TCRAP_Public/061109.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

           Thursday, November 9, 2006, Vol. 9, No. 223

                            Headlines

A U S T R A L I A

ANTONIO FOOD: Members Decide to Wind Up Firm
BERT PALM: Members Resolve to Voluntarily Wind-Up Operations
BILLABONG SERVICES: Final Meeting Slated for November 13
BRANTI PTY: Members' Final Meeting Slated for November 10
BURNIE PLUMBING: Members Resolve to Close Business

BURNS PHILP: S&P Withdraws Rating Due to Rank Group Acquisition
BUTTER PRODUCERS': Placed Under Voluntary Wind-Up
C & N PLUMBING: To Hold Final Meeting on November 13
CANBERRA ROOF: Schedules Final Meeting on November 17
COMPUTERCATIONS PTY: Members' Final Meeting Set for November 13

COMRADE ENTERPRISES: Creditors Must Prove Debts by November 21
CUMULATIVE ENTERPRISES: Members Resolve to Wind Up Firm
FAENZA TRANSPORT: Liquidator to Present Final Wind-Up Report
FRED WAKEFIELD: To Declare First and Final Dividend on Nov. 20
HEALTHY BENEFITS: Enters Voluntary Liquidation

LAURELTON PTY: To Declare First and Final Dividend on Dec. 3
LEGENDARY PRODUCTS: Enters Wind-Up Proceedings
LEXICON PTY: Members Opt to Shut Down Operations
M & E ENTERPRISES: Court Issues Wind-Up Order
MELREN FARMS: Prepares to Declare Final Dividend on November 27

MILFORD PTY: Will Declare First Dividend on November 24
NORMAN GOLDSWORTHY: Pass Resolution to Wind Up Operations
NORTH BEACH: Liquidator to Present Wind-Up Report
OMG OASIS: Undergoes Wind-Up Proceedings
PAUL SEGAERT: Creditors' Proofs of Claim Due on November 21

QUEEN MEDICAL: Wind-Up Process Commenced
ROLFE MOTOR: Members & Creditors' Final Meeting Set on Nov. 17
SONNORM PTY: To Distribute First and Final Dividend
SUPERSUM INVESTMENTS: Members Agree to Liquidate Business
WOOLBROOK PTY: To Declare First and Final Dividend

WOOL CENTRE: Members to Receive Wind-Up Report on November 13
ZERMATT LTD: Undergoes Members' Voluntary Wind-Up
* Australian Rate Rise May Impact Low-Doc Borrowers, Fitch Says
* Reserve Bank Board Decides to Increase Cash Rate to 6.25%


C H I N A   &   H O N G  K O N G

ADVANTAGE PLUS: Receives Wind-Up Order from Court
AFK INTERNATIONAL: Wind-Up Petition Hearing Set on December 13
AGRICULTURAL BANK: CBRC Rejects Reform Plan
ANTON INDUSTRIAL: Enters Voluntary Wind-Up
CHEUNG FAI: Court Sets Wind-Up Hearing on December 6

CITIC BANK: To Introduce Strategic Foreign Investor
DAVID C LEE: Court Orders Wind-Up
DICKSON CONSTRUCTION: Commences Wind-Up Process
FUND WEALTH: Court Favors Wind-Up
GUANGDONG KELON: Former Head Appears in Court for Fraud Charges

GRACEFUL SHIPPING: Members to Receive Wind-Up Report
HSBC MEDICAL: Undergoes Voluntary Wind-Up
ING BEIJING: Joint Liquidators Ceases to Act for the Company
LAND BEST: Members Decide to Close Business
NATIONWIDE TREASURE: Creditors' Proofs of Claim Due on Nov. 17

PACIFIC WORLD: Court to Hear Wind-Up Petition on December 6
SMALL AND MEDIUM: Faces Wind-Up Proceedings
SHANGHAI XUJIAHUI: Members Opt to Wind Up Firm
SINO BRILLIANT: Commences Wind-Up Proceedings
SPLENDID JOY: Wind-Up Petition Hearing Fixed on November 22

WIN CHINA: Falls Into Wind-Up


F I J I

* Political Instability Prompts S&P to Lower Fiji's Ratings


I N D I A

ALLAHABAD BANK: Net Profit Ups 25% in September 2006 Quarter
ALLAHABAD BANK: Seeks Acquisition in South India & Maharashtra
ANDHRA BANK: Government Nominates Two New Directors
ANDHRA CEMENTS: To Release Audited FY 2006 Results in December
ARTSON ENGINEERING: Posts INR5.85-Mil Net Profit in 3rd Quarter

GENERAL MOTORS: Reduces Third Quarter Net Loss to US$91 Million
GENERAL MOTORS: Delphi Deal Coming Soon Says Rick Wagoner
NOVELL: Collaborates with Microsoft for Prod. Interoperability
NOVELL INC: Names Troy Richardson President of Novell Americas


I N D O N E S I A

LIPPO BANK: Moody's Assigns Ba3 Issuer Debt Rating
TELKOM INDONESIA: To Take Part in US$1.5-Bil. Fiber Optic Tender
* Asia Pulp Ruling Points to Judicial Uncertainties, Fitch Says


J A P A N

HERBALIFE LTD: Reports Strong Sales Growth in 3rd Quarter 2006
LOPRO CORPORATION: Fitch Affirms 'BB' Long-Term Ratings


K O R E A

DYNCORP INTERNATIONAL: Names Schehr as Sr. VP & General Counsel
DYNCORP INTERNATIONAL: Secures US$450MM from Naval Facilities
EUGENE SCIENCE: Enters 20-Year Lease to Accommodate Expansion
EUGENE SCIENCE: To Implement National Investor Relations Program
EUGENE SCIENCE: Earns US$1.4 Million in Second Quarter of 2006

KOREA EXCHANGE BANK: Ex-President Arrested Over Lone Star Probe
KOREA EXCHANGE: Avails Overseas Tax Breaks Even if Unqualified
KRISPY KREME: Settles Securities Fraud Lawsuit for US$75 Million
KRISPY KREME: Files Annual Report for 2006 Fiscal Year with SEC


M A L A Y S I A

FOREMOST HOLDINGS: CIMB Demands Payment of MYR18,988,842.60
FOREMOST HOLDINGS: Group General Manager Ceases to Act
KAI PENG: Ernst & Young Raises Substantial Going Concern Doubt
KUMPULAN BELTON: Issues Litigation Update as of Oct. 2006
MCSB SYSTEMS: To Seek Shareholders' OK for Proposed Mandate

PAXELENT CORPORATION: Reaches Amicable Settlement
PAXELENT CORPORATION: Subsidiaries Face Wind-Up Petition


N E W   Z E A L A N D

BUILDING MAINTENANCE: Faces Liquidation Proceedings
INFORMATION TECHNOLOGY: Shareholders Resolve to Liquidate Firm
MASURAI LTD: Creditors' Proofs of Claim Due on January 16
NGAHERE CONTRACTORS: Court to Hear CIR's Liquidation Petition
OLD BC: Creditors to Prove Claims by November 13

OLD BSC: Names Gilbert as Liquidator
SEA ACCOMODATION: Liquidation Hearing Set on November 16
STARRION HOLDINGS: Creditors Must Prove Debts by January 12
VMOTO (NZ): Liquidation Hearing Set on November 13
WYNDHAM CONSTRUCTION: Court Set to Hear Liquidation Petition


P H I L I P P I N E S

ABS-CBN BROADCASTING: To Hold Investors & Analysts' Briefing
BACNOTAN CONSOLIDATED: Board Approves PHP16.7-Million Investment
BANCO DE ORO: Fitch Affirms Ratings After Merger Plans with EPCI
BENPRES HOLDINGS: Disposes of 0.88% Digitel Shares for PHP78.5MM
EQUITABLE PCI: Sets Special Stockholders's Meeting on Dec. 27

EQUITABLE PCI: Fitch Affirms Ratings After BDO Merger Plans
EQUITABLE PCI: S&P Raises Rating to B+ Due to BDO Plan of Merger
PHILIPPINE LONG DISTANCE: Earns PHP10.4 Bil. in 3rd Quarter 2006
PHILIPPINE LONG DISTANCE: Declares Cash Dividends
UNION BANK: Posts 39% Increase in Net Income for 3rd Quarter '06

UNION BANK: Inks Memorandum of Agreement with Saratoga
* BSP Maintains Key Policy Interest Rates
* Philippines' End-October GIR Reaches US$22 Billion Mark
* RP's October Inflation Registers at 5.4%


S I N G A P O R E

AC MANAGEMENT: Proofs of Claim Due on Dec. 1
BENCHMARK ELECTRONICS: Signs Agreement to Acquire Pemstar
CM MANAGEMENT: Will Receive Proofs of Debt Until Dec. 1
FREESCALE SEMICON: Buyout Plan Prompts S&P's Credit Rating Watch
INITIA SERVICES: Creditors Must Prove Debts by December 1

SEA CONTAINERS: Reed Conner Ceases to be a Major Shareholder
SEA CONTAINERS: Wants To Give Up Railway Services In May 2007
SEE HUP SENG: Unveils Shareholders' Change of Interest


T H A I L A N D

ADVANCE PAINT: Stocks Out of SET's Index Calculations
BANK OF AYUDHYA: Moody's Keeps Financial Strength Rating at E+
SAHAMITR PRESSURE: SET Excludes Stocks from Index Calculations

     - - - - - - - -

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

ANTONIO FOOD: Members Decide to Wind Up Firm
--------------------------------------------
At a general meeting held on September 25, 2006, the members of
Antonio Food Company Pty Ltd resolved to wind up the company's
operations and appointed Tarquin Raoul Kock as liquidator.

The Liquidator can be reached at:

         Tarquin Koch
         Anthony Matthews & Associates
         Chartered Accountants
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8232 8885
         Facsimile:(08) 8232 8886
         Email: info@matthewsassociates.com.au


BERT PALM: Members Resolve to Voluntarily Wind-Up Operations
------------------------------------------------------------
Members of Bert Palm Industrial Pty Ltd held a general meeting
on September 25, 2006, and passed a special resolution to
voluntarily wind up the company's operations.

In this regard, John Feddema was appointed as liquidator.

The Liquidator can be reached at:

         John Feddema
         Cranstoun & Hussein
         Chartered Accountants
         Level 2, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia


BILLABONG SERVICES: Final Meeting Slated for November 13
--------------------------------------------------------
Members and creditors of Billabong Services Pty Ltd will hold a
final meeting on November 13, 2006, at 11:00 a.m., to receive a
report regarding the company's wind-up proceedings from
Liquidator Danny Vrkic.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on May 12, 2006.

The Liquidator can be reached at:

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


BRANTI PTY: Members' Final Meeting Slated for November 10
---------------------------------------------------------
Branti Pty Ltd, which is in liquidation, will hold a final
meeting for its members on November 10, 2006, at 10:30 a.m.

During the meeting, the members will receive Liquidator B. A.
Secatore's final report regarding the company's liquidation.

The Liquidator can be reached at:

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


BURNIE PLUMBING: Members Resolve to Close Business
--------------------------------------------------
Members of Burnie Plumbing & Hardware Pty Ltd held a meeting on
September 25, 2006, and resolved to close the company's
business.

Jorgen Viggo Andersen was consequently appointed as liquidator.

The Liquidator can be reached at:

         Jorgen V. Andersen
         6 Cypress Court
         Burnie, Tasmania
         Australia


BURNS PHILP: S&P Withdraws Rating Due to Rank Group Acquisition
---------------------------------------------------------------
On November 8, 2006, Standard & Poor's Ratings Services lowered
its corporate credit rating on Burns, Philp & Co. Ltd. to
'B/Developing' from 'BB-/Watch Neg' and subsequently withdrew
the rating, after the Rank Group Limited's acquisition of more
than 90% of Burns Philp's ordinary shares as of Nov. 7, 2006.
The privately owned Rank Group is expected to move to full
ownership of Burns Philp soon.

The withdrawal of the rating reflects heightened uncertainty
over the future of Burns Philp and its financial policy going
forward.  Moreover, the lack of information available to
Standard & Poor's about the Rank Group means it is unable to
maintain a credit rating on Burns Philp.  While Burns Philp is
under the full ownership and control of the Rank Group, Standard
& Poor's would not separate the credit quality of the two
companies and, therefore, takes a consolidated credit view of
the group.

The Troubled Company Reporter - Asia Pacific recently reported
that Rank Group disclosed to the New Zealand Stock Exchange that
the remaining condition in its offer period for shareholders of
Burns Philp & Company Limited, which is the 90% acceptance
condition, has been fulfilled.  Accordingly, Rank Group declared
that the Offer is unconditional.  The Offer will close at 7:00
p.m. (Sydney time) on November 9, 2006, the TCR-AP noted.

                        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.


BUTTER PRODUCERS': Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting via a special postal ballot
held on September 22, 2006, the members of Butter Producers' Co-
Operative Federation Limited resolved to voluntarily wind up the
company's operations.

In this regard, Scott Angus Blackwood and Justin Denis Walsh
were appointed as liquidators.

The Liquidators can be reached at:

         Scott Angus Blackwood
         Justin Denis Walsh
         Ernst & Young
         Level 5, 1 Eagle Street
         Brisbane, Queensland 4001
         Australia
         Telephone: 07 3243 3607


C & N PLUMBING: To Hold Final Meeting on November 13
----------------------------------------------------
C & N Plumbing Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on November 13,
2006, at 10:00 a.m.

At the meeting, Liquidator Vrkic will present an account of the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

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


CANBERRA ROOF: Schedules Final Meeting on November 17
-----------------------------------------------------
Canberra Roof Painters Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on
November 17, 2006, at 10:30 a.m.

During the meeting, the members and creditors will receive
Liquidator Frank Lo Pilato's final report on the company's
liquidation.

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


COMPUTERCATIONS PTY: Members' Final Meeting Set for November 13
---------------------------------------------------------------
Members of Computercations Pty Ltd will hold a final meeting on
November 13, 2006, at 11:00 a.m., to receive Liquidator Geoffrey
McDonald's account regarding the company's wind-up proceedings
ending on November 13, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on February 1,
2006.

The Liquidator can be reached at:

         Geoffrey Mcdonald
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


COMRADE ENTERPRISES: Creditors Must Prove Debts by November 21
--------------------------------------------------------------
Comrade Enterprises Pty Ltd, which is in liquidation, will
declare dividend on December 22, 2006.

Creditors are required to prove their debts by November 21,
2006, to share in the distribution of dividend.

The Liquidator can be reached at:

         John Lord
         PKF
         Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9251 4100
         Facsimile: 02 9240 9821
         Web site: http://www.pkf.com.au


CUMULATIVE ENTERPRISES: Members Resolve to Wind Up Firm
-------------------------------------------------------
Members of Cumulative Enterprises Pty Ltd convened on
September 21, 2006, and unanimously passed the these
resolutions:

   -- the company's voluntary wind up;

   -- the appointment of Clifford Stuart Rocke and Simon Andrew
      Reed as joint and several liquidators; and

   -- the Liquidators' distribution in cash or in specie of the
      company's assets to the shareholders in accordance with
the
      Articles of Association.

The Joint and Several Liquidators can be reached at:

         Clifford Stuart Rocke
         Simon Andrew Reed
         PPB
         Level 1, 5 Mill Street
         Perth
         Australia


FAENZA TRANSPORT: Liquidator to Present Final Wind-Up Report
------------------------------------------------------------
The members and creditors of Faenza Transport Pty Ltd will hold
a final meeting on November 17, 2006, at 12:00 p.m., to receive
the liquidator's explanation and final accounts regarding the
company's wind-up.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation on September 12, 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


FRED WAKEFIELD: To Declare First and Final Dividend on Nov. 20
--------------------------------------------------------------
Fred Wakefield Pty Ltd, which is in liquidation, will declare
the first and final dividend for its creditors on November 20,
2006.

Creditors who were unable to prove their claims by November 3,
2006, are excluded in the company's distribution of dividend.

The Liquidator can be reached at:

         Alan Scott
         SimsPartners
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia


HEALTHY BENEFITS: Enters Voluntary Liquidation
----------------------------------------------
At a meeting held on September 21, 2006, the members of Healthy
Benefits Pty Ltd resolved to voluntarily wind up the company's
operations.

Subsequently, Barry Keith Taylor was appointed as liquidator at
the creditors' meeting held that same day.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia


LAURELTON PTY: To Declare First and Final Dividend on Dec. 3
------------------------------------------------------------
Laurelton Pty Ltd, which is in liquidation, will declare the
first and final dividend on December 3, 2006.

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

The Liquidator can be reached at:

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


LEGENDARY PRODUCTS: Enters Wind-Up Proceedings
----------------------------------------------
At a general meeting held on September 26, 2006, the sole member
of Legendary Products Pty Ltd resolved to voluntarily liquidate
the company's business.

Accordingly, Andrew McLellan was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Andrew Mclellan
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


LEXICON PTY: Members Opt to Shut Down Operations
------------------------------------------------
The members of Lexicon Pty Ltd decided to shut down the
company's operations during a general meeting held on September
18, 2006.

In this regard, the members appointed Giuseppe Paolo Graziano as
liquidator.

The Liquidator can be reached at:

         Giuseppe Paolo Graziano
         Hayes Knight (WA) Pty Ltd
         Suite 1, 34 Hasler Road
         Osborne Park, Western Australia 6017
         Australia


M & E ENTERPRISES: Court Issues Wind-Up Order
---------------------------------------------
The Supreme Court of New South Wales on September 26, 2006,
ordered M & E Enterprises (NSW) Pty Ltd to wind up its
operations.

Accordingly, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

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


MELREN FARMS: Prepares to Declare Final Dividend on November 27
---------------------------------------------------------------
Melren Farms Pty Ltd, which is in liquidation, will declare the
first and final dividend on November 27, 2006.  Creditors who
failed to submit their proofs of claim by Oct. 31, 2006, will be
excluded from the distribution.

On August 31, 2005, the Troubled Company Reporter - Asia Pacific
reported that the company was placed under members' voluntary
liquidation on July 20, 2005.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia


MILFORD PTY: Will Declare First Dividend on November 24
-------------------------------------------------------
Milford Pty Ltd, which is in liquidation, will declare its first
dividend on November 24, 2006.

Creditors who failed to submit their proofs of claim on
November 3, 2006, are excluded in the dividend distribution.

The Joint and Several Liquidator can be reached at:

         David James Hambleton
         RE Murphy
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


NORMAN GOLDSWORTHY: Pass Resolution to Wind Up Operations
---------------------------------------------------------
At a general meeting held on September 26, 2006, the members of
Norman passed a special resolution to voluntarily wind up the
company's operations and distribute the proceeds of its assets
disposal.

