TCRAP_Public/061113.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Monday, November 13, 2006, Vol. 9, No. 225

                            Headlines

A U S T R A L I A

ADSTEAM MARINE: Reports AU$43.1 Million NPAT for FY 2006, Up 15%
ALLSTATE EXPLORATIONS: Wants BMJV Ownership Dispute Resolved
ANILIO PTY: Members and Creditors to Receive Wind-Up Report
AUSTRALIAN MARINE: N. Jones to Present Wind-Up Report on Nov. 16
BENNIC BROS: Enters Voluntary Wind-Up

BETTAWAY TAXI: Members Resolve to Voluntarily Wind-Up Business
CHARDOWNN PTY: Court Issues Wind-Up Order
CLAYWARE MANUFACTURING: To Hold Final Meeting on November 15
CONROCK GROUP: To Declare Priority Dividend on January 5
ENRON AUSTRALIA: To Declare Interim Dividend on December 18

FIREZONE PROTECTION: To Declare Dividend for Priority Creditors
GLYNNS (GRAFTON): Members Decide to Close Business
IRISBAY PTY: Sets Members & Creditors' Joint Meeting on Nov. 13
JAKLYN PRINT: Creditors' Proofs of Claim Due on November 28
JAMKOT PTY: To Declare Dividend for Unsecured Priority Creditors

JOHN & DAVE: Final Meeting Fixed on November 15
KYOTO PTY: Court Orders Wind-Up of Operation
LONE STAR: Members Resolve to Close Operations
LONE STAR ASIA: Enters Wind-Up Proceedings
LONE STAR (NSW): Members Opt to Wind Up Operations

LONE STAR OPERATIONS: Members Resolve to Close Business
LONE STAR (QLD): Members Agree to Liquidate Business
LONE STAR (VIC): Members Resolve to Shut Down Business
LONE STAR (WA): Members Decide to Wind Up Firm
OLD MICK: Liquidator Turner to Present Wind-Up Account

P & S LANGS: Schedules Final Meeting on November 15
PERFORMANCE CONSULTANTS: Placed Under Voluntary Liquidation
PIKUBI PTY: Prepares to Declare Dividend on December 12
ROMAC NOMINEES: To Declare Dividend to Preferential Creditors
SEALED INSULATING: Liquidator to Give Wind-Up Report on Nov. 15

SILVERWATTLE PTY: Final Meeting Slated for November 17
TASVINUM PTY: Members & Creditors' Meeting Set on November 13
UNIVERSAL FIRE: Undergoes Voluntary Wind-Up
WEST LYNNE: To Declare Final Dividend on November 16
ZINIFEX LIMITED: Plans to Expand Business Overseas


C H I N A   &   H O N G  K O N G

BELLUNO INVESTMENTS: Prepares to Close Operations
BENQ CORP: Germans Start Bankruptcy Probe on BenQ Mobile
BESTNOON LTD: Liquidator to Present Wind-Up Report
BIS GARMENT: Creditors Must Prove Debts by November 17
BRIGHT CREATE: Members' Final Meeting Slated for December 4

CASON ELECTRONICS: Enters Liquidation Proceedings
CHINA EASTERN: Plans Sale of Minority Stake to Singapore Air
FORTRESS INTERNATIONAL: Members to Hold Final Meeting on Dec. 4
FUBON COMMERCIAL: S&P Keeps C+ Bank Fundamental Strength Rating
GOSPELS DEBATING: Members Opt to Liquidate Business

HARBOUR RING: Enters Voluntary Wind-Up
MEDISINO LTD: Commences Wind-Up of Operations
OCEAN PETROLEUM: Liquidator Yeung Step Aside
SINO BRILLIANT: Creditors' Proofs of Claim Due on Dec. 8
SOJITZ TRADE: Members to Receive Wind-Up Report on Dec. 4

STAR CRUISES: S&P's BB- Rtg. Stays Amid Possible Rights Issue
TABATHA V: Auditors Raises Going Concern Doubt


I N D I A

BHARAT PETROLEUM: Swings to INR12.6-Bil. Net Profit in 3Q/2006
BHARTI AIRTEL: 2006 3rd Quarter Net Profit Rises to INR8.9 Bil.
BHARTI AIRTEL: Inks US$400-Mil. Expansion Deal with Nokia
BHARTI AIRTEL: To Set Up Telecom Infrastructure at Mundra Port
BPL LTD: To Publish 1st Half 2006 Results by November 30

CANARA BANK: Fitch Gives BB Rating to Proposed Tier I Notes
CANARA BANK: Moody's Puts Hybrid Tier 1 Notes in Basket 'B'
CENTRAL BANK OF INDIA: Govt. Approves Restructuring Proposal
CENTRAL BANK OF INDIA: Half Year 2006 Net Profit Up 99%
DRESSER-RAND: Commences Secondary Offering of Common Stock

DRESSER-RAND: Secures US$63.2MM Order from Marathon Petroleum


I N D O N E S I A

ALCATEL SA: S&P Keeps 'BB' Rating on CreditWatch Negative
ALCATEL SA: Inks EUR16-Mln Info Program with Fiji Government
ALCATEL SA: Inks EUR53 Million Network Deal with China Mobile
BANK NEGARA: US$150-Million Fundraising to Close Next Week
BANK PERMATA: Denies Reports on Employee Layoff

CORUS GROUP: Institutional Investors Dispose of Shares
GOODYEAR TIRE: Posts US$48-Mil. Net Loss in 2006 Third Quarter
TELKOMSEL INDONESIA: Awards 3G Construction Contract To Siemens


J A P A N

ALL NIPPON: Dropping Fuel Costs Lead to Lower Int'l Fares
ALL NIPPON: Converts Two 767 Freighter Options into Firm Orders
AOZORA BANK: Sets Public Offering Price at JPY570 Per Share
JAPAN AIRLINES: To Cut International Fares in January 2007
TREND MICRO: Announces Results of Share Buyback

* Life Insurers' Earnings May Be Ratings-Positive, Moody's Says
* Tokyo Stock Exchange Completes Capacity Boost


K O R E A

AMKOR TECHNOLOGY: Moody's Assigns Loss-Given-Default Ratings
DRESSER: Enters Into New US$935 Mil. Sr. Secured credit Facility
HYNIX SEMICONDUCTOR: Toshiba's Infringement Claim Rejected
KOREA EXCHANGE BANK: Net Income Plunges 90% to KRW52 Billion
* IMF Sees 4.3% Growth in Korea's Economy in 2007


M A L A Y S I A

ANTAH HOLDINGS: Total Default for October Tops MYR236 Million
JIN LIN: Suspends Trading to Facilitate Scheme of Arrangement
MYCOM BERHAD: To Hold 39th Annual General Meeting on Dec. 6
OLYMPIA INDUSTRIES: 25th AGM Slated for December 6
OLYMPIA INDUSTRIES: To Complete Restructuring by January 2007

OLYMPIA INDUSTRIES: Unit Receives Wind-Up Petition


N E W   Z E A L A N D

AIR NEW ZEALAND: ANZES Receives US$3 Mln Maintenance Contract
B & R MARKETING: Appoints Joint and Several Liquidators
EUPHORIA (EASTGATE): Faces Liquidation Proceedings
EUPHORIA LTD: Liquidation Petition Hearing Set on November 13
FELTEX CARPETS: AIRC Hears Godfrey Hirst & Textile Union Dispute

FELTEX CARPETS: Appointment Application Hearing Set on Nov. 29
HEAVY MECHANICAL: Court Sets Liquidation Hearing on Nov. 13
MERCURY BAY: Creditors' Proofs of Claim Due on November 28
PACIFIC ALBACORE: Liquidation Hearing Set on Nov. 13
S & Y CATERING: Court to Hear Liquidation Petition on Nov. 16

SCRAPPYDOO METAL: Appoints Official Assignee as Liquidator
SURECALL LTD: Decides to Liquidate Business
* S&P Launches New Ratings Scale for NZ Finance Entities


P H I L I P P I N E S

CHIQUITA BRANDS: Positive About New Banana Packaging
PHILIPPINE LONG DISTANCE: Ready to "Write-Off" Aces Business
PHIL. NATIONAL BANK: To Pick Adviser for PHP22-Bln Asset Sale
RIZAL COMMERCIAL BANKING: BTM-UFJ Plans to Sell 17.14% Stake
UNIVERSAL ROBINA: Moody's Upgrades Local Currency Rating to Ba2

* BSP Approves RP's Prepayment of US$70 Million ADB Loans


S I N G A P O R E

ADVANCED SYSTEMS: Posts SGD2.4-Mil. Net Profit for 2006 Half-Yr.
COMPACT METAL: Director Reduces Holdings of Deemed Shares
FALMAC LIMITED: Notes Shareholder's Change in Interest
FLEXTRONICS: Earns US$184.8 Mil. in Second Qtr. Ended Sept. 30
LINDETEVES-JACOBERG: Lists and Quotes 213,065,602 Rights Shares

PDC CORP: Unveils Shareholders' Change of Interest


T H A I L A N D

THAI WAH: Auditor Raises Going Concern Doubt

     - - - - - - - -

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

ADSTEAM MARINE: Reports AU$43.1 Million NPAT for FY 2006, Up 15%
----------------------------------------------------------------
Adsteam Marine Limited delivered an improved financial result
for the year ended June 30, 2006.  The company reported net
profit after tax of AU$43.1 million, an increase of 15% when
compared to the result achieved in the previous financial year.  
This translated into earnings per share of 16 cents, up from
14.1 cents per share the previous year.

This improvement in financial performance was driven by solid
volume increases in Australia, further cost savings in
Australian and the U.K. and included the cost of essential
changes to work practices in Gravesend.

The results flowed directly from the transportation program
adopted by the Board in May 2003.

According to the company's Chairman, while there remains further
labor reform to be undertaken, especially in the U.K. business,
the company's operations are much fitter and more robust.

The group is in a financially healthy position with net debt of
AU$297.3 million as of June 30, 2006.  During the year, the
company refinanced AU$173 million of syndicated debt with a new
AU$300 million, five year syndicated debt facility.  The gearing
of the group at June 30, 2006, stood at 46%, down from 51% at
the same time last year.

The company paid a fully franked interim dividend from profits
generated in the 2006 financial year of 3.9 cents per share.

For the current financial year, the company declared a partially
franked interim dividend of 4.1 cents per share on September 21,
2006, which was paid on October 30, 2006.  The payment of this
dividend was made while retaining the SvitzerWijsmuller offer
price of AU2.54 per share.

                SvitzerWijsmuller Takeover Offer

The SvitzerWijsmuller takeover offer has been the major event
affecting the company over the past 12 months.

The Troubled Company Reporter - Asia Pacific reported on
October 31, 2006, Adsteam Marine's disclosed that
SvitzerWijsmuller A/S has extended the Offer period for its cash
offer to acquire all of the outstanding shares in Adsteam.  The
Offer will now close at 7:00 p.m. on January 12, 2007.

The company's chairman notes "in the event that
SvitzerWijsmuller obtains U.K. Competition Commission approval
to acquire Adsteam shares under the Offer, either
unconditionally or on terms satisfactory to SvitzerWijsmuller,
it presently intends to declare the Offer free from the U.K.
Competition Commission approval condition."

The Chairman relates that the SvitzerWijsmuller, in conjunction
with Adsteam, continues to work with the U.K. Competition
Commission to address the outstanding U.K. competition issues in
relation to the transaction.

The Chairman discloses that management diversions associated
with the SvitzerWijsmuller bid notwithstanding, on a like for
like basis earnings at the EBITDA line are slightly ahead of
last year for the three-month period ended September 30, 2006.  

The Chairman explains that this is before the costs associated
with the SvitzerWijsmuller offer and one-off costs associated
with our workplace reform activities in the U.K. during the
period.

Pending the outcome of the U.K. Competition Commission process,
the Adsteam operating business continues in the ordinary course.  
Should the takeover proceed, it is SvitzerWijsmuller's current
intention that the Group's operations will continue in
substantially the same manner.

Should the offer not proceed, the business will continue with
Adsteam focusing on cost, growth, and development opportunities.

                         About Adsteam

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

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


ALLSTATE EXPLORATIONS: Wants BMJV Ownership Dispute Resolved
------------------------------------------------------------
In statement filed with the Australian Stock Exchange, Allstate
Explorations NL said that it has requested a meeting with
Beaconsfield Gold NL to discuss the potential resolution of the
ownership of the Beaconsfield Mine Joint Venture.

According to Michael Ryan, Allstate's joint and several
administrator, he was concerned Beaconsfield Gold's continual
pursuit of ownership through the media was distracting people
from more important work aimed at achieving a possible
resumption of mining.

Beaconsfield Gold continues to publicly indicate its desire to
buy all the assets owned by Allstate and its subsidiaries in the
mine, but has yet to put forward a solid offer.

On June 30, 2005, Beaconsfield Gold wrote to Allstate setting
out in general terms a possible basis for a proposal.  Allstate
responded on July 7, 2006.  Despite numerous requests for a
response, as of November 9, 2006, none has been received,
Allstate told the NZX.  Further, Rod Elvish, Allstate's chairman
requested Dennis Clarke, Beaconsfield Gold's chairman for a
proposal that would involve a merger of the two companies over a
month ago and none has been received.

Consequently, Allstate requested the meeting with Beaconsfield
Gold for an opportunity to put forward a firm proposal, or the
deed administrators to consider, and for discussions to take
place.

               Beaconsfield Gold Welcomes Request

Beaconsfield Gold accepts Allstate's request to commence
negotiations with a view to restructuring ownership of the
Beaconsfield Gold Mine.

Beaconsfield Gold says it remains committed to the mine's safe
re-opening and optimistic about its exploration potential.  
Beaconsfield Gold asserts it is well placed to acquire
Allstate's interests should they become available and already
has shareholder approval in place to raise additional funding,
if required.

Beaconsfield Gold Chief Executive Officer Bill Colvin says
"Beaconsfield Gold is confident in the future of the mine and
remains the obvious, natural owner."

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


ANILIO PTY: Members and Creditors to Receive Wind-Up Report
-----------------------------------------------------------
The final joint meeting for the members and creditors of Anilio
Pty Ltd formerly Regina Saws Pty Ltd, which is in liquidation,
will be held on November 14, 2006, at 11:00 a.m.

At the meeting, the company's members and creditors will receive
the wind-up report from Liquidator Matthew L. Joiner.

The Liquidator can be reached at:

         Matthew L. Joiner
         c/o JCJ Partners Pty Ltd
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


AUSTRALIAN MARINE: N. Jones to Present Wind-Up Report on Nov. 16
----------------------------------------------------------------
Members and creditors of Australian Marine Bi Products Pty Ltd
will convene on November 16, 2006, at 2:30 p.m., to hear the
report regarding the company's wind-up proceedings from
Liquidator Norman K. Jones.

The Troubled Company Reporter - Asia Pacific has reported that
the company commenced a wind-up of its operations on March 16,
2006.

The Liquidator can be reached at:

         Norman K. Jones
         Pattisons
         Business Advisors & Insolvency Specialists
         461 Bourke Street
         Melbourne, Victoria 3000
         Australia


BENNIC BROS: Enters Voluntary Wind-Up
-------------------------------------
The members of Bennic Bros Painting Pty Ltd convened on
October 27, 2006, and resolved to voluntarily wind up the
company's operations.

Subsequently, Stephen Neville was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Stephen Neville Hall
         Forsyths
         Chartered Accountants
         127 Marius Street
         Tamworth, New South Wales 2340
         Australia


BETTAWAY TAXI: Members Resolve to Voluntarily Wind-Up Business
--------------------------------------------------------------
The members of Bettaway Taxi Trucks Pty Ltd held a general
meeting on October 23, 2006, and resolved to voluntarily wind up
the company's operations.

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

The Joint and Several Liquidators can be reached at:

         Antony de Vries
         Riad Tayeh
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


CHARDOWNN PTY: Court Issues Wind-Up Order
-----------------------------------------
On October 20, 2006, the Federal Court of Australia ordered
Chardownn Pty Ltd to wind up its business and appointed Antony
de Vries as liquidator.

The Liquidator can be reached at:

         Antony De Vries
         c/o de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2124
         Australia
         Telephone:(02) 9633 3333
         Facsimile:(02) 9633 3040


CLAYWARE MANUFACTURING: To Hold Final Meeting on November 15
------------------------------------------------------------
The members and creditors of Clayware Manufacturing Pty Ltd --
formerly known as Toowoomba Brick Company -- will meet for their
final meeting on November 15, 2006, at 11:00 a.m.

During the meeting, Liquidator Collins will present the accounts
regarding the company's wind-up proceedings.

The Liquidator can be reached at:

         Gerald T. Collins
         Jefferson Collins Joiner
         Chartered Accountants
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


CONROCK GROUP: To Declare Priority Dividend on January 5
--------------------------------------------------------
Conrock Group Pty Ltd, which is in liquidation, will declare the
first and final priority dividend on January 5, 2007.

Priority creditors who cannot prove their claims by November 29,
2006, will be excluded from sharing in the distribution.

The Liquidator can be reached at:

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


ENRON AUSTRALIA: To Declare Interim Dividend on December 18
-----------------------------------------------------------
Enron Australia Finance Pty Ltd, which is in liquidation, will
declare an interim dividend to unsecured creditors on
December 18, 2006.

Creditors are required to formally prove their debts by
December 4, 2006, for them to share in the dividend
distribution.

The Joint Liquidator can be reached at:

         Anthony Milton Sims
         SimsPartners
         Chartered Accountants
         Level 24, Australia Square
         264 George Street
         Sydney, New South Wales 2000
         Australia


FIREZONE PROTECTION: To Declare Dividend for Priority Creditors
---------------------------------------------------------------
Firezone Protection Service Pty Ltd, which is in liquidation,
will declare the first and final dividend to priority creditors
on December 12, 2006.

Creditors are required to submit proofs of debts by November 28,
2006, for them to share in the dividend distribution.

The liquidator can be reached at:

         William James Hamilton
         Hamiltons
         Chartered Accountants
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9232 6611
         Facsimile:(02) 9232 6166


GLYNNS (GRAFTON): Members Decide to Close Business
--------------------------------------------------
Members of Glynns (Grafton) Pty Ltd convened on October 27,
2006, and decided to voluntarily wind up the company's
operations.

In this regard, Graham J. Smith was appointed as liquidator.

The Liquidator can be reached at:

         Graham J. Smith
         Wappett & Partners
         Chartered Accountants
         158 Molesworth Street
         Lismore, New South Wales 2480
         Australia
         Telephone:(02) 6621 2581
         Facsimile:(02) 6621 9740


IRISBAY PTY: Sets Members & Creditors' Joint Meeting on Nov. 13
---------------------------------------------------------------
Irisbay Pty Ltd, which is in liquidation, will hold a joint
meeting for its members and creditors on November 13, 2006, at
11:00 a.m.

During the meeting, Liquidator J. P. Downey will present an
account of the company's wind-up and property disposal
activities.

The Liquidator can be reached at:

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


JAKLYN PRINT: Creditors' Proofs of Claim Due on November 28
-----------------------------------------------------------
Jaklyn Print Services Pty Ltd, which is in liquidation, will
declare the first and final dividend on December 12, 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:

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


JAMKOT PTY: To Declare Dividend for Unsecured Priority Creditors
----------------------------------------------------------------
Jamkot Pty Ltd, which is in liquidation, will declare the first
and final dividend to unsecured priority creditors on
December 19, 2006.

