TCRAP_Public/061122.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  

          Wednesday, November 22, 2006, Vol. 9, No. 232

                            Headlines

A U S T R A L I A

A FURNITURE ARTISAN: To Declare First and Final Dividend
CARPET MANUFACTURERS: Receiver Ceases to Act
CARTIGNY PTY: Will Declare Dividend on January 3
CLEM LONG: Commences Wind-Up of Operations
COVINGTON REMOVALS: Members' Final Meeting Slated for Dec. 7

JAMES HARDIE: Signs Amended FFA with NSW Government
NESTLE ECHUCA: Enters Voluntary Liquidation
PETERSVILLE AUSTRALIA: Placed Under Voluntary Liquidation
SAMCOL INVESTMENTS: Members Opt for Voluntary Wind-Up
TOPCON AUSTRALIA: Members Place Firm in Liquidation

TRADEX BUILDING: Court Issues Wind-Up Order
WRITTEN BLOODSTOCK: Court Asks M. Peters About Lost AU$80 Mln
* Fitch Expects Strong AU RMBS Despite Increasing Delinquencies


C H I N A   &   H O N G  K O N G

ABILITY INTERNATIONAL: Members' Final Meeting Set on Dec. 18
ADDCORE DEVELOPMENT: To Hold Annual Meetings on December 1
ALERIS INTERNATIONAL: Posts US$24.2 Mln Net Loss in Third Qtr.
AMS SERVICES: Liquidators Step Aside
ARCHCORP DEVELOPMENT: Members to Receive Liquidator's Report

ASC CAPITAL: Liquidators Cease to Act for Company
BOMBARDIER INC: Prices New EUR1.9 Billion Issue of Senior Notes
GRACEFUL CHINA: Final Meeting Scheduled for December 18
GREENBRIER COMPANIES: Moody's Assigns Loss-Given-Default Ratings
HINOVATION LTD: Members to Hold Final Meeting on December 22

IMPREGILO SPA: Earns EUR195.3 Million for First Nine Months 2006
KIN TAI: Liquidator Cheuk Yee Man to Give Wind-Up Report
PETROLEOS DE VENEZUELA: Eyes 49% Stake in Curacao's Isla Plant
PETROLEOS DE VENEZUELA: Restarts Sincor After Maintenance
PETROLEOS DE VENEZUELA: Launching Vehicular Natural Gas Program

POLYMER GROUP: Poor Performance Cues Moody's Negative Outlook
ROAD KING FINANCE: Moody's Downgrades Bond Rating to Ba1
SHANGHAI PUDONG: Ping An Buys 3.14% Added Stake for CNY1.17BB
VOLKSWAGEN AG: Board Approves Martin Winterkorn as Chairman
* China's Real Estate Follows H.K. counterpart, Fitch Says


I N D I A

AMSTED INDUSTRIES: Moody's Assigns Loss-Given-Default Ratings
BRITISH AIRWAYS: Inks Funding Plan Agreement With NAPS Trustees
CONTINENTAL AIRLINES: Moody's Assigns Loss-Given-Default Ratings
ORIENTAL BANK: Will Raise Tier I Capital by Perpetual Bonds
ORIENTAL BANK: Signs MOU for Strategic Alliance with Two Banks

PUNJAB NATIONAL BANK: To Foray Into Life Insurance
RELIANCE INDUSTRIES: Board Okays Plan to Raise US$2 Billion
RELIANCE INDUSTRIES: Inks Contract with Timor Leste Government
RELIANCE INDUSTRIES: Plans to Venture Into Petrochem Sector
RPG LIFE SCIENCES: Net Profit Down 36% in Sept. 2006 Quarter

SAMTEL COLOUR: Incurs INR6-Mil. Net Loss in 3rd Quarter 2006
STATE BANK OF INDIA: Planned Hybrid Issues Get S&P's BB- Rating


I N D O N E S I A

ALCATEL SA: U.S. Congress Okays Merger with Lucent Technologies
CILIANDRA PERKASA: Moody's Assigns Provisional (P)B2 Rating
CILIANDRA PERKASA: Fitch Assigns B+ Issuer Default Rating
CORUS GROUP: Tata Steel May Raise Offer to Top CSN's Bid
CORUS GROUP: S&P Keeps 'BB' Corporate Rating After CSN's Offer

FREEPORT-MCMORAN: Inks Phelps Dodge Merger Pact for US$25.9 Bil.
FREEPORT-MCMORAN: Moody's Reviews Ba3 Corporate Family Rating
GOODYEAR TIRE: Meets with Union to Discuss New Labor Deal
GOODYEAR TIRE: Fitch Junks US$1-Billion Senior Unsecured Notes
GOODYEAR TIRE: S&P Rates US$1 Billion Debentures at 'B-'

INCO LTD: Common Stock Ceases Trading on NYSE
MEDCO ENERGI: To Set Up Subsidiary To Hold Units Abroad


J A P A N

CAPCOM CO: Moody's Reviews Ba2 Rating for Possible Upgrade
DELPHI CORP: Asks Court to Further Expand KPMG's Scope of Work
FORD MOTOR: SEC Wants Add'l Disclosure on Restated Financials
FORD MOTOR: Accelerates Growth Plan in China
FORD MOTOR: U.S. Federal Regulators Probe SUV Fires

JAPAN AIRLINES: Plans to Order 15 Regional Jets by March 2007
MAZDA MOTOR: Net Income Narrows by 12.5% for First Half 2006
MAZDA MOTOR: Expects Flat Sales in China
MAZDA MOTOR: U.S. Federal Regulators Probe SUV Fires
SOFTBANK MOBILE: S&P Moves 'BB+' Bond Rating To Watch Positive


K O R E A

EUGENE SCIENCE: Files Financials for 3rd Quarter 2006
KOREA EXCHANGE BANK: Indicted on Stock-Manipulation Charges
NVIDIA CORP: Shareholders File Derivative Lawsuit


M A L A Y S I A

ARMSTRONG WORLD: 2006 Third Qtr. Earnings Down to US$39.2 Mil.
ARMSTRONG WORLD: 7 Directors Own 8,183 Phantom Stock Units Each
COMSA FARMS: Bank Islam Seeks MYR1.49-Mil. Payment from Unit
DCEIL INTERNATIONAL: MBB Demands MYR3.23 Million from Subsidiary
DIGITAL LIGHTWAVE: Posts US$2-Million Net Loss in Third Quarter

FOREMOST HOLDINGS: Bursa Rejects Petition to Exit PN-17
KIG GLASS: Bourse to Remove Securities from Official List


N E W   Z E A L A N D

AUTHENTIC VIETNAMESE: Court Hears Liquidation Proceedings
CARTER HOLT HARVEY: Five Executives Face Court Proceedings
DS & SE WHITE: Court Hears Liquidation Petition
ELDERHEALTH MANAGEMENT: Creditors Must Submit Claims by Dec. 1
LEFTFOOT IMPORTS: Appoints Michael Andrew Clarke as Liquidator

M2U LTD: Court Hears CIR's Liquidation Petition
MELBOURNE STREET: CIR Files Liquidation Petition
NZ CHINESE: Court to Hear Liquidation Petition on Dec. 7
OKLEYS CONSTRUCTION: Names Official Assignee as Liquidator
TDS LTD: Creditors' Proofs of Claim Due on December 1

THE LIMBURG BREWERY: Commences Liquidation Proceedings
WORLD COMMERCE: Official Assignee to Act as Liquidator


P H I L I P P I N E S

PICOP RESOURCES: Posts PHP329MM Net Loss for 9-Month Period 2006
ZEUS HOLDINGS: Stockholders Elect Six Board Members for 2007
* Philippine Economy Likely Grew 5.2%-5.8% in Q3, NEDA Exec Says
* PSE to Test All-Time High in '07, Philequity Says


S I N G A P O R E

APBT MYANMAR: Creditors' Proofs of Debt Due on December 1
GN PACKAGING: Pays Dividend to Unsecured Creditors
HEXION SPECIALTY: Boosting Local Operations Via Land Purchase
INTER-BUILDERS DEVELOPMENT: Pays 3.364% Dividend to Creditors
INTERMEC: Discloses Restructuring Plan to Streamline Operations

ODYSSEY RE: Fairfax to Sell Nine Million Shares in Company
PACIFIC CENTURY: General Meeting Slated for Nov. 30
PETROLEO BRASILEIRO: Inks 6 Technical Evaluation Pacts with Peru
PETROLEO BRASILEIRO: Unit Completing Study on Peru's Block 58
RED HAT: Defends v. FireStar's '502 Database-Patent Suit in Tex.

THE EXPANDED METAL GROUP: Court Directs Wind-Up of Operations
YIN FRESH: High Court to Hear Wind-Up Petition on Nov. 24


T H A I L A N D

BLOCKBUSTER: Credit Concerns Prompt Fitch to Hold Junk Ratings
FOUR SEASONS: S&P Pares Corp. Credit Rating to 'BB+' from 'BBB-'
KRUNG THAI: Likely to Miss THB70-Million Loan Target this Year
PHELPS DODGE: Grupo Mexico Most Likely Buyer for Firm
PHELPS DODGE: Inks US$25.9BB Merger Pact With Freeport-McMoRan

THAI DURABLE: Posts THB47-Million Net Loss in Second Quarter '06
TOTAL ACCESS: Defers Plan to List Shares in SET


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

A FURNITURE ARTISAN: To Declare First and Final Dividend
--------------------------------------------------------
A Furniture Artisan Pty Ltd will declare first and final
dividend for its creditors on Jan. 10, 2007, to the exclusion of
those who will not be able to submit their proofs of claim by
Dec. 15, 2006.

The Troubled Company Reporter - Asia Pacific previously reported
that the company commenced a wind-up of its operations on
Aug. 9, 2006.

The Liquidator can be reached at:

         Chris Wykes
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                        About A Furniture

A Furniture Artisan Pty Ltd manufactures wood household
furniture except upholstered.  The company is located in New
South Wales, Australia.


CARPET MANUFACTURERS: Receiver Ceases to Act
--------------------------------------------
Grahame Hill of Hill's Insolvency Services Pty Ltd, ceased to
act as receiver of Carpet Manufacturers (NSW) Pty Ltd on Nov. 9,
2006.

The former Receiver can be reached at:

         Grahame Hill
         Hill's Insolvency Services Pty Ltd
         Level 1, 581 Princes Highway Rockdale
         New South Wales 2216
         Australia

                   About Carpet Manufacturers

Carpet Manufacturers (New South Wales) Pty Limited is involved
with manufacturing industries.  The company is located in New
South Wales, Australia.


CARTIGNY PTY: Will Declare Dividend on January 3
------------------------------------------------
Cartigny Pty Ltd, which is in liquidation, will declare first
and final dividend for its employees on Jan. 3, 2007.

Creditors are required to submit their proofs of claim by
Dec. 12, 2006, for them to share in the dividend distribution.

The Liquidator can be reached at:

         Barry Taylor
         Ferrier Hodgson
         GPO Box 4115
         Sydney, New South Wales 2001
         Australia

                       About Cartigny Pty

Cartigny Pty Ltd manufactures sanitary paper products.  The
company is located in New South Wales, Australia.


CLEM LONG: Commences Wind-Up of Operations
------------------------------------------
The members of Clem Long Investments Pty Ltd met on Nov. 2,
2006, and resolved to voluntarily wind up the company's
operations.

Consequently, Chris Wykes was nominated to act as liquidator.

The Liquidator can be reached at:

         Chris Wykes
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                        About Clem Long

Clem Long Investments Pty Limited is involved with steel works,
blast furnaces -- including coke ovens -- and rolling mills.  
The company is located in New South Wales, Australia.


COVINGTON REMOVALS: Members' Final Meeting Slated for Dec. 7
------------------------------------------------------------
The members and creditors of Covington Removals Pty Ltd will
hold a final meeting on Dec. 7, 2006, at 9:30 a.m., to receive
Liquidator Kim David Holbrook's final report 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 Jan. 9, 2006.

The Liquidator can be reached at:

         Kim David Holbrook
         Holbrook & Associates
         Chartered Accountants
         Level 2, 19 Pier Street (GPO Box M925)
         Perth, Western Australia 6001
         Australia

                    About Covington Removals

Covington Removals Pty Ltd -- http://www.covingtonremovals.com/  
-- provides storage services including under cover storage and
open-air storage for household goods, cars, boats and caravans.  
The company has regular weekly storage services from Perth to
North West of Western Australia and Darwin.

The company is located in Western Australia, Australia.


JAMES HARDIE: Signs Amended FFA with NSW Government
---------------------------------------------------
On November 21, 2006, James Hardie Industries Ltd and the NSW
Government executed the Amended and Restated Final Funding
Agreement to compensate Australians with asbestos-related
personal injury claims against former James Hardie subsidiaries.  
The signing follows the parties' agreement on changes to the
original proposed arrangements and approval of the Amended FFA
by James Hardie's board of directors.

According to James Hardie, the Amended FFA is consistent in all
material respects with the terms of the Final Funding Agreement
signed on December 1, 2005, between the parties.

The two key principles underlying the Amended FFA are:

   1. The funding arrangement is intended to allow James Hardie
      to remain profitable, financially strong and to fund
      growth; and

   2. The funding arrangement is intended to allow payments to
      be made by a Special Purpose Fund to all existing and
      future proven claimants. However, no absolute assurance
      can be given that funding is sufficient.

The NSW Government was also expected to introduce facilitating
legislation into the Parliament with a view to having it passed
before the end of the current session.

"Today marks a very important milestone in realizing the aims of
the original FFA," Louis Gries, James Hardie Chief Executive
Officer said.  "It has taken a lot of hard work to get to this
point but we are confident we now have an agreement that is
sustainable such that it allows James Hardie to grow its
business while meeting its commitments under the Amended FFA for
the next 40 years and possibly beyond."

James Hardie Chairman, Meredith Hellicar, said "while the
process has been long, and the issues to be dealt with complex,
I believe that time will show the attention to detail has been
worthwhile.  I look forward to providing shareholders with more
information about the Board's views in the Explanatory
Memorandum, and to being able to discuss the proposal with them
in person at our shareholder meetings."

Subject to the passage of the facilitating legislation, James
Hardie intends to convene an Extraordinary Information Meeting
for shareholders in Sydney on February 1, 2007.  The
Extraordinary General Meeting is expected to be held in
Amsterdam on February 7, 2007.  For the Amended FFA to be
implemented, it must be approved by 50% of the shareholder votes
cast at the Extraordinary General Meeting.  The Explanatory
Memorandum outlining the proposed arrangements will be sent to
shareholders prior to Christmas.  Subject to satisfaction of all
conditions precedent, including shareholder approval, the
initial funding payment of AU$184.3 million will be paid to the
proposed fund by James Hardie within five days of the
Extraordinary General Meeting.

Over the next few weeks James Hardie will work to satisfy the
remaining conditions precedent to the Amended FFA, including
obtaining an independent expert's report, preparing and issuing
an Explanatory Memorandum to shareholders and obtaining lender
approval for the proposed arrangements.  Work on satisfying
these conditions is well-advanced.

James Hardie has also signed an Interim Funding Deed with the
Medical Research and Compensation Foundation to provide funds in
the event its current assets are exhausted before the Amended
FFA is implemented.
    
                      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.


NESTLE ECHUCA: Enters Voluntary Liquidation
-------------------------------------------
The members of Nestle Echuca Pty Ltd met at an extraordinary
general meeting on Nov. 1, 2006, and resolved to voluntarily
wind up the company's operations.

In this regard, John Raymond Gibbons and Keiran William
Hutchison were appointed as liquidators.

The Liquidators can be reached at:

         John Raymond Gibbons
         Keiran William Hutchison
         Ernst & Young
         680 George Street
         Sydney, New South Wales 2000
         New Zealand
         Telephone: 02 9248 5864

                       About Nestle Echuca

Nestle Echuca Pty Limited is into fluid milk business.  The
company is located in Victoria, Australia.


PETERSVILLE AUSTRALIA: Placed Under Voluntary Liquidation
---------------------------------------------------------
The members of Petersville Australia Ltd met on Nov. 1, 2006,
and resolved to voluntarily liquidate the company's business.

John Raymond Gibbons and Keiran William Hutchison were
subsequently named as liquidators.

The Liquidators can be reached at:

         John Raymond Gibbons
         Keiran William Hutchison
         Ernst & Young
         680 George Street
         Sydney, New South Wales 2000
         New Zealand
         Telephone: 02 9248 5864

                  About Petersville Australia

Petersville Australia Limited was an Australian public company,
which specialized in food product manufacture, distribution, and
marketing until its takeover by Adelaide Steamship Co. in the
1980s.

Petersville was noted for establishing Peters Ice Cream in the
1930s by its founder Fred Peters.  It diversified into all areas
of dairy food manufacture by the 1960s.  It merged with H.C.
Sleigh Co. in the 1970s.  After its takeover by Adelaide
Steamship, Petersville's divisions were broken up, notably the
ice cream division was sold to the Swiss international food
giant Nestl,.

Some of the foods it produced or distributed were: ice cream,
yogurt, cheese, butter and imported cheeses.  Its head office --
-- now Nestle Australia's -- was located in Wellington Road,
Mulgrave, Victoria in Australia.

Petersville had Dairy production plants at Warragul, Trafalgar
and Yarragon in Victoria and at Orange, Taree and Grafton in New
South Wales, Australia.


SAMCOL INVESTMENTS: Members Opt for Voluntary Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on Nov. 1, 2006, the
members of Samcol Investments Pty Ltd resolved to voluntarily
wind up the company's operations.

The Liquidator can be reached at:

         Barry Cook
         54 Beechwood Avenue
         Greystanes, New South Wales 2145
         Australia
         Telephone/Facsimile:(02) 9636 2845

                    About Samcol Investments

Samcol Investments Pty Limited is located in New South Wales,
Australia.  The company is involved with commercial art and
graphic design business.


TOPCON AUSTRALIA: Members Place Firm in Liquidation
---------------------------------------------------
At a general meeting on Nov. 1, 2006, the members of Topcon
Australia Pty Ltd resolved to voluntarily wind up the company's
operations.

The Joint and Several Liquidators can be reached at:

         Christopher R. Campbell
         David J. F. Lombe
         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia

                     About Topcon Australia

Topcon Australia Pty Ltd -- http://www.topcon.com.au/-- is a  
wholly owned subsidiary of Topcon Corporation, a Japanese
producer of optical products and equipment.  The company sells
products, supplied by its parent company, for the ophthalmic,
GPS, and surveying industries throughout Australia and New
Zealand.


TRADEX BUILDING: Court Issues Wind-Up Order
-------------------------------------------
On Oct. 31, 2006, the Supreme Court of New South Wales has
entered an order to wind up the operations of Tradex Building
Products Pty Ltd.

Accordingly, Michael G. Jones was appointed as official
liquidator.

The Official Liquidator can be reached at:

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

                     About Tradex Building

Tradex Building Products Pty Ltd is involved with building
products, systems and maintenance.  The company has operations
in New South Wales, Victoria, and Tasmania, among others.


WRITTEN BLOODSTOCK: Court Asks M. Peters About Lost AU$80 Mln
-------------------------------------------------------------
On November 14, 2005, the Troubled Company Reporter - Asia
Pacific cited a report from The Australian stating that in late
October 2005, Racing NSW placed a ban on Mark Peters'
activities.  Racing NSW declared Mr. Peters a defaulter on bets,
believed to be around AU$330,000, he made with registered
bookmaker Harry Barrett, the TCR-AP noted.

A follow-up report from The Australian relates that on Nov. 17,
2006, Mr. Peters was grilled in the Federal Magistrates Court
about the whereabouts of AU$80 million, which vanished after the
collapse of the thoroughbred racehorse group -- The Written
Bloodstock Syndicate.

According to The Australian, Mr. Peters, who was warned off
tracks after defaulting on debts to bookmakers of more than
AU$1 million, was a part-owner of Written Bloodstock with Larry
King, the owner of the state's biggest home builder, Beechwood
Homes.

The paper says Mr. King is seeking to recover AU$72 million from
the failed company, which he and Mr. Peters operated with their
wives.  Written Bloodstock's other creditors also include:

   (a) Con Kafataris, who is owed AU$1.2 million,

   (b) Harry Barrett, who is owed AU$335,000, and

   (c) Challenger Financial Services is owed AU$7 million

The Australian cites Bankruptcy Trustee Nicholas Crouch
asserting that Mr. Peters had obstructed his attempts to recover
the money and was still a heavy gambler.

"To date, we have had very little assistance from Peters, who
has been evasive and in court has been aggressive and non-
responsive. He has deliberately hindered our investigations and
to date we are trying to conduct further inquiries to establish
how the money was spent," Mr. Crouch adds.

The Australian relates that Mr. Peters told the court he had
been locked out of his AU$2.5 million waterside home in
Drummoyne since being made bankrupt in May and had been staying
with friends or at motels.

Mr. Crouch said he planned to pursue Mr. Peters for breaches of
the bankruptcy act, the paper relates.  "Under oath, Peters
couldn't recall where he slept the night before and couldn't
tell me where he was going to sleep on that night," Mr. Crouch
relates.

Mr. Crouch also asserts that there were "dubious" business names
among the list of creditors, some of which were aligned to Mr.
Peters, including:

   1. Pasquale Donofrio, was owed AU$3.1 million but could not
      be contacted;

   2. Mr. Peters' company Hovina is also in the list for
      AU$2.5 million; and

   3. a loan Mr. Peters allegedly took from Joseph Carbone, a
      builder.

Mr. Crouch notes that he will continue his evidence in February.

The Australian also notes that Mr. Peters' wife, Tina, did not
appear in Court for health reasons.

                    About Written Bloodstock

On November 14, 2005, the Troubled Company Reporter - Asia
Pacific cited a report from The Australian said that racing and
breeding venture -- The Written Bloodstock Syndicate -- has gone
into receivership.

The TCR-AP noted that Sydney business associates Larry King and
Mark Peters initiated TWBS in 2002. The venture went along
nicely until it hit financial hurdles in the middle of this
year.


* Fitch Expects Strong AU RMBS Despite Increasing Delinquencies
---------------------------------------------------------------
On November 21, 2006, Fitch Ratings said that the decline in
Australian home-loan delinquencies during the third quarter of
2006 would reverse during the next six months due to the
combined effects of the three interest rates hikes during the
year and upcoming Christmas credit card purchases.  
Nevertheless, Fitch expects Australian residential mortgage-
backed securities to perform strongly despite the negative press
on the impact of the higher interest rates on some borrowers.
Fitch believes that such extreme cases are isolated events that
are unlike to have a significant adverse impact on the overall
credit quality of RMBS.  Further, the delinquencies remain
extremely low and well within the ratings parameters of Fitch's
Australian RMBS rating criteria.

In the latest Fitch Q306 Dinkum Report, the reduction in the
Dinkum Index during Q306 was mainly due to the index constituent
methodology rather than from an underlying improvement in
delinquencies.

"Despite the three interest rate rises during the year,
Australian RMBS mortgages have performed robustly supported by
strong economic fundamentals.  Fitch expects Australian RMBS to
continue to perform strongly at least in the short to medium
term, despite the expected rise in delinquencies towards the end
of the year," comments Ben McCarthy, managing director and Head
of Australian Structured Finance for Fitch.

The Fitch Dinkum Index shows that 30+ days' delinquencies for
RMBS remained at a low 1.2%, and Fitch believes that
delinquencies will remain at or above this level going forward.
This is in sharp contrast to the high delinquencies for low-doc
mortgages of 3.4%.  While Fitch believes that low-doc
delinquencies have not yet peaked, they remain a small part of
most Australian RMBS and even if they increased to 4% to 5%,
they would still be well within Fitch's scenario modeling.

"Our index reveals that low-doc 30+ day arrears have doubled
over the last two years from 1.2% in September 2003 to 3.4% in
September 2006.  More importantly there has been sharp
divergence away from the overall Dinkum Index, which has
remained relative stable over the same period.  While the higher
delinquencies are well within Fitch's modelled scenarios, the
deterioration has occurred in benign economic times with strong
economic fundamentals.  The upward movement in interest rates
will have a significant impact on the borrowers, particularly on
the low-doc borrowers, who are more vulnerable to economic
shocks," adds Mr. McCarthy.  On the positive side, the increase
in low-doc arrears does not appear to have resulted in increased
claims on insurance principally as a result of low original loan
to valuation rates on these types of loans and a stable property
market.  A cooling in the property market due to the reduced
housing affordability, could lead to increased claims on lenders
mortgage insurance ("LMI") providers.

Fitch's Dinkum Default Index, which tracks claims on LMI is also
at extremely low levels, with total LMI claims after 60 months
less than one basis point of initial collateral.

Covering four categories of delinquencies (30 to 59 days, 60 to
89 days, 90+ days and 30+ days) and low-doc mortgages, as well
as claims against LMI, the Dinkum report enables market
participants to compare performance of Australian RMBS deals as
well as monitor trends in the Australian RMBS market.

A full copy of the report, as well as downloadable versions of
the graphs and performance data, is available on the agency's
Web sites:

   * http://www.fitchratings.comand

   * http://www.fitchratings.com.au


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

ABILITY INTERNATIONAL: Members' Final Meeting Set on Dec. 18
------------------------------------------------------------
The members of Ability International Ltd will meet for their
final meeting on Dec. 18, 2006, 10:00 a.m., at Unit 1905-6,
19/Floor, Enterprise Square Three, 39 Wang Chiu Road, Kowloon
Bay in Kowloon, Hong Kong.

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

The Troubled Company Reporter - Asia Pacific previously reported
that the company's creditors were required to submit their
proofs of debt before Sept. 4, 2006.

The Liquidator can be reached at:

         Cheung Koon Hung, Eppie
         Unit 1602, 16/F., Malaysia Bldg
         50 Gloucester Road
         Wanchai, Hong Kong


ADDCORE DEVELOPMENT: To Hold Annual Meetings on December 1
----------------------------------------------------------
The members and creditors of Addcore Development Ltd will hold
its annual meetings on Dec. 1, 2006, at 10:30 a.m. and
11:00 a.m., respectively.

At the meetings, the members and creditors will receive the
liquidator's account of the company's wind-up proceedings during
the preceding year.

According to the Troubled Company Reporter - Asia Pacific,
Liquidator Muk required the company's creditors to submit their
proofs of claim before June 23, 2006.