The Liquidator can be reached at:

         Sinclair Wilson
         Accountants & Business Advisors
         177 Koroit Street
         Warrnambool, Victoria 3280
         Australia


NORTH BEACH: Liquidator to Present Wind-Up Report
-------------------------------------------------
Members and creditors of North Beach Bistro Pty Ltd will hold
their final meeting on November 13, 2006, at 9:30 a.m., to
receive Liquidator Vrkic's report on the company's wind-up
proceedings and property disposal exercises.

The Troubled Company Reporter - Asia Pacific previously reported
that North Beach commenced a wind-up of its operations on
November 11, 2005.

The Liquidator can be reached at:

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


OMG OASIS: Undergoes Wind-Up Proceedings
----------------------------------------
On September 25, 2006, the members of OMG Oasis Marketing Group
Pty Ltd resolved to voluntarily wind up the company's
operations.

At the creditors' meeting held that same day, Richard John
Cauchi and Peter Gountzos were appointed as joint and several
liquidators.

The Joint and Several Liquidators can be reached at:

         Richard J. Cauchi
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9639 4779
         Facsimile:(03) 9639 4773


PAUL SEGAERT: Creditors' Proofs of Claim Due on November 21
-----------------------------------------------------------
Paul Segaert Pty Ltd -- formerly known as LIDCO -- will declare
the first dividend on December 29, 2006, to the exclusion of
those creditors who cannot formally file their proofs of debt by
November 21, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Paul Segaert commenced a wind-up of its operations on March 18,
2005.

The Liquidator can be reached at:

         T. M. Pogroske
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia


QUEEN MEDICAL: Wind-Up Process Commenced
----------------------------------------
Shareholders of Queen Medical Centre Pty Ltd held a general
meeting on September 25, 2006, and passed a special resolution
to wind up the company's operations voluntarily.

Geoffrey McDonald was consequently appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Mcdonald
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


ROLFE MOTOR: Members & Creditors' Final Meeting Set on Nov. 17
--------------------------------------------------------------
A final meeting for the members and creditors of Rolfe Motor
Corporation No. 2 Pty Ltd, which is in liquidation, will be held
on November 17, 2006, at 11:30 a.m.

At the meeting, the members and creditors will receive
Liquidator Pilato's explanation of his final accounts.

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


SONNORM PTY: To Distribute First and Final Dividend
---------------------------------------------------
Sonnorm Pty Ltd, which is in liquidation, will declare its first
and final dividend on November 29, 2006.

Only those creditors who were able to admit their debts on
November 1, 2006, will be included in the benefit of the
dividend.

The Joint Liquidator can be reached at:

         Todd Kelly
         c/o Foremans Business Advisors (Queensland)
         Suite 1, 29 Lake Street
         Cairns, Queensland 4870
         Australia


SUPERSUM INVESTMENTS: Members Agree to Liquidate Business
---------------------------------------------------------
At a meeting of Supersum Investments Pty Ltd held on
September 26, 2006, the company's members resolved to
voluntarily liquidate the company's business.

Barry Keith Taylor was subsequently appointed as liquidator at
the creditors' meeting held that same day.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia


WOOLBROOK PTY: To Declare First and Final Dividend
--------------------------------------------------
Woolbrook Pty Ltd, which is in liquidation, will declare the
first and final dividend on December 3, 2006.

Creditors who were not able to prove their claims by Oct. 24,
2006, will be excluded from the benefit of the dividend.

The Liquidator can be reached at:

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


WOOL CENTRE: Members to Receive Wind-Up Report on November 13
-------------------------------------------------------------
Members of Wool Centre Australia Pty Ltd will hold a final
meeting on November 13, 2006, at 10:00 a.m., to receive
Liquidator Yip's account on the company's wind-up proceedings
and property disposal activities.

According to the Troubled Company Reporter - Asia Pacific, Wool
Centre was placed under voluntary liquidation on November 30,
2005.

The Liquidator can be reached at:

         Arthur Yip
         Arthur Yip & Associates
         Suite 140, Level 3, Regis Towers
         418 Pitt Street
         Sydney, New South Wales 2000
         Australia


ZERMATT LTD: Undergoes Members' Voluntary Wind-Up
-------------------------------------------------
On September 25, 2006, the members of Zermatt Ltd held a general
meeting and resolved to voluntarily wind up the company's
operations.

Subsequently, George Georges was appointed as liquidator.

The Liquidator can be reached at:

         George Georges
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


* Australian Rate Rise May Impact Low-Doc Borrowers, Fitch Says
---------------------------------------------------------------
Fitch Ratings said that the Reserve Bank of Australia's interest
rate rise of 0.25%, if fully passed on to the borrowers, can be
expected to have a significant effect on Australian residential
borrowers.  Fitch therefore expects to see a continuation of the
trend of reduced documentation loan borrowers being affected in
greater numbers than those with full documentation loans.  While
Fitch expects delinquencies to continue rising, they remain
extremely low and well within the ratings parameters of Fitch's
Australian Mortgage Default Rating model.

In a report to be issued next week, Fitch comments that low doc
borrowers are the more vulnerable part of the economy typically
being self-employed and to date they have been the hardest hit
by the combination of rising interest rates and volatile petrol
prices.

The interest rate rise by the Reserve Bank of Australia
announced today is the third such quarter-percent rise during
2006 and, if fully passed through to borrowers as expected,
represents a combined rise in payments for the year of over 11%
for the average borrower.  Data collected by Fitch and to be
released next week as part of its quarterly Dinkum Index report
shows that the rising interest rate cycle beginning with the
rise in May 2002 has coincided with a spike in mortgage
delinquencies particularly for low-doc mortgage borrowers.  The
Fitch Reduced Documentation Dinkum Index shows that 30+ days
delinquencies for low-doc securitized mortgages have increased
by 200% since data was first collected by Fitch in September
2003 and continue to be some three times the delinquencies for
full documentation loans.

"Clearly rate rises have a direct impact on borrowers ability to
pay and the third rise this year and the eighth since interest
rates began their upward cycle is going to have ramifications
for borrowers," said Ben McCarthy, Fitch's Head of Australasian
Structured Finance.

"For those people who already have loans, rate rises have a
significant impact on home loan affordability.  Traditional
measures of home loan affordability focus on new borrower's
ability to purchase a home, however Fitch's analysis for RMBS
investors focuses on the impact of rate rises on existing
borrowers," stated Ben McCarthy.  "In recent times housing
affordability measures have notionally improved due to property
price falls, particularly in the Sydney region, however this is
little comfort to borrowers who purchased their property at the
peak of the market."

Fitch continues to track the performance of RMBS in Australia
and while the agency is observing a rise in delinquency levels,
investors in Australian RMBS will continue to be protected by
low unemployment levels and stable, although somewhat softening,
property markets.


* Reserve Bank Board Decides to Increase Cash Rate to 6.25%
-----------------------------------------------------------
In a statement, Reserve Bank of Australia Governor Glenn Stevens
discloses that at its meeting held on November 7, 2006, the
Board of Directors decided to increase the cash rate by 25 basis
points, to 6.25%.  The decision was taken against a background
of continued expansion in the global economy and further
evidence that inflationary pressures had increased.

According to Mr. Stevens, the world economy has grown strongly
in 2006 and is generally expected to grow at an above-average
pace in 2007.  Although growth in the United States has
moderated recently, strong conditions are prevailing in other
parts of the world.  The global expansion has contributed to
high levels of commodity prices, which continue to add to
incomes and spending in Australia.

The Board took careful note of the likely economic effects of
the drought, which will lower the supply of rural produce,
reduce farm incomes and may temporarily affect prices for some
foodstuffs.  At this point, these developments appear unlikely
to affect significantly the medium-term outlook for inflation.

Domestic demand has been expanding at a relatively strong pace
against a background of limited spare capacity.  Labor market
conditions have remained tight and businesses are reporting high
levels of capacity usage.  While there have been some tentative
signs of moderation in the demand for credit recently, the
overall pace of credit growth has remained strong.

This combination of forces has contributed to an increase in
inflation, Mr. Stevens says.  In the September quarter the
underlying inflation rate was around 3%, up from 2% at the end
of last year, and it is likely to remain around that rate in the
near term.  The headline CPI increase has been noticeably larger
than this recently, though this reflects some temporary
influences which will be reversed in the quarters ahead.
Producer price indices showed further strong increases at all
stages of production in the September quarter.  Aggregate wages,
though not accelerating further, have continued to grow at a
faster-than-average pace.

The Board judged this to be an environment in which the risks of
inflation exceeding 2%-3% over the medium term remained
significant.  Monetary policy has been responding to these risks
for some time, with increases in interest rates in May and
August.  Some effect of those measures is becoming evident in
demand for credit by households.  Nonetheless, the Board's
judgement was that a somewhat more restrictive stance of
monetary policy was required in order to moderate inflation over
time, and thereby to secure sustainable growth, Mr. Stevens
notes.


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

ADVANTAGE PLUS: Receives Wind-Up Order from Court
-------------------------------------------------
On October 4, 2006, Advantage Plus Technology Ltd received a
wind-up order from the High Court of Hong Kong.

The Troubled Company Reporter - Asia Pacific reported that Law
Shuk Chun filed the wind-up petition before the Court on
August 4, 2006.


AFK INTERNATIONAL: Wind-Up Petition Hearing Set on December 13
--------------------------------------------------------------
On October 16, 2006, AFK Hong Kong Ltd filed before the High
Court of Hong Kong a petition to wind up AFK International Ltd.

The petition will be heard on December 13, 2006, at 9:30 a.m.

The Solicitors for the Petitioner can be reached at:

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


AGRICULTURAL BANK: CBRC Rejects Reform Plan
-------------------------------------------
The Chinese Banking Regulatory Commission has rejected the
reform plan submitted by the Agricultural Bank of China, the
China Knowledge says citing a report from the South China
Morning Post.

On October 23, 2006, the Troubled Company Reporter - Asia
Pacific reported that the bank is close to finalizing its reform
plan which requires transforming the bank into a joint stock
company.

The TCR-AP, citing a report from the China Daily, said that the
lender will be listed as a whole company instead of being broken
into smaller units.  Estimated cost of the reform plan was
expected to reach US$100 billion.

However, China Knowledge relates that regulators have considered
breaking the bank up and listing the best parts or listing those
areas of the bank that are not in line with government-mandated
policy lending.  Agricultural Bank's traditional role has been
to support the poor rural population -- accounting for 80% of
China's 1.3 billion population -- and agriculture-focused
companies in the troubled State-owned industry sector, China
Knowledge notes.

                          *     *     *

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

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

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

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


ANTON INDUSTRIAL: Enters Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting on October 27, 2006,
shareholders of Anton Industrial Ltd passed a resolution 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



CHEUNG FAI: Court Sets Wind-Up Hearing on December 6
----------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Cheung Fai Engineering Ltd on December 6, 2006, at 9:30 a.m.

Mok Cho Fai filed the petition with the Court on October 11,
2006.

The Solicitors for the Petitioner can be reached at:

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


CITIC BANK: To Introduce Strategic Foreign Investor
---------------------------------------------------
China Citic Bank will introduce a foreign strategic investor
within the month, ahead of the planned initial public offerings
in Hong Kong and China, AFX news says, citing a report from the
Shanghai Securities News.

According to the report, Chen Xiaoxian, president of China Citic
Bank, is negotiating with potential strategic investors
including Mizuho Group, BNP Paribas SA, Grupo Santander, GE
Capital, and Banco Bilbao Vizcaya Argentaria SA.

The paper relates that Banco Bilbao, the second largest bank in
Spain, has offered book value for a stake -- the highest bid.
The winning bidder will buy a 5% stake in the bank initially.

AFX News recounts hat Mr. Chen said that the bank may not be
able to go public within the year as it has not completed the
introduction of strategic investors.

Citic Bank had planned to list in Hong Kong at the beginning of
2007, and subsequently issue A-shares in China, AFX News notes.

                          *     *     *

China CITIC Bank is a wholly owned subsidiary of the state
conglomerate Citic Group.

On September 11, 2006, Fitch Ratings affirmed the Individual D/E
and Support 3 ratings of China CITIC Bank.  The ratings outlook
is stable.

China CITIC Bank's Individual rating reflects its strengthened
financial profile, bolstered by recent capital injections from
its parent, CITIC Group, and the introduction of much-improved
risk management systems.


DAVID C LEE: Court Orders Wind-Up
---------------------------------
David C Lee Property Consultants (Asia Pacific) Ltd was ordered
by the High Court of Hong Kong to wind up its business
operations on October 4, 2006.

The petition was filed with the Court on August 7, 2006.


DICKSON CONSTRUCTION: Commences Wind-Up Process
-----------------------------------------------
Dickson Construction (Maintenance) Ltd commenced a wind-up of
its operations on October 4, 2006, pursuant to an order by the
High Court of Hong Kong.

The wind-up petition was presented with the Court on August 7,
2006.


FUND WEALTH: Court Favors Wind-Up
---------------------------------
The High Court of Hong Kong issued a wind-up order against Fund
Wealth Investment Ltd on October 4, 2006.

The wind-up petition was presented before the Court on August 4,
2006.


GUANGDONG KELON: Former Head Appears in Court for Fraud Charges
---------------------------------------------------------------
On November 7, 2006, Gu Chujun, former chairman of Guangdong
Kelon Electrical Holdings Co Ltd, appeared in court on charges
of embezzling public funds, the People Daily reports.

According to the report, Mr. Gu is on trial on suspicion of
"economic crimes", a term that in China refers to a range of
violations including fraud and embezzlement.

On July 10, 2006, the Troubled Company Reporter - Asia Pacific
reported that investors of Guangdong Kelon filed lawsuits
following China Securities Regulation Commission's discovery of
falsified 2002-2004 annual reports.

As a result, CSRC imposed a CNY300,000 fine on Mr. Gu on top of
being banned from conducting business or holding any position in
a listed company, the TCR-AP said.

Also facing trial in court, according to Xinhua News, were eight
of Mr. Gu's assistants and subordinates:

   1. Jiang Baojun,
   2. Zhang Hong,
   3. Liu Yizhong,
   4. Zhang Xihan,
   5. Yan Yousong,
   6. Yan Guoru,
   7. Liu Ke, and
   8. Zeng Junhong

Mr. Zeng was recently arrested, Xinhua News notes.

Xinhuanet News relates that funds involved in the case totaled
nearly CNY1.8 billion or US$228 million.  A five-member
prosecution group is involved in Mr. Gu's trial, headed by a
deputy law officer of the Foshan procuratorate.

"We still have not come up with a decision as to whether we
should plead innocent to the court," People's Daily cites Li
Guifang, Mr. Gu's lawyer, as saying in an interview with China
Daily.

According to Mr. Li, the trial will last three days.

"We will wait and see how we will plead for Gu after the first
day's trial," Mr. Li said, adding that it is hard to predict the
final verdict as he has been accused of four crimes involving
large sums of money.

However, according to the Xinhua News, Mr. Gu could be sentenced
up to 3 to 10 years imprisonment if found guilty based on
China's Criminal Law.

                          *     *     *

Headquartered in Wanchai, Hong Kong, Guangdong Kelon Elecrical
Holdings Company Limited -- http://www.kelon.com/-- is one of
the largest cooling domestic appliance manufacturers in China,
mainly engaging in the development and manufacture, as well as
domestic and overseas sales of refrigerators and air-
conditioners.  Before the latest scandal involving it's former
Chairman, the refrigerator maker was saddled with 2004 net
losses, after seeing a CNY197.3 million net profit in 2003 and a
similar substantial profit in 2002.  With the outbreak of the
scandal, it suspended trading of some of its shares and had its
assets frozen.  The Company was taken over China's Hisense Group
in a CNY900-million acquisition agreement in September 2005.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Guangdong Kelon is facing possible de-listing of its
shares from China's stock exchanges for failing to submit its
first quarter financial report ending March 31, 2006 on an
appointed date.

On August 16, 2006, TCR-AP reported that Guangdong Kelon's net
loss widened to CNY3.7 billion, or CNY3.73 a share, from
CNY226.29 million or CNY23 a share in 2004 under Hong Kong
accounting standards.



GRACEFUL SHIPPING: Members to Receive Wind-Up Report
----------------------------------------------------
Members of Graceful Shipping Ltd will hold a final meeting on
November 27, 2006, 10:00 a.m., at Flat 1501, West Tower, Shun
Tak Centre, 168-200 Connaught Rd Central, Hong Kong.

During the meeting, Liquidator Chen Chuen Hon will present a
report on the Company's wind-up proceedings and property
disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on March 29, 2006.


HSBC MEDICAL: Undergoes Voluntary Wind-Up
-----------------------------------------
Shareholders of HSBC Medical Insurance Ltd convened for a
general meeting on October 27, 2006, and passed a resolution to
wind up the company's operations.

Accordingly, Thomas Andrew Corkhill and Iain Ferguson Bruce were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8/F, Gloucester Tower
         The Landmark
         15 Queen's Road, Central
         Hong Kong


ING BEIJING: Joint Liquidators Ceases to Act for the Company
------------------------------------------------------------
On October 31, 2006, Jacky Chung Wing Muk and Edward Simon
Middleton ceased to act as joint and several liquidators of ING
Beijing Investment Company Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
creditors of the Company were required to submit their proofs of
debts to the liquidators on December 28, 2005.

The former Joint Liquidators can be reached at:

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


LAND BEST: Members Decide to Close Business
-------------------------------------------
The members of Land Best Development Ltd met on October 31,
2006, and agreed to shut down the company's business operations.

In this regard, Fung Kit Yee was appointed as liquidator.

The Liquidator can be reached at:

         Fung Kit Yee
         3/F, Chinachem Tower
         34-37 Connaught Road, Central
         Hong Kong


NATIONWIDE TREASURE: Creditors' Proofs of Claim Due on Nov. 17
--------------------------------------------------------------
Creditors of Nationwide Treasure (HK) Ltd are required to submit
their proofs of claims by November 17, 2006, to Joint
Liquidators Kennic Lai Hang Lui and Lau Wu Kwai King Lauren.

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

The Joint Liquidators can be reached at:

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


PACIFIC WORLD: Court to Hear Wind-Up Petition on December 6
-----------------------------------------------------------
A wind-up petition filed against Pacific World Innovations Ltd
will be heard before the High Court of Hong Kong on December 6,
2006, at 9:30 a.m.

ASGHAR Saleem Rahim filed the petition with the Court on
October 9, 2006.

The Solicitors for the Petitioner can be reached at:

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


SMALL AND MEDIUM: Faces Wind-Up Proceedings
-------------------------------------------
A petition to wind up Small and Medium Business Entrepreneur
Association Ltd will be heard before the High Court of Hong Kong
on November 22, 2006, at 9:30 a.m.

