TCRAP_Public/061114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Tuesday, November 14, 2006, Vol. 9, No. 226

                            Headlines

A U S T R A L I A

BARRORESH NO. 1: To Hold Final Meeting on December 8
CAMELLIA GROVE: Members' Final Meeting Set on November 25
FLOCCO BROS.: Joint Meeting Slated for December 7
GP & SJ DAVIS: Liquidator Rangott to Present Wind-Up Report
JAMES HARDIE: Posts US$68.3 Mln Profit for 2nd Quarter, Up 43%

JAMES HARDIE: KPMG Actuaries Provides Asbestos Valuation Report
K & M INVESTMENTS: Members and Creditors to Convene on Dec. 7
MAIDSTONE PTY: Final Meeting Fixed for November 25
MR MOOVER: Liquidator W. B. Rangott to Give Wind-Up Report
NRG ENERGY: Fitch Rates US$1.1 Billion Senior Notes at B+/RR3

ROLFE MOTOR: Schedules Final Meeting on December 8
SCOTT BROTHERS: Members and Creditors to Meet on November 29
VILLAGE ROADSHOW: To Return AU$131.7 Million to Shareholders
VILLAGE ROADSHOW: To Retire AU$90 Million Core Debt with the ANZ


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Files Revised Reform Plan to State Council
BALLY TOTAL: Posts US$5.7 Million Third Quarter 2006 Net Loss
BALLY TOTAL: Will Launch Operations in Jacksonville
BELLUNO INVESTMENTS: Names Corkhill and Bruce as Liquidators
DR. B.M. KOTEWALL: Members to Receive Wind-Up Report on Dec. 4

ENCHANTING (HK): Court to Hear Wind-Up Petition on December 13
ESSERY ESTATES: Final Meeting Slated for December 13
GOSPELS DEBATING: Creditors' Proofs of Claim Due on Dec. 31
GUANGDONG DEVELOPMENT: IBM to Join CitiGroup's Consortium
HARBOUR RING: Members Appoint Joint Liquidators

MBF CREDIT: Creditors Must Prove Debts by December 4
PETROLEO BRASILEIRO: Extends Contract Renegotiation with Bolivia
PETROLEO BRASILEIRO: Refinery Project with Venezuela Under Way
SMITHKLINE BEECHAM: Members' Final Meeting Set for December 4
UNICHEM ENTERPRISES: Wind-Up Petition Hearing Set on Dec. 13

YUET KONG: Court Sets Wind-Up Petition Hearing on December 6


I N D I A

BALLY TECH: Secures US$131-Million Oregon State Lottery Contract
BHARTI AIRTEL: Offers Software Services to SMBs with Microsoft
BHARTI AIRTEL: Issues 206,791 Shares on FCCB Conversion
CANARA BANK: Discovers Loan Scam; Punishes Five Officers
CANARA BANK: Government Nominates Amitabh Verma to Director Post

CATHOLIC SYRIAN BANK: To Raise INR35 Crore by Private Placement
CITY UNION BANK: Fixes Maximum Foreign Shareholding Limit at 26%
CORPORATION BANK: Outsources ATM Management to Euronet
GENERAL MOTORS: Higher Costs Result to Car Price Hike in 2007
GENERAL MOTORS: Selling Hybrid Cars to Chinese Market in 2008

UNIVERSAL CORP: Earns US$28.3MM in Quarter Ended Sept. 30, 2006


I N D O N E S I A

CORUS GROUP: Tata Steel Offers Cash to Corus Bondholders
FOSTER WHEELER: Earns US$75.8MM for Quarter Ended Sept. 29, 2006
INDAH KIAT: Court Ruling May Affect Investor Confidence, FA Says


J A P A N

FORD MOTOR: To File Third Quarter 2006 Report by November 14
HITACHI ZOSEN: JFE Considers Takeover of Shipbuilding Operations
MIZUHO FINANCIAL: To Invest JPY450 Billion in Expansion Plan
TIMKEN CO: Expands Manufacturing Presence in India
TIMKEN CO: Solves Problem in Indonesian Mill


K O R E A

DAEWOO ENGINEERING: Sold to Kumho-Asiana Group for KRW6.42 Tril.
DURA AUTOMOTIVE: Receives NASDAQ Delisting Notice
DURA AUTOMOTIVE: Taps Kirkland & Ellis as Bankruptcy Counsel
DURA AUTOMOTIVE: Taps Richards Layton as Local Counsel
HANAROTELECOM: To Buy Up to 80% of Onse Telecom's Customers

KOREA EXCHANGE: Prosecutors Obtain Evidence Against Lone Star
SK CORP: To Sell 30% Stake in Incheon Unit in December
SK CORP: Considers Entering China's Petrochemical Market
* S&P Affirms South Korea's Credit Ratings


M A L A Y S I A

ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by $1.2 Bil.
MALAYSIA AIRLINES: Denies Rights Issue Reports
OLYMPIA INDUSTRIES: Board's Annual Gen. Meeting Set on Dec. 6
WEMBLEY INDUSTRIES: Bursa Securities Updates on Delisting Plan


N E W   Z E A L A N D

ACTIVE HOMES: Court Sets Liquidation Hearing on December 7
BREWTOPP EARTH: Liquidation Hearing Set on December 19
CHEUNG & HO: Creditors Must Prove Debts by November 27
CORPORATE CLEANING: Faces Liquidation Proceedings
FAMOUS BRANDS: Creditors' Proofs of Claim Due on November 30

GAMO HOLDINGS: Names Montgomerie and Cunningham as Liquidators
LAM FINANCIAL: Liquidation Petition Hearing Set on Nov. 16
PATTERSON CONSULTING: Court Sets Liquidation Hearing on Nov. 16
TEAMWORK INTELETRAC: Shareholders Appoint Joint Liquidators
TOTALLY THERMAL: Creditors to Prove Claims on November 30


P H I L I P P I N E S

BANCO DE ORO: To Hold Special Stockholders' Meeting on Dec. 27
MANILA MINING: Signs Letter of Intent with Anglo American
MANILA MINING: Appoints SGV as External Auditor & P. Ayson as VP
VITARICH CORP: Signs Up Oracle to Enhance Market Efficiency
* Net FDI Flows Hit US$1.36 Bln in First Eight Months of 2006


S I N G A P O R E

B.T. FROZEN: Court to Hear Wind-Up Petition on Nov. 17
DELL INC: Court Approves US$17M Settlement of Consumer Suits
EXABYTE CORP: Wells Fargo Increases Borrowing Base by US$2 Mil.
FINSBAY HOLDINGS: Creditors Must File Proofs of Debt by Dec. 4
LINDETEVES-JACOBERG: Posts SGD67-Mil. Profit for 3rd Qtr. 2006

MAE ENGINEERING: Appoints New Directors
PETROLEO BRASILEIRO: Refinery Project with Venezuela Under Way
SEE HUP SENG: Substantial Shareholder Reduces Shareholding
SEE HUP SENG: To Hold General Meeting on Dec. 5


T H A I L A N D

NEW PLUS: Auditor Raises Going Concern Doubt On Units' Deficits
NFC FERTILZER: Posts THB152.64-Million Net Loss in 3rd Qtr. 2006
TOTAL ACCESS: Joins True Corp in Complain Against AIS


* BOND PRICING: For the Week 13 November to 17 November 2006
* Fitch Ratings To Host Asia Conference 2006 in Kuala Lumpur

     - - - - - - - -

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

BARRORESH NO. 1: To Hold Final Meeting on December 8
----------------------------------------------------
The members and creditors of Barroresh No. 1 Pty Ltd will hold a
final meeting on December 8, 2006.

At the meeting, the members and creditors will receive the
liquidator's account of the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific has reported that
the members of Barroresh No. 1 passed a special resolution on
July 6, 2006, to voluntary wind up the Company's operations.

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

                     About Barroresh No. 1

Barroresh No 1 Pty Ltd is located at 18 Depot Rd, Dubbo in New
South Wales, Australia.  The company is into fish and seafoods
business.


CAMELLIA GROVE: Members' Final Meeting Set on November 25
---------------------------------------------------------
The members of Camellia Grove Nursery (Wholesale) Pty Ltd will
convene for their final meeting on November 25, 2006, at 10:00
a.m., to receive the final accounts from Liquidator Geoffrey
Neil Walker.

The Troubled Company Reporter - Asia Pacific reported that on
June 30, 2006, the company's members agreed to liquidate the
company's business and appointed Mr. Walker as liquidator.

The Liquidator can be reached at:

         Geoffrey Neil Walker
         WLM Partners Pty Ltd
         Level 12, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia

                  About Camellia Grove Nursery

Camellia Grove Nursery -- http://www.camelliagrove.com.au/--  
was established by the late Professor E.G. Waterhouse in 1939
and has earned a reputation for its quality plants as well as a
tourist destination for people from all over the world.  The
nursery's present location is at Glenorie in Sydney's North-
West.


FLOCCO BROS.: Joint Meeting Slated for December 7
-------------------------------------------------
The members and creditors of Flocco Bros. Pty Ltd will hold a
joint meeting on December 7, 2006, at 10:00 a.m., to receive
Liquidator G. T. Hancock's account of the company's wind-up
proceedings.

According to the Troubled Company Reporter - Asia Pacific the
company commenced the wind-up of its operations on October 4,
2005.

The Liquidator can be reached at:

         G. T. Hancock
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia

                       About Flocco Bros.

Headquartered at 45 Lyons Rd, Lakesland in New South Wales,
Australia, Flocco Bros. Pty Ltd is into concrete work.  


GP & SJ DAVIS: Liquidator Rangott to Present Wind-Up Report
-----------------------------------------------------------
GP & SJ Davis Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on November 29,
2006, at 10:30 a.m.

During the meeting, Liquidator W. B. Rangott will present the
report regarding the company's wind-up proceedings.

The Liquidator can be reached at:

         W. B. Rangott
         Rangott Slaven
         Chartered Accountants
         Unit 12, Level 3
         Engineering House
         11 National Circuit
         Barton, ACT
         Australia
         Web site: http://www.rangottslaven.com.au

                       About GP & SJ Davis

GP & SJ Davis Pty Limited is located at 76 Shepherd St, Hume in
ACT, Australia.  The company is into wood household furniture
business.


JAMES HARDIE: Posts US$68.3 Mln Profit for 2nd Quarter, Up 43%
--------------------------------------------------------------
For the three months ended September 30, 2006, James Hardie
Industries Ltd's net operating profit, excluding adjustments to
the asbestos provision, increased 43% compared to
US$68.3 million from the US$47.6 million recorded for the same
period last year.

The asbestos provision was increased by AU$55.9 million (US$41.8
million) to reflect the results of the most recent actuarial
estimate prepared by KPMG Actuaries Pty Ltd and to adjust for
payments made to claimants during the half year.  Additionally,
the provision was adjusted for the effect of foreign exchange
leading to a charge of US$5.4 million for the quarter.  These
adjustments (with no current cash impact) reduced net operating
profit to US$21.1 million, down 56% compared to the same quarter
last year.

For the half year, net operating profit excluding adjustments to
the asbestos provision increased 27% to US$131.0 million from
US$103.5 million.  Including the adjustments to the asbestos
provision of US$74.4 million (of which US$32.6 million related
to the effect of foreign exchange for the half year), net
operating profit decreased 45% to US$56.6 million.

The asbestos provision is based on an estimate of future
Australian asbestos-related liabilities in accordance with the
Final Funding Agreement that was signed with the New South Wales
Government on December 1, 2005.

A full-text copy of James Hardie's Second Quarter Financial
Results is available for free at:

             http://ResearchArchives.com/t/s?14e0

                     Operating performance

The 2nd quarter highlights include:

   -- a 9% lift in net sales to US$411.4 million; and

   -- a 13% increase in gross profit to US$155.2 million.

EBIT decreased 46% from US$76.4 million to US$41.0 million.  
EBIT for the quarter includes an expense of US$47.2 million
related to adjustments to the asbestos provision.  EBIT
excluding  adjustments to asbestos provision increased by 15% to
US$88.2 million.

Diluted earnings per share for the quarter decreased to
US$4.5 cents in the second quarter from US$10.2 cents, and to
US$12.1 cents from US$22.3 cents for the half year, compared to
the same periods last year.

Diluted earnings per share excluding adjustments to the asbestos
provision and a tax provision write-back of US$7.4 million
increased by 28% from US$10.2 cents to US$13.1 cents for the
quarter and by 19% from US$22.3 cents to US$26.5 cents for the
half year.

The results include Special Commission of Inquiry and other
related expenses of US$3.2 million for the quarter and
US$5.6 million for the half year (US$3.0 million and
US$5.2 million after tax, respectively), a tax provision write-
back of US$7.4 million for the quarter and half year, and for
the half year only, a make-whole payment of US$6.0 million
(US$5.6 million after tax) resulting from the prepayment of US$-
denominated debt in May 2006.

Net operating profit excluding adjustment to the asbestos
provision, SCI, and other related expenses, the make-whole
payment and the tax provision write-back, increased 23% for the
quarter to US$63.9 million and 19% to US$134.4 million for the
half year.

                            Dividend

On November 13, 2006, the company disclosed an interim dividend
of US$5.0 cents a share.  The dividend was declared in United
States currency and will be paid on January 8, 2007, with a
record date of December 15, 2006.

The Australian currency equivalent of the dividend to be paid to
CUFS holders will also be announced to the ASX on that date.  
ADR holders will receive their dividend in United States
currency.

                           Income Tax

The company's effective tax rate of 49.8% for the quarter and
48.9% for the half year were affected by adjustments to the
asbestos provision and the write-back of a tax provision of
US$7.4 million that is no longer required.  The effective tax
rate excluding adjustments to the asbestos provision and the tax
provision write-back was 31.7% for the quarter and 33.1% for the
half year.

                           Cash Flow

Operating cash flow for the half year fell from US$147.8 million
to a utilization of US$22.3 million, primarily due to the
AU$189.0 million (US$141.4 million) ATO deposit payment.  
Operating cash flow also decreased as a result of an increase of
US$5.7 million in investment in working capital and
US$7.8 million higher income tax payments.

Capital expenditure for the purchase of property, plant and
equipment decreased from US$75.0 million to US$61.4 million for
the half year.

                             Outlook

In North America, a further softening in demand for new
residential housing is expected in the short-term with the US-
based National Association of Home Builders reporting that the
heavy supply of houses for sale points toward further declines
in new starts in the months ahead.

The current weakened market conditions reflect lower housing
affordability, a large inventory of unsold homes and investors
leaving the market.  However, regional variances in the impact
are expected to continue.

Repair and remodeling activity is expected to remain ahead of
activity levels in new residential construction in the short-
term.

Volume growth is likely to be affected further in the 3rd
quarter, but the business expects to continue outperforming the
market overall by taking more market share from alternative
materials and by increasing the proportion of value-added
differentiated products in its sales mix.

Input costs are expected to remain high in the short-term with
the cost of raw materials, particularly pulp, at very high
levels.  Attractive margins are expected to be maintained in the
short-term despite the higher costs.

In the Australia and New Zealand business, market conditions are
expected to remain challenging with no near-term improvement in
sight.  Further volume growth is expected due to initiatives to
grow primary demand, but the average selling price is expected
to remain under pressure due to price competition in Australia.

In the Philippines, the building and construction market is
expected to remain under pressure for the remainder of the year,
but a small improvement in net sales is expected.

In addition, the asbestos provision will be updated:

   1. annually -- based on the most recent actuarial
      determinations and claims experience; and

   2. quarterly -- to reflect changes in foreign exchange rates.

These updates may have a material impact on James Hardie's
consolidated financial statements.

The current range of analyst earnings estimates for the fiscal
year ending March 31, 2007, is for net profit from continuing
operations excluding all asbestos related expenses to be US$206
million to US$237 million.  

While uncertainty surrounding the short-term to medium-term
strength of the U.S. housing market remains at its highest level
in recent years, the company's current projection for fiscal
year 2007 is for net profit from continuing operations excluding
asbestos related expenses to fall within this range.

                      About James Hardie

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

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

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

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

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

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


JAMES HARDIE: KPMG Actuaries Provides Asbestos Valuation Report
---------------------------------------------------------------
On November 14, 2006, KPMG Actuaries Pty Ltd provided its
valuation of asbestos-related disease liabilities of former
James Hardie entities, which are to be met by the Special
Purpose Fund.

The report is effective as at September 30, 2006, and has taken
into account claims data and information from The Medical
Research and Compensation Foundation and Amaca Claims Services
as at September 30.

The Liable Entities are:

   * Amaca Pty Ltd (formerly James Hardie & Coy);

   * Amaba Pty Ltd (formerly Jsekarb); and

   * ABN60 Pty Ltd (formerly James Hardie Industries Ltd)

The report noted that the Board of James Hardie has agreed that
the SPF will also meet Personal Asbestos Claims arising out of
mining activities at Baryulguil.

                      Liability Assessment

At September 30, 2006, KPMG Actuaries' central estimate of the
liabilities of the Liable Entities, taking credit for the
anticipated cost savings from the implementation of procedural
reforms resulting from the DDT Act 2005 in New South Wales is
AU$1,554.8 million (March 2006: AU$1,517.0 million).

Within that assessment, KPMG Actuaries estimated that the future
cost savings arising from the procedural reforms in NSW as being
AU$35.2 million (March 2006:AU$74.5 million).  But KPMG noted
that the reduction in future cost savings is due to some of the
projected cost savings at March 31, 2006, having now been
realized owing to internal cost savings initiatives by ACS and
the DDT Act 2005 and allowed for in KPMG's base valuation
assumptions at September 30, 2006.

Accordingly, KPMG Actuaries said that its central estimate of
the net liabilities of the Liable Entities before any allowance
for future cost savings is AU$1,590.0 million (March 2006:
AU$1,591.5 million).

If similar reforms as those enacted under the DDT Act 2005 were
implemented in States outside of NSW, then KPMG Actuaries'
central estimate of the liabilities of the Liable Entities would
be AU$1,531.5 million (March 2006: AU$1,468.0 million).  That
is, KPMG estimated the potential savings from the implementation
of procedural reforms in other States at AU$23.3 million
(March 2006: AU$49.0 million).  However, KPMG noted that there
has been no indication of a commitment by the Governments of the
other States to accept or implement any procedural reforms at
this time.

All of the liability figures are discounted and are net of
cross-claim recoveries and Insurance Recoveries, KPMG said.

KPMG Actuaries further noted that Workers Compensation claims,
being claims by current and former employees of the Liable
Entities, are included to the extent that a Workers Compensation
Scheme or Policy does not meet those liabilities.  The amounts
of Workers Compensation Claims which are met by the contracts of
insurance are not included within the definition of a Personal
Asbestos Claim and are therefore not met by the Special Purpose
Fund.  Workers Compensation claims in excess of the insurance
limits of indemnity are included in the definition of Personal
Asbestos Claim and therefore, the amounts are met by the SPF.

KPMG Actuaries reported that it has not allowed for the future
Operating Expenses of the SPF or the Liable Entities in the
liability assessments.

                          Uncertainty

Estimates of asbestos-related disease liablitites are subject to
considerable uncertainty.  This includes uncertainty due to:

   (a) the difficulty in quantifying the extent and pattern of
       past asbestos exposures and the number and incidence of
       the ultimate number of lives that may be affected by
       asbestos related diseases arising from the past asbestos
       exposures;

   (b) the propensity of individuals affected by diseases
       arising from the exposure to file common law claims
       against defendants;

   (c) the extent to which the Liable Entities will be joined in
       the future of common law claims;

   (d) the fact that the ultimate severity of the impact of the
       disease and the quantum of the claims that will be
       awarded will be subject to the outcome of events that
       have not yet occurred, including:

       * medical and epidemiological developments;

       * court interpretations;

       * the potential for future procedural reforms in other
         States affecting the legal costs incurred in managing
         and settling claims in those States;

       * potential third-wave exposures; and

       * social and economic conditions like inflation.

Therefore, KPMG Actuaries noted it should be expected that the
actual emergence of the liabilities will vary from any estimate.  
Thus, there is no assurance that the actual liabilities of the
Liable Entities will not ultimately exceed the estimates
contained in the Report and that any variation may be
significant.

Given this, KPMG Actuaries provided sensitivity tests of the
actuarial assessments of the liabilities to changes in some key
assumptions.

To understand more of these tests and the estimates, a 214-page
full-text copy of the Report is available for free at:

              http://ResearchArchives.com/t/s?14e2

                      About James Hardie

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

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

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

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

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

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.