Creditors are required to formally prove their claims by
December 5, 2006, or they will be excluded from sharing in the
distribution.

The liquidator can be reached at:

         Manfred Holzman
         Holzman Associates
         GPO Box 3667
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9222 9070
         Facsimile:(02) 9222 9071


JOHN & DAVE: Final Meeting Fixed on November 15
-----------------------------------------------
A final meeting for the members and creditors of John & Dave
Bricklaying Pty Ltd, which is in liquidation, will be held on
November 15, 2006, at 10:00 a.m.

During the meeting, Liquidator Murray Godfrey will present the
account of the company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

         Murray Godfrey
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0889


KYOTO PTY: Court Orders Wind-Up of Operation
--------------------------------------------
The Federal Court of Australia on Oct. 20, 2006, ordered the
wind-up of Kyoto Pty Ltd's operation.

Accordingly, Antony de Vries was appointed as official
liquidator.

The Liquidator can be reached at:

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


LONE STAR: Members Resolve to Close Operations
----------------------------------------------
At a general meeting held on Oct. 18, 2006, the members of Lone
Star Steakhouse & Saloon (Holdings) Pty Ltd resolved to close
the company's operations and appointed Geoffrey W. Foster as
liquidator.

The Liquidator can be reached at:

         Geoffrey W. Foster
         Chartered Accountant
         42 Larapinta Drive
         Wyee Point, New South Wales 2259
         Australia


LONE STAR ASIA: Enters Wind-Up Proceedings
------------------------------------------
At a general meeting held on Oct. 18, 2006, the members of Lone
Star Asia Pacific Pty Ltd resolved to wind up the company's
operations and Geoffrey W. Foster was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey W. Foster
         Chartered Accountant
         42 Larapinta Drive
         Wyee Point, New South Wales 2259
         Australia


LONE STAR (NSW): Members Opt to Wind Up Operations
--------------------------------------------------
The members of Lone Star Steakhouse & Saloon (NSW) Pty Ltd held
a general meeting on Oct. 18, 2006, and resolved to voluntarily
wind up the company's operations.

In this regard, Geoffrey W. Foster was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey W. Foster
         Chartered Accountant
         42 Larapinta Drive
         Wyee Point, New South Wales 2259
         Australia


LONE STAR OPERATIONS: Members Resolve to Close Business
-------------------------------------------------------
At a general meeting on Oct. 18, 2006, the members of Lone Star
Steakhouse & Saloon Operations Pty Ltd resolved to voluntarily
wind up the company's operations and appointed Geoffrey W.
Foster as liquidator.

The Liquidator can be reached at:

         Geoffrey W. Foster
         Chartered Accountant
         42 Larapinta Drive
         Wyee Point, New South Wales 2259
         Australia


LONE STAR (QLD): Members Agree to Liquidate Business
----------------------------------------------------
At a general meeting of Lone Star Steakhouse & Saloon (Qld) Pty
Ltd on Oct. 18, 2006, the members resolved to voluntarily
liquidate the company's business and appoint Geoffrey W. Foster
as liquidator.

The Liquidator can be reached at:

         Geoffrey W. Foster
         Chartered Accountant
         42 Larapinta Drive
         Wyee Point, New South Wales 2259
         Australia


LONE STAR (VIC): Members Resolve to Shut Down Business
------------------------------------------------------
On Oct. 18, 2006, the members of Lone Star Steakhouse & Saloon
(Vic) Pty Ltd resolved to wind up the company's operations and
appointed Geoffrey W. Foster as liquidator.

The Liquidator can be reached at:

         Geoffrey W. Foster
         Chartered Accountant
         42 Larapinta Drive
         Wyee Point, New South Wales 2259
         Australia


LONE STAR (WA): Members Decide to Wind Up Firm
----------------------------------------------
On Oct. 18, 2006, during a general meeting, the members of Lone
Star Steakhouse & Saloon (WA) Pty Ltd resolved to wind up the
company's operations.

Geoffrey W. Foster was consequently appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey W. Foster
         Chartered Accountant
         42 Larapinta Drive
         Wyee Point, New South Wales 2259
         Australia


OLD MICK: Liquidator Turner to Present Wind-Up Account
------------------------------------------------------
Old Mick Concrete Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on Nov. 14, 2006, at
11:00 a.m.

During the meeting, Liquidator D. A. Turner will present an
account regarding the company's wind-up proceedings.

The Liquidator can be reached at:

         D. A. Turner
         PKF  
         Chartered Accountants
         Level 11, 485 La Trobe Street
         Melbourne, Victoria 3000
         Australia


P & S LANGS: Schedules Final Meeting on November 15
---------------------------------------------------
P & S Langs Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on Nov. 15, 2006, at 10:00
a.m., to receive an account from Liquidator R. G. Fox and pass a
resolution to destroy the books and records of the company.

The Liquidator can be reached at:

         R. G. Fox
         c/o R L Cardwell & Associates
         14 Barry Place
         Cherrybrook, New South Wales 2126
         Australia


PERFORMANCE CONSULTANTS: Placed Under Voluntary Liquidation
-----------------------------------------------------------
The members of Performance Consultants Pty Ltd, held a general
meeting on Oct. 18, 2006, and decided to voluntarily wind up the
company's operations.

Subsequently, Geoffrey W. Foster was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey W. Foster
         Chartered Accountant
         42 Larapinta Drive
         Wyee Point, New South Wales 2259
         Australia


PIKUBI PTY: Prepares to Declare Dividend on December 12
-------------------------------------------------------
Pikubi Pty Ltd, which is in liquidation, will declare dividend
on Dec. 12, 2006.

Creditors are required to formally prove their claims by
Nov. 28, 2006, or they will be excluded from participating in
the dividend distribution.

The Official Liquidator can be reached at:

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


ROMAC NOMINEES: To Declare Dividend to Preferential Creditors
-------------------------------------------------------------
Romac Nominees Pty Ltd, which is subject to a deed of company
arrangement, will declare its first and final dividend to
preferential creditors on Dec. 4, 2006.

Creditors are required to prove their debts by Nov. 30, 2006, or
they will be excluded from sharing in the distribution.

The Deed Administrator can be reached at:

         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia


SEALED INSULATING: Liquidator to Give Wind-Up Report on Nov. 15
---------------------------------------------------------------
Sealed Insulating Glass of Australia Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on Nov. 15, 2006, at 11:00 a.m.

At the meeting, Liquidator Geoff Ridgeway will give a report on
the company's wind-up and property disposal activities.

The Liquidator can be reached at:

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


SILVERWATTLE PTY: Final Meeting Slated for November 17
------------------------------------------------------
The members and creditors of Silverwattle Pty Ltd will hold a
final meeting on Nov. 17, 2006, at 2:00 p.m., to receive
Liquidator Frank Lo Pilato's account on the company's wind-up
proceedings and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's members agreed to wind up the company's operations on
April 5, 2006.

The Liquidator can be reached at:

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


TASVINUM PTY: Members & Creditors' Meeting Set on November 13
-------------------------------------------------------------
A joint meeting of the members and creditors of Tasvinum Pty
Ltd, which is in liquidation, will be held on Nov. 13, 2006, at
11:30 a.m.

At the meeting, the members and creditors will receive the
liquidator's account of 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


UNIVERSAL FIRE: Undergoes Voluntary Wind-Up
-------------------------------------------
Members of Universal Fire Protection Pty Ltd on Oct. 25, 2006,
resolved to voluntarily wind up the company's operations and
appointed Steven Nicols as liquidator.

Mr. Nicol's appointment was subsequently confirmed at the
meeting of creditors.

The Liquidator can be reached at:

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


WEST LYNNE: To Declare Final Dividend on November 16
----------------------------------------------------
West Lynne Pastoral Company Pty Ltd, which is in liquidation,
will declare a final dividend on Nov. 16, 2006.

Creditors who failed to submit their proofs of claim by
Nov. 9, 2006, will be excluded in the dividend distribution.

The Liquidator can be reached at:

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

ZINIFEX LIMITED: Plans to Expand Business Overseas
--------------------------------------------------
After breaking the AU$1 billion annual profit mark in August,
Zinifex Limited is looking overseas for production growth, the
Sydney Morning Herald reports.

The company expected to announce this year joint venture deals
with junior explorers in the Mexico and South America areas to
increase its production in the longer term, the report cites
chief executive Greig Gailey, as saying.

According to the Sydney Herald, Zinifex and other producers were
unable to increase production to capitalize on the high prices
because of capacity constraints.

Mr. Gailey says developing new mines has become difficult due to
political risk in unstable countries or the high cost of
building projects in the U.S. and Canadian Arctic areas.

Mr. Gailey reveals that Zinifex's AU$500 million Dugald River
venture in Queensland is in the pre-feasibility stage and
asserts that a feasibility study could be approved early next
year.  

Dugald River would add about 200,000 tons, or one-third, to
Zinifex's annual production, Sydney Herald says.

According to the paper, Zinifex plans to spend AU$27 million on
exploration in the 2007 financial year, up from AU$12 million in
2006 and AU$4 million in 2005.

The Sydney Herald relates that Zinifex is also keeping an eye
out for potential acquisitions.  Although Zinifex mainly
produces zinc and lead, in the longer term it would make sense
to diversify into other metals traded in the London Metal
Exchange or specialty metals like tantalum, the paper cites Mr.
Gailey, as saying.

                         About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in  
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of our products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 9, 2006, that Fitch Ratings assigned Zinifex a Long-term
foreign currency Issuer Default Rating of 'BB+' with a Stable
Outlook.


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

BELLUNO INVESTMENTS: Prepares to Close Operations
-------------------------------------------------
At a meeting held on October 23, 2006, members of Belluno
Investments Ltd resolved to voluntarily liquidate the company's
business.

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

The Joint Liquidators can be reached at:

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


BENQ CORP: Germans Start Bankruptcy Probe on BenQ Mobile
--------------------------------------------------------
Christian Schmidt-Sommerfeld, chief senior public prosecutor,
told the southern German daily Suddeutsche Zeitung that it has
started an investigation into the bankruptcy of BenQ Mobile GmbH
& Co. OHG, the German unit of BenQ Corp., without discussing
further details.

Insiders told The Register that BenQ Mobile's management knew of
the company's cashflow problems as early as August but
deliberately delayed the bankruptcy filing and withheld this
information to its employees.  The company also allegedly
reported 10.7 million BenQ handsets sold in the second quarter
when it only sold 7.4 million units, The Register states citing
other sources.

In a Troubled Company Reporter - Europe report on Oct. 25, BenQ
Mobile confirmed plans to cut 1,900 jobs of its 3,000-strong
workforce.  The job cuts, bankruptcy administrator Martin Prager
said, would affect all areas of the business including
administration, marketing, sales and production.  Deutsche Welle
says 1,100 jobs will be reduced at the company's Kamp Lintfort
site and around 850 jobs in Munich.

The company intends to raise a profit by the end of the year in
order to invite investors to rescue the troubled handset maker,
after losing EUR850 million (US$1 billion) in the past 12
months.

The insolvent handset maker earlier said it was working on a new
business model that will focus on research, development and
design.  The remaining business would develop and manufacture
mobile phone handsets under license for other makers, the German
daily relates.

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, with Martin Prager serving as insolvency
manager.  The collapse came a year after Siemens sold the
company to Taiwanese technology group BenQ.  BenQ Mobile has
lost market share against giant competitors.

                        *     *     *

As reported in the TCR-AP on Oct. 31, Taiwan Ratings Corp.
affirmed its twBB+/twB corporate credit ratings and twBB+
unsecured corporate bond issue rating on BenQ Corp.  The outlook
on the long-term rating is negative.  At the same time, Taiwan
Ratings removed all ratings from Credit Watch with negative
implications, where they were placed on March 14, 2006, and
withdrew all the ratings upon the company's request.


BESTNOON LTD: Liquidator to Present Wind-Up Report
--------------------------------------------------
Bestnoon Ltd will hold a final general meeting for its members
on December 12, 2006, at 10:00 a.m., to consider the report from
Liquidator Natalia K M Seng on the Company's wind-up
proceedings.

The Troubled Company Reporter - Asia Pacific previously reported
that the Company commenced a wind-up of its operations on
August 18, 2006.

The Joint Liquidator can be reached at:

         Natalia K M Seng
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


BIS GARMENT: Creditors Must Prove Debts by November 17
------------------------------------------------------
Liquidator Wu Shek Chun Wilfred requires the creditors of BIS
Garment Workshop Ltd to prove their debts by November 17, 2006.

Failure to prove debts will exclude any creditor from sharing in
the Company's distribution.

The Liquidator can be reached at:

         Wu Shek Chun Wilfred
         10/F, Hong Kong Trade Centre
         161 Des Voeux Road, Central
         Hong Kong


BRIGHT CREATE: Members' Final Meeting Slated for December 4
-----------------------------------------------------------
Members of Bright Create Ltd will hold a final meeting on
December 4, 2006, 10:30 a.m., at 29/F, K. Wah Centre, 191 Java
Road, North Point, Hong Kong.

During the meeting, Liquidator Tang Chung Ping will present his
account on the Company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
sole shareholder of the Company named Mr. Ping as liquidator on
July 18, 2006.


CASON ELECTRONICS: Enters Liquidation Proceedings
-------------------------------------------------
At an extraordinary general meeting held on October 26, 2006,
the members of Cason Electronics Holdings Company Ltd agreed to
voluntarily liquidate the company's business.

Lo Wing Hung was consequently appointed as liquidator.

The Liquidator can be reached at:

         Lo Wing Hung
         Room 401, 4/F
         China Insurance Group Building
         141 Des Voeux Road, Central
         Hong Kong


CHINA EASTERN: Plans Sale of Minority Stake to Singapore Air
------------------------------------------------------------
China Eastern Airlines is still in discussion with Singapore
Airlines regarding a possible minority stake sale to the
Singapore based carrier, Reuters reports.

According to Li Fenghua, chairman of China Eastern, Singapore
Airlines is the only airline, which China Eastern is currently
talking to, Reuters relates.

According to a report by the Troubled Company Reporter - Asia
Pacific on July 20, 2006, Mr. Li had told state media in April
that the carrier aimed to sell at least a 20% stake to a foreign
investor, hopefully within the year.

The talks according to Reuters have been going on for months.

                          *     *     *

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal  
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
Foreign Currency and Local Currency Issuer Default Ratings to B+
from BB-.  The outlook on the IDRs is stable.

The Troubled Company Reporter - Asia Pacific reported that the
working capital deficit of the company increased by about 105%,
or CNY13.106 billion, from CNY12.490 billion at Dec. 31, 2004,
to CNY25.597 billion at Dec. 31, 2005.


FORTRESS INTERNATIONAL: Members to Hold Final Meeting on Dec. 4
---------------------------------------------------------------
Members of Fortress International Ltd will convene on
December 4, 2006, at 10:00 a.m., to receive Liquidator Kwok Yuen
Man'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 submit their proofs of debt
on July 24, 2006.

The Liquidator can be reached at:

         Kwok Yuen Man
         34/F, The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


FUBON COMMERCIAL: S&P Keeps C+ Bank Fundamental Strength Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said on November 9, 2006,
that it had affirmed the C+ bank fundamental strength rating of
Fubon Commercial Bank Co Ltd.  At the same time, the A- long-
term and A-2 short-term counterparty credit ratings on the bank
were also affirmed.  The outlook is stable.

The ratings continue to reflect the Fubon group's good market
position, balanced business mix, prudent financial management,
and satisfactory capitalization.  These positive factors are
moderated somewhat by strong competitive conditions in the
banking sector.

The Fubon group is one of Taiwan's leading financial services
groups.  Total shareholders' funds of NT$152.2 billion at the
end of June 2006, ranked it as the third-largest of 14 domestic
financial holding company groups.  Most group members have built
up good franchises and competitive positions in their respective
sectors.

The Fubon group is expected to maintain its satisfactory
financial profile over the medium term.  Standard & Poor's
expects the group's consolidated capitalization and the holding
company's financial leverage to remain satisfactory over the
medium term as a result of prudent financial management.


GOSPELS DEBATING: Members Opt to Liquidate Business
---------------------------------------------------
Members of Gospels Debating Society Ltd on October 27, 2006,
resolved to voluntarily liquidate the company's business and
appointed Wong Leung Wai as liquidator.

The Liquidator can be reached at:

         Wong Leung Wai
         Room 2001-4, China Insurance Group Building
         141 Des Voeux Road, Central
         Hong Kong


HARBOUR RING: Enters Voluntary Wind-Up
--------------------------------------
At an extraordinary general meeting on October 25, 2006,
shareholders of Harbour Ring Dharmala (H.K.) Ltd passed a
special resolution to wind up the company's operations.

In this regard, Ying Hing Chiu and Chung Miu Yin Diana were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MEDISINO LTD: Commences Wind-Up of Operations
---------------------------------------------
Members of Medisino Ltd passed a special resolution on
October 25, 2006, to voluntarily wind up the company's
operations.

Subsequently, Tsang Yun Shan was appointed as liquidator.

The Liquidator can be reached at:

         Tsang Yun Shan
         Flat H, 4/F
         Block 5, Hong Sing Garden
         Tseung Kwan O, Kowloon
         Hong Kong


OCEAN PETROLEUM: Liquidator Yeung Step Aside
--------------------------------------------
Yeung Wing Yee on October 24, 2006, ceased to act as liquidator
of Ocean Petroleum Company Ltd.

According to the Troubled Company Reporter - Asia Pacific,
creditors and contributories of the company held a meeting on
the same day, to consider Mr. Yee's resignation as liquidator.


SINO BRILLIANT: Creditors' Proofs of Claim Due on Dec. 8
--------------------------------------------------------
Creditors of Sino Brilliant Investments Ltd are required to
submit their proofs of claim by December 8, 2006, to Liquidator
Pang Yuen Fat.

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

The Liquidator can be reached at:

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


SOJITZ TRADE: Members to Receive Wind-Up Report on Dec. 4
---------------------------------------------------------
Members of Sojitz Trade and Investment Services (Hong Kong) Co.,
Ltd will hold a final general meeting on December 4, 2006, at
5:45 p.m., to receive Liquidator Natalia K M Sengs's report on
the company's wind-up proceedings.

The Liquidator can be reached at:

         Natalia K M Seng
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


STAR CRUISES: S&P's BB- Rtg. Stays Amid Possible Rights Issue
-------------------------------------------------------------
On November 9, 2006, Standard & Poor's Ratings Services said
that the potential rights issue by Star Cruises Ltd -- Star
Cruises; BB-/Stable/-- should not by itself have a positive
impact on the rating on the company.  Net proceeds from the
planned rights issue are expected to be between HK$1,587 million
and HK$1,762 million.  The money is expected to be used
partially to fund Star Cruises' two shipbuilding contracts.
     
The potential proceeds are expected to only partially mitigate
Star Cruises' highly leveraged financial risk profile; the
company has a very aggressive financial policy.  Even with the
infusion of the proposed fresh capital, Star Cruises' pro-forma
capital structure based on June 2006 financials -- excluding the
impact of Star Cruises exercising the option on the third ship
and the Sentosa Integrated Resort bid -- remains aggressive,
with its pro-forma debt to EDITDA remaining just above 9x and
funds from operations to debt at below 5%.
     
