TCRAP_Public/061117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, November 17, 2006, Vol. 9, No. 229

                            Headlines

A U S T R A L I A

ACIB ACCUMULUS: To Declare First and Final Dividend on Dec. 19
AIR CHAMPAGNE: Members & Creditors to Receive Final Account
CENTERCOAST CONSTRUCTIONS: Receivers and Managers Step Aside
FRESONE FILMS: Members and Creditors to Hold Final Meeting
JAMES HARDIE: Final Funding Deal Further Extended to Nov. 22

KENDLE INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
KINETIC CONCEPTS: Earns US$48.9 Mil. in September 2006 Quarter
NOTIFIER INERTIA: Members Final Meeting Set for December 15
OZ PLANTS: Will Declare Second and Final Dividend on Nov. 28
PERVERT CLOTHING: Final Meeting Slated for December 14

STUDIO IMAGE: Liquidator to Present Wind-Up Report on Dec. 14
TAVEBOA PTY: To Declare Second and Final Priority Dividend
TOOWOOMBA INTERNET: Members Opt for Voluntary Liquidation
UNIVERSAL COMPRESSION: Board OKs US$200MM Repurchase Program
UNIVERSAL COMPRESSION: Earns US$25 Million in Third Quarter 2006

VAYSMAN PTY: Schedules Final Meeting on December 14


C H I N A   &   H O N G  K O N G

BETONSPORTS: Fails to Give Employees Full Salaries & Severances
BETONSPORTS PLC: Agrees Permanent Ban in U.S. to Settle Lawsuit
BILLION BEST: Creditors Must Prove Debts by December 15
BILLION RICH: Court to Hear Wind-Up Petition on December 6
BOLD MOTIVATION: Faces Wind-Up Proceedings

BUSINESS INVESTMENT: Members to Hold Final Meeting on Dec. 11
CHINA CONSTRUCTION: Denies NY Times Report on Hidden Bad Loans
CITIC BANK: Banco Bilbao Offers Rich Price for a 5% Stake
GALLERY OF CONTEMPORARY: Creditors to Prove Debts by Dec. 11
MANAGER MEDIA: Court Sets Wind-Up Hearing on January 3

MOSAIC CO: S&P Revises Rating Outlook on Weak Phosphates Volumes
PERFECT RIVER: Members to Receive Wind-Up Report on Dec. 11
PINE TRIUMPH: Creditors' Proofs of Claim Due on December 4
REXEL SA: Fitch Assigns B+ Default Rating with Stable Outlook
SHATIN LUCKY: Liquidator to Present Wind-Up Report on Dec. 15

SHEEN BILI: Members to Receive Wind-Up Report on Dec. 14
SUCCESS CALL: Members & Creditors' Final Meetings Set on Dec. 15
TECHLITE INVESTMENT: Court Sets Wind-Up Hearing on Dec. 27
VISCOUNTMARINE LIMITED: To Declare Third Interim Dividend
VOLKSWAGEN AG: Incoming CEO Mulls Change in Corporate Structure

VOLKSWAGEN: Porsche Expects 5% Profit Margin; May Increase Stake
VOLKSWAGEN AG: Brandes Investment Cuts VW Stake, Report Says
WEALY LTD: Hearing of Wind-Up Petition Fixed on Dec. 27
WORLD-WIDE HARVEST: Members' Final Meeting Slated for Dec. 11


I N D I A

GENERAL MOTORS: S&P Rates US$1.5-Bln Senior Term Loan at B+
GMAC LLC: Moody's to Confirm Ba1 Rating Upon Sale Closing
ICICI BANK: RBI Lifts Ban on Branch Expansion
INDIAN OIL: Loses US$11 Million Daily on Fuel Sales
INDUSTRIAL DEVELOPMENT BANK: Inks Part-Financing MOU with DVC

ITI LTD: Ravi Agarwal Assumes Director-Production Post
JIK INDUSTRIES: INR1 Equity Shares to be Consolidated


I N D O N E S I A

ALCATEL SA: Soliciting Consents to Amend Lucent's Indenture
ALCATEL SA: Wins Mobile Expansion Deals from Chinese Telecoms
BANK PERMATA: Offers 2.25 Percentage Points Coupon for Bonds
EUROPCAR GROUPE: Inks Strategic Alliance with Vanguard Car
EUROPCAR GROUPE: Acquisition Plan Cues Moody's to Review Ratings

PAKUWON JATI: Moody's Affirms 'B2' Corporate Family Rating
TELKOM INDONESIA: Sells Bonds To Pay IDR1-Trillion Debt
WICAKSANA OVERSEAS: To Convert US$54-Million Debt Into Shares


J A P A N

ALITALIA SPA: Posts EUR41-Mln Operating Loss for Third Quarter
ATARI INC: Secures Three-Year US$15 Million Credit Facility
ATARI INC: Earns US$311,000 in Second Quarter Ended Sept. 30
FORD CREDIT: S&P Assigns BB+ Rating on Class D Notes


K O R E A

BOE HYDIS: Chapter 15 Petition Summary
BOE HYDIS: Seeks U.S. Chapter 15 Protection
LUCENT TECHNOLOGIES: Soliciting Consents to Amend Indenture
NOVELIS INC: Transferring Rights on Power Plants to Gerdau Acos
SHINHAN BANK: To Sell Stake in Daewoo Engineering


M A L A Y S I A

ELECTRONIC DATA: Moody's Affirms Ratings on Improved Margins
INTERPUBLIC GROUP: S&P Assigns B Rating on US$400-Mln Sr. Notes
INVENSYS PLC: Has GBP251-Mln Stockholders' Deficit at Sept. 30
MALAYSIAN AIRLINE: Four Subsidiaries to be Dissolved on Feb. 6
MYCOM BHD: Modifies Agreements with Lenders on Outstanding Debts

OLYMPIA INDUSTRIES: Updates on Loan Agreement Changes
VANGUARD CAR: Inks Strategic Alliance with Europcar Groupe
VANGUARD CAR: S&P Affirms B+ Rating on Weak Financial Profile


N E W   Z E A L A N D

AIR NEW ZEALAND: Withdraws Qantas Trans-Tasman Code-Share Deal
BOUGH DEVELOPMENTS: Creditors Must Prove Debts by Feb. 2
CHURTON FARMS: Court Appoints Joint Liquidators
DESIGNASTRUCT BUILDING: Proofs of Claims Due on Nov. 27
HUNG YI INTERNATIONAL: CIR Seeks to Liquidate Company

HUNG YI INVESTMENT: Court Sets Liquidation Hearing on Nov. 23
INGENICO NZ: Shareholders Appoint Fisher as Liquidator
OPLPT LTD: Creditors' Proofs of Claim Due on November 24
OPTIQUE EYEWEAR: Creditors to Prove Claims on November 24
POLOIE CONSTRUCTIONS: Faces Liquidation Proceedings

ROCKIT PLASTER: Court Hears Liquidation Petition
SHIV MANN: Liquidation Petition Hearing Set on December 14


P H I L I P P I N E S

BANCO DE ORO: Moody's Affirms BDO Ratings with Stable Outlooks
BANK OF THE PHILIPPINE ISLANDS: Declares PHP0.90 Cash Dividend
DEVELOPMENT BANK: To Re-Open Tier-2 Capital Notes
EAST ASIA POWER: Court Grants TRO v. PNB in favor of Subsidiary
EAST ASIA POWER: PNB-TBG Issues Notices of Default

EQUITABLE PCI: Moody's Place D- Rating on Review
ZIPPORAH REALTY: Incurs PHP15,594,074 Net Loss for 1st Half 2006


S I N G A P O R E

ACCREDIT BAY: Final Meeting Slated for December 8
AUDRICH INTERNATIONAL: Pays Dividend to Creditors
CHINA AVIATION: Reaches Final Settlement of Lawsuit with J. Aron
FERB PTE: Pays Dividend to Unsecured Creditors
GERMAN DISTRICENTRE: Creditors' First Meeting Set on Nov. 23

LINDETEVES-JACOBERG: Unveils Shareholders' Change of Interests
HLG ENTERPRISE: Profit Up 420% at SGD9.4 Mil. in 3rd Qtr. 2006
REFCO INC: Files Schedules of Assets and Liabilities
REFCO INC: Refco LLC Files Sept. 2006 Monthly Operating Report
TELCORDIA TECH: Weak Revenue Prompts S&P to Lower Ratings

WALLACE HOLDINGS: Creditors Must File Proofs of Debt by Dec. 4


T H A I L A N D

DATAMAT PCL: Fails to Submit Financial Report; Stocks on SP Sign
PICNIC CORP: Pongthep Replaces Prasit as Managing Director
THAI DURABLE: SET Suspends Securities from Trading
TRUE CORP: Adds 1.4 Million New Subscribers, Shows Strong Q3
TRUE CORP: Sets Ventures into Call-Center Industry


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ACIB ACCUMULUS: To Declare First and Final Dividend on Dec. 19
--------------------------------------------------------------
Acib Accumulus Pty Ltd, which is subject to a deed of company
arrangement, will declare the first and final dividend to its
creditors on Dec. 19, 2006.

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

The Deed Administrator can be reached at:

         A. R. Yeo
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                  About Acib Accumulus Pty Ltd

Acib Accumulus Pty Ltd trading as Global Rags --
http://www.globalrags.com-- is located in Victoria, Australia.
The company is an importer of Mens and Boys' clothes.  


AIR CHAMPAGNE: Members & Creditors to Receive Final Account
-----------------------------------------------------------
Air Champagne Pty Ltd, which is in liquidation, will hold a
final meeting on Dec. 14, 2006, at 10:15 a.m.

During the meeting, the members and creditors will receive the
final account of the company's wind-up proceedings from
Liquidators Ann Fordyce and Bradley Hellen.

The Joint and Several Liquidators can be reached at:

         Ann Fordyce
         Bradley Hellen
         Pilot Partners
         Chartered Accountants
         Level 5, 175 Eagle Street
         Brisbane, Queensland 4000
         Australia

                  About Air Champagne Pty Ltd

Air Champagne Pty Ltd is involved in Air Transportation,
Nonscheduled.  The company is situated in New South Wales,
Australia.


CENTERCOAST CONSTRUCTIONS: Receivers and Managers Step Aside
------------------------------------------------------------
Peter Ivan Felix Geroff and William Martin Colwell ceased to act
as receivers and managers of Centercoast Constructions Pty Ltd
on Oct. 25, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
company declared the first and final dividend to priority
creditors on Oct. 25, 2006.

Mr. Geroff and Mr. Colwell can be reached at:

         Peter Ivan Felix Geroff
         William Martin Colwell
         Ferrier Hodgson (Qld)
         Level 7, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia

            About Centercoast Constructions Pty Ltd

Centercoast Constructions Pty Ltd is also trading as Barry Jones
Homes.  The company's line of business involved Single-Family
Housing Construction.

The company is located in Queensland, Australia.


FRESONE FILMS: Members and Creditors to Hold Final Meeting
----------------------------------------------------------
The members and creditors of Fresone Films Pty Ltd will hold a
final meeting on Dec. 13, 2006, at 10:30 a.m., to receive
Liquidator Fletcher's account of the company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's members resolved to wind up its operations on
Sept. 12, 2005.

The Liquidator can be reached at:

         W. J. Fletcher
         Bentleys MRI
         Chartered Accountants
         Level 26, AMP Place
         10 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3222 9777

                       About Fresone Films

Fresone Films is located in Queensland, Australia.  The company
is involved in Videographing business.


JAMES HARDIE: Final Funding Deal Further Extended to Nov. 22
------------------------------------------------------------
On November 15, 2006, James Hardie advised that it has agreed
with the New South Wales Government to extend the deadline for
the satisfaction of certain conditions precedent to the Final
Funding Agreement until November 22.  The current deadline
expired on November 14, 2006.

James Hardie notes that the extension recognizes the fact it
remains involved in discussions with the NSW Government to
resolve outstanding issues relating to the amended FFA and
associated documents, after positive rulings from the Australian
Taxation Office received on November 9, 2006, in relation to the
tax treatment of the Special Purpose Fund.

The company believes the amended FFA could be signed within the
timeframe of the new deadline, which would then allow James
Hardie to move quickly to satisfy the remaining conditions
precedent, including:

   (a) obtaining an independent expert's report,
   (b) obtaining lender approval, and
   (c) finalizing the Explanatory Memorandum for shareholders.

Work to satisfy these remaining conditions precedent is already
well-advanced.  Facilitating legislation must also be passed by
the NSW Parliament to give effect to the amended FFA.  

James Hardie expects a meeting of shareholders could be convened
in February 2007 to seek approval for the proposed compensation
arrangements.

James Hardie also notes that it is finalizing interim funding
arrangements for the Medical Research and Compensation
Foundation in the event the assets of the MRCF are exhausted
before the amended FFA is implemented in full.  James Hardie
understands that the MRCF currently has sufficient funds to pay
asbestos claims until early 2007.

                      About James Hardie

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

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

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

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

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

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


KENDLE INTERNATIONAL: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the healthcare service and distribution sector,
the rating agency changed its B1 Corporate Family Rating to B2
for Kendle International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver, Due 2011     B1       B1      LGD3       31%

   Senior Secured
   Term Loan B
   Due 2012               B1       B1      LGD3       31%

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%).

Based in Cincinnati, Ohio, Kendel International Inc. --
http://www.kendle.com/-- is a clinical research organization
(CRO) that provides a range of Phase I-IV clinical development
services to the biopharmaceutical industry.  The company offers
clinical research services and information technology to
biopharmaceutical companies.  It delivers integrated clinical
research services, including clinical trial management, clinical
data management, statistical analysis, medical writing,
regulatory consulting and organizational meeting management and
publications services on a contract basis to the
biopharmaceutical industry.  The company operates in North
America, Europe, Asia Pacific, Latin America and Africa.  In
the Asia Pacific, Kendel maintains operations in Australia,
China, and India.


KINETIC CONCEPTS: Earns US$48.9 Mil. in September 2006 Quarter
--------------------------------------------------------------
Kinetic Concepts Inc. filed its third quarter financial
statements for the three months ended Sept. 30, 2006, with the
Securities and Exchange Commission on Nov. 3, 2006.

For the three months ended Sept. 30, 2006, the Company earned
US$48.9 million of net income on US$350.8 million of net
revenues compared to a US$1.1 million net loss on
US$312.3 million of net revenues from the same period in 2005.

A full-text copy of the Company's quarterly report is available
for free at:

               http://researcharchives.com/t/s?14bf

                         Debt Service

As of Sept. 30, 2006, the Company had approximately
US$159.5 million and US$68.1 million in debt outstanding under
its senior credit facility and its senior subordinated notes,
respectively.  Scheduled principal payments under the Company's
senior credit facility for the years 2006, 2007 and 2008 are
approximately US$410,000, US$1.6 million, and US$1.6 million,
respectively.  Its outstanding senior subordinated notes will
mature in 2013 and have scheduled interest payments in May and
November of each year.  If it has excess cash, the Company may
use it to reduce its outstanding debt obligations.

                     About Kinetic Concepts

Kinetic Concepts, Inc. (NYSE: KCI) -- http://www.kci1.com/--  
designs, manufactures, markets and provides a wide range of
proprietary products that can improve clinical outcomes while
helping to reduce the overall cost of patient care.

KCI has an infrastructure across all health care settings,
including acute care hospitals, extended care facilities and
patients' homes both in the United States, Canada, Australia and
most major European countries.

                          *     *     *

On October 12, 2006, the Troubled Company Reporter reported that
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba2 Corporate
Family Rating for Kinetic Concepts Inc.


NOTIFIER INERTIA: Members Final Meeting Set for December 15
-----------------------------------------------------------
Members of Notifier Inertia Pty Ltd will hold a final meeting
for its members on Dec. 15, 2006, at 10:00 a.m., to receive an
account of how the company was wound up and the property
disposed of.

The Troubled Company Reporter - Asia Pacific previously reported
that the company commenced a wind-up of its operations on
Oct. 31, 2005.

The Liquidator can be reached at:

         P. A. Lucas
         P. A. Lucas & Co.
         Chartered Accountants
         Level 8, 100 Edward Street
         Brisbane, Queensland
         Australia

                 About Notifier Inertia Pty Ltd

Notifier Inertia Pty Ltd is also trading as Inertia Fire
Systems.  The company manufactures and distributes a range of
high quality analogue and conventional fire detection systems
suitable for commercial property.  Notifier Inertia also
supplies emergency voice systems, conventional, and analogue
smoke and heat detectors, high sensitivity smoke detection
systems, and a wide range of peripheral devices.  

The company is situated in Baulkham Hills in New South Wales,
Australia.


OZ PLANTS: Will Declare Second and Final Dividend on Nov. 28
------------------------------------------------------------
OZ Plants Pty Ltd will declare a second and final dividend to
its creditors on Nov. 28, 2006.  Creditors who cannot prove
their debts by Nov. 27, 2006, will be excluded from sharing in
the distribution.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared its first and final dividend on Sept. 7, 2006.

The Deed Administrator can be reached at:

         B. J. Marchesi
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                     About Oz Plants Pty Ltd

Oz Plants Pty Ltd is located in Victoria, Australia.  The
company is a supplier of flowers, nursery stock, and florists'
supplies.


PERVERT CLOTHING: Final Meeting Slated for December 14
------------------------------------------------------
Creditors of Pervert Clothing Pty Ltd will hold a final meeting
on Dec. 14, 2006, at 12:00 p.m., to consider the liquidator's
account of the company's wind-up proceedings and property
disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on July 19, 2006.

The Liquidator can be reached at:

         Joseph Loebenstein
         Loebenstein Insolvency Services Pty Ltd
         203 Balaclava Road
         North Caulfield, Victoria 3161
         Australia

                 About Pervert Clothing Pty Ltd

Pervert Clothing Pty Ltd is located in Victoria, Australia.  The
company's business is Nondurable Goods.


STUDIO IMAGE: Liquidator to Present Wind-Up Report on Dec. 14
-------------------------------------------------------------
Studio Image Australia Pty Ltd, which is in liquidation, and its
creditors, will hold a final meeting on Dec. 14, 2006, at
10:00 a.m.

During the meeting, Liquidator Joseph Loebenstein will present a
report regarding the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         Joseph Loebenstein
         Loebenstein Insolvency Services Pty Ltd
         203 Balaclava Road
         North Caulfield, Victoria 3161
         Australia

              About Studio Image Australia Pty Ltd

Studio Image Australia Pty Ltd is located in Victoria,
Australia.  The company's line of business is Home Furnishings.


TAVEBOA PTY: To Declare Second and Final Priority Dividend
----------------------------------------------------------
Taveboa Pty Ltd, which is in liquidation, formerly trading as
Monocast Manufacturing, will declare a second and final priority
dividend on Dec. 21, 2006.

Creditors, who cannot prove their debts by Dec. 5, 2006, will be
excluded from sharing in the dividend distribution.

The Joint and Several Liquidators can be reached at:

         Ann Fordyce
         Bradley Hellen
         Pilot Partners
         Level 5, 175 Eagle Street
         Brisbane, Queensland 4000
         Australia

                    About Taveboa Pty Limited

Taveboa Pty Limited is located in Queensland, Australia.  The
company's business is Tanks and Tank Components.


TOOWOOMBA INTERNET: Members Opt for Voluntary Liquidation
---------------------------------------------------------
At a general meeting held on Nov. 2, 2006, the members of
Toowoomba Internet Pty Ltd resolved to voluntarily liquidate the
company's business.

In this regard, Terence Michael Nuss was appointed as
liquidator.

The Liquidator can be reached at:

         Terence Michael Nuss
         Fowler Board
         Level 1, 632 Ruthven Street
         Toowoomba 4350
         Australia

                About Toowoomba Internet Pty Ltd

Toowoomba Internet Pty Ltd is located in Queensland, Australia.  
The company is into Computer Related Services.


UNIVERSAL COMPRESSION: Board OKs US$200MM Repurchase Program
------------------------------------------------------------
Universal Compression holdings, Inc.'s board of directors has
authorized the repurchase of up to US$200 million of the
company's common stock.  This authorization extends until
November 2008.  Universal intends to make purchases from time to
time as market conditions warrant and hold the repurchased
shares in treasury for general corporate purposes.

Headquartered in Houston, Texas, Universal Compression, Inc. --
http://www.universalcompression.com/-- provides natural gas   
compression equipment and services, primarily to the energy
industry in the United States, as well as in Canada, Venezuela,
Argentina, Columbia, and Australia.

                          *     *     *

Moody's Investors Service assigned on Oct. 22, 2006, a Ba1, LGD
3 (36%) rating to Universal Compression, Inc.'s US$500 million
senior secured bank credit facility.  At the same time, Moody's
affirmed Universal's Ba2 Corporate Family Rating, its Ba2
Probability of Default Rating and its B1, LGD5 (88%) ratings on
its US$175 million 7-1/4% Senior Notes.  Moody's said the
outlook remains stable.


UNIVERSAL COMPRESSION: Earns US$25 Million in Third Quarter 2006
----------------------------------------------------------------
Universal Compression Holdings, Inc., reported record net income
of US$25.0 million, in the three months ended Sept. 30, 2006,
including approximately US$0.07 per diluted share of benefit
related to employee benefit programs.  Without this benefit,
earnings per diluted share would have been US$0.73.