The Liquidator can be reached at:

         Jacky C W Muk
         27th Floor, Alexandra House
         16-20 Chater Road, Central
         Hong Kong


ALERIS INTERNATIONAL: Posts US$24.2 Mln Net Loss in Third Qtr.
--------------------------------------------------------------
Aleris International Inc. reported a US$24.2 million net loss on
US$1.4 billion of revenues for the third quarter ended Sept. 30,
2006, compared with a US$31.5 million of net income earned on
US$554.9 million of revenues for the same period in 2005.

Consolidated revenues for the three months ended Sept. 30, 2006
increased US$840.1 million as compared to the three months ended
Sept. 30, 2005.  The acquired operations of Corus Aluminum,
ALSCO, Tomra Latasa, Alumitech, and the acquired assets of Ormet
accounted for an estimated US$578.5 million of this increase.  
The impact of rising primary aluminum prices and higher shipment
levels were partially offset, however, by slightly lower rolling
margins.

At Sept. 30, 2006, the company's balance sheet showed US$3.3
billion in total assets, US$2.8 billion in total liabilities,
and US$452.8 million in total stockholders' equity.

Full-text copies of the company's third quarter financial
statements are available for free at:

              http://researcharchives.com/t/s?14f3

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures  
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.

                         *     *     *

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Aleris on CreditWatch with negative
implications.

Moody's Investors Service placed Aleris' ratings under review
for possible downgrade.  The review was prompted by the
company's announcement of a merger agreement with Texas Pacific
Group.

Ratings placed under review for possible downgrade include the
B1 Corporate Family Rating and the Ba3 Senior Secured Bank
Credit Facility rating.


AMS SERVICES: Liquidators Step Aside
------------------------------------
On Nov. 7, 2006, Lui Tin Nang and Yung Wai Kam ceased to act as
liquidators of AMS Services (Hong Kong) Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
Liquidators presented the final accounts of the company's wind-
up proceedings on Oct. 26, 2006.

The former Liquidators can be reached at:

         Lui Tin Nang
         Yung Wai Kam
         Room 1613, 16/F
         Tai Yau Building, 181 Johnston Road
         Wanchai, Hong Kong


ARCHCORP DEVELOPMENT: Members to Receive Liquidator's Report
------------------------------------------------------------
The final meeting of the members of Archcorp Development
Holdings Ltd will be held on Dec. 15, 2006, 11:00 a.m., 25/F,
Eastern Commercial Centre, 83 Nam On Street in Shaukeiwan, Hong
Kong.

During the meeting, Liquidator Seto Sau Kuen Christine will
present the report regarding the company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
members appointed Mr. Kuen as the company's liquidator on
June 8, 2006.

The liquidator can be reached at:

         Seto Sau Kuen
         Room 1509, CC Wu Bldg
         302-8 Hennessy Road
         Wanchai, Hong Kong


ASC CAPITAL: Liquidators Cease to Act for Company
-------------------------------------------------
On Nov. 7, 2006, Lui Tin Nang and Yung Wai Kam ceased to act as
liquidators of ASC Capital (H.K.) Ltd.

The Troubled Company Reporter - Asia Pacific previously reported
that Liquidators Lui and Yung presented the company's wind-up
report during the members' final meeting held on Oct. 26, 2006.

The former Liquidators can be reached at:

         Lui Tin Nang
         Yung Wai Kam
         Room 1613, 16/F
         Tai Yau Building, 181 Johnston Road
         Wanchai, Hong Kong


BOMBARDIER INC: Prices New EUR1.9 Billion Issue of Senior Notes
---------------------------------------------------------------
Bombardier Inc. priced a new EUR1.9 billion issue of Senior
Notes.  The offering, made principally in Europe and the United
States, will consist of a EUR800 million aggregate principal
amount of floating rate senior notes due 2013 based on EUROLIBOR
+3.125%, a US$385 million (EUR300 million) aggregate principal
amount of 8% Senior Notes due 2014 and a EUR800 million
aggregate principal amount of 7.25% Senior Notes due 2016.

This offering of Senior Notes is part of a refinancing plan to
provide Bombardier with increased financial and operating
flexibility.  The refinancing plan also contemplates the
entering into a new EUR4.3 billion-syndicated letter of credit
facility, within a few weeks, to replace existing facilities
prior to their maturity.  The net proceeds of the offering of
the Senior Notes will be used to repurchase all of the
outstanding EUR500 million 6.125% Notes due 2007 issued in
Europe by Bombardier Capital Funding LP and a principal amount
to be determined of the EUR500 million 5.75% Notes due 2008
issued in Europe by Bombardier Inc., which will have been duly
tendered pursuant to tender offers launched on Oct. 23, 2006.  
Each tender offer is made upon the terms and subject to the
conditions (including the jurisdictional limitations) set out in
the Invitation Memorandum dated Oct. 23, 2006 relating thereto.  
The proceeds of the offering will also be used to retire all of
the outstanding US$220 million 7.09% Notes due 2007 issued by
Bombardier Capital Inc. and to support the new syndicated letter
of credit facility.

"The purpose of our refinancing initiative is to take advantage
of current favourable conditions in the debt capital markets and
to extend Bombardier's debt maturity profile," said Francois
Lemarchand, Senior Vice President and Treasurer, Bombardier Inc.  
"This transaction, one of the largest euro denominated corporate
issue ever, was significantly oversubscribed which reflects the
confidence of the European and U.S. capital markets in the
Corporation's ability to execute its business plan."

                        About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative  
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.  The company has
operations in North America, Europe and China.

Fitch Ratings placed the debt and Issuer Default Ratings for
both Bombardier Inc. and Bombardier Capital Inc. on Rating Watch
Negative.  The existing ratings are:

Bombardier Inc.

   -- IDR BB;
   -- Senior unsecured debt BB;
   -- Bank facilities BB; and
   -- Preferred stock B+.

Bombardier Capital Inc.

   -- IDR BB; and
   -- Senior unsecured debt BB.

These ratings cover approximately US$4.2 billion of outstanding
debt and preferred stock.  Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BI.

Bombardier Inc.'s 6.3% Notes due 2014 also carry Moody's
Investor Service's Ba2 rating and Standard & Poors' and Fitch
Ratings' BB ratings.


GRACEFUL CHINA: Final Meeting Scheduled for December 18
-------------------------------------------------------
Graceful China International Ltd will hold a final meeting on
Dec. 18, 2006, at 11:00 a.m., at the 7/Floor, Kee Shing Centre,
74-76 Kimberley Road, Tsimshatsui in Kowloon, Hong Kong.

During the meeting, Liquidator Lam Tak Keung will present the
account of the company's wind-up proceedings and property
disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's creditors were required to submit their proofs of debt
by Nov. 6, 2006.

The Liquidator can be reached at:

         Lam Tak Keung
         504, South Tower
         World Finance Centre, Harbour City
         17-19 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


GREENBRIER COMPANIES: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its Probability-of-Default and Loss-Given-Default rating
methodology for the Transportation sector, the rating agency
confirmed its Ba3 Corporate Family Rating for The Greenbrier
Companies, 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
   ----------           -------  -------  ------   ----------
   8.375% Senior
   Unsecured Notes
   Due 2015               B1       B1      LGD4       64%

   2.375% Convertible
   Senior Notes
   Due 2026               B1       B1      LGD4       64%

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 Lake Oswego, Oregon, The Greenbrier Companies
[NYSE:GBX] -- http://www.gbrx.com/-- is an international  
supplier of transportation equipment and services to the
railroad industry. The company builds, leases, repairs and
refurbishes freight railcars for a variety of customers in North
America.  It also manufactures and refurbishes freight wagons in
the European market.  Greenbrier owns a lease fleet of
approximately 9,000 railcars, and performs management services
for approximately 136,000 railcars.  The company also is a
leading supplier of ocean-going barges for the American maritime
industry.

The company has operations in China, Poland, and Mexico.


HINOVATION LTD: Members to Hold Final Meeting on December 22
------------------------------------------------------------
The members of Hinovation Ltd will meet for their final meeting
on Dec. 22, 2006, at 10:00 a.m., to receive the liquidators'
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 Joint and Several Liquidators can be reached at:

         Kan Tim Hei
         Fok Pui Ling Linda
         31/F, The Center
         99 Queen's Road, Central
         Hong Kong


IMPREGILO SPA: Earns EUR195.3 Million for First Nine Months 2006
----------------------------------------------------------------
Impregilo S.p.A. released its approved consolidated financial
results for the first nine months ended Sept. 30, 2006.

For the first nine months of 2006, the Group posted EUR195.3
million in net profit on EUR1.83 billion in revenues, compared
with EUR347.9 million in net losses on EUR1.72 billion in
revenues for the same period in 2005.

Factors contributing to the nine-months results included:

   -- lower interest expense, largely as a result of the
      reduction in debt, with a decrease of around EUR31 million
      in charges in the first nine months;

   -- a reduction of approximately EUR13 million in expense and
      commissions relating to banks and guarantees obtained by
      the Group, compared with the first nine months of 2005;

   -- the debt restructuring at the Argentine subsidiary Caminos
      de las Sierras S.A., and the simultaneous remission of a
      capitalized amount of EUR28.5 million, recognized in full
      in finance income for the period.

The share of results of associates in the first nine months of
2006 was EUR26.5 million.  This compared with EUR32.4 million in
the 2005 period, which benefited from a significant capital gain
of EUR15.6 million on the sale of Leonardo Holding.  

Another contributing factor in the Group's operating results
were assets held for sale, including a capital gain of EUR105.1
million on the sale of the Chilean motorway concession Costanera
Norte S.A.

                             Outlook

In the absence of currently unforeseeable extraordinary events,
the Group expects the growth of its industrial operations for
the first nine months of 2006 to continue in the last quarter of
the year.

No additional capital gains are expected on the disposals plan
before the end of the year.

                        About Impregilo

Headquartered in Milan, Italy, Impregilo S.p.A. --
http://www.impregilo.it/-- is involved in the construction of  
dams and hydroelectric schemes since 1906.  In 2005, Impregilo
posted consolidated net sales of EUR2.4 billion, compared to
EUR2.9 billion in 2004.  It attributed the decrease to a general
downturn in sales volumes, the de-consolidation of some
operations and the absence of extraordinary items recognized in
2004.  The company counts Brazil and China as main markets.

                         *     *     *

In 2005, the Group posted a consolidated operating loss of
EUR254.4 million.  A significant factor in the result was the
aggregate operating loss (EUR260 million) of the non-core
businesses (Building & Services, Campania MSW Project, Imprepar
in liquidation), which are being sold/retired or are in
liquidation.

At Dec. 31, 2005, the company reported EUR739.18 million of net
debt, including discontinued operations.  Shareholders' equity
at Dec. 31, 2005, amounted to EUR516.7 million, an increase of
EUR305 million from Dec. 31, 2004.  Impregilo is optimistic it
could achieve its profit forecast and debt-to-equity ratio of
0.5 in 2007.  Lazard Freres & Co. LLC is advising Impregilo.


KIN TAI: Liquidator Cheuk Yee Man to Give Wind-Up Report
--------------------------------------------------------
The members of Kin Tai Bonding Technology (F.E.) Ltd will hold a
final meeting on Dec. 18, 2006, at 11:00 a.m.

At the meeting, Liquidator Cheuk Yee Man will give a report
regarding the company's wind-up proceedings and property
disposal exercises.

The Troubled Company Reporter - Asia Pacific previously reported
that the company's creditors were required to submit their
proofs of debt by Sept. 30, 2006.

The Liquidator can be reached at:

         Cheuk Yee Man
         Rm 2810, 28/F
         113 Argyle Street
         Kowloon
         Hong Kong


PETROLEOS DE VENEZUELA: Eyes 49% Stake in Curacao's Isla Plant
--------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of
Venezuela, has offered to purchase a 49% stake in the Isla plant
of Curacao for US$1.5 billion, Amigoe reports.

Bloomberg relates that the government of Curacao owns the Isla
refinery.  The plant processes heavy crude oil from Venezuela,
which has a high sulfur and metal content.  Most of Isla's
products, including gasoline, are exported to the US and the
Caribbean.  The plant has an installed capacity of 335,000
barrels daily.

Amigoe notes that Petroleos de Venezuela leases the Isla
refinery in an accord that runs through 2019.

Petroleos de Venezuela made the offer for the Isla plant
recently.  The operation, however, has not been approved yet,
Reuters says, citing Nelson Pierre, Curacao Government Companies
commissary.

Mr. Pierre told El Universal, "We are still engaged in talks.  
We are discussing a number of scenarios to determine how we will
eventually make the investment."

A committee of the government of Curacao would meet with
Petroleos de Venezuela on Nov. 24 to proceed with the
negotiations, El Universal says, citing Mr. Pierre.

If the deal moves forward, the plan is to invest US$1 billion to
purchase new equipment, with another US$500 million for
prevention of environmental damages, Mr. Pierre explained to El
Universal.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Restarts Sincor After Maintenance
---------------------------------------------------------
Sincor -- Petroleos de Venezuela's joint venture with Total and
Statoil -- is starting operations after a planned maintenance
for 19 days, Reuters reports, citing an official from Statoil.

Reuters relates that Sincor is one of four projects that upgrade
tar-like Orinoco oil into synthetic crude, which can be
processed by conventional refineries.  

Petroleos de Venezuela told Reuters that Sincor's maintenance
led to bottlenecks.  The company is proposing merging two of the
projects.  Venezuela will construct a massive 800,000 barrels
per day upgrader in the Orinoco belt to process new oil
production.  The unit will be operational in the coming years,
Reuters states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Launching Vehicular Natural Gas Program
---------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil company of
Venezuela, said in a statement that it is launching a program to
promote vehicular natural gas, following an unsuccessful trial
in the 1990s, the company said in a statement.

Hector Castillo, the project's manager said in a statement, "We
plan on reactivating 148 existing gas service stations [with
VNG] and incorporating 350 new spots where GNV can easily be
supplied."

According to a statement, Petroleos de Venezuela invited
Argentine and Belarus officials to get involved in the project
since their nations have experience with the fuel.

Business News Americas relates that Venezuela will modernize
500,000 public transportation units to run on vehicular natural
gas.  

Thousands of taxis were fitted with dual gasoline and vehicular
natural gas systems in the 1990s.

Petroleos de Venezuela said in a statement that the strategy is
to give residents an alternative fuel that is economically
attractive.

However, gasoline is low cost in Venezuela as prices were frozen
in 1997 after price raises caused riots in the late 1980s and
early 1990s, BNamericas reports.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


POLYMER GROUP: Poor Performance Cues Moody's Negative Outlook
-------------------------------------------------------------
Moody's Investors Service changed the rating outlook of Polymer
Group, Inc. to negative from stable.

The change in outlook reflects the company's performance at
levels which are below Moody's expectations from the time of
Moody's prior review in Nov. 2005.

Specifically, the change in outlook expresses concern regarding
negative cash flow generation, potentially narrow cushions under
financial covenants, weakness in demand in certain segments and
the effect of lags in passing on increases to converters in a
rising raw material price environment, which resulted in
substantive reductions in gross margins in 2006.

Moody's is also concerned that such challenges will be harder to
manage at a time when top management is in transition.

Notwithstanding high financial leverage, weak interest coverage
and weaker than expected cash flow generation in 2006 for the
rating category, the B1 ratings remain supported by PGI's
competitive strengths, multi-year contracts, long-standing
customer relationships and Moody's assessment of overall
enterprise value in relation to debt levels.  

The ratings are further supported by the successful completion
of several capital projects, including the expansion of the
company's manufacturing capacity in Suzhou, China and North
Carolina, US in 2006 and the potential contribution from these
assets in 2007 and beyond.

The ratings reflect pricing and volume constraints imposed by
intense competition in both nonwovens and oriented polymers from
often larger and financially stronger companies.  The ratings
are further constrained by business requirements for substantial
and ongoing capital expenditures to maintain, improve and expand
manufacturing facilities, as well as weak interest coverage for
the rating category.

Continuing negative or weak cash flow metrics, significant debt-
financed acquisitions and lack of progress toward improved total
leverage metrics could result in a downgrade.

If the company is able to execute on existing investments in
emerging markets thereby improving free cash flow to debt ratios
to about 5% on a sustainable basis, this could stabilize the
ratings outlook.

Meaningful steps toward debt reduction resulting in adjusted
debt to EBITDA ratios below 4x and improved EBIT to interest
coverage above 1.5x could result in improvements in rating
outlook or eventually to an upgrade.

The negative outlook applies to these ratings:

   -- The B1, LGD3, 33% rated US$45 million senior secured
      revolver due 2010;

   -- The B1, LGD3, 33% rated US$410 million senior secured term
      loan B due 2012;

   -- The B1 Corporate Family Rating;

   -- The B2 Probability of Default Rating;

The outlook for the ratings was changed to negative from stable.

Headquartered in Charlotte, North Carolina, Polymer Group, Inc.
-- http://www.polymergroupinc.com/-- is a global, technology-
driven developer, manufacturer and marketer of engineered
materials.

The company has manufacturing offices in China, Argentina, and
France, among others.


ROAD KING FINANCE: Moody's Downgrades Bond Rating to Ba1
--------------------------------------------------------
On November 20, 2006, Moody's Investors Service downgraded the
senior unsecured rating for Road King Infrastructure Finance
(2004) Ltd's bond to Ba1 from Baa3.  At the same time, Moody's
has assigned a Ba1 corporate family rating to Road King
Infrastructure Ltd's and withdrawn its Baa3 issuer rating.

The ratings outlook is stable.  This concludes Moody's review
initiated on September 6, 2006.

"The downgrade reflects Moody's expectation of greater business
risk and cash flow volatility for Road King, in view of its
ongoing investments in its property development business in
China," says Kaven Tsang, Moody's Lead Analyst for the company.  
"Moody's expects the property business will generate around 50%
of the company's cash flow within the next 2-3 years," he adds.

"Road King's 2006 year-end financial profile will still likely
be close to a borderline investment grade company," Tsang
continues.  "However, Moody's believes this is unlikely to
remain the case over the coming years.  The company has clearly
decided to focus on property development which will inevitably
increase its business risk without a sufficient reduction in
financial leverage to justify a continuing investment grade
rating."

Moody's believes the Ba1 rating better reflects the company's
increasing business risk, whilst also reflecting the ongoing
strong recurring cash flow generated from its diversified
portfolio of 20 toll road projects across China.

The stable rating outlook reflects Moody's expectations that
Road King will maintain a balanced mix of cash flow
contributions from its toll road and property development
businesses in the near to medium term.

Furthermore, Moody's expects that the company will pursue
further expansion in the property development business in a
prudent and gradual manner without materially leveraging up its
balance sheet.  Deviation from this expectation will pressure
the rating.

Upgrade of the rating is unlikely in the next 12-18 months in
view of the core execution risks associated with the integration
of its new acquisitions and the challenges involved with
managing a much larger property development portfolio.

Before considering an upgrade Moody's would like to see:

   (1) a stabilization of the company's property strategy which
       at present appears opportunistic; and

   (2) a longer track record of successfully managing a larger
       property portfolio. Road King's strategy to maintain a
       stable cash flow from its diversified toll road projects
       is also an important factor in considering an upgrade.

Further downgrade pressure would emerge if:

   (1) Road King aggressively expands its property exposure,
       leading to an increase of property contribution to over
       60-70% of total cash flow and over 50% of total assets;
or

   (2) the company funds such property expansion predominantly
       with debt, combined with a material downturn in China's
       property market resulting in significant slowdown in
       property sales, such that adjusted debt/gross cash flow    
       (GCF) consistently exceeds 5.5-6x and GCF interest
       coverage falls below 3.0-3.5x.

A deterioration in the performance and hence cash flow
generation capacity of its toll road business would also be
negative for the rating.

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


SHANGHAI PUDONG: Ping An Buys 3.14% Added Stake for CNY1.17BB
-------------------------------------------------------------
On November 21, 2006, Ping An Insurance announced that it will
boost its stake in Shanghai Pudong Development Bank to nearly 5%
as part of efforts to support its banking arm, Reuters reports.

According to Ping An, it will buy an additional 3.14% stake of
Pudong Bank for CNY1.97 billion by buying 144.76 million new A-
shares, raising its interest to 215.33 million A-shares or 4.94%
stake.

A Ping An executive who declined to be identified, told Reuters
"You will see that we will buy more banking stocks through those
new share issues, initial public offerings or some other
channels."

                          *     *     *

A nationwide commercial bank with a registered capital of
CNY3.915 billion, Shanghai Pudong Development Bank Co., Ltd --
http://www.spdb.com.cn/-- established in October 1992,  
officially opened in January 1993 and listed in the Shanghai
Stock Exchange in November 1999.  By the end of 2005, SPDB has
set up 350 branches in 41 cities across Mainland China.

On August 15, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed the bank's Individual D/E
rating. According to Fitch, the action reflects the bank's weak
credit profile, including sizeable under-capitalization and weak
asset quality relative to peers.  

The recent failure of the bank's non-tradable share reform
proposal has placed negative pressure on its rating, as
additional capital cannot be raised until the reform is
completed.  SZDB's capital adequacy improved in 2005, with the
bank's total capital adequacy ratio rising to 3.7% from 2.3% the
prior year.  However, this ratio remains well below the
regulatory requirement of 8%.


VOLKSWAGEN AG: Board Approves Martin Winterkorn as Chairman
-----------------------------------------------------------
Volkswagen AG's supervisory board agreed Nov. 17 to appoint Dr.
Martin Winterkorn as Chairman of the Board of Management
effective Jan. 1, 2007.

Volkswagen outgoing CEO Bernd Pischetsrieder will leave the
board of management effective Dec. 31.  He will continue to work
for the group and will assume functions in the interests of the
group.

The supervisory board will decide at a later date on a successor
to Dr. Winterkorn in his present function as Chairman of the
Board of Management of Audi AG.

            Supervisory Board discusses Group planning

At its meeting on Nov. 17, the Supervisory Board also discussed
the Group's current financial and capital expenditure planning
for the period 2007 to 2009.  According to this, Volkswagen will
be investing EUR24.7 billion in the Automotive Division in the
coming three years.

In addition to investments in property, plant and equipment,
this amount also includes additions to capitalized development
costs and investments in financial assets.  Of the total amount,
EUR17.7 billion is accounted for by investments in property,
plant and equipment, of which EUR10.7 billion will be invested
in Germany alone.

After a relatively low capex/revenue ratio in recent years, this
ratio will be maintained at a competitive long-term level of
below six percent, as in the previous planning round.  At
EUR11.8 billion, the bulk of the Group's spending on property,
plant and equipment for the Automotive Division will be devoted
to modernizing and expanding the product range.

               Indian Investment Project Approved

The Supervisory Board also approved the plans by the Board of
Management for an investment project in India.  Volkswagen will
build a production plant in the north of the city of Pune in the
state of Maharashtra.  Under the current plans, the new plant
will employ around 2,500 people and will start production of a
small passenger car model in the second half of 2009.

               Supervisory Board on MAN and Scania

Volkswagen's Supervisory Board continues to support the merger
of MAN and Scania and confirmed its two resolutions adopted on
October 15.  It continues to seek an amicable solution, but is
open to other strategies if necessary.

Volkswagen will offer MAN its interest in Scania if MAN holds at
least 56.01 percent of Scania's voting rights and at least 71.31
of its share capital.  However, if it is clear that the offer
will not be successful, Volkswagen reserves the right to seek
any alternative solution.

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, Africa, and Asia,
including China, 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 last year, 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.


* China's Real Estate Follows H.K. counterpart, Fitch Says
----------------------------------------------------------
On November 21, 2006, Fitch Ratings commented in a report on
China's residential property market that mainland China-based
property developers are largely in an emerging stage of the
typical evolution of real estate companies in Asia.

They focus almost exclusively on residential property
development, as the capital requirement is much lower given the
availability of funding via presales.  This is similar to the
stage real estate companies in Hong Kong were in during the
1970s, when they were too focused almost exclusively on
residential development.

"As the mainland property developers continue to accumulate
capital, they will allocate more resources to property
investment, which would lead to greater cash flow stability and
better credit profiles," said Michael Wu, associate director in
Fitch's Asia Corporates team, in a special report on the
structure and characteristics of the China residential property
market.

Mr. Wu added that this transition stage will take several years
and without significant effort, the credit quality gap between
Hong Kong and mainland real estate companies will not be
narrowed.

Fitch also notes that several Hong Kong conglomerates and real
estate companies with better credit profiles, such as Hutchison
Whampoa Limited (rated 'A-' (A minus)/Stable) (partnering with
its parent Cheung Kong (Holdings) Limited), Swire Pacific
Limited (rated 'A-' (A minus)/Stable) and Sun Hung Kai
Properties Limited (rated 'A'/Stable), are also active in the
mainland residential property market.

However, most of them continue to focus on high-end commercial
property investment, where they are able to take advantage of
their stronger funding capabilities to derive more stable cash
flow, and in many cases, better returns than in Hong Kong.  In
the top-tier cities in particular, the Hong Kong-based companies
are able to fill a need that the less mature Chinese players are
unable to.

The report, titled "China Residential Property Market - Highly
Heterogeneous" also points out that given the size and variety
of the market, there is no simple way to analyze it or its
participants.  Chinese property developers have vastly different
business profiles and land bank acquisition strategies.

The leading developers also have limited scale and operating
track records.  The recent financial troubles faced by Sunco
Group, which was subsequently acquired by Hong Kong-based Road
King Infrastructure Limited (rated 'BB+'/Stable), demonstrates
how rapid expansion may be risky if it is not matched by a
healthy balance sheet with a diverse source of funds.  The
larger Chinese players, such as Hopson Development Holdings
Limited, Agile Property Limited, Greentown China Holdings
Limited and Shanghai Real Estate Limited, appear to have
aggressive yet still manageable funding structures.

The credit profiles of these players in general are in line with
those of companies falling within the medium-to-high non-
investment grade levels.

The Chinese government's recent efforts of tightening mortgage
credit and improving market transparency would be instrumental
in creating a healthy residential property market and reducing
speculation.  A more transparent market with less speculative
activities may narrow developers' profit margins in the short
term.  For instance, land costs are likely to increase given all
new land parcels are to be acquired on an open tender or auction
basis.  However, these measures will bring more stability to the
market, which may be positive to developers' risk profiles,
despite the slower growth and smaller margins.

In addition, when the market becomes more transparent, it would
be easier to differentiate between the credit qualities of the
developers.

The agency notes that the players with less aggressive balance
sheets and higher liquidity reserves will be able to better
survive the current 'wait-and-see' period arising from the
regulations-driven market slow down.  To strengthen their
balance sheets, a number of developers have capitalized on the
current liquid capital market to raise new equity and/or debt to
fund their capital expenditure and working capital needs.  
Additionally, Fitch views that developers with a more
diversified land bank inventory, especially those with larger
exposures to second tier cities/regions in China, will be the
least affected by the current market cooling measures.

