the requirements of the Sustainable
Forestry Initiative Standard.

             About Resource Management Service

Based in Birmingham, Ala., RMS is an independent timberland
investment management firm that manages forest investments in
the U.S. South on behalf of private clients and institutional
investors.

                 About International Paper

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest  products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
specifically Japan and China.  These businesses are complemented
by an extensive North American merchant distribution system.  
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


KA SHUN: Court Issues Wind-Up Order
-----------------------------------
The High Court of Hong Kong issued a wind-up order against the
operations of Ka Shun Industrial Ltd on October 4, 2006.

According to the Troubled Company Reporter - Asia Pacific, Chow
Nim Chi, Amanda filed the wind-up petition on August 2, 2006.


KENFAME INVESTMENT: Receives Wind-Up Order from Court
-----------------------------------------------------
On October 4, 2006, the High Court of Hong Kong ordered Kenfame
Investment Ltd to wind up its operations.

The Troubled Company Reporter - Asia Pacific reported that on
August 3, 2006, the Bank of China (Hong Kong) Ltd filed the
wind-up petition.


KWAN KEE: Wind-Up Hearing Set on December 20
--------------------------------------------
On October 18, 2006, Kingsley (Hong Kong) Ltd filed before the
High Court of Hong Kong a petition to wind up the operation of
Kwan Kee Frozen Meat Co. Ltd.

The Court will hear the petition on December 20, 2006, at 9:30
a.m.

The Solicitors for Kingsley Ltd can be reached at:

         W. K. To & Co.
         11/F, Wheelock House
         20 Pedder Street
         Central, Hong Kong


LEIGHTON GODOWN: Creditors' Proofs of Claim Due on November 27
--------------------------------------------------------------
Liquidator Wong Shen, Dorothy, requires the creditors of
Leighton Godown Ltd to submit their proofs of claim by November
27, 2006.

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

The Liquidator can be reached at:

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


LINDA FASHION: Creditors Meeting Set on November 10
---------------------------------------------------
Linda Fashion International Company Ltd will hold a meeting for
its creditors on November 10, 2006, 5:00 p.m., at Flat 5, 19/F.,
Laurels Industrial Centre, 32 Tai Yau Street, San Po Kong,
Kowloon, Hong Kong.

During the meeting, creditors will appoint a liquidator and
consider further matters relevant to their voluntary wind-up.


M & T INTERNATIONAL: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------------
At an extraordinary general meeting held on October 23, 2006,
creditors of M & T International Ltd resolved to wind up the
company's operations due to its inability to pay debts.

Accordingly, Lau Siu Hung was appointed as liquidator.

The Liquidator can be reached at:

         Lau Siu Hung
         2/F, Wing Yee Commercial Building
         5 Wing Kut Street, Central
         Hong Kong


PETROLEOS DE VENEZUELA: Posts US$43.6B First Nine-Month Revenue
---------------------------------------------------------------
Rafael Ramirez -- the president of Petroleos de Venezuela SA,
the state-run oil company of Venezuela, and the energy and oil
minister of the country -- said to lawmakers that the firm had a
US$43.6 billion revenue for the first nine months of 2006,
Business News Americas reports.

BNamericas relates that Petroleos de Venezuela incurred costs
and expenses of US$11.1 billion in the first nine months of
2006, paying US$13.7 billion in royalties to the treasury and
US$4.58 billion in taxes.

Minister Ramirez told BNamericas that Petroleos de Venezuela
invested about US$8.31 billion in social development or missions
in the first nine months of 2006 to provide health care and
eliminate illiteracy.

BNamericas underscores that Petroleos de Venezuela has
experienced serious delays in releasing its financial results
since the 2002-03 oil workers' strike.

According to BNamericas, Petroleos de Venezuela published its
financial results for the year 2003 in late 2005, reporting a
US$2-billion profit.

However, Minister Ramirez told BNamericas that Petroleos de
Venezuela's auditing system had been repaired.

Petroleos de Venezuela's results for January-September 2006 have
not been audited or published.  The company does not report to
any Venezuelan regulator as it is not publicly traded and lists
the energy and oil ministry as stockholder, BNamericas states.

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

                        *    *    *

Standard & Poor's Ratings Services revised the CreditWatch
implications on its 'B+' long-term foreign currency corporate
credit rating on Petroleos de Venezuela SA to positive from
developing.

The revision of the CreditWatch status on Petroleos de Venezuela
reflects S&P's expectations that downgrade risk has receded, and
the issuer credit rating will either be raised and equalized
with the rating on Petroleos de Venezuela's owner, the
Bolivarian Republic of Venezuela (BB-/Positive/B), or affirmed
at 'B+'.


PETROLEOS DE VENEZUELA: Constructing Submarine to Spot Leaks
------------------------------------------------------------
Petroleos de Venezuela SA, the state oil firm of Venezuela, is
working with a university in Carabobo to develop a submarine,
which could spot leaks in underwater pipelines in the Maracaibo
lake, Business News Americas reports, citing Ana Elisa Osorio,
the company's corporate manager for environmental and
occupational hygiene.

Maracaibo is one of Petroleos de Venezuela's leading exploration
and production areas.  The area has for decades been faced with
a series of environmental issues due to large-scale crude oil
and gas production, BNamericas relates.

Ms. Osorio declined to tell BNamericas the launching date for
the submarine.

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

The company has a commercial office in China.

                        *    *    *

Standard & Poor's Ratings Services revised the CreditWatch
implications on its 'B+' long-term foreign currency corporate
credit rating on Petroleos de Venezuela SA to positive from
developing.

The revision of the CreditWatch status on Petroleos de Venezuela
reflects S&P's expectations that downgrade risk has receded, and
the issuer credit rating will either be raised and equalized
with the rating on Petroleos de Venezuela's owner, the
Bolivarian Republic of Venezuela (BB-/Positive/B), or affirmed
at 'B+'.


PETROLEOS DE VENEZUELA: Fails Shipping Gasoline to US
-----------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of
Venezuela, has not delivered gasoline to the United States since
September, El Universal reports.

Oil operators and shipping agents told Reuters that the delay of
the shipment was partly due to problems on Petroleos de
Venezuela's US refining operations.

According to El Universal, power troubles and scheduled plant
closures in three of the four refineries comprising the domestic
circuit led to a significant output reduction in September and
October.

However, Rafael Ramirez, Venezuela's minister of energy and
petroleum and Petroleos de Venezuela chief told El Universal
that exports to the US have been within normal limits.  

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

The company has a commercial office in China.

                        *    *    *

Standard & Poor's Ratings Services revised the CreditWatch
implications on its 'B+' long-term foreign currency corporate
credit rating on Petroleos de Venezuela SA to positive from
developing.

The revision of the CreditWatch status on Petroleos de Venezuela
reflects S&P's expectations that downgrade risk has receded, and
the issuer credit rating will either be raised and equalized
with the rating on Petroleos de Venezuela's owner, the
Bolivarian Republic of Venezuela (BB-/Positive/B), or affirmed
at 'B+'.


SANTEX ENTERPRISES: Liquidation Process Initiated
-------------------------------------------------
The High Court of Hong Kong on October 4, 2006, released a wind-
up order against Santex Enterprises Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
Bank of China (Hong Kong) Ltd filed the petition before the
Court on August 3, 2006.


SHANGHAI PUDONG: Seeks to Raise HK$10 Billion in Hong Kong IPO
--------------------------------------------------------------
Shanghai Pudong Development Bank aims to raise HK$10 billion or
US$1.28 billion in an initial public offering in Hong Kong,
Reuters says, citing a report from the South China Morning Post.

The bank -- about 4.2% held by Citigroup -- according to the
South China Post, plans to sell about 700 million A-shares for
CNY9.5 billion before working on a H-share offer.  The paper
added that Citigroup would raise its stake in the bank to about
19.9% after the share sale.

Proceeds gained from the planned IPO would be used to build
capital base and expansion.  

Shanghai Pudong sees its earnings rising 25% this year and loans
growing 18%.  

Reuters relates that the bank previously raised CNY2.6 billion
in July from the sale of 10-year subordinated bonds.

A nationwide commercial bank with a registered capital of
CNY3.915 billion, Shanghai Pudong Development Bank Co., Ltd --
http://www.spdb.com.cn/-- established in October 1992,  
officially opened in January 1993 and listed in the Shanghai
Stock Exchange in November 1999.  By the end of 2005, SPDB has
set up 350 branches in 41 cities across Mainland China.

On August 15, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed the bank's Individual D/E
rating. According to Fitch, the action reflects the bank's weak
credit profile, including sizeable under-capitalization and weak
asset quality relative to peers.  

The recent failure of the bank's non-tradable share reform
proposal has placed negative pressure on its rating, as
additional capital cannot be raised until the reform is
completed.  SZDB's capital adequacy improved in 2005, with the
bank's total capital adequacy ratio rising to 3.7% from 2.3% the
prior year.  However, this ratio remains well below the
regulatory requirement of 8%.


SOPHISTRONIC LTD: Liquidator to Present Wind-Up Report
------------------------------------------------------
Sophistronic Ltd, which is in liquidation, will hold a final
general meeting on November 30, 2006, at 12:00 p.m.

At the meeting, Liquidator Felix K Yau will present a report
regarding Sophistronic's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Felix K Yau
         Suite 1403, 14/F, Winway Building
         No. 50 Wellington Street, Central
         Hong Kong


STEADINVEST COMPANY: Liquidator Tsang Wai Ming Steps Aside
----------------------------------------------------------
Tsang Wai Ming on October 27, 2006, ceased to act as liquidator
of SteadInvest Company Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, Mr.
Ming presented a report on SteadInvest's wind-up proceedings
during the final meeting of its members on October 27, 2006.

The former Liquidator can be reached at:

         Tsang Wai Ming
         1001 Unicorn Trade Centre
         127-131 Des Voeux Road, Central
         Hong Kong


TK ALUMINUM: Asset Disposal Cues Moody's to Review Junk Rating
--------------------------------------------------------------
Moody's Investors Service placed the Caa1 Corporate Family
Rating of Teksid Aluminum Ltd. and the Caa3 senior unsecured
rating of Teksid Aluminum Luxembourg Sarl SCA on review with an
uncertain direction, following the company's announcement that
it has entered into a definitive agreement to sell certain core
assets to Tenedora Nemak, S.A. de C.V and the intention of a
redemption of outstanding debt with the proceeds of the asset
disposal.

The review considers that closing of the deal is subject to
various conditions, including the receipt by seller of certain
consents and waivers from TK Aluminum's bondholders and other
customary conditions, including regulatory approvals.

Moody's rating review will concentrate on

   (1) Teksid's business model and its cash generation
       ability going forward given the disposal of a number
       of manufacturing plants,

   (2) expected financial structure and liquidity
       position following the disposal,

   (3) prospect recovery of existing bondholders of the
       senior notes, which is subject to acceptance of
       the tender offer by a majority of the notes outstanding.

On Review Direction Uncertain:

Issuer: TK Aluminum Ltd.

    * Corporate Family Rating, currently Caa1

Issuer: Teksid Aluminum Luxembourg Sarl SCA

    * Senior Unsecured Regular Bond/Debenture, currently Caa3

Outlook Actions:

Issuer: TK Aluminum Ltd.

    * Outlook, Changed To Rating Under Review From Negative

Issuer: Teksid Aluminum Luxembourg Sarl SCA

    * Outlook, Changed To Rating Under Review From Negative

Headquartered in Bermuda, Teksid Aluminum --
http://www.teksidaluminum.com/-- is a leading independent  
manufacturer of aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.


TK ALUMINUM: Selling Assets to Tenedora Nemak for US$497 Million
----------------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a r.l. S.C.A., has entered into a definitive
agreement to sell certain assets to Tenedora Nemak, S.A. de
C.V., a subsidiary of ALFA, S.A.B. de C.V.  

Under the terms of the agreement, the company will sell its
operations in North America (except for its lost-foam operations
in Alabama, which will be retained by the company), and its
operations and interests in South America, China, and Poland.

As consideration for the operations being purchased, TK Aluminum
will receive US$496.8 million in cash, along with a synthetic
equity interest in the Nemak business post-closing.  At closing,
the Nemak business will be recapitalized to have approximately
US$667 million of debt.  After completion of the financing,

TK Aluminum Ltd. will hold a synthetic 11.5% equity interest in
the Nemak business, subject to downward revision for various
indemnities, guarantees, and repayment of a US$25 million loan
issued in connection with the transaction.

"We are pleased with this transaction," Joachim V. Hirsch, CEO
of TK Aluminum, said.  "Combining specific plants with Nemak, a
world-class automotive supplier, will allow the new company to
continue to best support our customers, employees, and their
communities in the future.  
The transaction will also allow us to continue to focus on
restructuring our remaining operations in Italy and France."

Both the Board of Directors of TK Aluminum and by Nemak has
approved the transaction, which will close on the first quarter
of 2007.  Closing of the deal is subject to various conditions,
including the receipt by seller of certain consents and waivers
from TK Aluminum's bondholders and other customary conditions,
including regulatory approvals.

                        Tender Offer

Additionally, in conjunction with the transaction TK Aluminum
intends to announce a tender offer and consent solicitation for
its 11-3/8% Senior Notes due 2011 at a price of EUR950 per
EUR1,000 of notes outstanding (exclusive of early consent fees),
a significant premium to their normalized trading price during
the pre-announcement period.  Closing of the transaction will be
subject to acceptance of the tender offer by a majority of the
notes outstanding.

In addition to the tender offer, proceeds from the sale will be
used to fund the redemption of TK Aluminum's current outstanding
debt, including:

   -- approximately EUR115 million (US$147 million) for the
      senior secured credit facilities (both the first lien
      revolver and the second lien facility);

   -- required repayments under capitalized leases of
      approximately EUR55 million (US$71 million);

   -- anticipated tax payments as a result of this transaction
      of approximately EUR20 million (US$26 million); and

   -- various other payments, including fees and expenses,
      totaling approximately EUR32 million (US$41 million).  

Remaining funds will be used to fund the working capital,
capital expenditures, operations, and restructuring of the
remaining businesses.

TK Aluminum Ltd. is committed to support its remaining
operations and customers, and, to further this effort, has
negotiated the support of Nemak during the reorganization
process.  As such, Nemak has agreed to provide certain limited
assistance to TK Aluminum, including the assumption of at least
US$7 million in liabilities in connection with the
reorganization of the company's remaining operations.  

                       Credit Facility

In addition, ALFA has agreed to provide credit enhancement to
support up to US$42 million of letters of credit in favor of
commercial counterparties to replace existing arrangements under
the company's senior credit facility, and the loan of US$25
million.  The credit enhancement will be supported by the
synthetic equity interest and the loan will be repaid from the
synthetic equity interest.

Pro Forma for the sale of the above-mentioned operations, TK
Aluminum's remaining operations would have had revenue of
approximately EUR437 million and an EBITDA loss of approximately
EUR28 million for the twelve months ended June 2006.  Given the
continuing turnaround efforts with respect to the remaining
operations, TK Aluminum will have significant liquidity
requirements to ensure adequate funding to support
restructuring, continuing operations, and financial flexibility
for contingencies.

There can be no assurance that the conditions to the definitive
agreement, including the completion of the tender offer and
consent solicitation, will be satisfied.

Lazard Freres & Co. LLC served as financial advisor to TK
Aluminum Ltd. for this transaction.  The Blackstone Group
advised ALFA.

                           About Nemak

Nemak, a world leader in quality, cost, technology, and new
product development, currently has facilities in Mexico, Canada,
Germany, Slovakia, and the Czech Republic.  During 2005, Nemak
had sales of US$1,243 million and employed more than 7,400
people.  Nemak, a company primarily owned by ALFA, is the
largest auto-parts company headquartered in Mexico and one of
North America's top 50 automotive suppliers.

                           About ALFA

ALFA is a Mexican company involved in the production of
petrochemicals, refrigerated food products, high-tech aluminum
auto components and telecommunications.  ALFA operates
production facilities in nine countries in the Americas and
Europe.  In 2005, the company reported revenues in excess of
US$6.2 billion, including sales outside Mexico of more than
US$2.7 billion, assets of US$5.9 billion, and employed more than
38,000 people.

                      About Teksid Aluminum

Headquartered in Bermuda, Teksid Aluminum --
http://www.teksidaluminum.com/-- is a leading independent  
manufacturer of aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.

                        *     *     *

Moody's Investors Service downgraded TK Aluminum Ltd. Corporate
Family Rating to Caa1 from B2 and Teksid Aluminum Luxembourg
Sarl SCA senior unsecured rating to Caa3 from Caa1 following the
continuing deterioration in the companies operating performance
and the prospect for a modest recovery over the medium term.  

Moody's said the outlook on the ratings remains negative.


TOWA CONCRETE: Court to Hear Wind-Up Petition on November 29
------------------------------------------------------------
The Petitioner Golik Concrete Ltd -- formerly Dyna Concrete Ltd
-- on September 29, 2006, filed before the High Court of Hong
Kong a petition to wind up Towa Concrete Ltd.

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

The Solicitors for Golik Concrete can be reached at:

         W. K. To & Co.
         11/F, Wheelock House
         20 Pedder Street
         Central, Hong Kong


UNITY KING: Liquidators to Receive Claims Until November 17
-----------------------------------------------------------
Unity King Trading Ltd intends to distribute dividend to its
creditors.

In this regard, Liquidators Bruno Arboit and Simon Blade will be
accepting proofs of claim from the creditors until November 17,
2006.

The Liquidators can be reached at:

         Bruno Arboit
         Simon Blade
         12/F, China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road, Central
         Hong Kong


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

AES CORP: Unit Says Firm Complies with Regulations
--------------------------------------------------
"AES's purchase complied with all the norms of the regulatory
bodies.  There is no problem because it complies with all the
regulations," Julian Nebreda -- the executive president of
Electricidad de Caracas, AES Corp.'s unit in Venezuela -- told
reporters.

Reuters relates that the Supreme Court of Venezuela disclosed on
Oct. 30 that it would hear a lawsuit challenging AES Corp.'s
acquisition of a 71.3% stake in 2000 and questioning the
legality of a foreign firm controlling a public utility.

Electricidad de Caracas contested on Oct. 31 charges that AES
Corp.'s purchase of the controlling stake in the company was
illegal, Reuters notes.  

The court will decide whether to continue with the lawsuit after
hearing testimony from the executives of Electricidad de Caracas
and Venezuela's parliament, Reuters states.

                  About Electricidad de Caracas

Electricidad de Caracas is a vertically integrated utility in
Venezuela, operating in electricity distribution, transmission,
and generation in the capital city of Caracas and its
metropolitan area.  It is the largest private electric utility
in the country and is owned by US-based AES Corp.
(B+/Positive/--).  Electricidad de Caracas reported net profits
of US$20.6 million from January to March, versus net losses of
US$26.9 the same period in 2005.

                        About AES Corp.

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 presence in China, India 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.


ANDHRA BANK: Net Profit Up 10.2% in September 2006 Quarter
----------------------------------------------------------
Andhra Bank reported a net profit of INR1.464 billion for the
quarter ended September 30, 2006, a 10.2% increase from the
INR1.329 billion in the quarter ended September 30, 2005.

Compared to the corresponding period last year, total income in
the September 2006 quarter rose by 19.6%:
                              
                                 Quarter Ended
                            ------------------------
   (in billions)            09/30/06         09/30/05
                            --------         --------
   Interest Income          INR7.721         INR6.353
   Other Income                1.287            1.179
                            --------         --------
   Total Income             INR9.008         INR7.532
                            ========         ========

Along with the increased revenues comes the rise in operating
costs.  For the third quarter of 2006, Andhra Bank incurred
operating expenses of INR2.364 billion, a 14.8% increase from
INR2.06 billion in the corresponding quarter in 2005.  Other
operating expenses in the September 2006 quarter also climbed up
to INR905.3 million from the September 2005 quarter's to
INR813.2 million.

With equity capital of 4 billion as of September 30, 2006,
earnings per share is at INR3.02.  EPS for the September 2005
quarter is INR3.32.

A full-text copy of Andhra Bank's financial results for the
quarter and half-year periods ended September 30, 2006, is
available for free at
http://bankrupt.com/misc/AndhraBankSep30Financials.pdf

                        About Andhra Bank

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and   
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

As of June 2006, the Bank rendered services through 1,788
business delivery channels consisting of 1,216 branches, 123
extension counters, 412 ATMs and 37 satellite offices spread
over 21 states and two union territories in India.

                          *     *     *

On September 16, 2002, Fitch Ratings assigned Andhra Bank a C/D
Individual Rating.


BRITISH AIRWAYS: Sells BA Connect's Regional Operations to Flybe
----------------------------------------------------------------
British Airways Plc has reached an agreement in principle to
sell the regional operation of its subsidiary airline BA Connect
to Flybe.

BA Connect also operates from London City Airport and between
Manchester and New York.  These services will not form part of
the proposed sale nor will the regional ground handling
business, British Airways Regional Ltd.

Willie Walsh, British Airways chief executive said: "Point to
point regional operations are not a strategic part of our
business and we believe that such activities are better
undertaken by a regional low cost airline.

"Despite the best efforts of the entire team at BA Connect, we
do not see any prospect of profitability in its current form.

"The proposed sale to Flybe provides the best opportunity to
secure the long-term future for the many dedicated staff in BA
Connect.  British Airways will have a 15 per cent investment in
Flybe on completion of the disposal.

"London City services complement our mainline business at
Heathrow.  For this reason they are not included in the proposed
sale."

It is envisaged that once the sale of the regional business of
BA Connect to Flybe is completed, there will be a transition
period until the start of the summer schedule on March 25, 2007
while the handover of responsibilities is undertaken.

                         About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: Earns GBP168 Million in Second Quarter 2006
------------------------------------------------------------
British Airways disclosed of its second quarter results ended
Sept. 30, 2006.  The results included a one-off writedown of the
group's investment in its regional subsidiary BA Connect of
GBP106 million.

This resulted in an operating profit of GBP134 million for the
quarter (2005: GBP261 million) and GBP345 million (2005: GBP437
million) for the half year giving an operating margin of 5.8%
and 7.5% respectively.  The pre-tax profit was GBP176 million
for the three months (2005: GBP241 million) and GBP371 million
for the half year (2005: GBP365 million).

Excluding the BA Connect write-down, the operating profit for
the quarter was GBP240 million and GBP451 million for the half
year giving an operating margin of 10.4% and 9.7% respectively.  
The pre-tax profit was GBP282 million for the quarter and
GBP477 million for the half year.

The company reported net profit of GBP168 million (2005: GBP171
million) for the three months ended Sept. 30, 2006, and net
profit of GBP322 million (2005: GBP261 million) for the six
months ended Sept. 30, 2006.

At September 30, 2006, the company's balance sheet showed
GBP11.9 billion in total assets and GBP9.6 billion in total
liabilities, resulting in a GBP2.2 billion shareholders' equity.

"Given the significant impact of the security disruptions,
estimated at a cost of some GBP100 million, these are good
results," Willie Walsh, British Airways' Chief Executive, said.  
"Despite the extremely difficult operational environment, we
have delivered improved revenue."

"As part of our continued efforts to improve the profitability
of shorthaul we have announced that we have reached agreement in
principle to sell the regional business of BA Connect to Flybe.  
Point to point regional operations are not a strategic part of
our business and we believe that such activities are better
undertaken by a regional low cost airline.

"Our focus on costs is working and has helped offset the revenue
impact of recent weeks.  Fuel costs in the quarter increased by
nearly a third. Underlying unit costs, excluding the BA Connect
write-down and fuel, were down 1.1%.  Costs will continue to be
our focus as we work towards achieving a 10% operating margin.

"This is an exciting time for our customers with the rollout of
our next generation Club World flat bed later this month.  We
are also enhancing ba.com to make it easier for our customers to
book and get information about their travel plans.  It was an
invaluable tool during the disruption in August because it gave
hundreds of thousands of our customers quick and easy access to
the very latest news.

"As we have previously announced we have taken the first steps
in the process towards expanding and renewing our fleet with the
launch of a competition between aircraft and engine
manufacturers.  However, we must first tackle the GBP2.1 billion
deficit in the New Airways Pension Scheme.  Negotiations are
progressing with the trustees and we continue to consult with
our trade unions.  I remain confident that we will resolve this
issue."

"Overall market conditions are broadly unchanged.  Longhaul
premium transfer and shorthaul premium traffic, although
recovering, continue to be affected by the tighter security
arrangements currently in place," Martin Broughton, British
Airways' chairman, said.  As a result, total revenue is now
expected to be 4.5% to 5% higher than last year, down half a per
cent from our previous guidance.