Star Cruises continues to maintain its established market
position in Asia, mainly due to its well-known brand.  The
company is the third-largest cruise operator globally and
remains of strategic importance to its parent, Genting Berhad --
BBB+/Stable/--, and ultimate shareholder, Tan Sri Lim Goh Tong
and his family, whose ownership continues to support the group's
credit strength.


TABATHA V: Auditors Raises Going Concern Doubt
----------------------------------------------
Auditors Child, Van Wagoner & Bradshaw PLC raised substantial
doubt regarding Tabatha V, Inc.'s ability to continue operations
after it audited the company's financial statements for the
fiscal year ended June 30, 2006.

The auditors specifically pointed to the significant net losses
the company incurred since inception.

Tabatha posted US$2,573 in net loss for the year ended June 30,
2006, compared with the US$4,363 net loss at the end of June
2005.

The company's balance sheet did not show any figures regarding
its current assets and total assets.  Current liabilities and
total liabilities as of June 30, 2006, amounted to US$1,170.  
Stockholders' deficit in the company totaled US$1,170.

                          *     *     *

Tabatha V, Inc was incorporated under the laws of the State of
Colorado on March 17, 2000, and is in the early developmental
and promotional stages.   To date, the Company's only activities
have been organizational ones, directed at developing its
business plan and raising its initial capital.  The Company has
not commenced any commercial operations.  The Company has no
full-time employees and owns no real estate.

The company's principal executive office is located in Hong
Kong.


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

BHARAT PETROLEUM: Swings to INR12.6-Bil. Net Profit in 3Q/2006
--------------------------------------------------------------
Bharat Petroleum Corporation Limited turned around with
INR12.585 billion in net profit for the quarter ended Sept. 30,
2006, from a INR2.030-billion net loss in the quarter ended
Sept. 30, 2005.

The swing from loss to profit is mainly attributable to the
surge in revenues.  Net sales increased by 63.61% from
INR162.078 billion in the September 2005 quarter to
INR265.174 billion in the September 2006 quarter.  Other income
rose 51.37% to INR2.207 billion for the September 2006 quarter
from INR1.458 billion in the corresponding period last year.

Bharat Petroleum reports third quarter 2006 earnings per share
of INR34.81.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is    
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
Company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.


BHARTI AIRTEL: 2006 3rd Quarter Net Profit Rises to INR8.9 Bil.
---------------------------------------------------------------
Bharti Airtel Limited informs the Bombay Stock Exchange that it
has released its unaudited results for the quarter ended
September 30, 2006.

Bharti Airtel posted a net profit after tax of INR8.884 billion
for the quarter ended September 30, 2006, as compared to
INR5.004 billion for the quarter ended September 30, 2005.

Total revenue increased from INR26.400 billion for the September
2005 quarter to INR42.130 billion for the September 2006
quarter.

The audited consolidated results as per Indian Generally
Accepted Accounting Principles state that:

   The Group posted a profit of INR8.788 billion for the quarter
   ended September 30, 2006, compared to INR5.072 billion for
   the quarter ended September 30, 2005.  Total income increased
   from INR27.427 billion for the September 2005 quarter to
   INR43.630 billion for the September 2006 quarter.

As per the United States Generally Accepted Accounting
Principles, Bharti Airtel's unaudited consolidated results
provide that:

   The Group has posted a net income of INR9.338 billion for the
   quarter ended September 30, 2006, compared to
   INR5.209 billion for the quarter ended September 30, 2005.
   Total revenues increased from INR27.091 billion for the
   September 2005 quarter to INR43.571 billion for the September
   2006 quarter.

Bharti Airtel provided the BSE with a reconciliation of the
difference in net income or profit between US GAAP (unaudited)
with IGAAP (audited):

                                                  (In millions)
                                                  Quarter ended
   Particulars                                     Sep 30, 2006
   -----------                                    -------------
   Net income as per US GAAP                        INR9,338.20
   
   Add: Differences on account of:

       Minority Interest and loss of Joint Venture        12.00

       Differential depreciation provided in IGAAP due
       to forex fluctuations not considered in US GAAP    43.40

   Less: Differences on account of:

      Amortization of Goodwill or Intangibles             67.70

      Being differences in revenue recognition           137.40

      License fee amortization                           147.30
   
      Differences in accounting for finance charges      244.60

      Remeasurement of financial instruments not
      applicable in IGAAP                                  0.80

      Deferred Tax expense                                07.40
                                                    -----------
      Net profit as per Indian GAAP                 INR8,788.40
                                                    ===========

Bharti, in a press release, pointed out that it had over 28.6
million customers as of September 30, 2006, an increase in the
total customer base of 90%, over the corresponding period last
year.

                      About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+
ratings on September 21, 2005.


BHARTI AIRTEL: Inks US$400-Mil. Expansion Deal with Nokia
---------------------------------------------------------
Bharti Airtel signed an estimated US$400 million contract with
Nokia to expand its managed GSM/GPRS/EDGE networks in eight
Airtel circles and deploy a pan India WAP solution across its
networks.

As per the three-year contract, Nokia will provide managed
services and expand Airtel networks to cover all towns and
cities in the eight telecom circles of Mumbai, Maharashtra &
Goa, Gujarat, Bihar (including Jharkhand), Orissa, Kolkata, West
Bengal and Madhya Pradesh (including Chattisgarh).

The network monitoring operations will be carried out from
Nokia's state-of-the-art Global Network Services Center in
Chennai.

Nokia will also deploy its WAP solution across Airtel's national
network to enhance its mobile packet core network capabilities.
The WAP gateway to be implemented by Nokia will enable easy
usage of data services, thereby increasing the consumption of
content on the Airtel network.  Nokia will provide consulting
services and integrate the WAP gateway into a multi-vendor
environment.

Nokia will deploy the latest radio and core network equipment
including softswitch, flexi-base stations and mini-Ultrasite
base stations and provide services based on Bharti's capacity
requirements, delivering a cost-efficient rollout of on-demand
capacity.

The contract also has stringent service level agreements and
performance metrics for both parties which are designed to
provide consistently high quality services to subscribers and
continuously enhance the user experience.

Manoj Kohli, Bharti Airtel President, said, "Our network
leadership across India is a critical driver in the Bharti
Airtel success story.  Our partnership with Nokia reinforces our
commitment to this cause and Nokia will provide us the latest
technology and expertise to drive growth in the latent market in
Eastern India and rapidly expand our coverage in Western parts
of India.

"Nokia is proud to collaborate with Bharti on its initiative to
take mobile services to millions of unconnected Indians and
enhance the mobile data experience of its existing customers,"
said Mr. Ashish Chowdhary, Country Director, Networks, Nokia
India.  "Our extensive managed services capability, powered with
a comprehensive and high quality product portfolio makes Nokia a
catalyst for providing affordable mobile services to rural
consumers.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+
ratings on September 21, 2005.


BHARTI AIRTEL: To Set Up Telecom Infrastructure at Mundra Port
-------------------------------------------------------------
Bharti Airtel partnered with the Adani group for setting up the
Telecommunications Network Infrastructure for its multi-sector
Special Economic Zone located at Mundra Port.

The Memorandum of Understanding to roll out end-to-end telecom
solutions for Mundra Port and Special Economic Zone of the Adani
Group was signed between Vinod Sawhny, Joint President, Bharti
Airtel Limited and Ameet H. Desai, Chief Financial Officer
(Infrastructure), Adani Group.

This joint initiative between Bharti and the Adani Group is
critical for the development of Mundra Port and Special Economic
Zone, one of the largest multi-sector operational SEZs. Under
the agreement, Bharti Airtel will set up the Telecom corridor
connecting the Mundra Port and Special Economic Zone site
nationally and internationally.  The Telecom infrastructure
within the SEZ will be rolled out in a phased manner and will
cover all areas within the SEZ, including the port and the power
plant areas.

Bharti Airtel will enable Adani Group to realize its objective
of making Mundra Port and Special Economic Zone the most
preferred destination offering world-class infrastructure,
services and multimodal connectivity for global business,
living, learning and recreation.

Announcing the agreement, Mr. Sawhny said, "The partnership with
the Adani Group is a great beginning to realize the vision of
SEZs in the country.  Bharti Airtel has repeatedly demonstrated
its expertise in setting up complex and extensive projects for
large Enterprises across India.  We are happy to be the
exclusive partner for setting up the telecom network for Mundra
Port and Special Economic Zone, which when completed will be
among India's largest."

On this occasion Mr. Desai said, "With signing of this
agreement, first of its kind in the country, an important
milestone has been achieved in development of Mundra Port and
Special Economic Zone.  This initiative will go a long-way in
providing communication backbone to existing as well as
prospective occupants of SEZ and improve productivity"

As part of the agreement, Bharti aims to equip the Mundra Port
and Special Economic Zone with world-class data, fixed voice and
mobile services, besides providing Managed Hosting and business
resiliency & continuity services. Under Managed Hosting
Services, Bharti will not only host and manage the data &
applications for enterprises based at Mundra Port and Special
Economic Zone but also provide them with end-to-end connectivity
and video surveillance and create a MPLS VPN. Companies will
also be able to safeguard themselves against any unforeseen
disasters by having access to back up of critical business data
and applications through the business resiliency and continuity
services offered by Bharti.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+
ratings on September 21, 2005.


BPL LTD: To Publish 1st Half 2006 Results by November 30
--------------------------------------------------------
BPL Ltd advises the Bombay Stock Exchange that it will be
publishing its audited financial results within two months from
the closure of the second quarter ended September 30, 2006.

BPL will not publish its unaudited financial results for the
quarter ended September 30, 2006.

                     About BPL Limited

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.

Last year, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

                          *     *     *

On January 5, 2006, CRISIL Ratings reaffirmed the 'D' and 'FD'
ratings on BPL Limited's non-convertible and fixed deposit
programmes.  The ratings indicate that the company continues to
be in default on its rated debt.

These ratings are reaffirmed:

   * INR600 Million Non-Convertible Debenture at D
   * INR210 Million Non-Convertible Debenture at D
   * INRFixed Deposit Programme at FD


CANARA BANK: Fitch Gives BB Rating to Proposed Tier I Notes
-----------------------------------------------------------
Fitch Ratings assigned a Long-term foreign currency Issuer
Default rating of 'BBB-' to India's Canara Bank.  At the same
time, the agency has assigned:

   * a 'BBB-'  rating to the bank's senior debt; and

   * 'BB' ratings to the proposed hybrid Tier I notes as well as
     the unsecured subordinated upper Tier II bonds to be issued
     under its US$1 billion medium-term notes program.

The agency also assigned a National Long-term rating of
'AAA(ind)' to CB and upgraded its Individual rating to 'C/D'
from 'D', while affirming the Support rating of '3'.

The Outlook on the ratings is Stable.

Both the hybrid Tier I and the subordinated upper Tier II bonds
have call and coupon step-up options after 10 years.  Interest
is not payable if the capital adequacy ratio falls below the
regulatory minimum (currently 9%); it is cumulative for the
upper Tier II bonds but non-cumulative for hybrid Tier I.
Redemption will require the prior approval of the Reserve Bank
of India, as would the interest payment in case the bank reports
a net loss.  The instrument ratings have therefore been notched
below the Long-term foreign currency IDR to reflect their loss-
absorbing nature, in accordance with Fitch's criteria for rating
such hybrid capital instruments.

The agency also notes that as per the issue terms, a deferral in
interest would trigger a postponement of dividend on the common
equity, an event that has not occurred during the last 20 years
and which the bank should have a strong incentive to avoid.

The ratings reflect CB's sustained profitability and consistent
improvement in the reported asset quality and solvency
indicators, which has resulted in an upgrade of its Individual
rating.  Its level of gross non-performing loans dropped
significantly between FY04 and FY06 through a strong focus on
recoveries and write-offs, and the reported NPL ratios now
compare well with the best government banks in India.

CB's risk management systems are being upgraded; this is
important, as the rapid credit growth in recent years in retail
and agriculture businesses could affect CB's asset quality in
the event of a cyclical downturn.  CB is also in the process of
streamlining its organization structure that would enable it to
better exploit the growing business opportunities.  Liquidity is
supported by healthy renewal of retail deposits thanks to its
well-established franchise in India.

CB's profitability indicators in recent years have been higher
than the system medians and were driven by growth in net
interest income.  The reported earnings are however exposed to a
greater degree of market risk in a rising interest rate scenario
compared to other banks due to a large portfolio of "Available-
For-Sale" investments that needs to be marked to market, though
the risk is partly mitigated by a decline in the duration of the
portfolio.

Capital plans include raising hybrid instruments (both Tier I
and Tier II) to support business growth and prepare for the
capital charge on operational risk under Basel II while
maintaining the regulatory Tier I ratio higher than 7% and the
Capital Adequacy Ratio at around 12%.  CB enjoys greater
flexibility to raise common equity compared to many other
government banks given that government's holding in CB at 73.2%
is considerably higher than the regulatory minimum of 51%.

CB, established in 1906, is one of the large government banks in
India with a market share of about 5.6% of deposits.  With a
network of 2,537 branches, CB's business is spread across South
(41%), West (25%) and North India (23%).


CANARA BANK: Moody's Puts Hybrid Tier 1 Notes in Basket 'B'
-----------------------------------------------------------
Moody's Investors Service assigned a Baa2 rating to the foreign
currency senior, subordinated and junior subordinated notes to
be issued by Canara Bank's London branch or any other foreign
branch under its US$1-billion Medium Term Note program.  At the
same time, Moody's has assigned a Baa3 rating to any perpetual
non-cumulative subordinated debt to be issued under the same
program.

The latter two hybrid securities (junior subordinated notes and
perpetual non-cumulative subordinated debt) to be issued under
the program bear the characteristics specified in the Reserve
Bank of India's new guidelines on debt capital instruments and
will be considered by the RBI to be Upper Tier II and Hybrid
Tier I instruments, respectively.

According to Moody's methodology on hybrids, and based on these
instruments' characteristics, the subordinated upper Tier II
notes were classified in basket 'A' signifying 100% debt-like
characteristics, while the perpetual non-cumulative hybrid Tier
I notes were classified in basket 'B', implying 75% debt-like
features and 25% equity-like features.

The Basket A allocation to the Upper Tier II instrument is based
on the following rankings for the three dimensions of equity:

   * No Maturity: None -- the instrument has no equity-like
     features.  The notes mature in 15 years and they are
     callable after 10 years with redemption requiring
     regulatory approval by RBI.

   * No Ongoing Payments: None -- the instrument has no equity-
     like features.  The bank will not make any coupon payments
     if it cannot meet the capital-to-risk assets ratio
     requirement (currently a minimum of 9% set by RBI) and the
     net loss requirement (not having negative balance in the
     profit and loss account, which is a component of the
     reserves and surplus on the bank's balance sheet), subject
     to regulatory approval.  Any deferred interest payments are
     cumulative and become due when the bank meets the above
     requirements.

   * Loss Absorption: Moderate -- the instrument is moderate
     with regard to its ability to replicate equity, given its
     ranking as senior to claims of holders of Tier I capital
     instruments and junior to Lower Tier II notes.

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

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

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

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

Any senior and subordinated notes to be issued under the MTN
program are rated Baa2, constrained by the foreign currency debt
ceiling for India (Baa2).  Such instruments would normally have
been rated higher were it not for transfer risk.  The Baa2
rating on the junior subordinated notes (Upper Tier II) is
placed at the ceiling for foreign currency debt in India and is
unconstrained.  The Baa3 rating on the perpetual non-cumulative
notes (Hybrid Tier I) reflects the more junior ranking of this
instrument and is also unconstrained.

The first drawdown under this MTN program will be in the form of
Upper Tier II subordinated notes and will be listed on the
Singapore Stock Exchange.  This specific issue is rated Baa2 and
will mature in November 2021 with Canara Bank having an issuer
call option after 10 years (November 2016).

All ratings incorporate the bank's standalone financial strength
and also the high likelihood of support from the Government of
India in the event of need.  Canara Bank's standalone financial
strength is represented by its 'D' financial strength rating and
is supported by a broad-based lending and deposit franchise
through a country wide branch network.  The rating also takes
into account the bank's satisfactory profitability and
capitalization as well as its improving asset quality.  The
outlook for all Canara Bank's ratings is stable.

Moody's notes that the Baa2 assigned to the bank's Upper Tier II
notes is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents reviewed.

Canara Bank is headquartered in Bangalore, and at the end of
March 2006 had total assets of INR1,328 billion (US$29.7
billion).


CENTRAL BANK OF INDIA: Govt. Approves Restructuring Proposal
------------------------------------------------------------
The Indian Government's Union Cabinet approved a proposed
restructuring plan of the Central Bank of India on November 9,
2006.

Pursuant to the proposal, INR800 crore of INR1,124.14 crore of
Central Bank's equity capital will be converted to perpetual
non-cumulative preference share capital, the Bank states in a
press release.

The preference shares will have an annual floating coupon rate
of 8% (benchmarked to Repo Rate, presently at 7%, plus spread of
100 basis points), which would be readjusted annually based on
the prevailing Repo Rate on the relevant date.

According to the release, the conversion of equity is expected
to strengthen the Bank's Balance Sheet.  

The Bank also believes that the move will:

   -- provide it with flexibility to raise capital at a
      competitive cost;

   -- facilitate adoption of Base II recommendations on capital
      requirement;

   -- meet its capital requirements for future growth; and

   -- improve its credit rating.

                  About Central Bank of India

Established in 1911, Central Bank of India --
http://www.centralbankofindia.co.in/-- was the first Indian  
commercial bank, which was wholly owned and managed by Indians.
Central Bank of India has large network in 27 out of 28 States
as also in four out of seven Union Territories in India.  The
bank holds a very prominent place among the Public Sector Banks
on account of its network of 3,165 branches and 270 extension
counters at various centers throughout the length and breadth of
the country.

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.  Additionally, the bank carries Moody's
E+ bank financial strength rating.

Fitch on June 1, 2005, gave the bank an individual rating of
D/E.  As reported by the Troubled Company Reporter - Asia
Pacific on October 31, 2006, Fitch upgraded the individual
rating to D.


CENTRAL BANK OF INDIA: Half Year 2006 Net Profit Up 99%
-------------------------------------------------------
Central Bank of India's net profit for the six months ended
September 30, 2006, shoot up by 99% to INR215 crore from INR108
crore in the corresponding period last year.

The Bank's total income increased to INR3,114 crore in the half
year ended September 30, 2006, from INR2,864 crore in the
corresponding half year in 2005.  Operating expenses in the
September 2006 half-year period rose 9% to INR818 crore.

The Bank's decreased provisions and contingencies contributed to
the boost in net profit.  For the half year ended September 30,
2006, the Bank recorded INR365 crore for provisions compared to
INR439 crore in the corresponding period last year.