Given the property market activities in these cities/regions are
supported more by end-user demand, sales growth is likely to be
tied to overall economic and income growth rather than
speculative factors such as interest and foreign exchange rate
movements.

The outlook for the Chinese residential property market is
positive in the medium-to-long term, as urbanization,
availability of mortgage finance and strong GDP growth will
continue to provide strong support to demand for housing units.  
However, short-term volatility is inevitable in cities that
experienced higher price appreciation over the past two to three
years such as Shanghai.

In addition, the outlooks in these cities are tempered by the
evolving regulatory actions, which may cause speculators to
delay their property purchasing decisions until they become more
comfortable with the longer-term regulatory environment.


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

AMSTED INDUSTRIES: Moody's Assigns Loss-Given-Default Ratings
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its Probability-of-Default and Loss-Given-Default rating
methodology for the Transportation sector, the rating agency
confirmed its B2 Corporate Family Rating for Amsted Industries
Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver Due 2011      B1       Ba3     LGD3       30%

   Senior Secured
   Term Loan Due 2013     B1       Ba3     LGD3       30%

   Senior Secured
   Delayed Draw Term
   Loan Due 2013          B1       Ba3     LGD3       30%

   10.25% Guaranteed
   Senior Global
   Notes Due 2011         B3       Caa1    LGD5       80%

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 Chicago, Illinois, Amsted Industries, Inc. --
http://www.amsted.com/-- is a diversified manufacturer of  
industrial components serving primarily the railroad, vehicular,
and construction and building markets.  Amsted currently
designs, manufactures and markets products primarily for the
North American marketplace where 85% of their revenues are
derived.  The company has 47 manufacturing facilities located in
11 countries with approximately 9,200 employees worldwide.  The
company has locations in Canada, Brazil, Africa, Europe and
India.


BRITISH AIRWAYS: Inks Funding Plan Agreement With NAPS Trustees
---------------------------------------------------------------
British Airways and the trustees of the New Airways Pension
Scheme have agreed in principle a ten-year funding plan to
tackle its GBP2.1 billion deficit.

The airline will increase its one-off cash injection from
GBP500 to GBP800 million and offer to pay up to GBP50 million a
year for the next three years subject to the airline's year end
cash balances remaining above GBP1.8 billion and on staff
accepting future benefit changes.

The agreed funding plan between the company and trustees assumes
an increase in British Airways' annual contributions to over
GBP250 million and close to the value of the proposed members
benefit reductions.

The benefit reductions include raising the normal retirement age
to 65, a lower accrual rate, inflation capped pensionable pay
increases, capped pension increases on retirement and sharing
life expectancy.  NAPS will remain a final salary scheme.

British Airways' chief financial officer Keith Williams, said:
"I am pleased to announce an agreement in principle with the
Trustees on this important issue.  This funding plan will secure
our past and future pensions.  It is the right way forward for
NAPS, our staff and for the company.

"The GBP800 million cash payment into NAPS is a very significant
injection into the fund relative to the company's market
capitalization.  Together with the benefits changes, more than
half the deficit will be tackled immediately."

The airline has been consulting with its trade unions on the
proposed benefit changes.  The trustees are keen for the company
and its trade unions to reach a common understanding.

                        About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CONTINENTAL AIRLINES: Moody's Assigns Loss-Given-Default Ratings
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its Probability-of-Default and Loss-Given-Default rating
methodology for the Transportation sector, the rating agency
held its B3 Corporate Family Rating for Continental Airlines
Inc, Calair LLC, and Continental Airlines Finance Trust II.

In addition, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these debentures:

Issuer: Continental Airlines Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   5.0% Convertible
   Senior Notes
   Due June 15, 2023     Caa2     Caa1     LGD5       74%

   4.5% Convertible
   Notes Due
   Feb. 1, 2007          Caa2     Caa1     LGD5       74%

   IRB's                 Caa2     Caa1     LGD5       74%

Issuer: Calair LLC

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   8.125% Guaranteed
   Senior Notes Due
   July 1, 2008          Caa2     Caa1     LGD5       74%

Issuer: Continental Airlines Finance Trust II

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   6% Guaranteed
   Convertible
   Preferred Securities
   Due Nov. 15, 2030       C      Caa2     LGD6        93%

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%).

Continental Airlines (NYSE: CAL) -- http://continental.com/--  
is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout the Americas, Europe and
Asia, serving 154 domestic and 138 international destinations.  
More than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

The company has Asian operations in India, Indonesia, Japan, and
Philippines, among others.


ORIENTAL BANK: Will Raise Tier I Capital by Perpetual Bonds
-----------------------------------------------------------
Oriental Bank of Commerce will raise Tier I Capital by issuing
perpetual bonds on private placement basis in the nature of
promissory notes for INR250 crore (INR125 crore with a green
shoe option of INR125 crore).

The issue is callable at the end of 10 years from the deemed
date of allotment and thereafter on the date of every annual
interest payment date with the prior approval of the Reserve
Bank of India.

The note carries a coupon rate of 9.40% p.a. payable annually
for initial 10 years and thereafter at the rate of 9.90% p.a. in
case call option is not exercised by the Bank.

                 About Oriental Bank of Commerce

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The   
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.  The bank has
introduced products and services, such as Anywhere Branch
Banking, Cash Management Service, Telebanking, automated teller
machines and Internet banking through select branches.  During
the fiscal year ended March 31, 2006, the Bank had a total of
1,148 branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


ORIENTAL BANK: Signs MOU for Strategic Alliance with Two Banks
--------------------------------------------------------------
Oriental Bank of Commerce informed the Bombay Stock Exchange
that the Memorandum of Understanding for an alliance with
Corporation Bank and Indian Bank was already signed on
November 17, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
October 3, 2006, the three banks signed a Memorandum of Intent
for a strategic alliance designed to benefit their customers.

Among the areas covered by the MOU are:

   -- building payment system;

   -- sharing of IT Resources or infrastructure;

   -- sharing of treasury resources;

   -- joint foray into capital market and other financial
      ventures;

   -- common approach to delivery channel like automated teller
      machines, POS terminals, card business, bancassurance
      etc.;

   -- credit syndication and project appraisals;

   -- sharing of training resources;

   -- common procurement of IT resources or other assets
      wherever feasible;

   -- sharing Network of alliance Banks for collection of
      various financial instruments or utilization of surplus
      cash;

   -- collaboration for market research and product development;

   -- sharing Network for selling financial products on behalf
      of alliance partners; and

   -- any other mutually acceptable beneficial areas including
      public relation activities.

The MOU also finalized the creation of various advisory councils
as well as execution and implementation committees.

Oriental Bank makes it clear that the signing of the MOU does
not tantamount to a merger.  The legal identity of each of the
banks will be maintained.

The main object of the MOU, Oriental Bank explains, is to reap
benefits of the economies of scale for the benefit of all
stakeholders.

                About Oriental Bank of Commerce

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The   
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.  The bank has
introduced products and services, such as Anywhere Branch
Banking, Cash Management Service, Telebanking, automated teller
machines and Internet banking through select branches.  During
the fiscal year ended March 31, 2006, the Bank had a total of
1,148 branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


PUNJAB NATIONAL BANK: To Foray Into Life Insurance
--------------------------------------------------
Punjab National Bank will foray into the life insurance market
through a joint venture with United States-based Principal
Group, Vijaya Bank and Berger Paints, The Hindu reports.

According to the report, Punjab Bank already got the Reserve
Bank of India's nod on the venture.  Now the Bank is seeking the
Insurance Regulatory Development Authority's approval, expecting
the regulator's license by the end of 2006.

The proposed venture, of which Punjab Bank will be holding a 30%
equity, would have a capital base of INR110 crore as against the
minimum requirement of INR100 crore, The Hindu says.

The venture, which will likely start next year, will at first
offer group life insurance products, the newspaper adds.

                  About Punjab National Bank

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank  
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual rating
on June 1, 2005.


RELIANCE INDUSTRIES: Board Okays Plan to Raise US$2 Billion
-----------------------------------------------------------
Reliance Industries Ltd's board of directors, at a meeting held
on Nov. 9, 2006, approved the company's plan to raise
US$2 billion subject to approvals as may be necessary or
required.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 6, Reliance Industries disclosed of its plans to raise
money via a syndicated loan, or issuance of fixed or floating
bonds or foreign currency convertible bonds.

                    About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.  

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


RELIANCE INDUSTRIES: Inks Contract with Timor Leste Government
--------------------------------------------------------------
The Minister of Natural Resources, Minerals and Energy Policy of
the Government of Timor Leste, Jose A. Fernandes Teixeira, and
the President for International Operations of
Reliance Industries Limited, Atul Chandra, signed a Production
Sharing Contract for the offshore Contract Area K in Dilli,
capital of Timor Leste.

In January 2006, the Government of Timor Leste had invited bids
for 11 offshore exploration blocks in shallow to ultra deep
waters in their country.

The acreage offered lies in the proven petroleum province of
Australian North West Shelf and is adjacent to the Timor Sea,
which is a joint petroleum development area between Timor Leste
and Australia.  This region contains world-class discoveries
like Bayu - Undan (commenced production in 2004) and Greater
Sunrise.

The Government of Timor Leste announced the awards on May 23,
2006.  Of the 11 blocks offered under the licensing round, six
blocks have been awarded.  In a keenly contested bid with
substantial participation from international players, RIL was
awarded one block.  The area of the awarded block K is 2,384
square kilometers.  Reliance will have majority interest and
operatorship in the block.

Timor Leste is the world's youngest nation, having achieved
independence from Indonesia in May 2002.  The total population
of the country is 1,000,000 with Dilli as its capital city.  The
country has Indonesia and Australia as its immediate neighbors.

RIL is the largest private sector E&P Company in India and has
proven expertise in deepwater exploration with its world-class
discoveries in Krishna Godavari basin in India.  Additionally,
the company also has E&P blocks in Yemen, Oman and Colombia.

RIL believes in exploring in geographies across the globe with a
long-term perspective and in the process become a valuable
partner of growth of those countries.

RIL is confident that with its expertise in the integrated
petroleum value-chain and in implementing world-class projects,
it will be able to significantly contribute to the upliftment of
the Timor Leste economy and its population.

                    About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.  

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


RELIANCE INDUSTRIES: Plans to Venture Into Petrochem Sector
-----------------------------------------------------------
Reliance Industries Ltd offered to buy British Petroleum's
Belgian refining and petrochemical assets valued at
US$2 to US$3 billion, fibre2fashion.com reports.

The offer was reportedly made by RIL Chairman Mukesh Ambani at a
meeting with Prime Minister Verhofstadt.

According to the report, the BP plant makes purified
terephthalic acid used to make plastic bottles for carbonated
beverages and paraxylene.

If the deal is finalized, it would be RIL's first major overseas
acquisition in petroleum and petrochemical sector, the Web site
says.

                    About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.  

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


RPG LIFE SCIENCES: Net Profit Down 36% in Sept. 2006 Quarter
------------------------------------------------------------
RPG Life Sciences Ltd posted INR306 lakh in net profit for the
three months ended September 30, 2006, a 49% decrease from the
INR597 lakh in the corresponding period last year.

The decrease in revenues and increase in expenses brought the
sharp fall in profits.

Sales for the September 2006 quarter totaled INR3,576 lakh
compared to INR3,948 lakh in the September 2005 quarter.  Other
income for the quarter under review is at INR58 lakh while in
the corresponding period last year, RPG Life had a INR76-lakh
other income.

The cost of the consumption of raw materials rose to
INR1,033 lakh in the September 2006 quarter, a 6% increase from
last year's INR975 lakh.

Staff cost and other expenditure in the third quarter of 2006
increased to INR608 lakh and INR977 lakh respectively, from
INR528 lakh and INR898 lakh in the September 2005 quarter.

A full-text copy of the RPG Life's financial results for the
three months ended September 30, 2006, is available for free at:

http://www.rpglifesciences.com/financials/FRSeptember2006.pdf

                     About RPG Life Sciences

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world  
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors.


SAMTEL COLOUR: Incurs INR6-Mil. Net Loss in 3rd Quarter 2006
------------------------------------------------------------
Samtel Colour Ltd recorded a net loss of INR6 million for the
quarter ended Sept. 30, 2006, a complete reversal from the
INR17.8 million net profit that the company incurred in the
quarter ended Sept. 30, 2005.

Revenues were actually better in the September 2006 quarter,
with total income at INR3.010 million, a 37% increase from the
INR2.199 million in the September 2005 quarter.

Expenditures, however, rose as much.  The company's operating
expenses totaled INR2.680 million in the September 2006 quarter,
compared with INR1.963 million in the corresponding period last
year.  

Furthermore, interest expenses rose sharply to INR167.6 million
in the third quarter of 2006 compared to INR87.7 million in the
September 2005 quarter.

                      About Samtel Colour

Headquartered in New Delhi, India, Samtel Colour Ltd --
http://www.samtelgroup.com/samtelnew/home.jsp-- manufactures a  
range of display devices like television picture tubes, tubes
for avionics, medical and industrial applications, glass parts
for picture tubes, components for tubes like deflection yokes
and engineering services.  The company's manufacturing facility
has a production capacity of approximately 6.2 million tubes per
annum.  The deflection yoke division of Samtel Color
manufactures DYs for color picture tubes.  The division supplies
its products to the color picture tube division, as well as some
television manufacturers in India.  The division also
manufactures deflection yokes for export to tube and television
manufacturers in South East Asia.  The electron devices division
of Samtel Color is a manufacturer of electron guns for color
picture tubes. The Company also manufactures glass for
television and display tubes.  Through Samtel Electron Devices
GmbH, the company manufactures professional cathode ray tube.

As reported by the Troubled Company Reporter - Asia Pacific on
June 30, 2006, ICRA Limited has downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the Company's income and profits.


STATE BANK OF INDIA: Planned Hybrid Issues Get S&P's BB- Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
State Bank of India's proposed upper Tier II subordinated and
hybrid Tier I notes under its US$2 billion MTN program.

The differential between the 'BB+' counterparty credit rating
and the 'BB-' rating on the upper Tier II and hybrid Tier I
securities reflects the subordinated nature of the notes and
embedded interest deferral feature.  The interest deferral
feature is linked to the compliance with the regulatory capital
adequacy ratio and a profit test.  This is, in turn, linked to
the "balance in profit & loss account," which is a component of
the reserves and surplus on a bank's balance sheet.  A "net
loss" is defined as a negative balance in this account.

If the bank is in compliance with the RCAR but reports a net
loss, the bank will require Reserve Bank of India's permission
before it can make interest payments on the notes.  If the bank
is not in compliance with the RCAR, it will be mandatory for the
bank to defer interest payments.

The upper Tier II subordinated notes will have a minimum tenor
of 15 years.  The hybrid Tier I notes are perpetual, non-
cumulative, subordinated debt.  Both upper Tier II and hybrid
Tier I notes have a call option 10 years from the date of issue.

The upper Tier II and hybrid Tier I notes are not included in
Standard & Poor's measure of core capital, which is adjusted
common equity.  This is in line with Standard & Poor's treatment
of other forms of hybrid capital, including preference shares,
in its analysis of capital.  Standard & Poor's will, however,
recognize equity capital credit in the bank's adjusted total
equity of up to 25% (strong equity content) for the hybrid Tier
I securities, and up to 10% (adequate equity content) for the
upper Tier II securities.


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

ALCATEL SA: U.S. Congress Okays Merger with Lucent Technologies
---------------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. have received approval
from the Committee on Foreign Investment in the United States,
under provisions of the Exon-Florio amendment, to proceed with
their proposed merger transaction.

Alcatel and Lucent submitted a voluntary notice of the merger to
CFIUS in August 2006.  CFIUS prepared a recommendation on the
merger transaction to the President of the United States in the
final phase of the approval process and the President has
accepted the CFIUS recommendation that he not suspend or
prohibit the proposed merger transaction, provided that, in time
periods specified, the companies execute a National Security
Agreement and Special Security Agreement to which they have
agreed with U.S. Government agencies.

Alcatel and Lucent will execute within the specified time
periods the National Security Agreement and Special Security
Agreement to which they have previously agreed with U.S.
Government agencies.

The companies are moving quickly to finalize the transaction and
expect to complete the merger on Nov. 30, 2006, which is within
the six-to twelve-month timeframe originally announced April 2,
2006.

                   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.


CILIANDRA PERKASA: Moody's Assigns Provisional (P)B2 Rating
-----------------------------------------------------------
Moody's Investor Service has assigned a provisional (P)B2
Corporate Family Rating to PT Ciliandra Perkasa and (P)B2 senior
secured rating to the company's proposed US$150 million bonds.
The ratings outlook is stable.

This is the first time Moody's has assigned ratings to
Ciliandra.  Moody's expects to affirm the ratings and removed
them from their provisional status upon completion of the bonds
issuance.

The bond proceeds will be used to repay existing debt of
US$79.2 million as well as fund capital expenditures for a new
bio-diesel plant, a new crushing mill and new plantings over the
next few years.

"The (P)B2 rating reflects Ciliandra's current small size and
its lack of a downstream operation," says Peter Choy, a Moody's
VP/Senior Credit Officer.  "Ciliandra's revenue is also
vulnerable due to its narrow customer base.  Furthermore, the
rating reflects Ciliandra's relatively low production efficiency
and weak credit metrics, which are more consistent with a B2
rating."

At the same time, the rating recognizes the favourable demand
for crude palm oil and bio-diesel as well as Ciliandra's medium
plantation quality and the upcoming positive maturity profile of
its plantations, which will improve yield and provide support to
the rating.

"Bio-diesel appears to be a promising business. Nevertheless,
execution risk is medium to high for Ciliandra which has yet to
acquire skills for this new business," adds Choy, Moody's lead
analyst for Ciliandra.

The stable outlook reflects Moody's expectation that Ciliandra
will continue to exercise a prudent financial policy -- capex
within the quantum of funds raised from the bonds and internally
generated cash flow -- in pursuing its growth strategy.
Furthermore, the stable outlook is based upon the company's
confirmation that the investigation of one of its founders and a
former shareholder will have no material impact on its operation
and financial profile.

Upward ratings pressure would arise if Ciliandra completes its
bio-diesel plant within budgeted cost and time, and at the same
time enhances home-grown production to improve annual yield,
extraction rate and cash production costs.  Such improvements
would need to translate into enhanced financial performance, as
measured by Adjusted Debt/EBITDA below 3.0x -- 3.5x,
EBITDA/Interest of 3.5x -4.5x, and RCF/ Adjusted Debt of at
least 15% -20%.

On the other hand downward rating pressure could emerge, if
there is evidence of:

   (1) cost overrun or material delay in the construction of the
       bio-diesel plant;

   (2) revenue decline arising from operational problems or
       inability to secure sales for its new bio-diesel plant;

   (3) evidence of leakage of funds arising from advances to
       related companies or aggressive dividend payouts;

   (4) further aggressive debt-funded expansion in new plantings
       or crushing mills; and

   (5) crude palm oil or bio-diesel prices fall beyond our
       expectations such that Adjusted Debt/EBITDA increases to
       5.5-6.0x, EBITDA/Interest declines to below 1.5 - 2.0x,
       or RCF/Adjusted Debt falls consistently below 10%.

Ciliandra is a private Indonesian upstream palm oil plantation
company operating in Sumatra.  It has 13 oil palm plantations
totalling 76,830 planted hectares, and 6 palm oil crushing mills
with a total capacity of 2.07 million tonnes of fresh fruit
brunches.


CILIANDRA PERKASA: Fitch Assigns B+ Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned 'B+' Long-term foreign and local
currency Issuer Default ratings to Indonesia-based PT Ciliandra
Perkasa.  In addition, Fitch has assigned a National Long-term
rating of 'A-(idn)' to Ciliandra.  The Outlook for the ratings
is Stable.  Fitch has also assigned an expected rating of 'B+'
and a Recovery Rating of 'RR4' to the proposed US$150 million
senior secured notes issued by Ciliandra Perkasa Finance Company
Pte. Ltd. and guaranteed by Ciliandra and its subsidiaries.  The
final rating is contingent upon receipt of documents conforming
to information already received.

Ciliandra's ratings are constrained by its aggressive financial
profile, its exposure to the commoditised palm oil industry, its
large capital expenditure plan until end-2009, and the risks
associated with a planned forward integration into bio-diesel
production.  Taking the notes issue into account, Ciliandra has
projected a total debt/EBITDA of 4.5x and cash from
operations/total debt of 12% for the year ended December 2006.
Ciliandra's EBITDA is exposed to volatility in crude palm oil
prices, which is currently at about US$450 per metric tonne, but
in the last 15 years, the price ranged between US$250 to US$700
per MT.

Ciliandra also has an aggressive capital expenditure plan of
USD110 million until end-2009, but the agency notes that the
risks in the capital expenditure are mitigated by the fact that
73% of the amount is earmarked for expansion of its plantations
business in which the company has an established presence.
Ciliandra's forward integration into bio-diesel production faces
significant off-take risk as demand for bio-diesel is dependant
on continued high prices of crude oil and tax incentives
extended to bio-fuels, particularly in the European Union, which
is generating most of the demand at present.  Fitch, however,
notes that Ciliandra's investment of US$30 million in the bio-
diesel venture is not large in relation to the company's size of
operation.

The ratings of Ciliandra draw support from the favorable
maturity profile, the geographic location of the company's
plantations and the fact that its revenues are primarily USD-
based.  The majority (65.5% as at September 30, 2006) of the
company's plantations have entered prime age which is likely to
result in a significant increase in production of fresh fruit
bunches and hence, CPO, over the next few years, subject to
favourable weather conditions.  Ciliandra has a demonstrated
track record of increasing its FFB yields (17.51 MT/hectare in
2005 compared to 11.12 MT/hectare in 2001) leading to higher
operating profit per mature hectare.  Ciliandra's plantations
are all located in the Riau Province in Sumatra, which is one of
the world's most favourable regions for palm oil plantation with
ideal weather conditions, abundant and cheap labour, fertile
soil and proximity to crude palm oil refineries.  Ciliandra
derived about 80% of its revenues from domestic sales in 2005.
While IDR-denominated, these revenues are effectively USD-based
as CPO is sold at rates linked to international prices, thus
providing an effective hedge to Ciliandra's USD-denominated
borrowings.

The Stable Outlook reflects Fitch's expectation that growth in
CPO production will drive the company's profits and the company
will maintain total debt/EBITDA well below 4.0x from 2007.
Higher operating profits driven by improving maturity profile of
plantations are likely to offset the additional borrowing
arising out of the notes issue.  A significant increase in
leverage with the total debt/EBITDA sustained above 5.0x may
trigger a negative rating action.  Any material delay in,
changes to, or cancellation of the proposed notes issuance may
also trigger a negative rating action.  Success of its bio-
diesel venture, a rise in scale of plantation operations and
total debt/EBITDA sustained below 3.0x may result in a positive
rating action.

Ciliandra had 76,830 hectares of oil palm plantations as at
September 30, 2006, with nearly 50,000 hectares at prime age.  
Given current planting schedule, total plantation size is
expected to increase to 113,631 hectares by 2010.  As a result,
CPO production is expected to increase to 350,000 MT in 2010
from 194,217 MT in 2005. Ciliandra had a revenue of IDR703
billion (US$75 million) and an EBITDA of IDR240 billion
(US$26 million) in 2005.


CORUS GROUP: Tata Steel May Raise Offer to Top CSN's Bid
--------------------------------------------------------
Tata Steel Ltd. may raise its offer for Corus Group Plc. in
order to top the rival bid launched by Brazil's Companhia
Siderurgica Nacional SA, Bloomberg says.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 21, 2006, Companhia Siderurgica last week offered
GBP4.26-billion to acquire Corus Group, topping a bid by India's
Tata Steel.

According to the TCR-AP report, Companhia Siderurgica said that
it had approached its board of directors with a proposal to pay
475 pence per share in cash, which is 4.4% higher than Tata
Steel's 455 pence offer.  The offer was subject to due diligence
and Companhia Siderurgica has not yet made a firm bid.

Bloomberg relates that Tata Steel and Companhia Siderurgica both
want to buy Corus Group to add mills in Europe and boost
bargaining power with clients and suppliers.  Surging demand has
spurred US$78 billion in announced transactions in the industry
this year.

Bloomberg cites John Thorn, who manages US$250 million in Indian
stocks at India Capital Fund Ltd., as saying that Tata Steel
will have to raise its offer to stay in the game, adding that
although Tata Steel has a first-mover advantage, at the end of
the day, money matters.

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

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

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

                          *     *     *

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

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

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

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

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

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

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

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

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

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

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

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

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


CORUS GROUP: S&P Keeps 'BB' Corporate Rating After CSN's Offer
--------------------------------------------------------------
Standard & Poor's Ratings Services kept its 'BB' long-term
corporate rating on U.K.-based steelmaker Corus Group PLC on
CreditWatch with developing implications, following the
announcement by Brazil-based steel maker Companhia Siderurgica
Nacional (CSN) (BB/Watch Neg/--) of a proposed takeover offer
worth 475 pence per share.

At the same time, the 'BB+' senior secured bank loan ratings and
'BB-' unsecured debt ratings on Corus remain on CreditWatch with
developing implications.  The 'B' short-term corporate credit
rating remains on CreditWatch with positive implications.  All
ratings were placed on CreditWatch  on Oct. 18, 2006, following
the announcement of an initial bid for the company from India-
based steel manufacturer Tata Steel Ltd. (Tata Steel; BBB/Watch
Neg/--).

The proposed new offer from CSN is larger than the bid for Corus
from Tata Steel, which is worth 455 pence per share.  As a
result, the new offer has increased uncertainties over the
potential outcome for Corus.

"We note that integration with low-cost operations of either of
the bidders might benefit Corus' weak business profile," said
Standard & Poor's credit analyst Tatiana Kordyukova.  "Both
bidders have referred to nonrecourse debt as a part of the
respective financial structures, however, and it is not yet
clear how feasibly such debt could be served from the cash flows
of Corus and to what extent that could impair Corus' financial
position."

It is also not certain how both offers could evolve in the
future.  Upside potential remains if the Tata Steel bid is
successful: Because Tata Steel is an entity with higher stand-
alone creditworthiness, the combined entity could have a
stronger credit quality than Corus on a standalone basis --
provided there is sufficient evidence that Tata Steel will
provide financial support to Corus.