"We expect that total costs, excluding fuel, will be flat
compared to last year.  Total fuel costs net of hedging for the
year are expected to be some GBP400 million higher than last
year, based on current prices and sterling dollar exchange
rates."

"We welcome the governments announcement yesterday on the re-
introduction of liquids in cabin baggage which brings the U.K.
into line with the rest of the EU.  We will continue to support
the BAA as they work to improve the customer experience across
London's airports."

Group turnover for the second quarter was GBP2.3 billion (2005:
GBP2.2 billion), 4.9% up on a flying program 1.5% up, measured
in available ton kilometers (ATKs).  Traffic volumes, measured
in revenue passenger kilometers, were up 3.6%.  Seat factor was
up 0.1 points at 79.7% on capacity 3.4% higher in available seat
kilometers.  Yield measured in pence per RPK was up 2.2%.

Reported unit costs increased by 10.5% on the same period last
year.  Unit costs excluding the BA Connect write down and fuel,
were down 1.1% on capacity 1.5% higher in ATKs.

Fuel costs increased by 30.2% to GBP534 million due to the
increase in fuel prices.  Employee costs were up 1.4% due to
increased pension costs partially offset by management headcount
reductions.

Operating cashflow for the six months was GBP439 million (2005:
GBP530 million).  Including current interest bearing deposits,
the cash position at Sept. 30, 2006 was GBP2.6 billion, up
GBP193 million compared with March 31, 2006.  Net debt was
GBP1.1 billion, down by GBP516 million since the start of the
year.

The board has decided that no interim dividend will be paid.

A full-text copy of British Airways' interim financial results
for the second quarter ended Sept. 30, 2006, is available at no
charge at http://ResearchArchives.com/t/s?1497

                         About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: Reports October 2006 Traffic & Capacity Results
----------------------------------------------------------------
British Airways Plc disclosed its traffic and capacity
statistics for October 2006.

In October 2006, passenger capacity, measured in Available Seat
Kilometers, was 0.8% above October 2005.  Traffic, measured in
Revenue Passenger Kilometres, was higher by 1.1%.  This resulted
in a passenger load factor up 0.2 points versus last year, to
74.9%.   The increase in traffic comprised a 2.1% increase in
premium traffic and a 1.1% increase in non-premium traffic.  
Cargo, measured in Cargo-Ton-Kilometers, decreased by 7.2%.   
Overall load factor increased by 0.5 points to 70.4%.

                       Market Conditions

Overall market conditions are broadly unchanged. Longhaul
premium transfer and shorthaul premium traffic, although
recovering, continue to be affected by the tighter security
arrangements currently in place.  As a result, total revenue is
now expected to be 4.5% to 5% higher than last year, down half
a per cent from our previous guidance.  British Airways welcomes
the government's announcement on the re-introduction of liquids
in cabin baggage, which brings the U.K. into line with the rest
of the EU.  The airline will continue to support the BAA as they
work to improve the customer experience across London's
airports.

                             Costs

British Airways expects that total costs, excluding fuel, will
be flat compared to last year.  Total fuel costs net of hedging
for the year are expected to be some GBP400 million higher than
last year, based on current prices and sterling dollar exchange
rates.

                     Strategic Developments

British Airways launched a competition for new longhaul aircraft
by issuing tender documents to aircraft and engine
manufacturers.  Airbus, Boeing as well as engine manufacturers
Engine Alliance, General Electric and Rolls Royce plus other key
component suppliers have been invited to bid.  The competition
is the first step in a lengthy process before the airline makes
a decision on fleet growth and replacement for the next decade.  
Launching the competition highlights the need to tackle the
airline's GBP2.1 billion pension deficit in the New Airways
Pension Scheme.

Martin George, commercial director, and Iain Burns, British
Airways' head of communications resigned their positions with
the airline on Oct. 9.   They had been on leave of absence since
June 2006 when the Office of Fair Trading and the U.S.
Department of Justice began an investigation focused on
long-haul passenger fuel surcharges.  Robert Boyle, British
Airways' director of planning was appointed commercial director
and Thomas Coops, former communications director at Abbey
National, was appointed interim head of corporate and media
relations.

The airline launched a promotion offering savings of up to
GBP1,455 on Club World return fares to 36 longhaul destinations
this winter including New York, Shanghai and Tokyo.

The airline also launched a promotion offering savings of up to
GBP185 to U.S. and Canadian ski destinations this winter
including Denver, Vancouver and Calgary.

                       About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


COMPANHIA SIDERURGICA: Tata Steel Denies Interest in Company
------------------------------------------------------------
Tata Steel Ltd. told the India Infoline News Service that it
won't bid for Companhia Siderurgica Nacional SA after completing
the acquisition of Corus Group Plc.

According to India Infoline, Tata Steel won approval from the
Corus board for its US$8-billion takeover bid.

Published reports, however, suggested that Companhia Siderurgica
and Russian steel makers could consider a rival bid.

India Infoline relates that a national daily reported that Tata
Steel and Corus may bid together for Companhia Siderurgica.

Tata Steel clarified to India Infoline that the news on its
interest in bidding for Companhia Siderurgica is speculative and
based on unsubstantiated sources.

It is false and would mislead the company's shareholders, India
Infoline says, citing Tata Steel.

Companhia Siderurgica Nacional, aka CSN, produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs
its own iron ore, manganese, limestone and dolomite mines and
has strategic investments in railroad companies and power supply
projects.

                          *     *     *

Standard & Poor's Ratings Services affirmed on Aug. 4, 2006, its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional aka CSN after the
announcement of its association with U.S.-based steel maker
Wheeling-Pittsburgh Corp. in the U.S.  The outlook is stable.

Fitch Ratings viewed the proposed merger of Companhia
Siderurgica Nacional's or CSN North American operations with
those of Wheeling-Pittsburgh Corporation or WPSC to be neutral
to CSN's credit quality.  Fitch's ratings of CSN include:

  -- Foreign currency Issuer Default Rating: 'BB+';
  -- Local currency IDR: 'BBB-';
  -- National scale rating: 'AA (bra)';
  -- Senior unsecured notes 'BB+'; and
  -- Brazilian Real denominated debentures: 'AA (bra)'.


GENERAL MOTORS: Plans to Build Hybrid Cars in China
---------------------------------------------------
General Motors will enter into a joint venture plan with
Shanghai Automotive Industry Corp to produce environment
friendly hybrid cars in China by 2008, the China Daily reports.

The hybrid would go into mass production at the Shanghai GM
plant, the report says.

GM's announcement was made while parading a series of energy-
saving cars, including the Saturn Vue hybrid and the Chevrolet
Sequel hydrogen-powered fuel cell vehicle before Chinese
officials, China Daily relates.  The company however did not
specify which hybrid car would be built in China.

"The GM Hybrid System is flexible and cost effective and is
ideal for high volume global applications, which include its
introduction in China in 2008," China Daily cites Martin Murray,
head of GM's Asia Pacific hybrid engineering, as saying.

GM head Rick Wagoner added "fuel cell vehicles offer the best
long-term solution for meeting the world's growing demand for
automobiles in an economically and environmentally sustainable
manner," the paper relates.

Hydrogen-powered cars do not use gasoline with water vapor as
their only by-product, the China Daily notes.  However,
production and storage of hydrogen and the building of a
hydrogen infrastructure of refueling stations could take decades
and billions of dollars to build, the paper adds.

In the meantime, the hybrid vehicle, a car that uses both a
combustion engine and electric motors for propulsion, is seen as
an interim solution to the full development of a clean car,
China Daily says.

                          *     *     *

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 TCR 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.  


UNION BANK OF INDIA: To Wipe Out Non-Performing Assets by 2008
--------------------------------------------------------------
Union Bank of India is planning to bring down its non-performing
assets to zero by 2008, The Financial Express reports.

Citing sources in the bank, FT says UBI directed all its
managers to take steps to attain its NPA-wipeout goal.

In that regard, FT continues, UBI plans so sell in the current
financial year NPAs worth INR300 to INR400 crore to asset
reconstruction entities.

According to the report, the Bank's board of directors already
gave their nods on the plan.  

FT notes that as of September 30, 2006, UBI's gross NPAs total
INR2,016 crore or 3.28% while net NPA stood at INR744 crore or
1.24%.

                         About the Bank

Union Bank of India -- http://www.unionbankofindia.com/-- is   
one of the ten largest Indian banks with total assets of over
INR800 billion as on March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

For the year ended March 31, 2006, Union Bank reported a PAT of
INR6.7 billion on total income (net of interest expenses) of
INR23.74 billion.  For the quarter ended June 2006, the bank
reported a PAT of INR1.7 billion (INR2.4 billion for the
corresponding period of the previous year) on a total income of
INR6.35 billion.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgrades the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UNITED WESTERN: Amalgamation Gets India Union Govt.'s Nod
---------------------------------------------------------
The Union Cabinet today gave its ex-post-facto approval for
amalgamation of the United Western Bank Ltd. with Industrial
Development Bank of India Ltd.

The UWBL, a private sector bank was established in 1939, with
its registered office at Satara in the State of Maharashtra.  As
on March 31, 2006, the bank had 230 branches, 12 extension
counters and 75 ATMs and above 3000 employees.  The financial
position of UWBL had deteriorated during 2004-05 and 2005-06
with net losses of INR98.64 crore and INR106.48 crore
respectively and had become very weak. It had a negative net
work.  RBI had come to the conclusion that it would not be
possible for the UWBL to meet deposit liabilities.  The
amalgamation was considered to be in the interest of the
depositors of UWBL and for retaining the trust of the public in
banking industry.

The Scheme of amalgamation, inter-alia, proposes that:

   i) the business, properties, assets and liabilities of UWBL
      will stand transferred to IDBI Bank Ltd.;

  ii) all contracts, deeds, bonds, agreements, powers of
      attorney etc. having effect immediately before the date of
      amalgamation, will be effective and may be acted upon as
      if IDBI Bank Ltd. had been a party thereto or as if it had
      been issued in favor of UWBL;

iii) any suit, appeal or legal proceedings pending shall not
      abate, be discontinued or be prejudicially affected but
      will be subject to the other provisions of the Scheme, be
      prosecuted and enforced by or against the transferee bank;

  iv) the books of UWBL will be closed and balanced and balance
      sheet prepared at the close of business on the date
      immediate preceding imposition of moratorium and the
      balance sheet will be audited and certified;

   v) IDBI Bank Ltd. will, in consultation with UWBL, value the
      assets and reckon the liabilities of UWBL in the manner
      prescribed in the Scheme.  IDBI Bank Ltd. will discharge
      the liabilities of UWBL and make payment to the creditors
      and depositors in the manner specified in the Scheme;

  vi) IDBI Bank Ltd. will make an upfront payment in cash of    
      INR28/- in respect of every fully paid-up share in UWBL,
      to the Members of the UWBL, who were, as on the prescribed
      date, registered as the holders of shares of the
      transferor bank.

vii) All the employees of UWBL will continue in service and be
      deemed to have been appointed in IDBI Bank Ltd. at the
      same remuneration and on the same terms and conditions of
      service as were applicable to them before the
      amalgamation.

               About Industrial Development Bank

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

                         *     *      *

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

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

                    About United Western Bank

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

                          *     *      *

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


UNIVERSAL CORP: Declares US$0.44 Per Share Quarterly Dividend
-------------------------------------------------------------
Allen B. King -- chairperson, president, and chief executive
officer of Universal Corp. -- disclosed that the company's board
of directors has declared a quarterly dividend of US$.44 per
share on the common shares of the company, payable
Feb. 12, 2007, to common shareholders of record at the close of
business on Jan. 8, 2007.

Mr. King noted, "This is our 36th consecutive annual dividend
increase, and we are proud of our record of delivering value to
shareholders."

Universal has raised its common dividend every year since 1971.

Universal Corp.'s board of directors declared a quarterly
dividend of US$16.875 per share on the Series B 6.75%
Convertible Perpetual Preferred Stock, payable Dec. 15, 2006, to
shareholders of record as of 5:00 p.m. Eastern Time on
Dec. 1, 2006.

Based in Richmond, Virginia, Universal Corporation, (NYSE:UVV)
-- http://www.universalcorp.com/-- has operations in tobacco  
and agri-products.  The company, through its subsidiaries, is
one of two leading independent tobacco merchants in the world.  
Universal Corporation's gross revenues for the fiscal year that
ended on March 31, 2006, were approximately US$3.5 billion,
which included US$1.4 billion related to operations that were
sold on Sept. 1, 2006.

The company has operations in India, Brazil, Argentina, the
United States, Guatemala, the Netherlands, Belgium and other
countries in Europe.

Troubled Company Reporter - Asia Pacific reported on Sept. 29,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors and Agricultural Cooperative sectors, the rating
agency confirmed its Ba1 Corporate Family Rating for Universal
Corporation, and downgraded its Ba1 rating to Ba2 on the
company's US$563 million MTN.  Additionally, Moody's assigned an
LGD5 rating to the debt obligation, suggesting noteholders will
experience a 73% loss in the event of a default.


UTI BANK: Moody's Assigns Ba1 to Hybrid Tier I Debt
---------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the foreign
currency perpetual non-cumulative subordinated debt to be issued
by UTI Bank's Singapore branch under its US$1 billion Medium
Term Note programme, for an expected amount of US$42 million.
This security bears the characteristics specified in the Reserve
Bank of India's new guidelines on debt capital instruments and
will be considered by the RBI to be a Hybrid Tier I instrument.

According to Moody's methodology on hybrids, and based on these
instruments' characteristics, the perpetual non-cumulative
hybrid Tier I notes were classified in basket 'B', implying 75%
debt-like features and 25% equity-like features.  The Ba1 rating
on these notes reflects the more junior ranking and higher risk
profile of this instrument compared to other more senior
securities issued under the same MTN programme.

The Basket B allocation to the Hybrid Tier I instrument is based
on the following rankings for the three dimensions of equity:

   * No Maturity: Moderate -- The instrument is moderate from
     the point of view of its ability to replicate equity.
     Although the securities are perpetual, they are callable
     after 10 years with redemption requiring regulatory
     approval by RBI.

   * No Ongoing Payments: Weak -- the instrument is weak with
     regard to its ability to replicate equity.  The bank may
     choose, at its discretion, to skip a coupon if it cannot
     meet the capital-to-risk assets ratio requirement
     (currently a minimum of 9% set by RBI).  In case the bank
     cannot meet the net loss requirement (not having negative
     net loss balance on the balance sheet) then it needs
     regulatory approval to make any coupon payments.  Any
     deferred interest payments are non-cumulative.

   * Loss Absorption: Moderate -- the instrument is moderate
     with regard to its ability to replicate equity, given its
     ranking as the most junior instrument in the capital
     structure, ahead only of equity and junior preference
     share.

The rating assigned incorporates the bank's standalone financial
strength and also the likelihood of support from the Government
of India in the event of need.  UTI Bank's standalone financial
strength is represented by its D+ financial strength rating and
is supported by a moderate but rapidly expanding lending and
deposit franchise within the Indian context.  The rating also
takes into account the bank's satisfactory profitability and
capitalization and its good asset quality.

Moody's notes that the Ba1 assigned to the bank's Hybrid Tier I
is subject to the receipt of final documentation, the terms and
conditions of which are not expected to change in any material
way from the draft documents reviewed.

UTI Bank is headquartered in Mumbai, and at the end of September
2006 had total assets of INR597.7 billion (US$13.3 billion).


UTI BANK: Inks Bancassurance Tie-Up with Metlife India
------------------------------------------------------
UTI Bank Limited entered into a bancassurance tie-up with life
insurer Metlife India Insurance Company, the Business Standard
reports.

For UTI Bank, bancassurance provides a platform to further
augment its non-fund fee and commission income, the report
states.

Eleven other private insurance companies wanted the UTI tie-up.  
UTI Bank selected MetLife over the others after assessment of
complementary strengths, the Business Standard says.

The bancassurance alliance is a referral model in which leads
generated by the Bank will be executed by Metlife staff
stationed at the Bank branches, the newspaper explains.  

                        About UTI Bank

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other   
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Standard & Poor's Ratings Services assigned
its BB+/B counterparty credit ratings to UTI Bank Ltd.  The
outlook is positive.  S&P also assigned its C bank fundamental
strength rating to the bank.

At the same time, S&P assigned its ratings to UTI Bank's
proposed debt issues under its EUR1 billion medium-term note
program.  The agency rated UTI Bank's proposed senior unsecured
notes BB+, its lower Tier II subordinated notes BB, and its
upper Tier II subordinated notes 'BB-'.  The lower Tier II
subordinated notes will have a minimum tenor of five years, and
the upper Tier II subordinated notes will have a minimum term
of 15 years.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the ratings is stable.


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

CORUS GROUP: Confirms Issuance of Ordinary Shares and Bonds
-----------------------------------------------------------
In accordance with Rule 2.10 of the City Code on Takeovers and
Mergers, Corus Group plc confirmed that as at close of business
on Oct. 30, 2006, it had these relevant securities in issue
(including any ordinary shares represented by American
Depositary Shares but excluding any ordinary shares held in
treasury):

   -- 898,369,355 ordinary shares of 50p each
      under ISIN code GB00B127GF29.

   -- 3.0% guaranteed convertible unsubordinated bonds
      due 2007 amounting to EUR307,000,000 convertible
      into 46,870,230 ordinary shares of Corus Group plc.

      The ISIN code for these securities is XS0140136523.

   -- 4.625% convertible subordinated bonds due 2007
      amounting to NLG345,000,000 convertible into
      19,338,687 ordinary shares of Corus Group plc.

      The ISIN code for these securities is NL0000183184.

Each American Depositary Share represents two ordinary shares of
the company.

                      About Corus Group

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

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

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

                          *     *     *

Moody's Investors Service placed all ratings of Corus Group plc
under review with direction uncertain following the
recommendation of the board of Corus Group in favor of the
proposed acquisition of the entire capital of Corus Group by
Tata Steel Limited.

If the bondholders exercised the put option or the bonds were
tendered for above par as part of a refinancing, Moody's is
likely to withdraw the ratings for the bonds.  Similarly, a
refinancing of the rated bank loans would also result in a
likely withdrawal of the ratings for the credit facilities.  At
that juncture, Moody's remaining rating at Corus Group will be
the corporate family rating.

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

    * Ba1 Rating on EUR800 million Secured
      Bank Facilities maturing July 2008;

    * B1 Rating on EUR800 million Unsecured Notes due 2011; and

    * B1 Rating on GBP200 million in Unsecured Notes due 2008.

Moody's last rating action on Corus was the upgrade to
Ba2/Ba1/B1 on May 8.

Fitch Ratings changed the Rating Watch on Corus Group PLC's
Issuer Default and senior unsecured BB- and Short-term B ratings
to Negative from Positive.  This follows the recommendation by
the CS Board of an offer from India-based Tata Steel Ltd. valued
at GBP4.3 billion.

The RWN also applies to these debt instruments issued by CS:

   -- CS EUR800 million 7.5% senior notes;
   -- CS EUR307 million 3% convertible bonds; and
   -- Corus Finance Plc GBP200 million 6.75% guaranteed bonds.

Fitch will resolve the Rating Watch following publication of
CS's 2006 results, further details on the level of synergies and
operational benefits that could accrue under the transaction,
and the closure of the deal.

Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on U.K.-based steel consortium Corus
Group PLC on CreditWatch with positive implications following
the announcement by Corus concerning a possible recommended
offer for the company from Tata Steel Ltd., India's second
largest integrated steel company.

At the same time, Standard & Poor's placed its 'BB+' senior
secured bank loan ratings on Corus and its 'BB-' senior
unsecured debt ratings on Corus and related entity Corus Finance
PLC on CreditWatch with positive implications.  The 'B' short-
term corporate credit rating on Corus was also placed on
CreditWatch with positive implications.


HUNTSMAN CORP: Moody's Rates Unit's Planned US$400MM Notes at B3
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Huntsman
International LLC's, a wholly owned subsidiary of Huntsman
Corporation, proposed US$400 million senior subordinated notes.

Moody's also assigned Loss Given Default Assessment of LGD6 to
these notes in accordance with its Loss-Given-Default rating
methodology that was initially implemented at the end of
September 2006.

Proceeds from the private offering of the proposed US dollar and
euro denominated notes will be used to redeem part of the
company's outstanding 10 1/8% senior subordinated notes due
2009. The corporate family ratings of B1 for both HI and HC were
affirmed and the rating outlooks for both companies remain
developing.

These summarizes the ratings activity:

   * Huntsman International LLC

     -- Proposed Sr. Sub Notes, US$400 million, due 2013 and
        2014, B3, LGD6, 91%

The proposed transaction is a modest credit positive for HC as
it will reduce the company's interest expense by redeeming high
coupon debt.  The rating outlook was changed to developing from
positive in March 2006 after HC's management announced plans to
separate HC's Base Chemicals and Polymer segments from HC's
differentiated segments.

The developing outlook reflects the possibility of additional
transactions, over the medium term, to further separate the
company.  The outlook also reflects that the ratings may change
subject to the development of a more formal debt structure and
financial philosophy for the remaining businesses to be held at
the differentiated segments.  

Moody's believes the decision to pursue a split by HC's
management was prompted by ongoing concern over stock price
valuation along with the receipt of an indication of interest
from an outside party, occurring in late 2005, regarding an
acquisition of all of the outstanding stock of HC.  Moody's
continues to believe that objectives for incremental debt
reduction approaching US$1.45 billion by the end of 2007 are
possible.  Upon completion of debt reduction with proceeds of
the proposed sale of Huntsman's European Commodities Business to
SABIC, the ratings outlook may move to positive.

The notching of the proposed senior subordinated notes at B3 and
LGDA of LGD6 take into consideration the unconditional
guarantees, on a subordinated basis, from all of HI's domestic
subsidiaries and certain foreign subsidiaries.  

LGDAs 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% - 9%) to LGD6 (loss anticipated
to be 90% - 100%).

Huntsman Corporation -- http://www.huntsman.com/-- is a global  
manufacturer of differentiated and commodity chemical products.  
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  
Huntsman had revenues for the twelve months ended September 30,
2006 of US$11 billion (after UK Base Chemical and Polymer
Divestiture).

The company has operations in Indonesia, Italy and Guatemala.


LIPPO BANK: Fitch Assigns 'BB-' Long-Term Issuer Default Rating
---------------------------------------------------------------  
Fitch Ratings has assigned these ratings to PT Bank Lippo Tbk:

   * Long-term foreign currency Issuer Default rating of 'BB-';

   * Short-term foreign currency rating of 'B'; and

   * Long-term National rating of 'A+(idn)'.

The Outlook on the ratings is Stable.  At the same time, the
agency assigned an expected Long-term rating of 'B+' to Lippo
Bank's proposed USD subordinated debt issue due in 2016,
callable with a step up in 2011.  The agency also affirmed the
bank's Individual rating at 'D' and Support at '4'.

The issuer ratings reflects the improved profitability and
stable balance sheet position of Lippo Bank and recognises the
financial strength of its parent, Khazanah Nasional Berhad, the
investment arm of the Malaysian government (rated sovereign
Long-term foreign currency IDR of 'A-').  Having acquired a
majority stake in Lippo Bank in late 2005, the largely Khazanah-
installed management team has moved quickly with new initiatives
to strengthen the bank's operations through good quality
external hires, expansion of its risk management function to
support a more diversified lending base and improve overall
governance standards.  The agency also notes that expansion
through acquisitions is also expected to be a key medium-term
focus in order to grow the bank into a more sizeable entity.

The issue rating is one notch lower than Lippo Bank's IDR, which
is in accordance with Fitch's methodology of rating subordinated
debt instruments of financial institutions.  The final rating is
contingent upon receipt of final documents conforming to
information already received.  This issue will constitute lower
Tier 2 capital and the proceeds will be used to strengthen the
bank's capital base and fund the future expansion of the bank
including acquisitions.  It will rank pari passu with all
existing and future subordinated debt of the bank, junior to the
claims of all deposit liabilities and other liabilities except
for those liabilities which by their terms are equal or junior
to this issue.

As the second-largest payment settlement bank in Indonesia,
Lippo Bank benefits from a recurrent fee income base and better
access to lower cost deposits (demand/savings at c.70% of total
deposits).  This contributed to stronger interest margins with
pre-tax RoA rising to 2.3% in H106 versus 1.8% in 2005. Lippo
Bank's CAR ratios have also been stable with Tier 1 and total
CAR at 15.5% and 21.7%, respectively, at end-June 2006.  The
substantial reduction in non-performing loans over 2005 came
mainly from asset disposal as well as write-offs and recoveries.  
The bank's NPL ratio crept up to 2% of loans over H106 and may
rise further with stronger loan growth.  However, Fitch notes
that Lippo Bank's reserves cover appears strong at 2x NPLs and
0.5x including special mention loans.