Yuen Sin Ying Mieko Sekine presented the petition with the Court
on September 25, 2006.

The Solicitors for the Petitioner can be reached at:

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


SHANGHAI XUJIAHUI: Members Opt to Wind Up Firm
----------------------------------------------
On October 25, 2006, members of Shanghai Xujuahui Holdings
(H.K.) Ltd passed a special resolution to voluntarily wind up
the company's operations and to distribute the proceeds of its
assets disposal.

Subsequently, Cheng Shui Tai was appointed as liquidator.

The Liquidator can be reached at:

         Cheng Shui Tai
         S. T. Cheng & Co.
         Room 3203, 32/F, COSCO Tower
         183 Queen's Road, Central
         Hong Kong


SINO BRILLIANT: Commences Wind-Up Proceedings
---------------------------------------------
At a special general meeting on October 25, 2006, members of
Sino Brilliant Investments Ltd resolved to voluntarily wind up
the company's operations and appointed Pang Yuen Fat as
liquidator.

The Liquidator can be reached at:

         Pang Yuen Fat
         Flat E, 12/F, Tak Lee Commercial Building
         113-117 Wanchai Road
         Hong Kong


SPLENDID JOY: Wind-Up Petition Hearing Fixed on November 22
-----------------------------------------------------------
On September 22, 2006, Chan Mei Kuen filed before the High Court
of Hong Kong, a petition to wind up the operations of Splendid
Joy Ltd.

The Court will hear the petition on November 22, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

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


WIN CHINA: Falls Into Wind-Up
-----------------------------
On October 4, 2006, the High Court of Hong Kong ordered Win
China Industries Ltd to wind up its operations.

The wind-up petition was filed against the Company on August 4,
2006.


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

* Political Instability Prompts S&P to Lower Fiji's Ratings
-----------------------------------------------------------
On November 8, 2006, Standard & Poor's Ratings Services lowered
its foreign currency and local currency long-term sovereign
credit ratings on the Republic of Fiji Islands to 'B+' and 'BB-
', from 'BB-' and 'BB', respectively.  The ratings on Fiji
remain on CreditWatch with negative implications, where they
were placed on November 2, 2006.

"The lowering reflects the further weakening of Fiji's external
position following recent political instability, with the recent
imposition of capital controls being a key symptom of this
instability," Standard & Poor's credit analyst Kyran Curry of
the Sovereign Ratings group said. "The capital controls will
provide short-term support to capital reserves but will weaken
medium-term investment prospects for Fiji."

Standard & Poor's estimates reserves to be less than FJ$400
million on an IMF consistent basis, based on the latest figures
for September 2006.

The CreditWatch status is likely to be resolved this year as the
political situation and implications for the external position
become clearer.

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


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

ALLAHABAD BANK: Net Profit Ups 25% in September 2006 Quarter
-----------------------------------------------------------
Allahabad Bank released its unaudited financial results for the
quarter and half-year periods ended September 30, 2006.

Allahabad Bank reported a 25% increase in its net profit from
INR1.683 billion for the quarter ended September 30, 2005, to
INR2.100 billion for the quarter ended September 30, 2006.

Total Income increased from INR10.639 billion for the September
2005 quarter to INR12.678 billion for the September 2006
quarter.

"The Bank is accelerating its growth path in business accretion
and also increased its market share to improve the performance,"
Allahabad Bank states in a press release.

The release also noted these highlights of the Bank's
performance for the half-year period ended September 2006, which
include:

   -- The Bank's business crossed INR90,000 crores mark to reach
      at INR90,477 crores as at September-end 2006;

   -- Total Assets crossed INR60,000 crores mark and reached to
      INR61,499.30 crores as at September-end 2006, registering
      a growth of 23.49% over September-end 2005;

   -- Operating Profit was INR450.66 crores during the April to
      September 2006 as against INR426.47 crores during April-
      Sept 2005, registering a growth of 5.67%;

   -- Operating Profit from core operations (Excluding
      Investment Trading Profit) increased from INR355.74 crores
      during April to September 2005 to INR438.81 crores during
      April to September 2006, registering a growth of 23.35%;

   -- Net Profit increased from INR331.33 crores to INR338.28
      crores, showing a growth of 2.10%.  This was despite
      making a provision of INR16 crores for mark-to-market
      requirement for an Interest Rate Swap, which was "NIL"
      during the corresponding period last year;

   -- Net Profit (Excluding Investment Trading Profit) increased
      from INR260.60 crores during April to September 2005 to
      INR326.43 crores during April to September 2006,
      registering a growth of 25.26%;

   -- Operating Expenses to Average Working Fund declined to
      1.73% during April to September 2006 from 2.15% during
      April to September 2005; and

   -- As at September-end 2006, Earning per share stood at
      INR15.15 and Book Value increased to INR88.99 from
      INR77.76 during the same period.

A full-text copy of Allahabad Bank's financial results for the
quarter and half-year periods ended September 30, 2006, are
available for free at
http://www.allahabadbank.com/financialresults.htm

                    About Allahabad Bank

Allahabad Bank -- http://www.allahabadbank.com/-- is a public
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
September 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


ALLAHABAD BANK: Seeks Acquisition in South India & Maharashtra
--------------------------------------------------------------
Allahabad Bank is open for acquisition of banks in southern
India and western part of Maharashtra, Reuters reports, citing
a statement made by the Bank's Chairman and Managing Director
A.C. Mahajan.

Those specific regions are the Bank's thrust areas, Mr. Mahajan
explained.

The Bank also plans to open 109 new branches across India during
the year to March 2007, he said.

Mr. Mahajan told Reuters that the Bank sees its total business
to grow to INR1 trillion by March 2007 and INR2 trillion by
2010.  "It will be driven mainly by retail banking and agri-
business," he added.

                    About Allahabad Bank

Allahabad Bank -- http://www.allahabadbank.com/-- is a public
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
September 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


ANDHRA BANK: Government Nominates Two New Directors
--------------------------------------------------
Andhra Bank informed the Bombay Stock Exchange that the
Government of India nominated Shri G B Singh as Director of the
Bank on its board of directors, in place of Shri Rakesh Singh.

In another filing with BSE, the Bank stated that the Government
also nominated Shri Anup Prakash Garg, Chartered Accountant, as
part-time non official director under Chartered Accountant
category on the Bank's board of directors, for a period of three
years from the date of notification or until further orders,
whichever is earlier.

                       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.


ANDHRA CEMENTS: To Release Audited FY 2006 Results in December
--------------------------------------------------------------
Andhra Cements Ltd has advised the Bombay Stock Exchange that
its audited financial results for the 18 months ended Sept. 30,
2006, will be published by end of December 2006.

                      About Andhra Cements

Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement.  Andhra is part of the
Kolkata-based Duncan Goenka group.  The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.

The Company had been operating under the sanctioned
rehabilitation scheme of the BIFR dated June 16, 1994.  The
Appellate Authority for Industrial and Financial Reconstruction
has already approved a rehabilitation scheme, which entailed
fund infusion worth around INR80 crore.  The Company is expected
to turn around by 2006-07.


ARTSON ENGINEERING: Posts INR5.85-Mil Net Profit in 3rd Quarter
---------------------------------------------------------------
For the quarter ended September 30, 2006, Artson Engineering
Limited recorded net profit of INR5.85 million, a 14% increase
from the INR5.12 million in the corresponding quarter last year.

Net sales, however, decreased to INR39.42 million in the
September 2006 quarter from INR53.55 million in the September
2005 quarter.

Even with the reduced sales, net profit improved in the quarter
under review because of the drop in expenses.  For the September
2006 quarter, Artson Engineering's total expenditures dipped by
32% to INR32.07 million from the corresponding period last year
of INR47.33 million.

                    About Artson Engineering

Headquartered in Mumbai, India, Artson Engineering Limited --
http://www.artson.net/-- is a niche engineering company,
active in specialized area of refineries, ports and airports.

The Company was referred to the Board for Industrial and
Financial Reconstruction as a sick company.  It is currently
awaiting approval of its restructuring program


GENERAL MOTORS: Reduces Third Quarter Net Loss to US$91 Million
---------------------------------------------------------------
General Motors Corporation's consolidated net loss for the third
quarter of 2006 has been reduced by US$24 million to a net loss
of US$91 million.  General Motors Corporation previously
announced preliminary consolidated net loss for the third
quarter of 2006 as US$115 million.

The reduction in net loss is attributable to additional loan
sales that had not been previously reported by GM's unit,
General Motors Acceptance Corporation LLC.  GMAC has also
revised its loss to US$325 million, from the US$349 million it
reported earlier, the Associated Press reports.

A full-text copy of GM's revised quarterly report, filed with
the Securities and Exchange Commission on Nov. 7, 2006, is
available for free at http://researcharchives.com/t/s?14a0

                       About General Motors

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

                          *     *     *

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

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

As reported in the Troubled Company Reporter on June 22, 2006,
Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1'
to General Motor's new US$4.48 billion senior secured bank
facility.

The 'RR1' is based on the collateral package and other
protections that are expected to provide full recovery in the
event of a bankruptcy filing.

As reported in the Troubled Company Reporter on June 21, 2006,
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.  The rating outlook is
negative.


GENERAL MOTORS: Delphi Deal Coming Soon Says Rick Wagoner
---------------------------------------------------------
General Motors Corp. anticipates forging a deal with Delphi
Corp. over contributions to the bankrupt auto parts maker's
labor costs "reasonably soon," The Wall Street Journal reports.

GM's Chief Executive, Rick Wagoner, told The Journal's Gordon
Fairclough that "a huge amount of progress has been made"
towards a compromise with Delphi.  GM had recently updated
estimates related to benefit guarantees as a result of progress
in ongoing discussions with Delphi and its unions.

In its report for the quarter-period ended Sept. 30, 2006, GM
disclosed that its has narrowed the range of estimated potential
exposure related to Delphi's bankruptcy at between US$6 and
US$7.5 billion pre-tax, as compared to a previously disclosed
range of US$5.5 to US$12 billion.

Reflecting these updated estimates, GM also increased the
reserve for its contingent liability for Delphi by US$500
million in the third quarter, bringing the total charges taken
to date to US$6 billion pre-tax.  In addition to these charges,
the final agreement with Delphi may result in GM agreeing to
reimburse Delphi for certain labor expenses to be incurred upon
and after Delphi 's emergence from bankruptcy.

The initial payment in 2007 is not expected to exceed
approximately US$400 million pre-tax, and the ongoing expenses
would be of limited duration and estimated to average less than
US$100 million pre-tax annually.

                          About Delphi

Troy, MI-based Delphi Corporation -- http://www.delphi.com/--
supplies vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.
The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts.  Robert J. Rosenberg, Esq.,
Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham &
Watkins LLP, represents the Official Committee of Unsecured
Creditors.  As of Aug. 31, 2005, the Debtors' balance sheet
showed US$17,098,734,530 in total assets and US$22,166,280,476
in total debts.

                      About General Motors

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

                          *     *     *

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

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

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

As reported in the Troubled Company Reporter on June 21, 2006,
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.  The rating outlook is
negative.


NOVELL: Collaborates with Microsoft for Prod. Interoperability
--------------------------------------------------------------
Microsoft Corp. and Novell Inc. disclosed a set of broad
business and technical collaboration agreements to build, market
and support a series of new solutions to make Novell and
Microsoft products work better together.  The two companies also
announced an agreement to provide each other's customers with
patent coverage for their respective products.  These agreements
will be in place until at least 2012.  Under this new model,
customers will realize unprecedented choice and flexibility
through improved interoperability and manageability between
Windows and Linux.

"They said it couldn't be done.  This is a new model and a true
evolution of our relationship that we think customers will
immediately find compelling because it delivers practical value
by bringing two of their most important platform investments
closer together," said Steve Ballmer, CEO of Microsoft.  "We're
excited to work with Novell, whose strengths include its
heritage as a mixed-source company. Resolving our patent issues
enables a combined focus on virtualization and Web services
management to create new opportunities for our companies and our
customers."

Under the agreement, Novell is establishing clear leadership
among Linux platform and open source software providers on
interoperability for mixed-source environments.  As a result,
Microsoft will officially recommend SUSE Linux Enterprise for
customers who want Windows and Linux solutions.  Additionally,
Microsoft will distribute coupons for SUSE Linux Enterprise
Server maintenance and support, so that customers can benefit
from the use of an interoperable version of Linux with patent
coverage as well as the collaborative work between the two
companies.

"Too often technology companies ask their customers to adapt to
them.  Today we are adapting to our customers," said Ron
Hovsepian, president and CEO of Novell.  "Microsoft and Novell
are enabling customers to take advantage of each other's
products where it makes sense in their enterprise
infrastructure.  We jointly believe that our business and patent
agreements make it possible to offer the highest level of
interoperability with the assurance that both our companies
stand behind these solutions."

The two companies will create a joint research facility at which
Microsoft and Novell technical experts will architect and test
new software solutions and work with customers and the community
to build and support these technologies.  The agreement between
Microsoft and Novell focuses on three technical areas that
provide important value and choice to the market:

   -- Virtualization

      Virtualization is one of the most important trends in
      the industry.  Customers tell Microsoft that
      virtualization is one way they can consolidate and more
      easily manage rapidly growing server workloads and their
      large set of server applications.  Microsoft and Novell
      will jointly develop a compelling virtualization offering
      for Linux and Windows.

   -- Web services for managing physical and virtual servers

      Web services and service-oriented architectures continue
      to be one of the defining ways software companies can
      deliver greater value to customers.  Microsoft and Novell
      will undertake work to make it easier for customers to
      manage mixed Windows and SUSE Linux Enterprise
      environments and to make it easier for customers to
      federate Microsoft Active Directory with Novell
      eDirectory.

   -- Document format compatibility

      Microsoft and Novell have been focusing on ways to improve
      interoperability between office productivity applications.
      The two companies will now work together on ways for
      OpenOffice and Microsoft Office system users to best share
      documents, and both will take steps to make translators
      available to improve interoperability between Open XML
      and OpenDocument formats.

"As a result of this collaboration, customers will now be able
to run virtualized Linux on Windows or virtualized Windows on
Linux," said Jeff Jaffe, executive vice president and chief
technology officer at Novell.  "Customers continually ask us how
they can consolidate servers with multiple operating systems
through virtualization. By working together, Novell and
Microsoft enable customers to choose the operating system that
best fits their application and business needs."

The patent cooperation agreement enables Microsoft and Novell to
give customers assurance of protection against patent
infringement claims. It gives customers confidence that the
technologies they use and deploy in their environments are
compliant with the two companies' patents.

As part of this agreement, Microsoft will provide a covenant not
to assert its patent rights against customers who have purchased
SUSE Linux Enterprise Server or other covered products from
Novell, and Novell will provide an identical covenant to
customers who have a licensed version of Windows or other
covered products from Microsoft.

"Both companies had to think creatively about how to create an
intellectual property bridge between the two worlds of open
source and proprietary software," said Brad Smith, senior vice
president and general counsel of Microsoft.  "This bridge is
built on respect for the innovations of each company and the
open source community, and a passion for what we can deliver for
our customers together."

Microsoft and Novell announced the new alliance at an event
attended by several customers and partners.

"We applaud Novell and Microsoft in their efforts to provide
greater Windows and Linux interoperability," said Paul Otellini,
president and chief executive officer of Intel Corp.  "Customers
want solutions that meet their individual needs, and higher
levels of software interoperability give them the ability to
more easily make the best choices."

"Windows and Linux are extremely important to our enterprise
customers and the industry, and AMD strongly supports both,"
said Hector Ruiz, chairman and chief executive officer of
Advanced Micro Devices.  "This agreement by Novell and Microsoft
helps customers bridge the gap between these platforms, giving
them greater flexibility in doing what works best for them.
This is a great example of vendors working together to resolve
complexity so their customers don't have to."

"This technology and business collaboration provides a model
that allows Microsoft and Novell to develop new solutions to
enable open source and proprietary software to work better
together in a mixed-source environment," said Shane Robison,
executive vice president and chief strategy and technology
officer at HP.  "We applaud these two companies for doing the
hard work to build a bridge between Windows and Linux."

"IBM encourages more industry endorsement of mixed-source
solutions that promote open standards," said Steve Mills, senior
vice president and group executive at IBM Software. "Microsoft
support for interoperability with the industry-standard
OpenDocument Format is most welcome.  Open documents give
customers choice and help unlock broad industry creativity,
allowing access to a new generation of innovative applications.
Our view continues to be that interoperability and choice are
key values that customers demand and deserve."

"We are pleased to see that Novell and Microsoft have come
together to address customer needs with heterogeneous operating
environments," said Kevin Kettler, CTO at Dell Inc.  "As an
industry leader in the IT market, we are excited to see the
technology investments being made around virtualization and
interoperability by both companies with this agreement."

"SAP has been the first enterprise application vendor to run our
apps on Linux, while we have more Windows-based deployments than
any other platform," said Shai Agassi, president of Product and
Technology at SAP.  "Today's announcement means that customers
can now choose their preferred operating system for each part of
their SAP implementation with the confidence that the systems
will have strong interoperability and be supported by SAP,
Novell and Microsoft -- both companies being strong SAP
partners."

"One of the key challenges in government is IT
interoperability," said Thomas Jarrett, secretary of the
Department of Technology and CIO of the state of Delaware.  "We
commend Microsoft and Novell for their collaboration and their
efforts to build bridges in the interoperability area, which
will help government to better serve our customers, our business
community and our citizens."

               Good for the Open Source Community

Novell officials noted that one of their priorities in working
toward the agreement with Microsoft was making sure the
agreement made sense for the open source community.  As part of
the agreement, Novell and Microsoft are announcing three
important commitments.  First, Microsoft will work with Novell
and actively contribute to several open source software
projects, including projects focused on Office file formats and
Web services management.  Second, Microsoft will not assert its
patents against individual noncommercial open source developers.
And third, Microsoft is promising not to assert its patents
against individual contributors to OpenSUSE.org whose code is
included in the SUSE Linux Enterprise platform, including SUSE
Linux Enterprise Server and SUSE Linux Enterprise Desktop.

"Today's announcement by Microsoft and Novell marks a
significant milestone in the adoption of Linux," said Stuart
Cohen, CEO of Open Source Development Labs.  "By choosing a
course of competition, Microsoft acknowledges the critical role
that open source plays today in an enterprise IT infrastructure.
We appreciate the role Novell is playing to help bridge the gap
between Microsoft and the open source community.  We are glad to
see these two companies collaborating to further diminish the
legal threat posed to developers and customers by patent
assertions.  This is good for customer confidence in Linux, the
open source community and the broader IT ecosystem."

