TCRAP_Public/061123.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, November 23, 2006, Vol. 9, No. 233


                            Headlines

A U S T R A L I A

A. & G. WROUGHT: Members Appoint Daniel Civil as Liquidator
ALLMARK PROPERTY: Prepares to Declare Dividend on January 19
ALLSURITY PTY: Appoints Receivers and Managers
ATCO CONTROLS: Will Declare First Dividend on December 18
CROWN CASTLE: Unit Plans US$1.55-Bil. Sr. Revenue Notes Offering

GLYNNS (GRAFTON): Members' Final Meeting Slated for December 20
GRENFELL FRASER: Placed Under Voluntary Wind-Up
J. & K. TANNER: Enters Voluntary Liquidation
MERLOT CONSTRUCTIONS: To Declare Final Dividend on Dec. 12
ONEIDA LTD: Shareholders Elect Seven-Member Board of Directors

ONEIDA LTD: Challenges Termination Fees Sought by PBGC
SYDNEY INVESTMENT HOUSE: SIH Newcastle Gets Prov. Liquidator
SPA CHAKRA: Schedules Final Meeting on December 22
TRI-STAR AGED: Final Meeting Fixed for December 21
WAURN PONDS: Undergoes Voluntary Wind-Up


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Credit Card Unit Relocates to Shanghai
FHK COMPANY: Enters Wind-Up Proceedings
GOLD TRIUMPH: Inability to Pay Debts Prompts Wind-Up
HK CHINA: Members Opt for Voluntary Wind-Up
KA HING: Wind-Up Hearing Set on December 20

LLOYDSTAR LTD: Shareholders Resolve to Wind-Up Firm
LUXLAND DEVELOPMENT: Placed Under Voluntary Wind-Up
POLOTOYS INDUSTRIAL: Faces Wind-Up Proceedings
SINO AUSTRALIAN: Commences Wind-Up Process
STEC HOLDINGS: Wind-Up Hearing Slated for December 13

WIN CIRCLE: Court to Hear Wind-Up Petition on Dec. 6
XINHUA FINANCE: Moody's Keeps B2 Corporate Family Rating


I N D I A

POWER FINANCE: CRISIL Reaffirms AAA Ratings on Bond Programs
SOUTHERN IRON: Krishna Deshika Resigns from Board
STATE BANK OF INDIA: Government to Buy Out RBI's Stake
STATE BANK OF INDIA: MTN Program Enlarged for Capital Purposes
SYNDICATE BANK: Net Profit for 3rd Qtr. 2006 Soars to INR2.05BB

SYNDICATE BANK: Declares 15% Interim Dividend
TATA MOTORS: Reports 42% Revenue Growth in Sept. 2006 Quarter
TATA POWER: Signs Joint Venture Agreement with Tata Steel
TATA POWER: To Consider Sept. 2006 Quarter Results on Nov. 27
TATA POWER: Gerald Frank Grove-White Named As Executive Director

VISTEON CORP: GKN Eyes European & South American Assets
I N D O N E S I A
FOSTER WHEELER: Approves Grant Stock Options to Employees
GARUDA INDONESIA: In Talks with Potential Airline Partners
GENERAL NUTRITION: Higher Debt Load Cues Moody's to Junk Ratings

HILTON HOTELS: Declares Dividend of US$0.04 Per Share
INDOSAT: Labor Union Federation Alleges Unfair Practices
PERUSAHAAN GAS: Government to Sell 5% Stake By Year-End
PERUSAHAAN GAS: To Build US$400MM Compressed Natural Gas Plant
PT PERTAMINA: To Boost Crude Oil Output Next Year


J A P A N

AMERICAN AIRLINES: Moody's Assigns Loss-Given-Default Ratings
BECKMAN COULTER: Earns US$47.4 Mil. in 2006 3rd Fiscal Quarter
DELPHI CORP: Seeks to Recover Receivables from NYCH LLC
FIDELITY NATIONAL: Fitch Rates US$200 Mil. Senior Notes at BB+
GAP INC: Disappointing Sales Cue S&P's Ratings Downgrade

M. FABRIKANT & SONS: Files Chapter 11 Petition in New York
M. FABRIKANT & SONS: Case Summary & 45 Largest Unsec. Creditors
MITSUBISHI MOTORS: Sells Properties to Daiwa House for JPY38BB
US AIRWAYS: Fitch Holds CCC Issuer Default Rating
YOSHIHIKO KOKURA: Chapter 15 Petition Summary


K O R E A

HANAROTELECOM: Taps Alcatel for GPON System Trial in Korea
KOREA EXCHANGE BANK: Lone Star Close to Terminating Kookmin Deal
LUCENT TECH: Reserves US$284 Mil. for Winstar Contract Dispute
* South Korea Plans Further Deregulation within FEZs


M A L A Y S I A

MBf CORPORATION: Gains MYR87 Million in Fourth Quarter 2006
MOL.COM BHD: Posts MYR1.62-Mil. Net Loss in Qtr. Ended Sept. 30
PAXELENT CORPORATION: Unit Files Motion to Defer Wind-Up
PAXELENT CORP: Court Junks Dibena's Appeal to Set Aside Ruling


N E W   Z E A L A N D

BEDROCK CONTRACTING: Shareholders Appoint Liquidators
CAPITAL BUSINESS: Court to Hear Liquidation Petition on Nov. 30
CARTER HOLT HARVEY: Seeks NZ$2 Billion Loan for G. Hart Dividend
FELTEX CARPETS: AIRC Rejects Godfrey Hirst's AWAs
FORT'E CONSTRUCTION: Creditors Must Prove Debts by Nov. 27

FUTURE ELECTRICAL: Creditors Must Prove Claims by November 30
KOL NETWORKS: Creditors' Proofs of Claim Due on November 28
MUSIC SYSTEMS: Faces Liquidation Proceedings
ORIGIN PACIFIC: Owes More Than NZ$21 Million, Receiver Says
PICTON STREET: Names M. A. Clarke as Liquidator

TM PRODUCTIONS: Court Sets Date to Hear Liquidation Petition
TREEHOUSE CONCEPTS: Appoints M. A. Clarke as Liquidator
WAITARUNA LTD: Liquidation Hearing Set on November 30
XCHECKER SECURITY: Court Hears CIR's Liquidation Petition


P H I L I P P I N E S

CHIQUITA BRANDS: Secures Amendment to Financial Covenants
CHIQUITA BRANDS: S&P Affirms B Rating After Covenant Amendment
CHIQUITA BRANDS: Obtains Permanent Amendment to Credit Facility
MAYNILAD WATER: Three Bidders Submit Bid Documents on Time
PHILIPPINE LONG DISTANCE: Five Parties Interested in PTIC Stake

WENDY'S INT: Reports Preliminary Results of Dutch Auction
WENDY'S INT'L: Gets Tenders for 27,887,000 Common Shares


S I N G A P O R E

AXS-ONE: Revenue Down by 39.8% at US$2.23 Mil. for 3rd Qtr. 2006
BRIZAY HOLDINGS: Receiving Proofs of Debt Until Dec. 18
CHINA AVIATION: Earns SGD12.5 Million for 3rd Quarter 2006
DELL INC: Keller Rohrback to File Amended 401(k) Complaint Jan.
EVERGREEN SEASONS: Commences Wind-Up Proceedings

REFCO INC: RCMI's Section 341(a) Meeting Scheduled for Nov. 27
REFCO INC: Chap. 7 Trustee Needs Time to Decide on Contracts
TAT WEI: Court Orders Wind-Up of Operations
VELOOCO GENERAL: Creditors and Contributories to Meet on Dec. 1
WAH HENG: High Court to Hear Wind-Up Petition on Dec. 1


T H A I L A N D

ABICO HOLDINGS: SET Suspends Trading of Securities
TRUE CORP: Unit Plans on Issuing Dollar Bond
* Central Bank Drafts New Rule Aiming to Cut NPLs


     - - - - - - - -

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

A. & G. WROUGHT: Members Appoint Daniel Civil as Liquidator
-----------------------------------------------------------
On Nov. 10, 2006, the members of A. & G. Wrought Iron Pty Ltd
held a meeting and resolved to voluntarily wind up the company's
operations and appointed Daniel Civil as liquidator.

Mr. Civil's appointment was confirmed at the creditors' meeting
held later that day.

The Liquidator can be reached at:

         Daniel Civil
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144

                      About A & G Wrought

A & G Wrought Iron Pty Ltd is located in Strathfield South, New
South Wales, Australia.   The company's business is iron and
steel forgings.


ALLMARK PROPERTY: Prepares to Declare Dividend on January 19
------------------------------------------------------------
Allmark Property Management Pty Ltd, which is subject to a deed
of company arrangement, will declare dividend for its creditors
on Jan. 19, 2007.

Failure to submit proofs of claim by Jan. 5, 2007, will exclude
a creditor from sharing in the company's distribution.

The Deed Administrator can be reached at:

         Bruce N. Mulvaney
         Bruce Mulvaney & Co
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia

                     About Allmark Property

Allmark Property Management Pty Ltd is located in Nutfield,
Victoria, Australia.  The company is involved with durable
goods.


ALLSURITY PTY: Appoints Receivers and Managers
----------------------------------------------
On Nov. 8, 2006, Seiza Capital Pty Ltd appointed Anthony Milton
Sims and Neil Geoffrey Singleton as joint and several receivers
and managers of Allsurity Pty Ltd.

The Receivers and Managers can be reached at:

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

                      About Allsurity Pty

Allsurity Pty Ltd -- http://secure.allsurity.com.au-- is  
located in New South Wales, Australia.  The company provides
loans for people who don't fit the typical credit criteria of
banks, to gain credit at reasonable rates and reasonable time
frames.


ATCO CONTROLS: Will Declare First Dividend on December 18
---------------------------------------------------------
ATCO Controls Pty Ltd, which is in liquidation, will declare a
first dividend to its creditors on Dec. 18, 2006.