Universal reported net income of US$21.8 million, or US$0.70 per
diluted share, in the three months ended June 30, 2006, and
US$17.7 million, or US$0.54 per diluted share, in the prior year
period.

Revenue was US$246.9 million in the three months ended
Sept. 30, 2006, compared to US$218.7 million in the three months
ended June 30, 2006, and US$181.1 million in the prior year
period.  EBITDA, as adjusted, was a record US$84.0 million in
the three months ended Sept. 30, 2006, as compared to
US$75.2 million in the three months ended June 30, 2006, and
US$66.2 million in the comparable period of the prior year.

"Our overall strong financial results in the third quarter
reflect continued favorable business conditions in each of our
contract compression, fabrication and aftermarket services
segments.  Due to the high activity levels in our fabrication
facilities during the most recently completed quarter, we
experienced some unexpected delays in the production of new
units for third-party sales and for our contract compression
fleet, delaying revenue recognition in both the contract
compression and fabrication segments.  We are incurring
continuing expenses related to our new enterprise resource
planning system and incremental costs associated with our newly
formed public entity, Universal Compression Partners, L.P.  We
believe both of these initiatives are important steps in driving
our long term growth strategy," commented Stephen A. Snider,
Universal's Chairman, President and Chief Executive Officer.
"The outlook for domestic and international markets continues to
be positive as reflected by a strong level of customer inquiries
and orders for compression services and products well into
2007."

"We are very excited that the initial public offering of
Universal's subsidiary, UCLP, was successfully completed last
month and that UCLP has been well-received by investors. We
believe that UCLP will create significant value to Universal's
stockholders, as Universal intends to utilize UCLP's lower cost
of capital to purchase the remainder of Universal's domestic
contract compression fleet and for UCLP to be the primary growth
vehicle for the domestic contract compression business," added
Mr. Snider.

                          Guidance

For the three months ending Dec. 31, 2006, Universal Compression
expects revenue of US$240 million to US$250 million and earnings
per diluted share of US$0.70 to US$0.74.  For the 12 months
ending Dec. 31, 2006, the company now expects:

   -- revenue of US$935 million to US$945 million,
   -- earnings per diluted share of US$2.88 to US$2.92 and
   -- capital expenditures, net of sale proceeds, of
      approximately US$210 million;

this compares to previously reported guidance of:

   -- revenue of US$950 million to US$970 million,
   -- earnings per diluted share of US$2.85 to US$2.95 and
   -- capital expenditures, net of sale proceeds, of US$210
      million to US$240 million.

Guidance for earnings per diluted share does not include any
special charges associated with our recent refinancing
activities in the fourth quarter.

Headquartered in Houston, Texas, Universal Compression, Inc. --
http://www.universalcompression.com/-- provides natural gas   
compression equipment and services, primarily to the energy
industry in the United States, as well as in Canada, Venezuela,
Argentina, Columbia, and Australia.

                          *     *     *

Moody's Investors Service assigned on Oct. 22, 2006, a Ba1, LGD
3 (36%) rating to Universal Compression, Inc.'s US$500 million
senior secured bank credit facility.  At the same time, Moody's
affirmed Universal's Ba2 Corporate Family Rating, its Ba2
Probability of Default Rating and its B1, LGD5 (88%) ratings on
its US$175 million 7-1/4% Senior Notes.  Moody's said the
outlook remains stable.


VAYSMAN PTY: Schedules Final Meeting on December 14
---------------------------------------------------
The final meeting of Vaysman Pty Ltd and its creditors will be
held on Dec. 14, 2006, at 10:30 a.m., to receive the
liquidator's account of the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific previously reported
that the company declared its first and final dividend on
April 25, 2006.

The Liquidator can be reached at:

         Joseph Loebenstein
         Loebenstein Insolvency Services Pty Ltd
         203 Balaclava Road
         North Caulfield, Victoria 3161
         Australia

                      About Vaysman Pty Ltd

Vaysman Pty Ltd is located in Victoria, Australia.  The company
is involved with leather goods business.


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

BETONSPORTS: Fails to Give Employees Full Salaries & Severances
---------------------------------------------------------------
Dismissed workers of BetonSports Plc have not received the full
salaries and severances the company promised, Inside Costa Rica
states.

According to the report, over 1,400 BetonSports employees were
promised on Aug. 10 that they would receive payment within 30
days of the firm's shutting down.  That never happened and 877
workers are still waiting to get paid.

Inside Costa Rica relates that Costa Rica's Ministerio de
Trabajo or the ministry of labor then decided to intervene, as
BetonSports had 90 days, the maximum time allowed under Costa
Rican laws, to settle dues with former workers.

Rodrigo Acuna, a representative of the Ministerio de Trabajo,
told Inside Costa Rica that the last workers waiting their
paycheck and who are reportedly owed US$4.3 million would get a
partial payment on Nov. 10, with the remaining balance to be
paid not later than Dec. 15.  The Nov. 10 payment represents 30%
of what BetonSports owes to its former workers.

Ministerio de Trabajo will supervise this process, making sure
that each and every former worker may access the Resolucion
Alternativa de Conflictos process, Inside Costa Rica says,
citing Mr. Acuna.

Francisco Conejo, a representative of BetonSports, told Inside
Costa Rica, "The company has the money to pay.  We are doing
everything possible to access existing resources.  The BoS
(BetonSports) directors made the decision to:

   -- shut down their operations in Costa Rica and re-open in
      Antigua;

   -- pay its liabilities to staff and creditors in an orderly
      manner; and

   -- repay balances due to U.S. customers as well.  

The payment to staff and creditors will depend on the successful
completion on BoS' ability to persuade banks and cash processors
to release its funds.  It also will depend on the BoS' ability
to realize further and sufficient funds from its assets and
operations outside Costa Rica and Antigua and to earn sufficient
profits from operations which are not U.S. facing."

U.S. clients' hopes to receive their account balances within the
year could be fading as former workers will be paid first,
Inside Costa Rica states.

                       About BetonSports

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in China,
Argentina and Mexico.

                         *      *      *

On July 17, 2006, the U.S. Justice Department unsealed a 22-
count indictment against BetonSports founder Gary Kaplan and
Chief Executive Officer David Carruthers.  Charges include
racketeering, mail fraud, and facilitation of gambling across
state and national boundaries -- all as results of taking bets
from customers residing in the U.S.  According to the
indictment, BetonSports in 2003 had 100,000 active players who
placed 33 million wagers worth US$1.6 billion through the
company's Web sites.

On that day, the Court issued a temporary restraining order
against BetonSports, which was to expire on Sept. 1, to give the
Justice Department extra time to serve pleadings on the company
in Costa Rica and London, according to Bloomberg News.  

The Hon. Carol Jackson of the U.S. District Court for the
Eastern District of Missouri however, extended the TRO until
Sept. 20 at the request of U.S. prosecutor Marty Woelfle.  After
which, BetonSports issued an announcement on its Web site,
saying that "after thoroughly reviewing possible alternative
business plans," the group's Board of Directors "no longer
consider the U.S. facing operations of the company, which are
based in Costa Rica and Antigua, to be viable."


BETONSPORTS PLC: Agrees Permanent Ban in U.S. to Settle Lawsuit
---------------------------------------------------------------
BetonSports Plc is permanently barred from accepting bets in the
United States after it settled the civil legal lawsuit in
Missouri.  

The online gaming company also agreed to shut down its
operations in Antigua and Costa Rica, the Evening Standard
reports.

The settlement ends a massive civil case filed by U.S. Attorney
Catherine Hanaway but doesn't affect a separate criminal case
pending against several BetOnSports employees, including CEO
David Carruthers, the Associated Press reveals.  Mr.
Carruthers's trial on 22 counts of fraud and racketeering
charges is scheduled to begin early next year.  He remains under
house arrest after being arrested in July and subsequently
terminated from the company.

According to the Evening Standard, BetonSports hoped the deal
would mark a major step in its efforts to have criminal charges
against the firm dropped.

According to the St. Louis Post Dispatch, BetonSports agreed in
the U.S. District Court in St. Louis to a civil settlement that
promises refunds to clients and cooperation in the criminal
case.

The Dispatch notes that BetonSports signed a permanent
injunction promising a ban on accepting U.S. bets through its
hundreds of Web sites and 71 telephone numbers.

The Dispatch relates that BetonSports is given seven days to
present to federal investigators a list of assets and company
records that could help prosecutors in the criminal case.

BetonSports must set up toll-free telephone numbers with
information about client refunds, and place prominent notices on
its Web sites that online gambling is illegal in the U.S.,
according to The Dispatch.

The Dispatch says that some of those measures were already
taken.

BetonSports said in a statement that a company subsidiary in
Antigua was handling refunds, but the refunds will depend on
money coming in from debtors.  BetOnSports is not admitting or
contesting any of the federal government's allegations and that
most of the alleged wrongdoing took place before the company
went public in July 2004.

The Dispatch emphasizes that 98% of BetonSports' business came
from U.S. gamblers.  Although the firm told clients that its
online gambling operations were legal and licensed, it told
investors something different.  Investment documents indicate
that the company knew that a major part of its business model
was illegal, transmitting money from Americans back and forth.

BetonSports advisers told executives that it would be difficult
to prosecute because the firm and its workers were located
outside the U.S., The Dispatch relates.

                       About BetonSports

BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in China,
Argentina and Mexico.

                         *      *      *

On July 17, 2006, the U.S. Justice Department unsealed a 22-
count indictment against BetonSports founder Gary Kaplan and
Chief Executive Officer David Carruthers.  Charges include
racketeering, mail fraud, and facilitation of gambling across
state and national boundaries -- all as results of taking bets
from customers residing in the U.S.  According to the
indictment, BetonSports in 2003 had 100,000 active players who
placed 33 million wagers worth US$1.6 billion through the
company's Web sites.

On that day, the Court issued a temporary restraining order
against BetonSports, which was to expire on Sept. 1, to give the
Justice Department extra time to serve pleadings on the company
in Costa Rica and London, according to Bloomberg News.  

The Hon. Carol Jackson of the U.S. District Court for the
Eastern District of Missouri however, extended the TRO until
Sept. 20 at the request of U.S. prosecutor Marty Woelfle.  After
which, BetonSports issued an announcement on its Web site,
saying that "after thoroughly reviewing possible alternative
business plans," the group's Board of Directors "no longer
consider the U.S. facing operations of the company, which are
based in Costa Rica and Antigua, to be viable."


BILLION BEST: Creditors Must Prove Debts by December 15
-------------------------------------------------------
Liquidator Zhang Yun requires the creditors of Billion Best
(Hong Kong) Ltd to prove their debts by Dec. 15, 2006.

Failure to prove their debts on the due date will exclude a
creditor from sharing in any distribution the company will make.

The Liquidator can be reached at:

         Zhang Yun
         Room 803, Tung Hip Comm. Bldg
         248 Des Voeux Road, Central
         Hong Kong


BILLION RICH: Court to Hear Wind-Up Petition on December 6
----------------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against Billion Rich Engineering Ltd on Dec. 6, 2006, at
9:30 a.m.

Ho Sau Keung filed the petition with the Court on Oct. 11, 2006.

The Solicitors for the Petitioner can be reached at:

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


BOLD MOTIVATION: Faces Wind-Up Proceedings
------------------------------------------
Liu Chong Hing Bank Ltd on Oct. 3, 2006, filed before the High
Court of Hong Kong a petition to wind-up the operations of Bold
Motivation Investments Ltd.

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

The Solicitors for the Petitioner can be reached at:

         K. C. Ho & Fong
         18th Floor, Henley Building
         5 Queen's Road, Central
         Hong Kong


BUSINESS INVESTMENT: Members to Hold Final Meeting on Dec. 11
-------------------------------------------------------------
The final general meeting of the members of Business Investment
Ltd will be held on Dec. 11, 2006, at 11:00 a.m., to consider
the liquidator's account of the company's wind-up proceedings
and property disposal activities.

On October 9, 2006, the Troubled Company Reporter - Asia Pacific
reported that the members of Business Investment passed a
special resolution to voluntarily wind up the company's
operations.

The Liquidator can be reached at:

         Chan Yee Por, Simon
         15/F., Pico Tower
         66 Gloucester Road
         Wanchai, Hong Kong


CHINA CONSTRUCTION: Denies NY Times Report on Hidden Bad Loans
--------------------------------------------------------------
China Construction Bank denied and called a New York Times
report unfounded when it accused the lender of hiding a CNY23.58
billion loan ahead of its initial public offering in Hong Kong
last year, The Standard reports.

According to the The New York Times report, citing an
unidentified CCB official, the bank covered up bad loans ahead
of its Hong Kong IPO in 2005.  It also said that the
unidentified banker was employed as a senior risk adviser at
CCB, but was fired after he told top executives that the bad
loans had been intentionally hidden from outside auditors, China
Knowledge says.

On November 15, 2006, China Construction issued a press release
stating that it has always abided by laws in China and Hong
Kong, with a strict categorization of its loans.  The bank's
statement also said it reserved the right to take legal action
against any false media reports that would put the bank's
reputation and shareholders' value at risk, The Standard
relates.

The bank, which is 8.5% owned by Bank of America, raised HK$70
billion from its IPO in Hong Kong in 2005, China Knowledge
recounts.

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of  
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954 under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

On August 28, 2006, the Troubled Company Reporter - Asia Pacific
reported that Moody's Rating affirmed the bank's A2 long-term
deposit rating with a positive outlook and a bank financial
strength rating of D- with a stable outlook.  At the same time,
Moody's has put Bank of America Asia's A1/Prime-1 foreign and
Aa3/Prime-1 local currency deposit ratings on review for
possible downgrade.

In addition, Fitch Ratings affirmed on September 15, 2006, China
Construction Bank's long-term foreign currency IDR at A- and
Individual Rating at D.


CITIC BANK: Banco Bilbao Offers Rich Price for a 5% Stake
---------------------------------------------------------
Banco Bilbao Vizcaya Argentaria SA is willing to pay for about
three times the book value for a 5% strategic stake in China
Citic Bank, the World Street Journal reports, citing a person
familiar with the deal.

The deal, according to the source, could materialize ahead of
Citic Bank's planned initial public offering in Hong Kong next
year.

Citic Bank, one of the last Chinese lenders without a foreign
partner, is offering to sell between 5% to 10% stake, Forbes
relates.

The offer attracted a lot of bidders but Banco Bilbao's bid is
expected to top those of rivals, including Japan's Mizuho
Financial Group Inc, BNP Paribas of France and China Life
Insurance, Reuters says.

If BBVA's bid is successful, it would become Spain's first
lender to enter the mainland China banking market, the World
Street Journal notes.

Citic Bank, according to Forbes, is keen to sell a stake to a
foreign partner ahead of its planned IPO worth US$2 billion,
which is sponsored by Citigroup and Lehman Brothers.

                          *     *     *

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

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

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


GALLERY OF CONTEMPORARY: Creditors to Prove Debts by Dec. 11
------------------------------------------------------------
Creditors of Gallery of Contemporary Living Ltd are required to
prove their debts to the company's liquidators by Dec. 11, 2006,
or they will be excluded from sharing in the distribution.

As reported in the Troubled Company Reporter - Asia Pacific on
November 15, 2006, members of Gallery of Contemporary passed a
special resolution to voluntarily wind up the company's
operations.

The Joint and Several Liquidators can be reached at:

         Leung Shu Yin William
         Ng King Sing
         Rooms 903-908
         9/F, Kai Tak Commercial Building
         317-319 Des Voeux Road, Central
         Hong Kong


MANAGER MEDIA: Court Sets Wind-Up Hearing on January 3
------------------------------------------------------
On Oct. 25, 2006, Asia Times Online Ltd filed a petition to wind
up the operations of Manager Media (HK) Ltd.

The Court will hear the petition on Jan. 3, 2006, at 9:30 a.m.

The Solicitors for the Petitioner can be reached at:

         Yuen & Partners
         10th Floor, Chiyu Bank Building
         78 Des Voeux Road, Central
         Hong Kong
         Tel: 2815 2688
         Fax: 2541 2088


MOSAIC CO: S&P Revises Rating Outlook on Weak Phosphates Volumes
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  It also affirmed its 'BB'
long-term and 'B-1' short-term corporate credit ratings on the
company.

"The outlook revision follows indications that phosphates
volumes have weakened because of sluggish export sales and a
slow start to the fall fertilizer season.  This has prompted
management to make a significant downward revision to its
phosphates sales volume forecasts for the fiscal year ending May
31, 2007," said Standard & Poor's credit analyst

Cynthia Werneth.  "As a result, cash flow generation is likely
to be weaker than expected during the next few quarters,
reducing the company's ability to lower debt."

Mosaic is highly leveraged.  At Aug. 31, 2006, debt (adjusted to
include tax-effected asset retirement obligations of about
US$350 million and postretirement obligations of US$150 million,
as well as capitalized operating leases of US$100 million)
totaled about US$3.2 billion, with total adjusted debt to EBITDA
of 4.8x.  Given Mosaic's high leverage relative to the ratings
expectations, any additional negative developments such as a
prolonged period of weak sales volumes, a spike in natural gas
costs, or poor weather could lead to a downgrade.

At the same time, based on preliminary terms and conditions, we
assigned a 'BB' senior secured bank loan rating and a recovery
rating of '2' to Mosaic's proposed US$250 million five-year term
loan A-1 and US$800 million seven-year term loan B.  These
ratings indicate our expectation that lenders would recover a
substantial portion (80% to 100%) of principal in a payment
default scenario, assuming a fully drawn revolving credit
facility.

Standard & Poor's placed the ratings on Mosaic's existing US$450
million revolving credit facility and US$47 million term loan A
on CreditWatch with negative implications.  If the transaction
closes as currently contemplated, the ratings on these portions
of the existing facilities that are expected to remain in place
will be lowered to recognize the meaningful increase to secured
debt in the capital structure.  The bank loan rating will be
lowered to 'BB' and the recovery rating to '2'.

Standard & Poor's also assigned a 'BB-' senior unsecured debt
rating to Mosaic's proposed US$475 million notes due 2014 and
US$475 million notes due 2016.  These instruments will be
guaranteed on a senior unsecured basis by certain of the
company's domestic and foreign wholly owned subsidiaries.

In addition, Standard & Poor's affirmed its 'B+' senior
unsecured debt rating on the existing senior unsecured
obligations that are not guaranteed and are expected to remain
in place.

Proceeds of the new bank loan tranches and the new notes will be
used to refinance existing debt, thereby extending maturities.
Standard & Poor's will withdraw its ratings on the debt that is
being refinanced upon closing of the transaction.

The ratings on Plymouth, Minn.-based Mosaic reflect its
aggressive financial profile, mitigated by its satisfactory
business risk profile as a leading global phosphate and potash
fertilizer and feed producer with annual sales of more than US$5
billion.

The company has operations in China Argentina, and Brazil.


PERFECT RIVER: Members to Receive Wind-Up Report on Dec. 11
-----------------------------------------------------------
Members of Perfect River International Ltd will hold a final
general meeting on Dec. 11, 2006, at 9:30 a.m., at Units G & H,
12/F., Universal Industrial Centre, 19-21 Shan Mei Street,
Fotan, Shatin, N.T., Hong Kong.

At the meeting, Liquidator Lo Wa Kei Roy will present a report
regarding the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Lo Wa kei
         Suite 1304
         Shanghai Industrial Bldg
         60 Hennesy Road, Wanchai
         Hong Kong


PINE TRIUMPH: Creditors' Proofs of Claim Due on December 4
----------------------------------------------------------
Creditors of Pine Triumph Ltd are required to submit their
proofs of claim to Liquidator Lau Vui Cheong by Dec. 4, 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:

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


REXEL SA: Fitch Assigns B+ Default Rating with Stable Outlook
-------------------------------------------------------------
Fitch Ratings assigned France-based low and ultra-low electrical
products distributor Rexel SA an Issuer Default rating of B+
with Stable Outlook.  

Fitch has also assigned BB/RR2 ratings to Rexel's senior secured
facilities and B-/RR6 ratings to Ray Acquisition SCA's senior
subordinated notes due 2015.

"The IDR reflects Rexel's resilient business plan and global
footprint, which confers a degree of portfolio protection and
customer diversification spread between the residential, non-
residential construction and industrial end markets," says Pablo
Mazzini, Director in Fitch's Leveraged Finance team.

"Despite the inherent cyclicality in sales and the appetite to
grow via debt-funded acquisitions, like that of GE Supply, the
rating also takes into account the strong performance since the
LBO in March 2005 and the resulting improvement in certain key
credit metrics," he added.

Rexel's improved performance is largely attributable to the
cyclical upturn across most of its end user markets, rather than
a substantial ramp-up in market share in the countries where it
operates.  The group has been able nonetheless to improve market
share in selective countries through both organic growth and
bolt-on acquisitions.

The fact that most of the recent acquisitions are debt-funded
makes Rexel more reliant on cost savings to repay the current
high level of debt, although this is only feasible as long as
the economic environment remains benign.  In a market downturn,
Rexel will depend on releasing cash from working capital to
support free cash flow generation.  

In this regard, Fitch notes that Rexel was able to generate
average EUR115 million cash per year during 2001-2002, when
economic conditions were soft.

In August 2006, the group acquired GE Supply in North America
for US$620 million.  This acquisition has resulted in Rexel
becoming the market leader in the largely fragmented US
marketplace, increasing its market share to 7% from 3.2%.