Like many commercial transactions, the financial terms of the
agreement are not being disclosed at this time.

Under the technical collaboration agreement, the companies will
create a joint research facility and pursue new software
solutions for virtualization, management and document format
compatibility.  These are potentially huge markets -- IDC
projects the overall market for virtual machine software revenue
to be more than US$1.8 billion by 2009, and the overall market
for distributed system management software to be US$10.2 billion
by 2010 -- and the companies believe their investment in
interoperability will make their respective products more
attractive to customers.

Under the patent cooperation agreement, both companies will make
upfront payments in exchange for a release from any potential
liability for use of each other's patented intellectual
property, with a net balancing payment from Microsoft to Novell
reflecting the larger applicable volume of Microsoft's product
shipments.  Novell will also make running royalty payments based
on a percentage of its revenues from open source products.

Under the business collaboration agreement, the companies will
pursue a variety of joint marketing activities to promote the
adoption of the technologies they are collaborating on. In
addition, Microsoft will purchase a quantity of coupons from
Novell that entitle the recipient to a one-year subscription for
maintenance and updates to SUSE Linux Enterprise Server.
Microsoft will annually make available approximately 70,000 of
these coupons to customers, with a mix of priority and standard
support services.  By providing its customers with these
coupons, Microsoft is enabling companies to benefit from the use
of the new software solutions developed through the
collaborative research effort, as well as a version of Linux
that is covered with respect to Microsoft's intellectual
property rights.

Novell, Inc. (Nasdaq: NOVL) delivers Software for the Open
Enterprise(TM).  With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software.  With over 20 years of
experience, more than 5,000 employees, 5,000 partners and
support centers around the world, Novell helps customers gain
control over their IT operating environment while reducing cost.
More information about Novell can be found at
http://www.novell.com

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

Novell has received a letter from Wells Fargo Bank, N.A., the
trustee with respect to company's US$600 million 0.50%
convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006.


NOVELL INC: Names Troy Richardson President of Novell Americas
--------------------------------------------------------------
Novell Inc. named Troy Richardson as president, Novell Americas.
Formerly vice president and general manager of sales for
Novell's Northeast region, Mr. Richardson brings more than 22
years of experience in technology sales and management to the
role.  He will be responsible for the full range of Novell's
sales and consulting business across the US, Latin America and
Canada.

Susan Heystee, the former president of Novell Americas, moves to
become vice president and general manager for global strategic
alliances, a newly created position that recognizes the
importance of Novell's partner community to Novell's success.

Tom Francese, Novell's executive vice president of worldwide
sales, said, "Troy has done a great job over the last year in
driving Novell's success in the Northeast region, helping
customers in the financial services, government and retail
sectors leverage Novell(R) solutions for their businesses.  I
look forward to him expanding this success to our broader
Americas region, where we see real potential for our growth
businesses of Linux and open source and security, identity and
resource management.  In addition, I can't think of anyone
better to lead our critical global partnering efforts than
Susan, whose done an excellent job driving our Americas business
over the last two years."

Mr. Richardson has over 22 years in the technology industry with
a proven track record for consistently delivering significant
revenue and profit growth and building high performance teams.
He joined Novell in July 2005 as vice president and general
manager for the Northeast Area.  Before coming to Novell, he
served as vice president of Retail Solutions Division for the
Americas at NCR Corp.  He also held various executive level
positions in sales and marketing management over a 15-year
career with IBM Corp.

Mr. Richardson commented, "This is a very exciting time for
Novell as we drive our new Linux and identity, security and
resource management businesses forward.  Novell is well
positioned to help customers leverage the performance and value
of open source and standards-based solutions.  I look forward to
working with customers across the Americas region to help them
save money and improve their business processes with Novell
solutions."

Novell, Inc. (Nasdaq: NOVL) delivers Software for the Open
Enterprise(TM).  With more than 50,000 customers in 43
countries, Novell helps customers manage, simplify, secure and
integrate their technology environments by leveraging best-of-
breed, open standards-based software.  With over 20 years of
experience, more than 5,000 employees, 5,000 partners and
support centers around the world, Novell helps customers gain
control over their IT operating environment while reducing cost.
More information about Novell can be found at
http://www.novell.com

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

Novell has received a letter from Wells Fargo Bank, N.A., the
trustee with respect to company's US$600 million 0.50%
convertible senior debentures due 2024, which asserts that
Novell is in default under the indenture because of the delay in
filing its Form 10-Q for the period ended July 31, 2006.


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

LIPPO BANK: Moody's Assigns Ba3 Issuer Debt Rating
--------------------------------------------------
Moody's Investors Service has assigned first-time ratings to PT
Bank Lippo Tbk:

   -- issuer/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength (BFSR) of D-.

The outlook for all ratings is stable.

"These ratings are underpinned by the bright prospects for Bank
Lippo's franchise under its new shareholder Khazanah Nasional
Berhad of Malaysia (Khazanah; rated A3 senior unsecured domestic
currency)," says Beatrice Woo, a Moody's VP/Senior Credit
Officer.

"Furthermore, the ratings are supported by its competitive
advantage as the second largest payment bank in the system, and
its modest financial fundamentals," adds Woo.

"While these financial trends are in its early stages, they,
nonetheless, appear to be improving," says Woo, adding, "In
particular, Bank Lippo enjoys strong economic solvency, after
adjusting for problem loans and foreclosed assets on its balance
sheet, and despite its recent rapid loan expansion.  This level
may be affected by the bank's growth ambitions -- either
organically or through mergers & acquisitions -- and therefore
cause the BFSR to come under downward pressure."

As for earnings, they have not normalized, but on a positive
note, its net interest margin has widened to above peer-group
average.

However, the ratings also consider Bank Lippo's lack of scale --
although it is the 10th largest domestic bank, it is still
relatively small in a system which is consolidating and where
competition is rising -- and its relative late thrust into the
market.  Having only been installed for just over one year since
September 2005, the new management team is still developing and
implementing the bank's new risk framework.

Finally, the ratings incorporate anticipated support - in terms
of financial and technical -- from Khazanah.  Moody's believes
that support would be readily forthcoming, if needed, given the
sovereign status of the investment agency and the importance of
its Indonesian investments.

This backing -- from a financially stronger shareholder --
provides greater comfort of expected support in light of Bank
Lippo's position as the system's 10th largest bank and hence,
relatively lower systemic importance.

In addition, the rating agency has assigned a Ba3 rating to Bank
Lippo's proposed subordinated notes due 2016.  The rating
outlook is stable.

The subordinated notes represent unsecured, subordinated
obligations of the bank and will be issued through the bank's
Cayman Islands branch.  The notes also contain a step up
interest rate feature in 2011 if the notes are not redeemed. In
liquidation, the ranking of the notes is subordinated to the
claims of senior obligations.  The bank may redeem the notes,
subject to the prior approval of Bank Indonesia:

   (1) upon tax changes;
   (2) following a Change of Control; or
   (3) at the option of the bank on the call date.

The purpose of the issuance is to fund growth.

Bank Lippo is Indonesia's 10th largest bank with a 2% share of
the deposit market.  At June 2006, it had assets of IDR28.6
trillion. In September 2005, Santubong Investments B.V. -- a
wholly owned subsidiary of Khazanah -- bought a 52.05% stake for
US$326.8 million.  Santubong Investments B.V. then increased its
holdings to 87.52% through a tender offer in December 2005.  The
other shareholders include PT Lippo E-Net Tbk (1%); Ministry of
Finance (2.26%); and the public (9.22%).

The following ratings were assigned:

Issuer/subordinated debt of Ba3/Ba3.  Outlook stable;

Foreign currency long-term/short-term deposit of B2/Not Prime.
Outlook stable; and

Bank financial strength of D-.  Outlook stable


TELKOM INDONESIA: To Take Part in US$1.5-Bil. Fiber Optic Tender
----------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk will take part in the proposed
fiber-optic network construction tender valued at
IDR13.65 trillion (US$1.5 billion) which will be launched in
October 2007, Telegeograph reports.

Telkom's managing director, Arwin Rasyid, confirmed the
company's interest to the press and added that he is still
considering the best option for the company to take part in the
tender process.  Mr. Rasyid said that whether or not a
consortium is formed, the company will certainly play a large
role in constructing the fibre-optic network.

Telkom's involvement, according to Mr. Rasyid, will be aimed at
increasing the capacity of its network.

Tempo Interactive says that this will support increases in both
Telkom's customer growth as well as its subsidiaries such as PT
Telekomunikasi Selular and PT Telkom Vision, a pay-for-TV
broadcast provider.

The report relates that the company will reduce its broadband
tariff by the end of 2007 so that the access to the Internet
will be cheaper for the general public.  Based on data from the
Directorate General of Posts and Telecommunication, the
broadband tariff in Indonesia is US$3,500 per two megabytes per
second, Tempo notes.

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

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

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

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


* Asia Pulp Ruling Points to Judicial Uncertainties, Fitch Says
---------------------------------------------------------------
Fitch Ratings said that an Indonesian Supreme Court ruling last
week to uphold a lower court's decision to nullify
US$500 million of secured bonds sold by Indah Kiat Pulp & Paper
Co. (a subsidiary of Asia Pulp & Paper) is detrimental to
creditors' confidence in the reliability of Indonesia's judicial
system.

"The ruling serves to remind creditors of the ambiguities within
the Indonesian legal regime," said Siew Huey Loong, director in
Fitch's Asia-Pacific Corporate Ratings Group.  "Such ambiguities
as those reflected in this ruling and other case precedents are
fully considered in Fitch's rating methodology.  Instrument
ratings for Indonesian entities are subject to a "soft cap" at
the level of the Issuer Default ratings at all rating levels.
This effectively means that, in most cases, no credit will be
given for security."

The agency believes that this ruling could result in a more
cautious approach to Indonesian bond issues by international
investors, which is clearly not in the best interests of the
market's development.  "Investors can be expected to examine the
track record of the sponsors in future transactions to see how
they may have treated creditors in the past, potentially leading
to more selective investment decisions," said Ms. Loong.

"Although the nullification of bonds have so far been isolated
cases stemming from issuers acting in bad faith, the Supreme
Court's upholding of the lower court's decision to nullify the
bonds emphasizes the uncertainties creditors face in Indonesia's
legal regime," added Ms. Loong.  "It is also interesting to note
that the basis of the ruling to nullify the bonds is the use of
an offshore special purpose vehicle for the bond issuance. This
same mechanism is still commonly used for bond issuance by
Indonesian entities."

These and other findings were previously noted by Fitch in a
report entitled "Indonesia's Insolvency Regime and its Impact on
Recovery Ratings" published on 31 October 2006.  The report
examines how the insolvency regime affects the rights of secured
and unsecured creditors.  In addition, it highlights the issues
faced by creditors in the event of default and reviews several
milestone cases such as Asia Pulp & Paper.  The report also
examines the common structure of credit support mechanisms
applied in Indonesian high yield bonds, as well as innovative
credit enhancement features included in recent issuances.
"Although Fitch notes that these serve to better protect
noteholders' interests and ensure that cash flow is properly
captured for debt servicing, the enforceability of security in
event of default remains uncertain due to the lack of an
established track record in the consistent application of legal
principles within the Indonesian legal system," elaborated Ms.
Loong.

The Supreme Court ruling and publication of Fitch's report
coincides with an increasing number of Indonesian corporates
returning to the capital markets following their recovery from
the Asian financial crisis.  This recently improved level of
capital market access has been facilitated by a number of
factors including an improved political environment and macro
stability as well as strengthening credit profiles of the
corporate universe following significant deleveraging since the
crisis.

The special report is available on the agency's Web site
http://www.fitchratings.com/and is the first of a series of
reports that will review the insolvency regimes of certain
countries in the Asia-Pacific region.


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

HERBALIFE LTD: Reports Strong Sales Growth in 3rd Quarter 2006
--------------------------------------------------------------
Herbalife Ltd. reported third-quarter net sales of
US$476.4 million, an increase of 18.8% compared to the same
period of 2005.  This record performance was largely
attributable to increases in the company's two largest markets,
Mexico and the U.S., which reported net sales growth of 66.0%
and 24.7%, respectively, versus the third quarter of 2005.

The company's chief executive officer, Michael O. Johnson, said,
"I am pleased with the strong sales growth we have generated in
our top markets.  We believe our innovative distributor business
methods, combined with engaged leadership and high-quality
products will continue to serve as the primary sales drivers in
our existing markets."

During the third quarter of 2006, new distributor supervisors
increased 18.9% versus the same period in 2005.  Total
supervisors, as of September 30, 2006, increased 23.8% versus
2005 and the company's President's Team increased 17.0% year-
over-year to 958 members.

                      Financial Performance

For the quarter ended September 30, 2006, the company reported
net income of US$26.5 million, or US$0.36 per diluted share,
compared to US$27.1 million, or US$0.37 per diluted share in the
third quarter of 2005.  This decrease was primarily attributable
to the impact of a US$14.3 million after-tax expense incurred
during the quarter relating to the company's July 2006 debt
refinancing, partially offset by strong net sales growth, and
lower interest and income tax expenses.  Excluding the impact of
this refinancing charge and other items1, third quarter 2006 net
income increased 54.6% to US$38.1 million, or US$0.51 per
diluted share, compared to US$0.34 per diluted share in the
third quarter of 2005.

For the nine months ended September 30, 2006, the company
reported net income of US$101.5 million, or US$1.37 per diluted
share, compared to US$63.2 million, or US$0.87 per diluted share
in the same period last year.  Excluding the impact of certain
items, year-to-date net income increased 36.1% to
US$109.4 million, or US$1.47 per diluted share, compared to
US$1.11 per diluted share in the same period of 2005.

The company invested US$23.5 million in capital expenditures
during the third quarter, primarily related to the relocation of
the company's regional headquarters in Los Angeles, the
development of the company's e-commerce platform, enhancements
to its management information systems, and additional
infrastructure investments in China.

              Third Quarter 2006 Business Highlights

During the quarter, the company hosted over 50,000 distributors
at more than 40 local and regional events.  The largest events
were three regional Extravaganzas hosted in Athens, Las Vegas
and Mexico City, which collectively attracted over 40,000
attendees.  Additionally, more than 3,000 distributors attended
a Summer Spectacular in South Africa.  Numerous leadership and
training events were also hosted around the world, including
five World Team Schools in South America, a President's Team
Retreat in the U.S. and several Supervisor Workshop tours across
Europe.

The company continued to assist its distributors in the global
expansion of key business methods during the quarter.  For
example, over 11,000 distributors were trained on the Customer
Club party-planning concept, and the company estimates that
there are nearly 40,000 clubs in operation worldwide.  Greg
Probert, the company's president and chief operating officer,
said, "Our distributors' business methods have enabled us to
increase penetration within several of our key markets and reach
a broader consumer base worldwide."

The company also launched several new products during the third
quarter.  A water-mixable version of its flagship Formula 1
nutritional protein drink, a reformulated version of the
company's Garden 7 phytonutrient supplement and sample packs of
its NouriFusion personal care line were introduced to the U.S.
market at the company's North American Extravaganza in July.
Additionally, globalization of other recent product
introductions continued during the quarter, with LiftOffTM
expanding into ten additional European markets.

Global branding remains a key component in supporting the
retailing and recruiting efforts of the company's distributors
and associating the Herbalife brand with healthy, active
lifestyles.  Sponsorships during the quarter included the Moscow
Peace Marathon, the Nautica Malibu Triathlon, the Michelob Ultra
London Triathlon and the JPMorgan Chase Tennis Tournament.

The company also continued the execution of its China strategy
by opening five new stores in three additional provinces,
bringing the total to 33 stores in 20 provinces as of September
30, 2006.  "I am pleased with our performance in China," said
Probert.  "The results we generated through the third quarter
were in-line with our expectations and although we are still
awaiting approval for our direct selling license, we remain
optimistic about our long-term prospects in this important
market," Probert continued.

                       Regional Performance

Effective July 2006, the company changed its geographic units
from four to seven.  As a part of its realignment for growth
initiative, the company is refining its organizational structure
to create additional touch points and growth opportunities for
its distributors, support faster decision making across the
organization due to reduced management layers, and improve the
sharing of ideas and tools to accelerate growth in its high
potential markets.  The new geographic units are as follows:
Europe, Middle East and Africa, Mexico and Central America,
North America, South America and Southeast Asia, Greater China,
North Asia and Brazil.

EMEA, which accounted for 26.7% of worldwide sales, reported net
sales of US$127.4 million in the third quarter, down 2.9% versus
the same period of 2005.  Excluding currency fluctuations, net
sales decreased 5.9%.  The performance was primarily
attributable to declines in Germany and the Netherlands, which
were down 25.7% and 21.2%, respectively, versus 2005, partially
offset by growth in several of the region's top markets,
including Portugal, up 32.5%, Spain, up 15.6%, and France, up
13.2%, in each case compared to the third quarter of 2005.
Total supervisors in the region, as of September 30, 2006,
increased 1.6% versus the same period in 2005.

For the nine months ended September 30, 2006, net sales in the
region decreased 0.8% to US$414.1 million, as compared to the
same period in 2005. However, excluding currency fluctuations,
year-to-date net sales in the region increased 0.9%, versus the
comparable period of 2005.

Mexico and Central America, which accounted for 21.6% of
worldwide sales, reported net sales of US$103.0 million in the
third quarter, up 66.8% versus the same period of 2005.

Excluding currency fluctuations, net sales increased 70.5%.
This increase was primarily attributable to strong growth in the
company's largest market, Mexico, which reported a 66.0%
increase during the quarter versus 2005.  Total supervisors in
the region, as of September 30, 2006, increased 97.7% as
compared to the same period in 2005.  For the nine months ended
September 30, 2006, net sales in Mexico and Central America
increased 87.8% to US$281.0 million, as compared to the same
period in 2005.  Excluding currency fluctuations, year-to-date
net sales in the region increased 87.7%, versus the comparable
period of 2005.

The North America unit, which accounted for 19.4% of worldwide
sales, reported net sales of US$92.3 million in the third
quarter, up 22.8% versus the same period of 2005.  Excluding
currency fluctuations, net sales increased 22.5%.  This increase
was largely attributable to continued sales growth in the U.S.,
which reported a 24.7% increase during the quarter as compared
to the third quarter of 2005.  Total supervisors in the region,
as of September 30, 2006, increased 14.9% versus the same period
in 2005.  For the nine months ended September 30, 2006, net
sales in North America increased 15.9% to US$266.7 million, as
compared to the same period in 2005.  Excluding currency
fluctuations, year-to-date net sales in the region increased
15.5%, versus the comparable period of 2005.