A full-text copy of Central Bank of India's financial results
for the half year ended September 30, 2006, is available for
free at http://ResearchArchives.com/t/s?14d3

                  About Central Bank of India

Established in 1911, Central Bank of India --
http://www.centralbankofindia.co.in/-- was the first Indian  
commercial bank, which was wholly owned and managed by Indians.
Central Bank of India has large network in 27 out of 28 States
as also in four out of seven Union Territories in India.  The
bank holds a very prominent place among the Public Sector Banks
on account of its network of 3,165 branches and 270 extension
counters at various centers throughout the length and breadth of
the country.

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.  Additionally, the bank carries Moody's
E+ bank financial strength rating.

Fitch on June 1, 2005, gave the bank an individual rating of
D/E.  As reported by the Troubled Company Reporter - Asia
Pacific on October 31, 2006, Fitch upgraded the individual
rating to D.


DRESSER-RAND: Commences Secondary Offering of Common Stock
----------------------------------------------------------
Dresser-Rand Group Inc. commenced a secondary offering of
15,000,000 shares of its common stock to be sold by its
stockholder, D-R Interholding, LLC, pursuant to an automatic
shelf registration statement that Dresser-Rand filed with the
U.S. Securities and Exchange Commission.

The selling stockholder will grant the underwriter an option to
purchase up to 2,250,000 additional shares of common stock to
cover over-allotments.  Dresser-Rand will not receive any
proceeds from the sale of shares in the offering.  The net
proceeds will be distributed by the selling stockholder to
affiliates of First Reserve Corporation and to certain members
of Dresser-Rand management.

Morgan Stanley is acting as the sole underwriter for the
offering.

A prospectus supplement relating to the offering will be filed
with the Securities and Exchange Commission.  When available,
copies of the prospectus supplement and the accompanying base
prospectus may be obtained by contacting:

           Morgan Stanley & Co. Incorporated
           Prospectus Department
           180 Varick Street, 2nd Floor
           New York, NY 10014
           Tel: 866-718-1649
           E-mail: prospectus@morganstanley.com

Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  It operates manufacturing facilities in
the United States, France, Germany, Norway and India, among
others, and maintains a network of 24 service and support
centers covering 105 countries.

                          *     *     *

Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.


DRESSER-RAND: Secures US$63.2MM Order from Marathon Petroleum
-------------------------------------------------------------
Marathon Petroleum Company LLC, a wholly owned unit of Marathon
Oil Corporation, has selected Dresser-Rand Co. for the supply of
compression equipment for the planned expansion of its
Garyville, La., refinery.

According to Dresser-Rand, the company booked a US$63.2 million
order in October 2006 to supply critical compression equipment,
including six DATUM turbo-compressor trains and eight
reciprocating compressor units along with their drivers.
Additionally, it is expected that installation, commissioning
and start-up services will be added.

The equipment will be used to increase production of ultra-clean
fuels, including gasoline and distillate. It is anticipated that
Marathon's expansion project will increase the Garyville
facility's crude throughput from approximately 245,000 barrels
to about 425,000 barrels a day.  Work is scheduled to begin in
2007.

"We're pleased that Marathon selected Dresser-Rand to supply
these services as part of its continuing capital investment
program to help the growing energy needs of consumers," said
Brad Dickson, Dresser-Rand's executive vice president, New
Equipment Worldwide and executive sponsor for the project.  "The
estimated total order value including the additional services is
expected to approach US$68 million."

                       About Marathon Oil

Marathon Oil Corporation is the fourth-largest U.S.-based fully
integrated international energy company.  It owns and operates
refineries capable of refining approximately 974,000 barrels a
day in its seven-refinery system and a retail marketing network
that supports approximately 5,500 locations in 17 states; nearly
three-quarters are Marathon brand locations.

                        About Dresser-Rand

Dresser-Rand is among the largest suppliers of rotating
equipment solutions to the worldwide oil, gas, petrochemical,
and process industries.  It operates manufacturing facilities in
the United States, France, Germany, Norway and India, among
others, and maintains a network of 24 service and support
centers covering 105 countries.

                          *     *     *

Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.


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

ALCATEL SA: S&P Keeps 'BB' Rating on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB' long-term
corporate credit rating on France-based Alcatel and its 'B'
long-term corporate credit rating on U.S.-based Lucent
Technologies Inc. remain on CreditWatch with negative and
positive implications, respectively, where they were placed on
March 24 on news of the two telecoms equipment makers' plans to
merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

Alcatel and Lucent are in the final stages of their merger
process.  To date, all approvals have been received from the
shareholders and regulators -- except that from the Committee on
Foreign Investments in the U.S. Both companies expect the merger
to be completed by the end of the calendar year.  Upon
completion, Standard & Poor's will lower its long-term corporate
credit rating on Alcatel (to be renamed Alcatel Lucent) to
'BB-', with a positive outlook.  At the same time, it will
withdraw its corporate credit ratings on Lucent.

"The anticipated 'BB-' rating on Alcatel Lucent upon completion
of the merger will reflect the challenges the combined company
will face in integrating the two entities from an organizational
and technological standpoint, carrying out a large restructuring
plan, and supporting significant levels of debt," said Standard
& Poor's credit analyst Leandro de Torres Zabala.

"The positive outlook would reflect the possibility of an
upgrade over the next 18 months if the combined company showed
clear progress in integrating the two companies and achieving
targeted synergies, reaching high-single-digit operating margins
(adjusted for purchase accounting) and meaningful sustained free
cash flow generation, as well as maintaining solid liquidity in
stable market conditions," Mr. de Torres added.

The merger has a clear logic, given continuing carrier
consolidation and the convergence of fixed and mobile network
technologies.  The combined company will have a larger scale,
greater product depth, wider geographic reach, and stronger R&D
capability.  Alcatel and Lucent expect the combined company to
extract about EUR1.4 billion in annual pretax cost synergies
during the first three years.

At the same time, the merger will entail a number of near-term
challenges, such as:

   -- the complexity of integrating two large organizations
      with different corporate cultures; integrating
      different technology platforms while preserving
      key customer relationships;

   -- implementing a EUR1.4 billion restructuring
      program leading to the reduction of the combined
      workforce by at least 10%; and

   -- continuing to support significant levels of debt
      and unfunded health care obligations.

The combined Alcatel Lucent will be headquartered in
Paris, France.  Pro forma for the Thales S.A. transaction and
the acquisition of Nortel's 3G activities, Standard & Poor's
estimates that Alcatel Lucent achieved EUR19 billion in sales in
2005 and had about EUR7.4 billion in debt securities outstanding
at Sept. 30, 2006.  At the same date, the combined company's pro
forma ratio of adjusted (for operating leases and pension and
health care liabilities) gross financial debt to EBITDA for the
12 months to Sept. 30, 2006, was about 4.6x.  This is partially
offset, however, by Alcatel Lucent's anticipated robust
liquidity -- with cash and marketable securities totaling
EUR7.5 billion -- and a fairly light maturity schedule.

The ratings on Alcatel Lucent will be supported by:

   -- S&P's assessment of moderate revenue growth prospects;
   -- a broad portfolio of wireline and wireless systems;
   -- large-scale, geographically diversified operations;
   -- strong customer relations;
   -- one of the largest R&D capabilities in the industry and
   -- robust liquidity.

The ratings will be constrained by:

   -- the very competitive telecoms equipment industry,
      notably in the context of continuing
      carrier consolidation;

   -- ongoing major changes in the industry's
      technology direction, resulting in potential rapid
      adverse changes in demand patterns;

   -- significant gross debt; and

   -- uneven free cash flow generation reflecting moderate
      sales growth, health care payments, restructuring
      costs, and working-capital changes.


ALCATEL SA: Inks EUR16-Mln Info Program with Fiji Government
------------------------------------------------------------
The Fiji government has selected Alcatel S.A. as sole provider
of an advanced information and communications solution for an
e-government program.

This program, which started on Oct. 2, will increase the Fiji
administration's efficiency and enable better policy outcomes as
well as improve services delivery to the general public and
greater interaction with citizens.  The contract is valued at
EUR16 million.   The contract was won through Alcatel Shanghai
Bell, Alcatel's flagship Chinese company.

As the sole communication solution provider, Alcatel together
with National Computer Systems of Singapore, and Fiji Government
Implementation Agency Information Technology and Computing
Services will provide turnkey services to the Fiji government,
including consulting, program design, implementation, management
and maintenance as well as training. Upon the completion of the
project in 2008, Fijian ministries, businesses, and citizens
will be encouraged to directly access the information and
services online and participate in the governance process.

The project also includes a private IP voice and data
communication solution, as well as IT platforms, including
security and network management.

"The objective of the Fiji e-government program, at the broadest
level, is to improve social productivity, economic growth,
employment creation and quality of life for our citizens.  The
project is not only visionary, but also comprehensive and
tailored to answer the needs of Fiji today," said Ratu Jone
Kubuabola, Fiji's Minister for Finance and National Planning.

"We will fully leverage Alcatel's strong expertise in e-
government projects and in integration services worldwide to
help Fiji reach their objectives in terms of social and economic
development and growth of the country, thus enabling all to
benefit from the innovative e-services that will be delivered,"
said Gerard Dega, President of Alcatel Shanghai Bell.

                          About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications  
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of
EUR13.1 billion and 58,000 employees in 2005, Alcatel operates
in more than 130 countries, including Indonesia, Australia,
Japan, Korea, Taiwan, the Philippines, Thailand, Singapore, and
Vietnam.

                          *     *     *

Moody's Investors Service has placed the Ba1 long-term debt
ratings of Alcatel SA on review for possible downgrade following
its definitive agreement to merge with Lucent Technologies
(rated B1).  The ratings placed on review include Alcatel's
senior, unsecured Eurobonds, convertible bonds, Euro-medium term
notes, its EUR1.0 billion revolving credit facility and its
corporate family rating, all at Ba1 currently.  Alcatel's rating
for short-term debt was affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


ALCATEL SA: Inks EUR53 Million Network Deal with China Mobile
-------------------------------------------------------------
Alcatel S.A. secured three separate GSM and GPRS expansion
contracts with Chinese mobile service providers, Shaanxi Mobile
Communication Company Limited (Shaanxi MCC) and Jiangsu Mobile
Communication Company Limited (Jiangsu MCC), both subsidiaries
of China Mobile.

The contracts, valued at around EUR53 million, were won through
Alcatel Shanghai Bell, Alcatel's flagship company in China.
They confirm Alcatel's growing momentum in the country.

Under the contract with Shaanxi MCC, Alcatel will provide and
install its Evolium GSM/EDGE platform to expand mobile service
in five major cities across Shaanxi Province: Yulin, Yan'an,
Shangluo, Baoji and Xianyang.  To ensure quality of service,
Alcatel has reinforced its rural coverage solution with indoor
and outdoor base stations.

Alcatel will also provide Shaanxi MCC with its Alcatel's
advanced TCA-compliant SGSN (Serving GPRS Support Node), that
will enable nearly one million additional subscribers to take
advantage of enhanced mobile voice and data services, such as
web browsing, video streaming, and instant messaging.

Alcatel's contract with Jiangsu MCC provides for installation of
Alcatel's Evolium GSM/EDGE solutions including Base Stations
(BTS), Base Station Controllers (BSC), Transcoder (TC), Multi-
BSS Fast Packet Server (MFS) and Operation & Maintenance Center
for Radio (OMC-R).  Once deployed the network will serve
subscribers in Jiangsu Province located in the cities of
Nanjing, Yangzhou, Xuzhou, Huaian, Yancheng, Lianyungang, Suqian
and Taizhou. This is the 9th GSM network expansion contract that
Alcatel has secured with Jiangsu MCC.

Alcatel is a leader in providing advanced mobile communication
solutions in China, a position the company established as early
as 1993 when it introduced the country's first GSM system in
Zhejiang Province. To date, Alcatel's Evoliumr solutions have
already been installed in 25 Chinese provinces.

                          About Alcatel

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications  
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.  Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world.  With sales of
EUR13.1 billion and 58,000 employees in 2005, Alcatel operates
in more than 130 countries, including Indonesia, Australia,
Japan, Korea, Taiwan, the Philippines, Thailand, Singapore, and
Vietnam.

                          *     *     *

Moody's Investors Service has placed the Ba1 long-term debt
ratings of Alcatel SA on review for possible downgrade following
its definitive agreement to merge with Lucent Technologies
(rated B1).  The ratings placed on review include Alcatel's
senior, unsecured Eurobonds, convertible bonds, Euro-medium term
notes, its EUR1.0 billion revolving credit facility and its
corporate family rating, all at Ba1 currently.  Alcatel's rating
for short-term debt was affirmed at Not-Prime.

In March 2006, Standard & Poor's Services placed its 'BB' long-
term corporate credit rating on France-based telecommunications
equipment maker Alcatel on CreditWatch with negative
implications.


BANK NEGARA: US$150-Million Fundraising to Close Next Week
----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 3, 2006, PT Bank Negara Indonesia has appointed three
foreign banks -- Standard Chartered Bank, Mizuho and ABN-Amro --
to help it secure US$150 million in syndicated loans.

According to the TCR-AP report, the loan, which will mature in
two to three years, is a strategic way of financing, and will be
used to fund Bank Negara's foreign operations.

In an update, Finance Asia relates that the syndication of Bank
Negara's US$150-million fundraising has yet to close with banks
expected to revert by early next week.  Finance Asia says that
thus far, the dual tranche facility has received commitments
from several banks and that a couple more are still processing
credit approvals.

Finance Asia explains that the financing is split between a
US$50-million two-year tranche that is priced at 45bp over Libor
and US$100-million three-year tranche that carries a margin of
60bp over Libor.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id-- is a financial    
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
a securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service has lifted Bank Negara
Indonesia's senior debt rating to B1 from B2, and long-term
deposit rating to B2 from B3.  The revised ratings carry a
stable outlook.  Bank Negara's short-term deposit rating of Not-
Prime, and bank financial strength rating of E are unaffected.

Another TCR-AP report on May 24, 2006 stated that Fitch Ratings
affirmed Bank Negara's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

Further, another subsequent TCR-AP report on July 17, 2006, said
that Standard & Poor's Ratings Services revised the outlook on
the local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


BANK PERMATA: Denies Reports on Employee Layoff
-----------------------------------------------
PT Bank Permata Tbk, on November 10, 2006, denied reports that
it would cut its employee population for productivity reasons,
according to Antara News.

The report cites Bank Permata Vice President Imam Teguh Satono
as telling the Jakarta Stock Exchange that it was too early for
the bank to come to a decision to cut its personnel in order to
improve its performance.  He said the bank was in the middle of
reviewing its organizational structure, employees' productivity,
capacity planning and business performance in the face of global
competition.

According to Mr. Satono, bank Permata has conducted a pilot
project of the program in its 40 branches in Jakarta, Badung,
Surabaya, and Medan and that the result showed improvements in
the bank's performance by more than 30% in 20 weeks, Antara
notes.

Furthermore, Antara News says that Mr. Samoto said the program
has been carried out in all Bank Permata offices and that the
study to improve the bank's productivity is being implemented,
which is why it is too early to make a decision to cut its
personnel.

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's --
http://www.permatabank.com/-- products and services include    
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

The Troubled Company Reporter -- Asia Pacific reported on
July 5, 2006, that Moody's Investors Service gave Bank Permata
an 'E+' bank financial strength rating, with a positive outlook.

These ratings were unaffected:

   * Long-term/short-term deposit ratings of B2/Not Prime.
     Outlook stable.


CORUS GROUP: Institutional Investors Dispose of Shares
------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Nov. 10, 2006, that due to a sharp reduction in Corus Group
Plc's share prices and dilution of stake by its main
shareholders, the possibility of a bid to counter Tata Steel
Ltd's offer to acquire the company looks remote.

The TCR-AP indicated that 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.

Indian Express relates that large shareholders of Corus are fast
selling their shares in the open market.  According to the
report, three institutional investors -- Alliance Bernstein,
Barclays and Jupiter Asset Management -- have sold their shares
in the company in order to book profits as the current Corus
share price, as shown in the statistics with the London Stock
Exchange, is ruling above Tata Steel's 455-pence offer price.

The report relates that Alliance has sold 28 million shares
since October 6, thus reducing its stake from 5.2% to just 0.9%.  
Barclays Plc has cut its holdings to 4.7% from 6.4% by selling
15.3 million shares, while Aviva excited Corus on November 8.

Indian Express cites a Mumbai steel analyst as saying that the
institutional investors are exiting at higher share price as
they are getting less indications of a counter-bid, which could
be good news for Tata Steel.

On November 8, the report recounts, Corus was trading in the
461-466 pence range against November 7's close of 465.75 pence a
share.  Tata Steel, on the other hand, was trading at IDR493.85,
down 0.7% in a bearish Mumbai stock market.

A regulatory filing with the London Stock Exchange on Nov. 8
showed that ABN Amro, an advisor to Tata Steel, bought Corus
shares.  However, Indian Express notes, Tata Steel clarified
that they have not mandated ABN Amro to buy shares.

The report says that, according to Tata Steel officials, they
would post shareholders with the offer document and that an
extra-ordinary general meeting of shareholders would be held on
December 4 to get their approval on the deal.

Indian Express explains that Tata Steel needs to convince 50% of
shareholders and 75% of the votes made at a special shareholder
meeting about the takeover deal.

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.  


GOODYEAR TIRE: Posts US$48-Mil. Net Loss in 2006 Third Quarter
--------------------------------------------------------------
Including US$126 million in after-tax restructuring charges, The
Goodyear Tire & Rubber Company reported a net loss of
US$48 million during the 2006 third quarter. Of those charges,
US$107 million is related to the previously announced plan to
close the Tyler, Texas, tire plant.

Net income for the first nine months of 2006 was US$28 million
compared to net income of US$279 million during the year-ago
period.  Sales for the first nine months of 2006 were a record
US$15.3 billion, an increase of 3% from US$14.8 billion in the
2005 period.

The results also reflect higher raw material costs of
US$249 million, offset partially by US$225 million of improved
price/mix, and lower tire volume.  During the period, the
company also recorded an after-tax gain of US$10 million from a
supplier settlement, and after-tax expenses of US$7 million
share) related to accelerated depreciation primarily for a
previously announced plant closure in New Zealand.  Net income
in the 2005 quarter was US$142 million.

Goodyear reported third quarter sales of US$5.3 billion, a
record for any quarter and a 6% improvement compared to the
year-ago period excluding the impact of businesses divested in
2005, and despite the strategic decision to exit certain
segments of the private label tire business in North America.

Third quarter 2006 sales were driven by improved pricing and
product mix, particularly in North American Tire, and the
favorable impact of currency translation, estimated at US$77
million.  All five of the company's tire businesses achieved
sales that were a record for any quarter.

Tire unit volume was 55.8 million units in the quarter, compared
to 58.4 million units in the 2005 period.  This 4% decrease was
in part a result of the company's move to exit certain segments
of the private label tire business in North America.  Revenue
per tire increased 8% compared to the third quarter of 2005.

"Despite ongoing market weakness in North America and record
high raw material costs, we continue to demonstrate the strength
of our business model changes and successful product portfolio,"
said Chairman and Chief Executive Officer Robert J. Keegan.

"After a challenging first half, our European Union business
achieved year-over-year improvements in sales, units and segment
operating income.  Our key business strategies are also
continuing to drive excellent results in the Asia Pacific, Latin
America and Eastern Europe, Middle East and Africa tire
businesses," he said.