Accordingly, creditors are required to prove their claims by
Dec. 1, 2006, or they will be excluded from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

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

                       About Atco Controls

Atco Controls Pty Ltd -- http://www.tridonicatco.com.au-- is  
located in Victoria, Australia, with operations in Melbourne,
Sydney, Brisbane, Adelaide and Perth Australia.  The company has
varied products that includes electronic ballasts, magnetic
ballasts, emergency evacuation systems, ballasts for HID lamps,
ignitors, capacitors, constant wattage for HID lamps,
accessories for HID Lamps, enclosures and assembles,
transformers, LED, lampholders, junction box, connectors and
photoelectric lighting control.


CROWN CASTLE: Unit Plans US$1.55-Bil. Sr. Revenue Notes Offering
----------------------------------------------------------------
Crown Castle International Corp. has disclosed that certain of
its indirect subsidiaries intend to offer, in a private
transaction, up to US$1.55 billion of Senior Secured Tower
Revenue Notes, Series 2006-1, as additional debt securities
under the existing Indenture dated as of June 1, 2005, pursuant
to which the Senior Secured Tower Revenue Notes, Series 2005-1
were issued.

The subsidiaries expected to issue the Offered Notes will be
special purpose entities that hold substantially all of the U.S.
towers of Crown Castle.  Crown Castle expects that the majority
of the Offered Notes will be rated investment grade.  The
servicing and repayment of the Offered Notes are expected to be
made solely from the cash flow from the operation of the U.S.
towers that are part of the transaction.  The terms of the
Offered Notes are expected to be substantially similar to the
provisions applicable to the Initial Notes.

Crown Castle expects to use the net proceeds received from this
offering to:

    a) repay the outstanding term loan under the Crown Castle
       Operating Company credit facility; and

    b) pay the expected cash portion of the consideration of the
       planned acquisition of Global Signal Inc. or, in the
       event the acquisition of Global Signal Inc. is not
       consummated, for general corporate purposes.

                       About Crown Castle

Crown Castle International Corp. -- http://www.crowncastle.com/
-- engineers, deploys, owns and operates shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers wireless communications coverage to 68 of the top
100 United States markets and to substantially all of the
Australian population.  Crown Castle owns, operates and manages
over 10,600 and over 1,300 wireless communication sites in the
United States and Australia, respectively.

                          *     *     *

On October 17, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service affirmed all
ratings of Crown Castle Operating Company, including its B1
Corporate Family Rating, B1 Senior Secured Rating and SGL-2
Liquidity Rating.  The ratings reflect a B1 probability of
default and loss given default assessment of LGD 3 (43%) on the
senior secured facility.  The outlook remains stable.


GLYNNS (GRAFTON): Members' Final Meeting Slated for December 20
---------------------------------------------------------------
The members of Glynns (Grafton) Pty Ltd will meet for their
final meeting on Dec. 20, 2006, at 10:00 a.m., to discuss the
accounts of the company's wind-up proceedings and property
disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Oct. 27, 2006.

The Liquidator can be reached at:

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

                     About Glynns (Grafton)

Glynns (Grafton) Pty Ltd is located in Lismore, New South Wales,
Australia.  The company operates Women's clothing stores.


GRENFELL FRASER: Placed Under Voluntary Wind-Up
-----------------------------------------------
The members of Grenfell Fraser & Associates Pty Ltd met on
Nov. 13, 2006, and agreed to voluntarily wind up the company's
operations.

At the meeting of creditors held that same day, Paul William
Gidley was appointed as liquidator.

The Liquidator can be reached at:

         Paul William Gidley
         Ferrier Hodgson
         Chartered Accountants
         PO Box 840
         Newcastle, New South Wales 2300
         Australia

                     About Grenfell Fraser

Grenfell Fraser & Associates Pty Ltd is involved with
architectural services.  The company is located in Gosford, New
South Wales, Australia.


J. & K. TANNER: Enters Voluntary Liquidation
--------------------------------------------
At an extraordinary general meeting of the members of J. & K.
Tanner Pty Ltd held on Nov. 9, 2006, it was resolved that a
voluntary wind-up of the company was appropriate and necessary.

Subsequently, Robert Molesworth Hobill Cole was appointed
liquidator at the creditors' meeting held that same day.

The Liquidator can be reached at:

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

                       About J & K Tanner

J & K Tanner Pty Ltd operates automotive repair shops.  The
company is located in Benalla, Victoria, Australia.


MERLOT CONSTRUCTIONS: To Declare Final Dividend on Dec. 12
----------------------------------------------------------
A final dividend will be declared for the creditors of Merlot
Constructions Pty Ltd on Dec. 12, 2006.  Those who cannot prove
their debts by Nov. 30, 2006, will be excluded from sharing in
the distribution.

According to the Troubled Company Reporter - Asia Pacific, the
company's members decided to shut down its business operations
on May 9, 2006.

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia

                   About Merlot Constructions

Merlot Constructions Pty Limited -- http://www.merlot.com.au--
is a specialist club design that have traded for 11 years.  The
company is located in New South Wales, Australia.  Merlot
Constructions is a general contractor of nonresidential
buildings aside from industrial buildings and warehouses.


ONEIDA LTD: Shareholders Elect Seven-Member Board of Directors
--------------------------------------------------------------
Oneida Ltd. announced the election of a new seven-member Board
of Directors that became effective on Nov. 1, 2006.

Over the past two years, the Company's previous Board presided
over a comprehensive operational restructuring and refinancing
which included a successful pre-negotiated Chapter 11
proceeding, positioning Oneida for a new era of financial
flexibility and growth.

Under the new Board's stewardship, Oneida will focus on building
its iconic brands globally and implementing innovative long-term
growth strategies.

"We are very excited about our future and believe this new Board
brings world-class credentials from both the Retail and
Foodservice industries," Oneida Ltd. president James E. Joseph
said.

"This Board was carefully chosen for their keen perspective on
today's consumer and for their commitment to helping Oneida
execute our global expansion plans."

Newly elected board member Andrew Herenstein, a Managing
Principal of Quadrangle Group LLC and a Managing Member of
Quadrangle Debt Recovery Advisors LLC, which in the aggregate
are Oneida's largest shareholders, said Oneida has emerged from
its recent restructuring positioned for growth: "We join
Oneida's Board of Directors at a pivotal time in the Company's
history. Our goal is to build on the strengths of Oneida's 126-
year-old brand and heritage."

The Oneida Board of Directors consists of:

   -- Diane Price Baker, former executive vice president and
      chief financial officer of Atari Inc., a major video game
      manufacturer.  Previously, she was chief financial officer
      at The New York Times Company from 1995 to 1998 and chief
      financial officer at R.H. Macy & Co. from 1990 to 1995
      following a career in corporate restructuring and
      investment banking at Salomon Brothers Inc.

   -- Andrew Herenstein, who joined Quadrangle Group LLC in 2002
      and is a managing principal and co-portfolio manager.
      Previously, he was a director of Lazard Freres & Co. LLC
      and served as co-portfolio manager of the Lazard Debt
      Recovery Funds.  During his career he also held positions
      at The Delaware Bay Co. Inc.; Brean, Murray, Foster
      Securities; and Bear, Stearns & Co.

   -- Norman S. Matthews, a former president of Federated
      Department Stores, one of the nation's premier retailers
      with more than 850 department stores under the names of
      Macy's and Bloomingdale's.  In addition to his senior
      management roles at Federated Department Stores from
      1978 to 1988, Mr. Matthews also served as senior vice
      president and general merchandise manager at E.J. Korvette
      and senior vice president of marketing and corporate
      development at Broyhill Furniture Industries.

   -- Edward W. Rabin, who retired as president of Hyatt Hotels
      Corporation in January 2006 following a distinguished
      37-year career in general management and operations at the
      hotel chain, ultimately overseeing 130 hotels and resorts
      in the U.S., Canada and the Caribbean.  He is currently a
      trustee of the American Hotel Foundation and SMG Corp.,
      the world's largest owner and operator of stadiums,
      arenas, and conventions centers and a joint venture
      between Hyatt and Aramark Corp.

   -- Hugh R. Rovit, a member of Oneida Ltd.'s Board of
      Directors since October 2004.  Mr. Rovit is presently
      chief executive officer of Sure-Fit Inc. and was recently
      a principal of turnaround management firm Masson & Company
      from 2001 through 2005.  Previously, Mr. Rovit held the
      positions of chief financial officer of Best Manufacturing
      Inc., a manufacturer and distributor of institutional
      service apparel and textiles, from 1998 through 2001 and
      chief financial officer of Royce Hosiery Mills Inc., a
      manufacturer and distributor of men's and women's hosiery,
      from 1991 through 1998.

   -- Thomas J. Russo, a Partner in RAVE, a privately held LLC
      specializing in quality assurance and customer
      satisfaction for the hospitality, restaurant and retail
      industries.  His career also encompasses more than 30
      years of senior management positions in foodservice,
      lodging and consumer goods at such well-known companies as
      Howard Johnson's, Ponderosa, Hanson Industries Housewares
      Group, and Miami Subs, among others.

   -- Eric S. Salus, a past president of Macy's and Macy's Home
      Store from 1997 to 2005 and 2004 to 2005, respectively.
      Previously, he held the positions of president of Bon
      Macy's from 2003 to 2004; executive vice president of Home
      Store and Cosmetics at Macy's from 1997 to 2003; executive
      vice president and merchandising and marketing officer of
      Dick's Sporting Goods; and senior positions at Foley's
      Houston, May D&F and The Hecht Co., all divisions of May
      Department Stores.

Headquartered in Oneida, New York, Oneida Ltd. (OTC: ONEI) --
http://www.oneida.com/-- manufactures stainless steel and  
silverplated flatware for both the Consumer and Foodservice
industries, and supplies dinnerware to the foodservice industry.  
Oneida also supplies a variety of crystal, glassware and metal
serveware for the tabletop industries.  The Company has
operations in the United States, Canada, Mexico, the United
Kingdom, and Australia.