K & M INVESTMENTS: Members and Creditors to Convene on Dec. 7
-------------------------------------------------------------
The members and creditors of K & M Investments Pty Ltd will hold
a final meeting on December 7, 2006, at 10:00 a.m.

At the meeting, Liquidator Murray Smith will present an account
of the company's wind-up and property disposal activities.

The Liquidator can be reached at:

         Murray Smith
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2601
         Web site: http://www.mcgrathnicol.com

                About K & M Investments Pty Ltd

Headquartered in 246 New Line Rd, Dural in New South Wales,
Australia, K & M Investments Pty Ltd is into Industrial Organic
Chemicals.


MAIDSTONE PTY: Final Meeting Fixed for November 25
--------------------------------------------------
Maidstone Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on November 25, 2006, at
10:00 a.m.

During the meeting, Liquidator P. G. O' Donoghue will present an
account of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         P. G. O'Donoghue
         O'Donoghue & Co
         Level 2, 86 Mann Street
         Gosford, New South Wales 2250
         Australia

                 About Maidstone (Australia) Pty

Headquartered in New South Wales, Australia, Maidstone
(Australia) Pty Limited -- http://www.kendale.com.au-- is  
trading as Kendale Export.  The company's activities include
Modular housing, Log Homes, Design, Construction and Architect
Design.


MR MOOVER: Liquidator W. B. Rangott to Give Wind-Up Report
----------------------------------------------------------
The members and creditors of Mr. Moover Pty Ltd will hold a
final meeting on November 29, 2006, at 12:00 p.m.

At the meeting, members and creditors will receive Liquidator
Rangott's report on the Company's wind-up proceedings.

The Liquidator can be reached at:

         W. B. Rangott
         Rangott Slaven
         Chartered Accountants
         Unit 12, Level 3
         Engineering House
         11 National Circuit
         Barton, ACT
         Australia
         Web site: http://www.rangottslaven.com.au

                     About Mr Moover Pty Ltd

Mr Moover Pty Ltd is located at Lot 2 The Woods The Woods Cl,
Murrumbateman in New South Wales, Australia.  The company's
business involves freight transportation arrangement.


NRG ENERGY: Fitch Rates US$1.1 Billion Senior Notes at B+/RR3
-------------------------------------------------------------
On November 10, 2006, Fitch Ratings assigned a rating of
'B+/RR3' on NRG Energy's issuance of US$1.1 billion senior notes
due 2011. This issue will rank equally with NRG's other senior
unsecured obligations.  The Rating Outlook is Stable.

On November 3, 2006, Fitch affirmed NRG's ratings following the
company's announcement of its hedge reset transaction.

The Troubled Company Reporter -- Asia Pacific has reported that
Fitch affirmed the issuer default and instrument ratings of NRG
after the company's announced hedge reset and capital allocation
program.  The Rating Outlook is Stable:

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

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

   -- Senior notes to 'B+'/'RR3';

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

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

Proceeds from the current offering along with cash on hand will
be used to fund payments to counter-parties under certain of the
company's existing long-term hedging agreements pursuant to
agreements to reset the hedge price levels into line with
current market prices.  While this transaction will increase
total debt outstanding, it will also substantially increase cash
flow for the 2007 to 2010 period, as well as permit the company
to enter into further hedges through 2012.

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


ROLFE MOTOR: Schedules Final Meeting on December 8
--------------------------------------------------
The final meeting for the members and creditors of Rolfe Motor
Corporation No. 2 Pty Ltd, which is in liquidation, has been
moved on December 8, 2006, at 10:00 a.m.  During the meeting,
the members and creditors will receive the final accounts of
Liquidator Frank Lo Pilato.

The Troubled Company Reporter - Asia Pacific previously reported
that the meeting was set on November 17, 2006, at 11:30 a.m.

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

               About Rolfe Motor Corporation No 2

Rolfe Motor Corporation No 2 Pty Limited, which is situated at
44 Mort St, Braddon in ACT, Australia, is a dealer of new and
used cars.


SCOTT BROTHERS: Members and Creditors to Meet on November 29
------------------------------------------------------------
Scott Brothers Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on November 29,
2006, at 12:30 p.m.

During the meeting, members and creditors will receive the
liquidator's account on the Company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         W. B. Rangott
         Rangott Slaven
         Chartered Accountants
         Unit 12, Level 3
         Engineering House
         11 National Circuit
         Barton, ACT
         Australia
         Web site: http://www.rangottslaven.com.au

                About Scott Brothers Pty Limited

Scott Brothers Pty Limited is located at Brinkley Crt,
Palmerston in ACT, Australia.  The company's line of business is
Single-Family Housing Construction.


VILLAGE ROADSHOW: To Return AU$131.7 Million to Shareholders
------------------------------------------------------------
With the benefits of its business restructuring and
simplification of group structure beginning to flow, Village
Roadshow Ltd reveals significant shareholder initiatives in the
form of an interim dividend and a return of capital.  These two
initiatives will result in cash returns to shareholders of
AU$131.7 million (approx).  In addition, the Company intends to
conduct an on-market share buy back of up to 10% of:

   (a) 10% of outstanding preference shares immediately; and

   (b) 10% of outstanding ordinary shares in late December 2006.

Announcing the initiatives in a joint statement, Village
Roadshow's John Kirby, Chairman, and Graham Burke, CEO, said,
"after a major restructuring of both our operations and
financial base over the last three to five years which has
released surplus capital, and with our divisions performing well
overall, the Company is in a position to reward shareholders for
their understanding during this process."

The restructuring and consequent risk mitigation of the
Company's businesses has been largely achieved through:

   1. the sale of the Company's non-managed exhibition
      territories now complete with the exit of Italy, UK & New
      Zealand;

   2. the partial sell down of the Company's Austereo holdings
      during the first quarter of financial 2007 -- the Company
      intends to maintain its current shareholding of 50.2%;

   3. the refinancing last year of the group's film production
      division with the introduction of Crescent;

   4. the acquisition and refinancing of the Warner interest in
      the Company's Theme Park division; and

   5. through the Company's capital management program involving
      the buy back since March 2004 of 141 million (approx)
      preference shares and 83 million (approx) ordinary shares
      as of November 13, 2006.

Mr. Kirby further said "with the benefits arising from the
restructuring undertaken thus far, the Company, subject always
to taking account of trading, capital requirements and
circumstances when the dividend is reviewed each year, believes
it should be in a position to pay regular dividends in the
future."

"While the initiatives are earnings per share negative in the
current year, we expect substantial EPS growth in the future as
we believe the Company's five business units - theme parks, film
production, radio, cinema exhibition and film distribution - all
have strong underlying cashflows and upside potential for
organic and add-on growth," Mr. Kirby noted.

                      Initiatives in Detail

The company's new initiatives are:

   * a fully franked interim dividend to shareholders of 34
     cents per ordinary share and 37 cents per A Class
     preference share to be paid out of profits and reserves
     totaling AU$92.4 million.  The date fixed for the payment
     is December 4, 2006.  The record date to determine
     entitlement to these dividends will be November 23, 2006;

   * the Board also proposes a capital return of 15 cents per
     ordinary share and 15 cents per A Class preference share.  
     This return of capital is subject to the approval by    
     ordinary and preference shareholders of a special
     resolution at a General Meeting on December 22, 2006.  

     If approved this will total AU$39.3 million.  A tax ruling
     has been sought for the benefit of shareholders to confirm
     the tax treatment of the capital return.  There is a  
     possibility that the tax ruling may result in all or part
     of the 15 cents per share capital return being deemed to be
     an unfranked dividend for tax purposes.  The return of
     capital will not involve the cancellation of any shares
     and, if approved by shareholders, is expected to be paid by
     early January 2007.  The Company does not warrant the
     outcome of any ruling by the Australian Taxation Office.

     The record date for the capital return will be set subject
     To, and following shareholder approval of the special
     resolution at the General Meeting;

   * The Directors have approved Village Roadshow commencing an
     on-market buy back of up to 11 million preference shares in
     VRL representing 10% of the issued shares in that class.
     The buy back can commence at any time after the end of the
     statutory 14-day period after November 13, 2006, and will
     continue for a maximum period of 12 months (subject to any
     earlier fulfilment of the buy back limit).

     Based on the preference share price on November 10, 2006,
     this would represent a buy back cost of AU$26.4 million to
     the Company;

   * the Board disclosed that the Company intends to commence an
     on-market buy back of up to 15.2 million ordinary shares in
     VRL, representing 10% of the issued shares in that class.
     This buy back will be subject to subsequent confirmation by
     the Board at which time further details in respect of the
     buy back will be provided to ASX.

     Based on the ordinary share price on November 10, 2006,
     this would represent a buy back cost of AU$39.5 million to
     the Company.  It is expected that this buy back will
     commence in late December 2006;

   * The independent directors have consulted Village Roadshow's
     major shareholder, Village Roadshow Corporation Pty Ltd, as
     to its intention in relation to the ordinary share buy back
     and have been informed that it is VRC's intention to ensure
     that its current shareholding percentage in the ordinary
     share capital of VRL after completion of the ordinary share
     buy-back will not increase above the current level;

   * If the buy back of both classes of shares is completed
     successfully, VRL's combined ordinary and preference shares
     on issue will total approximately 236 million shares;

   * The Company has previously stated that its objective is to
     have between 235 million and 285 million shares on issue so
     that it can pay dividends on a more regular basis.  The
     successful buy back of an additional 10% of each class of
     shares of the Company will leave VRL's total shares on
     issue at 236 million shares.  The Company believes
     that at this level of shares on issue, dividends can be
     paid more regularly and thus should strengthen and enhance
     the value of VRL shares. The Company will continue to
     monitor ongoing capital management opportunities when and
     if they arise.

                     About Village Roadshow

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.

The Company's troubles began in 2003 when it offered to buy back
its preference shares to head off a litigation threat by some
preference shareholders who were angered at the Company's
suspension of dividend payments.  Village Roadshow's reported
and budgeted profitability would not allow it to comfortably
fund about AU$42 million worth of ordinary and preference share
dividends out of annual earnings.  For the past years, the
Company has been facing major litigation brought by former
business partners, who had invested in its film investment
scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a
US$115 million Promissory Note was issued to Crescent Film
Holdings and options to acquire a 50% shareholding in the
Hollywood film production and related film exploitation
business, Village Roadshow Pictures Group, were granted to
Crescent and its affiliates.  This initiative, together with the
release of a US$70 million security deposit (replaced by a
Letter of Credit), returned significant cash reserves to Village
Roadshow.  By January 2006, Village Roadshow had advised that
VRPG had reached agreement with its financiers to increase its
film production facility from US$900 million to US$1.4 billion.  
VRPG will continue to co-produce and co-finance films with its
principal production partner, Warner Bros.  The revolving period
of the facility has also been extended for a further three
years.  As a result, drawdowns will now be available under the
facility until January 2011 (previously February 2008) with the
debt now scheduled to be fully repaid by January 2015
(previously January 2012).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that Village Roadshow posted a AU$2.21-million
loss for the half-year ended December 31, 2006, compared to a
net profit of AU$29.99 million in the previous corresponding
half.  The result is contrary to a profit downgrade in January,
which already suggested a break-even figure.

The entertainment group blames its poor financial result on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles.


VILLAGE ROADSHOW: To Retire AU$90 Million Core Debt with the ANZ
----------------------------------------------------------------
Based on current market prices, Village Roadshow Limited reports
that its on-market buy backs, interim dividend payments, and
capital returns will total a cash outflow of approximately
AU$198 million which will also be the reduction in total
shareholders' equity on completion of the initiatives.

On November 10, 2006, Village Roadshow relates that its Theme
Parks division successfully signed a new AU$350 million limited
recourse debt facility which will be firstly applied to repay
the existing Theme Parks debts (AU$115 million) with the balance
of AU$235 million repaid to Village Roadshow.

The AU$235 million proceeds to be received by Village Roadshow
will be used to retire in full its core debt with the ANZ of
AU$90 million and the balance of AU$145 million will be added to
Village Roadshow's cash reserves.  This will result in Village
Roadshow's parent company having no material direct recourse
external debt facilities with any financier.

The completion of the Theme Park financing sees each of Village
Roadshow's operating divisions having its own debt facilities
secured only against the operating assets of those divisions
with no recourse to the company.

Village Roadshow will have available for these initiatives cash
reserves of approximately AU$230 million including proceeds from
the recent sale of Italy and partial sell down of the Company's
investment in Austereo.

           Effect of Capital Management Initiatives

Based on the price of Village Roadshow's ordinary shares
(AU$2.60) and preference shares (AU$2.40) on November 10, 2006,
and prior to any capital return or dividend payment, a buy back
of 15.2 million ordinary shares and 11 million preference shares
will cost approximately AU$66 million.

The combined effect of all three capital management initiatives,
if successfully completed, will result in total earnings per
share reducing from 11.34 to 9.52 cents per share based on
current projections for 2007 profit after tax.  Taken in
isolation, the impact on earnings per share of the two proposed
share buy backs is only marginally negative.

The annualized interest revenue foregone after accounting for
all three capital management initiatives is not expected to
exceed (on an after tax basis) AU$8 million per annum.

                     About Village Roadshow

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.

The Company's troubles began in 2003 when it offered to buy back
its preference shares to head off a litigation threat by some
preference shareholders who were angered at the Company's
suspension of dividend payments.  Village Roadshow's reported
and budgeted profitability would not allow it to comfortably
fund about AU$42 million worth of ordinary and preference share
dividends out of annual earnings.  For the past years, the
Company has been facing major litigation brought by former
business partners, who had invested in its film investment
scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By
January 2006, Village Roadshow had advised that VRPG had reached
agreement with its financiers to increase its film production
facility from US$900 million to US$1.4 billion.  VRPG will
continue to co-produce and co-finance films with its principal
production partner, Warner Bros.  The revolving period of the
facility has also been extended for a further three years.  As a
result, drawdowns will now be available under the facility until
January 2011 (previously February 2008) with the debt now
scheduled to be fully repaid by January 2015 (previously January
2012).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on March
1, 2006, that Village Roadshow posted a AU$2.21-million loss for
the half-year ended December 31, 2006, compared to a net profit
of AU$29.99 million in the previous corresponding half.  The
result is contrary to a profit downgrade in January, which
already suggested a break-even figure.

The entertainment group blames its poor financial result on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles.


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

AGRICULTURAL BANK: Files Revised Reform Plan to State Council
-------------------------------------------------------------
The Agricultural Bank of China, has submitted its revised
restructuring plan before the State Council, the China Daily
says, citing a report from the China Securities Journal on
November 10, 2006.

The paper cites Han Zhongqi, the bank's vice president, as
saying that they are sticking to the plan of listing the whole
company instead of breaking it up which could prove more risky.

Mr. Han added that the lender will kick off restructuring after
spinning off its losses, and will follow up with moves to bring
in foreign strategic investors, the Daily relates.

On November 9, 2006, the Troubled Company Reporter - Asia
Pacific reported that the Chinese Banking Regulatory Commission
has rejected a reform plan submitted by the Agricultural Bank.

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

However, the TCR-AP cited China Knowledge saying that regulators
have considered breaking the bank up and listing the best parts
or listing those areas of the bank that are not in line with
government-mandated policy lending.  

                          *     *     *

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

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

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

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


BALLY TOTAL: Posts US$5.7 Million Third Quarter 2006 Net Loss
-------------------------------------------------------------
Bally Total Fitness Holding Corp. incurred a US$5.7-million, or
14 cents per share, net loss from continuing operations in the
third quarter of 2006, Reuters reports.

Reuters relates that Bally Total's net loss increased in the
third quarter of 2006, from a net loss of US$214,000, or a penny
per share, in the same period of 2006.

Bally Total told Reuters that its performance was hurt by
unfavorable pricing and membership trends.

Bally Total's net revenue increased slightly to US$248.37
million in the third quarter of 2006, from US$247.9 million in
the third quarter of 2005, Reuters states.

                          *     *     *

Chicago, Ill.-based Bally Total Fitness Holding Corp. (NYSE:
BFT) -- http://www.Ballyfitness.com/-- is a commercial operator  
of fitness centers, with over 400 facilities located in 29
states, Mexico, Canada, Korea, the Caribbean, and China under
the Bally Total Fitness, Bally Sports Clubs, and Sports Clubs of
Canada brands.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service affirmed its junk credit ratings for
Bally Total Fitness Holding Corp., including the company's
US$235 million 10.5% senior unsecured notes (guaranteed) due
2011 and US$300 million 9.875% senior subordinated notes due
2007.  Moody's said the rating outlook remains negative.


BALLY TOTAL: Will Launch Operations in Jacksonville
---------------------------------------------------
Kevin Craig, a franchisee of Bally Total Fitness, will launch
the firm's first health club at the intersection of Baymeadows
Road and Philips Highway in Jacksonville, the Florida Times-
Union reports.

The Times-Union states that the first Bally Total location will
be in a new shopping center owned by Ash Properties Inc.

Hawk St. John, Ash Properties commercial leasing consultant,
told the Times-Union that Bally Total signed the lease for his
location on Nov. 3.   He said he expects the gym to help attract
clients for other tenants in the center.

"It will be a perfect complement to the location," Mr. St. John
commented to the Times-Union.

The Times-Union underscores that the Baymeadows location will
open in a temporary, 4,500-square-foot site in January 2007,
which will then be expanded to 33,000 square feet.

Mr. Craig told the Times-Union, "Our great advantage is that
we're buying a successful operations model.  We also have a
brand awareness from the US$50 million national ad campaign that
Bally already airs locally."

According to the Times-Union, Mr. Craig hopes to add several
locations over the next few years.

Bally Total already holds a large share of the health club
industry that brought in US$15.9 billion in revenue in 2005, the
Times-Union says, citing the International Health, Racquet &
Sportsclub Association.

Bob Moschorak, Bally Total's managing director of franchising,
explained to the Times-Union that until recently the firm's
national franchise program was dormant.  The company has also
struggled financially, almost defaulting on existing debt before
creditors kicked in US$284 million in loans to refinance it.

The Times-Union relates that Bally Total re-launched its US
franchise program in June.  It will focus franchising in markets
where the firm has no unit.

Bally Total's national advertising sometimes makes pent-up
demand in markets where locations don't exist, like as
Jacksonville, the Times-Union notes, citing Mr. Moschorak.

Mr. Moschorak told the Times-Union, "This is a key example of
the type of strategy Bally is putting in place.  It complements
the existing investment we've made in our brand and
infrastructure."

Officials at other local gyms stated that they don't expect
Bally Total to eat into their share of the market, the Times-
Union notes.

Having more gym-oriented advertising might even boost the
percentage of the population that goes to a gym, the Times-Union
says, citing Jay Kaplan, chief operating officer of Gold's Gym.

Mr. Kaplan told the Times-Union, "It gets people shopping.  
Whether they stop at a Gold's Gym first or a competitor first,
it still gets people off the couch and out looking for health
club memberships."

Bally Total's move could help attract more clients into health
clubs, David Bailey, co-owner of Bailey's Powerhouse Gym,
commented to the Times Union.  He is, however, concerned
customers might confuse the Bally Total with his firm.

                          *     *     *

Chicago, Ill.-based Bally Total Fitness Holding Corp. (NYSE:
BFT) -- http://www.Ballyfitness.com/-- is a commercial operator  
of fitness centers, with over 400 facilities located in 29
states, Mexico, Canada, Korea, the Caribbean, and China under
the Bally Total Fitness, Bally Sports Clubs, and Sports Clubs of
Canada brands.

                        *    *    *

As reported in the Troubled Company Reporter on Oct. 19, 2006,
Moody's Investors Service affirmed its junk credit ratings for
Bally Total Fitness Holding Corporation, including the company's
US$235 million 10.5% senior unsecured notes (guaranteed) due
2011 and US$300 million 9.875% senior subordinated notes due
2007.  Moody's said the rating outlook remains negative.


BELLUNO INVESTMENTS: Names Corkhill and Bruce as Liquidators
------------------------------------------------------------
On October 23, 2006, by a special resolution, Thomas Andrew
Corkhill and Iain Ferguson Bruce were appointed as joint and
several liquidators of Belluno Investments Ltd.

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


DR. B.M. KOTEWALL: Members to Receive Wind-Up Report on Dec. 4
--------------------------------------------------------------
Members of Dr. B. M. Kotewall Foundation Ltd will hold a final
general meeting on December 4, 2006, at 10:00 a.m., to receive
Liquidator Chan Yu Ling's account of the company's wind-up
proceedings.