Adjusted for the recently completed acquisitions, total leverage
stands at 6.1x using Fitch's conservative LTM June 2006 pro-
forma EBITDA estimate of EUR565 million.  This is significantly
lower than the 7.4x total leverage at the LBO date.

Rexel exhibits EBITDAR margins in the high end of peers, which
is a positive factor despite the high concentration of sales
upon lower-margin products such as cables and conduits.
Profitability will be supported by prospective synergies,
leveraging the group's scale of operations, focus on higher-
margin product ranges and increased bargaining power with
suppliers.

As of June 2006, Rexel's LTM EBITDAR stood at an estimated
EUR610 million with record margins of 7.7%, up from the low of
6.3% in FY03.  Since the US market is inherently less profitable
than other geographic areas due to the higher market
fragmentation, Fitch expects a pro-forma EBITDAR of at least
EUR700 million, implying an EBITDAR margin of about 7%.

The BB and RR2 ratings for the senior secured facilities reflect
Fitch's expectation of superior recovery prospects on default as
a result of their security package and contractual seniority.
The notching is capped by the application of the soft-cap on
recovery ratings in France.

The B- and RR6 ratings on the senior subordinated notes reflect
poor recovery prospects in distress as a result of their
structurally subordinated ranking, the substantial amount of
debt ranking ahead of the notes, as well as issues surrounding
the enforceability of the subordinated guarantees provided by
Rexel as the operating entity under the French jurisdiction.

Rexel SA -- http://www.rexel.com/index.html-- is the world  
leader in the distribution of low and ultra-low voltage
electrical products, operating in 28 countries across Europe,
America and Asia-Pacific through a network of around 1,900
branches.

The company has operations in Slovakia, Chile, and China.


SHATIN LUCKY: Liquidator to Present Wind-Up Report on Dec. 15
-------------------------------------------------------------
The members of Shatin Lucky Plaza Ltd will hold a final general
meeting on Dec. 15, 2006, 10:00 a.m., at Suites 1501-3, 15th
Floor, Gloucester Tower, The Landmark, Hong Kong.

During the meeting, Liquidator Ng Shung Mo will present a report
of the company's wind-up proceedings and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on July 10, 2006.

The Liquidator can be reached at:

         Ng Shung Mo
         12/F., Grand Court
         6 Babington Path, Mid Level
         Hong Kong


SHEEN BILI: Members to Receive Wind-Up Report on Dec. 14
--------------------------------------------------------
Members of Sheen Bili Ltd will hold a final meeting on Dec. 14,
2006, at 10:00 a.m., to receive Liquidator Ha Yue Yuen Henry's
report of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Ha Yue Yuen, Henry
         Room 1010, 10/F, Wing On Centre
         111 Connaught Road, Central
         Hong Kong


SUCCESS CALL: Members & Creditors' Final Meetings Set on Dec. 15
----------------------------------------------------------------
The members and creditors of Success Call Ltd will hold their
final meetings on Dec. 15, 2006, at 6:00 p.m. and 7:00 p.m.,
respectively, to receive the liquidator's account of the
company's wind-up proceedings.

The Liquidator can be reached at:

         Ip Pui Sum
         2/F, Jonsim Place
         228 Queen's Road East
         Wanchai
         Hong Kong


TECHLITE INVESTMENT: Court Sets Wind-Up Hearing on Dec. 27
----------------------------------------------------------
A wind-up petition filed against Techlite Investment Ltd will be
heard before the High Court of Hong Kong on Dec. 27, 2006, at
9:30 a.m.

Standard Chartered Bank (Hong Kong) Ltd filed the petition with
the Court on Oct. 27, 2006.

The Solicitors for the Petitioner can be reached at:

         Tsang, Chan & Wong
         16th Floor, Wing On House
         No. 71 Des Voeux Road, Central
         Hong Kong


VISCOUNTMARINE LIMITED: To Declare Third Interim Dividend
---------------------------------------------------------
Viscountmarine Limited will declare a third interim dividend for
its creditors.

In this regard, Liquidator David R Hague will be accepting
creditors' proofs of claim until Dec. 8, 2006.

The Liquidator can be reached at:

         David R Hague
         20th Floor, Prince's Building
         Central
         Hong Kong


VOLKSWAGEN AG: Incoming CEO Mulls Change in Corporate Structure
---------------------------------------------------------------
Incoming Volkswagen AG CEO Martin Winterkorn is set to change
the German carmaker's corporate structure when he takes over in
January, the Associated Press reports citing people familiar
with the matter.

Mr. Winterkorn, who will replace Bernd Pischetsrieder on Jan. 1,
2007, pending board approval, aims to restructure the company's
various automotive units, including Audi AG, Skoda, SEAT and
ultraluxury Bentley brands, AP relates.  He currently serves as
AUDI's chief executive.

AP cited a source saying the measures to form a premium group
(Audi, Bentley, Bugatti and Lamborghini) and a so-called volume
group (Volkswagen, Skoda and SEAT) would begin early next year.

VW currently groups its brands into two units:

   * the VW brand -- Volkswagen, Skoda, Bentley and Bugatti;
   * the Audi group -- Audi, SEAT and Lamborghini.

Analysts, however, believe the company's structure meant that
consumers were causing the units to compete against each other
for buyers and sales, the AP adds.

Mr. Pischetsrieder agreed on his resignation effective Dec. 31.  
The Wall Street Journal reported last week that a strain between
Mr. Pischetsreider and Chairman Ferdinand Piech complicated Mr.
Pischetrieder's cost-cutting efforts.  The paper relates that
Mr. Piech was unhappy with Mr. Pischetrieder's attempts to
dismantle parts of the premium strategy that he organized when
he was CEO.

German magazine Der Spiegel said Mr. Winterkorn intends to name
Audi Chief Financial Officer Rupert Stadler to replace him, at
least provisionally.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --  
http://www.volkswagen.de/-- is one of the world's leading   
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November 2005, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,  
and the overall situation in the important automotive markets  
remained difficult.  It also expected tougher competition in the  
Chinese and U.S. markets, and the rise in fuel prices to  
influence consumer confidence.


VOLKSWAGEN: Porsche Expects 5% Profit Margin; May Increase Stake
----------------------------------------------------------------
Porsche AG CEO Wendelin Wiedeking expects a five percent pretax
profit margin for Volkswagen AG once Martin Winterkorn takes
over as VW's chief executive, Financial Times Deutschland
reports citing unnamed sources.

Porsche holds a 21.1 percent stake in Volkswagen, making it its
biggest single shareholder.  It has an option to increase its
holding to 25.1 percent, AFX News Limited states.

Mr. Winterkorn, who is currently serving as Audi AG's CEO, will
replace Bernd Pischetsrieder on Jan. 1, 2007, pending board
approval on Nov. 17.

Chad Thomas of Bloomberg News reported last week that Porsche is
considering increasing its stake in VW to as much as 29.9
percent.

"We have never ruled out increasing our stake to 29.9 percent,"
Albrecht Bamler, a Porsche spokesman told Bloomberg.  "At this
point, there is no decision or timetable for doing that."

According to Bloomberg, a share hike would allow Mr. Wiedeking
to prepare for the possible repeal of Germany's so-called
"Volkswagen Law", which restricts voting rights to 20 percent of
the stock regardless of the stake's size.  The law, Bloomberg
relates, also gives an investor with 20 percent veto power over
major decisions such as factory closings and capital increases.

If Porsche's holding exceeds 29.9 percent, Porsche would be
legally required to submit a takeover bid for VW.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --  
http://www.volkswagen.de/-- is one of the world's leading   
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November 2005, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,  
and the overall situation in the important automotive markets  
remained difficult.  It also expected tougher competition in the  
Chinese and U.S. markets, and the rise in fuel prices to  
influence consumer confidence.


VOLKSWAGEN AG: Brandes Investment Cuts VW Stake, Report Says
------------------------------------------------------------
Brandes Investment Partners has reduced its stake in Volkswagen
AG to less than five percent, the Frankfurter Allgemeine Zeitung
was cited by Reuters as saying.

As of Sept. 30, 2005, Brandes held 8.58% of voting shares in
Volkswagen.

According to the German daily, the U.S. financial investor has
sold a large part of its stake to an unidentified buyer.

Headquartered in Wolfsburg, Germany, the Volkswagen Group --  
http://www.volkswagen.de/-- is one of the world's leading   
automobile manufacturers and the largest carmaker in Europe.
With 47 production plants in eleven European countries and a
further seven countries in the Americas, Asia and Africa,
Volkswagen has more than 343,000 employees producing over 21,500
vehicles or are involved in vehicle-related services on every
working day.

                        *    *    *

Volkswagen has been carrying out measures to cut costs and raise
profits, which could affect up to 30,000 jobs.  The potential
job cuts represent about a third of the carmaker's workforce and
three times higher than initial estimates made by Chief
Executive Bernd Pischetsrieder and Volkswagen brand head,
Wolfgang Bernhard.

In November 2005, Volkswagen maintained its 2005 earnings
guidance amid rumors it may lower targets.  The company predicts
a year-on-year improvement in both operating profit after
special items and profit before tax this year.  Rumors flew that
the company would slash full-year earnings forecast due to
higher restructuring costs.  The company said the impact of its
workforce reduction measures, which will be charged as special
items in the fourth quarter, will be lower than last year's.

The company also admitted there were no significant improvements
in the economic environment in the first nine months of 2005,  
and the overall situation in the important automotive markets  
remained difficult.  It also expected tougher competition in the  
Chinese and U.S. markets, and the rise in fuel prices to  
influence consumer confidence.


WEALY LTD: Hearing of Wind-Up Petition Fixed on Dec. 27
-------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind-up
Wealy Ltd on Dec. 27, 2006, at 9:30 a.m.

Citic Ka Wah Bank Ltd -- formerly The HongKong Chinese Bank, Ltd
-- filed the petition with the Court on Oct. 27, 2006.

The Solicitors for the Petitioner can be reached at:

         Joseph S. C. Chan & Co.
         Room 701, 7th Floor
         77 Des Voeux Road, Central
         Hong Kong


WORLD-WIDE HARVEST: Members' Final Meeting Slated for Dec. 11
-------------------------------------------------------------
Members of World-Wide Harvest Company Ltd will hold a final
general meeting on Dec. 11, 2006, at 10:00 a.m., to receive
Liquidator Chiu Pang Nin's account of the company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on July 14, 2006.

The Liquidator can be reached at:

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

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

GENERAL MOTORS: S&P Rates US$1.5-Bln Senior Term Loan at B+
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  

The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.  The bank loan is rated one notch
higher than the corporate credit rating.  This and the '1'
recovery rating indicate that lenders can expect full recovery
of principal in the event of a payment default.
     
At the same time, Standard & Poor's said that all ratings on GM,
including the 'B+' bank loan ratings -- but excluding the '1'
recovery ratings -- remain on CreditWatch with negative
implications.  GM's unsecured debt continues to be rated one
notch below the corporate credit rating.

Standard & Poor's estimates that the absolute recovery prospects
for the unsecured creditors exceed 50% as detailed in its
recovery report dated June 20, 2006.  In addition, the
disadvantage to the unsecured debtholders is reflected by the
ratio of priority claims to adjusted assets, which is in the
mid-20% area.  The new secured term loan facility provides the
company with a modest amount of incremental liquidity.

                          Ratings List
                          ------------

General Motors Corp.
  Corporate credit rating           B/Watch Neg/B-3
  Senior unsecured debt             B-/Watch Neg

Rating Assigned
  US$1.5 billion secured
  bank term loan                    B+/Watch Neg
  Recovery rating                   1

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.


GMAC LLC: Moody's to Confirm Ba1 Rating Upon Sale Closing
---------------------------------------------------------
Moody's said that it expects to confirm the Ba1 long-term
ratings of GMAC LLC and its subsidiaries upon the closing of
GM's sale of a 51% interest in the firm to FIM Holdings LLC, the
buyer consortium led by Cerberus Capital Management.  Moody's
expects the outlook for GMAC's ratings to be negative at
closing.  In a separate release, Moody's said that it also
expects to confirm Residential Capital LLC's Baa3 long-term
rating upon the closing of the sale.

GMAC's long-term ratings remain on review for possible downgrade
pending the completion of the transaction.  The expected Ba1
rating outcome assumes the sale will be consummated in the form
and according to the timeline previously communicated by GM
(expected 4Q2006 according to its latest 10-Q), and furthermore,
that no factors that affect GMAC's credit profile come to light
in the intervening period of time.  GM's B3 corporate family and
Caa1 senior unsecured ratings and negative outlook are not
affected by the closing of the sale, as they already take the
transaction into consideration.

Moody's said that several aspects of the sale enhance GMAC's
stand-alone credit profile, including a sizeable reduction in
direct unsecured exposure to GM with a subsequent cap of
US$1.5 billion; a decrease, albeit temporary, in the firm's
retail lease portfolio due to the carve-out from the sale of
leases with a net book value of approximately US$4 billion;
elimination of uncertainty regarding GMAC's liability for GM's
pension plans; and upfront payment by GM to GMAC of estimated
lease residual support, which until earlier this year had been
paid by GM at lease termination.  Furthermore, Moody's expects
that as a result of the change in ownership, GMAC is likely to
accelerate efforts to improve its operating efficiency, thus
improving profitability; and to focus on strengthening its
capital position, including by issuing high equity-content
preferred shares and by retaining all "after-tax" dividends for
a period of two years.  In addition, in the following three
years, FIM Holdings will reinvest its share of "after-tax"
dividends into identical GMAC high equity-content preferred
shares.

Moody's also believes that the sale effectively transfers
control of GMAC to FIM, improving the control and governance of
the firm to the degree that ratings "linkage" between the GMAC
and GM ratings can be severed on this basis.  As a result,
GMAC's expected Ba1 public debt rating would represent a
convergence with its stand-alone credit profile.  Moody's said
that it does not regard either FIM or its primary sponsor
Cerberus to be strategic investors, and therefore the Ba1 rating
reflects no benefit from external support.

Constraining the positive implications of the sale, GMAC's
business concentrations with GM will continue post-sale, by
virtue of agreements that require GMAC to dedicate significant
capital to originating GM-related auto finance receivables.
These agreements provide GMAC exclusivity with respect to
originating GM-subvented receivables and leases, an enviable
franchise that forms a solid base for financing volumes and
earnings potential.  However, this also presents downside risk.
Nearly all of GMAC's current auto finance activities relate to
its association with GM, and as a result, its asset quality,
financing volumes, earnings, and liquidity position continue to
be vulnerable to adverse changes in GM's condition.

Moody's noted that GMAC's strengths in underwriting, risk
management, and liquidity management have enabled the firm to
mitigate the difficulties it has encountered in these areas as a
consequence of GM's operating challenges.

But according to Moody's Vice President Mark Wasden, "GMAC's
higher borrowing costs have significantly pressured the firm's
financing margins, causing its earnings and financial condition
to be more vulnerable to a deterioration in asset quality,
whether brought about by cyclical factors or GM-related events."

Moody's also believes that as long as GMAC's GM concentration is
significant, liquidity risk may be elevated due to GM-related
confidence sensitivity.

"In time, GMAC's margins could improve as high-cost debt runs
off and is replaced with bonds priced at narrower credit
spreads, assuming continued favorable investor reaction to the
transaction," said Wasden.

Moody's will monitor the "new" GMAC's ability to consistently
access competitively priced unsecured funding, as well as market
signals, regarding the GM-related confidence sensitivity issue.

Moody's noted that diversification of GMAC's revenue sources has
a very limited impact on the company's ratings, particularly as
it relates to its ownership of ResCap.  Moody's believes GMAC's
ownership of ResCap benefits primarily GMAC's shareholders, and
that the sale transaction does not meaningfully change this
view.  Should GMAC sell ResCap in the future, Moody's expects
the use of the sale proceeds would reflect the interests of
GMAC's owners, to the potential exclusion of GMAC bondholder
interests.  In addition, GMAC bondholders are structurally
subordinated to ResCap's creditors with respect to ResCap's
earnings, cash flows, and assets.  Though ResCap will likely
begin paying dividends for the first time after the transaction
closes, Moody's views this as representing ResCap's share of
GMAC's consolidated dividend requirement, including a step-up in
the annual distribution rate after year two of the transaction.
Thus ResCap's dividends will be effectively passed-through to
GMAC's shareholders.

Moody's expects that GMAC's long-term ratings will have a
negative outlook upon closing.  This negative outlook would
reflect its continuing vulnerability to near-term GM stresses,
as a result of its business concentrations and funding profile.
Of particular concern is a GM bankruptcy trigger within GMAC's
SWIFT funding structure, used to finance GM dealer floorplan
receivables.  A GM bankruptcy would cause early amortization of
the SWIFT securities, requiring GMAC to source alternative funds
to continue originating critical floorplan loans to dealers.
GMAC has established facilities that would replace over half of
the SWIFT funding that would be subject to early amortization.
Should GMAC complete the transition of the remainder of this
source of funding to a structure that is less exposed to a GM
bankruptcy or develop other mitigation strategies, the rating
outlook could improve to stable.  Moody's believes such a
transition could be accomplished by the firm within the next few
quarters; in the meantime, GMAC is expected to maintain elevated
cash balances as partial liquidity insurance.  A revision of
GM's rating outlook to stable would also lead to a stable
outlook for GMAC's ratings.

Given GMAC's continuing business connections with GM, Moody's
believes GMAC's ratings are unlikely to improve until GM's own
ratings improve.  GMAC may embark on strategies that will lead
to greater diversification of its revenues and earnings, such as
non-GM used car and dealer floorplan finance, that could
eventually enhance its credit profile and ratings, but it will
likely take a substantial amount of time for such strategies to
meaningfully impact GMAC's business mix given its portfolio
size.  Any consideration for ratings improvement must also be
accompanied by a sustained improvement in GMAC's financing
margins.

Finally, a limiting factor to any potential increase in GMAC's
ratings is GM's option to repurchase GMAC's North American and
International auto finance businesses should GM achieve either
investment grade ratings (Baa3) or ratings better than GMAC.  If
GM ever exercises this option, it would result in ratings for
the reacquired entities once again becoming linked with GM's
ratings.  Therefore, Moody's will likely limit GMAC's ratings on
the upside to the higher of Baa2 and one-notch higher than GM's
ratings, for the duration of the call option.

                          About GMAC LLC

GMAC LLC -- formerly General Motors Acceptance Corporation -- is
a financial services company providing a range of services to a
global customer base.  It is a wholly owned subsidiary of
General Motors Corporation.  The Company operates in three
primary lines of business: Financing, Mortgage and Insurance.
GMAC LLC and its affiliated companies offer a variety of
automotive financial services to and through GM and other
automobile dealerships, and to the customers of those
dealerships.  The Company provides commercial financing and
factoring services to businesses in other industries, such as
manufacturing and apparel.  GMAC LLC's Mortgage operations
originate, purchase, service, sell and securitize residential
and commercial mortgage loans and mortgage related products.
The Company's Insurance operations insure and reinsure
automobile service contracts, personal automobile insurance
coverages (ranging from preferred to non-standard risk) and
selected commercial insurance coverages.

GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.


ICICI BANK: RBI Lifts Ban on Branch Expansion
---------------------------------------------
The Reserve Bank of India permitted ICICI Bank to open new
branches and set up off-site automated teller machines, lifting
off the ban the regulator imposed on branch expansion, the
Business Standard reports.

ICICI is one of the banks tainted in the initial public offer
allotment scam, along with HDFC Bank, Citibank, Standard
Chartered Bank, Industrial Development Bank of India, ING Vysya
Bank, Vijaya Bank, Indian Overseas Bank, and Bharat Overseas
Bank.  Since the RBI imposed the penalty, none of these banks
has been allowed to open new branches.

ICICI has not disclosed yet the number of branches it plans to
open.

RBI Governor YV Reddy last month said that the RBI would allow
these banks to open new branches once it was convinced about the
improvements in their risk control systems, Business Standard
relates.  

                         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: Loses US$11 Million Daily on Fuel Sales
---------------------------------------------------
Indian Oil Corporation is losing US$11 million per day on its
sales of all fuel products except petrol, the Islamic Republic
News Agency reports, citing a statement made by company Chairman
Sarthak Behuria.

As for petrol sales, Indian Oil gains a profit at INR4 per
liter.

According to the report, Mr. Behuria also states that Indian
Oil:

   -- continues to lose INR1.50 per liter on its sales of diesel
      and INR12 per liter on kerosene; and

   -- is losing INR114 per cylinder on its sales of liquefied
      petroleum gas.

Indian Oil's gross refining margin currently is at US$4.2 per
barrel, IRNA notes.

                   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.


INDUSTRIAL DEVELOPMENT BANK: Inks Part-Financing MOU with DVC
-------------------------------------------------------------
Industrial Development Bank of India Limited entered into a
Memorandum of Understanding with Damodar Valley Corporation, on
October 31, 2006, for part-financing the latter's prospective
investment plans, estimated at around INR20,000 crore.

The MoU was signed by Shri Pradip Roy, Executive Director, IDBI
and Shri T.K. Gupta, Director (Accounts), DVC at IDBI's
Corporate Office in Mumbai.  Shri V P Shetty, Chairman and
Managing Director, IDBI, Sri A.K.Barman, IAS, Chairman,
DVC, Shri Jitender Balakrishnan, DMD, IDBI, and Shri Balkrishan
Batra, CGM, IDBI were also present on the occasion.