SAM/SEA accounted for 10.8% of worldwide sales and reported net
sales of US$51.5 million in the third quarter, up 39.2% versus
the same period of 2005.  Excluding currency fluctuations, net
sales increased 37.6%.  The growth in the region was primarily
attributable to a 43.6% increase in the company's South American
markets and incremental revenue in Malaysia, which opened in the
first quarter of 2006.  Total supervisors in the region, as of
September 30, 2006, increased 39.3% versus the same period in
2005.

For the nine months ended September 30, 2006, net sales in the
region increased 51.1% to US$142.5 million, as compared to the
same period in 2005.  Excluding currency fluctuations, year-to-
date net sales in the region increased 50.6%, versus the
comparable period of 2005.

Greater China, which accounted for 7.6% of worldwide sales,
reported net sales of US$36.2 million in the third quarter, up
23.9% versus the same period of 2005.  Excluding currency
fluctuations, net sales increased 24.2%.  The increase was
primarily attributable to incremental sales in China, offset by
declines in Taiwan and Hong Kong resulting from the continued
shift in distributor focus towards China and Malaysia.  Total
supervisors in the region, as of September 30, 2006, increased
19.4% versus the same period in 2005.

For the nine months ended September 30, 2006, net sales in
Greater China increased 12.1% to US$92.5 million, as compared to
the same period in 2005.  Excluding currency fluctuations, year-
to-date net sales in the region increased 13.0%, versus the
comparable period of 2005.

North Asia, which accounted for 7.0% of worldwide sales,
reported net sales of US$33.2 million in the third quarter, down
12.4% versus the same period of 2005.  Excluding currency
fluctuations, net sales decreased 13.1%.  The performance
reflects a 24.3% decline in Japan, offset by an 8.3% increase in
South Korea.  Total supervisors in the region, as of September
30, 2006, increased 10.3% versus the same period in 2005.

For the nine months ended September 30, 2006, net sales in North
Asia decreased 4.5% to US$102.0 million, as compared to the same
period in 2005.  Excluding currency fluctuations, year-to-date
net sales in the region decreased 2.5%, versus the comparable
period of 2005.

Brazil, which accounted for 6.9% of worldwide sales, reported
net sales of US$32.8 million in the third quarter, up 13.6%
versus the same period of 2005. Excluding currency fluctuations,
net sales increased 5.2%.  Total supervisors, as of September
30, 2006, increased 16.8% versus the same period in 2005.  For
the nine months ended September 30, 2006, net sales in Brazil
increased 29.6% to US$99.4 million, as compared to the same
period in 2005.  Excluding currency fluctuations, year-to-date
net sales in the region increased 13.3%, versus the comparable
period of 2005.

         Fourth Quarter 2006 and Full Year 2007 Guidance

Based on management outlook for continued sales growth in its
key markets, fourth quarter 2006 net sales growth is expected to
be in the range of 18.0% to 20.0% and diluted earnings per share
are expected to be in the range of US$0.52 to US$0.55.

Furthermore, as a result of its higher than expected financial
performance through the third quarter of the year, the company
is raising its full year 2006 diluted earnings per share
guidance to be in the range of US$2.00 to US$2.03.  The
company's fourth quarter 2006 diluted earnings per share
estimates exclude expenses expected to be incurred during the
quarter relating to the company's realignment for growth
initiative.  In addition, the company's full year 2006 diluted
earnings per share estimates also exclude the impact of the
US$14.3 million after-tax recapitalization charge, and US$6.4
million in tax benefits realized during the first nine months of
2006.

The Company expects full year 2007 net sales growth to be in the
range of 10.0% to 15.0% and diluted earnings per share to be in
the range of US$2.40 to US$2.47.

A full-text copy of Herbalife's financial results for the three
months and nine months ended September 30, 2006, is available
for free at http://ResearchArchives.com/t/s?14ab

                      About Herbalife Ltd.

Herbalife Limited -- http://www.herbalife.com/-- is a global
network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation -- http://www.herbalifefamily.org/-- and its Casa
Herbalife program to bring good nutrition to children.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.

                           *     *     *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


LOPRO CORPORATION: Fitch Affirms 'BB' Long-Term Ratings
-------------------------------------------------------
Fitch Ratings has affirmed its ratings on Lopro Corporation as
follows:

   * Long-term foreign and local currency Issuer Default ratings
     of 'BB'; and

   *  Short-term foreign and local currency IDRs of 'B'.

The Outlook on the ratings is Stable.  This follows the recent
revision by Lopro of its FY07 (end-March 2007) interim results
for the six months ending September 30, which showed a large
downward adjustment in its estimates to a net loss of
JPY14.3 billion for the period.

As previously noted by Fitch, the non-bank finance sector in
Japan, including both commercial lenders like Lopro and other
consumer finance companies, is facing a number of serious
challenges over the next few years.  These include the need for
each company to sharply increase reserves for the repayment of
interest charged on loans made in previous years, in line with
new accounting guidelines for the sector, as well as the likely
lowering of the 29.2% interest rate ceiling mandated under
Japan's Money Lending Business Law, now under parliamentary
review.  In this context, Lopro's interim net loss is entirely
expected and in line with industry trends following similar
moves by other non-bank finance companies in Japan.  As with
these other companies, Lopro's estimated net loss is the direct
result of increased reserves for interest payments, on top of
other loan loss provisioning charges.  The agency views Lopro's
decision as unavoidable and in line with the sector's generally
conservative approach to meeting the challenge of their
increased provisioning requirements.

Fitch considers that the current ratings it has on Lopro provide
an accurate and fair reflection of the company's financial
position and overall business prospects.  This is especially the
case as among the Japanese non-bank finance companies rated by
Fitch, the agency is concerned that Lopro enters a period of
intensifying competition in a relatively more vulnerable
position than some of its peers.  The agency intends to conduct
its regular annual review of Lopro's financial performance in
the coming weeks and will announce its conclusions after meeting
with management.

                          *     *     *

Headquartered in Kyoto, Japan -- http://www.lopro.co.jp/--
Lopro Corporation is involved in the provision of lending
services and commercial bills, as well as the leasing of real
estate.  It principally offers its services to small- and
medium-sized companies, as well as small-scale businesses.  Its
major products include commercial bill discounts, as well as
unsecured loans on notes and deeds.  As of April 1, 2006, the
Company merged with a consolidate subsidiary, which is primarily
engaged in the provision of credit assurance services.


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

DYNCORP INTERNATIONAL: Names Schehr as Sr. VP & General Counsel
---------------------------------------------------------------
DynCorp International LLC has appointed Curtis L. Schehr as its
Senior Vice President and General Counsel.

Mr. Schehr was the senior vice president, general counsel and
secretary of Anteon International Corp. from 1996 to July 2006,
where he was part of the corporate leadership team that
spearheaded the company's vigorous growth, including an initial
public offering in early 2002.  From 1991-1996, he was associate
general counsel of Vitro Corp. of Rockville, MD.  Before that,
Mr. Schehr was corporate legal counsel at Information Systems
and Networks Corp. of Rockville, MD, and served in several legal
and contracts positions at Westinghouse Electric Corp.'s defense
group in Baltimore, MD.

Herb Lanese, president and chief executive officer of DynCorp
International, said, "I'm delighted to have Curtis join our
executive team in this highly important role.  We are a newly
formed public company with substantial opportunity for growth,
and Curtis's deep corporate legal experience, business acumen,
and track record in helping grow a business will add an
important dimension in support of the company's success."

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries, including Korea.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                          *     *     *

Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC.  The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


DYNCORP INTERNATIONAL: Secures US$450MM from Naval Facilities
-------------------------------------------------------------
The Naval Facilities Engineering Command aka NAVFAC has awarded
DynCorp International and its partners in Contingency Response
Services LLC the Global Contingency Services Contract.  The
contract is valued at up to US$450 million over a five-year
period.

DynCorp International, Parsons Global Services, and PWC
Logistics formed Contingency Response Services LLC to provide a
full range of worldwide contingency and disaster-response
services, including humanitarian assistance and interim or
transitional base-operating support services.  Key functional
areas where work will be performed include:

   -- facility operations and maintenance;
   -- air operations;
   -- port operations;
   -- health care;
   -- supply and warehousing;
   -- galley;
   -- housing support;
   -- emergency services;
   -- security, fire, and rescue;
   -- vehicle-equipment repair; and
   -- incidental construction.

Work will be performed through individual task orders extending
through August 2011.

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries, including Korea.  DynCorp International, LLC, is the
operating company of DynCorp International Inc.

                          *     *     *

Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC.  The ratings were removed from CreditWatch
where they were placed with positive implications on Oct. 3,
2005.  S&P said the outlook is stable.

Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


EUGENE SCIENCE: Enters 20-Year Lease to Accommodate Expansion
-------------------------------------------------------------
Eugene Science, Inc., signed a definitive agreement with the
Kyonggi-Do State Government of South Korea for its new corporate
facility in suburban Seoul.

Construction is scheduled to begin next month on an initial
22,000 square feet of custom designed office, R&D and production
space on six acres of land offering future additional build-out
capacity -- approximately twice the size of the Company's
recently sold current property.  Additional space build out is
scheduled for 2008.  Terms provide for a 20-year lease, and an
automatic ten-year renewal, with the Kyonggi-Do State Government
subsidizing practically the entire lease and much of
construction costs under local economic development programs.

Eugene Science expects to move into the new facility in the
first quarter of 2007, with additional construction phases
scheduled for completion by 2008.  The property will be located
in Jang-An Industrial Complex, Haw Sung City, Kyonggi-Do, about
40 miles south of Seoul and ten miles from Pyungtaek Port, an
important and emerging industrial harbor servicing the capital
city of Seoul.  The Company will maintain its corporate
headquarters in Seoul in office space that it purchased in 2000.

"Completion of this agreement and the upcoming move to new,
larger facilities is yet another important company achievement,"
said Seung Kwon Noh, Chief Executive Officer, Eugene Science.
"The market for our CholZero(TM) product line is expanding with
greater consumer awareness and growing demand from new and
existing customers.  With our AD/ADD biotechnology and other
nutraceutical products in our development pipeline, the new
headquarters facility will provide Eugene Science with capacity
for strong growth next year and beyond."

                       Going Concern Doubt

As reported in Troubled Company Reporter on May 18, 2006, SF
Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Eugene Science, Inc., fka Ezomm
Enterprises, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Dec. 31, 2005.  The auditor pointed to the Company's
recurring losses, negative working capital, and operation in a
country whose economy is currently unstable -- South Korea.

                       About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science, Inc., fka
Ezomm Enterprises, Inc. (OTCBB: EUSI), is a global biotechnology
company that develops, manufactures and markets nutraceuticals,
or functional foods that offer health-promoting advantages
beyond that of nutrition.  Plant sterols are the Company's
primary products, which include CZTM Series of food additives
and CholZeroTM branded beverages and capsules.  In June 2005,
the Company received regulatory approval for certain health
claims associated with the Company's products from government
agencies in the Republic of Korea.


EUGENE SCIENCE: To Implement National Investor Relations Program
----------------------------------------------------------------
Eugene Science, Inc., discloses in a press release dated
November 3, 2006, that it will be implementing a nationwide
investor relations program.

In this regard, Eugene Science retained Mirador Consulting,
Inc., a Florida-based corporate consulting firm, to establish an
investor-relations campaign.  Under the deal, Mirador will
implement a five-part program including:

   -- stockbroker relations;

   -- media relations;

   -- shareholder or investor communications; and

   -- Internet coverage.

Mirador Consulting -- http://www.MiradorConsulting.com-- is a
full service corporate consulting firm.  Mirador specializes in
micro-cap and middle market NASDAQ listed companies, providing
nationwide representation to members of the investment
community.

                       Going Concern Doubt

As reported in Troubled Company Reporter on May 18, 2006, SF
Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Eugene Science, Inc., fka Ezomm
Enterprises, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Dec. 31, 2005.  The auditor pointed to the Company's
recurring losses, negative working capital, and operation in a
country whose economy is currently unstable -- South Korea.

                       About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science, Inc., fka
Ezomm Enterprises, Inc. (OTCBB: EUSI), is a global biotechnology
company that develops, manufactures and markets nutraceuticals,
or functional foods that offer health-promoting advantages
beyond that of nutrition.  Plant sterols are the Company's
primary products, which include CZTM Series of food additives
and CholZeroTM branded beverages and capsules.  In June 2005,
the Company received regulatory approval for certain health
claims associated with the Company's products from government
agencies in the Republic of Korea.


EUGENE SCIENCE: Earns US$1.4 Million in Second Quarter of 2006
------------------------------------------------------------
Eugene Science Inc. has filed its quarterly financial
statements for the period ended June 30, 2006, with the United
States Securities and Exchange Commission.

Eugene Science reported a US$1,440,112 net income on US$220,397
of revenues for the second quarter ended June 30, 2006, compared
with a US$960,992 net loss on US$100,082 of revenues for the
same period in 2005.  The net income was mainly due to the
recognition of a US$5,490,547 gain on sale of assets in the
second quarter.

At June 30, 2006, the company's balance sheet showed
US$6,098,465 in total assets and US$16,190,785 in total
liabilities, resulting in a US$10,092,320 stockholders' deficit.

The company's balance sheet at June 30, 2006, also showed
strained liquidity with US$2,625,718 in total current assets
available to pay US$15,526,969 in total current liabilities.

Full-text copies of the company's second quarter financials are
available for free at http://researcharchives.com/t/s?1439

                       Going Concern Doubt

As reported in Troubled Company Reporter on May 18, 2006, SF
Partnership, LLP, Chartered Accountants, in Toronto, Canada,
raised substantial doubt about Eugene Science, Inc., fka Ezomm
Enterprises, Inc.'s ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended Dec. 31, 2005.  The auditor pointed to the Company's
recurring losses, negative working capital, and operation in a
country whose economy is currently unstable -- South Korea.

                       About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science, Inc., fka
Ezomm Enterprises, Inc. (OTCBB: EUSI), is a global biotechnology
company that develops, manufactures and markets nutraceuticals,
or functional foods that offer health-promoting advantages
beyond that of nutrition.  Plant sterols are the Company's
primary products, which include CZTM Series of food additives
and CholZeroTM branded beverages and capsules.  In June 2005,
the Company received regulatory approval for certain health
claims associated with the Company's products from government
agencies in the Republic of Korea.


KOREA EXCHANGE BANK: Ex-President Arrested Over Lone Star Probe
---------------------------------------------------------------
Korea Exchange Bank's former president, Lee Kang-Won, was
arrested over his alleged involvement in the sale of the bank to
United States-based Lone Star Funds.

The Seoul District Court approved the arrest warrant after
seeing sufficient reason to believe criminal acts may have been
committed, XFN-ASIA relates.  The Seoul Court also cited the
need to remove Mr. Lee from a position he can remove evidence.

"[Mr. Lee] was suspected of causing damage of hundreds of
billions of won to KEB or shareholders in the process of KEB's
sale," Reuters cites the allegation stated in the arrest
warrant.

As reported by the Troubled Company Reporter - Asia Pacific
reports on November 7, 2006, the Seoul Court rejected South
Korean prosecutors' request to issue a warrant for Lone Star
executives.

Pursuant to prior TCR-AP reports, prosecutors had been looking
into Lone Star's purchase of a 50.5% stake in KEB in 2003, and
had been examining whether the acquisition was appropriate.  The
probe focuses on the alleged charges of the Bank's cheap sale
and manipulation of the Bank for International Settlement equity
rate.

According to Reuters, the probe is being closely watched by
investors who fear prosecutors may be singling out foreign
interests, delaying the deal in which Kookmin Bank agreed to buy
KEB for US$7.3 billion.

                    About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  After being privatized in
1989, the Bank focused into commercial banking.   In terms of
assets, it ranks sixth among Korea's nationwide commercial banks
with 7% of system assets.  It operates a branch network of 317
domestic and 28 overseas offices.  During the economic crisis,
significant exposures to troubled corporate borrowers led to a
deterioration in the bank's financial health.  However, since
then, its operating performance stabilized, and the bank has
reported consecutive quarterly profits since the end of 2003.

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

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

                          *     *     *

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

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

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


KOREA EXCHANGE: Avails Overseas Tax Breaks Even if Unqualified
--------------------------------------------------------------
The Korea Exchange Bank continues to avail of benefits from tax
treaties given to state-run banks even after it was privatized
in 1989, The Korea Times reports, citing a statement made by
Rep. Sim Sang-jeong of the of the progressive Democratic Labor
Party.

In a parliamentary interpellation session, Ms. Sim related that
the South Korean Government designated KEB as a financial
institution exempt from taxes overseas.  The tax exemption is
pursuant to treaties that South Korea signed with 12 countries
between 1977 and 1994, wherein certain state-run banks are
exempted from paying taxes.

After being privatized in 1989, KEB, however, continued to be
included in the list of tax-exempt entities and hence continued
not to pay capital gains taxes on its interest income overseas,
Ms. Sim disclosed.

"For instance, KEB did not pay capital gains taxes on US$7.5
million of interest income in Canada and two other countries
from 2001 and 2004 thanks to its state-run bank status," the
Times quotes Ms. Sim as saying.

However, Korea's Ministry of Finance and Economy argued that it
did not provide any favor to KEB, the Times states.  The MOFE
even regards as "not a big deal" KEB's status as a state-run
bank.

Even with the tax exemption overseas, KEB has to pay exempted
taxes on top of corporate income taxes in Korea, a MOFE officer
explained to the Times.  Hence, KEB pays taxes domestically on
its overseas interest income.

                    About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  After being privatized in
1989, the Bank focused into commercial banking.   In terms of
assets, it ranks sixth among Korea's nationwide commercial banks
with 7% of system assets.  It operates a branch network of 317
domestic and 28 overseas offices.  During the economic crisis,
significant exposures to troubled corporate borrowers led to a
deterioration in the bank's financial health.  However, since
then, its operating performance stabilized, and the bank has
reported consecutive quarterly profits since the end of 2003.

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

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

                          *     *     *

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

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

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


KRISPY KREME: Settles Securities Fraud Lawsuit for US$75 Million
----------------------------------------------------------------
Krispy Kreme Doughnuts, Inc., with the approval of the Special
Committee of its Board of Directors, has entered into a
Stipulation and Settlement Agreement with the lead plaintiffs in
the pending securities class action, the plaintiffs in the
pending derivative action and all defendants named in the class
action and derivative action, except for the company's former
chairman and chief executive officer, providing for the
settlement of the securities class action and the derivative
action.

Both the class action and derivative action settlements are
subject to preliminary and final approval of the U.S. District
Court for the Middle District of North Carolina.

With respect to the securities class action, the Stipulation
provides for the certification of a class consisting of all
persons who purchased the company's publicly-traded securities
between March 8, 2001 and April 18, 2005, inclusive.