The Troubled Company Reporter - Asia Pacific reported that
Mr. Ling required Company's creditors to submit their proofs of
claim on October 28, 2006.

The Liquidator can be reached at:

         Chan Yu Ling
         Room 602, Aon China Building
         29 Queen's Road, Central
         Hong Kong


ENCHANTING (HK): Court to Hear Wind-Up Petition on December 13
--------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Enchanting (Hong Kong) Ltd on December 13, 2006, at
9:30 a.m.

Hung Yee Wan June filed the petition with the Court on
October 16, 2006.

The Solicitors for the Petitioner can be reached at:

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


ESSERY ESTATES: Final Meeting Slated for December 13
----------------------------------------------------
On December 13, 2006, Essery Estates Ltd will hold a final
meeting:

   * for its members at 3:00 p.m.; and

   * for its creditors at 3:30 p.m.

During the meetings, Liquidator Kong Chi How, Johnson will
present an account of the Company's wind-up and property
disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company's creditors were required to file their proofs of claim
on August 17, 2006.

The Liquidator can be reached at:

         Kong Chi How
         29/F, Wing On Centre
         111 Connaught Road, Central
         Hong Kong


GOSPELS DEBATING: Creditors' Proofs of Claim Due on Dec. 31
-----------------------------------------------------------
Liquidator Wong Leung Wai requires the creditors of Gospels
Debating Society Ltd to submit their proofs of claim by
December 31, 2006.

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

The Liquidator can be reached at:

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


GUANGDONG DEVELOPMENT: IBM to Join CitiGroup's Consortium
---------------------------------------------------------
International Business Machines Corp plans to join a consortium
led by Citigroup Inc. in a bid for a majority stake in Guangdong
Development Bank for US$3 billion, various reports say, citing
sources familiar with the matter.

Based on the reports, IBM may take 5% of Guangdong Development
as part of the deal agreed with the Citigroup.

However, IBM, Citigroup, and Guangdong Development declined to
comment on the issue.

According to the Troubled Company Reporter - Asia Pacific, the
bidding for Guangdong Development began last year when Citigroup
formed a consortium that was reported to be seeking majority
shares in the bank.  The Citigroup consortium offered around
US$3 billion for 85% of the bank, where Citigroup will take 40%
to 45% of the shares negotiated.

Bloomberg relates that the alliance may help IBM win contracts
from Guangdong Development to upgrade computer systems.  
"They're not directly in the banking business so their strategy
may be more aligned with GDB," Bloomberg cites Maria Xuereb, a
partner of Deloitte Touche Tohmatsu in Hong Kong, as saying.

Daniel Cohen, Beijing-based vice president of IBM's financial
services arm in the country told Bloomberg that financial
services account for more than half of IBM's China revenue.  
IBM's customers include China Minsheng Banking Corp., Bank of
Communications Ltd. and Agricultural Bank of China, Mr. Cohen
revealed.

Rival bidder, Societe Generale, meanwhile, reduces its target
stake in the bank to 19.9% from 25%, to comply with Chinese
regulations capping foreign investment.

Chinese law only allows 25% foreign ownership of a Chinese bank.


                          *     *     *

Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a  
bank based in Guangzhou, Guangdong, People's Republic of China.  
The bank was founded in 1988.

Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual 'E'
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.


HARBOUR RING: Members Appoint Joint Liquidators
-----------------------------------------------
At an extraordinary general meeting held on October 25, 2006,
members of Harbour Ring Dharmala (H.K.) Ltd passed a special
resolution to appoint Ying Hing Chiu and Chung Miu Yin Diana 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


MBF CREDIT: Creditors Must Prove Debts by December 4
----------------------------------------------------
Creditors of MBf Credit Ltd are required to submit their proofs
of claim by December 4, 2006, to Liquidators Wong Poh Weng and
Wong Tak Man Stephen.

Failure to prove claims by the due date will exclude a creditor
from sharing in any distribution the Company will make.

On November 10, 2006, the Troubled Company Reporter - Asia
Pacific reported that the company's shareholders resolved to
voluntarily wind up the company's operations.

The Liquidators can be reached at:

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


PETROLEO BRASILEIRO: Extends Contract Renegotiation with Bolivia
----------------------------------------------------------------
Petroleo Brasileiro, the state-run oil firm of Brazil, said in a
statement that it will extend the renegotiation of its gas
export contract with Yacimientos Petroliferos Fiscales
Bolivianos, its Bolivian counterpart, by 30 days from the Nov.
10 deadline.

Business News Americas relates that Petroleo Brasileiro and
Yacimientos Petroliferos have twice before delayed negotiations.  
At first, the two firms decided on a 60-day period, which was
then extended to 30 days.

The Bolivian government had complained that the export price to
Brazil of US$3.6/MBTU (million British thermal unit) is too low.  
Meanwhile, Petroleo Brasileiro argued the Brazilian clients
would not accept a price raise, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

                          *     *     *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Refinery Project with Venezuela Under Way
--------------------------------------------------------------
Eduardo Campos, Pernambuco, Brazil's governor, told the
Associated Press that Petroleo Brasileiro's oil refinery project
with Petroleos de Venezuela in Pernambuco is under way.

El Universal relates that the planned refinery will process
equal volumes of Brazilian Marlim crude oil and extra-heavy
crude oil from Venezuela Orinoco belt.  The cost of the plant
has not been disclosed.

However, sources told El Universal that the construction of the
plant could cost up to US$2.8 billion.

Oil authorities of Venezuela hinted that Petroleo Brasileiro and
Petroleos de Venezuela will hold a 50% stake each in the plant,
el Universal notes.

Paulo Roberto Costa, Petroleo Brasileiro's supply and refining
director, told el Universal that the firm and Petroleos de
Venezuela agreed to process 200,000 barrels per day at the
plant.

Mr. Campos told El Universal that Brazil's President Luiz Inacio
Lula da Silva will be visiting Venezuela to discuss the project
with Hugo Chavez, his Venezuelan counterpart.

Construction is expected to begin in 2007 and could be completed
in 2010 or 2011, El Universal says, citing Mr. Campos.

               About Petroleos de Venezuela

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

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

                          *     *     *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


SMITHKLINE BEECHAM: Members' Final Meeting Set for December 4
-------------------------------------------------------------
Members of Smithkline Beecham Ltd will hold a final meeting on
December 4, 2006, at 10:00 a.m., to receive an account of the
Company's wind-up proceedings and property disposal exercises
from the Joint Liquidators.

According to the Troubled Company Reporter - Asia Pacific, the
liquidators required the Company's creditors to lodge their
proofs of claims on March 17, 2006.

The Joint Liquidators can be reached at:

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


UNICHEM ENTERPRISES: Wind-Up Petition Hearing Set on Dec. 13
------------------------------------------------------------
A wind-up petition filed against Unichem Enterprises Company Ltd
will be heard before the High Court of Hong Kong on December 13,
2006, at 9:30 a.m.

Ying Hung Din filed the petition with the Court on October 18,
2006.

The Solicitors for the Petitioner can be reached at:

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


YUET KONG: Court Sets Wind-Up Petition Hearing on December 6
------------------------------------------------------------
A liquidation petition filed against Yuet Kong International
Engineering Co Ltd will be heard before the High Court of Hong
Kong on December 6, 2006, at 9:30 a.m.

Au Malosanto filed the petition with the Court on October 6,
2006.

The Solicitors for the Petitioner can be reached at:

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


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

BALLY TECH: Secures US$131-Million Oregon State Lottery Contract
----------------------------------------------------------------
The Oregon State Lottery Commission has authorized Dale Penn,
the lottery director, to enter into a contract to purchase 2,300
machines valued at over US$31 million from Bally Technologies,
Inc.

Seeking to replace a large number of legacy machines, the Oregon
Lottery engaged Bally Technologies and three other companies in
an evaluation process.  The Oregon Lottery awarded 100% of the
procurement to Bally Technologies.

The contract will cover the purchase of 2,300 machines -- all in
the form of Bally's innovative wide-screen CineVision(TM)
cabinet -- and related game software.  The first 200 machines
will be placed in Oregon Lottery retail locations beginning in
June 2007, with the balance to be installed in the following
months.

Mr. Penn commented, "The Oregon Lottery is excited about the
dynamic look of the CineVision VLT and the revenue potential we
will have with this new video lottery model and game mix."

Richard Haddrill, chief executive of Bally Technologies, said,
"Clearly this is a ringing endorsement of Bally's innovative
video game offerings and the unique CineVision cabinet.  This
contract will give us an immediate 20% lottery market share in
Oregon and positions Bally to be a long-term partner with the
Oregon Lottery as it continues to grow and prosper.  I believe
this deal is also further proof of Bally's ability to offer
innovative products that conform to the technology standards for
both traditional and non-traditional markets in North America
and beyond."

For the past fiscal year ended June 30, 2006, the Oregon Lottery
registered US$1.09 billion in sales, marking the first time in
the Lottery's 21-year history that sales reached the billion-
dollar level.  Bolstered by those record sales, an all-time high
US$483.6 million of lottery profits were transferred to the
State Economic Development Fund this fiscal year.

The Oregon Lottery's previous high sales mark was reached in
fiscal year 2005 with sales totaling US$937 million.  The
earlier record transfer to the State was also in fiscal year
2005 with transfers of more than US$415.8 million.

Since the Oregon Lottery began in 1985, nearly US$4.8 billion in
lottery profits has gone to public education, economic
development, state parks, watershed enhancement, and salmon
habitat restoration across the state.  Looking ahead, in the
present biennium alone, the Oregon Lottery is projected to
provide US$1.05 billion for these programs.

                          *     *     *

Las Vegas, Nev.-based Bally Technologies, Inc. (NYSE: BYI) --
http://www.BallyTech.com/-- designs, manufactures, operates,  
and distributes advanced gaming devices, systems, and technology
solutions worldwide.  Bally Technologies' product line includes
reel-spinning slot machines, video slots, wide-area progressives
and Class II lottery and central determination games and
platforms.  Bally Technologies also offers an array of casino
management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China and India.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


BHARTI AIRTEL: Offers Software Services to SMBs with Microsoft
--------------------------------------------------------------
Microsoft and Bharti Airtel Ltd. inked a strategic partnership
that will offer a range of software and services for small and
medium businesses in India.  The partnership will begin by
offering to Indian SMBs Microsoft Solutions for Hosted Messaging
and Collaboration.  It will also offer other hosted applications
like CRM, Accounting, ERP, Unified Communications and select
Microsoft ISV applications.

In unique software cum service solution model, Airtel is working
in close co-operation with Microsoft to provide enterprise-class
software bundled with connectivity solutions to small businesses
that do not have dedicated IT resources.  This service is
predominantly aimed at companies with five or more employees,
and is expected to be available in January 2007.  These
companies will now be able to enjoy the same experience as large
enterprise customers without initial investments using a pay-as-
you-go model.

This new professional messaging and collaboration service will
give small businesses the ability to access secure enterprise
grade e-mail, secure instant messaging and intranet portals with
rich collaboration capabilities, whether they are in the office
or on the road.  This follows the strategic partnership between
Airtel and Microsoft that enables Airtel customers to access
corporate email via direct push technology using Microsoft's
Windows Mobile(R) 5.0 platform.  Managed entirely by Airtel,
these services will allow businesses to communicate more
efficiently, reduce administrative and IT overheads and connect
employees with business-critical information whenever and
wherever they need it.

"SMB vertical in India have huge potential and offer an exciting
opportunity for Bharti.  We estimate total telecom spend in the
SMB space to be around INR18,000 Crores.  IDC estimates that IT
spending by SMBs would grow by 17% which is the highest in Asia
Pacific.  With integrated capabilities across wire-line,
wireless, data & managed services, Bharti is in a unique
position to be the preferred partner to provide Telecom and
Networking solutions to this segment.  We are pleased to partner
with Microsoft to offer to Indian SMBs this unique business
model."  Said Rakesh Bharti Mittal, Vice Chairman, Bharti
Enterprises.

"Microsoft is thrilled to be working with Bharti to deliver
advanced, enterprise-class features once reserved only for
corporations with extensive IT budgets," said Steve Ballmer, CEO
of Microsoft.  "We believe that small and medium businesses will
be able to see the benefits of this solution very quickly."

                       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: Issues 206,791 Shares on FCCB Conversion
-------------------------------------------------------
Bharti Airtel Ltd, on October 28, 2006, issued 206,991 fully
paid-up equity shares of the company upon conversion of
US$1,108,000 Foreign Currency Convertible Bonds.

With the share allotment, the equity base of Bharti Airtel
increased 1,895,492,748 to 1,895,699,739 shares of INR10 each.

                       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.


CANARA BANK: Discovers Loan Scam; Punishes Five Officers
--------------------------------------------------------
Through an internal inquiry, Canara Bank unearthed a loan scam
in one its Delhi branches.  

According to the Times of India, Canara Bank is now initiating
disciplinary actions against five of its senior officers who are
believed to be involved in the scam.

The investigation, the Times relates, revealed that the Delhi
branch disbursed loans of INR60 to INR70 lakh each to at least
100 fictitious companies with fake PAN numbers, addresses and
non-existing guarantees.

Among the five officers is an assistant general manager with the
bank in Mumbai who, until June 2006, was one of the senior-most
official of the bank posted in the capital, the Times says,
citing unnamed sources.  The executive purportedly cleared loans
worth about INR50 million a month between July 13, 2005, to
June 5, 2006, before being promoted and posted to Mumbai.

According to the newspaper's sources, the bank initiated the
probe after receiving a letter from the Enforcement Directorate
seeking information related to the loans disbursed by the
assistant GM.

The investigative agency is also checking for possible money
laundering, the newspaper adds.

                       About Canara Bank

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a  
diverse clientele group with a range of subsidiaries and
sponsored institutions.  The bank services include networked
automated teller machines, anywhere banking, telebanking, remote
access terminals Internet, and mobile banking and debit card.
The bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of 'D' on
June 1, 2005.

Moreover, as reported in the Troubled Company Reporter - Asia
Pacific on Nov. 13, 2006, Fitch assigned a 'BB' ratings to the
proposed hybrid Tier I notes as well as the unsecured
subordinated upper Tier II bonds to be issued under the bank's
US$1 billion medium-term notes program.


CANARA BANK: Government Nominates Amitabh Verma to Director Post
----------------------------------------------------------------
Canara Bank informed the Bombay Stock Exchange that the Central
Government of India nominated Shri Amitabh Verma, Joint
Secretary, Ministry of Finance Banking Division, as a Director
of the Bank.

Mr. Verma will be replacing Shri G C Chaturvedi.

                       About Canara Bank

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a  
diverse clientele group with a range of subsidiaries and
sponsored institutions.  The bank services include networked
automated teller machines, anywhere banking, telebanking, remote
access terminals Internet, and mobile banking and debit card.
The bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of D on
June 1, 2005.

Moreover, as reported in the Troubled Company Reporter - Asia
Pacific on Nov. 13, 2006, Fitch assigned a 'BB' ratings to the
proposed hybrid Tier I notes as well as the unsecured
subordinated upper Tier II bonds to be issued under the bank's
US$1 billion medium-term notes program.


CATHOLIC SYRIAN BANK: To Raise INR35 Crore by Private Placement
---------------------------------------------------------------
To raise about INR35 crore, Catholic Syrian Bank is negotiating
with Mauritius-based investors for the private placement of a
15% stake in the bank, the Business Standard reports.

If the Reserve Bank of India permits, Catholic Syrian intends to
place the entire 15% interest with a single investor or with
just two -- 10% with one investor and 5% with the other -- the
Business Standard states, citing unnamed banking sources.

Catholic Syrian expects to get RBI's permission soon and
complete the deal early December 2006.

According to the newspaper's sources, Catholic Syrian will raise
another INR35 crore through a rights offering immediately after
the private placement.  The Bank's shareholders had authorized
its board of directors to raise as much as INR100 crore through
fresh issue of shares to raise the bank's worth to INR300 crore,
the newspaper says.

                   About Catholic Syrian Bank

Headquartered in Kerala, India, Catholic Syrian Bank Ltd --
http://www.csb.co.in/-- offers regular banking services and has  
a strong bancassurance business.  At present, the bank has a
network of 334 branches/extension counters, which includes five
NRI branches, five SSI branches, five industrial Finance
branches and four Service branches.  The bank also plans to open
more number of branches in a phased manner.

Fitch Ratings gave Catholic Syrian Bank a support rating of 5
effective on December 22, 2005.


CITY UNION BANK: Fixes Maximum Foreign Shareholding Limit at 26%
--------------------------------------------------------------
City Union Bank Ltd's board of directors, at its meeting held on
October 30, 2006, resolved to fix a maximum investment limit of
26% of the paid up capital of the bank for Foreign Investors.

The present shareholding of Foreign Investor is 5.8129% of the
Bank's paid up capital.

                     About City Union Bank

City Union Bank Limited -- http://cityunionbank.com/-- provides   
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, Fitch Ratings affirmed City Union's Individual
and Support ratings at 'D/E' and '5', respectively.


CORPORATION BANK: Outsources ATM Management to Euronet
------------------------------------------------------
Corporation Bank entered into an ATM Outsourcing Agreement with
Euronet Worldwide Inc. for 915 automated teller machines.

Under the deal, Euronet will provide ATM outsourcing services,
including 24x7 monitoring, help desk, vendor management, cash
forecasting and software distribution along with various field
maintenance services to Corporation Bank, Eurone states in a
press release.  

Initially, however, Euronet will not be providing transaction-
processing services for Corporation Bank's ATMs.  Over time, the
parties expect to expand the scope of the services pursuant to
the agreement.

                       About Corp. Bank

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes      
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as
well as debit and credit cards.

Fitch Ratings gave Corp Bank a 'C' individual rating on June 1,
2005.


GENERAL MOTORS: Higher Costs Result to Car Price Hike in 2007
-------------------------------------------------------------
General Motors Corp. has raised prices on about one-third of its
2007 model-year vehicles in the United States to cover increased
costs for steel and other commodities, Reuters reports.

The price increases range from US$60 to US$425 per vehicle at an
average of about 0.5% increase per vehicle, affecting 239 of
GM's 681 vehicle models and its variants, the report said.

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

                          *     *     *

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

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

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

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


GENERAL MOTORS: Selling Hybrid Cars to Chinese Market in 2008
-------------------------------------------------------------
General Motors Corp. will launch its hybrid cars in China
beginning 2008, in time for the Beijing Olympics, Geoff Dyer of
the Financial Times reports.

GM chief executive Rick Wagoner revealed that it will work with
its local partner Shanghai Automotive Industry Corp. to provide
alternative energy vehicles for the fast-growing Chinese market,
FT relates.

According to the report, GM would continue its investment in
China despite the group's cost pressures.  Mr. Wagoner said that
the company is buying more parts locally in order to cut costs
in its China operations in order to maintain a healthy profit
while lowering prices, Gordon Fairclough writes for The Wall
Street Journal.

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

                          *     *     *

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

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

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

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


UNIVERSAL CORP: Earns US$28.3MM in Quarter Ended Sept. 30, 2006
---------------------------------------------------------------
Allen B. King, chairman, president, and chief executive officer
of Universal Corp., disclosed that income from continuing
operations for the quarter ended Sept. 30, 2006, was
US$28.3 million, compared with US$23.1 million last year.

After accounting for a loss on the sale of the company's Dutch
non-tobacco businesses on Sept. 1, 2006, and the results of
those operations prior to the sale, net income for the quarter
was US$3.1 million, compared with US$26.5 million last year.  
Revenues in the quarter were US$630 million, up 6.7% from the
same period last year principally due to higher sales prices
in Brazil, which were mostly related to currency changes there.

For the six months ended Sept. 30, 2006, income from continuing
operations was US$13.2 million, including the effect of a
US$12.3 million impairment charge on long-lived assets in
Zambia, on which no tax benefit was recognized, and a US$4.9
million valuation allowance on deferred tax assets there.  The
total effect of these issues related to Zambia was a reduction
of net income of US$17.2 million.

Net income for the six months was US$0.7 million, including the
sale of the Dutch non-tobacco businesses and the results of
those operations prior to sale.  After accounting for preferred
dividends, the net loss per diluted share was US$0.25.  Revenues
for the six months increased by about 9%, to US$1.15 billion,
due to strong carryover sales in the current year's first
quarter in the United States and higher sales prices in Brazil.