Established in 1948 and listed in 1989, Lippo Bank is the 10th
largest Indonesian bank by assets (2% of system).  It was
nationalized in 1998 and a 52% stake was sold to Swissasia
Global group in 2004.  The stake was acquired by Khazanah in
2005 and raised to 87.5% through a tender offer.


TELKOMSEL INDONESIA: Targets 10 Million New Subscribers in 2007
---------------------------------------------------------------
PT Telekomunikasi Selular Indonesia aims to have 10 million new
users in 2007, Reuters reports, citing Telkomsel's parent
company, PT Telekomunikasi Indonesia Tbk.

According to the report, Telkomsel had earlier indicated that it
was aiming for 33 million total users by the end of 2006, up
from around 24 million in 2005.  By the end of September 2006,
it had 32.47 million subscribers.

"Next year we are aiming for 10 million new users, if now we
already have 32.5 million, by the end of the year we can achieve
35 million," Reuters quotes Telkom Indonesia President-Director
Arwin Rasyid.

Reuters explains that the number of mobile phone users in
Indonesia has risen sharply in recent years and industry experts
predict that the total will double from the current level of 50
million by 2010.  However, mobile phone penetration in Indonesia
remains low at about 25%, compared with 80% in Malaysia and
around 40% in the Philippines.

Telkom holds a 65% stake in Telkomsel while Singapore
Telecommunications Ltd controls the remaining stake.  According
to Reuters, Telkom earns around 40% of its revenue from its
cellular phone business.

                         About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers which based on
industry statistics represented a market share of more than 50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, and
internationally, through 259 international roaming partner in
153 countries as of June 2006.  The company provides its
subscribers with the choice between two prepaid cards-simPATI
and kartuAs of a pre-paid simPATI service, or the post-paid
kartuHALO service, as well as a variety of value-added services
and programs.

                          *     *     *

A Troubled Company Reporter - Asia Pacific report on Dec. 20,
2005 stated that Standard & Poor's Ratings Services raised the
foreign currency corporate credit ratings of PT Telekomunikasi
Selular from BB- to BB+ with a stable outlook, and its local
currency corporate rating from BB to BB+ with a stable outlook,
following a review of the impact of risk factors such as
economic structure, growth prospects, political stability, depth
and liquidity of capital markets and transfer and convertibility
risk.

Another TCR-AP report said that Fitch Ratings gave
Telekomunikasi Selular a BB long term issuer default rating,
effective on August 18, 2006.  The outlook is stable.

Additionally Fitch Ratings gave the company a BB+ local currency
rating and a BB- foreign currency rating.  Both ratings carry a
positive outlook.


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

ALITALIA SPA: Hikes Net Debt by EUR91 Million in September
----------------------------------------------------------
The Alitalia Group's net debt as of Sept. 30, 2006, amounted to
EUR1.023 billion, showing an increase in net indebtedness of
EUR91 million (+9.8%) compared to the situation on Aug. 31,
2006.

The increase is generated by specific external items:

   -- cash inflows seasonality (as usual mainly wired to the
      Company from travel agents in the month following ticket
      sales); September cash inflows were negatively affected by
      lower Italian industrial activities in August;

   -- September cash outflows showed, altogether with cash
      outflows related to the same month, cash outflows related
      to the previous month of August due to usual slower
      payments to the main Company suppliers.

The Group's cash-to-hand and short-term financial credits as of
Sept. 30, 2006, amounted to EUR720 million while the parent
company Alitalia as of the same date amounted to EUR747 million.  
This available liquidity altogether with future cash flows
generation of the company are enough to cover Group's financial
needs over the next 12 months and thereafter.

It should be noted that as of Sept. 30, 2006, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR139 million -- whose capital share, including
lease closure value, amounted to EUR155 million, of which
EUR21 million represent the current capital share falling due
within 12 months of the reference date, with EUR19 million held
by the parent company.

By comparison, the same figure as of Aug. 31, 2006, amounted to
EUR158 million -- of which EUR24 million euros falling due in
the twelve months from the reference date; the corresponding
figures for the parent company on Aug. 31, 2006, amounted to
EUR142 and EUR21 million respectively.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.  During September 2006, repayments were made of
medium/long-term financing amounting to about EUR13 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Sept. 31, 2006, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Sept. 30, 2006,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to some
airport management companies for disputed debts amounting to a
total of 90 million euros as of Sept. 30, 2006.

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

   -- injunctions issued by an airport management company for
      a total of about EUR14 million (5 decrees);

   -- a further injunction has been issued by an IT
      services supplier for about EUR812,000 (1 decree);

   -- another injunction has been issued by a professional
      studio for EUR534,000;

   -- a contractor for restructuring work has issued an
      injunction for about EUR635,000; and

   -- there are injunctions issued by two suppliers for a total
      of around EUR40,000.

Except for the above, there are no other injunction orders or
executive actions undertaken by creditors notified as of
Sept. 30, 2006, nor are there any threats by suppliers to
suspend operations.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


CB RICHARD: Inks Deal to Acquire Trammell Crow for US$2.2 Bln
-------------------------------------------------------------
Richard Ellis Group Inc. has entered into a definitive agreement
to acquire Trammell Crow Company for US$49.51 per share of
common stock in cash.

The acquisition will expand CB Richard Ellis' global leadership
and strengthen its ability to provide integrated account
management and outsourcing solutions.

The transaction is valued at approximately US$2.2 billion,
including the assumption of Trammell Crow Company's corporate
debt as well as transaction and integration costs.

It is expected to close either in late 2006 or early 2007,
subject to approval by Trammell Crow Company's shareholders and
federal regulatory agencies as well as other customary
conditions.

Upon completion of the transaction, the company will have
combined pro-forma 2006 revenues of approximately US$4.4 billion
and 21,000 employees.

It would be the first commercial real estate services company to
qualify for the FORTUNE 500 list of the largest U.S.
corporations.  The combination of the two companies is expected
to generate meaningful net expense synergy savings.

"Our strategic objective has long been to create the market-
leading commercial real estate services firm delivering
comprehensive solutions to our clients.  Well targeted
acquisitions have played a pivotal role in our strategy," CB
Richard Ellis' president and chief executive officer Brett White
said.

"With the acquisition of Insignia in 2003, we achieved
preeminence in our transaction business.  Now the acquisition of
Trammell Crow Company creates the best-in-class corporate
outsourcing and institutional property management business, and
further augments our transaction business.

"Trammell Crow Company is one of the premier service companies
in our industry, with a rich history, dedicated employees and
strong management, a stellar client base and core competencies
that are highly complementary to our own."

Trammell Crow Company provides integrated outsourcing solutions
for a stable of prestigious corporate clients, and the combined
company will provide services to more than 85% of the Fortune
100.

As a result of the transaction, CB Richard Ellis' contractual
revenues associated with outsourcing activities are anticipated
to increase from approximately 8% to 18% of total revenues,
based on 2006 expected results.

Upon completion of the transaction, Trammell Crow Company's
Development and Investment business will be run as a wholly
owned but independently operated subsidiary.

It will retain the highly valued Trammell Crow Company brand
name.  Robert E. Sulentic, chairman and chief executive officer
of Trammell Crow Company, will join CB Richard Ellis as Group
President with responsibility for the Development and Investment
business as well as the company's EMEA and Asia-Pacific
operations.

"We are excited about having the Trammell Crow Company team join
with ours and its service offerings becoming a valuable part of
our platform," Cal Frese, CB Richard Ellis' president, Americas
Region, said.

"Importantly, both companies have very similar and proud
heritages that are embedded in their corporate cultures, and
which highly value integrity, work ethic and customer service
excellence," Mr. Frese said.

"We've had terrific success with integrating large service
companies in the past, based on the idea of adopting the best
people, processes and ideas of both companies, and we believe
this integration will also succeed because of the similar
cultures and business fit."

The company plans to issue US$2.2 billion of term loans to
finance the transaction, and will also amend or refinance its
existing US$600 million revolving credit facility.

In addition, the company plans to sell Trammell Crow Company's
approximately 20% ownership interest in Savills, plc, a real
estate services provider in the United Kingdom.

The company's initial view, to be refined at a later date, is
that on a pro-forma basis, assuming the transaction had been
completed on Jan. 1, 2006, and after giving effect to the first-
year expected net expense synergy savings and excluding one-time
transaction and integration costs, the transaction would
generate incremental percentage earnings accretion per share in
the low teens.

Headquartered in Los Angeles, California, CB Richard Ellis
Group, Inc. (NYSE: CBG) -- http://www.cbre.com/-- a FORTUNE  
1000 company, is the world's largest commercial real estate
services firm (in terms of 2005 revenue).  With approximately
14,500 employees, the company serves real estate owners,
investors, and occupiers through more than 200 offices
worldwide, including those in Argentina, Japan and the United
Kingdom.

CB Richard Ellis offers strategic advice and execution for
property sales and leasing; corporate services; property,
facilities and project management; mortgage banking; investment
management; appraisal and valuation; research and consulting.  
Founded in 1906, CB Richard Ellis marks a century of excellence
in real estate services this year.


CB RICHARD: Acquisition Deal Spurs Moody's to Affirm Ba1 Ratings
----------------------------------------------------------------
Moody's Investors Service affirmed the senior debt ratings of CB
Richard Ellis Services, Inc. at Ba1 with a stable outlook
following the announcement that CBRE will acquire Trammell Crow
Company in a transaction valued at US$2.2 billion.  This
transaction will solidify CB Richard Ellis' leadership position
as a commercial real estate services provider in the U.S.
market, and materially shift its services platform to less
volatile business lines.  

CBRE's property and facilities management business currently
contributes 8% of total revenue, and should shift to 18% after
closing.  Tempering these positive attributes is the fully
leveraged nature of this transaction.  CB Richard Ellis plans to
fund the Trammell Crow acquisition with US$2.2 billion of term
loan debt, which will increase initial net debt to EBITDA to
between 2.5x and 3.0x.  

The stable rating outlook reflects Moody's expectation that CBRE
will paydown acquisition debt with operating cash flow over the
next few years without incurring additional debt, while
successfully integrating Trammell Crow and sustaining its EBITDA
margins in the high-teens.

Ratings improvement is dependent upon CBRE's ability to further
develop its worldwide franchise with at least equal shares of
revenue from the Americas, EMEA (Europe, Middle East and Africa)
and Asia-Pacific, while growing and stabilizing its EBITDA
margins to at least 18%.  Alternatively, ratings could be
upgraded should at least 40% of its recurring operating cash
flow be contributed by its less volatile business lines,
including investment, property and facilities management.
Sustained deterioration in operating performance resulting in a
drop in margins below 12%, or a change to a permanent (rather
than transitional) leverage capital strategy, would likely
result in a downgrade.

Ratings affirmed:

CB Richard Ellis Services, Inc.

    * senior secured bank credit facility at Ba1; and

    * senior unsecured debt at Ba1.

In April 2006, Moody's raised the senior debt ratings of CB
Richard Ellis Services, Inc. to Ba1, from Ba3.

Headquartered in Los Angeles, California, CB Richard Ellis
Group, Inc. (NYSE: CBG) -- http://www.cbre.com/-- a FORTUNE  
1000 company, is the world's largest commercial real estate
services firm (in terms of 2005 revenue).  With approximately
14,500 employees, the company serves real estate owners,
investors, and occupiers through more than 200 offices
worldwide, including those in Argentina, Japan, and the United
Kingdom.

Trammell Crow Company [NYSE: TCC] is a diversified commercial
real estate services company providing brokerage, project
management, building management, and development and investment
services to both investors in and users of commercial real
estate.


CB RICHARD: S&P Puts BB+ Ratings on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
CB Richard Ellis Services Inc., including its 'BB+' long-term
counterparty credit rating, on CreditWatch with negative
implications.

"We took this rating action in response to the company's
announced acquisition of Trammel Crow Co.," explained Standard &
Poor's credit analyst Robert B. Hoban Jr.  "Although we believe
that Trammel is a good strategic fit for CB Richard Ellis, the
financing of the acquisition with debt will greatly increase
debt leverage and reduce interest coverage."

In addition, the transaction will result in substantial negative
tangible equity, which becomes an issue given management's plans
to continue Trammel's direct real estate investment operations.
Standard & Poor's will be meeting with the company to fully
assess the acquisition and determine the final ratings outcome.
If the rating agency determines that the amount of credit and
market risk being taken on is significant, the ratings could be
lowered.

The ratings on CB Richard Ellis reflect the company's results
being dependent on cyclical commercial real estate sales and
leasing transaction volume, moderate interest coverage, and high
debt leverage.  Although management had been aggressively paying
down debt and recovering from negative tangible equity from past
acquisitions, this acquisition will reverse the trend.  Pro
forma end-of-year total recourse debt is a very high 2x capital,
and negative tangible equity slides to negative Us$2.3 billion.
These pro forma figures assume that CB Richard Ellis will
successfully tender one existing debt issue and that the company
is able to sell a Trammel minority interest.

CB Richard Ellis is the operating subsidiary of CB Richard Ellis
Group Inc., a publicly traded company.  The company is based in
Los Angeles, Calif., and is a recognized leader in the
commercial real estate sales and services industry, with
trailing-12-month revenue through the third quarter of about
US$2.9 billion.  The company is the largest commercial real
estate services company in the U.S., which is its largest
market, and has a strong market position in U.S. and European
sales and leasing, property management, mortgage brokerage, and
investment advising.

Headquartered in Los Angeles, California, CB Richard Ellis
Group, Inc. (NYSE: CBG) -- http://www.cbre.com/-- a FORTUNE  
1000 company, is the world's largest commercial real estate
services firm (in terms of 2005 revenue).  With approximately
14,500 employees, the company serves real estate owners,
investors, and occupiers through more than 200 offices
worldwide, including those in Argentina, Japan, and the United
Kingdom.


COREL CORP: Acquisition Plan Spurs S&P to Affirm B Debt Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp., following the company's
announcement to acquire California-based digital media software
vendor, InterVideo Inc.  

At the same time, Standard & Poor's affirmed its 'B' bank loan
rating, with a recovery rating of '3', on the company's US$265
million credit facility, which was increased by US$100 million
to partially finance the acquisition.  The '3' recovery rating
indicates a meaningful recovery of principal (50%-80%) by
lenders in the event of default. The outlook is positive.
  
The bank facility was increased to US$265 million from
US$165 million and now consists of a US$190 million term loan
due 2012 and a US$75 million revolver due 2011.  The
US$100 million in incremental debt financing along with cash on
hand will be used to finance the US$195 million acquisition of
InterVideo.

The acquisition of InterVideo should provide additional product
diversity, broaden the company's distribution, and expand its
geographic presence in the Asia-Pacific growth markets.  
Although integration risks associated with the sizable
acquisition are a credit concern, Standard & Poor's notes that
Corel's track record of integrating acquisitions has improved in
recent years.  Nevertheless, InterVideo's low level of
profitability will remain a drag on Corel's otherwise healthy
operating margins in the near term.

The ratings also reflect an aggressive financial policy given
Corel's desire to pursue additional debt-financed acquisitions
in the medium term.  Standard & Poor's notes the potential
conflict of interest given continuing majority ownership by
Vector Capital (72%) and Vector's potential use of Corel as a
feeder for divested software companies.

"The ratings on Corel reflect its weak market position within
the highly competitive packaged software industry, a limited
track record of profitability, and the short life span of
software products in general," said Standard & Poor's credit
analyst Madhav Hari.  "These factors are only partially offset
by Corel's brand recognition as a viable alternative to globally
dominant packaged software providers, a large and diverse
installed base, and a meaningful base of recurring revenue,"
added Mr. Hari.

The positive outlook is based on:

   -- Corel's strong operating momentum;

   -- improving product, customer, and geographic diversity; and

   -- adequate liquidity.

The positive outlook also reflects expectations of a successful
integration of InterVideo, including the realization of cost
synergies as targeted.  Increased profitability as well as
improved financial leverage and corresponding credit measures
could lead to an upgrade in the medium term.  Nevertheless, if
revenue growth and profitability stall because of competitive
forces, pricing pressures, integration challenges, or shifting
customer (original equipment manufacturers) buying behavior, the
outlook could be revised to stable.

Headquartered in Ottawa, Ontario, Corel Corporation
(NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is a  
packaged software company with an estimated installed base of
over 40 million users.  The company provides productivity,
graphics and digital imaging software.  Its products are sold in
over 75 countries through a scalable distribution platform
comprised of original equipment manufacturers, Corel's
international Web sites, and a global network of resellers and
retailers.  The company's product portfolio features
CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office,
WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM).

The company has operations in Japan, Germany, Italy, the United
Kingdom, Australia, Korea, Brazil and Mexico, among others.


COREL CORP: Pending Acquisition Spurs Moody's to Affirm Ratings
---------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family
rating and B3 senior secured bank loan ratings of Corel Corp.
after reviewing Corel's pending US$195 million acquisition of
InterVideo, Inc.  The acquisition will be financed with cash on
hand and the proceeds from a proposed offering of up to
US$100 million senior secured term loan, which is rated B3 as
well.

The change in outlook to positive reflects Moody's view that a
successful integration of InterVideo coupled with continued
growth in revenue and profits could position Corel for an
increased rating.

While Moody's remains concerned about Corel's reliance on
technical information sharing from its two primary competitors,
Microsoft Corporation and Adobe Systems, Moody's views the
addition of InterVideo with its successful line of video
editing, burning and playback software (WinDVD) as a positive
diversification to Corel's existing portfolio of software
products, a diversification which could ultimately lead to a
higher rating.

The benefits of this product diversification as well as the
access to InterVideo's large customer base and number of OEM
partnerships are somewhat tempered by the integration risks
associated with acquiring a company of InterVideo's size which
at US$109 million in revenue for fiscal year 2005 is comparable
to Corel's US$164 million in revenue for fiscal year 2005.
Moody's notes however, Corel's recent successful acquisition and
integration of two smaller software companies, Jasc Software,
Inc. and WinZip, as indicative of their capabilities.

The ratings are also tempered by InterVideo's recent loss of
Hewlett Packard's consumer computer business as a major customer
for their WinDVD product line.  While the acquisition will
increase Corel's leverage marginally above 3x (prior to any
synergies for the combined companies), Moody's views this
leverage as manageable and is offset by the increase in
diversification from InterVideo's portfolio of consumer and pro-
sumer software titles.  Additionally, Moody's expects that Corel
will continue to make debt financed acquisitions but does not
expect leverage levels to exceed 3x for long periods of time,
although there will continue to be meaningful amounts of debt.

Headquartered in Ottawa, Ontario, Corel Corporation
(NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is a  
packaged software company with an estimated installed base of
over 40 million users.  The company provides productivity,
graphics and digital imaging software.  Its products are sold in
over 75 countries through a scalable distribution platform
comprised of original equipment manufacturers, Corel's
international Web sites, and a global network of resellers and
retailers.  The company's product portfolio features
CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office,
WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM).

The company has operations in Japan, Germany, Italy, the United
Kingdom, Australia, Korea, Brazil and Mexico, among others.


ELAN CORP: Posts US$123.3 Million in Losses for Third Quarter
-------------------------------------------------------------
Elan Corporation plc disclosed its financial results for the
third quarter 2006.

For the third quarter of 2006, Elan posted US$117 million in net
losses against US$123.3 million in revenues, compared with
US$67.1 million in net losses against US$128.6 million in
revenues for the same period in 2005.

"The third quarter provided further evidence of progress in key
areas," Kelly Martin, Elan's President and Chief Executive
Officer, said.  "We are encouraged by the initial results in the
relaunch of Tysabri for MS in the U.S. market and the launch in
the European markets.  As patients and physicians seek greater
efficacy and therapeutic options for combating the degenerative
nature of this disease, we remain confident that Tysabri will
play a significant role in the treatment of MS moving forward.  
We plan to file for Crohn's in the U.S. by the end of this year.  
In our scientific pipeline, we recently announced a new
collaboration in the area of Alzheimer's with Transition
Therapeutics and are working together to advance this Phase 1
small molecule program.  We are pleased to report that we have
started dosing patients with ELND-001, an oral compound from our
autoimmune program."

"We remain focused on maintaining a disciplined approach in all
areas of our business and on advancing our pipeline in order to
enable patients to choose from a range of therapeutically
relevant choices that may meet their unmet medical needs," Mr.
Martin added.

"We are pleased with the overall outcome for the third quarter,"
Shane Cooke, Elan's Executive Vice President and Chief Financial
Officer, said.  "We successfully launched Tysabri for MS in a
number of EU countries and re-introduced it in the U.S., marking
an important step in our drive towards a return to
profitability.  License fees payable in relation to the
expansion of our pipeline of innovative Alzheimer's therapeutics
together with temporary supply shortages of Maxipime impacted
our third quarter results and led to increased losses."

"We are confident that revenues for 2006, excluding any revenues
from Tysabri, will exceed Us$500 million," Mr. Cooke added.  "We
also expect EBITDA losses for the year to be less then
previously guided due to solid revenue growth and improved
operating margins, and we look forward to the future with
confidence and enthusiasm."

                        About the company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

The company has locations in Bermuda and Japan.

                          *     *     *

Moody's Investors Service revised the outlook on the of Elan to
stable from negative.  At the same time, Moody's affirmed Elan's
ratings, including the B3 corporate family rating.

These rating actions follow the FDA decision to approve Tysabri
for resumed marketing in the U.S.  The stable outlook reflects
Moody's current assumption that with a reasonably successful
Tysabri re-launch, Elan is more likely to meet its 2008 debt
maturities with a combination of internal funds and refinancing
in the event of a shortfall.

Moody's expects that the market acceptance of Tysabri will be a
critical factor driving any future changes in Elan's credit
rating.

Ratings affirmed:

Elan Corporation, plc

   -- B3 corporate family rating

Elan Finance plc

   -- B3 fixed-rate senior notes of US$850 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

   -- B3 floating rate senior notes of US$300 million due 2011
      (guaranteed by Elan Corporation, plc and subsidiaries)

Athena Neurosciences Finance, LLC

   -- B3 senior notes of US$613 million due 2008 (guaranteed by
      Elan Corporation, plc and subsidiaries)


SOFTBANK CORP: To launch Japanese MySpace with News Corp.
---------------------------------------------------------
Softbank Corp. and Rupert Murdoch's News Corp. are expected to
announce as early as this week the launch of a Japanese version
of the popular Internet social networking site MySpace, the
International Herald Tribune says, citing news reports.

The two companies will each provide half the approximately JPY1-
billion investment to form MySpace Japan, which will operate the
new site, The Tribune notes the Nihon Keizai business daily as
saying without identifying its sources.  

The Tribune reports that Softbank Corp. President Masayoshi Son
and News Corp.'s Chairman Rupert Murdoch are expected to hold
talks soon to finalize the arrangement.  News Corp. became the
owner of MySpace in 2005 when it bought Los Angeles-based
Intermix Media Inc. for US$580 million.

The Tribune adds that the new venture comes amid rapid growth in
Japan's social networking sites, which are thought to have more
than 10 million users, and that Softbank hopes partnering with
News Corp. will help it expand its own business, the paper said.  
Softbank subsidiary Yahoo Japan Corp. provides social networking
sites, but Softbank has not involved itself in the sites'
operations, Nihon Keizai states.

                   About Softbank Corporation

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

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

                          *     *     *

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

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


SOFTBANK CORP: Plans Changes in Zero-Yen Advertisements
-------------------------------------------------------
Softbank Mobile Corp. plans to change the content of its
advertisements, possibly by this weekend, in response to an
investigation by the Fair Trade Commission into whether the
firm's "zero-yen" campaign was misleading, the Japan Times
reports.

"We may have sent messages to customers that were too
sensational," company spokesman Fumihiro Ito said.

The Troubled Company Reporter - Asia Pacific reported on
November 1, 2006, that the FTC is examining whether sales
campaigns launched by Softbank Corp. are misleading to
consumers, Reuters reports, citing the Sankei newspaper.

When asked about the report, Softbank said that their executives
met with the regulators in their mobile unit and was then asked
for explanations of their new discounts and sales tactics,
without elaborating further, the report notes.

According to the Japan Times, Mr. Ito signified that because the
FTC probe has just started, the company has yet to decide how it
should change the contents of the ad.  Mr. Ito adds that the
carrier will probably come up with a new ad design, "hopefully
by this weekend."

The Japan Times quotes Kyodo News as reporting that Softbank
will probably make the characters "zero yen" smaller in the ads
and make the restrictions more prominent.

