TCRAP_Public/061110.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  

            Friday, November 10, 2006, Vol. 9, No. 224

                            Headlines

A U S T R A L I A

A.W. FORCE: Members Agree to Voluntarily Wind Up Operations
AGCO CORP: Third Quarter 2006 Net Sales Down 4.3% to US$1.2 Bil.
ARIA WINE: Will Declare Dividend to Creditors on November 10
AUSSIE GAME: Undergoes Voluntary Wind-Up
AZAR HOMES: Court Issues Wind-Up Order

BAR MASTER: To Declare First and Final Dividend on December 8
BARTON NELSON: Schedules Final Meeting on November 17
BLACK ROCK: Members Agree to Voluntarily Wind Up Business
BRYDON PTY: Liquidator to Present Wind-Up Report on November 14
CAMDEN SHEET: To Declare Dividend for Unsecured Creditors

CCI SOFTWARE: Members' Final Meeting Fixed for November 14
CHURCH & DWIGHT: Declares US$0.07 Per Share Quarterly Dividend
DAVROLYN PTY: Members Pass Resolution to Wind Up Firm
ELI HOLDINGS: Members Resolve to Wind Up Firm
FIVE STAR: To Declare First and Final Dividend to Employees

GAITS EARTHMOVING: Creditors Must Prove Debts by November 28
GULSON PTY: Members Opt for Voluntary Wind-Up
H2O MANUFACTURING: Members & Creditors to Receive Wind-Up Report
JAMES HARDIE: Positive ATO Rulings for Proposed AFA
JONTRIV PTY: Members to Receive Wind-Up Report

KENT MYERS: Liquidator to Present Wind-Up Report on Nov. 13
KK & SONS: Members Agree to Shut Down Business
MALUA BAY: Members and Creditors to Meet on November 13
MULBERRY PTY: Undergoes Liquidation Proceedings
NRG ENERGY: Resetting 2006-2010 Hedges to Current Market Price

NRG ENERGY: Moody's Changes Rating Outlook to Negative
PREDATOR PAINTBALL: To Declare First Preferential Dividend
RICK SMITH: Placed Under Voluntary Wind-Up
STS BRICKLAYING: Creditors' Proofs of Claim Due on November 28
STURZAKER PTY: Prepares to Declare First Dividend on December 5

SUPERIOR ENERGY: S&P Affirms 'BB' Corporate Credit Rating
SUPERIOR ENERGY: Appoints Harold Bouillion as Board Director
TAX INFO: Liquidator Pilato to Present Final Account
TEATREE LANDSCAPING: Appoints M. F. Cooper as Liquidator
THE H20 SPRINGWATER: Joint Meeting Set for November 13

THE H2O WATER: Members and Creditors to Hear Liquidator's Report
THE VENDING EXPRESS: Creditors Opt to Close Operations
VOLITION AUTOMOTIVE: Wind-Up Process Commenced
VOTORANTIM GROUP: Prices Tender Offer on 7.875% Guaranteed Notes


C H I N A   &   H O N G  K O N G

CATHAY UNITED: Fitch Upgrades Individual Rating to B/C from C
CHIAPTON COMPANY: Creditors' Proofs of Claim Due on November 17
CTO (H.K.): Wind-Up Petition Hearing Set on November 29
ENCHANTING INTERNATIONAL: Faces Wind-Up Proceedings
HSBC MEDICAL: Creditors' Proofs of Claim Due on December 1

KADEFU DEVELOPMENT: Undergoes Voluntary Wind-Up
KEEN TECH: Wind-Up Petition Hearing Set on November 22
KENSUM HOLDINGS: Enters Voluntary Wind-Up
KTC (HONG KONG): Commences Wind-Up of Operations
LAURITZEN KOSAN: Members' Final Meeting Fixed on December 8

LUMKING INVESTMENTS: Placed Under Voluntary Wind-Up
MBF CREDIT: Enters Wind-Up Proceedings
MULTI-LUCK DEVELOPMENT: Court Issues Wind-Up Order
NEW CATHAY: Final Meeting Slated for December 5
ORIENTAL SECURITIES: Fitch Gives BB+ Foreign Currency IDR

PARKSON RETAIL: S&P Assigns BB Long Term Corp. Credit Rating
PO WING: Court Appoints Liquidators and Inspectors
SAPPHIRE FORTUNE: Enters Voluntary Liquidation
SHIMAO PROPERTY: S&P Hands BB+ Long Term Corp. Credit Rating
SHING FU: Inability to Pay Debts Prompts Wind-Up

TAIWAN FINANCE: Fitch Keeps Individual Rating at D
TRW AUTOMOTIVE: Fitch Says Stock Operations Won't Affect Ratings
TRW AUTOMOTIVE: Prices Public Offering of Common Stock
WAH YING: Court Sets Date to Hear Wind-Up Petition


I N D I A

AES CORP: Incurs US$340-Million Net Loss in 2006 Third Quarter
AES CORP: Board Names John McLaren as Executive Vice President
ALLAHABAD BANK: Enters Into Joint Deal with Sompo & Three Others
BALLARPUR INDUSTRIES: Allots Shares on Conversion of FCCBs
BANK OF BARODA: Sept. 2006 Quarter Net Profit Up 11%

BANK OF BARODA: Facing Pressure on Interest Margins, Boss Says
BANK OF INDIA: Third Quarter 2006 Net Profit Soars by 60%
BANK OF INDIA: Allies with UBI and IDFC for Loan Syndication
DUNLOP INDIA: Reopens Sahangunj Plant After 5 Years of Closure
GENERAL MOTORS: Wants to Boost Production Capacity in Thailand

VISTEON CORP: Anticipates 900-Person Workforce Reduction
VISTEON CORP: Balance Sheet Upside-Down by US$102MM at Sept. 30
VISTEON CORP: Weak Earnings Cue S&P to Pare 'B+' Corp. Rating
* Fitch Optimistic on Financial Health of Indian States


I N D O N E S I A

AVNET INC: Agrees to Buy GE Business For US$412.5 Million
BANK INDONESIA: Expected to Cut Down BI Rate by 0.5%
CORUS GROUP: Counter-Bids Unlikely, Business Standard Says
INCO LTD: CVRD Wants Shareholders' Meeting to Buy Other Shares
MARSH & MCLENNAN: Vice-Chairman to Retire at Year-End

MATAHARI PUTRA: Moody's Affirms B1 Corporate Family Ratings


J A P A N

SOFTBANK CORP: 2nd Quarter Profit Doubles on Mobile Phone Unit


K O R E A

HANAROTELECOM: Widens 3rd Quarter 2006 Net Loss to KRW17.8 Bil.
KOOKMIN BANK: Sells KRW30-Billion One-Year Bonds
KOREA DEVELOPMENT: Unit Leads Acquisition of 92% Stake in Daerim
WARNACO GROUP: Iconix Brand to Acquire Ocean Pacific for US$54MM
WARNACO GROUP: Posts US$452 Mil. 3rd Quarter 2006 Net Revenues


M A L A Y S I A

AKER KVAERNER: Inks Reselling Agreement with Alfa Laval
FALCONBRIDGE LTD: Parent Launches Debut Global Bond Offering
SYARIKAT KAYU: Posts MYR957-Mil. Net Loss in Qtr. Ended Aug. 31
TALAM CORPORATION: Updates Default Status as of Sept. 30
TALAM CORPORATION: Shareholders OK All Resolutions at 81st AGM

TAP RESOURCES: Shareholders Pass All Resolutions at 11th AGM
TAP RESOURCES: Subsidiary Served with Wind-Up Petition


N E W   Z E A L A N D

AIR NEW ZEALAND: Confirms Closure of Christchurch Call Center
AUGUSTA DEVELOPMENTS: Shareholders Resolve to Liquidate Business
D&L SERVICES: Liquidation Petition Hearing Set on November 20
DUFFOS SECURITY: Members and Creditors to Receive Final Account
ECEEG LTD: Court Sets Liquidation Petition Hearing on Nov. 16

EISS SUBTRONICS: Faces Liquidation Proceedings
FALEN DEVELOPMENTS: Shareholders Vote to Liquidate Business
HAURAKI CONCRETE: Court Sets Liquidation Hearing on Nov. 23
IROAM INVESTMENT: Liquidation Hearing Set on November 16
JORVIK DEVELOPMENT: Creditors' Proofs of Claim Due on Nov. 16

LATIN LARDER: Creditors to Prove Claims on November 20
MEELIE PROPERTIES: Creditors Must Prove Debts by November 30
MERIDIAN HOMES: Inability to Pay Debts Prompts Liquidation
MOLOK NZ: Court Appoints Joint Liquidators
TI RAKAU: Enters Liquidation Proceedings

* Low Equity Investment Leaves NZ Vulnerable, A. Bollard Says


P H I L I P P I N E S

CHIQUITA BRANDS: Incurs US$96MM Net Loss in Third Quarter 2006
CHIQUITA BRANDS: Mulls Great White Fleet Shipping Operation Sale
CHIQUITA: Weak Third Quarter Results Cue S&P to Lower Ratings
FAIRCHILD SEMICONDUCTOR: Moody's Assigns LGD Ratings
LAFAYETTE MINING: Commissioning of Rapu-Rapu Plant Progressing

MIRANT CORP: Committee Approves US$34 Million Bonus to Employees


S I N G A P O R E

BENCHMARK ELECTRONICS: Earns US$29.3-Mil. in 2006 Third Quarter
CHRISTIANI & NIELSEN: Receiving Proofs of Claims Until Nov. 20
FLEXTRONICS INT'L: Fitch Cuts Issuer Default Rating to BB+
GETRONICS N.V.: Issues Third Quarter 2006 Operating Results
LISBORNE INVESTMENTS: Proofs of Debt Due on Nov. 13

NATIONAL INFOCOMM: Creditors Must Prove Debts by Dec. 1
PDC CORP: SGX-ST Approves Listing of 184,500,000 Shares
PETROLEO BRASILEIRO: Inks 4 Shared Prod'n Pacts with Sonangol
PETROLEO BRASILEIRO: Launching Pipeline Repair Works on Nov. 11
PHOENIX BOOK: Creditors Must Submit Proofs of Debt by Nov. 17


T H A I L A N D

BANGKOK STEEL: Court Delays Hearing of New Rehab Plan
THAI DURABLE: SET Excludes Stocks from Index Calculations
TMB BANK: Plans to Expand Retail Business Next Year
TOTAL ACCESS: Inks Deal with AIS on Interconnection Charges


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

A.W. FORCE: Members Agree to Voluntarily Wind Up Operations
-----------------------------------------------------------
At an extraordinary general meeting held on September 29, 2006,
the members of A. W. Force Pty Ltd agreed to voluntarily wind up
the company's operations.

Subsequently, William Bernard Abeyratne and Loke Ching Wong were
appointed as joint and several liquidators at the creditors'
meeting held that same day.

The Joint and Several Liquidators can be reached at:

         William Bernard Abeyratne
         Loke Ching Wong
         c/o Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone: 9696 2885


AGCO CORP: Third Quarter 2006 Net Sales Down 4.3% to US$1.2 Bil.
----------------------------------------------------------------
AGCO Corp. reported net income of US$0.06 per share for the
third quarter of 2006.  Adjusted net income, which excludes
restructuring and other infrequent expenses, was US$0.07 per
share for the third quarter of 2006.  For the third quarter of
2005, AGCO reported both net income and adjusted net income of
US$0.31 per share.  Net sales for the third quarter of 2006 were
US$1.2 billion, a decrease of approximately 4.3% compared to the
same period in 2005.

For the first nine months of 2006, AGCO's net income was US$0.69
per share compared to US$1.01 per share in 2005.  Adjusted net
income, excluding restructuring and other infrequent expenses,
was US$0.70 per share for the first nine months of 2006 compared
to adjusted net income, excluding restructuring and other
infrequent expenses and costs associated with a June 2005 bond
redemption, of US$1.16 per share in 2005.  Net sales for the
first nine months of 2006 decreased approximately 6.5% to US$3.8
billion.

Martin Rihenhagen -- chairperson, president and chief executive
officer of AGCO -- said, "As we previously announced, our
results were negatively impacted by weaker markets in both our
North American and Asia/Pacific segments.  In addition, the
continued reduction of dealer inventories in North America
resulted in lower sales and operating income in the region.  
This reduction is part of our plan to reduce both inventory and
accounts receivable throughout the year.  As of Sept. 30, 2006,
our worldwide inventory and accounts receivable were
approximately US$250 million lower than September 2005 levels.  
The working capital management also generated an improvement in
free cash flow for the first nine months of 2006 of
approximately US$200 million compared to the same period in
2005. While our balance sheet focus has impacted our current
results, we believe these actions, along with our product and
distribution initiatives, will provide a foundation for better
returns in the future."

"AGCO's third quarter sales were led by continued strong
performance in the Europe/Africa/Middle East region.  Despite
relatively flat industry sales, our European revenues increased
approximately 7.5% in the third quarter of 2006, excluding
currency impacts, which demonstrates the value of our products
and our strong distribution network," Mr. Richenhagen stated.

           Third Quarter and Year-to-Date Results

For the third quarter of 2006, AGCO reported net sales of
US$1,180.9 million and net income of US$5.4 million, or US$0.06
per share.  Adjusted net income, excluding restructuring and
other infrequent expenses, was US$6.0 million, or US$0.07 per
share, for the third quarter of 2006.  For the third quarter of
2005, AGCO reported net sales of US$1,233.6 million and net
income of US$27.8 million, or US$0.31 per share.  Adjusted net
income, excluding restructuring and other infrequent income, was
US$27.7 million, or US$0.31 per share, for the third quarter of
2005.

For the first nine months of 2006, AGCO reported net sales of
US$3,801.2 million and net income of US$63.6 million, or US$0.69
per share.  Adjusted net income, excluding restructuring and
other infrequent expenses, was US$64.3 million, or US$0.70 per
share for the first nine months of 2006.  For the first nine
months of 2005, AGCO reported net sales of US$4,064.8 million
and net income of US$95.4 million, or US$1.01 per share.  
Adjusted net income, excluding restructuring and other
infrequent income and bond redemption costs, in the first nine
months of 2005 was US$109.4 million, or US$1.16 per share.  A
reconciliation of adjusted income from operations, net income
and earnings per share to reported income from operations, net
income and earnings per share for the three and nine months
ended Sept. 30, 2006, and 2005 is provided in Note 8 to our
Condensed Consolidated Financial Statements.

AGCO's net sales decreased 4.3% for the third quarter and 6.5%
for the first nine months of 2006 compared to the same periods
in 2005.  Excluding the impact of currency translation, AGCO's
net sales decreased 7.6% during the third quarter and 7.0% for
the first nine months of 2006 compared to the same periods in
2005.  Net sales declined in the North America, South America
and Asia/Pacific regions, partially offset by sales increases in
the Europe/Africa/Middle East region.  In North America, net
sales were significantly lower during 2006 compared to 2005
primarily due to weaker market conditions and lower deliveries
to dealers resulting in a reduction in dealer inventory levels.  
In the South America and Asia/Pacific regions, weaker market
conditions contributed to the sales decline.

Adjusted income from operations decreased US$25.7 million for
the third quarter of 2006 and US$61.5 million for the first nine
months of 2006 compared to 2005 resulting from the decrease in
net sales.  Gross margins in 2006 were slightly below 2005, due
to lower production levels, sales mix and currency impacts.  
Unit production of tractors and combines for the first nine
months of 2006 was approximately 16% below 2005.

In AGCO's Europe/Africa/Middle East region, income from
operations increased US$2.6 million in the third quarter and
US$11.5 million for the first nine months of 2006 compared to
2005.  Income from operations in the third quarter and the first
nine months of 2006 increased due to an approximate 3% and 6%
increase in net sales, respectively, excluding currency impact,
resulting from stronger market conditions in key regions of
Europe, particularly in Germany.  Operating margins remained
strong due to new products and productivity improvements.

Income from operations in AGCO's South America region decreased
US$0.9 million for the third quarter and US$4.1 million for the
first nine months of 2006 compared to 2005.  Industry demand in
South America was below 2005 levels, resulting in a decline in
AGCO's net sales in South America, excluding currency impact, of
approximately 4% and 15% for the third quarter and first nine
months of 2006, respectively.

In North America, income from operations decreased US$20.9
million in the third quarter and US$46.5 million for the first
nine months of 2006 compared to 2005.  Income from operations in
the third quarter and the first nine months of 2006 was lower
primarily due to an approximate 27% and 24% reduction in net
sales, respectively, excluding currency impact, compared to
2005.  The sales decline is a result of lower retail sales of
AGCO products due to weaker industry conditions as well as the
impact of dealer inventory reductions, which influence wholesale
sales levels.

Income from operations in the Asia/Pacific region decreased
US$4.1 million in the third quarter and US$12.0 million for the
first nine months of 2006 compared to 2005 primarily due to
lower sales in Australia, New Zealand and Asia.

                  Regional Market Results

North America  

Industry retail demand softened considerably in the third
quarter of 2006.  Industry unit retail sales of tractors were
down nearly 8% and combines were down over 18% compared to the
third quarter of 2005.  Third quarter 2006 industry retail sales
of tractors over 100 horsepower were 24% below those in the
third quarter of 2005.  Industry unit retail sales of tractors
for the first nine months of 2006 decreased approximately 2%
over the comparable prior year period resulting from decreases
in the compact and high horsepower tractor segments, offset by a
slight increase in the utility tractor segment.  Industry unit
retail sales of combines for the first nine months of 2006 were
approximately 8% lower than the prior year period.  AGCO's unit
retail sales of tractors and combines were also lower in the
third quarter and first nine months of 2006 compared to 2005.

Europe

Industry unit retail sales of tractors for the first nine months
of 2006 increased approximately 1% compared to the prior year
period. Retail demand declined in France, Italy, Finland and
Spain, but improved in Germany, the United Kingdom, Scandinavia
and Central and Eastern Europe.  AGCO's unit retail sales for
the first nine months of 2006 were higher when compared to the
prior year period.

South America

Industry unit retail sales of tractors and combines for the
first nine months of 2006 decreased approximately 8% and 40%,
respectively, compared to the prior year period.  Retail sales
in the major market of Brazil for tractors increased
approximately 7% compared to 2005 and declined approximately 47%
for combines during the first nine months of 2006 compared to
2005.  AGCO's South American unit retail sales of tractors and
combines declined in the first nine months of 2006 compared to
2005.

Rest of World Markets

Outside of North America, Europe and South America, AGCO's net
sales for the first nine months of 2006 were approximately 25%
lower than 2005 due to lower sales in Asia and the Middle East.

Mr. Richenhagen commented, "Global industry demand in the third
quarter showed mixed results.  In Europe, industry retail sales
improved slightly with increases in Germany and Scandinavia. In
North America, third quarter industry retail sales were down
sharply, especially in the large equipment sectors.  In South
America, industry demand remains weak overall with some recent
improvement in Brazil driven by the sugar cane, coffee, and
citrus sectors."

                          Outlook

Industry retail sales of farm equipment in 2006 in all major
markets are expected to be relatively flat or below 2005 levels.  
In North America, 2006 farm income is projected to be below the
prior year resulting in lower demand for equipment.  In South
America, the strength of the Brazilian currency and high farm
debt levels are expected to continue to result in lower retail
sales.  Industry demand in Europe is expected to be flat to
slightly increased compared to 2005.

AGCO's net sales for the full year of 2006 are expected to
decline 2 to 3% versus 2005 based on lower industry demand and
planned dealer inventory reductions.  AGCO is targeting full
year earnings per share to be approximately US$1.00 per share.  
In addition, improved working capital utilization in 2006 is
expected to result in strong free cash flow.

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of  
agricultural equipment and related replacement parts. Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Brazil.  AGCO products include the following brands: AGCO(R),
Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey
Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters.  
AGCO provides retail financing through AGCO Finance.  The
company had net sales of US$5.4 billion in 2005.

The company has its Asia Pacific headquarters in Australia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for AGCO Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


ARIA WINE: Will Declare Dividend to Creditors on November 10
------------------------------------------------------------
Aria Wine Company Pty Ltd, which is subject to a deed of company
arrangement, will declare the first and final dividend on
November 10, 2006.

Creditors who were not able to file their proofs of claim by
October 31, 2006, will be excluded from sharing in the dividend
distribution.

The Deed Administrator can be reached at:

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


AUSSIE GAME: Undergoes Voluntary Wind-Up
----------------------------------------
At the meetings of the members and creditors of Aussie Game
Exporters Pty Ltd held on September 29, 2006, the creditors
resolved to wind up the company's operations and appointed R. A.
Sutcliffe as liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277


AZAR HOMES: Court Issues Wind-Up Order
--------------------------------------
On October 23, 2006, the Supreme Court of New South Wales,
Equity Division, ordered Azar Homes Pty Ltd to wind up its
operations and appointed D. I. Mansfield as official liquidator.

The Official Liquidator can be reached at:

         D. I. Mansfield
         Moore Stephens
         Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


BAR MASTER: To Declare First and Final Dividend on December 8
-------------------------------------------------------------
Bar Master Corporation Pty Ltd, which is in liquidation, will
declare the first and final dividend on December 8, 2006.

Creditors who were unable to submit their proofs of debts by
October 31, 2006, will be excluded from sharing in the
distribution.

The Official Liquidator can be reached at:

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


BARTON NELSON: Schedules Final Meeting on November 17
-----------------------------------------------------
Barton Nelson & Parkes Pty Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on
November 17, 2006, at 12:30 p.m.

During the meeting, the members and creditors will receive
Liquidator Frank Lo Pilato's report on the company's wind-up.

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


BLACK ROCK: Members Agree to Voluntarily Wind Up Business
---------------------------------------------------------
On September 29, 2006, members of Black Rock Boat Hire & Kiosk
Pty Ltd resolved to voluntarily wind up the company's
operations.

At a creditors meeting held subsequently that same day, Colin R.
McDonald was appointed as liquidator.

The Liquidator can be reached at:

         Colin R. Mcdonald
         Chartered Accountant
         PO Box 56
         Mooroolbark, Victoria 3138
         Australia
         Telephone:(03) 9726 4988
         Facsimile:(03) 9726 9338


BRYDON PTY: Liquidator to Present Wind-Up Report on November 14
---------------------------------------------------------------
Brydon Pty Ltd, which is in liquidation, will hold a joint
meeting for its members and creditors on November 14, 2006, at
2:30 p.m.

During the meeting, Liquidator Paul A. Pattison will present the
accounts on the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Paul A. Pattison
         Pattisons
         Business Advisors & Insolvency Specialists
         Level 14, 461 Bourke Street
         Melbourne, Victoria 3000
         Australia


CAMDEN SHEET: To Declare Dividend for Unsecured Creditors
---------------------------------------------------------
Camden Sheet Metal Pty Ltd will declare the first and final
dividend for ordinary unsecured creditors on November 22, 2006.

Creditors who failed to submit their proofs of debt by
November 8, 2006, will be excluded from sharing in the
distribution.

The liquidator can be reached at:

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


CCI SOFTWARE: Members' Final Meeting Fixed for November 14
----------------------------------------------------------
Members of CCI Software Pty Ltd, which is in liquidation, will
hold their final meeting on November 14, 2006, to consider the
liquidator's report regarding the company's liquidation.

The Liquidator can be reached at:

         Leslie Nagy
         Leslie Nagy & Associates
         Suite 2/1 Terminus Street
         Castle Hill, New South Wales 2154
         Australia


CHURCH & DWIGHT: Declares US$0.07 Per Share Quarterly Dividend
--------------------------------------------------------------
Church & Dwight Co., Inc.'s board of directors declared a
regular quarterly dividend of US$0.07 per share.

This quarterly dividend will be payable Dec. 1, 2006, to
stockholders of record at the close of business on Nov. 13,
2006.  It is the company's 423rd regular consecutive quarterly
dividend.

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium    
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France and Spain.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 29, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the US Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Church &
Dwight Company, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million
   Revolving Credit     Ba2      Baa3     LGD2     23%

   US$531 million
   Sr. Secured
   Term Loan            Ba2       Baa3    LGD2     23%

   US$100 million
   Conv. Debentures     Ba2       Ba2     LGD4     59%

   US$250 million
   Sr. Sub. Notes       Ba3       Ba3     LGD5     85%


DAVROLYN PTY: Members Pass Resolution to Wind Up Firm
-----------------------------------------------------
On October 26, 2006, members of Davrolyn Pty Ltd passed a
special resolution to voluntarily wind up the company's
operations.