On Sept. 1, 2006, Universal Corp. completed the sale of the non-
tobacco businesses managed by its wholly owned subsidiary, Deli
Universal Inc.  Those businesses were in the lumber and building
products distribution segment and a portion of the agri-products
segment.  The total value of the transaction was US$567 million.  
After selling and other expenses, the company realized a net
value of approximately US$552 million, consisting of net cash
proceeds of US$398 million and the buyer's assumption of US$154
million in debt of the acquired businesses.

Universal Corp.'s financial statements now report the results
and financial position of the businesses that were sold as
discontinued operations.  Those operations earned US$8 million
after taxes during the portion of the quarter that the company
owned them and US$20.8 million for the five-month period
before the sale.  During fiscal year 2007, these earnings were a
result of improved performance by the lumber and building
products distribution group offset by lower results in agri-
products.  As required by the accounting rules, those results
reflect the cessation of depreciation effective July 6,
2006.  Interest expense was also allocated to these operations
for all periods presented.

Universal Corp. recorded a net loss on the sale of approximately
US$33 million, which stems primarily from transaction costs, a
small discount to book value, and the recognition in earnings of
items previously recorded in other comprehensive income.  The
loss, net of earnings to the date of sale, was US$0.83 per
diluted share for the quarter and US$0.48 per diluted share for
the six months.  The value of the transaction is subject to
refinement, which could result in future adjustments.  Those
adjustments could also affect the loss on the sale.

Universal Corp.'s tobacco segment earnings improved by
US$9 million, or 16%, in the second fiscal quarter.  That
improvement occurred despite the effect of approximately
US$15 million in additional provisions for farmer receivables
caused by the company's reduction of primarily flue-cured crops
in Brazil and Africa and short deliveries by poor performing
farmers.  The company also recorded US$14 million in lower of
cost or market inventory adjustments in Africa related to the
high cost of flue-cured growing projects there.  Shipment delays
reduced results of the company's oriental tobacco joint venture
during this seasonally low period.  The increase in tobacco
segment earnings was primarily due to improved sales mix and
volumes, as well as benefits from prior actions to reduce costs.  
An improved sales mix of South American tobaccos and increased
volumes of leaf handled in or sold from the United States, Asia,
and Europe increased earnings.  Dark tobacco operations improved
on generally higher volumes and some pricing improvement.  The
quarter also benefited from US$3 million in gains on the sale of
property and equipment, as well as from cost savings from last
year's closure of a processing facility and two administrative
and sales offices.  Finally, the company's results reflect the
favorable resolution of a tax case in South America that
resulted in the recovery of US$8.5 million in revenue taxes and
interest in the quarter.  The recovery was recorded as part of
sales and other operating revenues.

The six-month results for the tobacco segment were largely
influenced by the effect of the second quarter performance
although the company also recognized benefits from carryover
sales of tobaccos from Europe, Asia, and the United States that
were partially offset by last year's sales of old crop tobacco
from Malawi.  Losses incurred in Zimbabwe operations last year
prior to their deconsolidation also contributed to the favorable
earnings comparisons.  Excluding Zimbabwe's losses last year,
lower foreign exchange remeasurement gains nearly offset the
effect of the US$8.5 million tax recovery in South America for
the six-month period.

The agri-products segment, which is now composed of the
company's dried fruits and nuts business, has continued to post
losses in the quarter related to inventory write-downs and legal
costs at a California nut processing subsidiary.  The net loss
for this segment totaled US$8.4 million for the quarter and
US$8.6 million for the six months compared to prior year
income of US$2.3 million for the quarter and US$4.4 million for
the six months.

Corporate overhead increased by about US$5 million in the six-
month period primarily because of the combined effect of
increased costs due to new stock- based compensation accounting
rules, professional fees, and last year's exchange gain on
withholding taxes.  The increased costs were partially mitigated
by the increase in investment income from the temporary
investment of proceeds of the Deli Sale.

Universal Corp.'s consolidated effective income tax rates for
continuing operations for the three and six months ended
Sept. 30, 2006, were 37% and 70%, respectively.  The tax rate
for the six months is substantially higher than that of the
second quarter because of the effect of the Zambian impairment
charge, which had no tax benefit, and the write-off of deferred
tax assets related to those operations.  Income tax expense for
the six months ended Sept. 30, 2006, was approximately
US$9.5 million higher than it would have been at the
approximately 37% effective tax rate applicable to pretax
earnings excluding the charge.

The consolidated effective income tax rates for continuing
operations for the three and six months ended Sept. 30, 2005,
were approximately 42% and 44%, respectively.  The effective tax
rate expected for the remainder of the fiscal year is lower than
the prior fiscal year primarily because of the deconsolidation
of the Zimbabwe operations.

Mr. King stated, "The remainder of the fiscal year is expected
to benefit from stronger shipments from Africa and continued
strong results in the United States, especially as we realize
more of the savings from the Danville plant closure which was
completed in fiscal year 2006.  We are reducing our 2007 crop
production in Brazil, which caused an increase in bad debt
provisions related to accounts receivable from farmers during
the first six months of the fiscal year.  These provision
increases in Brazil should not continue during the second half
of the current fiscal year.  We will continue our efforts to
improve operations and to eliminate unproductive operations and
assets worldwide.  While it will take time to restore our
profitability to prior levels, we continue to believe that these
steps are essential, and we have made significant progress."

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

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

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


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

CORUS GROUP: Tata Steel Offers Cash to Corus Bondholders
--------------------------------------------------------
Tata Steel Ltd. has offered cash to Corus Group plc's
bondholders and asked them to convert their bonds into shares
before December 28, 2006, Indian Express says.

According to the report, Tata Steel's move was in order to
"consolidate its grip over Corus Group."

Indian Express relates that Tata Steel told the bondholders that
the current conversion price of a bond earlier in 2006 is
EUR6.55.  Thus, for each EUR1,000 principal amount of bonds
converted, bondholders will receive approximately 152.7 Corus
share.

The report recounts that the Tata Steel offer came after Corus
Group and Tata Steel decided to the terms of Tata Steel's
acquisition of all Corus shares.

As previously indicated in the Troubled Company Reporter - Asia
Pacific, October 20 was the day when Tata Steel's bid was
accepted by Corus' board of directors -- to 465.75 pence --
without any counter offer.  Tata Steel then offered 455 pence a
share to the Corus shareholders, putting the valuation of the
company at over US$10 billion.

Tata Steel is expected to post the offer document to the Corus
shareholders during the weekend, Indian Express says.

According to the report, Tata Steel's offer to Corus bondholders
is also concurrent with Corus equity holders' share sale.

The TCR-AP stated on Nov. 13, 2006, 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.

Indian Express notes that Corus Group Chief Executive Officer
Philippe Varin defended the Tata Steel offer in an industry
conference in Germany, saying that the offer came at the right
time and will preserve the identity of both companies.

Furthermore, the report cites Mr. Varin as stating that
consolidation in the steel sector is set to continue, and cited
China and Russia in particular as places where merger activity
could accelerate.

Mr. Varin added that he was confident demand for steel in Europe
would remain strong but added that the sector had to keep an eye
on imports from China and on energy prices.

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.


FOSTER WHEELER: Earns US$75.8MM for Quarter Ended Sept. 29, 2006
----------------------------------------------------------------
Foster Wheeler Ltd. reported that for the third-quarter period
ended Sept. 29, 2006, net income was US$54.6 million, excluding:

   (i) a gain of US$36.1 million arising from asbestos insurance
       settlements and a successful appeal relating to the
       company's subsidiaries' asbestos insurance coverage
       litigation, and

  (ii) a charge of US$14.8 million arising from the voluntary
       termination of the company's former credit agreement.

Including these items, net income for the quarter was
US$75.8 million, or US$1.07 per diluted share.

For the first nine months of 2006, net income was
US$110.5 million or US$1.57 per diluted share, excluding:

    (i) a gain of US$115.7 million arising from asbestos
        insurance settlements and a successful appeal relating
        to the company's subsidiaries' asbestos insurance
        coverage litigation,

   (ii) a charge of US$14.8 million arising from the voluntary
        termination of the company's former credit agreement,

  (iii) a US$12.5 million charge incurred in connection with
        certain debt reduction initiatives, and

   (iv) for EPS calculations only, the fair value of additional
        shares issued in January 2006 as part of certain warrant
        offers, which has the effect of reducing net income per
        diluted share by US$0.28.

Including these items, net income was US$198.9 million.

"I am delighted that we have delivered a second successive
record-breaking net earnings quarter and I am particularly
pleased with the performance of our Global Engineering and
Construction or E&C Group, which continues to drive our record
earnings," said Raymond J. Milchovich, the company's chairman,
president and chief executive officer.  "Comparing the first
nine months of 2006 with the first nine months of 2005:

   -- EBITDA and excluding the items noted above, increased
      by 32%;

   -- Operating revenues, measured in Foster Wheeler scope,
      increased by 41%;

   -- New orders, measured in scope, increased by 43%; and

   -- Backlog, measured in scope, increased by 53%."

EBITDA

Consolidated third-quarter 2006 EBITDA, after excluding:

   (i) the gain of US$36.1 million arising from asbestos
       insurance settlements and a successful appeal relating
       to the company's subsidiaries' asbestos insurance
       coverage litigation, and

  (ii) the US$14.8 million charge arising from the voluntary
       termination of the company's former credit agreement,
       increased by 22% to US$73.8 million.

In comparison, consolidated third-quarter 2005 EBITDA, after
excluding a US$40.2 million, primarily non-cash, accounting
charge relating to the company's successful equity-for debt
exchange concluded in August 2005, was US$60.5 million.  
Including the above items, consolidated third-quarter 2006
EBITDA was US$95.1 million.

For the first nine months of 2006, consolidated EBITDA, after
excluding:

   (i) the gain of US$115.7 million arising from asbestos
       insurance coverage settlements and a successful appeal
       relating to the company's subsidiaries' asbestos
       insurance coverage litigation,

  (ii) the US$14.8 million charge arising from the voluntary
       termination of the former credit agreement, and

(iii) a US$12.5 million charge incurred in connection with
       certain debt reduction initiatives, was US$205.1 million,
       an increase of 32% from US$155.2 million for the first
       nine months of 2005.

Consolidated EBITDA, including the above items, was US$293.5
million for the first nine months of 2006.

The company began recording stock option compensation expense in
2006 and US$1.9 million and US$5.6 million, respectively, were
expensed in the third quarter and first nine months of 2006.

Bookings, Revenues and Backlog

The company achieved another very strong bookings quarter.
Bookings during the third quarter of 2006, measured in scope,
increased to US$924.8 million, up 5% from US$879.3 million in
the year-ago quarter. For the first nine months of 2006,
bookings measured in scope increased significantly to US$2.67
billion, up 43% from US$1.87 billion for the first nine months
of 2005.

Operating revenues in the third quarter of 2006, measured in
scope, increased by 65% to US$727.1 million, compared with
US$440.1 million in the third quarter of 2005.  Operating
revenues for the third quarter of 2006, including flow through
costs, increased to US$910.6 million, up 71% from US$532.4
million in the third quarter of 2005.

For the first nine months of 2006, operating revenues, measured
in scope, were US$1.87 billion, up by 41% from US$1.33 billion
for the first nine months of 2005.  Including flow through
costs, operating revenues for the first nine months of 2006 were
US$2.30 billion, up by 46% from US$1.58 billion for the first
nine months of 2005.

Backlog, measured in scope, continued to grow, increasing by 53%
to US$3.0 billion at the end of the third quarter of 2006,
compared with backlog of US$1.95 billion at the end of the third
quarter of 2005.

Cash and Liquidity

The company's total cash and short-term investments at the end
of the third quarter of 2006 were US$509.7 million, of which
US$372.5 million were held by the company's non-U.S.
subsidiaries.  This total cash balance compares with US$372.7
million at the end of 2005, and US$342.1 million at the end of
the third quarter of 2005.  The substantial increase between the
end of 2005 and the third quarter of 2006 resulted primarily
from cash generated by operations of US$133.6 million, mainly
due to a very strong operating performance in the Global E&C
Group.

Global cash balances increased by US$151.7 million between the
end of the second quarter of 2006 and the end of the third
quarter of 2006.  Movements in working capital accounted for
approximately US$90 million of the increase, primarily due to
favorable payment terms and collections on new and existing
projects.

On Oct. 16, 2006, the company announced that it had successfully
closed on a new US$350 million, five-year senior secured
domestic credit facility.  The company will be able to utilize
the facility by issuing letters of credit up to the full US$350
million limit.  The company also has the option to use up to
US$100 million of the US$350 million amount for revolving
borrowings, although the company has no current plans to do so.  
The new credit agreement provides the increased bonding capacity
and financial flexibility required to support the company's
increased volume of business and, at current usage levels, will
also reduce the company's annual bonding costs by approximately
US$8 million.

During the third quarter of 2006, the company's subsidiaries
agreed with three additional insurers to settle disputed
asbestos-related coverage.  As a result of these settlements,
the company recorded a gain of US$16.6 million, increased its
insurance asset by US$4.0 million and received cash of US$12.6
million.  In addition, during the third quarter of 2006, the
company's subsidiaries were successful in their appeal of the
trial court decision regarding the state law applicable in their
asbestos insurance coverage litigation.  As a result, the
company further increased its insurance asset and recorded a
gain of US$19.5 million.

The company has funded US$30.2 million of asbestos liability
indemnity payments and defense costs from its cash flow during
the first nine months of 2006, net of the cash received from
insurance settlements.  The company expects net positive cash
inflows of approximately US$38.0 million in the fourth quarter
of 2006 from its asbestos management program.  The estimated
positive fourth-quarter 2006 net cash inflow represents the
excess of estimated cash receipts from existing insurance
settlements over its estimated indemnity and defense payments.
For all of 2006, the company forecasts a net cash inflow of
approximately US$7.8 million from its asbestos management
program.

Tax Provision

For the first nine months of 2006, the company's consolidated
effective tax rate was approximately 21%.  During this period,
the company reported several items on which there is no tax
provision, including the asbestos gain, the charge incurred by
the company arising from the voluntary termination of its former
credit agreement, and charges associated with the successful
debt reduction initiatives.  These items reduced the company's
effective tax rate for the first nine months of 2006, and are
expected to reduce the company's effective tax rate for the
full-year 2006.

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of    
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in china, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter on Aug 7, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' bank loan
rating and '1' recovery rating on Foster Wheeler Ltd.'s proposed
five-year, US$350 million senior secured credit facilities due
2011, reflecting a high expectation of full recovery of
principal (100%) in the event of a payment default.

As reported in the Troubled Company Reporter on May 30, 2006,
Moody's Investors Service upgraded Foster Wheeler's corporate
family rating to B1 from B3 and assigned a Ba3 rating to the
Company's US$250 million senior secured bank revolving credit
facility.  Moody's said the rating outlook is positive.


INDAH KIAT: Court Ruling May Affect Investor Confidence, FA Says
----------------------------------------------------------------
As mentioned in a Troubled Company Reporter - Asia Pacific
report on Oct. 9, 2006, Asia Pulp & Paper subsidiary Indah Kiat
Pulp & Paper Tbk's US$500 million bond has been ruled null by
Indonesia's Supreme Court.

According to Finance Asia News, the Supreme Court's decision,
which upheld the verdict of a lower court, had put "the
country's offshore borrowing prospect in doubt."

Finance Asia recounts that in their appeal, Gramercy Advisors
and Oaktree Capital Management -- both United States-based hedge
funds -- had hoped to overturn the Central Jakarta Court's 2004
ruling, which, in turn, had upheld a civil claim in Bangkalis
District Court a year earlier that nullified the bonds on the
basis that their issuance via an offshore special purpose
vehicle structure was unlawful.

Finance Asia cites market analysts as pointing out that the
Supreme Court's decision will undermine investor confidence in
the country, as a corporate borrower, and the dependability of
Indonesia's judicial practices.  They say that the ruling
endangers Indonesia's ability to raise money offshore.

What is significant about the ruling, Finance Asia says, is the
precedent it establishes for other Indonesian borrowers.  The
report notes that structure that has now been deemed illegal in
the eyes of the Indonesian judiciary is one of the most widely
utilized structures employed for bringing domestic corporate
borrowers to the international capital markets.  The offshore
SPV allows issuers access to foreign funds without having to
issue a domestic public offering.

The report says that for the time being, the market will await
clarification on the decision, hoping that it will be reversed
by the Government.

According to Finance Asia, if the government allows the ruling
to stand, it will mean that companies looking to access the
international capital markets will now be hamstrung by much more
rigid structures.  Structures that will overcompensate the need
to protect the rights of investors, while undoubtedly increasing
the cost of borrowing.  In addition, it will now fall to the
investment banks to conduct much deeper due diligence and bring
only those borrowers to market with undoubted willingness, not
simply the ability, to repay the debt.

                          *      *     *

Headquartered in Jakarta, Indonesia, PT Indah Kiat Pulp & Paper  
Tbk is a manufacturing company engaged in the production of  
paper and pulp.  

Finance Asia said on Nov. 13, 2006, that Indah Kiat, a
subsidiary of Asia Pulp & Paper, has almost US$14 billion of
debt in default and is one of the world's largest defaulters, if
not certainly Asia's.  The Widjaja family, the controllers of
Asia Pulp, have been struggling with their creditors since they
ceased all payments on their debt in 2001.

Indonesian ratings company Pefindo gave the company's long-term  
rating a idD, effective on April 14, 2001.  Additionally,  
Reuters reports that Indah Kiat delayed filing of its first  
quarter 2006 financials, and that the company will not pay  
dividends for the FY2005.


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

FORD MOTOR: To File Third Quarter 2006 Report by November 14
------------------------------------------------------------
In a Nov. 9, 2006 filing with the United States Securities and
Exchange Commission, Ford Motor Company disclosed that it is
restating its financial statements for the third quarter ended
Sept. 30, 2005, and finalizing its financial results for the
third quarter ended Sept. 30, 2006, to reflect the changes in
fair value of its derivative instruments as gains and losses,
without recording any offsetting change in the value of the debt
it was economically hedging.

Because the analysis and preparation of its restated financial
information is not yet complete, the company said it will be
filing its Quarterly Report on Form 10-Q for the period ended
Sept. 30, 2006, on or before Nov. 14, 2006, instead of Nov. 9.

The company's indirect wholly owned subsidiary Ford Motor Credit
Company became aware of a matter related to the application of
paragraph 68 of Statement of Financial Accounting Standards No.
133, Accounting for Derivative Instruments and Hedging
Activities, as amended, during the preparation of its response
to a comment letter from the Division of Corporation Finance of
the Securities and Exchange Commission.

Accordingly, the company performed a review of the company and
Ford Credit's hedge accounting policies and practices relating
to the "assumption of no ineffectiveness" for interest rate
swaps pursuant to paragraph 68 of SFAS No. 133.  Although the
interest rate swaps were and continue to be highly effective
economic hedges, the company has determined that nearly all of
the trans-actions failed to meet the requirements of Paragraph
68.

              Preliminary Third Quarter 2006 Results

On Oct. 23, 2006, the company issued a press release announcing
its preliminary financial results for the third quarter ended
Sept. 30, 2006.  The company also furnished the preliminary
results to the SEC in its Current Report on Form 8-K dated
Oct. 20, 2006.

For the third quarter of 2006, the company reported a
preliminary net loss of US$5.8 billion, compared with a
US$284 million net loss for the third quarter of 2005.

Excluding special items, the third quarter loss from continuing
operations was US$1.2 billion compared with a loss of
US$191 million a year earlier.

                        About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles   
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company has operations in Japan.

                          *     *     *

Standard & Poor's Ratings Services placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-'from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative reflecting Ford's
intent to raise secured financing that would impair the position
of unsecured debt holders.  Under Fitch's recovery rating
scenario it was estimated that unsecured holders would recover
approximately 68% in a bankruptcy scenario, equating to a
Recovery Rating of 'RR3' (50-70% recovery).

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance, with automotive operations generating
a pre-tax loss of US$1.8 billion and a negative operating cash
flow of US$3 billion, was consistent with the expectations which
led to the September 19 downgrade of the company's long-term
rating to B3.

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


HITACHI ZOSEN: JFE Considers Takeover of Shipbuilding Operations
----------------------------------------------------------------
JFE Holdings Inc. is considering taking over Hitachi Zosen
Corp.'s shipbuilding operations, which are handled by Universal
Shipbuilding Corp., a joint venture between the two firms, Kyodo
News relates.