                   About Softbank Corporation

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

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

                          *     *     *

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

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


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

BURGER KING: Earns US$40 Mil. for Quarter Ended Sept. 30, 2006
--------------------------------------------------------------
Burger King Holdings Inc. delivered positive results for the
first quarter of its 2007 fiscal year with strong growth in
revenues, net income and earnings per share.  The performance
was the result of widespread improvement across the company,
including the 11th consecutive quarter of positive comparable
sales growth, increased new restaurant openings, company
restaurant margin improvement and a significantly lower
corporate tax rate, said Burger King CEO John W. Chidsey.

Driven by positive comparable sales in every region worldwide
and an increase in new restaurant openings, revenues for the
first quarter of fiscal year 2007 reached a record US$546
million -- an increase of 7% from the same quarter of the
previous fiscal year.

Net income increased 82% to US$40 million from US$22 million in
the same period last year.  On an adjusted basis, net income
rose 14% to US$40 million from US$35 million in the same period
last year, which takes into account US$17 million in unusual
items in the prior year, including US$13 million in costs
related to early debt retirement.

Earnings per share increased 58% to 30 cents per share in the
first quarter as compared with 19 cents per share in the same
quarter last year.  Earnings per share rose 15% to 30 cents per
share from an adjusted earnings per share of 26 cents in the
same period last year.

Comparable sales in the United States and Canada rose by 2.6%
for the quarter, the 10th straight quarter of positive
comparable sales growth. Worldwide, comparable sales increased
by 2.4% for the quarter, the 11th consecutive quarter of
worldwide positive comparable sales growth.

"It's been more than a decade since the company has seen 11
consecutive quarters of positive comp sales," said Mr. Chidsey.  
"Our BK Stacker, introduced in North America in July, continues
to exceed our expectations, and our BK Value Menu is growing
both revenue and bottom-line profitability.

"Positive comp sales in Latin America were fueled by the
introduction of new and improved premium products as well as the
Value Menu.  Across Europe, the introduction of premium
products, as well as improved operations and new marketing
campaigns, are resonating regionally. These results speak to the
resurgence of the Burger King brand and its underlying reach to
consumers.

"We still see many opportunities ahead to increase comp sales,
especially in the competitive breakfast and late night hours,
and we have a strong promotions pipeline, including our Xbox
video game launch beginning in mid-November, that we believe
will drive both restaurant guest traffic and sales."

                  Average Restaurant Sales

System-wide average restaurant sales or ARS increased 5% to
US$300,000 during the first quarter of fiscal 2007 as compared
with US$287,000 in the same quarter last year.  And system-wide
trailing 12-month ARS reached a record high of US$1.14 million
as compared with US$1.11 million for the trailing 12 months that
ended Sept. 30, 2005.

"Solid comp sales, coupled with new restaurants that are
generating higher revenues, are moving ARS toward our U.S.
system-wide goal of US$1.3 million," Mr. Chidsey said.

More than 2,000 U.S. Burger King restaurants -- or about 30% of
the U.S. system -- were operating at or above this level by the
end of the first quarter.  The last 50 free-standing restaurants
that opened in the U.S. and have operated for at least a year
have achieved an ARS of US$1.47 million, which is 29% higher
than the current U.S. system average.

                       Decreasing Debt

The company retired US$50 million in debt, using cash generated
from operations during the quarter. An additional US$35 million
in debt was retired on Oct. 6, 2006.  Since the company's IPO in
May 2006, the company has retired US$435 million in debt, a 30%
reduction in total debt.  The company's cash and investment
balance was US$157 million at the close of the quarter.

"Our free cash flow is consistently strong, and we will continue
to pay down debt in order to reduce our interest expense.  We
are also considering other uses for our cash, including
strategic investments to grow the brand as well as returning it
to shareholders in the form of dividends or share repurchase
programs," said Burger King CFO Ben K. Wells.

                     Tax Rate Reduction

The company's effective tax rate decreased by more than 10%age
points to approximately 37%, as the result of tax benefits
realized from an operational realignment of the company's
European and Asian businesses, which became effective
July 1, 2006, and reduced tax valuation allowances.

                       Future Growth

The company continued its expansion of new restaurants
internationally, including 101 new restaurant openings in
Europe, the Middle East and in Asia Pacific (EMEA/APAC) and 90
new restaurant openings in Latin America in the last 12 months.  
System-wide, 42 franchised and company restaurants, net of
closures, have opened since Sept. 30, 2005.

"In our highly franchised business model, unit growth has a
disproportionately positive impact on earnings and, therefore,
we are intent on expanding our presence worldwide," Mr. Chidsey
said.

The company is on target to achieve its key goals for the fiscal
year:

   -- Growing top-line revenue 6 - 7%;
   -- Growing adjusted EBITDA 10 - 12%;
   -- Increasing adjusted net income in excess of 20%; and
   -- Reducing debt using excess cash generated from operations.

Mr. Chidsey said, "Our first quarter results demonstrate the
strength of our brand and the continuing momentum of our
business.  The company's performance will accelerate throughout
the fiscal year as we open more restaurants, grow ARS and
increase restaurant traffic through operational excellence,
innovative marketing and sponsorships and, of course, our great
food."

The Burger King(R) system (NYSE: BKC) -- http://www.bk.com/--  
operates more than 11,100 restaurants in all 50 states and in
more than 65 countries and U.S. territories worldwide,  
including Australia, China, Hong Kong, Korea, Malaysia, New
Zealand, Philippines, Singapore, Taiwan and Thailand.
Approximately 90% of BURGER KING restaurants are owned and
operated by independent franchisees, many of them family-owned
operations that have been in business for decades.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific, 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 revised
its Corporate Family Rating for Burger King Corporation to Ba3
from Ba2.

Additionally, Moody's held its Ba2 ratings on the company's
$150 million Senior Secured Revolver Due 2011 and US$250 million
Senior Secured Term Loan A Due 2011.  Moody's assigned those
loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.

Fitch assigned initial ratings for Burger King Corp., the
world's second largest fast food hamburger restaurant chain.  
Fitch assigned the company its 'B+' Issuer Default Rating.  
Fitch also rated the company's US$150 million revolving credit
facility maturing June 2011; and US$967 million aggregate
remaining term loan A and B outstandings maturing June 2011 and
June 2012, respectively, at 'BB/RR2'.  Fitch said that the
Outlook on all Ratings is Positive.


DURA AUTOMOTIVE: Seeks Court Nod to Use All Cash Collateral
-----------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for authority
to use all cash collateral existing on or after their filing for
chapter 11 protection subject to the First Lien Lenders' and
Second Lien Lenders' liens.

The Debtors have an urgent need for the immediate use of the
Cash Collateral pending the Final DIP Hearing, Mr. Collins tells
the Court.  He explains that the Debtors require use of the Cash
Collateral to, among other things, pay present operating
expenses, including payroll, and pay vendors on a going-forward
basis to ensure a continued supply of materials essential to the
Debtors' continued viability.  In addition, the DIP Financing is
explicitly conditioned on the Court granting the Debtors' use of
the Cash Collateral.

On May 3, 2005, Dura Operating Corp. entered into:

   (i) a five-year asset-based revolving credit facility of
       US$175,000,000 -- the First Lien Revolver; and

  (ii) a six-year US$150,000,000 senior secured second lien
       term loan -- the Second Lien Term Loan.

On March 29, 2006, the Second Lien Term Loan was amended to
include a new US$75,000,000 junior tranche.

As of Oct. 25, 2006, the total amount drawn on the First Lien
Revolver had increased to approximately US$106,400,000 and the
total First Lien Revolver obligations, including US$18,000,000
of settlement costs associated with certain interest rate swap
contracts were approximately US$124,400,000.  The total amount
outstanding under the Second Lien Revolver and the Second Lien
Term Loan was US$225,000,000.

If approved, a portion of the proceeds of the US$300,000,000 DIP
financing facility arranged by Goldman Sachs Capital Partners
L.P., General Electric Capital Corporation, and Barclays Capital
would be used to repay in full the indebtedness and other
obligations under the First Lien Revolver.  The repayment,
however, will not occur until the DIP Lenders fund the DIP
Facility upon entry of the Final DIP Order, Mark D. Collins,
Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, notes.

In addition, the liens securing the DIP Financing temporarily
will prime the liens securing the First Lien Revolver until the
first lien obligations are repaid.  Moreover, the liens securing
the DIP Financing will prime the liens granted to secure payment
under the Second Lien Agreements.

         Adequate Protection of the First Lien Lenders

A majority of the First Lien Lenders has consented to the
Debtors' entry into the DIP Facility and refinancing of the
First Lien Revolver.  As a condition to the consent, however,
pending entry of the Final DIP Order and refinancing of their
debt, the First Lien Lenders have requested, and the Debtors
have agreed to, certain adequate protection provisions.

To protect the First Lien Lenders from diminution, if any, in
the value of their interest in their collateral, the Debtors
propose to provide adequate protection in these forms:

   (a) except with respect to default rate interest and swap
       breakage costs, subject to Section 506(b), they will, on
       a  monthly basis thereafter until the repayment in
       full in cash of the First Priority Indebtedness made
       prior to filing for chapter 11 protection, promptly pay
       in cash all accrued but unpaid reasonable costs and
       expenses prior to the Debtors' filing for chapter 11
       protection of the First Priority Agents for which an
       invoice was delivered to the Debtors;

   (b) reasonable fees and expenses, for which an invoice was
       delivered to the Debtors, of professionals engaged by any
       First Priority Lender prior to the Debtors' filing for
       chapter 11 protection, up to a maximum aggregate amount
       of US$50,000 for all the fees and expenses of
       professionals engaged by all First Priority Lenders prior
       to the Debtors' filing for chapter 11 protection; and

   (c) all accrued but unpaid interest on the First
       Priority Indebtedness, prior to the date of filing for
       chapter 11 protection, at the non-default rate specified
       in the First Priority Credit Agreement, prior to chapter
       11 protection and all other reasonable fees, expenses,
       costs and charges provided under the First Priority
       Credit Agreement or any other First Priority Financing
       Document, prior to the filing for chapter 11 protection
       for which an invoice was delivered to the Debtors, in
       each case.

In connection with the repayment in full in cash of the
First Priority Indebtedness before the filing of the bankruptcy
case, the Debtors will promptly pay the accrued default interest
and any and all swap breakage costs outstanding under the First
Priority Credit Agreement or any other First Priority Financing
Document prior to the filing for chapter 11 protection.  The
Debtors will provide copies of any invoices to counsel for the
Agents before and after the filing for chapter 11 protection,
the Second Lien Committee and any Committee.

In addition, the Debtors have also agreed to these provisions:

   (a) Replacement Liens.  To the extent of any diminution in
       the Collateral prior to the filing for chapter 11
       protection, replacement liens and superpriority
       administrative claims, which liens and claims will be,
       junior only to the Carve-Out, Permitted Liens, and the
       Liens and claims securing the DIP Obligations;

   (b) Debtors' Acknowledgement of Validity of Liens.  Subject
       to a 60-day investigation period for the official
       committee of unsecured creditors, the Debtors will
       acknowledge the validity, priority, and perfection of the
       claims and liens of the First Lien Representatives and
       First Lien Lenders and will waive any claims or causes of
       action against the First Lien Representatives and First
       Representatives;

   (c) Section 364(e) Protection.  To the extent applicable, the
       First Lien Representatives and First Lien Lenders receive
       the protections of Section 364(e);

   (d) Waiver of Section 506(c) Surcharge.  The Debtors waive
       the right to surcharge under Section 506(c) against the
       Collateral prior to chapter 11 protection filing and will
       not seek to prime the First Lien Lenders, or use the
       Collateral, other than pursuant to the terns set forth in
       the DIP Financing Motion and the DIP Order;

   (e) Termination Event.  Subject to reasonable notice prior to
       lifting of the automatic stay, consent to use of Cash
       Collateral terminates if the DIP Facility terminates or
       the Debtors do not make the First Lien Adequate
       Protection Payments;

   (f) Consent Requirement.  Nothing in the DIP Order will be
       deemed a finding of adequate protection for the non-
       consensual use of Cash Collateral;

   (g) 45-Day Limit to Use of Cash Collateral.  Unless the First
       Lien Representatives' and First Lien Lenders' otherwise
       consent, the First Lien Representatives' and First Lien
       Lenders' consent to the use of Cash Collateral will
       terminate unless:

        (i) within the 45 days of the Petition Date, the
            Court enters the Final DIP Order, and

       (ii) upon entry of the Final DIP Order, the First Lien
            Revolver has been refinanced;

   (h) Reservation of Indemnification Rights.  Subsequent to,
       and notwithstanding, refinancing of the First Lien
       Revolver, the First Lien Representatives and First Lien
       Lenders reserve the right to assert indemnification
       claims against the Debtors under the First Lien
       Agreements;

   (i) Reservation of Right to Seek Further Adequate Protection.
       Subject to the creditors committee's Investigation
       rights, the First Lien Administrative Agent reserves its
       right to seek further adequate protection or seek lifting
       of the automatic stay if refinancing of the First Lien
       Revolver does not occur upon entry of the Final DIP
       Order; and

   (j) Limitations on Use of Cash Collateral.

        i. Other than with respect to US$25,000 that can be used
           by the Creditors Committee for the Investigation, no
           party, including the creditors committee, can use
           Cash Collateral to pursue actions, claims, or
           challenges against the First Lien Representatives or
           the First Lien Lenders; and

       ii. Cash Collateral will only be used in accordance with
           the DIP Documents and DIP Orders.

Mr. Collins also notes that the First Lien Lenders' interests
are also more than adequately protected by the existence of a
substantial equity cushion.

According to Mr. Collins, despite the comprehensive nature of
the proffered adequate protection measures, the Debtors are
given to understand that a minority of First Lien Lenders may
not have agreed to consent to being primed on an interim basis
until entry of the Final DIP Order.

The Debtors nonetheless do not expect that any First Lien Lender
will object to entry of the Interim DIP Order.  If there is an
objection, the Debtors are prepared to go forward to establish
that the First Lien Lenders are adequately protected, Mr.
Collins avers.

          Adequate Protection of Second Lien lenders

The Debtors also seek to provide adequate protection to the
Second Lien Lenders on account of the Debtors' continuing use of
their Cash Collateral and the priming of the Second Lien Term
Loan by the DIP Facility.

The Debtors have reached an interim agreement on adequate
protection terms with the Ad Hoe Committee of Second Lien
Lenders, which holds or controls a majority in principal amount
outstanding under the Second Lien Term Loan.

The Interim DIP Order will state that for the avoidance of
doubt, the Debtors, the DIP Agents and the DIP Lenders
acknowledge that the Second Lien Lenders have stated that they
do not consent and do not currently intend to consent to the
entry of the Final Order unless certain changes are made to the
Final Order compared to the Interim Order.

If, by the Final Hearing, the Debtors and the Second Lien
Committee cannot reach a full and final accord, the Debtors
reserve their right to seek Court approval of the repayment of
the First Lien Revolver, use of Cash Collateral and priming over
the objection of the Second Lien Committee.

As adequate protection to protect the Second Lien Lenders from
diminution, if any, in the value of their interest in their
collateral, the Debtors propose that:

   (a) they will timely make current cash payment of interest on
       each monthly "Interest Payment Date" starting with
       Dec. 1, 2006, and for the next succeeding five monthly
       Interest Payment Dates, at the rate equal to the greater
       of:

         (x) LIBOR plus 4.75% per annum plus the difference, if
             any, between (i) the weighted average Flex and (ii)
             6.75% and

         (y) the rate applicable to the DIP Term Loan plus 1.55%
             per annum.

       Notwithstanding this Stated Rate, the Second Lien
       Committee has asserted that the appropriate contractual
       (non-default) rate under the Second Lien Credit Agreement
       is the "Base Rate" option, and the Second Lien Lenders or
       the Second Priority Representative will be entitled to
       assert that the increment between the Stated Rate and the
       "Base Rate" option should continue to accrue as part of
       the claims under the Second Lien Credit Agreement.  At
       the same time, the parties have agreed that, for so long
       as the monthly interest payments at the Stated Rate are
       timely paid, the contractual default rate under the
       Second Lien Credit Agreement will be deemed to have been
       waived.

       The interest payment due on December 1 will include all
       interest accrued to the date (at the Stated Rate),
       provided that if the Final DIP Order has not been entered
       on or before the date, the first and second interest
       payments will both occur on Jan. 2, 2007, and will
       include the amounts that otherwise would have been paid
       on Dec, 1, 2006, in addition to the amounts owing on
       Jan. 2, 2007;

   (b) on a monthly basis, the Debtors will reimburse the
       reasonable fees and expenses of:

        (i) Lazard Freres & Co. LLC, the financial advisor to
            the Second Lien Committee in the amount of
            US$150,000 per month plus expenses;

       (ii) Bingham McCutchen LLP, lead counsel to the Second
            Lien Committee, together with Delaware counsel and,
            upon notice to the Debtors, other local counsel
            reasonably necessary to protect the interests of the
            Second Lien Committee;

      (iii) JPMorgan Chase Bank, N.A., as the Second Lien
            Administrative Agent, including its contractual
            agent fees and the fees and expenses of its counsel,
            but in each case only to the extent reasonably
            necessary to administer the Second Lien Credit
            Agreement and without duplication of the services
            rendered by counsel to the Second Lien Committee,
            and

       (iv) Wilmington Trust Company as the Second Lien
            Collateral Agent including its contractual agent
            fees and the fees and expenses of its counsel, but
            in each case only to the extent reasonably necessary
            to administer the Second Lien security agreements
            and without duplication of the services rendered by
            counsel to the Second Lien Committee or counsel to
            the Second Lien Administrative Agent; and

   (c) the monthly interest payments will continue to be timely
       paid by the Debtors after the sixth monthly interest
       payment, unless, on no shorter than 20 days' notice, the
       Debtors will obtain a Court order permitting the Debtors
       to discontinue making any or all of the monthly interest
       payments falling due after the entry of the Court order.
       In all events, the Second Lien Adequate Protection
       Obligations will remain in full force and effect unless
       the Court orders otherwise;

   (d) If they timely make 12 consecutive interest payments
       starting with the first interest payment, any prepayment
       fee arising under the Second Lien Credit Agreement will
       be deemed to have been waived; and

   (e) to the extent of any diminution in the Collateral prior
       to the filing for chapter 11 protection, replacement
       liens and superpriority Administrative claims, which
       liens and claims will be junior only to the Carve-Out,
       Permitted Liens, the Liens and claims securing the DIP
       Obligations, the liens And claims securing the First Lien
       Revolver, and the replacement liens and superpriority
       claims of the First Lien Representatives and the First
       Lien Lenders as part of the First Lien Adequate
       Protection Obligations.

Additionally, the Debtors stipulate that:

   (i) the DIP Facility commitments will not exceed
       US$300,000,000;

  (ii) they waive the right to surcharge under Section 506(c)
       against the Collateral before the chapter 11 protection
       filing and will not seek to prime the Second Lien
       Lenders, or use the Collateral, other than pursuant to
       the terms set forth in this motion and the DIP Order; and

(iii) nothing in the DIP Order will be deemed a finding of
       adequate protection for the non-consensual use of Cash
       Collateral.

         Debtors Say Provisions are Fair & Reasonable

The Debtors believe that the Adequate Protection Obligations are
sufficient to protect any diminution in the value of the Secured
Lenders interests', prior to the filing for chapter 11
protection during the period their collateral is used by the
Debtors, and are fair and reasonable.

Accordingly, the Debtors ask the Court to enter an interim and
final order:

    (a) authorizing them to use the Cash Collateral;

    (b) granting the Secured Lenders prior to the bankruptcy
        case, adequate protection with respect to, inter alia,
        the use of the Cash Collateral and all use and
        diminution in the value of the Collateral prior to the
        filing for chapter 11 protection;

    (c) approving the Debtors' stipulations with respect to the
        First Lien Agreements and Second Lien Agreements and the
        liens and security interests arising therefrom; and

    (d) limiting their right to surcharge against collateral
        pursuant to Section 506(c).

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, namely in
China, Japan and Korea.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reports that Fitch
Ratings placed one tranche from one public collateralized debt
obligation and one tranche from private CDO on Rating Watch
Negative following Dura Automotive Corp.'s filing for protection
under Chapter 11.

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 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTO: Seeks Court Nod to Obtain US$300 Mil. DIP Financing
--------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to obtain US$300,000,000 of debtor-in-possession
financing arranged and provided by Goldman Sachs Capital
Partners L.P., General Electric Capital Corp., and other lender
parties.

The Debtors propose to borrow or obtain letters of credit from
the DIP Lenders in an aggregate principal or face amount not to
exceed US$50,000,000, pending the Court's final consideration of
the DIP Financing.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Debtors have an immediate
need to obtain the DIP Financing to permit, among other things,
the orderly continuation of the operation of their businesses,
to maintain business relationships with vendors, suppliers and
customers, to make payroll, to make capital expenditures and to
satisfy other working capital and operational needs, all of
which are necessary to preserve and maintain their going-concern
values and to successfully reorganize.

Beginning in September 2006, the Debtors and Miller Buckfire
solicited DIP financing proposals from 10 well-known financial
institutions.  After thoroughly reviewing all of the proposals,
and based on their capital and operational requirements, the
Debtors chose the GSCP/GECC proposal as providing the most
advantageous and least costly terms to their estates.

The salient terms of the Senior Secured Super-Priority Debtor-
In-Possession Revolving Credit and Guaranty Agreement, and the
Senior Secured Super-Priority Debtor-In-Possession Term Loan and
Guaranty Agreement executed by the Debtors and the DIP Agents
are:

   Borrower:        Dura Operating Corp.

   Guarantors:      Dura Automotive Systems, Inc., and its
                    domestic and Canadian subsidiaries

   Agent & Banks:   Goldman Sachs Capital Partners L.P., as
                    Joint Lead Arranger, Sole Bookrunner, Sole
                    Syndication Agent, and Administrative Agent
                    and Collateral Agent for the Fixed Asset
                    Facilities;

                    General Electric Capital Corporation as
                    Administrative Agent and Collateral Agent
                    for the DIP Revolver; and

                    Barclays Capital as Joint Lead Arranger

   Commitment:      The DIP Financing Facility provides:

                     -- up to US$130,000,000 asset based
                        revolving credit facility, subject to
                        borrowing base and availability terms,
                        with a US$5,000,000 sublimit for letters
                        of credit; and

                     -- up to US$170,000,000 Fixed Asset
                        Facilities consisting of:

                         * up to US$150,000,000 tranche B term
                           loan; and

                         * up to US$20,000,000 pre-funded
                           synthetic letter of credit facility.

   Purpose:         Repayment of the Debtors' obligations under
                    a US$175,000,000 revolving credit facility,
                    payment of certain adequate protection
                    payments, professionals' fees, transaction
                    costs, fees and expenses incurred in
                    connection with the DIP Financing, other
                    approved expenses prior to bankruptcy
                    filing, to provide working capital, and for
                    other general corporate purposes.

   Term:            The earlier of:

                      (i) Dec. 31, 2007;

                     (ii) the effective date of a reorganization
                          plan in the Debtors' Chapter 11 cases;
                          or

                    (iii) termination of the commitment or
                          acceleration of the loans as a result
                          of an Event of Default.

   Closing Date:    The US$50,000,000 Interim DIP Facility will
                    close upon or shortly after the Interim DIP
                    Order.

                    The DIP Facility will close on the date on
                    or before Dec. 15, 2006, on which all the
                    conditions precedent to the Interim DIP
                    Facility occur.

   Priority and
   Liens:           All direct borrowings and reimbursement
                    Obligations under letters of credit, other
                    obligations under the DIP Financing, and
                    hedging and cash management arrangements in
                    connection with the DIP Financing, will at
                    all times:

                     (1) constitute under Section 364(c)(1) of
                         the Bankruptcy Code allowed
                         superpriority administrative expense
                         claims against each of the Debtors
                         having priority over all administrative
                         expenses of the kind specified in, or
                         ordered pursuant to, any provision of
                         the Bankruptcy Code, which
                         superpriority claims will, subject to
                         the Carve-Out, be payable from and have
                         recourse to all property of the Debtors
                         and all proceeds thereof;

                     (2) pursuant to Sections 364(c)(2), (c)(3)
                         and (d), for the sole benefit of the
                         Postpetition Secured Parties valid,
                         binding, enforceable, first priority
                         and perfected Liens in the Collateral,
                          which Liens are:

                          (i) subject only to:

                              (x) the Carve-Out,

                              (y) non avoidable, valid,
                                  enforceable and perfected
                                  Liens that are capitalized
                                  leases, purchase money
                                  security interests or
                                  mechanics' liens in existence
                                  on the date of filing for
                                  chapter 11 protection and

                              (z) Existing Liens; and

                     (3) senior priming liens on any Collateral
                         securing the First Lien Revolver, the
                         Second Lien Term Loan, and other
                         indebtedness of the Borrower and
                         Guarantor, either upon consent of the
                         affected secured parties or pursuant to
                         Section 364(d).