"Although we are in the midst of a strike by the United
Steelworkers in North America, we continue to work hard for a
contract that is fair to all stakeholders and puts Goodyear on a
level playing field with our competitors," Mr. Keegan said.  "In
the meantime, we are executing on our contingency plans to
continue providing our customers with outstanding value,
products and services."

                          Segment Results

Third quarter total segment operating income was US$313 million,
a decrease of 5% compared to US$330 million in the 2005 period.
The European Union; Eastern Europe, Middle East and Africa, and
Asia Pacific businesses each achieved segment operating income
records. Prior-year segment operating income benefited from US$8
million related to businesses divested in 2005.

North America

North American Tire's sales were a record for any quarter, and
increased 5% compared to the year-ago period excluding the
impact of divestitures in 2005, as a result of strong sales in
the chemical and other tire related businesses, and favorable
price and product mix, led by high-value Goodyear and Dunlop
branded tires.

Third quarter segment operating income was US$19 million,
compared to US$58 million in the prior year period, reflecting
lower volume resulting from reduced demand in the consumer
replacement market, the exit from the wholesale private label
business, and higher costs related to lower production.
Favorable price and product mix of US$103 million partially
offset approximately US$108 million in higher raw material
costs.  Segment operating income also benefited from lower SAG
expenses and higher operating income from other tire related
businesses.

Divestitures in 2005 reduced third quarter 2006 sales by
approximately US$61 million, segment operating income by US$8
million, and volume by 200,000 units.

The 2005 quarter also included approximately US$10 million of
costs associated with Hurricanes Katrina and Rita in the U.S.
Gulf Coast region.

European Union

European Union Tire's sales were a record for any quarter and
12% higher than in the 2005 quarter, due primarily to improved
pricing and product mix, the impact of foreign currency
translation, estimated at US$61 million, and higher volume.

Segment operating income was a third-quarter record.  The
increase primarily reflected improved pricing and product mix,
as increased sales of consumer replacement tires -- especially
winter tires -- compensated for a decline in OE unit sales.
Lower SAG expense also helped to partially offset higher raw
material costs, estimated at US$66 million.

Eastern Europe

Eastern Europe, Middle East and Africa Tire's sales were a
record for any quarter and up 9% compared to the third quarter
of 2005 due to improved pricing and product mix, and higher
volume.  The company estimates currency translation had a
negative impact on sales of approximately US$10 million in the
third quarter.

Segment operating income was a record for any quarter, and
represented a 20% improvement over 2005.  This gain was due to
improved pricing and product mix and higher volume.  These
offset higher raw material costs, estimated at US$17 million.

Latin America

Latin American Tire's sales were a record for any quarter and
increased 9% compared to the prior-year period due to higher
volume, the favorable impact of currency translation, estimated
at US$9 million, and favorable pricing and product mix.

Segment operating income was flat compared to the 2005 quarter,
as the approximately US$7 million favorable impact of currency
translation, higher volume, and improved pricing and product
mix, were offset by higher raw material costs, estimated at
US$26 million.

Asia Pacific

Asia Pacific Tire's sales were a record for any quarter and a 7%
increase compared to the 2005 period due to improved pricing and
product mix and favorable currency translation, estimated at
US$2 million, partially offset by lower volume.

Segment operating income was a record for any quarter and a 17%
improvement compared to the 2005 quarter as a result of improved
pricing and product mix, offset in part by higher raw material
costs, estimated at US$22 million, and lower volume.

Engineered Products

Engineered Products' third quarter 2006 sales decreased 9% due
to lower volume, primarily related to anticipated declines in
military sales.  This offset improved pricing and product mix,
as well as favorable currency translation of approximately US$4
million.

Segment operating income increased 15% due primarily to a
favorable legal settlement with a supplier of approximately
US$10 million.  Pricing and product mix improved compared to the
prior-year quarter, but higher raw material costs, estimated at
US$10 million, and lower volume had a negative impact on
results.

                        Contract Proposal

Goodyear disclosed that its bargaining team is returning to
Cincinnati in the hopes USW representatives will return to
discussions.  The company says its union proposal includes
provisions to protect employment levels at all tire
manufacturing plants other than Tyler, Texas, which the company
has announced the intention to close.  Also included is a
proposal to contribute US$660 million to a Voluntary Employees
Beneficiary Association, an independent trust fund that would
provide retiree health care benefits to USW members and would
eliminate the portion of Goodyear's post-retirement health care
obligations related to the USW workforce.

                       About Goodyear Tire

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

                          *     *     *

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

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

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

Goodyear Dunlop Tires Europe B.V. (GDTE)

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

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

Issuer: The Goodyear Tire & Rubber Company

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

   Second Lien Term
   Loan                   B2       Ba3     LGD 3      35%

   Third Lien Secured
   Term Loan              B3       B2      LGD 4      63%

   11% Senior Secured
   Notes                  B3       B2      LGD 4      63%

   Floating Rate Senior
   Secured Notes          B3       B2      LGD 4      63%

   9% Senior Notes        B3       B2      LGD 4      63%

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

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

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

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

   7% Senior Notes        B3       B3      LGD 6      94%

   Senior Unsecured
   Convertible Notes      B3       B3      LGD 6      94%

Issuer: Goodyear Dunlop Tires Europe B.V.

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

   Euro Secured
   Term Loan              B1       Ba1     LGD 2      10%


TELKOMSEL INDONESIA: Awards 3G Construction Contract To Siemens
---------------------------------------------------------------
PT Telekomunikasi Selular Indonesia awarded Siemens Network LLC
a contract for the construction of a 3G Network, 3g.co.uk
relates.

The report says that the framework agreement between the two
companies will run for three years and covers delivery of 3G
radio access networks and radio relay technology for large parts
of Telkomsel's network as well as turnkey implementation and
technical services for network operations by Siemens.

Telkomsel's goal, according to 3G.co, is to supply the entire
country with 3G network services.

The reports notes that Indonesia's eastern regions will profit
particularly from the high technical standard of Siemens mobile
communications technology.

Siemens is supporting Telkomsel by supplying, installing and
operating a 3G-radio access network.  Components of such a
network include base stations and radio network controllers, for
wide area transport it will also supply radio relay technology
based on the Synchronous Digital Hierarchy and Plesiochronous
Digital Hierarchy standards, 3G.co says.

Furthermore, 3G.co states, the contract strengthens Siemens'
market position in Indonesia and in the Asia Pacific region in
general.  The contract also represents the continuation of a
strategic relationship with Telkomsel that has developed since
the construction of the 2G network for the carrier.

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

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

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

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

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

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

ALL NIPPON: Dropping Fuel Costs Lead to Lower Int'l Fares
---------------------------------------------------------
All Nippon Airways Co. is seen to decrease fares on its
international routes in January 2007 due to lower fuel costs,
Kyodo News cites industry sources as saying.

According to The Japan Times, the airlines is expected to lower
fuel surcharges -- levied separately from regular flight fares
-- by up to JPY1,100 per one-way flight for the first cut in
fuel surcharges since the surcharge system was introduced last
year.

Kyodo notes that fuel surcharges on a one-way ticket from Japan
to Thailand or Singapore will be lowered by JPY1,100 to JPY8,900
and those for one-way trips to Europe or Northern America by
JPY600 to JPY13,000.

The report explains that a cut in fuel surcharges would reduce
All Nippon's revenue by nearly JPY500 million for the current
business year because it procured most of their current supply
when fuel costs were higher.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline  
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said that the credit quality gap
between Japan's top two airlines continues to widen with All
Nippon Airways Co. Limited -- rated 'BB+'/Stable -- benefiting
from market improvements, while its rival, Japan Airlines
Corporation -- rated 'BB-'/Stable -- continues to be grounded by
internal woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


ALL NIPPON: Converts Two 767 Freighter Options into Firm Orders
---------------------------------------------------------------
All Nippon Airways decided to exercise two of four options for
767-300 Boeing Converted Freighters, bringing the total number
of firm orders to five.  The freighters will be operated by
ANA's cargo arm, ANA&JP Express, for late night domestic cargo
services as well as short and medium haul international cargo
flights to other countries within Asia.

ANA became the launch customer of the 767 Boeing Converted
Freighter programme in November last year, with an initial order
for three aircraft to be delivered between December 2007 and
October 2008.  These latest orders will be delivered by the end
of fiscal year 2009 (ending March 31, 2010), as ANA builds up
its cargo fleet in line with its aim to make cargo the third
pillar of its business, alongside domestic and international
passenger operations. The delivery schedule of production and
converted models is shown below.

As part of its fleet renewal and rationalization plans, ANA will
replace its fleet of 767-300ER passenger aircraft with the
highly efficient Boeing 787 from May 2008.  The conversion
option allows ANA to make use of its existing 767-300ER aircraft
beyond retirement from passenger operations, as freighter
aircraft typically have a longer life-cycle than passenger
aircraft of the same type.  It also secures a cost saving, as
the conversion comes in at a fraction of the US$150 million list
price of a brand new 767-300F Freighter.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline  
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said that the credit quality gap
between Japan's top two airlines continues to widen with All
Nippon Airways Co. Limited -- rated 'BB+'/Stable -- benefiting
from market improvements, while its rival, Japan Airlines
Corporation -- rated 'BB-'/Stable -- continues to be grounded by
internal woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


AOZORA BANK: Sets Public Offering Price at JPY570 Per Share
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Oct. 24, 2006, that Aozora Bank Ltd. would list its shares on
the Tokyo Stock Exchange on Nov. 14, to raise up to
US$3.3 billion for its investment fund owners in Japan's biggest
public offering in eight years.

The International Herald Tribune cites Aozora Bank as saying
that its shareholders, including United States-based buyout fund
Cerberus Partners, raised JPY351 billion, or US$2.97 billion, in
an initial public offering of the firm, pricing the stock at the
low end of the target range.

The Japan Times says that investors sold 37% of Aozora in the
initial public offering.

According to Kyodo News, Aozora Bank had set the public offering
price of its shares at JPY570 per share for its Nov. 14
relisting.  The Tribune notes that investors were offered 615.98
million shares at between JPY550 and JPY610.

Aozora, which is the successor to Nippon Credit Bank, will offer
some 666.61 million shares in secondary sales, bringing the
total value of sales to some JPY380 billion, The Japan Times
says.

Kyodo News explains that for the share offering, the government
will convert some JPY100 billion worth of preferred Aozora
shares, issued by the bank in return for receiving an injection
of JPY284 billion in public funds, into common shares and sell
them on the market.

According to the report, while the government sale is expected
to raise JPY130 billion, the difference from the principal
amount of JPY100 billion will go into government coffers.

Goldman Sachs Group, Morgan Stanley and Nikko Citigroup arranged
the Aozora sale.

The Tribune notes that Cerberus is selling part of its
controlling stake after returning the former NCB -- which was
delisted in December 1998 before it was sold to a group of firms
in 2000 and renamed Aozora Bank -- to profit.

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit    
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

Fitch Ratings, on October 23, 2006, affirmed the Bank's
individual and support ratings at 'C' and '3'.  The outlook on
the ratings is stable.


JAPAN AIRLINES: To Cut International Fares in January 2007
----------------------------------------------------------
Japan Airlines Corp. is expected to lower fares on its
international routes in January 2007 due to dropping fuel costs,
Kyodo News says, citing industry sources.

Moreover, the report says that JAL is expected to lower fuel
surcharges -- levied separately from regular flight fares -- by
up to JPY1,100 per one-way flight for the first cut in fuel
surcharges since the surcharge system was introduced in 2005,
the sources said.

The Japan Times notes that fuel surcharges on a one-way ticket
from Japan to Thailand or Singapore is expected to be lowered by
JPY1,100 to JPY8,900 and those for one-way trips to Europe or
Northern America by JPY600 to JPY13,000.

According to the report, a cut in fuel surcharges would reduce
revenue at JAL for the current business year because it procured
most of its current supply when fuel costs were higher.  
Specifically, JAL's revenues are expected to be pushed down by
more than JPY1 billion.

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.

As of March 31, 2006, JAL's debt amounted to JPY1.93 trillion,
whereas shareholders' equity stood at JPY148.1 billion.

The Troubled Company Reporter - Asia Pacific stated on May 12,
2006, that JAL posted a consolidated net loss of
JPY47.24 billion for the business year 2005 ended March 31,
2006, due to safety-related incidents in 2005 that caused
passengers to shift to its rival All Nippon Airways, and an
increase in aviation fuel costs.

                          *     *     *

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
Company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the Company, which is three notches lower than
investment grade, whereas Moody's Investors Service gave Ba3
senior unsecured and issuer ratings for Japan Airlines
International Co., Ltd., as well as its Ba3 issuer rating for
Japan Airlines Domestic Co., Ltd.  On July 20, 2006, Standard &
Poor's Ratings Services had affirmed its B+ long-term corporate
credit and senior unsecured debt ratings on the Company.


TREND MICRO: Announces Results of Share Buyback  
-----------------------------------------------
Trend Micro Inc., a leader in network anti-virus and Internet
content security software and services, disclosed the results of
its share buyback program pursuant to Article 165(2) of the
Corporation Law of Japan.

The share buyback program was approved pursuant to a resolution
adopted at a meeting of the Board of Directors held on
August 21, 2006.

     1. Purchase period:

        From August 22, 2006 to September 20, 2006 (based on
        trade date)

     2. Number of shares purchased:

        2,000,000 shares

     3. Aggregate cost of shares purchased:

        6,809,730,000 yen

     4. Purchase method:

        Transactions through the Tokyo Stock Exchange

At the August 21 meeting, the Board adopted a resolution
approving the share buyback program such that:

    (1) Class of Capital Stock to be Purchased:

        Shares of Common Stock

    (2) Number of Shares to be Purchased:

        Up to 2 million shares

    (3) Total Purchase Price:

        Up to JPY7 billion

    (4) Schedule:

        From August 22, 2006, to September 30, 2006

                        About Trend Micro

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

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


* Life Insurers' Earnings May Be Ratings-Positive, Moody's Says
---------------------------------------------------------------
Moody's Investors Service has an overall positive view on its
rated universe of Japanese life insurers, based on those
companies' improved capital adequacy -- backed by earnings
accumulation thanks to strategic decisions to enter medical
insurance and annuity insurance businesses -- and their
potential to reduce investment risk in the case of an interest
rate rise, says the rating agency in a new report.

The report, "Japanese Life Insurance," comments that in addition
to the continuing positive outlook for the industry, so far in
2006 the capital adequacy enhancements have led to upgrades of
many of the 13 Japanese life insurers that Moody's rates.

As demographics have evolved and customer demand changed,
insurers have shifted their product portfolios, increasing their
focus on medical insurance and annuity insurance rather than
only death insurance.  Involvement in these businesses has been
underpinning insurers' earnings accumulation, which has
strengthened capital bases.

"Currently, many domestic life insurers have a relatively high
portion of equity in their investment portfolios, partly due to
a rise in equity markets.  If interest rates materially go up,
that would be an opportunity to transfer money invested in
equity into domestic bonds, which, along with decreasing
negative spread, could be a positive rating driver," explains
Masahiko Miwa, Moody's Analyst and the author of the report.

On the other hand, the report states that if insurers leave
their money on the table and continue to expose their economic
net worth to equity market volatility, the equity exposures will
continue to weigh on their credit profiles.  Moody's also notes
that insurers' involvement in variable annuity products with
minimum guarantees could increase their exposures to the equity
market, depending on their product designs.


* Tokyo Stock Exchange Completes Capacity Boost
-----------------------------------------------
The Tokyo Stock Exchange disclosed that it has raised its
trading capacity to 14 million transactions per day, up from
12 million, as part of a revamp, which it announced earlier this
year, says Kyodo News.

According to the report, the TSE has boosted trading system
capacity in stages after a glitch paralyzed what is known as the
world's second-largest bourse for half a day in November 2005,
forcing it to suspend all stock trading.

In January 2006, the market was forced to shorten trading hours
for shares in Livedoor Co. as a rush of sell orders flooded the
system after the firm was raided over alleged securities law
violations, Kyodo News recounts.


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

AMKOR TECHNOLOGY: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. technology semiconductor and
distributor sector, the rating agency affirmed its Caa1
corporate family rating on Amkor Technology, 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$300MM Guaranteed
   Senior Secured
   2nd Lien Term Loan
   due 2010                B3       B1      LGD1        7%

   US$500MM
   9.25% Sr. Unsecured
   Notes due 2008         Caa3     Caa1      LGD3      44%

   US$400MM 9.25% Sr.
   Unsecured Notes
   due 2016               Caa3      Caa1     LGD3      44%

   US$425MM 7.75% Sr.
   Unsecured Notes
   due 2013               Caa3      Caa1     LGD3      44%

   US$250MM 7.125%
   Sr. Unsecured
   Notes due 2011         Caa3      Caa1     LGD3      44%

   US$200MM 10.50% Sr.
   Subordinated Notes
   due 2009                Ca       Caa2     LGD5      75%

   US$190MM 2.50%
   Convertible Sr.
   Sub Notes due 2011      Ca       Caa3     LGD5      84%

   US $258.8MM 5.00%
   Convertible Subor.
   Notes 2007              Ca       Caa3     LGD6      94%

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%).

                      About Amkor Technology

Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) --
http://www.amkor.com/-- provides advanced semiconductor     
assembly and test services.  The company offers semiconductor
companies and electronics original equipment manufacturers a
complete set of microelectronic design and manufacturing
services.  It has sales and manufacturing offices in Japan,
China, Taiwan, the Philippines and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services lowered its corporate and
other ratings on Amkor and placed the ratings on CreditWatch
with developing implications.  The corporate credit rating was
lowered to 'CCC' from 'B-'.  The downgrade followed Amkor's
announcement that it received notice from the trustees of $1.6
billion of its senior and subordinated notes that the delay in
filing its Form 10-Q for the June quarter constitutes a default
under the notes.


DRESSER: Enters Into New US$935 Mil. Sr. Secured credit Facility
----------------------------------------------------------------
Dresser, Inc., has entered into a new US$935 million senior
secured credit facility as of Oct. 31, 2006.

The facility provides for a seven-year US$785 million term loan
and a six-year US$150 million revolving credit facility, which
is available to be drawn upon for general corporate purposes and
to support letter of credit obligations.  No borrowings are
currently outstanding under the revolver.

The proceeds of the new term loan were used to refinance the
company's US$70 million of borrowings under its senior secured
credit facility, US$125 million of borrowings under its senior
unsecured term loan, and the US$550 million principal amount of
its 9-3/8% senior subordinated notes, and to pay certain fees
and expenses.

Under the terms of the company's previously announced tender
offer and consent solicitation, it has purchased approximately
US$503 million principal amount of its senior subordinated
notes, or approximately 91 percent of the outstanding issue.  
The company previously announced its receipt of the requisite
consents from holders of the notes to amend the
governing indenture.  With the closing of the tender offer, the
amendments are now operative.

The company has issued an irrevocable notice to redeem the
remaining senior subordinated notes on Nov. 30, 2006, at a price
of 104.688% of par plus accrued and unpaid interest.

                       About Dresser, Inc.