The Company and its eight affiliates filed for Chapter 11
protection on March 19, 2006 (Bankr. S.D. N.Y. Case No. 06-
10489).  On May 12, 2006, Judge Gropper approved the Debtors'
disclosure statement.  Their pre-negotiated plan of
reorganization was confirmed on Aug. 31, 2006.  The Company
emerged from Chapter 11 on Sept. 15, 2006, as a privately held
company.

                          *     *     *

At July 29, 2006, the Company's balance sheet showed
US$296.5 million in total assets and US$355 million in total
debts, resulting in a US$58.5 million stockholders' deficit.


ONEIDA LTD: Challenges Termination Fees Sought by PBGC
------------------------------------------------------
Oneida Ltd. has challenged a new federal law that requires it to
pay millions of dollars in termination fees to the Pension
Benefit Guaranty Corp.

The Company argues that the agency's fees were part of PBGC's
pre-bankruptcy claims and were, therefore, dismissed under its
approved reorganization plan, Patrick Fitzgerald of Dow Jones
Newswire reports.

As reported in the Troubled Company Reporter on May 15, 2006,
Onedia Ltd. and its debtor-affiliates entered into a settlement
agreement with the Official Committee of Unsecured Creditors and
the Pension Benefit Guaranty Corporation.

The Debtors said that although all of the legal and factual
requirements for termination of the Pension Plans are satisfied,
litigation involving the Pension Termination Motion is
potentially costly and time consuming; and its outcome
uncertain.

The Debtors believed that by entering into the Settlement
Agreement, they would be able to eliminate the possibility of a
protracted litigation with the Committee or the PBGC that could
delay, or ultimately even prevent, the confirmation of their
Plan of Reorganization.

                 The Oneida Retirement Plan

The PBGC said that it has assumed responsibility in September
2006 for the pensions of nearly 1,900 workers and retirees of
Oneida Ltd. and that the court has ruled that Oneida and each of
its eight bankrupt affiliates satisfy the legal test for
terminating the plan.  The PBGC has also determined that the
company met all criteria under federal law to transfer the
plan's liabilities to the pension insurance program.

The Retirement Plan for Employees of Oneida Ltd. ended on
May 31, 2006, the PBGC said.  The plan is 31% funded, with
US$21.6 million in assets to cover US$72 million in promised
benefits.  The PBGC estimated that it would be responsible for
US$48.3 million of the US$50.4 million shortfall.  Oneida's two
other pension plans, the Buffalo China Salaried Plan and the
Buffalo China Union Plan, will remain ongoing under the
company's sponsorship.

Workers covered by the Retirement Plan for employees of Oneida
Ltd. will receive their pension benefits from the PBGC, up to
the limits set by law.  Retirees will continue to receive
monthly benefit checks and other workers will receive their
pensions when eligible to retire.

                         About PBGC

The Pension Benefit Guaranty Corp. -- http://www.pbgc.gov/-- is  
a federal corporation created under the Employee Retirement
Income Security Act of 1974.  It currently guarantees payment of
basic pension benefits earned by 44 million American workers and
retirees participating in over 30,000 private-sector defined
benefit pension plans.  The agency receives no funds from
general tax revenues.  Operations are financed largely by
insurance premiums paid by companies that sponsor pension plans
and by investment returns.

                      About Oneida Ltd.

Headquartered in Oneida, New York, Oneida Ltd. (OTC: ONEI) --
http://www.oneida.com/-- manufactures stainless steel and  
silverplated flatware for both the Consumer and Foodservice
industries, and supplies dinnerware to the foodservice industry.  
Oneida also supplies a variety of crystal, glassware and metal
serveware for the tabletop industries.  The Company has
operations in the United States, Canada, Mexico, the United
Kingdom, and Australia.

The Company and its eight affiliates filed for Chapter 11
protection on March 19, 2006 (Bankr. S.D. N.Y. Case No. 06-
10489).  On May 12, 2006, Judge Gropper approved the Debtors'
disclosure statement.  Their pre-negotiated plan of
reorganization was confirmed on Aug. 31, 2006.  The
Company emerged from Chapter 11 on Sept. 15, 2006, as a
privately held company.

                          *     *     *

At July 29, 2006, the Company's balance sheet showed
US$296.5 million in total assets and US$355 million in total
debts, resulting in a US$58.5 million stockholders' deficit.


SYDNEY INVESTMENT HOUSE: SIH Newcastle Gets Prov. Liquidator
------------------------------------------------------------
The Australian Securities and Investments Commission has
succeeded in its application to appoint a provisional liquidator
to Sydney Investment House (Newcastle) Pty Ltd -- one of eight
companies related to the Sydney Investment House Group.

The Supreme Court of New South Wales has appointed Quentin Olde,
of Taylor Woodings, as provisional liquidator to SIH Newcastle,
which is responsible for the development of the Soque Apartments
located at 13 Roslyn Street, in Islington, Newcastle.

As reported in the Troubled Company Reporter - Asia Pacific on
November 6, 2006, the Supreme Court has appointed Mr. Olde as
provisional liquidator to the other seven companies related to
the SIH Group after an application by the ASIC:

   1. Sydney Investment House Equities Pty Ltd (SIH Equities);
   2. Sydney Investment House Capital Limited (SIH Capital);
   3. Sydney Investment House Pty Ltd;
   4. Sydney Investment House (Beaconsfield) Pty Ltd;
   5. Melbourne Investment House Pty Ltd;
   6. Melbourne Investment House (Hawthorn) Pty Ltd; and
   7. Melbourne Investment House (Collingwood) Pty Ltd

The ASIC alleges that two of the directors of SIH Capital, Edwin
Goulding (who is also a director of the other seven companies
within the SIH Group) and Steven Geagea, and the companies
within the SIH Group had been involved in a number of
contraventions of the Corporations Act and ASIC Act, including
that SIH Equities operated an unregistered managed investment
scheme and that Messrs. Goulding and Geagea were involved in
making false and misleading statements to investors.  The ASIC
alleged these false and misleading statements were made to
investors to encourage them to invest with SIH Capital.

The ASIC also expressed concerns that some of the funds raised
by SIH Capital through the issue of a prospectus were then lent
to related companies and trusts by the defendants in a manner
contrary to statements made in the prospectus.  The ASIC is
seeking orders and declarations in relation to these and other
allegations.  A hearing date in relation to these matters has
not been set by the court.

The TCR-AP report specifically noted that SIH Capital is an
unlisted public company that raised over AU$8.4 million from the
public through the issue of redeemable preference shares between
November 2004 and June 2005.  The funds raised from the public
were lent to other companies within the SIH Group that were
controlled by Mr. Goulding.  Many of the investors in SIH
Capital were previously investors in SIH Equities and had their
investments rolled over into SIH Capital.

According to the TCR-AP report, SIH Newcastle, which is a
defendant in the SIH Group proceedings, was not placed under
provisional liquidation.

Yet, on November 1, 2006, the Court gave Mr. Olde the powers
required to prepare a report on the affairs of SIH Newcastle and
provide it to the Court by December 1.

Mr. Olde was also appointed by the court as receiver and manager
to the assets comprised in a number of trusts associated with
Mr. Goulding.

Accordingly, as of November 22, 2006, all eight companies
associated with the SIH Group have now been placed into
provisional liquidation.


SPA CHAKRA: Schedules Final Meeting on December 22
--------------------------------------------------
Spa Chakra Sydney Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on Dec. 22, 2006, at
10:00 a.m., at Level 1, 32 Martin Place, Sydney in New South
Wales, Australia.

During the meeting, Liquidator Adam Shepard will present an
account of the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         Adam Shepard
         Star Dean-Willcocks
         GPO Box 3969
         Sydney, New South Wales 2000
         Australia
         Phone: 02 9223 2944

                        About Spa Chakra

Spa Chakra, Inc. -- http://www.spachakra.com/sca/-- is a  
worldwide network of luxury spas that are owned and operated in
partnership with premium hoteliers in flagship destinations.  
The group leverages operational expertise and global
partnerships to provide clients with the definitive sensorial
experience -- one that is as visually stunning as it is
nurturing.

Spa Chakra has operations in North America, Europe, Asia, and
Australia.


TRI-STAR AGED: Final Meeting Fixed for December 21
--------------------------------------------------
Tri-Star Aged Care Cleaning Pty Ltd, which is in liquidation,
will hold a final meeting for its members and creditors on
Dec. 21, 2006, at 9:30 a.m., for the purpose of attending to
statutory duties.

The Administrator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Level 28, 31 Market Street
         Sydney, New South Wales
         Australia

                         About Tri-Star

Tri-Star Aged Care Cleaning Pty Limited is into hardware
business.  The company is located in New South Wales, Australia.


WAURN PONDS: Undergoes Voluntary Wind-Up
----------------------------------------
At the meetings of the members and creditors of Waurn Ponds
Building Services Pty Ltd on Nov. 7, 2006, a special resolution
was passed to voluntarily wind up the company's operations.

In this regard, Philip John McGibbon & Russell Graeme Peake were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Philip McGibbon
         Russell Peake
         Jenkins Peake & Co
         PO Box 1570
         Geelong 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                        About Waurn Ponds

Waurn Ponds Building Services Pty Ltd is located in Waurn Ponds,
Victoria Australia.  The company is a general contractor of
nonresidential buildings aside from industrial buildings and
warehouses.


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

AGRICULTURAL BANK: Credit Card Unit Relocates to Shanghai
---------------------------------------------------------
The Agricultural Bank of China will move its credit card center
from Beijing to Shanghai to take advantage of the city's more
open investment environment, the Xinhuanet reports.  

The report cites Yang Mingsheng, the bank's president, as saying
the relocation is also aimed at enhancing its brand value and
image as a credible player in the highly competitive personal
banking sector.

ABC has issued a total of 240 million bank cards -- including
credit cards -- worldwide, Xinhuanet notes, adding that at the
end of the third quarter, the number of cards issued jumped 552%
from a year earlier and 110% from the beginning of 2006.

According to Xinhuanet, the bank's total revenue from credit
card business soared almost seven times compared with a year
earlier.