   Collateral:      The Collateral will include all assets and
                    properties of each of Debtors before and
                    after their filing for chapter 11
                    protection; provided, however, that with
                    respect to the Capital Stock of any Foreign
                    Subsidiary that is not a Canadian
                    Subsidiary, the Postpetition Liens will
                    attach only to 66% of the voting Capital
                    Stock and 100% of the non-voting Capital
                    Stock thereof.

   Carve Out:       The Carve-Out consists of:

                     (a) unpaid fees of the Clerk of the
                         Bankruptcy Court and the U.S. Trustee
                         pursuant to 28 U.S.C. Section 1930(4);

                     (b) unpaid and allowed fees and expenses of
                         professional persons, retained by any
                         Debtor or any Committee pursuant to an
                         order of the Court, incurred prior to
                         notice by any Postpetition Agent that
                         the Carve-out is invoked; and

                     (c) unpaid and allowed fees and expenses,
                         in an aggregate amount not to exceed
                         US$10,000,000, of Professionals
                         incurred subsequent to delivery of a
                         Carve-Out Trigger Notice.

Underwriting &
Agency Fees:        Dura Operating Corp. will pay:

                      -- 1.00% of the maximum amount of the DIP
                         Revolver, payable on the Incremental
                         Facilities Effective Date;

                      -- 1.50% of the maximum of the Fixed Asset
                         Facilities, payable:

                          (x) with respect to that portion of
                              the Underwriting Fees calculated
                              with respect to the Interim DIP
                              Facility, on the Closing Date, and

                          (y) with respect to the remaining
                              portion of the Underwriting Fees,
                              on the Incremental Facilities
                              Effective Date; and

                      -- agency fees to each of the DIP Agents
                         of US$100,000 per annum.

                    The fees will be fully earned and
                    nonrefundable once paid.

   Expenses:        Dura Operating will reimburse the DIP Agents
                    for reasonable out-of-pocket expenses,
                    including an aggregate US$500,000 evergreen
                    expense deposit, which will be evergreen
                    until the Closing Date.

   Flex Pricing:    GSCP may at any time after consultation
                    with Dura Operating, change the terms,
                    conditions, pricing or structure of any of
                    the Facilities if GSCP reasonably
                    determines, in its discretion, that the  
                    changes are necessary to ensure the
                    successful syndication of any of the
                    Facilities; provided that:

                     (1) the total aggregate amount of the
                         Facilities remains unchanged;

                     (2) the overall weighted average interest
                         rates under the Facilities may not be
                         increased by more than 67.5 basis
                         points, determined on a combined basis;

                     (3) the amount of the Revolving Facility
                         may not be increased;

                     (4) prepayment premiums may not be required
                         with respect to the Revolving Facility
                         and the prepayment premium for the Term
                         Facility may not be increased or
                         extended;

                     (5) the maturity dates of the Facilities
                         may not be shortened;

                     (6) amortization may not be required under
                         the Facilities;

                     (7) a LIBOR Rate floor or minimum interest
                         rates may not be required;

                     (8) the mandatory prepayment provisions may
                         not be changed;

                     (9) negative covenants restricting
                         incurrence of Indebtedness, Fundamental
                         Changes, Disposition of Assets,
                         Acquisitions and Sales and Lease-backs
                         may not be changed;

                    (10) the financial covenants may not be
                         changed and additional financial
                         covenants may not be required; and

                    (11) a prohibition on voluntary prepayments
                         may not be imposed with respect to the
                         Facilities.

   Synthetic
   L/C Fees:        The DIP Agents will invest the amounts in
                    the Synthetic L/C Account in their
                    discretion.  On each applicable interest
                    payment date, the DIP Agents will distribute
                    to each Lender under the Synthetic L/C
                    Facility its pro rata portion of any
                    interest actually earned on the amounts on
                    deposit in the Synthetic L/C Account.  Dura
                    Operating will pay:

                     (i) each Issuer a fronting fee in an amount
                         to be agreed between the Borrower and
                         the Issuer of 25 basis points per annum
                         or the higher rate as agreed to between
                         Borrower and Issuer on the aggregate
                         face amount of the outstanding
                         Synthetic L/Cs issued by the Issuer and

                    (ii) the Lenders under the Synthetic L/C
                         Facility letter of credit participation
                         fees equal to the interest rate for
                         loans under the DIP Term Loan bearing
                         interest with reference to the reserve
                         adjusted Eurodollar Rate on the full
                         amount of the Synthetic L/C Facility.

                    Dura Operating will also pay the Issuers
                    customary issuance fees.

   Revolving
   L/C Fees:        Dura Operating agrees to pay to Lenders
                    having Revolving Exposure letter of credit
                    fees equal to:

                     (1) the Applicable Margin for Revolving
                         Loans that are Eurodollar Rate Loans,
                         times

                     (2) the average aggregate daily maximum
                         amount available to be drawn under all
                         the Letters of Credit.

                    Dura Operating agrees to pay directly to
                    Issuing Bank, for its own account, these
                    fees:

                     (i) a fronting fee equal to 0.25%, per
                         annum, or the higher rate as may be
                         agreed between Dura and the Issuing
                         Bank, times the average aggregate daily
                         maximum amount available to be drawn
                         under all Letters of Credit; and

                    (ii) the documentary and processing charges
                         for any issuance, amendment, transfer
                         or payment of a Letter of Credit as are
                         in accordance with the Issuing Bank's
                         standard schedule for the charges and
                         as in effect at the time of the
                         issuance, amendment, transfer or
                         payment, as the case may be.

   Prepayment Fee:  Optional prepayments or mandatory
                    prepayments in connection with proceeds of
                    certain debt or equity issuances of the
                    Fixed Asset Facilities made on or before the
                    earlier of the first anniversary of the
                    Closing Date and prior to the effective date
                    of a plan of reorganization will be subject
                    to the payment of a prepayment fee in an
                    amount equal to 1% of the principal amount
                    prepaid.

   Interest Rate:   All amounts outstanding under the DIP
                    Facilities will bear interest:

                     (a) in the case of the DIP Revolver, at the
                         Borrower's option, (i) at the Base Rate
                         plus 0.75% per annum or, (ii) at the
                         reserve adjusted LIBOR Rate plus 1.75%
                         per annum; and

                     (b) in the case of the DIP Term Loan, at
                         the Borrower's option, (i) at the Base
                         Rate plus 1.50% per annum or (ii) at
                         the reserve adjusted LIBOR Rate plus
                         2.50% per annum.

   Default
   Interest:        Following the occurrence and during the
                    continuance of an event of default, the
                    interest rates under the DIP Facility will
                    increase by an additional 2.00% per annum
                    and the additional interest will be payable
                    on demand.

   Charging
   Expenses
   Limitation:      Subject to and effective upon entry of the
                    Final DIP Order, except to the extent of the
                    Carve Out, no expenses of administration of
                    the Chapter 11 cases or any future
                    proceeding that may result therefrom will be
                    charged against or recovered from the
                    Collateral securing the DIP Obligations
                    pursuant to Section 506(c), without the
                    prior written consent of the DIP Agents.

   Events of
   Default:         The DIP Documentation contains customary
                    events of default.

   Financial
   Covenants:
                    Under the Revolving Credit Agreement, the
                    Debtors are required to maintain minimum
                    EBITDA:

                        Period                    MINIMUM EBITDA
               
                        11/01/06 - 01/31/07      (US$11,516,665)
                        11/01/06 - 02/28/07         (13,100,498)
                        11/01/06 - 03/31/07          (9,785,196)
                        11/01/06 - 04/30/07         (11,265,601)
                        11/01/06 - 05/31/07         (10,094,956)
                        11/01/06 - 06/30/07          (8,016,354)
                        11/01/06 - 07/31/07         (18,871,520)
                        11/01/06 - 08/31/07         (17,622,862)
                        11/01/06 - 09/30/07         (14,986,584)
                        11/01/06 - 10/31/07         (12,326,569)
                        12/01/06 - 11/30/07          (8,981,480)
                        01/01/07 - 12/31/07          (9,030,154)

                    With respect to the Term Loan Credit
                    Agreement, the Debtors are required to
                    maintain:

                    (a) Minimum EBITDA

                        Period                    MINIMUM EBITDA
                        11/01/06 - 01/31/07       (US$5,000,000)
                        11/01/06 - 02/28/07            3,449,945
                        11/01/06 - 03/31/07           12,782,777
                        11/01/06 - 04/30/07           17,206,170
                        11/01/06 - 05/31/07           22,405,451
                        11/01/06 - 06/30/07           31,785,513
                        11/01/06 - 07/31/07           27,779,599
                        11/01/06 - 08/31/07           29,072,155
                        11/01/06 - 09/30/07           45,324,997
                        11/01/06 - 10/31/07           52,586,795
                        12/01/06 - 11/30/07           55,358,832
                        01/01/07 - 12/31/07           56,176,951

                   (b) Maximum Consolidated Capital Expenditures

                                                     Specified
                       Fiscal Quarter             Quarterly Amt.
  
                      Two months ended 12/31/06    US$22,005,225
                        Fiscal Qrtr ended 03/31/06    21,120,000
                        Fiscal Qrtr ended 06/30/06    21,120,000
                        Fiscal Qrtr ended 09/30/07    30,470,000
                        Fiscal Qrtr ended 12/31/07    30,470,000

By this motion, the Debtors ask the Court:

    (a) for authorization to borrow up to US$300,000,000 of DIP
        Financing following a final hearing;

    (c) for authorization to repay, at the Final Hearing or as
        soon as practicable thereafter, their obligations owing
        under the US$175,000,000 prepetition credit facility;

    (d) for authorization to execute and enter into the DIP
        Credit Agreement and related documents, and to perform
        the other and further acts as may be required in
        connection with the DIP Documents;

    (e) to grant superpriority claims to the DIP Lenders payable
        from, and having recourse to, all prepetition and
        postpetition property of the Debtors' estates and all
        proceeds thereof, in each case subject to the Carve-Out;

    (f) to schedule a final hearing to be held within 45 days of
        the Petition Date to consider entry of a Final DIP Order
        authorizing the balance of the borrowings and letter
        of credit issuances under the DIP Documents on a final
        basis.

A full-text copy of the Senior Secured Super-Priority Debtor-In-
Possession Revolving Credit and Guaranty Agreement is available
free of charge at http://ResearchArchives.com/t/s?1461

A full-text copy of the Senior Secured Super-Priority Debtor-In-
Possession Term Loan and Guaranty Agreement is available free of
charge at http://ResearchArchives.com/t/s?1462

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 -- in China,
Japan and Korea.

                          *     *     *

Fitch Ratings placed one tranche from one public collateralized
debt obligation and one tranche from private CDO on Rating Watch
Negative following Dura Automotive Corp.'s filing for protection
under Chapter 11.

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 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


HANAROTELECOM: Agrees to Take Over Onse's Broadband Subscribers
---------------------------------------------------------------
hanarotelecom Inc. agrees to take over Onse Telecom's broadband
subscribers, South Korea's government Web site, Korea.net,
reports.

Incorporated in July 1996, Onse Telecom provides
telecommunication services ranging from international long
distance, domestic long distance, broadband ISP, online contents
and IDC services.

Onse went under court receivership in March 2003 through
September 2006, Korea.net relates.  The telecom provider will
terminate its broadband services later this year and expects its
users to switch to other carriers.

According to the Web site, hanarotelecom expects about 140,000
of Onse's 250,000 clients to move in the coming weeks.  For
every user who agrees to move, hanarotelecom will pay Onse
KRW250,000.

Subsequently, the Web site adds, Hanaro will spend about KRW30
billion to increase its customer base to 37.4 million while
boosting its market share by 1 percentage point to 26.9 percent.

                    About hanarotelecom

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

                          *     *     *

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

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


HYUNDAI MOTOR: Unit Issues US$960-Mil. Asset-Backed Securities
--------------------------------------------------------------
Hyundai Motor Co.'s financing unit, Hyundai Motor Finance Co.,
has issued US$960 million debt securities in the United States,
Reuters reports, citing a company statement dated Nov. 4, 2006.

According to Reuters, the debt is backed by auto loans in the
U.S. with maturities ranging from three to 31 months.

Hyundai Motor said it will use the proceeds to support its U.S.
sales and car loan operations.

In March 2006, Hyundai issued US$920-million in asset-backed
securities in the U.S. for the same purpose, Reuters points out.

                      About Hyundai Motor

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

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

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

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


HYUNDAI MOTOR: Global Sales for October Down 13.2% Year-on-Year
---------------------------------------------------------------
Hyundai Motor Co.'s October 2006 sales dropped 13.2% over the
prior month to 229,226 units.  Korean sales were down 9.6% to
50,705 units as the company's factories and showrooms shut down
for nearly a week due to consecutive public holidays.

On a cumulative basis, 467,089 Hyundai vehicles were sold in
Korea during the first 10 months of this year, for a gain of
4.4% over the prior year.  Export performance also suffered as
178,521 units were sold overseas in October, a decline of 14.1%
over September 2006.  With a long waiting list of domestic
customers for the new Veracruz and a quick ramp up in the
production of the new luxury utility vehicle, the domestic sales
outlook will be considerably brighter in November and December.  

                 Domestic Sedans, SUVs & Minivans

October sales of passenger cars were down 9.1% to 30,358 units
on a monthly basis while sales of SUVs and minivans slipped 7.8%
to 7,458 units.  

                   Domestic Commercial Vehicles

Sales of trucks and buses showed the greatest rate of decline,
plunging 14.5% to 12,799 units.  On a cumulative basis, Jan-Oct
commercial vehicle sales reached 125,815 units, almost unchanged
from the same period last year.  

                             Exports

Overseas sales, including output at Hyundai's four overseas
manufacturing subsidiaries and exports from Hyundai's three
Korean factories reached 178,521 units in October, equivalent to
a 14.1% decline over September.  The company's four overseas
manufacturing subsidiaries in India, Turkey, China and the
United States continued their brisk sales pace selling 82,081
units in October, almost unchanged from the previous month.
Hyundai Motor India passed a major milestone with the export of
its 300,000th - setting a new record as the fastest Indian
automaker to hit the 300,000 mark in exports. It is a major
achievement for the Indian subsidiary whose products are
exported to 65 countries around the globe. October shipments
from Hyundai's three Korean factories totaled 125,296 units,
down 23.0 percent over the previous month. The cumulative
overseas sales total for the first ten months of the year
reached 1,692,387 units, a gain of 7.1 percent over the same
period in 2005.  

                      About Hyundai Motor

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

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

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

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


HYUNDAI MOTOR: Crafts "Ultra-Strong" Steel Sheet with POSCO
-----------------------------------------------------------
Hyundai Motor Company and steel producer POSCO, after more than
a year of jointly undertaking research and development, came up
with a stronger and lighter steel sheet for automobiles.

Chosun Ilbo describes the steel sheet as "ultra-strong"
considering its 1,180-megapascals strength -- twice the strength
of the existing sheets at 590/Mpa.  The newly discovered steel
sheet is also 33% thinner and can handle heavier weights -- up
to 120 kg per sq. m.

Automakers will be able to produce cars that guzzle less fuel by
utilizing the newly developed automotive sheet, the South Korean
government Web Site cites POSCO officials as saying.

"Also, since the steel is a lot stronger, it will make cars
safer, as well," a POSCO spokesperson states.  

The two companies are planning to mass-produce the steel sheets
for use in Hyundai cars, Chosun Ilbo says.

                      About Hyundai Motor

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

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

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

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


LG TELECOM: Fitch Upgrades Issuer Default Rating to BB+
-------------------------------------------------------
Fitch Ratings upgraded South Korea-based LG Telecom Ltd's
foreign currency Issuer Default rating to 'BB+' from 'BB'.  The
Outlook on the rating is Stable.  The rating upgrade reflects
LGT's strengthened market position and improved financial
profile which has been helped by debt reduction and strong
positive free cash flow generation.

"Following the implementation of mobile number portability by
the three telecom operators in Korea in 2005, LGT has achieved
strong growth in subscribers and strengthened its market
position, despite sustained intense competition in Korea's
highly penetrated mobile market," said Eliza Liu, associate
director in Fitch's Asia Pacific Telecom, Media and Technology
team.  LGT has outperformed the industry average in terms of
subscriber growth, winning 25% of net adds and increasing its
market share to 17.4% as at Q306, compared to 16.6% in FYE04.
Meanwhile, LGT's average monthly Average Revenue Per User also
improved as it signed up more high value subscribers.

Fitch notes that LGT substantially improved its profitability in
FY05 through revenue growth and effective operating cost
management, raising its operating EBITDAR margin to 22.6% in
FY05 compared to 17.1% in FY04.  For the three quarters of 2006,
the company managed to maintain its EBITDA margin at 27.4%
despite a 32% hike in marketing expenses due to the competition
among Korean mobile operators in providing handset subsidies
since March 2006.  The other two mobile operators in Korea are
SK Telecom Co. Ltd and KT Freetel, a subsidiary of KT
Corporation.

Fitch says that robust operating cash flows and reduced
investments in securities helped LGT generate positive FCF and
improve its liquidity in FY05.  It has also reduced its total
adjusted debt, resulting in impressive improvement in its
leverage ratio, with its net adjusted debt to operating EBITDAR
ratio down to 1.7x in FYE05 compared to 3.2x in FYE04.  "We
believe LGT should be able to maintain its leverage at current
levels in view of its healthy operating performance, stable cash
generation and moderate capex plans over the next two years,"
added Ms. Liu.

In Fitch's view, LGT's credit strengths could be undermined by
acute competition owing to limited subscriber growth
opportunities in Korea's saturated mobile market.  Despite its
strengthened market position, LGT is arguably vulnerable to
intense competition from the larger operators given its
relatively higher churn rate, lower ARPU and weaker margins.

Fitch is also concerned about the regulatory risks faced by LGT
as the unfavorable adjustment on its interconnection rates by
the regulator in 2006 could signal a shift to a more level
competitive regime for the industry.  LGT has benefited
substantially from the asymmetric regulatory approach adopted
the Korean telecom regulators in the past.  "Although the
migration to a more symmetric regulatory framework may adversely
affect LGT, the pace and magnitude of change is likely to be
gradual and supportive of the Korean regulator's objective to
maintain a sustainable competitive environment," commented Ms
Liu.  "The potential negative operational and financial impact
is further mitigated by LGT's strong financial profile."

The Stable Outlook for the ratings reflects Fitch's expectation
that LGT is able to sustain its competitive position, operating
performance and financial profile over the medium term in view
of the anticipated stability in the competitive and regulatory
environment.  Fitch points out that consistently positive FCF
generation and further de-leveraging may trigger a positive
review of LGT's rating and Outlook, while sustained weakening in
operating cash flow and liquidity as well as heightening
leverage caused by significant debt-funded capex could exert
downward rating pressure.

Incorporated in July 1996 with commercial operations in October
1997, LGT is the smallest of the three mobile telecom operators
in Korea.  It has been listed on the KOSDAQ since September 1999
and its largest shareholder is LG Corp, which holds a 37.7%
interest.


SK CORPORATION: To Raise US$700 Mil. in Incheon Unit's IPO
---------------------------------------------------------
SK Corporation seeks to raise as much as US$700 million in the
initial public offering of its subsidiary, SK Incheon Oil, ahead
of a London listing, the Wall Street Journal reports.

SK Corp. wanted the London listing because South Korea
regulations disallows a company to list after it has posted an
annual net loss, a person familiar with the deal told WSJ.  The
oil-refinery subsidiary incurred a KRW167-billion net loss in
2005.

According to WSJ's sources, the IPO could take place later this
year.

SK Corp. took over Incheon Oil in early 2006 after a drawn-out
bankruptcy process.

                       About SK Corporation

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

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


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

AKER KVAERNER: Doubles Investment in Malaysia to NOK500 Million
---------------------------------------------------------------
As a consequence of the positive development in the subsea
market, Aker Kvaerner ASA decided to increase the investment in
the new production facility currently under construction in
Malaysia from NOK250 million to NOK500 million.

This investment will improve Aker Kvaerner's possibilities to
serve the markets in both Malaysia and the other parts of the
Asia-Pacific region.

                      About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Malaysia, Brazil,
Chile, China, India, Indonesia, Japan, South Korea, Thailand and
Singapore.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                          *     *     *

Moody's Investors Service upgraded the of Aker Kvaerner Oil &
Gas Group and Aker Kvaerner AS, primarily to reflect the
sustainable strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
two years, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


DCEIL INTERNATIONAL: Revamp Plan Due on April 2007
--------------------------------------------------
Pursuant to Practice Note 17/2005, Dceil International Berhad
disclosed that it is still in the midst of formulating a plan to
regularize its financial condition.  Moreover, the company has
until April 30, 2007, to submit its Regularization Plan to the
Bursa Securities.

                          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

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 7, 2006, Wang & Co, the external auditor of Dceil, raised
doubt on the company's ability to continue as a going concern
after auditing the company's financial statements for the fiscal
year ended June 30, 2006.  The auditor pointed to the bankers'
demands for the company to settle its outstanding loans.


DCEIL INTERNATIONAL: Unit Gets Demand to Pay MYR48,348,043
----------------------------------------------------------
Dceil Sdn Bhd, a wholly owned subsidiary of Dceil International
Berhad, has received a Letter of Demand from Zul Rafique and
Partners, acting on behalf of Kerisma Bhd and Malaysian Trustees
Berhad, seeking the payment of MYR48,348,042.98.

The amount, which was supposedly due on Oct. 19, 2006, is
already inclusive of principal sum, interest and default
interest.

The Letter of Demand states that Dceil Sdn has until Nov. 10,
2006, to pay the amount due.  If Dceil Sdn will fail to pay, Zul
Rafique & Partners will take all the necessary steps to recover
the sum including, but not limited to, wind-up proceedings
against Dceil Sdn without further notice served.

                         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

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 7, 2006, Wang & Co, the external auditor of Dceil, has
raised doubt on the company's ability to continue as a going
concern after auditing the company's financial statements for
the fiscal year ended June 30, 2006.  The auditor pointed to the
bankers' demands for the company to settle its outstanding
loans.


FALCONBRIDGE LTD: Xstrata Completes Acquisition of Company
----------------------------------------------------------
Xstrata acquired on Nov. 1, 2006, all of the remaining
outstanding common shares of Falconbridge Ltd., pursuant to the
statutory compulsory acquisition procedures.  Xstrata now
beneficially owns 100% of the Common Shares.

Each shareholder of Falconbridge whose common shares were deemed
to have been acquired under the compulsory acquisition will
receive the equivalent of Xstrata's offer price of CAD62.50 in
cash for each Common Share once the shareholder delivers the
certificate(s) representing those Common Shares, together with a
transmittal and election form, to CIBC Mellon Trust Company in
accordance with the instructions on the transmittal and election
form.  The aggregate cash consideration for the Common Shares
acquired under this step of the Compulsory Acquisition is
approximately CAD19.6 million (approximately US$17.3 million).

Falconbridge completed the redemption of all of the outstanding
Cumulative Redeemable Preferred Shares, Series F (TSX: FAL.PR.F)
and Series G (TSX: FAL.PR.G), and Cumulative Preferred Shares,
Series 1 for an aggregate cash consideration of approximately
CAD306 million (approximately US$270.4 million).

Following the completion of the Compulsory Acquisition and
Preferred Share Redemption, the Toronto Stock Exchange halted
trading in and delisted the common shares, the Series F shares
and the Series G shares from the TSX as of the close of the
market on Nov. 1, 2006.

Falconbridge shareholders with questions or requests for copies
of the documents, may contact:

         CIBC Mellon Trust Company
         Tel: +1-416-643-5500
               1-800-387-0825

Further information is available at:

               http:www.xstrata.com/falconbridge

                        About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global  
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada.  Xstrata holds a 97% stake in Falconbridge.

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Ltd.
(TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a  
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
ore bodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                          *     *     *

Falconbridge's CAD150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


FEDERAL FURNITURE: Awaits Approval of SC on Revamp Plan
-------------------------------------------------------
Pursuant to Practice Note 17/2005, Federal Furniture Holdings
(Malaysia) Berhad is still awaiting the decision of Bursa
Malaysia Securities Berhad wherein the company will be given a
written approval pertaining to its Regularization Plan that had
been submitted on July 5, 2006.