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets   
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500  employees and a
sales presence in over 100 countries worldwide, including Korea
and Japan.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
October 23, 2006, that Standard & Poor's Ratings Services
assigned its 'B' senior secured rating and its '3' recovery
rating to Dresser Inc.'s US$935 million credit facilities.  
Moody's Investors Service assigned a B1, LGD 3 (37%) rating to
those credit facilities.

Moody's Investors Service downgraded Dresser, Inc.'s Corporate
Family Rating to B1 from Ba3.  The rating for the Company's
Senior Secured Tranche C Term Loan maturing 2009 was downgraded
to B1 from Ba3.  Moody's also downgraded the rating for the
Company's Senior Unsecured Term Loan maturing 2010 to B2 from
B1.  The Company's Senior Subordinated Notes maturing 2011 was
downgraded to B3 from B2.  Moody's said the rating outlook is
negative.


HYNIX SEMICONDUCTOR: Toshiba's Infringement Claim Rejected
----------------------------------------------------------
The United States International Trade Commission on November 7,
2006, rejected Toshiba Corp.'s claims that Hynix Semiconductor
Inc. infringed the Japanese firm's patents for NAND flash memory
chips.

Toshiba filed the infringement complaint with the Commission in
October 2005, The Chosun Ilbo relates.  The Japanese company
asked the ITC judge to ban Hynix-made NAND flash memory chips
from import and sale in the United States.

According to the Korean newspaper, the decision puts Hynix in an
advantageous position in the final ruling, to be issued before
February 2007, as well as in parallel lawsuits in Japan and the
U.S. Toshiba-filed suit against Hynix with the Tokyo District
Court and a U.S. district court in Texas in November 2004.

Toshiba, however, believes the fight isn't over yet.

Toshiba asserts that the decision is erroneous and will file a
petition seeking a review by the full ITC, The Wall Street
Journal says, citing a Toshiba spokesman's statement.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.    
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


KOREA EXCHANGE BANK: Net Income Plunges 90% to KRW52 Billion
------------------------------------------------------------
Korea Exchange Bank reports KRW52 billion in net income for the
quarter ended September 30, 2006, a 90% plunge from the
KRW523 billion recorded in the corresponding quarter last year
and down 92% from the previous quarter's KRW629 billion.

KEB attributed the plunge to the amount that the National Tax
Service forced to set aside because of the Bank's alleged tax
reduction when it absorbed its ailing credit-card unit, KEB
Credit Service Co., in 2004.

The KRW52-billion net was arrived at after providing KRW247.2
billion for preliminary tax assessment by the NTS, KEB points
out in a press release.

NTS in October, after a seven-month audit, issued a preliminary
tax assessment for FY2001 through FY2004 totaling KRW311
billion, requiring KEB to remit KRW 174 billion after reflecting
the bank's remaining NOL and other factors, KEB relates.  

KEB strongly disagrees with the most significant elements of the
preliminary assessment and has formally filed for review and
appeal of items totaling KRW294billion.

"Under Korean accounting regulations, upon receipt of a
preliminary tax assessment, the taxpayer must reflect the full
amount of the assessment in its financial statements, regardless
of the merit of the items assessed or the probability of winning
appeals," KEB explains.  "As a result, the bank set aside KRW247
billion of provisions for the assessment, after reflecting the
impact of deferred tax provisions and the bank's NOL.  This
reduced KEB's reported net income by KRW179 billion, and if the
final notice of taxation is unchanged, net income in future
periods will be reduced by an additional KRW68 billion as this
provision is recognized as tax expense."

Exclusive of the tax provision, KEB believes it delivered
continued strong business results while maintaining industry-
leading asset quality levels.

"Total delinquency was just 0.97% and KEB's non-performing loan
ratio stood at just 0.69% as of September-end, with healthy
reserve coverage of more than 175% of NPLs," according to the
release.  "The bank's capital levels remain very strong with BIS
capital adequacy ratio estimated at 13.7% and Tier 1 capital of
approximately 10.7%."

The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that United States-based Lone Star Funds agreed
to sell its 64.62% stake in KEB to Kookmin Bank.

The completion of the sale has been threatened with
disagreements in purchase price between the parties and the
investigation of Lone Star for alleged stock-price manipulation.

                          *     *     *

A full-text copy of the presentation of KEB's results for the
quarter ended September 30, 2006, is available for free
at http://bankrupt.com/misc/KEB3QResultsPresentation.pdf

                    About Korea Exchange Bank

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

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

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

                          *     *     *

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

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

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


* IMF Sees 4.3% Growth in Korea's Economy in 2007
-------------------------------------------------
Korea's economy is expected to grow 4.3% next year, slowing from
this year's estimated 5% gain on a slowdown in private spending
and the global economy, the Korean government's Web site cites
the International Monetary Fund as saying.

The Korean economy grew 4.6% annually in the third quarter of
the year, slowing from the 5.3% year-on-year growth recorded in
the second quarter from a slowing recovery in domestic
consumption.

Despite the Korean economy's modest slowdown, IMF believes the
Korean economy remains fundamentally in good shape but faces
significant risks.

"Consumption growth is moderating, but this was not unexpected
in light of an extended period of consumption growing faster
than personal incomes and rising consumer debt," Korean.net
cites IMF - Asia Pacific Assistant Director Jerald Schiff, as
saying.  "Korea has continued its impressive export performance,
and this is expected to continue, with only a modest slowdown in
response to lower growth in key industrial economies."


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

ANTAH HOLDINGS: Total Default for October Tops MYR236 Million
-------------------------------------------------------------
Antah Holdings Bhd filed with the Bursa Malaysia Securities Bhd
its status of default to credit facilities as of Oct. 31, 2006.

As of Oct. 31, Antah Holdings' default plus interest owed to
financial institutions totals MYR236,401,000 that consists of:

      Lender                                Loan Facility
      ------                                -------------
* RHB Sakura Merchant Bankers Berhad        MYR5,800,000
* RHB Bank Berhad                      MYR2,164,000
                                             MYR3,124,000
* OCBC Bank Berhad                          MYR5,846,000
                                             MYR1,000,000
* Mizuho Corporate Bank Ltd                MYR27,968,000
* Standard Chartered Bank                   MYR4,660,000
   Malaysia Berhad
* EON Bank Berhad                           MYR3,500,000
* Bank of Tokyo-Mitsubishi (M) Berhad       MYR1,500,000
* Aseambankers Malaysia Berhad                MYR800,000
* AmBank Berhad                               MYR800,000
* Arab Malaysian Bank Berhad                MYR3,000,000
* Bank Pertanian Malaysia                   MYR6,500,000
* Malayan Banking Berhad                   MYR10,912,000
* DBS Bank Ltd                            MYR140,000,000
* Deutsche Bank (M) Berhad                  MYR4,000,000
* Affin Bank Berhad                         MYR5,000,000
* Malayan Banking Berhad                    MYR8,000,000
                                             MYR1,827,000
                                             ------------
     Total Default In Payment              MYR236,401,000

The TCR-AP reported on Oct. 16 that as of Sept. 30, 2006, the
company's total default plus interest owed to credit facilities
amounted to MYR255,305,000.

                      About Antah Holdings

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--     
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.  The Group discontinued its
beverage and security services operations.  The Group operates
in Malaysia, Australia, United Kingdom, and Singapore.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR678.492 million and total liabilities of
MYR1.039 billion, resulting into a shareholders' equity deficit
of MYR361.167 million.


JIN LIN: Suspends Trading to Facilitate Scheme of Arrangement
-------------------------------------------------------------
Jin Lin Wood Industries Bhd disclosed on Nov. 2, 2006, that
it will suspend its shares trading from 9:00 a.m., on Nov. 8,
2006, to facilitate the Scheme of Arrangement with shareholders.

As reported by the Troubled Company Reporter - Asia Pacific, on
Oct. 23, 2006, Jin Lin's Scheme of Arrangement with shareholders
entails:

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

   (ii) the consolidation of 44,000,000 ordinary shares of
        RM0.20 each in Jin Lin into 8,800,000 Jin Lin Shares
        upon completion of the reduction;

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

   (iv) Gefung Holdings' allotment and issuance of 8,800,000 new
        ordinary shares of MYR1.00 each at par to the
        shareholders of Jin Lin, credited as fully paid-up on
        the basis of one new Gefung Share for every one Jin Lin
        Share held after the consolidation, which is in
        consideration for the cancellation; and

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

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

The Registrar can be reached at:

         Symphony Share Registrars Sdn Bhd
         Level 26, Menara Multi-Purpose
         Capital Square, No. 8
         Jalan Munshi Abdullah
         50100 Kuala Lumpur
         Telephone: 03-27212222
         Facsimile: 03-27212530

                          About Jin Lin

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

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

Moreover, the company was classified as an affected listed
issuer under Practice Note 4 of the Listing Requirements of
Bursa Malaysia Securities Berhad.  In view with this, the
company is required to make monthly announcement regarding its
regularization plan.


MYCOM BERHAD: To Hold 39th Annual General Meeting on Dec. 6
-----------------------------------------------------------
Mycom Bhd will hold its 39th annual general meeting on
Dec. 6, 2006, at 11:30 a.m., at the Crystal Ballroom, Level 1,
Corus Hotel Kuala Lumpur in Jalan Ampang, 50450 Kuala Lumpur.

At the meeting, these resolutions will be passed:

   -- to receive and adopt the Audited Financial Statements for
      the financial year ended June 30, 2006, together with the
      reports of the directors and auditors thereon;

   -- to approve the payment of directors' fees for the
      financial year ended June 30, 2006;

   -- to consider the re-election of Director Dato' Yap Yong
      Seong, who will retire in accordance with Article 85 of
      the company's Articles of Association;

   -- to consider the re-appointment of Directors Tan Sri Dato'
      Jaffar bin Abdul, Dato' Murad Mohamed Hashim, Tan Sri Dato
      Sri Abang Ahmad Urai bin Datu Hakim Abg. Hj. Mohideen, and
      Tan Sri Dato' Haji Lamin bin Haji Mohd Yunus who have
      attained the age of seventy pursuant to Section 129(6) of
      the Companies Act, 1965;

   -- to re-appoint Ernst & Young as the company's auditors and
      authorize the directors to fix their remuneration;

   -- that pursuant to Section 132D of the Companies Act,
      1965, and subject to the approval of the relevant
      authorities, the directors are will be empowered to
      issue shares in the company, at any time and upon
      the terms and conditions the purpose as the directors
      may, in their absolute discretion, deem fit, provided
      that the aggregate number of shares issued pursuant
      to Resolution does not exceed 10% of the issued
      capital of the company for the time being and also to
      empower the directors to obtain the approval for the
      listing of and quotation for the additional shares
      issued to Bursa Malaysia Securities Berhad.  The
      authority will continue in force until the conclusion
      of the company's next annual general meeting;

   -- that pursuant to Chapter 10.09 of the Listing
      Requirements of Bursa Securities, approval will be
      given for the company and its subsidiaries to enter
      into and give effect to categories of recurrent
      related party transactions provided that the
      provision of the financial assistance is fair and
      reasonable to the company and not detrimental to the
      company and its shareholders;

   -- that provided the revenue or trading transactions of,
      which are necessary for the Group's day-to-day operations
      in the ordinary course of business made on an arm's length
      basis and on normal commercial terms are not more
      favorable to the related parties than those generally
      available to the public and not detrimental to the
      minority shareholders of the company; and will continue in
      force until:

     (i) the conclusion of the company's next annual general
         meeting following the annual meeting, in which the
         Mandate was passed and will lapse, unless by a
         resolution passed at a general meeting, the authority
         is renewed; or

    (ii) the expiration of the period within which the next
         annual meeting after the date required to be held
         pursuant to Section 143(1) of the Companies Act, 1965
         (but shall not extend to such extension as may be
         allowed pursuant to Section 143(2) of the Companies
         Act, 1965); and

   (iii) revoked or varied by resolution passed by the
         shareholders in general meeting, whichever is earlier.

   -- to authorize the company's directors and its subsidiaries
      to complete and do all the acts and things including
      executing all the documents as they may consider
      necessary or expedient to give effect to the Mandate.

                       About Mycom Berhad

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

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


OLYMPIA INDUSTRIES: 25th AGM Slated for December 6
--------------------------------------------------
Olympia Industries Bhd will hold its 25th annual general meeting
on Dec. 6, 2006, at 10:00 a.m., at the Crystal Ballroom, Level 1
in Corus Hotel Kuala Lumpur Jalan Ampang, 50450 Kuala Lumpur,
Malaysia.

At the meeting, the company's shareholders will be asked to:

   -- receive and adopt the Audited Financial Statements for the
      financial year ended June 30, 2006, together with the
      reports of the directors and auditors;

   -- approve the payment of directors' fees for the financial
      year ended June 30, 2006;

   -- re-elect Directors Yap Wee Keat and Ong Hang @ Wong Phang
      who retired in accordance with Article 80 of the Company's
      Articles of Association;

   -- consider the re-appointment of the Directors Tun Dato'
      Seri Abdul Hamid bin Haji Omar, Tan Sri Dato' Jaffar bin
      Abdul and Tan Sri Dato' Wan Sidek bin Wan Abd Rahman who
      have already attained the age of seventy pursuant to
      Section 129(6) of the Companies Act, 1965;

   -- re-appoint Ernst & Young as the company's Auditors and
      authorize the directors to fix their remuneration.

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

   -- renew the existing  Shareholders' Mandate for Recurrent
      Related Party Transactions of a revenue or trading nature;

   -- authorize the company's directors to complete and do all
      the acts and things (including executing all the documents
      as may be required) as they may consider expedient or
      necessary to give effect to the Mandate; and

   -- continue in force the Mandate until the next annual
      general meeting unless revoked or varied by the Company in
      a general meeting or the expiration of the period within
      which the next annual general meeting is required to be
      held pursuant to Section 143(1) of the Companies Act, 1965
      (but shall not extend to such extension as may be allowed
      pursuant to Section 143(2) of the Act) whichever is
      earlier.

                    About Olympia Industries

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

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


OLYMPIA INDUSTRIES: To Complete Restructuring by January 2007
-------------------------------------------------------------
Olympia Industries Bhd disclosed on Oct. 31, 2006, that pursuant
to its Restructuring Scheme, it is working towards the
completion of these major outstanding events within their
proposed timelines:

                                                      Status of
Outstanding Events        Proposed Timeline      Implementation
------------------        -----------------      --------------
* Execution of trust          Middle of    The trust deeds and
   deeds/deed polls and        Nov. 2006        deed polls been
   other creditors'              executed on Oct. 2006
   agreements

* Books Closing Date          Middle of      To be implemented
   for the Capital Reduction,  Nov. 2006
   Capital Consolidation and
   Rights Issue with Warrants

* Books Closing Date for      End of         To be implemented
   the Capital Reduction,      Nov. 2006
   Capital Consolidation and
   Rights Issue with Warrants

* Dispatch of Abridged        Dec. 2006      To be implemented
   Prospectus, Rights
   Subscription Forms and
   Notice of Provisional Allotment

* Listing of the new          Jan. 2007      To be implemented
   OIB shares, warrants,
   Irredeemable Convertible
   Unsecured Loan Stocks,
   Redeemable Unsecured Loan
   Stocks and Irredeemable
   Convertible Bonds on the
   Bursa Malaysia Securities Berhad

In order to facilitate the prescribed timeline requirement for
the implementation of the Rights Issue with Warrants as set out
in the Bursa Securities' Listing Requirements, Olympia
Industries believes that the Restructuring Scheme will only be
completed on Jan. 2007.  

However, the SC, through its letter dated Sept. 15, 2006,
stipulated that the Restructuring Scheme must be completed by
Dec. 31, 2006.  

In this regard, the company intends to file an application for
the SC to extend the time immediately after the first two
outstanding events are completed.

                    About Olympia Industries

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

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


OLYMPIA INDUSTRIES: Unit Receives Wind-Up Petition
--------------------------------------------------
On Oct. 31, 2006, Mascon Sdn Bhd, a 71% owned subsidiary of
Olympia Industries Bhd, had been served with a wind-up petition
by Poh Loy Earthworks Sdn Bhd.

The Petitioner claims MYR7,178,794.98, which mainly made up the
outstanding amount of MYR4,785,105.59 and interest charge of
8% per annum, against Mascon.

However, Mascon claims that:

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

   -- in consideration of the Petitioner's request for Mascon to
      assign to the Petitioner, the right to recover the
      outstanding amount directly from the project owner.

Poh Loy was a contractor for earthworks at a project site
located in Cheras, Daerah Ulu Langat in Selangor.

The wind-up proceedings will have no material financial and
operational impact on the Group.

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

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

Further to the announcement made on Nov. 1, 2006, on subject-
captioned, the company wishes to inform that its interest rate
charged on the outstanding amount was at 8% per annum.

                    About Olympia Industries

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

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


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

AIR NEW ZEALAND: ANZES Receives US$3 Mln Maintenance Contract
-------------------------------------------------------------
United Kingdom airline Thomsonfly has awarded a US$3 million
contract to Air New Zealand Limited's engineering services
division, ANZES, for the installation of a new in-flight
entertainment system and heavy maintenance checks on nine B767-
300 aircraft.

"We are delighted with the outcome of what has been a demanding
selection process," says Thomsonfly Managing Director Colin
Mitchell.

"We needed to be comfortable that our maintenance provider had
the technical and organisational skills to complete the program
to the high standards we expect in the timeframe required.  We
found that provider in ANZES."

The work will be carried out in ANZES' Auckland facility from
November 2006 to May 2007 in preparation for Thomsonfly's summer
schedule.

The program covers seven heavy maintenance checks and
installation of the latest Panasonic eFX Audio Visual on Demand
(AVOD) in-flight entertainment system on five aircraft.

Air New Zealand's general manager of technical operations, Chris
Nassenstein, says "ANZES has a strong reputation of engineering
excellence within our region but we take pride in the fact that
Thomsonfly awarded us this contract against global competition."

"We look forward to developing our relationship with Thomsonfly
well into the future," Mr. Nassenstein says.

                        About Thomsonfly

Thomsonfly is part of TUI AG, the largest tourism and travel
services group in the world.  Thomson is the U.K.'s largest tour
operator and Thomson Travel Shops are the U.K.'s biggest travel
agency.  Thomsonfly has a fleet of 47 aircraft and carries over
eight million passengers each year from 20 U.K. airports to more
than 80 destinations in 37 countries.  Thomsonfly has been
awarded the Investors in People award three times in recognition
of its commitment to training and development.

                      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.


B & R MARKETING: Appoints Joint and Several Liquidators
-------------------------------------------------------
On October 19, 2006, Iain Andrew Nellies and Paul William
Gerrard Jenkins were appointed as joint and several liquidators
of B & R Marketing Ltd.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         Insolvency Management Limited
         Level Three, Burns House
         10 George Street
         (P.O Box 1058), Dunedin
         New Zealand



EUPHORIA (EASTGATE): Faces Liquidation Proceedings
--------------------------------------------------
A liquidation petition filed against Euphoria (Eastgate) Ltd
will be heard before the High Court of Christchurch on November
13, 2006, at 10:00 a.m.

Globe International (N.Z.) Ltd filed the petition with the Court
on September 28, 2006.