In resolving the CreditWatch placement, Standard & Poor's will
seek further information on the progress of the proposed offers
made by both Tata Steel and CSN.  In resolving the CreditWatch
placement, Standard & Poor's will assess whether Corus' weak
business risk profile would be enhanced, and how such a
transaction would be financed.  Furthermore, we will consider
the potentially substantial integration challenges.

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


FREEPORT-MCMORAN: Inks Phelps Dodge Merger Pact for US$25.9 Bil.
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge Corporation
have signed a definitive merger agreement under which FCX will
acquire Phelps Dodge for approximately US$25.9 billion in cash
and stock, creating the world's largest publicly traded copper
company.

The combined company will be a new industry leader with large,
long-lived, geographically diverse assets and significant proven
and probable reserves of copper, gold, and molybdenum.

The company's increased scale of operations, management depth,
and strengthened cash flow will provide an improved platform to
capitalize on growth opportunities in the global market.

The combined company will be the largest North American-based
mining company.

The company will enjoy an excellent cost position, long reserve
life, a diversified geographic footprint, and an attractive
growth profile.

FCX currently operates the world-class Grasberg mine, located in
Papua, Indonesia, which is the world's largest copper and gold
mine in terms of reserves.

Phelps Dodge has mines in operation or under development in
North and South America, and Africa, including the world-class
Tenke Fungurume development project in the Democratic Republic
of the Congo.

The combined company will represent one of the most
geographically diversified portfolios of operating, expansion
and growth projects in the copper mining industry.

James R. Moffett, chairman of the board of FCX, said: "This
transaction combines two leading mining companies to form a
strong industry leader at a time when we see significant long-
term opportunities in our industry.  FCX has been built through
our exploration and development capabilities, and we will focus
on aggressively pursuing opportunities in the extensive Phelps
Dodge asset portfolio."

Richard C. Adkerson, FCX's president and chief executive
officer, said: "This acquisition is financially compelling for
FCX shareholders, who will benefit from significant cash flow
accretion, lower cost of capital, and improved geographic and
asset diversification.  The new FCX will continue to invest in
future growth opportunities with high rates of return and will
aggressively seek to reduce debt incurred in the acquisition
using the substantial free cash flow generated from the combined
business."

Adkerson continued: "Together, FCX and Phelps Dodge will have
the size, management depth and financial strength to optimize
existing operations and accelerate our growth by aggressively
pursuing promising new development projects, exploration and
acquisitions.  We are enthusiastic about the addition of Phelps
Dodge's highly regarded mining team, which will complement our
existing organization, and are delighted to welcome Phelps
Dodge's talented team to the FCX family."

J. Steven Whisler, chairman and chief executive officer of
Phelps Dodge, said: "This transaction provides Phelps Dodge
shareholders a significant premium for their shares and gives
them the opportunity to participate in the upside potential of a
geographically diversified industry leader possessing the scale
and asset quality to compete on the global stage successfully.  
I believe our management team, with its industry-recognized
reputation for operational excellence and technological
innovation, possesses the skills in open pit and underground
mining and mineral processing to add value to FCX's operations.  
We look forward to working with FCX to realize all of the
benefits of this combination, and its exciting portfolio of
growth and expansion projects, for our shareholders, customers,
employees and suppliers."

                     Terms of the Transaction

Under the terms of the transaction, FCX will acquire all of the
outstanding common shares of Phelps Dodge for a combination of
cash and common shares of FCX for a total consideration of
US$126.46 per Phelps Dodge share, based on the closing price of
FCX stock on Nov. 17, 2006.

Each Phelps Dodge shareholder would receive US$88.00 per share
in cash plus 0.67 common shares of FCX.  This represents a
premium of 33% to Phelps Dodge's closing price on Nov. 17, 2006,
and 29% to its one-month average price at that date.

The cash portion of US$18 billion represents approximately 70%
of the total consideration.  In addition, FCX would deliver a
total of 137 million shares to Phelps Dodge shareholders,
resulting in Phelps Dodge shareholders owning approximately 38%
of the combined company on a fully diluted basis.

The boards of directors of FCX and Phelps Dodge have each
unanimously approved the terms of the agreement and have
recommended that their shareholders approve the transaction.  
The transaction is subject to the approval of the shareholders
of FCX and Phelps Dodge, receipt of regulatory approvals and
customary closing conditions.  The transaction is expected to
close at the end of the first quarter of 2007.

FCX has received financing commitments from JPMorgan and Merrill
Lynch to fund the cash required to complete the transaction.  
After giving effect to the transaction, estimated pro forma
total debt at Dec. 31, 2006, would be approximately
US$17.6 billion, or approximately US$15 billion net of cash.

                Combined Financials and Production

For the 12-month period ending Sept. 30, 2006, the companies had
combined revenues of US$16.6 billion, EBITDA (operating income
before depreciation, depletion and amortization) of
US$7.0 billion, and operating cash flows of US$5.5 billion.

For the year 2006, the combined company's estimated EBITDA would
approximate US$7.9 billion and operating cash flows would
approximate US$6.5 billion.

On a pro forma basis for 2006, the combined company's production
would approximate 3.7 billion pounds of copper (3.1 billion
pounds net of minority interests), 1.8 million ounces of gold
(1.7 million ounces net of minority interests) and 69 million
pounds of molybdenum.

Combined proven and probable reserves at Dec. 31, 2005, would
approximate 75 billion pounds of copper, 41 million ounces of
gold and 1.9 billion pounds of molybdenum, net of minority
interests.

                    Benefits Of The Transaction

   * The combined company is well positioned to benefit from the
     positive copper market at a time when there is a scarcity
     of large-scale copper development projects combined with
     strong global demand for copper.  The combined company's
     copper production growth is expected to be approximately
     25% over the next three years.

   * The combined company will benefit from long-lived reserves
     totaling 75 billion pounds of copper, 41 million ounces of
     gold and 1.9 billion pounds of molybdenum, net of minority
     interests.

   * The combined company is expected to generate strong cash
     flows, enabling significant debt reduction.  For the year
     2006, the two companies are expected to generate estimated
     combined operating cash flows totaling US$6.5 billion.

   * FCX expects the transaction to be immediately accretive to
     FCX's earnings and cash flow.

   * The combined company's project pipeline will support
     industry-leading growth by delivering nearly 1 billion
     pounds of additional copper production capacity over the
     next three years.  Projects include Phelps Dodge's recent
     commissioning of the US$850 million expansion of the Cerro
     Verde mine in Peru; the development of the new US$550
     million Safford mine in Arizona; a potential project to
     extend the life of El Abra through sulfide leaching; the
     exciting Tenke Fungurume copper/cobalt project in the
     Democratic Republic of the Congo, which is expected to
     begin production by 2009; the expansion of FCX's DOZ
     underground mine in Indonesia; and other developments of
     FCX's large-scale, high-grade underground ore bodies in the
     Grasberg district in Indonesia.

   * The combined company is expected to generate strong cash
     flows, enabling significant debt reduction.  For the year
     2006, the two companies are expected to generate estimated
     combined operating cash flows totaling US$6.5 billion.

   * FCX expects the transaction to be immediately accretive to
     FCX's earnings and cash flow.

   * The combined company will have significant high potential
     exploration rights in copper regions around the world,
     including FCX's existing prospective acreage in Papua,
     Indonesia, and Phelps Dodge's opportunities at its Tenke
     concession, the U.S. and South America, as well as Phelps
     Dodge's portfolio of exciting exploration targets.  FCX
     will continue its longstanding focus on adding value
     through exploration.

   * The combination of FCX's and Phelps Dodge's proven
     management and best practices in open pit and underground
     mining will facilitate the sharing of expertise to optimize
     operations across the asset base.  Phelps Dodge's unique
     mining and processing technology provides opportunities to
     be applied to optimize metal production at Grasberg.

              Management Team and Board of Directors

James R. Moffett, chairman of FCX, will continue as chairman.
Richard C. Adkerson, chief executive officer of FCX, will serve
as chief executive officer of the combined company.

Upon completion of the transaction, J. Steven Whisler, chairman
and chief executive officer of Phelps Dodge, is expected to
retire after more than 30 years of service to Phelps Dodge.

Timothy R. Snider will be chief operating officer of the
combined company, Ramiro G. Peru will be chief financial officer
and Kathleen L. Quirk will be chief investment officer.

Mark J. Johnson will continue as chief operating officer of
FCX's Indonesian operations and Michael J. Arnold will continue
in his executive management role, including serving as chief
financial and administrative officer of FCX's Indonesian
operations.

At closing, FCX will add to its board of directors three
independent members from Phelps Dodge's board, increasing the
size of the board to sixteen directors in total.

The parent company will retain the Freeport-McMoRan Copper &
Gold Inc. name and trade on the New York Stock Exchange under
the symbol "FCX."  The Phelps Dodge name will continue to be
used in its existing operations.

The corporate headquarters of the combined company will be
located in Phoenix, Arizona, and FCX will maintain its New
Orleans, Louisiana, office for accounting and administrative
functions for its Indonesian operations.

                         Financial Policy

FCX has an established financial policy of maintaining a strong
financial position and returning excess cash to shareholders
through dividends and share purchases.  The continuation of
positive copper markets would provide substantial cash flows to
enable the combined company to achieve significant near-term
debt reductions.  In addition, FCX intends to consider
opportunities over time to reduce debt further through issuances
of equity and equity-linked securities and possibly through
asset sales.  FCX expects to continue its regular annual common
dividend of US$1.25 per share.  FCX is committed to its long-
standing tradition of maximizing value for shareholders.

                       Advisors and Counsel

J.P. Morgan Securities Inc. and Merrill Lynch & Co. are the
financial advisors of FCX.

Davis Polk & Wardwell and Jones, Walker, Waechter, Poitevent,
Carrere & Denegre L.L.P. are the legal counsel of FCX.

Citigroup Corporate and Investment Banking and Morgan Stanley &
Co. Incorporated are the financial advisors of Phelps Dodge.

Debevoise & Plimpton LLP is the legal counsel of Phelps Dodge.

                        About Phelps Dodge

Phelps Dodge Corporation (NYSE: PD) is one of the world's
leading producers of copper and molybdenum and is the largest
producer of molybdenum-based chemicals and continuous-cast
copper rod.  The company employs 15,000 people worldwide.

               About Freeport-McMoRan Copper & Gold

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- explores for,  
develops, mines, and processes ore containing copper, gold, and
silver in Indonesia, and smelts and refines copper concentrates
in Spain and Indonesia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 18, 2006, Moody's Investors Service confirmed Freeport-
McMoran Copper & Gold Inc.'s Ba3 Corporate Family Rating in
connection with the rating agency's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.

Dominion Bond Rating Service confirmed in April the rating of
Freeport-McMoRan Copper & Gold Inc. at BB (low).  DBRS said the
trend is Stable.


FREEPORT-MCMORAN: Moody's Reviews Ba3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service placed under review for possible
upgrade Freeport-McMoRan Copper & Gold Inc.'s Ba3 corporate
family rating and its B1 senior unsecured rating.  At the same
time Moody's placed under review for possible downgrade the Baa2
senior unsecured ratings of Phelps Dodge Corporation.  The
reviews were prompted by the joint announcement of Freeport and
Phelps Dodge that Freeport will acquire Phelps Dodge under a
merger agreement for a purchase price of approximately
US$25.9 billion in cash and shares.

Freeport has arranged debt financing of approximately
US$16 billion to fund the cash portion of the deal, bringing the
combined debt of both companies, including Moody's adjustments
for unfunded pensions and operating leases, to approximately
US$18.9 billion.

The review for upgrade of Freeport's ratings recognizes the
improved business profile Freeport will assume with the
acquisition of Phelps Dodge.  Its rating has reflected both its
single mine operation and the challenges that may arise from
doing business solely in Indonesia.  The acquisition of Phelps
Dodge will significantly reduce Freeport's dependence on one
mine, although that mine will still comprise a significant
component (35%) of the production of Freeport post acquisition.
However, Freeport will remain highly concentrated in a single
commodity, copper, and its financial profile will change
significantly as its debt increases to US$18.9 billion.  It is
possible that the corporate family rating of Freeport will be
upgraded by one notch or affirmed, depending on the outcome of
the review.  It is unlikely that the rating will be downgraded,
unless metals prices or the outlook for metals prices retreat
appreciably from current levels.

The review for downgrade of Phelps Dodge reflects the
significant amount of debt that it will be called upon to
support at the Freeport level.  Phelps Dodge will provide an
upstream guarantee to the new and existing debt at Freeport.  In
all likelihood the existing rated debt of Phelps Dodge will be
assigned a non-investment grade rating upon conclusion of the
review.

On Review for Possible Downgrade:

Issuer: Cyprus Amax Minerals Company

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently Baa2

Issuer: PD Capital Trust I

   -- Preferred Stock Shelf, Placed on Review for Possible
      Downgrade, currently (P)Baa3

Issuer: PD Capital Trust II

   -- Preferred Stock Shelf, Placed on Review for Possible
      Downgrade, currently (P)Baa3

Issuer: Phelps Dodge Corporation

   -- Multiple Seniority Shelf, Placed on Review for Possible
      Downgrade, currently (P)Ba1

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently Baa2

On Review for Possible Upgrade:

Issuer: Freeport-McMoRan Copper & Gold Inc.

   -- Corporate Family Rating, Placed on Review for Possible
      Upgrade, currently Ba3

Outlook Actions:

Issuer: Cyprus Amax Minerals Company

   -- Outlook, Changed To Rating Under Review From Positive

Issuer: Freeport-McMoRan Copper & Gold Inc.

   -- Outlook, Changed To Rating Under Review From Stable

Issuer: PD Capital Trust I

   -- Outlook, Changed To Rating Under Review From Positive

Issuer: PD Capital Trust II

   -- Outlook, Changed To Rating Under Review From Positive

Issuer: Phelps Dodge Corporation

   -- Outlook, Changed To Rating Under Review From Positive

The review will focus on:

   1) Freeport's plan to reduce debt from internally generated
      cash flow, the timeframe involved, and Moody's view of the
      ability of the company to do so under various metals price
      scenarios;

   2) the commitment of the company to reduce debt, particularly
      in view of its history of returning significant amounts of
      cash to shareholders, principally through special
      dividends;

   3) the likelihood of debt reduction from the issue of equity
      or equity-like securities;

   4) the likelihood of asset sales being used to reduce debt;

   5) the final legal and capital structure of the combined
      companies and whether any of the existing or new debt is
      structurally subordinated.  This analysis of the legal and
      capital structure will have an impact on notching only,
      and not on the corporate family rating.

Moody's understands that the majority of the permanent, i.e.
non-bridge bank debt, at Freeport will be secured and that the
existing notes and bonds at Phelps Dodge may rank pari-passu
with this debt.  Moody's also understands that the new notes and
bonds to be issued by Freeport in replacement of the bridge debt
may be unsecured, thus ranking junior to the aforementioned
debt.  In considering Freeport's ability to reduce debt from
internally generated funds, Moody's will consider, in addition
to various metals price scenarios, various scenarios for both
operating and development costs, and expected and required
capital expenditure levels.

Moody's notes that there is no certainty that the proposed
transaction will be completed.  There could be other bids
involving these and perhaps other companies.  The final ratings
applicable to the debt of Freeport and Phelps Dodge will depend
on the final terms and structure of any transaction consummated.

Phelps Dodge Corporation is a Phoenix based producer of copper
and molybdenum and had revenue in 2005 of US$8.3 billion.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia and revenue in 2005 of US$5.9 billion.


GOODYEAR TIRE: Meets with Union to Discuss New Labor Deal
---------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed Friday that
bargaining teams from the company and the United Steelworkers
met last week in Cincinnati.  Goodyear presented copies of its
latest proposals to the Union's full bargaining committee.  
Goodyear reviewed its proposals in detail and responded to
questions from the Union's bargaining team.  The Union made no
new proposals.

The company said it is clear from the discussions that the two
primary issues continue to be retiree health care and the
announced closure of the Tyler, Texas plant.

Dates for further meetings with the union have not been
established.

Goodyear's latest proposal can be viewed at:

              http://researcharchives.com/t/s?155c

The United Steelworkers struck Goodyear on Oct. 5 after refusing
to further extend a three-year master contract with the company.

                     About Goodyear Tire

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

                          *     *     *

On Oct. 26, 2006, Moody's Investors Service confirmed its B1
Corporate Family Rating for The Goodyear Tire & Rubber Company
in connection with the rating agency's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the U.S. Automotive and Equipment sectors.

Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.  
Goodyear has total debt of about US$7 billion.


GOODYEAR TIRE: Fitch Junks US$1-Billion Senior Unsecured Notes
--------------------------------------------------------------
Fitch Ratings assigned debt and Recovery Ratings of CCC+/RR6 to
US$1 billion of new private placement notes issued by The
Goodyear Tire and Rubber Company.  All ratings remain on Rating
Watch Negative.

The new debt includes US$500 million of three-year floating rate
notes and US$500 million of five-year 8.625% notes.  Proceeds
will be used to refinance US$515 million of debt scheduled to
mature by March 2007 and for general corporate purposes,
including addressing the ongoing strike by the United
Steelworkers union.

Goodyear's existing debt and recovery ratings are:

   -- Issuer Default Rating B;
   -- US$1.5 billion first lien credit facility BB/RR1;
   -- US$1.2 billion second lien term loan BB/RR1;
   -- US$300 million third lien term loan B/RR4;
   -- US$650 million third lien senior secured notes B/RR4; and
   -- Senior unsecured debt CCC+/RR6.

Goodyear Dunlop Tires Europe B.V. (GDTE)

   -- EUR505 million European secured credit facilities BB/RR1.

Fitch placed Goodyear's ratings on Rating Watch Negative on
Oct. 18 following the company's US$975 million drawdown of its
US$1.5 billion revolver, effectively using the remaining
capacity under the revolver.  The net addition of nearly
US$500 million of debt, excluding debt to be refinanced, further
supports GT's liquidity during the strike, which began Oct. 5.

The Rating Watch Negative reflects business risks posed by the
strike as well as concerns about GT's evolving financial
position and liquidity as the strike continues.

Demands on GT's cash include pension contributions, debt service
requirements, potential cash requirements related to the
resolution of the strike, uncertain access to any additional
financing, and continued operating challenges with respect to
the company's cost structure and raw material costs.  The
eventual outcome of the strike will be an important factor in
resolving the rating watch.


GOODYEAR TIRE: S&P Rates US$1 Billion Debentures at 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' ratings to
Goodyear Tire & Rubber Co.'s US$500 million floating rate senior
notes due 2009 and its $500 million fixed rate senior notes due
2011, and placed the ratings on CreditWatch with negative
implications.

Goodyear's 'B+' corporate credit and other ratings remain on
CreditWatch with negative implications where they were placed
Oct. 16, 2006, because of the potential for business disruptions
and earnings pressures that could result from the ongoing labor
dispute at most of the company's North American tire plants.  
Pro forma for the new debt issues, Goodyear will have total debt
of about US$14 billion.

Proceeds from the new debt issues will be used to refinance
US$515 million of debt coming due in the next six months, and
for general corporate purposes.  The new capital will raise
Goodyear's already high debt levels, but will improve liquidity
by increasing the company's current US$2.3 billion cash
position, while its U.S. salaried workforce remains on strike.  
Goodyear is ramping up production at the striking plants using
salaried and replacement workers.  But the company's accounts
receivable and inventory balances may shrink in the coming
months, which could force a partial reduction in borrowings
outstanding under its fully utilized US$1.5 billion asset-based
revolving credit facility.  A portion of the debt proceeds could
also be used to partially fund a proposed US$660 million VEBA
trust to provide retiree health care benefits for its U.S.
unionized workforce.


INCO LTD: Common Stock Ceases Trading on NYSE
---------------------------------------------
Nov. 16, 2006, was the final day for trading of Inco Limited's
common shares on the New York Stock Exchange.  The Inco common
shares will continue to trade on the Toronto Stock Exchange, in
both Canadian dollars and U.S. dollars, until Jan. 3, 2007, the
date on which Inco has scheduled a special meeting of its
shareholders to consider an amalgamation transaction which would
enable Companhia Vale do Rio Doce to acquire all of the Inco
common shares that it does not already own.  CVRD acquired
approximately 86.57% of the issued and outstanding common shares
of Inco pursuant to its recently completed take-over bid.  

Inco's Board of Directors and management are working with CVRD
to ensure a smooth integration of the two companies, with a view
to creating a new global leader in the metals and mining
industry.

                       About Inco Ltd.

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

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


MEDCO ENERGI: To Set Up Subsidiary To Hold Units Abroad
-------------------------------------------------------
PT Medco Energi Internasional Tbk will set up a subsidiary,
which function as a holding firm for all its overseas oil and
gas exploration units, AFX News says, citing the company's
president, Hilmi Panigoro.

According to the report, Medco Energi has four oil and gas
exploration units located overseas -- one each in Libya, Oman,
Cambodia, and the United States.

Mr. Panigoro, AFX notes, said that Medco Energi plans to list
the subsidiary in the second half of 2007, either in London or
Singapore.

The company is expecting to generate around US$50 million from
the planned subsidiary's initial public offering, which amount
will be used to finance overseas oil gas exploration and
exploitation activities, AFX relates.

Mr. Panigoro said that in the first nine months in 2006, Medco
Energi's oil and gas production has reached 78,170 barrels of
oil equivalent per day, and that he expected this figure to edge
up to 78,200 by the end of this year.  In 2005, the company
produced 81,860 barrels of oil equivalent per day.

AFX also cites Medco Energi Chief Financial Officer Cyril
Nurhadi as stating that the company had budgeted
US$275-US$300 million for capital expenditures next year,
slightly more than this year's capex of US$240 million.  

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com-- is engaged in  
the exploration, production of and support services for oil and
natural gas and other energy industries, including onshore and
offshore drilling. Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities. Exploration and production
of oil and gas accounted for 78% of 2001 revenues; drilling
services, 15%; and methanol, 7%.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter - Asia Pacific stated on May 10,
2006 that Moody's Investors Service has affirmed the B1 local
currency corporate family rating of PT Medco Energi
Internasional.  At the same time, Moody's affirmed the B2 the
senior unsecured bond rating of MEI Euro Finance Ltd, which is
guaranteed by Medco.  The outlook was downgraded to negative in
August 2006.

Another TCR-AP report on May 10, 2006, said that Standard &
Poor's Ratings Services has revised its outlook on Indonesia's
PT Medco Energi Internasional Tbk. to negative from stable.
Standard & Poor's also affirmed its "B+" corporate credit rating
on Medco, an Indonesia-based oil and gas exploration and
production company.


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

CAPCOM CO: Moody's Reviews Ba2 Rating for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service has placed CAPCOM Co., Ltd's Ba2
senior unsecured long-term debt rating under review for possible
upgrade.  This action reflects Moody's expectation that Capcom's
earnings and cash flow will continue to stabilize and grow over
the intermediate term.

In its review, Moody's will assess its business strategy to
next-generation home video game hardware platforms over the
medium term, and how this strategy will enable it to improve its
financial performance, as well as its financial policy.

Capcom is a leading home video game software developer and, in
Moody's view, has the advanced technology needed to develop
popular titles.  Its very popular game software titles have
posted strong worldwide sales.

Over the last couple of years, Capcom has taken various measures
to rationalize its organization, aimed at increasing its ability
to continue to launch popular and profitable game software
titles and to pursue growth opportunities both in Japan and
abroad.  It has implemented its multi-platform strategy to
provide its game software titles to all the home video-game
hardware platforms and has established alliances with other
leading software developers through development and distribution
of software titles.  Furthermore, it has maintained stable
arcade operations and arcade games sales businesses, as well as
contents expansion business which includes development and sales
of contents to mobile telecommunications service.  These
initiatives will contribute to stabilizing sales and earnings,
in Moody's view.

As a result of these efforts, the company's interim financial
results for the half-year ended September 2006 showed
significant improvement over the same period of the prior year.
Its new software titles, especially "Dead Rising" for
Microsoft's Xbox 360 in North America and Europe, have
contributed to growing sales and earnings.  Moody's views
positively that Capcom has demonstrated an ability to develop
software for next-generation systems and create new game titles.

Capcom's capital structure has been recovering over the last two
years after posting extraordinary losses for restructuring in
FYE 3/2003 and FYE 3/2004.  At end-September 2006, the company
had about Yen 41 billion in debt, but also JPY35.9 billion of
cash and deposits.  The company continues to prioritize its debt
reduction, mainly reducing it by using cash on hand.

CAPCOM CO., LTD., headquartered in Osaka, Japan, is one of
Japan's leading developers of home video-game software.  The
company also engages in arcade operations and arcade games sales
businesses.  Its consolidated sales in FYE3/2006 were
JPY70.3 billion.


DELPHI CORP: Asks Court to Further Expand KPMG's Scope of Work
--------------------------------------------------------------
Delphi Corporation and its debtor-affiliates ask the United
States Bankruptcy Court for the Southern District of New York to
further expand the scope of KPMG LLP's services.

As the Debtors' tax advisor, KPMG will also:

   -- provide international tax package improvement project
      services to the Debtors;

   -- assist the Debtors in internal reporting initiatives;

   -- provide staff assistance in connection with a special
      investigation at the Debtors' HD Flint Facility;

   -- assist the Debtors in developing transfer prices on
      certain transactions between the Debtors' related party
      affiliates in the U.S. and Canada; and

   -- assist the Debtors with improving the financial close,
      consolidation and management reporting processes,
      including but not limited to finance restructuring,
      corporate accounting follow-up review, division reviews,
      corporate accounting re-visit and validation, report
      preparation and project stakeholders reviews, and
      deliverables.

Delphi Corporation Vice President and Chief Restructuring
Officer John D. Sheehan assures the Court that the proposed
services of KPMG will not be unnecessarily duplicative of those
provided by the Debtors' other professionals.

KPMG has agreed to apply a voluntary 25% discount for its fees
for international tax package improvement project services.  
Consequently, the Debtors will pay KPMG these hourly rates
international tax improvement project services:

        Professional         Hourly Rate
        ------------         -----------
        Partner                 US$470
        Senior Manager           375
        Manager                  265
        Senior Associate         210
        Associate                170

KPMG has agreed to apply a voluntary 40% discount to its
internal reporting fees.  The Debtors will pay KPMG these hourly
rates for internal fee reporting services:

        Professional         Hourly Rate
        ------------         -----------
        Partner                 US$465
        Director                 450
        Manager                  432
        Senior                   315
        Staff                    231

KPMG has agreed to apply a voluntary 62.6% discount for its
special investigation fees.  The Debtors will pay KPMG's Senior
Associates an hourly rate of US$140.