In this regard, David Arthur Cope Culey was appointed as
liquidator.

The Liquidator can be reached at:

         David Arthur Cope Culey
         Unit 1, 4 Clanville Road
         Roseville, New South Wales 2069
         Australia


DUFFOS SECURITY: Members and Creditors to Receive Final Account
---------------------------------------------------------------
The members and creditors of Duffos Security Services Pty Ltd,
which is in liquidation, will hold a final meeting on
November 17, 2006, at 1:30 p.m., to receive the final accounts
from Liquidator Frank Lo Pilato.

The Liquidator can be reached at:

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


ELI HOLDINGS: Members Resolve to Wind Up Firm
---------------------------------------------
At a general meeting held on October 24, 2006, the members of
Eli Holdings Pty Ltd passed a special resolution to wind up the
company's operations.

Subsequently, M. N. Elias and J. A. Newman were appointed as
joint liquidators.

The Joint Liquidators can be reached at:

         M. N. Elias
         J. A. Newman
         Level 5, 389 George Street
         Sydney, New South Wales 2000
         Australia


FIVE STAR: To Declare First and Final Dividend to Employees
-----------------------------------------------------------
Five Star Tooling Pty Ltd, which is in liquidation, will declare
the first and final dividend for preferred employees and
creditors on December 8, 2006.

Creditors who were unable to prove their claims by October 31,
2006, will be excluded from sharing in the dividend
distribution.

The Joint and Several Liquidator can be reached at:

         Ray Richards
         SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


GAITS EARTHMOVING: Creditors Must Prove Debts by November 28
------------------------------------------------------------
Gaits Earthmoving Pty Ltd, which is in liquidation, will declare
the first and final dividend to priority employees on
November 30, 2006.

Creditors are required to formally prove their debts by
November 28, 2006, to share in the dividend distribution.

The Liquidator can be reached at:

         John Vouris
         Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2001
         Australia
         Telephone: 8346 6000


GULSON PTY: Members Opt for Voluntary Wind-Up
---------------------------------------------
Members of Gulson Pty Ltd held a general meeting on
September 29, 2006, and passed a special resolution to
voluntarily wind up the company's operations.

The liquidator can be reached at:

         Douglas John Greig Macculloch
         c/o RSM Bird Cameron
         143 Bourke Street
         Goulburn, New South Wales 2580
         Australia
         Telephone: (02) 4821 1066


H2O MANUFACTURING: Members & Creditors to Receive Wind-Up Report
----------------------------------------------------------------
H2O Manufacturing Co Pty Ltd, which is in liquidation, will hold
a joint meeting for its members and creditors on November 13,
2006, at 9:30 a.m.

During the meeting, Liquidator J. P. Downey will present the
accounts of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


JAMES HARDIE: Positive ATO Rulings for Proposed AFA
---------------------------------------------------
The Australian Taxation Office has provided James Hardie
Industries Limited the proposed Special Purpose Fund and others
with private binding rulings that the company believes will
deliver an acceptable tax outcome for the proposed SPF set up to
compensate certain Australians with asbestos-related personal
injury claims against former James Hardie subsidiaries.

After the unsuccessful application to have the SPF endorsed as a
tax-exempt charity, the private binding rulings confirm the
intended tax treatment of the compensation arrangements, having
regard to amendments proposed to be made to the original
agreements based on discussions with the NSW Government.  The
changes and intended tax outcome are consistent with the
original principles reflected in the Heads of Agreement entered
into in December 2004 and the Final Funding Agreement, entered
into in December 2005.

James Hardie will now move to finalize an amended FFA and
related agreements with the NSW Government so that all relevant
documents can be signed as soon as possible and lender and
shareholder approval sought.  In order to do so, James Hardie
and the NSW Government need to execute an amended FFA in a form,
which reflects the changes that were the subject of the ruling
applications.  In recent weeks the NSW Government and James
Hardie have worked together to obtain these rulings.  James
Hardie has provided the NSW Government with copies of
submissions provided to the ATO, including relevant draft
agreements, and copies of the private rulings.

In order to implement the amended FFA, certain conditions
precedent will need to be satisfied, including the NSW
Parliament passing facilitating legislation.  The resolution of
these issues involves uncertainty and there can be no assurance
that obtaining the ATO rulings will lead to a finalization of
the amended FFA that is required to resolve the position.  
However, James Hardie believes that obtaining the ATO rulings is
an important milestone in implementing the funding proposal.

It is anticipated that an extraordinary general meeting of
shareholders to approve the implementation of the amended FFA
could be convened within 10 weeks of James Hardie and the NSW
Government executing the amended FFA.  Given the close proximity
to the Christmas and New Year holiday period and the difficulty
of convening shareholder meetings during this period, the
company expects this meeting could be held in February 2007.

James Hardie and other relevant parties are well advanced in
their work to secure lender approval, obtain an updated
actuarial report from KPMG Actuaries Pty Limited, obtain an
independent expert's report and prepare the Explanatory
Memorandum for shareholders.

James Hardie has received indications that the Medical Research
and Compensation Foundation has sufficient funds to pay asbestos
claims until early 2007.  James Hardie is arranging to provide
interim funding to the MRCF in the event that its finances are
exhausted before the FFA is implemented in full.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/-
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


JONTRIV PTY: Members to Receive Wind-Up Report
----------------------------------------------
The members of Jontriv Pty Ltd will hold a final meeting on
Nov. 14, 2006, at 9:00 a.m., to receive a wind-up report from
Liquidator Chaseling.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on July 26, 2006.

The Liquidator can be reached at:

         William Keith Chaseling
         Williamson Chaseling Pty Ltd
         21 Merewether Street, Newcastle
         Australia


KENT MYERS: Liquidator to Present Wind-Up Report on Nov. 13
-----------------------------------------------------------
A final meeting for the members and creditors of Kent Myers
Transport Pty Ltd, which is in liquidation, will be held on
November 13, 2006, at 11:30 a.m.

At the meeting, Liquidator Danny Vrkic will present the report
regarding the company's wind-up and property disposal
activities.

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


KK & SONS: Members Agree to Shut Down Business
----------------------------------------------
At a general meeting held on Oct. 18, 2006, the members of K K &
Sons Co Pty Ltd agreed to shut down the company's business and
distribute the proceeds of its asset disposal.

Accordingly, Charles Chan was appointed as liquidator.

The Liquidator can be reached at:

         Charles Chan
         c/o Partlett, Chave & Rowland Baulkham Hills
         PO Box 528
         Baulkham Hills
         New South Wales 1755
         Australia


MALUA BAY: Members and Creditors to Meet on November 13
-------------------------------------------------------
The members and creditors of Malua Bay Matilda's Pty Ltd will
hold a final meeting on Nov. 13, 2006, at 10:30 a.m., to receive
the liquidator's account on the company's wind-up and property
disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
members resolved to wind up the company's operations on March
10, 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


MULBERRY PTY: Undergoes Liquidation Proceedings
-----------------------------------------------
The members of Mulberry Pty Ltd convened on October 24, 2006,
and passed a special resolution to voluntarily liquidate the
company's business.

Consequently, M. N. Elias and J. A. Newman were appointed as
joint liquidators.

The Joint Liquidators can be reached at:

         M. N. Elias
         J. A. Newman
         Level 5, 389 George Street
         Sydney, New South Wales 2000
         Australia


NRG ENERGY: Resetting 2006-2010 Hedges to Current Market Price
--------------------------------------------------------------
NRG Energy Inc. is in the process of implementing a series of
transactions that are designed to reduce the earnings impact of
commodity volatility, increase capital structure efficiency and
flexibility, and expand the capacity for the return of capital
to shareholders, while committing to debt reduction.

These transactions include:

   * resetting existing out-of-the-money hedges (acquired as
     part of the NRG Texas acquisition) primarily for years 2006
     through 2010 to current market price levels;

   * placing new hedges on baseload power generation for the
     years 2010 and 2011 (increasing the baseload hedge    
     positions to 48% and 53%, respectively), and opening up
     counterparty capacity for additional hedges in 2010 through
     2012;

   * amending the senior secured credit facility; and

   * incurring US$1.1 billion of unsecured debt and use of cash
     on hand to fund the reset of existing hedges.

Under the amended agreements, NRG has reset the pricing of these
hedges to current market prices and has agreed to a negotiated
cash settlement with hedge counterparties.  The total amount to
be paid to the counterparties is approximately US$1.3 billion.
NRG's obligations under the new and amended hedges are or will
be secured by second liens on substantially all of the assets of
NRG and its subsidiaries, pursuant to NRG's existing second lien
structure.  

Already, with the additional hedge capacity made available as a
result of the Hedge Reset, NRG has increased its baseload hedged
profile from 41% to 48% in 2010 and from 19% to 53% in 2011 at
prices above those assumed in the valuation of NRG Texas.  
Resetting existing hedges also improves the company's near term
earnings, cash flows, and credit profile, which contribute to
the company's ability to amend the existing senior secured
credit facilities.

The main amendments, among other things:

   * permit the incurrence of debt to fund the Hedge Reset;

   * increase the amount of the synthetic letter of credit
     facility by US$500 million, from US$1 billion to US$1.5
     billion to support incremental hedging activity; and

   * increase and reset the restricted payments basket to US$500
     million along with a more appropriate annual adder
     calculation.

The transactions are expected to close by Nov. 21.  The primary
financial statement impacts will be a US$1.1 billion increase in
long-term debt and US$1.3 billion in higher cash flows from
operations in 2007 through 2010.  Partially offsetting the debt
increase will be the previously announced US$400 million pay
down of the Term B debt and the use of approximately US$250
million of cash to fund the Hedge Reset.  In connection with the
Hedge Reset, the company expects to record a noncash after-tax
loss of approximately US$60 million in the fourth quarter 2006.  
The loss is due primarily to the assumptions used for the
purchase price accounting at the NRG Texas acquisition date.

"These transactions will have an immediate and positive impact
on the company's financial profile and provide the capacity and
flexibility to allocate capital to investment opportunities,
debt reduction, and a continuing return of capital to
shareholders," stated Robert Flexon, NRG Executive Vice
President and Chief Financial Officer.  "The transactions will
also significantly improve our 2007 credit statistics, in
particular the leverage and coverage ratios as well as operating
cash flows."

Headquartered in Princeton, New Jersey, NRG Energy, Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- presently owns and operates  
a diverse portfolio of power-generating facilities, primarily in
Texas and the Northeast, South Central and Western regions of
the United States.  Its operations include baseload,
intermediate, peaking, and cogeneration facilities, thermal
energy production and energy resource recovery facilities.  NRG
also has ownership interests in generating facilities in
Australia and Germany.

                        *     *     *

Fitch Ratings has upgraded the rating of NRG Energy's senior
notes to 'B+' from 'B' and affirmed the company's issuer default
rating and all other instrument ratings.  Fitch said the rating
outlook is stable.


NRG ENERGY: Moody's Changes Rating Outlook to Negative
------------------------------------------------------
Moody's Investors Service changed the rating outlook to negative
from stable for NRG Energy, Inc. following the announcement that
the company had entered into a series of transactions with
counterparties to reset and extend existing power and gas hedges
at market prices, requiring a payment to counterparties of
around US$1.35 billion.  Moody's also affirmed all existing
ratings of NRG and assigned a B1 rating to the planned issuance
of US$1.1 billion of senior unsecured notes which will be used
by NRG to partially fund the counterparty payment.

"While the rating affirmation incorporates the increase in near-
term cash flow and the reduction in cash flow volatility
following the reset and extension of power and gas hedges, the
negative outlook considers the US$1.1 billion of permanent
indebtedness added to the capital structure, at a time when
share repurchases and future capital requirements have increased
and are expected to stay at an elevated level," said A.J.
Sabatelle, Vice President of Moody's.

The rating affirmation reflects the increase in operating cash
flow and free cash flow anticipated over the next three years
following the reset of existing hedges across NRG's Texas
generation fleet.  Operating cash flow and free cash flow are
expected to increase by US$1.3 billion over the next three years
and the company's operating margin will continue to remain
highly contracted over this timeframe.

Moody's expects that under most reasonable scenarios, the
company's funds from operations (FFO) to total adjusted debt is
expected to be at least 13% over this timeframe, which remains
consistent with the existing Ba3 Corporate Family Rating.  While
most of the incremental cash flow will surface over the next
three years, the execution of additional gas hedges maturing in
2010 and 2011 should enable NRG to reduce its exposure to future
changes in natural gas prices, an important driver of cash flow
volatility for the company.

The negative outlook incorporates the permanent increase in
leverage that will occur to facilitate completion of this
transaction and factors in the company's previously announced
capital investment program and recent actions to return more
capital to shareholders.  To that end, Moody's also notes that
NRG intends to modify the terms of its secured credit agreement
in a manner that will increase the restricted payments basket,
increase the amount of permitted indebtedness, allow greater
flexibility for the company to make capital investments, and
reduce the existing cash sweep mechanism.

While free cash flow is expected to increase as the result of
the reset of the power hedges over the next three years, Moody's
believes that a substantial portion of this cash may end being
used for share repurchases and for capital investment, thereby
leaving the company with higher permanent debt levels than
originally anticipated.  To the extent that the company's future
margins compress due to lower natural gas prices or lower market
heat rates, the company's credit quality will weaken.

In light of the negative rating outlook as well as the company's
capital investment plan and announced share repurchases, limited
near-term prospects exist for the rating to be upgraded.
However, the rating outlook could be stabilized if the company's
credit if the company makes meaningful progress towards using
free cash flow to permanently reduce debt by more than US$1
billion over the next several years, and if the company finances
its anticipated large capital investment program in a relatively
conservative manner resulting in a adjusted FFO to total
adjusted debt of 16% on a sustainable basis.

The rating could be downgraded if the level of share repurchases
continues to increase materially over the next eighteen months
without meaningful progress towards reducing consolidated debt
or if the company chooses to finance its capital investment
program with higher than anticipated levels of debt.
Additionally, should margins compress across NRG's existing
generation fleet or should additional leverage be incurred to
finance shareholder rewards or capital investments, causing
adjusted FFO to total adjusted debt to approach 10% for an
extended period, the rating could be downgraded.

Ratings affirmed/assessments revised:

   * Corporate family rating at Ba3;

   * Probability of default rating at Ba3;

   * Senior secured 1st lien term loan at Ba1 (LGD 2, 22% from
     LGD 2, 25%);

   * Senior secured 1st lien revolver at Ba1 (LGD 2, 22% from
     LGD 2, 25%);

   * Senior unsecured notes at B1 (LGD 5, 77% from LGD 5, 80%);

   * Shelf registration for senior secured debt at (P) Ba1 (LGD    
     2, 22% from LGD 2, 25%); and

   * Shelf registration for senior unsecured debt at (P) B1 (LGD
     5, 77% from LGD 5, 80%).

Ratings and assessments affirmed:

   * Preferred stock at B2, LGD 6, 98%;

   * Shelf registration for subordinated debt at (P)B2, LGD 6,
     97%; and

   * Shelf registration for preferred stock at (P)B2, LGD 6,
     98%.

Rating assignment:

   * US$1.1 billion of senior unsecured notes at B1 (LGD 5, 77%)

Headquartered in Princeton, New Jersey, NRG Energy, Inc. owns
and operates power generating facilities, primarily in Texas and
the northeast, south central and western regions of the United
States.  NRG also owns generating facilities in Australia,
Brazil, and Germany.


PREDATOR PAINTBALL: To Declare First Preferential Dividend
----------------------------------------------------------
Predator Paintball Pty Ltd, which is in liquidation, will
declare the first preferential dividend on December 5, 2006.

Creditors are required to lodge their claims by November 21,
2006, to be included from sharing in the benefit of the
dividend.

The Liquidator can be reached at:

         W. B. Rangott
         Unit 12, Level 3, Engineering House
         11 National Circuit, Barton ACT
         Australia


RICK SMITH: Placed Under Voluntary Wind-Up
------------------------------------------
The members of Rick Smith Carpets Pty Ltd decided to voluntarily
wind up the company's operations at a meeting held on Oct. 25,
2006.

At the creditors' meeting held later that day, Paul William
Gidley was as appointed liquidator.

The Liquidator can be reached at:

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


STS BRICKLAYING: Creditors' Proofs of Claim Due on November 28
--------------------------------------------------------------
STS Bricklaying Pty Ltd, which is in liquidation, will declare
the first and final dividend on December 13, 2006.

Creditors are required to submit their proofs of claim by
November 28, 2006, or they will be excluded from sharing in the
dividend distribution.

The Official Liquidator can be reached at:

         M. C. Donnelly
         Ferrier Hodgson
         Level 17, 225 George Street
         Sydney, New South Wales 2000
         Australia


STURZAKER PTY: Prepares to Declare First Dividend on December 5
---------------------------------------------------------------
Sturzaker Pty Ltd will declare the first dividend on Dec. 5,
2006, to the exclusion of creditors who cannot prove their
claims by December 4, 2006.

The Joint and Several Liquidators can be reached at:

         E. M. Senatore
         S. Brennan
         Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra ACT 2601
         Australia
         Telephone:(02) 6214 6700
         Facsimile:(02) 6214 6799


SUPERIOR ENERGY: S&P Affirms 'BB' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating and its 'BB-' senior unsecured rating on Superior
Energy Services Inc., and also assigned its 'BB+' senior secured
rating and '1' recovery rating to Superior's US$200 million term
loan B.  The outlook is stable.

Harvey, La. based Superior, a provider of offshore well
services, rental tools, and liftboat-based services primarily in
the U.S. Gulf of Mexico and Gulf Coast markets, will have around
US$520 million of debt on a pro forma basis after this
transaction.

Proceeds from the US$200 million term loan will be used to help
fund the US$358 million acquisition of Warrior Energy Services
Corp., expected to close in fourth-quarter 2006.  The balance of
the acquisition price will be financed with the issuance of
roughly 5.3 million shares of common stock.

The ratings on Superior reflect its limited geographic
diversification, highly cyclical markets, and a growing crude
oil and natural gas production business, viewed as higher risk
than the remainder of Superior's business portfolio.  Solid
financial measures, good cash flow generation, and moderate
spending needs buffer these weaknesses.

The stable outlook reflects the expectation that Superior will
remain focused on its core services business.

In addition, Superior is expected to continue to make
opportunistic acquisitions, while maintaining a moderate
financial policy.

"If Superior increases its oil and gas production beyond its
stated goal of 25% EBITDA, or if that segment exhibits greater-
than-expected volatility, ratings would come under negative
pressure," Standard & Poor's credit analyst Paul B. Harvey said.

"However, if Superior can successfully expand away from the Gulf
of Mexico and bolster its business risk profile, ratings could
be raised over the medium to long term," Mr. Harvey continued.

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


SUPERIOR ENERGY: Appoints Harold Bouillion as Board Director
------------------------------------------------------------
Superior Energy Services, Inc. 's board of directors, at the
recommendation of its Nominating and Corporate Governance
Committee, has appointed Harold J. Bouillion to serve as a
director until the 2007 annual meeting of stockholders.

From 1966 until 2002, Mr. Bouillion was with KPMG LLP where he
served as Managing Partner of the New Orleans office from 1991
through 2002 and as Tax Partner-in-Charge of the New Orleans
office from 1977 through 1991.  Since his retirement from KPMG
in 2002, Mr. Bouillion has served as the Managing Director of
Bouillion & Associates, LLC, which provides tax and financial
planning services.

Terence Hall, Chairman and CEO of Superior, stated, "We are
pleased to welcome Harold to our Board. His financial expertise
and knowledge of our company should be an excellent complement
to the industry experience and financial background of our other
directors."

Mr. Bouillion is a Certified Public Accountant.  He currently
serves on the boards of several New Orleans-area community
organizations, including the National World War II Museum, the
UNO Foundation, and Goodwill Industries of Southeastern
Louisiana, Inc. Mr. Bouillion earned a bachelor's degree in
Accounting from the University of Louisiana-Lafayette and his
MBA from Louisiana State University.

Superior Energy Services, Inc. -- http://www.superiorenergy.com/
-- provides specialized oilfield services and equipment focused
on serving the production-related needs of oil and gas companies
primarily in the Gulf of Mexico and the drilling-related needs
of oil and gas companies in the Gulf of Mexico and select
international market areas.  The company uses its production
related assets to enhance, maintain and extend production and,
at the end of an offshore property's economic life, plug and
decommission wells.  Superior also owns and operates mature oil
and gas properties in the Gulf of Mexico.

The company has operations in the United States, Trinidad and
Tobago, Australia, the United Kingdom, and Venezuela, among
others.

                         *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating and its 'BB-' senior unsecured rating on Superior
Energy Services Inc., and also assigned its 'BB+' senior secured
rating and '1' recovery rating to the company's US$200 million
term loan B.  S&P said the outlook is stable.


TAX INFO: Liquidator Pilato to Present Final Account
----------------------------------------------------
The final meeting for the members and creditors of Tax Info Pty
Ltd will be held on November 17, 2006, at 1:00 p.m.

At the meeting, Liquidator Frank Lo Pilato will present the
final account of the company's wind-up proceedings.

The Liquidator can be reached at:

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


TEATREE LANDSCAPING: Appoints M. F. Cooper as Liquidator
--------------------------------------------------------
At a general meeting on October 23, 2006, the members of Teatree
Landscaping & Paving Pty Ltd passed a special resolution to
voluntarily wind up the company's operations and appointed M. F.
Cooper as liquidator.

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

The Liquidator can be reached at:

         M. F. Cooper
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


THE H20 SPRINGWATER: Joint Meeting Set for November 13
------------------------------------------------------
The H2O Springwater Co Pty Ltd, which is in liquidation, will
hold a joint meeting for its members and creditors on
November 13, 2006, at 10:00 a.m.

During the meeting, the members and creditors will receive
Liquidator Downey's account on the company's wind-up
proceedings.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


THE H2O WATER: Members and Creditors to Hear Liquidator's Report
----------------------------------------------------------------
The joint meetings of the members and creditors of The H2O Water
Co Pty Ltd will be held on November 13, 2006, at 10:30 a.m.

At the meeting, Liquidator J. P. Downey will present his report
regarding the company's wind-up and property disposal exercises.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


THE VENDING EXPRESS: Creditors Opt to Close Operations
------------------------------------------------------
At a meeting held on October 25, 2006, the creditors of The
Vending Express Australia Pty Ltd resolved to shut down the
company's operations and appoint Roderick Mackay Sutherland as
liquidator.

The Liquidator can be reached at:

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


VOLITION AUTOMOTIVE: Wind-Up Process Commenced
----------------------------------------------
The members and creditors of Volition Automotive Engineering Pty
Ltd met on October 20, 2006, and resolved to wind up the
company's operations voluntarily.

In this regard, Danny Vrkic was appointed as liquidator.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia


VOTORANTIM GROUP: Prices Tender Offer on 7.875% Guaranteed Notes
----------------------------------------------------------------
Votorantim Group disclosed the price for its cash tender offer
for any and all of its wholly owned subsidiary Voto-Votorantim
Overseas Trading Operations III Ltd.'s US$300,000,000 aggregate
principal amount outstanding 7.875% guaranteed Notes due 2014
(CUSIP Nos.: 92908FAA4, G9393BAA2).  The offer expired at 5:00
p.m., New York time, on Nov. 2, 2006.

Votorantim will pay the purchase price and accrued and unpaid
interest to, but excluding, the settlement date, for the notes
accepted pursuant to the offer.  Settlement of the offer is
expected to occur on the third business day following the
Expiration Date.  The table below sets the relevant pricing
information for the notes:

Notes: 7.875% Guaranteed Notes Due 2014

CUSIP/ISIN: 92908FAA4/US92908FAA49  
            G9393BAA2/ USG9393BAA29

Reference Security: UST 4.875% Notes Due Aug. 15, 2016

Fixed Spread: 1.44%    

Actual Reference Yield: 4.642%

Tender Offer Yield: 6.082%

Purchase Price per US$1,000

Original Principal Amount of Notes: 1,103.28

Quotation Report: Bloomberg PXI

Votorantim retained J.P. Morgan Securities Inc. to serve as
Dealer Manager for the offer, Bank of New York to serve as
Depositary for the offer, Dexia Banque Internationale a
Luxembourg SA to serve as Luxembourg Agent for the offer and
D.F. King & Co., Inc. to serve as Information Agent for the
offer.