Xinhuanet further adds that the relocation is also beneficial to
Shanghai as it affirmed its distinction as the as the country's
premier financial center.

                          *     *     *

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

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

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

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


FHK COMPANY: Enters Wind-Up Proceedings
---------------------------------------
On Nov. 15, 2006, the members of FHK Company Ltd met and passed
a special resolution to voluntarily wind up the company's
operations.

Accordingly, So Man Sing was appointed as liquidator.

The Liquidator can be reached at:

         So Man Sing
         8/F, Tower 1
         Tern Centre, 237 Queen's Road
         Central, Hong Kong


GOLD TRIUMPH: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
At an extraordinary general meeting of Gold Triumph Development
Ltd held on Nov. 8, 2006, the members passed a special
resolution to voluntarily wind up the company's operations due
its inability to pay debts.

In this regard, Chin Kwok Keung was appointed as liquidator.

The Liquidator can be reached at:

         Chin Kwok Keung
         Tsang & Ng
         Certified Public Accountants
         17/F, Shing Lee Commercial Building
         6-12 Wing Kut Street, Central
         Hong Kong


HK CHINA: Members Opt for Voluntary Wind-Up
-------------------------------------------
On Nov. 7, 2006, the members of Hong Kong China IPO Society Ltd
held a meeting and resolved to voluntarily wind up the company's
operations.

Accordingly, Chan Po Fun Peter was appointed as liquidator.

The Liquidator can be reached at:

         Chan Po Fun Peter
         2/F, Caltex House
         258 Hennessy Road, Wanchai
         Hong Kong


KA HING: Wind-Up Hearing Set on December 20
-------------------------------------------
A wind-up petition filed against Ka Hing Transportation
Engineering Company Ltd will be heard before the High Court of
Hong Kong on Dec. 20, 2006, at 9:30 a.m.

Siu Wing Chuen filed the petition with the Court on Oct. 25,
2006.

The solicitors for the Petitioner can be reached at:

         Thomas E Kwong
         27/F, Queensway Government Offices
         66 Queensway
         Hong Kong


LLOYDSTAR LTD: Shareholders Resolve to Wind-Up Firm
---------------------------------------------------
On Nov. 7, 2006, the shareholders of Lloydstar Ltd passed a
special resolution to voluntarily wind up the company's
operations.

Accordingly, Francis Young was appointed as liquidator.

The Liquidator can be reached at:

         Francis Young
         20/F, Tung Wai Commercial Building
         109-111 Gloucester Road, Wanchai
         Hong Kong


LUXLAND DEVELOPMENT: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting of Luxland Development Ltd,
held on Nov. 10, 2006, the shareholders passed a special
resolution to voluntarily wind up the company's operations.

Chan Kwai Ping and Wong Kwok Wai Albert were consequently
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Chan Kwai Ping
         Wong Kwok Wai, Albert
         Suite 2302-7
         308 Des Voeux Road, Central
         Hong Kong


POLOTOYS INDUSTRIAL: Faces Wind-Up Proceedings
----------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Polotoys Industrial Ltd on Dec. 6, 2006, at 9:30 a.m.

Winning Hong Kong Ltd filed the petition with the Court on
Sept. 26, 2006.

The Solicitors for the Petitioner can be reached at:

         Iu, Lai & Li
         Winning Hong Kong Limited
         20/F, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong
         Telephone: 2810 8082
         Facsimile: 2845 9103


SINO AUSTRALIAN: Commences Wind-Up Process
------------------------------------------
At an extraordinary general meeting of Sino Australian
Vocational Enterprises Ltd held on Nov. 13, 2006, shareholders
passed a special resolution to voluntarily wind up the company's
operations.

Subsequently, Ma Kwok Keung was appointed as liquidator.

The Liquidator can be reached at:

         Ma Kwok Keung
         41/F, Jardine House
         1 Connaught Place, Central
         Hong Kong


STEC HOLDINGS: Wind-Up Hearing Slated for December 13
-----------------------------------------------------
A petition to wind up the operations of Stec Holdings Ltd will
be heard before the High Court of Hong Kong on Dec. 13, 2006, at
9:30 a.m.

Dah Sing Bank Ltd filed the petition with the Court on Oct. 17,
2006.

The Solicitors for the Petitioner can be reached at:

         K. B. Chau & Co.
         16/F, Wing Lung Bank Building
         45 Des Voeux Road, Central
         Hong Kong


WIN CIRCLE: Court to Hear Wind-Up Petition on Dec. 6
----------------------------------------------------
On Sept. 26, 2006, Winning Hong Kong Ltd filed before the High
Court of Hong Kong a petition to wind up Win Circle Development
Ltd.'s operations.

The Court will hear the petition on Dec. 6, 2006, at 9:30 a.m.

The Solicitors for the Petitioner can be reached at:

         Iu, Lai & Li
         Winning Hong Kong Limited
         20/F, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong
         Telephone: 2810 8082
         Facsimile: 2845 9103


XINHUA FINANCE: Moody's Keeps B2 Corporate Family Rating
--------------------------------------------------------
On November 21, 2006, Moody's Investors Service affirmed its B2
rating for the senior unsecured bonds issued by Xinhua Finance
Ltd following the completion of the issuance.  At the same time,
Moody's has affirmed its B2 corporate family rating for XFL and
removed these ratings from provisional status.

The ratings outlook is stable.

The bond proceeds will mainly be utilized for debt refinancing,
future strategic acquisitions and general corporate purposes.

XFL, which listed on the Mother Board of the Tokyo Stock
Exchange in October 2004, is an integrated provider of indices,
ratings, financial news and investor relations, especially in
regard to China.  It has 19 offices and 20 news bureaus across
Asia, Australia, North America and Europe. It covers key Chinese
and international markets.


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

POWER FINANCE: CRISIL Reaffirms AAA Ratings on Bond Programs
------------------------------------------------------------
Credit Rating Information Services of India Ltd reaffirms these
ratings of Power Finance Corporation:

   * INR85-Bil. Bonds Program:  AAA/Stable

   * INR75-Bil. Bonds Program:  AAA/Stable

   * INR50-Bil. Bonds Program:  AAA/Stable

   * INR40-Bil. Bonds Program:  AAA/Stable

   * INR21-Bil. Bonds Program:  AAA/Stable

   * INR21-Bil. Bonds Program:  AAA/Stable

   * INR18-Bil. Bonds Program:  AAA/Stable

   * INR50-Bil. Bonds Program:  AAA/Stable

   * Fixed-Bil. Program:  FAAA/Stable

   * INR15-Bil. Short-Term Debt Program:  P1+

CRISIL's ratings on PFC's debt instruments continue to derive
strength from the Government of India's ownership of PFC and the
strategic role it plays in power sector financing.  The ratings
also reflect PFC's:

   -- comfortable capitalization levels,
   -- adequate resource profile, and
   -- strong asset protection mechanisms.

These strengths are, however, partly offset by PFC's moderate,
albeit declining profitability, the weak financial profiles of
PFC's most prominent customers, the state electricity boards and
concentration in a single sector.

PFC plays a strategic role in the Indian power sector by
providing finance, predominantly to state-owned power utilities.
PFC is the most prominent financier to the SEBs.  SEBs
collectively generate about 60% of the total power produced in
India, and also transmit and distribute power to various parts
of the country.  PFC is one of GoI's important vehicles for
implementing power sector reforms and developmental policies.
GoI routes most of the grants and interest subsidies to the
power utilities through PFC and the Rural Electrification
Corporation.

CRISIL believes that GoI will continue to extend support to PFC,
given its strategic role in channelling finance to the power
sector, and implementing GoI's policies.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 28, 2005, Standard & Poor's Ratings Services gave Power
Finance a BB+ long-term foreign and local currency issuer credit
rating.  The outlook is stable.


SOUTHERN IRON: Krishna Deshika Resigns from Board
-------------------------------------------------
Southern Iron & Steel Company Ltd informed the Bombay Stock
Exchange that Krishna Deshika has resigned from its board of
directors.

Mr. Deshika's resignation took effect on October 27, 2006.

                   About Southern Iron & Steel

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The Company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
Company Limited indicating that the instrument continues in
default.  The original instrument has been restructured and is
due for redemption in two installments on May 17, 2007, and
May 17, 2008.


STATE BANK OF INDIA: Government to Buy Out RBI's Stake
------------------------------------------------------
India's finance ministry is working out the modalities for the
sale of Reserve Bank of India's stake in State Bank of India to
the government, the Business Standard reports, citing Secretary-
Finance Sector Vinod Rai.

RBI, which holds a 59.73% stake in State Bank, is the regulator
of the banking sector.  Its stake therefore is tantamount to a
conflict of interest, the Business Standard notes.

Mr. Rai told the newspaper that the government will decide on
the sale mechanism in December.  "We are working on making it
cash neutral," the newspaper further quotes Mr. Rai as saying.
  
The government will have to fork out nearly INR350 billion to
buy RBI's stake, BS estimates.

The head of Capital Account Convertibility, SS Tarapore,
however, doesn't think the government buyout is a good idea,
NDTVprofit.com states.

According to Mr. Tarapore, the transfer should be put on hold
asserting that the government already has trouble managing
state-owned banks.  SBI's capital requirement should be
strengthened to make it competitive when capital convertibility
comes, he added.

                    About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the  
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Japan, Bahrain, Mauritius and the United States.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: MTN Program Enlarged for Capital Purposes
--------------------------------------------------------------
State Bank of India's Medium Term Note programme for
US$1 billion was set up in November 2004 and was upsized to
US$2 billion in August 2005.

In a filing with the Bombay Stock Exchange, the Bank discloses
that the MTN Program has been updated and its scope enlarged to
include raising of funds for capital purposes -- Upper Tier II
and Hybrid Tier I.   The Program also now includes Nassau or
other foreign offices including London for the purpose of
issuance of notes.

The MTN Program is listed at Singapore Stock Exchange.