The Solicitor for the Petitioner can be reached at:

         Stephen James Tee
         Morton Tee & Co
         First Floor, 96 Hurstmere Road
         Takapuna, Auckland
         New Zealand


EUPHORIA LTD: Liquidation Petition Hearing Set on November 13
-------------------------------------------------------------
On September 28, 2006, Globe International (N.Z.) Ltd filed with
the High Court of Christchurch, a petition to liquidate Euphoria
Ltd.

The Court will hear the liquidation petition on November 13,
2006.

The Solicitor for the Petitioner can be reached at:

         Stephen James Tee
         Morton Tee & Co
         First Floor, 96 Hurstmere Road
         Takapuna, Auckland
         New Zealand


FELTEX CARPETS: AIRC Hears Godfrey Hirst & Textile Union Dispute
----------------------------------------------------------------
On November 10, 2006, a dispute between Godfrey Hirst and
Textile Clothing & Footwear Union of Australia over Feltex
Carpets Limited was heard before the Australian Industrial
Relations Commission, News.com.au reports.

According to the report, the Union has accused Godfrey Hirst of
seeking an exemption from paying redundancies to workers who did
not sign Australian Workplace Agreements.

"We're talking about workers who have given over 30 years of
service to the company who now face losing their job and their
redundancy," News.com.au cites the Union's state secretary
Michele O'Neil, as saying.

Yet, Godfrey Hirst spokesman David Wilson said the move would
provide continued employment to its 500 workers, News.com.au
relates.

The Troubled Company Reporter - Asia Pacific reported on
October 31, 2006, citing the Union, as saying Godfrey Hirst told
the employees to sign individual contracts otherwise they will
lose their jobs and will not receive any redundancy
entitlements.

According to Mr. Wilson, Godfrey Hirst has not offered anyone
AWAs.  He asserted that "we have tried to get a collective
agreement and the union won't be party to that."

Mr. Wilson stated that the existing workplace agreement was
"about 600 pages long, it's convoluted and we wish to replace it
with a union collective agreement which is much shorter and
provides better working conditions," News.com.au relates.

                          About Feltex

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--  
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.  
In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.  
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.


FELTEX CARPETS: Appointment Application Hearing Set on Nov. 29
--------------------------------------------------------------
On November 7, 2006, the Troubled Company Reporter - Asia
Pacific reported that a Feltex Carpets Limited shareholder filed
an application with the High Court in Auckland to have
shareholder activist Tony Gavigan appointed to the Feltex board
of directors.

In an update, Feltex advises the New Zealand Stock Exchange that
pursuant to an order of the Court dated November 6, 2006, in the
matter of Civ 2006-404-6525, Feltex and N & I Investments
Limited have advertised the notice of application in the
business section of the New Zealand Herald.

The application is to be heard before the Court on November 29,
2006, at 10 a.m.

Any person who wishes to appear on the hearing of the
application must file and serve either:

   (a) a notice of opposition and affidavit in support; or

   (b) a notice reserving rights

not later than the second working day before that day.

Feltex reveals that that the applicant is:

         N & I Investments
         Cruickshank Pryde, Solicitors
         42 Don Street, Invercargill
         Phone 03-2144069
         Fax 03-214-4760

         P.O. Box 857 Invercargill, DX YA90002

Further particulars may be obtained from the office of the Court
or from Cruickshank Pryde.

Rex Thomas Chapman is the Solicitor for N & I Investments.

                          About Feltex

Headquartered in Auckland, New Zealand, and established over 50
years ago, Feltex Carpets Limited -- http://www.feltex.com/--  
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet.  The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.  
In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with the net loss in
the previous year.

ANZ Bank placed the Company in receivership on September 22,
2006, and named Colin Nicol, Peter Anderson and Kerryn Downey,
of McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on October 4, 2006, that Godfrey Hirst
acquired Feltex as a going concern, including its assets and
undertakings in New Zealand, Australia, and the United States.  
Proceeds of the sale will be used to ease the company's NZ$128-
million debt to ANZ Bank.


HEAVY MECHANICAL: Court Sets Liquidation Hearing on Nov. 13
-----------------------------------------------------------
A petition to liquidate Heavy Mechanical Repairs Ltd will be
heard before the High Court of Christchurch on November 13,
2006, at 10:00 a.m.

Lynman Ltd filed the petition on October 10, 2006.

The Solicitor for the Petitioner can be reached at:

         Malcolm David Whitlock
         Whitlock & Co.
         Level Two, Baycorp Advantage House
         15 Hopetoun Street, Auckland
         New Zealand


MERCURY BAY: Creditors' Proofs of Claim Due on November 28
----------------------------------------------------------
On October 28, 2006, shareholders of Mercury Bay Motors
appointed Robert Laurie Merlo as liquidator.

Mr. Merlo requires the company's creditors to submit their
proofs of claim by November 28, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Robert Laurie Merlo
         Merlo Burgess & Co. Limited
         P.O. Box 51-486
         Pakuranga, Auckland
         New Zealand
         Telephone:(09) 520 7101
         Facsimile:(09) 529 1360
         Email: merloburgess&co@xtra.co.nz


PACIFIC ALBACORE: Liquidation Hearing Set on Nov. 13
----------------------------------------------------
The High Court of Rotorua will hear a liquidation petition filed
against Pacific Albacore Ltd on November 13, 2006, at 10:45 a.m.

S J Ashby Boatbuilder Ltd filed the petition on September 26,
2006.

S J Ashby's solicitor can be reached at:

         Malcolm David Whitlock
         Whitlock & Co.
         Level Two, Baycorp Advantage House
         15 Hopetoun Street, Auckland
         New Zealand


S & Y CATERING: Court to Hear Liquidation Petition on Nov. 16
-------------------------------------------------------------
On August 3, 2006, Terry Lillis -- for Lillis Trading Trust --
filed a petition to liquidate S & Y Catering Ltd.

Accordingly, on November 16, 2006, the High Court of Auckland
was set to hear the petition.

The Solicitor for Lillis Trading can be reached at:

         Malcolm David Whitlock
         Whitlock & Co.
         Level Two, Baycorp Advantage House
         15 Hopetoun Street, Auckland
         New Zealand


SCRAPPYDOO METAL: Appoints Official Assignee as Liquidator
----------------------------------------------------------
On October 20, 2006, the Official Assignee for Scrappydoo Metal
Recyclers Ltd was appointed as the company's liquidator.

According to the Troubled Company Reporter - Asia Pacific,
Blackwoods Paykels filed a liquidation petition against the
company on September 18, 2006.  The petition was heard on Oct.
20.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


SURECALL LTD: Decides to Liquidate Business
-------------------------------------------
On October 19, 2006, shareholders of Surecall Ltd resolved to
liquidate the company's business and appoint Iain Andrew Nellies
and Paul William Gerrard Jenkins as joint and several
liquidators.

The Joint Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         Insolvency Management Limited
         Level Three, Burns House
         10 George Street (P.O Box 1058)
         Dunedin
         New Zealand


* S&P Launches New Ratings Scale for NZ Finance Entities
--------------------------------------------------------
On November 9, 2006, Standard & Poor's disclosed that it will
launch a new ratings scale to measure the relative financial
strength of New Zealand non-bank finance entities, New Zealand
Herald reports, noting that the new ratings would provide an
opinion on the default risks of those entities.

S&P explained that the new scale was based on strong industry
support for the proposed ratings scale and methodology, as well
as a significant number of finance entities that were committed
to undertaking and releasing a rating, the New Zealand Press
Association relates.

According to the agency, the ratings scale and symbology were
unique, and tailored specifically for New Zealand finance
companies, building societies, credit unions, and mortgage
trusts.

S&P would soon start its analysis and site visits with the
initial entities to be rated, with a view to announcing the
first ratings in early 2007, NZPA says.


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

CHIQUITA BRANDS: Positive About New Banana Packaging
----------------------------------------------------
Chiquita Brands International, Inc., believes it has developed a
new way of packaging bananas that would let the fruits stay
yellow and fresh until the consumer is ready to eat them, the
South Florida Sun-Sentinel reports.

Through the new packaging, bananas will stay fresh up to four
days longer than a traditional bunch, the Sun-Sentinel says,
citing Chiquita Brands.  The company claimed that it has
developed the perfectly ripened banana through the new
packaging.  

The Sun-Sentinel underscores that Chiquita Brands' packaged
bananas are all natural with no preservatives added.  The firm's
patented packaging slows the ripening by controlling the amount
of air that the bananas are exposed to over time.

Mike Mitchell, a spokesperson of Chiquita Brands, told the Sun-
Sentinel, "We're offering consumers perfectly ripe bananas for
the week between their shopping pattern."

According to the Sun-Sentinel, Chiquita Brands is packaging
bananas in sealed three-serve packs at its Port Everglades
ripening plant and testing them in 10 Publix grocery stores in
Broward and Miami-Dade counties.  

The report says that Chiquita Brands' packaging test with Publix
is an extension of its new single-serve, packaged bananas.  They
are sold to convenience stores across North America.  Marketed
as "Chiquita To Go", Chiquita Brands tested the product at 200
convenience stores and is on target to distribute them to about
7,500 outlets by the end of 2006.

Chiquita Brands' company and port officials told the Sun-
Sentinel that Port Everglades handles over 20% of Chiquita
Brands' American bananas and plantains imports.

Mr. Mitchell told the Sun Sentinel that the packaged bananas hit
six Broward County stores on Oct. 31, the Sun-Sentinel notes.  
Over the next several months, Chiquita Brands will be analyzing
response from clients to decide whether to bring the new
packaging on a large scale in 2007.  Other than the 10 Publix
stores in South Florida, Chiquita Brands will test the product
in dozens of grocery stores in other states.

According to the report, Chiquita Brands is selling up to 15
single bananas daily per store.
"We're very pleased with how they are selling," Mr. Mitchell
told the Sun-Sentinel.

The Sun-Sentinel emphasizes that Chiquita Brands and Publix are
hoping buyers will go for bananas with Fresh & Ready packs.

However, Earle Fischer, a resident of Fort Lauderdale, told the
Sun-Sentinel, "It's fancy packaging.  I still prefer the old-
fashioned ones."

The bananas, which are best for two to three days after the
package is opened, are expensive, the Sun-Sentinel says.  The
bananas cost US$1.59 per 17.2-ounce package or US$2.98 for two
packages. Regular bananas cost 49 cents a pound, or US$1 more
for the Chiquita Fresh & Ready bananas.

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.

The Troubled Company Reporter - Asia Pacific reports that
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.


PHILIPPINE LONG DISTANCE: Ready to "Write-Off" Aces Business
------------------------------------------------------------
Philippine Long Distance Telephone Co., is prepared to "write
off" its mobile satellite business, Aces International Ltd., the
Philippine Daily Inquirer cites PLDT Chairman Manuel Pangilinan
as saying.

Mr. Pangilinan revealed that PLDT is currently closing the
transactions with Aces International, considering the company's
announced deal with global satellite operator Inmarsat, the
Inquirer relates.  The result of the deal will be announced
during the fourth quarter of 2006.

Mr. Pangilinan says that PLDT has invested around PHP3 billion
in Aces International, and is expecting to write off around PHP2
billion, the Inquirer relates.

Mr. Pangilinan noted that PLDT will still retain a certain
portion of ownership of the company, which "will give Aces a
wider scope."

PLDT has about a 20% stake in Aces International, the Inquirer
says, citing PLDT executives.

                            About Aces

Aces International Limited is a regional satellite
communications company that launched service in Asia early 2001,
has continued to expand its services throughout Asia at
affordable prices.

Aces offers digital voice and data over its Fixed or Mobile
terminals and asset tracking and SCADA services using
specialized M-CAT terminals.  With the launch of the first
generation of G-WAVE, ACeS now also offers higher speed data
services.

Aces was pioneered by PT Pasifik Satelit Nusantara of Indonesia,
the Philippine Long Distance Telephone Company, and Jasmine
International Overseas Ltd of Thailand and Lockheed Martin
Global Telecommunications of the USA.

                          About PLDT

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

                          *     *     *

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

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


PHIL. NATIONAL BANK: To Pick Adviser for PHP22-Bln Asset Sale
-------------------------------------------------------------
Philippine National Bank will choose a financial adviser for its
PHP22-billion bad assets sale, Manila Standard Today reports.

PNB president Omar Byron Mier told reporters that the sale will
occur in two phases, the first of which is planned before the
end of 2006, the paper relates, noting that it would cover some
PHP7 billion to PHP10 billion worth of bad loans and foreclosed
assets.

The second phase is planned for the second quarter of 2007, the
paper says.

Mr. Mier revealed that PNB's bad loans amounted to PHP15 billion
and foreclosed assets at PHP5 billion to PHP7 billion.

According to Mr. Mier, the Victoria's Milling account is
unlikely to be included in the sale, since [the bank] has a good
chance of recovering its loan exposure.

Manila Standard notes that Victoria's Milling, which has been
turned around, was one of the bigger bad loan accounts in the
industry.

The paper says the sale will allow PNB to meet the requirements
of its covenant with the Bangko Sentral ng Pilipinas.

The sale of its bad assets will improve PNB's balance sheet and
improve its profitability through a higher regular revenue
stream, Manila Standard cites Mr. Mier, as saying.

                 About Philippine National Bank

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

                          *     *     *

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

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

On November 6, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service revised the
outlook of PNB's foreign currency long-term deposit rating of
B1, local currency senior debt rating of Ba2, and local currency
subordinated debt rating of Ba3 to stable from negative.


RIZAL COMMERCIAL BANKING: BTM-UFJ Plans to Sell 17.14% Stake
------------------------------------------------------------
The Bank of Tokyo-Mitsubishi UFJ Ltd. will sell its 17.14% stake
in Rizal Commercial Banking Corp. to Spinnaker Capital Group,
Manila Standard Today reports, citing RCBC's disclosure to the
Philippine Stock Exchange.

RCBC disclosed that the sale, which would be crossed at the
exchange on December 15, 2006, covered 108.49 million shares
held by the BTM-UFJ, Manila Standard relates.

RCBC, however, did not disclose the cost of the acquisition,
Manila Standard notes.

The paper reveals that Spinnaker's assets amounted to US$3.7
billion.

Manila Standard further notes that it is unclear if Spinnaker
will also buy some of the Yuchengco family's shares.  The paper
recounts that the family has expressed interest to lower its 60%
stake in RCBC to 51%.

The paper further recounts that RCBC officials said that the
Yuchengco family was willing to pool its shares with the
Japanese investors to offer the potential buyer a bigger stake
in the bank.

Under Philippine laws, a 33% stake in corporation allows the
shareholder a veto power, Manila Standard notes.

Manila Standard also relates that in 2005, UFJ Ltd., merged with
the Bank of Tokyo Mitsubishi prompting a reassessment of the
merged bank's strategy.  Thus, UFJ representatives resigned from
the RCBC board in line with the rationalization of the merged
bank's operations.

Bank of Tokyo Mitsubishi has focused its efforts on its branch
in the Philippines, the paper says.

                        About Spinnaker

Spinnaker Capital Group's principal business is Emerging Markets
investment management.  Its funds invest in all classes of
sovereign and corporate securities and related products, across
all regions of the Emerging Markets.

The group manages three investment funds:

   * Spinnaker Global Emerging Markets (GEM) Fund;
   * Spinnaker Global Opportunity (GO) Fund; and
   * Spinnaker Global Strategic (GS) Fund

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

                          *     *     *

On September 21, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed RCBC's ratings at
Long-term Issuer Default rating 'BB-', Individual "D/E" and
Support "3" after a review of the bank.  The Outlook of the
Long-term rating is Stable.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

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


UNIVERSAL ROBINA: Moody's Upgrades Local Currency Rating to Ba2
---------------------------------------------------------------
On November 9, 2006, Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

"This rating action reflects Moody's view that URC's performance
has been solid and that it has a resilient business model," says
Ken Chan, Moody's Assistant Vice President.  "URC continues to
maintain healthy credit metrics with TD/EBITDA of around 3x and
EBITDA/Int coverage ratio of above 3x.  These are comparable
against its other packaged food industry peers at the mid Ba
rating level."

The rating also takes into account URC's current strong balance
sheet liquidity with a high level of liquid reserve (Peso 22
billion as at 30/6/06) in the form of US dollar marketable
securities.  Of these, 40% are predominantly investment-grade
fixed income securities.

In accordance with Moody's global rating methodology for the
Global Packaged Goods Industry (Rating Methodology: Global
Packaged Goods Industry, January 2005), URC's franchise strength
-- strong market position in the Philippines' branded consumer
food industry supported by a diversified product portfolio,
growth potential, and distribution network -- is consistent with
a low investment grade rating.

However, these strengths are tempered by URC's relatively modest
size by global standards, its aggressive financial policy which
often uses up its financial cushion and its low efficiency in
terms of return on assets ratios.  Therefore, according to the
model the rating outcome is a high Ba level.

The final Ba2 rating further takes into consideration
uncertainty over whether a liquid reserve would be available on
a permanent basis, in the light of URC's potential new
acquisitions and aggressive dividend policy.  Moreover, there
are potential corporate governance concerns (as the Gokongwei
family essentially controls the company's board) and also over
the weaker financial profile of the parent company, JG Summit.

The stable outlook reflects Moody's expectation that URC will
continue to maintain its strong market position and stable
operating performance over the near to medium term.

Upward rating pressure would arise if URC:

   (1) demonstrates its ability to improve its operating margins
       through strong pricing capability;

   (2) manages its international branded food business expansion
       such that it generates positive operating profits; and

   (3) generates positive free cash flow on a sustainable basis.

Credit metrics that Moody's would consider for an upgrade
include RCF/TD of over 20% and EBITDA/Int of over 5.0-5.5x.

On the other hand, evidence of financial support to its parent
company through aggressive dividend payouts, substantial
weakening in balance sheet liquidity or a material deterioration
in URC's existing core business, such that RCF/TD falls below
10% and EBITDA/Int of less than 2.5-3.0x, would be negative for
the company's ratings.

Universal Robina Corporation, headquartered in Manila, the
Philippines and listed on the Philippines Stock Exchange, is one
of the largest branded consumer food companies in the country.  
It also has production facilities in Thailand, Malaysia, China,
Indonesia and Vietnam and sales/marketing offices in HK and
Singapore. URC is also engaged in Agro-industrial products,
sugar milling, flour milling and the packaging industry in the
Philippines.


* BSP Approves RP's Prepayment of US$70 Million ADB Loans
---------------------------------------------------------
The Philippines is prepaying US$70 million worth of loans to the
Asian Development Bank, Manila Standard Today reveals.

The paper cites Finance Secretary Margarito Teves, as saying the
prepayment saves on interest costs and further boosts the
government's strong fiscal position.

Mr. Teves explains that loan prepayment is part of the
government's debt management strategy aimed at reducing external
debt service costs and taking advantage of low interest rates
arising from strong fiscal position.

Mr. Teves stated that the Philippines could save as much as
US$5.4 million from the payment of the seven ADB loans that
carry fixed interest rates ranging from 7.7% to 11%.

The loans are due between 2008 and 2013, Mr. Teves revealed.

The Manila Standard relates that Bangko Sentral ng Pilipinas
Gov. Amando Tetangco Jr., said the Monetary Board, the policy-
making body of the central bank, approved:

   -- the prepayment; and

   -- a US$250-million loan from the International Bank for
      Reconstruction and Development, which will be co-financed
      by the Japan Bank for International Cooperation.