Requests for the Offer to Purchase and the related Letter of
Transmittal and supplements to the documents may be directed to:

         D.F. King & Co., Inc.
         Tel: (212) 269-5550 (Banks and Brokers)
              (800) 290-6429 toll-free (others)

Requests for documentation may also be made to:

         Dexia Banque International
         Tel: + 352 4590 1
         Fax: + 352 4590 4227

Questions regarding the offer may be directed to:

         J.P. Morgan Securities Inc.
         Tel: (866) 846-2874 (U.S. toll-free)
              (212) 834-7279 (collect)

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries.  The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.

The company has global presence in Australia, Singapore, and
Germany.

                        *    *    *

Moody's Investors Service upgraded on Sept. 5, 2006, the foreign
currency rating of Voto -- Votorantim Overseas Trading Op. III's
US$300 million senior unsecured guaranteed notes due 2014 to Ba1
from Ba2, while maintaining the stable outlook.  The rating
action was prompted by Moody's upgrade of Brazil's long-term
foreign currency ceiling for bonds and notes to Ba1 from Ba2,
with stable outlook.


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

CATHAY UNITED: Fitch Upgrades Individual Rating to B/C from C
-------------------------------------------------------------
On November 9, 2006, Fitch Ratings upgraded the Individual
rating of Cathay United Bank to B/C from C and affirmed its
Support rating at 3.

CUB's Individual rating reflects its solid management, strong
franchise, consistent profitability, sound asset quality and
above-industry-average capitalization.  CUB's profits have been
depressed since the second half of 2005 due to elevated
provisions in the aftermath of the industry-wide unsecured
consumer lending crisis, but Fitch expects CUB's profitability
to improve in 2007 as credit costs subside.

CUB has maintained tight control on its expenses as interest
margins have narrowed.  Strong growth in mortgage and moderate
growth in corporate lending have offset the decline in unsecured
consumer lending.  CUB's non-performing loan ratio is low at
2.1% and its reserve coverage is adequate at 79.8%.

The agency notes that CUB has been maintaining strong capital
with Tier-1 ratio fluctuating around 11.0% over the past four
years.

CUB has been a wholly owned subsidiary of Cathay Financial
Holding Company since December 2002.  CUB has a 3.9% domestic
market share in term of loans.  CUB accounted for 34.9% of
CFHC's consolidated assets as of end-H106.

CFHC's largest subsidiary, Cathay Life Insurance Co., is
Taiwan's largest life insurance company.


CHIAPTON COMPANY: Creditors' Proofs of Claim Due on November 17
---------------------------------------------------------------
Chiapton Company Ltd intends to distribute dividend to its
creditors.

In this regard, Liquidator Cheung Man Kok will be accepting
creditors' proofs of claim until November 17, 2006.

The Liquidator can be reached at:

         Cheung Man Kok
         Room 601, 6/F, Tower 1
         Admiralty Centre
         18 Harcourt Road, Admiralty
         Hong Kong


CTO (H.K.): Wind-Up Petition Hearing Set on November 29
-------------------------------------------------------
On September 28, 2006, Starlight Exports Ltd and Star Light
Electronics Company Ltd filed before the High Court of Hong Kong
a petition to wind up the operations of CTO (H.K.) Ltd.

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

The Solicitors for the Petitioner can be reached at:

         Hon And Company
         3/F, Canton House
         Nos. 54-56 Queen's Road, Central
         Hong Kong


ENCHANTING INTERNATIONAL: Faces Wind-Up Proceedings
---------------------------------------------------
On October 16, 2006, Hung Yee Wan June filed a wind-up petition
against Enchanting International Ltd before the High Court of
Hong Kong.

The petition will be heard on December 13, 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


HSBC MEDICAL: Creditors' Proofs of Claim Due on December 1
----------------------------------------------------------
Creditors of HSBC Medical Insurance Ltd are required to submit
their proofs of claim by December 1, 2006, to Liquidators Thomas
Andrew Corkhill and Iain Ferguson Bruce.

Failure to prove debts will exclude a creditor from sharing in
any distribution the Company will make.

The Liquidators can be reached at:

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


KADEFU DEVELOPMENT: Undergoes Voluntary Wind-Up
-----------------------------------------------
On October 25, 2006, shareholders of Kadefu Development Ltd
resolved to voluntarily wind up the company's operations due to
its inability to pay debts and appointed Pang Yuen Fat as
liquidator.

At the creditors' meeting held subsequently that day, Mr. Fat's
appointment was confirmed.

The Liquidator can be reached at:

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


KEEN TECH: Wind-Up Petition Hearing Set on November 22
------------------------------------------------------
An amended wind-up petition filed against Keen Tech Engineering
Ltd will be heard before the High Court of Hong Kong on
November 22, 2006, at 9:30 a.m.

Wing's Engineering Company O/B Wing's Air-Conditioning
Engineering Ltd filed the petition and was amended on
October 25, 2006.

Any creditors who oppose or support the making of an order on
the amended petition may appear at the time of the hearing.

The Solicitors for the Petitioner can be reached at:

         Francis Kong & Co.
         Suite 903, 9/F, Kowloon Building
         555 Nathan Road, Kowloon
         Hong Kong



KENSUM HOLDINGS: Enters Voluntary Wind-Up
-----------------------------------------
At Kensum Holdings Ltd's extraordinary general meeting held on
October 27, 2006, shareholders resolved to place the company
under voluntary wind-up.

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


KTC (HONG KONG): Commences Wind-Up of Operations
------------------------------------------------
On October 24, 2006, shareholders of KTC (Hong Kong) Ltd passed
a special resolution to voluntarily wind up the company's
operations.

In this regard, Rainier Hok Chung Lam and John James Toohey were
appointed as liquidators to act jointly and severally.

The Joint Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22/F, Prince's Building
         Central
         Hong Kong


LAURITZEN KOSAN: Members' Final Meeting Fixed on December 8
-----------------------------------------------------------
Members of Lauritzen Kozan (Hong Kong) Ltd will hold a final
general meeting on December 8, 2006, at 11:00 a.m., to receive
Liquidator Jex's account of the company's wind-up and property
disposal activities.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company's creditors were required to prove their debts on
October 20, 2006.

The Liquidator can be reached at:

         Anthony John Jex
         15/F, Tower One
         Lippo Centre
         89 Queensway
         Hong Kong


LUMKING INVESTMENTS: Placed Under Voluntary Wind-Up
---------------------------------------------------
Shareholders of Lumking Investments Ltd held a general meeting
on October 27, 2006, and passed a resolution to voluntarily wind
up the company's operations.

Accordingly, 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


MBF CREDIT: Enters Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting on October 20, 2006,
shareholders of MBf Credit Ltd resolved to voluntarily wind up
the company's operations.

Wong Poh Weng and Wong Tak Man Stephen were consequently
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Wong Poh Weng
         Wong Tak Man, Stephen
         7/F, Allied Kajima Building
         138 Gloucester Road
         Hong Kong


MULTI-LUCK DEVELOPMENT: Court Issues Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong issued a wind-up order against
Multi-Luck Development Ltd on October 23, 2006.

According to the Troubled Company Reporter - Asia Pacific, Hi-
Watt International Enterprises Ltd filed the wind-up petition
with the Court on May 24, 2006.  The petition was heard on
July 19, 2006.


NEW CATHAY: Final Meeting Slated for December 5
-----------------------------------------------
Members and creditors of New Cathay Hotel Ltd will hold a final
meeting at 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street, Central, Hong Kong on December 5, 2006, at
10:30 a.m. and 11:00 a.m., respectively.

During the meeting, Liquidator Leung Mun Yee Ruby will present
an account of the company's wind-up proceedings and property
disposal exercises.


ORIENTAL SECURITIES: Fitch Gives BB+ Foreign Currency IDR
---------------------------------------------------------
On November 8, 2006, Fitch Ratings assigned ratings to Taiwan's
Oriental Securities Corporation as follows:

    -- Long-term foreign currency Issuer Default rating BB+;
    -- National Long-term rating A-(twn);
    -- Short-term foreign currency rating B;
    -- National Short-term rating F2(twn);
    -- Individual rating C/D; and
    -- Support rating 5.

The Outlook on the ratings is stable.

The ratings of OSC are based on its persistent above-industry
average performance, strong capitalization, and focused strategy
concentrating on its core competences including proprietary
trading and institutional services.  Its small size, potentially
volatile trading results and relatively high equity exposures to
group companies are the main factors constraining its ratings.

The agency notes that OSC has positioned itself as a niche
player and has taken steady steps in expanding its business to
pursue earnings stability and growth.  The company continues to
strengthen its core competence in proprietary trading and to
diversify its trading revenue.  While OSC has been successful in
capturing a growing flow of institutional brokerage business, it
also plans to cost-effectively expand its retail brokerage by
offering on-line trading services.  This is viewed by Fitch as a
sensible strategy given OSC's small size and presently slim
retail franchise.  Despite heavy reliance on trading profits,
OSC has constantly delivered reasonably steady profits that are
above its peers'.

Its three-year average RoE was 8.5% in 2003 to 2005, compared
with the industry average of 5%.  The overall risk exposures are
manageable relative to its strong capital base and limited
financial leverage.  Its capital adequacy ratio has been kept
well above the statutory requirement of 150%; CAR was 895% at
end-H106.

OSC, established in 1979, is a member company of the Far Eastern
Group, one of Taiwan's biggest conglomerates.  OSC had a small
0.36% share of Taiwan's securities brokerage market (ranked
42nd) at end-H106 with six branches in operation, but ranked
13th by equity.


PARKSON RETAIL: S&P Assigns BB Long Term Corp. Credit Rating
------------------------------------------------------------
On November 8, 2006, Standard & Poor's assigned its BB long-term
corporate credit rating to Parkson Retail Group Ltd.  The
outlook is stable.
     
"The rating reflects the fact that Parkson is a small company in
a fragmented and increasingly competitive market; its EBITDA and
cash flow come mostly from a small number of flagship stores;
and there is execution risk associated with the company's
aggressive expansion plan," said Standard & Poor's credit
analyst Yang Wang.
     
These weaknesses are partly offset by the company's top tier
position in the Chinese department store industry, which has
undergone strong growth over the past decade, its established
brand name, and good geographic coverage.  The company has high
operating margins as a result of its favorable concessionaire
model and high-end merchandize mix.


PO WING: Court Appoints Liquidators and Inspectors
--------------------------------------------------
The High Court of Hong Kong on August 21, 2006, appointed
Stephen Briscoe and Cosimo Borrelli as joint and several
liquidators of Po Wing (International) Construction Ltd.

In addition, members of the Committee of Inspection were also
appointed:

       -- Chan Cheung;
       -- Po Wing H.P. Drainpipe & Construction Co. Ltd;
       -- Szeto Kin Shing of Kin Shing Transportation    
          Engineering; and
       -- Chow Yan Wai.

The Joint Liquidators can be reached at:

         Stephen Briscoe
         Cosimo Borrelli
         5/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


SAPPHIRE FORTUNE: Enters Voluntary Liquidation
----------------------------------------------
Sapphire Fortune Investment Ltd on October 25, 2006, passed a
special resolution to voluntarily wind up its operations and
appointed Pang Yuen Fat as liquidator.

The liquidator's appointment was confirmed at the creditors
meeting held later that day.

The Liquidator can be reached at:

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


SHIMAO PROPERTY: S&P Hands BB+ Long Term Corp. Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services on November 8, 2006, assigned
its BB+ long-term corporate credit rating to China-based Shimao
Property Holdings Ltd.  The outlook is stable.

At the same time, it assigned its BB+ issue rating to Shimao's
proposed senior unsecured notes of US$500 million.  The notes
will be split into two tranches of a fixed or floating rate note
and a fixed rate note.  The proceeds will be used to refinance
existing loans, finance existing projects, and acquire land.
     
"The ratings take into account Shimao's good brand name
recognition, diverse property portfolio, growing recurring
income, large low-cost land bank, and high-quality products,"
said Standard & Poor's credit analyst Jacphanie Cheung.  "These
strengths are partly offset by its exposure to the highly
competitive and volatile real estate sector in China, and
vulnerability to changes in government policy."
      
The ratings also factor in the company's rapid expansion,
negative discretionary cash flow, and the execution risk
involved in branching out into new second- and third-tier
cities.  The company has a good track record of identifying
opportunities in these new target markets, however.
     
A major increase in GFA completions and favorable market
conditions should translate into a better financial profile for
Shimao over the next two years.  The rating could be raised or
the outlook revised to positive if the company reduces debt,
generates consistently positive discretionary cash flow, and
improves its financial matrix.  This could happen if the company
achieves funds from operations to total debt of more than 35%,
and gross debt to EBITDA of less than 2x for a prolonged period.
     
"The rating is unlikely to be lowered unless the company's
financial profile becomes more aggressive, or if industry
conditions weaken significantly, which in turn slows cash flows,
erodes margins, and prevents debt reduction," added Ms. Cheung.


SHING FU: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------
At a special general meeting on October 25, 2006, members of
Shing Fu International Ltd passed a special resolution to
voluntarily wind up the company's operations due to its
liabilities and appointed Pang Yuen Fat as liquidator.

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

The Liquidator can be reached at:

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


TAIWAN FINANCE: Fitch Keeps Individual Rating at D
--------------------------------------------------
Fitch Ratings on November 9, 2006, affirmed the ratings of
Taiwan Finance Corporation:

    * Long-term Issuer Default rating stands at BBB-;
    * National Long-term A(twn);
    * Short-term foreign currency F3;
    * National Short-term F1(twn);
    * Individual D; and
    * Support 2.

The Outlook on TFC's ratings is Stable.

TFC's ratings are based on the expected strong support from its
major shareholders, including CUB, International Bills Finance
Corporation ('BBB'/Stable/'F3'), Mega International Commercial
Bank ('A-' (A minus)/Stable/'F2'), Shanghai Commercial and
Savings Bank, and Bank of Kaohsiung, which together hold 95% of
TFC's shares.

TFC's individual rating reflects the company's limited business
scale and sluggish profitability, but takes into account its
adequate capitalization and risk management.  TFC reported a
negative 0.46% RoE for Q306 due to a sizeable mark-to-market
loss after an abrupt increase in long-term bond yields earlier
in the year.  By October, however, it had returned to a year-to-
date break-even position.

In Fitch's opinion, challenges remain for TFC's near-term
earnings given unfavorable interest rate conditions and a
continued compression on net interest margins.  The company has
maintained sound asset quality after an aggressive write-down of
legacy problem exposures in 2003; its total impaired credit
ratio was reduced to 1.6% at H106 from 6.3% at end-2003.  

TFC's capital adequacy is commensurate with its risk profile and
the agency notes that its capital adequacy ratio of 14.1% as at
Q306 is adequate and in line with bills finance industry
standard.

TFC is one of Taiwan's smaller bills finance corporation
established after the industry deregulation in 1995. Apart from
providing guarantee for corporate finance, its core operations
mainly focus on the proprietary trading in the fixed income
market. It currently ranks eighth among Taiwan's 14 bills
finance companies in terms of equity.


TRW AUTOMOTIVE: Fitch Says Stock Operations Won't Affect Ratings
----------------------------------------------------------------
The announcement of certain common stock transactions by TRW
Automotive Holdings Corp does not affect the current ratings or
Rating Outlook.  The transactions, resulting in a net share
repurchase of approximately US$55 million, include the issuance
of 6.7 million shares of common stock for approximately US$155
million and the simultaneous repurchase of common share held by
Northrop Grumman for approximately US$210 million.  TRW's
existing cash portfolio of approximately US$369 million and
positive cash flow provide adequate liquidity to absorb the
transactions within the existing rating category.  TRW's ratings
are:

   -- Issuer Default Rating: 'BB';
   -- Senior secured bank lines: 'BB+';
   -- Senior unsecured notes: 'BB-';
   -- Senior subordinated unsecured notes: 'B+'.

The Rating Outlook is Stable.

Fitch views the timing of the stock repurchase as less than
optimal, given the decline in fourth quarter domestic original
equipment makers' production schedules and the stresses in the
automotive supply industry.  However, Fitch expects TRW to
remain free cash flow positive for 2006 and 2007 and recognizes
TRW's more than adequate liquidity to complete the repurchase.  
The fourth calendar quarter is generally a positive working
capital cash flow period for most automotive suppliers.  Last
year, TRW produced US$104 million in positive working capital
cash flow and had free cash flow of US$158 million.  For the
third quarter ended Sept. 30, 2006, TRW had cash and marketable
securities of US$369 million and US$956 million in revolver
availability.

The company has more than 63,000 employees worldwide, with a
significant presence in Brazil, China, Germany and Italy.


TRW AUTOMOTIVE: Prices Public Offering of Common Stock
------------------------------------------------------
TRW Automotive Holdings Corp. has priced a registered public
offering of 6,743,500 shares of common stock pursuant to the
company's universal shelf registration statement filed with the
U.S. Securities and Exchange Commission.  The company will raise
approximately US$155 million of net proceeds from the offering,
which it expects to close by Nov. 10, 2006.

Lehman Brothers will serve as the sole underwriter for the
offering.  A prospectus supplement relating to this offering
will be filed with the SEC.  When available, copies of the
prospectus supplement and the accompanying base prospectus may
be obtained by contacting:

          Lehman Brothers
          c/o ADP Financial Services
          Prospectus Fulfillment
          1155 Long Island Avenue, Edgewood
          NY 11717
          Email: monica_castillo@adp.com
          Fax: (631) 254-7268

Separately, the company has entered into a stock purchase
agreement with Northrop Grumman Corp. whereby the company will
purchase Northrop Grumman's remaining ownership position of
9,743,500 shares of TRW's common stock at an aggregate price of
approximately US$210 million.  The company expects to complete
the share purchase transaction by Nov. 10, 2006, at which time
the shares will be retired.

The company intends to use the net proceeds of the public
offering, together with a combination of cash on hand and a draw
on its existing receivable facilities, to fund the purchase of
the 9,743,500 shares from Northrop Grumman.  Upon completion of
the transactions, TRW's outstanding share count will be reduced
by 3.0 million shares of common stock.

Headquartered in Livonia, Michigan, TRW Automotive --
http://www.trwauto.com/-- through its subsidiaries employs  
approximately 63,000 people in 26 countries including Brazil,
China, Germany and Italy.  

TRW Automotive products include integrated vehicle control and
driver assist systems, braking systems, steering systems,
suspension systems, occupant safety systems (seat belts and
airbags), electronics, engine components, fastening systems and
aftermarket replacement parts and services.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 28, 2006,
Fitch Ratings affirmed these ratings of TRW Automotive Holdings
Inc:

  -- Issuer Default Rating 'BB'
  -- Senior secured bank lines 'BB+'
  -- Senior unsecured notes 'BB-'
  -- Senior subordinated unsecured Notes 'B+'


WAH YING: Court Sets Date to Hear Wind-Up Petition
--------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Wah Ying Electronic Company Ltd on November 29, 2006, at
9:30 a.m.

USC Electronics (H.K.) Company Ltd filed the petition with the
Court on September 13, 2006.

The Solicitors for USC Electronics can be reached at:

         Huen & Partners
         Units 3307-12, 33/F, West Tower
         Shun Tak Centre
         168-200 Connaught Road, Central
         Sheung Wan, Hong Kong
         Tel.: 2249 7777
         Fax: 2105 6077


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

AES CORP: Incurs US$340-Million Net Loss in 2006 Third Quarter
--------------------------------------------------------------
AES Corp. reported record revenues and net cash from operating
activities for the third quarter of 2006.  Revenues increased
14% to US$3.15 billion, compared with US$2.76 billion in the
third quarter of 2005, while net cash from operating activities
increased 35% to US$837 million, compared to
US$619 million last year.

                      Financial Restructuring

During the quarter, the Company completed a portion of a broad
financial restructuring of its Brazil businesses by selling part
of its interest in Eletropaulo, a regulated utility.  AES voting
control was unaffected by the sale, and the proceeds were used
in early October to repay in full US$608 million in debt and
accrued interest owed to the Brazilian National Development
Bank.  Refinancing of the remaining holding company debt is
expected to be completed later in the fourth quarter.

The restructuring resulted in a US$500 million after-tax,
non-cash charge, or US$0.76 diluted loss per share impact,
resulting in a third quarter 2006 GAAP loss and reducing year to
date GAAP earnings.  Included in the non-cash charge is a
US$0.07 per share favorable adjusted earnings per share benefit.
The charge and estimated impact was previously disclosed on the
Company's second quarter 2006 earnings conference call on
Aug. 7.  The loss related primarily to the non-cash realization
of cumulative currency translation losses associated with the
Eletropaulo share sale.

On a GAAP basis, which includes the one-time charge, the third
quarter 2006 net loss was US$340 million, while the net loss
from continuing operations was US$353 million.  These results
compare to third quarter 2005 net income of US$244 million, or
US$0.37 diluted earnings per share, net income from continuing
operations of US$214 million, or US$0.32 diluted earnings per
share, and adjusted earnings per share of US$0.31.

For the nine months ending Sept. 30, 2006 compared to the same
2005 period:

   -- Revenues increased 14% to US$9.17 billion from
      last year's US$8.05 billion.

   -- Net cash from operating activities increased 24% to
      US$1.81 billion from last year's US$1.46 billion.

   -- Net income was US$180 million, or US$0.27 diluted
      earnings per share, versus US$453 million, or
      US$0.68 diluted earnings per share.

   -- Net income from continuing operations was US$213 million,
      or US$0.32 diluted earnings per share, compared to
      US$423 million, or US$0.64 diluted earnings per share.

   -- Adjusted earnings per share were US$1.05 compared
      to US$0.59.

"This successful restructuring of our Brazil holding company
allows us to reduce subsidiary debt and to receive future
dividends from these businesses," said Paul Hanrahan, President
and Chief Executive Officer.  "During the quarter, we continued
to grow our business.  We signed a long-term power purchase
agreement and began construction in Texas of our largest wind
project to date.  We also signed a new power purchase agreement
for a coal and biomass-fired power plant in Canada and continued
to add quality projects to our business development pipeline."

Prior period results reflect the decision in the second quarter
of this year to dispose of two businesses and account for them
as discontinued operations.

                   Financial Highlights

The Company reported these highlights for the third quarter of
2006:

   -- The 14% revenue increase (approximately 12%
      excluding estimated foreign currency translation
      impacts) reflects higher prices in all segments,
      higher demand in Contract Generation and
      Regulated Utilities and consolidation of Itabo in
      Contract Generation.

   -- Gross margin increased 9% over the prior year due
      to higher demand, consolidation of Itabo and
      favorable foreign exchange rates in Brazil.
      Gross margin as a percent of revenue declined
      160 basis points to 30.9% driven by higher fuel
      and maintenance costs in both Contract Generation
      and Competitive Supply.

   -- General and administrative expense increased
      US$17 million, largely from higher business
      development spending and increased corporate staffing.
      The Company continues to strengthen its finance
      function in areas such as accounting and tax.

   -- The US$500 million after-tax, non-cash
      Brazil restructuring charge includes
      US$537 million recorded as loss on sale of
      subsidiary stock, US$18 million of foreign
      currency transaction losses related to a
      transaction-related hedge, US$121 million in favorable
      tax benefits, and US$66 million of minority
      interest expense.

   -- Income tax for the 2006 period includes a
      US$20 million unfavorable adjustment due to the
      recent identification and correction of an error on
      the 2004 income tax return.

   -- Net income for the third quarter includes
      US$13 million associated with discontinued
      operations including a US$5 million gain on the
      previously announced sale of our Indian Queens business
      in the U.K. and operating earnings from the
      discontinued operations.

   -- Free cash flow (a non-GAAP financial measure) increased
      to US$664 million from US$380 million in the third
      quarter of 2005.

The Company also reported these segment highlights for the third
quarter:

   -- Regulated Utilities segment revenues increased 13%,
      or approximately 7% excluding estimated foreign
      currency translation impacts, primarily driven by
      higher prices and demand in Latin America.
      Gross margin increased 29%, largely resulting from
      the increased revenues, while gross margin as a percent
      of revenue improved to 28.0% primarily due to
      lower transmission costs in Latin America and a
      favorable business tax settlement in Cameroon.
      Eletropaulo recorded an increase in labor
      contingencies which was offset by a correction
      to depreciation expense.

   -- Contract Generation segment revenues
      increased 20%.  Foreign currency translation was not
      a significant factor in the quarter.  The increase
      largely relates to consolidation of Itabo, a
      Dominican Republic business previously carried as
      an equity investment, and higher demand.  Gross margin
      was consistent with the prior quarter as higher
      emission allowance sales in Europe were offset by
      higher maintenance costs in Latin America and
      North America.  Gross margin as a percent of revenue
      fell to 36.1% due to higher fuel costs and
      maintenance expenses.