The Regularization Plan is essentially the same as the Debt
Restructuring Scheme which, was approved by the company's
shareholders at the Extraordinary General Meeting held on
June 30, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 16, 2006, in relation to the company's Proposed Debt
Restructuring Scheme, the High Court of Kuala Lumpur granted
Federal Furniture to reduce:

   -- its capital by cancelling 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.  

The sealed copy of the Order has been extracted and is in the
process of being filed with the Companies Commission of
Malaysia.

Moreover, upon the completion of the capital reduction, the
company'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.


INTERGRAPH CORP: Moody's Junks US$275-Million Second Lien Debt
--------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating,
a Ba3 rating to the US$75 million first lien Revolver and
US$390 million first lien term loan and a Caa1 rating to the
US$275 million second lien debt to first time issuer
Intergraph Corp.  

A consortium of private equity buyers is acquiring Intergraph
for US$1.3 billion.  The acquisition will be financed by the
proceeds of the first and second lien debt, equity from the
private equity groups, cash on hand and proceeds from US$60
million of unrated non-recourse PIK loans.  The outlook is
stable.

The B2 rating reflects:

   -- the company's leading market positions within
      specific verticals of the spatial information
      management software industry,

   -- large recurring revenue base,

   -- strong cash flow generating capabilities, and

   -- potential income from pending patent
      infringement lawsuits.

These factors are offset however by:

   -- the substantial leverage post closing,

   -- large well capitalized competitors in several
      key markets, and

   -- recent restructuring of its Security, Government
      & Infrastructure business unit, a key unit
      representing 65% of revenue for six months ended
      June 30, 2006.  

Moody's estimates that leverage (excluding the PIK loans) at
closing will be 6.3x pro forma for cost cuts completed over the
past year and excluding unusual items, recent restructuring
charges and soon to be eliminated costs associated with being a
public company.

The company anticipates entering into a securitization
transaction for their primary office facilities shortly after
closing.  The proceeds are expected to be US$45 million, which
will be used to reduce the second lien facility.  Although the
details are not final, the increase in rent expense will be
largely offset by a reduction in interest expense and the
transaction is not anticipated to affect the ratings.

The company has built the leading position as a provider of
software systems for the design and operation of complex plants
and ships through its Process, Power, and Marine division.  It
also is a leading provider of government, law enforcement and
military geo-spatial enhanced systems to manage a broad array of
tasks from integrated 911 systems, to public safety solutions
for complex metropolitan transportation systems through its SG&I
division.  

The company has recently completed a restructuring of its
operations and integrated four business units into two.  The
restructuring has dramatically reduced costs within the overall
business and improved EBITDA.  SG&I, the business unit primarily
affected by the restructuring, has experienced a 5% reduction in
revenue over the last year however it has seen a significant
improvement in its orders and backlog implying that the trend
may be temporary.

The stable outlook reflects Moody's view that the company will
achieve moderate revenue, profit and cash flow growth and
reductions in leverage over the short to medium term.  The
ratings could face upward pressure if the company were to
receive an unusually large settlement from pending patent
infringement suits that are in turn used to significantly reduce
leverage.  Alternatively, the company could face downward rating
pressure if the company were to see a drop in new system orders
and a subsequent deterioration in leverage.

Intergraph Corp. -- http://www.intergraph.com/--  is a leading  
provider of spatial information management software and systems
with 2005 revenues of  US$577 million.  The company is
headquartered in Huntsville, Alabama, with operations in Poland,
Colombia and Malaysia.


PSC INDUSTRIES: Court Grants Order Under Sec. 176(1) of CA 1965
---------------------------------------------------------------
Upon the application of PSC Industries Berhad and its
subsidiary, Penang Shipbuilding & Construction Sdn Bhd, the High
Court of Malaya, on October 17, 2006, had granted PSC Industries
and Penang Shipbuilding an Order pursuant to Sections 176(1) and
176(10) of the Companies Act, 1965.

The Order entails:

   -- that PSC Industries may proceed to convene various
      meetings of its members and both PSC Industries and Penang
      Shipbuilding may proceed to convene meetings of certain
      creditors of both companies for the purpose approving
      the proposed schemes of arrangement pursuant to Section
      176(1) of the Companies Act, 1965; and

   -- that all further proceedings in any action, or proceedings
      against PSC Industries and Penang Shipbuilding, including
      but not limited to wind-up, execution and arbitration
      proceedings already commenced against the company and its
      subsidiary, are restrained and stayed from October 17,
      2006, to July 16, 2007.

PSC Industries will announce the proposed schemes of arrangement
in due course, upon the finalization.

                      About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan
pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad's Listing Requirements.  

As of March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.
   

PSC INDUSTRIES: Subsidiary to Dispose Lands for MYR54 Million
-------------------------------------------------------------
PSC Industries Berhad's wholly owned subsidiary, PSC Asset
Holdings Sdn Bhd, had entered into a conditional sale and
purchase agreement with Boustead Holdings Berhad on Nov. 6,
2006, to dispose the property of three pieces of land held
under:

   -- Geran No. 27123 Lot No. 1199;

   -- Geran No. 27124 Lot No. 1197; and

   -- Geran No. 27125 Lot No. 1198, Section 13, all in Town of
      Georgetown, State of Pulau Pinang measuring approximately
      71,817 square feet together with a building known as
      Menara PSCI, for a cash consideration of MYR54 million,
      which will be satisfied through:

     (i) a deposit and part payment of MYR5,400,000, which will
         be paid by Boustead Holdings upon the execution of the
         sale and purchase agreement; and

    (ii) the payment of remaining balance of MYR48,600,000 by
         Boustead Holdings to a stakeholder within 30 days from
         the date of receipt of the approvals required or six
         months from the date of the Sale and Purchase
         Agreement.

In the event Boustead Holdings fails to pay the Balance by the
designated Period, then PSC Asset will grant Boustead an
extension of time not exceeding 30 days to pay the Balance.  
This will be, provided that Boustead will pay an interest for
the Balance calculated at 5% per annum or the amount that
remains unpaid from the commencement of the Extended Period
until the actual payment of the Balance.

The Property's price consideration of MYR54,000,000 was arrived
at a willing buyer willing seller basis after taking into
consideration, among others, the indicative market value of the
Property of, which is MYR55,000,000.

As at September 30, 2006, the Property has a total net lettable
area of 211,428 square feet in which, 71% or 149,643 square feet
has been let out to 48 tenants pursuant to various tenancy
agreements entered between PSC Asset and the tenants.  For the
financial year ended 2005, the Property generated a total gross
income of approximately MYR5.48 million.  As at Dec. 31, 2005,
the audited net book value of the Property was MYR70 million.

The Property is currently charged to OCBC Bank (Malaysia) Berhad
for a principal loan amounted to MYR67 million obtained by the
subsidiaries of PSC Industries namely, PSC Asset and Penang
Shipbuilding & Construction Sdn Bhd.  The Loan has been in
default and OCBC Bank has commenced order for sale proceedings
in respect of the Property.

The completion of the Sale and Purchase Agreement is subject to
the completion of these conditions:

   * the passing of resolutions to approve the purchase of the
     Property by the board of directors of Boustead and if
     required, the shareholders;

   * the passing of resolutions to approve the sale of the
     Property by the respective boards of directors and
     shareholders of PSC Industries;

   * the approval of the Securities Commission or other relevant
     authorities, obtained by PSC Industries;

   * the approval of Foreign Investment Committee of the Prime
     Minister's Department or other relevant authorities for the
     Purchase, obtained by Boustead; and

   * the approval of OCBC Bank, if necessary, obtained by PSC
     Industries.

The rationale of the Proposed Disposal provides an avenue for
PSC Industries to realize the value of the properties and to
reduce its loan obligations in order to regularize the financial
position as part of its plan pursuant to Practice Note 17 of the
Listing Requirements of Bursa Malaysia Securities Berhad.

The proceeds from the Proposed Disposal will be utilized by PSC
Industries Group to partially repay the outstanding Loan.

The Proposed Disposal is expected to result in PSC Industries'
group loss on disposal of approximately MYR4 million for the
financial year ending Dec. 31, 2006.

Moreover, the Proposed Disposal is expected to be completed in
the second quarter of 2007, barring any unforeseen
circumstances.

                         About Boustead

Boustead was incorporated in Malaysia under the Companies Act,
1965 in 1960.  The principal activity of Boustead is investment
holding.  The principal activities of Boustead's subsidiaries
are oil palm plantation, property investment, processing oil
palm, hire purchase and lease financing, engineering and
chemical distributor, car rental, consumer goods distributor,
travel agent, plantation management, management services,
computer service and system design, project management, shipping
agent, shipbroker, marine surveys and consultancy, paint
manufacturer, teak plantation, property developer, hotel
operation, manufacture of chilled water, training services,
bulking of edible oil and marketing of petroleum products.

                      About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The company is currently formulating a regularization plan
pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad's Listing Requirements.  

As of March 31, 2006, the company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


PSC INDUSTRIES: Unveils Summary Judgment Status as of Oct. 2006
---------------------------------------------------------------
Pursuant to Practice Note 1/2001 of the Listing Requirements of
Bursa Malaysia Securities Berhad, PSC Industries Berhad has
posted an update to its Summary Judgment Status:

1) OCBC Bank (Malaysia)

   On April 14, 2006, PSC Industries disclosed that the Deputy
   Registrar of Kuala Lumpur High Court had on April 13, 2006,
   allowed OCBC Bank's application for summary judgment with
   costs against PSC Industries and Penang Shipbuilding &
   Construction Sdn Bhd.  Notice of Appeal has been filed
   against the decision and the court has fixed the hearing for
   January 17, 2007.

2) Bank Islam Malaysia Berhad

   On July 20, 2006, the company announced that the Deputy
   Registrar of Kuala Lumpur High Court had allowed Bank Islam's
   application for summary judgment with cost against the
   company for the sum of MYR14,889,360.59 -- as at Nov. 18,
   2005 -- under term loan & revolving credit facilities
   provided to the company.

Notice of Appeal has been filed against the decision and the
Court has fixed the hearing for Nov. 9, 2006.

3) Bank Islam Malaysia Berhad

   On July 20, 2006, the company announced that the Deputy
   Registrar of Kuala Lumpur High Court had allowed the
   Petitioner's application for summary judgment with cost
   against PSC Industries for the sum of MYR12,735,066.51 -- as
   at Nov. 18, 2005 -- under Al Naqad, Al Bai Bithaman Ajil and
   Murrabahah working capital financing facilities provided to
   the company.

Notice of Appeal has been filed against the decision and the
Court has fixed the hearing for Nov. 9, 2006.

PSC Industries is currently evaluating various issues in
formulating a regularization plan for the Group pursuant to
Practice Note 17/2005.  The company is monitoring its financial
and operating performance closely to improve its financial
solvency.

                      About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan
pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad's Listing Requirements.  

As of March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


SINORA INDUSTRIES: Submits Two EIA Report to OK Logging
-------------------------------------------------------
Sinora Industries Berhad has submitted two out of five
Environmental Impact Assessment Report to the Environmental
Protection Department of Sabah on Oct. 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 4, 2006, the Environmental Protection requested Sinora
Industries to submit Environmental Assessment Report to proceed
with the logging at the Kuamut Forest Reserve in Sabah.  

Upon receiving the approval from the Environmental Protection,
the company may continue with the logging activities.

The Proposed Logging is part of the company's Regularization
Plan as required under PN17 of the Bursa Securities Listing
Requirements.

Moreover, there is no other development in respect of the
Regularization Plan.

                    About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.

Bursa Malaysia Securities Berhad, on July 8, 2005, classified
Sinora Industries Berhad as an affected listed issuer pursuant
to Practice Note No. 17/2005 in view that the Company has
effectively ceased all its business and operations.

The company has been suffering recurring losses since fiscal
2000.  As of June 30, 2006, the company registered accumulated
losses of MYR68,444,000.


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

ABELE NEW ZEALAND: Liquidation Hearing Set on Nov. 23
-----------------------------------------------------
On September 12, 2006, the Commissioner of Inland Revenue filed
a liquidation petition against Abele New Zealand Tours 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


AIR NEW ZEALAND: Cuts Costs Through New Baggage System
------------------------------------------------------
A new electronic baggage check-in system, which would collect
NZ$5 million domestically a year, is aimed at cutting costs, the
New Zealand Press Association cites Air New Zealand Limited as
saying.

Air New Zealand, however, notes that the system does not
represent a change to policy.  "This is categorically not a
revenue-gathering exercise," ShareChat News cites Air New
Zealand executive Norm Thompson, as saying.

Mr. Thompson explains that the system automatically calculates
the weight of baggage being checked through and any applicable
charges, noting that it is being tested in Auckland.

"This new X-bag system is designed to ensure that we more
closely control baggage weight, and fuel use.  Every extra kilo
carried on an aircraft means extra fuel burned," Mr. Thompson
says.

According to ShareChat, domestic travelers are charged NZ$5 per
kilogram of baggage over 20kg, and can carry on a further 7kg
free.  International travelers are charged higher.

NZPA relates that Air NZ currently carries about a million
kilograms of excess baggage domestically each year, costing
NZ$2,200 per kg in fuel.

Fuel makes up 35% of the airline's total costs, NZPA notes.

The system is due to be rolled out to Wellington and
Christchurch within the next month, NZPA reveals.

NZPA recounts that Air New Zealand is trying to cut costs and
improve efficiency across the business, including a planned
transfer of nearly 1,700 jobs to a specialist ground handling
company which would do the work for NZ$20 million a year less.

                      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.


BURNS PHILP: Rank Group Declares Offer Unconditional
----------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
November 1, 2006, Rank Group Limited revealed that the only
remaining condition in its offer period for shareholders of
Burns Philp & Company Limited is the 90% acceptance condition.  

According to the TCR-AP, if this condition is met or waived,
shareholders will be paid by the earlier of five business days
of the offer becoming unconditional and November 16, 2006.  
Those shareholders who have not accepted before November 9,
2006, will enter the compulsory acquisition process.  Under this
process, it will take between five weeks and two months for
payment to be made.

In an update, Rank Group informs the New Zealand Stock Exchange
that all Acceptance Instructions have now been validly processed
or implemented.  

In its NZX statement dated November 7, 2006, Rank Group
discloses that it has relevant interests in more than 90% of the
Burns Philp shares.  Thus, the only remaining condition of the
Offer has now been fulfilled.  Accordingly, Rank Group declares
that the Offer is unconditional.

The Offer will close at 7:00 p.m. (Sydney time) on November 9,
2006.

Rank Group says it will proceed to compulsory acquisition as
soon as possible.

The TCR-AP had also reported that the Foreign Investment Review
Board in Australia and the Overseas Investment Office in New
Zealand have approved the proposed offer of Burns Philp &
Company Limited's major shareholder, Rank Group, for all of
Burns Philp's shares it does not already hold.

Questions regarding the takeover offer should be directed to the
Rank Offer Information Line:

   * 1300-657-039 -- for callers within Australia,

   * 0800-555-039 -- for callers within New Zealand, or

   * +613-9415-4353 -- for callers from outside Australia and
                       New Zealand

                        About Burns Philp

Burns Philp & Company Limited -- http://www.burnsphilp.com/--  
is an Australian based company involved in the production and
distribution of food ingredients and consumer branded food,
beverage and related products.  The Group operates
internationally with products including snack foods, breakfast
cereals and meal components.

Burns Philp has a 20% interest in Goodman Fielder Limited.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 24, 2006, that Standard & Poor's Ratings Services placed
its 'BB-' long-term corporate credit rating on Burns Philp on
CreditWatch with negative implications after the company
announced that its major shareholder, Rank Group Ltd., proposed
to make an offer for all Burns Philp shares that it does not
already hold.  Rank Group currently owns 57.6% of Burns Philp.


DAN TURNER: Court Appoints Joint Liquidators
--------------------------------------------
On October 9, 2006, the High Court of Wellington appointed David
Vance and Barry Jordan as joint and several liquidators of Dan
Turner Construction Ltd.

Accordingly, the liquidators require creditors to file proofs of
claim by November 13, 2006.  Failure to present proofs will
exclude a creditor from sharing in any distribution the Company
will make.

As reported by the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a liquidation petition
against the Company and was heard before the High Court of
Wellington on November 9, 2006.

The Joint Liquidators can be reached at:

         David Vance
         Barry Jordan
         PPB McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay
         (P.O. Box 3156), Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


DENNY'S HOLDINGS: 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 B2 Corporate Family Rating for Denny's Holdings 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:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75M 1st Lien
   Revolver
   due 9/2008             B2      Ba2      LGD2       18%

   US$225M 1st Lien
   Term Loan
   due 9/2009             B2      Ba2      LGD2       18%

   US$120M 2nd Lien
   Term Loan
   due 9/2010             B3      B2       LGD4       53%

   US$175M Unsecured
   Notes due 10/2012     Caa1    Caa1      LGD5       89%

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 Spartanburg, South Carolina, Denny's Holdings
Inc. -- http://www.dennys.com/-- a wholly owned subsidiary of  
Denny's Corporation, operates family-style restaurant chain
under the Denny's restaurant brand.  The company has operations
in the United States, Canada, Costa Rica, Guam, Mexico, New
Zealand and Puerto Rico.


EL CORAZON: Court Hears CIR's Liquidation Petition
--------------------------------------------------
A petition to liquidate El Corazon Ltd was heard before the High
Court of Wellington on November 6, 2006.

The Commissioner of Inland Revenue filed the petition with the
Court on September 20, 2006.

The Solicitor for the Petitioner can be reached at:

         Philip Hugh Brian Latimer
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 1028
         Facsimile:(04) 890 0009


EVERGREEN CELL: Faces Liquidation Proceedings
---------------------------------------------
A hearing of the liquidation petition filed against Evergreen
Cell Transplants Ltd will be held before the High Court of
Auckland on November 16, 2006, at 10:45 a.m.

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

The Solicitor for the Petitioner can be reached at:

         Phillip Macredie
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1064
         Facsimile:(09) 984 3116


KIDS N FAMILIES: Liquidation Petition Hearing Set on Nov. 23
------------------------------------------------------------
A liquidation petition filed against Kids N Families Preschool R
Us Ltd will be heard before the High Court of Nelson on
November 23, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition 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


MARCROFT LTD: Court to Hear Liquidation Petition on Nov. 16
-----------------------------------------------------------
A petition to liquidate Marcroft Ltd will be heard before the
High Court of Auckland on November 16, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 10, 2006.

The Solicitor for the Petitioner can be reached at:

         Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


SOMMNET.COM LTD: Creditors' Proofs of Claim Due on Jan. 16
----------------------------------------------------------
On October 16, 2006, Richard Dale Agnew and Vivian Judith
Fatupaito were appointed as joint and several liquidators of
Sommnet.com Ltd.

Accordingly, the liquidators fixed January 16, 2007, as the last
day for the Company's creditors to prove their debts.

The Troubled Company Reporter - Asia Pacific reported that the
Commissioner of Inland Revenue filed a liquidation petition
against the Company and was heard before the Court on October
16, 2006.

The Joint Liquidators can be reached at:

         Richard Dale Agnew
         Vivian Judith Fatupaito
         PricewaterhouseCoopers
         Level Eight, PricewaterhouseCoopers Tower
         188 Quay Street
         (Private Bag 92-162), Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


T F LTD: Liquidation Petition Hearing Fixed on November 30
----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against T F Ltd on November 30, 2006, at 10:45 a.m.

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

The Solicitor for the Petitioner can be reached at:

         Phillip Macredie
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1064
         Facsimile:(09) 984 3116


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

ACTIS GLOBAL: Posts US$1 Million Net Loss in Second Quarter 2006
--------------------------------------------------------------
Actis Global Ventures, Inc., reported a US$1,046,142 net loss on
US$3,045,700 of revenues for the second quarter ended June 30,
2006, compared with a US$48,081 net loss on US$1,796,627 of
revenues for the same period in 2005.

The increase in net sales of US$1,249,073 or 70% over 2005 is
primarily due to a net increase in revenue from Direct Sales
from the BIOPRO Technology division of US$2,725,219, or 69% over
2005, while the increase in net loss from 2005 is due primarily
to the increase in non-cash expense recorded in the 2006 period.

At June 30, 2006, the company's balance sheet showed
US$2,045,800 in total assets, US$5,346,638 in total liabilities
and US$44,843 in minority interest in subsidiaries, resulting in
a US$3,345,681 stockholders' deficit.

The company's balance sheet at June 30, 2006, also showed
strained liquidity with US$1,289,849 in total current assets
available to pay US$5,346,638 in total current liabilities.

Full-text copies of the company's second quarter financial
statements are available for free at:

                http://researcharchives.com/t/s?1458

                           Going Concern

Peterson & Co., LLP, expressed substantial doubt about Actis
Global Ventures, Inc.'s ability to continue as a going concern
after auditing the company's financial statements for the years
ended Dec. 31, 2005 and 2004.  The auditing firm pointed to the
company's recurring losses from operations and working capital
deficiency at Dec. 31, 2005 and 2004.

                         About Actis Global

Actis Global Ventures, Inc.,  --
http://www.actisglobalventures.com/-- is an early stage company  
that markets, sells and distributes a variety of products
designed to provide consumers with a new generation of wellness
solutions.  The company sells their products primarily though
Direct Sales through two divisions, BIOPRO and FemOne, and the
company also sells their Channoine cosmetic products through the
Direct Response Television Shopping Network.

ACTIS' direct sales divisions are BIOPRO Technology -
http://www.bioprotechnology.com-- distributing a new generation  
of Bioenergetics wellness products in the United States, Canada,
Australia, New Zealand, the Philippines and South Africa, and
FemOne, marketing Nutritional products in the United States and
Canada.


BANCO DE ORO: Board Approves Equitable PCI Bank Merger Plan
-----------------------------------------------------------
On November 6, 2006, the Boards of Banco de Oro Universal Bank
and Equitable PCI Bank, Inc., passed resolutions approving a
plan to merge the two companies.  Both Boards have endorsed to
their shareholders the approved Plan of Merger for final
ratification.  Completion of the transaction is subject to
regulatory approval and is anticipated to close by the first
quarter of 2007.

The combination will be structured as a merger and executed by
means of a share-for-share exchange.  Under the proposed terms,
Banco de Oro will serve as the surviving entity, and Equitable
PCI shareholders will receive 1.80 Banco de Oro common shares
for every Equitable PCI share.  The name of the combined
institution will be Banco de Oro - EPCI, Inc.  The transaction
will be the largest merger in Philippine banking history.

The merged institution will be among the top three banks in the
Philippines with combined total assets of PHP613 billion
(US$12.3 billion) based on closing prices as of November 6,
2006.  The merged entity will have market leading positions in
its core business lines including corporate and middle-market
banking, consumer banking, credit cards, asset management,
remittance, leasing, and finance.  The distribution network will
be the third largest footprint in the industry with 698 branches
and 1,171 ATMs nationwide.

The combination of the branch networks and other businesses of
Banco de Oro and Equitable PCI will enable the combined bank to
serve its customers better and more efficiently than either
institution alone.  Aside from the added convenience that will
come from the expansion of the branch and ATM network, the
increased scale will better enable the new institution to invest
in the most up-to-date technology and develop more innovative
products which will benefit both retail and corporate customers.  
In addition, the combined bank will be better able to upgrade
its risk management and IT systems to address Basel II
requirements.

The combined company is expected to realize substantial revenue
and cost synergies from the merger.  There will be greater
opportunities to expand fee-based income and cross-selling
potential through the combined bank's expanded product offering
and customer base and through the SM Group network.  The
combined entity also expects to increase its low cost deposit
gathering capabilities through its larger distribution network.  
In addition, the merger will result in significant cost
efficiency improvements through the integration of information
technology platforms, sharing of marketing, and product
development costs, optimization of support functions, and other
overhead costs.

Teresity Sy-Coson, Vice Chairperson of the Board and Chairperson
of the Executive Committee of Equitable PCI, says "the merger of
[Banco de Oro and Equitable PCI] will bring together the banks'
organizational strengths, which we believe will provide greater
customer service and enhanced shareholder value."

Governor Amando Tetangco of Bangko Sentral ng Pilipinas
describes the proposed merger as an important step in the
ongoing development of the Philippine banking sector.

Deputy Governor Nestor Espenilla of BSP adds that "the [merger]
raises the bar of competition for the Philippine banking
industry.  It is good for financial stability and good for
customer service."

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

                       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.


DEVELOPMENT BANK: Posts PHP3.08 Bln 3Q2006 Net Income, Up 22.71%
----------------------------------------------------------------
The Development Bank of the Philippines has posted a net income
growth of 22.71% at PHP3.08 billion as of September 31, 2006, as
compared to PHP2.51 billion for the same period last year.