According to the paper, the purpose of the IBRD loan -- the
first development policy loan -- is to support the government in
its fiscal, and government policy reforms.

The finance department will act as executing agency for the
US$250-million loan that will mature in 20 years, with an eight-
year grace period, Manila Standard notes, adding that it carries
an interest rate of 50 basis points above the six-month US
dollar Libor.

                          *     *     *

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

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

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


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

ADVANCED SYSTEMS: Posts SGD2.4-Mil. Net Profit for 2006 Half-Yr.
----------------------------------------------------------------
On Nov. 8, 2006, Advanced Systems Automation has filed with the
Singapore Stock Exchange, its financial statements for the six-
month period from April 1, to September 30, 2006.

Advanced Systems' net profit for the half-year period to
September 2006 totaled to SGD2,356,000, against the recorded net
loss of SGD505,000 for the same period in the previous year.

The group's SGD2,356,000 net profit for the half-year period
ended Sept. 30, 2006, were mainly due to:

   -- a gain of SGD4.3 million as a result of debts waived by
      the banks for an equivalent amount of initial payment to
      the banks pursuant to the execution of the Debt
      Restructuring Agreement, net of professional expenses of
      SGD0.2 million;

   -- a SGD0.7 million accrued interest expense in relation to
      bank loans up to the Initial payment date.  According to
      the Restructuring Agreement, the banks will waive this
      accrued interest together with another SGD1.0 million
      interest accrued in previous financial years upon full
      settlement of the restructured debts;

   -- a gain of SGD0.1 million as a result of debts waived by
      the unsecured creditors as a result of full settlement of
      certain debts pursuant to the execution of the Scheme of
      Arrangement under Section 210 of the Companies Act, net of
      professional expenses of SGD0.1 million; and

   -- a SGD0.7 million loss on deemed disposal of the shares of
      APS Investment Pte Ltd, a 37.11% owned associated company,
      which formed a part of 5,215,424 shares set aside to be
      transferred to the banks in accordance to the terms of the
      Restructuring Agreement.  The total loss on deemed
      disposal of APS Investment's shares amounted to
      SGD1.6 million.  The company recognized the loss based on
      the proportionate settlement of the restructured bank
      debts.

Advanced System's revenue for the half-year period to Sep. 2006,
totaled SGD18,892,000 a significant reduction as compared to
SGD14,477,000 for the same period in 2005.  Operating loss
before taxation amounted to SGD82,000 as compared to
SGD1,226,000 recorded operating loss before taxation in the same
quarter last year.

As of Sept. 30, 2006, the Group's balance sheet showed
SGD29,392,000 total assets and SGD21,762,000 in total
liabilities, resulting in a stockholders' equity of
SGD7,630,000.

Advanced System's half-year report for the period ended
Sept. 30, 2006, can be viewed for free at:

             http://bankrupt.com/misc/tcrap-advanced
               
               About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg/--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry. The company's
subsidiaries include Avalon Technology Pte. Ltd.; Microfits Pte.
Ltd.; Beijing Microfits Precision Electronics Engineering Co.,
Ltd. and Beijing Advanced Precision Electronics Engineering Co.,
Ltd., both of which are engaged in the manufacture of precision
tools, dies and moulds; Acetech Solutions Ltd.; Advanced Systems
Automation, Inc., and Advanced Systems Automation (Europe)
Limited, which is engaged in the sale and provision of services
to the European semiconductor manufacturing market.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, auditors Ernst & Young reported in the company's
Annual Report that, "The group has incurred significant losses
and has been experiencing severe cash shortage in the past four
financial years.  The group incurred a net loss of SGD3.4
million for the financial year ended March 31, 2006, and the
group's and the company's current liabilities exceeded current
assets by SGD20.9 million and SGD22.9 million respectively.  As
of March 31, 2006, the group and the company were in net
shareholders' deficit positions of SGD13.8 million and
SGD11.2 million respectively.  These matters described above
indicate the existence of a material uncertainty, which may cast
significant doubt about the group and company's ability to
continue as going concerns."

Ernst and Young adds that the ability of the group and the
company to continue as going concern is dependent on the
company's completion of the proposed renounceable rights issue,
disposal of non-core assets and business restructuring.


COMPACT METAL: Director Reduces Holdings of Deemed Shares
---------------------------------------------------------
Tan Hua Joo, Director of Compact Metal Industries Ltd, has
reduced the number of deemed shares he held in the company on
Oct. 10, 2006.

Before the change, Mr. Tan held 79,000 deemed shares with 0.036%
issued share capital.  Presently, Mr. Tan holds 634,000 deemed
shares with 0.286% issued share capital.

Moreover, Mr. Tan still holds 710,000 direct shares with 0.321%
issued share capital.

Mr. Tan's change of deemed shareholding was due to open market
purchase.

                      About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.  The Group operates in Singapore,
Malaysia, Indonesia, the Philippines, and Australia

As reported by the Troubled Company Reporter - Asia Pacific on
August 10, 2006, Auditors KPMG raised significant doubt on the
Group's ability to continue as a going concern, citing the
Group's recurring loses and inability to meet repayment
obligations.

As of June 30, 2006, Compact Metal's consolidated financial
statement showed a net loss of SGD3,829,000, which is an
improvement from the SGD9,796,000 net loss recorded as of
June 30, 2005.


FALMAC LIMITED: Notes Shareholder's Change in Interest
------------------------------------------------------
Ho Liong Fen, a substantial shareholder of Falmac Limited has on
Oct. 30, 2006, changed the number of direct shares he held in
the company.

Before the change, Mr. Ho held 3,506,000 direct shares with
2.26% issued share capital.  After the change, Mr. Ho holds
150,000 direct shares with 0.1% issued share capital.

Mr. Ho still holds 7,052,154 deemed shares in the company with
4.55% issued share capital.

Mr. Ho's change in shareholding was due to the transfer of
shares to a family member.

                       About Falmac Ltd.

Headquartered in Singapore, Falmac Limited manufactures and
trades knitting machines and related precision parts and
components, as well as cotton yarn.

A report by the Troubled Company Reporter - Asia Pacific on
July 8, 2004, stated that the company has entered into these
definitive agreements in relation to the company's restructuring
on July 6, 2004:

   (1) Restructuring Deed with Ho Liong Fen, Falmac
       Investment Holdings Pte Ltd, and the creditor banks
       of the Company.

   (2) Shareholder's Loan Agreement with Sino Equity.

   (3) Strategic Subscription Agreement with Sino Equity.

Moreover, the TCR-AP recounts on Aug. 16, 2006, that the company
registered a widening shareholders' deficit, from a shortfall of
SGD1.21 million as of December 31, 2005, to a deficit of
SGD1.88 million as of June 30, 2006.

The company's total assets as of June 30, 2006 stood at
SGD17.62 million, while the total liabilities figure was at
SGD19.50 million.  The company has SGD10.39 million of secured
loans repayable within in one year, but current assets stands at
SGD7.23 million.


FLEXTRONICS: Earns US$184.8 Mil. in Second Qtr. Ended Sept. 30
--------------------------------------------------------------
Flextronics International Ltd. filed its financial statements
for the second quarter ended Sept. 30, 2006, with the Securities
and Exchange Commission on Nov. 8, 2006.

For the three months ended Sept. 30, 2006, the Company reported
US$184.870 million of net income compared with a US$2.447
million net loss in the comparable quarter of 2005.

                             Net Sales

Net sales during the three months ended Sept. 30, 2006, totaled
US$4.7 billion, representing an increase of US$894.3 million
over the three months ended Sept. 30, 2005.

Net sales during the three months ended Sept. 30, 2006,
increased by US$721.1 million and US$239.2 million in Asia and
the Americas, respectively, offset by a decline of US$66 million
in Europe.

Overall, the increase in net sales was primarily attributable
to:

   -- an increase of US$514.2 million in the mobile
      communications market due to new program wins from various
      customers;

   -- an increase of US$154.9 million to customers in the
      infrastructure market;

   -- an increase of US$121.2 million to customers in the
      industrial, medical, automotive and other markets;

   -- an increase of US$59.5 million to customers in the
      computing market; and

   -- an increase of US$44.5 million to customers in the
      consumer digital market.

Net sales during the six months ended Sept. 30, 2006, totaled
US$8.8 billion, representing an increase of US$1.1 billion over
the six months ended Sept. 30, 2005.

Net sales during the six months ended Sept. 30, 2006, increased
by US$1.2 billion and US$335.2 million in Asia and the Americas,
respectively, offset by a decline of US$373.6 million in Europe.

Overall, the increase in net sales was primarily attributable
to:

   -- an increase of US$732.8 million in the mobile
      communications market due to new program wins from various
      customers;

   -- an increase of US$181.4 million to customers in the
      industrial, medical, automotive and other markets;

   -- an increase of US$119.6 million to customers in the
      computing market; and

   -- an increase of US$114.5 million to customers in the
      infrastructure market, offset by a decrease of US$18
      million to customers in the consumer digital market.

The company's 10 largest customers during the three months ended
Sept. 30, 2006, and 2005 accounted for approximately 68% and 62%
of net sales, respectively, with Hewlett-Packard and Sony-
Ericsson each accounting for greater than 10% of its net sales.

The Company's 10 largest customers during the six months ended
Sept. 30, 2006, and 2005 accounted for approximately 67% and 63%
of net sales, respectively, with Hewlett-Packard and Sony-
Ericsson each accounting for greater than 10% of its net sales.

                       Restructuring Charges

Historically, the company initiated a series of restructuring
activities, which were intended to realign its global capacity
and infrastructure with demand by its OEM customers and improve
its operational efficiency.

These activities included:

   -- reducing excess workforce and capacity;

   -- consolidating and relocating certain manufacturing
      facilities to lower-cost regions; and

   -- consolidating and relocating certain administrative
      facilities.

The restructuring costs were comprised of employee severance,
costs related to leased facilities, owned facilities that were
no longer in use and were to be disposed of, leased equipment
that was no longer in use and was to be disposed of, and other
costs associated with the exit of certain contractual agreements
due to facility closures.

The overall impact of these activities was that the company
shifted its manufacturing capacity to locations with higher
efficiencies and, in most instances, lower costs, resulting in
better utilization of its overall existing manufacturing
capacity.

This enhances its ability to provide cost-effective
manufacturing service offerings, which enables the Company to
retain and expand its existing relationships with customers and
attract new business.

Although the company believes it is realizing its anticipated
benefits from these efforts, it continues to monitor its
operational efficiency and capacity requirements and may utilize
similar measures in the future to realign its operations
relative to future customer demand, which may materially affect
its results of operations in the future.

The company believes that the potential savings in cost of goods
sold achieved through lower depreciation and reduced employee
expenses as a result of its restructurings will be offset in
part by reduced revenues at the affected facilities.

During the three and six months ended Sept. 30, 2006, the
company recognized charges of approximately US$96.2 million
related to the impairment, lease termination, exit costs and
other charges primarily related to the disposal and exit of
certain real estate owned and leased by the Company in order to
reduce its investment in property, plant and equipment.

During the three and six months ended Sept. 30, 2006, charges
recognized by reportable geographic region amounted to
US$59 million, US$22.5 million, and US$14.7 million for the
Americas, Asia and Europe, respectively.

Approximately US$95.7 million of the charges were classified as
a component of cost of sales during the three and six months
ended Sept. 30, 2006.

During the three and six months ended Sept. 30, 2005, the
company recognized restructuring charges of approximately
US$50.3 million and US$83 million, respectively.

During the three months ended Sept. 30, 2005, restructuring
charges recognized by reportable geographic region amounted to
US$14.6 million and US$35.7 million for the Americas and Europe,
respectively.

During the six months ended Sept. 30, 2005, restructuring
charges recognized by reportable geographic region amounted to
US$27.3 million and US$55.7 million for the Americas and Europe,
respectively.

During the three months ended Sept. 30, 2005, involuntary
employee terminations identified by reportable geographic region
amounted to 388 and 607 for the Americas and Europe,
respectively.

During the six months ended Sept. 30, 2005, involuntary employee
terminations identified by reportable geographic region amounted
to 453 and 2,257 for the Americas and Europe, respectively.

Approximately US$38.5 million and US$66 million of the
restructuring charges were classified as a component of cost of
sales during the three and six months ended Sept. 30, 2005,
respectively.

                       Liquidity and Capital

As of Sept. 30, 2006, the company had cash and cash equivalents
of US$1 billion and bank and other borrowings of US$1.7 billion,
including approximately US$225 million outstanding under its
various credit facilities.

These credit facilities are subject to compliance with certain
financial covenants.  As of Sept. 30, 2006, the Company was in
compliance with the covenants under its indentures and credit
facilities.

Working capital as of Sept. 30, 2006, and March 31, 2006, was
approximately US$1 billion and US$938.6 million, respectively.

Cash used in operating activities amounted to US$49.2 million
during the six months ended Sept. 30, 2006.  Cash provided by
operating activities amounted to US$432.9 million during the six
months ended Sept. 30, 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$12.409 million in total assets, US$6.752 million in total
liabilities, and US$5.656 million in total shareholders' equity.

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

              http://ResearchArchives.com/t/s?14b3

                  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.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

                           *     *     *

Moody's Investors Service confirmed Flextronics International
Ltd.'s Ba1 Corporate Family Rating in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.


LINDETEVES-JACOBERG: Lists and Quotes 213,065,602 Rights Shares
---------------------------------------------------------------
Lindeteves-Jacoberg Limited disclosed on Nov. 7, 2006, that
pursuant to the Rights Issue, it has listed and quoted
213,065,602 Rights Shares in the official list of Singapore
Stock Exchange Mainboard with effect from 9:00 a.m. on Nov. 8,
2006.

The Rights Shares, when allotted and issued, will rank pari
passu in all respect with the existing shares of the company --
save for any dividends, rights, allotments or other
distributions -- the Record Date for which falls before the date
of issue of the Rights Shares.

As reported by the Troubled Company Reporter - Asia Pacific, on
Nov. 7, 2006, the company as at the closing date, has received a
total of 213,065,602 Rights Shares of valid acceptances and
excess applications.

An aggregate of 187,001,500 Rights Shares were allotted to --
ATB Austria Antriebstechnik AG and Arisaig Asean Fund Limited --
Lindeteves-Jacoberg's shareholders representing approximately
75.4% of the 248,056,294 Rights Shares.

The details of the valid acceptances and excess application for
the Rights Shares are these:

   -- valid acceptances were received for a total of 164,316,137
      Rights Shares, representing approximately 66.2% of the
      248,056,294 Rights Shares available under the Rights
      Issue; and

   -- excess applications were received for a total of
      48,749,465 Rights Shares, representing approximately 19.7%
      of the 248,056,294 Rights Shares available.

Moreover, Lindeteves-Jacoberg attempted to sell through its
appointed broker, on a best effort basis, the provisional
allotment of 1,498,875 Rights Shares representing approximately
0.6% of the 248,056,294 Rights Shares available under the Rights
Issue which would have been provisionally allotted to foreign
shareholders.

However, the company was not successful in selling any of the
provisional allotment of 1,498,875 Rights Shares due to the
existing market conditions at the trading period from
Oct. 13, to October 23, 2006.

The Rights Issue was 85.9% subscribed and the company has raised
approximately SGD25.4 million in net proceeds after deducting
the estimated expenses of approximately SGD150,000.

The net proceeds of approximately SGD25.4 million from the
Rights Issue will be allocated through:

   * capitalization of the Loan Amount of SGD3,706,320 or
     approximately equivalent to EUR1.9 million in relation to
     payment of cash by ATB Austria for subscription of
     126,508,710 Rights Shares under the Rights Issue;

   * repayment of bank borrowings of approximately
     SGD3.3 million or approximately of 13% of the net proceeds;
     and

   * the remaining proceeds will be used as general working
     capital or approximately 72.4% of the net proceeds for the
     Group.  
  
                    About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

The TCR-AP reported on Oct. 27, 2006, that the company has total
assets of US$225.52 million and US$53.23 million equity deficit
as of Oct. 26, 2006.


PDC CORP: Unveils Shareholders' Change of Interest
--------------------------------------------------
On Nov. 10, 2006, the Troubled Company Reporter - Asia Pacific
reported that, pursuant to the Share Issue Mandate, the
Singapore Stock Exchange and Securities Commission, on Nov. 1,  
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.  With the issue of the new
shares, the company's issued share capital increased to
1,239,920,895 shares of SGD0.01 each, thus diluting the shares
held by its substantial shareholders in the company.

Malayan Banking Berhad, a substantial shareholder of the company
has decreased the percentage of the issued share capital he
holds in the company.  Before the change, Malayan Banking held
95,461,733 direct shares with 9.04% issued share capital.  
Presently, Malayan Banking holds 95,461,733 shares with 7.70%
issued share capital.

Another substantial shareholder, Hsu Hung-Chun had also
decreased his percentage level of shares in the company.  Before
the change, Mr. Hsu held 160,000,000 direct shares with 15.63%
issued share capital.  After the change, Mr. Hsu holds
160,000,000 direct shares with 12.90% issued share capital.

Goh Bak Heng, another substantial shareholder of PDC Corp. has
also decreased his percentage level of shares he holds in the
company.  Before the change, Mr. Goh held 128,400,000 direct
shares in the company with 12.54% issued share capital.  
Presently, Mr. Goh holds 128,400,000 direct shares with 10.36%
issued share capital.

Wong Wen-Young, another substantial shareholder in the company
has also decreased his percentage level of shares he holds in
the company.  Before the change, Mr. Wong held 100,000,000
shares with 9.77% issued share capital.  Presently, Mr. Wong
holds 100,000,000 direct shares 8.07% issued share capital.

Another substantial shareholder, Teo Kee Bock has also decreased
his percentage level of shares he holds in the company.  Prior
to the change, Mr. Teo held 87,500,000 direct shares with 8.29%
issued share capital.  After the change, Mr. Teo holds
87,500,000 direct shares with 7.06% issued share capital.

                        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 respectively.


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

THAI WAH: Auditor Raises Going Concern Doubt
--------------------------------------------
Thai Wah Pcl posted THB98.254 million in net profit on
THB456.694 million in revenues for the third quarter ended
September 30, 2006, compared with the THB29.754-million profit
posted in the same period of the previous year.

The company's consolidated balance sheet at September 30, 2006,
showed THB538.466 million in current assets and
THB257.803 million in current liabilities.

Meanwhile, the company is facing solvency problem with
THB4.954 billion in total liabilities as compared to
THB4.479 billion in total assets.

After auditing the company's financial report, Sophon
Permsirivallop of Ernst & Young Office Ltd raised doubt on the
company's ability to continue as a going concern.  

Mr. Sophon specifically pointed out Thai Wah's ability to pay
liabilities from debt restructuring which it must settle in
installments and the company's ability to dispose of assets to
repay indebtedness.

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the Group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

The Company was placed in the "Rehabco", or Companies under
rehabilitation, sector of the Thailand Stock Exchange, as
mandated by the Central Bankruptcy Court of Thailand, on March
12, 2001.  In July 2006, the SET reclassified the whole sector
and categorized the Company under the "non-performing group."  
Companies under the group will retain their listing status and
will be obligated to comply with SET requirements.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.




                            *********

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 ***