TCRAP_Public/061116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, November 16, 2006, Vol. 9, No. 228

                            Headlines

A U S T R A L I A

ALMAR ENGINEERING: Members Resolve to Voluntarily Wind-Up Firm
COEUR D'ALENE: Earns US$18.4MM in Quarter Ended Sept. 30, 2006
COEUR D'ALENE: Silver Mine Not Affected by Nationalization
CSNA PTY: Final Meeting Slated for December 20
F.D. CARROLL: Wind-Up Process Commenced

GENERAL COMMUNICATIONS: Joint Meeting Scheduled for Dec. 15
H.J. HEINZ: Board Approves Majority Voting for Election
H.J. HEINZ: Declares Quarterly Dividends on Common & Pref. Stock
JLG INDUSTRIES: Moody's Cuts Rating on US$113.8-Mln Notes to B2
JLG INDUSTRIES: Launches Sr. Debt Offer & Consent Solicitation

OZ TELECOM: Liquidator to Present Wind-Up Report on Dec. 15
SHED HAVEN: Bank Appoints Receiver and Manager
SMARTIRE SYSTEMS: July 31 Balance Sheet Upside-Down by US$28 Mln
THREE SPRINGS: Creditors' Proofs of Claim Due on December 8
TOCUMWAL AVIATION: Shuts Down Business Operations

TRUCAST PTY: To Hold General Meeting on December 15
WESTERN MINING: Creditors Must Prove Debts by December 8
ZULTYS TECHNOLOGIES: Exits Bankruptcy Under New Management


C H I N A   &   H O N G  K O N G

ATMA EQUITY: Enters Voluntary Liquidation
CANADIAN EASTERN: Undergoes Voluntary Wind-Up
CITIC GROUP: Ratings In Watch Developing Amid Acquisition Plan
GRADUATE CENTRE: Members' Final Meeting Fixed on December 12
JOHNNY CHAN: Members Opt to Shut Down Operations

MENFUL HOLDINGS: Court to Hear Wind-Up Petition on Nov. 29
MMO HONG KONG: Members to Receive Wind-Up Report on Dec. 13
PASCON INDUSTRY: Wind-Up Hearing Set on December 13
PHUKET PASS: Liquidator Liu Ying Yi to Present Wind-Up Report
PINE TRIUMPH: Sole Member Decides to Liquidate Business

ROAD KING: Gains US$109 Million from Shares Sale
SELECTIVE INVESTMENT: Commences Wind-Up Process
STAR CRUISES: Posts US$8.63MM Net Loss in 1st 3 Qtrs. Operations
STARWISE INDUSTRIAL: Faces Wind-Up Proceedings
SURETY ASIA: Hearing of Wind-Up Petition Fixed on Dec. 13

UCS COMMUNICATIONS: Liquidators Cease to Act
VIEWELL ASIA: Liquidator Mak Chi Leung Paul Steps Aside
WIDE STRONG: Creditors' Proofs of Claim Due on December 1
WIN RAY: Court Sets Wind-Up Hearing on December 6
WISEFORD INTERNATIONAL: Members to Meet on December 14

WORLD-WIDE HARVEST: Creditors Must Prove Debts by November 27
YING KONG: Final Meeting Slated for December 6


I N D I A

GENERAL MOTORS: Fitch Rates US$1.5-Bln Term Loan at BB/RR1
GENERAL MOTORS: Moody's Rates Proposed US$1.5-Bln Loan at Ba3
GENERAL MOTORS: Plans US$1.5-Bln Secured Loan by 2006 Year-End
HINDUSTAN PETROLEUM: Gets 1,500 Acres in Visakhaptnam SEZ
HMT LTD: Bounces Back with INR880.9-Mil. Net Profit in 3rd Qtr.

HMT LTD: Shri. R Asokan Named Part-Time Director
ICICI BANK: Sets Aside INR1,000 Crore for Bio-tech Sector
ICICI BANK: To Exploit India's Untapped Rural Banking Sector
ICICI BANK: Allots 419,670 Shares in October Under ESOS
INDIAN OIL: Commences Derivatives Trading on NCDEX

INDIAN OIL: To Set Up Petrol Station at Future Group Malls


I N D O N E S I A

BANK PERMATA: Offers US$50-Million Subordinate Bond
PT PERTAMINA: Gov't Threatens to Take Over Geothermal Sites
NORTEL NETWORKS: Appoints Dr. Kristina M. Johnson to Board
TELKOM INDONESIA: Implements Carrier Cockpit Suite


J A P A N

CB RICHARD: S&P Affirms BB+ Rating on High Debt Leverage
CB RICHARD: Launches 9-3/4% Senior Notes Solicitation Consent
FORD MOTOR: Files Third Quarter & Restated 2005 Annual Reports


K O R E A

DYNCORP INT: Posts US$474.7MM Revenues in Second Quarter 2007
KOREA EXCHANGE BANK: Now Transacts in Russian Rubles
LUCENT TECHNOLOGIES: U.S. Congress to Probe Alcatel Merger
SK CORP: Set to Sell 25% Stake in Incheon Unit on December 12


M A L A Y S I A

DCEIL INTL: Discloses Subsidiaries' Default Status
SHAW GROUP: Completes 20% Acquisition of Westinghouse Electric
VERIFONE HOLDINGS: Completes Acquisition of Lipman Electronic
VERIFONE: Discloses Final Results of Lipman Merger Elections


N E W   Z E A L A N D

ALERT ALARMS: Court Hears Liquidation Petition
CAMPBELL MEDCALF: Faces Liquidation Proceedings
CLEAR CHANNEL: Announces New International Management Team
CLEAR CHANNEL: Earns US$198.621 Million in Third Quarter of 2006
CLEAR CHANNEL: Received Two Competing Takeover Bids

E BLOCK: Hearing of Liquidation Petition Set on December 7
INDUSTRIAL RESEARCH: BioPHarm Business Closes
JTC 4 LTD: Creditors Must Prove Debts by November 24
JTC 5 LTD: Creditors to Prove Claims on November 24
KARAPIRO SPA: Appoints Joint Liquidators

MORTGAGE CENTRE: Liquidation Hearing Set for November 23
ORIGIN PACIFIC: APN Holdings Files Liquidation Petition
POAKS LTD: Creditors' Proofs of Claim Due on November 27
THE SPA: Court Appoints Joint Liquidators
* S&P Affirms NZ's Ratings with Stable Outlook Despite Deficits


P H I L I P P I N E S

ABS-CBN BROADCASTING: Posts PHP694-Mil. Income for 1st 9 Months
MRC ALLIED: Incurs PHP23.4 Mln Loss for 3rd Qtr Ended Sept. 30
MRC ALLIED: To Hold Annual Stockholders' Meeting on December 28
RIZAL COMMERCIAL BANKING: Posts PHP1.159 Billion 9M06 Net Income
ZEUS HOLDINGS: Incurs PHP23,395 Net Loss for 3rd Quarter

ZIPPORAH REALTY: Board Confirms PHP43,479,258.90 Loan Obligation


S I N G A P O R E

CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
CHINA AVIATION: Posts SGD369.44-Mil. Net Profit for 3rd Qtr. '06
FLEXTRONICS INTERNATIONAL: Shareholders Okay 2001 Plan Changes
FREESCALE SEMICONDUCTOR: Gets Requisite Consents on 6.875% Notes
GLOBAL EXPRESS: Creditors Must Prove Debts by Dec. 4

HEXION SPECIALTY: Moody's Assigns Loss-Given-Default Rating
LA STELLA: Pays First and Final Dividend to Creditors


T H A I L A N D

BANGKOK BANK: Fitch Affirms 'C' Individual Rating
MANAGER MEDIA: Posts THB1.18-Mil. Net Loss in 3rd Quarter 2006
PICNIC CORP: Posts THB252-Million Net Loss in Third Qtr. 2006
SAHAMITR PRESSURE: Gains THB28.27MM Net Profit in Third Qtr. '06
TANAYONG PCL: Supachai Raises Going Concern Doubt

     - - - - - - - -

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

ALMAR ENGINEERING: Members Resolve to Voluntarily Wind-Up Firm
--------------------------------------------------------------
At a general meeting held on Nov. 6, 2006, the members of Almar
Engineering Pty Ltd resolved to voluntarily wind up the
company's operations.

Accordingly, Samuel Richwol was appointed as liquidator.

The Liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Chartered Accountants
         Suite 3, 431 Burke Road Glen Iris 3146
         Australia

                    About Almar Engineering

Almar Engineering Pty Ltd is involved in Engineering services.  
The company is located in Altona in Victoria, Australia.


COEUR D'ALENE: Earns US$18.4MM in Quarter Ended Sept. 30, 2006
--------------------------------------------------------------
Coeur d'Alene Mines Corp. reported net income of
US$18.4 million, or US$0.06 per diluted share, for the third
quarter of 2006, compared with net income of US$3.5 million, or
US$0.01 per diluted share, for the year-ago period.  Cash
provided by operations was US$20.8 million, compared with
US$3.9 million of cash provided by operations in the year-ago
quarter.

For the first nine months of 2006, the company reported net
income of US$65.3 million, or US$0.23 per diluted share,
compared with net income of US$0.6 million, or US$0.00 per
diluted share, for the same period of 2005.  Results for the
first nine months of 2006 include a pre-tax gain of
US$11.1 million from the strategic sale of Coeur Silver Valley,
as well as US$2.0 million of income from Coeur Silver operations
at the Galena mine.

Metal sales in the third quarter of 2006 increased 29% to
US$50.6 million from US$39.3 million in the year-ago quarter.  
Metal sales for the first nine months of 2006 increased 42% to
US$149.5 million from US$105.0 million in the year-ago period.

In commenting on the company's performance, Dennis E. Wheeler,
Chairman, President and Chief Executive Officer, said, "Four of
our five mines showed sequential-quarter increases in silver and
gold production in the third quarter of 2006, which is
consistent with our expectation for higher production levels in
the second half of the year.  The strong earnings in the third
quarter of 2006 relative to the year-ago period were
attributable largely to higher realized prices for silver and
gold in combination with a decline in production costs
applicable to sales and lower administrative expense."

Mr. Wheeler added, "We are entering an exciting period in which
we expect to begin realizing the benefits of previous investment
in exploration, particularly at Cerro Bayo and Martha.  At Cerro
Bayo, for example, we recently began development in the first of
two relatively new high-grade vein systems.  At Martha, we have
acquired two new properties near the mine -- and have signed a
letter of intent on two additional properties -- all of which
show great potential for production of high-grade ore.  In
addition, the recently announced reserve increases at Endeavor
and Broken Hill in Australia bode well for the long-term
production profiles of each of these mines."  Mr. Wheeler said,
"We remain bullish on precious metals markets.  A continuation
of recent price levels and demand trends will enable Coeur to
maintain very healthy earnings and cash flows."

Coeur currently expects 2006 silver production to be
approximately 14 million ounces, including production from
discontinued operations at Coeur Silver, with a full-year
consolidated silver cash cost per ounce of approximately
US$3.25.  The company expects full-year gold production to be
approximately 120,000 ounces.

              Highlights by Individual Property

Rochester (Nevada)

Following the heavy precipitation experienced in the first half
of 2006, silver production was up 22% in the third quarter as
compared with the second quarter of 2006 in accordance with the
previously forecasted trend of improving solution grade.  Gold
production also rebounded strongly during the third quarter as
compared with the second quarter of 2006. Silver cash cost per
ounce was 56% below that of the second quarter of 2006 due
mainly to an increased gold by-product credit and improved
recoveries for silver and gold.  Silver cash cost per ounce
declined by 69% relative to the year-ago quarter because higher
gold prices resulted in an increased by-product credit.  Silver
production was below the level of the year-ago quarter due to
the heavy precipitation experienced earlier this year.

Cerro Bayo (Chile)

Silver and gold productions were below year-ago levels due
primarily to lower grades. Lower silver and gold production
caused the cash cost per ounce of silver produced in the third
quarter to be higher than the cost in the year-ago period.  
Under its 2006 mine plan, Cerro Bayo has been making a
transition from narrow, lower-grade veins to newly developed,
wider and higher-grade veins as the year progresses.  
Specifically, since the recent discovery of two new vein
systems, the Marcela Sur and Cascada systems, Cerro Bayo has
made relatively quick progress to put the veins into production.

In October, Cerro Bayo began development of the Cascada system,
which is expected to make a meaningful contribution to
production in the fourth quarter of 2006 and beyond.  Marcela
Sur production is expected to commence in early 2007.  Drilling
is ongoing at both vein systems to expand and define the new
high-grade silver and gold mineralization in these areas.

Martha (Argentina)

Silver production increased 42% relative to the year-ago period
due to a 53% increase in silver grade.  Production also
increased in the third quarter of 2006 relative to the preceding
quarter due to an increase in tons milled.  The higher
production volumes, combined with increased gold by-product
credits, helped reduce silver cash cost per ounce relative to
both the year-ago period and the second quarter of 2006.

Endeavor (Australia)

As compared with the results for the second quarter of 2006,
silver production was up 69% as Endeavor continues to recover
from an October 2005 rock fall.  The company expects Endeavor to
return to a more typical run rate sometime during the fourth
quarter. Endeavor reported a 38% increase in proven and probable
silver mineral reserves to 32.3 million ounces from 23.3 million
ounces in the prior year.

Broken Hill (Australia)

As compared with the results for the second quarter of 2006,
silver production was up 11%.  Comparison to the year-ago period
is not meaningful because Coeur acquired its interest during the
third quarter of 2005.  During the year, Broken Hill has
reported a 20% increase in proven and probable silver mineral
reserves to 18 million ounces from 15 million ounces in the
prior year.

        Balance Sheet and Capital Investment Highlights

The company had US$365.2 million in cash and short-term
investments as of Sept. 30, 2006.  Capital expenditures during
the third quarter of 2006 totaled US$49.0 million, most of which
was spent on the Kensington (Alaska) gold project.

At Kensington, capital expenditures totaled US$41.9 million
during the quarter as the company continued with an aggressive
construction schedule.  The company is aiming to complete the
project and start producing gold near the end of 2007.  Recent
activity has focused on completion of the mill and crusher
buildings. Kensington is expected to produce 100,000 ounces of
gold annually.

At San Bartolome, engineering and procurement activities are
ongoing and, as recently announced, the company has commenced
construction of the tailings facility.  Capital expenditures
totaled US$4.1 million during the quarter.  The company is
aiming to complete construction activities near the end of 2007.  
San Bartolome is expected to produce about 8 million ounces of
silver annually.

                         Exploration

The company invested US$2.6 million in exploration activity in
the third quarter of 2006. Highlights of exploration activity
are presented below.

Argentina

The company signed a letter of intent with Mirasol Resources Ltd
to explore the Sascha and Joaquin silver-gold projects in the
Santa Cruz province of Argentina.  This agreement comes on the
heels of the company's acquisition in the second quarter of 2006
of two new silver-gold exploration properties in the province
where Coeur's Martha mine is located.

Cerro Bayo

Drilling is ongoing at the Cascada and Marcela vein systems to
expand and define the new high-grade silver and gold
mineralization in these areas.  Recent Cascada drilling has
targeted the north high-grade ore shoot that was discovered with
exploratory drilling earlier this year. This recent drilling has
returned values up to 124 grams of gold per ton and 1,926 grams
of silver per ton (3.6 troy ounces of gold and 56.2 silver
ounces per short ton).

Kensington

The company has an ongoing program to build upon Kensington's
existing base of 1 million ounces of probable gold mineral
reserves and its resource base of 269,000 indicated gold mineral
ounces and 584,000 inferred gold mineral ounces.  The company
completed more than 4,600 feet of core drilling during the third
quarter, bringing the year-to-date total to more than 32,000
feet.  Surface drilling on the adjacent Jualin property began in
the third quarter and totaled 4,200 feet.

Tanzania

The company completed a rotary air blast drill program on one of
its concessions in the Lake Victoria Goldfields District of
northern Tanzania, where the company holds licenses covering
approximately 731 square kilometers.  Drilling defined numerous
gold anomalies, the largest of which is 1.6 kilometers long by
0.4 kilometers wide.  During the quarter, drilling totaled
approximately 43,000 feet.

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is the  
world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The Company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                          *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15,
2024, carry Standard & Poors' B- rating.


COEUR D'ALENE: Silver Mine Not Affected by Nationalization
----------------------------------------------------------
Coeur d'Alene Mines Corp. told Dow Jones Newswires that its San
Bartolome silver mine in Bolivia is not affected by the
nationalization that the government is considering for its new
mining plan.

Scott Lamb, the spokesperson of Coeur d'Alene, told Dow Jones,
"It appears that this announcement has no immediate impact on
our San Bartolome project."

Dow Jones relates that rumors on a sector-wide nationalization
of mining operations in Bolivia started after the government
disclosed a plan to take full control of the tin mine in
Huanuni.  That state mine will incorporate about 4,000 miners
that are operating independently as a cooperative at the site.

According to Dow Jones about 17 tin miners died in October in an
internal dispute over mining concession rights at Huanuni.

Mr. Lamb told Dow Jones, "The discussion of the action taken at
the Huanuni mine is basically a formalization of what was
previously announced. . .an agreement that incorporates the
cooperatives at that mine into Comibol."

These actions are sometimes referred to in Bolivia as a
nationalization of the mining sector, Dow Jones says, citing Mr.
Lamb.  He said that it seems the government has stopped short of
other action for the time being.

An analysis from the U.S. State Department regarding Bolivia's
mining industry indicated that Coeur d'Alene, a US firm that
acquired the San Bartolome project in 1999, will invest US$135
million to exploit an estimated 152 million ounces of silver
reserves, Dow Jones notes.

President Evo Morales, the president of Bolivia, told Dow Jones
that revamping the mining industry would be his next task after
hammering out the final details of the petroleum contracts.

"I want to be very sincere here...this year we want to totally
consolidate the hydrocarbons nationalization.  We have a
complete package waiting for the mining industry.  But we don't
get ourselves mixed up.  We want to be very responsible about
this.  But we also recognize as a government we do not have the
necessary economic resources to nationalize the mines.  That
does not mean the process has stopped," the Associated Press
says, citing President Morales.

Dow Jones emphasizes that despite the assurances from Coeur
d'Alene, the mining industry is likely to see future pressure
like what had happened to the oil and gas sector.

It is possible that additional decrees and related actions, like
addressing mining taxes, will follow in the future, Mr. Lamb
told Dow Jones.

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is the  
world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The Company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                          *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15,
2024, carry Standard & Poors' B- rating.


CSNA PTY: Final Meeting Slated for December 20
----------------------------------------------
The members and creditors of CSNA Pty Ltd -- formerly Critical
Solutions Nursing Agency Pty Ltd -- will hold a final meeting on
Dec. 20, 2006, at 9:30 a.m., to receive the liquidators' account
of the company's wind-up proceedings.

The Joint and Several Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East 3123
         Australia
         Telephone:(03) 9882 6666

                         About CSNA Pty

CSNA Pty Ltd operates as an employment agency.  The company is
located in Victoria, Australia.


F.D. CARROLL: Wind-Up Process Commenced
---------------------------------------
At the meeting held on Oct. 31, 2006, the members of F.D.
Carroll & Co. Pty Ltd decided to voluntarily wind up the
company's operations.

Subsequently, Andrew Stewart Reed Hewitt was appointed
liquidator at the creditors' meeting held that same day.

The Liquidator can be reached at:

         Andrew Stewart Reed Hewitt
         Grant Thornton
         Rialto Towers
         Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About F.D. Carroll

F.D. Carroll & Co Pty Ltd -- http://www.carrollelectro.com/--  
is located in Brunswick 3056, Australia.  For over 50 years, the
company is into electroplating and metal polishing business.  
F.D. Carroll specializes in commercial and public works for
architects, restorers, and engineers.


GENERAL COMMUNICATIONS: Joint Meeting Scheduled for Dec. 15
-----------------------------------------------------------
General Communications Pty Ltd, which is in liquidation, will
hold a joint meeting for its members and creditors on Dec. 15,
2006, at 10:00 a.m.

During the meeting, the members and creditors will receive an
account of the company's wind-up and property disposal exercises
from Liquidator Robert M. H. Cole.