DBP president & chief executive officer Reynaldo G. David
reports that the Bank finished the third quarter with gross
income of PHP13.58 billion, up 13.74% from PHP11.94 billion for
the corresponding period in 2005.  Total assets were also on the
up-trend at PHP230.81 billion, representing a 22.93% improvement
from previous year's PHP187.75 billion.

Net worth reached PHP32.89 billion, posting an increase of
50.25% from PHP21.89 billion in September last year.  The Bank's
non-performing loan ratio stood at 5.07%.

"We are proud to have kept our financials strong despite
difficult economic conditions.  DBP's performance for the first
nine months of 2006 shows a consistently substantial improvement
in profitability, and an indication that the Bank is more
strategically poised to undertake more aggressive development
activities in support of its priority thrusts," Mr. David notes.

                       Development Focus

Mr. David also reports that DBP's loan portfolio continued to be
skewed towards developmental loans.  Out of its total loan
portfolio of PHP93.04 billion as of the third quarter,
developmental loans comprised PHP52.04 billion -- a 9.64%-
increase from PHP49.29 billion previously.  The remaining share
amounting PHP39 billion went to commercial loans.

Mr. David adds that DBP remains consistent with its overall
business strategy hinged on financing these strategic areas:

   (a) Infrastructure and Logistics;
   (b) Social Services;
   (c) Environment;
   (d) Micro, Small and Medium Enterprises; and
   (e) Commercial Lending

Under its logistics development thrusts, the Bank channeled
funds to support projects that enhance trade and investments
through the Sustainable Logistics Development Program.  Launched
in consonance with the government's Strong Republic Nautical
Highways project, this flagship program supports efforts to
bring down the cost of goods through the introduction of a
modern storage, handling and transport system under proper
quality control management.

As of November 2, 2006, a total of PHP5.02 billion has been
budgeted for 204 projects under its three components:

   1. the Road RoRo Terminal System,
   2. Cold Chain, and
   3. Grains Highway

Under the RRTS component, loans amounting PHP1.956 billion has
been approved for 13 projects for the modernization/upgrading of
vessels, port development projects, and maritime education.

For the cold chain, the Bank has budgeted PHP1.517 billion for
39 projects involving processing and marketing centers,
aggregating centers, reefer transport equipment/vehicles, ice
plants, and other cold storage facilities.

Approved loans under the grains highway component, meanwhile,
amounted to PHP1.549 billion for 152 projects involving
processing centers with mechanical shelling, drying and storing
in bulk; bulk trucking, terminal facilities, and bulk carriers.

                        Support to MSMEs

As of November 2, 2006, DBP's total loan portfolio for micro,
small and medium enterprises is placed at PHP11.962 billion.  Of
the amount, PHP8.278 billion assisted MSME projects in support
of development thrusts in infrasturucte and logistics
development, environment and social services.

The Bank has also established a working partnership with 26
accredited micro-finance institutions for the extension of
agricultural and livestock, acquaculture, trade, services and
manufacturing loans.  Total loan portfolio under this thrust is
placed at PHP570 million channeled to some 27,256 micro-
investments.

                  Protecting the Environment

Under DBP's environmental protection thrusts, support is
channeled to key investment projects amounting to PHP4.24
billion.  These include water treatment, new and renewable
energy, alternative fuel, rural power projects, solid and
hazardous waste management, pollution control, occupational
safety, and establishment of environmental management system and
certification under ISO14000.

Mr. David further reports that a total amount of PHP3.56 billion
has already been extended to support water projects of local
government units, water districts and private operators in
Isabela, Bukidnon, Laguna, Sorsogon, Kalinga, Capiz, Nueva
Ecija, Bulacan, Romblon, Cebu, Iloilo, Leyte, and Agusan del
Sur.

The Bank has also approved loans amounting to PHP867.27 million
for six rural power projects involving mini-hydro power,
rehabilitation of distribution facilities, biomass project,
upgrading of substation, and purchase of sub-transmission
assets.

To support and encourage the reforestation of open and denuded
areas, Mr. David says 23 forest development projects have
already been launched under the DBP Forest Program.  These
forest sites cover a total area of more than 5,000 hectares
planted to a variety of high value fruit and forest trees.

               Social services and Other Thrusts

Under its social services thrust, DBP supports investments in
health care, education, housing, community development, and eco-
tourism projects in partnership with local governments and the
private sector.

The Bank has also started efforts towards and intensified
remittance program with the establishment of the DBP Remittance
Center Hong Kong Ltd.  Remittance centers are also set to be
established in Milan and California to serve the remittance
requirements of the ever-growing OFW population in these areas.

                            About DBP

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

                          *     *     *

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

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

Moody's Investors Service has revised the outlook of Development
Bank's foreign currency long-term deposit rating of B1 and local
currency long-term deposit rating of Ba2 from negative to
stable.


DEVELOPMENT BANK: Grants PHP500 Mln to Microfinance Institution
----------------------------------------------------------------
The Development Bank of the Philippines recently extended a
PHP500 million clean revolving credit line to the People's
Credit and Finance Corporation, the main government agency
involved in the delivery of microfinance services exclusively
for micro-entrepreneurial poor.


President & CEO Reynaldo G. David explains that the loan will be
used to finance the various initiatives of micro-entrepreneurs,
with:

   -- PHP180 million going to livelihood,
   -- PHP270 million to housing, and
   -- PHP50 million to micro-energy projects.

Some 100,000 poor families nationwide are expected to benefit
from this facility.

Mr. David adds that the loan is part of DBP's efforts to support
the national government's thrust of promoting the development of
micro-enterprises and consequently alleviate poverty in the
country.  The Bank previously granted a PHP200 million term loan
in 2004 and a PHP300 million clean revolving credit line last
year to PCFC.

PCFC provides wholesale funds to retail microfinance
institutions for on-lending to poor clients through its more
than 200 conduits.  As of June this year, PCFC has reached out
to 2,894,481 clients in 80 provinces, 117 cities and 1,319
municipalities with total loan releases of PHP8.5 billion.

                            About DBP

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

                          *     *     *

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

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

Moody's Investors Service has revised the outlook of Development
Bank's foreign currency long-term deposit rating of B1 and local
currency long-term deposit rating of Ba2 from negative to
stable.


GLOBE TELECOM: Posts PHP3.6 Bln Net Income in 3rd Quarter 2006
--------------------------------------------------------------
Globe Telecom posted a strong net income growth of 59% in the
third quarter from last year, closing with a net income of
PHP3.6 billion.  Excluding foreign exchange and mark-to-market
gains and losses, core net income increased by 35% from third
quarter last year.

Globe's year-to-date consolidated net service revenue of PHP42.5
billion marked a 6% year-on-year growth.  EBITDA and EBIT came
in at PHP28.2 billion and PHP16.1 billion, respectively, and
EBITDA margin stood at 66%.  Year-to-date net income stood at
PHP9.3 billion, up 45%, despite doubling of income taxes; core
net income grew to PHP8.8 billion, an increase of 48%.

"In light of the extremely challenging market and competitive
environment, we are pleased that we were able to achieve a
steady growth over the last three quarters." Gerardo C. Ablaza,
Jr., President and CEO of Globe said.  "As we move into the last
quarter of the year, we will continue to pursue the level of
effectiveness and the degree of focus required to execute key
initiatives which will be fundamental to our future growth." Mr.
Ablaza added.

The Company attributes its strong performance to the compelling
value propositions of its various products.  Globe's distinct
services, such as per-second charging for both local and
international calls, remain unrivaled.  Its Super Sulit tariff
initiatives provide subscribers a suite of attractive pricing
targeted at their specific needs, and various TM efforts
continue to provide the most affordable services to the mass
Filipino market.

The Company also continues to further drive 3G and broadband
growth.  In the third quarter, the Company launched Globe
Visibility to consumers.  Visibility provides unlimited mobile
internet access through various access points-3G/HSDPA, Edge,
GPRS, WiFi and dial-up--for only PHP2,000 a month.  In addition,
Globelines waived the voice monthly service fee for one year for
new Globelines Broadband service subscribers who are charged
P995 a month for a 512 kbps connection.

To further enhance subscriber value, Globe launched its Bida
Card, an electronic card that provides its subscribers discounts
and promotional items at over 200 establishments nationwide.

Globe also continued to improve coverage and network quality of
its 2G network, further expanding its geographic and population
reach with its 5,684 cell sites as of end September 2006.  
Globe's 3G network rollout targets 1,000 sites by end of this
year.

These various initiatives have enhanced the Company's subscriber
acquisition and retention efforts, boosting its SIM base by
another 4%, with net additions of 574,000, to end the quarter
with a total SIM base of 14.5 million.  TM continues to make
significant inroads to the broad mass market, having reached 4.3
million subscribers at quarter end.  It now comprises 1/3 of
Globe's prepaid SIM base.

On the wireline front, year-to-date net service revenues
remained steady at PHP4.8 billion, similar to last year's level.
Traditional voice revenues were lower due principally to the
impact of a stronger peso on its dollar-linked revenues.
Broadband segment continued to grow, registering 43,651
subscribers at quarter end up by 139% from last year, while
wireline data revenues posted 6% growth year-on-year.  Innove is
looking to broadband and corporate data to further boost growth
in its wireline business.

                        Dividend Payment

The Company paid out cash dividends of PHP30 per common share in
September 2006, up from PHP20, following the change in its
policy to increase dividend payout to 75%.

             One of Asia's Most Admired Companies

In the recent Asia's 200 most admired companies survey conducted
by The Wall Street Journal Asia, Globe earned the top award for
"High Quality Products and Services" among Philippine companies.
Likewise, it placed second in the "Innovation" category and came
third in the overall ranking.

                       About Globe Telecom

Globe Telecom, Inc. -- http://www.globe.com.ph/-- is one of the  
country's major telecommunications companies.  It was
incorporated on January 15, 1935 as a traditional provider of
telex/telegram and VSAT services.  Thereon, it diversified its
business into a cellular, landline and international gateway
facility services provider for long distance telephone calls.

The Company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features like text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

                          *     *     *

Standard and Poors gave Globe Telecom's Long Term Foreign Issuer
Credit and Long Term Local Issuer Credit both a BB+ rating,
effective November 3, 2005 and June 23, 2004, respectively.

On September 1, 2006, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's affirmed its ratings on
Globe Telecom Inc. at 'BB+', with a stable outlook.

On November 3, 2006, Moody's Investors Service affirmed Globe
Telecom'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.


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

CHEMTURA CORP: Names Mahoney as Sr. VP & Corporate Controller
-------------------------------------------------------------
Chemtura Corp. named Kevin V. Mahoney as its senior vice
president and corporate controller.

Mr. Mahony took the place of Michael Vagnini, who has decided to
leave Chemtura to pursue other interests.

Karen R. Osar, Chemtura's executive vice president and chief
financial officer, said, "I want to thank Mike (Mr. Vagnini) for
his dedication and many contributions to the company, and to
wish him much success in his future endeavors.  I also want to
welcome Kevin as a key member of our finance organization and
its leadership team.  His 30 years of public and corporate
accounting experience will serve Chemtura well."

Mr. Mahoney brings thorough knowledge of US and international
financial regulations, Generally Accepted Accounting Principles
requirements and Sarbanes-Oxley compliance.  He is versed in
driving efficiency through the application of the latest
technologies and is experienced at developing strategic
perspectives on global business policies and strategies,
acquisitions, and structures for divestitures and joint
ventures.

Mr. Mahoney was the senior vice president of corporate reporting
at American Express Co., where he worked for 18 years.  He was
responsible for global financial reporting.  

Mr. Mahoney joined American Express in 1988 as vice president of
financial reporting and analysis for Travel Related Services,
became senior vice president of global business management and
analysis for TRS in 1995, and was named controller, Western
Hemisphere, in 2000.

                         About Chemtura

Before joining American Express, Mr. Mahoney was the senior
manager of accounting policies and financial reporting for the
Colgate-Palmolive company.  Before that, he was a senior manager
with KPMG LLP.

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 the Asia Pacific, Chemtura has facilities in
Thailand, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, and Singapore.

                          *     *     *

Standard & Poor's Ratings Services revised its outlook on
Middlebury, Connecticut-based Chemtura Corp. to stable from
positive and affirmed the existing 'BB+' corporate credit and
senior unsecured debt ratings.

Moody's Investors Service assigned a Ba1 rating to Chemtura
Corp.'s US$400 million of senior notes due 2016 and affirmed the
Ba1 ratings for its other debt and the corporate family rating.


FREESCALE: Firestone Commences Offer of US$4.35B Senior Notes
-------------------------------------------------------------
Freescale Semiconductor, Inc., disclosed that Firestone
Acquisition Corp. intends to offer an aggregate of
US$4.35 billion principal amount of senior notes, comprised of
floating rate notes, fixed rate notes and PIK-election notes,
and US$1.6 billion of senior subordinated notes.  The
consummation of the notes offerings is subject to market and
other conditions including, without limitation, the closing of
the merger.

Firestone was formed in connection with Freescale's agreement to
merge with an entity controlled by affiliates of a private
equity consortium led by The Blackstone Group and including The
Carlyle Group, Permira and Texas Pacific Group.  Firestone will
issue the notes.  Freescale will assume all of the obligations
under the notes upon consummation of the merger.  The net
proceeds from the offering of the notes, together with other
financing sources, will be used to consummate the merger and
related transactions.

The notes will not be registered under the Securities Act of
1933, as amended, and, unless so registered, may not be offered
or sold in the United States absent registration or an
applicable exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and other
applicable securities laws.

                        About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore and
Taiwan.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.

Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for
US$17.6 billion, the largest ever technology leveraged buy-out.


FREESCALE SEMICONDUCTOR: Moody's Assigns Ba3 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned Freescale Semiconductor,
Inc. a corporate family rating of Ba3 and a speculative grade
liquidity rating of SGL-1.

A shareholder meeting has been scheduled for Nov. 13, 2006, to
vote on the company's proposed acquisition, which is expected to
close by the end of November 2006.  Subsequent to transaction
closing, Moody's will withdraw the Ba1 ratings on the former
Freescale's corporate family and senior unsecured notes, and
conclude the review for possible downgrade given the likelihood
that following the planned buyout, the former Freescale will
have substantially tendered all of the US$850 million existing
senior notes.  Any remaining stub notes would likely be lowered
to B1.  

At the same time, Moody's has also assigned a provisional
(P)Baa3 rating to the prospective US$4.25 billion of secured
bank credit facilities; a provisional (P)B1 rating to the
prospective US$4.35 billion of senior unsecured notes; and a
provisional (P)B2 rating to the prospective US$1.6 billion of
senior subordinated notes.  The ratings reflect both the overall
probability of default of the company under Moody's LGD
framework, to which Moody's assigns a PDR of Ba3, and a loss-
given-default of LGD-2 for the prospective secured bank credit
facilities, LGD-4 for the prospective senior unsecured notes and
LGD-6 for the prospective senior subordinated notes.  The
ratings outlook is stable.

The new debt is being issued to finance Freescale's US$19.05
billion leveraged buyout (US$17.6 billion excluding fees,
expenses and debt repayment) by a consortium of private equity
investors.  Net proceeds from the debt issuance together with
US$7.1 billion of new equity from Blackstone, Carlyle, Permira
and TPG, plus US$2.5 billion of cash will be used to fund the
acquisition, which has received board approval.  The assigned
ratings assume receipt of shareholder approval, that there will
be no material variations from the draft legal documentation
reviewed by Moody's and that the agreements are legally valid,
binding and enforceable.  Upon receipt and review of final
documentation, the provisional ratings will be affirmed.

The Ba3 corporate family rating reflects Moody's belief that
Freescale's diversified revenue base, non-exposure to
commoditized semiconductor product segments, and strategic use
of internal and external foundries which enable the company to
respond quickly to demand shifts and sustain high asset
utilization levels, collectively contribute to relatively lower
earnings volatility.  Although its business areas are subject to
strong competition and credit metrics may point to a lower CFR,
the rating is bolstered by:

     (i) the company's leading market and incumbency positions
         through a wide range of end markets, products and
         customers;

    (ii) Moody's expectations that Freescale will maintain good
         defensibility of its business positions by virtue of
         the depth and breadth of its technology;

   (iii) its design and manufacturing capabilities;

    (iv) operating efficiency improvements and strong management
         execution since its July 2004 separation from Motorola;

     (v) high stable-to-improving gross margins, solid operating
         earnings and track record of free cash flow generation,
         which facilitates debt reduction over the near-to-
         medium term; and

    (vi) positive efforts toward expanding and diversifying the
         wireless segment's product offering and customer base.

The rating also reflects Freescale's relatively high pro forma
leverage approximating 5.1x (on a modified basis), reduced
financial flexibility and modest interest coverage ratio
following the recapitalization.  The rating, which captures
Freescale's limited track record as a standalone company, is
constrained by the lack of historical performance during an
industry downturn, which Moody's believes is helpful in
assessing the magnitude of profitability and free cash flow
shortfalls in down cycles.

This concern is further magnified by the company's elevated
leverage following the LBO.  The Ba3 rating also factors:

     (i) the concentration of sales to Motorola, primarily in
         the wireless product segment (representing 70% of the
         wireless segment's revenues and roughly 25% of total
         company revenues);

    (ii) historically modest top-line revenue growth;

   (iii) customer concentration; and

    (iv) rising capital expenditures.

Upward rating pressure is also constrained by the high operating
and technology risk associated with leading edge semiconductor
design and manufacturing as well as the cyclicality and
volatility inherent to the semiconductor sector.

The stable outlook reflects Moody's expectation of improving
revenue growth in conjunction with higher margins via cost
improvement measures.  The current ratings and outlook
incorporate modest acquisition spending and limited equity
investments and dividend payments.  Moody's expects the company
to maintain solid levels of free cash flow after internally
funding capital expenditures and working capital requirements,
which is expected to be applied towards debt reduction.

The (P)Baa3 rating assigned to the senior secured bank credit
facilities, reflecting a LGD-2 loss-given-default assessment, is
three notches higher than the CFR to reflect the senior position
of the secured debt in the company's debt structure and the
protection provided by the collateral package.  The revolver and
term loan facilities, which benefit from the same collateral
package, will be secured by a first priority lien on
substantially all tangible and intangible assets, 100% stock of
each wholly-owned domestic subsidiary and 65% stock of each
material foreign subsidiary.  The bank credit facilities benefit
from secured guarantees from the borrower's wholly-owned
domestic subsidiaries and parent company.

The (P)B1 rating (LGD-4) on the senior unsecured notes is
notched four levels below the secured debt rating to reflect the
contractual subordination of this debt to the claim of the
secured debt.  The (P)B2 rating (LGD-6) on the senior
subordinated notes reflects the extremely low level of tangible
asset protection available and the possibility that this junior
class of creditors would not likely recover all principal in the
event of distress.  The senior and senior subordinated notes are
guaranteed on an unsecured basis; however the guarantee on the
senior subordinated notes is junior to the guarantee on the
senior unsecured notes.

These ratings and assessments were assigned:

   -- Corporate Family Rating (New): Ba3;

   -- Probability of Default Rating: Ba3

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012: (P)Baa3 (LGD-2, 16%);

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013: (P)Baa3 (LGD-2, 16%);

   -- US$2.85 Billion Senior Unsecured Notes due 2014: (P)B1
      (LGD-4, 63%);

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014:
      (P)B1 (LGD-4, 63%);

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016: (P)B2 (LGD-6, 91%); and

   -- Speculative Grade Liquidity Rating: SGL-1.

These ratings will be withdrawn upon closing of the acquisition:

   -- Corporate Family Rating (Old): Ba1; and

   -- US$850 Million Senior Unsecured Guaranteed Notes due
      2011 and 2014: Ba1.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Taiwan, Korea, Malaysia, and
Singapore.


HEXION SPECIALTY: Amends Senior Secured Credit Facility
-------------------------------------------------------
Hexion Specialty Chemicals, Inc., has amended its senior secured
credit facility pursuant to an amendment and restatement of the
credit agreement governing this credit facility.  

The amended and restated credit agreement provides that the
company's current seven-year US$1,625 million term loan facility
will remain outstanding and also provides for US$375 million
additional seven-year term loans, with the term of such facility
beginning in May 2006.  The amended and restated credit
agreement also provides that the company's current seven-year
US$50 million synthetic letter of credit facility will remain
outstanding, with the term of such facility beginning in May
2006.  The company continues to have access to the US$225
million revolving credit facility.

The company has also through its wholly owned finance
subsidiaries, Hexion U.S. Finance Corp. and Hexion Nova Scotia
Finance, ULC, sold US$200 million of Second-Priority Senior
Secured Floating Rate Notes due 2014 and US$625 million of
9-3/4% Second-Priority Senior Secured Notes due 2014.

Hexion Specialty has exercised its right to accept for early
payment all its outstanding:

   -- Second-Priority Senior Secured Floating Rate Notes due
      2010 (CUSIP No. 07329WAA6),

   -- Second-Priority Senior Secured Floating Rate Notes due
      2010 (CUSIP No. 428303AA9) and

   -- 9% Second-Priority Senior Secured Notes due 2014

tendered by 9:00 a.m. New York City time, on Nov. 3, 2006.

Pursuant to the terms of the Offer to Purchase and Consent
Solicitation Statement dated Oct. 12, 2006, and the related
Consent and Letter of Transmittal, the company has accepted for
purchase and paid for the entire principal amount of the
outstanding US$150 million principal amount of its 2005 Floating
Rate Notes, the entire principal amount of the outstanding
US$150 million principal amount of its 2004 Floating Rate Notes
and the entire principal amount of the outstanding US$325
million principal amount of its 9% Notes.

In connection with the tender offers for the Notes, Hexion
received the required consents with respect to the Notes to
eliminate substantially all of the restrictive covenants and
certain events of default included in the Indentures under which
such Notes were issued.  As a result, the consent condition has
been satisfied with respect to the Notes.  In addition, Hexion
also announced that all conditions, including obtaining the
financing to pay for the Notes and consents in accordance with
the terms of the Offer Documents, have been satisfied.

Accordingly, the supplemental indentures relating to the Notes
containing the proposed amendments were executed by Hexion and
the Trustee under the respective Indentures and became operative
upon Hexion's acceptance for purchase of the Notes tendered to
date.  In addition, in connection with the tender offers, Hexion
solicited the consent of the holders of the 2005 Floating Rate
Notes, the 2004 Floating Rate Notes and the 9% Notes to
terminate all of the security interests securing the obligations
under such Notes.  All such security interests were terminated
immediately after the acceptance for purchase of the 2005
Floating Rate Notes, the 2004 Floating Rate Notes and the 9%
Notes by Hexion.

Notwithstanding Hexion's exercise of its early acceptance
rights, the Tender Offers will remain open until 5:00 pm, New
York City time, on Nov. 13, 2006, unless extended by Hexion.

Hexion has retained Credit Suisse Securities (USA) LLC to act as
Dealer Manager in connection with the tender offers and consent
solicitations.

Questions about the tender offers and consent solicitations may
be directed to:

         Credit Suisse Securities (USA) LLC
         Telephone: (800) 820-1653 (toll free)
                    (212) 325-7596 (collect)

Copies of the Offer Documents and other related documents may be
obtained from the information agent for the tender offers and
consent solicitations at:

         D.F. King & Co., Inc.
         Telephone: (800) 290-6426 (toll free)
                    (212) 269-5550 (collect)

The tender offers and consent solicitations are being made
solely by means of the Offer Documents.  Under no circumstances
shall this press release constitute an offer to purchase or the
solicitation of an offer to sell the Notes or any other
securities of Hexion.  No recommendation is made as to whether
holders of the Notes should tender their Notes.

The New Notes will not be and have not been registered under the
Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements.  The information
contained in this press release shall not constitute an offer to
sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of any of the securities referred to
herein in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under
the securities laws of any state.

                          About Hexion

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or  
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in 18
countries.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.  

                          *     *     *

Moody's Investors Service assigned B3 ratings to the new
guaranteed senior secured second lien notes due 2014 of Hexion
Specialty Chemicals Inc.  The company expects to issue roughly
US$825 million of notes split (55/45) between fixed and floating
rate notes.  The new notes will be used to refinance roughly
$625 million of existing second lien notes and partially fund a
US$500 million dividend to existing shareholders.  A US$375
million increase in the company's existing guaranteed senior
secured first lien term loan to US$2 billion, rated Ba3, will
fund the remainder of the extraordinary dividend.  