The settlement class will receive total consideration of
approximately US$75 million, consisting of a cash payment of
US$34,967,000 to be made by the company's directors' and
officers' insurers, a cash payment of US$100,000 to be made by
the company's former Chief Operating Officer, John W. Tate, a
cash payment of US$100,000 to be made by the company's former
Chief Financial Officer, Randy Casstevens, a cash payment of
US$4,000,000 to be made by the company's independent registered
public accounting firm, and common stock and warrants to
purchase common stock to be issued by the company having an
aggregate value of US$35,833,000.

All claims against defendants will be dismissed with prejudice;
however, claims that the company may have against Scott A.
Livengood, the company's former Chairman and Chief Executive
Officer, that may be asserted by the company in the derivative
action for contribution to the securities class action
settlement or otherwise under applicable law are expressly
preserved.  The Stipulation contains no admission of fault or
wrongdoing by the company or the other defendants.

With respect to the derivative litigation, the Stipulation
provides for the settlement and dismissal with prejudice of all
claims against defendants except for claims against Mr.
Livengood.  The company, acting through its Special Committee,
settled claims against Mr. Tate and Mr. Casstevens for these
consideration:

    -- Messrs. Tate and Casstevens each agreed to contribute
       US$100,000 in cash to the settlement of the securities
       class action;

    -- Mr. Tate agreed to cancel his interest in 6,000 shares of
       the company's common stock; and

    -- Messrs. Tate and Casstevens agreed to limit their claims
       for indemnity from the company in connection with future
       proceedings before the Securities and Exchange Commission
       or the United States Attorney for the Southern District
       of New York to specified amounts.

The company, acting through its Special Committee, has been in
negotiations with Mr. Livengood but has not reached agreement to
resolve the derivative claims against him and counsel for the
derivative plaintiffs are deferring their application for fees
until conclusion of the derivative actions against Mr.
Livengood.  All other defendants named in the derivative action
will be dismissed with prejudice without paying any
consideration, consistent with the findings and conclusions of
the company's Special Committee in its report of August 2005.

"The settlement of these legal matters represents a significant
step in the turnaround of Krispy Kreme," Daryl Brewster,
President and Chief Executive Officer, said.

The company estimates that, based on the current market price of
its common stock, it will issue approximately 1,875,000 shares
of its common stock and warrants to purchase approximately
4,400,000 shares of its common stock in connection with the
Stipulation.  The exercise price of the warrants will be equal
to 125% of the average of the closing prices of the company's
common stock for the 10-day period surrounding the filing of its
Annual Report on Form 10-K for the fiscal year ended
Jan. 29, 2006.

The company has recorded a non-cash charge to earnings in fiscal
2006 of US$35,833,000, representing the estimated fair value of
the common stock and warrants to be issued by the company.  The
Company has recorded a related receivable from its insurers in
the amount of US$34,967,000, as well as a liability in the
amount of US$70,800,000 representing the aggregate value of the
securities to be issued by the company and the cash to be paid
by the insurers.

The settlement is conditioned upon the company's insurers and
the other contributors paying their share of the settlement.
The provision for settlement costs will be adjusted to reflect
changes in the fair value of the securities until they are
issued following final court approval of the Stipulation, which
the company anticipates will occur in late calendar 2006 or
early calendar 2007.

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, in Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).

M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew
Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP,
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated
US$10 million to US$50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


KRISPY KREME: Files Annual Report for 2006 Fiscal Year with SEC
---------------------------------------------------------------
Krispy Kreme Doughnuts Inc. has filed with the United States
Securities and Exchange Commission its Form 10-K for the fiscal
year ended Jan. 29, 2006.

For fiscal 2006, the company reported revenues of
US$543 million, and a net loss of US$136 million, which included
non-cash impairment charges of US$54 million and a non-cash
charge of US$36 million related to the settlement of litigation.

"The filing of the Form 10-K for fiscal 2006 represents another
significant step in the turnaround of Krispy Kreme," said Daryl
Brewster, President and Chief Executive Officer.

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.
Freedom Rings operates six out of the approximately 360 Krispy
Kreme stores and 50 satellites located worldwide.  The company
filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del.
Case No. 05-14268).  M. Blake Cleary, Esq., Margaret B.
Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway
Stargatt & Taylor, LLP, represent the Debtor in its
restructuring efforts.  When the Debtor filed for protection
from its creditors, it estimated US$10 million to US$50 million
in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately US$10
million to Westward Dough, the Krispy Kreme area developer for
Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


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

FOREMOST HOLDINGS: CIMB Demands Payment of MYR18,988,842.60
-----------------------------------------------------------
On November 1, 2006, Foremost Holdings Berhad received a notice
of the termination of the banking facilities granted by CIMB
Bank Berhad -- formerly known as Bumiputra-Commerce Bank Berhad
-- to the company's subsidiary, Yaku Shin (Malaysia) Sdn, which
as at Sept. 30, 2006, amounted to MYR18,988,842.60.

Pursuant to the amount outstanding and owed under the banking
facilities, CIMB Bank demanded:

   -- Yaku Shin as the borrower; and

   -- Foremost Holdings as the guarantor.

Currently, Foremost Holdings is in the midst of analyzing the
situation and will work out a repayment strategy with CIMB Bank
in due course.

                    About Foremost Holdings

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


FOREMOST HOLDINGS: Group General Manager Ceases to Act
------------------------------------------------------
Teh Beng Soon has voluntarily ceased to act as the Group General
Manager of Foremost Holdings Berhad on Nov. 3, 2006.

Moreover, Foremost Holdings will announce in due course, the
appointment of Mr. Teng's successor.

In the meantime, for all matters relating to the company and
group, please contact:

         Adrian Chin Mun Kwong
         Executive Director; or

         Tang Wei Kok
         Mr. Kwong's Assistant

                    About Foremost Holdings

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


KAI PENG: Ernst & Young Raises Substantial Going Concern Doubt
--------------------------------------------------------------
The external auditors of Kai Peng Berhad, Ernst & Young, have
raised a substantial doubt on the company's and the group's
ability to continue as going concerns after auditing the Kai
Peng's financial statements for the fiscal year ended
June 30, 2006.

Specifically, Ernst & Young raised substantial doubt on the
company's ability to continue as a going concern after pointing
out these factors in Kai Peng's June 30, 2006 financial
statements:

   -- that the group and the company reported net losses of
      MYR62,181,981 and MYR53,789,921 respectively;

   -- that the group and the company's current liabilities
      exceeded their current assets by MYR77,245,002 and
      MYR49,988,562 respectively; and

   -- that the group and the company's June 30, 2006, balance
      sheet showed shareholder's deficit of MYR36,300,109 and
      MYR34,116,889 respectively.

Based on the information made available to Ernst & Young, they
are unable to satisfy themselves as to whether the application
of the going concern basis in the preparation of the financial
statements is appropriate.  The financial statements of the
group the company do not include any adjustments relating to the
amounts and classifications of assets and liabilities that might
be necessary should the group and the company be unable to
continue as going concerns.

Moreover, Kai Peng is confident that all matters expressed by
Ernst & Young are financial based and will be regularized upon
the company's formulation of a comprehensive regularization
plan.  The regularization plan is due to be submitted for
approval to the regulatory authorities by Jan. 9, 2007.

                     About Kai Peng Berhad

Headquartered in Selangor, Darul Ehsan, Malaysia, Kai Peng
Berhad Kai manufactures, markets and distributes steel products.
Other activities include provision of information and
communication technology services, undertaking steel fabrication
and engineering works and investment holding.  Operations are
carried out principally in Malaysia.

Kai Peng was on May 9, 2006, classified under Practice Note 17
of Bursa Malaysia Securities Berhad after its shareholders'
equity failed to meet the listing requirement.  As an affected
listed issuer, the Company is required to submit a financial
regularization plan or risk the possibility of delisting.


KUMPULAN BELTON: Issues Litigation Update as of Oct. 2006
---------------------------------------------------------
Kumpulan Belton Berhad provided updates on the status of its
involvement in litigation and default in payment for the period
of Sept. 30, to Oct. 31, 2006:

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Belton
     Fasteners Sdn. Bhd. (Defendant) and Kumpulan Belton Berhad
     (Guarantor) Ipoh High Court (No.3) Civil Suit No. 22-251-
      2001;

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Belton HWC
     Industries Sdn Bhd (Defendant) and Kumpulan Belton Berhad
     (Guarantor) Kuala Lumpur High Court Civil Suit No: D8-22-
     1430-2002;

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Belton
     Springs Sdn Bhd (Defendant) and Kumpulan Belton Berhad
     (Guarantor) Kuala Lumpur High Court Civil Suit No: D8-22-
     1429-2002;

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Aesthetic
     Development Sdn Bhd (Defendant) and Kumpulan Belton Berhad
     (Guarantor) Ipoh High Court Civil Suit No. 22-173-2003;

     An Appeal to the Judge in Chambers was allowed with costs.
     No date has been fixed yet.

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Pleasant
     Venture Sdn Bhd (Defendant) Ipoh High Court Originating
     Summons No. 24-707-2001;

     The auction was conducted on Oct. 17, 2006, but there was
     no successful bidder;

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Aesthetic
     Development Sdn Bhd (Defendant) Ipoh High Court Originating
     Summons No. 24-706-2001;

   * RHB Bank Berhad (Plaintiff) versus Belton Springs Sdn Bhd
     (Defendant) and Kumpulan Belton Berhad (Guarantor) Ipoh
     High Court Civil Suit No. 22-133-2001;

   * RHB Bank Berhad (Plaintiff) versus Belton Sdn Berhad
     (Defendant) and Kumpulan Belton Berhad (Guarantor) Ipoh
     High Court Civil Suit No.22-134-2001;

   * AmBank Berhad (Plaintiff) versus Belton Sdn Berhad
     (Defendant) and Kumpulan Belton Berhad (Guarantor)
     Kuala Lumpur High Court Civil Suit No: D9-22-2365-2000;

   * Aseambankers Malaysia Berhad (Plaintiff) versus Kumpulan
     Belton Berhad (Defendant) Kuala Lumpur High Court Civil
     Suit No. D3-22-1827-03;

   * Hong Leong Bank Berhad (Plaintiff) versus Belton Pins
     Industries Sdn Bhd (Defendant) and Kumpulan Belton Berhad
     and 2 others (Guarantors) Kuala Lumpur High Court Civil
     Suit No. D7-22-1845-2003;

   * Danaharta Managers Sdn Bhd (Plaintiff) versus Belton
     Fasteners Sdn Bhd (Defendant) Ipoh High Court Originating
     Summons No.24-389-2004;

     The matter has been set down for hearing on Feb. 23, 2007.

   * Danaharta Managers Sdn Bhd (Plaintiff) versus Belton Tools
     Sdn Bhd (Defendant) and Kumpulan Belton Berhad (Guarantor)
     Kuala Lumpur High Court Civil Suit No. 22-1747-2004;

     The matter has been set down for mention on Nov. 22, 2006.

   * Danaharta Managers Sdn Bhd (Plaintiff) versus Belton-
     Oriental Heat Treatment Sdn Bhd (Defendant) and Kumpulan
     Belton Berhad (Guarantor) Kuala Lumpur High Court Civil
     Suit No. D1-22-1748-04; and

   * Kumpulan Belton Bhd, Belton Springs Sdn Bhd and Belton HWC
     Industries Sdn Bhd (Plaintiffs) versus OCBC Bank (Malaysia)
     Bhd (Defendant) Ipoh High Court Originating Summons No.24-
     04-2006.

   -- Bank Islam Malaysia Berhad (Lender)

     (i) Belton Sdn Berhad (Borrower)
    (ii) Belton Fasteners Sdn Bhd (Borrower)
   (iii) Belton HWC Industries Sdn Bhd (Borrower)
    (iv) Kumpulan Belton Berhad (Guarantor)
     (v) Belton Properties Sdn Bhd (Chargor)
    (vi) Belton Precision Machining Sdn Bhd (Chargor)
   (vii) Belton Tools Sdn Bhd (Chargor)

                     About Kumpulan Belton

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was classified under the Amended Practice Note
No. 17 Criteria on May 5, 2006, as the company's shareholders'
equity on a consolidated basis is less than 25% of its issued
and paid up capital as at Dec. 31, 2005.  Moreover, the auditors
have expressed a modified opinion with emphasis on the company's
going concern for the financial year ended Dec. 31, 2005.


MCSB SYSTEMS: To Seek Shareholders' OK for Proposed Mandate
-----------------------------------------------------------
MCSB Systems (Malaysia) Berhad will seek the shareholders'
approval for the Proposed Shareholders' Mandate at the company's
forthcoming annual general meeting.

The Proposed Shareholders' Mandate will allow the company and
its subsidiaries, in the ordinary course of business, to enter
into recurrent related party transactions of revenue or trading
nature, which are necessary for MCSB Group's day-to-day
operations.

Accordingly, the company will issue circular containing
information on the Proposed Shareholders' Mandate and the notice
of the annual general meeting in due course.

                       About MCSB Systems

Headquartered in Kuala Lumpur, Malaysia, MCSB Systems (Malaysia)
Berhad's principal activity is the provision of Information
Technology services ranging from hardware, software, consultancy
and professional services.  Information Technology services are
categorized into Systems Support Services, Internet Professional
Services, Outsourcing Services, Software Services, Education
Services, eCommerce Consultancy and Development Services.  The
company is also into investment holdings.  The company's
operations are carried out in Malaysia, Singapore, China and
Hong Kong.

On May 9, 2006, the company was classified as an affected listed
issuer pursuant to paragraph 2.1(a) of the Amended PN 17/2005,
as MCSB Systems 'current shareholders' equity on a consolidated
basis is less than 25% of its issued and paid-up capital.


PAXELENT CORPORATION: Reaches Amicable Settlement
-------------------------------------------------
Suit No. D3-22-1234-2005 in the High Court of Malaya initiated
by Commerce International Merchant Bankers Berhad against
Paxelent Corporation Berhad has been discontinued on Oct. 17,
2006, as the parties have reached an amicable out of court
settlement.

                   About Paxelent Corporation

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


PAXELENT CORPORATION: Subsidiaries Face Wind-Up Petition
--------------------------------------------------------
Paxelent Corporation Berhad's subsidiaries, Mass Media
Interactive Sdn Bhd and Konsortium Multimedia Swasta Sdn Bhd,
have on Nov. 2, 2006, received:

   -- an unsealed members' wind-up petition against Konsortium
      Multimedia; and

   -- an unsealed Notice of Motion for an appointment of a
      provisional liquidator over Konsortium Multimedia.

The wind-up petition was presented in the Kuala Lumpur High
Court by the solicitors of CSA MSC Sdn Bhd against the
respondents -- Konsortium Multimedia, Mass Media and Dibena
Enterprise Sdn Bhd.

Mass Media, Dibena Enterprise and CSA MSC are the shareholders
of Konsortium Multimedia.

No hearing date for the Petition and Motion has been fixed.

Moreover, CSA MSC further claims:

   -- the costs of the wind-up to be taxed and paid by Mass
      Media and Dibena Enterprise; and

   -- further or other orders in the circumstances be just.

According to the Petition, CSA applied for the wind up of
Konsortium Multimedia on just and equitable grounds claiming
that there is a deadlock and lack of probity in the management
of Konsortium Multimedia.  No monetary sum is claimed under the
said petition.

Konsortium Multimedia is a major contributor to Paxelent
Corporation's revenue.  In the event an order for wind-up of
Konsortium Multimedia is made under the petition, PCB's
investment in Konsortium Multimedia through Mass Media will be
affected and this is dependent on the liquidation value of
Konsortium Multimedia's assets.

As at June 30, 2006, Paxelent Corporation's total cost of
investment in Konsortium Multimedia is MYR12.087 million.

However, the solicitors of Paxelent Corporation and Mass Media
believe that the Petition and Motion are baseless.  Moreover,
Paxelent Corporation and Mass Media will vigorously oppose and
take all necessary course of action against it.

                   About Paxelent Corporation

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


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

BUILDING MAINTENANCE: Faces Liquidation Proceedings
---------------------------------------------------
The High Court of Christchurch will hear a liquidation petition
against Building Maintenance Construction Ltd on November 13,
2006, at 10:00 a.m.

Smiths Hardware Ltd filed the petition on October 4, 2006.

The Solicitor for the Petitioner can be reached at:

         Owen Godfrey Paulsen
         Cavell Leitch Pringle & Boyle
         Level Fifteen, Clarendon Tower
         corner of Worcester Street and Oxford Terrace
         (P.O. Box 799), Christchurch
         New Zealand
         Telephone:(03) 379 9940
         Facsimile:(03) 379 2408


INFORMATION TECHNOLOGY: Shareholders Resolve to Liquidate Firm
--------------------------------------------------------------
On October 13, 2006, shareholders of Information Technology Ltd
resolved to voluntarily liquidate the company's business and
appointed John Albert Price and Christopher Robert Ross Horton
as joint and several liquidators.

The liquidators fix November 10, 2006, as the last day for
creditors to prove their debts.

The Joint Liquidators can be reached at:

         John Albert Price
         Christopher Robert Ross Horton
         Horton Price Limited
         P.O. Box 9125
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276


MASURAI LTD: Creditors' Proofs of Claim Due on January 16
---------------------------------------------------------
On October 16, 2006, Richard Dale Agnew and Vivian Judith
Fatupaito were appointed as joint and several liquidators of
Masurai Ltd.

Accordingly, the liquidators required the Company's creditors to
file their proofs of claim by January 16, 2007.  Failure to
prove a debt will exclude a creditor from sharing in any
distribution the Company will make.

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


NGAHERE CONTRACTORS: Court to Hear CIR's Liquidation Petition
-------------------------------------------------------------
On October 2, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Ngahere Contractors Ltd before the
High Court of Rotorua.

The petition will be heard on November 13, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand


OLD BC: Creditors to Prove Claims by November 13
------------------------------------------------
On October 16, 2006, John Michael Gilbert was appointed
liquidator of Old BC Ltd.

Accordingly, Mr. Gilbert requires the Company's creditors to
submit their proofs of claim by November 13, 2006, for them to
share in the Company's distribution.

The Liquidator can be reached at:

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


OLD BSC: Names Gilbert as Liquidator
------------------------------------
On October 16, 2006, John Michael Gilbert was appointed as
liquidator of Old BSC Ltd.

Mr. Gilbert requires creditors of the Company to submit their
proofs of claim by November 13, 2006.

The Liquidator can be reached at:

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


SEA ACCOMODATION: Liquidation Hearing Set on November 16
--------------------------------------------------------
On June 7, 2006, Mahone Management Ltd filed a petition to
liquidate Sea Accomodation Trustee Ltd.