                     About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the  
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


SYNDICATE BANK: Net Profit for 3rd Qtr. 2006 Soars to INR2.05BB
---------------------------------------------------------------
Syndicate Bank Ltd's net profit for the quarter ended Sept. 30,
2006, soared to INR2.051 billion from INR1.752 billion in the
quarter ended Sept. 30, 2005.

The bank's total income sharply rose to INR16.029 billion in the
September 2006 quarter from the INR11.179 billion in the
corresponding period last year.

The bank's expenditure in the September 2006 quarter totaled
INR9.527 billion, compared with the INR9.014 billion in the
September 2005 quarter.

A full-text copy of the bank's financial results for the quarter
ended September 30, 2006, is available for free at its Web site:

   http://syndicatebank.in/downloads/bs30092006.xls

                       About Syndicate Bank

Syndicate Bank Ltd  -- http://syndicatebank.in/-- provides a    
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.  

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


SYNDICATE BANK: Declares 15% Interim Dividend
---------------------------------------------
Syndicate Bank Ltd declared an interim dividend of 15% for the
year 2006-07.

The decision was arrived at by the Bank's board of directors at
its meeting held on November 21, 2006.

Syndicate Bank Ltd  -- http://syndicatebank.in/-- provides a    
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.  

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


TATA MOTORS: Reports 42% Revenue Growth in Sept. 2006 Quarter
-------------------------------------------------------------
Tata Motors reported consolidated revenues (net of excise) of
INR7,702.66 crore for the quarter ended September 30, 2006, a
42% increase as against INR5,428.88 crore in the corresponding
period of the previous year.  The consolidated PAT for the
current year quarter is INR536.44 crore as compared with the
INR393.31 crore for the previous year period, an increase of
36%.

The Company's revenue on a stand-alone basis (net of excise) was
INR6,571.79 crore for the quarter ended September 30, 2006, an
increase of 37%, compared to INR4,788.18 crore in the
corresponding period of 2005-06.  Profit Before Tax was
INR586.39 crore, an increase of 29% over INR454 crore in the
previous year period while the net profit was INR441.72 crore,
an increase of 31% over INR337.87 crore for the corresponding
period.

The total sales volume on a stand-alone basis for the quarter
was 139,704 units as compared to 107,066 units during the
previous year period, an increase of 30%.

During the quarter, the Company continued to witness increases
in input costs, interest rates and general inflationary
pressures which are expected to continue during the rest of the
year.

Consolidated revenue in the first half (for the six months ended
Sept. 30, 2006) at INR1,4473.60 crore recorded an increase of
46% as against INR9,906.90 crore in the previous year period.
The consolidated PAT at INR918.11 crore compared to INR654.82
crore, recorded a growth of 40%.

The Company's revenue on a stand-alone basis was INR12,355.20
crore in the first half of 2006-07, an increase of 42% against
revenue of INR8,681.18 crore, recorded for the corresponding
period of the previous year.  Profit Before Tax was INR1084.64
crore, as against INR814 crore for the previous year period, an
increase of 33%.  The net profit for the first half of the
current year was INR823.57 crore as against INR610.54 crore for
the corresponding period, an increase of 35%.

Sales volume, on a stand-alone basis, in the first half at
266,098 units grew by 37% against 194,558 units in the previous
year period.  The Company exported 27,224 vehicles during this
period as against 23,067 vehicles during the previous year
period, a growth of 18%.

During the first half, the Company launched a new range of Tata
Safari, a face-lifted Indigo Sedan and Indigo Marina range of
vehicles which have met with an enthusiastic response.  Tata
Ace, the new mini-truck continues to post strong growth with its
gradual extension across the country as well as with its launch
in Sri Lanka.

During this period the Company improved its market share
position across all its product range.  The market share in the
commercial vehicle segment increased to 65.2% as compared to
58.0% in the previous year, and in the passenger vehicle
segment, the Company's market share increased to 16.3% as
compared to 15.8% in the previous year.

A full-text copy of Tata Motors' financial results of the
quarter and half-year periods ended Sept. 30, 2006, is available
for free at http://ResearchArchives.com/t/s?1592

                       About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly   
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

A report by the Troubled Company Reporter - Asia Pacific on
September 28, 2005, stated that Standard & Poor's Ratings
affirmed its 'BB' long-term foreign and local currency corporate
credit ratings on Tata Motors.  The outlook is stable.

Additionally, Moody's Investors Service, on July 26, 2005, gave
Tata Motors 'Ba1' long-term corporate family and senior
unsecured debt ratings.


TATA POWER: Signs Joint Venture Agreement with Tata Steel
---------------------------------------------------------
Tata Power Company Ltd signed a Joint Venture Agreement with
Tata Steel to set up Captive Power Plants in Chattisgarh, Orissa
and Jharkhand.  This Joint Venture aims to meet the power and
steam requirements to support the expansion plans of Tata Steel
in the above mentioned States.

The Company will hold 74% equity in the venture, with Tata Steel
holding 26% equity.  Under this Agreement, Tata Steel will
consume power generated from these power plants meeting the
requirements of captive Plant norms stipulated by Government of
India's Captive Power Plant Policy.

As a part of this initiative, the Company has already announced
setting up a 120-MW captive plant for Tata Steel in Jamshedpur,
based on blast furnace and coke oven gases which are waste gases
from the steel making process.  The project gestation period is
expected to be 26 months and is due for commissioning by July
2008.

Prasad Menon, MD, of Tata Power said, "We are delighted to
support the aggressive expansion plans of Tata Steel in the
States of Chattisgarh, Orissa and Jharkhand.  Our long standing
partnership in Jojobera, Jamshedpur has set various industry
benchmarks in project execution and implementation.  This Joint
initiative will help accelerate Tata Power's growth plans and
strengthen its national footprint".

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of   
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


TATA POWER: To Consider Sept. 2006 Quarter Results on Nov. 27
-------------------------------------------------------------
The Maharashtra Electricity Regulatory Commission issued a
Tariff Order to Tata Power Company Ltd, which entailed
significant shift from previously followed principles of revenue
recognition and basis of allocation of certain expenses to
licensed area business.

In order to ascertain the implications of the Order on its
second quarter results, Tata Power decided to postpone the
consideration of the audited financial results for the quarter
and half-year ended September 30, 2006.

In a filing with the Bombay Stock Exchange, Tata Power discloses
that its board of directors will hold a meeting on Nov. 27,
2006, inter alia, to consider and take on record the audited
financial results for the quarter and half-year ended Sept. 30,
2006.

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of   
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


TATA POWER: Gerald Frank Grove-White Named As Executive Director
----------------------------------------------------------------
Tata Power Company Ltd appointed Gerald Frank Grove-White as
Executive Director and Chief Operating Officer effective
October 30, 2006.  

Prior to the new assignment, Mr. Grove-White was the Managing
Director of Eraring Energy, Australia, the third largest power
generating company in the country.

An accomplished senior general management executive with strong
operations and engineering background in multinational
corporations, Mr. Grove-White brings with him nearly 18 years of
proven expertise in the global power sector.  A mechanical
engineer from City University, he has previously worked with
Powergen as general manager and managing director overseeing
operations and development in India.

Earlier, Tata Power also appointed Prasad R Menon as managing
director with effect from October 16, 2006.

                        About Tata Power

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of   
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


VISTEON CORP: GKN Eyes European & South American Assets
-------------------------------------------------------
GKN plc has entered into exclusive discussions with Visteon
Corp. to explore the possible acquisition of certain Visteon
assets and liabilities in its European and South American
businesses.

These relate exclusively to Visteon's driveline business, which
is conducted at the plants in Duren, Germany, Praszka, Poland,
and Swansea, Wales.  

Driveline assets at Visteon's Arbor plant, Sao Paulo, Brazil are
also included.  Total revenue of these businesses is around
GBP200 million.

A further announcement will be made regarding this possible
transaction when appropriate.

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global   
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries and
employs approximately 50,000 people.

With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   *  Climate Systems India Limited,
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Powertrain Control Systems India Private Ltd.
   *  TATA Visteon Automotive Private Ltd.
   *  TACO Visteon Engineering Private Ltd.

                          *     *     *

Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Visteon Corp. to 'B' from 'B+' and
its short-term rating to 'B-3' from 'B-2'.  These actions stem
from the company's weaker-than-expected earnings and cash flow
generation, caused by vehicle production cuts, inefficiencies at
several plant locations, sharply lower aftermarket product
sales, continued pressure from high raw material costs, and
several unusual items that will impact 2006 results.


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

FOSTER WHEELER: Approves Grant Stock Options to Employees
---------------------------------------------------------
The Compensation Committee of the Board of Directors of Foster
Wheeler Ltd. approved on Nov. 15, 2006, the grant of stock
options under the company's Omnibus Incentive Plan to certain
employees of the company, including the executive officers,
subject to the terms of the Plan and the employee nonqualified
stock option agreement entered into between the company and each
person to whom such options were granted, which grants became
effective on the same date.

The exercise price of the options is US$50.10, representing the
closing price of the company's common shares on the date of
grant.  The options vest and are exercisable in one-third
increments on each of Dec. 31, 2007, Dec. 31, 2008 and
Dec. 31, 2009.  The expiration date of the stock options is
Dec. 31, 2011.  In the event of a change of control of the
company, the options will immediately vest in full.  In
addition, certain termination events can also trigger
accelerated vesting of the options.

Also the Compensation Committee approved on Nov. 15, 2006, the
grant of restricted stock units under the Plan to certain
employees of the company, including the executive officers of
the company, subject to the terms of the Plan and the employee
restricted stock unit award agreement entered into between the
company and each person to whom such restricted stock units were
granted, which grants became effective on such date.

The restricted stock units vest in one-third increments on each
of Dec. 31, 2007, Dec. 31, 2008, and Dec. 31, 2009.  In the
event of a change of control of the company, the restricted
stock units will immediately vest in full.  In addition, certain
termination events can also trigger accelerated vesting of the
restricted stock units.