In terms of the MoU, IDBI would act as the Arranger and
Investment Banker for DVC's upcoming power and transmission
projects on mutually acceptable terms and conditions.

The scope of work includes mobilizing and raising funds through
various financial instruments, syndication of rupee term loans,
foreign currency loans, export credits and providing project-
related advisory services.  The MoU will be in vogue till
March 31, 2012.

DVC has chalked out an ambitious program of capacity addition of
4500 MW directly and 1500 MW through the Joint Venture route in
West Bengal and Jharkand during the 11th 5-year plan period at
an estimated cost of INR20,000 crore.  The fund requirement
would be met though internal accruals of INR6,000 crore and term
debt of INR14,000 crore.

Speaking on the occasion, Shri V.P. Shetty, Chairman and
Managing Director, IDBI, said, "As the pioneering entity in the
infrastructure financing area, IDBI can provide the necessary
support and expertise, in the area of both, fund and non-fund
based services, to address the customized needs of DVC for
boosting power generating capacity in the country.  This is in
keeping with IDBI's secular commitment to be the trusted partner
in the nation's progress."

Sri A.K.Barman, IAS, Chairman, DVC added "Since IDBI is a big-
ticket lending institution with rich experience as a merchant
banker as well, DVC is expecting innovative funding options from
IDBI under both Bond and Loan Syndication routes".

                            About DVC

DVC is the first Multi-Purpose River Valley Project of India and
is engaged in generation, transmission and distribution of power
in the eastern part of India.  DVC is a 100% Government-owned
Corporation (jointly owned by the Central Govt. and the Govt. of
West Bengal and Jharkhand) formed under the DVC Act 1948.  DVC
also facilitates irrigation, flood control and efficient
drainage in Damodar River and is a catalyst for the socio-
economic and industrial development of its command area, which
covers the states of Jharkhand and West Bengal.

At present, DVC has a total installed capacity of 2796.5 MW.  
The major power generation units are located at Mejia and
Durgapur in West Bengal and at Chandrapura and Bokro in
Jharkhand.  It caters to the power requirements of all major
industries like steel, coal, cement etc.  It also supplies power
to SEBs, Calcutta Electric Supply Corporation, Railways, etc.

During FY 2005-06, DVC achieved total revenue of INR4,694 crore
and profit after tax of INR1,066 crore.

               About Industrial Development Bank

Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com/-- is a commercial bank that   
offers a range of products, including secured loans, such as
housing loans, mortgage loans and loan against securities, and
unsecured loans, such as personal loans, educational loans and
overdrafts to merchant establishments.  It also distributes
third-party products, such as insurance and mutual fund products
to its retail customers.  IDBI also offers project financing,
film financing, equipment financing, asset credits, corporate
loans, working capital loans, direct discounting, the financing
of receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

Pursuant to a government-approved scheme of amalgamation, the
business, properties, assets and liabilities of United Western
Bank, a private sector bank, was transferred to IDBI effective
October 3, 2006.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have stable outlooks.  The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.

Additionally, Standard & Poor's Ratings Services gave IDBI's
long-term foreign issuer credit a BB+ rating on April 19, 2006.


ITI LTD: Ravi Agarwal Assumes Director-Production Post
------------------------------------------------------
ITI Ltd informed the Bombay Stock Exchange that Shri Ravi
Agarwal has been appointed as Director-Production on the
company's board of directors effective starting October 31,
2006.

Mr. Agarwal, a telecom professional, joined ITI in 1985.  He
held various senior management positions the last of which was
General Manager and Executive Project Director for GSM based in
Mumbai.

                          About ITI Ltd.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a  
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 3, 2006, Fitch Ratings assigned final National ratings
of 'D(ind)(SO)' to  ITI's INR550 million 'J-1' Series long-term
bonds.

Credit Analysis and Research Limited has revised the rating
assigned to the 'M' series long term bond issue of ITI Limited
to CARE D (SO) Single D (Structured Obligation) from CARE AAA
(SO) with Credit Watch.


JIK INDUSTRIES: INR1 Equity Shares to be Consolidated
-----------------------------------------------------
JIK Industries Ltd's board of directors, at its meeting held on
November 8, 2006, resolved that all of the company's authorized
equity shares with a value of INR1 each will be consolidated
into one equity share with a value of INR10 each fully paid up
by consolidating every 10 fully paid equity share of INR1 each
into one equity share of INR10 each.

The consolidation will take effect from the date to be decided
by the board, subject to the approval from shareholders and
concerned authorities.

                      About JIK Industries

Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade non-  
lead crystalware segment and is the only organized player in the
country.  JIK has had over seven years of experience in
manufacturing and marketing crystal.  Its products include
crystal glassware such as, glass tumblers, bowls, stemware,
showpieces, vases, etc, manufactured at Balkum, Thane,
Maharashtra.  The company had collapsed following accidents at
its chemical waste recycling plant and at its crystal-making
unit.  The Company, which had diversified interests -- crystal
making, money changing and chemical waste recycling -- was
forced to exit the money changing business after its net worth
was eroded.  Under the Reserve Bank of India stipulations
companies whose net worth was eroded were not allowed to
continue in the money changing business.  
  
On April 17, 2006, the Corporate Debt Restructuring Committee
has approved JIK's debt-restructuring package.  The CDR package
has entitled the Company to a INR105-million debt waiver, in
addition to the reduction in loan interest rate to 9% and FITL
interest rate to 6%.  The package allowed the Company to
complete the major part of its debt and business restructuring.  
So far, the Company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the Company will
remove and reduce approximately 48% of outstanding debt and
increase Share Capital and Network.


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

ALCATEL SA: Soliciting Consents to Amend Lucent's Indenture
-----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc., have commenced a
joint solicitation of consent from holders of record as of
Nov. 10, 2006, of:

   -- Lucent's 2.75% Series A Convertible Senior Debentures due
      2023; and

   -- Lucent's 2.75% Series B Convertible Senior Debentures due
      2025

to amend the Indenture for the Debentures, in return for a full
and unconditional guaranty from Alcatel, which is unsecured and
subordinated to its senior debt.

The amendment allows Alcatel to provide such information,
documents and other reports that are required to be filed by
Alcatel pursuant to sections 13 and 15(d) of the U.S. Securities
Exchange Act of 1934, to holders of the Debentures, instead of
having to produce separate statements for Lucent after the
completion of the merger.

The consent solicitation will expire at 5:00 p.m. (EST),
Nov. 29, 2006, unless extended.  Alcatel's obligation to provide
its guaranty is contingent upon the receipt of consent for the
proposed amendment from the holders of a majority in aggregate
principal amount of each of the Debentures, as well as the
completion of the proposed merger transaction between Alcatel
and Lucent.

The terms and conditions of the consent solicitation are
contained in the Offer to Guarantee and Joint Consent
Solicitation Statement. Holders of the Debentures can obtain
copies of this document and the related Letter of Consent from:

         D.F. King & Co., the Information Agent,
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at

         Bear, Stearns & Co. Inc.
         Tel: +1 (877) 696-BEAR (toll-free)

                   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.

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                         About Alcatel

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

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

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


ALCATEL SA: Wins Mobile Expansion Deals from Chinese Telecoms
-------------------------------------------------------------
Alcatel S.A. has been awarded a mobile NGN and a GSM expansion
contracts by Hebei Unicom, a subsidiary of China Unicom and by
Anhui Mobile, a subsidiary of China Mobile.

In the framework of the contract, Alcatel will deploy its
industry leading Alcatel 5020 wireless call server for Hebei
Unicom' NGN network.  Once deployed, this Next Generation
network will serve 1.3 million subscribers located in four of
Hebei province's key cities -- Shi Jiazhuang, Xingtai, Handan
and Tangshan.

In addition, Alcatel will provide its industry leading 7750
Service Router and 7710 Service Router to transport NGN traffic
and signaling data with carrier grade reliability over a
converged IP/MPLS network.

The contract with Anhui Mobile marks the 10th GSM network
expansion program that Anhui Mobile has undertaken.  Under the
terms of the contract, Alcatel will supply and install its
industry leading Evolium end-to-end mobile network solution,
enabling the operator to meet the enhanced requirements of high-
quality voice, GPRS and value-added services.  Alcatel will also
provide the Alcatel 5020 wireless call server that will serve
some 1.6 million subscribers located in the cities of Fuyang,
Bozhou and Huaibei.

The project will be completed at the end of 2006.

"We see the increasing market demand for advanced mobile
network's functionality and reliability, which drives us to
innovate our existing network," said Zhu Ping, General Manager
of Hebei Unicom. "We believe Alcatel's advanced technology and
good service support will help us to meet the needs of our
customers."

"We are very proud of being selected by China Unicom and China
Mobile, the two large operators in China market, " said Marc
Rouanne, chief operating officer of Alcatel's mobile
communications activities. "These contracts further prove
customers' confidence in our products, and provide strong
evidence of Alcatel's leading position in mobile market," he
added.

                         About Alcatel

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

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

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


BANK PERMATA: Offers 2.25 Percentage Points Coupon for Bonds
------------------------------------------------------------
PT Bank Permata Tbk will offer a coupon up to 2.25 percentage
points, higher than that on similar government bonds for the
IDR500-billion 10-year bonds that it plans to offer in December,
The Jakarta Posts says.

As reported by Troubled Company Reporter - Asia Pacific on
November 16, 2006, Bank Permata held a public offering for
subordinate bond I worth IDR500 billion (US$50 million).

The TCR-AP report stated that, according to Bank Permata
Director Stewart D. Hall, the bond issuance was aimed at finding
long-term financial sources and strengthening the bank's capital
structure.

Bank Permata will pay investors annual interest of between 1.5
and 2.25 percentage points more than that on the government's
eight-year bonds maturing in 2011, which it is using as a
benchmark, The Post cites Permata as saying in a statement.

The Post relates that the government bonds pay a fixed coupon of
12%.

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

According to the TCR-AP report, the bond carries an interest
rate based on the interest rate of the bond of FR22 plus 150 to
225 base points.

The Post says that the bond sale is expected to run over from
Dec. 7-11, 2006, with the bonds being tradeable on the Surabaya
Stock Exchange by December 15.

On the back of its satisfactory results for this year's third
quarter, Permata will be looking to build demands for the bonds,
while benefiting as well from the central bank's recent rate
cuts, from 12% at the beginning of the year to 10.25%, which
makes debt cheaper.

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.


EUROPCAR GROUPE: Inks Strategic Alliance with Vanguard Car
----------------------------------------------------------
Vanguard Car Rental Holdings LLC, operating under the National
Car Rental and Alamo Rent A Car brands, entered into a strategic
alliance with Europcar Groupe S.A. to provide a global car
rental solution to corporate and leisure customers.

"Our partnership with Europcar will enable us to better serve
our customers and provide them with a competitive global
alternative in the car rental market," William E. Lobeck,
President and Chief Executive Officer of Vanguard disclosed.

"They will also benefit from having access to an enhanced
network that will truly deliver the highest quality car rental
experience worldwide for our National Car Rental and Alamo Rent
A Car customers," he added.

"Europcar and Vanguard share a common vision of the vehicle
rental market and today we are forging an alliance that will
enable us to offer our clients a premium quality service
anywhere in the world," Salvatore Catania, CEO of Europcar
expressed.

Under the alliance, National, Alamo and Europcar will be
operating in over 150 countries with access to nearly 6,000
locations and a fleet of over 500,000 vehicles.

As a part of this alliance, Vanguard also entered into a
definitive agreement with Europcar to sell the equity of its
subsidiary, Vanguard Car Rental EMEA Holdings Ltd., which
operates in Europe, the Middle East and Africa.  

The sale is subject to regulatory approvals and other customary
closing conditions.  The transaction is expected to close in the
first quarter of 2007.

               About Vanguard Car Rental Holdings LLC

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company  
operator of the National Car Rental and Alamo Rent A Car brands.  
It has more than 3,200 locations in 83 countries, including the
United States, Canada, Mexico, Europe, the Caribbean, Latin
America, Asia, the Pacific Rim, Africa, the Middle East and
Australia.

                       About Europcar

Headquartered in Paris, France, Europcar --
http://www.europcar.com/-- is a leading European rental car  
companies with reported sales of EUR1.3 billion in 2005.  Its
network comprises over 2,950 rental outlets in over 145
countries throughout Europe, Africa, the Middle East, Latin
America and the Asia-Pacific region.  The Group has a workforce
of 5,600.

Worldwide locations include Indonesia, France, and Uruguay.

The French investment company Eurazeo has a majority holding in
the company, via the Europcar Group.  


EUROPCAR GROUPE: Acquisition Plan Cues Moody's to Review Ratings
----------------------------------------------------------------
Moody's Investors Service placed the Ba3 Corporate Family
Rating, the B1 rating of the subordinated secured notes and the
B2 rating of the senior subordinated notes of Europcar Groupe
S.A. on review for possible downgrade.  

The review was prompted by the announcement of Europcar that it
plans to acquire the European businesses of U.S. car rental
group Vanguard.

Christian Hendker, the lead-analyst at Moody's for Europcar
said: "The review for a possible downgrade will evaluate if the
expected improvements in Europcar's business profile and cash
flow generation ability as a result of the acquisition are in
line with the increased absolute financial debt, given that
Europcar's debt protection measures before the transaction --
with Debt to EBITDA levels of around 5.6 times expected for 2006
- have been weak for the Ba3 Corporate Family Rating category".

Moody's expects that the acquisition on the one hand will
improve Europcar's position in relation to several factors that
are critical to the analysis of Rental Car companies such as:

   -- scale,

   -- market position,

   -- diversification, and

   -- the ability to improve the cost structure due to
      synergy potential.

On the other hand, while preliminary information provided by
Europcar indicates that the key leverage metric Debt to EBITDA
(based on expected 2006 proforma results) may slightly improve,
the transaction results in higher absolute debt levels requiring
greater visibility of stable cash flow generation also of the
acquired business.  The review will therefore assess the medium
term cash generation ability of the enlarged entity and the
impact on Europcar's capital structure and cash flow-to-debt
ratios, which are weak for the current rating category.

Moody's review will focus on:

   (1) the expected improvements to the business profile
       of Europcar's enlarged European operations;

   (2) the expected synergies from the acquisition, its
       impact on medium term operating performance levels
       and cash generation ability of Europcar, and

   (3) impact on the financial leverage and the pace at
       which deleveraging through cash generation over the
       next few years will reduce acquisition debt.  The
       review will also focus on the yet to be finalized
       funding structure of the acquisition and the impact
       on the existing bondholders of Europcar.

The acquisition is anticipated to be closed in the first quarter
of 2007, at which time Moody's expects to conclude the review
process.

The most recent rating action for Europcar was on May 2, when
the ratings have been assigned.

Headquartered in Paris (France), Europcar is one of the leading
European rental car companies with reported sales of
EUR1.3 billion in 2005.  Worldwide locations include Indonesia,
France, and Uruguay.


PAKUWON JATI: Moody's Affirms 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed its B2 corporate family
rating for PT Pakuwon Jati, Tbk (Pakuwon) and its B2 senior
secured rating for Pakuwon Jati Finance BV following the
completion of the company's USD110 million bond issuance.  At
the same time, both ratings have been removed from their
provisional status.  The bonds are guaranteed by Pakuwon, as
well as PT Artisan Wahyu which will become Pakuwon's subsidiary
upon the completion of the acquisition of newly issued shares
from AW.  The outlook for both ratings is stable.

"The reduction in the size of the bond issuance to US$110
million from US$120 million will have limited impact on
Pakuwon's financial profile," says Moody's lead analyst for
Pakuown, Jeffrey Lam.  "The net proceeds of the bonds will be
used to acquire equity interest in AW and to partly repay
certain existing debts, the amount depending on the company's
liquidity position."

Moody's notes the terms of the bonds have been tightened to
include first priority security rights over Tunjungan Plaza I
and Tunjungan Plaza III developments in Surabaya, Indonesia.  
The offshore and onshore operating accounts of AW which receive
proceeds from strata sales and retail rentals will also be
pledged.  It is Moody's view that these changes will provide
stronger scrutiny over cash usage.

The change of the repayment schedule, from bullet repayment upon
final maturity in November 2011 to installment repayments
commencing November 14, 2009, will in Moody's view have a
minimal impact on Pakuwon's cash flow and liquidity.  Pre-sales
of the Superblock Gandaria project will commence in 4Q 2006, and
the company is projected to generate adequate cash flow for the
installment repayment in 2009.

Headquartered in Surabaya, Indonesia, PT Pakuwon Jati Tbk is
engaged in the development, management and operation of shopping
centres, office buildings, hotels and residential properties,
mainly in Surabaya, East Java.  The company was listed on the
Jakarta Stock Exchange in 1989.


TELKOM INDONESIA: Sells Bonds To Pay IDR1-Trillion Debt
--------------------------------------------------------
PT Telekomunikasi Indonesia Tbk might sell bonds or seek loans
to help pay IDR1 trillion in debt maturing in the middle of
2007, The Jakarta Posts says, citing Telkom's finance director,
Rinaldi Firmansyah.

According to the report, Mr. Firmansyah said that they would
make a decision two months before the debt matures, adding that
Telkom would also use its existing cash to repay the debt.

The Jakarta Post says that Telkom should remain attractive in
the eyes of investors after reporting a 62% rise in its net
profits to IDR9.22-trillion up to the end of the third quarter,
Jakarta Posts reports.

The report relates that Telkom President Arwin Rasyid said the
company currently controls 40% of Indonesia's third generation,
GSM-based mobile phone market and has a total of 1 million
subscribers.  Telkom is now targeting a 60% market share, Mr.
Rashid added, without elaborating.

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-'.


WICAKSANA OVERSEAS: To Convert US$54-Million Debt Into Shares
-------------------------------------------------------------
PT Wicaksana Overseas International plans to issue
991.09 million new shares, aggregating to US$54.08 million, to
its creditors as part of a debt-restructuring scheme, Antara
News says.

According to the report, Wicaksana Overseas said that it also
proposes to convert a US$2.91-million debt into shares in its
unit, PT Wira Logitama Saksama, and to settle the remaining
US$7.58 million in debt through cash installments.

XFN-Asia notes that after the debts are converted into shares,
Wicaksana creditors will then control 78.1% of the company and
will own 99.85% of Wira Logitama.

Wicaskana will hold an extraordinary shareholders meeting on
December 14 to approve proposal, Antara posts

Headquartered in Jakarta, Indonesia, PT Wicaksana Overseas
International Tbk -- http://www.wicaksana.co.id/-- is a
distribution company.  The company distributes food, drinks,
cigarettes and other related products.  The company's
subsidiaries, which are engaged in the general trading business
and the distribution sector, include PT Wicaksana Supra Ekatama
and PT Wira Logitama Saksama.

The Troubled Company Reporter - Asia Pacific reported on
September 1, 2006, that Wicaksana Overseas has a shareholders'
deficit of US$32.88 million.


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

ALITALIA SPA: Posts EUR41-Mln Operating Loss for Third Quarter
--------------------------------------------------------------
The Board of Directors of Alitalia S.p.A approved the company's
third quarter report as of Sept. 30, 2006.

Alitalia Group's operating performance and results during the
third quarter 2006 have not diverged noticeably from the general
picture outlined in the semester report issued on Sept. 13
despite the fact that industrial management has shown some
improvement.  

On that occasion it was pointed out that there was the
possibility of highly critical situations arising mid-term,
unless timely and decisive action was taken to prevent further
deterioration taking place due to changes in the market and
competition.  

Traffic revenues in the third quarter 2006 amounting to EUR1.23
billion have increased by EUR78 million (+6.7%) compared to the
same period last year.  

During the period from January to September 2006, traffic
revenues amounted to EUR3.27 billion showing an increase of
EUR132 million (+4.2%) compared with the same period last year.
   
Total operating revenues in the third quarter amounted to
EUR1.25 billion with a decrease of around EUR43 million compared
to the same period last year (-3.3%), mainly due to splitting
off Alitalia Servizi revenues.  For the same reason, this amount
decreased by roughly EUR79 million in the first nine months of
2006, compared with the first nine months of 2005 when it
reached EUR3.49 million.

Total operating expenditure in the third quarter amounted to
EUR1.296 billion, with an increase of EUR43 million compared
with the same period last year.  It should be pointed out that
if the effect of higher fuel prices compared to the previous
financial period were to be ignored (EUR60 million), this figure
would decrease by roughly EUR17 million, in spite of the
increase in overall capacity of more than 5% (passengers and
cargo), in terms of ton-kilometers offered.  In the first nine
months the total operating expenditure reached EUR3.67 billion,
up by EUR55 million compared to the first nine months of 2006.
  
Because of the negative impact of union unrest on Sept. 7 and 18
and strikes announcements, together with the negative valuation
according to the fair value method for options on future fuel
prices as of Sept. 30, 2006, the operating result for the third
quarter 2006 was negative by about 41 million euros showing a
worsening of around 86 million euros compared to last year
(without these negative effects that are closely linked to
industrial performance, the operating result would have been
positive by about EUR18 million, consequently showing an
improvement on the previous quarters).

Regarding the negative valuation according to the fair value
method mentioned above, it is worth noting that such a value
derives directly from the application of international
accounting principles (IAS-IFRS) and does not have a cash nature
but only an accounting one since it is the result of virtual
appraisal of the options relating to future levels of fuel
prices on a certain date.