   -- Competitive Supply segment revenues grew 3%,
      or approximately 4% excluding the estimated impacts
      of foreign currency translation, primarily
      reflecting higher prices in Argentina and New York.
      Gross margin fell 20% and gross margin as a percent
      of revenues declined to 25.4% largely due to
      outage related costs in North America.

                      Earnings Guidance

The Company revised its guidance for earnings from continuing
operations to US$0.28 per share from US$1.05 per share
previously, largely reflecting the Brazil restructuring charge
impacts in the third and fourth quarters.  It increased its
adjusted earnings per share guidance to US$1.09 per share, which
includes an estimated US$0.05 per share non-recurring benefit
from the Brazil restructuring, from US$1.01 per share
previously.  The updated guidance also includes expected costs
associated with certain fourth quarter debt refinancing
transactions.  The operating scenario underlying this guidance
assumes a number of factors, including effective tax rate,
foreign exchange rates, commodity prices, interest rates, tariff
increases, new investments, and other significant factors, which
could make actual results vary from the guidance.

During the quarter, the Company continued to build a strong
business development pipeline that includes projects focusing on
platform expansion and greenfield investments that generally
follow the long-term contract generation business model,
complemented by continued growth in the alternative energy
business.  As of Sept. 30, 2006, the Company had almost 2,400 MW
of new generation capacity under construction or in advanced
engineering and design in Bulgaria, Chile, Panama, Spain, and
the U.S. including fossil fuel and renewable energy projects.
During the quarter the Company also acquired 73 MW of wind
generation assets in California.

                        About AES Corp.

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

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

                          *     *     *

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

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

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


AES CORP: Board Names John McLaren as Executive Vice President
--------------------------------------------------------------
The AES Corp.'s board of directors appointed John McLaren as the
firm's Executive Vice President and Regional President of Europe
and Africa on Oct. 13, 2006.

Mr. McLaren served as:

   -- Vice President of Operations for AES Europe and
      Africa from 2003-2006 (and AES Europe, Middle East
      and Africa from May 2005-January 2006),

   -- AES Group Manager for Operations in Europe and
      Africa from 2002-2003,

   -- AES Project Director from 2000-2002, and

   -- Business Manager for AES Medway Operations Ltd.
      from 1997-2000.

Mr. McLaren joined the company in 1993.  The company has not
entered into an employment agreement with him in connection with
his appointment.

Mr. McLaren will assume the role of Regional President of Europe
and Africa from Shahzad Qasim.  Meanwhile, Mr. Qasim will
continue with the company as an Executive Vice President,
focusing on business development work.

                        About AES Corp.

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

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

                          *     *     *

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

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

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


ALLAHABAD BANK: Enters Into Joint Deal with Sompo & Three Others
----------------------------------------------------------------
Allahabad Bank, Sompo Japan Insurance Inc. and three other
Indian financial entities entered into a joint venture
agreement, The Financial Express reports.

Allahabad will hold the majority stake in the venture:

      JV Partner                     JV Stake
      ----------                     --------
      Allahabad Bank                    30%
      Sompo Japan                       26%
      Indian Overseas Bank              19%
      Karnataka Bank                    15%
      Dabur Investment Corp.            10%
    
After the agreement, documents will be filed with the Insurance
Regulatory and Development Authority, domain-b.com cites A. C.
Mahajan, Allahabad Bank's chairman and managing director, as
saying.

According to domain-b.com, India's general insurance segment has
not attracted many international players because of price
controls in the tariff regime, under which insurance companies
were not allowed free play while fixing premiums.  However, the
IRDA is introducing a de-tariffied regime from early 2007, which
is expected to result in many new international majors to rush
into the sector, the Web site adds.

                     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.


BALLARPUR INDUSTRIES: Allots Shares on Conversion of FCCBs
----------------------------------------------------------
The Committee of Directors of Ballarpur Industries Ltd, at its
meeting on October 20, 2006, approved allotment of 35,44,141 of
the company's equity shares at INR10 each.  

The shares have been allotted on part conversion of US$45-
million Foreign Currency Convertible Bonds, which Ballarpur
Industries issued in November 2003.

The Details of the shares allotted are:

   Total Value of FCCBs issued in
   November 2003                            US$45,000,000

   Less: Value of FCCBs already
   converted in June 2006, resulting
   into 8,00,638 shares                         1,500,000
                                            -------------
   Balance                                  US$43,500,000
                                            =============
  
   Value of FCCBs for which conversion
   notice the company received
   in October 2006                           US$6,750,000

   Conversion Price                              INR86.20

   No. of shares allotted: 35,44,141

   Name of allottee: Nederlandse Financierings Maatschappij Voor
                     Ontwikkelingslanden N.V. (FMO)

                  About Ballarpur Industries

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is writing and printing paper company   
based in India.  BILT has five product groups: coated wood-free,
uncoated wood-free, copier, creamwove and business stationery.
There are three types of products in the coated wood-free
segment: two side coated paper, two side coated boards and
single side coated products.  The company is also a manufacturer
and exporter of paper, with a presence in all segments of the
usage spectrum that includes writing and printing paper,
industrial paper and specialty paper

On April 12, 2004, Standard and Poor's Ratings Service gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.


BANK OF BARODA: Sept. 2006 Quarter Net Profit Up 11%
----------------------------------------------------
Bank of Baroda posted a net profit of INR2.884 billion for the
quarter ended September 30, 2006, an 11% increase from the
INR2.591 billion for the quarter ended September 30, 2005.  

Total Income shoot up 25% to INR25.077 billion for the September
2006 quarter from INR20.036 billion in the September 2005
quarter.

The Bank's expenses, however, increased in the third quarter of
2006 compared to the corresponding period last year:

   -- interest expense in the September 2006 quarter total
      INR12.952 billion compared to INR9.123 billion in the
      September 2005 quarter; and

   -- operating expenses in the September 2006 quarter total
      INR5.968 billion compared to INR9.123 billion in the
      September 2005 quarter.

Earnings per share as of September 30, 2006, is INR7.92.  As of
September 30, 2005, the Bank's EPS is at INR8.83.

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

   http://www.bankofbaroda.com/fin/fin_qtysep06.asp

                      About Bank of Baroda

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking   
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF BARODA: Facing Pressure on Interest Margins, Boss Says
--------------------------------------------------------------
Because of increasing funding costs, Bank of Baroda is facing
pressure on its net interest margins, Reuters cites the Bank's
Chairman, Anil Khandelwal, as saying.

According to Mr. Khandelwal, Bank of Baroda sets to maintain its
net interest margins above 3% in the year to March 2007.

The Bank's net interest margin for the year to March 2006 was
3.31%, Reuters notes.

                       About Bank of Baroda

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking   
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF INDIA: Third Quarter 2006 Net Profit Soars by 60%
---------------------------------------------------------
Bank of India's net profit for the quarter ending September 30,
2006, soars 60% to INR2.121 billion from INR1.322 billion for
the quarter ended September 30, 2005.

The boost could be attributed to the Bank's interest income,
which aggregated INR22.582 billion for the September 2006
quarter -- a 36% increase from the INR16.614 billion in the
September 2005 quarter.

The Bank's total expenditure for the third quarter of 2006 rose
to INR21.324 billion from INR16.344 billion in the corresponding
period last year.

As of September 30, 2006, the Bank has INR4.35 earnings per
share.  Last year, the Bank's EPS is at INR2.71.

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

   http://www.bankofindia.com/home/whatsnew/resultsqt.htm

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches  
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BANK OF INDIA: Allies with UBI and IDFC for Loan Syndication
------------------------------------------------------------
Bank of India has informed the Bombay Stock Exchange that it has
joined hands with the Union Bank of India and Infrastructure
Development Finance Company Ltd for loan syndication and large
project funding.

BOI and UBI have also taken a few initiatives of working
together in the areas of Marketing, Cash Management Services,
Branch Network, International Operations and Training
Facilities, among others, the Bank adds.

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches  
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


DUNLOP INDIA: Reopens Sahangunj Plant After 5 Years of Closure
--------------------------------------------------------------
Right on schedule, Dunlop India reopened its main plant at
Sahagunj on October 31, 2006, five years after its closure.

In a company press release, Dunlop officials said they were
targeting Sahagunj plant production of 130 tonnes a day from
March 2007.  When the Plant was closed, it had a daily capacity
of just 20 tonnes with a workforce of 11, Dunlop pointed out.

According to The Times of India, the Sahagunj facility reopened
with former workers and union leaders staying away from the
event.

The Ruia Group, Dunlop India's new owners, assured the former
workers that they could be reemployed once the unit turns
around.  

Pawan Ruia bought Dunlop in December last year, the press
release noted.  

"[W]hen we do turn around, we'll try and welcome them back in
our fold," the newspaper quotes Pawan Ruia as saying.

The Troubled Company Reporter - Asia Pacific reported on
April 25, 2006, that Dunlop reopened its Sahagunj factory for  
maintenance work to pave the way for full operations.

                       About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

Dunlop's last complete financial results posted was for the
fiscal year ended March 31, 2003.  The company recorded
INR2.504 billion in total assets as of that date, and INR5.604
billion in total liabilities, resulting in a stockholders'
equity deficit of INR3.10 billion.

Moreover, Dunlop India incurred a net loss of INR306.1 million
for the year ended March 31, 2004, compared with a net loss of
INR392.2 million for the year ended March 31, 2003.

In January 2006, the Ruia Group took over the Company and voted
to reopen its plants.


GENERAL MOTORS: Wants to Boost Production Capacity in Thailand
--------------------------------------------------------------
General Motors Corp. plans to expand its production capacity in
Thailand, The Nation reports, adding, however, that the company
is still awaiting the decision from the Board of Investment of
Thailand.

According to the report, representatives from GM Thailand and
Deputy Industry Minister Piyabutr Cholvijarn met on October 8,
2006, regarding the planned expansion.

Mr. Piyabutr told The Nation that GM asked the Government to
lower the excise tax for automobiles produced in Thailand.

Moreover, the representatives asked whether the government would
continue to support the eco-car policy and asked for more
details about the eco-car policy and a clearer definition of
"sufficiency economy", the paper relates.

At present, GM has a production capacity of 120,000 units per
year, which is the company's second-largest plant in Asia, after
its Chinese factory, The Nation notes.

Mr. Piyabutr said that the company is planning to increase its
local production capacity up to 80%, from 40%-50% at present.

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

                          *     *     *

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

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

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

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


VISTEON CORP: Anticipates 900-Person Workforce Reduction
--------------------------------------------------------
Visteon Corporation expects to reduce its salaried workforce by
approximately 900 people, primarily in higher cost countries.  A
charge of up to US$65 million is expected to be recorded in the
fourth quarter of 2006, and the related costs will qualify for
reimbursement from the escrow account.  The company anticipates
that this action will generate up to US$75 million of annual
savings when completed.

Visteon says its three-year restructuring plan remains on track.  
In January of this year, the company announced plans to fix,
sell or close 23 facilities, of which 11 were to be addressed in
2006.  To date, the company has addressed seven of the 11
facilities.  The company continues to evaluate alternatives and
solutions for the remaining facilities, including divestitures,
that yield acceptable returns to the company.  

In the third quarter, the company announced two additional
restructuring actions that were not in the original plan.  These
actions were the announcement of the closure of Visteon's
Chicago facility and the exit of its Vitro Flex glass joint
venture.  

"We are making good progress implementing our restructuring
activities," James F. Palmer, executive vice president and chief
financial officer, said.  "In addition to the original actions
identified, we have addressed more facilities and announced
plans to further reduce our salaried workforce to continue
improving performance.  We know we have to do more to meet our
objectives, and we are taking the necessary actions."

                          About Visteon

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

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

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

                          *     *     *

Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Visteon Corp. to 'B' from 'B+' and
its short-term rating to 'B-3' from 'B-2'.  These actions stem
from the company's weaker-than-expected earnings and cash flow
generation, caused by vehicle production cuts, inefficiencies at
several plant locations, sharply lower aftermarket product
sales, continued pressure from high raw material costs, and
several unusual items that will impact 2006 results.


VISTEON CORP: Balance Sheet Upside-Down by US$102MM at Sept. 30
---------------------------------------------------------------
Visteon Corp. reported third quarter 2006 results that included
a net loss of US$177 million, or US$1.38 per share, an
improvement over the third quarter 2005's net loss of US$207
million, or US$1.64 per share.  The company also reported
continued progress in implementing its three-year plan, which
includes restructuring, improving base operations and profitably
growing its business.

"Our third quarter results came under pressure due, in part, to
significant reductions in vehicle production by a number of our
customers.  We are taking aggressive actions to resize the
business in light of these declines, and we expect conditions to
continue to be challenging for the remainder of the year and
into 2007," said Michael F. Johnston, chairman and chief
executive officer.  "Through the efforts of our employees around
the world, we continued to make solid progress implementing our
three-year plan which is key to positioning Visteon for the
long-term."

                    Third Quarter Results

For third quarter 2006, product sales were US$2.48 billion.  
Sales for the same period a year ago totaled US$4.12 billion.
Lower product sales were primarily due to the Oct. 1, 2005,
transaction with Ford Motor Co. that transferred 23 Visteon
facilities to Automotive Components Holdings, LLC, a Ford-
managed business entity.  Services sales for third quarter 2006
were US$133 million; no sales for services were recorded in
third quarter 2005.

Visteon reported a net loss of US$177 million, or US$1.38 per
share, for the quarter that included US$14 million of
restructuring expenses that qualify for reimbursement from the
escrow account established to fund restructuring activities.  In
the third quarter 2005, Visteon reported a net loss of US$207
million, or US$1.64 per share, which included US$11 million of
restructuring expenses.

EBIT-R for the third quarter was a loss of US$127 million,
improving US$10 million from the same period a year ago.

                     Nine-Month Results

For the first nine months of 2006, product sales were US$8.16
billion. More than half of the company's product sales were
generated from customers other than Ford, demonstrating
continued progress in diversifying Visteon's customer base.  
Sales for the same period a year ago totaled US$14.11 billion,
of which non-Ford sales were 35%.  Product sales were lower by
US$5.95 billion, primarily due to the transfer of certain plants
to Automotive Components in October 2005. Services sales for the
first nine months of 2006 were US$416 million; no sales for
services were recorded in the first nine months of 2005.

Visteon's net loss of US$124 million, or US$0.97 per share, for
the first nine months reflects cost savings net of customer
price reductions, the financial benefit of the elimination of
the plants transferred to Automotive Components and lower
depreciation and amortization expense.  The results include
US$22 million of non-cash asset impairments related to the
company's restructuring actions and an extraordinary gain of
US$8 million associated with the acquisition of a lighting
facility in Mexico, both of which were recognized in the second
quarter of 2006.  Also Visteon recognized a cumulative benefit
of US$72 million in the first half of 2006 related to the relief
of post-employment benefits for Visteon salaried employees
associated with two Automotive Components manufacturing
facilities transferred to Ford.

For the first nine months of 2005, Visteon reported a net loss
of US$1.61 billion, or US$12.78 per share.  These results
included US$1.18 billion, or US$9.35 per share, of non-cash
asset impairments and US$18 million of restructuring expenses.

EBIT-R for the first nine months of 2006 totaled US$64 million,
an increase of US$339 million compared to an EBIT-R loss of
US$275 million for the first nine- months of 2005.

                      New Business Wins

During the first nine months of the year, Visteon was awarded
new incremental business totaling nearly US$1 billion, more than
20 percent of which will go into production in 2007.  The
company continues to win new business from a diverse range of
customers around the world and across each of the company's key
product lines of climate, electronics, including lighting, and
interiors.

"Our business wins highlight the strength of our global
footprint, our innovation, the capability of our people and the
growing diversification of our customer base," said Donald J.
Stebbins, president and chief operating officer.  "Growing the
business profitably and leveraging technology for our customers
are key elements of our three-year plan."

          Free Cash Flow and Financing Activities

Free cash flow of negative US$116 million for the quarter was an
improvement of US$137 million over third quarter 2005. For the
first nine months of 2006, free cash flow was negative US$223
million, compared with negative US$25 million for the same
period in 2005 in which Visteon received the benefit of
accelerated payment terms from Ford as part of the funding
agreement.

During the third quarter, Visteon closed on a new U.S. secured
five-year revolving credit facility with an aggregate
availability of up to US$350 million and a European accounts
receivable securitization facility that provides for up to
US$325 million of funding for qualified trade receivables, both
of which expire in 2011.  These facilities replaced the
company's multi-year secured revolving credit facility of US$500
million that was to expire in June 2007.

The completion of these financings, including the seven-year
US$800 million secured term loan closed earlier this year,
provides Visteon with additional flexibility as it implements
its three-year plan.
    
               Restructuring and Other Actions

Visteon's three-year restructuring plan remains on track. In
January of this year, the company announced plans to fix, sell
or close 23 facilities, of which 11 were to be addressed in
2006.  To date, the company has addressed seven of the 11
facilities. The company continues to evaluate alternatives and
solutions for the remaining facilities, including divestitures
that yield acceptable returns to the company.  In the third
quarter, the company announced two additional restructuring
actions that were not in the original plan.  These actions were
the announcement of the closure of Visteon's Chicago facility
and the exit of its Vitro Flex glass joint venture.

Visteon expects to reduce its salaried workforce by
approximately 900 people, primarily in higher cost countries.  A
charge of up to US$65 million is expected to be recorded in the
fourth quarter of 2006, and the related costs will qualify for
reimbursement from the escrow account.  The company anticipates
that this action will generate up to US$75 million of annual
savings when completed.

"We are making good progress implementing our restructuring
activities," said James F. Palmer, executive vice president and
chief financial officer.  "In addition to the original actions
identified, we have addressed more facilities and announced
plans to further reduce our salaried workforce to continue
improving performance. We know we have to do more to meet our
objectives, and we are taking the necessary actions."

                           Outlook

The fourth quarter of 2006 is expected to be challenged by low
production volumes from several key customers globally.  Visteon
currently estimates that its 2006 full year EBIT-R will be in
the range of US$40 million to US$50 million, reflecting lower
production levels and other cost pressures in the second half of
the year.  Additionally, the company currently expects free cash
flow to be negative US$100 million for full year 2006.  Full
year product sales are expected to be US$10.9 billion.

                           About Visteon

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

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

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

                          *     *     *

Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Visteon Corp. to 'B' from 'B+' and
its short-term rating to 'B-3' from 'B-2'.  These actions stem
from the company's weaker-than-expected earnings and cash flow
generation, caused by vehicle production cuts, inefficiencies at
several plant locations, sharply lower aftermarket product
sales, continued pressure from high raw material costs, and
several unusual items that will impact 2006 results.


VISTEON CORP: Weak Earnings Cue S&P to Pare 'B+' Corp. Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Visteon Corp. to 'B' from 'B+' and
its short-term rating to 'B-3' from 'B-2'.  These actions stem
from the company's weaker-than-expected earnings and cash flow
generation, caused by vehicle production cuts, inefficiencies at
several plant locations, sharply lower aftermarket product
sales, continued pressure from high raw material costs, and
several unusual items that will impact 2006 results.

Visteon, a manufacturer of automotive components, has total debt
of about US$4 billion, including US$1.7 billion of underfunded
employee benefit obligations.

The rating outlook is negative.

Visteon has lowered its earnings and cash flow expectations for
2006 to its business challenges.  Earnings, as measured by EBIT
before restructuring costs, are expected to be US$40 million to
$50 million, down from previous expectations of US$170 million
to US$200 million.  

Visteon now forecasts negative free cash flow at about
US$100 million, down from earlier expectations of positive
US$50 million of free cash flow.  Lower vehicle production from
the company's major customers account are a major factor, and
had been expected by Standard & Poor's.  But several other
factors have combined to make the earnings and cash flow
forecast significantly lower than our expectations.

Included are these factors:

   -- Labor disruptions in Europe that have resulted in
      production inefficiencies and premium freight costs;
     
   -- A 25% drop in aftermarket sales to Ford Motor Co., and a
      rise in aftermarket production costs as the company shifts
      manufacturing to Mexico;
     
   -- Higher-than-expected materials costs as commodity prices
      remain high, volumes are low, and certain sub-suppliers    
      experience financial distress; and,

   -- One-time financing and litigation costs.


* Fitch Optimistic on Financial Health of Indian States
-------------------------------------------------------
Fitch Ratings said that early evidence from the recently
instituted financial policy measures suggested that there are
reasons to be optimistic about the financial health of Indian
states.  In the second part of its special three-part report on
state government finances released today, Fitch also commented
that the introduction of a value-added tax regime to replace the
sales tax regime and the subsequent rise in VAT revenue bode
well for the states' own income collections.

Also, federal transfers, both tax and grant devolution, are
expected to grow following the reforms initiated by the Twelfth
Finance Commission.  In addition, receipts from devolution are
likely to be buoyed by the general resilience of the economy.
This resilience should also increase collections from the other
indirect taxes under the states' purview.

Some of the bleeding on the expenditure front will be stemmed
by:

   -- recent pension sector reforms;

   -- the expected moderation of the interest bill over the
      medium term as a result of the recent debt relief scheme
      by the center and the secular downturn in interest rates
      since 2000 (albeit the latter effect will be temporary as
      interest rates are on the rise again); and

   -- power sector reforms.

The expected, and much-needed, increase in capital expenditure
on the infrastructure front, if undertaken through the more
efficient public-private partnership method, will help increase
the states' revenue-creating capacity while alleviating some of
the burden on the states' purse.

Nevertheless, Fitch believes that state expenditure on salaries
and the extent of the states' debt remain causes for concern.
Moreover, since sustainable improvement on the debt front is
contingent on expenditure reforms becoming structurally
entrenched, particularly on the employment front, Fitch cautions
against a lumpy wage revision by the recently constituted Sixth
Pay Commission.

In addition, since the suggested budgetary reforms and the
targets set under them come at a time when the Indian economy is
ascendant, there is a danger that the cyclical improvement in
state finances could cover for the deeper fundamental reforms,
possibly causing the latter to be postponed.  For this reason
Fitch advocates that the states be mindful against sacrificing
their long-term financial health to fiscal opportunism.

At the same time the agency is encouraged by the formative steps
towards fiscal consolidation: 22 states have set budgetary
commitments and targets under Fiscal Responsibility and Budget
Management legislation.  More broadly, Fitch believes that the
states also demonstrate the widespread will and recognition of
the urgent need to push the reforms further.

The first two reports entitled 'State Government Finances:
Federal Architecture and Institutional Reforms' and 'State
Government Finances: Budgetary Performance' is available on
Fitch's Web site at http://www.fitchratings.com/ The third  
report, 'State Government Finances: State Government Debt', is
to be released shortly.


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

AVNET INC: Agrees to Buy GE Business For US$412.5 Million
---------------------------------------------------------
Avnet Inc. has agreed to buy a business from Fairfield-based
General Electric Company for US$412.5 million to become a
distributor of Sun Microsystems Inc. products, according to
Courant.com.

The unit, Access Distribution, has about 600 employees
worldwide, the report notes.

Courant says that GE is paring divisions that it can't build up
fast enough to meet profit goals or that aren't related to
existing, larger businesses.

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

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. technology
semiconductor and distributor sector, the rating agency affirmed
its Ba1 corporate family rating on Avnet, Inc.

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

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

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

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

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

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

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


BANK INDONESIA: Expected to Cut Down BI Rate by 0.5%
----------------------------------------------------
Bankers are hoping that Bank Indonesia will cut its BI Rate
again by 0.5% -- 50 base points -- at the Board of Governors
meeting on Nov. 7, 2006, Tempo Interactive reports.

According to the report, this is because the inflation rate is
decreasing significantly.

"It is expected that the decrease will be able to get banking
loans moving again," Sentot A. Sentausa, a Director of PT Bank
Mandiri Tbk, told Tempo.  Mr. Sentot said he was optimistic that
Bank Indonesia can cut the BI rate by 50 base points.

Tempo notes that Mr. Sentot said Bank Indonesia has already
stated there will be interest rate normalization in order to
reach the 10% target by the end of 2006.

BI has decreased BI Rate five times since June 2006, Tempo
recounts.  In a Board of Governors' Meeting in early October,
the central bank decreased the interest rate by 50 base points
making the BI Rate 10.75% compared to the previous 11.25%.

By the end of the year, Tempo says, BI Rate is targeted to reach
10%.