The Liquidator can be reached at:

         Robert M. H. Cole
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                  About General Communications

General Communications also known as Gencom --
http://www.gencom.com.au/-- is a supplier of mobile  
communication systems.  Small business, event organizers,
entertainment, hospitality, construction, mining, engineering,
manufacturing, government, and commercial ventures use the
company's products and services.

The company has operations in Hunter, Central Coast, and Sydney
Australia.


H.J. HEINZ: Board Approves Majority Voting for Election
-------------------------------------------------------
H.J. Heinz Co.'s board of directors has approved a proposed
amendment to the company's Articles of Incorporation that, if
adopted by the shareholders, will require approval of the
election of directors in uncontested elections by a majority
vote of shareholders.  Currently, Heinz operates under a
plurality-voting standard, where the directors who receive the
most "for" votes are elected.

The proposed amendment to the Articles of Incorporation would
change the plurality-voting standard to a majority-voting
standard.  This amendment will be placed on the ballot for
approval by the Heinz shareholders at its 2007 annual meeting.  
If approved, the revised majority-voting standard will apply to
future uncontested director elections.

Under the proposed amended Articles, a director who does not
receive a majority of "for" votes based on the number of votes
cast will be required to offer his or her resignation, which
will be reviewed promptly by the Corporate Governance Committee
and acted upon by the full Board.

In order to implement majority-voting commencing with the 2007
director election when the shareholders will consider the
amendment to the Articles, the Board adopted a majority voting
policy for the election of directors in uncontested elections.  
The policy will be incorporated into the company's Corporate
Governance Principles and will operate in a manner consistent
with the proposed amendment to the Articles.

The Board also adopted a policy under which it will seek
shareholder approval within one year in the event it adopts a
shareholder rights plan, commonly known as a "poison pill."

The Board reiterated that Heinz expects to expand the Board to
14 from 12 directors in the near future.  The Board search is
being led by Spencer Stuart, one of the world's leading
recruitment firms that also specializes in board director
appointments.

Heinz Chairman, President and CEO William R. Johnson said,
"These actions are consistent with Heinz's commitment to good
corporate governance.  Furthermore, Heinz is focused on
executing our plan to enhance shareholder value and accelerate
growth, and is firmly on track to achieve 10% earnings growth
and its target of US$2.35 for the year."

                       About H. J. Heinz

H. J. Heinz Company -- http://www.heinz.com/-- and its  
subsidiaries manufacture and market a line of processed food
products throughout the world. The company's principal products
include ketchup, condiments and sauces, frozen food, soups,
beans and pasta meals, infant food and other processed food
products.  The company also owns or leases office space,
warehouses, distribution centers and research and other
facilities throughout the world.  The company has presence in
Australia.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services, on September 19, 2006,
lowered the company's BBB- preferred stock rating to BB+.


H.J. HEINZ: Declares Quarterly Dividends on Common & Pref. Stock
----------------------------------------------------------------
The H.J. Heinz Co.'s board of directors declared quarterly
dividends on both common and preferred stock.

                    Dividend Declaration

Common Stock

35.0 cents per share on the company's 25-cent par value Common
Stock payable on Jan. 10, 2007, to shareholders of record at the
close of business on Dec. 22, 2006.

Preferred Stock

42.5 cents per share on the company's Third Cumulative Preferred
Stock, US$1.70 First Series, payable Jan. 1, 2007, to
shareholders of record at the close of business on Dec. 22,
2006.

                       About H. J. Heinz

H. J. Heinz Company -- http://www.heinz.com-- and its  
subsidiaries manufacture and market a line of processed food
products throughout the world. The company's principal products
include ketchup, condiments and sauces, frozen food, soups,
beans and pasta meals, infant food and other processed food
products.  The company also owns or leases office space,
warehouses, distribution centers and research and other
facilities throughout the world.  The company has presence in
Australia.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services, on September 19, 2006,
lowered the company's BBB- preferred stock rating to BB+.


JLG INDUSTRIES: Moody's Cuts Rating on US$113.8-Mln Notes to B2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 first time rating to
Oshkosh Truck Corp.'s US$3.5 billion first lien senior secured
credit facility (US$500 million revolving credit facility,
US$400 million Term Loan A, and US$2.6 billion Term Loan B) and
a Ba3 corporate family rating.

The purpose of the proposed credit facility is to fund Oshkosh's
acquisition of JLG Industries, Inc. for an aggregate purchase
price of US$3.2 billion, net cash and including closing costs.

The ratings reflect both the overall probability of default of
the company, to which Moody's assigns a PDR of Ba3, and a loss
given default of LGD3 (47%) for the first lien senior secured
credit facility.  Moody's also assigned a SGL-2 Speculative
Grade Liquidity Rating to Oshkosh.  The rating outlook is
stable.

In a related action, Moody's affirmed the B2 rating (LGD6, 97%)
for JLG's US$89.5 million Subordinated Notes and lowered to B2
(LGD6, 96%) from Ba3 the rating for its US$113.8 million
Unsecured Notes.  The rating outlook is stable.  As part of the
acquisition, JLG has commenced a tender offer and consent
solicitation for these note issues.  Under the terms of this
offer any untendered notes will be subject to a stripping of
protective covenants.  The ratings have been adjusted to reflect
the risk of any stub pieces that may remain outstanding
following expiry of the offer.  If a substantial portion of the
issues is redeemed as part of the tender offer or if
insufficient information is available to monitor these specific
instruments within the overall Oshkosh group, the ratings could
be withdrawn.  The corporate family rating and probability of
default ratings of JLG have been withdrawn.

While recognizing the financial strength of Oshkosh before the
acquisition, Moody's analyst Peter Doyle said, "the Ba3
corporate family rating reflects the reduction in credit metrics
that will result from its acquisition of JLG".  Oshkosh will
increase balance sheet debt in excess of US$3.1 billion.  As a
result of the increased leverage, credit metrics will erode on a
projected basis for 2007: EBIT/interest to about 2.8x; FCF/Debt
to 2.5%; and, Debt/EBITDA to about 4.6x (as adjusted per Moody's
FM Methodology.)  While meeting debt service requirements of its
leveraged capital structure, Oshkosh must also contend with the
ongoing cyclicality of the non-residential construction sector,
JLG's primary end market, and integrating a significant
acquisition.

These weaknesses, however, are balanced against the potential
benefits of combining Oshkosh and JLG.  JLG's strong financial
results are driven from the success of the North American
economy, the ongoing robust non-residential construction market,
and its strategic alliance with Caterpillar.  Additionally,
Oshkosh should benefit from the sharing of technologies,
expected savings from procurement opportunities, and
capitalizing on JLG's existing operating efficiencies.  These
strengths in addition to the company's rationalization program
and a commitment to maintain ample liquidity should enable
Oshkosh to strengthen debt protection measures over the
intermediate term.

The stable outlook for Oshkosh reflects Moody's expectations
that its debt protection measures should be supportive of the
Ba3 rating over the next twelve to eighteen months.  Moody's
anticipates that Oshkosh will improve its operations due to
increasing diversification of its product lines, strong demand
in most of its end-markets, and a commitment to debt reduction.

The Ba3 rating of the US$3.5 billion first lien senior secured
credit facility reflects an LGD3 (47%) loss given default
assessment as this facility represents the company's entire debt
structure and offers superior collateral position over other
creditors who would have potential claims.  The credit facility
will have a first lien on substantially all of the company's
assets excluding real estate, and where applicable, capital
stock of subsidiaries.

The SGL-2 Speculative Grade Liquidity Rating reflects Moody's
belief that the company will maintain a good liquidity profile
over the next 12-month period.  The SGL rating anticipates that
around US$290 million in availability at closing under the
company's proposed first lien senior secured credit facility and
free cash flow should be sufficient to fund the company's
capital spending and operational needs over the next 12 months.

Oshkosh ratings/assessments assigned:

    * Corporate family rating Ba3
    * Probability-of-default rating Ba3

    * Speculative Grade Liquidity at SGL-2

                                          LGD      Loss-Given
   Debt Issue                    Rating   Rating   Default
   ----------                    -------  ------   ----------
   US$500 million senior secured
   revolving credit facility
   due late 2011                 Ba3      LGD3      47%

   US$400 million senior secured
   Term Loan A due late 2011     Ba3      LGD3      47%

   US$2.6 billion senior secured
   Term Loan B due late 2013     Ba3      LGD3      47%

JLG ratings affirmed:

   US$113.8 million 8.375%
   Gtd. Sr. Subordinated Notes
   due 2012                      B2        LGD6     97%

JLG ratings lowered:

   US$89.5 million 8.25%
   Gtd. Sr. Unsecured Notes
   due 2008

   to                            B2        LGD6     96%

   from                          Ba3       LGD4    56%

JLG ratings withdrawn:

    * Corporate family rating Ba3

    * Probability-of-default rating Ba3

Oshkosh, headquartered in Oshkosh, Wisconsin, is a diversified
heavy equipment manufacturer currently with three business
segments supporting the defense, fire and emergency, and
commercial end markets.

Hagerstown, Md.-based JLG Indusries Inc. -- http://www.jlg.com/  
-- is a manufacturer of access and material-handling equipment
for the cyclical construction equipment and rental markets.  At
the end of fiscal 2006, JLG had sales of US$2.3 billion and
outstanding debt of more than US$200 million.  The company has
operations in Australia.


JLG INDUSTRIES: Launches Sr. Debt Offer & Consent Solicitation
--------------------------------------------------------------
JLG Industries Inc. commenced offers to purchase for cash any
and all of its outstanding:

   -- 8-1/4% Senior Notes due 2008 in an aggregate principal
      amount of US$89,545,000; and

   -- 8-3/8% Senior Subordinated Notes due 2012 in an aggregate
      principal amount of US$113,750,000.

In connection with the offers, holders of the Notes are being
solicited to provide consents to certain amendments to the
indentures for the Notes that would eliminate most of the
restrictive covenants and events of default contained in the
indentures.

JLG is making the offers as required by the Agreement and Plan
of Merger dated Oct. 15, 2006, by and among JLG, Oshkosh Truck
Corporation and Steel Acquisition Corp.

The consent solicitations will expire at 5:00 p.m., New York
City time, on Nov. 20, 2006, and the offers will expire at
midnight, New York City time, on Dec. 5, 2006, in each case
unless extended or earlier terminated by JLG.

As described in more detail in the Offer to Purchase and Consent
Solicitation Statement dated Nov. 6, 2006, a copy of which will
be distributed to noteholders promptly, the total consideration
for each US$1,000 principal amount of Notes validly tendered and
accepted for purchase by JLG will be calculated based upon a
fixed spread of 50 basis points over the bid side yield on the
4.875% U.S. Treasury Note due Apr. 30, 2008, in the case of the
2008 Notes, and the 3.5% U.S. Treasury Note due May 31, 2007, in
the case of the 2012 Notes.

The foregoing total consideration for the Notes includes a
consent payment equal to US$30 per US$1,000 principal amount of
Notes tendered.  Holders must validly tender their Notes on or
before the Consent Deadline in order to be eligible to receive
the total consideration, which includes the consent payment.  
Holders who validly tender their Notes after the Consent
Deadline and before the expiration of the offers will only be
eligible to receive an amount equal to the total consideration
minus the consent payment.  Additionally, holders whose Notes
are purchased pursuant to the offers will receive any accrued
but unpaid interest for the period up to but not including the
payment date for the Notes.

Hagerstown, Md.-based JLG Indusries Inc. -- http://www.jlg.com/
-- is a manufacturer of access and material-handling equipment
for the cyclical construction equipment and rental markets.  At
the end of fiscal 2006, JLG had sales of US$2.3 billion and
outstanding debt of more than US$200 million.  The company has
operations in Australia.

                          *     *     *

On October 23, 2006, The Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's Ratings Services placed
its ratings on Hagerstown, Maryland-based construction equipment
manufacturer JLG Industries Inc., including its 'BB' corporate
credit rating, on CreditWatch with negative implications.


OZ TELECOM: Liquidator to Present Wind-Up Report on Dec. 15
-----------------------------------------------------------
The members and creditors of OZ Telecom Pty Ltd will hold a
general meeting on Dec. 15, 2006, at 11:15 a.m., to receive
liquidator's report of the Company's wind-up proceedings and
property disposal activities.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on Nov. 18, 2005.

The Liquidator can be reached at:

         G. S. Andrews
         G. S. Andrews & Assoc
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                        About Oz Telecom

Oz Telecom Pty Ltd is an Australian-owned company, which
provides a range of voice, data and facsimile services.  The
voice services include telephone information services and a
range of services for the disabled including a call center and
banking.


SHED HAVEN: Bank Appoints Receiver and Manager
----------------------------------------------
On Oct. 31, 2006, the National Australia Bank Ltd appointed
George Georges as receiver and manager of Shed Haven Pty Ltd.

The Receiver and Manager can be reached at:

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

                        About Shed Haven

Shed Haven Pty Ltd is into Prefabricated Metal buildings.
The company is located in Victoria, Australia.


SMARTIRE SYSTEMS: July 31 Balance Sheet Upside-Down by US$28 Mln
----------------------------------------------------------------
SmarTire Systems Inc. reported a US$28,829,105 net loss on
US$3,455,649 of revenues for the fiscal year ended July 31,
2006, compared with a US$16,120,218 net loss on US$1,463,460 of
revenues for the fiscal year ended July 31, 2005.

The Company's net loss ballooned to US$28,829,105, in spite of
the rise in revenues in fiscal year 2006, mainly due to the
increase in net interest and financing expenses to US$24,262,542
in fiscal year 2006, which in previous year amounted to only
US$3,779,151.

The Company's balance sheet at July 31, 2006, showed
US$7,554,325 in total assets and US$35,579,978 in total
liabilities, resulting in a stockholders' deficit of
US$28,025,653.

At July 31, 2006, the Company's balance sheet also showed
US$5,006,917 in total current assets available to pay
US$3,871,049 in total current liabilities.

Full-text copies of the Company's financial statements for the
fiscal year ended July 31, 2006, are available for free at:

              http://researcharchives.com/t/s?1495

                  About Smartire Systems Inc.

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

                         Going Concern

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


THREE SPRINGS: Creditors' Proofs of Claim Due on December 8
-----------------------------------------------------------
Liquidator John Georgakis requires the creditors of Three
Springs Talc Pty Ltd, which is in liquidation, to submit their
proofs of claim by Dec. 8, 2006.

Creditors who fail to submit by the due date will be excluded
from sharing in any distribution the company will make.

The Liquidator can be reached at:

         John Georgakis
         Ernst & Young
         Chartered Accountants
         8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9288 8000

                       About Three Springs

Three Springs Talc Pty Ltd is situated in Western, Australia.  
The company is involved in miscellaneous nonmetallic minerals,
except fuels.


TOCUMWAL AVIATION: Shuts Down Business Operations
-------------------------------------------------
At a general meeting held on Nov. 2, 2006, the members of
Tocumwal Aviation Services Pty Ltd decided to voluntarily wind
up the company's operations.

Robert M. H. Cole was consequently appointed liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Robert M. H. Cole
         Cole Downey & Co
         Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia

                     About Tocumwal Aviation

Tocumwal Aviation Services Pty Ltd --
http://www.tocaviation.com.au/-- was established on the  
historical World War II Airfield (McIntyre Field) in 1980 by Tim
and Jenny Becroft.  The company has offered a wide variety of
services to the general aviation community and Aerial
Agricultural Industry.  Moreover, Tocumwal Aviation has
established the oldest aircraft maintenance facility in the
Southern Riverina of New South Wales and the North East of
Victoria.


TRUCAST PTY: To Hold General Meeting on December 15
---------------------------------------------------
The members and creditors of Trucast Pty Ltd will hold a general
meeting on Dec. 15, 2006, at 10:15 a.m., to receive Liquidator
Andrews' accounts of the Company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared a first and final dividend for its creditors on
Aug. 31, 2006.

The Liquidator can be reached at:

         G. S. Andrews
         G. S. Andrews & Assoc
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                       About Trucast Pty

Trucast Pty Ltd is in the Maritime industry.  The company is
located in Victoria, Australia.


WESTERN MINING: Creditors Must Prove Debts by December 8
--------------------------------------------------------
Creditors of Western Mining Corporation Pty Ltd, which is in
liquidation, are required to submit their proofs of debts by
Dec. 8, 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:

         John Georgakis
         Ernst & Young
         Chartered Accountants
         8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9288 8000

                      About Western Mining

Western Mining Corporation Pty Ltd -- http://www.wmc.com.au--
is a multinational mining company.  Originally a gold company
from Western Australia in the 1930's, it has consistently
expanded to copper, nickel, and uranium.  It has had an active
involvement in uranium in Australia for over 30 years,
commencing with exploration in central Western Australia
culminating in the discovery of the large Yeelirrie deposits in
1970, but only announced in 1972.   The company is located in
Victoria, Australia.


ZULTYS TECHNOLOGIES: Exits Bankruptcy Under New Management
----------------------------------------------------------
Zultys Technologies has emerged from bankruptcy as a newly
reorganized company under new management following the
US$2.65-million sale of its assets, TMCnet reports.

The Hon. Arthur S. Weissbrodt of the United States Bankruptcy
Court for the Northern District of California approved the sale
transaction with Pivot VoIP.

Robert Liu, TMCnet executive editor, relates that Pivot VoIP,
which was formed and supported by Israeli-based Private Branch
Exchange manufacturer Telrad Connegy, completed its acquisition
of the Company's key assets including intellectual property,
online and offline brands; and would adopt the full identity of
the Company to ensure smooth business continuity.

Pivot VoIP, as a result of the deal, will cease to exist and
move its Mountain View, California headquarters to Zulty's
Sunnyvale, California operations.  Telrad Connergy owner and
chairman Avi Weinrib would assume the role of president and CEO
of the newly reorganized Zultys, Mr. Liu adds.

Zultys VP Vladimir Movshovich, in a phone interview, told TMCnet
that the immediate priorities are to rebuild confidence within
the reseller community that Zultys has every intention to
continue to support its existing product line.

                          About Zultys

Zultys Technologies -- http://www.zultys.com/-- designs and  
manufactures products  that converge telecommunications and data
communications for businesses.  Zultys develops its hardware and
software specifically to create products that deliver completely
integrated solutions, allowing for  ease of deployment,
management, and use.  These products support multiple languages
and are based on open standards to ensure interoperability in a
network.  Zultys sells its products worldwide and has
distribution in 115 countries, including Australia, China,
India, Japan, New Zealand, the Philippines, Singapore, and
Thailand.

                          *     *     *

The company filed for Chapter 11 protection on September 8,
2006.


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

ATMA EQUITY: Enters Voluntary Liquidation
-----------------------------------------
On Nov. 1, 2006, the sole member of ATMA Equity Management Ltd
passed a special resolution to voluntarily wind up the company's
operations.

Accordingly, John James Toohey and Rainier Hok Chung Lam were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

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


CANADIAN EASTERN: Undergoes Voluntary Wind-Up
---------------------------------------------
At a general meeting held on Nov. 3, 2006, the shareholders of
Canadian Eastern Nominees Ltd resolved to voluntarily wind up
the company's operations and appointed Lau Wai Ming Helen as
liquidator.

The Liquidator can be reached at:

         Lau Wai Ming, Helen
         Suite 2001
         20th Floor, Cheung Kong Center
         2 Queen's Road, Central
         Hong Kong


CITIC GROUP: Ratings In Watch Developing Amid Acquisition Plan
--------------------------------------------------------------  
On November 14, 2006, Standard & Poor's Ratings Services said
that it has placed its BB+ long-term and B short-term foreign
currency counterparty credit ratings on CITIC Group on
CreditWatch with developing implications following an
announcement that the company plans to acquire a 94.6% interest
in JSC Karazhanbasmunai, a Kazakhstan-based oil company, for
US$1.91 billion.

"The CreditWatch placement reflects uncertainty about the
funding plan for the proposed acquisition," said Standard &
Poor's credit analyst Liao Qiang.  "Too great a degree of debt
could more than offset the business benefits of the acquisition.  
Conversely, if the funding is well structured, net business
benefits could accrue quickly," he added.
     
Uncertainty also exists about the returns that can be expected
from the project.  Moreover, the strategic nature of the
proposed acquisition raises the question of the CITIC Group's
relationship with the Chinese government, a factor that Standard
& Poor's will need to assess in resolving the CreditWatch
placement.
     