                            Number of       Number of Restricted
Executive Officer          Stock Options         Stock Units

J. T. La Duc                  24,381               10,827
Executive Vice President &
Chief Financial Officer

Umberto della Sala            18,286                8,120
Chief Executive Officer of
Foster Wheeler Global
Engineering and
Construction Group

Peter J. Ganz                 16,701                7,417
Executive Vice President,
General Counsel &
Secretary

The Compensation Committee recommended to the Board a form of
nonqualified stock option and a form of restricted stock unit
agreement for non-employee director grants, and the Board
approved such forms of agreements on the same date.

On Nov. 15, 2006, a total of 212,331 stock options and 94,267
restricted stock units were granted by the company to its non-
employee directors and employees.

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

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

                          *     *     *

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

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


GARUDA INDONESIA: In Talks with Potential Airline Partners
----------------------------------------------------------
PT Garunda Indonesia and its shareholders are in talks with four
or five airlines regarding strategic partnerships, the company
disclosed on Nov. 17, 2006.

"For Garuda, shareholders have given indication that we are open
to strategic partnership," Reuters quotes Garuda Chief Executive
Officer Emirsyah Satar as saying at an airline conference.  
"Moving forward, this is the main agenda for Garuda itself."

According to Reuters, Mr. Satar said he couldn't disclose the
names of the potential partners.  He noted that some of them are
airlines in the region, while some are not.  "They are already
discussing with the government," he added.

Mr. Satar also stated that Garuda is trying to receive rights to
reopen European routes by the end of next year, particularly to
Amsterdam.

According to the report, Garuda had debts of around
US$800 million as far as August, most of it to the European
Credit Agency.

The Troubled Company Reporter - Asia Pacific reported on
February 7, 2006, that most of Garuda's debts are owed to the
European Export Agency creditors.  Mr. Satar had already met
with the creditors many times, but has yet to reach a solution
on how to pay the Company's debts.

The TCR-AP added that in December 2005, the carrier defaulted on
a US$56-million debt payment.  Garuda disclosed that ECA
creditors previously gave their blessing to a proposal to
reschedule debt payments but have yet to decide on the terms and
conditions.

Reuter cites Transport Minister Hatta Radjasa as saying in
January that Indonesia wants to inject funds into Garuda and may
sell a stake, possibly through an initial public hearing.

The TCR-AP reported on July 24, 2006, that in order to aid the
Company to avoid bankruptcy, the Indonesian Government put up a
"state-enterprise restructuring fund," created specifically to
help financially troubled state-owned firms recover from losses
and debts.  Proceeds for the fund would come from the
securitization of certain Government-held minority stakes in
private and state-owned firms.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--    
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter - Asia Pacific reported on
August 16, 2006, that PT Garuda Indonesia will get fresh capital
of IDR1 trillion from the Government to enable the airline to
turn around its business.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its IDR4.55-trillion debt with foreign creditors under
the European Credit Agency, which were due last December 31,
2005.


GENERAL NUTRITION: Higher Debt Load Cues Moody's to Junk Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of GNC Parent Corporation to B3 and the US$425 million holding
company note issue to Caa2.

GNC Parent Corp. ultimately owns General Nutrition Centers, Inc.
Proceeds from the new debt principally will be used to retire
its PIK preferred stock for US$149 million and to pay a
US$287 million dividend.

Relative to the prior capital structure that was rated on
Nov. 8, the holding company note issue was upsized to US$425
million from US$325 million and the dividend was also increased.  
The downgrade of the corporate family rating was prompted by
Moody's opinion that the incremental debt will cause financial
flexibility to materially weaken.

In addition to issuance of these holding company notes, the
company also reported that it is exploring strategic
alternatives such as a sale of the company or an initial public
offering.

These ratings are lowered:

   -- Corporate family rating to B3 from B2;

   -- Probability of Default Rating to B3 from B2;

   -- Senior secured bank loan to Ba3, LGD1, 4% from Ba2;

   -- US$150 million of 8.625% senior notes (2011) to B1, LGD2,
      25%, from Ba3;

   -- US$425 million notes issued by GNC Parent Corp. to Caa2,
      LGD5, 84% from Caa1.

Affirmed:

   -- US$215 million of 8.5% senior subordinated notes (2010) at
      B3, LGD4, 56%.

Moody's downgraded and reassigned the ratings from General
Nutrition Centers, Inc., to GNC Parent Corporation in order to
regularize Moody's ratings.

GNC's corporate family rating of B3 balances the company's
aggressive financial policy, weak credit metrics, and revenue
vulnerability to new product introductions against certain
qualitative aspects that have low investment grade or high non-
investment characteristics.  Weighing down the overall rating
with B characteristics are the company's shareholder enhancement
policy and credit metrics that have remained weak since the
November 2003 leveraged buyout.  The ongoing challenges in
matching changes in consumer preferences for VMS products also
constrain the ratings.  The company's geographic diversification
and the relative lack of cash flow seasonality have solidly
investment grade scores, while the company's scale and
widespread consumer recognition of the GNC name in the intensely
competitive segment of vitamin, mineral, and nutritional
supplement retailing have Ba scores.

The stable rating outlook recognizes that the recent negative
trends in sales and operating profit have turned positive, and
that most proforma credit metrics are appropriate for a B rated
credit.  

Moody's expects that, while future free cash flow will be small
relative to total debt, a large portion of future discretionary
cash flow will be applied to balance sheet improvement.  A
permanent decline in cash balances or revolving credit facility
availability that would result if free cash flow fell below
break-even, a return to declining store-level operating
performance, or another sizable shareholder enhancement activity
would cause the ratings to be lowered.

Given the sizable contribution to operating profit from
franchise royalties, difficulties or closure of many franchisees
also would negatively impact the ratings.  Specifically, debt to
EBITDA close to 7 times, EBIT to interest expense below 1 time,
or negative free cash flow to debt would cause ratings to be
lowered.  In the near term, a rating upgrade is unlikely.

Ratings could eventually move upward if the company establishes
a long-term track record of sales stability and improved
margins, the system expands both from new store development and
existing store performance, and if financial flexibility were to
sustainably strengthen such that EBIT coverage of interest
expense approaches 1.5x, leverage falls toward 5.5x, and Free
Cash to Debt consistently exceeds 3%.

Pittsburgh, Pennsylvania-based General Nutrition is a subsidiary
of GNC Corp. -- http://www.gnc.com/-- a specialty retailer of  
health and wellness products, including vitamins, minerals,
herbal, and specialty supplements (VMHS), sports nutrition
products and diet products.  The  company sells its products
through a worldwide network of more  than 5,800 locations
operating under the GNC brand name and operates in three
business segments: retail, franchise and  
manufacturing/wholesale.

GNC's Asian operations include those in Indonesia and the
Philippines.


HILTON HOTELS: Declares Dividend of US$0.04 Per Share
-----------------------------------------------------
Hilton Hotels Corp. declared a dividend of US$.04 per share,
payable in cash on Dec. 15, 2006, to stockholders of record at
the close of business on Dec. 1, 2006.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Indonesia, Australia, Austria, India, Philippines and
Vietnam.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the gaming, lodging and leisure sectors, the
rating agency confirmed its Ba2 Corporate Family Rating for
Hilton Hotels Corporation.

Additionally, Moody's revised and 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 Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

   Chilean inflation
   indexed note
   effective rate
   7.65% due 2009        Ba2      Ba2      LGD4       53%

   3.375%
   Contingently
   convertible
   senior notes
   due 2023              Ba2      Ba2      LGD4       53%

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

   Term Loan A
   at adjustable
   rates due 2011        Ba2      Ba2      LGD4       53%

   Term Loan B
   at adjustable
   rates due 2013        Ba2      Ba2      LGD4       53%

   Revolving loans
   at adjustable
   rates, due 2011       Ba2      Ba2      LGD4       53%

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%


INDOSAT: Labor Union Federation Alleges Unfair Practices
--------------------------------------------------------
The State Enterprises Labor Union Federation reported new
allegations of unfair tendering procedures against PT Indosat
Tbk and PT Telekomunikasi Selular Indonesia to the Business
Competition Supervisory Commission on November 17, The Jakarta
Post says.

The Post notes that earlier, on October 18, the Federation
reported Indosat and Telkomsel to the Supervisory Commission
over alleged contravention of the 1999 Monopolies Law by having
commissioners who also hold top positions in other companies
owned by Indosat and Telkomsel's majority shareholders.

Federation Chairman F.X. Arief Poyouno said that they know for a
fact that two of Indosat's commissioners, Lee Theng Kiat and Lim
Chuan Po, still hold top positions in Singapore Technologies
Telemedia, and that Telkomsel's commissioner, Lim Chuan Poh, is
the chief executive officer at Singapore Telecommunications
Ltd., The Post relates.

The report recounts that the government sold its 41.9% stake in
Indosat to Singapore Technologies in May 2003, leaving the
Singaporean company as Indosat's majority shareholder.  
Singapore Technologies is owned entirely by the Singapore
Government's investment vehicle, Temasek Holdings.

The report notes that Temasek also owns a 56% stake in Singapore
Telecommunications, which in return owns a 35% stake in
Telkomsel through its subsidiary, Singapore Telecom Mobile Pte.
Ltd.

Indosat and Telkomsel controls about 85% of the country's mobile
phone market, The Post says.

According to The Post, Mr. Poyuono said that in its second
complaint, the Federation had accused the two companies of
engaging in unfair practices in up to 200 tender competitions,
the report relates.

Dhaniswara Harjon, the Federation's lawyer, said that the two
companies had violated at least six articles of the 1999 Law,
which includes the provision on oligopolies, pricing, agreements
with foreign corporations, market domination, abuse of majority
control and conspiracy, The Post relates.

The Post states that the complaint was received by the head of
the Supervisory Commission's investigation unit, Panggabean, who
said that an investigation would be conducted starting Nov. 20
and would last for 60 days before a final investigation report
is submitted to the Supervisory Commission board for final
ruling.

The report cites Indosat spokesperson Dita Irawi as saying that
it was up to the shareholders to respond to the matter.

                         About Telkomsel

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

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

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

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

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

                          About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully   
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company is a provider of international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point  
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.  