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- as an  
was created by a new Central Bank Act, the UU No. 23/1999 on
Bank Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

In its capacity as central bank, Bank Indonesia has one single
objective of achieving and maintaining stability of the Rupiah
value.  The stability of the value of the Rupiah comprises two
aspects, one is stability of Rupiah value against goods and
services and the other is the stability of the exchange rate of
the Rupiah against other currencies.  The first aspect is as
reflected by the rate of inflation and the second aspect is as
reflected by the development of Rupiah exchange rate against
other currencies.

Standard and Poors Rating Services gave Bank Indonesia's long-
term foreign issuer credit a B+ rating and long-term local
issuer credit a BB rating, both effective on December 21, 2004.  
It also gave its short-term local issuer credit a B rating on
May 12, 2003.


CORUS GROUP: Counter-Bids Unlikely, Business Standard Says
----------------------------------------------------------
Due to a sharp reduction in Corus Group Plc's share prices and
dilution of stake by its main holders, the possibility of a bid
to counter Tata Steel Ltd's offer to acquire the company looks
remote now, Business Standard says.

According to the report, since October 20, 2006, the day Tata
Steel's bid was accepted by Corus' board of directors -- to
465.75 pence -- without any counter offer, Corus shares have
lost 2.7%.  Tata Steel had offered 455 pence a share to the
Corus shareholders and putting the valuation of the company at
over US$10 billion, the report recounts.

Business Standard points out that Corus Group shareholders,
including AllianceBernstein LP, Barclays Olc and Jupiter Asset
Mananger, have diluated their names in the last month.  
Specifically, AllianceBernstein's stake has come down to nearly
1% from 5.2% per cent; Barclays Plc cut its holding to 4.7% from
6.4% and Jupiter Asset Management and TT International also sold
their stock.

It is not known, however, whether Standard Life Plc, the biggest
shareholder with a 7.9% stake in Corus, has reduced its stake,
the report says.  Standard Life had said that Tata Steel's offer
had undervalued Corus.  

Furthermore, Business Standard relates that there was
speculation that investment bank Lazard has been appointed by
Brazil's Cia Siderurgica Nacional for advise on the possible bid
for Corus.

Business Standard cites industry sources as saying that due to
lack of action from any rival company, Tata Steel would sail
through and added that the Corus stock would soon come down to
the level of Tata Steel's offer.

Corus stock is now traded at 2.4% premium more than the Tata
Steel offer, the report notes.

Corus' Board said that it would subscribe to the Tata Steel
offer and added that they would place the offer before the Corus
shareholders at a general meeting next month, Business Standard
states.

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

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

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

                          *     *     *

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

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

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

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

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

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

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

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

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

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

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

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

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


INCO LTD: CVRD Wants Shareholders' Meeting to Buy Other Shares
--------------------------------------------------------------
Brazil's Companhia Vale do Rio Doce wants Inco Ltd to
immediately call a special shareholders' meeting to "consider an
amalgamation or other transaction" to enable CVRD to acquire all
of Inco's remaining shares, Reuters reports.

Reuters notes that CVRD said it had obtained only 86.57% of the
shares of Inco when its offer expired on November 3, 2006.  It
was the third extension of its all-cash offer made on August 11.

CVRD now owns 196,078,276 common shares of Inco, the report
says.

Reuters recounts that CVRD gained control of Inco on October 24
when it obtained 75.7% of the Canadian miner's shares following
its August offer of CDN$86 per share valued at US$17.6 billion.

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

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


MARSH & MCLENNAN: Vice-Chairman to Retire at Year-End
-----------------------------------------------------
Marsh & McLennan Cos. disclosed that its vice president, John T.
Sinnot, will retire at the end of the year after more than 43
years with the company, The Associated Press relates.

Since July 1, 2005, Mr. Sinnot has held his current position
when he came out of retirement to rejoin MMC.  He was a director
of Marsh Inc. from June through December 2005, chairman and
chief executive officer of Marsh Inc. from 1999 to December
2002, and chairman of Marsh until initial retirement in July
2003, the report notes.

The AAP cites a company spokesman as saying said that there is
yet no plan to replace Mr. Sinnot.
  
                    About Marsh & McLennan

Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a   
global professional services firm with annual revenues of
approximately US$12 billion.  It is the parent company of Marsh,
the world's leading risk and insurance services firm; Guy
Carpenter, the world's leading risk and reinsurance specialist;
Kroll, the world's leading risk consulting company; Mercer, a
major global provider of human resource and specialty consulting
services; and Putnam Investments, one of the largest investment
management companies in the United States.  Approximately 55,000
employees provide analysis, advice, and transactional
capabilities to clients in over 100 countries.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred
stock ratings to Marsh & McLennan's unlimited universal shelf.  
Standard & Poor's also affirmed its 'BBB' counterparty credit
rating on MMC.  The outlook in negative.

As reported in the Troubled Company Reporter on Sept. 28, 2006,
Moody's Investors Service assigned provisional ratings to Marsh
& McLennan's new universal shelf registration, including a
(P)Ba1 rating on the Company's provisional preferred stock.  The
rating outlook for MMC remains negative.


MATAHARI PUTRA: Moody's Affirms B1 Corporate Family Ratings
-----------------------------------------------------------  
Moody's Investors Service has affirmed its B1 corporate family
rating assigned to PT Matahari Putra Prima Tbk.  At the same
time, Moody's has affirmed its B1 senior unsecured rating on
Matahari Finance BV's US$150 million bond issuance, which is
guaranteed by Matahari.  The ratings outlook is stable.

In view of the successful closing of the US$150 million bond
issuance, both ratings have had their provisional status
removed.

"The reduction of the bond size to US$150 million from the
original figure of approximately US$300 million does not have
any rating impact," says lead analyst Kaven Tsang, adding "The
resulting improvements in the key credit metrics are
insufficient to change the rating, while Matahari's liquidity
position is not materially affected given its planned capex is
largely discretionary and can be managed in accordance with the
company's cash flow position."

PT Matahari Putra Prima Tbk is one of the largest retailers in
Indonesia.  It operates department stores, hypermarkets,
supermarkets and family entertainment outlets in over fifty
cities in Indonesia.



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

JAPAN AIRLINES:

JAL Group swings to profit in first half of 2006

Tokyo (ANTARA News/Asia Pulse) - The Japan Airlines Group
(TSE:9201) has posted a net profit of 1.5 billion yen (US$12.7
million) for the first half of FY2006, compared to a 12 billion
yen net loss in the previous year, a net income improvement of
13.5 billion yen.

The group's revenue in the first half of FY2006 rose 3.4 per
cent over the same period last year to 1.15 trillion yen.

The airline said it had recovered market competitiveness in
Japan with the launch of a series of promotional campaigns and
the expansion of the number of its Class J seats, which helped
to stimulate domestic passenger demand.


SOFTBANK CORP: 2nd Quarter Profit Doubles on Mobile Phone Unit
--------------------------------------------------------------
Softbank Corp.'s quarterly profit for the period ended Sept. 30,
2006, rose nearly eight times from a year earlier after it added
earnings from the mobile phone unit it acquired from Vodafone
Group Plc this year, Reuters reports.

The company revealed that its operating profit, or sales minus
the cost of goods sold and administrative expenses, surged more
than sevenfold to JPY58.2 billion in the 2006 second quarter
from last year's JPY7.6 billion, Bloomberg News says.  

Bloomberg's Kanoko Matsuyama relates that Softbank's net income
climbed to JPY13 billion (US$111 million) for the 2006 second
quarter from JPY7 billion for the same period in the previous
financial year.  Sales rose to JPY625.9 billion, with 56% of it
coming from Vodafone.

In the 2006 second quarter, Softbank's average sales per user
rose to JPY5,700 from JPY5,590 in the previous three months.

The company pared operating losses at its fixed line business to
JPY916 million in the current quarter from JPY12 billion a year
earlier.  Sales advanced 12% to JPY93 yen.
  
According to Bloomberg, operating profit at Softbank's Internet-
related business jumped 32% to JPY22.7 billion in the second
quarter from a year earlier, led by higher advertisement sales
at its Yahoo Japan Corp. affiliate and fees from its Yahoo
auction and shopping sites.

The report says that Softbank's founder and president, Masayoshi
Son, planned spending on wireless network improvements this
year, cut prices and introduced new handset models to keep
subscribers from switching to rivals networks.  Bloomberg
recounts that new government rules that took effect Oct. 24
allow users to change carriers without changing their phone
number.

Mr. Son, Bloomberg notes, said that his plan to improve the
wireless network may be delayed by several months.  On Aug. 8,
he said Softbank would double the number of base stations that
relay wireless signals nationwide to 46,000 by March 2007 to
address complaints from users about dropped calls and unreliable
service.  Mr. Son, speaking in Tokyo to analysts, said that the
system had 24,539 base stations as of September.

The company, which does not provide annual earnings forecasts,
is expected to post an operating profit of JPY161.3 billion for
the year ending next March 31, 2007, according to a poll of 14
analysts surveyed by Reuters Estimates, up from an actual
JPY62.3 billion last year.

Shares of Softbank have lost half their value this year,
shedding almost US$23 billion from its market capitalization.
  
                   About Softbank Corporation

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

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

                          *     *     *

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

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


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

HANAROTELECOM: Widens 3rd Quarter 2006 Net Loss to KRW17.8 Bil.
---------------------------------------------------------------
hanarotelecom Incorporated posted a 0.5% gain in revenues to
KRW430.9 billion and a 2.3% increase in EBITDA to
KRW135.8 billion for the third quarter of 2006, compared to the
corresponding figures in the previous quarter, the company said
in a press release.

Compared to the third quarter of 2005, revenues for the quarter
ended September 2006 increased by 19.1% from KRW361.7 billion
and EBITDA increased by 5.3% from KRW129 billion.

hanarotelecom, however, continued to incur net loss for the 3rd
quarter of 2006 and even widened it to KRW17.8 billion from the
KRW16.5-billion net loss incurred for corresponding quarter last
year.

The increase in revenues is due to the growth in voice and
corporate business, including leased line, despite a slight
decrease in broadband revenues, hanarotelecom disclosed in a
regulatory filing with the United States Securities and Exchange
Commission.

The company noted other financial highlights including:

   -- net debt-to-equity ratio falling to 43.1% in the third
      quarter of 2006 from 45.1% in the previous quarter; and

   -- credit rating being upgraded to BBB+.

In the release, Dominic A. Gomez, Chief Operating Officer,
disclosed plans to foster accelerated growth.

In addition to securing a new growth engine through hanaTV, we
will be expanding our corporate data business including IDC and
business solution services, which have high profitability and
growth potential, Mr. Gomez said.

"[The company] will offer bundles that are easy to understand
and provide our customers with added savings, Mr. Gomez
continued.  "We will leverage our product leadership in Voice,
Broadband and TV-Portal services to provide the best value in
the marketplace."

A full-text copy of hanarotelecom's business performance for the
quarter ended September 30, 2006, is available for free at:

            http://ResearchArchives.com/t/s?14b9

                      About hanarotelecom

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

                          *     *     *

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

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


KOOKMIN BANK: Sells KRW30-Billion One-Year Bonds
------------------------------------------------
Kookmin Bank issued KRW30-billion in zero coupon bonds,
Bloomberg News reports.

The issue, which went on sale on November 9, 2006, carries a
discount rate of 4.5%.  Other details of the bond issue include:

   Maturity:                November 9, 2007
   First Settlement Date:   November 9, 2006
   Issue Price:             100
   Series:                  2611DISC01-09

                       About Kookmin Bank

Kookmin Bank -- http://inf.kbstar.com/-- provides various  
commercial banking services, such as deposits, credit cards,
trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

                          *     *     *

Moody's Investors Service gave Kookmin Bank a Bank Financial
Strength rating of D+ effective March 27, 2006.

Fitch Ratings gave the bank a B/C rating.


KOREA DEVELOPMENT: Unit Leads Acquisition of 92% Stake in Daerim
----------------------------------------------------------------
A group led by KDB Capital Corp., a Korea Development Bank unit,
agrees to buy 92% of Daerim Corp. for KRW112.9 billion (US$120
million), Bloomberg News reports.

Daerim is a manufacturer of food and processed food products.

Daerim's creditors signed a final agreement to sell the company
with KDB Capital and its bid partner, Sajo Industries Co,
Bloomberg relates, citing a regulatory filing as its source.

                   About Korea Development Bank

Korea Development Bank -- http://www.kdb.co.kr/-- is South    
Korea's long-term funds provider to major industrial projects.
The company is wholly owned by the Korean Government.  KDB also
offers short and long-term loans, investments, guarantees and
trusts to international finance.  Its major funding sources are
Industrial Finance Bonds, client deposits, special-purpose funds
and foreign-currency funds.

Moody's Investors Service gave KDB a 'D-' Bank Financial
Strength Rating effective on January 24, 2006.


WARNACO GROUP: Iconix Brand to Acquire Ocean Pacific for US$54MM
----------------------------------------------------------------
Iconix Brand Group Inc. has entered into a definitive agreement
to purchase the brand Ocean Pacific from The Warnaco Group,
Inc., for US$54 million in the aggregate.

The Ocean Pacific brand is a leading global action sports
lifestyle brand that is over 35 years old and currently has 30
license agreements, half of which are international.  Primary
licensed categories include footwear, kid's apparel, eyewear,
fragrance, skateboards and surfboards.  As part of the
transaction, Warnaco Group will be granted a license from Iconix
to continue to manufacture and sell women's and junior swimwear.

Neil Cole, Iconix Brand chairperson and chief executive officer,
stated, "The action sports lifestyle segment is an area that
Iconix has been seeking to penetrate.  Ocean Pacific is the
original action sports lifestyle brand with tremendous
authenticity, high brand awareness and applicability to a broad
variety of consumer products, including apparel, accessories and
sports equipment like surf, snow and skateboards.  Ocean Pacific
has a large global footprint with 15 different international
licensees, and Iconix believes it can expand Ocean Pacific's
international business further and significantly grow the
brand's penetration in the US."

Joe Gromek, Warnaco's president and chief executive officer,
said, "As part of our strategy to increase shareholder value, we
continually assess our portfolio of brands and licenses to
ensure we focus on our strongest platforms for growth.  While we
have made significant progress in the restructuring of the Ocean
Pacific business, the sale will allow us to increase our
attention on our core brands and on our international
opportunities, which are the key drivers of our growth strategy.  
Additionally, given the strength of the Ocean Pacific brand, we
are pleased to maintain our association with the Ocean Pacific
swimwear business."

Under the purchase agreement, Warnaco Group will be paid US$10
million in cash at closing, which is anticipated to be in
November 2006.  The remainder of the purchase price will be in
the form of a short-term note from Iconix Brand.  The note is
payable in full on or prior to Dec. 31, 2006 through a
combination of cash of not less than US$17 million and shares of
Iconix Brand common stock.  Iconix Brand may at its election
extend payment of the note until Jan. 31, 2007, at which time it
would have paid cash of not less than US$30.5 million and the
remainder in Iconix Brand common stock.

                        About Iconix

Iconix Brand Group Inc. owns, licenses and markets a growing
portfolio of consumer brands including CANDIE'S, BONGO, BADGLEY
MISCHKA, JOE BOXER, RAMPAGE, MUDD and LONDON FOG.  The company
has also entered into definitive agreements to purchase the
brands MOSSIMO and OCEAN PACIFIC that is anticipated to close
this month.  The company licenses its brands to a network of
leading retailers and manufacturers that touch every major
segment of retail distribution from the luxury market to the
mass market in both the US and around the world.  Iconix Brand,
through its in-house advertising, promotion and public relations
agency, markets its brands to continually drive greater consumer
awareness and equity.

                       About Warnaco

Headquartered in New York, The Warnaco Group, Inc. --  
http://www.warnaco.com-- is a leading apparel company engaged  
in the business of designing, marketing and selling intimate
apparel, menswear, jeanswear, swimwear, men's and women's
sportswear and accessories under such owned and licensed brands
as Warner's(R), Olga(R), Lejaby(R), Body Nancy Ganz(R),
Speedo(R), Anne Cole(R), Op(R), Ocean Pacific(R), Cole of
California(R) and Catalina(R) as well as Chaps(R) sportswear and
denim, J. Lo by Jennifer Lopez(R) lingerie, Nautica(R) swimwear,
Michael Kors(R) swimwear and Calvin Klein(R) men's and women's
underwear and sportswear, men's, women's, junior women's and
children's jeans and accessories and women's and juniors'
swimwear.  The company emerged from bankruptcy protection in
2003.  Its Authentic Fitness unit is the North American
distributor of Speedo swimwear.  In 2003 the last two US-based
manufacturing facilities were closed and production shifted to
Honduras, Mexico, and Asia.  In 2006 it acquired the license,
wholesale, and retail units for Calvin Klein jeans and
accessories in Europe and Asia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Warnaco
Group, Inc.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$175 million senior
   secured revolver       Ba2      Ba1     LGD2       22%

   US$180 million senior
   secured term loan      Ba2      Ba1     LGD2       22%

   US$205 million senior
   unsecured notes        B1       B1      LGD5       78%

Standard & Poor's Ratings Services revised on Aug. 11, 2006, its
outlook on The Warnaco Group, Inc.'s ratings to stable from
positive.  At the same time, the ratings on Warnaco were
affirmed, including its 'BB-' corporate credit rating.  Total
debt outstanding at April 1, 2006, was about US$431 million.


WARNACO GROUP: Posts US$452 Mil. 3rd Quarter 2006 Net Revenues
--------------------------------------------------------------
Net revenues of the Warnaco Group, Inc., increased to US$452
million in the third quarter of 2006, compared with the US$326.3
million in the same period of 2005.

Warnaco Group posted these results for the quarter ended
Sept. 30, 2006:

   -- Gross profit margin was 39.3% of net revenues compared
      with 34.4% in the prior year quarter.

   -- Operating income increased to US$34.0 million, from
      US$17.0 million in the prior year quarter.

   -- Net income was US$14.6 million compared with US$6.9
      million for the third quarter of fiscal 2005.

   -- Loss from discontinued operations was US$0.17 per diluted
      share.

   -- Income from continuing operations was US$22.5 million
      compared with US$9.1 million in the prior year quarter,
      and includes a retroactive benefit of US$3.2 million
      related to the previously announced favorable tax ruling
      from the Netherlands taxing authority.

Warnaco Group notes that fiscal 2006 third quarter results
include the operations of the Calvin Klein Jeans and related
businesses in Europe and Asia or CKJEA Business that were
acquired on Jan. 31, 2006.  Excluding the CKJEA Business, net
revenues increased 6.0% to US$345.8 million compared with
US$326.3 million in the prior year quarter and operating income
declined 5.3% to US$16.1 million from US$17.0 million in the
prior year quarter.  For the third quarter, net revenues for the
CKJEA Business were US$106.2 million and operating income was
US$17.9 million.

Warnaco Group has entered into an agreement to sell certain
assets of its Ocean Pacific business.  The third quarter and
year-to-date operating results of that business, excluding the
operations of the Ocean Pacific women's and juniors swimwear
business (which the company will operate under a new three year
license agreement), are categorized as "assets held for sale"
and are reflected in discontinued operations.  For the three
months ended Sept. 30, 2006, the company recorded a loss of
US$7.9 million, in discontinued operations as a result of the
divestiture of this business.  The company expects to record
additional expenses in the fourth quarter of fiscal 2006
relating to the divestiture of this business.  The company also
announced that over the next several months it expects to
discontinue certain other non-core businesses.

Joe Gromek, Warnaco Group's president and chief executive
officer, commented, "We are pleased with the results reported
today.  For the quarter, both the pre-acquisition business, led
by the Intimate Apparel Group, and the acquired CKJEA Business
exceeded our expectations.  The implementation of our key
strategies for our continuing operations, including geographic
diversification and direct to consumer expansion, drove solid
gains in our top line and bottom line performance.  Our
international businesses continued to grow in the quarter,
generating approximately half of this quarter's net revenues,
and revenues from our direct to consumer business climbed to
just over 16%."

"We remain dedicated to enhancing the performance of our
portfolio of strong brands, many of which hold leadership
positions in their respective markets.  We will continue to
evaluate our portfolio and focus our efforts on those businesses
that provide the greatest opportunity to create shareholder
value.  Our decisions to sell Ocean Pacific and discontinue
certain other non-core businesses reflects this commitment.  
These decisions will allow management to focus attention and
resources on our key brands and international opportunities,
which are the foundation of our growth strategy," Mr. Gromek
stated.

                  Third Quarter Highlights

Warnaco Group's net revenues increased 38.5% to US$452.0 million
for the third quarter of fiscal 2006, compared with US$326.3
million for the third quarter of fiscal 2005.  Continued
strength in the Intimate Apparel Group and an improvement in the
Swimwear Group's revenues more than offset declines in revenues
from the Sportswear Group's pre-acquisition businesses, and
contributed to a 6.0% revenue increase for the company's pre-
acquisition businesses.  The translation of foreign currencies,
primarily as a result of a stronger euro and Canadian dollar,
increased third quarter 2006 net revenues by approximately
US$4.9 million compared with the third quarter of fiscal 2005.

Warnaco Group's gross profit rose to US$177.8 million, or 39.3%
of net revenues, for the third quarter of fiscal 2006, including
US$55.5 million in gross profit from the CKJEA Business,
compared with US$112.3 million, or 34.4% of net revenues, for
the third quarter of fiscal 2005.  The majority of the 490 basis
point improvement in gross profit margin is attributed to the
contributions from the CKJEA Business.  Gross profit margin for
the pre-acquisition businesses improved 100 basis points, driven
by continued improvement in the Intimate Apparel Group's gross
profit margins and increases in the Swimwear Group's gross
profit margins.  The translation of foreign currencies,
primarily as a result of a stronger euro and Canadian dollar,
increased third quarter 2006 gross profit by approximately
US$2.4 million compared with the third quarter of fiscal 2005.

Selling, general and administrative expenses of Warnaco Group
were US$141.0 million, or 31.2% of net revenues, compared with
US$95.0 million, or 29.1% of net revenues, in the prior year
quarter.  The increase in SG&A included:

   (i) US$36.1 million of SG&A from the CKJEA Business,

  (ii) approximately US$2.4 million of expenses incurred during
       the third quarter related to the previously announced
       investigation into accounting matters and subsequent
       restatement of the company's financial results,

(iii) a US$2.3 million increase in Swimwear SG&A (primarily
       related to incremental marketing and expenses associated
       with businesses to be discontinued),

  (iv) a US$2.0 million increase in Intimate Apparel related to
       the expansion of its direct to consumer initiative and

   (v) US$1.3 million of information technology expense related
       to the ongoing implementation of a new systems
       infrastructure.

The translation of foreign currencies, primarily as a result of
a stronger euro and Canadian dollar, increased third quarter
2006 SG&A expenses by approximately US$1.5 million compared with
the third quarter of fiscal 2005.

Amortization of intangible assets increased to US$2.7 million,
compared with US$1.2 million in the prior year period, primarily
due to US$1.5 million of amortization expense related to finite-
lived intangible assets associated with the acquisition of the
CKJEA Business.

Warnaco Group's operating income for the third quarter of fiscal
2006 was US$34.0 million compared with US$17.0 million in the
prior year period. An increase in the Sportswear Group operating
income, driven largely by the CKJEA Business, and the continued
momentum of Calvin Klein Underwear more than offset seasonal
losses in the Swimwear Group and approximately US$2.8 million of
expenses related to the businesses to be discontinued.  The
translation of foreign currencies, primarily as a result of a
stronger euro and Canadian dollar, increased third quarter 2006
operating income by approximately US$0.9 million compared with
the third quarter of fiscal 2005.

Other income of Warnaco Group was US$4.4 million, compared with
US$0.1 million in the prior year quarter related primarily to
realized and unrealized foreign exchange rate gains related to
inter company loans denominated in foreign currencies.

Warnaco Group's net interest expense increased to US$9.3 million
compared with US$4.1 million in the prior year period.  The
US$5.2 million increase is primarily the result of incremental
indebtedness incurred in connection with the acquisition of the
CKJEA Business.

The provision for income taxes was US$6.6 million, or an
effective tax rate of 22.8%, compared with US$3.9 million, or an
effective tax rate of 30.1%, in the prior year period.  In the
quarter, Warnaco Group benefited from a US$3.2 million reduction
in the provision for taxes related to the previously announced
favorable tax ruling from the Netherlands taxing authority that
is retroactive to the beginning of fiscal 2006.  The company
expects its effective tax rate for fiscal 2006, for its
continuing operations, to be approximately 30.0%.