JSC Karazhanbasmunai is currently owned by National Energy Co.,
a privately held Canada-based oil firm.  Details of the proposed
transaction have yet to be disclosed.
     
The CreditWatch placement is likely to be resolved after a
detailed review of CITIC Group's strategy, funding plan, and
investment return expectations.  A negative outlook could be
assigned or the ratings could be lowered if the company's
financial leverage deteriorates substantially after completion
of the transaction.  The ratings could be raised if Standard &
Poor's believes the transaction reflects a greater policy role
and that the company will benefit from strong government
support.  A reasonably prudent funding plan would also increase
the likelihood of an upgrade.


GRADUATE CENTRE: Members' Final Meeting Fixed on December 12
------------------------------------------------------------
The members and creditors of The Graduate Centre Ltd will meet
on Dec. 12, 2006, at 6:15 p.m. and 6:30 p.m. respectively, to
receive Liquidator Sing's account of the company's wind-up
proceedings.

The Liquidator can be reached at:

         Cheung Kam Sing
         Room 2202, Tung Wai Commercial Bldg
         111 Gloucester Road, Wanchai
         Hong Kong


JOHNNY CHAN: Members Opt to Shut Down Operations
------------------------------------------------
On Oct. 31, 2006, the members of Johnny Chan & Co. Ltd passed a
special resolution to voluntarily wind up the company's
operations and appointed Chan Lai Hang Edmond as liquidator.

The Liquidator can be reached at:

         Chan Lai Hang Edmond
         509 Bank of America Tower
         12 Harcourt Road, Central
         Hong Kong


MENFUL HOLDINGS: Court to Hear Wind-Up Petition on Nov. 29
----------------------------------------------------------
The High Court of Hong Kong will hear a petition to liquidate
Menful Holdings Ltd on Nov. 29, 2006, at 9:30 a.m.

Lai Kwun Shu filed the petition before the Court on Sept. 29,
2006.

The solicitors for the Petitioner can be reached at:

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


MMO HONG KONG: Members to Receive Wind-Up Report on Dec. 13
-----------------------------------------------------------
Members of MMO Hong Kong Ltd will meet for their final meeting
on Dec. 4, 2006, at 10:30 a.m., to receive the company's wind-up
report from Liquidators Lai Kar Yan Derek and Darach E. Haughey.

As reported by the Troubled Company Reporter - Asia Pacific the
company commenced a wind-up of its operations on April 24, 2006.

The Joint Liquidators can be reached at:

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


PASCON INDUSTRY: Wind-Up Hearing Set on December 13
---------------------------------------------------
On Oct. 13, 2006, Wong Kwok Ping Stephen filed before the High
Court of Hong Kong a petition to wind up Pascon Industry Ltd.

The Court will hear the petition on Dec. 13, 2006, at 9:30 a.m.

The Solicitors for the Petitioner can be reached at:

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


PHUKET PASS: Liquidator Liu Ying Yi to Present Wind-Up Report
-------------------------------------------------------------
The final general meeting of Phuket Pass Project Ltd will be
held on Dec. 18, 2006, at 3:00 p.m.

During the meeting, Liquidator Liu Ying Yi will present a report
of the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         Liu Ying Yi
         Room 1901, C C Wu Building
         302 Hennessy Road, Wanchai
         Hong Kong


PINE TRIUMPH: Sole Member Decides to Liquidate Business
-------------------------------------------------------
At an extraordinary general meeting on Oct. 27, 2006, the sole
member of Pine Triumph Ltd decided to voluntarily wind up the
company's operations.  Accordingly, Lau Vui Cheong was appointed
as liquidator.

The Liquidator can be reached at:

         Lau Vui Cheong
         7/F, Hong Kong Trade Centre
         161-167 Des Voeux Road, Central
         Hong Kong


ROAD KING: Gains US$109 Million from Shares Sale
------------------------------------------------
On November 15, 2006, Road King Infrastructure Ltd disclosed
that it had raised net proceeds of about US$109 million (HK$850
million) from a share placement made on November 9, Reuters
reports.

According to the report, the company sold 80 million new shares
to be used for general working capital, priced at HK$10.96 per
share.  In addition, executive director Ko Yuk Bing and a
company shareholder also sold 3.5 million existing shares at the
same price.

Selling price of the shares were rated at a discount of 5% to
the stock's closing price on November 9, Reuters cites a
statement from Road King.

                          *     *     *

Established in 1994, Road King is a Hong Kong-listed company
with primary investments in toll roads in China.  As of June
2006 the company had investments of over HK$6 billion and
mileage of more than 1,000 kilometers spread throughout eight
provinces in China.

On October 25, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings has downgraded Road King
Infrastructure Ltd's long-term issuer default rating to BB+ from
BBB- and removed it from Rating Watch Negative on which it was
placed on September 14, 2006.  The rating outlook is now stable.

In addition, on October 26, 2006, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Road
King to BB+ from BBB-.  At the same time, the rating was removed
from CreditWatch, where it had been placed with negative
implications on Sept. 7, 2006.  The outlook is stable.

Furthermore, the issue rating on senior unsecured notes due 2011
that were issued by Road King Infrastructure Finance (2004) Ltd
and guaranteed by Road King was lowered to BB+ from BBB- and
removed from CreditWatch.


SELECTIVE INVESTMENT: Commences Wind-Up Process
-----------------------------------------------
On Nov. 3, 2006, Selective Investment liquidation Holdings Ltd
commenced dissolution of its company's business and appointed
Paul Tung Yip Leung as sole liquidator.

The Liquidator can be reached at:

         Paul Tung Yip Leung
         40/F., Cheung Kong Center
         2 Queen's Road, Central
         Hong Kong


STAR CRUISES: Posts US$8.63MM Net Loss in 1st 3 Qtrs. Operations
----------------------------------------------------------------
Star Cruises Ltd posted a net loss of US$8.63 million for the
first nine months of the year operations, compared with a net
profit of US$43.6 million it recorded a year earlier, The
Standard reports.

The report says the company attributed the loss to a write-down
of US$10.3 million after investing in a low-cost air carrier,
ValuAir, along with an impairment loss of US$2.7 million, and a
non-cash foreign currency debts translation loss of US$21.3
million.

Net revenue for the nine-month period climbed 17.9% due to a
19.2% capacity increase, which was partially offset by lower net
revenue yield of 1.1% and occupancy level declining 2.8%, The
Standard reveals.

The improvement in capacity was attributed mainly to the
addition of two vessels, the Norwegian Jewel and Pride of
Hawaii, which entered service in August last year and June this
year, respectively, the paper relates.

Meanwhile, the decline in revenue yield was mainly due to lower
than average occupancy at the SuperStar Libra in both its first
inaugural seasons in India and the Eastern Mediterranean.

                         Third Quarter Results

Star Cruises' net income increased by 83% to US$60.4 million in
the third quarter ended September 30, 2006, the Royal Gazette
notes, citing an Email from the company.  The increase according
to the paper was fueled by increased travel demand and the sale
of vessel.

Sales rose 19% to US$683.3 million.

In addition, Star Cruises made a gain of US$16.7 million in the
third quarter from the sale of the Norwegian Crown.  The
Troubled Company Reporter - Asia Pacific reported that Star
Cruises agreed to dispose of the vessel at a consideration of
US$110 million.

The company also received US$7.3 million in compensation income
from a shipyard, Star Cruises stated.

Meanwhile, Star Cruises plans to raise between HK$1.6 billion
and HK$1.78 billion in a rights offering to fund vessel
acquisition and general working capital, The Royal Gazette
relates.

The Gazette recounts that in September, the company announced
that it may buy three larger ships for EUR2.17 billion to help
its Norwegian Cruise Line stay competitive with Royal Caribbean
Cruises Ltd. and Carnival Corp.

Miami-based NCL agreed to buy two ships from France's Aker Yards
SA, one for delivery in the fourth quarter of 2009 and the other
in the second quarter of 2010.  It has an option with St.
Nazaire-based Aker for a third in 2011, The Gazette adds.

                          *     *     *

Star Cruises Limited -- http://www.starcruises.com/-- is a  
Company publicly listed in Hong Kong and is a core member of the
Genting Group and 36.1% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  Star Cruises operates 22
ships with 35,000 lower berths under five main brands:  Star
Cruises and Cruise Ferries, which service Asia Pacific, and
three brands under NCL.

                          *     *     *

On September 12, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service has downgraded
on September 8, 2006, the corporate family rating of Star
Cruises Ltd to B1 from Ba3.  The rating outlook remains
negative.

"The downgrade follows the announcement by NCL Corporation
Limited --NCL; B1 corporate family rating -- its 100%-owned
subsidiary, that it has entered into shipbuilding contracts for
the construction of two new vessels with an option to request
the builder to construct a third one by August 2007.  The 2 new
builds will be funded by debt and internal resources at the NCL
level," says lead analyst Kaven Tsang, adding, "Moody's also
expects SCL to provide support to part fund NCL's new
acquisition."

In addition, on September 20, 2006, Standard & Poor's Ratings
Services lowered its corporate credit ratings on Star Cruises
Ltd. and its wholly owned subsidiary, NCL Corp. Ltd., to BB-
from BB.  The outlook is stable.

At the same time, Standard & Poor's lowered the rating on the
senior unsecured foreign currency debt of NCL Corp. Ltd. to B
from B+.  The corporate credit ratings were removed from
CreditWatch with negative implications, where they were placed
on Sept. 8, 2006.


STARWISE INDUSTRIAL: Faces Wind-Up Proceedings
----------------------------------------------
A petition to wind up Starwise Industrial Ltd will be heard
before the High Court of Hong Kong on Dec. 20, 2006, at
9:30 a.m.

Bangkok Bank Public Company Ltd presented the petition before
the Court on Oct. 25, 2006.

The Solicitors for the Petitioner can be reached at:

         Siao, Wen and Leung
         15th Floor
         77 Des Voeux Road, Central
         Hong Kong


SURETY ASIA: Hearing of Wind-Up Petition Fixed on Dec. 13
---------------------------------------------------------
On Dec. 13, 2006, at 9:30 a.m., the High Court of Hong Kong will
hear a wind-up petition filed against Surety Asia Ltd.

Wong Yin Suet filed the petition with the Court on Oct. 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


UCS COMMUNICATIONS: Liquidators Cease to Act
--------------------------------------------
On Nov. 2, 2006, Lai Kar Yan Derek and Darach E. Haughey ceased
to act as joint and several liquidators of UCS Communications
Ltd.

The Troubled Company Reporter - Asia Pacific reported that the
liquidators presented an account of the company's wind-up during
the final meeting held on Nov. 2, 2006.

The former Liquidators can be reached at:

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


VIEWELL ASIA: Liquidator Mak Chi Leung Paul Steps Aside
-------------------------------------------------------
Mak Chi Leung Paul on Oct. 28, 2006, ceased to act as liquidator
of Viewell Asia Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Leung presented a report of the company's wind-up
proceedings at a final meeting held on Oct. 28, 2006.

The former Liquidator can be reached at:

         Mak Chi Leung Paul
         Unit G, 14/F, Seabright Plaza
         9-23 Shell Street, North Point
         Hong Kong


WIDE STRONG: Creditors' Proofs of Claim Due on December 1
---------------------------------------------------------
Creditors of Wide Strong Ltd are required to submit their proofs
of claim to the liquidator by Dec. 1, 2006, or they will be
excluded from sharing in the distribution the company will make.

The Liquidator can be reached at:

         Wong Sun Keung
         Unit 1-3, 5/F
         Far East Consortium Building
         121 Des Voeux Road, Central
         Hong Kong


WIN RAY: Court Sets Wind-Up Hearing on December 6
-------------------------------------------------
A wind-up petition filed against Win Ray Fabric Ltd will be
heard before the High Court of Hong Kong on Dec. 6, 2006, at
9:30 a.m.

Ma Sai Yam presented the petition with the Court on Oct. 9,
2006.

The Solicitors for the Petitioner can be reached at:

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


WISEFORD INTERNATIONAL: Members to Meet on December 14
------------------------------------------------------
The members of Wiseford International Ltd will meet for their
final meeting on Dec. 14, 2006, at 11:00 a.m., to receive the
liquidator's accounts of the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         Ha Yue Fuen, Henry
         Room 1010, 10th Floor
         Wing On Centre
         111 Conaught Road Central
         Hong Kong


WORLD-WIDE HARVEST: Creditors Must Prove Debts by November 27
-------------------------------------------------------------
Liquidator Chiu Pang Nin requires creditors of World-Wide
Harvest Company Ltd to submit their proofs of debt by Nov. 27,
2006.

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

The Liquidator can be reached at:

         Chiu Pang Nin
         4/F., Kingpower Coml Bldg
         409-413 Jaffe Road, Wanchai
         Hong Kong


YING KONG: Final Meeting Slated for December 6
----------------------------------------------
The members and creditors of Ying Kong Industrial Group (H.K.)
Ltd will meet on Dec. 6, 2006, at 3:00 p.m. and 4:00 p.m.
respectively, to receive the liquidators' account of the
company's wind-up proceedings.

The Joint Liquidators can be reached at:

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


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

GENERAL MOTORS: Fitch Rates US$1.5-Bln Term Loan at BB/RR1
-----------------------------------------------------------
Fitch Ratings assigned a BB/RR1 rating to General Motors Corp.
new US$1.5 billion, seven-year senior secured term loan.

GM's new term loan is also placed on Rating Watch Negative,
where it stands with GM's B Issuer Default Rating and B/RR4
senior unsecured debt pending resolution of the Delphi
situation.

The new senior secured loan will be secured by perfected, first-
priority liens on machinery, equipment and special tools at
principal U.S. manufacturing facilities.  The loan is
overcollateralized and full recovery is expected under a default
scenario.  The loan is also subject to a collateral value test
with collateral value required to be at least 2.5 times the
amount of the loan outstanding.

The new secured term loan brings total secured debt facilities
to US$7.5 billion.  Under Fitch's recovery analysis, the new
term loan would move the estimated recovery value for unsecured
debtholders to the very bottom of the RR4 range.  As a result,
any changes to Fitch's assumptions or to GM's liability
structure could result in a downgrade of the unsecured debt
rating.

The new facility provides a very modest boost to liquidity,
which remains adequate to fund near-term negative cash flows.
Cash flows remain negative due to operating results, working
capital drains and restructuring costs.  Liquidity is expected
to be boosted substantially by the pending sale of a controlling
interest in GMAC.

Operating results have benefited from the rollout of the GMT-900
series SUV products, and will further benefit from the rollout
of the refreshed pickup lineup.  However, industry sales
declines in these categories are likely to continue due to
changing customer tastes, the impact of higher gas prices and
the impact of slower growth, casting doubt on the sustainability
of revenues in the latter part of 2007.

The realization of cost savings from restructuring efforts
should become more evident, although high commodity costs,
restructuring costs and working capital outflows will likely
result in continued negative cash outflows in 2007.  The Delphi
situation, further stresses in the supply base, and the
September 2007 UAW contract talks also pose event risk over the
near-term.

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.


GENERAL MOTORS: Moody's Rates Proposed US$1.5-Bln Loan at Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 billion secured term loan of General Motors
Corporation.

The term loan is expected to be secured by a first priority
perfected security interest in all of the U.S. machinery and
equipment, and special tools of GM and Saturn Corporation.

The rating reflects the favorable asset protection and recovery
potential that would be afforded to this instrument relative to
the company's unsecured obligations, as reflected in the LGD1
assessment, and LGD rate of 9%.

Moody's expects that the proceeds will be retained by GM and
used to enhance its liquidity position.

Bruce Clark, Senior Vice President with Moody's said, "GM is
going to need considerable liquidity in order to fund the large
cash requirements resulting from its aggressive employee buy-out
program, its participation in any resolution of the Delphi
reorganization, the operating losses that will continue until
its restructuring program takes hold, and challenges posed by
the 2007 UAW negotiations.  The company also has to be prepared
for any potential slowdown in the U.S. economy."

"GM clearly recognizes the importance of maintaining sound
liquidity and it's making notable progress in this area. The
company currently has about US$20 billion in cash, it recently
closed on a US$4.5 billion secured revolving credit facility,
and the term loan would give it an additional US$1.5 billion. A
more significant boost to its liquidity would be the US$10
billion expected from the GMAC sale which GM expects to complete
by year end," Mr. Clark added.

GM's B3 Corporate family rating, Ba3, LGD1, 9% secured revolving
credit facility rating, Caa1, LGD4, 59% senior unsecured rating,
SGL-3 Speculative Grade Liquidity rating, and negative outlook
remain unchanged.

Despite GM's continuing progress in establishing a sizable
liquidity cushion, the company continues to face daunting
operational and competitive challenges.  The increasingly
competitive position of Asian manufacturers and the shift in
consumer preference toward more fuel efficient vehicles will
continue to severely pressure the company's share position.

This share pressure could limit GM's ability to generate
meaningful intermediate-term improvement in key credit metrics
despite its aggressive initiatives to reduce capacity and lower
costs.  As a result, the rating outlook remains negative.

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.


GENERAL MOTORS: Plans US$1.5-Bln Secured Loan by 2006 Year-End
--------------------------------------------------------------
General Motors Corp. plans to execute a US$1.5 billion senior
secured term loan facility with a seven-year maturity.

The facility is intended to further enhance GM's liquidity
position and take advantage of robust market conditions.  GM's
ability under some of its existing bond indentures to pledge
U.S. property, plant and equipment is likely to be affected in
the future by new rules applicable to pension and OPEB
accounting, which could cause GM's shareholders' equity in its
year-end 2006 financial statements to be negative.

Under the proposed terms, the lenders under the facility will
receive a first priority security interest in machinery and
equipment and special tools located at GM's U.S. manufacturing
facilities.

J.P. Morgan Securities Inc. and Credit Suisse Securities (USA)
LLC are the arrangers of the facility, and JPMorgan Chase Bank,
N.A. is the administrative agent.

GM anticipates that the execution of this facility will be
completed by year-end.  Completion of the transaction is subject
to final documentation and other conditions, and there is no
assurance regarding timing or successful completion of the
transaction.

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.


HINDUSTAN PETROLEUM: Gets 1,500 Acres in Visakhaptnam SEZ
---------------------------------------------------------
Hindustan Petroleum Corporation Ltd will get 1,500 acres in
Andhra Pradesh's Special Economic Zone at Visakhaptnam, Andhra
Cafe.com reports.

The allotment was decided at a meeting chaired by Andhra Pradesh
Chief Minister YS Rajasekhara Reddy, the report states.  

Hindustan Petroleum will set up its refinery, aromatic plant and
naphtha craker unit at Visakhaptnam SEZ with an investment of
INR35,000 crore, Andhra Cafe says.

                    About Hindustan Petroleum

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.

However, the Company has lately been incurring losses due to a
government mandate to sell fuel at subsidized prices.  The TCR-
AP reported on July 31, 2006, that Hindustan Petroleum
registered a net loss of INR6.08 billion during the first
quarter ending June 30, 2006, due to under-recoveries in sales
of petrol, diesel, cooking gas and kerosene.  This net loss
figure is INR1 billion more than the INR5.08-billion loss booked
in the same quarter in 2005.

Previous press reports said that the Company is counting on a
Government bailout to save it from bankruptcy.


HMT LTD: Bounces Back with INR880.9-Mil. Net Profit in 3rd Qtr.
---------------------------------------------------------------
Due to an extraordinary gain and boost in revenues, HMT Limited
bounces back with a net profit of INR880.90 million for the
quarter ended September 30, 2006, or earnings per share of
INR1.81.  HMT incurred net losses of INR129.5 million in the
quarter ended June 30, 2006, and INR73.8 million in the quarter
ended September 30, 2005.

Net sales for the September 2006 quarter rose to
INR637.4 million from the INR447 million in the previous
quarter.  Other income more than tripled from INR30.3 million in
the September 2005 quarter to INR102.2 million in the September
2006 quarter.

According to HMT, other income for the third quarter of 2006
includes non-operational income of INR61.1 million representing
savings in interest dues by a one-time settlement with lenders
or interest on delayed receipt of NPA sale proceeds.