Regarding the economic account on the specific date of Sept. 30,
2006, this valuation unfortunately had a negative effect on the   
Group's economic accounting in spite of the fact that fuel
prices reached an all-time high during the quarter.  This is
simply because the price of fuel on that date was significantly
lower than the previous valuation made on June 30, 2006.   

During the first nine months of the year, the Group reported a
consolidated operating loss of about EUR173 million showing an
increase of around EUR134 million compared to the same period in
2005.  It should be noted that this result stems mainly from the
operating loss reported by the Group for the first quarter 2006
(about EUR129 million representing 75% of the overall loss).  

As of Sept. 30, 2006 financial debt amounted to EUR1.79 billion
and cash, short-term financial credits and other current assets
amounted to EUR715 million.

Total investments during the third quarter 2006 amounted to
EUR10 million, while total investments during the first nine
months of 2005 amounted to EUR148 million.   

The Group's average workforce on the payroll as of Sept. 30,
2006 amounted to EUR10,230 people showing a decrease of 8,639 (-
46% circa) compared to Sept. 30, 2005 thanks to splitting off
Alitalia Servizi (7,639 people) and to increased efficiency
regarding the deployment of resources (-1.000, without taking
into account the workforce of the subsidiary Volare, not
consolidated as of Sept. 30, 2005).   

The Group's workforce on Sept. 30, 2005 amounted to 11,758
people showing a drop of 8,229 compared to the consolidated
figures for the corresponding period in 2005 (mainly due to
splitting off Alitalia Servizi from the Alitalia Group).   

The operating fleet on Sept. 30, 2006 was made up of 185
aircraft of which 156 for short/medium-haul and 29 for long-aul.  

Regarding traffic and network evolution in the passenger sector,
which is the backbone of the Alitalia Group's business, there
was an increase of 0.8% in the number of passengers carried from
July to September (compared to the corresponding quarter last
year and without taking into account traffic increases coming
from Volare) accompanied by an increase in the load factor of
about 1.5 percentage points (from 77.3% to 78.8%).

At the same time, there was an increase in unit revenue (yield)
of 1.7% compared to the third quarter last year, thanks to
excellent performance in the intercontinental sector (+6.5%).

To complete the picture of air transport performance, also worth
noting is the excellent performance of the cargo transport
sector, which reported an 18.7% increase in the quantity of
goods carried during the third quarter.

A positive net operating results is expected for the fourth
quarter 2006, partly due to the effect of significant non-
recurring items.  With reference to the whole year 2006, this
result will make it possible to reduce the consolidated losses
as of Sept. 30, 2006, to a level that, taking into account the
valuation of the derivatives instruments described above, should
be higher than that on Dec. 31, 2005 as well as that on June 30,
2006.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered
EUR93 million in net profits in 2002 after a EUR1.4 billion
capital injection.  The carrier booked consecutive annual net
losses of EUR520 million in 2003, EUR813 million in 2004, and
EUR168 million in 2005.


ATARI INC: Secures Three-Year US$15 Million Credit Facility
-----------------------------------------------------------
Atari Inc. entered into a new three-year secured revolving
credit facility with Guggenheim Corporate Funding, LLC, as the
administrative agent to a syndicate of lenders, which provides
up to US$15 million of credit availability based upon accounts
receivables.

The Company expects that the Guggenheim credit facility will
provide funding for its current and reasonably foreseeable
capital requirements as it relates to working capital needs in
the ordinary course of business.

"The Guggenheim facility provides Atari with the working capital
flexibility to support our day-to-day operations," stated David
Pierce, President and Chief Executive Officer.  "Guggenheim is a
prestigious financial partner and Atari looks forward to
building on this partnership as we continue to execute on our
strategy."

New York-based Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- develops interactive games for all
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include franchises such as The Matrix(TM) (Enter
The Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari, Inc. is a majority-owned subsidiary of France-
based Infogrames Entertainment SA (Euronext - ISIN: FR-
0000052573), the largest interactive games publisher in Europe.

Atari has offices in Brazil, the United Kingdom and Japan.

                          *     *     *

                      Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.


ATARI INC: Earns US$311,000 in Second Quarter Ended Sept. 30
------------------------------------------------------------
Atari Inc. filed its financial results for the fiscal 2007
second quarter ended Sept. 30, 2006, with the United States
Securities and Exchange Commission on Nov. 9, 2006.

Net revenue for the quarter ended Sept. 30, 2006, was
US$28.6 million versus US$38.4 million in the comparable year-
earlier period.

Publishing net revenue was US$23.1 million versus
US$22.6 million in the prior year period, while distribution
revenue was US$5.5 million versus US$15.8 million in the
comparable year-earlier period.

Net income for the fiscal 2007 second quarter was US$311,000,
compared with a net loss of US$25.211 million in the year-
earlier period.

Loss from continuing operations for the second quarter of fiscal
2007 was US$9.5 million compared with a loss from continuing
operations of US$22.3 million in the second quarter of fiscal
2006.

Net revenue for the six-month period ended Sept. 30, 2006, was
US$48.1 million versus US$62.2 million in the comparable year-
earlier period.  

Publishing net revenue was US$32.9 million versus US$35 million
in the prior six-month period, while distribution revenue was
US$15.2 million versus US$27.2 million in the comparable year-
earlier period.

Net loss for the six-month period was US$6.8 million compared
with net loss of US$58 million in the year-earlier period.  Loss
from continuing operations for the six-month period of fiscal
2007 was US$14.1 million compared with a loss of US$52.5 million
in the six-month period of fiscal 2006.

At Sept. 30, 2006, the Company's balance sheet showed
US$116.250 million in total assets, US$49.136 million in total
liabilities, and US$67.114 million in total stockholders'
equity.

"Atari continues to execute on its plans," Atari president and
chief executive officer David Pierce stated.

"First and foremost, we have secured a three year US$15 million
credit facility with Guggenheim Corporate Funding, LLC, a
prestigious financial partner.

"This facility will provide Atari with flexibility on our short-
term working capital needs.  Secondly, with the sale of the
Shiny development studio, we have completed the divesture of our
internal development studios streamlining our development
operations.

"Finally, we are realizing the results of our previously
announced cost reduction plans as general and administrative
expenses are down 31%."

Mr. Pierce continued, "As we enter into our holiday season,
Atari continues to deliver by releasing high-quality products to
our consumers that utilize next-generation capabilities.

"We look forward to launching new products such as Dragon Ball
Z: Budokai Tenkaichi 2 for Nintendo Wii and continuing to build
on the world-wide success of Test Drive Unlimited and Never
Winter Nights 2, both of which take advantage of opportunities
on-line," Mr. Pierce added.

Atari's product lineup for the remainder of fiscal 2007 is
expected to include:

   -- Arthur and the Invisibles (PlayStation(R)2 computer
      entertainment system, Nintendo DS(TM), Game Boy(R) Advance
      and Windows),

   -- Bullet Witch(TM) (Xbox 360(TM) video game and
      entertainment system from Microsoft),

   -- Dragon Ball Z(R): Budokai Tenkaichi(TM) 2 (Nintendo(R)
      Wii),

   -- DUNGEONS & DRAGONS(R): Tactics(TM) (PSP(R) (PlayStation(R)
      Portable) system), and

   -- HOT PXL (PSP(R) (PlayStation(R) Portable) system), among
      others.

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

                http://ResearchArchives.com/t/s?1527

                        Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Atari,
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the for the fiscal years
ended March 31, 2006 and 2005.  The auditing firm pointed to
Atari's significant operating losses and the expiration of its
line of credit facility.

                         About Atari Inc.

New York-based Atari, Inc. (Nasdaq: ATAR) --
http://www.atari.com/-- develops interactive games for all
platforms and is one of the largest third-party publishers of
interactive entertainment software in the U.S.  The Company's
1,000+ titles include franchises such as The Matrix(TM) (Enter
The Matrix and The Matrix: Path of Neo), and Test Drive(R); and
mass-market and children's franchises such as Nickelodeon's
Blue's Clues(TM) and Dora the Explorer(TM), and Dragon Ball
Z(R).  Atari, Inc. is a majority-owned subsidiary of France-
based Infogrames Entertainment SA (Euronext - ISIN: FR-
0000052573), the largest interactive games publisher in Europe.

Atari has offices in Brazil, the United Kingdom and Japan.


FORD CREDIT: S&P Assigns BB+ Rating on Class D Notes
----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Ford Credit Auto Owner Trust 2006-C's US$3.02 billion
asset-backed notes series 2006-C.
     
The preliminary ratings are based on information as of Nov. 14.  
Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.
     
The preliminary ratings reflect the credit support, including
the subordination of 7.0% for class A, 4.0% for class B, and
2.0% for class C (as a percentage of the adjusted principal
balance); the excess spread; and a nonamortizing, fully funded
reserve account equal to 0.5% of the initial gross pool balance.
The payment structure also features a turbo mechanism through
which the excess spread, after covering losses, will be used to
pay the securities until the requisite overcollateralization is
reached.
        
                 Preliminary Ratings Assigned
              Ford Credit Auto Owner Trust 2006-C
   
          Class          Rating       Amount (mil. US$)
          -----          ------       ------
          A-1            A-1+         664
          A-2A           AAA          530.721
          A-2B           AAA          530.720
          A-3            AAA          509.551
          A-4A           AAA          288.419
          A-4B           AAA          288.419
          B              A+           88.795
          C              BBB+         59.196
          D              BB+          59.196


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

BOE HYDIS: Chapter 15 Petition Summary
--------------------------------------
Petitioner or
Foreign
Representative: Hae Sung Park
                Grandville 211-dong, Suite No. 302
                #111 Koomi-dong
                Bundang-gu
                Sungnam-si
                South Korea

Debtor: BOE Hydis Technology Co., Ltd.
        San 136-1 Ami-ri, Bubal-eub
        Icheon-si Gyeonggi-do 467-701
        South Korea

Case No.: 06-52334

Type of Business: The Debtor manufactures TFT-LCD screens and
                  monitors, tablet PCs, laptops and notebooks.
                  The Debtor licenses their AFFS LCD technology
                  to a number of high profile electronics firms,
                  such as Samsung, Siemens, IBM, Dell, LG, and
                  Hewlett-Packard.  See http://www.boehydis.com/

Chapter 15 Petition Date: November 14, 2006

Court: Northern District of California (San Jose)

Judge: Roger L. Efremsky

Petitioner's Counsel: Lawrence Peitzman, Esq.
                      Peitzman, Weg and Kempinsky LLP
                      10100 Santa Monica Boulevard, Suite 1450
                      Los Angeles, CA 90067
                      Tel: (310) 552-3100

Estimated Assets: More than US$100 Million

Estimated Debts:  More than US$100 Million


BOE HYDIS: Seeks U.S. Chapter 15 Protection
-------------------------------------------
BOE Hydis Technology Co., Ltd., through its court-appointed
receiver, Hae Sung Park, filed a petition pursuant to Chapter 15
of the United States Bankruptcy Code with the U.S. Bankruptcy
Court for the Northern District of California, San Jose
Division.

The petition, filed on November 14, 2006, seeks recognition as a
"foreign main proceeding" the corporate rehabilitation of BOE
Hydis under the Korean Act on Rehabilitation and Bankruptcy,
pending in the Seoul Central District Court, First Bankruptcy
Division.

                        Korean Proceeding

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 26, 2006, BOE Hydis initiated the Korean Proceeding, on
September 8, when it submitted its petition for corporate
rehabilitation before the Seoul Central District Court.

BOE Hydis decided to go into corporate rehabilitation when it
began suffering liquidity problems in early 2006 and defaulted
on certain debt obligations, Lawrence Peitzman, Esq., at
Peitzman Weg & Kempinsky LLP, relates

The Korean Court accepted on September 29, 2006, the petition
for corporate rehabilitation and appointed Mr. Park as receiver
for the Debtor.

                      Honeywell Litigation

BOE Hydis is a defendant in a litigation pending in the District
Court of Delaware, captioned "Honeywell International, Inc., et
al. v. Apple Computer, Inc., et al."  The Debtor was represented
in the Honeywell Litigation by the firms of Potter, Anderson &
Corroon and Baker & McKenzie.  

After the Debtor commenced its Korean Proceeding, Potter
Anderson and Baker McKenzie sought an order from the District
Court in Delaware authorizing them to withdraw as counsel for
the Debtor in the Honeywell Litigation.  On November 6, 2006,
the District Court entered a minute order granting the
withdrawal request.

                Chapter 15 Protection is Necessary

Chapter 15 codifies a comprehensive framework through which
representatives in corporate insolvency proceedings outside the
U.S. can obtain access to the United States courts.

Under Chapter 15, a company or court-appointed liquidator or
examiner may seek a U.S. bankruptcy court's recognition of a
foreign bankruptcy case as the main, or controlling, proceeding.

Because participating in the Honeywell Litigation is burdensome
for the Debtor while it undergoes its reorganization in Korea,
especially in light of the fact that the Debtor at present has
no counsel in the Honeywell Litigation, Mr. Park believes
Chapter 15 protection is necessary.

BOE Hydis has established each of the conditions to recognition
of the Korean Proceeding as a foreign main proceeding, Mr.
Peitzman asserts.  

Mr. Peitzman argues, among others, that the Korean Proceeding is
a foreign main proceeding because it is a judicial proceeding in
Korea under a law relating to insolvency or adjustment of debt
in which proceeding the assets and affairs of the Debtor are
subject to control or supervision by the Korean Court for
purposes of reorganization or liquidation.  Korea is also center
of the Debtor's main interests, Mr. Peitzman adds.

                   About BOE Hydis Technology

Headquartered in Seoul, South Korea, BOE Hydis Technology
Company, Limited, -- http://www.boehydis.com/-- develops,  
manufactures and distributes flat panel display products for a
wide range of applications, including laptop computers, Tablet
PC's, monitors, medical, avionic and car navigation systems.
China's BOE Technology Group Co. acquired the Company from
Korea's Hynix Semiconductor Inc. in 2003.  BOE Hydis is one of
the ten largest LCD manufacturers in the world and has over
1,000 employees in China, Germany, Japan, Korea, Singapore,
Taiwan, and the United States.

As reported by the Troubled Company Reporter - Asia Pacific, BOE
Hydis applied for corporate rehabilitation on September 8, 2006,
with the Seoul Central District Court.


LUCENT TECHNOLOGIES: Soliciting Consents to Amend Indenture
-----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc., have commenced a
joint solicitation of consent from holders of record as of
Nov. 10, 2006, of:

   -- Lucent's 2.75% Series A Convertible Senior Debentures due
      2023; and

   -- Lucent's 2.75% Series B Convertible Senior Debentures due
      2025

to amend the Indenture for the Debentures, in return for a full
and unconditional guaranty from Alcatel, which is unsecured and
subordinated to its senior debt.

The amendment allows Alcatel to provide such information,
documents and other reports that are required to be filed by
Alcatel pursuant to sections 13 and 15(d) of the U.S. Securities
Exchange Act of 1934, to holders of the Debentures, instead of
having to produce separate statements for Lucent after the
completion of the merger.

The consent solicitation will expire at 5:00 p.m. (EST),
Nov. 29, 2006, unless extended.  Alcatel's obligation to provide
its guaranty is contingent upon the receipt of consent for the
proposed amendment from the holders of a majority in aggregate
principal amount of each of the Debentures, as well as the
completion of the proposed merger transaction between Alcatel
and Lucent.

The terms and conditions of the consent solicitation are
contained in the Offer to Guarantee and Joint Consent
Solicitation Statement. Holders of the Debentures can obtain
copies of this document and the related Letter of Consent from:

         D.F. King & Co., the Information Agent,
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at

         Bear, Stearns & Co. Inc.
         Tel: +1 (877) 696-BEAR (toll-free)

                         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.

                          *     *     *

Moody's Investors Service placed Lucent Technologies, Inc.'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.


NOVELIS INC: Transferring Rights on Power Plants to Gerdau Acos
---------------------------------------------------------------
Novelis Inc. has received pre-authorization to transfer to
Gerdau Acos Longs SA, Gerdau SA's unit, rights on the
development and operation of two hydroelectric power plants in
Brazil, Business News Americas reports.

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2006, Novelis received pre-authorization from Brazil's
National Electric Energy Agency to transfer its rights on the
two plants at Cacu and Barra dos Coqueiros to Gerdau Acos.  The
hydroelectric rights represent a combined generating capacity of
155 megawatts.  Novelis had also received combined proceeds of
US$35 million associated with the divestments and expects to
recognize a pre-tax gain of around US$26 million in
the fourth quarter of 2006.  The divestments were part of an
exploration of alternatives for Novelis' non-core, upstream
operations in Brazil.

Novelis South America operates two rolling plants and primary
production facilities in Brazil.  The company's Pindamonhangaba
rolling and recycling facility in Brazil is the largest aluminum
rolling and recycling facility in South America and the only one
capable of producing can body and end stock.  The plant recycles
primarily used beverage cans, and is engaged in tolling recycled
metal for its customers.

                        About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the North American
Metals & Mining sectors, the rating agency confirmed its B1
Corporate Family Rating for Novelis Inc.

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

Issuer: Novelis Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $500 Million
   Guaranteed
   Senior Secured
   Revolving Credit
   Facility               Ba3      Ba2     LGD2       24%

   $312 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%

   $1.4 Billion
   7.25% Guaranteed
   Senior Unsecured
   Notes                  B2       B3      LGD5       76%

Issuer: Novelis Corporation

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   $543 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%


SHINHAN BANK: To Sell Stake in Daewoo Engineering
-------------------------------------------------
On November 13, 2006, Shinhan Bank decided to sell 8,907,652
common shares of Daewoo Engineering & Construction, the Bank's
parent, Shinhan Financial Group, disclosed in a filing with the
United States Securities and Exchange Commission.

According to the filing, the decision was made after a
resolution by Daewoo Engineering's creditors committee.

The Daewoo Engineering stake will be sold for KRW26,262 per
share, or at an aggregate sales price of KRW233.94 billion.

The sale by Shinhan Bank and other Daewoo Engineering creditors
is expected to take place on December 15, 2006.  After the sale,
Shinhan Bank will not own any shares of Daewoo Engineering.

                     About Shinhan Bank

Headquartered in Taepyeong-no, Seoul, Shinhan Bank --
http://www.shinhan.com/-- was established in 1982 with capital  
from Korean residents in Japan.  It is Korea's fourth largest
bank by assets -- second largest after merging with Chohung Bank
-- holding a 9% share of deposits and 11% of loans.  The bank
has developed a strong franchise in the consumer as well as
small and medium-sized enterprise segments.  In September 2001,
it formed a holding company, Shinhan Financial Group, under
which it and five other affiliates became stable companies.
Since then, the Shinhan Financial Group has expanded its
organizational structure to include 11 subsidiaries and is now
Korea's second largest financial group.

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2006, that Moody's Investors Service has raised
Shinhan Bank's Bank Financial Strength Rating to D+ from D.  The
revised rating carries a stable outlook.  The higher BFSR
reflects the bank's sustained financial fundamentals upon its
merger with affiliate Chohung Bank.

Despite Moody's initial concerns, Chohung Bank's credit-
worthiness under its parent, Shinhan Financial Group, has
improved substantially.  Therefore, the absorption of Chohung
Bank into Shinhan Bank will not dilute the financial health of
the combined bank as greatly anticipated at the time of the
acquisition.  Nonetheless, the financial fundamentals place
Shinhan Bank at the low end of the rating band.


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

ELECTRONIC DATA: Moody's Affirms Ratings on Improved Margins
------------------------------------------------------------
Moody's Investors Service affirmed Electronic Data Systems
Corp.'s Ba1 rating and has revised its rating outlook to
positive from stable.

The rating outlook revision reflects:

   -- EDS's reduction of cash outflows associated with
      large commercial and governmental problem
      contracts, including Navy,

   -- growth in organic revenue and new business
      contract signings,

   -- improvement in operating margins to in excess of 3%, and

   -- containment of capital expenditures to less than 10%
      of revenues with a concurrent reduction of CFT off
      balance sheet capital financing program usage.

EDS's Ba1 rating reflects:

   -- its leading market position in commercial I/T outsourcing,

   -- an industry prone to technical execution risks,

   -- a concentrated set of large client contracts,

   -- a shift toward smaller contract parceling, and

   -- offshore competition.

EDS maintains its franchise breath as one of the largest I/T
services companies worldwide and its cash flows are improving.
However, its sizeable financial leverage adjusted for operating
leases and under funded pensions and low net cash asset returns
have constrained its rating.

According to Vice President/Senior Analyst John Moore, "A
positive overall I/T services industry outlook and EDS's
increasing offshore footprint support the potential for the
company to maintain a book to bill ratio of around 1:1 and
improve its operating margins to 6% in 2007."

                  What Could Drive the Rating Up

    * operating margins adjusted by Moody's for pensions
      and under funded leases meet or exceed 6% in
      FY 2007 (versus 4.2% LTM September 2006 operating
      margin adjusted by Moody's for leases and under
      funded pensions),

    * Moody's gains further confidence in the
      performance stability of EDS's large contracts,
      including developmental stage contracts with
      prospective milestones (such as MOD) and recently
      renewed contracts (such as DWP, GM, and Navy),

    * the ratio of debt to EBITDAR less capital
      expenditures adjusted by Moody's for operating leases
      and under funded pensions is 5.5x or less (versus the
      6.5x September 2006 ratio of debt to EBITDAR less
      capital expenditures adjusted by Moody's for leases
      and under funded pensions) and,

    * the company continues to sign a consistent amount
      of contracts approximating US$20 billion or more on an
      LTM basis.