The Debtors will pay KPMG a Transfer Services Fee equal to the
lesser of (i) the fees represented by the actual time incurred
to complete the project at KPMG's standard hourly rates, or (ii)
US$45,000.

KPMG has agreed to apply a voluntary 40% discount to its fees
for financial close, consolidation and management reporting
processes.  The Debtors will pay KPMG these discounted hourly
rates for consolidation and management report processing
services:

        Professional         Hourly Rate
        ------------         -----------
        Partner                 US$480
        Director                 465
        Managing Director        465
        Senior Manager           450
        Manager                  435
        Senior Associate         300
        Associate                195

The Debtors will reimburse KPMG for all incurred necessary
expenses, including travel, lodging, meals, telephone,
videoconferencing, word-processing, graphics, and administrative
support.

Mr. Sheehan informs the Court that without the Debtors' prior
written approval, KPMG may subcontract with certain other KPMG
Member Firms to provide services to the Debtors.  KPMG will,
however, remain fully and solely responsible for all of its
liabilities and obligations to the Debtors.

The expansion of KPMG's services is far more beneficial to and
conservative of Debtors' estate resources than would be the case
if each engagement between the Debtors and KPMG required a
lengthy and expensive retention application, Mr. Sheehan
asserts.

Moreover, no bankruptcy policies will be offended by the
proposed engagement because it does nothing to effect the
administration of the Debtors' Chapter 11 cases, Mr. Sheehan
adds.

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.


FORD MOTOR: SEC Wants Add'l Disclosure on Restated Financials
-------------------------------------------------------------
Ford Motor Company has been contacted by the Division of
Corporation Finance and the Division of Enforcement of the
United States Securities and Exchange Commission.

The SEC wants additional information regarding the disclosures
in the Current Reports on Form 8-K dated Oct. 20, 2006, the
Annual Reports on Form 10-K/A for the year ended Dec. 31, 2005,
and the Quarterly Reports on Form 10-Q for the period ended
Sept. 30, 2006, filed by Ford and Ford Motor Credit Company
relating to their recent restatement of financial results.

Ford said it is voluntarily cooperating with SEC's informal
inquiries.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Ford restated its previously reported financial
results from 2001 through 2005 to correct accounting for certain
derivative transactions under Paragraph 68 of the Statement of
Financial Accounting Standards 133, Accounting for Derivative
Instruments and Hedging Activities.

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

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

The company also has operations in Japan.

                          *     *     *

On Oct. 23, 2006, Standard & Poor's Ratings Services placed its
'B' senior unsecured debt issue ratings on Ford Motor Co. on
CreditWatch with negative implications.  At the same time, S&P
affirmed all other ratings on Ford, Ford Motor Credit Co., and
related entities, except the rating on Ford Motor Co. Capital
Trust II 6.5% cumulative convertible trust preferred securities,
which was lowered to 'CCC-'from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative.

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance led to the downgrade of the company's
long-term rating to B3.


FORD MOTOR: Accelerates Growth Plan in China
--------------------------------------------
Ford Motor Company continues its accelerated growth plan for
China and is on track to deliver its year to date with growth
expected to exceed 100.8% (year on year) in 2006.  Headlining
Ford's product line-up at Auto China 2006 is the all-new Ford S-
MAX, which was named Car of the Year in Europe last week, and is
the first Ford vehicle to introduce "kinetic design" to China's
motoring enthusiasts.

At Ford, kinetic design stands for "energy in motion."  Ford S-
MAX is one of the new vehicles to hit China's roads and
highways.  Ford Focus was also at the show.  Ford recently added
a 5-door version to Ford Focus to keep ahead of consumer demand.

In addition to a product showing at Auto China 2006, Ford Motor
Company also announced a major new investment -- the opening of
the Ford Research and Engineering Center -- to be located in
Nanjing, China.  It will support Ford Motor Company's product
development for worldwide operations while also making a major
contribution to the future of China's auto market.

"The Ford Research and Engineering Center represents another
major milestone for Ford as it strengthens its manufacturing
blueprint in China.  It will offer a winning combination that
leverages Ford's global expertise in research and engineering in
addition to building China's leading local talent.  It will also
work with Technical Development Centers at Ford Motor's joint
ventures in China to support product development and
procurement, " Ford Motor (China) Ltd. chairman and chief
executive officer Mei Wei Cheng said.

Earlier last week, Ford S-MAX, was voted Car of the Year by 58
of Europe's leading motoring journalists across 22 European
countries.  Ford S-MAX knocked out 41 contenders to win this
prized European automotive crown.  Ford now has two cars in its
China product lineup that have won this prestigious award, the
other being the Ford Focus.

With its "kinetic design" Ford S-MAX, it is expected to be a
favorite in China as it has in Europe.  It aims to set new
standards in driver comfort and style with its innovative driver
focused technologies and inventive approach to seating, storage
and flexibility of space.  Ford enthusiasts will not have to
wait long for S-MAX.  Speaking at Auto China 2006, Mei Wei Cheng
confirmed that S-MAX will be produced by Changan Ford and will
be ready to roll off production lines in early 2007.

Joining S-MAX and Focus on stage is the Ford iosis Concept Car
which gives Ford's customers a strong sense of the future design
direction the brand is taking.

The man behind the iosis Concept is Martin Smith, Executive
Design Director for Ford of Europe, was also awarded
"Outstanding Achievement Award" by Autocar in London last week.

Speaking at Auto China 2006, Mr. Smith stated, "What iosis does,
is bring to life our new "kinetic design" language in a
compelling way.  To us, "kinetic design" is about expressing the
energy in motion and power of our vehicles, seamlessly
integrating strong visual cues with dynamic driving performance.  
It shows our customers the future design direction of Ford's
product line.  A consistent and dynamic energy that will be
embedded into our product DNA."

He continued, "You only have to look at Ford S-MAX.  Its bold
"kinetic design" offers function, space, and flexibility
alongside head turning "wow factor" and dynamic drivability.  
This winning formula is what's made Ford S-MAX such a success in
Europe."

Other products taking center stage for Ford will include Ford's
Reflex concept, which features a Diesel Hybrid Powertrain, the
legendary Ford Mustang Shelby GT500 and the all-new Focus ST.  A
range of other locally produced blue oval favorites will also be
on display.

"We are using Auto China 2006 to showcase the strength of our
product range, reinforcing the depth and diversity of the Ford
Motor Company product family.  Our portfolio has something to
appeal to everyone, from dependable and affordable
transportation through to luxurious premium brands.  In the
future, Chinese customers can continue to expect more exciting,
locally made Ford vehicles that consistently deliver cutting-
edge design and world leading technology," Mei Wei Cheng said.

The full Ford Focus family will be on display at the show.  
Ranging from locally produced Focus 4-door and Focus 5-door
through to the Focus China Circuit Championship (CCC) racing car
and the visually stunning Focus ST.  This convertible Focus has
been a global success and is now making its first appearance in
China at this years show.  Ford Focus boosted the sales at
Changan Ford Mazda Automobile in the first ten months of 2006
with retail sales totaling 56,151 units, representing more than
50% of total Ford product sales.

With strong sales momentum, Changan Ford Mazda Automobile is now
one of the fastest growing auto makers in China.  In 2007, total
annual production capacity will exceed 410,000 units at
Chongqing and Nanjing plants (combined).  Ford also continues to
expand its distribution network and will have 200 appointed
dealers by the end of 2006.

"It is no secret that the China market is critical to our plans
for building a stronger Ford Motor Company globally," Mei Wei
Cheng said.  "With sales volumes continuing to fuel growth, we
are looking ahead and taking the required steps now to ensure
our China operation is able to continue to meet the seemingly
insatiable appetite for our products.  In doing so, the China
market will play an even greater role in the future growth and
success of Ford Motor Company's global operations."

For the year 2006, Ford Motor Company's China Sourcing Office is
on track to source some $2.6 billion worth of auto parts and
systems, supporting Ford Motor Company's global manufacturing
operations and after sales customer services.  The company is
also actively expanding its auto financing business in the China
market.  Ford Automotive Finance has extended its auto financing
services to more than 70 Chinese cities nationwide in just 18
months after starting operation, servicing Changan Ford Mazda
Automobile and Jiangling Motor Company simultaneously.

As one of the largest exhibitors with 5,000 square meters of
exhibition space, Ford Motor Company, comprising of six
affiliated brands (Ford, Lincoln, Volvo, Land Rover, Jaguar and
Mazda) will demonstrate its enterprise muscle, displaying a full
fleet of show vehicles.

Executives from Ford Motor Company, John Parker, group vice
president of Ford Motor Company, Asia Pacific and Africa; Mei
Wei Cheng, chairman and chief executive officer of Ford Motor
China; and Martin Smith, executive design director from Ford of
Europe, attended the Ford press conference and show preview for
media at Auto China 2006 in Beijing.

                        About Ford Motor

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

The company also has operations in Japan.

                          *     *     *

On Oct. 23, 2006, Standard & Poor's Ratings Services placed its
'B' senior unsecured debt issue ratings on Ford Motor Co. on
CreditWatch with negative implications.  At the same time, S&P
affirmed all other ratings on Ford, Ford Motor Credit Co., and
related entities, except the rating on Ford Motor Co. Capital
Trust II 6.5% cumulative convertible trust preferred securities,
which was lowered to 'CCC-'from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative.

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance led to the downgrade of the company's
long-term rating to B3.


FORD MOTOR: U.S. Federal Regulators Probe SUV Fires
---------------------------------------------------
Ford Motor Co. and Mazda Motor Corp. sport-utility vehicles are
being examined by federal regulators after complaints about
fires that started near anti-lock braking systems, Bloomberg
News reports.

According to the report, the probe covers 618,703 Ford Escapes
and Mazda Tributes in the 2001 to 2003 model years, Rae Tyson, a
National Highway Traffic Safety Administration spokesman, said.
Fires were reported in eight Escapes, five of which were parked
and turned off, the agency said on its Web site.

Bloomberg recounts that the Washington-based safety agency
received two other complaints about overheating or smoke in
Escapes.  There have been no complaints about the Mazda
vehicles, even though they are ``substantially similar,'' the
NHTSA said.

                  About Mazda Motor Corporation

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and  
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets. The company has
58 subsidiaries. It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China. The
company has a global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.

                        About Ford Motor

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

The company also has operations in Japan.

                          *     *     *

On Oct. 23, 2006, Standard & Poor's Ratings Services placed its
'B' senior unsecured debt issue ratings on Ford Motor Co. on
CreditWatch with negative implications.  At the same time, S&P
affirmed all other ratings on Ford, Ford Motor Credit Co., and
related entities, except the rating on Ford Motor Co. Capital
Trust II 6.5% cumulative convertible trust preferred securities,
which was lowered to 'CCC-'from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative.

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance led to the downgrade of the company's
long-term rating to B3.


JAPAN AIRLINES: Plans to Order 15 Regional Jets by March 2007
-------------------------------------------------------------
Japan Airlines Corp. plans to order as many as 15 regional jets
as it seeks to regain the lead in the domestic air travel
market, according to Bloomberg News.

The report says that Japan Airlines is considering whether to
source from Bombardier Inc. or Empresa Brasileira de Aeronautica
SA, and that the final decision wouldn't come out until the end
of the fiscal year.  Bloomberg says the order could be as much
as US$525 million.

Bloomberg explains that the new planes, which would carry
between 70 to 90 passengers, would help the airline cut its
operating costs by replacing older, less fuel-efficient
aircraft.

Japan Airlines is seeking to win back customers by offering more
frequent flights after being eclipsed by All Nippon Airways Co.
last business year following a spate of safety mishaps, the
report relates.

Furthermore, the report cites Japan Airlines Managing Director
Fumio Tsuchiya as saying that the airline is also considering
further axing some unprofitable domestic routes or seeking
financial support from local governments.  The carrier has cut
five unprofitable overseas routes this year, as it seeks a
return to profit.

                      About Japan Airlines

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
October 10, 2006, that Moody's Investors Service affirmed its
Ba3 long-term debt ratings and issuer ratings for both Japan
Airlines International Co., Ltd and Japan Airlines Domestic Co.,
Ltd.  The rating affirmation is in response to the planned
restructuring of the Japan Airlines Corporation group on Oct. 1,
2006 with the completion of the merger of JAL's two operating
subsidiaries, JAL International and Japan Airlines Domestic.  
JAL International will be the surviving company.  The rating
outlook is stable.

Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that
the company's debt obligations and expenses for new aircraft
have placed it in an unfavorable financial position.  Fitch
assigned a BB- rating on the Company, which is three notches
lower than investment grade.

On July 20, 2006, Standard & Poor's Ratings Services had
affirmed its B+ long-term corporate credit and senior unsecured
debt ratings on the Company.


MAZDA MOTOR: Net Income Narrows by 12.5% for First Half 2006
------------------------------------------------------------
Mazda Motor Corporation has released its first half results for
the fiscal year 2006, the company said in a press release.

During the first half, the economy in Japan continued to have
the impact of the raw material price hikes.  At the same time,
it maintained economic momentum with manufacturing investment
backed up by the recovery in private consumption and the good
performance of private companies.

In the U.S., the economy started to slow down its growth mainly
in private consumption as symbolized by the slowdown in housing
market and manufacturing investment.

In Europe, the economy moderately expanded due to increasing
trend in both mining and manufacturing industry production and
consumption.  Due to interest rate increase in Europe, Euro
continued to strengthen and hit a record high rate versus
Japanese yen.

Furthermore, looking into the economy in Asia, although the
economy in China has continued to grow driven by the aggressive
investment, the weaker economy in South East Asia started to
cast some shadows on the economic outlook including political
uncertainties.

Automotive sales in Japan during the first half of fiscal year
2006 totaled to 2.7 million units, a year-on-year reduction of
3.4% largely reflecting a reduction in passenger cars while
micro and commercial vehicle sales grown. In Overseas, industry
volumes in the United States were 8.77 million units, down 4.7%
from the prior year, while Europe was 9.34 million units, up
0.6%. In China, industry sales were 3.5 million units, up 22.2%
from the previous First Half.

Under these economic conditions, Mazda continued its product-led
growth strategy.

Unique new crossover SUV "CX-7" was launched in North America in
May 2006 and has proven the sales success.  In August 2006 the
new "Roadster Power Retractable Hard Top" which is equipped with
the electric roof system was launched.  In addition, the micro
"Spiano" and the compact car "Verisa" were refreshed.  And our
global strategic car "Axela" had product enhancements in June
2006.  In support of our product-led growth, Mazda will add
production capacity of MZR engine that is applied to global
vehicle lines to 766,000 units, up 61,000 units from the current
capacity starting from October 2006.  To meet the increasing
global demand of "Axela", "Premacy" and other product lines,
Mazda will increase the production capacity of automatic
transmission produced in Nakanoseki Area of Hofu Plant
(Yamaguchi Prefecture) from current 650,000 units to 764,000
units per year starting from October 2006.  In the first half of
fiscal year 2006 Hofu Plant achieved cumulative 25,000,000 units
of automatic transmission production in Nakanoseki Area of Hofu
Plant and cumulative 7,000,000 units of vehicle production in
Nishinoura Area that continues to operate at full capacity.

As for sales activities, Mazda continued to strengthen
distribution network both in Japan and overseas.  In Japan,
Mazda is promoting to increase new outlets mainly in vacant
areas in metropolitan region and continuously renew the existing
outlets.  In the U.S. Mazda is strengthening dealer exclusivity
and dealer sales capability.  Our dealer exclusivity at the end
of the 2006 First Half is 44%, which is a good progress. Also,
in the U.S. Mazda has reduced sales incentive and restrained
fleet sales.  On the other hand, in Europe, a new distribution
company started operation in April 2006 in the fast-growing
Russian market, and Mazda also established a new distributor in
Ireland in July 2006. In October 2006 Mazda established
distributors in Czech and Slovakia.  Mazda also established a
new company "PT Mazda Motor Indonesia" in Indonesia to
strengthen our distribution network in Association of South East
Asian Nations and it started its operation from July 2006.  In
China, "Mazda6" (Atenza) Five-door Hatchback and Wagon were
introduced in addition to the Sedan model.

In Research and Development arena, Mine Proving Ground
(Yamagauchi Prefecture) was opened in May 2006 and started its
operation as permanent proving ground following Miyoshi Proving
Ground.  For the better future of motorized society and energy,
Mazda has developed the world first hydrogen rotary engine
vehicle, RX-8 Hydrogen RE.  In April 2006, Mazda started leasing
the vehicle to Hiroshima Prefecture and Hiroshima City.  In
October 2006, Mazda delivered one RX-8 Hydrogen RE to Yamaguchi
Prefecture government.  Mazda has now leased five RX-8 Hydrogen
RE vehicles in total, including those supplied to two energy
companies.

Based on Mazda's environmental mid-term plan "Mazda Green Plan
2010" that put together our efforts to develop alternative fuel
vehicles such as hydrogen rotary engine, actions to protect
environment including improvement of emission gas, fuel economy
and recycle, and specific environmental actions that cover
overall range of the company activities and targets, Mazda will
promote our activities to meet all the targets by Fiscal Year
2010.

Our retail volume and share in key markets are as follows.
Retail volume in Japan was 131,000 units, down 7.1% from the
first half of the last year, due to sluggish auto industry
demand in the market.  The market share including micro was
4.8%, down 0.2 points.  In the US, retail volume was 142,000
units, up 3.0%, and market share was 1.6%, up 0.1 points,
reflecting introduction of the new CX-7 and strong sales of the
Mazda5 (Premacy) and MX-5 (Roadster).  In Europe, retail volume
was 151,000 units, up 9.7%, driven by strong sales of the
Mazda5, the Mazda6 (Atenza) and the new Mazda3 (Axela).  Market
share was at 1.6%, up 0.1 points.  In China, retail volume was
62,000 units, down 8.0% year-on-year and market share was 1.8%,
down 0.5 points due to the increased sales competition.

Consolidated wholesales in the first half of this fiscal year
totaled 560,000 units, an increase of 3,000 units or 0.6% from
the same period a year ago, supported by the strong global sales
of the new Mazda3, introduction of the new CX-7 in North America
and the Mazda5 with a diesel-powered model selling especially
strongly.

Turning to financial results, on a consolidated basis, sales
revenue was JPY1,521.4 billion, an increase of JPY169.5 billion
or 12.5% year-over-year.  Operating income was up JPY21 billion
or 43.0% to JPY69.8 billion due to volume and mix improvements
and the impact of the yen's depreciation, offsetting the impact
of raw material price hike.  Ordinary income was
JPY56.6 billion, up JPY13.2 billion or 30.5%.  Net income was
JPY27.2 billion, down JPY3.9 billion or 12.5%.  However, without
the one-time impacts of the extraordinary profit and loss (the
gain on the transfer to the government of the substitutional
portion of employee pension fund liabilities and the loss on
impairment of fixed assets) in the first half of the prior year,
net income effectively increased by 18% year-over-year.

In July 2006, a car-carrying vessel owned by Mitsui O.S.K.
Lines, Cougar Ace, ran into trouble, resulting in her listing
and becoming stricken off the Alaskan coast.  The ship arrived
at the Port of Portland, Oregon, United States in September.
About 4,700 Mazda vehicles aboard, which were being exported to
North America, will not be sold as new vehicles.  But as the
damages are still under evaluation, the amounts of the damage
and insurance coverage have not been determined.

Consolidated cash flow (operating and investing activities) was
negative JPY8.2 billion.  While net cash provided by operating
activities was JPY29.9 billion, net cash used in investing
activities amounted to JPY38.1 billion, primarily due to
investments in production facilities and equipment.  Also, net
cash used in financing activities amounted to JPY38.5 billion,
mainly due to the repayment of loans and the payment of
dividends.  Net debt (gross debt less cash and cash equivalents)
was JPY263.3 billion, JPY16.5 billion higher than at March 31,
2006.  Gross debt was JPY425.8 billion, down JPY29.6 billion
from the prior year-end.  As a result, the net debt to equity
ratio became 63%.

With implementation of key measures set in our mid-term plan,
Mazda Momentum, we could see certain effects for product-led
growth in the first half of this fiscal year.  We will continue
working to complete the foundation building for future full-
scale growth in the next fiscal year, the final year of the
Mazda Momentum.

No interim dividends will be declared for this first half.  We
offer sincere apologies to our shareholders, and we ask for
their understanding in this matter.

The fiscal year 2006 first half highlights includes:

   * Operating profit up 43% to JPY69.8 billion

   * Revenues up 13%

   * Growth led by North America with CX-7

   * Net income was JPY27.2 billion, up 18% excluding the impact
     of Transfer of Pension Fund Liabilities and Impairment
     Losses in the last year

Mazda Motor's press release includes the following financial
highlights:

                           First Half
                     FY2006        FY 2005       %Change
                   -----------   -----------   -----------
Net Sales           1,521,448     1,351,914          12.5
Operating Income       69,757        48,780          43.0
Ordinary Income        56,592        43,361          30.5
Net Income             27,213        31,088         (12.5)

The fiscal year 2006 full-year outlook includes:

   * Revise full year profit projections upward

   * Operating profit up 20% to JPY148 billion

   * Continue product-led growth with CX-7 and CX-9

   * Substantial improvements in volume and mix

   * Continue progress and foundation building under Mazda
     Momentum

Consolidated projections for the full year 2006:
                 
Wholesales         1,180 thousand units         (up 2.7%)
Sales revenue          JPY3,150 billion         (up 7.9%)
Operating income         JPY148 billion        (up 19.9%)
Ordinary income          JPY140 billion        (up 38.0%)
Net income                JPY82 billion        (up 22.9%)

                  About Mazda Motor Corporation

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and  
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets.  The company has
58 subsidiaries. It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China.  The
company has a global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.


MAZDA MOTOR: Expects Flat Sales in China
----------------------------------------
Mazda Motor Co. said that it will have flat sales in China in
2006 as a result of the suspended local production of a compact
model and increasingly intense competition, People's Daily
Online reports, citing China Daily.

According to the report, Mazda Vice President Robert Graziano
told a press conference in Beijing that the firm's 2006 sales in
China will grow slightly to 135,000 vehicles from last year's
134,000.  

This was after Mazda experienced a 7% fall in sales for the
first 10 months of 2006, in sharp contrast to the 30% rise in
overall car sales in China, the report explains.

The report also said that Ozaki Kiyoshi, Mazda's board member in
charge of its China operations, blamed the situation on a seven-
month standstill in the Mazda3 compact sedan's local production
and increased market competition.  Mazda started to produce the
Mazda3 at its joint venture with Ford Motor Co and China's
Chang'an Motor in Southwest China's Chongqing in February.  
However, the compact sedan was marketed by the Japanese
carmaker's other joint venture with China's First Automotive
Works Corp.  As a result of this separation of manufacturing and
marketing, which violates China's industry policy, Mazda3
production was halted in April.

The report relates that Mr. Kiyoshi said that production was
resumed earlier this month and the Mazda3 will go on sale again,
without revealing how and when it will be marketed.

                  About Mazda Motor Corporation

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation -
- http://www.mazda.co.jp-- together with its subsidiaries and  
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets. The company has
58 subsidiaries. It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China. The
company has a global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.


MAZDA MOTOR: U.S. Federal Regulators Probe SUV Fires
----------------------------------------------------
Ford Motor Co. and Mazda Motor Corp. sport-utility vehicles are
being examined by federal regulators after complaints about
fires that started near anti-lock braking systems, Bloomberg
News reports.

According to the report, the probe covers 618,703 Ford Escapes
and Mazda Tributes in the 2001 to 2003 model years, Rae Tyson, a
National Highway Traffic Safety Administration spokesman, said.
Fires were reported in eight Escapes, five of which were parked
and turned off, the agency said on its Web site.

Bloomberg recounts that the Washington-based safety agency
received two other complaints about overheating or smoke in
Escapes.  There have been no complaints about the Mazda
vehicles, even though they are "substantially similar," the
NHTSA said.

                      About Ford Motor

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

The company has operations in Japan.

                  About Mazda Motor Corporation

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and  
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets.  The company has
58 subsidiaries.  It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China.  The
company has a global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.


SOFTBANK MOBILE: S&P Moves 'BB+' Bond Rating To Watch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services moved its 'BB+' rating on
Softbank Mobile Corp.'s (BB+/Watch Neg/--) senior unsecured
bonds to CreditWatch with positive implications from
CreditWatch with negative implications following Softbank
Corp.'s (BB-/Stable/--) announcement on Nov. 17, 2006, that
trust debt assumption of Softbank Mobile's straight bonds
totaling JPY100 billion will be implemented as part of the
securitization of its mobile telecommunications business.  The
'BB+' corporate credit rating remains on CreditWatch with
negative implications.

The ratings on Softbank Mobile have been on CreditWatch since
March 20, 2006, after being lowered to 'BB+' from 'A+' following
Vodafone Group PLC's agreement to sell its Japanese subsidiary
to Softbank.  Vodafone's Japanese Subsidiary Cut To 'BB+' On
Sale To Softbank; Still Watch Negative" published March 20,
2006, and "Softbank Mobile Remains On Watch Negative Pending
Refinancing Plan" published Oct. 2, 2006.)

In the trust debt assumption, Softbank Mobile is to entrust a
set amount of the issued bonds as well as certain assets to a
trust bank for the repayment of the principal and interest on
its bonds.

The CreditWatch listing of the debt rating on Softbank Mobile's
issuances was moved to positive as Standard & Poor's believes
the creditworthiness of these debts will be raised by the trust
debt assumption, as this measure is being implemented as one
element of the company's overall business securitization, and a
specified level of assets are being entrusted as repayment
resources.

Standard & Poor's assigned its preliminary rating on the
business securitization of Softbank Mobile's mobile
telecommunications business on Sept. 29, 2006.  This preliminary
rating was assigned based on preliminary terms and conditions,
and is to be finalized once Standard & Poor's confirms the final
details of the business securitization.

The corporate credit rating on Softbank Mobile remains on
CreditWatch with negative implications.  However, Standard &
Poor's may withdraw the corporate credit rating at its
discretion following implementation of the business
securitization plan.  Business securitization is a financing
scheme in which an issuer securitizes cash flows from a specific
business, thereby enhancing the probability of debt servicing.
In such transactions, cash flows generated from the securitized
business are generally used to redeem the debts in the
securitization.  Upon implementing the business securitization
scheme, almost all assets held by Softbank Mobile will be
pledged as collateral for the purpose of the transaction.  The
relative seniority of any debt outstanding that is not included
in the securitization at the time of closing may decrease
dramatically following the securitization.  However, as nearly
all of the company's debt currently falls within the bounds of
the securitization, the corporate credit rating on Softbank
Mobile will be less relevant for the duration of the business
securitization.