With expenditures totaling INR755 million, HMT incurred an
operating loss of INR15.4 in the September 2006 quarter.
Extraordinary items of INR910.1 million, representing profit on
sale of land, however, brought the net profit figure.

A full-text copy of HMT's financial results for the quarter
ended Sept. 30, 2006, is available for free at the company's Web
site at:

http://www.hmtindia.com/html/frame.asp?page=news.htm

HMT Limited -- http://www.hmtindia.com/-- is an engineering   
conglomerate. The company retains the Tractor's Business, which
develops tractors ranging from 25 horsepower to 75 horsepower.  
It has an installed capacity of 18,000 tractors for
manufacturing and assembly operations.  The Company has three
tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The Company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

                          *     *     *

Credit Analysis and Research Limited downgraded HMT's long term
bond issue of INR310 crore to CARE BB(SO) on February 18, 2005.  
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).  
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


HMT LTD: Shri. R Asokan Named Part-Time Director
------------------------------------------------
HMT Ltd informed the Bombay Stock Exchange that Shri. R Asokan,
Finance Director, Department of Heavy Industry, New Delhi, has
been appointed as Part-time Official Director on the company's
board of director.

The appointment is pursuant to a Presidential Order dated
October 30, 2006.

HMT Limited -- http://www.hmtindia.com/-- is an engineering   
conglomerate.  The company retains the Tractor's Business, which
develops tractors ranging from 25 horsepower to 75 horsepower.  
It has an installed capacity of 18,000 tractors for
manufacturing and assembly operations.  The Company has three
tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The Company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

                          *     *     *

Credit Analysis and Research Limited downgraded HMT's long term
bond issue of INR310 crore to CARE BB(SO) on February 18, 2005.  
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).  
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


ICICI BANK: Sets Aside INR1,000 Crore for Bio-tech Sector
---------------------------------------------------------
ICICI Bank Limited will set aside INR1,000 crore to finance the  
pharma and bio-tech sectors, Zee News reports.

According to the report, ICICI made the move expecting "the bio-
technology industry . . . to grow by leaps and bounds."

Of the INR1,000 crore, the bank already approved loan
applications of INR650 to INR700 crore, an ICICI officer tells
Zee News.

ICICI, however, has not set a definite target as to how much it
would lend to the sector within the current fiscal year, the
bank officer says.

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: To Exploit India's Untapped Rural Banking Sector
------------------------------------------------------------
ICICI Bank Ltd. aims to exploit the untapped rural banking
sector in India, as huge credit demands exist in this sector.  
Credit demand in rural India is expected around INR1,330
Billion, whereas its supply was just about INR40 Billion in
previous year, as per Nachiket Mor-deputy MD of the bank.

The Bank plans to adopt the franchisee model for widening its
reach in the rural areas of India.  Around 8,000 touch points
have been established by ICICI Bank across the country, so that
it's able to penetrate rural pockets & develop low priced ATMs.
Also, a sum of INR2,500 crore was disbursed by the bank toward
rural sector financing.  The Bank expects that good rural credit
will off take in 2006.

To provide easy loans, the bank has tied up with many FMCG
companies such as Godrej Sara Lee.  The distributors of Sara Lee
are provided with loans for buying Godrej products, under the
channel-financing model.  The distributors, in turn, may help
the dealers in getting advances from the bank.

ICICI Bank is also providing funds to cattle farmers so they can
buy fodder, under the similar arrangement with the companies
that manufacture fodder.  Working in partnership with postal
department, the bank intends to expand its rural base in the
country.  RMAG -- Rural, Micro banking & Agri business Group --
has been formed by the bank for a more focused approach.

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: Allots 419,670 Shares in October Under ESOS
-------------------------------------------------------
Pursuant to filings with the Bombay Stock Exchange, ICICI Bank
discloses that it has allotted a total of 419,670 equity shares
of INR10 each for the month of October 2006:

      Allotment Date                No. of Shares
      --------------                -------------
      October 09, 2006                  212,715
      October 16, 2006                  142,620
      October 24, 2006                   16,235
      October 30, 2006                   48,100          

The share allotment is pursuant to ICICI Bank's Employees Stock
Option Scheme 2000.

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


INDIAN OIL: Commences Derivatives Trading on NCDEX
--------------------------------------------------
Indian Oil Corporation Ltd joined the league of select companies
trading in derivatives on the National Commodities & Derivatives
Exchange.

Indian Oil's first derivatives trade of crude oil was
inaugurated by Mr. Sarthak Behuria, Chairman, and was executed
electronically through the NCDEX terminal at the Corporate
Office.  Indian Oil has recently acquired a trading-cum-clearing
membership with NCDEX.

Mr. Behuria said commencement of derivatives trading on the
domestic exchanges would be an extension to hedging activities
currently undertaken by Indian Oil through overseas over-the-
counter markets.

Mr. S V Narasimhan, Director (Finance), said that Indian Oil
would fully utilize the platform as a vehicle for its oil price
risk management activities.  Indian Oil is actively acquiring
membership of other domestic exchanges like Multi-Commodity
Exchange too.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum      
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


INDIAN OIL: To Set Up Petrol Station at Future Group Malls
----------------------------------------------------------
Indian Oil Corporation Limited and the Future Group, formerly
known as Pantaloon Retail Limited, signed a Memorandum of Co-
operation for setting up Petrol Stations at Future Group Malls
and for establishing Food Bazaars at Indian Oil Petrol Station.

Under the deal, the two companies will also participate in
Loyalty Programs and undertake joint marketing efforts to
promote their business models including sharing of customer data
base and research & analysis, Indian Oil said in a press
release.

Future Group is currently the largest retailer in India,
occupying retail space of around 4 million square feet spread
over 30 cities with targeted turnover this year of over INR4,000
crore.  The group is targeting its retail coverage to around 30
million square feet and sales turnover to INR25,000 to 30,000
crore by 2010.  Its highly popular retail formats include
Central Mall & Pantaloon in lifestyle retailing, and Big Bazaar
& Food Bazaar in value retailing.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum      
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


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

BANK PERMATA: Offers US$50-Million Subordinate Bond
----------------------------------------------------
PT Bank Permata Tbk held a public offering for subordinate bond
I worth IDR500 billion (US$50 million), Antara News relates.

The report cites Bank Permata Director Stewart D. Hall as saying
that the bond issuance was aimed at finding long-term financial
sources and strengthening the bank's capital structure.

Antara News states that PT Standard Charter Securities has been
appointed as the issuer of the 10 year-time bond.

According to the report, the bond carries interest rate based on
the interest rate of the bond of FR22 plus 150 to 225 base
points.  Antara also notes that the bond received an 'A' rating
from Indonesian rating agency, PT Pefindo.

Furthermore, investors will be given additional interest of 10%
if until the next five years they still hold the bond and do not
sell it back to the bank.

"Book building will be carried out from November 14 to 21 and
offering process from December 7 to 11," Mr. Hall said.

The bond will be listed at the Surabaya Stock Exchange on
December 15, 2006, Antara says.

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

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

These ratings were unaffected:

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


PT PERTAMINA: Gov't Threatens to Take Over Geothermal Sites
-----------------------------------------------------------
The Indonesian Government plans to take over 15 geothermal
working areas from PT Pertamina Tbk in 2010 if Pertamina does
not develop the projects and tender them to other companies,
Reuters News reports, citing mines and energy ministry official
Sutisna Prawira.

Reuters notes that, according to Pertamina, a lack of investment
and uncertainty over government regulation has caused
difficulties for the company in developing the projects, located
on the islands of Sumatra and Java.

The company has 142 megawatts of geothermal power plants in
Kamojang, West Java, and plans to expand to 900 MW by 2010, the
report says.

Reuters adds that Pertamina upstream director Sukusen Soemarida
said the company was seeking partners to develop geothermal
projects.

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a     
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being met
by imports.

In 2003, PT Pertamina finance director Alfred Rohimone
disclosed that the Company's financial condition was in critical
condition because its expenses had surpassed its income due to
its obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.  
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


NORTEL NETWORKS: Appoints Dr. Kristina M. Johnson to Board
----------------------------------------------------------
Nortel Networks Corporation reported that Dr. Kristina M.
Johnson, dean of Duke University's Edmund T. Pratt, Jr., School
of Engineering, has been appointed to the Company's Board of
Directors, effective immediately.

Dr. Johnson has been with Duke University since 1999.  As dean
of the Pratt School of Engineering, she oversees more than 1100
undergraduates, 440 graduate students and 120 tenure track and
non-tenure track faculty.  She joined Duke from the University
of Colorado, where she served as a professor of Electrical and
Computer Engineering from 1985-1999.

Dr. Johnson has helped start several companies including
ColorLink, Inc., and sits on several corporate Board of
Directors including Mineral Technologies Inc., Boston Scientific
Corporation, and AES Corporation.  She also currently serves on
the advisory boards of the Colorado School of Mines, the Georgia
Institute of Technology School of Engineering, the Duke
Children's Classic, and the Institute for Emerging Issues.

Dr. Johnson received her B.S., M.S. (with distinction) and Ph.D.
in electrical engineering from Stanford University.  She
completed a NATO post-doctoral fellowship at Trinity College in
Dublin, Ireland, and was a Fulbright Fellow in 1991.  Johnson
has published more than 140 refereed papers and proceedings,
holds forty-three patents, and has pioneered work in liquid
crystal-on- silicon microdisplays, a marriage of LC electro-
optic materials and VLSI technology.

"I am pleased to announce Dean Johnson's appointment," said
Harry Pearce, chairman of Nortel's Board of Directors.  "Her
insight and experience will greatly benefit Nortel and
contribute to our focus on innovation and R&D effectiveness."

Dr. Johnson has also been appointed to the Nortel Networks
Limited Board of Directors.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized   
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.  
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Indonesia, Australia, China, Hong Kong,
India, Philippines, Singapore, Taiwan and Thailand.

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


TELKOM INDONESIA: Implements Carrier Cockpit Suite
--------------------------------------------------
Ascade, the global market-leader in Business Operations Systems
for trading and exchanging voice traffic, disclosed that PT
Telekomunikasi Indonesia Tbk has selected Ascade's Carrier
Cockpit Suite for management of the international voice
business.

"Telkom Indonesia has a fast growing international business.  We
are very pleased to work with Ascade and its local partner PT.
Lintas Teknologi Indonesia who provides us with the latest
technology to our expanding operation.  We look forward to
increased automation and rich business reporting that will
enable better service for our international and local
customers", comments Sarwoto Atmosutarno, Head of Long Distance
Division.

Through the implementation of Carrier Cockpit(TM), Telkom
Indonesia benefits from unprecedented financial control and risk
management.  Carrier Cockpit(TM) supports Supplier Specific
Rating whereby calls are rated on each terminating supplier's
numbering plan and time-of-day definitions.

This means that Telkom Indonesia always will know the correct
cost of sending voice calls to the suppliers and immediately can
verify invoices and eliminate disputes.

Telkom Indonesia will also benefit from Ascade's unique end to
end provisioning solution that automate re-routing of the
International PSTN and VOIP gateways.  The increased speed of
implementation and accuracy of the system will reduce lead times
dramatically.

"We see that end-to-end voice automation is becoming
increasingly important for all carriers.  Telkom Indonesia is
dedicated to delivering a high class service with a high degree
of automation and we are pleased to be part of this process",
says Henrik Anderberg, CEO, Ascade.

                About Lintas Teknologi Indonesia

PT. Lintas Teknologi Indonesia (LTI Indonesia), headquartered in
Jakarta, is a leading system integrator in Indonesia. LT
Indonesia provides network infrastructure solutions, ranging
from fixed line solutions, optical solution, network application
and IP networking to telecommunication network providers and
enterprises.

Through its subsidiary, LT International, it is expanding its
presence to Sri Lanka. To learn more about LT Indonesia, please
visit the corporate website at www.lt-indonesia.com

                       About Ascade Ab

Ascade is the global market-leader in Business Operations
Systems for trading and exchanging voice traffic between telecom
carriers.  Our solution, Carrier Cockpit(TM) Suite, optimizes
and automates all aspects of a carrier's wholesale and bilateral
business while providing management with real-time business
control capabilities.

Carrier Cockpit(TM) Suite, developed together with leading
international carriers, is the most mature and widely used
Business Operations System for managing the wholesale carrier
business worldwide.  Customers include Reach, Korea Telecom,
Taiwan Fixed Network, Telenor Global Services, Czech Telecom,
Lattelekom, Elion, Allstream, Elisa, Sunrise, Sri Lanka Telecom,
Telekom Austria, MobileOne and more.

                   About Telkom Indonesia

Ascade AB is a privately held company owned by founders and
leading Nordic investment firms CapMan, listed on the Helsinki
Stock Exchange, and SEB Foretagsinvest, the venture capital
division of Nordic financial services group SEB, listed on the
Stockholm Stock Exchange.

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

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

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

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


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

CB RICHARD: S&P Affirms BB+ Rating on High Debt Leverage
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
CB Richard Ellis Services Inc., including its 'BB+' long-term
counterparty credit rating, and removed them from CreditWatch
Negative where they were placed Oct. 31.  The outlook is stable.
      
"We took this rating action after meeting with management to
review the details of its announced acquisition of Trammel Crow
Co.  We believe that Trammel is a good strategic fit for
CB Richard Ellis, and while the financing of the acquisition
with debt will greatly increase debt leverage and reduce
interest coverage, these measures will remain within acceptable
parameters for the rating," said Standard & Poor's credit
analyst Robert B. Hoban, Jr.

S&P is satisfied that the credit and market risk being acquired
with Trammel's commercial real estate development business is
not significant enough to warrant a negative rating action at
this time.  Nevertheless, S&P continues to believe that this
business requires capital and CBRE's negative tangible equity
position will remain a limiting factor on the rating.
     
The ratings on CBRE continue to reflect:

   -- the company's results being dependent on cyclical
      commercial real estate sales and leasing transaction
      volume;

   -- decent interest coverage; and

   -- high debt leverage.  

Management had been aggressively paying down debt and recovering
from negative tangible equity from past acquisitions, but this
acquisition will reverse the trend.  Pro forma end-of-year total
recourse debt is a high 2x capital, but pro forma interest
coverage remains solid at 5.99x.  Tangible equity slides to
negative US$2.3 billion.  These pro forma figures assume that
CBRE will successfully tender one existing debt issue and that
the company is able to sell a Trammel minority interest.
     
CBRE is the operating subsidiary of CB Richard Ellis Group Inc.,
a publicly traded company.  The company is based in Los Angeles,
Calif., and is a recognized leader in the commercial real estate
sales and services industry, with trailing-12-month revenue
through the third quarter of about US$2.9 billion.  The company
is the largest commercial real estate services company in the
U.S., which is its largest market, and has a strong market
position in U.S. and European sales and leasing, property
management, mortgage brokerage, and investment advising.
     
The stable outlook assumes management will meet its near-term
debt reduction and interest coverage projections and
successfully integrate Trammel's operations without undue
increase in risk.  If the company were to make meaningful
improvements to its tangible equity position, ratings could be
raised.  Should the company increase the level of risk in the
commercial real estate development operations, or suffer
meaningful loses there, or should interest coverage weaken
materially, ratings could be lowered.


CB RICHARD: Launches 9-3/4% Senior Notes Solicitation Consent
-------------------------------------------------------------
CB Richard Ellis Services Inc., wholly owned subsidiary of CB
Richard Ellis Group Inc., commenced a cash tender offer for any
and all of its outstanding US$130,000,000 aggregate principal
amount 9-3/4% Senior Notes due 2010 on the terms and subject to
the conditions set forth in its Offer to Purchase and Consent
Solicitation Statement dated Nov. 3, 2006, and the related
Consent and Letter of Transmittal.  The Company is also
soliciting consents to certain proposed amendments to the
indenture governing the Notes to eliminate most of the
restrictive covenants and certain events of default.  The tender
offer documents more fully set forth the terms of the tender
offer and consent solicitation.

The tender offer will expire at 5 p.m., New York City time, on
Dec. 4, 2006, unless extended or earlier terminated by the
Company.  The Company reserves the right to terminate, withdraw
or amend the tender offer and consent solicitation at any time
subject to applicable law.

The Company expects to pay for any Notes purchased pursuant to
the tender offer and consent solicitation in same-day funds on
a date promptly following the expiration of the tender offer.

The Company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not withdrawn pursuant to the tender
offer and the consent solicitation is subject to the
satisfaction or waiver of certain conditions, including the
receipt of sufficient consents with respect to the proposed
amendments to the indenture.  The Company intends to finance the
purchase of the Notes and related fees and expenses with cash on
hand or funds drawn under its existing credit facility.  The
complete terms and conditions of the tender offer and the
consent solicitation are set forth in the tender offer
documents, which are being sent to holders of Notes.  Holders
are urged to read the tender offer documents carefully.

The Company has retained Credit Suisse to act as Dealer Manager
in connection with the tender offer and consent solicitation.
Questions about the tender offer and consent solicitation may
be directed to Credit Suisse at 800-820-1653 or 212-538-0652.
Copies of the tender offer documents and other related documents
may be obtained from Georgeson Inc., the information agent for
the tender offer and consent solicitation, at 866-244-9585 or
212-440-9800.

The tender offer and consent solicitation is being made solely
by means of the tender offer documents.  Under no circumstances
shall this press release constitute an offer to purchase or
the solicitation of an offer to sell the Notes or any other
securities of the Company or CB Richard Ellis Group, Inc.  It
also is not a solicitation of consents to the proposed
amendments to the indenture.  No recommendation is made as to
whether holders of the Notes should tender their Notes or give
their consent.

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

                          *     *     *

On Nov. 2, 2006, Moody's Investors Service affirmed the ratings
of CB Richard Ellis Services Inc.'s senior secured bank credit
facility at Ba1; senior unsecured debt at Ba1, with a stable
outlook following the announcement that CBRE will acquire
Trammell Crow Company in a transaction valued at US$2.2 billion.

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


FORD MOTOR: Files Third Quarter & Restated 2005 Annual Reports
--------------------------------------------------------------
Ford Motor Company filed with the United States Securities and
Exchange Commission its 2006 third-quarter 10-Q Report and an
amended 2005 10-K Report to restate its previously reported
financial results from 2001 through 2005 to correct accounting
for certain derivative transactions under Paragraph 68 of the
Statement of Financial Accounting Standards 133, Accounting for
Derivative Instruments and Hedging Activities.

As part of the restatement, the company also reversed certain
immaterial accounting adjustments and recorded them in the
proper period.

For the third quarter and first nine months of 2006, the company
reported a net loss of US$5.2 billion and US$7 billion,
respectively; this is an improvement of about US$550 million and
US$250 million, respectively, from the preliminary results
released on Oct. 23.

The improvement primarily reflected the effect of the change in
accounting for certain Ford Motor Credit Company interest rate
swaps under Paragraph 68 of SFAS 133 and the impact of that
change on the valuation allowance for deferred tax assets.

The company also filed a Form 10-K/A for the year ended Dec. 31,
2005, which includes amended financial statements for each of
the years ended Dec. 31, 2003, 2004, and 2005, and selected
financial data for each of the years 2001 through 2005.  Amended
Form 10-Qs for the first and second quarter of 2006 will be
filed with the SEC by Nov. 20.

The restatement's cumulative impact on net income was an
increase of about US$850 million.  The change in accounting for
the Ford Credit interest rate swaps did not affect the economics
of the derivative transactions involved, nor have any impact on
Ford Motor Company's cash.

Ford restated its results after discovering that certain
interest rate swaps that Ford Credit had entered into did not
satisfy the specific requirements of Paragraph 68 of SFAS 133
that would have exempted these transactions from periodic
assessments of their effectiveness.

One of the general requirements of SFAS 133 is that hedge
accounting is appropriate only for those hedging relationships
that a company expects will be highly effective in achieving
offsetting changes in fair value or cash flows attributable to
the risk being hedged.

Although Ford Credit's interest rate swaps were and continue to
be highly effective economic hedges, the company determined that
nearly all of these transactions did not meet Paragraph 68's
exemption requirements.

SFAS 133 precludes the company from retroactively testing the
effectiveness of these transactions in order to continue to
apply hedge accounting.

As a result, the restatement of the company's financial results
reflects changes in fair value of these hedging instruments as
derivative gains and losses during the affected periods, without
recording any offsetting change in the value of the debt they
were hedging.