Warnaco Group's loss from discontinued operations, net of taxes,
was US$0.17 per diluted share.  This includes certain costs
related to the sale of certain assets of the Ocean Pacific
business.

Net income of Warnaco Group was US$14.6 million, or US$0.31 per
diluted share, compared with US$6.9 million for the third
quarter of fiscal 2005, which reflects contributions from the
Sportswear Group (driven largely by the CKJEA Business), the
ongoing success in the Intimate Apparel Group and a lower tax
rate for the quarter.

Warnaco Group noted these balance sheet highlights as of
Sept. 30, 2006:

Cash and cash equivalents were US$113.4 million, compared with
US$152.0 million of cash and cash equivalents at Oct. 1, 2005,
notwithstanding US$70.8 million of cash (net of acquired cash)
used in connection with the acquisition of the CKJEA Business on
Jan. 31, 2006.

During the quarter Warnaco Group used US$11.0 million of cash to
repurchase 525,000 shares of common stock under the company's
previously announced share repurchase program, at an average
price of US$20.85.  Approximately 1.8 million shares remain
authorized for repurchase under the share repurchase program,
subject to certain limitations on repurchases under applicable
debt instruments.  The share repurchase program may be modified
or terminated by the company's Board of Directors at any time.

Warnaco Group's accounts receivable were US$310.0 million, up
from US$212.3 million at Oct. 1, 2005.  Accounts receivable
related to the CKJEA Business were US$86.4 million.  Excluding
the CKJEA Business, receivables were up 5.3% in the quarter in
line with top line growth.

Warnaco Group's net inventories were US$366.5 million, up from
US$311.5 million at Oct. 1, 2005.  Inventories at
Sept. 30, 2006, include US$49.9 million of inventory of the
CKJEA Business.  Excluding the CKJEA Business, inventories were
up 1.7%.

                      Subsequent Events

Warnaco Group entered into an agreement to sell certain assets
of its Ocean Pacific business for US$54.0 million.  The results
for Ocean Pacific, excluding the operations of the Ocean Pacific
women's and juniors swimwear business (which the company will
operate under a new three year license agreement), are
categorized as "assets held for sale" and appear in discontinued
operations.

Warnaco Group expects to discontinue over the next several
months its Lejaby Rose, JLO by Jennifer Lopez Lingerie and
Axcelerate Activewear businesses.  Although the results of these
businesses are currently included in continuing operations, when
the operations of each of these businesses has ceased, the
results will be reflected in discontinued operations.

Collectively, for the nine months ended Sept. 30, 2006, Ocean
Pacific and the other businesses that the company expects to
discontinue over the next several months accounted for revenues
of approximately US$19.4 million and produced an operating loss
of US$17.0 million.  Included in these results are US$5.8
million of charges, taken in the third quarter, associated with
discontinuance of these businesses.

                     Fiscal 2006 Outlook

Larry Rutkowski, Warnaco Group's chief financial officer,
commented, "For the year, for the company's continuing
operations, we expect our pre-acquisition business revenue
growth to be in the low single digits.  In addition, for our
pre-acquisition businesses, we expect at least a 100 basis point
improvement in gross margin percentage and mid single digit
percentage improvement in the operating margin percentage over
the prior year (assuming minimal pension expense in fiscal
2006).  Overall, for the company's continuing operations
(including the acquired CKJEA Business), we expect for 2006 (i)
revenue growth to be in the low 20 percent range; (ii) mid
single digit percentage improvement in the operating margin
percentage over the prior year (assuming minimal pension
expense); and (iii) that the acquisition of the CKJEA Business
will be accretive to Warnaco's earnings per share."

"The elimination of investment expense associated with the Ocean
Pacific brand and the planned discontinuation of certain
underperforming businesses are expected to favorably affect our
profitability going forward.  These decisions will allow us to
redeploy resources to those brands that best suit our key growth
strategies," Mr. Rutkowski said.

Headquartered in New York, The Warnaco Group, Inc. --  
http://www.warnaco.com/-- is a leading apparel company engaged  
in the business of designing, marketing and selling intimate
apparel, menswear, jeanswear, swimwear, men's and women's
sportswear and accessories under such owned and licensed brands
as Warner's(R), Olga(R), Lejaby(R), Body Nancy Ganz(R),
Speedo(R), Anne Cole(R), Op(R), Ocean Pacific(R), Cole of
California(R) and Catalina(R) as well as Chaps(R) sportswear and
denim, J. Lo by Jennifer Lopez(R) lingerie, Nautica(R) swimwear,
Michael Kors(R) swimwear and Calvin Klein(R) men's and women's
underwear and sportswear, men's, women's, junior women's and
children's jeans and accessories and women's and juniors'
swimwear.  The company emerged from bankruptcy protection in
2003.  Its Authentic Fitness unit is the North American
distributor of Speedo swimwear.  In 2003 the last two US-based
manufacturing facilities were closed and production shifted to
Honduras, Mexico, and Asia.  In 2006 it acquired the license,
wholesale, and retail units for Calvin Klein jeans and
accessories in Europe and Asia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. and Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Warnaco
Group, Inc.  Additionally, Moody's revised or held its
probability-of-default ratings and assigned loss-given-default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$175 million senior
   secured revolver       Ba2      Ba1     LGD2       22%

   US$180 million senior
   secured term loan      Ba2      Ba1     LGD2       22%

   US$205 million senior
   unsecured notes        B1       B1      LGD5       78%

Standard & Poor's Ratings Services revised on Aug. 11, 2006, its
outlook on The Warnaco Group, Inc.'s ratings to stable from
positive.  At the same time, the ratings on Warnaco were
affirmed, including its 'BB-' corporate credit rating.  Total
debt outstanding at April 1, 2006, was about US$431 million.


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

AKER KVAERNER: Inks Reselling Agreement with Alfa Laval
-------------------------------------------------------
Aker Kvaerner A.S.A. and Alfa Laval have entered a global
reselling agreement for Alfa Laval's P2 range of decanter
centrifuges.  The equipment is designed for use in white liquor
plants in pulp mills.  Using a P2 decanter in the system enables
waste to be reduced by up to 50% by eliminating the use of lime
mud precoat.  Energy use can also be cut by up to 40%.

Under the agreement, Kvaerner Pulping, part of the Aker Kvaerner
group, will integrate the Alfa Laval decanter centrifuges into
so-called green liquor dregs dewatering applications.  This is
part of the portfolio of products for white liquor production
used by pulp mills all over the world.

"We are very pleased to be able to add the technology for
precoat-free dregs dewatering to our product portfolio.  The
Alfa Laval P2-range has a proven, superior performance in this
area of application and offers new possibilities to reduce
operating costs and improve the environmental performance of
white liquor plant," says Patrik L"wnertz, Vice President
Recausticizing Development at Kvaerner Pulping.

"By combining Alfa Laval's decanter centrifuge with Kvaerner
Pulping's extensive range of plant equipment, process knowledge
and project execution capabilities; the P2 decanter technology
will be available to more users in a larger range of project
scenarios," says Julien Gennetier, Marketing & Sales Manager for
Pulp and Paper at Alfa Laval.

Kvaerner Pulping's equipment for white liquor plants produces
white liquor by recovering chemicals used when cooking pulp.
This chemical recovery uses a process that generates minimum
waste and emissions, while consuming a limited amount of energy
and utilities.

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and  
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Malaysia, Brazil,
Chile, China, India, Indonesia, Japan, South Korea, Thailand and
Singapore.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                          *     *     *

Moody's Investors Service upgraded the of Aker Kvaerner Oil &
Gas Group and Aker Kvaerner AS, primarily to reflect the
sustainable strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
two years, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


FALCONBRIDGE LTD: Parent Launches Debut Global Bond Offering
------------------------------------------------------------
Xstrata said in a statement that it has launched its debut
global bond offering to raise US$1.5 billion, which will help
cover its acquisition of Falconbridge Ltd.

The company acquired on Nov. 1, 2006, all of the remaining
outstanding common shares of Falconbridge, pursuant to the
statutory compulsory acquisition procedures.  Xstrata now
beneficially owns 100% of the Common Shares.

The bond offering contemplates the sale of dollar-denominated
floating rate notes and fixed rate notes.  The sale is due to
close in the near future, Xstrata said in a statement.

                         About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada. Xstrata holds a 97% stake in Falconbridge.

                       About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Ltd.
(TSX:FAL.LV)(NYSE:FAL) -- http://www.falconbridge.com/-- is a
leading copper and nickel company with investments in fully
integrated zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
ore bodies.  It employs 14,500 people at its operations and
offices in 18 countries, including Malaysia.  The Company owns
nickel mines in Canada and the Dominican Republic and operates a
refinery and sulfuric acid plant in Norway.  It is also a major
producer of copper (38% of sales) through its Kidd mine in
Canada and its stake in Chile's Collahuasi mine and Lomas Bayas
mine.  Its other products include cobalt, platinum group metals,
and zinc.

                          *     *     *

Falconbridge's CAD150 million 5% convertible and callable bonds
due April 30, 2007, carry Standard & Poor's BB+ rating.


SYARIKAT KAYU: Posts MYR957-Mil. Net Loss in Qtr. Ended Aug. 31
---------------------------------------------------------------
Syarikat Kayu Wangi Berhad filed its unaudited financial
statements for the third quarter ended Aug. 31, 2006, with the
Bursa Malaysia Securities Berhad on October 31.

For the 2006 third quarter, Syarikat Kayu recorded a MYR957,000
net loss, compared with a net loss of MYR2,802,000 for the same
quarter last year.

Moreover, in the quarter ended Aug. 31, 2006, the group recorded
a higher turnover of MYR7,333,000, as compared with MYR4,524,000
for the corresponding quarter of 2005.  The Group's higher
turnover was due to the increase in construction activities and
higher sales in Melaka housing development project.

For the period ended Aug. 31, 2006, Syarikat Kayu posted lower
loss before taxation of RM957,000 as compared to a loss before
taxation of MYR3,149,000 for the corresponding quarter of 2005.  
This was due to lower loss in construction and property
division.

The company's Aug. 31 balance sheet showed strained liquidity
with MYR20,805,000 in total current assets and MYR25,427,000 in
total current liabilities.

Full-text copies of the company's financial report for the
third quarter ended Aug. 31, 2006, is available for free at:

        http://bankrupt.com/misc/tcrap-syarikat3rd..xls

                About Syarikat Kayu Wangi Berhad

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
the Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.  
Syarikat Kayu is currently in the process of preparing the
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.


TALAM CORPORATION: Updates Default Status as of Sept. 30
--------------------------------------------------------
Talam Corporation Berhad has posted its status on default in
payment as of Sept. 30, 2006, pursuant to the Practice Note
1/2001 of the Listing Requirements of Bursa Malaysia Securities
Berhad.

Zillion Development Sdn Bhd, a subsidiary of Talam Corporation,
has fully settled its loan with Citibank Bank Berhad amounting
to MYR5,074,773.85 on Sept. 28, 2006.  As for the loan with Hong
Leong Bank Berhad the amount will be settled from the balance of
the sale proceeds from the disposal of land by Zillion
Development to Banting Resources Sdn Bhd:

                                    Amount Outstanding as of
Subsidiary             Lender             Sept. 30, 2006
----------             ------             --------------
Zillion                Citibank Berhad       Nil
Development Sdn Bhd

Zillion                Hong Leong           MYR1,635,968
Development Sdn Bhd    Bank Berhad

Europlus Corporation Sdn Bhd has been notified that noteholders
have approved and passed a resolution in writing on the proposed
restructuring scheme on Sept. 25, 2006:

                                      Amount Outstanding as of
Subsidiary              Lender             Sept. 30, 2006
----------              ------             --------------
Europlus Corporation    Abrar Discounts     MYR196,000,000
Sdn Bhd                 Berhad

These loans made by these subsidiary companies are part of the
overall financing restructuring scheme submitted to the
respective financial institutions and are waiting for their
approval:

                                      Amount Outstanding as of
Subsidiary              Lender             Sept. 30, 2006
----------              ------             --------------
Abra Development        EON Bank            MYR13,664,967
Sdn Bhd                 Berhad

Europlus Berhad         RHB Sakura          MYR3,341,378
                         Merchant Bankers
                         Berhad

Europlus Berhad         AmMerchant          MYR6,546,043
                         Bank Berhad

Maxisegar Realty        TA First            MYR27.832,513
Sdn Bhd                 Credit Sdn Bhd      MYR51,662,617
                                             MYR50,819,921

Talam Corporation       Pengurusan          MYR2,481,041
Berhad                  Danaharta Nasional

Talam Corporation       RHB Bank Berhad     MYR1,978,348
Berhad

Talam Corporation       RHB Sakura Merchant MYR11,327,920
Berhad                  Bankers Berhad      MYR17,003,261
                                             MYR7,494,238
                                             MYR5,646,914

Talam Corporation        EON Bank Berhad     MYR3,291,863
Berhad                                       MYR3,276,164

Talam Industries         RHB Sakura Merchant MYR12,272,895
Sdn Bhd                  Bankers Berhad

These companies are in the midst of finalizing a sales and
purchase agreement for the disposal of asset to repay banking
facilities:

                                      Amount Outstanding as of
Subsidiary              Lender             Sept. 30, 2006
----------              ------             --------------
Europlus Berhad        Affin Bank Berhad     MYR8,850,000
                                             MYR1,900,000

Juara Tiasa Sdn Bhd    Affin-ACF Finance     MYR3,290,237
                       Berhad

Talam Corporation      Affin Bank Berhad     MYR3,000,000
Berhad

These companies are finalizing a joint venture agreement with
reputable developers where the joint venture company will repay
the loan:

                                      Amount Outstanding as of
Subsidiary              Lender             Sept. 30, 2006
----------              ------             --------------
Untung Utama Sdn Bhd     Insas Credit &      MYR5,350,069
                         Leasing Sdn Bhd     MYR13,949,123

Ukay Land Sdn Bhd        Insas Credit &      MYR10,736,438
                         Leasing Sdn Bhd

Zhinmun Sdn Bhd          Insas Credit &      MYR5,328,849
                         Leasing Sdn Bhd     MYR20,943,342

This company is currently under Section 176 of the Companies
Act, 1965:

                                      Amount Outstanding as of
Subsidiary              Lender             Sept. 30, 2006
----------              ------             --------------
Maxisegar Sdn Bhd        Abrar Discounts    MYR130,000,000
                         Berhad

                       About Talam Corp.

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

The Troubled Company Reporter - Asia Pacofoc reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended January 31,
2006, the Auditors Ernst & Young were unable to express their
opinion on the Company's Audited Accounts.  As such, the Company
is an affected listed issuer of the Amended Practice Note 17
category.  In accordance with PN 17, the company is required to
submit an implement a plan to regularize its financial condition
within eight months from September 1, 2006.


TALAM CORPORATION: Shareholders OK All Resolutions at 81st AGM
--------------------------------------------------------------
At their 81st annual general meeting held on Nov. 3, 2006, the
shareholders of Talam Corporation Berhad have approved all these
resolutions:

   -- to receive and adopt the Audited Financial Statements of
      the company for the year ended Jan. 31, 2006, and the
      reports of the directors and auditors;

   -- to approve the payment of directors' fees for the year
      ended Jan. 31, 2006;

   -- to re-elect Directors Y.A.M. Tengku Sulaiman Shah Al-Haj
      Ibni Al-Marhum Sultan Salahuddin Abdul Aziz Shah Al-Haj
      and Sulaiman Hew Bin Abdullah who retire in accordance
      with Article 97 of the Articles of Association of the
      Company; and

   -- to appoint Deloitte KassimChan as auditors and to
      authorize the Directors to fix their remuneration.

Special Business

   -- to authorize the Directors to allot and issue shares
      pursuant to Section 132D of the Companies Act, 1965;

   -- to approve the proposed shareholders' mandate for Talam
      and its subsidiaries to enter into recurrent transactions
      of a revenue or trading nature with Agrocon (M) Sdn Bhd;

   -- to authorize Talam Group to enter into all arrangements
      and transactions with Ice Masters Sdn Bhd, KEB Builders
      Sdn Bhd, KEB Management Sdn Bhd, KEURO Leasing Sdn Bhd,
      KEURO Trading Sdn Bhd and Konsortium LPB Sdn Bhd; and

   -- to authorize the company and each of its subsidiaries to
      enter into any arrangement or transaction with any
      Director or any person connected with the Director to
      acquire from or dispose any non-cash assets of requisite
      value that is less than 5% of the total net tangible
      assets of the Group at the time of the acquisition or
      disposal.

                       About Talam Corp.

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

The Troubled Company Reporter - Asia Pacofoc reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended January 31,
2006, the Auditors Ernst & Young were unable to express their
opinion on the Company's Audited Accounts.  As such, the Company
is an affected listed issuer of the Amended Practice Note 17
category.  In accordance with PN 17, the company is required to
submit an implement a plan to regularize its financial condition
within eight months from September 1, 2006.


TAP RESOURCES: Shareholders Pass All Resolutions at 11th AGM
------------------------------------------------------------
On Oct. 31, 2006, the shareholders of TAP Resources Berhad held
their 11th annual general meeting and passed all these
resolutions:

   1. Receive and adopt the Audited Financial Statements for the
      year ended April 30, 2006, and the Reports of the
      Directors and Auditors;

   2. Re-elect these directors retiring in accordance with
      Article 88 of the Company's Articles of Association;

      a) Cho See Yoo
      b) Encik Roslan bin Mohd Salleh

   3. Re-appoint Horwath as the Company's auditors for the
      ensuing year and to authorize the directors to fix their
      remuneration;

   4. Consider and, if thought fit, to pass this resolution as
      an Ordinary Resolution:

     (i) approval for issuance of shares pursuant to Section
         132D of the Companies Act, 1965; and

   5. Transact any other ordinary business for which due
      notice has been given in accordance with the company's
      Articles of Association and the Companies Act, 1965.

Moreover, the company's shareholders agreed that:

   -- pursuant to Section 132D of the Companies Act, 1965,
      and subject to the approvals of the relevant governmental
      and regulatory authorities, the Directors are empowered in
      their absolute discretion to issue the company's shares at
      any time to the person they see fit.  But provided that
      the aggregate number of shares to be issued does not
      exceed 10% of the company's issued share capital for the
      time being;

   -- the Directors be also empowered to obtain the approval
      from the Bursa Malaysia Securities Berhad for the listing
      and quotation for the additional shares issued;
      and

   -- the authority will continue to be in force until the
      conclusion of the company's next annual general meeting.

                    About TAP Resources

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.
The Company has defaulted in the redemption of the balance of
MYR31,734,381 redeemable convertible secured loan stocks.  It
has also defaulted in the payment of interests, default
interests and overdue interests totaling approximately
MYR3.1 million.


TAP RESOURCES: Subsidiary Served with Wind-Up Petition
------------------------------------------------------
TAP Resources Berhad's wholly owned subsidiary, Tanco Properties
(North) Sdn Bhd, has been served with a wind-up petition on
Oct. 20, 2006, by Thayalan & Associates, the solicitors of New
Legend Sdn Bhd.

Tanco Properties has been named as respondent in the wind-up
petition dated Oct. 9, 2006, in the High Court of Malaya at
Penang.  The hearing of the petition has been fixed for Jan. 10,
2007.

New Legend Sdn Bhd, the petitioner, asserts these claims against
Tanco Properties:

   -- the sum of MYR272,186.70 being the balance of the
      outstanding judgment sum of MYR370,321.42, the liquidated
      damages for late delivery of a unit of shop-office in Tg.
      Bungah, Penang;

   -- interest sum of MYR51,865.28 being interest accruing on
      the judgment sum at the rate of 4% per annum from Feb. 8,
      2002, to Oct. 5, 2004, and interest at the rate of 8% per
      annum from date of judgment until full payment; and

   -- client costs of MYR30,000.

As at to date, Tanco North had paid MYR180,000 to the Petitioner
and had also proposed a further payment of MYR20,000 as full and
final settlement but was rejected.  The Group will continue to
discuss further with the Petitioner to work out a settlement
scheme.

As of April 30, 2006, the accumulated losses of Tanco North
amounted to MYR9.37 million.  The total cost of TAP's investment
in Tanco North is MYR10,455,000.  Moreover, full impairment
losses have been provided for.  The expected losses would be the
legal costs and the amount claimed.

                Operational Impact on the Group

Tanco North is in the midst of applying for sub-division of
building titles for its completed project, which is the Permai
Ria Apartment.  The defect works period of 18 months, which
commenced on Nov. 2005, will only expire on May 2007.  The
winding up proceedings may jeopardize the operations process.

                    About TAP Resources

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.
The Company has defaulted in the redemption of the balance of
MYR31,734,381 redeemable convertible secured loan stocks.  It
has also defaulted in the payment of interests, default
interests and overdue interests totaling approximately
MYR3.1 million.


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

AIR NEW ZEALAND: Confirms Closure of Christchurch Call Center
-------------------------------------------------------------
Air New Zealand has confirmed that it will close its call center
in Christchurch in April 2007, Radio New Zealand reports.

The report relates that the call center's 86 staff were informed
at a meeting in Christchurch.

Radio NZ cites Air New Zealand Group General Manager, Norm
Thompson, as saying that so many people are booking online that
caller demand has dropped significantly.

Mr. Thompson disclosed that some staff will be given the
opportunity to relocate to other call centers, Radio NZ relates.

However, workers don't believe that it will be more cost
effective to transfer call center work to Auckland, Radio NZ
relates.

Radio NZ notes that workers' union will be working over the next
couple of days to get more information to understand the
company's position.

                       About Air New Zealand

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

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

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


AUGUSTA DEVELOPMENTS: Shareholders Resolve to Liquidate Business
----------------------------------------------------------------
On October 16, 2006, shareholders of Augusta Developments No. 92
Ltd passed a special resolution to liquidate the company's
business and appointed Brent John Whatnall as liquidator.

The Liquidator can be reached at:

         Brent John Whatnall
         Horwath Porter Wigglesworth Limited
         P.O. Box 544, Auckland
         New Zealand
         Telephone:(09) 308 1603


D&L SERVICES: Liquidation Petition Hearing Set on November 20
-------------------------------------------------------------
On September 21, 2006, the Commissioner of Inland Revenue filed
a petition to liquidate D & L Services Ltd.

The petition will be heard before the High Court of Whangarei on
November 20, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         M. B. Smith
         P. J. Smith
         Crown Solicitor
         Marsden Woods Inskip & Smith
         122 Bank Street (P.O. Box 146)
         Whangarei
         New Zealand


ECEEG LTD: Court Sets Liquidation Petition Hearing on Nov. 16
-------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against ECEEG Ltd on November 16, 2006, at 10:00 a.m.

ASB Bank Ltd filed the petition on August 16, 2006.

The Solicitor for the Petitioner can be reached at:

         Ralph George Simpson
         Bell Gully
         Level Twenty-two, Vero Centre
         48 Shortland Street, Auckland
         New Zealand


EISS SUBTRONICS: Faces Liquidation Proceedings
----------------------------------------------
A petition to liquidate Eiss Subtronics Ltd will be heard before
the High Court of Dunedin on November 16, 2006, at 10:00 a.m.

Millennium Technology Ltd filed the petition with the Court on
September 12, 2006.

The Solicitor for the Petitioner can be reached at:

         Paul Robert Waring Chisnall
         Gibson Sheat, Lawyers
         Level One, United Building
         107 Customhouse Quay, Wellington
         New Zealand


FALEN DEVELOPMENTS: Shareholders Vote to Liquidate Business
-----------------------------------------------------------
On October 16, 2006, shareholders of Falen Developments Ltd
voted to liquidate the company's business and distribute the
surplus assets.

Accordingly, Rhys Michael Barlow was appointed as liquidator.

The Liquidator can be reached at:

         Rhys Michael Barlow
         BDO Spicers
         Chartered Accountants
         Level Two, BDO House
         99-105 Customhouse Quay (P.O. Box 10-340)
         Wellington
         New Zealand
         Telephone:(04) 472 5850
         Facsimile:(04) 473 3582
         Email: rhys.barlow@wlg.bdospicers.com


HAURAKI CONCRETE: Court Sets Liquidation Hearing on Nov. 23
-----------------------------------------------------------
Accident Compensation Corporation filed with the High Court of
Auckland a liquidation petition against Hauraki Concrete Ltd on
August 23, 2006.