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

EUGENE SCIENCE: Files Financials for 3rd Quarter 2006
-----------------------------------------------------
Eugene Science, Inc., filed its quarterly report for the three
months ended September 30, 2006, with the United States
Securities and Exchange Commission

Aside from Eugene Science's quarterly financial statements, the
Form 10QSB, filed on November 20, 2006, also includes a report
of its independent accounting firm on the company's financials.

                Accountants Raise Substantial Doubt

The independent accountants issued a going concern qualification
in their opinion, which raises substantial doubt about Eugene
Science's ability to continue as a going concern.

For the three months ended September 30, 2006, Eugene Science
widened its net loss to US$966,751, from the US$910,832 in the
corresponding period last year.

Net sales in the September 2006 quarter increased by 15% to
US$314,726 from the September 2005 quarter's US$274,165.

Cost of goods sold, however, soared by 37% to US$264,471 in the
September 2006 quarter from US$193,702 in the corresponding
quarter in 2005.  Operating expenses also increased in the 3rd
quarter of 2006 to US$560,055, from US$553,245 in the September
2005 quarter.

                     Illiquid and Insolvent

Eugene Science's balance sheet as of September 30, 2006, showed
strained liquidity with US$2,556,354 in current assets available
to pay US$16,003,573 in current liabilities coming due within
the next 12 months.

Eugene Science also reported total assets of US$6,076,682, as of
Sept. 30, 2006, and total liabilities of US$16,750,391,
resulting in a stockholders' deficiency of US$10,673,709.

In expressing substantial doubt of the company's ability to
continue as a going concern, the independent accountants pointed
to recurring losses from operations and working capital
deficiencies as of September 30, 2006 and 2005.

            Management's Plans to Address Uncertainty

Eugene Science's management believes that the company's ability
to continue as a going concern is, among others, contingent on
its capability to secure additional financing, initiating sale
of its product and attaining profitable operations.

In May 2005, plant sterols, the main ingredient of CZ(TM)
series, was formally approved as a health function food
ingredient by the Korean Food & Drug Administration, Eugene
Science relates.  Eugene Science's management believes that the
decision will make it possible for the company to advertise the
cholesterol-lowering function of CZ(TM) and food enriched with
CZ(TM).  The company expects that the favorable change in the
regulation will strongly help in selling CZ(TM) to major food
companies.  

Eugene Science also developed new capsule products that are
efficient and convenient in delivering the health function of
CZ(TM).  The company is actively developing sales channels for
CZ(TM) and the capsule products.

Other plans of the company to address the going-concern
uncertainty include strengthening the cooperation with its
international partners to restart shipping to overseas markets.
The company expects to sell CZ(TM) to major food companies
through its international strategic partners like Archer Daniels
Midland Company.  For marketing the CZ(TM) capsules, the company
plans to establish a distribution channel for a large volume in
the United States market beginning in early 2006

In addition, management is pursuing various sources of equity
financing, although there can be no assurance that the company
will be able to secure financing when needed or obtain on terms
that it will find satisfactory.

A full-text copy of the company's financial results for the
quarterly period ended September 30, 2006, is available for free
at http://ResearchArchives.com/t/s?1583

                       About Eugene Science

Based in Kyonggi Do, South Korea, Eugene Science, Inc., fka
Ezomm Enterprises, Inc. (OTCBB: EUSI), is a global biotechnology
company that develops, manufactures and markets nutraceuticals,
or functional foods that offer health-promoting advantages
beyond that of nutrition.  Plant sterols are the Company's
primary products, which include CZTM Series of food additives
and CholZeroTM branded beverages and capsules.  In June 2005,
the Company received regulatory approval for certain health
claims associated with the Company's products from government
agencies in the Republic of Korea.


KOREA EXCHANGE BANK: Indicted on Stock-Manipulation Charges
-----------------------------------------------------------
South Korean prosecutors indicted Korea Exchange Bank and United
States-based Lone Star Funds on stock-manipulation charges
related to the bank's credit card unit, The Wall Street Journal
reports.

Prosecutors are investigating allegations that Lone Star
representatives on KEB's board intentionally spread false rumors
in late 2003, which may have been aimed at preventing a surge in
prices ahead of the merger between the KEB and its credit-card
unit, KEB Credit Services Co.

As stated in previous press reports, Lone Star purchased a 50.5%
stake in KEB in 2003, and prosecutors are also examining whether
the acquisition was appropriate.

According to WSJ, the prosecutors will continue a separate probe
on the KEB acquisition.

Korean lawmakers have threatened to nullify Lone Star's purchase
of KEB if wrongdoing is discovered jeopardizing the deal in
which Kookmin Bank agreed to buy KEB for US$7.3 billion, the
newspaper says.

                      About Korea Exchange

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

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

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

                          *     *     *

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

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

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


NVIDIA CORP: Shareholders File Derivative Lawsuit
-------------------------------------------------
Keller Rohrback L.L.P. disclosed that a shareholder derivative
complaint has been filed in the United States District Court,
Northern District of California, on behalf of nominal defendant
Nvidia Corp. (Nasdaq:NVDA) and against certain past and present
executive officers and directors of Nvidia.

On Aug. 10, 2006, Nvidia disclosed that its Audit Committee,
with the assistance of outside legal counsel, commenced a
voluntary review of the company's stock option grant practices
from its initial public offering in 1999 through the current
fiscal year 2006, that ended January 29, 2006.  On Sept. 11,
2006, Nvidia reported that the Securities and Exchange
Commission requested that the company provide them with certain
information relating to its historical stock option practices.  
On Nov. 1, 2006, the company disclosed that it expects to
restate its previously issued financial statements for certain
periods to correct errors related to accounting for stock-based
compensation expense, but estimates that the net impact of the
restatement will be combined non-cash charges of less than
US$150 million.

Keller Rohrback's investigation focuses on the extent that the
company's stock option grant dates and exercise prices of stock
options were manipulated by Nvidia's executive officers and
directors in order to boost their value to those who received
them.  Specifically, Keller Rohrback is looking at whether
potential defendants have breached their fiduciary duties and
colluded with one another to:

   (1) improperly backdate grants of Nvidia's stock options to
       various executive officers and directors in violation of
       the company's shareholder-approved stock option plans;

   (2) improperly record and account for the backdated stock
       options in violation of GAAP;

   (3) improperly take tax deductions based on the backdated
       stock options in violation of the Tax Code; and

   (4) produce and disseminate to the company's shareholders
       false financial statements and other SEC filings that
       improperly recorded and accounted for the backdated
       option grants thereby concealing the improper backdating
       of stock options.

For information concerning shareholder derivative claims being
investigated, contact paralegal Jennifer Tuato'o or Elizabeth
Leland, Esq., Cari Campen Laufenberg, Esq., Lynn Sarko, Esq. or
Gary Gotto at toll-free 1-800-776-6044.

Keller Rohrback L.L.P. is a law firm headquartered in Seattle
that has successfully represented shareholders and consumers in
class action cases for over two decades.

                       About Nvidia Corp.

Headquartered in Santa Clara, California, NVIDIA Corporation
(Nasdaq: NVDA) -- http://www.nvidia.com/-- creates innovative,   
industry-changing products for computing, consumer electronics,
and mobile devices.  The NVIDIA(R) graphics processing unit and
media and communications processor brands include NVIDIA
GeForce(R), NVIDIA GoForce(R), NVIDIA Quadro(R), and NVIDIA
nForce(R).  These product families are transforming visually-
rich applications such as video games, film production,
broadcasting, industrial design, space exploration, and medical
imaging.

The company has operations in China, Singapore, France, Brazil
and Korea.

                          *     *     *

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit on Santa Clara, California-based Nvidia Corp. on
CreditWatch with negative implications following the company's
announcement that it will be unable to file its July 2006 10-Q
financial statements by the extended deadline of Sept. 13, 2006.


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

ARMSTRONG WORLD: 2006 Third Qtr. Earnings Down to US$39.2 Mil.
-------------------------------------------------------------
Armstrong World Industries Inc. reported third quarter 2006 net
sales of US$973.6 million, higher by 4% than third quarter net
sales of US$937 million in 2005, which includes a US$13 million
favorable impact from foreign exchange rates.

Net earnings for the quarter were reported at US$39.2 million
versus US$46.1 million for the comparable quarter in the prior
year.

Operating income for the quarter increased to US$67.4 million
from US$66.5 million in the third quarter of 2005.  Adjusted
operating income for the quarter of US$82.5 million increased
27% compared with adjusted operating income of US$65.2 million
in the prior year quarter.

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

                        Segment Highlights

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

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

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

Building Products net sales of US$304.5 million in the current
quarter increased from US$268.2 million in the prior year.

Excluding the effects of favorable foreign exchange rates of
US$5 million, sales increased by 12% primarily due to price
increases made to offset inflationary pressures, and improved
product mix in both the U.S. and European markets.  Volume
increased in North America and the Pacific Rim.  Reported
operating income increased to US$59.7 million from operating
income of US$43.1 million in the third quarter of 2005.  The
growth was driven by improved price realization, better product
mix and increased equity earnings in WAVE.

Cabinet net sales in the third quarter of 2006 of US$60.8
million increased 6% from US$57.4 million in 2005 on higher
selling prices and improved product mix.  Volume decreased
slightly.  Reported operating income for the third quarter of
US$3.8 million improved from the prior year's US$300,000
operating loss, primarily driven by the sales growth, and lower
SG&A spending.

                       Year-to-Date Results

For the nine-month period ending Sept. 30, 2006, net sales were
US$2.795 billion compared with US$2.696 billion reported for the
first nine months of 2005.  Excluding the US$10.4 million impact
from unfavorable foreign exchange rates, net sales increased by
4%.  The sales growth was due to improved price and product mix
on flat volume, and all segments grew sales except Resilient
Flooring.

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

                             Outlook

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

The company disclosed that due to fresh start reporting
adjustments associated with its Oct. 2, 2006, emergence from
Chapter 11, reported fourth quarter operating income would not
be comparable to prior periods.

A full-text copy of AWI's Third Quarter 2006 Financial Report
may be viewed at no charge at
http://ResearchArchives.com/t/s?148d

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

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

The Troubled Company Reporter - Asia Pacific reported on Oct. 4,
2006, that Standard & Poor's Ratings Services assigned its 'BB'
bank loan rating to the proposed US$1.1 billion senior secured
bank facility of Armstrong World Industries Inc. (D/--/--),
based on preliminary terms and conditions.

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

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

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

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.


ARMSTRONG WORLD: 7 Directors Own 8,183 Phantom Stock Units Each
---------------------------------------------------------------
In separate Form 4 filings with the Securities and Exchange
Commission, seven directors of Armstrong World Industries, Inc.,
disclosed that each of them directly owns 8,183 units of Phantom
Stock pursuant to AWI's 2006 Phantom Stock Unit Plan.

The Directors are James J. Gaffney, Robert C. Garland, Judith R.
Haberkorn, Russell F. Peppet, Arthur J. Pergament, John Joseph
Roberts, and Alexander M. Sanders, Jr.

Of the 8,183 Phantom Stock Units, 2,183 units will vest on the
earlier date of the award's one-year anniversary or the date of
any change in control, while the other 6,000 units will vest in
one-thirds on the first, second and third anniversaries of the
award or if earlier, upon the date of any change in control.

The Phantom Stock Units will expire on the earlier of (i) the
six-month anniversary of the director's separation from service
for any reason other than removal for cause or (ii) the date of
any change in control.

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

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

The Troubled Company Reporter - Asia Pacific reported on Oct. 4,
2006, that Standard & Poor's Ratings Services assigned its 'BB'
bank loan rating to the proposed US$1.1 billion senior secured
bank facility of Armstrong World Industries Inc. (D/--/--),
based on preliminary terms and conditions.

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

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.


COMSA FARMS: Bank Islam Seeks MYR1.49-Mil. Payment from Unit
------------------------------------------------------------
On November 16, 2006, Comsa Farms Bhd received a Letter of
Demand from Bank Islam Malaysia Bhd for repayment of outstanding
amount due on Murabahah banking facilities granted to Comsa
Layer Farms Sdn Bhd, its wholly owned subsidiary.

Pursuant to the Demand Letter, Bank Islam seeks payment from
Comsa and its unit outstanding amounts, each due on September
30, 2006, totaling MYR1.49 million:

         Account No             Overdue Amount
         ----------             --------------  
         302605259                  MYR499,753
         302605260                     500,000
         302605261                     497,691

The Letter demanded Comsa, as the guarantor of its unit, to
settle the Outstanding Amount within 14 days from November 16,
2006.

Absent Comsa Farm's immediate payment, Bank Islam Malaysia
intends to commence legal proceedings to recover all amounts due
and payable.

                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5.00 million shareholders' equity deficit as of
Nov. 2.


DCEIL INTERNATIONAL: MBB Demands MYR3.23 Million from Subsidiary
----------------------------------------------------------------
Dceil Manufacturing (Shanghai) Co Ltd, a wholly owned subsidiary
of Dceil International Bhd, received a letter of demand from
Malayan Banking Bhd, Shanghai Branch for repayment of MYR3.23
million in outstanding amount due granted to the unit.

Absent Dceil Manufacturing's immediate payment, Malayan Bank
intends to commence legal proceedings to recover all amounts due
and payable.

                          *     *     *

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

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

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


DIGITAL LIGHTWAVE: Posts US$2-Million Net Loss in Third Quarter
---------------------------------------------------------------
Digital Lightwave Inc. filed its third quarter financial
statements for the three months ended Sept. 30, 2006, with the
U.S. Securities and Exchange Commission on Nov. 7, 2006.

For the three months ended Sept. 30, 2006, the company incurred
a US$2,095,000 net loss on US$2,587,000 of net revenues compared
to a US$2,083,000 net loss on US$4,898,000 of net revenues from
the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$7.3
million in total assets and US$67.8 million in total
liabilities, resulting in a US$60.5 million stockholders'
deficit.  

The company's Sept. 30 balance sheet also showed strained
liquidity with US$7 million in total current assets available to
pay US$67.5 million in total current liabilities.

As of Sept. 30, 2006, the company's unrestricted cash and cash
equivalents totaled approximately US$50,000, a decrease of
approximately US$621,000 from Dec. 31, 2005.  As of Sept. 30,
2006, the company's working capital deficit was US$60.5 million
as compared to a working capital deficit of US$48.8 million at
Dec. 31, 2005.  The company had an accumulated deficit of
approximately US$148.1 million at Sept. 30, 2006.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1535

Based in Clearwater, Florida, Digital Lightwave Inc. designs,
develops and markets products for installing, maintaining and
monitoring fiber optic circuits and networks.  The company's
product lines include: Network Information Computers, Network
Access Agents, Optical Test Systems, and Optical Wavelength
Managers.  The company's wholly owned subsidiaries are Digital
Lightwave (UK) Limited, Digital Lightwave Asia Pacific Pty,
Ltd., and Digital Lightwave Latino Americana Ltda.  The company
has presence in Australia, Canada, Denmark, France, Greece, Hong
Kong, India, Indonesia, Korea, Mexico, Malaysia, among others.

At June 30, 2006, Digital Lightwave Inc.'s balance sheet showed
US$58,504,000 in total stockholders' deficit from total assets
of US$6,394,000 and total liabilities of US$64,898,000.


FOREMOST HOLDINGS: Bursa Rejects Petition to Exit PN-17
-------------------------------------------------------
Foremost Holdings Bhd filed a petition with the Bursa Malaysia
Securities Bhd asking to be uplifted from the classification of
Amended-PN17.

However, on November 15, 2006, the Bursa Securities rejected the
application.

Foremost Holdings' board of directors is currently formulating
the company's regularization plan.

                          *     *     *

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing".
As an affected issuer, the Company is required to draft a plan
to regularize its finances to avoid being delisted from the
Official List.


KIG GLASS: Bourse to Remove Securities from Official List
---------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that that Bursa Malaysia Securities Bhd had
decided to remove KIG Glass Industrial Bhd's securities from the
Official List of Bursa Securities on September 19, 2006.

KIG Glass appealed on September 13, 2006, for the deferment of
the Bursa's decision.

However, Bursa Securities resolved to reject KIG's petition and
decided to delist the company from the Official List as the it
does not have adequate level of financial condition and
operations to warrant continued listing.

KIG's securities will be removed from the Official List at 9.00
a.m. on November 27, 2006.

The securities of the company, which are currently deposited
with Bursa Malaysia Depository Sdn Bhd, will remain deposited
with Bursa Depository notwithstanding the delisting of the
securities.  

The company's shareholders who intend to hold their securities
in the form of physical certificates, can withdraw these
securities from the Central Depository System accounts
maintained with Bursa Depository at anytime after the securities
have been delisted by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.

The shareholders can contact any Participating Organization of
Bursa Securities and/or Bursa Depository's for information on
the withdrawal procedures at:  03-2034 7711

                          *     *     *

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.

Due to its inability to pay debts, the Company ceased operation
in May 2005.  As of December 31, 2005, the KIG Group's
accumulated losses stood at almost MYR300 million.  The
shareholders funds in the KIG Group were in deficit of
approximately MYR93 million while its total borrowings amounted
to approximately MYR104 million.

As of June 30, 2006, the group has total assets of MYR57,173,000
and total liabilities of MYR153,698,000, resulting into a
stockholders' deficit of MYR96,525,000.


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

AUTHENTIC VIETNAMESE: Court Hears Liquidation Proceedings
---------------------------------------------------------
An application to liquidate Authentic Vietnamese Restaurant Ltd
was heard before the High Court of Auckland on Nov. 16, 2006.

Kum Fu Stainless Steel Kitchen Equipment Ltd filed the wind-up
petition with the Court on Aug. 18, 2006.

The solicitor for the Petitioner can be reached at:

         John Bergseng
         Bergseng & Co
         Level One, 26 Crummer Road
         Grey Lynn, Auckland 1021
         New Zealand


CARTER HOLT HARVEY: Five Executives Face Court Proceedings
----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 16, 2006, Carter Holt Harvey has pleaded guilty of
breaching the Fair Trading Act by selling timber that did not
meet the grade claimed on packaging.  The company was fined
NZ$900,000 for 20 breaches of the FTA.

The TCR-AP also noted that the Commerce Commission was also
prosecuting six former or current Carter Holt Harvey employees,
and is considering further civil proceedings to seek
compensation.

In an update, the New Zealand Herald relates that the Commerce
Commission has already named five Carter Holt Harvey executives
for breaches of the FTA.

The executives now facing court proceedings are:

   1. Scott Fuller,
   2. Maurice Reid,
   3. Robert Boddington,
   4. Colin Richman, and
   5. Matthew Nant

                      About Carter Holt

Carter Holt Harvey is described on its company Web site as
"Australasia's leading forest products company, with significant
interests in wood products, pulp, paper and packaging, supported
by forests."

Carter Holt Harvey is now the second largest company in New
Zealand.  The company is New Zealand's largest private forest
owner, with more than 11,000 employees throughout its vertically
integrated businesses.

On April 6, 2006, Moody's Investors Service withdrew the Ba1
senior unsecured ratings of Carter Holt Harvey Limited.  The
ratings have been withdrawn due to Moody's expectation that
adequate information will not be available to maintain the
ratings.

The ratings withdrawn were:

   * Carter Holt Harvey Limited US$150 million 9.50% senior
     debentures, due 2024 -- Ba1

   * Carter Holt Harvey Limited US$150 million 8.375% senior
     debentures, due 2015 -- Ba1

On March 23, 2006, Standard & Poor's Ratings Services lowered
its corporate credit and debt issue ratings on New Zealand's
Carter Holt Harvey Ltd. to 'B/Developing' from 'BB/Watch Neg',
and later withdrew the ratings following the Rank Group's
acquisition of more than 90% of CHH's ordinary shares.


DS & SE WHITE: Court Hears Liquidation Petition
-----------------------------------------------
A petition to liquidate DS & SE White Ltd was heard before the
High Court of Whangarei on Nov. 20, 2006, at 10:45 a.m.

M. Michelin & Company Ltd filed the wind-up petition with the
Court on Sept. 6, 2006.

The solicitor for the Petitioner can be reached at:

         R. J. Buchanan
         Terrace Legal
         Fourth Floor, Terrace Legal House
         104 The Terrace, Wellington
         New Zealand


ELDERHEALTH MANAGEMENT: Creditors Must Submit Claims by Dec. 1
--------------------------------------------------------------
Creditors of Elderhealth Management Ltd are required to submit
their proofs of claim by Dec. 1, 2006, to Liquidator Boris Van
Delden.

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:

         Boris Van Delden
         McDonald Vague
         P.O. Box 6092
         Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: www.mvp.co.nz


LEFTFOOT IMPORTS: Appoints Michael Andrew Clarke as Liquidator
--------------------------------------------------------------
Michael Andrew Clarke was appointed on Nov. 1, 2006, as
liquidator at the commencement of the liquidation of Leftfoot
Imports Ltd.

The Liquidator can be reached at:

         Michael Andrew Clarke
         170 Parnell Road (P.O. Box 38-411)
         Auckland
         New Zealand
         Telephone:(09) 358 3666
         Facsimile:(09) 358 3947


M2U LTD: Court Hears CIR's Liquidation Petition
-----------------------------------------------
The Commissioner of Inland Revenue filed a wind-up petition
against M2U Ltd on Oct. 11, 2006.

The High Court of Wellington heard the wind-up application on
Nov. 20, 2006.

The Solicitor for the Petitioner can be reached at:

         Philip Hugh Brian Latimer
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 1028
         Facsimile:(04) 890 0009


MELBOURNE STREET: CIR Files Liquidation Petition
------------------------------------------------
The Commissioner of Inland Revenue on Oct. 16, 2006, filed
before the High Court of Christchurch an application to
liquidate Melbourne Street Apartments Ltd.

The Court will hear the application on Nov. 27, 2006, at
10:00 a.m.

The solicitor for the Petitioner can be reached at:

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


NZ CHINESE: Court to Hear Liquidation Petition on Dec. 7
--------------------------------------------------------
The High Court of Auckland will hear a petition to liquidate New
Zealand Chinese Bizlink Ltd on Dec. 7, 2006, at 10:45 a.m.

An Ying International Financial Ltd filed the petition before
the Court on Oct. 9, 2006.

The Solicitor for the Petitioner can be reached at:

         Anthony E. Liew
         Barrister and Solicitor
         31 Wirihana Road, Titirangi
         Waitakere 0604    
         New Zealand


OKLEYS CONSTRUCTION: Names Official Assignee as Liquidator
----------------------------------------------------------
On Nov. 2, 2006, the Official Assignee of Okleys Construction
Company Ltd was named as the company's liquidator.

As reported by the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the liquidation petition
against the company on Sept. 18, 2006.  The Court heard the
petition on Nov. 2, 2006.

The Liquidator can be reached at:

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


TDS LTD: Creditors' Proofs of Claim Due on December 1
-----------------------------------------------------
Creditors of TDS Ltd are required to prove their debts on
Dec. 1, 2006.

On Oct. 27, 2006, the company's shareholders appointed Peri
Micaela Finnigan and Boris van Delden as joint and several
liquidators.

The Joint and Several Liquidators can be reached at:

         Peri Micaela Finnigan
         Boris van Delden
         McDonald Vague
         P.O. Box 6092
         Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508


THE LIMBURG BREWERY: Commences Liquidation Proceedings
------------------------------------------------------
On Nov. 1, 2006, shareholders of The Limburg Brewery (HB) Ltd
resolved by special resolution to liquidate the company's
business and appointed John Richard Palairet as liquidator.

The Liquidator can be reached at:

         John Palairet
         Palairet Pearson
         86 Station Street (P.O. Box 944)
         Napier
         New Zealand
         Telephone:(06) 835 3364
         Facsimile:(06) 835 3388


WORLD COMMERCE: Official Assignee to Act as Liquidator
------------------------------------------------------
The Official Assignee for World Commerce NZ Ltd -- formerly Sage
Group Ltd -- was appointed as the company's liquidator on
Nov. 2, 2006.

According to the Troubled Company Reporter - Asia Pacific, Ace
Broadcasting Company Ltd filed a liquidation petition against
the company on Sept. 21, 2006.  The petition will be heard on
Dec. 14, 2006.

The Liquidator can be reached at:

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


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

PICOP RESOURCES: Posts PHP329MM Net Loss for 9-Month Period 2006
----------------------------------------------------------------
PICOP Resources, Inc., posted PHP953 million in revenues for the
nine-month period ended September 30, 2006, which amount is
PHP122 million or 11.39% lower than the figure posted for the
same period last year.

Revenue for the third quarter of 2006 amounted to
PHP301 million.  This is PHP114 million or 27.50% lower compared
with the figure recorded for the third quarter of 2005.

For the nine-month period ended September 30, 2006, a gross loss
of PHP20 million was incurred, PHP254 million or 92.81% lower
compared with the same period last year.  This was due to
lower gross loss of paper products by PHP251 million and
increased of gross profit of timber products by PHP3 million.

A gross profit of PHP6 million was incurred during the third
quarter of 2006, lower compared with a gross loss of
PHP75 million incurred for the same period in the previous year.  
The improvement of this period was due to the gross profit of
PHP28 million from timber products.

For the nine-month period ended September 30, 2006, the company
incurred a net loss of PHP329 million, 39.90% lower compared
with the net loss posted for the same period last year.  For the
third quarter of 2006, the company's net loss amounted to
PHP103 million, 42.01% lower compared to the net loss of the
same quarter last year.  

As of September 30, 2006, PICOP Resources' total assets amounted
to PHP4.634 billion, 3.29% higher than total assets as of
December 31, 2005.  The major movement in the asset accounts was
the PHP125 million or 120.69% increase in Accounts Receivables,
Due from related companies increased also by PHP30 million or
36.16%.  Other Non-Current Assets increased by PHP41 million or
27.26% due to increase of deferred input tax and receivables
from affiliates.  Inventories on the other hand decreased by
PHP73 million or 10.72%, Current Portion of Biological Assets
decreased also by PHP43 million or 5.65%.

Company's liabilities on the other hand, increased by PHP476
million or 13.06% due mainly to the increase in Accrued Expenses
and Other Payables by PHP469 million or 39.04% and increased by
PHP38 million or 32.10% of Due from related companies.