                 What Could Drive the Rating Down

Given the positive rating outlook, a rating downgrade is
unlikely at the present time.  A revision of the rating outlook
back to stable could occur if:

    * organic revenues and new business contract
      signings decline in excess of 5% on an annual basis,

    * gross capital expenditures exceed 10% of revenues on
      an annual basis, or

    * the company experiences weakening contract
      performance such that operating margins with
      Moody's adjustments for leases and under funded
      pensions decline to 3% or less on an annual basis.

Headquartered in Plano, Texas, Electronic Data Systems Corp. --
http://www.eds.com/-- is a leading provider of I/T services  
worldwide.

The company has operations in Malaysia, Argentina, Australia,
Brazil, Mexico and Singapore.


INTERPUBLIC GROUP: S&P Assigns B Rating on US$400-Mln Sr. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' rating to the
proposed US$400 million 4.25% convertible senior notes due 2023
of Interpublic Group of Cos. Inc., which are being issued on a
private basis in exchange for the same principal amount of its
old, 4.5% convertible senior notes due 2023.  

At the same time, the rating on these notes was placed on
CreditWatch with negative implications.  

The new notes differ from the old notes principally in the lower
interest rate, an extension of the date upon which they will be
callable, and an extension of the dates upon which they will be
subject to repurchase at the investor's option.

The ratings on the outstanding debt of Interpublic remain on
CreditWatch with negative implications, where they were placed
on March 22, as a result of declines in Interpublic's core
business and Standard & Poor's reduced confidence in the
company's prospects for cash flow generation.

"We expect to evaluate Interpublic's operating outlook and
business strategies within the next several weeks in order to
complete our CreditWatch review," said Standard & Poor's credit
analyst Deborah Kinzer.  "Rating downside is currently limited
to one notch."

                           Ratings List
                           ------------

Ratings Remaining On CreditWatch

Interpublic Group of Cos. Inc.
   Corporate Credit Rating                 B/Watch Neg/B-3
   Short-Term Credit Rating                B-3/Watch Neg
   Sr Unsecd Debt                          B/Watch Neg

New Rating; CreditWatch/Outlook Action
US$400 Mil 4.25% Sr Unsecd Conv Notes      B/Watch Neg

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading  
organizations of advertising agencies and marketing services
companies. Major global brands include Draft FCB Group,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM, Octagon, Universal McCann and Weber Shandwick.  
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, among others.


INVENSYS PLC: Has GBP251-Mln Stockholders' Deficit at Sept. 30
--------------------------------------------------------------
Invensys PLC reported a GBP165 million net profit on GBP633
million of net revenues for the second quarter ended Sept. 30,
2006, compared with a GBP39 million net profit on GBP604 million
of net revenues for the second quarter ended Sept. 30, 2005.

At Sept. 30, 2006, the Company's balance sheet showed GBP1.95
billion in total assets and GBP2.20 billion in total liabilities
resulting in a GBP251 stockholders' deficit.

Ulf Henriksson, Chief Executive Officer of Invensys plc,
commented: "I am pleased with the overall progress that we have
made in the second quarter which has enabled Invensys to report
another good set of results.  Orders were down slightly in the
quarter mainly due to delays in the receipt of formal awards of
some large contracts in Rail Systems.  At CER, revenue was up 7%
at GBP633 million, operating profit was up 41% at GBP61 million
and operating cash flow excluding legacy items was GBP55
million, representing cash conversion of 90%(6).

"Process Systems and Rail Systems continue to perform well and I
am encouraged that both APV and Controls are demonstrating that
the actions we have taken to improve their performances are
beginning to show results.  In particular, Controls has been
able to improve its underlying performance although there is
weakening in demand within those parts of its business that
serve the U.S. new residential housing market.

"Our balance sheet now reflects the benefits of the 2006
Refinancing and the receipt of the proceeds of the IBS disposal,
resulting in net debt of GBP291 million at the end of the
quarter.

"The Group achieved a good performance in the first half of this
financial year, which has seen some benefits from the continuing
actions being taken within each of the businesses to improve
their performance and reduce the quarterly variability of their
results.  Although the prospects for some of Controls' markets
are unpredictable, the Board remains confident that the Group
will make further progress in the second half of the financial
year."

                         High Yield Bond

In order to reduce interest costs by using surplus cash to
redeem expensive debt, the Group made a tender offer in October
2006 to acquire up to the maximum principal amount of US$180
million of U.S. Dollar 9.875% Notes due 2011.  The tender is
being financed by surplus cash arising mainly from the IBS
disposal.  

At the early tender deadline on Oct. 25, US$256 million in
principal amount had been validly tendered and the offer remains
open until 2:00 p.m. on Nov. 9.  As the tender has been
oversubscribed, valid tenders will be accepted on a pro rata
basis, for settlement on Nov. 10.

Successful completion of the tender offer is expected to reduce
the Group's net cash interest cost by GBP2 million in this
financial year and by GBP6 million next year.  The GBP9 million
premium on redemption of these notes (compared with the GBP5
million premium that would have been paid to redeem the notes
when they became callable in March 2008) will be charged as an
exceptional finance cost in Q3 2006/07, together with the non-
cash write-off of unamortized capitalized costs of GBP3 million.

A full-text copy of the company's financial report for the
second quarter ended Sept. 30, 2006 is available for free at
http://researcharchives.com/t/s?14e1

                        About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and  
process solutions Group operating in more than 60 countries
worldwide, including Brazil, Portugal and Malaysia.  The company
operates through six units: Controls, Process Systems, Rail
Systems, APV, Wonderware, and Eurotherm.  For the 12 months
ended March 31, 2006, Invensys had GBP2.5 billion in total
revenues from continuing operations.  

                          *     *     *

Fitch Ratings assigned U.K.-based Invensys PLC and Invensys
International Holdings Ltd. Issuer Default ratings of BB- and
Short-term ratings of B.  Fitch said the Outlooks are Stable.

At the same time, Fitch assigned Invensys' senior notes a B+
rating and Invensys International Holding Ltd.'s senior secured
loan a BB+ rating.

In July 2006, Moody's Investors Service upgraded the corporate
family rating to Ba3 from B1 following the expected repayment of
around GBP410 million of net debt using proceeds from a GBP341
million rights issue and from the anticipated closing of the
sale of Invensys Building Systems in the U.S. and Asia Pacific
to Schneider Electric S.A. for GBP157 million.  

In January 2006, Standard & Poor's Ratings Services revised its
outlook on Invensys Plc to stable from negative, reflecting an
improvement in the group's near-term prospects, although
significant credit risks remain.  At the same time, all ratings
on the group, including the long-term 'B+' corporate credit
rating, were affirmed.


MALAYSIAN AIRLINE: Four Subsidiaries to be Dissolved on Feb. 6
--------------------------------------------------------------
Malaysian Airline System Bhd discloses that pursuant to the
Companies Act 1965, four of its wholly owned subsidiaries will
be dissolved on the expiry of three months after the company's
filing of Form 69 -- Return by Liquidator Relating to Final
Meeting -- with the Companies Commission of Malaysia and
Official Receiver:

    -- Aircraft Engine Repair and Overhaul (Malaysia) Sdn Bhd;
       incorporated in Malaysia on January 19, 1994.  Operation
       is currently dormant.

    -- MIR Technologies Sdn Bhd; incorporated in Malaysia on
       December 29, 1995.  Operation is currently dormant.

    -- MAS Properties Sdn Bhd; incorporated in Malaysia on
       September 22, 1994.  Operation is currently dormant.
  
    -- MAS Wings of Gold Sdn Bhd; incorporated in Malaysia on
       September 22, 1994.  Operation is currently dormant.

The Form 69 of the subsidiaries was filed on November 7, 2006,
Hence, each would be dissolved effective from February 6, 2007.

The subsidiaries had been voluntarily wound up by the Malaysian
Airline's members on July 26, 2006.

                          *     *     *

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

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


MYCOM BHD: Modifies Agreements with Lenders on Outstanding Debts
----------------------------------------------------------------
Mycom Bhd entered into several agreements on certain of its loan
terms facilities, which debts form part of the total liabilities
to be restructured under the company's restructuring scheme.

In a supplemental pact dated November 13, 2006, Mycom and OCBC
Bank (Malaysia) Bhd agreed to vary the terms of a facility
agreement dated March 26, 1998, for a revolving credit facility
of up to the maximum aggregate principal of MYR10,000,000.

The principal amount together with any interest payable under
the said facility to be restructured is based on the cut off
date as at September 30, 1998, amounted to MYR7,864,265 and will
be settled in full by Mycom in this manner:

    (a) the repayment of RM2,201,994 to OCBC which forms part of
        the total facilities to be restructured amounting to
        RM77,808,384;

    (b) the issuance of MYR1,730,138 nominal amount of
        Irredeemable Convertible Bonds to OCBC;

    (c) the issuance of MYR3,932,133 nominal amount of
        Irredeemable Convertible Unsecured Loan Stocks to OCBC;
        and

    (d) the issuance of 485,821 ordinary shares of MYR1.00 each
        in Mycom and cash payment of MYR336,282 to OCBC as
        compensation for the low/zero interest/coupon rate in
        respect of the Total Restructured Facilities, ICB and
        ICULS.

Also on November 13, a novation agreement was entered between
Pacific Forest Industries Sdn Bhd, Mycom, and Public Bank Bhd,
wherein PFISB will novate and transfer all its rights and
obligations under a debenture -- including various letters of
offer -- dated May 9, 1992, made between PBB and PFIAB for
various credit facilities of up to the maximum aggregate
principal sum of MYR17,000,000 to Mycom, comprising of:

    (a) a fixed loan facility of up to the maximum aggregate
        principal sum of RM10,000,000 (including of a sub limit
        of RM3,700,000 for a letter of credit facility);

    (b) an overdraft facility of up to the maximum aggregate
        principal sum of RM2,000,000; and

    (c) an export credit refinancing facility of up to the
        maximum aggregate principal sum of RM5,000,000.

Mycom and PBB also entered into a supplemental agreement to vary
the terms of the Debenture.  The principal amount together with
any interest payable under the said facility to be restructured
is based on the cut off date as of January 27, 2000, amounted to
MYR6,921,333 and will be settled in full by Mycom's:

    (a) repayment of MYR2,713,162 to PBB which forms part of the
        Total Restructured Facilities;

    (b) issuance of MYR2,131,771 nominal amount of ICB to PBB;

    (c) issuance of MYR2,076,400 nominal amount of ICULS to PBB;

    (d) issuance of 444,407 Mycom shares to PBB as settlement of
        the accrued interest of MYR444,407; and

    (e) issuance of 449,838 Mycom shares and cash payment of
        MYR414,346 to PBB as compensation for the low/zero
        interest/coupon rate in respect of the Total
        Restructured Facilities, ICB and ICULS.

A supplemental agreement dated November 13, 2006, was entered
into between Mycom and RHB Bank Bhd to vary the terms of a
facility agreement dated November 16, 1995, made between the
parties for an overdraft facility and a revolving credit
facility of up to the maximum aggregate principal sum of
MYR10,000,000.

The principal amount together with any interest payable under
the said facility to be restructured is based on the cut off
date as at September 30, 1998, amounted to MYR7,592,296 and will
be settled in full by Mycom through:

    (a) the repayment of MYR4,251,686 to RHB which forms part of
        the Total Restructured Facilities;

    (b) the issuance of MYR3,340,610 nominal amount of ICB to
        RHB; and

    (c) the issuance of 530,085 of Mycom Shares and cash payment
        of MYR649,305 to RHB as compensation for the low/zero
        interest/coupon rate in respect of the Total
        Restructured Facilities and ICB.

Lastly, a novation agreement dated November 13, 2006, was
entered between Mycom, Olympia Industries Berhad and AmBank (M)
Berhad -- formerly known as AmFinance Berhad -- wherein Mycom
will novate and transfer all its rights and obligations under
the loan agreements dated April 10, 1995, and November 16, 1995,
made between Mycom Berhad and AmBank Berhad -- formerly known as
Arab-Malaysian Bank Berhad -- for a Term Loan I facility of up
to the maximum aggregate principal sum of MYR10,000,000 and a
Term Loan II facility of up to the maximum aggregate principal
sum of MYR10,000,000 to OIB.  Pursuant to a statutory vesting
certificate made between ABB and AmBank, all rights, interests,
title of ABB under the loan agreements and pursuant to the
facilities have been transferred to AmBank.

Mycom expects to progressively enter into further agreements for
the balance of the outstanding debts with lenders.

                          *     *     *

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

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


OLYMPIA INDUSTRIES: Updates on Loan Agreement Changes
-----------------------------------------------------
Olympia Industries Bhd, in a disclosure statement submitted
before the Bursa Malaysia Securities, said that it entered into
a novation agreement with Mycom Bhd and AmBank (M) Bhd on
November 13, 2006.

Based on the agreement, Mycom will novate and transfer all its
rights and obligations under the loan agreements entered on
April 10, 1995, and November 16, 1995 by Mycom and AmBank.  The
then loan agreement stipulated a Term Loan I facility of up to a
maximum aggregate principal sum of MRY10,000,000 and a Term Loan
II facility of up to a maximum aggregate principal sum of
MRY10,000,000 to Olympia Industries.  

All rights, interests, title of Arab-Malaysian Bank under the
loan agreements and pursuant to the facilities have been
transferred to AmBank.

On even date, OIB and AmBank entered into a supplemental
agreement to vary the terms of the Facility Agreement.  The
principal amount together with any interest payable under the
said facility to be restructured is based on the cut off date as
of September 30, 1998, amounted to MYR19,860,213 and will be
settled in full by Olympia Industries through:

    (a) the repayment of MYR1,722,410 to AmBank, which forms
        part of the total facilities to be restructured
        amounting to MYR33,992,699;

    (b) the issuance of MYR2,478,590 nominal amount of
        Irredeemable Convertible Bonds to AmBank;

    (c) the issuance of MYR15,659,213 nominal amount of
        Irredeemable Convertible Unsecured Loan Stocks to
        AmBank; and

    (d) the issuance of 1,234,714 ordinary shares of MYR1.00
        each in OIB and cash payment of RM271,340 to AmBank as
        compensation for the low/zero interest/coupon rate in
        respect of the  Total Restructured Facilities, ICB and
        ICULS.

In addition, Olympia Industries also entered into another
supplemental agreement on November 13, 2006, with the Public
Bank Bhd.  The agreement was made to vary the terms of a
facility agreement dated August 20, 1999, made between OIB and
Public Finance Bhd for a fixed loan - revolving credit facility
of up to the maximum aggregate principal sum of MYR31,100,000.

Pursuant to a statutory vesting certificate made between PFB and
PBB, all rights, interests, title of PFB under the facility
agreement and pursuant to the facility have been transferred to
PBB.

The principal amount together with any interest payable under
the facility to be restructured is based on the cut off date as
at August 20, 1999, amounted to MYR31,007,194 and will be
settled in full by OIB through the:

    (a) repayment of MYR7,261,510 to PBB which forms part of the
        Total Restructured Facilities;

    (b) issuance of MYR10,449,490 nominal amount of ICB to PBB;

    (c) issuance of RM13,296,194 nominal amount of ICULS to PBB;

    (d) issuance of 2,264,944 OIB Shares to PBB as settlement of
        the accrued interest of MYR2,264,944; and

    (e) issuance of 2,372,558 OIB Shares and cash payment of
        MYR1,143,941 to PBB as compensation for the low/zero
        interest/coupon rate in respect of the Total
        Restructured Facilities, ICB and  ICULS.

In another agreement dated November 13, 2006, Olympia Industries
and AmBank agreed to vary the terms of a loan agreement dated
October 27, 1997, made between OIB and AmBank for a
MYR70,000,000 credit facility.

The principal amount together with any interest payable under
the said facility to be restructured is based on the cut off
date as at September 30, 1998, amounted to MYR60,997,022 and
will be settled in full by OIB in this manner:

    (a) the repayment of MYR25,008,779 to AmBank which forms
        part of the Total Restructured Facilities;

    (b) the issuance of MYR35,988,243 nominal amount of ICB to
        AmBank;

    (c) the issuance of 10,109,363 OIB Shares to AmBank as
        settlement of the accrued interest of MYR10,109,363; and

    (e) the issuance of 5,710,584 OIB Shares and cash payment of
        MYR3,939,753 to AmBank as compensation for the low/zero
        interest/coupon rate in respect of the  Total
        Restructured Facilities and ICB.

                          *     *     *

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

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


VANGUARD CAR: Inks Strategic Alliance with Europcar Groupe
----------------------------------------------------------
Vanguard Car Rental Holdings LLC, operating under the National
Car Rental and Alamo Rent A Car brands, entered into a strategic
alliance with Europcar Groupe S.A. to provide a global car
rental solution to corporate and leisure customers.

"Our partnership with Europcar will enable us to better serve
our customers and provide them with a competitive global
alternative in the car rental market," William E. Lobeck,
President and Chief Executive Officer of Vanguard disclosed.

"They will also benefit from having access to an enhanced
network that will truly deliver the highest quality car rental
experience worldwide for our National Car Rental and Alamo Rent
A Car customers," he added.

"Europcar and Vanguard share a common vision of the vehicle
rental market and today we are forging an alliance that will
enable us to offer our clients a premium quality service
anywhere in the world," Salvatore Catania, CEO of Europcar
expressed.

Under the alliance, National, Alamo and Europcar will be
operating in over 150 countries with access to nearly 6,000
locations and a fleet of over 500,000 vehicles.

As a part of this alliance, Vanguard also entered into a
definitive agreement with Europcar to sell the equity of its
subsidiary, Vanguard Car Rental EMEA Holdings Ltd., which
operates in Europe, the Middle East and Africa.  

The sale is subject to regulatory approvals and other customary
closing conditions.  The transaction is expected to close in the
first quarter of 2007.

                          About Europcar

Headquartered in Paris, France, Europcar --
http://www.europcar.com/-- is a leading European rental car  
companies with reported sales of EUR1.3 billion in 2005.  Its
network comprises over 2,950 rental outlets in over 145
countries throughout Europe, Africa, the Middle East, Latin
America and the Asia-Pacific region.  The Group has a workforce
of 5,600.

The French investment company Eurazeo has a majority holding in
the company, via the Europcar Group.  

                   About Vanguard Car Rental

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company  
operator of the National Car Rental and Alamo Rent A Car brands.  
It has more than 3,200 locations in 83 countries, including the
Malaysia, United States, Canada, Mexico, Europe, the Caribbean,
Latin America, the Pacific Rim, Africa, the Middle East and
Australia.


VANGUARD CAR: S&P Affirms B+ Rating on Weak Financial Profile
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'B+' corporate credit rating, on Vanguard Car
Rental USA Holdings Inc.  The outlook is stable.  

Vanguard Car Rental Holdings LLC, the parent of Vanguard Car
Rental USA Inc., announced [Mon]day it had entered into a
strategic alliance with Europcar Groupe S.A. that includes the
sale of its Europe, Middle East, and Africa operations to
Europcar, as well as a partnership between the two car rental
companies in which their customers will have access to each
other's operations.  Proceeds from the sale will total EUR670
million.  The sale will result in Vanguard Car Rental USA
remaining as the primary operating entity of Vanguard Car Rental
Holdings.

"The decline in Vanguard Car Rental USA's balance debt of around
US$5 billion is expected to be minimal after a substantial
portion of the proceeds are used to retire the European fleet
debt," said Standard & Poor's credit analyst Betsy Snyder.  "In
addition, Vanguard Car Rental Holdings' annual revenues will
decline by around US$500 million."

The ratings on Tulsa, Okla.-based Vanguard Car Rental USA
reflect a weak financial profile and very aggressive financial
policy, even after the June 2006 recapitalization of the
company.   However, the company's business risk profile does
benefit from its significant presence in the North American on-
airport car rental market.

Vanguard Car Rental USA is the major operating subsidiary of
Vanguard Car Rental Holdings, which is owned by Cerberus Capital
Management L.P.  
After the proposed sale of its European, Middle East, and
African operations, Vanguard Car Rental Holdings' operations
will consist primarily of the National and Alamo brands in the
U.S. and Canada.

Vanguard participates primarily in the on-airport segment of the
car rental industry.  At the top 50 airports in the U.S., the
Alamo and National brands have a combined market share of around
21%, behind Hertz (28%) and a combined Avis and Budget (30%,
both owned by Cendant).  National, which accounts for around 49%
of Vanguard's revenues, focuses on frequent business travelers
(50% of revenues are derived from commercial accounts).  Alamo
(around 51% of Vanguard's revenues) concentrates on leisure and
value travelers at major vacation destinations.  The on-airport
segment of the car rental industry is heavily reliant on airline
traffic.  Demand tends to be cyclical, and can also be affected
by global events such as wars, terrorism, and disease outbreaks.

Vanguard's credit ratios are expected to remain fairly
consistent over the near to intermediate term due to its heavy
debt burden.  If the company were to add substantial equity to
its capital structure, the outlook could be revised to positive.
An outlook revision to negative is considered less likely.

Headquartered in Tulsa, Oklahoma, Vanguard Car Rental Holdings
LLC -- http://www.vanguardcar.com/-- is a car rental company  
operator of the National Car Rental and Alamo Rent A Car brands.  
It has more than 3,200 locations in 83 countries, including the
United States, Canada, Mexico, Europe, the Caribbean, Latin
America, Hong Kong, Malaysia, the Pacific Rim, Africa, the
Middle East and Australia.  