The application will be heard before the Court on November 23,
2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

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


IROAM INVESTMENT: Liquidation Hearing Set on November 16
--------------------------------------------------------
A hearing of the liquidation petition filed against Iroam
Investment Ltd will be held before the High Court of Auckland on
November 16, 2006, at 10:45 a.m.

The Mill Liquorsave Ltd filed the petition on August 1, 2006.

The Solicitor for the Petitioner can be reached at:

         Timothy Robert Coleman
         393 Devon Street East
         New Plymouth
         New Zealand


JORVIK DEVELOPMENT: Creditors' Proofs of Claim Due on Nov. 16
-------------------------------------------------------------
On October 16, 2006, Karen Betty Mason and Lloyd James Hayward
were appointed as joint and several liquidators of Jorvik
Development & Investment Co Ltd.

Accordingly, the liquidators require the Company's creditors to
submit their proofs of claim by November 16, 2006, or they will
be excluded from sharing in the distribution.

The Joint Liquidators can be reached at:

         Karen Betty Mason
         Lloyd James Hayward
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302
         Wellesley Street, Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


LATIN LARDER: Creditors to Prove Claims on November 20
------------------------------------------------------
On October 17, 2006, shareholders of Latin Larder Ltd appointed
Gerald Stanley Rea and Paul Graham Sargison as liquidators of
Latin Larder Ltd.

Creditors are required to submit their proofs of claim to
Liquidator Rea by November 20, 2006, or they will be excluded
from sharing in any distribution the Company will make.

The Liquidators can be reached at:

         Gerald Stanley Rea
         Paul Graham Sargison
         Gerry Rea Associates
         P.O. Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


MEELIE PROPERTIES: Creditors Must Prove Debts by November 30
------------------------------------------------------------
On October 24, 2006, Bryan George Pocock was appointed as
liquidator of Meelie Properties Ltd.

Creditors are required to submit their proofs of debt to Mr.
Pocock by November 30, 2006, or they will be excluded from
sharing in any distribution the Company will make.

The Liquidator can be reached at:

         Bryan George Pocock
         Level Seven, 44 Victoria Street
         (P.O. Box 10-788), Wellington
         New Zealand
         Telephone:(04) 472 3560
         Facsimile:(04) 472 3564


MERIDIAN HOMES: Inability to Pay Debts Prompts Liquidation
----------------------------------------------------------
Meridian Homes Limited has gone into liquidation due to its
inability to pay debts as they fall due, Newswire.co.nz reports.

The company's joint liquidators are Paul Sargison and Gerry Rea.

According to Mr. Sargison, Dean Hopper and his wife, Linda, co-
own the company, and had put significant sums into it to enable
it to go forward, New Zealand Herald relates.

Mr. Sargison ascertains that Meridian Homes had no relationship
to any other Hopper family companies.

Newswire reveals that about NZ$400,000 worth of deposits are in
jeopardy with 16 Meridian customers having paid a deposit of
NZ$25,000 on average to have homes built by the company.

These customers are the company's unsecured creditors but may be
able to claim some redress a Master Builder's guarantees scheme,
Newswire cites Mr. Sargison, as saying.

Radio New Zealand relates that liquidators hope that the company
can complete six houses, but other customers will have to
negotiate the completion of their projects with another builder.

NZ Herald cites Mr. Hopper stating that he had carried out
repairs costing as much as NZ$100,000 in one home because of
"very poor quality" subcontractors.

               Delayed Building Consents Blamed

According to NZ Herald, Mr. Hopper blamed the company's collapse
mainly on significant delays in getting building consents for
homes.

Specifically in Rodney District, north of Auckland, according to
Radio NZ.

By the time the council gave consent, the cost of the building
had exceeded the original contract price and profit was lost,
Mr. Hopper explained.

According to Master Builders Federation chief executive Pieter
Burghout, the statutory requirement is for building consents to
be processed in 20 days, but builders are sometimes waiting
three to six months.

Slow processing of consents affects a company's cashflow in a
big way, Radio NZ cites Mr. Burghout, as saying.

                       Unfinished Homes

NZ Herald relates that Meridian Homes was a registered master
builder and offered the Master Build guarantee and offered a
design and build service for homes mainly in the NZ$180,000 to
NZ$220,000 range.

Meridian Homes had 30 contracts for homes, with half under
construction, the paper cites Mr. Sargison, as saying.

Mr. Sargison says "most customers will have guarantees and they
will be covered if the documents were sent in."

But NZ Herald reveals that Eric Thompson who had signed up the
company to build a home in Warkworth said last night that Master
Build had not received his guarantee application form.

According to Mr. Thompson, there was not even an engineer's
report or builder's plans to show for the NZ$28,000 deposit he
paid in late August.

Master Build cover for loss of deposit was only up to 10%t of
the contract price to a maximum of NZ$20,000, NZ Herald notes.

The paper further reveals that a project manager at Meridian,
Richard Borey, said he was owed wages and holiday pay and his
wife was owed NZ$5,000 for draughting services.

Mr. Borey reveals that about 15 sites still needed building
consent from councils and those customers would be out of
pocket.

About 20 homes were at least half finished and about 15 not
started, NZ Herald says.

Meridian Homes Limited -- http://www.meridianhomes.co.nz--  
which is located at 184, Hibiscus Coast Highway, Orewa, New
Zealand, had 11 staff and a manager.


MOLOK NZ: Court Appoints Joint Liquidators
------------------------------------------
On October 12, 2006, the High Court of Auckland appointed Dennis
John Wood and John Trevor Whittfield as joint and several
liquidators of Molok NZ Ltd.

Accordingly, Liquidator Wood fixes November 24, 2006, as the
last day for creditors to prove their debts.

The Joint Liquidators can be reached at:

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


TI RAKAU: Enters Liquidation Proceedings
----------------------------------------
On October 16, 2006, shareholders of Ti Rakau Investments Ltd
resolved by special resolution to liquidate the company's
business and appointed Brent John Whatnall as liquidator.

The Liquidator can be reached at:

         Brent John Whatnall
         Horwath Porter Wigglesworth Limited
         P.O. Box 544, Auckland
         New Zealand
         Telephone:(09) 308 1603


* Low Equity Investment Leaves NZ Vulnerable, A. Bollard Says
-------------------------------------------------------------
New Zealanders' low investment in local businesses leaves the
economy more vulnerable to shocks and constrains the country's
growth prospects, Reserve Bank Governor Alan Bollard says.

According to Dr. Bollard, New Zealand investors' preoccupation
with housing assets has been at the expense of other assets
normally found in household portfolios, like equities.

The gap has been filled by foreign equity, which brings many
development advantages for large businesses, but is less
conducive to supporting start-ups and other small businesses.  
It has also left the economy more vulnerable.

Holdings of equity by New Zealand households are particularly
low by OECD standards, with direct holdings of both domestic and
foreign equities making up no more than about 4 percent of total
assets.

"This limits high-growth, high-risk firms' access to growth
capital, particularly important in a market where home bias is
strong due to the inevitable uncertainties in assessing start-
up/growth firms, Dr. Bollard says."

"Instead, New Zealanders have spent heavily on investor housing
- houses and apartments beyond their own homes - investments
stimulated by expectations of exciting capital gains rather than
exciting rental yields, Dr. Bollard notes."

This exposure to housing is being financed by increased mortgage
debt from the banking system.  The average New Zealand
household's debt has risen from around 100% of disposable income
to around 170% over the last five years, imposing a heavier
mortgage-servicing burden.

"The typical household now commits about 13% of its disposable
income to service debt.  This makes these households much more
vulnerable than they used to be to adverse events, such as
increases in unemployment and rising interest rates.  These debt
servicing rates are significantly higher than in other OECD
countries," Dr. Bollard further says.

"For the country overall, this preference for housing investment
and debt has worsened the current account deficit and
substantially increased net foreign claims on New Zealand.  Our
foreign debt means we are inevitably more exposed to changes in
global interest rates or sudden shifts in the investment
preferences of overseas investors.  At times, this can make it
more challenging to maintain price stability and avoid unwanted
swings in economic activity.  This pattern of household
investment also impacts economic performance."


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

CHIQUITA BRANDS: Incurs US$96MM Net Loss in Third Quarter 2006
--------------------------------------------------------------
Chiquita Brands International, Inc., reported that net sales
increased by 8% year-over-year to US$1.0 billion.  The company
reported a quarterly net loss of US$96 million, including a
noncash charge of US$43 million, for goodwill impairment at
Atlanta AG, the company's German distributor. In the third
quarter 2005, the company reported net income of US$0.3 million.

"Our third quarter results were disappointing and worse than
expected for several reasons," said Fernando Aguirre, chairman
and chief executive officer.  "First, we recorded a noncash
charge for goodwill impairment at Atlanta AG due to a decline in
its business performance resulting primarily from intense
pricing pressure in Germany. Second, temperatures during the
third quarter reached record highs across much of northern
Europe.  This unusually hot weather reduced consumer demand for
bananas, depressed prices and contributed to substantial price
weakness in trading markets, where we incurred substantial
losses on the sale of temporary excess supply from Latin
America.  Third, beginning in September, our Fresh Express
operations experienced lower sales and unforeseen costs due to
consumer concerns regarding the safety of fresh spinach in the
United States, despite the fact that no confirmed cases of
consumer illness were linked to our Fresh Express products."

Mr. Aguirre continued, "While the banana market dynamics in
Europe have been more difficult than expected, we continue to
sustain our leadership position in the premium quality segment
and believe we are well-positioned to win in this market in the
long-term.  In addition, we continued to drive sustained
progress in other key markets.  Our North American banana
pricing remained strong, reflecting successful customer contract
negotiations, and our Fresh Express business continued to grow
as distribution gains and new product introductions drove strong
year-over-year volume growth in retail value-added salads in
spite of the spinach issue."

                 Quarterly Financial Summary

   -- Net sales were US$1.0 billion, up 8% from US$954 million
      in the third quarter 2005.  The increase resulted
      primarily from increased banana volume in Europe, higher
      banana pricing in North America and increased sales in
      retail value-added salads.  These were partly offset by
      lower banana pricing in Europe.

   -- Operating loss was US$79 million, compared with
      operating income of US$20 million in the year-ago period.
      Higher banana pricing in North America was more than
      offset by several factors, including the Atlanta AG
      goodwill impairment charge as well as the impacts from
      hot weather in Europe, temporary excess banana supply
      from Latin America, regulatory changes in the European
      banana market, which have resulted in lower local pricing
      and increased tariffs, the recent concerns about the
      safety of fresh spinach and higher fuel and other industry
      costs.

   -- Operating cash flow was US$27 million, compared with
      US$63 million in the year-ago period.

   -- Total debt was US$990 million at Sept. 30, 2006, compared
      with US$1.1 billion at Sept. 30, 2005.

   -- Cash was US$102 million at Sept. 30, 2006, compared with
      US$181 million at Sept. 30, 2005.

                 Quarterly Segment Results

Bananas

In the company's Banana segment, which includes the sourcing,
transportation, marketing and distribution of bananas, net sales
were US$444 million, up 8% from US$411 million.  The operating
loss for the segment was US$43 million, compared with operating
income of US$17 million in the prior year.

Segment operating income was adversely affected by the following
factors:

   -- US$39 million from lower core European local banana
      pricing, attributable to unseasonably hot weather in
      many parts of Europe, which depressed consumer demand,
      as well as the impact of excess supply from Latin
      America and regulatory changes that resulted in more
      intense price competition in the market.

   -- US$19 million of net incremental costs associated with
      higher banana import tariffs in the European Union,
      reflecting the duty increase to EUR176 from EUR75 per
      metric ton effective Jan. 1, 2006.  This increase resulted
      in approximately US$27 million of incremental tariff
      costs, which was partially offset by savings of
      approximately US$8 million as the company was not required
      to purchase banana import licenses.

   -- US$15 million of industry cost increases for fuel, fruit,
      paper and ship charters, which was in line with previous
      company guidance.

   -- US$14 million non-cash charge for goodwill impairment of
      Atlanta AG.

   -- US$13 million from higher volumes and lower banana pricing
      in the company's trading markets, which are primarily
      European and Mediterranean countries that do not belong to
      the European Union, and from losses incurred on excess
      fruit sold in Latin America.

These adverse items were partially offset during the quarter by:

   -- US$9 million of net cost savings in the Banana segment,
      primarily related to efficiencies in the company's supply
      chain and tropical production.

   -- US$8 million from higher pricing in North America,
      including the impact of the company's fuel surcharge
      policy.

   -- US$7 million from lower accruals for performance-based
      compensation due to lower operating results relative to
      targets.

   -- US$5 million from lower marketing costs in Europe.

   -- US$4 million from higher banana volume in the company's
      core European markets.

   -- US$4 million benefit from the impact of European currency.

Fresh Select

In the company's Fresh Select segment, which includes the
sourcing, marketing and distribution of whole fresh fruits and
vegetables other than bananas, net sales were US$291 million, up
8% from US$268 million. The operating loss was US$30 million,
including a US$29 million noncash charge for goodwill impairment
at Atlanta AG, compared with an operating loss of US$3 million
in the 2005 third quarter.  Aside from the impairment charge,
year-over-year improvements in the company's North American
Fresh Select operations were partially offset by a decline in
profitability at Atlanta.

During the third quarter, due to the decline in Atlanta AG's
business performance, the company accelerated the testing of
Atlanta's goodwill and fixed assets for impairment.  Although
the analysis is not yet complete, the company recorded a
goodwill impairment charge in the 2006 third quarter for the
full amount, of which US$29 million was included in the Fresh
Select segment and US$14 million was included in the Banana
segment.  Upon completion of the impairment analysis in the
fourth quarter 2006, the company does not anticipate additional,
material asset impairments at Atlanta AG.

Fresh Cut

In the company's Fresh Cut segment, which includes value-added
salads and fresh-cut fruit operations, net sales were US$278
million, up 8 percent from US$259 million.  The operating loss
for the segment was US$3 million, compared with operating income
of US$7 million in the same quarter of 2005.

Fresh Cut operating income benefited from these factors:

   -- US$5 million from the achievement of acquisition
      synergies; and

   -- US$4 million from 13% higher unit volume in retail
      value-added salads.

However, these items were more than offset by:

   -- US$9 million of higher direct costs, including lost raw
      product inventory and noncancellable purchase commitments,
      related to consumer concerns about the safety of fresh
      spinach products following the discovery of E. coli and
      resulting investigation by the U.S. Food and Drug
      Administration;

   -- US$4 million of higher industry costs;

   -- US$3 million of increased production overhead costs,
      including higher costs for maintenance and repair and
      warehousing; and

   -- US$2 million from lower volume in foodservice.

In addition to the direct costs, the company believes that third
quarter operating income was at least US$3 million lower than it
otherwise would have been as a result of reduced sales and
decreased margins during the final three weeks of the quarter.  
Although the FDA investigation has linked no cases of illness to
the company's Fresh Express products, this industry outbreak
will likely continue to have a significant impact on Fresh Cut
segment results into the 2007 first quarter, and possibly
beyond.

"Looking ahead to the fourth quarter, we anticipate better
banana pricing in Europe along with improvement in several
factors that negatively impacted third quarter results, such as
unseasonably hot weather and temporary excess supply.  We also
believe the impact of the spinach outbreak will begin to
diminish in the fourth quarter as consumer confidence returns,"
said Mr. Aguirre.

"In sum, while European banana prices remain under pressure, we
believe certain of our challenges in the third quarter were
unusual, and we remain focused on driving profitable growth in
each of our operations. Most importantly, we are confident in
our ability to manage through this challenging period and remain
on-track to achieve our long-term vision to be a consumer-driven
leader in branded, healthy, fresh foods," Mr. Aguirre concluded.

                  Financial Covenant Waiver

At the beginning of October the company obtained from its
lenders a temporary waiver of certain financial covenants in its
revolving credit and term loan facility, effective through Dec.
15, 2006.  The company is currently seeking an amendment of its
credit facility to cure any violation of its covenants that
otherwise would occur upon the expiration of the temporary
waiver and to provide additional flexibility in future periods.

While the company is targeting completion of the amendment
process prior to the filing of its next Quarterly Report on Form
10-Q, no assurance can be given regarding the timing and terms
of such an amendment.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an  
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.

Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  

Additionally, on June 15, 2006, Standard & Poor's Ratings
Services affirmed its ratings on Cincinnati, Ohio-based Chiquita
Brands International Inc., including the 'B+' corporate credit
rating. S&P said the rating outlook is negative.


CHIQUITA BRANDS: Mulls Great White Fleet Shipping Operation Sale
----------------------------------------------------------------
Chiquita Brands International, Inc., is considering the sale of
the Great White Fleet, its shipping operation, Bulletin Panama
reports.

The Great White Fleet runs 12 owned refrigerated cargo vessels
and charters additional vessels for use principally in the long-
haul transportation of Chiquita Brands' fresh fruit products
from Latin America to North America and Europe.  The owned
vessels consist of eight reefer ships and four container ships
that carry 70% of Chiquita's banana volume delivered to core
markets in Europe and North America.

According to Bulletin Panama, Chiquita Brands disclosed that it
is taking two initiatives designed to improve financial
flexibility and lessen debt, with the aim of investing the
firm's resources in ways that help to create long-term
shareholder value.

Chiquita Brands said in a statement, "The two actions are the
exploration of strategic alternatives for the sale and long-term
management of its shipping assets and shipping-related logistics
activities, and the suspension of its quarterly dividend."

Bulletin Panama relates that Chiquita Brands will analyze
various structures, including:

   -- sale and lease-back of the firm's owned ocean-going
      shipping fleet;

   -- sale and/or outsourcing of related ocean-shipping assets
      and container operations; and

   -- entry into a long-term strategic partnership to meet all
      of Chiquita Brands' international cargo transportation
      needs.

Fernando Aguirre, Chiquita Brands' chairperson and chief
executive officer, told Bulletin Panama, "Our Great White Fleet
has represented a strong competitive advantage for Chiquita for
many years, and continuing to excel in cold-chain management --
delivering our high-quality fresh products quickly and
efficiently - will remain critical to our company.  However, we
believe there is an opportunity to enhance shareholder value
while maintaining high quality and competitive long-term
operating costs by partnering with an expert shipping service
provider that can grow with Chiquita.  This would allow us to
focus our efforts and resources even more on strengthening
customer relationships and providing healthy, fresh foods to
consumers.  In addition, an asset sale would generate
significant capital, which would be used primarily to reduce
debt, as well as to invest in new growth opportunities."

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an   
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.

Moody's Investors Service affirmed all ratings for Chiquita
Brands L.L.C. (senior secured at Ba3), as well as for its parent
Chiquita Brands International, Inc. (corporate family rating at
B2), but changed the outlook to negative from stable.  

Additionally, on June 15, 2006, Standard & Poor's Ratings
Services affirmed its ratings on Cincinnati, Ohio-based Chiquita
Brands International Inc., including the 'B+' corporate credit
rating. S&P said the rating outlook is negative.


CHIQUITA: Weak Third Quarter Results Cue S&P to Lower Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to  'B'.  The
ratings remain on CreditWatch with negative implications where
they were placed on Sept. 26, 2006, following the company's
announcement that third-quarter operating performance was
expected to be significantly affected by continued weak banana
prices in European and trading markets, excess fruit supply, and
lower sales/higher costs in its Fresh Express business because
of recent industry health concerns related to E.-coli-tainted
spinach.

Total debt outstanding at the company was about US$990 million
as of Sept. 30, 2006.

"The downgrade follows Chiquita's recent third-quarter earnings
release and reflects continued weak operating performance and
significantly higher than expected leverage," said Standard &
Poor's credit analyst Alison Sullivan.  

For the twelve months ended Sept. 30, 2006, adjusted EBITDA
declined by 45% as compared to the prior-year period.  This
included over a 75% decline in adjusted EBITDA for the third
quarter alone -- third-quarter operating performance was weaker
than expected because of intense pricing pressure in Europe; and
unusually hot weather in northern Europe, which reduced consumer
demand for bananas, depressed prices, and contributed to
substantial price weakness in trading markets, where Chiquita
incurred substantial losses on the sale of temporary excess
supply from Latin America.

Additionally, Fresh Express experienced lower sales and higher
costs related to fresh spinach health concerns in the U.S.
beginning in mid-September, although there have been no
confirmed cases of consumer illness linked by the FDA to Fresh
Express products.  Chiquita is also faced with ongoing
challenging conditions in Europe following the tariff change
effective Jan. 1, 2006, that has increased competition, leading
to lower pricing, and higher net tariff costs.  As a result,
credit measures have weakened further.  Lease adjusted total
debt to EBITDA increased to about 6.5x for the 12 months ended
Sept. 30, 2006, from about 4x at Dec. 31, 2006, and Standard &
Poor's believes leverage could increase further over the near
term, given challenging operating conditions.

In addition, the company is seeking an amendment of its credit
facility to preclude any violation of its covenants that
otherwise would occur upon the expiration of the existing waiver
and to provide additional flexibility in future periods.  If
Chiquita receives an amendment to its credit facility and
operating performance does not deteriorate significantly in the
interim, Standard & Poor's will affirm the 'B' corporate credit
rating, remove all ratings from credit watch and assign a
negative outlook.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an   
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.


FAIRCHILD SEMICONDUCTOR: Moody's Assigns LGD Ratings
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its Ba3 corporate
family rating on Fairchild Semiconductor Corp.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100.0MM Sr Secured
   Revolver due 2012      Ba3      Ba2     LGD2        29%

   US$375.0MM Sr Secured
   Term Loan B due 2013   Ba3      Ba2     LGD2        29%

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

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

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

Fairchild Semiconductor -- http://www.fairchildsemi.com/--  
supplies power products critical to leading electronic
applications in the computing, communications, consumer,
industrial and automotive segments.  Fairchild's 9,000 employees
design, manufacture and market power, analog & mixed signal,
interface, logic, and optoelectronics products.

The company has locations in the Philippines, Korea, and
Malaysia.


LAFAYETTE MINING: Commissioning of Rapu-Rapu Plant Progressing
--------------------------------------------------------------
In a statement at it Web site, Lafayette Mining Limited states
that commissioning of its Rapu-Rapu base metals plant in the
Philippines has progressed satisfactorily with routine
production of on-specification copper and zinc concentrates and
improved plant availability.

The company says it is "encouraged by the increasingly reliable
production of both concentrates as the process plant continues
to demonstrate its ability to perform at above the nameplate 1
million tonnes per annum capacity."

The company has now stockpiled at the mine wharf a total of
1200t of marketable concentrates and discussions are progressing
with the Project off-taker, LG International, on payment terms
and the finalization of shipping schedules moving forward.

The plant continues to operate under the authority of a
Temporary Lifting Order, which has recently been extended as a
consequence of certain force majeure events primarily associated
with the impact of Typhoon Milenyo, which interrupted plant
operations for a period.  The extension period of 30 days
granted by the Pollution Adjudication Board should be more than
adequate to allow the completion and final review of the
independent reports required by the Department of Environment
and Natural Resources under the terms of the original TLO.  
These reports relate to the integrity of the environmental
management systems on site --systems that successfully withstood
the full impact of the typhoon, reinforcing our confidence in
the ability of the Project to meet world's best practice in
environmentally sustainable mining.

Accordingly, Lafayette is confident that the PAB will be able to
assess and confirm compliance with all relevant conditions that
would justify the issuance of a Permanent Lifting Order within
the period of the extension.

                  About Lafayette Philippines

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the  
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, ordered the closing of Lafayette
Philippines in 2005 when the Company's mine tailings were
accidentally spilled into the Albay Gulf in October 2005,
killing thousands of fish and destroying the livelihood of
fishermen in the area.  The Company was also fined
PHP10.7 million for violating the Clean Water Act and its
environmental compliance certificate.


MIRANT CORP: Committee Approves US$34 Million Bonus to Employees
--------------------------------------------------------------
Mirant Corporation and its debtor-affiliates will be giving
US$34,000,000 in bonuses to its 125 U.S. employees for the
successful completion of the company's planned business and
asset sales, and as incentive for the employees to remain with
the company, according to Thomas Legro, Mirant's senior vice
president and controller, in a regulatory filing with the United
States Securities and Exchange Commission.

Mirant's employees -- at a level of senior vice president or
below -- are considered as critical to the company's operation,
Mr. Legro says.

Bonuses will be established through a Special Bonus Plan
approved by the Compensation Committee of Mirant's Board of
Directors.

Payments under the Special Bonus Plan will be contingent on:

   (i) the achievement of an established threshold value from
       the sales; and

  (ii) the completion of the sale of the Philippine business and
       receipt of 65% of the threshold values of the remaining
       assets.