Changes in the fair value of interest rate swaps are driven
primarily by changes in interest rates.

Ford Credit has long-term interest rate swaps with large
notional balances, many of which are "receive-fixed, pay-float"
interest rate swaps.  These types of swaps increase in value
when interest rates decline, and decline in value when interest
rates rise.

As a result, changes in interest rates can cause substantial
volatility in the fair values that must now be recognized in
earnings.

For 2001 and 2002, when interest rates were trending lower, Ford
is now recognizing large derivative gains in its restated
financial statements.

The upward trend in interest rates from 2003 through 2005 caused
the interest rate swaps to decline in value, resulting in the
recognition of derivative losses for these periods.

"After a review of our internal controls, we determined a
material weakness did exist with relation to SFAS 133.  That
material weakness has been fully remediated with the completion
of this restatement," Ford's executive vice president and chief
financial officer Don Leclair said.

"Our hedging strategy going forward will continue to be
effective at reducing our exposure to economic risks."

The restatement also includes out-of-period adjustments that
were previously evaluated, both individually and in the
aggregate, and determined to be immaterial to the company's
originally-filed financial statements.  As part of the
restatement, these immaterial adjustments are being reversed and
recorded in the appropriate periods.

Effect of Restatement

                              Net Income/(Loss) *
                -----------------------------------------------
                 2001      2002      2003      2004      2005
                (Bils.)   (Bils.)   (Bils.)   (Bils.)   (Bils.)
                -------   -------   -------   -------   -------
Previously
Reported
Net Income       ($5.5)    ($1.0)     $0.5      $3.5      $2.0

Total Change
in Net
Income/(Loss)     $0.7      $1.9     ($0.3)    ($0.5)    ($0.6)
                -------   -------   -------   -------   -------
Net Income
after
Restatement      ($4.8)     $0.9      $0.2      $3.0      $1.4

                           * Including Special Items

Full-text copies of the Company's financials are available for
free at:

   Third Quarter Ended
   Sept. 30, 2006        http://ResearchArchives.com/t/s?1511

   Year Ended
   Dec. 31, 2005         http://ResearchArchives.com/t/s?1512

                        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).


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

DYNCORP INT: Posts US$474.7MM Revenues in Second Quarter 2007
-------------------------------------------------------------
DynCorp International Inc. reported results for the 2007-second
quarter.

"We continue to focus on growing core competencies as
demonstrated by our internal revenue growth of 8.0% and US$63.0
million in positive operating cash flow," said Herb Lanese,
president and chief executive officer of DynCorp International
Inc.

                     Second Quarter Results

Revenue for the 2007-second quarter was US$474.7 million, up
8.0% over revenue for the 2006-second quarter.  International
Technical Services or ITS revenue represented 65.1% of second
quarter revenue in fiscal 2007, and grew 16.0% to
US$309.2 million from the second quarter of fiscal 2006.  The
ITS revenue increase was led by growth in its Civilian Police
program or CIVPOL and International Narcotics and Law
Enforcement Air-Wing program.  Revenue from the Field Technical
Services or FTS segment declined 4.3% to US$165.5 million from
the second quarter of fiscal 2006, and represented 34.9% of
second quarter revenue in fiscal 2007.  The completion of a
contract in FTS's Domestic Aviation program, combined with fewer
Global Air Traffic Management avionics modifications under the
Life Cycle Contractor Support program, contributed to lower FTS
revenue for the quarter.

As the company announced on Oct. 4, 2006, operating results for
the 2007-second quarter were affected by three matters.  First,
the company recognized US$4.7 million of severance expense
during the quarter resulting from the departure of certain
senior executives.  Second, the company recognized
US$5.3 million of operating cost in excess of contract funding
in order to finish construction of a camp in Iraq for the
Department of State.  Third, the company recognized charges of
US$7.9 million related to the suspension of a security contract
for a customer in Saudi Arabia.  Including the effect of these
charges, operating income for the 2007-second quarter decreased
59.3% to US$9.5 million from the 2006-second quarter.  Operating
margin was 2.0%, as compared with operating margin of 5.3% in
the 2006 second quarter.  Adjusted earnings before interest,
taxes, depreciation and amortization for the 2007-second quarter
declined to US$26.9 million, or 5.7% of revenue, from
US$35.1 million, or 8.0% of revenue, for the comparable period
in fiscal 2006.

The 2007 second quarter adjusted operating income would have
increased US$4.0 million as compared with the same period last
year to US$27.4 million, or 17.1%, had the company not incurred
expenses related to the severance cost, excess funding for camp
construction, and security contract charges.  The company's
adjusted operating margin of 5.8% for the second quarter
improved 0.5% of revenue over the operating margin of 5.3% for
the comparable period in fiscal 2006. The increased operating
margin reflects solid performance from CIVPOL and Air-Wing
programs.  Net loss for the 2007-second quarter was
US$2.9 million, resulting in a US$0.05 loss per share as
compared with net income of US$1.8 million and earnings per
share of US$0.06 for the 2006-second quarter.

                      Year-to-Date Results

Revenue for the first six months of fiscal 2007 was
US$1,012.4 million, up 17.1%, as compared with revenue for the
first six months of fiscal 2006.  ITS revenue represented 65.6%
of total revenue for the first six months of fiscal 2007,
growing 27.2%, to US$664.2 million, over the comparable period
in fiscal 2006.  ITS revenue growth resulted primarily from
increased activities under the CIVPOL and Air-Wing programs.  
FTS segment revenue represented 34.4% of total company revenue
for the first six months of 2007 and increased 1.7% to
US$348.2 million, as compared with the first six months of
fiscal 2006.

Operating income for the first six months of fiscal 2007 was
US$38.3 million, a 4.2% decrease over the comparable period in
fiscal 2006. Operating margin for the first six months of fiscal
2007 was 3.8%, as compared with 4.6% for the first six months of
fiscal 2006.

The first six months of fiscal 2007 operating income would have
increased US$16.2 million as compared with the same period last
year to US$56.2 million, or 40.5%, had the company not incurred
expenses related to executive severance, excess funding for camp
construction, and the Saudi security contract, as compared with
the same period in fiscal 2006.  The company's operating margin
of 5.6% for the first six months of fiscal 2007 improved 1.0% of
revenue over the 4.6% operating margin achieved for the
comparable period in fiscal 2006.  The increased operating
margin reflects strong performance from the CIVPOL and Air-Wing
programs.

Net loss for the first six months of fiscal 2007 was US$3.5
million, resulting in a loss per share of US$0.07 compared with
a net loss of US$149,000 for the first six months of fiscal
2006.  The net loss included special expense items related to
the company's initial public offering, which are not expected to
continue.  On a pro forma basis after adjusting for the special
expense items and severance costs, net income for the first six
months of fiscal 2007 was US$9.6 million and earnings per share
were US$0.17.  For the first six months of fiscal 2007, cash
earnings per share improved 7.3% to US$0.55 per share, after
adding back to pro forma earnings per share amortization and
non-cash equity-based compensation expense.  Adjusted EBITDA for
the first six months of fiscal 2007 improved to US$69.2 million,
or 6.8% of revenue, compared with adjusted EBITDA of US$62.6
million, or 7.2% of revenue, for the first six months of fiscal
2006.

"I am pleased with the momentum we are experiencing with our
three largest contracts," said Herb Lanese, DynCorp
International's president and chief executive officer.  "As
compared with the same period a year ago, Air-Wing has grown
82.3%, CIVPOL increased 21.3% and Contract Field Team increased
8.0%.  We expect to continue to recognize growth in these
programs."

At Sept. 29, 2006, cash and cash equivalents totaled US$80.4
million, up US$59.9 million from March 31, 2006.  The company
had working capital of US$262.7 million at Sept. 29, 2006,
compared with US$251.3 million at March 31, 2006.  The
substantial increase in cash and cash equivalents was the
primary factor contributing to higher current year working
capital.  Total debt stood at US$632.7 million at
Sept. 29, 2006, a reduction of US$248.7 million from
March 31, 2006, resulting from the use of proceeds from the
company's IPO.

During the first six months of fiscal 2007, the company
generated operating cash flow of US$66.0 million, which was
partially offset by capital expenditures and cash used for
financing activities in connection with the company's IPO.  
Operating cash flow of US$66.0 million for the first six months
of fiscal 2007 decreased from operating cash flow of US$91.8
million for the first six months of fiscal 2006.  The prior
year's relatively high operating cash flow resulted from
unusually high accounts receivable collection activity.  The
company's days sales outstanding were 65.8 days a year ago
versus 77.1 days in the current year.

Backlog as of Sept. 29, 2006, was US$2.7 billion, including
US$0.9 billion in funded backlog and US$1.8 billion in unfunded
backlog.  Estimated remaining contract value was US$5.7 billion
as of Sept. 29, 2006.

                      Fiscal 2007 Guidance

The company provides the following guidance for its fiscal year
ending March 30, 2007, based on its current backlog and
management's estimate of future contract awards.  EBITDA and
diluted earnings per share have been updated to include US$3.5
million in severance expense.

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

                          *     *     *

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

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


KOREA EXCHANGE BANK: Now Transacts in Russian Rubles
----------------------------------------------------
Korea Exchange Bank launched a service for transactions in
Russian rubles, Yonhap News reports.

According to the report, the move is aimed at catering increased
business demands.

The new service allows wire transfers in Russian rubles, as well
as exchanges of promissory notes denominated in the ruble into
the Korean won.  Companies are also able to set up accounts in
the Russian currency as well as open import credit, the
newspaper says.

                    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.


LUCENT TECHNOLOGIES: U.S. Congress to Probe Alcatel Merger
----------------------------------------------------------
Duncan Hunter, Chairman of the United States House Armed
Services Committee, called Alcatel S.A. and Lucent Technologies
Inc. on Nov. 14 to probe into the implication of the companies'
US$10.6-billion merger deal on national security, The Financial
Times says.

The hearing will also include a testimony from government
officials who are reviewing the merger deal, FT adds.  The
Committee on Foreign Investment in the U.S., which scrutinizes
foreign takeovers, is wrapping up its review on the deal.

According to FT, the hearing, which could lead to a wider vet or
a backlash similar to against Dubai Ports World's failed
takeover of five port terminals this year, would pressure both
the deal and White House officials.

Alcatel and Lucent, FT relates, tried earlier to prevent a
congressional probe into the deal by:

   -- launching a lobbying campaign; and

   -- submitting a plan to isolate Lucent's sensitive government
      contracts from Alcatel's operations by forming a separate
      unit -- which would be supervised by three Clinton
      administration defense and intelligence officials.

                          About Alcatel

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

                    About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the   
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.  The company has operations in China, India, Japan
and Korea.

                          *     *     *

In November 2006, Standard & Poor's Ratings Services said that
its 'BB' long-term corporate credit rating on France-based
Alcatel and its 'B' long-term corporate credit rating on U.S.-
based Lucent Technologies Inc. remain on CreditWatch with
negative and positive implications, respectively, where they
were placed on March 24 on news of the two telecoms equipment
makers' plans to merge.

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

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

In April 2006, Moody's Investors Service placed Lucent's B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


SK CORP: Set to Sell 25% Stake in Incheon Unit on December 12
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, SK Corp. plans to sell its stake in SK Incheon
Oil through an initial public offering in the London Stock
Exchange in December.  According to the report, the exact number
of shares will be determined after considering market
conditions.

SK Corp. is set to sell 88.3 million of global depositary
receipts of Incheon Oil, or 25% of the unit, on December 12, the
Wall Street Journal reveals, citing a person familiar with the
situation.

SK Corp. wanted the London listing because South Korea
regulations disallow a company to list after it has posted an
annual net loss.  SK Incheon incurred a KRW167-billion net loss
in 2005.

WSJ's source estimates the IPO to raise between US$700 million
and US$750 million.  The source further discloses that:

   -- the IPO has an over-allotment option equivalent to 12% of
      the deal;

   -- the road show is to begin Nov. 22 and with pricing set for
      Dec. 7;

   -- Merrill Lynch & Co. is leading the deal; and

   -- proceeds of the sale will go to SK Corp. for general
      corporate purposes, including partially funding their
      share buyback, among others.

As SK Corp. disclosed in its Web site, the company is
repurchasing 13,000,000 of its outstanding common shares.

                       About SK Corporation

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

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


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

DCEIL INTL: Discloses Subsidiaries' Default Status
--------------------------------------------------
On November 2, 2006, Dceil International Bhd submitted to Bursa
Malaysia Securities the status of its subsidiaries' defaults on
banking facilities:

Lender      Borrower    Amount Due     Facilities   Status
-----       -------    ------------    ----------   -------
Alliance    Dceil Sdn  MYR6,250,038    Term Loan    Midst of
Bank        Bhd                                     formulating
Malaysia                                            plan

Alliance    Dceil Imex    3,459,044    Term Loan    Midst of
Bank        Sdn Bhd                                 formulating
Malaysia                                            plan

Am Bank     Dceil Imex    1,080,043    Term Loan    Midst of  
Berhad      Sdn Bhd                                 formulating
                                                    Plan

Bumiputra   Dceil Imex    2,137,003    Term Loan    Midst of
Commerce    Sdn Bhd                                 formulating
Bank                                                Plan

Southern    Dceil Imex    6,412,337    Banker's     Midst of
Bank Bhd    Sdn Bhd                    Acceptance   formulating
                                                    Plan

Kerisma     Dceil Sdn    48,348,043    Unsecured    Midst of
Bhd and     Bhd                        Term Loan    Formulating
Malaysian                                           Plan
Trustees
Bhd

The figures in the amount due column represents outstanding
obligation as of August 30, 2006, except for Dceil Sdn's
MYR48,348,043 liability with Kerisma, which represents amount
due as of October 19, 2006.

                          *     *     *

DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works.  Its other activities include manufacturing of toilet
partitions and investment holding.  The Group operates in
Malaysia and other foreign countries.

DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements

As reported by the Troubled Company Reporter - Asia Pacific on
November 7, 2006, Wang & Co, the external auditor of Dceil,
raised doubt on the company's ability to continue as a going
concern after auditing the company's financial statements for
the fiscal year ended June 30, 2006.  The auditor pointed to the
bankers' demands for the company to settle its outstanding
loans.


SHAW GROUP: Completes 20% Acquisition of Westinghouse Electric
--------------------------------------------------------------
The Shaw Group Inc. disclosed that the Westinghouse Acquisition
Companies have completed the acquisition of Westinghouse
Electric Company.  Shaw holds 20% interests in the Westinghouse
Acquisition Companies through a wholly owned subsidiary, Nuclear
Energy Holdings, L.L.C.  The acquisition completes a series of
transactions that result in Shaw's 20% ownership stake in
Westinghouse Electric Company.  The remaining ownership in
Westinghouse Electric is held by Toshiba Corporation, 77%; and
Ishikawajima-Harima Heavy Industries Co., Ltd, 3%.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of
Shaw, said, "Along with Toshiba, we are very pleased to complete
these transactions and become a 20% owner of Westinghouse
Electric, the premier provider of nuclear fuels, services and
pressurized water reactor technology in the world today.  With
this transaction Shaw now holds a stake in every aspect of the
nuclear power business.  As I stated two years ago before the
U.S. Senate Subcommittee on Energy, we believe that nuclear-
powered electricity generation will be critical to addressing
the world's energy needs in the 21st century."

Mr. Bernhard continued, "In 1957, Westinghouse and Shaw
successfully collaborated to establish the first commercial
nuclear plant reactor in the United States at Shippingport,
Pennsylvania.  Today, Westinghouse remains a leader in reactor
primary systems, fuels, and equipment.  Shaw is a preeminent
nuclear architect-engineer, constructor, and piping supplier and
Toshiba is a world leading manufacturer and supplier of boiling
water reactor nuclear technology, heavy equipment and components
for nuclear power plants.  With this transaction, Toshiba, Shaw
and Westinghouse have formed the world's strongest nuclear
services team and are positioned to lead in all facets of the
global nuclear renaissance."

Headquartered in Baton Rouge, LA, The Shaw Group Inc. --
http://www.shawgrp.com/-- is a global provider of services to   
the environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Malaysia, Japan, Chile, China, the
United Kingdom and, Venezuela, among others.

Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and other ratings for The Shaw Group Inc. on
CreditWatch with negative implications.


VERIFONE HOLDINGS: Completes Acquisition of Lipman Electronic
-------------------------------------------------------------
VeriFone Holdings, Inc., completes its acquisition of Lipman
Electronic Engineering, Ltd. and an enhanced management team to
lead the enlarged company.  Additionally, VeriFone is
reaffirming operating model targets resulting from the benefits
of its increased scale and geographic reach.

"Our acquisition of Lipman combines the two strong financial
performers in the industry and, due to the very complementary
geographic concentrations of the companies, we have created the
undisputed payment technology leader in the world," said
VeriFone Chairman and CEO Douglas G. Bergeron.

"VeriFone's new or expanded leadership position in North America
and in Asia, Latin America, and many markets in Europe allows us
to participate fully in the highest revenue growth areas of the
world," Mr. Bergeron said.

"Our new research and development scale gives us the unique
capabilities to meet the increasingly complex security standards
for payment transactions and to be first-to-market with the
increasingly complex systems and solutions our customers demand.

"VeriFone is committed to continuing and expanding the NURIT
product family, offering our customers around the world the
flexibility to maintain and enhance their installed base of
systems with a lower total cost of ownership," Mr. Bergeron
said.

           Updated Financial Operating Model Targets

VeriFone is reaffirming the improved long-term operating model
that was disclosed on April 10, 2006.  Specifically:

   -- Revenue growth is expected to be between 10% and 15%.

   -- Gross profit margin target, as adjusted for amortization
      of intangibles and stock-based compensation, is expected
      to be in the range of 42% to 47%.

   -- EBITDA margin target, as adjusted for amortization of
      intangibles, amortization of debt issuance costs and
      stock-based compensation, is expected to be in the range
      of 18% to 24%.

   -- Net profit margin target, as adjusted for amortization of
      intangibles, debt issuance costs and stock-based
      compensation, is expected to be in the range of 12% to
      17%.

In addition, VeriFone is also reaffirming the guidance of
US$1.40 to US$1.42 per share in earnings on a net income as
adjusted basis for the 2007 fiscal year starting on Nov. 1,
2006.

              Fully Integrated Management Team

VeriFone disclosed these executive appointments:

   -- William Atkinson has been named executive vice president,
      Payment Systems, responsible for all international
      business activity, the North American financial group,
      and the company's vertical market systems groups.

   -- Isaac Angel has been named executive vice president of
      operations.

   -- David Turnbull has been named global head of research and
      development.

   -- Jesse Adams has been named vice chairman of VeriFone.

   -- Additionally, Bud Waller continues as executive vice
      president, Integrated Systems, responsible for the
      company's Petroleum Systems group, Multi-Lane systems
      group, and software systems group.  Barry Zwarenstein
      continues to serve as chief financial officer and
      executive vice president.

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Poland,
the United Kingdom, the United States and Malaysia, among
others.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.


VERIFONE: Discloses Final Results of Lipman Merger Elections
------------------------------------------------------------
VeriFone Holdings, Inc., disclosed the final results of
elections made by Lipman Electronic Engineering Ltd.
shareholders for the consideration to be received in VeriFone's
acquisition of Lipman.  The final results of elections are:

   -- Mixed Elections:

      Lipman shareholders who validly elected the mixed election
      will receive one-half (0.50) share of VeriFone common
      stock and US$12.804 in cash for each Lipman ordinary share
      held;

   -- Stock Elections:

      Lipman shareholders who validly elected to receive all
      VeriFone common stock will receive 0.9336 of a share of
      VeriFone common stock for each Lipman ordinary share held;

   -- Cash Elections:

      Lipman shareholders who validly elected to receive cash
      consideration will receive approximately US$18.467896 in
      cash and approximately 0.308195 of a share of VeriFone
      common stock for each Lipman ordinary share held; and

   -- Non-Elections:

      Lipman shareholders who did not make a valid election
      will, pursuant to the Merger Agreement, be deemed to have
      made the stock election and will receive 0.9336 of a
      share of VeriFone common stock for each Lipman ordinary
      share held.