The Troubled Company Reporter - Asia Pacific reported on May 22,  
2006, that Moody's Investors Service has affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by
Indosat.  The outlooks for the ratings remain positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


PERUSAHAAN GAS: Government to Sell 5% Stake By Year-End
-------------------------------------------------------
The Indonesian Government expects to sell a 5% stake in PT
Perusahaan Ga Negara Tbk before the end of 2006, Reuters
reports, citing State Enterprises Minister Sugiharto.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 29, 2006, that the Government plans to sell a 5.3% stake in
Gas Negara, Indonesia's second largest company by market value,
by November to help cover this year's budget deficit.

An earlier TCR-AP report -- dated August 11, 2006 -- had already
stated the Ministry of State Enterprises' plan to sell a portion
of its controlling 61% stake in Gas Negara via a global tender
in order to meet a privatization target of IDR3 trillion.

Minister Sugiharto, according to Reuters, said that one of his
duties before the year-end is to sell the stake Gas Negara.  
However, he declined to say how much the Government expected to
raise from the sale, the report notes.

Analysts polled by Reuters expect Gas Negara to post a net
profit of IDR1.14 trillion this year and IDR1.4 trillion in
2007.

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy   
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings Agency assigned these ratings
to PT Perusahaan Gas Negara Tbk on June 27:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.

Additionally, the TCR-AP said on May 23, 2006, that Moody's
Investors Service has upgraded the foreign currency debt rating
of PGN Euro Finance 2003 Ltd. and guaranteed by PT Perusahaan
Gas Negara to Ba3 from B1.  This rating action follows Moody's
decision to upgrade Indonesia's foreign currency sovereign
rating for bonds from B2 to B1.  At the same time, Moody's has
affirmed the Ba2 corporate family rating of PGN. The rating
outlook is stable.

Standard & Poor's Rating Services had, on Nov. 24, 2005,
affirmed its 'B+' rating on PGN.


PERUSAHAAN GAS: To Build US$400MM Compressed Natural Gas Plant
--------------------------------------------------------------
PT Perusahaan Gas Negara intends to invest around US$400 million
in the construction of a new compressed natural gas plant,
Antara News reports.

Reuters, citing Gas Negara Secretary Widyamiko Bapang, says that
the CNG Project was part of the Government's effort to reduce
Indonesia's oil product consumption in the face of high oil
prices.

Reuters explains that, specifically, the country plans to reduce
its oil product consumption by around 10% by 2010 from current
levels.  Apart from using natural gas as an alternative energy,
the Government is also pushing the use of biofuels in the
country.

According to Mr. Bapang, the company plans to start the CNG
Project in 2008.  

Asia Pulse cites Gas Negara President W.M.P. Simanjuntak as
telling the Investor Daily that the CNG Project, which will
supply gas from Kalimantan to Sulawesi, will be built in
cooperation with United States-based Enersea.

The report relates that Enersea will provide the necessary
technology and will be the operator of the project.

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.  The company is 59.4%
owned by the Government of Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings Agency assigned these ratings
to PT Perusahaan Gas Negara Tbk on June 27:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.

Additionally, the TCR-AP said on May 23, 2006, that Moody's
Investors Service has upgraded the foreign currency debt rating
of PGN Euro Finance 2003 Ltd. and guaranteed by PT Perusahaan
Gas Negara to Ba3 from B1.  This rating action follows Moody's
decision to upgrade Indonesia's foreign currency sovereign
rating for bonds from B2 to B1.  At the same time, Moody's has
affirmed the Ba2 corporate family rating of PGN.  The rating
outlook is stable.

Standard & Poor's Rating Services had, on Nov. 24, 2005,
affirmed its 'B+' rating on PGN.


PT PERTAMINA: To Boost Crude Oil Output Next Year
-------------------------------------------------
PT Pertamina Tbk says that through its subsidiary, PT Pertamina
Eksplorasi dan Produksi, it is aiming to boost crude oil output
by 1,000 barrels a day in 2007, Antara News reports.

According to Antara, PT Pertamina EP Development Director Tri
Siwindono said that additional production is expected to come
from 41 fields to be operated jointly with contractors.

Mr. Siwindono also said that Pertamina EP has acquired a license
from Upstream Oil and Gas Regulatory Body to offer the 14 oil
fields to investors.

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

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

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

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


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

AMERICAN 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
confirmed its B3 Corporate Family Rating for AMR Corp. and its
subsidiary, American Airlines Inc.

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

Issuer: AMR Corp.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Unsecured
   Notes, Debentures     Caa2     Caa2     LGD5       81%

   Shelf Unsecured       Caa2     Caa2     LGD5       81%

Issuer: American Airlines Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Guaranteed Senior
   Secured Revolving
   Credit Facility        B2       B1      LGD2       27%

   Guaranteed Senior
   Secured Term Loan      B2       B1      LGD2       27%

   IRB's                 Caa2     Caa2     LGD5       81%

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%).

American Airlines, Inc., American Eagle, and the
AmericanConnection regional airlines -- http://www.AA.com/--   
serve more than 250 cities in over 40 countries with more than
3,800 daily flights.  The combined network fleet numbers more
than 1,000 aircraft.  American Airlines, Inc. and American Eagle
are subsidiaries of AMR Corporation.

American Airlines -- http://www.AA.com/-- is the world's  
largest airline.  American, American Eagle and the
AmericanConnection regional airlines serve more than 250 cities
in over 40 countries with more than 3,800 daily flights.  
American Airlines flies to Japan, Belgium, Brazil, among others.  
The combined network fleet numbers more than 1,000 aircraft.  
American Airlines is a founding member of the oneworld Alliance,
whose members serve more than 600 destinations in over 135
countries and territories.

At Dec. 31, 2005, AMR Corporation's equity deficit doubled to
US$1.478 billion from a US$581 million deficit from Dec. 31,
2004.


BECKMAN COULTER: Earns US$47.4 Mil. in 2006 3rd Fiscal Quarter
--------------------------------------------------------------
Beckman Coulter, Inc., filed its third quarter financial
statements for the quarterly period ended Sept. 30, 2006, with
the United States Securities and Exchange Commission on Nov. 3,
2006.

The company reported US$47,400,000 of net income on
US$631,200,000 of revenues for the quarterly period ended
Sept. 30, 2006.

The company had a gross profit of US$297,700,000, or 47.2% of
total revenue for the quarter ended Sept. 30, 2006, compared to
US$275,800,000 of gross profit or 46.5% of total revenue for the
three months ended Sept. 30, 2005.  Gross margin was impacted
by:

   -- improved product mix as a result of increased revenue from
      higher margin consumable sales;

   -- foreign currency; and

   -- lower costs associated with service.

These factors were offset by higher costs associated with
freight and new products.

Selling, general and administrative expenses increased
US$16,000,000 to US$175,000,000 or 27.7% of total revenue for
the three months ended Sept. 30, 2006, from US$159,000,000 or
26.8% of revenue for the quarterly period ended Sept. 30, 2005.

The increase in SG&A spending for the periods was primarily due
to:

   -- the impact of share-based compensation expense as required
      by SFAS No. 123(R), incremental operating expenses from
      the Agencourt and DSL acquisitions;

   -- changes in the non-sales management incentive plan that
      impacted the timing of expense accruals;

   -- moving the expense from the fourth quarter in prior years
      to each quarter throughout the year in 2006;

   -- a US$4 million curtailment charge recorded in the third
      quarter, associated with changes to our pension plans in
      the U.S.; and

   -- approximately US$3 million of costs incurred during the
      second quarter, in  connection with an inquiry directed by
      the Audit and Finance Committee of the Board of Directors.

Research and development expenses increased US$29,300,000 to
US$80,900,000 or 12.8% of revenue for the three months ended
Sept. 30, 2006, when compared to the three months ended
Sept. 30, 2005.  This increase in R&D spending is due primarily
to the impact of US$27,500,000 in R&D costs incurred during the
quarter in connection with the clinical diagnostic license to
real time PCR thermalcycling technologies acquired from Roche
Diagnostics, and US$18,900,000 R&D charge recorded in the second
quarter of 2006 for license rights in the diagnostic market for
certain real time PCR thermalcycling technologies acquired from
Applera.

At Sept. 30, 2006, the company's balance sheet showed
US$3,185,000,000 in total assets, US$1,895,500,000 in total
liabilities, and US$1,289,500,000 in stockholders' equity.

A full-text copy of the company's financial statements for the
quarterly period ended Sept. 30, 2006 are available for free at:

              http://researcharchives.com/t/s?1501

Headquartered in Fullerton, California, Beckman Coulter, Inc.,
is a leading provider of instrument systems and complementary
products that simplify and automate processes in biomedical
research and clinical laboratories.  The company reported total
revenue of US$2.4 billion during 2005.

The company has worldwide offices, including in Japan,
Australia, China, Japan and Vietnam, among others.

The Troubled Company Reporter - Asia Pacific reports that
Moody's Investors Service affirmed the ratings of Beckman
Coulter.  The outlook on Beckman's ratings remains stable.

These ratings were affirmed:

   -- US$500 Million Universal Shelf Registration (Senior and
      Subordinate); (P) Baa3/ (P) Ba1

   -- US$240 Million 7.45% Senior Notes due 2008; Baa3

   -- US$235 Million 6.875% Senior Notes due 2011; Baa3

   -- US$100 Million 7.05% Senior Debentures due 2026; Baa3

   -- US$300 Million revolving credit facility, due 2010; Baa3


DELPHI CORP: Seeks to Recover Receivables from NYCH LLC
-------------------------------------------------------
Prior to the Petition Date, Delphi Corporation sold and
delivered US$349,615 worth of goods to NYCH, LLC, Neil Berger,
Esq., at Togut, Segal & Segal, LLP, in New York, informs the
Court.  Delphi subsequently mailed and transmitted invoices to
NYCH on account of the Goods.

NYCH has made payments to Delphi and received credits worth
US$95,508 on account of the Invoices, Mr. Berger notes.  The
Invoices, totaling US$257,106, are past due and are payable to
Delphi.