The petition will be heard before the High Court of Auckland on
November 16, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Anita Legge
         Haigh Lyon
         34 Shortland Street
         Auckland 1010
         New Zealand
         Telephone:(09) 306 0600
         Facsimile:(09) 307 0353


STARRION HOLDINGS: Creditors Must Prove Debts by January 12
-----------------------------------------------------------
Joint Liquidators Vivian Judith Fatupaito and Richard Dale Agnew
require the creditors of Starrion Holdings Ltd to file their
proofs of debt on January 12, 2007.

Failure to present proofs of debt by the due date will exclude a
creditor from sharing in any distribution the Company will make.

The Joint Liquidators can be reached at:

         Vivian Judith Fatupaito
         Richard Dale Agnew
         PricewaterhouseCoopers
         Level Eight, PricewaterhouseCoopers Tower
         188 Quay Street
         (Private Bag 92-162), Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


VMOTO (NZ): Liquidation Hearing Set on November 13
--------------------------------------------------
A petition to liquidate VMOTO (NZ) Ltd will be heard before the
High Court of Christchurch on November 13, 2006, at 10:00 a.m.

VMOTO Scooters and Motorcycles (NZ) Pty Ltd filed the petition
with the Court on October 16, 2006.

The Solicitor for the Petitioner can be reached at:

         R. A. Osborne
         Duncan Cotterill
         Level Nine, Clarendon Tower
         corner of Worcester Street and Oxford Terrace
         Christchurch
         New Zealand


WYNDHAM CONSTRUCTION: Court Set to Hear Liquidation Petition
------------------------------------------------------------
Mahone Management Ltd filed with the High Court of Auckland a
liquidation petition against Wyndham Construction Ltd on June 7,
2006.

The application will be heard before the Court on November 16,
2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Anita Legge
         Haigh Lyon
         34 Shortland Street
         Auckland 1010
         New Zealand
         Telephone:(09) 306 0600
         Facsimile:(09) 307 0353


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

ABS-CBN BROADCASTING: To Hold Investors & Analysts' Briefing
------------------------------------------------------------
ABS-CBN Broadcasting Corporation informs the Philippine Stock
Exchange that it will hold an Investors and Analysts' Briefing
to discuss the Company's Nine Months 2006 Financial Results on
November 14, 2006, at 3:00 p.m., at The Chronicle Lounge,
Restaurant 9501, 14/F ELJ Communications Center, in Eugenio
Lopez Drive, Quezon City.

                   About ABS-CBN Broadcasting

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a
leading Philippine radio and television broadcasting network and
multimedia company.  It was the first television station founded
in the Philippines in 1953.  The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.

ABS-CBN's senior secured debt was given a Ba3 rating by Moody's
Investor Service.


BACNOTAN CONSOLIDATED: Board Approves PHP16.7-Million Investment
----------------------------------------------------------------
At a regular meeting of the Board of Directors of Bacnotan
Consolidated Industries, Inc., held on November 7, 2006, the
Board approved:

   (a) an additional investment of PHP16.7 million in Asian
       Plaza, Inc., which will raise the Corporation's
       investment to PHP198.1 million or 57.5% of expanded
       capital; and

   (b) the appointment of Rizalina P. Andrada as Assistant Vice
       President - Finance.

                          About BCI

Makati-based Bacnotan Consolidated Industries, Incorporated,
Phinma Group's flagship company, was founded by a group of
industrialists led by the Escaler family in 1957.  BCI is a
holding company that, through its operating subsidiaries, is
engaged primarily in the production, distribution and sale of
clinker, cement and concrete products.  It also has an interest
in the paper and packaging industry and it has also ventured
into property development and reinforced steel bars
manufacturing.

The Company's principal source of revenue is from the cement
sales of its cement subsidiary.  Historically, its cement
subsidiary has been responsible for at least 80% of its sales
revenues.  It is primarily engaged in the quarrying, production,
distribution and marketing of portland and pozzolan cement.

On March 22, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from the Philippine Daily Inquirer saying that
the Philippine Stock Exchange planned to remove Bacnotan
Consolidated from its index due to insufficient tradability.


BANCO DE ORO: Fitch Affirms Ratings After Merger Plans with EPCI
----------------------------------------------------------------
On November 8, 2006, Fitch Ratings affirmed the ratings of Banco
De Oro Universal Bank:

   * Individual 'C/D', and

   * Support '3'

The ratings affirmation follows the announcement of a plan of
merger with Equitable PCI Bank, Inc., as approved by their
respective boards noting that both BDO and EPCI are controlled
by the SM group, one of the Philippine's largest conglomerates
with substantial interests in retailing and property
development.

The merger of equals is expected to be completed in the first
quarter of 2007.

Together the two banks will form the Philippine's second largest
bank with c. 14% of system-wide assets; currently BDO and EPCI
are the fifth and third largest banks with 6% and 8% of system-
wide assets respectively.

Fitch would expect BDO's management to take the lead in driving
the enlarged entity, given its high competence and experience in
numerous previous smaller acquisitions and mergers.  In terms of
balance sheet strength and profitability, the enlarged entity
should be above the industry average as is currently the case
with both BDO and EPCI.  The CAR of the enlarged entity is
expected to come in at a satisfactory 15%, predominantly Tier I.
That said, like all Philippine banks, both BDO and particularly
EPCI have long been carrying a significant amount of potentially
overvalued foreclosed property assets on their balance sheets.
Nevertheless, capitalization should remain intact with any
losses here being covered over time by core earnings.  This is
particularly so given that the merger should result in
considerable cost, revenue and diversification synergies.

Thus, the enlarged bank is likely to assume BDO's higher
Individual rating of 'C/D', although this will be subject to
further review and analysis.  Fitch notes that the SM group also
controls China Banking Corporation ("CBC", rated 'BB'), the
Philippine's 11th largest bank with c. 4% of system-wide assets.
It remains to be seen whether or not CBC also merges with
BDO/EPCI, noting its more niched Chinese-Filipino franchise.

Following a bout of mergers in the late-1990s, there has since
been little further consolidation of the Philippine banking
industry which remains quite fragmented contributing to the
banks' high cost bases.  The BDO/EPCI merger, however, may well
spur another round of merger activity.  While Fitch would
welcome this, particularly if it results in the rectifying of
the very weak balance sheets of certain banks, the agency also
notes that the payment of high prices for banks (as occurred in
the 1990s) could result in downward pressure on the ratings of
any acquirers.


BENPRES HOLDINGS: Disposes of 0.88% Digitel Shares for PHP78.5MM
----------------------------------------------------------------
Benpres Holdings Corporation discloses that it has disposed of
55,749,999 Digital Telecommunications Inc., shares through the
Philippine Stock Exchange.  Benpres notes that it is unaware of
the identity of the buyers.

The disposed shares are equivalent to 0.88% of the total issue
and outstanding shares of Digital based on the total outstanding
shares of 6,356,976,310 as of December 31, 2005.  However, this
number of shares does not reflect the dilution from the parent
company zero coupon convertible bonds and DCPL zero coupon
convertible bonds as disclosed in the Digitel 2005 audited
financial statements.

The total consideration of shares disposed amounted to
PHP78.5 million.

Funds will be used for working capital requirements of Benpres.

                     About Benpres Holdings

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation is a 56.22%-owned subsidiary of Lopez, Inc.  Both
entities were incorporated in the Philippines.  Benpres Holdings
and its subsidiaries are mainly involved in investment holdings,
broadcasting and entertainment, and water distribution.  The
Company's associates are involved in telecommunications, power
generation and distribution, cable television, real estate
development and infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the Company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
Company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

As of Dec. 31, 2005, Benpres Holdings' long-term direct
obligations due for payment stood at PHP9.96 billion.  By virtue
of its guarantees and commitments, based on the BSMP, the
Company may be liable for certain obligations that already fell
due, amounting to approximately PHP10.94 billion as of December
31, 2005, excluding guarantees in its unit, Maynilad Water
Services, Inc.  As of December 31, 2005, consolidated current
liabilities exceeded consolidated current assets by PHP22.12
billion.  Net loss attributable to Benpres Holdings' equity
holders for the year ended December 31, 2004, amounted to PHP1.2
billion.

After auditing the Company's annual report for the period ended
December 31, 2005, Sycip Gorres Velayo & Co. raised substantial
doubt on Benpres Holdings' ability to continue as a going
concern, which would depend on success of the Company's
balancesheet management plan.


EQUITABLE PCI: Sets Special Stockholders's Meeting on Dec. 27
-------------------------------------------------------------
Equitable PCI Bank, Inc., advises the Philippine Stock Exchange
that it will hold its Special Stockholders' Meeting on December
27, 2006, at 3:00 p.m., at the Francisco Santiago Hall,
Mezzanine Floor, Equitable PCI Bank Tower 1, Makati Avenue
corner H.V. Dela Costa St., Makati City.

The record date for purposes of determining stockholders
entitled to vote in the meeting is November 20, 2006.

                      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.

The Troubled Company Reporter - Asia Pacific has reported that
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.

                          *     *     *

Moody's Investors Service gave Equitable PCI Bank's Subordinated
Debt and Long-Term Bank Deposits 'Ba3' ratings effective May 25,
2006.


EQUITABLE PCI: Fitch Affirms Ratings After BDO Merger Plans
-----------------------------------------------------------
On November 8, 2006, Fitch Ratings affirmed the ratings of
Equitable PCI Bank:

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

   * Individual 'D',

   * Support '3', and

   * Long-term senior unsecured rating 'BB'

The ratings affirmation follows the announcement of a plan of
merger with Banco de Oro Universal Bank as approved by their
respective boards noting that both BDO and EPCI are controlled
by the SM group, one of the Philippine's largest conglomerates
with substantial interests in retailing and property
development. The merger of equals is expected to be completed in
Q107.


EQUITABLE PCI: S&P Raises Rating to B+ Due to BDO Plan of Merger
----------------------------------------------------------------
On November 7, 2006, Standard & Poor's Ratings Services raised
its long-term counterparty credit ratings on Equitable PCI Bank
Inc. to 'B+' from 'B'.  The outlook is stable.  Standard &
Poor's also raised its ratings on EPCI's senior unsecured debt
to 'B+' from 'B' and subordinated debt to 'B-' from 'CCC+'.  The
'B' short-term counterparty credit rating and the Bank
Fundamental Strength Rating of 'D' were affirmed.

The rating upgrade comes after the announcement of a decision by
the boards of EPCI and Banco de Oro Universal Bank (BDO,
B+/Stable/B) to merge.  This would create Philippines' second-
largest commercial bank, in terms of  total assets and deposits.
BDO is proposed to be the surviving entity with the name of the
merged bank being Banco de Oro - EPCI, Inc.  The ratings on BDO
are not affected.

"The merged bank's business profile will be stronger than that
of the two banks individually," said Standard & Poor's credit
analyst Ritesh Maheshwari.  The merged bank's pro-forma asset
quality and capitalization would be essentially a weighted
average of the stand-alone entities. The merged capitalization
will be marginally better than that of EPCI's.  The credit
profile of the merged bank is likely to be closer to that of
BDO's.

The proposed transaction is subjected to regulatory and
shareholder approvals and is expected to be completed by the end
of the first quarter of 2007.  Standard & Poor's believes the
necessary approvals are likely to be received and the upgrade
factors this in. Standard & Poor's may lower the ratings on EPCI
if there are material impediments causing a prolonged delay to
the merger.


PHILIPPINE LONG DISTANCE: Earns PHP10.4 Bil. in 3rd Quarter 2006
----------------------------------------------------------------
Philippine Long Distance Telephone Company discloses that its
unaudited financial results for the first nine months of 2006
recorded a consolidated net income of PHP25.7 billion compared
with the PHP24.8 billion recorded for the same period last year.
Core earnings of PHP23.2 billion, before the effects of foreign
exchange gains/losses, deferred tax assets and additional
depreciation, improved 11% compared with core earnings of
PHP20.9 billion for the first nine months of 2005.

Consolidated service revenues for the 2006 nine-month period
rose by 3% to PHP92 billion.  Consolidated EBITDA improved by 5%
to PHP60.7 billion while EBITDA margins rose to 66% compared
with 64% last year.

Net income for the third quarter ended September 30, 2006,
increased 55% to PHP10.4 billion compared with the 2005 second
quarter's PHP6.7-billion net income due to forex gains and other
exceptional items.

In line with PLDT Group's strategy to step up the upgrade of its
Fixed Line and Wireless networks, consolidated capital
expenditures increased to PHP16.9 billion.  PLDT Fixed Line is
currently upgrading about 300,000 fixed lines to NGN while
wireless subsidiary Smart Communications, Inc., has expanded its
cellular network to support its ongoing initiatives and programs
for 2G, wireless broadband and 3G.  The Group expects total
capital expenditures for 2006 to reach PHP20 billion.  Despite
the higher capital expenditure level, consolidated free cash
flow remained strong at PHP32.1 billion for the first nine
months of the year.

The Group's consolidated balance sheet further strengthened with
consolidated debt balances down to less than US$1.8 billion.
Net debt to EBITDA and net debt to free cash flow ratios
continued to improve, falling to 0.85 times and 1.7 times,
respectively.

            Piltel to be Debt-free by December 2006

On October 25, 2006, PLDT's cellular subsidiary Pilipino
Telephone Corporation submitted notices of its intent to make
the final voluntary prepayment of its principal debt.  The
aggregate prepayment amount of US$233 million, of which US$161
million is owed to Smart and US$72 million is owed to third
parties, represents the balance of Piltel's total outstanding
restructured debt after the initial payment of US176 million was
paid on June 5, 2006.  The final prepayment will be effected on
December 4, 2006, after which Piltel's restructured debt balance
will be reduced to zero.  Piltel is currently seeking approval
from the Banko Sentral ng Pilipinas for the purchase of foreign
exchange requirements relating to the prepayment.

                          About PLDT

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

                          *     *     *

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

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


PHILIPPINE LONG DISTANCE: Declares Cash Dividends
-------------------------------------------------
Philippine Long Distance Telephone Company advises the
Philippine Stock Exchange that during the meeting of the
company's board of directors held on November 7, 2006, PLDT
declared cash dividends out of its unrestricted retained
earnings as of December 31, 2005:

   (a) a total of PHP12,285,000 on all of the outstanding shares
       of the company's Series IV Cumulative Non-Convertible
       Redeemable Preferred Stock, for the quarter ending
       December 15, 2006, payable on that date to the holder of
       record on November 24, 2006;

   (b) PHP1 per outstanding share of the company's Series G 10%
       Cumulative Convertible Preferred Stock, for the annual
       period ending November 30, 2006, payable on December 29,
       2006, to the holders of record on December 7, 2006;

   (c) PHP1 per outstanding share of the company's Series N 10%
       Cumulative Convertible Preferred Stock, for the annual
       period ending November 30, 2006, payable on December 29,
       2006, to the holders of record on December 7, 2006;

   (d) PHP1 per outstanding share of the company's Series P 10%
       Cumulative Convertible Preferred Stock, for the annual
       period ending November 30, 2006, payable on December 29,
       2006, to the holders of record on December 7, 2006; and

   (e) PHP 1 per outstanding share of the company's Series S 10%
       Cumulative Convertible Preferred Stock, for the annual
       period ending November 30, 2006, payable on December 29,
       2006, to the holders of record on December 7, 2006.

                          About PLDT

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

                          *     *     *

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

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


UNION BANK: Posts 39% Increase in Net Income for 3rd Quarter '06
----------------------------------------------------------------
Union Bank of the Philippines made a net income of
PHP581 million in the third quarter of 2006, 39.3% higher than
PHP417 million in the same period last year.  Revenues more than
doubled to PHP4.1 billion due to substantial increase in both
interest differential and fee-based income.  Interest income
from lending soared 362.2% to PHP1.6 billion as the Bank's loan
portfolio more than doubled with the acquisition of
International Exchange Bank.

Due to the interim impact of expenses related to the purchase of
iBank, nine-month net profits declined to PHP1.6 billion from
the previous year's PHP1.9 billion.  The lower bottom line was
also attributed to the industry-wide margin compression due to
decline in local interest rates.

The merged bank provided a total of PHP178 million in loan loss
reserves in the first nine months of the year, bringing non-
performing loans cover to 78%.  Efficiency and profitability
ratios remained well above industry averages.  Return on average
equity was 12% and return on average assets was 2% during the
reference period.

On August 28, 2006, the Securities and Exchange Commission
approved the merger between UnionBank and iBank.  The merger
produced synergy in the areas of technology-based products &
services, lending, capital markets businesses, service quality
and channels management.  The combined asset base created one of
the industry's most balanced portfolio with almost one-third
each allocated to loans, securities, and interbank call loans.

Total assets stood at PHP146 billion, the seventh largest among
private domestic universal banks while deposit base placed ninth
at PHP102 billion.  The combined network of 191 branches is
now the sixth largest among Philippine banks.

                       About UnionBank

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

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


UNION BANK: Inks Memorandum of Agreement with Saratoga
------------------------------------------------------
On October 26, 2006, Union Bank of the Philippines entered into
a Memorandum of Understanding with Saratoga Electronic
Solutions, Inc., likewise a publicly-listed company in Montreal
Canada, wherein they intended to set up a remittance office in
Canada that will enable clients to transfer funds electronically
via UnionBank's payment channel cards system.

The remittance office will, among others, manage, operate and
promote UnionBank's business of offering a card-based money
remittance service in the Philippines.  UnionBank will provide
the payment channel system thru its banking network and the
target launch date of the remittance business is at end 2006
after obtaining BSP clearance and approval.

SES has a technology platform and distribution and processing
channels in Canada that will enable OFWs to transfer funds
electronically via UnionBank's payment channel cards system
which is provided by UnionBank to the client-beneficiaries
whenever and wherever they are situated in the Philippines.  The
company is in the business of offering and operating a network
of white-label automatic teller machines, a card-based
remittance solution and other financial and prepaid solutions in
Canada.

At the signing ceremony, Saratoga President & CEO Georges Alfred
Durst said "our goal is to provide overseas Filipino workers
with a cost efficient solution to facilitate electronic funds
transfers to family member and others in the Philippines."

"UnionBank, as the acknowledged leader in electronic banking
services in the Philippines, has embarked in the plan to tap the
inward remittances of global Filipinos by providing a payment
channel card product, process and network in the Philippines
that can be used to facilitate the receipt and disbursement of
electronic funds transfers for OFWs and is pleased to set up and
test this service for the first time from Canada," Union Bank
President Victor B. Valdepenas said.

                         About UnionBank

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

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


* BSP Maintains Key Policy Interest Rates
-----------------------------------------
At a meeting held on November 2, 2006, the Monetary Board
decided to maintain the Bangko Sentral ng Pilipinas' key policy
interest rates at 7.5% for the overnight borrowing or reverse
repurchase rate and 9.75% for the overnight lending or
repurchase rate.