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

AIR NEW ZEALAND: Withdraws Qantas Trans-Tasman Code-Share Deal
--------------------------------------------------------------
In a filing with the New Zealand Stock Exchange, Air New Zealand
advises that it has decided to withdraw its application to the
Australian Competition & Consumer Commission and Ministry of
Transport for approval to operate a code-share with Qantas
Airways on trans-Tasman routes.

Air New Zealand's review of the recent draft judgment from the
ACCC gives it little confidence that its views will be given any
weight when the final ACCC judgment is delivered.

There is a path to appeal the ACCC decision and Air New Zealand
is mindful that the Australian Competition Tribunal over-turned
the previous ACCC negative judgment in regard to Qantas and Air
New Zealand.  Air New Zealand says that the costs of further
delay and uncertainty are now too high in dealing with the
business imperatives in the intensely competitive trans-Tasman
market.

To survive in this market Air New Zealand notes that it must be
fast, nimble and innovative, adapting its business model to
address challenges and opportunities.  Air New Zealand remains
of the view that the proposed code-share was in the best
interests of its customers, was the best solution to address the
surplus capacity on the Tasman, and gave it the best options for
retaining the current low fare structure

Air New Zealand has developed a number of strategies to become
more competitive over the past three years, improving its
product and service, reducing costs and aligning capacity to the
routes that offer the greatest growth potential.

Air New Zealand has implemented a range of initiatives to
improve the airline's performance on the Tasman over the past
year and it will continue to target further performance
improvements in the future.

Air New Zealand noted that it has not made any decisions on
whether it will reduce trans-Tasman services after giving up on
its pursuit for a code-share agreement with Qantas, ShareChat
News reports.

The Troubled Company Reporter - Asia Pacific reported on
August 29, 2006, that Air New Zealand warned it will start
cutting trans-Tasman flights if it fails to get approval for its
code-sharing deal with Qantas Airways Limited, The Australian
reports.

"We haven't got a master plan that is about to be rolled out
tomorrow," the New Zealand Press Association cites Air NZ chief
executive Rob Fyfe, as saying.  "We still have a series of
routes across the Tasman that are very poorly performing for us.
We will now have to review how we address those issues," Mr.
Fyfe adds.

There would be no immediate changes to schedules or prices, Mr.
Fyfe says, noting that Air New Zealand had lost NZ$35 million on
its services to the capital since 2003.

Ian Thomas, aviation analyst at the Centre for Asia Pacific
Aviation Studies in Sydney, said there was always a risk of a
cut in trans-Tasman services, ShareChat relates.

"The Tasman's a very low yield market.  It's always been one
that's been under pressure.  It really depends now, I think, on
whether either carrier really wants to give ground," Mr. Thomas
told National Radio.

Wellington International Airport led a vigorous and often
acrimonious campaign against the code-share, NZPA notes.

                      About Air New Zealand

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

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

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


BOUGH DEVELOPMENTS: Creditors Must Prove Debts by Feb. 2
--------------------------------------------------------
Bough Developments Ltd require its creditors to file their
proofs of debt by Feb. 2, 2007.

Vivian Judith Fatupaito and Richard Dale Agnew were appointed as
the company's joint and several liquidators on Nov. 2, 2006.

The Joint and Several Liquidators can be reached at:

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


CHURTON FARMS: Court Appoints Joint Liquidators
-----------------------------------------------
On Oct. 27, 2006, the High Court of Wanganui appointed David
Stuart Vance and Bruce McCallum as joint and several liquidators
of Churton Farms Ltd.

Accordingly, the liquidators require Churton Farms' creditors to
prove their debts by Nov. 27, 2006.  Creditors who will be
unable to prove debts by the due date will be excluded from
sharing in any distribution the company will make.

The Joint and Several Liquidators can be reached at:

         David Stuart Vance
         Bruce McCallum
         PPB McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay
         (P.O. Box 3156), Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


DESIGNASTRUCT BUILDING: Proofs of Claims Due on Nov. 27
-------------------------------------------------------
On Oct. 27, 2006, the High Court of Wanganui appointed David
Stuart Vance and Barry Phillip Jordan as joint and several
liquidators of Designastruct Building Systems Ltd.

The liquidators fix Nov. 27, 2006, as the last day for the
company's creditors to lodge in their claims.

The Joint and Several Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         PPB McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay
         (P.O. Box 3156), Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


HUNG YI INTERNATIONAL: CIR Seeks to Liquidate Company
-----------------------------------------------------
On Aug. 11, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Hung Yi International Ltd.

The petition will be heard before the High Court of Auckland on
Nov. 23, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau, Auckland
         New Zealand
         Telephone:(09) 984 2002


HUNG YI INVESTMENT: Court Sets Liquidation Hearing on Nov. 23
-------------------------------------------------------------
On Aug. 29, 2006, the Commissioner of Inland Revenue filed
before the High Court of Auckland a liquidation petition against
Hung Yi Investment Ltd.

The Court will hear the petition on Nov. 23, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau, Auckland
         New Zealand
         Telephone: (09) 984 2002


INGENICO NZ: Shareholders Appoint Fisher as Liquidator
------------------------------------------------------
Shareholders of Ingenico New Zealand Ltd appointed Douglas Kim
Fisher as the company's liquidator on Nov. 6, 2006.

Mr. Fisher requires the company's creditors to prove their
claims by Nov. 24, 2006, for them to share in the distribution.

The Liquidator can be reached at:

         Douglas Kim Fisher
         Private Bag MBE M215
         Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


OPLPT LTD: Creditors' Proofs of Claim Due on November 24
--------------------------------------------------------
Douglas Kim Fisher requires the creditors of OPLPT Ltd to file
their proofs of claim by Nov. 24, 2006, to be included in a
distribution the company will make.

Mr. Fisher was appointed as the company's liquidator on Nov. 3,
2006.

The Liquidator can be reached at:

         Douglas Kim Fisher
         Private Bag MBE M215
         Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


OPTIQUE EYEWEAR: Creditors to Prove Claims on November 24
---------------------------------------------------------
Creditors of Optique Eyewear Ltd are required to submit their
proofs of claim by Nov. 24, 2006, or be excluded from sharing in
any distribution the company will make.

On Nov. 3, 2006, the company's shareholders appointed Douglas
Kim Fisher as liquidator.

The Liquidator can be reached at:

         Douglas Kim Fisher
         Private Bag MBE M215
         Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


POLOIE CONSTRUCTIONS: Faces Liquidation Proceedings
---------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Poloie Constructions Ltd on Nov. 23, 2006, at 10:45 a.m.

Accident Compensation Corporation filed the petition with the
Court on Aug. 29, 2006.

The Solicitor for the Petitioner can be reached at:

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


ROCKIT PLASTER: Court Hears Liquidation Petition
------------------------------------------------
A petition to liquidate Rockit Plaster Pumps NZ Ltd was heard
before the High Court of Rotorua on Nov. 13, 2006.

CSR Building Products (NZ) Ltd -- trading as Monierbrick --
filed the petition with the Court on Sept. 26, 2006.

The Solicitor for the Petitioner can be reached at:

         M. B. Beech
         Sharp Tudhope
         35 Grey Street
         (Private Bag 12-020), Tauranga
         New Zealand


SHIV MANN: Liquidation Petition Hearing Set on December 14
----------------------------------------------------------
On Oct. 5, 2006, the Commissioner of Inland Revenue filed before
the High Court of Auckland a liquidation petition against Shiv
Mann Gurchetan Ltd.

The petition will be heard on Dec. 14, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


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

BANCO DE ORO: Moody's Affirms BDO Ratings with Stable Outlooks
--------------------------------------------------------------
On November 15, 2006, Moody's Investors Service affirmed Banco
de Oro Universal Bank's D financial strength rating with a
stable outlook.

BDO's constrained debt rating of Ba3 and deposit rating of B1
were also affirmed with stable outlooks.

These rating actions follow the recent announcements from the
BDO and ECPI boards of a merger between the two organizations
with BDO as the surviving entity.  The merged bank will be
renamed Banco de Oro--EPCI Inc.

"As far as BDO is concerned, the bank will benefit from EPCI's
expanded distribution network and wider product range," says
Anita Cheuk, Moody's Lead Analyst for BDO and EPCI.  "Moreover,
if consummated, the merger will create the Philippines' second
largest bank by assets with 12% market share in both the
deposits and loans markets," she says.

"However, the merger will result in short-term asset quality
deterioration relative to BDO's current financial profile," says
Cheuk.  "Also, although in the longer term the combined
institution does offer potential synergies, merger related
integration may prove challenging.  For instance, differences in
corporate culture may result in increased staff turnover and
some customer loss at the newly acquired business."

From a ratings perspective, the realization of synergies between
BDO and EPCI would be viewed positively, as reflected in
improved earnings, asset quality and capital.  Additionally, an
eventual merger that creates a larger and stronger entity --
conditional on the mode of financing -- could benefit ratings.

Equitable-PCI Bank is the Philippines' third largest lender.  It
had total assets of PHP320.6 billion (US$6.0 billion) as at
September 30, 2006.

Banco de Oro Universal Bank is the Philippines' fifth largest
bank by assets.  It had total assets of PHP292.6 billion (US$4.4
billion) as at September 30, 2006.


BANK OF THE PHILIPPINE ISLANDS: Declares PHP0.90 Cash Dividend
--------------------------------------------------------------
At the regular meeting of the board of directors of the Bank of
the Philippine Islands on November 15, 2006, the Board declared
a regular cash dividend of PHP0.90 per share, for the second
semester of 2006, on the total outstanding common shares of the
capital stock of BPI.

BPI notes that the cash dividend will be submitted to the Bangko
Sentral ng Pilipinas for approval.

The dividend is payable to all of BPI's common shares
stockholders of record as of the 15th day from its receipt of
the BSP approval and distributable on the 15th day from the
record date.

                           About BPI

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is  
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The Bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

Fitch Ratings gave the bank an individual rating of 'C'
effective October 26, 2000.

Moody's Investors Service gave BPI a 'B1' Long-Term Bank
Deposits Rating effective February 16, 2005.  On November 2,
2006, Moody's revised the outlook of the BPI's foreign currency
long-term deposit rating of B1 to stable from negative.


DEVELOPMENT BANK: To Re-Open Tier-2 Capital Notes
-------------------------------------------------
Before the end of November 2006, the Development Bank of the
Philippines is expecting to raise PHP7.6 billion in new money,
cashing-in on the huge liquidity circulating in the financial
system thru the re-opening of its tier-2 capital notes, Fil C.
Sionil of the Manila Bulletin reports.

According to the report, Jaime Panganiban, DBP consultant in
charge of treasury, hinted the yield of the second tranche of
the tier-2 capital notes, with a 10-year tenor non-callable
five, will definitely be lower than the 9.25% interest rate for
the first tranche.

Mr. Panganiban explained that there will be savings in terms of
debt servicing because the cost of raising additional capital
will be lower due to the prevailing low interest rate regime,
Manila Bulletin relates.

The paper says that DBP management and its underwriters, led by
HSBC Philippines and First Metro Investment Corporation, are
looking at a yield range of between 7.0% and 7.25%.  However,
market sources believed that DBP most likely may get 7.0%,
Manila Bulletin notes.

According to Mr. Panganiban, the process will be done through
book building.

The re-opening will complete DBP's authority to float PHP10-
billion worth of tier-2 capital notes, Manila Bulletin relates.

HSBC Philippines Vice President and Treasurer Jose Arnulfo
Veloso told Business Bulletin the reopening is being finalized
this week and this early some investors have already signified
their interest for the DBP debt paper.

Manila Bulletin recounts that DBP first issued its tier-2 debt
instrument sometime in December 2005 and was closed on the
second week of January 2006.  The issuance raised
PHP2.4 billion, the paper says.

                            About DBP

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the  
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

On September 4, 2006, Fitch Ratings assigned a rating of 'BB-'
to DBP's hybrid issue of up to US$130 million.

Standard & Poor's Ratings Services also assigned its 'B+' long-
term issue credit ratings to the bank's Tier-I Hybrid Security
of up to US$130 million.  S&P also assigned its 'BB-/B' foreign
currency and 'BB+/B' local currency counterparty credit ratings
to DBP, with a stable outlook.

Moody's Investors Service has revised the outlook of Development
Bank's foreign currency long-term deposit rating of B1 and local
currency long-term deposit rating of Ba2 from negative to
stable.


EAST ASIA POWER: Court Grants TRO v. PNB in favor of Subsidiary
---------------------------------------------------------------
East Asia Diesel Power Corporation, a wholly owned subsidiary of
East Asia Power Resources Corporation sought and obtained the
approval of the Regional Trial Court of Navotas for a Temporary
Restraining Order or Writ of Preliminary Injunction against the
Philippine National Bank.

The Court was convinced to issue a 72-Hour TRO, dated Nov. 15,
2006, specifically against PNB, Philippine National Bank Trust
Banking Group, and their agents.

The TRO:

   (a) restrains PNB from distributing the funds of East Asia
       Diesel frozen and seized by the bank to relevant
       lenders; and

   (b) requires PNB to return those funds to the relevant bank
       accounts of East Asia Diesel and to lift the freezing of
       the accounts so that East Asia Diesel will have full use
       of the funds for its business and operations.

In a disclosure with the Philippine Stock Exchange, East Asia
Power relates that on October 27, 2006, PNB-TBG froze and seized
the bank accounts -- with the PNB-Ortigas Branch -- of:

   * East Asia Diesel, with:

     -- PHP193,038,571.29; and
     -- US$7,301,47

   * Duracom Mobile Power Corporation, with:

     -- PHP186,390,872.31; and
     -- US$56,813.42.

East Asia Power, through East Asia Diesel, owns 39.68% of the
outstanding capital stock of Duracom.

East Asia Power alleged that the freezing and seizure actions
resulted in the companies' inability to proceed with their plan
or re-starting its power barges located in Navotas, which was
scheduled for November 7, 2006.

During a meeting on November 9, East Asia Diesel and Duracom
requested their lenders to return PHP68 million held in a debt
service account -- which was not subject to the seizure action.  
The return of these funds would be sufficient, in the short
term, to allow the companies continue their operations.

East Asia Diesel and Duracom also requested lenders to return
part of the funds, which were subject of the seizure action, to
allow operations to be sustained.

                     About East Asia Power

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the Company changed its
primary purpose from mining to holdings.  In 1996, the Company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the Company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The Company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the Company's financial report for
the year ended December 31, 2005.  SGVC notes that the Company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of Dec.
31, 2005, and 2004.


EAST ASIA POWER: PNB-TBG Issues Notices of Default
--------------------------------------------------
East Asia Power Resources Corp's recent disclosure with the
Philippine Stock Exchange state that on October 9, 2006, Duracom
Mobile Power Corporation received from Philippine National Bank
Trust Banking Group, acting on behalf of a majority of lenders,
a notice of default dated October 6, pursuant to the Interim
Rescheduling Agreement dated December 30, 3003, among Duracom,
each of the Lenders, and PNB-TBG.

The Lenders for the Duracom Interim Rescheduling Agreement
consist of:

   (a) PNB,

   (b) International Exchange Bank,

   (c) Equitable PCI Bank,

   (d) Security Bank Corporation, and

   (e) El Paso Philippines Energy Company -- now owned by the
       Avenue Capital Group.

East Asia Power, through East Asia Diesel, owns 39.68% of the
outstanding capital stock of Duracom.  PNB-TBG cited Duracom's
failure to remit payment on the minimum quarterly interest
payment of PHP7.5 million due on September 30, 2006.

As of November 10, 2006, the amount of Duracom's outstanding
indebtedness to the Lenders, which have been declared due and
payable, including its accrued and unpaid interest, and all
other amounts under the Duracom IRA, were:

                                        Amount (In Millions)

        Principal of Tranche I Debt         PHP3,631.69
        Principal of Tranche II Debt             433.02
        Accrued Interest                         750.88

Similarly, on October 13, 2006, East Asia Diesel received from
PNB-TBG, acting on behalf of a majority of lenders, a notice of
default pursuant to the IRA dated September 30, 2004, among East
Asia Diesel, each of the Lenders, and PNB-TBG.

East Asia Power owns 99.2% of the outstanding capital stock of
East Asia Diesel.  PNB-TBG cited East Asia Diesel's failure to
remit payment on the minimum quarterly interest payment of
PHP7.5 million due on September 30, 2006.

As of November 10, 2006, the amounts of the outstanding
indebtedness to the Lenders are:
                                        Amount (In Millions)

        Principal of Tranche I Debt           PHP786.64
        Accrued Interest                          93.70

The entire unpaid principal amount, all its accrued and unpaid
interest and all other amounts due under the East Asia Diesel
IRA, have been declared to be due and payable.

The Lenders for the East Asia Diesel IRA consist of:

   (a) PNB;

   (b) Metropolitan Bank and Trust Company -- now Cameron
       Granville 2 Assets Management;

   (c) Landbank of the Philippines -- now Philippine
       Opportunities for Growth & Income;

   (d) United Coconut Planters Bank -- now Asset Pool A (SPV-
       AMC), Inc.;

   (e) Rizal Commercial Banking Corporation;

   (f) Equitable PCI Bank; and

   (g) El Paso Philippines Energy Company -- now owned by the
       Avenue Capital Group

According to East Asia Power in its disclosure, PNB-TBG issued
the notices of default notwithstanding its receipt of a letter
from East Asia Diesel and Duracom.  The letter, dated October 6,
2006, assured the Lenders that the Avenue Capital Group would
present its proposed management plans for East Asia Diesel and
Duracom, particularly their loan obligations to the Lenders.

East Asia Power notes that on July 21, 2006, the Avenue Capital
Group acquired its indirect ownership of:

   -- 92.65% of East Asia Diesel; and

   -- 37.06% of Duracom,

Furthermore, on October 12, 2006, representatives of East Asia
Diesel and Duracom met with PNB to negotiate for a standstill on
the enforcement of IRAs until the a thorough budgeting process
of the company for 2007 and the related longer term financial
projections -- is completed.  This would enable Duracom and East
Asia Diesel to present an in-depth proposal on the restructuring
of their obligations to the respective Lenders.

              Restructuring Plans for Obligations

East Asia Diesel and Duracom will present to the Lenders a
restructuring plan relating to their respective obligations on
November 24, 2006.  The companies hope that the operations of
their power barges located in Navotas, will re-commence before
that date, as they remain in discussion with the Lenders.

                     About East Asia Power

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the Company changed its
primary purpose from mining to holdings.  In 1996, the Company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the Company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The Company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the Company's financial report for
the year ended December 31, 2005.  SGVC notes that the Company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of Dec.
31, 2005, and 2004.


EQUITABLE PCI: Moody's Place D- Rating on Review
------------------------------------------------
On November 15, 2006, Moody's Investors Service placed
Equitable-PCI Bank's D- rating on review for possible upgrade.  
Equitable-PCI's constrained debt rating of Ba3 and deposit
rating of B1 were also affirmed with stable outlooks.

These rating actions follow the recent announcements from the
BDO and ECPI boards of a merger between the two organizations
with BDO as the surviving entity.  The merged bank will be
renamed Banco de Oro--EPCI Inc.

"As far as BDO is concerned, the bank will benefit from EPCI's
expanded distribution network and wider product range," says
Anita Cheuk, Moody's Lead Analyst for BDO and EPCI. "Moreover,
if consummated, the merger will create the Philippines' second
largest bank by assets with 12% market share in both the
deposits and loans markets," she says.

Equitable-PCI Bank is the Philippines' third largest lender.  It
had total assets of PHP320.6 billion (US$6.0 billion) as at
September 30, 2006.

Banco de Oro Universal Bank is the Philippines' fifth largest
bank by assets.  It had total assets of PHP292.6 billion (US$4.4
billion) as at September 30, 2006.


ZIPPORAH REALTY: Incurs PHP15,594,074 Net Loss for 1st Half 2006
----------------------------------------------------------------
For the first six months of 2006, the consolidated financial
statements of Zipporah Realty Holdings, Inc., showed a net loss
of PHP15,594,074.00, 9.86% lower than the loss incurred be the
company during the same period of 2005.

Consolidated financial and operating expenses for the six months
ended June 30, 2006, decreased by PHP1,639,857 or 42.39% as
compared to the same period of 2005.  The decrease in the
company's operating expenses was mainly due to the decrease in
association dues, professional fees, and representation expenses
incurred during 2006.

As of June 30, 2006, Zipporah Realty has a total consolidated
asset of PHP1.2 billion while the parent company alone has a
total of PHP886 million.  The decrease in total assets is mainly
due to payments of loans of Ebedev, Inc.

Zipporah's consolidated financial report for the six months
ended June 30, 2006, reflects these key figures:

                 Zipporah Realty Holdings, Inc.
                     Financial Highlights
                      (in PHP millions)

                                As of           As of
                             06/30/2006      12/31/2005
                             ----------      ----------
     Total Assets              1,201.70        1,205.99
     Total Liabilities           973.30          962.00
     Total Equity                228.40          243.99

                                  Six-Months Ending
                             06/30/2006      12/31/2005
                             ----------      ----------
     Net Loss                     15.59           17.30
     Revenues                      1.55            1.49
     Expenses                     17.15           18.79

A full-text copy of the Company's financial report for the first
six months of 2006 report is available for free at:

  http://bankrupt.com/misc/Zipporah_1H2006_FinancialResult.pdf

                         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.