According to the report, JFE's likely purchase of Hitachi
Zosen's stake in Universal Shipbuilding would mark Hitachi's
effective departure from shipbuilding.  Hitachi Zosen has
already downsized its shipbuilding business due to fierce
competition with overseas rivals.

With its exit from shipbuilding, Hitachi will instead focus on
bolstering the profitability of its mainline environment
equipment and plants business, The Japan Times cites
unidentified sources as saying.

Moreover, Kyodo notes that the JFE takeover is expected to
accelerate reconfiguration of the domestic shipbuilding
industry.

By turning Universal Shipbuilding into a subsidiary, JFE
Holdings intends to explore partnerships with group engineering
and steel companies to pare down production costs, Kyodo states.

The Times says that demand for shipbuilding has increased amid
the strong global economy.  However, domestic shipbuilders face
cutthroat competition with South Korean and Chinese rivals as
well as deteriorating profitability due to rising materials
costs.

JFE Holdings was created in 2002 through a merger of NKK Corp.
and Kawasaki Steel Corp, Kyodo recounts.  NKK and Hitachi Zosen
set up their 50-50 joint venture Universal Shipbuilding in 2002
by integrating their shipbuilding operations.  Universal
Shipbuilding is Japan's second-largest shipbuilder after Imabari
Shipbuilding Co.

                       About Hitachi Zosen

Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp/-- develops, manufactures, sells  
and maintains machinery and systems.  The company has five
business segments.  The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others.  The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures.  The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others.  The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines.  The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 31, 2006, Rating and Investment Inc. has affirmed the BB-
issuer rating of Hitachi Zosen Corporation with a negative
outlook.


MIZUHO FINANCIAL: To Invest JPY450 Billion in Expansion Plan
------------------------------------------------------------
Mizuho Financial Group Inc. will concentrate on expanding its
retail banking operations in the next three years, Bloomberg
News reports.

Bloomberg's Takahiko Hyuga relates that Mizuho Financial will
use most of its capital for this endeavor, which also includes
adding branches and increasing sales.

The report cites Mizuho Chief Executive Officer Terunobu Maeda
as saying that the bank will invest about JPY450 billion (US$3.8
billion) on 100 new branches and computer systems to help it
sell more products and private banking services.

Mr. Maeda told Bloomberg that Mizuho "will be left behind unless
we focus on Japan where the economy is recovering from
deflation."  He added, "It's a bit too early to operate an
aggressive investment banking business overseas as it would eat
capital."

Mizuho started trading its shares on the New York Stock Exchange
on Nov. 8.  As stated in the Troubled Company Reporter - Asia
Pacific on Nov. 7, 2006, Mizuho is the second Japanese bank to
list in the NYSE -- the first since 1989.

Bloomberg says that the listing underscores the revival of
Japan's financial firms after repaying public money given in a
bailout after the recessions of the 1990s.  Mizuho's main focus
is to rebuild at home and win a greater share of the
JPY1,700 trillion in financial assets held by Japanese citizens,
the report notes.

                  About Mizuho Financial Group

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

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

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


TIMKEN CO: Expands Manufacturing Presence in India
--------------------------------------------------
The Timken Company (NYSE: TKR) announced plans to build a new
bearing manufacturing facility in India.  The plant, which will
be located in Chennai in the southern state of Tamil Nadu, will
produce a range of antifriction bearings for global markets.

Timken's new facility will be built in one of India's new
Special Economic Zones, which provide a range of tax benefits,
including duty-free import of equipment and material used in the
manufacture of goods destined for sale outside of India.  The
facility will be located in Chennai's Mahindra World City, and
construction is expected to begin by the end of the year.

"The Timken Company is continuing to invest in industrial
products and markets where we have the opportunity to drive
profitable growth," said Mike Arnold, president of Timken's
Industrial Group.  "Our new facility in India represents a
significant expansion of our manufacturing presence in this
important economy, and we will continue to look for strategic
opportunities to build on our growing base in Asia."

The plant is estimated to cost US$25 million.  Production is
expected to begin during the fourth quarter of 2007.  Timken,
which currently employs approximately 1,000 people in India,
anticipates adding approximately 300 positions to operate the
Chennai plant.

Timken's Indian operations currently include a bearing
manufacturing plant in Jamshedpur and a Global Innovation Center
in Bangalore that has the capability to design, develop and test
new friction management and power transmission technologies.
Timken, which has had a presence in the Indian market since
1992, also has an extensive and growing network of distributors
focused on providing an expanding range of friction management
solutions to industrial and automotive aftermarket customers
throughout India.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered    
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Japan, Argentina, Australia, Belgium, Brazil,
Canada, China, Czech Republic, England, France, Germany, India,
Italy, Korea, Singapore, South America, Spain, Taiwan, Turkey,
United States, and Venezuela and employs 27,000 employees.

                          *     *     *

The company's 7.16% Medium-Term Notes, Series A due 2027 carry
Moody's Investors Service's Ba1 rating.


TIMKEN CO: Solves Problem in Indonesian Mill
--------------------------------------------
The Timken Company (NYSE: TKR) has added PT Essar, the largest
private steel producer in Indonesia and part of the Essar Group,
to its customer base.

Timken is supplying the replacement bearings for one of Essar's
mills through an authorized Timken distributor, PT Sumitech.

The business came as a result of not only providing product, but
also assembling a technical team to assess and improve the
mill's performance.

Essar was not happy with the bearing performance at one of its
mills since it entered service.  Essar replaced the original
equipment bearings with Timken four-row tapered roller bearings.
Then, to solve the pre-existing downtime problem, Timken
assembled an international team of technicians, engineers and
metallurgists.  The team conducted in-depth analyses of the
original bearings and their environment and recommended
efficient solutions for installation, lubrication and sealing
systems.

"At Timken, our goal is to use our expertise in friction
management to improve our customers' performance," said Kiong
Boon Teo, Timken's manager of technical services in the region.

"Our work with PT Essar didn't stop with the sale of bearings,"
Teo said.  "We continued to work with the operation to analyze
their equipment function and developed a series of installation
and maintenance practices that has improved their uptime and
reduced their total costs."

                         About PT Essar

PT Essar's cold-rolling complex in Indonesia rolls 400,000
metric tons of steel annually. It is part of The Essar Group
(www.essar.com), one of India's largest corporate houses with an
enterprise value of approximately $15 billion and interests
spanning the manufacturing and service sectors in both old and
new economies: steel, oil and gas, power, telecommunications,
business process outsourcing, shipping and construction.

          About PT Sumiwreksa Grahaniaga (PT Sumitech)

PT Sumitech, one of Timken's authorized distributors in
Indonesia, specializes in the steel and other heavy industries.

                    About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered    
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Japan, Argentina, Australia, Belgium, Brazil,
Canada, China, Czech Republic, England, France, Germany, India,
Italy, Korea, Singapore, South America, Spain, Taiwan, Turkey,
United States, and Venezuela and employs 27,000 employees.

                          *     *     *

The company's 7.16% Medium-Term Notes, Series A due 2027 carry
Moody's Investors Service's Ba1 rating.


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

DAEWOO ENGINEERING: Sold to Kumho-Asiana Group for KRW6.42 Tril.
----------------------------------------------------------------
The Kumho-Asiana Group, on November 10, 2006, gained approval to
buy a 72.1% stake in Daewoo Engineering & Construction Co. for a
lower price -- KRW6.42 trillion, Agence France-Presse reports.

As reported in the Troubled Company Reporter - Asia Pacific on
June 27, 2006, the Kumho-Asiana Group was named the preferred
bidder to takeover Daewoo Engineering after it reportedly
offered KRW6.6 trillion.

The Kumho-Asiana Group, led by Kumho Industrial Co., outbid four
rivals -- Doosan Group, Eugene Group, Prime Group, and Samwhan
Group.

The Kuhmo-Asiana Group and Korea Asset Management Corp., which
is managing the sale, agreed to lower the price.

According to Asia Pulse, Kumho will sign a formal contract for
the deal on November 15 and complete its payment by the end of
December.

                    About Daewoo Engineering

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com-- has become a   
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.

Daewoo Engineering was formed in 2000 by creditors after Daewoo
Group, then South Korea's second-largest industrial consortium,
collapsed under about KRW85 trillion in debt.

In early 2004, Daewoo Engineering's largest shareholder, the
Korea Asset Management Company, announced a proposed auction of
the construction firm.  Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.

The contractor turned around its finances and outlook, posting
KRW409.8 billion in net income in 2005, and has a backlog of
KRW18.47 trillion worth of orders from regions including Africa,
the Middle East and South Korea.  The company's market value
rose 70% in 2005 to KRW4.5 trillion.  Operating profit was
KRW432.1 billion in 2005, equal to 8.5% of revenue.  Debt
accounted for 130% of shareholder equity as of Dec. 31, 2005.


DURA AUTOMOTIVE: Receives NASDAQ Delisting Notice
-------------------------------------------------
DURA Automotive Systems Inc. received a delisting notification
from the Nasdaq Stock Market dated Oct. 30, 2006.  Trading of
DURA's common stock will be suspended at the opening of business
on Nov. 8, 2006.  The company does not intend to appeal the
decision.

NASDAQ indicated in its letter that the delisting determination
was prompted in light of DURA's voluntary filing for protection
under Chapter 11 of the U.S. Bankruptcy Code and was based on
Nasdaq Marketplace Rules 4300, 4450(f), and IM-4300.

On Oct. 30, DURA and its U.S. and Canadian subsidiaries filed
for protection under Chapter 11 of the U.S. Bankruptcy Code with
the U.S. Bankruptcy Court for the District of Delaware.  DURA's
European and other operations outside of the U.S. and Canada,
accounting for around 51% of DURA's revenue, are not part of the
filing.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia, namely in
China, Japan and Korea.

                          *     *     *

The Troubled Company Reporter reported on November 6, 2006, that
Fitch Ratings placed one tranche from one public collateralized
debt obligation and one tranche from private CDO on Rating Watch
Negative following Dura Automotive Corp.'s filing for protection
under Chapter 11.

As reported by The Troubled Company Reporter - Asia Pacific on
Nov. 6, Standard & Poor's Ratings Services lowered Dura
Automotive Systems Inc.'s senior secured and subordinated debt
ratings to 'D' from 'CC' following the company's announcement
that it and its U.S. and Canadian subsidiaries filed for
bankruptcy protection.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Taps Kirkland & Ellis as Bankruptcy Counsel
------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates seek
authority from the United States Bankruptcy Court for the
District of Delaware to employ Kirkland & Ellis as their
bankruptcy counsel, under a general retainer, nunc pro tunc to
Oct. 30, 2006.

Keith Marchiando, chief financial officer of Dura Automotive
Systems, Inc., tells the Court that Kirkland has been actively
involved in major reorganization cases, and has represented
several debtors, including W.R. Grace & Co., Harnischfeger
Indus., Inc., Musicland Holding Corp., Leaseway Motorcar
Transport Co., Calpine Corp., Collins & Aikman Corp., Tower
Automotive Inc., and UAL Corp.

Mr. Marchiando discloses that Kirkland has been counsel to the
Debtors on a number of matters for ten years, including the
preparation of their Chapter 11 filings, and, accordingly, will
be able to quickly respond to any issues that may arise during
the Reorganization Cases.

Specifically, Kirkland will:

    (a) advise the Debtors with respect to their powers and
        duties as debtors-in-possession in the continued
        management and operation of their business and
        properties;

    (b) attend meetings and negotiate with representatives of
        creditors and other parties in interest;

    (c) take all necessary action to protect and preserve the
        Debtors' estates, including prosecuting actions on the
        Debtors' behalf, defending any action commenced against
        the Debtors, and representing the Debtors' interests in
        negotiations concerning all litigation in which the
        Debtors are involved;

    (d) prepare all motions, applications, answers, orders,
        reports, and papers necessary to the administration of
        the Debtors' estates;

    (e) take any necessary action on behalf of the Debtors to
        obtain approval of a disclosure statement and
        confirmation of the Debtors' plan of reorganization;

    (f) represent the Debtors in connection with obtaining
        financing after its filing for Chapter 11 protection;

    (g) advise the Debtors in connection with any potential sale
        of assets;

    (h) appear before the Court, any appellate courts, and the
        U.S. Trustee, and protect the interests of the Debtors'
        estates before the courts and the U.S. Trustee; and

    (i) perform all other necessary legal services to the
        Debtors in connection with the Reorganization Cases,
        including:

        * analyze the Debtors' leases and executory contracts
          and their assumption or assignment;

        * analyze the validity of liens against the Debtors; and

        * advise on corporate, litigation, environmental, and
          other legal matters.

Kirkland will be paid based on the firm's standard hourly rates:

          Professional                Hourly Rate
          ------------                ------------
          Partners                   US$425 to US$950
          Counsel                    US$325 to US$740
          Associates                 US$245 to US$540
          Paraprofessionals           US$90 to US$280

Nineteen professionals are expected to have primary
responsibility for providing services to the Debtors:

          Lyndon E. Norley                   US$975
          Richard M. Cieri                   US$825
          Todd F. Maynes, P.C,               US$795
          Partha Kar                         US$775
          Marc Kieselstein, P.C.             US$745
          Dennis M. Myers, P.C.              US$745
          Natasha Watson                     US$610
          Maureen Sweeney                    US$575
          Dr. Bernd Meyer-Lowy               US$575
          Roger J. Higgins                   US$545
          David A. Agay                      US$545
          Leo Plank                          US$525
          Ryan Blaine Bennett                US$510
          Michelle Mulkem                    US$430
          Uday Gorrepati                     US$355
          Joy Lyu Monahan                    US$350
          Kathryn Koenig                     US$350
          Thad Davis                         US$325
          Lauren Hawkins                     US$295

The Debtors will reimburse Kirkland for necessary out-of-pocket
expenses.

Marc Kieselstein, Esq., a partner at Kirkland, informs the Court
that in August 2006, the Debtors advanced US$400,000 to Kirkland
as a retainer.  In September, the Debtors advanced a further
US$900,000 as an increase to the retainer.  The Debtors have
since then replenished the retainer to US$500,000 on a weekly
basis.

Mr. Marchiando adds that Kirkland received payments for
professional services performed in the 90 days prior to the
Petition Date, and additional amounts for the reimbursement of
reasonable and necessary expenses incurred.

The Debtors have agreed that fees, after the date of filing for
Chapter 11 protection, are an advance payment and not a
retainer.

As of Oct. 30, 2006, the Debtors do not owe Kirkland any amounts
for legal services rendered prior to the bankruptcy filing.

Mr. Kieselstein assures the Court that his firm is a
"disinterested person," as that term is defined in Section
101(14) of the Bankruptcy Code, as modified by Section 1107(b)
Kirkland does not hold or represent an interest adverse to the
Debtors or their estates, Mr. Kieselstein adds.

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia, namely in
China, Japan and Korea.

                          *     *     *

The Troubled Company Reporter reported on November 6, 2006, that
Fitch Ratings placed one tranche from one public collateralized
debt obligation and one tranche from private CDO on Rating Watch
Negative following Dura Automotive Corp.'s filing for protection
under Chapter 11.

As reported by The Troubled Company Reporter - Asia Pacific on
Nov. 6, Standard & Poor's Ratings Services lowered Dura
Automotive Systems Inc.'s senior secured and subordinated debt
ratings to 'D' from 'CC' following the company's announcement
that it and its U.S. and Canadian subsidiaries filed for
bankruptcy protection.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Taps Richards Layton as Local Counsel
------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates, seek
permission from the U.S. Bankruptcy Court for the District of
Delaware to employ Richards, Layton & Finger, P.A., as their
local counsel, general co-counsel, and conflicts counsel, nunc
pro tunc to Oct. 30, 2006.

Keith Marchiando, chief financial officer, explains that
granting the application will avoid unnecessary litigation and
reduce the overall expense of administering the Debtors'
bankruptcy cases.

Mr. Marchiando relates that RL&F, a Delaware counsel, has
extensive experience and knowledge in the field of debtors' and
creditors' rights and business reorganizations under Chapter 11
of the Bankruptcy Code.

Moreover, Mr. Marchiando says RL&F has become familiar with the
Debtors' business and affairs and many of the potential legal
issues that may arise in the context of their Chapter 11 cases.

RL&F will:

    * provide legal advice to the Debtors with respect to their
      rights, powers, and duties as debtors-in-possession in the
      continued operation of their business and management of
      their properties;

    * take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of di8sputes in which
      the Debtors are involved, and the preparation of
      objections to claims filed against the Debtors' estates;

    * prepare and pursue confirmation of the Debtors' plan,
      approval of that plan, and approval of the Debtors'
      disclosure statement;

    * prepare necessary applications, motions, answers, order,
      reports, and other legal papers on behalf of the Debtors;

    * appear in Court and protect the interests of the debtors
      before the Court; and

    * perform all other legal services for the Debtors that may
      be necessary and proper in the bankruptcy proceeding.

The firm will be paid based on their customary hourly rates.  
The principal attorneys and paralegals presently designated to
represent the Debtors and their hourly rates are:

          Directors                  US$390 to US$605
          Mark D. Collins                      US$520
          Daniel J. DeFranceschi               US$465

          Associates                 US$210 to US$350
          Jason M. Madron                      US$270
          Mark Kurtz                           US$225

          Paralegals                 US$125 to US$180
          Ann Jerominski                       US$165
          Rebecca V. Speaker                   US$165

The Debtors will reimburse RL&F for necessary out-of-pocket
expenses.

Mr. Marchiando discloses that RL&F has received a US$193,638
retainer as an advance against expenses for services to be
performed in the preparation and prosecution of the Debtors'
Chapter 11 cases, which will be applied to postpetition
allowances of compensation and reimbursement of expenses.

Daniel J. DeFranceschi, a director of RL&F, assures the Court
that his firm is "disinterested person," as that term is defined
in Section 101(14) of the Bankruptcy Code.  RL&F does not hold
or represent an interest adverse to the Debtors or their
estates, Mr. DeFranceschi says.


Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent   
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia, namely in
China, Japan and Korea.

                          *     *     *

The Troubled Company Reporter reported on November 6, 2006, that
Fitch Ratings placed one tranche from one public collateralized
debt obligation and one tranche from private CDO on Rating Watch
Negative following Dura Automotive Corp.'s filing for protection
under Chapter 11.

As reported by The Troubled Company Reporter - Asia Pacific on
Nov. 6, Standard & Poor's Ratings Services lowered Dura
Automotive Systems Inc.'s senior secured and subordinated debt
ratings to 'D' from 'CC' following the company's announcement
that it and its U.S. and Canadian subsidiaries filed for
bankruptcy protection.

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants
for.  As of July 2, 2006, the Debtor had US$1,993,178,000 in
total assets and US$1,730,758,000 in total liabilities.  (Dura
Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


HANAROTELECOM: To Buy Up to 80% of Onse Telecom's Customers
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
November 8, 2006, that hanarotelecom Inc. agreed to take over
Onse Telecom Corp.'s broadband subscribers.

In a report dated November 10, Bloomberg News said that
hanarotelecom expects to acquire up to 80% of Onse Telecom's
subscribers.  The deal may cost KRW54.9 billion (US$59 million),
Kevin Cho of Bloomberg estimated.

The customer takeover would help hanarotelecom narrow the gap
with industry leader KT Industry, Mr. Cho said.

Incorporated in July 1996, Onse Telecom provides
telecommunication services ranging from international long
distance, domestic long distance, broadband ISP, online contents
and IDC services.

Onse went under court receivership in March 2003 through
September 2006.  The telecom provider will terminate its
broadband services later this year and expects its users to
switch to other carriers.

                       About hanarotelecom

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


                          *     *     *


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

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


KOREA EXCHANGE: Prosecutors Obtain Evidence Against Lone Star
-------------------------------------------------------------
South Korea prosecutors secured incriminating evidence that
could link United States-based Lone Star Funds to illegal stock
manipulation relating to KEB Credit Services Co., Korea Exchange
Bank's credit-card unit, The Hankyoreh reports.

Among the evidence gathered is a cassette tape of a board
meeting, the Korean newspaper points out.

Korean prosecutors had been looking into Lone Star's purchase of
a 50.5% stake in KEB in 2003, and had been examining whether the
acquisition was appropriate.  