Moody's also affirmed Hexion's other long term debt ratings and
its SGL-2 speculative grade liquidity rating.  As a result of
this refinancing, the LGD assessment rates have changed as shown
in the table below.  The outlook is stable and the ratings on
the existing second lien notes will be withdrawn upon successful
completion of the refinancing.

New ratings assigned:

   * Hexion Specialty Chemicals Inc.

     -- Floating Rate Gtd. Second Lien Sr. Sec Notes
        due 2014 -- B3, LGD5, 75%

     -- Fixed Rate Gtd Second Lien Sr Sec Notes
        due 2014, -- B3, LGD5, 75%

Ratings affirmed with revised LGD rates:

     -- US$225mm Gtd Sr Sec Revolving Credit Facility
        due 5/2011 -- Ba3, LGD2, 24% from 29%

     -- US$50mm Gtd Sr Sec Letter of Credit Facility
        due 5/2011 -- Ba3, LGD2, 24% from 29%

     -- US$1,625mm Gtd Sr Sec Term Loan
        due 5/2013 -- Ba3, LGD2, 24% from 29%*

     -- US$300mm Flt Rate Gtd Second Lien Sr Sec Notes
        due 7/2010 -- B3, LGD5, 75% from 77%**

     -- US$325mm 9.0% Gtd Second Lien Sr Sec Notes
        due 7/2014 -- B3, LGD5, 75% from 77%**

     -- US$34.0mm Pollution Control Revenue Bonds Series 1992
        due 12/2009 -- B3, LGD5, 75% from 77%

Ratings affirmed:

   * Hexion Specialty Chemicals Inc.

     -- Corporate Family Rating -- B2

     -- Probability of Default Rating -- B2

     -- US$114.8mm 9.2% Sr. Unsec Debentures due 3/2021 -- Caa1,
        LGD6, 94%

     -- US$246.8mm 7.875% Sr. Unsec Notes due 2/2023 -- Caa1,
        LGD6, 94%

     -- US$78.0mm 8.375% S.F. Sr. Unsec Debentures
        due 4/2016 -- Caa1, LGD6, 94%

Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to Hexion Specialty's US$1.675
billion senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


LAZARD LTD: Posts US$35 Million Third Quarter 2006 Net Income
-------------------------------------------------------------
Lazard Ltd.'s net income on a fully exchanged basis for the
third quarter of 2006 decreased 32% to US$35.0 million or
US$0.34 per share, from US$51.7 million or US$0.52 per share in
the same period of 2005, RTTNews reports.

RTTNews relates that on average, six analysts surveyed by First
Call/Thomson Financial expected Lazard to earn US$0.46 per share
for the third quarter of 2006.  

Lazard's operating income dropped by 36% to US$49.19 million for
the quarter of 2006, compared with the US$77.3 million reported
in the same period in 2005, RTTNews notes.  Operating income is
after interest expense and before income taxes and minority
interests.

RTTNews underscores that the operating revenue of Lazard for
this year's third quarter fell 15% to US$317.61 million, from
US$374.26 million in the same quarter last year.  Operating
revenue does not include interest expense relating to financing
activities and revenue relating to the consolidation of LAM
General Partnerships, each of which is included in net revenue.

Lazard's net revenue decreased 17% to US$297.51 million in the
third quarter of 2006, from US$356.90 million in the third
quarter of 2005, RTTNews says.

Lazard told RTTNews that the decline in revenues and earnings
were due to lower number of M&A transactions closing in the
third quarter of 2006 and the comparison with unusually high
2005 third-quarter revenue.

RTTNews emphasizes that the net income of Lazard before exchange
of outstanding exchangeable interests for the first nine months
of 2006 rose 32% to US$56.4 million or US$1.45 per share,
compared with the income from continuing operations of US$42.7
million or US$1.14 per share for the first nine months of 2005.

Lazard's operating revenue for the first nine months of 2006
rose 11% to US$1,079.6 million, from to US$969.9 million in the
same period of 2005, RTTNews states.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's  
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
Hong Kong, India, Japan, Korea, and Singapore.

                          *     *     *

At June 30, 2006, the company's balance sheet showed US$2.1
billion in total assets and US$2.8 billion in total liabilities
resulting in US$745 million stockholders' deficit.


PETROLEO BRASILEIRO: Begins Repair on Bolivia-Brazil Pipeline
-------------------------------------------------------------
Petroleo Brasileiro SA will begin the first stage of the repair
work on the Bolivia-Brazil gas pipeline Gasbol on Nov. 11.  The
work is necessary because of the damage caused to the ducts by
the strong rainfall in Bolivia in early April.  Supply has been
ensured by measures such as reductions in the company's own
consumption.

The first phase of the work is expected to last six days, while
the second one, scheduled to begin on Nov. 23, will last about
11 days.  After the repairs, the pipeline will be put back in
design conditions and operate at full capacity, recovering the
system's reliability.

Acting jointly with the Ministry of Mines & Energy and the
National System Operator, Petroleo Brasileiro assures it will
attend to all of the contracted demand for the input.

The rains in Bolivia caused mudslides that partially damaged the
gas pipeline that runs the production of a few Bolivian gas
fields off to Brazil.  The situation led Yacimientos
Petroliferos Fiscales Bolivianos to declare a condition of Force
Majeur, which will remain in effect until the gas pipeline has
been fully repaired.

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

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

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

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

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

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


PETROLEO BRASILEIRO: Intecnial to Build Three Biodiesel Plants
--------------------------------------------------------------
Petroleo Brasileiro said in a statement that it has hired
Intecnial, an engineering firm, to construct three biodiesel
plants.

Business News Americas relates that Petroleo Brasileiro will
invest BRL227 million for the three plants, which will have
capacity to produce 57 million liters per year of biodiesel.

The plants are:

          -- Candeias in northeastern Bahia,
          -- Montes Claros in southeastern Minas Gerais, and
          -- Quixada in northeastern Ceara.

According to BNamericas, Petroleo Brasileiro chose Intecnial
after a tender process with other three firms.

Petroleo Brasileiro told BNamericas that construction will begin
as soon as the company gets full environmental license.  
Commercial operations will start by the end of 2007.

Petroleo Brasileiro is preparing to meet the obligatory 2%
admixture of biodiesel into diesel from January 2008, BNamericas
states.

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

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

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

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

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

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


PETROLEO BRASILEIRO: Sees 15% Return on Investments in Bolivia
--------------------------------------------------------------
Jose Gabrielli -- the chief executive officer of Petroleo
Brasileiro, the state oil firm of Brazil -- told Business News
Americas that the company's exploration and production contracts
with Yacimientos Petroliferos Fiscales Bolivianos, its Bolivian
counterpart, will bring in over 15% return on investments.

Mr. Gabrielli told the press, "Petrobras (Petroleo Brasileiro)
will not lose money on the operation because it will make a
return of over 15% on the San Alberto and San Antonio fields,
which is above the cost of capital to the company."

BNamericas relates that under the 30-year accord signed on
Oct. 29, Petroleo Brasileiro will be able to manage the reserves
and retain control of exploration and production assets in
Bolivia despite having to surrender to Yacimientos Petroliferos
all gas and oil production and the fact that the latter will not
invest in any of Petroleo Brasileiro's project.

Mr. Gabrielli told BNamericas, "Petrobras will be paid an amount
which will vary according to costs and the rate of hydrocarbons
recovered.  This is a risk-sharing agreement, not a service
contract."

Petroleo Brasileiro said that it expects to pay 80% of its
revenues as taxes and royalties combined, BNamericas reports.

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

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

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

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

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

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


SEA CONTAINERS: Court Allows Payment of Employee Obligations
------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained
permission from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to continue paying
in the ordinary course any and all prepetition amounts relating
to their employee obligations, with no payment to exceed the
statutory cap under Section 507(a)(4) and 507(a)(5).

Sea Containers Services, Ltd. is authorized, but not directed,
to continue to pay any unpaid prepetition monthly contribution
relating to the Employee Pension Schemes and the Pension
Allowance.

Specifically, the Debtors had asked the Court for permission to:

   (a) pay all prepetition Employee wages and salaries;

   (b) reimburse all prepetition Employee Business expenses;

   (c) continue prepetition benefit programs;

   (d) make all payments for which prepetition payroll
       deductions were made;

   (e) pay processing costs and administrative expenses relating
       to the payments; and

   (f) make payments to third parties incidental to the
       payments.

The Debtors asked the Court to authorize, but not require, them
to pay any outstanding accrued and unpaid Employee Wages and
Benefits up to US$10,000 in the aggregate to any individual
Employee in the ordinary course of business, pursuant to Section
507(a)(4) of the Bankruptcy Code.

The Debtors also asked the Court to authorize and direct
applicable banks and other financial institutions to receive,
process, honor, and pay all prepetition checks and transfers
drawn on their payroll accounts to make the payments.

The Debtors' average aggregate monthly compensation over the
past 12 months for their Employees, including wages, salaries,
and bonuses, is approximately US$1,810,701.

The Debtors do not believe they owe any prepetition employee
salaries and wages because they processed their October payroll
just before filing for bankruptcy.  But, the Debtors say, it is
possible that some Employees may not have been paid all of their
outstanding Prepetition Salaries because, among other reasons:

   (a) some discrepancies may exist, which resolution may reveal
       that additional amounts are owed to Employees;

   (b) overtime and additional shifts may not have been
       processed; or

   (c) some payroll checks issued prepetition may not have been
       presented or cleared as of the Petition Date.

The Debtors reimburse expenses incurred in the ordinary course
of their business on a monthly basis.  These expenses include
meal, travel, and other business-related expenses.  Some
employees use corporate charge cards issued by the Debtors.  The
Debtors believe that they have paid all outstanding balances due
in respect of the Reimbursable Expenses as of the Petition Date.

The Debtors routinely deduct certain amounts from paychecks,
including, without limitation:

   (a) garnishments, child support, and similar deductions;
   (b) deductions for voluntary charitable contributions;
   (c) deductions for employee contributions to pension schemes;
   (d) private medical insurance; and
   (e) other pre-tax and after-tax deductions payable pursuant
       to certain Employee benefit plans.

The Debtors forward the deducted amounts to various third party
recipients.  The Debtors believe that they have forwarded the
Deductions to the appropriate third party recipients.

The Debtors are also required by law to withhold from an
Employee's wages amounts related to, among other things, pay as
you earn income tax and Employees National Insurance
Contribution for remittance to the appropriate taxing authority.

The Debtors are also required by law to contribute an employer
portion from their own funds for NIC, based on a percentage of
gross payroll.  The Debtors' Payroll Taxes, including both the
employee and employer portion, for U.K. fiscal tax year 2005 --
April 1, 2005 to March 31, 2006 -- were approximately
US$11,200,000.  On average, the Debtors remit approximately
US$936,253 per month to the taxing authorities on account of
Payroll Taxes.

The Debtors believe that, as of the Petition Date, they have
paid all outstanding balances due in respect of the Payroll
Taxes.

                     Employee Benefits

The Debtors provide their Employees, directly or indirectly, and
in the ordinary course of business, with a number of employee
benefits, including, but not limited to:

   (a) private medical insurance,
   (b) vacation, sick, holiday and leave pay, and
   (c) miscellaneous other employee benefits.

The Debtors believe that as of the Petition Date, they have paid
all outstanding balances in respect of the Medical and Health
Coverage.

The total annual cost to the Debtors for paid time-off, paid
sick leave, and paid statutory public holidays is approximately
US$500,000.

Before the Debtors filed for bankruptcy, Sea Containers
Services, Ltd., maintained several pension schemes for the
benefit of its Employees.  It sponsors three active Employee
Pension Schemes:

   (1) the Sea Containers Group Stakeholder Pension Plan;
   (2) the Sea Containers 1983 Pension Scheme; and
   (3) the Sea Containers 1990 Pension Scheme.

Services is the principal participating employer under the 1983
Pension Scheme and 1990 Pension Scheme, while Sea Containers,
Ltd., is not a participating employer or sponsor of any of the
Employee Pension Scheme.

The annual cost under the 1983 Pension Scheme is approximately
US$3,617,665.  Under the 1990 Pension Scheme, the current annual
contribution is US$13,572.  The Sea Containers Group Stakeholder
Pension Plan is managed by Norwich Union.

Services believes it does not owe any outstanding amount under
the 1983 and 1990 Pension Schemes or the Sea Containers Group
Stakeholder Pension Plan.

Services also provides some Employees with a monthly pension
allowance for the Employee to invest into their own individual
pension scheme.

The Debtors believe that if they don't honor their prepetition
employee obligations, Employee morale and loyalty will be
jeopardized at a time when their employees' support is critical.
As for the Remittances, the Debtors and their Employees may face
legal action if payments are not made.

                      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.

                          *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.  
Moody's said the outlook is negative.

On May 4, 2006, Standard & Poor's Ratings Services lowered its
ratings on SeaContainers, including lowering the corporate
credit rating to 'CCC-' from 'CCC+'.  All ratings remain on
CreditWatch with negative implications.

A Troubled Company Reporter -- Asia Pacific report on August 15,
2006 states that Standard & Poor's Ratings Services said that
its ratings on Sea Containers Ltd., including the 'CCC-'
corporate credit rating, remain on CreditWatch with negative
implications.  Ratings were lowered to current levels May 1,
2006; they were initially placed on CreditWatch with negative
implications on Aug. 25, 2005.

                          *     *     *

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
$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)


SEAGATE TECH: Sued by Siemens AG for GMR Sensor Patent Breach
-------------------------------------------------------------
Siemens AG filed a suit against Seagate Technology on Aug. 23,
2006, in the United States District Court for the Central
District of California for infringement of U.S. Patent No.
5,686,838.

The '838 patent is entitled "Magnetoresistive Sensor Having at
Least a Layer System and a Plurality of Measuring Contacts
Disposed Thereon, and a Method of Producing the Sensor."

This suit alleges that the Company's drives incorporating Giant
Magnetic Resistance (GMR) sensors infringe the '838 patent.

Siemens seeks damages, an accounting, preliminary and permanent
injunctions, prejudgment interest, enhanced damages for alleged
willful infringement, attorneys' fees and costs.

                    About Seagate Technology

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

                          *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated


SEAGATE TECH: Will Establish Media Plant in Singapore
-----------------------------------------------------
Seagate Technology will set up a third media plant in Singapore,
as part of the company's expansion in its recording media
manufacturing capabilities, the DQ Channels reports.

According to the statement of Seagate, the new plant will be
built close to the company's existing facilities at Woodlands,
and the combined operations will supply about 80 percent of
Seagate's total requirement of recording media, a critical
component used in the assembly of its disc drives, adds the DQ
Channels.

Moreover, the project includes the construction, building and
equipment spread over the next four years.  Initially, the
increase of 1,000 new facility staff was expected.  However, the
headcount could potentially grow to 3,000 after the plant starts
to operate at maximum production capacity, which will depend on
the global requirement for recording media.  

The manufacturing activities are expected to start by the middle
of 2008, the DQ Channels recounts.

"Singapore has been a key strategic site for Seagate and this
announcement essentially establishes the country as Seagate's
central media manufacturing hub.  We will continue to make
strategic investments in Singapore by leveraging established
infrastructure and tapping the exceptional pool of technological
and human resources this island-nation has to offer.  We are
also pleased to extend our mutually beneficial partnership with
the Singapore government, said Bill Watkins CEO of Seagate
Technology.

                    About Seagate Technology

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

                          *    *    *

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

Moody's confirmed these ratings:

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

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

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


THE GLOBAL: Will Be Receiving Proofs of Debt Until Nov. 13
----------------------------------------------------------
The Global Forum Pte Ltd, which was placed under members'
voluntary liquidation, will be receiving creditors' proofs of
debt until November 13, 2006.

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

The company's liquidator can be reached at:

         Yeap Ban Hwa
         c/o 3 Raffles Place
         #09-01 Bharat Building


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

AGRO INDUSTRIAL: Plans THB4-Billion Ethanol Project
---------------------------------------------------  
Agro Industrial Machinery Pcl plans to invest THB4 billion to
start an ethanol production project to operate by the end of
2008, sources told The Bangkok Post.

The Post relates that the investment is part of the company's
move to diversify into the booming ethanol and biofuel market.

According to a company executive, Agro Industrial is planning to
diversify to the alternative energy industry, and seeks to
develop production capacity of 400,000 to 800,000 litres per day
once fully operational.  Cassava will be the primary material of
the ethanol plant.

"Ethanol is in high demand, particularly as we believe that oil
prices will rise again to US$70 to US$80 per barrel next year,
the source told the paper.

Moreover, The Post notes that Thailand has plans to phase out
premium petrol in favor of a gasohol, a blend of ethanol and
petrol.

To finance the project, Agro Industrial plans to raise its
capital to THB606 million from THB206 million.  Further, the
capital increase will be followed by a capital call amounting to
THB2 billion by seeking partners in the energy venture, The Post
says.

The other half of the project will be financed through bank
loans.

                          *     *     *

Agro Industrial Machinery Public Company Limited --
http://www.thaiengine.com/-- was formerly known as Thai Engine  
Manufacturing Public Company Limited until February 9, 2006.  
The Company manufactures small diesel engines under the
Mitsubishi brand.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

On November 7, 2000, the creditors' meeting voted in favor of
the Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan as
well as appointed Churchill Pryce Planner Company Limited as
plan administrator.  The rehabilitation plan subsequently went
through some amendments.
  
On July 7, 2005, the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.

Agro Industrial expects to resume trading on the Stock Exchange
of Thailand by the end of the year following court approval of
its debt-restructuring plan.


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 Taiwan, Thailand, and New Zealand.

The Troubled Company Reporter - Asia Pacific reports that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the the US and Canadian Retail sector, the
rating agency confirmed its B3 Corporate Family Rating for
Blockbuster Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Sr. Sec. Revolving
   Credit Facility      B3       B1       LGD2     25%

   US$100 million
   Senior Secured
   Term Loan A          B3       B1       LGD2     25%

   US$550 million
   Senior Secured
   Term Loan B          B3       B1       LGD2     25%

   US$300 million
   9% Sr. Sub. Notes    Caa3     Caa2     LGD5     86%


IAP WORLDWIDE: Moody's Cuts Ratings on Covenant Violations
----------------------------------------------------------
Moody's Investors Service lowered the Corporate Family Rating of
IAP Worldwide Services Inc. to B3 from B2.  

Government funding constraints have led to shortfalls in revenue
and operating cash flow such that IAP was in violation of
financial covenants under its secured credit facilities for the
fiscal third quarter ended Sept. 30, 2006.  IAP's lenders have
granted waivers and temporarily reset financial covenants.

Rating actions:

   -- US$75 million 1st lien revolver maturing 2010,
      lowered to B2 (LGD3, 34%) from B1 (LGD3, 34%);

   -- US$413 million 1st lien term loan due 2012,
      lowered to B2 (LGD3, 34%) from B1 (LGD3, 34%);

   -- US$120 million second lien term loan due 2013,
      lowered to Caa2 (LGD5, 84%) from Caa1 (LGD5, 84%);

   -- Corporate Family Rating, lowered to B3 from B2; and

   -- Probability of Default Rating, lowered to B3 from B2.

The ratings outlook is stable.

Shortfalls in revenue and EBITDA have resulted in IAP exhibiting
a credit profile that is more consistent with a B3 than a B2
Corporate Family Rating.  For fiscal year 2006, Moody's is
expecting total debt to EBITDA to reach near 8 times, with
deficit free cash flow after including payments related to the
dividend approved in December 2005.  Moody's assesses that
cushion under the reset covenants is limited and gives rise to
the potential for further covenant violations before there is
clear evidence of a rebound in revenue and operating cash flow.

Moody's believes that the company's liquidity remains adequate
with over US$20 million in cash on hand and full availability
under the US$75 million revolver.  IAP also continues to
maintain a strong funded contract backlog in excess of US$1.5
billion.

If IAP exhibits improved financial performance over the next
several quarters such that total debt to EBITDA improves to
below 7 times and free cash flow turns positive, the outlook or
ratings could be raised.

If performance declines such that the company again violates
financial covenants under its bank facilities and total debt to
EBITDA rises above 8 times, the outlook or ratings would likely
be lowered.

IAP Worldwide Services, Inc., headquartered in Cape Canaveral,
Florida, is a leading provider of facilities management,
contingency support, and technical services to U.S. military and
government agencies.  IAP's revenue for the twelve months ended
June 30, 2006 amounted to approximately US$1.1 billion.

IAP Worldwide Services, Inc. -- http://www.iapws.com/-- is a  
premier government contractor providing a broad spectrum of
services focused on global mission support for the federal
market. The company specializes in three top-tier lines of
business: contingency, logistics and procurement support;
facility maintenance/base operations; and technical services.  
With Corporate Operations headquartered in Cape Canaveral, FL,
IAP also has corporate offices in Irmo, S.C.; Panama City, FL;
and Washington, D.C.; and project sites in over 50 locations
worldwide, including Bangkok, Thailand.


THAI WAH: SET Excludes Stocks from Index Calculations
-----------------------------------------------------
Stocks of Thai Wah Pcl will be excluded from the Stock Exchange
of Thailand's Index calculation adjustment starting November 14,
2006.

According to the SET's statement on its Web site, stocks that
have been suspended from the index for over one year will be
automatically excluded from the index calculation.

Thai Wah's stocks will be excluded until such time SET grants
permit to trade.

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the Group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

The Company was placed in the "Rehabco", or Companies under
rehabilitation, sector of the Thailand Stock Exchange, as
mandated by the Central Bankruptcy Court of Thailand, on March
12, 2001.  In July 2006, the SET reclassified the whole sector
and categorized the Company under the "non-performing group."  
Companies under the group will retain their listing status and
will be obligated to comply with SET requirements.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.


TONGKAH HARBOUR: Stocks Out of Index Calculations, SET Says
-----------------------------------------------------------
Tongkah Harbour Pcl's stocks will be excluded from the Stock
Exchange of Thailand's Index calculation adjustment starting on
November 14, 2006.

The SET, in a statement on its Web site, said that stocks that
have been suspended for over a year from the Index will be
automatically excluded from the Index calculation.

Tongkah Harbour's stocks will remain excluded from trading until
such time SET grants permit to trade.

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/-- is primarily  
engaged in mining operations.  The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with the SET
requirements.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 7-8, 2006
  Euromoney
    5th Annual Distressed Debt Investment Symposium
      Hyatt Regency, London, UK
        Contact: http://www.euromoneyplc.com/

November 7-8, 2006
  International Monetary Fund and the Financial
    Supervisory Service
      Macroprudential Supervision: Challenges for Financial
        Supervisors
          Seoul, South Korea
            Telephone: 82-2-3771-5114
              Web site: http://www.fss.or.kr/

November 8, 2006
  Turnaround Management Association
    Luncheon & Guest Speaker, Joel Naroff to
      discuss the economy, lending and M&A markets
        Davio's Northern Italian Steakhouse, Philadelphia, PA
         Web site: http://www.turnaround.org/

November 8, 2006
  Turnaround Management Association
    Breakfast Meeting
      Marriott Tyson's Corner, Vienna, Virginia
        Telephone: 703-912-3309
          Web site: http://www.turnaround.org/

November 9-10, 2006
  Turnaround Management Association - Australia
    TMA Australia National Conference
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

November 15, 2006
  LI TMA Formal Event
    TMA Australia National Conference
      Long Island, New York, USA
        Web site: http://www.turnaround.org/

November 15-16, 2006
  Euromoney Institutional Investor
    Asia Capital Markets Forum
      Island Shangri-La, Hong Kong
        Web site: http://www.euromoneyplc.com/

November 16, 2006
  Insolvency Practitioners Association of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

November 23-24, 2006
  Euromoney Conferences
    5th Annual China Conference
      China World Hotel
        Beijing, China
          Web site: http://www.euromoneyconferences.com/

November 30, 2006
   Euromoney Conferences
      Euromoney/DIFC Annual Conference
      Managing superabundant liquidity
         Madinat Jumeirah, Dubai
            Contact: http://www.euromoneyconferences.com/

December 5, 2006
  Euromoney Conferences
    CFO Forum
      Hyatt Regency, Hangzhou, China
        Web site: http://www.euromoneyconferences.com/

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

February 8-9, 2007
  EUROMONEY
    Leveraged Finance Asia
      JW Marriott Hong Kong
        Web site: http://www.euromoneyplc.com/

February 21-22, 2007
  EUROMONEY
    Euromoney Pakistan Conference
      Perceptions & Realities
        Marriott Hotel, Islamabad, Pakistan
          Web site: http://www.euromoneyplc.com/

February 22, 2007
  EUROMONEY
    2nd Annual Euromoney Japan Forex Forum
      Mandarin Oriental, Tokyo, Japan
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  EUROMONEY
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  EUROMONEY
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***