As contemplated by the merger agreement, the results of the all-
cash election and all-stock election described above reflect
proration calculations that preserve an overall mix of 0.50 of a
share of VeriFone common stock and US$12.804 in cash for each
outstanding Lipman ordinary share.  The acquisition was
completed on Nov. 1, 2006, and VeriFone expects that securities
and cash accounts of Lipman shareholders will be credited
promptly following the closing, taking into account the time
required for transfers through any banks, brokers, custodians
and other intermediaries through which such shareholders may
hold their Lipman shares.

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Poland,
the United Kingdom, the United States and Malaysia, among
others.

                        *    *    *

As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.


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

ALERT ALARMS: Court Hears Liquidation Petition
----------------------------------------------
On Nov. 13, 2006, the High Court of Rotorua heard a petition to
liquidate Alert Alarms Ltd.

Wiseman Electric Co. Wgtn Ltd has filed the petition before the
Court on Sept. 26, 2006.

The Solicitor for the Petitioner can be reached at:

         Carol Denise Hall
         Carlile Dowling
         Raffles Street, Napier
         New Zealand
         Telephone:(06) 835 7394
         Facsimile:(06) 835 1338


CAMPBELL MEDCALF: Faces Liquidation Proceedings
-----------------------------------------------
On July 31, 2006, Peter A Maunder Ltd filed a liquidation
petition against Campbell Medcalf Design Ltd with the High Court
of Wellington.

The petition will be heard on Nov. 20, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Dianne S. Lester
         Credit Consultants Debt Services NZ Limited
         Level Three, 3-9 Church Street
         (P.O. Box 213 or D.X. S.X. 10 069), Wellington
         New Zealand
         Telephone:(04) 470 5972


CLEAR CHANNEL: Announces New International Management Team
----------------------------------------------------------
Clear Channel Outdoor announced its new management team for the
company's international business units.  The members of the
newly named management team will report to global president and
chief operating officer, Paul Meyer.

They include:

   * Jonathan Bevan, international chief financial officer and
     director of corporate development;

   * Barry Sayer, newly appointed regional president for the
     United Kingdom, Ireland, and the company's 13 African
     markets, including South Africa;

   * Hubert Janvier, newly appointed regional president,
     Southern Europe, which includes France, Spain, Italy, and
     Belgium;

   * Rickard Hedlund, newly appointed regional president,
     Northern and Eastern Europe; and

   * Mark Thewlis, regional president, Asia Pacific.  

Barry Sayer, who has been serving concurrently as chief
executive officer for the company's African business and interim
CEO for the United Kingdom, has also been named the UK's
permanent CEO. Rickard Hedlund was previously the company's CEO
for Northern Europe.  Hubert Janvier had been the company's CEO
for Belgium and Spain.

"I am confident that we now have a truly outstanding management
team in place to oversee the continued growth of our
international business units," Mr. Meyer stated.

"Each of our regional presidents has a strong operating track
record and brings a hands-on management style that will ensure
we are sharing best practices among our international business
units and with the Americas."

"Together with Jonathan Bevan, they will have a critically
important role in shaping our global strategy for the continued
success of our business internationally."

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and  
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.

Clear Channel also has operations in the Asia-Pacific region,
including in New Zealand.

                           *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


CLEAR CHANNEL: Earns US$198.621 Million in Third Quarter of 2006
----------------------------------------------------------------
Clear Channel Communications Inc. reported results for its third
quarter ended Sept. 30, 2006.

At Sept. 30, 2006, the Company's balance sheet showed US$18.931
billion in total assets, US$10.786 billion in total liabilities,
US$328 million in minority interests, and US$7.817 billion in
total stockholders' equity.

The Company reported revenues of approximately US$1.8 billion in
the third quarter of 2006, an increase of 7% from the US$1.7
billion reported for the third quarter of 2005.

Included in the Company's revenue is a US$14.4 million increase
due to movements in foreign exchange; strictly excluding the
effects of these movements in foreign exchange, revenue growth
would have been 6%.

Clear Channel's income before discontinued operations increased
8% to US$185.9 million, as compared with US$171.8 million for
the same period in 2005.  

The Company's OIBDAN (defined as Operating Income before
Depreciation & Amortization, Non-cash compensation expense and
Gain (loss) on disposition of assets - net) was US$595.4 million
in the third quarter of 2006, a 10% increase from the third
quarter of 2005.

For the three months ended Sept. 30, 2006, the Company reported
US$198.621 million of net income compared with US$211.980
million of net income in the same quarter of 2005.

"We are one of the best performing companies in the media
industry," commented Mark Mays, chief executive officer.

"Our healthy fundamentals and solid growth highlight the
superior positioning of our assets and the emerging benefits of
our concerted investment strategy.

"We are capitalizing on our diverse portfolio of out-of-home
media properties to meet the shifting demands of the global
media marketplace.

"Our radio division once again outperformed the industry,
demonstrating the strength of our brands in connecting with our
audiences.

"Our outdoor division continues its track record of robust
growth, posting considerable revenue gains year-over-year.  
Looking ahead, we continue to maintain strong operating momentum
and we are hopeful that we can continue to convert our revenue
gains into profitable returns for our shareholders."

Randall Mays, president and chief financial officer, commented,
"We generated strong results in the third quarter, demonstrating
the scale and operating leverage in our business model.

"Even as we continue to invest in our content and distribution
assets to position our company to excel over the long-term, we
are converting our revenue growth into profitable and tangible
cash flows."

                        Radio Broadcasting

The Company's radio broadcasting revenues increased 5% during
the third quarter of 2006 as compared with the third quarter of
2005 primarily from an increase in national advertising
revenues, driven by increases in yield and average unit rates.

The number of 30 second and 15-second commercials broadcast as a
percent of total minutes sold increased in the third quarter of
2006 as compared with the same period of 2005.

The Company's top 50 markets paced the revenue growth for the
quarter, growing revenues at a higher percentage than the
remainder of its markets.  Strong advertising client categories
during the third quarter of 2006 as compared with the third
quarter of 2005 were autos, retail, and entertainment.

The Company's radio broadcasting direct operating and SG&A
expenses increased US$27.5 million for the third quarter of 2006
as compared with the third quarter of 2005.  This growth
includes an increase in non-cash compensation expense of US$6.3
million as result of adopting FAS 123R.  Also contributing to
the increase were increased costs related to programming, sales
and distribution initiatives.

                        Outdoor Advertising

The Company's outdoor advertising revenue increased 8% during
the third quarter of 2006 as compared to the third quarter of
2005.  

Included in the 2006 results is approximately US$14.4 million
from increases related to foreign exchange movements compared to
2005.  

Strictly excluding the effects of foreign exchange, the
Company's outdoor advertising revenue for the third quarter of
2006 would have increased 6% over the third quarter of 2005.

Outdoor advertising expenses increased US$19.7 million,
including US$1.5 million in non-cash compensation expense
related to the adoption of FAS 123R, during the third quarter of
2006 as compared with the third quarter of 2005.

Included in the 2006 results is approximately US$12.1 million
from increases related to foreign exchange movements compared
with 2005.

Included in SG&A expenses during the third quarter of 2005 is
US$26.6 million related to restructuring the Company's
businesses in France.

The Company's outdoor advertising OIBDAN increased 18% in the
third quarter of 2006 as compared to the same period of 2005.

Americas Outdoor

The Company's Americas revenue increased 12% during the third
quarter of 2006 as compared with the third quarter of 2005
primarily attributable to bulletin and airport revenues.  The
increase in bulletin revenue was driven by an increase in rates.
The increase in airport revenues was attributable to increased
occupancy and rates as well as the acquisition of Interspace
Airport Advertising in the current quarter, which contributed
US$14.6 million to revenue growth over the third quarter of
2005.

Strong revenue growth for the quarter was achieved across a
broad spectrum of markets including Boston, Cleveland, Dallas,
Minneapolis, Orlando, Sacramento, San Antonio, and Tucson.

Top advertising client categories during the quarter included
autos, business and consumer services, entertainment, insurance,
and retail.

Direct operating and SG&A expenses increased US$17.9 million in
the third quarter of 2006 over the third quarter of 2005.  
Increased site lease and commission expenses associated with the
increase in revenue drove the increase.  Interspace contributed
US$9 million to direct operating and SG&A expenses in the third
quarter of 2006.  Non-cash compensation expense increased
US$1.2 million related to the adoption of FAS 123R.

International Outdoor

Revenues from the Company's international outdoor operations
increased 4% in the third quarter of 2006 as compared to the
third quarter of 2005 primarily from movements in foreign
exchange.

Excluding the effects of foreign exchange, the Company's
international outdoor revenue was flat over the third quarter of
2005 primarily as a result of growth in street furniture
revenues offset by declines in billboard revenues in France and
the United Kingdom.  Top advertising client categories during
the quarter included autos, business and consumer services,
entertainment, insurance and retail.

Direct operating and SG&A expenses increased 1% over the third
quarter of 2005 primarily from increases due to movements in
foreign exchange and an increase in fixed rent associated with
guarantees on new contracts.

Included in direct operating and SG&A expenses in the third
quarter of 2005 is approximately US$26.6 million related to
restructuring the Company's businesses in France.

Also included in the increase is US$300,000 in non-cash
compensation expense related to the adoption of FAS 123R.

                 FAS No. 123R: Share Based Payment

The Company adopted FAS 123R on Jan. 1, 2006, under the
modified-prospective approach which requires it to recognize
employee compensation cost related to its stock option grants in
the 2006 financial statements for all options granted after the
date of adoption as well as for any options that were granted
prior to adoption but not vested.

Under the modified-prospective approach, no stock option expense
is reflected in the financial statements for 2005 attributable
to these options.  Non-cash compensation expense recognized in
the financial statements during 2005 relates to the expense
associated with restricted stock awards.

                 Return of Capital to Shareholders

The Company announced Aug. 9, 2005, its intention to return
approximately US$1.60 billion of capital to shareholders through
either share repurchases, a special dividend or a combination of
both.

Since announcing its intent through the date of this release,
the Company has returned approximately US$1.58 billion to
shareholders by repurchasing 53.5 million shares of its common
stock.

Since announcing a share repurchase program in March 2004, the
Company has repurchased approximately 130.9 million shares of
its common stock for approximately US$4.3 billion.

Subject to its financial condition, market conditions, economic
conditions and other factors, it remains the Company's intention
to return the remaining balance of approximately US$18 million
in capital to its shareholders through share repurchases from
funds generated from the repayment of inter-company debt, the
proceeds of any new debt offerings, available cash balances and
cash flow from operations.

The US$1 billion share repurchase plan authorized on Aug. 9,
2005, has been completed.  A US$600 million repurchase plan was
authorized by the Board of Directors on March 9, 2006, and
approximately US$18 million remains under this plan.  An
additional US$1 billion share repurchase plan was authorized on
Sept. 6, 2006.

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

              http://ResearchArchives.com/t/s?1516

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and  
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.

Clear Channel also has operations in the Asia-Pacific region,
including in New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


CLEAR CHANNEL: Received Two Competing Takeover Bids
---------------------------------------------------
Clear Channel Communications Inc. received two competing
takeover bids that valued the company at over US$17 billion,
reports said.

The Company received a bid from a set of investors consisting of
Blackstone Group LP, Kohlberg Kravis Roberts & Co., and
Providence Equity Partners Inc.

The Company also received an opposing bid from a leverage buyout
group consisting of Bain Capital LLC and Thomas H. Lee Partners
LP.  Texas Pacific Group, a previous member of the team, was not
part of the proponents.

Apollo Management LP and Carlyle Group and Cerberus Capital
Management LP and Oak Hill Capital Partners were considering
bidding for the company, reports said.

San Antonio, Tex.-based Clear Channel Communications, Inc.
(NYSE: CCU) -- http://www.clearchannel.com/-- is a media and  
entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.

Clear Channel also has operations in the Asia-Pacific region,
including in New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 30, 2006,
Moody's Investors Service placed the (P)Ba2 Multiple Seniority
Shelf Rating for Clear Channel Communications Inc. on review for
possible downgrade.


E BLOCK: Hearing of Liquidation Petition Set on December 7
----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against E Block Ltd on Dec. 7, 2006, at 10:00 a.m.

The Mill Liquorsave Ltd filed the petition with the Court on
Sept. 11, 2006.

The Solicitor for the Petitioner can be reached at:

         Dianne S. Lester
         Credit Consultants Debt Services NZ Limited
         Level Three, 3-9 Church Street
         (P.O. Box 213 or D.X. S.X. 10 069)
         Wellington
         New Zealand
         Telephone:(04) 470 5972


INDUSTRIAL RESEARCH: BioPHarm Business Closes
---------------------------------------------
On November 13, 2006, Industrial Research announced that the
BioPharm business operation would cease to operate.

After several years of successful trading in the manufacture of
cytotoxins (cell killing toxins used in cancer therapies) for
international pharmaceutical companies, BioPharm had needed to
reposition itself in the market, the company's chief executive
officer, Shaun Coffey, said.

Efforts to attract investment in these new initiatives had not
been successful and consequently Industrial Research was not in
a position to continue to operate, nor further develop the
business.

In operation since 1999, IRL-BioPharm currently employs 28 staff
in its Lower Hutt facility.

According to Mr. Coffey, redeployment options for affected staff
were being explored and it is anticipated that a limited number
of staff would be offered employment elsewhere in Industrial
Research.

"Personally I would like to acknowledge the commitment by the
staff to create a new business and thank them for all their
efforts to try to develop a pipeline of future contracts and
work," Mr. Coffey said.

"Unfortunately it seems the business was a little ahead of the
emerging market for these drug technologies, and we couldn't
secure a consistent and sustainable income stream at this
stage."

The company was committed to doing all it could to help the
affected employees with their future options, Mr. Coffey
ascertained.

The Dominion Post recounts that last year, Industrial Research
cut 71 jobs in two rounds of redundancies after posting a
NZ$5.4-million loss for the year to June 2005.

                   About Industrial Research

Industrial Research Ltd. -- http://www.irl.cri.nz/-- is located  
in Auckland, Wellington, Christchurch, Brisbane, and Singapore.  
It has a Board of seven Directors, a management team of eight,
and a forecast staff of 452 full-time equivalents as at June
2005.

Industrial Research is a Crown Research Institute wholly owned
by the New Zealand Government, originally incorporated on
June 22, 1992, and re-registered under the Companies Act 1993 on
July 16, 1996.

Industrial Research is an innovative business emphasizing on
commercializing its technology.  The company's research and
development activities are structured around various technology
platforms, ranging from high-temperature superconductivity to
pharmaceutical drug discovery and manufacture.  New science and
business ideas are taken through a structured selection and
development process, from commitment of early-stage funding to
the eventual creation of new technologies.


JTC 4 LTD: Creditors Must Prove Debts by November 24
----------------------------------------------------
John M. Scutter was appointed as liquidator of JTC 4 Ltd on
Oct. 31, 2006.

Accordingly, the creditors are required to submit their proofs
of debts by Nov. 24, 2006, or they will be excluded from sharing
in any distribution the company will make.

The Liquidator can be reached at:

         John M. Scutter
         Active Chartered Accountants
         Level Two, 330 High Street
         (P.O Box 31-040), Lower Hutt
         New Zealand
         Telephone:(04) 586 4645
         Facsimile:(04) 569 6079


JTC 5 LTD: Creditors to Prove Claims on November 24
---------------------------------------------------
Liquidator John M. Scutter requires the creditors of JTC 5 Ltd
to file their proofs of claim by Nov. 24, 2006.

Failure to prove their claims will exclude the creditors from
sharing in any distribution the company will make.

The Liquidator can be reached at:

         John M. Scutter
         Active Chartered Accountants
         Level Two, 330 High Street
         (P.O Box 31-040), Lower Hutt
         New Zealand
         Telephone:(04) 586 4645
         Facsimile:(04) 569 6079


KARAPIRO SPA: Appoints Joint Liquidators
----------------------------------------
On Oct. 3, 2006, Kenneth Peter Brown and Sheree Ann Hart were
appointed as joint and several liquidators of Karapiro Spa Ltd.

The Joint and Several Liquidators can be reached at:

         Kenneth Peter Brown
         Sheree Ann Hart
         Rodewald Hart Brown Limited
         127 Durham Street
         (P.O. Box 13-380), Tauranga
         New Zealand
         Telephone:(07) 571 6280
         Web site: http://www.rhb.co.nz


MORTGAGE CENTRE: Liquidation Hearing Set for November 23
--------------------------------------------------------
An application to liquidate Mortgage Centre of New Zealand Ltd
will be heard before the High Court of Auckland on Nov. 23,
2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Aug. 3, 2006.

The Solicitor for the Petitioner can be reached at:

         Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


ORIGIN PACIFIC: APN Holdings Files Liquidation Petition
-------------------------------------------------------
On Sept. 8, 2006, APN Holdings NZ Ltd filed before the High
Court of Nelson a petition to liquidate Origin Pacific Airways
Ltd.

The Court will hear the petition on Nov. 23, 2006, at 10:00 a.m.

On October 17, 2006, the Troubled Company Reporter - Asia
Pacific reported that Origin Pacific's preferential creditor --
the Inland Revenue Department -- filed a liquidation petition
with the High Court at Nelson, which will also be heard on Nov.
23.

The Solicitor for APN Holdings can be reached at:

         M. J. Robinson
         Turner Hopkins
         400 Lake Road (P.O. Box 33-237 or D.X. B.P. 66-504)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 2169
         Facsimile:(09) 486 2160

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand-
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific "has lost its struggle to
survive" and has suspended operations, putting most of its 260
staff out of work immediately.  Thus, Origin Pacific halted its
passenger services on August 10, 2006, after it was unable to
secure the capital urgently needed to reduce its debt.

A subsequent TCR-AP report on September 18, 2006, stated that
Origin Pacific admitted that its attempts at finding a buyer for
its freight business had failed, and is thus taking steps to
wind up its operations.  Accordingly, on September 21, 2006,
Origin Pacific was placed in receivership, with Christchurch
chartered accountant Murray Allott as the receiver.


POAKS LTD: Creditors' Proofs of Claim Due on November 27
--------------------------------------------------------
On Nov. 2, 2006, Bryan Edward Williams was appointed as
liquidator of Poaks Ltd.

Accordingly, Mr. Williams requires the company's creditors to
file their proofs of claim by Nov. 27, 2006.  Failure to prove
debts will exclude a creditor from sharing in any distribution
the company will make.

The Liquidator can be reached at:

         Bryan Edward Williams
         Bryan Williams & Associates
         Insolvency Practitioners
         131 Taupaki Road
         R.D. 2, Henderson 0782
         New Zealand
         Telephone:(09) 412 9762
         Facsimile:(09) 412 9763


THE SPA: Court Appoints Joint Liquidators
-----------------------------------------
On Oct. 2, 2006, the High Court of Auckland appointed Stephen
Mark Lawrence and Anthony John McCullagh as joint and several
liquidators of The Spa At The Scene Ltd.

The liquidators subsequently require the creditors to prove
their claims by Dec. 12, 2006, for them to share in the
distribution.

The Joint and Several Liquidators can be reached at:

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


* S&P Affirms NZ's Ratings with Stable Outlook Despite Deficits
----------------------------------------------------------------
On November 15, 2006, Standard & Poor's Ratings Services
affirmed its 'AA+/A-1+' foreign currency and 'AAA/A-1+' local
currency sovereign credit ratings on New Zealand.  The outlook
is stable.

"The sovereign ratings on New Zealand are underpinned by the
country's favorable fiscal and monetary performance, economic
resilience, and conservative macroeconomic management," said
Standard & Poor's credit analyst Kyran Curry of the Sovereign
Ratings group.  "The strength of the government's fiscal
position significantly mitigates the risk of New Zealand's high
external debt, although it does not eradicate this risk
entirely."

The main potential source of vulnerability to the ratings on New
Zealand remains the country's high private sector net external
debt and associated high current account deficit, which expose
New Zealand to a loss of investor confidence or a significant
depreciation in its currency.  New Zealand's current account
deficit widened to about 9.7% of GDP in 2006, from an already
high 8% in 2005.  This compares with a median current account
surplus of 2.9% for those sovereigns rated in the 'AA' category.
Net external debt is expected to be about 190% of current
account receipts, compared with the 'AA' median of negative 26%.