According to the Hankyoreh, the prosecutors alleged that Lone
Star representatives on KEB's board intentionally spread false
rumors in late 2003, which may have been aimed at preventing a
surge in prices ahead of the merger between the KEB and its
credit-card unit.

Investigators further assert that Lone Star even sent e-mails to
KEB employees that falsely predicted a reduction in capital to
give the rumor more credibility, the Korean newspaper relates.

The Seoul Central District Court recently rejected prosecutors'
request to issue a warrant to detain Lone Star executives
declaring that additional probe was needed to arrest them, the
Troubled Company Reporter - Asia Pacific reported on November 7,
2006.


The Lone Star probe is being closely watched by investors who
fear prosecutors may be singling out foreign interests, delaying
the deal in which Kookmin Bank agreed to buy KEB from Lone Star
for US$7.3 billion, a TCR-AP report on November 9, cited Reuters
as saying.

                    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.


SK CORP: To Sell 30% Stake in Incheon Unit in December
------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
November 8, 2006, that SK Corp intends raise as much as
US$700 million through an initial public offering of its
subsidiary, SK Incheon Oil, on the London Stock Exchange.

In an update, SK Corp. discloses that its board of directors
resolved to sell 30% of the Incheon unit's total outstanding
shares.  "The exact number of shares shall be decided by the
CEO, or a representative designated by the CEO, after taking the
market conditions into consideration," SK Corp. points out.

The total sales price will also be decided by SK's CEO, or his
representative, after taking into account market conditions.  SK
Corp. promises to make an additional disclosure once the exact
number of shares and sales price are confirmed.

The expected sale date is December 2006, subject to change on
future market conditions.

SK Corp., however, forewarns that in the event of a sudden
deterioration in the stock market caused by external factors or
any other business-related circumstances, the sale of the
Incheon stake may be postponed or cancelled.

                       About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company    
with 4,916 employees and 22 offices around the world in 2005.
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


SK CORP: Considers Entering China's Petrochemical Market
--------------------------------------------------------
SK Corporation is considering tapping China's petrochemical
market with China National Petrochemical Corp. -- SINOPEC --
Yonhap News reports citing a statement made by the Korean
company.

"As part of our ongoing efforts to seek ways to cooperate with
SINOPEC, we're considering pursuing a naphtha cracker operation
center (in the Chinese market)," the Korean newspaper quotes the
company as saying.  Naphtha, Yonhap explains, is an oil-based
raw material for petrochemical products.

                       About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company    
with 4,916 employees and 22 offices around the world in 2005.
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


* S&P Affirms South Korea's Credit Ratings
------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A/A-1' long-
and short-term foreign currency, and 'A+/A-1' long- and short-
term local currency ratings on the Republic of Korea.

The outlook on the long-term ratings remains stable.

"The affirmation incorporates a balance of factors between
Korea's economic, fiscal, and external strengths with high
contingent risks and delays in implementing structural reforms
such as in the labor market and SME sector," said Standard &
Poor's credit analyst Takahira Ogawa.

Since Korea's public sector became a net external creditor in
2000, the government's net external position has strengthened
because of rising reserves and is projected to reach 48% of
current account receipts for 2006.  Foreign currency reserves
amounted to US$229 billion as of Oct. 31, 2006, and are
expected to increase, covering 6.8 months of current account
payments by the end of 2006, compared with just under two months
in 1997.

South Korea has reported a general government surplus since
2000, averaging 1.4% of GDP (including social security and
excluding lending to the financial sector).  However, debt has
risen more than the flows would suggest, and gross general
government debt is projected to reach 40% of GDP by the end
of 2006, above the 36% median for 'A'-rated sovereigns.  Korea's
debt burden stems in part from the heavy cost of restructuring
the financial sector following the Asian financial crisis, which
amounted to more than one-third of 1998 GDP.

Despite the 1997-1998 Asian financial crisis and instability in
the domestic financial system, Korea's developed economy has
remained buoyant and real GDP has grown an average 5.8% a year
since 1999.  Korea is one of the global leaders in Internet
technology and its economy is diversified.  Further
restructuring of the private and public sectors could raise
Korea's trend growth from the current rate of about 4%, which is
one of the fastest among OECD countries.

Recently, however, one of Korea's strengths, strong fiscal
discipline, has shown a slight deterioration.  Although the
fiscal position has been resilient, it is slowly eroding due to
the increasingly expansionary policy of the current government.

The fiscal balance, excluding social security surplus and debt
transfers from KAMCO and KDIC, is expected to deteriorate to a
deficit of 1.8% of GDP in 2006 from a surplus of 0.7% in 2002,
when President Roh Moo-hyun took office.  Gross general
government debt is projected to reach 40% of GDP at year-end
2006 (including government guarantees), which is higher than the
34% recorded in 2002.  This rapid increase in the debt to GDP
ratio is being caused by, among other factors:

   -- the government taking over debt from KAMCO and KDIC;

   -- issuance of foreign exchange stabilization bonds; and

   -- financing the general account deficit.

Reform of the labor market and improving the competitiveness of
the SME sector has been slow.  As the country's population is
ageing rapidly and major Korean companies have started investing
heavily abroad, the flexibility of Korea's labor resources and
strength of its SMEs are key drivers of Korea's ability to
maintain its medium- and long-term growth prospects.

A recent nuclear test and missile launches by the Democratic
People's Republic of Korea have again highlighted the
significant geopolitical risk posed by North Korea, which is the
single largest negative factor for the sovereign credit ratings
of Korea.  Though North Korea has acted provocatively by
conducting a nuclear test and missile launches, Standard &
Poor's base case scenario is for a peaceful status quo to hold.

Six Party Talks, which look likely to resume, will probably be a
protracted and inconclusive process, rendering substantial
progress on the nuclear disarmament of North Korea remote.  

The stable outlook reflects the balance of factors affecting the
sovereign ratings.  Downward pressure stems from the potential
contingent costs of reunification and military risk from North
Korea, which is offset by the public sector's net external asset
position, resilient fiscal position, though it is slightly
eroding, and the country's dynamic economy.

"In the unlikely event of a military conflict, the ratings on
Korea would most likely fall sharply," Mr. Ogawa said.  "Another
scenario with slightly higher probability, albeit still low, is
the collapse of the North Korean economy.  The consequent fiscal
burden of reunification would result in the ratings on South
Korea falling, but to a lesser extent, depending on events
surrounding the collapse," Mr. Ogawa added.

"Further progress in structural reform in the financial and
corporate sectors, an easing of geopolitical tensions due to a
multilateral settlement with North Korea, or a reduction in the
Korean government's debt burden in anticipation of future
reunification costs could lead to an upgrade," Mr. Ogawa
explained.


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

ARMSTRONG WORLD: Sept. 30 Balance Sheet Upside-Down by $1.2 Bil.
----------------------------------------------------------------
Armstrong World Industries Inc. reported third quarter 2006 net
sales of US$973.6 million that were 4% higher than third quarter
net sales of US$937.0 million in 2005, including a US$13 million
favorable impact from foreign exchange rates.  Reported
operating income for the quarter increased to US$67.4 million
from US$66.5 million in the third quarter of 2005.  Adjusted
operating income for the quarter of US$82.5million increased 27%
compared with adjusted operating income of US$65.2 million in
the prior year quarter.

At Sept. 30, 2006, Armstrong World's balance sheet reflected a
stockholder's deficit of US$1,189,500,000.

Adjusted numbers exclude spending on restructuring charges and
related costs, impacts from legal settlements, environmental
charges, foreign exchange and certain other gains and losses to
allow meaningful comparisons of operating performance.

The year-over-year growth in third quarter 2006 adjusted
operating income benefited from price increases in excess of
manufacturing cost inflation, improved product mix in European
businesses, improved direct manufacturing costs in all
businesses, and lower manufacturing period expense in our floor
businesses.  Increased earnings in our WAVE joint venture also
contributed to the growth.  Notably, the growth was achieved
despite significant volume declines in North American resilient
business where vinyl declines offset laminate growth.

Resilient Flooring net sales were US$304.8 million in the third
quarter of 2006 and US$311.5 million in the same period of 2005.  
Excluding the favorable impact of foreign exchange rates, net
sales decreased 4%.  The decline was primarily due to decreased
volume for vinyl products in North America.  A reported
operating loss of US$2.9 million in the quarter compared with
reported income in the third quarter of 2005 of US$7.7 million.  
Adjusted operating income of US$4.5 million compared with US$5.9
million on the same basis in the prior year period.  The decline
is primarily attributable to lower sales.  The benefits of
increased manufacturing efficiency were greater than the impact
of cost inflation in the period.

Wood Flooring net sales of US$217.2 million in the current
quarter declined 1% from US$220.2 million in the prior year as
weakness in the U.S. housing markets drove volume declines in
both engineered and solid wood floors.  Reported operating
income of US$16.5 million in the quarter was below the US$25.7
million reported in the third quarter of 2005.  The reduction in
operating income was due to the sales volume decline combined
with higher lumber prices and increased promotional spending.  
Production costs improved during the period.

Textiles and Sports Flooring net sales in the third quarter of
2006 increased to US$86.3 million from US$79.7 million.  
Excluding the effects of favorable foreign exchange rates of
US$3.9 million, sales grew 3% primarily on higher volume in
carpet tiles and better price realization in broadloom carpet.  
Reported operating income of US$4.2 million in 2006 increased
from US$3.2 million in 2005 on the growth in sales.

Building Products net sales of US$304.5 million in the current
quarter increased from US$268.2 million in the prior year.  
Excluding the effects of favorable foreign exchange rates of
US$5.0 million, sales increased by 12%, primarily due to price
increases made to offset inflationary pressures, and improved
product mix in both the U.S. and European markets.  Volume
increased in North America and the Pacific Rim.  Reported
operating income increased to US$59.7 million from operating
income of US$43.1 million in the third quarter of 2005.  The
growth was driven by improved price realization, better product
mix and increased equity earnings in WAVE.

Cabinets net sales in the third quarter of 2006 of US$60.8
million increased 6% from US$57.4 million in 2005 on higher
selling prices and improved product mix.  Volume decreased
slightly.  Reported operating income for the third quarter of
US$3.8 million improved from the prior year's US$0.3 million
operating loss, primarily driven by the sales growth, and lower
SG&A spending.

                    Year-to-Date Results

For the nine-month period ended Sept. 30, 2006, net sales were
US$2,795.7 million compared with US$2,696.7 million reported for
the first nine months of 2005.  Excluding the US$10.4 million
impact from unfavorable foreign exchange rates, net sales
increased by 4%.  The sales growth was due to improved price and
product mix on flat volume, and all segments grew sales except
Resilient Flooring.

Operating income in the first nine months of 2006 was US$188.1
million compared with operating income of US$110.2 million for
the same period in 2005.  Adjusted operating income of US$209.9
million increased 59% compared with adjusted operating income of
US$131.9 million in the prior year period.  The improvement in
operating income was primarily due to higher sales, improved
manufacturing productivity and reduced SG&A expenses.

                          Outlook

For the fourth quarter of 2006, commercial markets are expected
to remain strong, while the decline in the U.S. housing market
will continue to reduce volumes in our residential businesses.  
On a consolidated basis, improved prices are anticipated to
continue to offset cost inflation, and reductions in direct
manufacturing costs will be sustained.

Due to fresh start reporting adjustments associated with our
Oct. 2, 2006, emergence from Chapter 11, reported fourth quarter
operating income would not be comparable to prior periods.  The
following outlook table includes adjusted operating income on a
pre-fresh start reporting basis to facilitate comparison to 2005
fourth quarter adjusted operating income.

                          *     *     *

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating  
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The company also has locations in Malaysia, Australia, China,
Hong Kong, Indonesia, Japan, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on December 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.
Silberglied, Esq., at Richards, Layton & Finger, P.A., represent
the Debtors in their restructuring efforts.  The Company and its
affiliates tapped the Feinberg Group for analysis, evaluation,
and treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.

The Creditors Committee tapped Houlihan Lokey for financial and
investment advice.  The Official Committee of Asbestos Personal
Injury Claimant hired Ashby & Geddes as counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The Company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.  (Armstrong
Bankruptcy News, Issue No. 103; Bankruptcy Creditors'
Service,Inc., http://bankrupt.com/newsstand/or 215/945-7000).   

                          *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the Company's emergence from bankruptcy on Oct. 2,
2006.  The outlook is stable.


MALAYSIA AIRLINES: Denies Rights Issue Reports
----------------------------------------------
Malaysian Airline System Bhd has denied media reports regarding
the alleged shareholders' approval for a rights issue to be
implemented some time next year, Reuters reports.

According to the report, Malaysian Airline's chief executive
officer, Idris Jala, was quoted in local newspapers last week as
saying that shareholders had given management approval to
consider a rights issue.

However, in a statement by the carrier made on November 10,
2006, it said that Mr. Idris had been speaking to reporters at
an aviation conference in Singapore and was actually referring
to a recently approved issue of a small amount of redeemable
preference shares.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


OLYMPIA INDUSTRIES: Board's Annual Gen. Meeting Set on Dec. 6
-------------------------------------------------------------
The Board of Olympia Industries Bhd will hold its 25th annual
general meeting on December 6, 2006, at 10:00 a.m.

The meeting will be held at the Crystal Ballroom, Level 1, Corus
Hotel Kuala Lumpur, in Jalan Ampang, Kuala Lumpur.

                    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.


WEMBLEY INDUSTRIES: Bursa Securities Updates on Delisting Plan
--------------------------------------------------------------
On November 3, 2006, Bursa Malaysia Securities Bhd disclosed
that Wembley Industries Holdings Bhd will be delisted and
removed from the Official List of Bursa Securities starting
9:00 a.m. on November 20, 2006.

Bursa Securities had announced on March 17, that its decision to
delist Wembley depends on the outcome of the company's
application to the Securities Commission for an extension of
time to implement its regularization plan.

However, according to a report from the Troubled Company
Reporter - Asia Pacific, the SC, through a letter dated Oct. 18,
2006, rejected the appeal made by the company.

Bursa Securities explained that its decision to delist the
securities of Wembley is without prejudice as it was stipulated
that the company's securities can be delisted from the Official
List of Bursa Securities in the event:

    a. the SC rejects Wembley's application for extension of
       time to implement its regularization plan; or

    b. Wembley fails to implement its regularization plan within
       the time frame stipulated by the SC or such other
       extended timeframe as stipulated by the SC; or

    c. Wembley fails to comply with any of the conditions
       imposed by the SC vide its approval letter and/or any
       further conditions imposed by the SC.

Securities of Wembley Industries, which are currently deposited
with Bursa Malaysia Depository Sdn Bhd, may remain deposited
with Bursa Depository.  It is not mandatory for the securities
of a company that has been delisted to be withdrawn from Bursa
Depository.

Meanwhile, Wembley's shareholders who intend to hold their
securities in the form of physical certificates, can withdraw
these securities from their Central Depository System accounts
maintained with Bursa Depository at anytime after the securities
of the above company have been de-listed from the Official List
of Bursa Securities.  

Shareholders are required to submit an application form for
withdrawal as prescribed by Bursa Depository.  For further
information, the shareholders can contact:

    Bursa Depository's Helpline
    03-2034 7711

Upon delisting, Wembley will continue to exist but as an
unlisted entity.  The company is still able to continue its
operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
company's performance.


Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the company's Proposed Debt Restructuring.  
The company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.

As reported by the Troubled Company Reporter - Asia Pacific,
Wembley's balance sheet as of June 30, 2006, revealed strained
liquidity with current assets of MYR415,649,000 available to pay
current liabilities of MYR1,229,086,000 coming due within the
next 12 months.  

As of June 30, 2006, the group has total assets of
MYR422,526,000 and total liabilities of MYR1,229,086,000,
resulting into a shareholders' deficit of MYR806,560,000.


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

ACTIVE HOMES: Court Sets Liquidation Hearing on December 7
----------------------------------------------------------
Active Contracting Ltd filed with the High Court of Auckland a
liquidation petition against Active Homes Ltd on October 9,
2006.

The application will be heard before the Court on Dec. 7, 2006,
at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Alexander Eric Ashmore
         Smith & Partners
         Barristers and Solicitors
         293 Lincoln Road (P.O. Box 104-065)
         Lincoln North, Henderson
         Auckland
         New Zealand


BREWTOPP EARTH: Liquidation Hearing Set on December 19
------------------------------------------------------
A hearing of the liquidation petition filed against Brewtopp
Earth Movers Ltd will be held before the High Court of Auckland
on December 19, 2006, at 10:45 a.m.

Sean Lawrence Topping and Sharon Merie Topping filed the
petition on September 27, 2006.

The Solicitor for the Petitioner can be reached at:

         Alexander Eric Ashmore
         Smith & Partners
         Barristers and Solicitors
         293 Lincoln Road (P.O. Box 104-065)
         Lincoln North, Henderson
         Auckland
         New Zealand


CHEUNG & HO: Creditors Must Prove Debts by November 27
------------------------------------------------------
On October 26, 2006, shareholders of Cheung & Ho Ltd appointed
Paul Graham Sargison and Gerald Stanley Rea as liquidators.

The liquidators require the Company's creditors to submit their
proofs of claim by November 27, 2006, for them to share in the
Company's distribution.

The Liquidators can be reached at:

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


CORPORATE CLEANING: Faces Liquidation Proceedings
-------------------------------------------------
On November 13, 2006, the High Court of Christchurch heard a
petition to liquidate Corporate Cleaning Services Ltd.

The Commissioner of Inland Revenue filed the petition with the
Court on September 26, 2006.

The Solicitor for the Petitioner can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


FAMOUS BRANDS: Creditors' Proofs of Claim Due on November 30
------------------------------------------------------------
On October 26, 2006, shareholders of Famous Brands Factory
Outlet Ltd resolved by special resolution to liquidate the
company's business and appointed Andrew Hill as liquidator.

Accordingly, Mr. Hill requires the Company's creditors to submit
their proofs of claim by November 30, 2006, or they will be
excluded from sharing in the distribution.

The Liquidator can be reached at:

         Andrew Hill
         BDO Spicers
         Chartered Accountants
         29 Northcroft Street
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 2125
         Facsimile:(09) 486 4026


GAMO HOLDINGS: Names Montgomerie and Cunningham as Liquidators
--------------------------------------------------------------
On October 13, 2006, Bernard Spencer Montgomerie and Stuart
James Cunningham were appointed as joint and several liquidators
of Gamo Holdings Ltd.

The liquidators require creditors of the Company to submit their
proofs of claim by November 22, 2006.

The Joint Liquidators can be reached at:

         Bernard Spencer Montgomerie
         Stuart James Cunningham
         Montgomerie & Associates
         Insolvency Practitioners
         C.P.O. Box 65, Auckland 1015
         New Zealand
         Telephone:(09) 368 7672
         Facsimile:(09) 307 0174


LAM FINANCIAL: Liquidation Petition Hearing Set on Nov. 16
----------------------------------------------------------
On August 29, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Lam Financial Services Ltd.

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

The Solicitor for the Petitioner can be reached at:

         Simon John Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland
         New Zealand


PATTERSON CONSULTING: Court Sets Liquidation Hearing on Nov. 16
---------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Patterson Consulting Worldwide Ltd on November 16,
2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
August 28, 2006.

The Solicitor for the Petitioner can be reached at:

         Simon John Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland
         New Zealand


TEAMWORK INTELETRAC: Shareholders Appoint Joint Liquidators
-----------------------------------------------------------
On October 26, 2006, shareholders of Teamwork Inteletrac Ltd
resolved to liquidate the company's business and appointed
Stephen Mark Lawrence and Anthony John McCullagh as joint and
several liquidators.

Accordingly, the joint liquidators fix November 27, 2006, as the
last day for the creditors to prove their debts.

The Joint Liquidators can be reached at:

         Stephen Mark Lawrence
         Anthony John Mccullagh
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678, Auckland 1015
         New Zealand
         Telephone:(09) 306 3440
         Facsimile:(09) 302 0536


TOTALLY THERMAL: Creditors to Prove Claims on November 30
---------------------------------------------------------
Shareholders of Totally Thermal - Products Ltd appointed Roger
Johnstone as liquidator on October 23, 2006.

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

The Liquidator can be reached at:

         Roger Johnstone
         P.O. Box 35-825
         Browns Bay, Auckland
         New Zealand
         Telephone/Facsimile: (09) 473 1139


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

BANCO DE ORO: To Hold Special Stockholders' Meeting on Dec. 27
--------------------------------------------------------------
Banco de Oro Universal Bank filed documents with the Philippine
Stock Exchange in response to the PSE's request for additional
information in respect of the bank's Plan of Merger with
Equitable PCI Bank, Inc.