PICOP noted that because of continuing losses, its financial
position has been restricted.  Thus, the company's debt-to
equity ratio has gone from 4.66:1 by end 2005 to 9.00:1 by end
of September 30, 2006.  Current ratio at the end of the third
quarter of 2006 was reduced to .42:1 from .46:1 by end 2005.

Nevertheless, the Company does not see these developments as a
condition paralyzing operations.  A move undertaken to alleviate
its financial condition is the negotiation of the loan with
Landbank of the Philippines for another restructuring of its
Long term debt.  Part of the agreement is the lowering of
interest rate and the lengthening of repayment schedule, PICOP
disclosed.

The Company also noted that it intends to maintain the minimum
number of its employees.  As of September 30, 2006, it had 1,177
employees.  Manning comprises 5 officers, 27 managers, 117
supervisors, 116 technical staff and 912 Rank & Files.  The
company strictly monitors its manpower requirements.

                         About PICOP

PICOP Resources, Inc., was incorporated in 1952 as Bislig
Industries, Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.  
The Company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the Company
changed hands three more times.  At present, the Company is
under the control of TP Holdings, Inc.

PICOP's consolidated balance sheets as of December 31, 2005, and
2004, revealed a deficit of PHP3.4 million and PHP3.0 million,
respectively.  Moreover, the company reported a net loss of
PHP366,574,000 for the full-year 2005 and PHP237,609,000 for the
full-year 2004.

The Company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.  
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc.  NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof.  In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock.  This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock.  Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.

After auditing Hinatuan's balance sheets as of December 31,
2005, and 2004, Protacio T. Tacandong, a partner at Sycip Gorres
Velayo & Co., pointed at the company's deficit, which amounted
to PHP8.87 million and PHP8.86 million as of December 31, 2005,
and 2004, respectively.  Mr. Tacandong noted that these factors,
among others, indicate the existence of uncertainy which may
raise a substantial doubt about Hinatuan's ability to continue
as a going concern.

                      No Dividend Payments

In its Annual Report ended December 31, 2005, PICOP noted that
due to its negative retained earnings, it's been years that the
Company did not declare any dividends in cash or in kind.


ZEUS HOLDINGS: Stockholders Elect Six Board Members for 2007
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific has reported that
the Board of Directors of Zeus Holdings, Inc.'s annual
stockholders' meeting was set on November 20, 2006.

During the meeting, six individuals were elected as directors of
the corporation for the year 2007:

   1. Felipe U. Yap,
   2. Yuen Po Seng,
   3. Ronald P. Sugapong,
   4. Jesus Clint O. Aranas,
   5. Daisy L. Parker, and
   6. Ariel T. Lopez

Atty. Aranas was elected as independent director.

At the organizational meeting of the Board of Directors held
after the ASM, the Board elected these officers:

   1. Corporation's Officers for Calendar Year 2007:

      Felipe U. Yap - Chairman of the Board
      Yuen Po Seng  - President
      Ronald P. Sugapong - Treasurer
      Daisy L. Parker    - Corporate Secretary
      Ariel T. Lopez     - Assistant Corporate Secretary

   2. Compliance Officer/Committee Members required under the
      Corp.'s Manual on Corporate Governance:

      * Compliance Officer:

        Daisy L. Parker

      * Nomination Committee:

        Felipe U. Yap
        Yuen Po Seng
        Jesus Clint O. Aranas
      
      * Compensation and Remuneration Committee:

        Felipe U. Yap
        Yuen Po Seng
        Jesus Clint O. Aranas

      * Audit Committee

        Ronald P. Sugapong
        Ariel T. Lopez
        Jesus Clint O. Aranas

   3. Ronald P. Sugapong was elected as the compliance officer
      required under the Corp.'s Anti-Money Laundering Manual
      Compliance Officers.

                      About Zeus Holdings

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

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

                          *     *     *

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

For the period ended September 30, 2006, Zeus Holdings posted an
increased total capital deficiency of PHP1,077,710 compared with
PHP530,624 in the same period in 2005.

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


* Philippine Economy Likely Grew 5.2%-5.8% in Q3, NEDA Exec Says
----------------------------------------------------------------
The Philippines' economy in the third quarter likely grew by
5.2%-5.8% from a year earlier, supported by strong exports and
sustained growth in farm output, with brisk remittances from
Filipinos working abroad boosting domestic demand, a senior
economic official says.

Dennis Arroyo, director for planning and policy at the National
Economic and Development Authority, also says the economy would
likely sustain the growth momentum in the fourth quarter.

"We're on track to meet our full-year growth target of 5.5%-
6.1%. Things are quite positive for the fourth quarter," Mr.
Arroy further says.

Domestic consumption is expected to remain strong in the last
quarter given the seasonal surge in remittances during the
Christmas holidays, Mr. Arroyo adds.

Mr. Arroyo also sees the farm sector sustaining its growth in
the last quarter.

The Department of Agriculture last week said the farm sector in
the third quarter posted growth of 4.27% from a year earlier
despite the strong typhoons during the period.

Economic Planning Secretary Romulo Neri said in October that he
expected third quarter GDP to grow at about 5.5% or above,
putting the economy on track for at least 5.6% growth in 2006.

GDP grew 5.5% in the second quarter from a year earlier.  Third
quarter figures will be published on Nov. 29.

Last week, the International Monetary Fund upgraded its growth
outlook on the economy to an annual rate of 5.5% this year and
5.8% in 2007 due to double digit export growth and an improving
investment climate.

The country has benefited from strong overseas demand for
electronics, strong domestic consumption fuelled by overseas
remittances, and a calmer political climate, which has
encouraged higher foreign direct investment.

A quarterly poll by Reuters this month showed a median economic
growth forecast of 5.5% this year, faster than the 5.0% in 2005,
before easing to 5.3% in 2007 due to slower demand and a mild
drought.

According to economists, government spending for congressional
elections next May and for the rehabilitation of the country's
creaking infrastructure would help offset the impact of the
drought and falling export orders.

                          *     *     *

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

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

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


* PSE to Test All-Time High in '07, Philequity Says
---------------------------------------------------
The peso may strengthen to PHP46 per dollar by end 2007 and the
stock market's main index may test its all-time high of 3,447
next year, with the economy getting a boost from mineral exports
and dollar remittances from overseas Filipinos, local fund
management group Philequity Fund Inc. said.

"While some global banks and foreign houses have forecasted the
peso to reach PHP48 to PHP49 to the dollar, it should be noted
that these banks paid emphasis to the fiscal state of the
government, growing dollar earnings from BPOs, and the strong
OFW remittances," Philequity said in a note dated November 6.

"But what most economists have yet to incorporate into the
picture are the additional strong dollar earnings from mineral
exports which will grow by leaps and bounds."

The fund said the country will largely benefit from a
commodities boom, following in the footsteps of Latin American
countries like Brazil, which exports steel, iron ore, sugar, and
soybeans.

The Philippines has significant mineral exports like gold,
copper, and nickel.

Philequity said that the nature OFW remittances have changed
from being merely financial assistance for relatives, into
investments tools.

"OFW money has become more productive as these are now being
used for investments.  In fact, OFWs have become a major market
for property companies," Philequity said.

The brokerage firm also said China's economic strength will
sustain the regions improving momentum.

Meanwhile, Philequity expects economic activity and prospects to
sustain the stock market's bull run until next year.

"The Philippine stock market is just catching up with other
markets which have made new highs, surpassing the levels
achieved prior to the 1997 financial crisis," the firm said.

"While we see a correction in global equities in the short-term
because of the strong run-up in the past two months, Philequity
sees the correction in prices as healthy and advises investors
to take advantage of this pullback as an opportunity to buy."

                          *     *     *

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

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

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


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

APBT MYANMAR: Creditors' Proofs of Debt Due on December 1
---------------------------------------------------------
APBT Myanmar Pte Ltd, which was placed under compulsory
liquidation, requires its creditors to file their proofs of debt
by Dec. 1, 2006, so they can be included in the company's
distribution of dividend.

The company's liquidators can be reached at:

         Ramasamy Subramaniam Iyer
         Goh Thien Phong
         Chan Kheng Tek
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


GN PACKAGING: Pays Dividend to Unsecured Creditors
--------------------------------------------------
GN Packaging Industries Pte Ltd, which is undergoing
liquidation, paid the first and final dividend to its unsecured
creditors on Nov. 21, 2006.

The company paid 4.6% to all unsecured claims.

The company's liquidator can be reached at:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705


HEXION SPECIALTY: Boosting Local Operations Via Land Purchase
-------------------------------------------------------------
As part of an effort to enhance the efficiency of its Edmonton,
Alberta operations, Hexion Specialty Chemicals has purchased two
parcels of land adjacent to its Edmonton plant and will improve
the rail and logistics infrastructure at the site.

The company recently purchased a 1-acre plot adjacent to its
current operations in West Edmonton at 12621 156th St. NW.  
Hexion had previously purchased another, adjacent 2-acre parcel
from AEP Industries, which ceased operations at that location
last year.  Together, the two parcels provide Hexion the space
to enhance the flow of inbound and outbound materials through
infrastructure improvements that will include new rail, loading
and unloading facilities.  The total cost of the projects is
anticipated to be US$4 million to US$5 million.

"These land purchases and planned improvements will allow us to
continue to enhance service to our regional forest products
customers," said Mark Alness, vice president for Hexion's
Phenolic & Forest Products Division.  "Our business has grown
steadily over the years and we had become cramped within the
original site footprint.  This series of improvement projects
will provide better logistics at the site, which in turn will
enable us to more efficiently manage the flow of both raw
materials and the volume of finished products.  More than 900
million pounds of UF and PF resins are produced each year at the
Edmonton facility."

In addition, an agreement with CN will enable Hexion to import
methanol, a key raw material, to the Edmonton facility.  This
agreement is vital to the site, as Celanese Corporation has
announced it will close its Edmonton, Alberta methanol plant by
the end of 2006.  CN will play a key role by providing
transportation and logistics solutions through the Cargo Flow
facility it is establishing at its West Edmonton Bissell rail
yard.

Hexion is the world's leading producer of thermosetting resins.
It manufactures resins, adhesives and waxes at the Edmonton
plant that are used by the forest products industry to produce
plywood, laminated veneer lumber, oriented strandboard,
particleboard and other engineered wood products.  The site,
established in 1952, employs 132 people in manufacturing, sales,
research and support roles.

Since the mid 1980s, the Edmonton plant has undergone 9 major
expansions with a total capital investment of US$85 million and
is now the premier regional center for resin production in
Western Canada, serving 57 customer locations.  The company
estimates that resins from the Edmonton site are involved in the
annual production of almost 11 billion square feet of wood
products representing US$4.5 billion in customer sales.

The forest products industry continues its steady growth in the
region, with almost three billion square feet of additional
oriented strand board production capacity expected to be added
by 2009, according to industry publications.

The R&D center within the Edmonton complex is a global center of
excellence for Hexion's research into advanced resin systems for
oriented strandboard production.  These resin systems have been
a critical part of the company's continued growth, and products
resulting from this local research are used by Hexion customers
throughout the world.

Hexion also has significant operations in Vancouver, British
Columbia, and Laval and St. Romuald in Quebec.  These operations
all serve the Canadian forest products industry.

"Our customers are growing rapidly in Canada and especially in
Alberta and British Columbia," Mr. Alness said.  "We will
continue to invest in the region to serve the industry and our
customers."

                          About Hexion

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

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 16, 2006, that Moody's Investors Service assigned B3
ratings to the new guaranteed senior secured second lien notes
due 2014 of Hexion Specialty Chemicals Inc.  The company expects
to issue roughly US$825 million of notes split (55/45) between
fixed and floating rate notes.  The new notes will be used to
refinance roughly US$625 million of existing second lien notes
and partially fund a US$500 million dividend to existing
shareholders.  A US$375 million increase in the company's
existing guaranteed senior secured first lien term loan to US$2
billion, rated Ba3, will fund the remainder of the extraordinary
dividend.  

Moody's also affirmed Hexion's other long term debt ratings and
its SGL-2 speculative grade liquidity rating.  As a result of
this refinancing, the LGD assessment rates have changed as shown
in the table below.  The outlook is stable and the ratings on
the existing second lien notes will be withdrawn upon successful
completion of the refinancing.

New ratings assigned:

   * Hexion Specialty Chemicals Inc.

     -- Floating Rate Gtd. Second Lien Sr. Sec Notes
        due 2014 -- B3, LGD5, 75%

     -- Fixed Rate Gtd Second Lien Sr Sec Notes
        due 2014, -- B3, LGD5, 75%

Ratings affirmed with revised LGD rates:

     -- US$225mm Gtd Sr Sec Revolving Credit Facility
        due 5/2011 -- Ba3, LGD2, 24% from 29%

     -- US$50mm Gtd Sr Sec Letter of Credit Facility
        due 5/2011 -- Ba3, LGD2, 24% from 29%

     -- US$1,625mm Gtd Sr Sec Term Loan
        due 5/2013 -- Ba3, LGD2, 24% from 29%*

     -- US$300mm Flt Rate Gtd Second Lien Sr Sec Notes
        due 7/2010 -- B3, LGD5, 75% from 77%**

     -- US$325mm 9.0% Gtd Second Lien Sr Sec Notes
        due 7/2014 -- B3, LGD5, 75% from 77%**

     -- US$34.0mm Pollution Control Revenue Bonds Series 1992
        due 12/2009 -- B3, LGD5, 75% from 77%

Ratings affirmed:

   * Hexion Specialty Chemicals Inc.

     -- Corporate Family Rating -- B2

     -- Probability of Default Rating -- B2

     -- US$114.8mm 9.2% Sr. Unsec Debentures due 3/2021 -- Caa1,
        LGD6, 94%

     -- US$246.8mm 7.875% Sr. Unsec Notes due 2/2023 -- Caa1,
        LGD6, 94%

     -- US$78.0mm 8.375% S.F. Sr. Unsec Debentures
        due 4/2016 -- Caa1, LGD6, 94%

Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to Hexion Specialty's US$1.675
billion senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


INTER-BUILDERS DEVELOPMENT: Pays 3.364% Dividend to Creditors
-------------------------------------------------------------
Inter-Builders Development Pte Ltd has paid first and final
dividend to its creditors on Oct. 10, 2006.

The company paid 3.364% to the admitted claims.

The company's liquidator can be reached at:

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


INTERMEC: Discloses Restructuring Plan to Streamline Operations
---------------------------------------------------------------
Intermec, Inc., disclosed a restructuring plan to reduce costs,
streamline global operations and drive profitability.  The
restructuring will align global functional activities to improve
productivity, focus on customer facing programs to facilitate
growth, and control discretionary spending.

Larry D. Brady, chairperson and chief executive officer of
Intermec, said, "The many strategic and ownership changes which
have occurred in our industry require a more aggressive focus on
productivity in order to accelerate our competitive positioning.
While difficult, this restructuring is essential to establish a
more agile and efficient posture required for competitive
success."

Intermec expects to take a total pre-tax restructuring charge of
US$7.6 million to US$8.6 million associated with the cost saving
initiatives.  The company expects to record approximately US$6.5
million to US$7.5 million of the total pre-tax charges in the
fourth quarter of 2006, with the remainder to be incurred in
subsequent quarters of 2007.

As part of the restructuring plan, Intermec will be reducing its
current worldwide workforce by approximately 9% by the end of
the first quarter of 2007.  The restructuring plan also includes
the consolidation of certain facilities on a global basis.

As a result of the restructuring and cost reduction initiatives,
the company expects to generate annual cost savings of
approximately US$22 million to US$25 million, with approximately
75% of the savings occurring in operating expenses and the
remainder of the savings associated with the cost of sales.
The savings will begin in the fourth quarter of 2006, with
substantially all of the benefit of these cost initiatives
expected to be realized by the end of the first quarter of 2007.
Slightly more than half of the cost savings are related to the
restructuring actions with slightly less than half related to
other cost initiatives and decreased discretionary expenses.

Intermec also reported its EPS outlook for the fourth quarter of
2006.  Fully diluted EPS from continuing operations are expected
at US$0.05 with a range of plus-or-minus US$0.04, including the
impact of the anticipated after-tax restructuring charge of
US$0.07 per diluted share.

                       About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,   
manufactures and  integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, United Kingdom and Singapore.

                          *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


ODYSSEY RE: Fairfax to Sell Nine Million Shares in Company
----------------------------------------------------------
At the request of Fairfax Financial Holdings Limited -- Odyssey
Re Holdings Corp.'s majority shareholder -- Odyssey has filed a
registration statement with the Securities and Exchange
Commission relating to a secondary offering of its common stock.

Fairfax proposes to sell 9,000,000 of its Odyssey Re shares, and
will grant the underwriters an option to purchase up to
1,350,000 additional shares of common stock to cover over-
allotments, if any.  The proposed offering will be jointly led
by Citigroup Corporate and Investment Banking and Wachovia
Capital Markets, LLC.

Fairfax will continue to own a majority of the shares of Odyssey
Re after the proposed offering.  Odyssey Re will not receive any
proceeds from the sale of the shares.

The manner, timing and execution of any sale of Fairfax's
Odyssey Re shares are at Fairfax's discretion and subject to
market conditions and there is no assurance it will occur.

A written prospectus relating to the offering, when available,
may be obtained from:

         Citigroup Corporate and Investment Banking
         Brooklyn Army Terminal
         140 58th Street, 8th Floor
         Brooklyn, NY 11220
         Telephone: 718-765-6732; or

         Wachovia Capital Markets, LLC
         Attn: Equity Syndicate
         375 Park Avenue, 4th Floor
         New York, NY 10152
         E-mail: equity.syndicate@wachovia.com

                        About Odyssey Re

Odyssey Re Holdings Corp. -- http://www.odysseyre.com/-- is an  
underwriter of property and casualty treaty and facultative
reinsurance, as well as specialty insurance.  Odyssey Re
operates through its subsidiaries, Odyssey America Reinsurance
Corporation, Hudson Insurance Company, Hudson Specialty
Insurance Company, Clearwater Insurance Company, Newline
Underwriting Management Limited and Newline Insurance Company
Limited.  The company underwrites through offices in the
Singapore, United States, London, Paris, Toronto and Mexico
City.  Odyssey Re Holdings Corp. is listed on the New York Stock
Exchange under the symbol ORH.

                          *     *     *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


PACIFIC CENTURY: General Meeting Slated for Nov. 30
---------------------------------------------------
Pacific Century Regional Developments Limited will hold an
extraordinary general meeting on Nov. 30, 2006, at 10:00 a.m.,
at the Raffles Town Club, Dunearn Room I, Level 1 in 1 Plymouth
Avenue, Singapore 297753.

At the meeting, these resolutions will be passed in connection
with the company's sale of shares in PCCW Limited:

   -- to approve, confirm, ratify and adopt the entry made
      Pacific Century into the conditional sale and purchase
      agreement dated July 9, 2006, with Francis P. T. Leung and
      Fiorlatte Limited in connection with the proposed sale of
      up to 1,526,773,301 ordinary shares of HK$0.25 each in the
      share capital of PCCW Limited, representing approximately
      22.64% of the issued share capital held by the company;

   -- that the transfer of the sale shares to Mr. Leung and
      Fiorlatte will be pursuant to the the terms and conditions
      of the Sale Agreement; and

   -- to authorize the directors to complete and do all the acts
      and things they consider necessary, desirable and in the
      interests of the company in connection with the sale.

                     About Pacific Century

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India. The group's principal activities include the provision of
international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.

According to a TCR-AP report on Nov. 17, 2006, the company has a
US$107.11 million shareholder's deficit on total assets of
US$1381.26 million.


PETROLEO BRASILEIRO: Inks 6 Technical Evaluation Pacts with Peru
----------------------------------------------------------------
Petroleo Brasileiro, the state-owned oil firm of Brazil, said in
a statement that its consortium with Petroperu -- its Peruvian
counterpart -- has signed six technical accords with Perupetro,
Peru's state hydrocarbons promotions agency.

Business News Americas relates that the evaluation agreements,
which have a two-year period, correspond to the Maranon basin's
blocks:

          -- XXVI,
          -- XXVII,
          -- XXVIII,
          -- XXIX,
          -- XXX, and
          -- XXXI.

According to BNamericas, the consortium will identify zones with
the most hydrocarbons-bearing potential to determine if it will
enter into exploration and production license contracts.

The evaluation agreements will need an investment of US$980,000,
which will be funded equally by Petroleo Brasileiro and
Petroperu, BNamericas states.

                   About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Unit Completing Study on Peru's Block 58
-------------------------------------------------------------
An official of Petrobras Energia Peru SA, a unit of Petroleo
Brasileiro, told Dow Jones Newswires that the firm is completing
its environmental study on block 58 in Peru.

Block 58 is in the southeastern jungle region near Camisea's
block 88.  

Pedro Grijalba, general manager of Energia Peru, told Dow Jones,
"We are preparing the environmental impact study. We are
entering the final phase and we expect to present it for
approval next April."

Energia Peru will drill the first well in the block next year of
early 2008 and it will cost US$30 million, Dow Jones relates,
citing Mr. Grijalba.

Dow Jones notes that Mr. Grijalba was positive about finding
natural gas in the block.

"We are convinced that there is gas or we would not drill.  I am
sure that there is.  That is the optimistic vision we must have
or we would not expose US$30 million," Mr. Grijalba told Dow
Jones.

                    About Petroleo Brasileiro

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

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

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

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

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

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


RED HAT: Defends v. FireStar's '502 Database-Patent Suit in Tex.
---------------------------------------------------------------
Red Hat Inc. is defending against a suit filed by FireStar
Software Inc. with the United States District Court for the
Eastern District of Texas for infringement of U.S. Patent No.
6,101,502.

The '502 patent is entitled "Object model mapping and runtime
engine for employing relational database with object oriented
software."

On June 26, 2002, FireStar filed suit, tagged Civil Action No.
2-06CV-258, claiming that the Company and some subsidiaries
marketed support services for the Jboss Hibernate 3.0 software
that allegedly infringed the '502 patent.

FireStar seeks compensatory damages, enhanced damages, costs,
attorney's fees and injunctive relief.

                         About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, Standard & Poor's Ratings Services revised its
outlook on Raleigh, N.C.-based operating systems provider Red
Hat Inc. to stable from positive, and affirmed its 'B+'
corporate credit rating.


THE EXPANDED METAL GROUP: Court Directs Wind-Up of Operations
-------------------------------------------------------------
Super Galvanising Pte Ltd has filed an application to wind up
The Expanded Metal Group Pte Ltd.  

Accordingly, the High Court of Singapore has entered on Nov. 3,
2006, an order directing the wind-up of the company's
operations.

Creditors of The Expanded Metal are therefore required to submit
their proofs of debt to the company's liquidator, Abuthahir
Abdul Gafoor.

The Liquidator can be reached at:

         Abuthahir Abdul Gafoor
         ELTICI Financial Advisory
         Services Pte Ltd
         1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616


YIN FRESH: High Court to Hear Wind-Up Petition on Nov. 24
---------------------------------------------------------
On Nov. 2, 2006, Singapore Food Industries Limited filed an
application to wind up Yin Fresh Frozen Food Pte Ltd.

Accordingly, the High Court of Singapore will hear the wind-up
petition on Nov. 24, 2006, at 10:00 a.m.

The Petitioner's solicitor can be reached at:

         Lee Chin Seon
         CS Lee, 111 North Bridge Road
         #08-12 Peninsula Plaza
         Singapore 179098


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

BLOCKBUSTER: Credit Concerns Prompt Fitch to Hold Junk Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed these ratings for Blockbuster Inc.:

   -- Issuer default rating 'CCC';
   -- Senior secured credit facility 'CCC/RR4';
   -- Senior subordinated notes of 'CC/RR6'.

Fitch has also revised Blockbuster's Rating Outlook to Stable
from Negative.  Approximately US$1.2 billion of debt is affected
by the action.

The ratings continue to reflect ongoing credit concerns which
include weak financial performance driven by pricing pressures
which continue to limit margin expansion, difficult industry
conditions, and intense competition from mass merchants, pay-
per-view suppliers, and online retailers.

The Stable Outlook reflects Blockbuster's improved financial
flexibility, stronger liquidity position, and the company's cost
cutting efforts that have enabled Blockbuster to improve Free
Cash Flow despite ongoing revenue declines, and the company's
leading position in the rental entertainment industry.  
Importantly, Blockbuster's improved financial flexibility
includes covenant relief over 2006 and 2007, a stronger
liquidity position that has been aided by a US$150 million
preferred stock offering and LTM free cash flow of approximately
US$165 million.  The stable outlook also reflects Fitch's belief
that the company will be able to meet its amended 2006 minimum
EBITDA covenant of US$210 million.

However, Blockbuster's revenue generation continues to be
negatively affected from structural changes in the industry,
competitive factors, and the company's strategic decision to
eliminate late fees in 2005. Blockbuster's online movie rental
business, which is subscription based and was launched in 2004,
has not yet grown in size to offset competitive and industry
factors.  Despite these challenges, Blockbuster's operating
margin and operating EBITDA showed some improvement through the
first three quarters of 2006 as the company has significantly
reduced its advertising budget and overhead spend. For the
quarter ending Sept. 30, 2006, Blockbuster's operating margin
was 0.1% versus -25.3% for third quarter-2005 (3Q'05).  
Operating EBITDA of US$64 million in the third quarter of 2006
reflected growth of 14% over US$56 million in 3Q'05.  These
positive variances reflect cost containment related to corporate
overhead, lower store level compensation, and reduced
advertising expenses.  Fitch notes that the cost cutting
strategy has driven better results however ongoing reduction of
expenses like advertising may be disadvantageous in the long run
as it does not help grow top line revenue.  Nevertheless, Fitch
expects margin and operating EBITDA improvement to continue in
the historically strong fourth quarter.

Overall, Fitch remains concerned about Blockbuster's operational
policies, which have included major changes to its business
model in response to weakening market conditions.  These changes
include replacing lost revenue from the elimination of high
margin late rental fees in 2005.  Fitch views the elimination of
late fees as particularly risky and challenging given that
Blockbuster is now required to offset this source of operating
profit with substantial increases in rental and merchandise
revenues.  This may continue to be difficult for Blockbuster due
to price discounting employed by the company's online division
and strong competition in the home video/DVD market from mass
merchants.  While Fitch recognizes that Blockbuster's online
initiative has grown, Fitch notes that these revenues typically
carry a lower gross margin, as do other areas such as video
sales and game sales. This is important given Blockbuster's
large fixed-cost base due to its real estate leases, especially
if the online revenues cannibalize existing rental revenues.