However, the risk arising from the high net external debt and
associated high current account deficit is offset somewhat by
the government's solid fiscal profile, which would allow it to
absorb a sharp economic slowdown.  This risk is also partly
mitigated by advanced risk management, with about 90% of New
Zealand's foreign currency external debt hedged.  Furthermore,
the public sector's direct exposure to this risk is limited, as
New Zealand's private sector accounts for about 90% of its net
external debt.

"The stable outlook on the ratings reflects the strength of New
Zealand's government finances.  It also takes into account
Standard & Poor's expectation that the current account deficit
will move lower as domestic demand continues to slow and growth
is rebalanced in favor of an export-led recovery," Mr. Curry
said.  "If this outcome fails to eventuate, however, the ratings
on New Zealand could come under pressure."


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

ABS-CBN BROADCASTING: Posts PHP694-Mil. Income for 1st 9 Months
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
November 9, 2006, ABS-CBN Broadcasting Corp. said it will hold
an Investors and Analysts' Briefing to discuss its Nine Months
2006 Financial Results on November 14.

During the Briefing, it was revealed that ABS-CBN Broadcasting's
net income for the first nine months of the year increased by
70% to PHP694 million from PHP409 million in the first nine
months of 2005, reflecting the continuous improvement in the
core business.

Gross revenues increased by 2% year-on-year to PHP12.95 billion,
driven by stable airtime revenues and license fees from DirecTV.  
Despite a general slowdown in industry ad spend, parent airtime
revenues remained stable at PHP7.27 billion due to revenue
contribution from non-traditional advertising or creative buys
like product intrusions and product placements.  In addition,
revenues were boosted by license fees from the migration of DTH
(direct to home) subscribers in North America to DirecTV's
platform, which amounted to PHP825 million, up 34% year-on-year.

Meanwhile, combined sale of services and sale of goods were flat
at PHP4.11 billion in the first nine months of 2006.  This was
driven by the strong performance of ABS-CBN Films which released
four blockbuster movies during the period namely "Don't Give up
On Us," "Close to You," "Sukob," and "You Are the One."  In
particular, the horror movie, "Sukob," registered gross revenues
of PHP200 million, making it the highest grossing local movie in
Philippine history.

Expense growth, on the other hand, remained controlled as the
Company kept a tight reign on its operating expenses.  Total
expenses were down by 2% to PHP11.75 billion in the first nine
months of 2006.  Excluding non-recurring charges related to
DirecTV as well as the Special Separation Program implemented
last year, total recurring expenses also declined by 2% to
PHP11.34 billion on the back of lower employee cost.

As revenues grew faster than expenses, operating income rose by
19% to PHP1.50 billion, with operating margin up to 12% from 10%
in the same period last year.  Similarly, Earnings before
interest, taxes, depreciation, and amortization (EBITDA) went up
by 5% to PHP3.15 billion, translating to an EBITDA margin of
24%.

                   About ABS-CBN Broadcasting

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

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


MRC ALLIED: Incurs PHP23.4 Mln Loss for 3rd Qtr Ended Sept. 30
--------------------------------------------------------------
In its interim financial statements for the third quarter of
2006, MRC Allied Industries, Inc., and its subsidiary incurred a
net loss of PHP23.4 million for the quarter ended September 30,
2006, and recorded a consolidated deficit of PHP747.5 million as
of September 30, 2006.

Because of financial difficulties, the Company was unable to
meet its principal and interest amortization and has
substantially reduced its development activities.  The net loss
for the quarter was mainly due to interest expenses on bank
loans, resulting to an increase of accounts payable and other
liabilities from PHP379.2 million to PHP406.1 million.  
Operating expenses increased from PHP6.8 million to
PHP7.3 million due to the company's accruals of rentals incurred
as of this quarter.

Accounts Receivable increased from PHP1.484 million to
PHP1.549 million due to non-payment of association dues of one
locator.

MRC Allied still provides transportation services and
distribution of water to the locators and nearby residents.  
Income derived from it is used to cover some daily expenses.

The company's financial ratios are:

          Ratio                         2006        2005
          -----                         ----        ----
       Debt Equity Ratio              12.90:1      8.14:1

       Stockholders' Equity Ratio     0.071:1      0.11:1

       Rate of Return Equity         (52.169%)     (51.5%)

       Rate of Return on Assets        (3.74%)     (05.7%)

MRC Allied's report for the first quarter of 2006 shows these
key figures:

                  MRC Allied Industries, Inc.
                     Financial Highlights
                      (in PHP millions)

                               As of           As of
                             09/30/2006      12/31/2005
                             ----------      ----------
     Total Assets                625.17          625.15
     Total Liabilities           580.22          556.76
     Total Equity                 44.94           68.39


                                   Quarter Ending
                             09/30/2006      09/30/2005
                             ----------      ----------
     Net Loss                      8.08            7.98
     Revenues                         -            0.12
     Expense                       8.08            7.98

A full-text copy of the company's interim financial statements
is available for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/MRC_17Q_Sep2006.pdf

                   About MRC Allied Industries

MRC Allied Industries, Inc., formerly known as Makilala Rubber
Corporation, was initially engaged in the processing and export
of baled natural rubber.  In 1993, MRC diversified into the
property development business, particularly in industrial estate
and township development.

At present, the Company is concentrating on its two main
projects, the New Cebu Township One in Naga, Cebu, and the
Amihan Woodlands Township in Leyte.  Phase One of the New Cebu
Township One, a Philippine Economic Zone Authority-approved
Special EconomiZone in Naga, Cebu, consisting of 123 hectares,
has been developed and is available for sale to investor-
locators.

MRC is also developing 2,312-hectare Amihan Woodlands Township
in San Isidro, Leyte which was proclaimed as another special
Economic Zone by the Office of the President in Malacanang.  It
is billed as the Philippines' largest eco-tourism project with
Special Economic Zone status.  This project is being developed
as a township based on tourism and incorporating a business park
for non-polluting light industries

The Company continues to explore various investment
opportunities.  However, given the present economic conditions,
particularly with respect to increasing fuel and power costs and
uncertainties in the tax system of the government, the Company
has been very prudent on its investment decisions.

                      Going Concern Doubt

After auditing MRC Allied's 2005 annual report, Emmanuel V.
Clarino of Sycip Gorres Velayo & Co. expressed a significant
doubt on the Company's ability to continue as a going concern.

Mr. Clarino pointed out that:

   * The Company and its subsidiary incurred net losses of
     PHP35.2 million and PHP34.8 million for the years ended
     December 31, 2005, and 2004, resulting in a deficit of
     PHP724.1 million and PHP688.9 million as of December 31,
     2005, and 2004, because it has substantially reduced its
     development activities; and

   * The Company was also unable to pay principal and interest
     amortizations on its bank loans.

To address the present financial difficulties, the Company's
management is undertaking these measures:

   a. Continuous negotiation with the Company's creditor banks
      for the restructuring of its loans;

   b. Communication with prospective investors as part of its
      marketing efforts;

   c. Disposal of saleable assets; and

   d. Engaging in other revenue-generating activities like
      selling filling materials to raise funds to partially
      service loans.


MRC ALLIED: To Hold Annual Stockholders' Meeting on December 28
---------------------------------------------------------------
MRC Allied Industries, Inc., informs the Philippine Stock
Exchange that the Annual Meeting of its Stockholders will be
held at McKinley Room, Manila Polo Club, McKinley Road, Forbes
Park, in Makati City, Metro Manial, at 8:00 a.m., on Dec. 28,
2006.

MRC Allied notes that the record date is November 28, 2006.

                   About MRC Allied Industries

MRC Allied Industries, Inc., formerly known as Makilala Rubber
Corporation, was initially engaged in the processing and export
of baled natural rubber.  In 1993, MRC diversified into the
property development business, particularly in industrial estate
and township development.

At present, the Company is concentrating on its two main
projects, the New Cebu Township One in Naga, Cebu, and the
Amihan Woodlands Township in Leyte.  Phase One of the New Cebu
Township One, a Philippine Economic Zone Authority-approved
Special EconomiZone in Naga, Cebu, consisting of 123 hectares,
has been developed and is available for sale to investor-
locators.

MRC is also developing 2,312-hectare Amihan Woodlands Township
in San Isidro, Leyte which was proclaimed as another special
Economic Zone by the Office of the President in Malacanang.  It
is billed as the Philippines' largest eco-tourism project with
Special Economic Zone status.  This project is being developed
as a township based on tourism and incorporating a business park
for non-polluting light industries

The Company continues to explore various investment
opportunities.  However, given the present economic conditions,
particularly with respect to increasing fuel and power costs and
uncertainties in the tax system of the government, the Company
has been very prudent on its investment decisions.

                      Going Concern Doubt

After auditing MRC Allied's 2005 annual report, Emmanuel V.
Clarino of Sycip Gorres Velayo & Co. expressed a significant
doubt on the Company's ability to continue as a going concern.

Mr. Clarino pointed out that:

   * The Company and its subsidiary incurred net losses of
     PHP35.2 million and PHP34.8 million for the years ended
     December 31, 2005, and 2004, resulting in a deficit of
     PHP724.1 million and PHP688.9 million as of December 31,
     2005, and 2004, because it has substantially reduced its
     development activities; and

   * The Company was also unable to pay principal and interest
     amortizations on its bank loans.

To address the present financial difficulties, the Company's
management is undertaking these measures:

   a. Continuous negotiation with the Company's creditor banks
      for the restructuring of its loans;

   b. Communication with prospective investors as part of its
      marketing efforts;

   c. Disposal of saleable assets; and

   d. Engaging in other revenue-generating activities like
      selling filling materials to raise funds to partially
      service loans.


RIZAL COMMERCIAL BANKING: Posts PHP1.159 Billion 9M06 Net Income
----------------------------------------------------------------
Rizal Commercial Banking Corporation posted a net income of
PHP1.159 billion in the first nine months of 2006, 60% higher
than in the same period last year.

The improved profit performance came mainly from the 25% growth
in net interest income from PHP4.547 billion to PHP5.70 billion.  
Interest income grew by 10% to PHP11.61 billion year-on-year
mainly due to the higher interest earned from investment
securities and loans and receivables.

RCBC has maintained its prudent and conservative stance in
providing for impairment losses, setting aside a consolidated
PHP1.27 billion in provisions.

Consolidated Total Resources as of September 30, 2006 increased
to PHP204.46 billion, or 11% higher than year-end 2005's
PHP184.74 billion, due mainly to the growth in financial market
assets and loans.  Investment securities, consisting mostly of
risk-free government securities, went up by 29% to
PHP54.95 billion.

Total Deposit Liabilities grew by 13% from year-end's
PHP133.28 billion to PHP149.94 billion as a result of RCBC's
active deposit campaign.  RCBC has extensive banking
infrastructure and network with its 294 strategically located
domestic branches and 252 ATMs.

In a recent regional FX poll of AsiaMoney, financial
institutions engaged in foreign exchange trading have voted RCBC
as the Best Domestic Provider of FX Services in the country.  
The same poll also cited RCBC as the 3rd Best Provider of
Innovative FX Products and Structured Ideas, and 3rd as having
the Best Single Electronic Trading Platform in the Philippines.  
In another poll by AsiaMoney, RCBC was cited as having the Best
Local Currency Cash Management Bank Services in the country as
noted by financial institutions.

                           About RCBC

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

                          *     *     *

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

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

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


ZEUS HOLDINGS: Incurs PHP23,395 Net Loss for 3rd Quarter
--------------------------------------------------------
Zeus Holdings, Inc., posted a net loss of PHP23,395 for the
quarter ended September 30, 2006, slightly higher compared with
the PHP24,904 in the same quarter last year.

For the period ended September 30, 2006, Zeus Holdings posted an
increased total capital deficiency of PHP1,077,710 compared with
PHP530,624 in the same period last year.

As of September 30, 2006, Zeus Holdings' balance sheet revealed
strained liquidity with PHP165,075 in total current assets
available to pay PHP1,242,785 of total current liabilities
coming due within the next 12 months.

A full-text copy of the company's Financial Results for the 3rd
Quarter is available for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/ZHI_17Q_Sep2006.pdf

Zeus Holdings also discloses that its liabilities of
PHP10.8 million in 2001 were offset against receivables of
equivalent amount as no third party made any claims against the
Company for those receivables and liabilities.

                      About Zeus Holdings

Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business.  After 15 years, the Company
diversified into other businesses and closed its garment
operations.  It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company.  Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.

The Company has not declared any cash dividend for the last two
fiscal years.

                          *     *     *

As reported in the Toubled Company Reporter - Asia Pacific on
June 6, 2006, Lilian Linsangan, of Punongbayan & Araullo,
expressed substantial doubt about Zeus Holdings, Inc.'s ability
to continue as a going concern after auditing the Company's
financials for the year ended December 31, 2005.  The going
concern doubt is due to the Company's capital deficiency
resulting from losses incurred in prior years and the absence of
any investing and operating activity.

The TCR-AP also reported that Zeus Holdings' total assets as of
June 30, 2006, was PHP161,764, while total liabilities was
PHP1,216,079, resulting to an equity deficit of PHP1,054,315.  
This deficit was higher than the PHP784,487 equity deficit as of
December 31, 2005.


ZIPPORAH REALTY: Board Confirms PHP43,479,258.90 Loan Obligation
----------------------------------------------------------------
As previously disclosed with the Securities and Exchange
Commission and the Philippine Stock Exchange, Zipporah Realty
Holdings, Inc. recounts, that at a meeting of its Board of
Directors held on January 30, 2003, the company received the
Board's authorization settle the principal amount of its
obligations.

The settlement involved the conversion of the Obligations into
Zipporah's equity, subject to a validation procedure by the
Management as well as Board approval.

In this connection, Sta. Lucia Realty and Development, Inc., one
of Zipporah's majority stockholders, has agreed to partially
settle the Obligations on Zipporah's behalf through a property
swap.

In accordance with the previously approved validation procedure,
at its Special Meeting held on November 10, 2006, the Board
confirmed and approved the list of obligations presented by Sta.
Lucia to the extent of PHP43,479,258.90.  Subject, however, to
the condition that should any of the Confirmed Obligations be
later found irregular or flawed, Sta. Lucia will hold Zipporah
free and harmless from any prejudice that may arise from it.

The conversion of the Confirmed Obligations into Zipporah's
equity in the name of Sta. Lucia will be subject to completion
of the required documentation and to further disclosures of the
SEC and PSE.

Zipporah notes that this is the second batch of its loans that
has been confirmed and approved by the Board.

The first batch, which aggregated PHP61,070,129.86, was
confirmed and approved by the Board on July 7, 2004, as
previously disclosed with the SEC and PSE.  Sta. Lucia reported
that out of these confirmed and approved obligations, it has
already settled PHP38,464,317.30 as of November 8, 2006.

On July 12, 2004, the Troubled Company Reporter - Asia Pacific
reported that Zipporah's Board confirmed and approved the list
of obligations presented by Sta. Lucia to the extent  
PHP61,070,129.86, subject however, to the condition that should
any of the Confirmed Obligations into equity in the corporation
in the name of Sta. Lucia will be subject to the completion of
the required documentation and to further disclosures to the SEC
and the PSE.

Zipporah further notes that the confirmation and approval of its
obligations, as well as Sta. Lucia's settlement of the
obligations, will reduce Zipporah's liabilities to third party
creditors.

                         About Zipporah

Zipporah Realty Holdings, Inc. was originally incorporated as a
mining firm.  Presently, it is primarily engaged in real estate
holding and development with mining as its secondary purpose.  
Its main source of revenue comes from sales of real estate
properties.

The Company's subsidiary, EBEDEV, Inc., launched its first
project, the Westmont Village Project along Dr. A. Santos Avenue
in Sucat, Paranaque, which started commercial operations in
January 1996.  The Westmont Village was conceptualized primarily
to answer the needs of young urban professionals and the growing
demands of the medium income market for a condominium project
accessible to the centers of commerce and industry, affordable
and with the amenities of a first-class condominium.

               Significant Doubt on Going Concern

After auditing Zipporah's annual report for the period ended
December 31, 2005, Luis Canete and Co., raised substantial doubt
on the Company and its subsidiary's ability to continue as a
going concern.  The auditor pointed at the Company's deficit of
PHP744.51 million and a net loss of PHP32.67 million in 2005.


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

CHEMTURA CORP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. chemicals and allied products sectors,
the rating agency confirmed its Ba1 Corporate Family Rating for
Chemtura Corp.

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

Issuer: Chemtura Corp.

                                                    Projected
                         Old POD  New POD  LGD      Loss-Given
   Debt Issue            Rating   Rating   Rating   Default
   ----------            -------  -------  ------   ----------
   US$500 Million
   6.875% Guaranteed
   Senior Notes
   due June 2016           Ba1      Ba1     LGD4       53%

   US$150 Million
   6.875% Senior
   Secured Debentures
   due Feb. 2026           Ba1      Ba1     LGD4       53%

Issuer: Great Lakes Chemical Corporation

                                                    Projected
                         Old POD  New POD  LGD      Loss-Given
   Debt Issue            Rating   Rating   Rating   Default
   ----------            -------  -------  ------   ----------
   US$400 Million
   7% Guaranteed
   Senior Notes
   due July 2009          Ba1       Ba1     LGD4        53%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                         About Chemtura

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In the Asia Pacific, Chemtura has facilities in
Thailand, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, and Singapore.


CHINA AVIATION: Posts SGD369.44-Mil. Net Profit for 3rd Qtr. '06
----------------------------------------------------------------
China Aviation Oil (Singapore) Corp Ltd has released on Nov. 14,
2006, its unaudited financial report for the third quarter ended
Sept. 30, 2006.

For the period ended Sept. 30, 2006, net profit for the Group
was SGD369.44 million compared with a SGD7.37-million loss in
the same quarter of 2005.  The Group's profit for the third
quarter of 2006, included the waiver of debts of
SGD311.63 million by the Scheme Creditors.

For the third quarter ended Sept. 30, 2006, the Group achieved
sales revenue of SGD1.46 billion on the back of 1.29 million
metric tons of jet fuel procured and delivered.  This represents
an increase of 90.8% over the 0.676 million metric tons procured
in third quarter of 2005.  The Group recorded revenue of SGD4.04
million in the third quarter of 2005.  

The third quarter ended Sept. 30, 2006, is the first quarter
where all sales were completed on principal basis following the
discontinuance in June 2006 of procurement on agency basis.  
Revenue streams comprises of jet fuel procurement and strategic
investments in oil related businesses.

For the period ended Sept. 30, 2006, total-operating expenses
incurred was SGD3.14 million.  This is 73.1% lower than the
SGD11.68 million incurred for the corresponding period in 2005.  
The drop in the legal and professional fees was a result of
reduction in activities as the company is in the tail end of its
rehabilitation work.

The Group achieved a net profit after tax of SGD12.46 million
for the third quarter of 2006, as against SGD64 thousand loss
after tax for the same period last year.

The Group recorded a positive cash flow of SGD125.6 million from
operating activities in third quarter of 2006, mainly due to
timing difference between receipts from trade debtors and
payments to trade creditors.  Approximately SGD95.2 million of
Trade and Other Payables outstanding as at Sept. 30, 2006, was
due and settled in the first week of October 2006.  Therefore,
the actual cash position from operating activities is in fact
SGD30.4 million.

As of Sept. 30, 2006, the Group's balance sheet showed SGD1.10
billion in total assets and SGD843.5 million in total
liabilities, resulting in a stockholder's equity of SGD173.86
million.

A full-text copy of China Aviation's Third Quarter Financial
Results is available for free at:

           http://bankrupt.com/misc/tcrap-china-aviation.pdf

                  About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel  
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company's Restructuring Plan was approved by shareholders on
March 3, 2006, and sanctioned by the High Court of Singapore on
March 21, 2006.  It became effective on March 28, 2006.

The company is currently working with an insolvent balance
sheet, according to a TCR-AP report on Oct. 27, 2006, with a
US$390.07 million shareholder's deficit on total assets of
US$211.96 million.


FLEXTRONICS INTERNATIONAL: Shareholders Okay 2001 Plan Changes
--------------------------------------------------------------
Shareholders of Flextronics International Ltd. have approved the
amendments to the Company's 2001 Equity Incentive Plan during
their 2006 Annual General Meeting held last month.