                      Going Concern Doubt

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
=================

ACCREDIT BAY: Final Meeting Slated for December 8
-------------------------------------------------
Accredit Bay Pte Ltd, which was placed under members' voluntary
liquidation, will hold a final meeting on December 8, 2006, at
10:00 a.m.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 15, 2006, the company was placed under voluntary
liquidation on Feb. 13.

The liquidator can be reached at:

         Madam Chia Lay Beng
         1 Scotts Road #21-07/08/09
         Shaw Centre
         Singapore 228208


AUDRICH INTERNATIONAL: Pays Dividend to Creditors
-------------------------------------------------
Audrich International (Pte) Ltd, which is in liquidation, has
paid the first and final dividend to its creditors on Sept. 15,
2006.

The company paid 80.8% to all received claims.

The liquidator can be reached at:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CHINA AVIATION: Reaches Final Settlement of Lawsuit with J. Aron
----------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd disclosed on
Nov. 15, 2006, that it has reached a full and final resolution
for the legal action filed against J. Aron & Company (Singapore)
Pte. -- a unit of Goldman Sachs Group, Inc.

Under the resolution, China Aviation will withdraw its legal
action against J. Aron.  The company will accept J. Aron's claim
as a creditor of China Aviation in the Scheme of Arrangement
dated June 8, 2005.  Likewise, J. Aron will discontinue its
counterclaim against China Aviation.   

According to Forbes, in March 2005, China Aviation sued J. Aron
for damages over the cancellation of two agreements related to
China Aviation's restructuring of its options portfolio in
January and June 2004.  In connection with this, the two parties
also agreed that no further legal action will be pursued by
China Aviation.

Moreover, the Forbes reported that aside from J. Aron, other
creditors of China Aviation when it racked up some US$550
million in oil derivatives trading losses in 2004, includes
Mitsui & Co, Energy Risk Management, Barclays Capital; Standard
Bank; Sumitomo Mitsui; Fortis Bank and Macquarie Bank.

China Aviation also disclosed that the resolution of the lawsuit
is not expected to have any material financial impact on the
company's financials for the year ending Dec. 31, 2006.

              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, according to a TCR-AP report on Nov. 10, 2006, is
currently working with an insolvent balance sheet, with a
US$390.07 million shareholder's deficit on total assets of
US$211.96 million.


FERB PTE: Pays Dividend to Unsecured Creditors
----------------------------------------------
Ferb Pte Ltd, which was placed under creditors' voluntary
liquidation, has paid dividend to its unsecured creditors on
Oct. 11, 2006.

The company has paid 1.30% to all admitted proofs of debt to
unsecured creditors.

The liquidator can be reached at:

         Bob Yap Cheng Ghee
         c/o KPMG
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


GERMAN DISTRICENTRE: Creditors' First Meeting Set on Nov. 23
------------------------------------------------------------
German Districentre Pte Ltd, which is under judicial management,
will hold the first meeting for its creditors on Nov. 23, 2006,
at 10:30 a.m.

At the meeting, the creditors will be asked to:

   -- receive an update on the status of the Judicial
      Management;

   -- put forth a proposal for the company's wind-up; and

   -- consider other matters properly brought before the
      meeting.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2005, the High Court of Singapore on Oct. 18, received a
judicial management order for German Districentre, presented by
Singapore Finance Limited, the company's creditor.

The judicial manager can be reached at:

         Kon Yin Tong
         c/o 47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry
          Building
         Singapore 179365


LINDETEVES-JACOBERG: Unveils Shareholders' Change of Interests
--------------------------------------------------------------
Lindeteves-Jacoberg Limited has posted a series of changes to
the holdings of its substantial shareholders.

Pursuant to the Rights Issue, Arisaig ASEAN Fund Limited -
Arisaig Partners (BVI) Ltd (Fund Manager), a substantial
shareholder of Lindeteves-Jacoberg has increased his
shareholding in the company on Nov. 11, 2006.  Before the
change, Arisaig Partners held 43,696,000 direct shares with
8.81% issued share capital.  After the change, Arisaig ASEAN
holds 65,544,000 direct shares with 9.24% issued share capital.

Another registered holder, Giovanni Bindoni, due to an open
market purchase presently holds 100,000 direct shares with
0.0141% issued share capital.  

ATB Austria Antriebstechnik AG, another substantial shareholder
of Lindeteves-Jacoberg has increased his direct shareholding in
the company pursuant to the Rights Issue.  Before the change,
ATB Austria held 253,017,421 direct shares with 51.00% issued
share capital.  Presently, ATB Austria holds 418,170,921 direct
shares with 59.00% issued share capital.  The deemed
shareholding of ATB Austria remains as it is at 50,119,459
shares but its issued share capital has decreased from 10.10% to
7.10%.

                   About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

The TCR-AP reported on Nov. 10, 2006, that the company has total
assets of US$225.52 million and US$53.23 million equity deficit
as of Nov. 9.
  

HLG ENTERPRISE: Profit Up 420% at SGD9.4 Mil. in 3rd Qtr. 2006
--------------------------------------------------------------
HLG Enterprise Limited -- formerly known as LKN-Primefield
Limited -- has posted on Nov. 10, 2006, its unaudited financial
report for the third quarter of 2006 in the Singapore Stock
Exchange.

For the quarter ended Sept. 30, 2006, HLG posted a
SGD9.36-million net profit, an increase of 420% compared to the
SGD1.80-million profit for the same quarter last year.

Moreover, HLG has recorded US$9.25 million turnover for the
third quarter ended Sept. 30, 2006, a 7.3% decrease compared to
a US$10 million turnover for the same quarter of 2005.  The
decrease in turnover was mainly attributable to the sale of LKN
Building and the closure of its construction business.

HLG's profit before tax from continuing operations increased
significantly from US$2.8 million in the third quarter of 2005
to US$9.5 million in the third quarter of 2006, mainly boosted
by the gain on disposal of Primefield, which was completed at
the third quarter ended Sept. 30, 2006.  The increase was
partially offset by a US$1.2 million increase in interest
expense to US$2.2 million.

As of Sept. 30, 2006, HLG's consolidated balance sheet showed
total assets of US$177.62 million and total liabilities of
US$189.1 million, resulting in a shareholders' equity deficit of
US$11.5 million.

HLG Enterprise Limited's financial results for the third quarter
ended Sept. 30, 2006, is available for free at:

        http://bankrupt.com/misc/tcrap-HLG-Enterprise.pdf

                  About HLG Enterprise Limited

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.  
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.  

On November 29, 2004, HLG Enterprise and certain of its
subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

As of Oct. 12, 2006, the company has shareholders' deficit of
US$12.72 million, on total assets of US$150.70 million as
reported by the Troubled Company Reporter - Asia Pacific on
Oct. 13.


REFCO INC: Files Schedules of Assets and Liabilities
----------------------------------------------------

A.     Real property                                        US$0

B.     Personal property
B.1    Cash on hand                                         US$0
B.2    Bank accounts
          Wachovia                                  US$1,453,675
B.14   Interests in partnerships
          IDS Managed Futures Fund II                     15,766
          IDS Managed Futures Fund I                      52,446
          JWH Global Trust                             2,402,075
B.16   Accounts receivable
          JWH Global Trust                                72,350
          Refco Capital, L.L.C.                          108,208
          Refco, LLC                                   2,591,446
B.35   Other personal property
          Computer and office equipment             Undetermined

       TOTAL SCHEDULED ASSETS                       US$6,695,967

C.     Property claimed as exempt                 Not applicable

D.     Secured claims                                       US$0

E.     Unsecured Priority Claims                    undetermined

F.     Unsecured non-priority claims
          Accounts Payable:
             IDS Futures Corp.                         US$34,235
             Manpower Professionals                        3,808
             Marjorie Bartelli                             2,675
             Sungard Investment Systems                   51,450
             Wachovia Securities                          14,043
          Litigation Claim:
             Gary L. Franzen                        Undetermined

        TOTAL SCHEDULED LIABILITIES                   US$106,211

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).  
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


REFCO INC: Refco LLC Files Sept. 2006 Monthly Operating Report
--------------------------------------------------------------
Albert Togut, the Chapter 7 trustee appointed to oversee the
liquidation of Refco, LLC's estate, a debtor-affiliates of Refco
Inc., filed with the United States Bankruptcy Court for the
Southern District of New York a monthly statement of cash
receipts and disbursements for the period from September 1 to
30, 2006.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of September 1 totals US$788,569,000.  The Debtor's beginning
purchase price account balance totals US$55,189,000 and its
beginning capital account "A" balance totals US$733,380,000.
  
The purchase price account includes activity related to Man
Financial sale proceeds and related disbursements.  Capital
account "A" includes activity related to collection of excess
capital.
  
Refco LLC received US$1,399,000 in cash and disbursed
US$5,281,000.  The Debtor held US$784,687,000 at the end of the
period.

The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.

A full-text copy of Refco LLC's September 2006 Monthly Statement
is available at no charge at:

              http://ResearchArchives.com/t/s?14d1

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).  
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


TELCORDIA TECH: Weak Revenue Prompts S&P to Lower Ratings
---------------------------------------------------------
Standard & Poor's Rating Services lowered its ratings on
Piscataway, New Jersey-based Telcordia Technologies Inc. and
removed them from CreditWatch, where they were placed with
negative implications Sept. 29, 2006.  The corporate credit
rating was lowered to 'B' from 'B+', and the rating outlook is
negative.

"The ratings downgrade reflects weakness in revenue, EBITDA, and
liquidity, which is expected to continue over the near term,"
said Standard & Poor's credit analyst Stephanie Crane.

"We also expect a moderate increase in financial leverage, with
limited prospects for debt payment in the near term coming from
free cash flow."

The ratings reflect Telcordia's vulnerable business profile,
with its narrow and mature addressed market and significant
customer concentration, as well as its leveraged financial
profile.  The ratings are, however, supported by a leading
position in providing products and services for regional Bell
operating companies and global carriers.

Telcordia faces a number of challenges across several business
units.  These include a currently weaker-than-historical telecom
industry spending environment, as well as consolidation within
the RBOCs--a key client base for Telcordia.  Also, the company's
focus on growth markets have yet to achieve the scale needed for
profitability, and its core business is subject to ongoing
pricing pressures.

Standard & Poor's expect full-year fiscal 2007 adjusted EBITDA
margins to continue in the 20% area, despite lower revenue than
previously anticipated, ongoing pricing pressures, and the costs
associated with expansion into new markets.  This reflects cost-
control vigilance and a shift toward offshoring to India.
Including Standard & Poor's adjustment for operating leases and
pension obligations, total debt to adjusted EBITDA is around
6.2x, ahead of 5.7x levels as of fiscal 2006.

                      About Telcordia Technologies

Headquartered in Piscataway, New Jersey, Telcordia Technologies,
Inc. -- http://www.telcordia.com/-- provides operations systems  
support software and network systems products for
telecommunications providers.  The company has sales offices in
Singapore, Mexico, Brazil, and the United Kingdom, among others.


WALLACE HOLDINGS: Creditors Must File Proofs of Debt by Dec. 4
--------------------------------------------------------------
Wallace Holdings Pte Ltd, which was placed under members'
voluntary liquidation, requires its creditors to file their
proofs of debt by Dec. 4, 2006, to be included in the company's
distribution of dividend.

The company's liquidators can be reached at:

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


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

DATAMAT PCL: Fails to Submit Financial Report; Stocks on SP Sign
----------------------------------------------------------------
The Stock Exchange of Thailand posted an SP -- suspension --
sign on Datamat Pcl's stocks after it failed to submit its
financial report for the third quarter ended September 30, 2006.

Stocks of Datamat will be suspended from trading starting
November 15, 2006, onwards until it can submit its financial
report to the SET.

On August 28, 2006, the Troubled Company Reporter - Asia Pacific
reported that SET also posted the suspension sign on Datamat's
stocks after it failed to submit its financial report for the
second quarter.

                          *     *     *

Headquartered in Bangkok, Thailand, Datamat Public Co. Limited
-- http://www.datamat.co.th/-- distributes computers, provides  
computer technology services, and maintains computer and
software system.  It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.

The Company is currently categorized under the "Non-Performing
Group" sector of the Stock Exchange of Thailand.

Datamat was ordered by the Central Bankruptcy Court on
August 11, 2005, to rehabilitate its business.  Advance Planner
Co., Ltd, was then appointed as Datamat's plan administrator on
October 12, 2005.  

Datamat, in an October 18, 2006, filing with the Stock
Exchange of Thailand, disclosed that the Bankruptcy Court has
ordered the cancellation of the company's rehabilitation plan
due to disagreements among the parties involved.


PICNIC CORP: Pongthep Replaces Prasit as Managing Director
----------------------------------------------------------
Picnic Corp Pcl informed the Stock Exchange of Thailand that its
board of directors appointed Pongthep Lapvusutisin as acting
managing director after Prasit Phetkat resigned from the
position.

The appointment was effective on November 15, 2006.

In addition, Picnic also informed that Somchai Siriphanvaraporn
resigned as director and executive director.

However, Mr.Prasit remains the authorized director in four of
Picnic's subsidiaries:

   -- World Gas (Thailand) Co., Ltd.
   -- Pride Logistics Co., Ltd.
   -- Picnic International Co., Ltd.
   -- Picnic Ethanol Co., Ltd.

Mr.Somchai also still holds position in these subsidiary
companies:

   -- Authorized director and managing director in World Gas
      (Thailand) Co Ltd

   -- Authorize director in Pride Logistics Co Ltd.

                          *     *     *

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 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.

                      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.


THAI DURABLE: SET Suspends Securities from Trading
--------------------------------------------------
Thai Durable Group Pcl failed to submit its financial results
for the third quarter ended September 30, 2006, on the deadline
set by the Stock Exchange of Thailand.

As a result, the SET posted a SP -- suspension -- sign,
effective on November 15, 2006, on the company's securities,
which would prevent it from being traded.

The suspension will stay until the company submits its third
quarter results to the SET.

As reported by the Troubled Company Reporter - Asia Pacific, the
SET also posted a suspension sign on the company's securities
after the company failed to submit its financial report for the
second quarter ended June 30, 2006.

                          *     *     *

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

The Company is currently under the Non Performing Group Sector
of the Thailand's Stock Exchange.

As reported by the Troubled Company Reporter - Asia Pacific on
October 16, 2006, Thai Durable's total consolidated assets at
the end of March 2006 was THB308.611 million, and its total
liabilities amounted to THB843.89 million.  Thus, the company
posted THB535.282 million in shareholders' deficit.


TRUE CORP: Adds 1.4 Million New Subscribers, Shows Strong Q3
------------------------------------------------------------
True Corporation Pcl posted record mobile subscriber growth for
the third quarter ended September 30, 2006, as True Move, a
wholly owned subsidiary, made a strong recovery from price
competition in the second quarter.  

True Move service revenue increased 16.7% and EBITDA rose 37.2%
from the previous quarter, resulting in an improvement in the
consolidated results.

True CEO and President Supachai Chearavanont said True Move
added a net 1.4 million subscribers in the quarter, lifting its
total number to 6.8 million and its market share to around
18.8%.

"This growth reflects our ability to offer a better value-for-
money proposition in our mobile services, the growing success of
our convergence strategies with bundled promotions such as
UBCAF3, and the effective use of key distribution channels such
as 7-Eleven.

"Our bundling and convergence strategies also contributed to
accelerating growth in our consumer broadband and pay-TV
businesses."

For the reviewed quarter, consolidated service revenue rose by
4.7% -- to THB12.6 billion -- and consolidated EBITDA was 5.3%
higher -- to THB4.2 billion.  For the first nine months of the
year, service revenue was up 20.8% -- THB37.6 billion -- and
EBITDA up 9.1% -- to THB13.0 billion -- lifted by the full
consolidation of pay-TV operator UBC early in the year.  Third
quarter EBITDA margin increased slightly Q-on-Q to 32.5%.

True's net loss for the quarter was THB745 million -- excluding
expenses related to the acquisition of UBC -- an improvement Q-
on-Q of THB161 million.

True Move recovered strongly from the impact of the second
quarter's price competition.  Third quarter's service revenue
increased 16.7% from THB5.7 billion in the previous quarter and
EBITDA grew strongly by 37.2% to THB1.3billion.  True Move's
share of market net adds for the quarter was 52%, boosting its
share of year-to-date market net adds to 35.9%.  True Move has
now succeeded in gaining around a third of market net adds in
each year since 2004.

"Although a renewed round of mobile price competition began in
October, we expect it to be temporary. The validity periods for
the current low-price promotions are relatively short," said Mr.
Supachai.

"The NTC is investigating our complaint regarding the pricing
strategies of the biggest market player.  Looking forward, we
believe the introduction of the interconnection regime in early
2007 will encourage more rational market competition," he added.

True's consumer broadband operations reported another solid
quarter of growth, with service revenue up 16.7% Q-on-Q and
65.8% for the first nine months of 2006.  Net subscriber
additions for Q3 rose 28.7% from Q2 to 43,868, taking the total
number to 412,742, due partly to the success of bundling
packages.

The growth in broadband, coupled with greater data revenues,
helped to offset the declines in fixed line, PCT and public
phone revenues, with service revenue for the overall Wireline
business rising 2.3% Q-on-Q.

UBC's service revenue continued to rise - up 3.3% on the quarter
due mainly to UBCAF3 - as did EBITDA (up 19.7%) and EBITDA
margin (up from 24.2% to 26.5%).  UBC's net subscriber additions
almost doubled to 27,986, boosted by mass market promotions.
Total subscriber numbers reached 529,050.  UBC's net profit from
ongoing operations rose from Bt 221 mn to Bt 262 mn.

UBC-True Move Free View Package, a mass-market promotion
launched in July, has attracted 44,000 subscribers in its first
three months.  The number of Free View subscribers upgrading to
more expensive UBC packages has increased steadily and has now
reached 25%.          

Chief Financial Officer Mr. William Harris said True is
committed to deleveraging its balance sheet.  During the first
nine months of 2006, True repaid THB7.2 billion in long-term
loans, including THB6.8 billion for Wireline.

The consolidated net debt to EBITDA ratio for the first nine
months of the year was 4.5 times, compared with 4.8 times at
YE2005 (excluding finance lease).

Early in the quarter, True raised THB3.4 billion in an equity
placement to help fund True Move's growth, with True's
shareholding in True Move rising to 93.4%.  The long-term
financing of True's acquisition of UBC was also completed.

                          *     *     *

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/--- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

Standard & Poor's Ratings Services, on July 27, 2006, affirmed
its BB long-term corporate credit rating on True Corp Public Co
Ltd.  The outlook is stable.

True Corp also currently carries Moody's corporate family rating
at Ba3, with stable outlook.


TRUE CORP: Sets Ventures into Call-Center Industry
--------------------------------------------------
Aiming increase in revenues of up to THB300 million next year,
True Corp Pcl has set up a new company to benefit in the growing
call-center service industry, the Bangkok Post reports.

True Touch, the newly opened subsidiary, started with a
registered capital of THB193 million, with 800 of True Corp's
employees, the report notes.

"The move is an organizational step to help support the
company's strong position in outsourcing contact-centre
management and the group's convergence products and solutions,"
the Bangkok Post quotes Songtham Pianpattanawit, managing
director for corporate solutions of True Corp, as saying.

According to the newspaper, True Touch plans to spend between
THB80 million and THB90 million next year for technology upgrade
and to increase call-traffic handling capacity through the
employment of 300 more employees.

True Touch currently has 30 corporate customers including
Thanachart Bank, Nok Air, Hewlett Packard and McDonald's.

                          *     *     *

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/--- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

Standard & Poor's Ratings Services, on July 27, 2006, affirmed
its BB long-term corporate credit rating on True Corp Public Co
Ltd.  The outlook is stable.

True Corp also currently carries Moody's corporate family rating
at Ba3, with stable outlook.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
------                         ------     ------   ------------

AUSTRALIA

Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      23.98      -11.13
KH Foods Ltd                      KHF      62.30       -1.71
Orbital Corporation Limited       OEC      14.01       -4.86
RMG Limited                       RMG      22.33       -2.16
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      25.79      -43.45
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology Holdings      8057      14.10       -2.07
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54  
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Magnum International Holdings
   Limited                        305      10.35       -5.83
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     151.61      -19.15
New World Mobile Holdings Ltd     862     215.47     -126.57
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd                1013      24.00       -3.15
Shandong Jintai Group Co. Ltd.  600385     19.58      -12.18
Shanghai Xingye Housing
   Company Ltd                 600603      14.90      -72.98
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Sun's Group Manufacturing
   Company Limited                988     103.02      -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.48       -7.15
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     160.45      -19.82
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Voksel Electric Tbk              VOKS      44.01      -11.74
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Unitex Tbk                       UNTX      29.08       -5.87


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Antah Holdings Bhd                ANT     184.65      -98.29
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      63.60       -5.00
Jin Lin Wood Industries Berhad    JLW      21.68       -1.74
KIG Glass Industrial Berhad       KIG      15.76      -24.61
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     227.68     -114.64
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     255.84     -227.85
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     189.92      -50.36
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Global Equities Inc.              GEI      24.18       -1.81
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      56.91      -10.59
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
SungKwang Co., Ltd.             41140      19.06       -1.60
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96  


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98  
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80  
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      17.55       -1.72  
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24



                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***