Blockbuster generated meaningful discretionary free cash flow
over the last twelve months Sept. 30, 2006, due to the
aforementioned cost cuts as well as lower capital expenditures
offset by moderate working capital usage.  As such,
Blockbuster's free cash flow to total adjusted debt improved to
2.7% for LTM Sept. 30, 2006, from -3.4% for fiscal year 2005.  
Blockbuster improved its financial flexibility in the last
twelve months by securing US$150 million in private equity
funding and using the proceeds to pay off the balance on its
revolving credit facility.  Importantly, Blockbuster has had no
borrowings on its facility for the last two quarters.  Leverage
as measured by total adjusted debt to operating EBITDAR
strengthened from 7.8 times as of fiscal year 2005 to 6.7x as of
LTM Sept. 30, 2006.  Total debt to operating EBITDA also
improved from 7.0x in fiscal year 2005 to 3.9x in LTM Sept. 30,
2006.

Blockbuster's liquidity is improved and supported by cash
balances of US$255 million at third quarter end and availability
of US$293 million on its US$500 million secured revolving credit
facility (after deducting for Letter's of Credit and Viacom's
legacy reserve), which matures 2011.  The secured credit
facility has a covenant package with amendments related to
minimum EBITDA levels, restricted payments, and future fixed
charge coverage and leverage tests.  Blockbuster has been in
compliance with its amended covenants.  In addition, Fitch notes
that Blockbuster must continue to generate strong operating
EBITDA in the coming year in order to meet the fixed charge
covenant of 1.35x for any four consecutive fiscal quarters
ending after Dec. 31, 2007.  Fitch expects Blockbuster to
continue reducing its fixed cost base and meet this covenant.

Blockbuster Inc. (NYSE: BBI, BBI.B) --
http://www.blockbuster.com/-- provides in-home movie and game  
entertainment, with more than 9,000 stores throughout the
Americas, Europe, Asia and Australia.  The company also operates
in Thailand, Taiwan and New Zealand.


FOUR SEASONS: S&P Pares Corp. Credit Rating to 'BB+' from 'BBB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Four Seasons Hotels, Inc. to 'BB+' from 'BBB-'.  The
ratings remain on CreditWatch with negative implications, where
they were placed on Nov. 6, 2006.

At the same time, we affirmed our 'BBB-' rating on the company's
senior unsecured convertible notes and removed it from
CreditWatch.  The rating agency expects that these notes will be
refinanced upon the issuance of new debt financing if the
proposed transaction closes.  In the event the proposed
transaction does not close, and the proposed refinancing does
not occur, Standard & Poor's would lower the rating on these
notes to a level in line with Four Season's corporate credit
rating.

The downgrade was after the company's filing of a proposed
capital structure related to the Nov. 6, 2006, offer to take
Four Seasons private at US$82 per share, or an enterprise value
of US$3.7 billion.   The proposed capital structure includes
US$750 million in debt financing and the contribution of new
equity into the company, net of the company's existing cash
balances.

The proposed capital structure helps to clarify previous
uncertainties around the amount of equity that would be
contributed in financing the proposed acquisition.  If the deal
is accepted by the board, and financing is structured in the
manner specified in the filing, the rating agency would expect
that debt leverage, as measured by total lease adjusted debt to
EBITDA, would exceed 8x.

This would likely result in ratings being lowered to the single
'B' category in the absence of additional support being provided
by equity owners.

Even if the deal does not close, ratings have historically
incorporated the expectation that management would maintain a
conservative financial policy, including maintenance of a
meaningful level of cash balances.  With this proposed
transaction, management has demonstrated an appetite for a
higher level of risk, thus our financial policy expectations
have changed, warranting a lower corporate credit rating.

The offer to purchase Four Seasons was received from CEO Isador
Sharp and Triples Holdings Limited, the controlling shareholder
in Four Seasons, together with Kingdom Hotels International,
which is owned by Prince Alwaleed Bin Talal Bin Abdulaziz
Alsaud, and Cascade Invesment LLC, which is owned by Bill Gates.   
Four Seasons' board has established a committee of directors to
consider the proposed transaction.

Four Seasons has properties in Thailand, the United Kingdom, and
Costa Rica.


KRUNG THAI: Likely to Miss THB70-Million Loan Target this Year
--------------------------------------------------------------
Krung Thai Bank expects to miss its THB70-billion new loan
target for this year after some of its major customers did not
avail of the bank's credit facilities, The Nation says, citing
Apisak Tantivorawong, the bank's president.

Among those customers is Thai Beverage, the producer of Chang
Beer, having raised funds by listing on the Singapore Stock
Exchange, the paper relates.  

In addition, Mr. Apisak told the Nation that KTB will lower its
next year's loan target to THB60 billion as they fall short on
its targeted 7% loan growth.

However, the Bangkok Post quoted Mr. Apisak as saying that the
bank's growth target is still in line with overall industry
growth projections and economic trends for next year.

"The banking sector continues to operate under heavy
competition, as all banks are looking to expand their loan
portfolios while the number of top clients remains limited," Mr.
Apisak said.  "Political stability will also remain a key risk
factor for next year."

The bank's government loans have also decreased -- which
accounts for about 30% of the total portfolio -- a ratio that is
unlikely to change next year, depending on economic
circumstances, Mr. Apisak said.

Meanwhile, KTB plans to boost its retail-banking businesses with
more aggressive marketing strategies.  It aims to increase fee
income by 15% to 30% per cent next year.  Its fee base however
will remain unchanged at 10%, Mr. Apisak added.

                          *     *     *

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

Fitch Ratings, on September 12, 2006, affirmed the individual
C/D rating of Krung Thai Bank Public Company Limited.

The bank currently carries Moody's Investors Service's bank
financial strength rating of D.


PHELPS DODGE: Grupo Mexico Most Likely Buyer for Firm
-----------------------------------------------------
Grupo Mexico SA de CV is the most likely candidate for the
purchase of Phelps Dodge Corp., as its assets in the United
States and Mexico are relatively close to Phelps Dodge's,
Bloomberg says, citing Victor Lazarovici, a senior analyst at
BMO Capital Markets in New York.

Bloomberg relates that Eduardo Gonzalez, the chief financial
officer of Grupo Mexico, said on March 30 that the firm had the
financial capability to purchase a company for US$6 billion.

Globe and Mail said on July 29 that Grupo Mexico hired U.S.
financial advisers to study a bid for Phelps Dodge.

Grupo Mexico, however, denied plans to buy Phelps Dodge, saying
the firm's price was too high, the Troubled Company Reporter-
Latin America reported on Aug. 24.  Phelps Dodge's market value
was US$18.4 billion, more than twice that of Grupo Mexico's.

                    About Grupo Mexico

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--  
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                    About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the   
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, China, the Philippines
and Japan, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PHELPS DODGE: Inks US$25.9BB Merger Pact With Freeport-McMoRan
--------------------------------------------------------------
Phelps Dodge Corporation and Freeport-McMoRan Copper & Gold Inc.
have signed a definitive merger agreement under which FCX will
acquire Phelps Dodge for approximately $25.9 billion in cash and
stock, creating the world's largest publicly traded copper
company.

The combined company will be a new industry leader with large,
long-lived, geographically diverse assets and significant proven
and probable reserves of copper, gold, and molybdenum.

The company's increased scale of operations, management depth,
and strengthened cash flow will provide an improved platform to
capitalize on growth opportunities in the global market.

The combined company will be the largest North American-based
mining company.

The company will enjoy an excellent cost position, long reserve
life, a diversified geographic footprint, and an attractive
growth profile.

FCX currently operates the world-class Grasberg mine, located in
Papua, Indonesia, which is the world's largest copper and gold
mine in terms of reserves.

Phelps Dodge has mines in operation or under development in
North and South America, and Africa, including the world-class
Tenke Fungurume development project in the Democratic Republic
of the Congo.

The combined company will represent one of the most
geographically diversified portfolios of operating, expansion
and growth projects in the copper mining industry.

James R. Moffett, chairman of the board of FCX, said: "This
transaction combines two leading mining companies to form a
strong industry leader at a time when we see significant long-
term opportunities in our industry.  FCX has been built through
our exploration and development capabilities, and we will focus
on aggressively pursuing opportunities in the extensive Phelps
Dodge asset portfolio."

Richard C. Adkerson, FCX's president and chief executive
officer, said: "This acquisition is financially compelling for
FCX shareholders, who will benefit from significant cash flow
accretion, lower cost of capital, and improved geographic and
asset diversification.  The new FCX will continue to invest in
future growth opportunities with high rates of return and will
aggressively seek to reduce debt incurred in the acquisition
using the substantial free cash flow generated from the combined
business."

Adkerson continued: "Together, FCX and Phelps Dodge will have
the size, management depth and financial strength to optimize
existing operations and accelerate our growth by aggressively
pursuing promising new development projects, exploration and
acquisitions. We are enthusiastic about the addition of Phelps
Dodge's highly regarded mining team, which will complement our
existing organization, and are delighted to welcome Phelps
Dodge's talented team to the FCX family."

J. Steven Whisler, chairman and chief executive officer of
Phelps Dodge, said: "This transaction provides Phelps Dodge
shareholders a significant premium for their shares and gives
them the opportunity to participate in the upside potential of a
geographically diversified industry leader possessing the scale
and asset quality to compete on the global stage successfully.  
I believe our management team, with its industry-recognized
reputation for operational excellence and technological
innovation, possesses the skills in open pit and underground
mining and mineral processing to add value to FCX's operations.  
We look forward to working with FCX to realize all of the
benefits of this combination, and its exciting portfolio of
growth and expansion projects, for our shareholders, customers,
employees and suppliers."

                     Terms of the Transaction

Under the terms of the transaction, FCX will acquire all of the
outstanding common shares of Phelps Dodge for a combination of
cash and common shares of FCX for a total consideration of
US$126.46 per Phelps Dodge share, based on the closing price of
FCX stock on Nov. 17, 2006.

Each Phelps Dodge shareholder would receive US$88.00 per share
in cash plus 0.67 common shares of FCX.  This represents a
premium of 33% to Phelps Dodge's closing price on Nov. 17, 2006,
and 29% to its one-month average price at that date.

The cash portion of US$18 billion represents approximately 70%
of the total consideration.  In addition, FCX would deliver a
total of 137 million shares to Phelps Dodge shareholders,
resulting in Phelps Dodge shareholders owning approximately 38%
of the combined company on a fully diluted basis.

The boards of directors of FCX and Phelps Dodge have each
unanimously approved the terms of the agreement and have
recommended that their shareholders approve the transaction.  
The transaction is subject to the approval of the shareholders
of FCX and Phelps Dodge, receipt of regulatory approvals and
customary closing conditions.  The transaction is expected to
close at the end of the first quarter of 2007.

FCX has received financing commitments from JPMorgan and Merrill
Lynch to fund the cash required to complete the transaction.  
After giving effect to the transaction, estimated pro forma
total debt at Dec. 31, 2006, would be approximately US$17.6
billion, or approximately US$15 billion net of cash.

                Combined Financials and Production

For the 12-month period ending Sept. 30, 2006, the companies had
combined revenues of US$16.6 billion, EBITDA (operating income
before depreciation, depletion and amortization) of US$7.0
billion, and operating cash flows of US$5.5 billion.

For the year 2006, the combined company's estimated EBITDA would
approximate US$7.9 billion and operating cash flows would
approximate US$6.5 billion.

On a pro forma basis for 2006, the combined company's production
would approximate 3.7 billion pounds of copper (3.1 billion
pounds net of minority interests), 1.8 million ounces of gold
(1.7 million ounces net of minority interests) and 69 million
pounds of molybdenum.

Combined proven and probable reserves at Dec. 31, 2005, would
approximate 75 billion pounds of copper, 41 million ounces of
gold and 1.9 billion pounds of molybdenum, net of minority
interests.

                    Benefits Of The Transaction

   * The combined company is well positioned to benefit from the
     positive copper market at a time when there is a scarcity
     of large-scale copper development projects combined with
     strong global demand for copper.  The combined company's
     copper production growth is expected to be approximately
     25% over the next three years.

   * The combined company will benefit from long-lived reserves
     totaling 75 billion pounds of copper, 41 million ounces of
     gold and 1.9 billion pounds of molybdenum, net of minority
     interests.

   * The combined company is expected to generate strong cash
     flows, enabling significant debt reduction.  For the year
     2006, the two companies are expected to generate estimated
     combined operating cash flows totaling $6.5 billion.

   * FCX expects the transaction to be immediately accretive to
     FCX's earnings and cash flow.

   * The combined company's project pipeline will support
     industry-leading growth by delivering nearly 1 billion
     pounds of additional copper production capacity over the
     next three years.  Projects include Phelps Dodge's recent
     commissioning of the $850 million expansion of the Cerro
     Verde mine in Peru; the development of the new $550 million
     Safford mine in Arizona; a potential project to extend the
     life of El Abra through sulfide leaching; the exciting
     Tenke Fungurume copper/cobalt project in the Democratic
     Republic of the Congo, which is expected to begin
     production by 2009; the expansion of FCX's DOZ underground
     mine in Indonesia; and other developments of FCX's large-
     scale, high-grade underground ore bodies in the Grasberg
     district in Indonesia.

   * The combined company is expected to generate strong cash
     flows, enabling significant debt reduction.  For the year
     2006, the two companies are expected to generate estimated
     combined operating cash flows totaling $6.5 billion.

   * FCX expects the transaction to be immediately accretive to
     FCX's earnings and cash flow.

   * The combined company will have significant high potential
     exploration rights in copper regions around the world,
     including FCX's existing prospective acreage in Papua,
     Indonesia, and Phelps Dodge's opportunities at its Tenke
     concession, the U.S. and South America, as well as Phelps
     Dodge's portfolio of exciting exploration targets.  FCX
     Will continue its longstanding focus on adding value
     Through exploration.

   * The combination of FCX's and Phelps Dodge's proven
     management and best practices in open pit and underground
     mining will facilitate the sharing of expertise to optimize
     operations across the asset base.  Phelps Dodge's unique
     mining and processing technology provides opportunities to
     be applied to optimize metal production at Grasberg.

              Management Team and Board of Directors

James R. Moffett, chairman of FCX, will continue as chairman.
Richard C. Adkerson, chief executive officer of FCX, will serve
as chief executive officer of the combined company.

Upon completion of the transaction, J. Steven Whisler, chairman
and chief executive officer of Phelps Dodge, is expected to
retire after more than 30 years of service to Phelps Dodge.

Timothy R. Snider will be chief operating officer of the
combined company, Ramiro G. Peru will be chief financial officer
and Kathleen L. Quirk will be chief investment officer.

Mark J. Johnson will continue as chief operating officer of
FCX's Indonesian operations and Michael J. Arnold will continue
in his executive management role, including serving as chief
financial and administrative officer of FCX's Indonesian
operations.

At closing, FCX will add to its board of directors three
independent members from Phelps Dodge's board, increasing the
size of the board to sixteen directors in total.

The parent company will retain the Freeport-McMoRan Copper &
Gold Inc. name and trade on the New York Stock Exchange under
the symbol "FCX."  The Phelps Dodge name will continue to be
used in its existing operations.

The corporate headquarters of the combined company will be
located in Phoenix, Arizona, and FCX will maintain its New
Orleans, Louisiana, office for accounting and administrative
functions for its Indonesian operations.

                         Financial Policy

FCX has an established financial policy of maintaining a strong
financial position and returning excess cash to shareholders
through dividends and share purchases.  The continuation of
positive copper markets would provide substantial cash flows to
enable the combined company to achieve significant near-term
debt reductions.  In addition, FCX intends to consider
opportunities over time to reduce debt further through issuances
of equity and equity-linked securities and possibly through
asset sales.  FCX expects to continue its regular annual common
dividend of US$1.25 per share.  FCX is committed to its long-
standing tradition of maximizing value for shareholders.

                       Advisors and Counsel

J.P. Morgan Securities Inc. and Merrill Lynch & Co. are the
financial advisors of FCX.

Davis Polk & Wardwell and Jones, Walker, Waechter, Poitevent,
Carrere & Denegre L.L.P. are the legal counsel of FCX.

Citigroup Corporate and Investment Banking and Morgan Stanley &
Co. Incorporated are the financial advisors of Phelps Dodge.

Debevoise & Plimpton LLP is the legal counsel of Phelps Dodge.

               About Freeport-McMoRan Copper & Gold

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- explores for,  
develops, mines, and processes ore containing copper, gold, and
silver in Indonesia, and smelts and refines copper concentrates
in Spain and Indonesia.

                        About Phelps Dodge

Phelps Dodge Corporation (NYSE: PD) http://www.phelpsdodge.com/
-- is one of the world's leading producers of copper and
molybdenum and is the largest producer of molybdenum-based
chemicals and continuous-cast copper rod.  The company employs
15,000 people worldwide.

                           *     *     *

As reported on Sept. 19, 2006, in the Troubled Company Reporter
- Asia Pacific, Moody's Investors Service confirmed Phelps
Dodge's Preferred Stock 2 Shelf at (P)Ba1.


THAI DURABLE: Posts THB47-Million Net Loss in Second Quarter '06
----------------------------------------------------------------
Thai Durable Group Pcl submitted its financial report for the
second quarter ended June 30, 2006, before the Stock Exchange of
Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
August 31, 2006, the late filing of the company's second quarter
financial report resulted to the suspension of trading of the
company's securities.  The suspension started on August 16.

Thai Durable posted a THB47.085 million net loss on THB19.781
million revenues in the second quarter ended June 30, 2006,
compared to THB48.963 million net loss on THB161.695 million
revenues in the same period last year.

The company's consolidated balance sheet as of June 30, 2006,
reflected strained liquidity with THB71.154 million in current
assets available to pay THB863.28 million in current
liabilities.

In addition, Thai Durable and its subsidiaries are facing
solvency problem with THB282.796 million in assets and
THB865.171 million in liabilities as of June 30, 2006.  
Shareholders' deficit in the company totaled THB582.375 million.

                       Going Concern Doubt

After auditing Thai Durable's financial report for the second
quarter ended June 30, 2006, Jadesada Hungsapruek of Karen Audit
Co Ltd raised substantial doubt on the company's continued
operation as a going concern.

The auditor specifically pointed at the company's recurring
losses from operations and to the company's capital deficit of
THB2.228 million as of June 30, 2006.

A full text copy of Thai Durable's financial report for the
second quarter ended June 30, 2006, can be viewed for free at:

    http://bankrupt.com/misc/TDTE2-2q-2006.xls

                          *     *     *

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.

                   Going Concern of the Company

The Company had sustained significant accumulated losses and has
suffered recurring loss from operations.  As at December 31,
2005, Thai Durable has a THB2-billion equity deficit.  The
Company incurred negative cash flows from operating activities
for the year ended December 31, 2005, amounting to THB73.3
million.  The Company's current liabilities exceeded its current
assets as of December 31, 2005, by THB644.4 million.  Moreover,
the Company could not repay short-term loans and long-term loans
from two local banks, which were due and on Jan. 27, 2006, the
Company was sued by a local bank to repay all short term loans
and long-term loans totaling THB273.8 million, including
principal and accrued interest.  In addition, the management is
in the process of negotiating for the postponement of loans from
another local bank.  The ultimate outcome of these matters
cannot be determined yet.  Presently, the Company is performing
a feasibility study to change its current business.  

The continuing operation of the Company in the future
substantially depends on:

    1. results of the negotiation with the financial institution
       creditors relating to the postponement of loans; and

    2. the new business plan of the Company and its ability to
       operate successfully in the future and has adequate cash
       flows from operations.

These matters indicate the existence of a material uncertainty
about the Company's ability to continue its operation as a going
concern.


TOTAL ACCESS: Defers Plan to List Shares in SET
-----------------------------------------------
Total Access Communication postponed its plan to list its shares
with the Stock Exchange of Thailand until sometime next year
after its parent, United Communication Industry, failed to
conclude its own delisting plan, The Nation reports.

Listing on the SET this year would have qualified DTAC for a 5%
corporate tax reduction, from 30% to 25%, for the next five
years in line with Finance Ministry incentives to encourage Thai
companies to list on the bourse, the newspaper relates.

However, according to its filing to the Singapore stock
exchange, Singapore-listed DTAC still intends to launch its IPO
on the SET, although the listing will not happen this year.

As reported by the Troubled Company Reporter - Asia Pacific on
October 11, 2006, Total Access Communication Pcl submitted for
approval with the Securities and Exchange Commission and the SET
a plan to sell up to 44.4 million shares -- 25% stake -- in a
Thai initial public offering by the end of this year.

Shareholders approved DTAC's planned listing in Thailand in
November last year.  

Under SET regulations, Ucom has to be delisted from the bourse
within six months of DTAC's listing, however, DTAC failed to
conclude a "satisfactory delisting plan" with Ucom this year,
The Nation relates.

"The board of directors of the company will put the issue to a
shareholders' meeting, which is likely to take place in the
first half of 2007," DTAC said in a statement to the Singapore
exchange.

                          *     *     *

Total Access Communications, DTAC -- http://www.dtac.co.th/--  
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.  
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

Fitch Ratings, on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 22, 2006
  Turnaround Management Association
    "Inherent Jurisdiction of the Courts"
       Dinner Event - Special Presentation by
         Madam Justice Juliana Topolniski
           Union Bank Inn, Edmonton, AB
             Contact: http://www.turnaround.org/

November 23, 2006
  Turnaround Management Association
    Martini Party
      Vancouver, British Columbia
        Contact: 403-294-4954 or http://www.turnaround.org/

November 23-24, 2006
  Euromoney Conferences
    5th Annual China Conference
      China World Hotel
        Beijing, China
          Web site: http://www.euromoneyconferences.com/

November 27-28, 2006
  Beard Group & Renaissance American Conferences
    Thirteenth Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
        The Essex House Hotel - New York
          Contact: 903-595-3800; 1-800-726-2524;
            http://www.renaissanceamerican.com/

November 28, 2006
  Turnaround Management Association
    Luncheon
      Centre Club, Tampa, FL
        Contact: 561-882-1331 or http://www.turnaround.org/

November 28, 2006
  Turnaround Management Association
    Joint TMA Florida/ACG Tampa Bay Luncheon
      Buying and Selling a Troubled Company
        Centre Club, Tampa, FL
          Contact: http://www.turnaround.org/

November 28, 2006
  Turnaround Management Association
    Some Do's and Don'ts in Investing in Turnarounds
      University Club, Milwaukee, WI
        Contact: http://www.turnaround.org/

November 29, 2006
  Turnaround Management Association
    Special Program
      TBA, New Jersey
        Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
  Turnaround Management Association
    Turnaround Industry Trends
      Jasna Polana, Princeton, NJ
        Contact: http://www.turnaround.org/

November 30, 2006
  Euromoney Conferences
    Euromoney/DIFC Annual Conference
      Managing Superabundant Liquidity
        Madinat Jumeirah, Dubai
          Contact: http://www.euromoneyconferences.com/

November 30, 2006
  Asia Conference 2006
    Fitch Ratings Agency
      Kuala Lumpur, Malaysia
        Telephone: +65 6336 6801
          e-mail: zuraidah.ramli@fitchratings.com

November 30, 2006
  Turnaround Management Association
    Restructuring Around Intellectual Property -
      Preserving Value When Trouble Lurks
        Carnelian Room, San Francisco, CA
          Contact: http://www.turnaround.org/

November 30-December 2, 2006
  American Bankruptcy Institute
    Winter Leadership Conference
      Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
        Contact: 1-703-739-0800; http://www.abiworld.org/

December 1, 2006
  CEB
    Creditors' Remedies & Debtors' Rights
      Garden Grove, CA
        Contact: http://www.ceb.com/

December 4-5, 2006
  Practising Law Institute
    Mortgage Servicing & Default Management
      Washington, DC
        Contact: http://www.pli.edu/

December 5, 2006
  Euromoney Conferences
    CFO Forum
      Hyatt Regency, Hangzhou, China
        Web site: http://www.euromoneyconferences.com/

December 6, 2006
  Turnaround Management Association
    Intellectual Property -
      Are You Overlooking Significant Value?
        5th Avenue Suites, Portland, OR
          Contact: http://www.turnaround.org/

December 6, 2006
  Turnaround Management Association
    Holiday Dinner
      Portland, Oregon
        Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
  Turnaround Management Association
    Networking Breakfast
      The Newark Club, Newark, New Jersey
        Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
  Turnaround Management Association
    Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
        Sheraton, Metairie, LA
          Contact: http://www.turnaround.org/

December 8, 2006
  CEB
    Creditors' Remedies & Debtors' Rights
      Los Angeles / Century City, CA
        Contact: http://www.ceb.com/

December 13, 2006
  Turnaround Management Association
    LI TMA Holiday Party
      TBA, Long Island, New York
        Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

December 20, 2006
  Turnaround Management Association
    Holiday Extravaganza - TMA, AVF & CFA
      Georgia Aquarium, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
  Turnaround Management Association
    Lender's Panel
      University Club, Jacksonville, FL
        Contact: http://www.turnaround.org/

January 12, 2007
  Turnaround Management Association
    Annual Lender's Panel Breakfast
      Westin Buckhead, Atlanta, GA
        Contact: http://www.turnaround.org/

January 17, 2007
  Turnaround Management Association
    South Florida Dinner
      TBA, South FL
        Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
  Turnaround Management Association
    Distressed Investing Conference
      Wynn, Las Vegas, NV
        Contact: http://www.turnaround.org/

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

February 8-9, 2007
  EUROMONEY
    Leveraged Finance Asia
      JW Marriott Hong Kong
        Web site: http://www.euromoneyplc.com/

February 8-11, 2007
  Turnaround Management Association
    Certified Turnaround Professional (CTP) Training
      NY/NJ
        Contact: http://www.turnaround.org/

February 22, 2007
  Turnaround Management Association
    TMA PowerPlay - Atlanta Thrashers
      Philips Arena, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

February 21-22, 2007
  EUROMONEY
    Euromoney Pakistan Conference
      Perceptions & Realities
        Marriott Hotel, Islamabad, Pakistan
          Web site: http://www.euromoneyplc.com/

February 22, 2007
  EUROMONEY
    2nd Annual Euromoney Japan Forex Forum
      Mandarin Oriental, Tokyo, Japan
        Web site: http://www.euromoneyplc.com/

February 25-26, 2007
  NORTON INSTITUTES
    Norton Bankruptcy Litigation Institute
      Marriott Park City, UT
        Contact: http://www2.nortoninstitutes.org/

March 21-22, 2007
  EUROMONEY
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  EUROMONEY
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***