Payments under the Plan will be made on or about June 30, 2008,
and participants must be actively employed on June 30, 2008, to
receive any payment.  Target amounts payable to participants in
the Plan will be expressed as a percentage of base salary.

Targets for the Senior Vice President participants will be from
130% to 200% of their base salaries.

Members of the company's executive committee, are excluded from
the Special Bonus Plan:

   (1) Edward R. Muller, President and Chief Executive Officer;

   (2) James V. Iaco, Jr., EVP and CFO;

   (3) S. Linn Williams, EVP and General Counsel;

   (4) Robert M. Edgell, EVP and U.S. Region Head; and

   (5) William P. von Blasingame, SVP and GM-Caribbean.

Mirant will instead make special equity grants to the company's
executive committee, Mr. Legro adds.  The grants will be made
under the company's 2005 Omnibus Incentive Plan at the next
regularly scheduled meeting of the Compensation Committee on
November 8, 2006.  The special equity grants will be vested on
June 30, 2008.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.

When the Debtors filed for protection from their creditors, they
listed US$20,574,000,000 in assets and US$11,401,000,000 in
debts. The Debtors emerged from bankruptcy on Jan. 3, 2006.  
(Mirant Bankruptcy News, Issue No. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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

BENCHMARK ELECTRONICS: Earns US$29.3-Mil. in 2006 Third Quarter
---------------------------------------------------------------
Benchmark Electronics, Inc. reported US$29.3 million of net
income for the quarter ended Sept. 30, 2006.  In the comparable
period last year, net income was US$20.3 million.

Excluding restructuring charges and the impact of stock-based
compensation expense, the company had net income before special
items of US$30 million in the third quarter of 2006.

The company generated sales of US$770 million for the quarter
ended Sept. 30, 2006, compared to US$561 million for the same
quarter last year.

"Our teams continued to deliver solid results during the
quarter, while running at record levels.  Our focus will be on
working capital metric improvements during upcoming quarters in
addition to our ongoing focus on volume ramps of programs,"
stated Benchmark's President and CEO Cary T. Fu.

Third Quarter 2006 Financial Highlights

   -- Operating margin for the third quarter was 4.5% on a
      GAAP basis and was 4.6%, excluding restructuring charges
      and the impact of stock-based compensation expense;

   -- Cash flows used in operating activities for the third
      quarter were US$12 million;

   -- Cash and short-term investments balance at September 30,
      2006, of US$265 million;

   -- No debt outstanding;

   -- Accounts receivable balance at September 30, 2006 of
      US$442 million; calculated days sales outstanding were
      52 days; and

   -- Inventory of US$532 million at September 30, 2006,
      inventory turns were 5.4 times.

Revenues for the fourth quarter of 2006 are expected to be
between US$710 million and US$740 million.

                        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 on Angleton, Texas-based Benchmark Electronics
Inc. on CreditWatch with positive implications after the company
announced it will acquire Pemstar Inc. in a stock transaction
valued at about US$300 million.

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.


CHRISTIANI & NIELSEN: Receiving Proofs of Claims Until Nov. 20
--------------------------------------------------------------
Chee Yoh Chuang and Lim Lee Meng, as liquidators for Christiani
& Nielsen Construction (Singapore), will be receiving proofs of
debt from the creditors of the company, which is in liquidation,
until Nov. 20, 2006.

Failure to file proofs of claim will exclude a creditor from
sharing in the company's distribution of dividend.

The company's liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o RSM Chio Lim
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


FLEXTRONICS INT'L: Fitch Cuts Issuer Default Rating to BB+
----------------------------------------------------------
Fitch Ratings has downgraded the ratings for Flextronics
International Ltd.:

     -- Issuer Default Rating (IDR) to 'BB+' from 'BBB-';

     -- Senior Unsecured credit facility to 'BB+' from 'BBB-';

     -- Senior subordinated notes to 'BB' from 'BB+';

The Rating Outlook is Stable.  Fitch's action affects
approximately US$1.7 billion of total debt.

The ratings downgrade reflects Fitch's expectations that
Flextronics will continue to operate near historically low
margin levels versus Fitch's prior expectations for material
margin expansion for the core EMS business, and will experience
negative free-cash flow likely through FY08 (March 2008) while
investing heavily in expanded manufacturing capacity and working
capital to support a significant expected increase in revenue.  
These factors are somewhat mitigated by Fitch's belief that
Flextronics is at an inflection point as the company is
beginning to benefit from its original design manufacturer and
vertical integration strategy after several years of
disappointing results which negatively impacted profitability.  
The ramp in ODM and vertical integration business has
contributed to a turnaround in overall revenue growth and,
longer-term, could drive increases in operating profitability.

In addition, despite the lack of improvement in operating
margin, return on invested capital, which is a primary focus of
the company, has improved considerably over the past several
years from 6.1% in F2Q04 to 11% in F2Q07.  However, Fitch
expects that upside to Flextronics' operating model over the
next several quarters will be limited by high costs associated
with ramping new program wins, adding significant operating and
program specific risk to expectations that already include
negative free cash flow.

In addition, Fitch believes that the electronics manufacturing
services industry in general continues to suffer from excess
capacity which will likely continue to negatively impact pricing
for all competitors and represents further risk to Flextronics'
margins and free cash flow outlook.

The Ratings and Stable Outlook reflect:

   -- low operating EBIT margins consistent with the EMS
      industry in general;

   -- increasing investment in vertical integration through
      R&D and acquisitions resulting in higher fixed costs;

   -- inconsistent free cash flow that has been negative for
      the past three quarters due to rising capital
      expenditures and increased working capital, the latter a
      function of higher revenue as well as increasing cash
      conversion cycle days, a trend which has been driven by
      lower inventory turns as OEM customers such as Nortel
      require Flextronics to hold increasing levels of
      inventory; and

   -- the risk associated with ramping and integrating new
      program wins as well as on going program specific risk
      which has negatively impacted the company and others EMS
      providers historically.

Flextronics' ratings strengths center on the company's:

   -- top-tier EMS industry position with leading scale and
      low-cost manufacturing operations;

   -- relatively stable operating performance with industry
      leading cash conversion cycle days that are, however,
      expected to continue to moderately increase from a low of
      8 days in F3Q06 (December 2005) to a historically normal
      range of 16 to 18 days as Flextronics absorbs increasing
      inventory levels for OEM customers;

   -- broad end market diversification with significant
      exposure to more stable and non-traditional end markets
      such as mobile handsets and consumer electronics; and

   -- continued strong growth of its small but higher margin
      ODM business in high growth markets such as handsets,
      possibly enabling the ODM business to turn profitable in
      FY07 (March 2007).

In addition, Fitch expects the long-term trend of OEMs
increasingly outsourcing manufacturing and design services to
continue across most end markets.

Liquidity as of Sept. 30, 2006 was solid and consisted of:

   -- US$1 billion in cash and cash equivalents;

   -- a US$1.35 billion revolving credit facility expiring May
      2010 which was undrawn and fully available; and

   -- an accounts receivable securitization program expiring
      September 2007, which is off-balance sheet and allows
      Flextronics to sell an interest of up to US$700 million
      in receivables providing a maximum of US$500 million in
      total liquidity, of which approximately US$245 million
      was available as of June 30, 2006.

Free cash flow has been inconsistent over the past several
quarters due to higher working capital associated with the
significant ramp in new program wins as well as an increase in
capital expenditures.  Fitch believes free cash flow will remain
inconsistent as Flextronics' revenue grows approximately 20%
year-over-year for the remainder of FY07.  However, Fitch
expects the company will produce consistent positive free cash
flow once annual revenue growth subsides to more normalized
levels of 10% or less and CCC days stabilize closer to
historical levels of approximately 16 to 18 days from the
current level of 13 days as days payable outstanding decreases
as well as Fitch's expectation that the company will continue to
face inventory pressure from OEM customers.

Total debt as of Sept. 30, 2006, was US$1.7 billion and
consisted of:

   -- US$250 million in short-term debt including credit
      facilities and the current portion of capital leases;

   -- US$195 million in zero coupon convertible junior
      subordinated notes due 2009;

   -- US$500 million in 1% convertible subordinated notes due
      2010;

   -- US$400 million in 6.5% senior subordinated notes due
      2013;

   -- US$386 million in 6.25% senior subordinated notes due
      2014; and

   -- US$9 million in other long-term debt.

Flextronics recently completed the divestiture of several non-
strategic business units including the sale of its software
group in September 2006 which generated roughly US$600 million
in cash proceeds, part of which was utilized to reduce debt by
approximately US$70 million in F3Q07 (September 2006).

                About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide.  Its global locations include operations
in Brazil and Mexico.


GETRONICS N.V.: Issues Third Quarter 2006 Operating Results
-----------------------------------------------------------
Getronics N.V. released its operating results for the third
quarter of 2006.

Highlights:

   -- total revenue increased 1% to EUR622 million (Q3 2005:
      EUR618 million); total revenue reported excludes EUR16
      million of revenue from discontinued operations (France)
      compared with EUR76 million from discontinued operations
      in Q3 2005 (France and Italy).

   -- service revenue increased by 3% to EUR550 million (Q3
      2005: EUR533 million); service revenue growth on a
      comparable basis ** +5.0% in Q3 2006; service revenue
      growth breakdown: good in the Netherlands (+5.2%), strong
      in the Rest of Europe (+13.8%) and the Rest of the World
      (+10.3%); year-on-year decline in North America (-10.3%).

   -- product revenue decreased by 15% to EUR72 million (Q3
      2005: EUR85 million), as the Company continues to de-
      emphasize non service-related product sales; revenue mix
      improved in Q3 to 88.4% services and 11.6% products from
      86.2% and 13.8% in Q3 2005, respectively.

    * Unaudited results from continuing operations. Discontinued
      operations include the operating companies in Italy
      (divested in June 2006) and France (expected to be
      divested for 67% in Q4 2006).

   ** On a comparable basis is derived by calculating organic
      growth at constant rates assuming Getronics and
      PinkRoccade were combined as of Jan. 1, 2005, instead of
      March 14, 2005.

Getronics remains on target to achieve around EUR2.6 billion of
annual revenue in 2006 from continuing operations, barring
unforeseen circumstances.

The target range of EBITAE margin for the Group in 2006 remains
between 3.0% and 4.0%, barring unforeseen circumstances.  The
Company currently considers it likely that the EBITAE margin for
2006 will benefit from some pension curtailments and other
employee benefit plan related gains.  Positive and negative
employee benefit plan related profit & loss items are not
treated as exceptional and may have material effects on the
Company's operating results.

As in previous years, the Company acknowledges that changes in
its workforce (e.g. headcount reductions, acquisitions and
divestments) or changes in the employee benefit plans will have
positive or negative effects on its reported operating results
this year and going forward.

As indicated before, the planned cost savings of the Breakout
Program are expected to improve the EBITAE margin by at least 1%
on an annual basis when completed.

Consistent with previous Trading Statements, limited management
commentary has been provided.  However, Getronics' CEO will be
providing a more formal company update to all stakeholders in
early December.

"The growth of revenues in key markets underscores the strength
of our market proposition and the trust our customers have in
the value we add to their business," Klaas Wagenaar, CEO of
Getronics, stated.  "Workspace management is of increasing
importance to companies all over the world and Getronics is one
of the few companies to benefit from this."

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


LISBORNE INVESTMENTS: Proofs of Debt Due on Nov. 13
---------------------------------------------------
Lisborne Investments Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to submit their proofs of
debt until Nov. 13, 2006, to be included in the company's
distribution of dividend.

The liquidator can be reached at:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


NATIONAL INFOCOMM: Creditors Must Prove Debts by Dec. 1
-------------------------------------------------------
The creditors of National Infocomm Competency Centre, which was
placed under members' voluntary liquidation, are required to
submit their proofs of debt by Dec. 1, 2006, to be included in
the company's distribution of dividend.

The liquidators can be reached at:

         John Teo Cheng Lok
         Sim Guan Seng
         c/o 15 Beach Road #03-10
         Beach Centre
         Singapore 189677


PDC CORP: SGX-ST Approves Listing of 184,500,000 Shares
-------------------------------------------------------
In connection with the Share Issue Mandate, the Singapore Stock
Exchange and Securities Commission, on Nov. 1, 2006, has
approved in-principle PDC Corp's application for the listing of
and quotation of up to 184,500,000 new ordinary shares in the
company's capital, to be allotted and issued on the Official
List of the Mainboard of the SGX-ST.

As reported by The Troubled Company Reporter - Asia Pacific on
Aug. 29, 2006, pursuant to the Share Issue Mandate, PDC Corp
entered into a conditional placement agreement with various
placees to subscribe in cash of 211,000,000 new ordinary shares
in the company at an issue price of SGD0.01.  

                                              Number of
            Name of Placee                Placement Shares
            --------------                ----------------
            Ong Bee Huat                     106,500,000
            Tan Kah Chye                      30,000,000
            Woo Lai Kuen                      15,000,000
            Tay Leong Kwee                    15,000,000
            City Life Advertising Pte Ltd     15,000,000
            Toh Tiam Hock                     10,000,000
            Chin Siow Peng                     7,000,000
            Peh Guan Keng                      5,000,000
            Ng Eng Hong                        5,000,000
            Tan Chwee Kee                      2,500,000

However, on Sept. 26, 2006, PDC Corp has entered into an
amendment agreement with Mr. Ong to reduce the number of
placement shares subscribed from 106,500,000 new ordinary shares
to 80,000,000 new ordinary shares.  This will bring down the
total number of placement shares from 211,000,000 new ordinary
shares to 184,500,000 new ordinary shares.

The approval in-principle granted by SGX-ST is subject to the
submission of confirmation from Mr. Ong that he is not acting in
concert with any of the company's directors or substantial
shareholders to obtain or consolidate effective control of the
company.

Moreover, approval in-principle granted by SGX-ST is not taken
as an indication of the merits of the Proposed Placement.

                        About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.  

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued their
report on the company's financial statement for the year ended
Dec. 31, 2005, highlighting a going concern issue, but without
qualifying their opinion.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded their current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 repectively.


PETROLEO BRASILEIRO: Inks 4 Shared Prod'n Pacts with Sonangol
-------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras signed four shared
production agreements with the Sociedade Nacional de
Combustiveis de Angola aka Sonangol in Luanda, relative to
Blocks 6/06, 15/06, 18/06, and 26.

Block 6/06 is located in shallow Kwanza Basin waters, and covers
a total area of 4,930 square kilometers. The agreement's initial
phase work program foresees 3D seismic data acquisition and the
drilling of two exploratory wells.  Petrobras is the operating
company, and holds 40% of the rights.

Block 18/06 is in deep Baixo Congo Basin waters, one of the most
prolific oil industry regions in Angola, and south of the
country's important oil-producing areas.  The block encompasses
an area of 4,611 square kilometers, and, with 30% participation,
Petrobras is its operating company.  In the initial phase, the
agreement foresees 3D seismic data acquisition and the drilling
of seven exploratory wells.

Block 26 is south of Angola, in deep Benguela Basin waters, with
a total area of 4,838 square kilometers.  This is an exploratory
frontier area.  The integration of the block's geological and
geophysical data, and analogies with Western African coast and
Brazilian Eastern coast oil models attracted Petrobras' interest
to it.  The company will operate as the block's operator,
holding 80% of the rights to it.  The agreement foresees seismic
data acquisition and the drilling of two pioneer wells.

Block 15/06 is also located in the Baixo Congo Basin, and is
part of the prolific alignment of producing fields found in deep
Angolan waters.  Its area is 3,025 square kilometers.  Petrobras
will perform there as a non-operating partner, holding 5% of the
rights.

Angola is one of Petrobras' investment priorities, and the
company has had a presence there since 1979.  The signature of
these four exploratory block agreements is strictly in line with
Petrobras' Strategic Plan and inaugurates a new phase in Angola,
where it will perform as an operator for the first time.

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

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

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

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

  Maturity Date           Amount        Rate       Ratings

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

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


PETROLEO BRASILEIRO: Launching Pipeline Repair Works on Nov. 11
---------------------------------------------------------------
Petroleo Brasileiro SA will start repairing the Bolivia-Brazil
pipeline on Nov. 11, Business News Americas reports.

According to BNamericas, the pipeline transports gas to the
3,000-kilometer B2B pipeline from the San Alberto and San
Antonio fields, in which Petroleo Brasileiro owns 35%, with
another 50% owned by Andina.  The remaining 15% is held by
Total.

Petroleo Brasileiro said in a statement that the repair works
would be made on the damages caused by a landslide resulting
from rains in Bolivia in April.

The first stage of repairs will take six days.  The second
phase, which will start on Nov. 23, will run for 11 days,
according to a Petroleo Brasileiro statement.

A spokesperson of Petroleo Brasileiro told BNamericas that the
repair works involve replacing nine sections of pipeline with a
combined length of over 1 kilometer.

BNamericas underscores that production on the San Antonio field
will decline to 3 million cubic meters per day from almost 13
million cubic meters daily due to the repair works.  To
alleviate decreased projection on the field, production on the
San Alberto field will increase.

Gas exports to Brazil in November will drop to an average 23.5
million cubic meters daily from 28 million cubic meters per day
average, BNamericas states.

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

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

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

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

  Maturity Date           Amount        Rate       Ratings

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

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


PHOENIX BOOK: Creditors Must Submit Proofs of Debt by Nov. 17
-------------------------------------------------------------
Phoenix Book Binding Pte Ltd, which is in liquidation, will be
receiving proofs of debt from its creditors until Nov. 17, 2006.

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

The company's liquidator can be reached at:

         The Official Receiver
         The URA Centre East Wing
         45 Maxwell Road #06-11
         Singapore 069118


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

BANGKOK STEEL: Court Delays Hearing of New Rehab Plan
-----------------------------------------------------
The Central Bankruptcy Court of Thailand moved the hearing
pertaining to the modification of Bangkok Steel Industry Pcl's
rehabilitation plan to November 13, 2006, at 9:00 a.m.

It was previously scheduled for November 6, 2006.

The postponement, according to the company's statement addressed
to the Securities and Exchange of Thailand, was due to a
petition filed by Thai Asset Management Co Ltd -- creditors of
the company -- objecting to the modification of the BSI's
rehabilitation plan.

On October 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Economic Intellect Co., Ltd., and C.J. Morgan Co.,
Ltd -- plan administrators for Bangkok Steel -- filed a petition
to modify the company's rehabilitation plan.

"A modification in the plan is deemed necessary in order for the
plan to be accomplished efficiently," the plan administrators
said.

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel  
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the Company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

On December 22, 2003, the Supreme Court ordered the Company to
rehabilitate its business in accordance with Thailand's
Bankruptcy Act.  On April 19, 2004, the Central Bankruptcy Court
appointed C.J. Morgan Co., Ltd. and Panya Intellect Co., Ltd. to
be its business rehabilitation planners.  The comptroller of
Bankruptcy head invited the debtors, creditors and lenders to
lodge the claim for settlement of debts with the Company.  The
total claims lodged by the appellants amounted to approximately
THB59.09 billion which were the outstanding balance in the
Company's accounts approximately THB18.91 billion and
commitments and contingent liabilities of THB40.18 billion.

The Company's business rehabilitation plan, dated December 19,
2004, was accepted three days later, and on February 7, 2005,
Thailand's Central Bankruptcy Court entered an order approving  
that plan.   

On November 30, 2005, the creditors' meeting moved to amend the
Company's business rehabilitation plan, which the Central
Bankruptcy Court agreed to on December 26, 2005.


THAI DURABLE: SET Excludes Stocks from Index Calculations
---------------------------------------------------------
Stocks of Thai Durable Group Pcl will be excluded from the Stock
Exchange of Thailand's Index calculation adjustment starting
November 15, 2006.

According to the SET's statement on its Web site, stocks that
have been suspended from the index for over one year will be
automatically excluded from the index calculation.

Thai Durable's stocks will be excluded until such time SET
grants permit to trade.

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

The Company is currently under the Non Performing Group Sector
of the Thailand's Stock Exchange.

As reported by the Troubled Company Reporter - Asia Pacific on
October 16, 2006, Thai Durable's total consolidated assets at
the end of March 2006 was THB308.611 million, and its total
liabilities amounted to THB843.89 million.  Thus, the company
posted THB535.282 million in shareholders' deficit.


TMB BANK: Plans to Expand Retail Business Next Year
---------------------------------------------------
TMB Bank's chief executive officer, Subhak Siwaraksa, said in a
statement that the lender is planning to expand its retail
business next year through increased home loans and loans to
small to medium-sized enterprises, The Nations reports.

Speaking on the occasion of the bank's 49th anniversary, Mr.
Subhak said TMB planned to become the third-largest banker in
the SME -- small to medium sized enterprises -- market next
year, in which it currently has 50,000 customers.

The Nation notes that TMB had already restructured its
organization ahead of the launch of next year's business plan,
in preparation of fierce competition expected from strategic
foreign partners of other banks that are set to enter the Thai
market.

In addition, TMB Bank will also launch a home-loan package
called TMB Step, which will allow debtors to pay loan
instalments that are 20% below average for the first year, the
paper relates.

TMB Step loans are intended to increase purchasing power,
because they allow customers to pay 20% less than is normally
required, The Nation says.  The monthly installment will
increase 5% a year until it reaches the ordinary amount paid in
the fifth year.

"Pricing will not be the main factor for running our business
next year.  Instead, convenience and nimbleness will play a key
role in luring customers," Mr. Subhak said.

The new business plan was devised under the assumption that the
economy would grow 4.5%-4.8% next year.  

TMB Bank's SME loans were targeted to grow 9%, or THB50 billion,
next year after enjoying growth of 8% in SME lending and 8%-12%
in customers in the first nine months of the year.

The bank also enjoyed housing-loan growth of 15% this year, well
above the 5% experienced industry-wide.  TMB currently has THB53
billion in outstanding mortgage loans, The Nation notes.

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders  
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

                          *     *     *

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


TOTAL ACCESS: Inks Deal with AIS on Interconnection Charges
-----------------------------------------------------------
Total Access Pcl reached an agreement with the Advanced Info
Service regarding interconnection charges for call traffic
between the two operators, The Bangkok Post reports.

According to the report, the two companies have agreed to a
termination rate of THB1 per minute, representing the rate paid
by the outgoing call's carrier to the service provider at the
receiving end.

AIS president Wichien Mektrakarn confirmed to The Post that AIS
and DTAC had agreed on a termination rate, and were close to
finalizing other components of the interconnection charges.

The National Telecommunication Commission could implement the
deal on December 1, 2006, if it is finalized within this month,
the paper says.

The NTC, The Post recounts, have been pushing local operators to
close interconnection agreements among themselves to help
establish compensation rates paid by each operator for cross-
network traffic.

Meanwhile, according to Mr. Wichien, AIS and True Move - wholly
owned subsidiary of True Corp -- were still negotiating there
own termination rate.

Advance Info, according to The Post, would likely push for a
similar charge as that with DTAC, although rates among different
carriers are not required to be the same.

Total Access Communications, DTAC -- http://www.dtac.co.th/--  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

Fitch Ratings, on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
------                         ------     ------   ------------

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Hutchison Telecommunications
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RMG Limited                       RMG      22.33       -2.16
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      25.79      -43.45
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology Holdings      8057      14.10       -2.07
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54  
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Magnum International Holdings
   Limited                        305      10.35       -5.83
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     242.26      -28.15
New World Mobile Holdings Ltd     862     295.66      -12.53
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd                1013      24.00       -3.15
Shandong Jintai Group Co. Ltd.  600385     19.58      -12.18
Shanghai Xingye Housing
   Company Ltd                 600603      14.90      -72.98
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Sun's Group Manufacturing
   Company Limited                988     103.02      -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.48       -7.15
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Terbuka             ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     160.45      -19.82
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Voksel Electric Tbk              VOKS      44.01      -11.74
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Unitex Tbk                       UNTX      29.08       -5.87


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Antah Holdings Bhd                ANT     184.65      -98.29
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      63.60       -5.00
Jin Lin Wood Industries Berhad    JLW      21.68       -1.74
KIG Glass Industrial Berhad       KIG      15.76      -24.61
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     255.84     -227.85
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     189.92      -50.36
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Global Equities Inc.              GEI      24.18       -1.81
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      56.91      -10.59
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
SungKwang Co., Ltd.             41140      19.06       -1.60
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96  


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98  
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80  
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      17.55       -1.72  
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********

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 ***