At the same time, the Monetary Board adopted a tier scheme on
banks' aggregate placements with the BSP under the RP/RRP and
special deposit accounts windows, effective November 2, 2006.
Bank placements with the BSP under the windows, will now be
subject to the applicable BSP published rate (RRP or SDA):

   (a) for the first PHP5 billion;

   (b) less 200 basis points for the next PHP5 billion; and

   (c) less 400 basis points for amounts in excess of PHP10
       billion.

The restoration of the tiering scheme is expected to encourage
banks to seek alternatives to placing their excess funds with
the BSP, like lending to the public.

The Monetary Board is of the view that the improving outlook for
inflation, given prevailing demand and supply-side conditions,
provides some policy flexibility.  Latest forecasts continue to
show a generally declining path for inflation, with average
inflation for 2007 expected to fall within the 4%-5% target in
the absence of further adverse shocks.  The stronger peso should
also help keep down the domestic prices of imported commodities,
particularly crude oil, while a moderate outlook for agriculture
should help ensure stable food prices.  Meanwhile, the continued
easing of core inflation suggests minimal demand-based inflation
pressures.  Aggregate demand, to date, has been largely driven
by consumer spending.

However, the Monetary Board also believes that the balance of
risks to the inflation outlook remains on the upside, due to a
number of factors.  Foremost among these are the potential cost-
side pressures arising from the uncertainty in world oil prices.
Food prices may also be at risk if the El Nino turns out more
severe than expected, which can significantly affect
agricultural production.  With these potential supply-side
pressures, the Monetary Board remains watchful of a rise in the
public's inflation expectations.

Monetary authorities will continue to pay close attention to a
possible excessive buildup in liquidity conditions that could
lead to higher inflation.

The Monetary Board remains committed to achieving the inflation
targets for the medium term and stands ready to act against
emerging risks to the outlook for inflation and to inflation
expectations.

                          *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."

On November 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


* Philippines' End-October GIR Reaches US$22 Billion Mark
---------------------------------------------------------
The country's gross international reserves reached another
record-high level of US$22.27 billion as of end-October 2006, up
by US$0.68 billion from US$21.59 billion the previous month.
The preliminary end-October GIR level was adequate to cover
about 4.4 months of imports of goods and payments of services
and income.  This level was also equivalent to 4.0 times the
country's short-term external debt based on original maturity
and 2.0 times based on residual maturity.  Short-term debt based
on residual maturity refers to outstanding external debt with
original maturity of one year or less, plus principal payments
on medium- and long-term loans of the public and private sectors
falling due within the next 12 months.

The higher end-October 2006 GIR was mainly a result of inflows
from the BSP's foreign exchange operations and income from
investments abroad.  The continued build-up of reserves allowed
the BSP to prepay in October US$446 million of loans and notes
originally maturing in 2007 and 2009, as well as service its
maturing foreign exchange obligations and those of the National
Government.

Net international reserves, including revaluation of reserve
assets and reserve-related liabilities, increased to US$22.02
billion from the end-September 2006 level of US$21.34 billion.
NIR refers to the difference between the BSP's GIR and the
combined total of short-term liabilities and use of Fund
credits.

                          *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."

On November 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


* RP's October Inflation Registers at 5.4%
------------------------------------------
The Philippines' annual inflation in October came in at 5.4%,
the slowest since June 2004, due to slower price increases in
most commodities except food and housing, the National
Statistics Office says.

The figure beat market expectations, but fell in line with
central bank estimates.

Economists polled had expected annual inflation in October to
come in at 5.57%.

BSP governor Amando Tetangco had expected annual inflation in
October to be between 5.0% and 5.7%.

According to NSO, fish, vegetable, and poultry prices increased
after Typhoon Milenyo whipped the country in September.

The index of fruits and vegetables increased 3.7% month-on-
month, as damage from the super typhoon, which hit the country
in September, affected October food prices.

"This (higher inflation month-on-month) was caused by the
continuous upward movement in the prices of vegetables in most
of the regions brought about by the after effects of the typhoon
that hit these areas.  The price movement was also due to the
absence of supply of vegetables coming from Bicol region that
was hardly hit by the typhoon," the NSO said.

                          *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."

On November 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


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

AC MANAGEMENT: Proofs of Claim Due on Dec. 1
--------------------------------------------
The creditors of AC Management Pte Ltd are required to file
their proofs of debt by Dec. 1, 2006, in order to be included in
the company's distribution of dividend.

The liquidator can be reached at:

         Low Kok Poo
         c/o Corporate Alliance Pte Ltd
         5 Shenton Way
         #06-08 UIC Building
         Singapore 068808


BENCHMARK ELECTRONICS: Signs Agreement to Acquire Pemstar
---------------------------------------------------------
Benchmark Electronics, Inc., has signed a definitive merger
agreement pursuant to which each outstanding share of Pemstar
Inc. common stock will be converted into the right to receive
0.160 of a common share of Benchmark at transaction close.

Based on Benchmark's closing price of US$28.93 on Oct. 16, 2006,
the transaction values Pemstar at approximately US$300 million
including the assumption of Pemstar net debt.  The merger is
expected to be a tax-free exchange of common shares.

The merger agreement has been unanimously approved by the boards
of directors of both Benchmark and Pemstar.  The transaction,
which is subject to the approval of Pemstar's shareholders,
antitrust approvals and other closing conditions, is expected to
close in the first calendar quarter of 2007, subject to the
timing of completion of regulatory reviews.

"The combination of the Benchmark/Pemstar organizations brings
together two well respected teams with broad and complementary
customer bases and serving diversified end markets. Pemstar's
customer-focused culture and operating flexibility is highly
compatible with that of Benchmark," said Cary Fu, Benchmark's
chief executive officer.

"This acquisition also supports Benchmark's strategy to continue
to expand and deepen its suite of integrated services and
solutions.  Pemstar's strengths in design engineering and
systems integration as well as its global footprint complement
our existing growing business.  I am confident that the combined
organization will create additional value for our combined base
of customers."

"Benchmark's proven track record, strong balance sheet, and
reputation as a global leader in electronics manufacturing
services make the deal an attractive one for Pemstar's
customers, shareholders and employees. This transaction will
provide Pemstar customers with an enhanced portfolio of
capabilities, expanded supply chain and operating leverage and
the advantages of an increased global footprint," said Al
Berning, Pemstar's chairman and chief executive officer.  "Our
customers will benefit greatly from Benchmark's capabilities in
design engineering, complex manufacturing and test and repair,
as well as expanded low-cost operations in Asia.  There is a
strong cultural fit between the two organizations, which will
facilitate a smooth transition and ensure consistency of ongoing
service delivery.  The management team and I strongly support
the transaction and the opportunity it provides."

Pemstar provides a range of global engineering, product design,
automation and test, manufacturing and fulfillment services to
customers through facilities strategically located in North
America, Asia and Europe.

                          About Benchmark

Benchmark Electronics, Inc. -- http://www.bench.com/--
manufactures electronics and provides its services to original
equipment manufacturers of computers and related products for
business enterprises, medical devices, industrial control
equipment, testing and instrumentation products, and
telecommunication equipment.  Benchmark's global operations
include facilities in eight countries. Benchmark's Common Shares
trade on the New York Stock Exchange under the symbol BHE.

The company has operations in United States, Brazil, Mexico,
Europe, and Asia, which includes Thailand, China and Singapore.

                          *     *     *

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating at Benchmark Electronics on CreditWatch with
positive implications after the company announced it will
acquire Pemstar Inc. in a stock transaction valued at about
US$300 million.

Moody's rates Benchmark's long-term corporate family rating at
Ba3; Bank loan debt at Ba2; and equity linked at B2.  The
ratings were assigned on March 2003.


CM MANAGEMENT: Will Receive Proofs of Debt Until Dec. 1
-------------------------------------------------------
Low Kok Poo, as liquidator for CM Management Pte Ltd, will be
receiving proofs of debt from the creditors of the company,
which was placed under voluntary liquidation, until December 1,
2006.

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

The Liquidator can be reached at:

         Low Kok Poo
         c/o Corporate Alliance Pte Ltd
         5 Shenton Way
         #06-08 UIC Building
         Singapore 068808


FREESCALE SEMICON: Buyout Plan Prompts S&P's Credit Rating Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services kept ratings, including the
'BB+' corporate credit rating, on Austin, Texas-based Freescale
Semiconductor Inc. on CreditWatch with negative implications,
where they were placed on Sept. 11, 2006, after the company's
announcement that it was considering a business transaction,
later confirmed as a leveraged buyout.

"We have determined the rating actions that will be taken upon
the completion of the financing that will facilitate the
acquisition of Freescale by the consortium, expected to be in
the near term," said Standard & Poor's credit analyst Bruce
Hyman. The anticipated rating actions reflect the pending LBO,
which will materially increase debt leverage while substantially
reducing liquidity and free cash flows.

The corporate credit rating will be lowered to 'BB-' with a
negative outlook, and a 'BB' rating will be assigned to the
company's senior secured bank loan package with a '1' recovery
rating.  Freescale's US$4.25 billion senior secured bank
facility will consist of a US$3.5 billion senior secured term
loan and a US$750 million revolving credit agreement.  The term
loan and credit facility will be rated 'BB', one notch higher
than the corporate credit rating, with a recovery rating of '1',
indicating an expectation of full recovery of principal in the
event of a payment default.  The senior fixed-rate, senior
toggle, senior unsecured floating rate, and senior subordinated
notes will all be rated 'B'; the 'BB+' rating on the existing
senior unsecured notes will be withdrawn.

The anticipated post-LBO ratings on Freescale reflect the
company's near-investment grade business profile, enabling a
leverage profile that is high for the rating level.  The
business profile reflects the company's strong position in its
industry and improving cost structure, offset by substantial
customer concentration in a cyclical, capital-intensive
marketplace.  Debt leverage will be high, about 5.6x trailing
four quarters' adjusted EBITDA, treating pensions,
postretirement benefits and capitalized operating leases as
debt, with an adequate initial cash balance around US$600
million.  The planned ratings anticipate that free cash flows
should enable the company to deleverage moderately over
the intermediate term.

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, Taiwan, Malaysia, and
Singapore.


INITIA SERVICES: Creditors Must Prove Debts by December 1
---------------------------------------------------------
Initia Services Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to submit their proofs of
debt by Dec. 1, 2006, to be included in the company's
distribution of dividend.

The liquidator can be reached at:

         Low Kok Poo
         c/o Corporate Alliance Pte Ltd
         5 Shenton Way
         #06-08 UIC Building
         Singapore 068808


SEA CONTAINERS: Reed Conner Ceases to be a Major Shareholder
------------------------------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, Reed Conner & Birdwell, LLC, discloses that
it has ceased to be the beneficial owner of more than 5% of the
Common Stock of Sea Containers, Ltd.

As of October 20, 2006, the investment adviser beneficially
owned 1,100 shares of the Company's common stock.

A month earlier, as of September 11, 2006, Reed Conner
beneficially owned 2,818,510 shares, representing a 10.84%
equity stake in Sea Containers.

Donn B. Conner is the firm's president and chief executive
officer while Jeffrey Bronchick is the chief investment officer.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEA CONTAINERS: Wants To Give Up Railway Services In May 2007
-------------------------------------------------------------
Sea Containers, Ltd., will walk away from its wholly owned non-
debtor subsidiary, Great North Eastern Railway Ltd., in May
2007, if it will not obtain more favorable franchise terms, The
Sunday Times reports.

GNER operates high-speed passenger trains between London and
Scotland along the East Coast main line of Britain under a
franchise agreement with the British Government since April
1996.

Robert D. MacKenzie, president and chief executive officer of
Sea Containers, told The Sunday Times although GNER is
profitable, it cannot "cope with the GBP1.3 billion premium that
it had to pay to the Treasury under the franchise agreement."
What's more, GNER's performance bond nearly doubles on May 1
from GBP15.3 million to GBP28.7 million, Dominic O'Connell of
The Sunday Times writes.

According to Mr. O'Connell, Britain's Department for Transport
has rejected suggestions it will renegotiate the franchise.

GNER currently operates a fleet of 41 train sets totaling 463
cars and locomotives covering approximately 920 route miles and
52 stations, and in 2005 achieved 16,700,000 passenger journeys.

As previously reported, Sea Containers, Ltd., and its
subsidiaries, Sea Containers Services, Ltd., and Sea Containers
Caribbean, Inc., filed voluntary petitions for reorganization
under Chapter 11 of the U.S. Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware.

On October 16, 2006, the Company initiated a complementary
proceeding in Bermuda to facilitate the Chapter 11 Filing.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEE HUP SENG: Unveils Shareholders' Change of Interest
------------------------------------------------------
See Hup Seng Limited unveiled the changes of its shareholders
interest in the number of shares held in the company.

On Nov. 7, 2006, Yap Sew, a registered shareholder of the
company, has decreased the number of shares he held in the
company.  Before the change, Mr. Yap held 12,000,000 direct
shares with 4.53% issued share capital.  Presently, Mr. Yap
holds 7,000,000 shares with 2.64% issued share capital.

Moreover, on Oct. 10, 2006, Chu Chwee Tiak, another substantial
shareholder of See Hup Seng has increased his shareholding in
the company.  Before the change, Mr. Chu held 1,500,000 deemed
shares with 0.57% issued share capital.  Presently, Mr. Chu
holds 11,500,000 deemed shares with 4.34% issued share capital.

In addition, Mr. Chu still holds 2,000,000 direct shares with
0.75% issued share capital.

Mr. Chu's deemed interest was due from his being a substantial
shareholder and director of C T Holdings Pte Ltd, which in turn
is a registered holder of See Hup Seng.

                       About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed, on April 7, 2006, significant doubt in
the company's ability to continue as going concern, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


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

ADVANCE PAINT: Stocks Out of SET's Index Calculations
-----------------------------------------------------
Advance Paint & Chemicals (Thailand) 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.

Advance Paint's stocks will remain excluded from trading until
such time SET grants permit for them to trade.

Headquartered in Bangkok, Thailand, Advance Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The Company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Non-Performing Group Sector of the
Stock Exchange of Thailand.

After auditing the Company's financial report for the second
quarter ended June 30, 2006, Atipong AtipongSakul, of ANS Audit
Company Ltd., stressed that "the Company continuously operates
at an increased loss and has current liabilities substantially
in excess of current assets."  He said that the Company's
ability to continue operations as a going concern is dependent
on its ability to generate sufficient profit and cash flows to
serve its debts.


BANK OF AYUDHYA: Moody's Keeps Financial Strength Rating at E+
--------------------------------------------------------------
On November 7, 2006, Moody's Investors Service affirmed the Bank
of Ayudhya Public Co Ltd's bank financial strength rating of E+.
The affirmation follows the review of BAY's ratings for possible
upgrade as announced on May 31, 2006.  The rating continues to
be on review for possible upgrade.

"The affirmation of BAY's rating reflects the expectation that
the acquisition of a strategic stake in the bank by GE Group-
owned GE Capital International Holdings Corporation could bring
notable benefits to the bank," says Leo Wah, a Moody's Assistant
Vice President/analyst, adding, "The coup in Thailand in late
September this year delayed GECIH's subscription deadline by
three months, keeping us from concluding the rating review
within our normal time frame."

According to lead analyst Wah, expectations of GECIH's
acquisition of 1,391 million shares in BAY by Jan 10, 2007, and
the exercise of existing shareholders' outstanding warrants --
which are currently deep in the money and will expire in August
2008 --, could double the bank's tier-1 capital base from its
current level of approximately Bt36.8 billion.  This alone would
restore BAY's economic solvency and largely restore its capital
adequacy, even stressed for possible additional loan losses.

The increase in regulatory capital to approximately 17% would
allow BAY to strengthen its balance sheet by raising provisions
against non-performing loans, while also allowing the bank to
write off bad debts more aggressively and support its strategy
to expand its retail banking business.  The bank's balance sheet
is among the weakest in Thailand, with a 13% NPL ratio and 33%
loan loss reserve - both significantly worse than the average
for Thailand's rated commercial banks.

With only 14% of BAY's loan portfolio in retail banking, GE
Group's individual business expertise in product design, system,
collection, and most importantly risk management would certainly
support the bank's strategy to seek a more balanced and
healthier loan portfolio.  Moody's also expects GE Group's best
practice in risk management to be adopted.

"A possible upgrade of BAY's rating would most likely hinge on
the completion of the GECIH investment," adds Wah.  "While BAY's
creditworthiness has shown improvement from its previously
weakened state, these slow developments alone are not sufficient
to justify an upgrade of the rating for now, especially given
that the coup may slow the economy and BAY's improving financial
fundamentals."

BAY, headquartered in Bangkok, is Thailand's sixth largest bank
by deposits assets.  As of June 30, 2006, it had total assets of
THB646 billion.


SAHAMITR PRESSURE: SET Excludes Stocks from Index Calculations
--------------------------------------------------------------
Stocks of Sahamitr Pressure Container 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.

Sahamitr Pressure's stocks will be excluded until such time SET
grants permit to trade.

Sahamitr Pressure Container Public Company Limited --
http://www.smpcplc.com/-- produces pressure containers for
liquefied petroleum gas for local and overseas markets under its
SMPC brand name.

The Company's capital deficit started in 2003, at
THB1.19 billion.  The trend continued going downward with 2005's
THB1.15-billion deficit.  Also in 2003, the Company posted a
THB1.29 billion net loss, which it was able to turn around with
a THB20.63 million profit in 2004.

During the years 1998 to 2000, the creditors of a related
company -- Sahamitr Steel -- filed court cases demanding for
loan repayments totaling approximately THB1.80 billion.  The
Company, being a guarantor to the related firm's liabilities,
was named as a joint defendant in the lawsuit with a liability
of THB1.35 billion.

Sahamitr Steel entered into a debt restructuring agreement with
creditor banks rescheduling the repayments of loans, from 2002
to 2011. The Company, as a loan guarantor, is obliged to provide
a cash advance to Sahamitr Steel for loan repayments should the
related company not have enough cash.  The balance of the
obligation totaled THB1.29 billion as of December 31, 2005, and
the Office of the Securities and Exchange Commission ordered the
Company, in a letter dated April 23, 2004, to take up the
possible damage, including the possible loss on non-collection
of advances to directors who jointly guaranteed Sahamitr Steel's
loans for the obligation in the accounts.

The Company had been classified under the REHABCO Sector --
Companies under Rehabilitation -- of the Stock Exchange of
Thailand for several years.  In July 2006, the SET reclassified
the whole sector and categorized the Company under the "non-
performing group."




                            *********

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 ***