The amendments to the 2001 Plan provides:

   a. the elimination of the 2-million share sub-limit on the
      number of ordinary shares subject to stock bonus awards
      that may be outstanding at any time during the term of the
      2001 Plan;

   b. the modification of the automatic option grant to non-
      employee directors so that the option grant will not be
      pro-rated based on the service of the director during the
      prior 12 months; and

   c. the increase of the share reserve by 5,000,000 ordinary
      shares to an aggregate of 32,000,000 ordinary shares (not
      including shares available under plans consolidated into
      the 2001 Plan).

Pursuant to the approval of Non-Employee Director Compensation
under Singapore law, the company may only provide cash
compensation to its non-employee directors for their services
rendered with the prior approval from its shareholders at a
general meeting.  Accordingly, at the 2006 Annual Meeting, the
company's shareholders approved the cash compensation
arrangements for the non-employee directors:

   a. annual cash compensation of US$40,000, payable quarterly
      in arrears, for services rendered as a director;

   b. additional annual cash compensation of US$10,000, payable
      quarterly in arrears to the Chairman of the Audit
      Committee (if appointed) of the Board of Directors for
      services rendered as Chairman of the Audit Committee; and

   c. additional annual cash compensation of US$5,000, payable
      quarterly in arrears for participation on any standing
      committee of the Board of Directors.  The standing
      committees of the Board of Directors of the company are
      currently the Audit, Compensation, Nominating and
      Corporate Governance, and Finance Committees.  The cash
      compensation for the directors of the company approved at
      the 2006 Annual Meeting is unchanged from the amounts
      approved by the Company's shareholders at the 2005 Annual
      General Meeting of Shareholders.

Moreover, at the 2006 Annual Meeting, the Company's shareholders
also approved the amendment and restatement of the Company's
Articles of Association, which defines the rights of holders of
the Company's ordinary shares.  As a result of the shareholder
approval, which became effective on October 4, 2006, the
Company's Articles of Association were amended to:

   a. reflect certain changes made by the Singapore Companies
      (Amendment) Act 2005, including the elimination of the
      concepts of par value, share premium, shares issued at a
      discount and authorized share capital;

   b. provide for the holding of treasury shares and to
      modernize and streamline certain provisions to be more
      consistent with, and take greater advantage of, the
      Singapore Companies Act, as amended; and

   c. re-word a number of provisions in order to improve clarity
      and readability.  

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics  
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

                          *     *     *

Fitch Ratings downgraded the ratings for Flextronics
International Ltd.:

   -- Issuer Default Rating to BB+ from BBB-;

   -- Senior Unsecured credit facility to BB+ from BBB-; and

   -- Senior subordinated notes to BB from BB+;

Fitch said the Rating Outlook is Stable.  Fitch's action affects
around US$1.7 billion of total debt.

Moody's Investors Service confirmed Flextronics International
Ltd.'s Ba1 Corporate Family Rating in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.


FREESCALE SEMICONDUCTOR: Gets Requisite Consents on 6.875% Notes
----------------------------------------------------------------
Freescale Semiconductor Inc. disclosed that, as of 5:00 p.m.,
prevailing eastern time, on Nov. 3, 2006, it had received
tenders and consents from holders of US$349,829,000 in aggregate
principal amount of its 6.875% senior notes due 2011,
representing 99.951% of the outstanding 2011 notes, and from
holders of US$499,875,000 in aggregate principal amount of the
its 7.125% senior notes due 2014, representing 99.975% of the
outstanding 2014 notes.

As a result of the receipt of the requisite consents, Freescale
intends to enter into a supplemental indenture with the trustee
effecting the proposed amendments to the indenture governing the
notes on Nov. 6, 2006.  The proposed amendments, however, will
become operative only when the validly tendered notes are
accepted for payment by Freescale pursuant to the terms of the
tender offers and consent solicitations. In accordance with the
terms of the tender offers and consent solicitations, tendered
notes may no longer be withdrawn and delivered consents may not
be revoked, unless Freescale makes a material change to the
terms of the tender offers or is otherwise required by law to
permit withdrawal or revocation.

Holders who have not yet tendered their notes may tender until
5:00 p.m., prevailing Eastern Time, on Nov. 21, 2006, unless
extended or earlier terminated by Freescale.  The tender offers
are subject to the satisfaction of certain conditions, including
the receipt of specified financing, the consummation of the
merger pursuant to the previously announced Agreement and Plan
of Merger, dated as of Sept. 15, 2006, by and among Freescale,
Firestone Holdings LLC and Firestone Acquisition Corporation and
certain other customary conditions.

Freescale has engaged Credit Suisse Securities (USA) LLC and
Citigroup Corporate and Investment Banking to act as dealer
managers in connection with the tender offers and solicitation
agents in connection with the consent solicitations.

Any questions or requests for assistance may be directed to:

         Credit Suisse Securities (USA) LLC
         Telephone:(800) 820-1653 (U.S. toll-free)
                   (212) 325-7596 (collect); or

         Citigroup Corporate and Investment Banking
         Telephone:(800) 558-3745 (U.S. toll-free)
                    (212) 723-6106 (collect)

D.F. King & Co., Inc. has been retained as Tender Agent and as
Information Agent in connection with the tender offers and
consent solicitations.

Requests for additional copies of the Statement or any other
document may be directed to:

         D.F. King & Co., Inc.
         48 Wall Street, New York
         New York 10005
         Telephone: (800) 714-3312 (U.S. toll-free)

                      About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.  
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Taiwan and
Singapore.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.

Moody's Investors Service assigned Freescale Semiconductor a
corporate family rating of Ba3 and a speculative grade liquidity
rating of SGL-1. A shareholder meeting has been scheduled on
Nov. 13 to vote on the company's proposed acquisition, which is
expected to close by the end of November 2006.

In addition, Standard & Poor's Ratings Services kept its
ratings, including the 'BB+' corporate credit rating, on
Freescale Semiconductor Inc. on CreditWatch with negative
implications, where they were placed on Sept. 11 following the
company's announcement that it was considering a business
transaction, later confirmed as a leveraged buyout.

Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for US$17.6
billion, the largest ever technology leveraged buy-out.


GLOBAL EXPRESS: Creditors Must Prove Debts by Dec. 4
----------------------------------------------------
Low Sok Lee Mona and Teo Chai Choo, as liquidators of Global
Express International Holding Pte Ltd, require the creditors of
the company, which is in member's voluntary liquidation, to
submit their proofs of debt by Dec. 4, 2006, so as to be
included in the distribution of dividend the company will make.

The Liquidators can be reached at:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


HEXION SPECIALTY: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Chemicals and Allied Products sectors,
the rating agency confirmed its B2 Corporate Family Rating for
Hexion Specialty Chemicals Inc.

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

                                                    Projected
                         Old POD  New POD  LGD      Loss-Given
   Debt Issue            Rating   Rating   Rating   Default
   ----------            -------  -------  ------   ----------
   US$225 Million
   Guaranteed Senior
   Secured Revolving
   Credit Facility
   due 5/2011              B2       Ba3     LGD2       29%

   US$50 Million
   Guaranteed Senior
   Secured Letter of
   Credit Facility
   due 5/2011              B2       Ba3     LGD2       29%

   US$1.625 Million
   Guaranteed Senior
   Secured Term
   Loan due 5/2013         B2       Ba3     LGD2       29%

   US$300 Million
   Float Rate
   Guaranteed Second
   Lien Senior
   Secured Notes
   due 7/2010              B3       B3      LGD5       77%

   US$325 Million
   9.0% Guaranteed
   Second Lien
   Senior Secured
   Notes due 7/2014        B3       B3      LGD5       77%

   US$114.8 Million
   9.2% Unsecured
   Debentures
   due 3/2021             Caa1     Caa1     LGD6       94%

   US$246.8 Million
   7.875% Unsecured
   Notes due 2/2023       Caa1     Caa1     LGD6       94%

   US$78.0 Million
   8.375% S.F.
   Debentures
   due 4/2016             Caa1     Caa1     LGD6       94%

   US$34.0 Million
   Pollution Control
   Revenue Bonds
   Series 1992
   due 12/2009            Caa1      B3      LGD5       77%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

                          About Hexion

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or  
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.  
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in 18
countries.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.


LA STELLA: Pays First and Final Dividend to Creditors
-----------------------------------------------------
La Stella Pte Ltd, which was placed under creditors' voluntary
liquidation, has paid the first and final dividend to its
creditors on Oct. 25, 2006.

The company paid 0.9761% to the admitted claims.

The liquidator can be reached at:

         Lai Seng Kwoon
         8 Robinson Road
         #13-00 ASO Building
         Singapore 048544


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

BANGKOK BANK: Fitch Affirms 'C' Individual Rating
-------------------------------------------------
Fitch Ratings affirmed Bangkok Bank's:

   -- Foreign Currency Issuer Default rating at: BBB+ with a
      Stable Outlook;

   -- Short-term foreign currency rating at F2;

   -- Subordinated debt rating at BBB;

   -- Individual rating at C; and

   -- Support rating at 2.  

Meanwhile, Fitch Ratings (Thailand) has affirmed BBL's:

    -- National Long-term rating at AA(tha) with a Stable
       Outlook;

    -- National Short-term rating at F1+(tha); and

    -- National subordinated debt rating at AA-(tha).

The ratings reflect continued improvements in BBL's underlying
profitability and asset quality, as well as its solid capital
and liquidity positions resulting from its strong deposit
franchise.  BBL's IDR is currently capped by the sovereign
rating.

Further improvement in its ratings would also require a further
significant decline in impaired and restructured loans, as well
as structural improvements in the Thai economy and banking
system, including the regulatory and legal framework.  In view
of BBL's size, strong institutional ties and systemic importance
to the Thai financial sector and economy, Fitch views that there
is a high probability that the bank would receive state support
should the need arise.

Although the operating environment weakened in 2006, BBL's
financial performance remained strong.  The key performance
driver in 2007 will be loan growth, which should help offset the
impact of higher funding costs as depositors shift to higher-
rate fixed terms.

Net income rose to THB20.4 billion in 2005 from THB17.7 billion
in 2004, due to the redemption of high-cost hybrids and rising
loan yields.  In 9M06, unaudited net income fell to THB13.8
billion from THB16.4 billion in 9M05 due mainly to increased tax
expenses and a special non-recurring charge as a result of a
reduction in the value of assets transferred to the Thai Asset
Management Corporation.

Pre-tax pre-provisioning profit increased 26.7% y-o-y in 9M06,
helped by stronger loan growth.  The net interest margin rose
slightly to about 3% on an annualized basis in 9M06 from 2.9% in
2005.

BBL reported a sharp improvement in asset quality in 2005 due to
write-offs, the partial repayment by Thai Petrochemical Industry
and the reclassification of TPI to normal status.  Although
impaired loans rose to THB108.8 billion (11.3% of loans) at end-
June 2006, from THB100.8 billion (11.1% of loans) at end-2005
due to the relapse of restructured loans, 9M06 results indicate
an improvement.  BBL aims to reduce impaired loans to below 10%
by end-2006 and to a mid single-digit percentage by end-2007.  
Reserves stood at THB77.5 billion at end-June 2006 or 71.2% of
impaired loans, which appears reasonable although additional
losses on restructuring or disposal of bad loans are possible.

BBL has the strongest liquidity position of the Thai banks,
reflecting the depth of its deposit franchise and its risk
aversion since the country's 1997 financial crisis.  At end-June
2006 BBL's adjusted Tier 1 capital stood at about 11.6% of risk-
weighted assets and adjusted total capital are relatively strong
at about 14.5%.

Established in 1944 by the Sophonpanich family, BBL is the
market leader with a 20% domestic market share, although it now
faces tougher foreign competition.  Corporate and SME banking
remain BBL's core franchise, while retail banking is seen as a
key platform in the longer term.  While largely focused on the
Thai market with local affiliates in securities, insurance and
fund management, BBL also has a regional banking network.


MANAGER MEDIA: Posts THB1.18-Mil. Net Loss in 3rd Quarter 2006
--------------------------------------------------------------
On November 13, 2006, Manager Media Group Pcl filed before the
Stock Exchange of Thailand its financial report for the quarter
ended September 30, 2006.

The company incurred THB1.187 million in net loss on
THB100.013 million revenues in the third quarter of 2006,
compared with the THB5.509-million net loss on
THB113.166 million revenues in the same quarter the previous
year.

Manager Media's balance sheet as of September 30, 2006,
reflected strained liquidity with THB137.683 million in current
assets available to pay THB270.057 million in current
liabilities due within the next 12 months.

In addition, the company and its subsidiaries is facing solvency
problem with total assets of THB223.476 million and total
liabilities of THB614.702 million.  Shareholders' deficit as of
September 30, 2006, reached THB391.226 million.

After auditing the company's third quarter 2006 results, Prawit
Wipusirikup, of RSM Nelson Wheeler Audit Ltd noted that Manager
Media and its subsidiaries is in the process of business
rehabilitation after accumulating significant losses over the
last few years and has suffered recurring losses from
operations.  

According to Mr. Prawit, the continuing business operation of
the Group substantially depends on its ability to:

    a) complete the business rehabilitation plan within the
       timeframe set by the court; and

    b) to operate successfully in the future and generate    
       adequate cash flows from operations.  

"These matters indicate the existence of a material uncertainty
with regard to the Group's ability to continue its operations as
a going concern," Mr. Prawit says.

Because of, among others, the material uncertainty with regards
to the Group's ability to continue its business operations as a
going concern, Mr. Prawit was unable to reach a conclusion as a
result of her review of the financial statements.

Because the auditor failed to reach a conclusion on the
financial statements, the SET states that it may be considered
the numbers, which represent Manager Media's financial status
and operating outcome as presented in its financial statements,
failed to adequately or properly reflect the actual position of
the company.  Hence, the SET advises shareholders and investors
to scrutinize the auditor's report.

A full-text copy of the company's financial report for the
quarter ended September 30, 2006, can be viewed for free at:

    http://bankrupt.com/misc/MGRE2-3q-2006.XLS

                          *     *     *

Headquartered in Bangkok, Thailand, Manager Media Group Public
Company Limited -- http://www.manager.co.th/-- publishes a  
variety of daily, weekly, and monthly publications.  Periodicals
include Manager monthly magazine, Manager weekly newspaper,
Manager daily newspaper, and Thai Investment weekly magazine.  
The Company also partners with the Vietnam News Agency to
publish The Vietnam News, an English-language daily newspaper in
Vietnam.  
  
Manager Media has been operating with a capital deficit for
years, the biggest of which totaled around THB2 billion both in
the years 2001 and 2002.  In the same years, the Company posted
net losses of THB54.05 million and THB24.22 million,
respectively.

The Company is in the process of business rehabilitation.  In
2004, the Civil Court approved by the Company's financial
creditors and Manager Media's amended business rehabilitation
plan.  On May 31, 2004, the Company appointed the Thai Military
Bank Public Company Limited as its financial advisor.   

Currently, the Company is listed under the Non-Performing Group
sector of the Stock Exchange of Thailand.


PICNIC CORP: Posts THB252-Million Net Loss in Third Qtr. 2006
-------------------------------------------------------------
Picnic Corporation Pcl posted a THB252.097-million net loss on
THB3 billion in revenues for the quarter ended September 30,
2006, compared with a net loss of THB1.423 billion on
THB5.529 billion of revenues recorded in the same quarter the
previous year.

Picnic Corporation's balance sheet as of September 30, 2006,
showed strained liquidity with THB2.417 billion in current
assets available to pay THB4.025 billion in current liabilities
coming due within the next 12 months.

Picnic Corp's total assets at the end of September 30, 2006,
amounted to THB9.685 billion while its liabilities totaled
THB8.045 billion.  Shareholders' equity in the company amounted
to THB1.640 billion.

                          Going Concern Doubt

After auditing the company's financial statement for the third
quarter ended September 30, 2006, Somchai Kurujitkosol of S.K.
Accountant Services Co Ltd, raised substantial doubt on Picnic
Corp's ability to continue as a going concern.

Mr. Somchai specifically pointed at the company's strained
liquidity status, where current liability exceeds current assets
by THB1.6 million.

Mr. Somchai added that the Picnic Corp's ability to continue its
operations is dependent on its ability to negotiate its debt
restructuring and share capital increment.  The auditor also
added the ability of the company to collect debt is significant
in the company's capability to continue operations.

A full-text copy of the company's financial report for the
quarter ended September 30, 2006, can be viewed for free at:

    http://bankrupt.com/misc/PICNIE2-3q-2006.xls

                          *     *     *

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

Picnic's financial troubles began in the middle of last year
when its two major shareholders and former executives, Supaporn
and Theeratchanon Lapvisuthisin, were charged with accounting
fraud and dishonest management.  Troubles add up as it took over
B Grimm Engineering Plc, a company that had languished in the
Stock Exchange of Thailand's rehabilitation sector since the
financial crisis.

As reported by the Troubled Company Reporter - Asia Pacific,
Picnic Corporation PCL posted a net loss of THB819.80 million
for the quarter ended March 31, 2006, compared with the
THB71.44-million net profit for the first quarter in 2005.

The company's stocks currently carries SP -- Suspension -- sign
assigned by the Stock Exchange of Thailand.


SAHAMITR PRESSURE: Gains THB28.27MM Net Profit in Third Qtr. '06
----------------------------------------------------------------
Sahamitr Pressure Container Pcl posted THB28.27 million in net
profit on THB462.14 million in revenues for the quarter ended
September 30, 2006, compared with the THB13.83-million net
profit in the same period last year.

Sahamitr Pressure's balance sheet as of September 30, 2006,
showed strained liquidity with THB498.52 million in current
assets available to pay THB631.459 million in current
liabilities.

The company and its subsidiaries are also facing solvency
problem with total assets of THB990.164 million and total
liabilities of THB2.114 billion as of September 30, 2006.

After auditing the company's financial report for the quarter
ended September 30, 2006, Somckid Tiatragul affirmed his
previous going concern opinion on the company.  

Mr. Tiatragul also added that Sahamitr Pressure's operation as a
going concern is subject to its ability to:

   -- operate successfully in the future,

   -- change its capital structure;

   -- find new strategic partners;

   -- comply with the conditions throughout the terms of the
      debt restructuring agreement.

A full text copy of the company's financial report for the
quarter ended September 30, 2006, can be viewed for free at:

    http://bankrupt.com/misc/SMPCE2-3q-2006.xls

                          *     *     *

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

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

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

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

The Company had been classified under the REHABCO Sector --
Companies under Rehabilitation -- of the Stock Exchange of
Thailand for several years.  In July 2006, the SET reclassified
the whole sector and categorized the Company under the "non-
performing group."  Companies under the group will retain their
listing status and will be obligated to comply with the SET
requirements.


TANAYONG PCL: Supachai Raises Going Concern Doubt
-------------------------------------------------
Supachai Phanyawattano of Ernst & Young Office Ltd expressed
substantial doubt about Tanayong Pcl's ability to continue as a
going concern after auditing the company's financial statement
for the second quarter ended September 30, 2006.

Mr. Supachai pointed to the company's ability to realize asset
increments and settle its liabilities in the ordinary course of
business, which is stipulated in Tanayong Pcl's rehabilitation
plan.

Tanayong, in the second quarter ended September 2006, turns
around by recording THB2.651 billion net profit on THB2.772
billion revenues, compared with THB377.246 million net loss on
THB82.94 million revenues posted in the same period the previous
year.

The company's balance sheet, at the end of September 30, 2006,
showed strained liquidity with THB3.660 billion in current
assets available to pay THB31.608 billion in current
liabilities.

In addition, the company and its subsidiary is facing insolvency
with THB5.732 billion in assets while liabilities amounted to
THB31.608 billion.  Shareholders' deficit in the company at the
end of September 2006, reached THB25.875 billion.

A full text copy of the company's financial report for the
quarter ended September 30, 2006, can be viewed for free at:

    http://bankrupt.com/misc/tyong2-2q-2006.xls

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with certain SET
requirements.

Tanayong's total consolidated assets for the fiscal year ended
March 30, 2006, was THB6.926 billion, and its total liabilities
was THB35.458 billion, resulting to a shareholders' deficit of
THB28.531 billion.



                            *********

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,
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                 *** End of Transmission ***