The documents filed with the PSE are:

   (a) Preliminary Information Statement in connection with
       Banco de Oro's Special Stockholders' Meeting to be held
       on December 27, 2006, at 10:00 a.m., at the Quezon
       Ballroom "B" Makati City Shangri-La, Ayala Avenue corner
       Makati Avenue, in Makati City.

       Only stockholders of record in the bank's books as of the
       close of business on November 20, 2006, are entitled to
       vote at the meeting;

   (b) the Plan of Merger; and

   (c) Articles of Merger.

Full-text copies of these documents are available for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/BDO_P20IS_11122006.pdf

As reported in the Troubled Company Reporter - Asia Pacific on
November 8, 2006, the Boards of Banco de Oro Universal Bank and
Equitable PCI Bank, Inc., passed resolutions approving a plan to
merge the two companies.  Both Boards have endorsed to their
shareholders the approved Plan of Merger for final ratification.  
Completion of the transaction is subject to regulatory approval
and is anticipated to close by the first quarter of 2007.

                       About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

                          *     *     *

Fitch Ratings Ltd. had on July 27, 2006, upgraded Banco de Oro
Universal Bank's Support rating to '3' from '4', and affirmed
its Individual rating at 'C/D', following a review of the Bank.


MANILA MINING: Signs Letter of Intent with Anglo American
---------------------------------------------------------
In a disclosure with the Philippine Stock Exchange dated
November 9, 2006, Manila Mining Corporation advised that it has
signed a Letter of Intent with Anglo American Explorations
(Philippines), Inc.

The LOI, subject to finalizing definitive agreements, confirmed
the participation of Anglo American Exploration in the
exploration and potential development of the Kalaya-an Property,
which is part of the contract area of Manila Mining's
Exploration Permit pending final renewal with the Department of
Environment and Natural Resources.

Anglo American Exploration is a wholly owned subsidiary of
Anglo-American plc.

                       Anglo American plc

Anglo American plc -- http://www.angloamerican.co.uk/-- with  
its subsidiaries, joint ventures and associates has significant
and focused interests in gold, platinum, diamonds, coal, base
metals, ferrous metals and industries, industrial minerals and
paper and packaging, as well as financial and technological
strength.  The Group is geographically diverse, with operations
and developments in Africa, Europe, South and North America and
Australia.

Anglo American has excellent growth potential supported by a
US$6.2 billion approved project pipeline.

Since 1999, Anglo American has completed a significant number of
company transforming transactions including acquisitions of
US$15 billion and disposals of US$9.7 billion and the Group has
a well defined strategy to increase focus on its core mining
assets, drive internal efficiencies and deliver higher returns.  
Anglo American has a strong commitment to safety and the
sustainable development of the communities where it operates.

                       About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.  
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

                          *     *     *

After auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the Company's ability to continue as
a going concern, noting the Company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.


MANILA MINING: Appoints SGV as External Auditor & P. Ayson as VP
----------------------------------------------------------------
Manila Mining Corporation advises the Philippine Stock Exchange
that at the meeting of its board of directors held on Nov. 9,
2006, the Board approved the appointments of:

   * SyCip Gorres Velayo & Co. as Manila Mining's external
     auditor; and

   * Atty. Pablo T. Ayson, Jr., as the company's vice president.

                       About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.  
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

                          *     *     *

After auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the Company's ability to continue as
a going concern, noting the Company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.


VITARICH CORP: Signs Up Oracle to Enhance Market Efficiency
-----------------------------------------------------------
Vitarich Corporation has signed up the services of Oracle
Corporation for its Management Information Systems to enhance
the agri-firm's quality service efficiency for its markets
nationwide.

"Putting in place an advanced and well-streamlined information
system assures Vitarich of a highly-efficient and systemized
information network for our agri-business operations across the
country," Vitarich chairman and president Rogelio Sarmiento,
says.

The corporation's investment in information technology and
management system tools is expected to improve business
efficiency, enhance productivity and increase profitability for
its customers and Vitarich.

"Once the Oracle system is in place and running, access to all
relevant data and essential financial information will be quick
and easy.  With complete up-to the minute accurate information,
we shall enhance high-level operational efficiency in
distribution, inventory and procurement, finance and
accounting," Mr. Sarmiento further says.

The project will allow real time updates on payments,
distribution, supply inventory and financial reporting through
all its offices nationwide.  It will also utilize one mechanism
that allows check and balance within the system.

Management information system manager Rocco Sarmiento and
information technology project manager James Garbo spearhead the
Oracle database project.

Oracle is one of world's leading companies in database
management system development operating in more than 145
countries around the globe.

Vitarich has harnessed other technology advancements in the
agri-business industry for years.  The company is the only
agrifirm that has a research and development facility which is
located in Marilao, Bulacan, Mr. Sarmiento notes.

                         About Vitarich

Vitarich Corporation -- http://www.vitarich.com/-- is among the  
leading integrated producers and wholesalers of poultry and
animal feed products in the Philippines.  The Company also
develops, produces and sells animal health products.  It is
dedicated to the poultry and feeds industry, committing all of
its resources to the production of poultry products, including
upstream production activities such as feed milling, and
additional ventures where the company's knowledge of the poultry
and feeds production process provides it with competitive
advantage.

In 1988, the Company entered into a joint venture agreement with
Cobb-Vantress, Inc. and formed Breeder Master Inc., (formerly
Phil-American Poultry Breeders, Inc.) to engage in the
production of day-old parent stocks.  Cobb-Vantress is 100%
owned by Tyson Foods, Inc, the worlds largest chicken company.  
BMI is 80% owned by Vitarich and 20% owned by Cobb-Vantress.

Despite the Company's expansion into other areas, its core
business remains rooted in poultry.  As of end-2001,
contribution to gross sales of the Company's business groups was
-- foods 62%, feeds 30%, and farms 8%.

VITA is presently engaged in the manufacture and distribution of
various poultry products like chicken, animal and aqua feeds,
and day-old chicks, among others.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that after auditing Vitarich's 2005 annual
report, Punongbayan & Araullo raised substantial doubt the
Company's ability to continue as a going concern, due to
significant losses for the past three years, including net
losses worth PHP249.3 million in 2005 and PHP291.2 million in
2004, resulting in significant deficit amounting to PHP1.8
billion as of Dec. 31, 2005.

The TCR-AP reported that Vitarich disclosed to the Philippine
Stock Exchange that after the Company's annual stockholders'
meeting held on June 30, 2006, the company planned to reduce
losses by 50% to around PHP125 million in 2006 by continuously
shifting the focus to hog and aqua from chicken and poultry
feeds -- to break even.

As at December 31, 2005, and 2004, the Company holds 100%
interests in Philippines' Favorite Chicken, Inc., and Gromax,
Inc., both domestic corporations, the TCR-AP noted.

                          *     *     *

The TCR-AP reported on September 19, 2006, that Vitarich has
filed a petition for corporate rehabilitation with the Regional
Trial Court of Malolos City, Bulacan.


* Net FDI Flows Hit US$1.36 Bln in First Eight Months of 2006
-------------------------------------------------------------
Net foreign direct investment flows for August 2006 reached
US$207 million, bringing the year-to-date FDI flows to
US$1.36 billion, up by 20.6% from the comparable period last
year.  The sustained FDI flows during the eight-month period
drew support from the strength of the country's improved
macroeconomic fundamentals (e.g., improved fiscal position with
surpluses posted from April-June and August, decelerating
inflation rate, peso appreciation) owing to the Government's
economic reform program.  The inflows also reflected in part the
expansion plans of some companies to increase capacity in
anticipation of greater demand following continued favorable
domestic and global economic outlook.

Meanwhile, the recent credit outlook upgrade by the Moody's
Investors Service from negative to stable is a confirmation of
the positive sentiment by global investors in the Philippines'
economic climate, which in turn is expected to further lift FDI
flows in the near term.

FDI flows during the eight-month period were higher year-on-year
by US$232 million as the "other capital" account reversed to a
surplus of US$903 million from a net outflow of US$35 million a
year ago.  The "other capital" account, consisting largely of
intercompany borrowing/lending of funds between foreign direct
investors and their local subsidiaries, branches or affiliates
in the Philippines, showed inflows going into automotive and
electronic firms.  The surplus in the "other capital" account
more than compensated for the net outflows of US$18 million in
the reinvested earnings account.

Net equity capital managed to post a surplus of US$476 million
during the first eight months of the year, notwithstanding the
52.7% decline from the year-ago level.  Industries benefited by
these inflows comprised mainly of:

   (a) manufacturing,
   (b) services,
   (c) financial intermediation, and
   (d) real estate

The bulk of these inflows was infused by investors from the
U.S., Japan, United Kingdom, Hong Kong, Federal Republic of
Germany, and Switzerland.

                          *     *     *

"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
=================

B.T. FROZEN: Court to Hear Wind-Up Petition on Nov. 17
------------------------------------------------------
On Sept. 15, 2006, Singapore Food Industries Limited filed an
application to wind up B.T. Frozen Food Trading Pte Ltd.

The wind-up petition will be heard before the High Court of
Singapore on Nov. 17, 2006, at 10:00 a.m.

The Petitioner's solicitors can be reached at:

         Tito Isaac & Co
         20A Circular Road
         Singapore 049376


DELL INC: Court Approves US$17M Settlement of Consumer Suits
------------------------------------------------------------
Judge Ronald B. Leighton of the United States District Court for
the Western District of Washington granted final approval to a
settlement in a class action against:

   -- Dell, Inc.;  
   -- Dell Financial Services, L.P.; and  
   -- CIT Bank.  

The class action was filed on behalf of certain Dell customers
nationwide.  It alleged that the defendants' practices caused
consumers to incur excess finance charges and late fees.

Under the terms of the settlement, the defendants will pay up to
US$17 million to settle claims by customers who bought computers
and/or related services and products from Dell and financed
their purchases with Dell Financial Services.  

Dell and Dell Financial Services have also agreed to modify some
of their sales and financing practices.

"This settlement will provide substantial benefits to past,  
current, and future Dell customers," said Steven A. Skalet of
Mehri & Skalet, one of the law firms representing the  
plaintiffs.  

The agreement settled three pending class actions and one  
unfiled class action in which plaintiffs alleged that consumers
were enticed into financing their purchases by promotional
offers such as "90 Days Same as Cash," but were not informed
when they were approved for credit lines that lacked such
promotional features.  

The actions also alleged that the defendants failed to
adequately disclose the terms and conditions associated with its
"Dell Preferred Account" lines of credit.

As a result, plaintiffs alleged that customers accrued
unexpected interest and late charges.  All three defendants deny
that consumers were misled or that they engaged in any
wrongdoing, but agreed to the settlement in order to avoid the
cost and uncertainty of continued litigation.

Under the terms of the settlement, eligible class members may
apply to receive a refund of 75.95% of the estimated interest
paid during sixty days following the initial purchase.  

Class members who paid a late payment fee may receive a refund
of 75.95% of the average late fee paid by class members.  Dell
Financial Services will also make changes to the way it
advertises its promotional financing offers and communicates
with consumers who receive lines of credit.  

"The financial settlement, as well as Dell's promise to change
certain sales practices, is in Dell's customers' interests in
the long run," said Jeffrey Friedman of Lerach Coughlin Stoia
Geller Rudman & Robbins LLP.  

The settlement will bring to an end nearly three years of  
investigation, negotiation, and litigation.  

"This settlement puts money back in the pockets of Dell
customers and we are very pleased with this result," stated Eric
Chaffin of Seeger Weiss LLP.  

The suit is "Watson et al. v. Dell Inc. et al., Case No. 3:05-
cv-05200-RBL," filed in the U.S. District Court for the Western  
District of Washington under Judge Ronald B. Lei.

Representing plaintiffs are:

   (1) Steve W. Berman and Tyler Weaver both of Hagens Berman  
       Sobol Shapiro LLP, 1301 5th Ave., Ste 2900, Seattle, WA  
       98101, Phone: 206-623-7292 or Fax: 206-623-0594,
       E-mail: steve@hbsslaw.com or tyler@hbsslaw.com;

   (2) Eric T. Chaffin and Stephen A. Weiss both of Seeger  
       Weiss (NY), One William St., 10th Floor, New York, NY
       10004, Phone: 212-584-0700, E-mail:  
       echaffin@seegerweiss.com or sweiss@seegerweiss.com;

   (3) Jeffrey D. Friedman, Reed R. Kathrein and Shana E.  
       Scarlett all of Lerach Coughlin Stoia Geller Rudman &  
       Robbins (SF), 100 Pine St., Ste 2600, San Francisco, CA
       94111, Phone: 415-288-4545, Fax: 415-288-4534, E-mail:
       jfriedman@lerachlaw.com or reedk@lerachlaw.com or  
       shanas@lerachlaw.com;

   (4) Jeffrey F. Keller and Kathleen R. Scanlan both of  
       Keller Grover, 425 Second St., Ste 500, San Francisco,
       CA 94107, Phone: 415-543-1305, Fax: 415-296-8891,
       E-mail: jfkeller@kellergrover.com or  
       kscanlan@kellergrover.com; and

   (5) Steven A. Skalet of Mehri and Skalet PLLC, 1300 19th
       St., NW Ste 400, Washington, DC 20036, Phone: 202-822-
       5100, E-mail: sskalet@findjustice.com.

Representing defendants are:

   (1) Naomi Jane Gray and Ned N. Isokawa both of Paul  
       Hastings Janofsky & Walker (SF), 55 Second St., 24th  
       Floor, San Francisco, CA 94105, Phone: 415-856-7000 or
       415-856-7003, E-mail: naomigray@paulhastings.com or  
       nedisokawa@paulhastings.com; and Barry G. Sher of Paul
       Hastings Janofsky & Walker (NY), 75 E. 55th St., First
       Floor, NY 10022, Phone: 212-318-6085, E-mail:  
       barrysher@paulhastings.com;

   (2) David B. Johnson of Sidley Austin (IL), One South  
       Dearborn, Chicago, IL 60603, Phone: 312-853-7107,
       E-mail: djohnson@sidley.com; and Jennifer A. Landau of
       Sidley Austin (CA), 555 W, 5th St., STE 4000, Los  
       Angeles, CA 90013-1010, Phone: 213-896-6000, E-mail:
       jlandau@sidley.com;

   (3) David Florian Jurca of Helsell Fetterman LLP, PO BOX  
       21846, Seattle, WA 98111-3846, Phone: 206-292-1144,  
       Fax: 340-0902, E-mail: djurca@helsell.com;

   (4) David W. Moon and Lisa M. Simonetti both of Stroock &
       Stroock & Lavan (CA), 2029 Century Park E, STE 1800,
       Los Angeles, CA 90067, Phone: 310-556-5800, E-mail:
       dmoon@stroock.com or LSimonetti@stroock.com;

   (5) Stephen M. Rummage of Davis Wright Tremaine LLP, 1501  
       4th Ave., STE 2600, Seattle, WA 98101-1688, Phone: 206-
       628-7755, Fax: 628-7699, E-mail: steverummage@dwt.com;
       and

   (6) Jeffrey M. Thomas and Jeffrey I Tilden both of Gordon
       Murray Tilden, 1001 4th Ave., STE 4000, Seattle, WA
       98154, Phone: 206-467-6477, E-mail: jthomas@gmtlaw.com
       or jtilden@gmtlaw.com.


Dell, Inc. (NASDAQ: DELL) -- http://www.dell.com/-- designs,  
develops, manufactures, markets, sells, and provides support for
various computer systems and services to customers worldwide. In
Asia, Dell is headquartered in Singapore, with manufacturing
facilities in Malaysia and China and regional offices in these
Asia Pacific countries: Singapore, Australia, China, India,
Indonesia, Japan, Korea, Malaysia, Philippines, Taiwan and
Thailand.

The company disclosed that it is unable to file its quarterly
report because of questions raised in connection with an
informal investigation by the U.S. Securities and Exchange
Commission into certain accounting and financial reporting
matters and the subsequently initiated independent investigation
by the Audit Committee of its board of directors.

On Sept. 26, 2006, the TCR-AP reported that Dell Inc. reported
plans to request a hearing before a NASDAQ Listing
Qualifications Panel in response to the receipt on Sept. 15 of a
NASDAQ Staff Determination letter indicating Dell is not in
compliance with the filing requirement for continued listing as
set forth in Marketplace Rule 4310(c)(14).


EXABYTE CORP: Wells Fargo Increases Borrowing Base by US$2 Mil.
---------------------------------------------------------------
Exabyte Corporation entered into a Sixth Amendment to its Credit
and Security Agreement with Wells Fargo Business Credit, Inc.,
dated March 9, 2005.

Under the Sixth Amendment, the Company's Borrowing Base was
increased by up to US$2 million, which is equal to 100% of the
principal amount of the borrowings under the Credit Agreement
that may be purchased by Tandberg Data ASA pursuant to a
Participation Agreement between Tandberg and Wells Fargo Bank,
National Association dated Sept. 22, 2006.

The Company disclosed that pursuant to the Asset Purchase
Agreement with Tandberg, under certain circumstances Tandberg is
obligated to provide WFBC with an irrevocable letter of credit
in an amount up to US$2 million to support a further extension
of credit by WFBC to the Company.  In accordance with a Letter
Agreement dated Sept. 22, 2006 between Tandberg and the Company,
Tandberg has elected to satisfy the obligation to provide the
Company with additional borrowing capacity through the purchase
of a participation interest in the Credit Agreement, pursuant to
the Participation Agreement.

Full text-copies of the Sixth Amendment, the Letter Agreement
and the Fifth Amendment may be viewed at no charge at:

Sixth Amendment to the Credit and Security Agreement by and
between Exabyte Corporation and Wells Fargo Business Credit,
Inc., dated Sept. 22, 2006: http://ResearchArchives.com/t/s?12c1

Fifth Amendment to the Credit and Security Agreement by and
between Exabyte Corporation and Wells Fargo Business Credit,
Inc., dated July 31, 2006: http://ResearchArchives.com/t/s?12c2

Letter Agreement between Exabyte Corporation and Tandberg Data
Corp., dated Sept. 22, 2006:

http://ResearchArchives.com/t/s?12c3

                          About Exabyte

Exabyte Corporation -- http://www.exabyte.com/-- manufactures  
tape storage products.  The company's products back up and
restore critical business information.

In Asia Pacific, the company is headquartered in Singapore, with
offices in Australia, China and Hong Kong.

The company's balance sheet at Dec. 31, 2005, showed total
assets of US$34,715,000, total liabilities of US$66,675,000 and
Series AA Convertible preferred stock of 38,931,000, resulting
in a US$70,891,000 stockholders' deficit.

                        Going Concern Doubt

Ehrhardt Keefe Steiner & Hottman PC expressed substantial doubt
about Exabyte Corporation and its subsidiaries' ability to
continue as a going concern after auditing the company's
consolidated financial statements for the years ended
Dec. 31, 2005, and 2004.  The auditing firm pointed to the
company's recurring losses and accumulated deficit of
US$123,869,000.


FINSBAY HOLDINGS: Creditors Must File Proofs of Debt by Dec. 4
--------------------------------------------------------------
Finsbay Holdings Pte Ltd, which was placed under members'
voluntary liquidation, will be receiving proofs of debt from its
creditors until Dec. 4, 2006.

Failure to file a proof of claim will exclude a creditor from
sharing in the company's distribution of dividend.

The company's liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


LINDETEVES-JACOBERG: Posts SGD67-Mil. Profit for 3rd Qtr. 2006
--------------------------------------------------------------
Lindeteves-Jacoberg Ltd has, on Nov. 10, 2006, filed with the
Singapore Stock Exchange Limited its financial statement for the
third quarter ended Sept. 30, 2006.

For the three months ended Sept. 30, 2006, the group has
recorded a SGD10.4-million profit as compared with the
SGD1.3-million profit reported for the same quarter last year.  
The increase was mainly due to higher output, better absorption
of labor costs and fixed overheads.  

Moreover, for the third quarter ended Sept. 30, 2006, group
sales recovered from SGD52.8 million in the third quarter of
2005, to SGD67.6 million in third quarter of 2006.  During the
quarter, the group was also able to increase the production
volume of low voltage motors.  The advances from the parent
company, ATB Austria Autriebstechnik AG, which were also
utilized to purchase raw materials and support the working
capital requirements of the production plants, had a positive
impact on the production volumes.

Selling and distribution expenses as well as administrative
expenses were lower in the third quarter of 2006 compared to
those of the third quarter 2005.  In the third quarter of 2005,
the group had suffered from penalties for late delivery and late
payment of customs, duty and taxes.

Other operating expenses decreased a substantial 75.8% to
SGD3.8 million in the third quarter of 2006, as compared to
SGD15.7 million in the third quarter of 2005.  The expenses in
the third quarter 2005 included provisions of SGD10 million for
write-off if inventory, accounts receivables and other debtors.

As of Sept. 30, 2006, the group's balance sheet showed strained
liquidity with SGD123 million in total current assets available
to pay SGD169 million in total current liabilities.

In spite of the reduced principal amounts under the Scheme of
Arrangement, which took effect on Dec. 22, 2005, finance costs
increased by SGD0.2 million in the third quarter of 2006 from
the figure for corresponding period in 2005.  This was mainly
due to higher interest rate on the US$25 million floating rate
note issued by one of the subsidiaries as well as the higher
cost of funds incurred on the borrowings of the group in a
rising interest rate regime.

Exceptional expenses of US$0.1 million in the third quarter of
2006 relates to redundancy cost incurred in the UK.  The group
will continue to rationalize its operations to bring down
operating costs further.

Bank borrowings under current Liabilities declined by a
substantial SGD202.7 million to SGD28.5 million due to the
amount of debts written off and the balance of the debts
outstanding were reclassified to an 8-year term loan under the
Scheme of Arrangement.  Overall bank borrowings decreased by
SGD79.7 million of which SGD75 million were due to debts written
off.

Share capital increased by SGD33.3 million comprising
SGD9.9 million arising from shares issued to the creditor banks
and SGD3.4 million arising form shares issued to ATB
Antriebstechmik AG.

At the company level, investment in subsidiaries decreased by
approximately SGD43.1 million to SGD116.2 million due mainly to
impairment to the company's investment in BCW Electric Motor
(Dalian) Corp. Ltd, its subsidiary in China.  The company
disclosed on Oct. 29, 2006, that it has entered into separate
conditional sale and purchase agreements to sell its equity
interest in BCW to Dalian Motor Co., Ltd and An Xiao Dan, an
Australian citizen who is a business associate of DM based in
Australia.

The group's current order book is approximately SGD120 million,
an increase of 23.3% compared to second quarter of 2006, which
is mainly due to the strong recovery in the high voltage motor
business.  The Rights Issue, which closed on Oct. 30, 2006,
raised approximately SGD25.4 million of net proceeds.

The group's Rights Issue also reduced the group's negative
working capital to approximately SGD18.7 million.  The company's
directors believe that the current working capital shortfall
will not prevent the group from meeting its short-term
obligations as and when they fall due.  The group continues to
receive the support of its major shareholder, ATB, its creditor
banks and other financial institutions.

The loans and advances received from ATB, which were fully off-
set against their subscription monies for the Rights Issue were
utilized as working capital for the group.  The balance of the
proceeds would be used to repay bank borrowings and utilize as
working capital.  Although the overall liquidity position of the
group has improved marginally, it is still not satisfactory as
the group failed to raise the full proceeds of approximately
SGD29.9 million.  The company would be exploring other funding
options so as to accelerate the recovery of the group.

Full-text copies of the company's financial report for the
third quarter ended Sept. 30, 2006, is available for free at:

      http://bankrupt.com/misc/tcrap-lindetevesjacoberg.pdf

                    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 Nov. 10, 2006, that the company has total
assets of US$225.52 million and US$53.23 million equity deficit
as of Nov. 9.


MAE ENGINEERING: Appoints New Directors
---------------------------------------
Mae Engineering Ltd disclosed on Nov. 10, 2006, the appointments
of these new directors to the company's board of directors.

   * Suganda Setiadi Kurnia (Non-Executive Director) -- Vice
     Chairman of the Board and Member of Nominating Committee;

   * Peter John Farrar (Independent and Non-Executive Director)
     -- Chairman of Audit Committee; and

   * Jiro Suzuki -- Non-Executive Director and Member of
     Remuneration Committee.

Suganda Setiadi Kurnia has more than 30 years of experience in
the banking and the financial services sector.  He is an
entrepreneur in the financial business in the region and he
manages substantial assets in diverse sectors.  Moreover,
Mr. Suganda has strong financial background having graduated
from London in 1972 majoring in banking and finance and had
worked with Standard Chartered Bank, Jakarta.  Mr. Suganda is
the founder of the P.T. Transpacific Group of Companies, which
includes stock broking, insurance, consumer financing, banking
and property development businesses.

Meanwhile, Peter John Farrar is a fellow of the Institute of
Chartered Accountants in England and Wales (1971).  He is
currently an independent and non-executive director of Bintai
Kinden Corporation Berhad, Malaysia, and English Churches
Housing Group Ltd and a number of its subsidiaries in England.
Mr. Farrar was also a Partner of Price Waterhouse from 1980 to
1996.

On the other hand, Jiro Suzuki graduated in Economics from the
Keio University, Japan and has a Masters in Business
Administration from Wharton School of Business, University of
Pennsylvania, USA.  Mr. Suzuki is currently the Director of MSC
Technology Centre, Managing Director of M&M Consolidated
Resources Sdn Bhd, the Chief Operating Officer/Vice
President/Director of Motoko Resources Sdn Bhd and the Deputy
Managing Director of Hiro Food Packages Manufacturing Sdn Bhd in
Malaysia.  Mr. Suzuki had received the Award of "Who's hot in
Asia, Year 2004: Shakers and Movers in Asia under age 50" by
Asia Inc. in the year 2005.

The appointment Mr. Suganda, Mr. Farrar and Mr. Suzuki will take
effect from Nov. 20, 2006.

In accordance with the appointments of the new Directors, the
company also unveiled the new Nominating Committee, Remuneration
Committee and Audit Committee, which will start from Nov. 20,
2006:

                      Nominating Committee

   * Yap Boh Pin - (Chairman)
   * Suganda Setiadi Kurnia
   * Kong Mun Kwong

                     Remuneration Committee

   * Tan Sri Dato' Kamaruzzaman Bin Shariff (Chairman)
   * Wong Heang Fine
   * Jiro Suzuki

                         Audit Committee

   * Peter John Farrar (Chairman)
   * Yap Boh Pin
   * Wong Heang Fine

A separate announcement on the details of the three new
Directors pursuant to Rule 704(7) of the Listing Manual will be
posted on Nov. 20, 2006, the appointment date.

                     About MAE Engineering

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.
The company also suffered a liquidity crunch since September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.

As of March 31, 2006, the company's balance sheet showed
SGD7,404,000 in total assets and SGD27,257,000 in total
liabilities, resulting in a SGD19,853,000 stockholders' equity
deficit.


PETROLEO BRASILEIRO: Refinery Project with Venezuela Under Way
--------------------------------------------------------------
Eduardo Campos, Pernambuco, Brazil's governor, told the
Associated Press that Petroleo Brasileiro's oil refinery project
with Petroleos de Venezuela in Pernambuco is under way.

El Universal relates that the planned refinery will process
equal volumes of Brazilian Marlim crude oil and extra-heavy
crude oil from Venezuela Orinoco belt.  The cost of the plant
has not been disclosed.

However, sources told El Universal that the construction of the
plant could cost up to US$2.8 billion.

Oil authorities of Venezuela hinted that Petroleo Brasileiro and
Petroleos de Venezuela will hold a 50% stake each in the plant,
el Universal notes.

Paulo Roberto Costa, Petroleo Brasileiro's supply and refining
director, told el Universal that the firm and Petroleos de
Venezuela agreed to process 200,000 barrels per day at the
plant.

Mr. Campos told El Universal that Brazil's President Luiz Inacio
Lula da Silva will be visiting Venezuela to discuss the project
with Hugo Chavez, his Venezuelan counterpart.

Construction is expected to begin in 2007 and could be completed
in 2010 or 2011, El Universal says, citing Mr. Campos.

               About Petroleos de Venezuela

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

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was  
founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


SEE HUP SENG: Substantial Shareholder Reduces Shareholding
----------------------------------------------------------
See Hup Seng Limited disclosed that its substantial shareholder,
Oversea-Chinese Banking Corporation Limited has reduced its
shareholding in the company on Nov. 8, 2006.

Prior to the change, Oversea-Chinese Banking held 14,900,000
direct shares with 5.62% issued share capital.  Presently,
Oversea-Chinese Banking holds 12,900,000 direct shares with
4.86% issued share capital.

The change of interest was due to the exercise of Call Options
by two investors for 1,000,000 shares each on Nov. 8, 2006.

                       About See Hup Seng

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

                       Significant Doubt

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


SEE HUP SENG: To Hold General Meeting on Dec. 5
-----------------------------------------------
See Hup Seng Limited will hold a general meeting on Dec. 5,
2006, at 10:00 a.m., at 81 Tuas South Street 5 in Singapore
637651.

At the meeting, these resolutions will be passed:

   -- to give approval to the company's directors to effect the
      disposal, on the terms and conditions of the separate
      conditional share sale agreements dated Sept. 6, 2006,
      entered between the company, Lesoon Equipment Pte Ltd and
      Liu Yi Cheng for the sale of the 70% interest and 30%
      interest held by the company and Lesoon Equipment
      respectively in See Hup Seng Special Coating Equipment &
      Engineering (Guangzhou) Co Ltd and See Hup Seng Special
      Coating Equipment & Engineering (Shanghai) Co Ltd to Liu
      Yi Cheng;

   -- to authorize and empower the company's directors to
      complete, approve, modify and execute all documents and to
      approve any amendment, alteration or modification to any
      document as they may consider necessary, desirable or
      expedient in the interests of the company to give effect
      to the Conditional Share Sale Agreements; and

   -- to approve the proposed alterations to the company's
      existing Memorandum and Articles of Association.

                       About See Hup Seng

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

                       Significant Doubt

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


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

NEW PLUS: Auditor Raises Going Concern Doubt On Units' Deficits
---------------------------------------------------------------
Pornchai Kittipanya-ngam raised substantial doubt on New Plus
Knitting Pcl's ability to continue operations as a going concern
after auditing the company's financial statement for the third
quarter ended September 30, 2006.  

Mr. Pornchai specifically pointed at the financial statements of
two subsidiary companies -- New Plus Industry Co Ltd and New
Plus (89) Co Ltd -- for the quarter ended September 30, 2006,
showing deficits of THB218,692,772 and THB99,235,469, which
exceeded their share capital in the amount of THB138,692,772 and
THB54,235,469, respectively.

In addition, both subsidiaries have total liabilities in excess
of total assets in the amount of THB138,692,772 and
THB54,235,469 respectively, which have decreased the financial
liquidity of the subsidiary companies causing these as factors
to make a material uncertainty to continue as a going concern of
the subsidiary companies.

New Plus posted a consolidated net loss of THB7.879 million on
THB63.006 million in revenues gained for its third quarter
operations ended September 30, 2006, compared with the
THB3.052-million net loss on THB64.877 million in revenues for
the same period ended September 2005.

The company and its subsidiaries showed strained liquidity with
THB151.783 million in current assets available to pay  
THB197.598 million in current liabilities coming due within the
next 12 months.

In addition, New Plus' balance sheet at the end of September
2006 showed total consolidated assets of THB345.788 million and
total consolidated liabilities of THB383.600 million, resulting
in a shareholders' equity deficit of THB37.812 million.

                          *     *     *

New Plus Knitting Public Company Limited's principal activity is
the manufacturing and distribution of textiles and clothing for
domestic and export sale.  Products include stockings, socks,
ladies underwear, ladies pajamas, shorts, pants, skirt, shirts
and dolls.  The Group markets its products in Thailand and other
countries in Asia, as well as in Europe, such as Ireland,
England and Germany.  It operates solely in the domestic market.

The Company has been saddled by a series of net losses since
2002, the highest of which is a THB79.25 million net loss in
2004.  In the same year, the Company fell into a capital
deficit.

New Plus currently carries the Stock Exchange of Thailand's NC
-- Non Compliance -- sign and SP -- Suspension -- sign on its
stocks.


NFC FERTILZER: Posts THB152.64-Million Net Loss in 3rd Qtr. 2006
----------------------------------------------------------------
NFC Fertilzer Pcl posted a THB152.64-million net loss on
THB243.312 million in revenues in the third quarter ended
September 30, 2006, compared with a net loss of
THB66.239 million on THB1.119 billion in revenues posted in the
same period the previous year.

At September 30, 2006, NFC Fertilizer's balance sheet showed
strained liquidity with THB291.805 million in current assets
available to pay THB1.085 billion in current liabilities coming
due within the next 12 months.

NFC Fertilizer's total assets at the end September 2006 was
THB3.770 billion while its total liabilities was
THB1,276 billion.  Shareholders' equity amounted to
THB2.493 billion.

The company's auditor, Methee Ratanasrimetha, did not express an
audit opinion on the company's reviewed financial statements,
however, he pointed out to NFC Fertilizer's former auditor's
report dated February 27, 2006, expressing an unqualified
opinion on its financial report for the fiscal year ended
December 30, 2005.  The former auditor, in its report, noted the
existence of a material uncertainty about the company and its
subsidiary's ability to continue as a going concern because of
these matters:

    a) the company is facing high risks both in business and
       environmental matters as its factory are suffering from
       lack of maintenance as a result of insufficient working
       capital for a long time.  In addition, there is
       government asking to decrease the use of chemical
       fertilizers, which directly impacts the company's
       revenues,

    b) the subsidiary company has incurred significant net loss
       from operations and capital deficiency,

    c) the outcome of a lawsuit claimed by the Industrial Estate
       Authority of Thailand, in which the subsidiary company
       was in breach of the Agreement for Joint Development of
       Construction of the Pier Area.  The subsidiary company
       counterclaimed that the Industrial Estate Authority of
       Thailand had cancelled the agreement unlawfully; and

    d) the subsidiary company's ability to comply with
       conditions of the business rehabilitation plan.

                          *     *     *

Headquartered in Bangkok, NFC Fertilizer Public Company Limited
-- http://www.nfc.co.th-- produces chemical fertilizer  
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name.  Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers.  The
Company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.

In the third quarter of 2004, the Company had entered into a
debt restructuring in accordance with its business
rehabilitation plan.

The Company then reported a gain on debt restructuring of
THB11.29 billion, which was presented as an extraordinary item
in the statement of income for the year ended December 31, 2004.  
Subsequently, on August 24, 2004, the Plan Administrator made a
request to Thailand's Central Bankruptcy Court to cancel its
business rehabilitation, which the Court approved on September
13, 2004.

Recently, the management proposed to change the Company's
business plan toward providing logistic services including all
warehouses and related services.  Presently, the shareholders
have not had a resolution on such proposal.  The Company is in
the process of reviewing its plan.

The Company is currently listed under the "Non-Performing Group"
sector of the Stock exchange of Thailand.


TOTAL ACCESS: Joins True Corp in Complain Against AIS
-----------------------------------------------------
Total Access Pcl filed a joint complaint along with True Move --
a wholly owned subsidiary of True Corp -- against rival Advanced
Info Service before the National Telecommunications Office of
Thailand and the Information and Communication Technology
Ministry, The Bangkok Post reports.

Heads of Total Access and True Move held a joint press
conference on November 9, 2006, asking both the NTC and ICT
Ministry to resolve four issues:

    * revenue-sharing reduction;
    * access-charge waiver;
    * price dumping; and
    * number portability.

DTAC and True Move believe that these issues hinder fair
competition and are only beneficial to AIS.

"It's a new era right now with the NTC in place, so we think
it's time to call for the elimination of unfairness in the
industry," True Move CEO Supachai Chearavanont said in a press
conference.

However, in a separate statement, NTC chairman Choochart
Promphrasid said that NTC did not have jurisdiction to look into
disputes related to agreements between state concession owners
and concessionaires, The Nation relates.

According to The Post, both DTAC and True Move operate under
concessions with CAT Telecom, and are forced to pay a monthly
access charge to TOT Corp for every mobile number to use fixed-
line networks.  AIS, however, which operates under a concession
from TOT, does not have to pay an access charge, and pays a
revenue-sharing charge of 20% for the life of its concession
through 2015, compared with 20% to 30% for DTAC and True Move.

The two operators also called for regulators to investigate the
practice of price dumping by AIS, and approve number portability
nationwide to help spur industry growth, The Post says.

Mr. Supachai of True said that AIS enjoyed significantly lower
operating costs than its two competitors, giving the company the
power to manipulate the market through lower tariff rates.

DTAC and True Move are prepared to take legal action if their
grievances were not addressed.

"It's the right time and opportunity now for us to raise these
unfair conditions with the new government to rebuild the telecom
market to be under a free and fair competition mechanism," Sigve
Brekke, DTAC's chief executive said.

                          About True Move

True Move is a wholly owned subsidiary of True Corporation --
http://www.truecorp.co.th/-- which part of its principal  
activities are the provision of telecommunication services and
various value-added-services that includes: Digital Data Network
Direct Inward Dialing, Integrated Service Digital Network,
Public Telephone, Personal Communication Telephone Service,
Multimedia and Internet Service Provider.  Other activities
include training services, online games, rental services and
investment holding.

Standard & Poor's Ratings Services, on July 27, 2006, affirmed
its BB long-term corporate credit rating on True Corp Public Co
Ltd.  The outlook is stable.  

True Corp also currently carries Moody's corporate family rating
at Ba3, with stable outlook.

                        About Total Access

Total Access Communications, DTAC -- http://www.dtac.co.th/--  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

Fitch Ratings, on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


* BOND PRICING: For the Week 13 November to 17 November 2006
------------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
Alinta Networks                       5.750%     9/22/10     6
APN News & Media Ltd                  7.250%    10/31/08     6
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07    10
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     8
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    70
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     4


KOREA
-----
Korea Development Bank                7.350%    10/27/21    49
Korea Development Bank                7.450%    10/31/21    49
Korea Development Bank                7.400%    11/02/21    50
Korea Development Bank                7.310%    11/08/21    50


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kosmo Technology Industrial Bhd       2.000%    06/23/08     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         4.880%    11/20/12     1
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1


* Fitch Ratings To Host Asia Conference 2006 in Kuala Lumpur
------------------------------------------------------------
Fitch Ratings will host its annual Asia Conference 2006 in Kuala
Lumpur at 8:45 a.m. on November 30, 2006.  During the half-day
conference, senior members of Fitch's sovereign, financial
institutions, structured finance and corporate teams will be
addressing the audience on the Asian economies, Asian banking
sectors, securitisation deals in Asia during 2006, and the
outlook for key Malaysian corporate credits.

Speakers of note include James McCormack, Senior Director, Head
of Sovereign Ratings, Asia, who will discuss the economic
outlook for Malaysia as well as the broader region amid slowing
global growth.

Next, David Marshall, Managing Director, Financial Institutions,
Asia, will review the key challenges faced by Malaysian banks.

This will be followed by Simon Hu, Senior Director, Insurance
Business Development, Asia, who will give Fitch's perspective on
the "Malaysian Insurance and Takaful Market: Concept and
Practice of Credit Rating".

After the break, Siew Huey Loong, Director in the Asian
Corporate Finance team, will give an overview of "High-Yield and
LBOs in APAC - The Trends", taking a look at Ranhill Berhad as a
case study.

This will be followed by a guest speaker, Dr. Mohd Daud Bakar,
President/CEO, Amanie Business Solutions Sdn Bhd and Member,
Syariah Advisory Panel of MARC, who will discuss "Islamic
Finance and the Raison D'etre of Islamic Ratings".

And finally, Dipesh Patel, Associate Director, Derivative Fitch,
Asia, will look at "Rating Domestic CLOs and the Growth of
Structured Credit in Asia".

Admission is complimentary but pre-registration is required.
Please RSVP by Monday, November 20, 2006.  The venue details and
contacts for the conference are as follows:

         Kuala Lumpur
         Thursday, 30 November 2006
         8:45AM - 12:40PM
         Mandarin Oriental, Kuala Lumpur
         Kuala Lumpur City Centre
         P.O. Box 10905
         50088 Kuala Lumpur, Malaysia
         Conference Room: Opal & Pearl Room

Market participants, please register your interest with Zuraidah
Ramli, Singapore, +65 6336 6801/ zuraidah.ramli@fitchratings.com




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***