NYCH now refuses to pay or turn over the Receivable to Delphi,
despite Delphi's repeated demands, Mr. Berger tells the Court.

Accordingly, Delphi asks the U.S. Bankruptcy Court for the
Southern District of New York to:

   (a) direct NYCH to pay the Receivable, plus interest and the
       costs and expenses of the adversary proceeding,
       including, without limitation, attorneys' fees; and

   (b) disallow any claims filed by or scheduled in favor of  
       NYCH against one or more of the Debtors unless and until
       NYCH pays the Judgment Amount.

The Receivable is property of the estate, Mr. Berger asserts.  
Thus, pursuant to Section 542 of the Bankruptcy Code, NYCH is
required to turn over and pay the Receivable to Delphi.

Moreover, pursuant to Section 502(d) of the Bankruptcy Code, any
claims filed by NYCH against the Debtors must be disallowed
unless and until NYCH turns over and satisfies the Receivable,
plus all accrued interest.

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.

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.

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).


FIDELITY NATIONAL: Fitch Rates US$200 Mil. Senior Notes at BB+
--------------------------------------------------------------
Fitch has upgraded Fidelity National Information Services Inc.'s
outstanding ratings as:

    -- Issuer Default Rating to 'BB+' from 'BB-';
    -- Senior secured facilities to 'BB+' from 'BB-';

Fitch also assigns this rating to Fidelity National Information
Services Inc.'s outstanding notes:

    -- US$200 million 4.75% senior unsecured notes due 2008
       'BB+'.

Approximately US$2.8 billion in debt outstanding at Sept. 30,
2006 is affected by this action.  The Rating Outlook is Stable.

In addition, Fitch expects to rate the company's proposed
US$3.1 billion senior unsecured five-year credit facilities
'BB+'.  FIS plans to use the proceeds to refinance its existing
US$3.2 billion senior secured credit facilities.

The ratings recognize the company's ability to generate strong
free cash flow, its strong market position in core businesses,
diversified product offering, solid client retention, and
counter-cyclical revenue streams and recurring revenue base from
long-term processing agreements.  The ratings also recognize the
benefits realized by FIS from its acquisition of Certegy Inc. in
early 2006.  Fitch believes the strong performance of FIS as a
standalone company, the operating strength and business
diversification brought from Certegy, sound liquidity, and
improved leverage also support the ratings.  Credit concerns
include the company's history of debt-financed acquisitions,
well-capitalized significant industry competitors, the ongoing
consolidation of its financial institution customer base, and
event risk associated with two private equity firms that have a
combined equity stake of approximately 15%.  Fitch believes that
potential acquisitions also remain a risk but expects the
company will have the flexibility and capacity to manage its
leverage accordingly.

Ongoing developments in lender processing platforms and software
as well as new enhancements to transaction processing are key
areas where competitors are distinguishing themselves.  Fitch
expects FIS to continue investment in these areas of development
in order to maintain its market position.  The rating recognizes
that FIS has attained recurring revenues of more than 80% on a
consistent basis from long-term customer contracts.  FIS also
has consistently achieved EBITDA margins in the mid-20% range,
prior and subsequent to the Certegy acquisition.

Operating performance in the third quarter of 2006 was solid
with 10% consolidated revenue growth and 10.5% operating EBITDA
growth.  Steady growth in the transaction processing segment was
bolstered by 9.8% growth in integrated financial solutions, 10%
growth in enterprise banking services, and approximately 37%
growth in international revenues.  The lender processing
services segment generated approximately 5% growth driven by
appraisal and default management services.  Operating EBITDA of
US$281 million for the quarter generated strong 26% margin and
compared well to third-quarter pro forma 2005 EBITDA of US$259
million. Fitch expects the company's public guidance of solid
EBITDA growth can be attainable.

The rating also incorporates the company's ongoing efforts to
achieve cost synergies from its acquisitions.  FIS is currently
on track to have approximately US$50 million in annualized cost
synergies from the Certegy acquisition by the end of 2006.  The
company also continues to grow its international presence and
has recently made a few strategic investments in Brazil through
tuck-in acquisitions and joint ventures.  These efforts should
help its competitive position and improve its global reach.  
Also, Fitch expects FIS to continue to search for small tuck-in
acquisitions that will allow it to grow its cash flow and
achieve additional synergies with its existing business lines.

Leverage, as measured by total debt to operating EBITDA
strengthened from 3.3 times (x) in 2005 to 2.7x on an annualized
basis as of June 30, 2006.  Incorporating incremental EBITDA
from Certegy, pro forma leverage is expected to be 2.5x for
2006, which is comfortably within the financial covenants of the
new unsecured credit facilities.

Historically, liquidity has been adequate and supported by cash
balances of US$130 million-$190 million at fiscal year-end 2004
and 2005 as well as US$270 million-$400 million of availability
under its revolving credit facilities.  For 2006, liquidity is
expected to remain adequate with cash balances and free cash
flow similar to historical levels and availability under the new
unsecured credit facilities of US$450 million.  Debt is
approximately US$2.8 billion and management has stated its plans
to reduce debt over the next few years.  Free cash flow is
planned to be used for share repurchases, and FIS announced this
month that a new US$200 million share repurchase program was
approved.  Fitch believes approximately US$100 million will
likely be repurchased in 2007.

The existing FIS senior unsecured notes due 2008 have no
substantial covenant protection in the indenture.  Indebtedness
under the new unsecured credit facility will have a guarantee by
FIS, financial covenants for leverage and interest coverage, and
some restrictions related to additional debt, dividends, and
stock repurchases.  The leverage covenant calls for a maximum of
3.50x through 2008 with a step-down to 3.25x in 2009, and 3.0x
thereafter.  The covenant for interest coverage calls for a
minimum of 3.5x through 2008 and a minimum of 4.0x thereafter.

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. --
http://www.fidelityinfoservices.com/-- provides core processing  
for financial institutions; card issuer and transaction
processing services; mortgage loan processing and mortgage-
related information products; and outsourcing services to
financial institutions, retailers, mortgage lenders and real
estate professionals.  FIS has processing and technology
relationships with 35 of the top 50 global banks, including nine
of the top ten.  Nearly 50 percent of all U.S. residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Japan.


GAP INC: Disappointing Sales Cue S&P's Ratings Downgrade
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.

The outlook is stable.

"The downgrade reflects our view that the company's business no
longer possesses investment-grade characteristics," said
Standard & Poor's credit analyst Diane Shand.

"The Gap has a protracted record of disappointing sales, and
profits have fallen for the past two years."

Its poor operating performance has caused cash flow protection
measures to weaken.  Credit measures dropped sharply in the
third quarter of 2006, indicating that ratios for the full year
will not meet the rating agency's previous expectations.

As management faces significant challenges in turning around the
performance of each of The Gap's brands, Standard & Poor's does
not expect a reversal of negative trends in the near term.

The ratings on The Gap reflect management's challenge in
improving business fundamentals in its three brands in an
industry that will continue to experience intense competition,
and in strengthening credit protection measures.  These factors
are partially offset by the company's good market position in
casual apparel, its geographic diversity, and strong cash flow.

The Gap's operating performance has been on a decline for the
past two years.  Operating margins declined to 18.3% in the 12
months ended Oct. 28, 2006, from 21% a year earlier.  In 2005,
the margin fell to 20.8% from 22.4% in 2004 due to lack of sales
leverage, lower merchandise margins, higher advertising, and
investments in growth strategies and store experience.

Management's revised merchandise and marketing initiatives have
not resonated with the consumer.  Same-store sales trends have
been negative since June 2004.

The rating agency expect the company's operating performance to
remain under pressure as sales trends at Old Navy, its largest
concept, are the weakest in the company and it faces more
competition than The Gap's other brands.

The company operates stores in the United States, Canada, the
United Kingdom, France and Japan.


M. FABRIKANT & SONS: Files Chapter 11 Petition in New York
----------------------------------------------------------
M. Fabrikant & Sons, Inc., together with its domestic
subsidiary, Fabrikant-Leer International, Ltd., filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code.  The Company's foreign and domestic affiliates
were not included in the Chapter 11 filing.

The Company is expected to continue to operate its business
during the pendency of this Chapter 11 case as a debtor in
possession under the Bankruptcy Code.  The Company expects a
smooth transition into Chapter 11, with all of its facilities
expected to remain open on normal schedules.

Fabrikant has negotiated financing arrangements with its senior
secured lenders that remain subject to court approval.  Using
the Chapter 11 process, Fabrikant plans to continue to pay
employee wages and benefits and to honor the customer
fulfillment obligations and programs for which the Company has
become so well known, and to make uninterrupted payments to
suppliers for goods and services.

In addition, the Company continues to actively pursue a full
range of strategic alternatives, including the sale or
refinancing of the firm.  Fabrikant believes that its Chapter 11
proceedings currently provide the best opportunity to maximize
the value of its assets and its business for all stakeholders.

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells & distributes diamonds and  
jewelries.  Established in 1895, the Company is one of the
oldest diamond and jewelry wholesaler in the world, including
Japan, Canada, China, Thailand, Israel, Belgium and Italy.


M. FABRIKANT & SONS: Case Summary & 45 Largest Unsec. Creditors
---------------------------------------------------------------
Lead Debtor: M. Fabrikant & Sons, Inc.
             One Rockefeller Plaza
             New York, NY 10020

Bankruptcy Case No.: 06-12737

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Fabrikant-Leer International, Ltd.         06-12739

Type of Business: The Debtors sell diamonds and jewelry.
                  Established in 1895, the Company is one of the
                  oldest diamond and jewelry wholesaler in the
                  world, including Canada, China, Japan,
                  Thailand, Israel, Belgium and Italy.
                  See http://www.fabrikant.com/

Chapter 11 Petition Date: November 17, 2006

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Mitchel H. Perkiel, Esq.
                  Troutman Sanders LLP
                  405 Lexington Avenue
                  New York, NY 10174
                  Tel: (212) 704-6016
                  Fax: (212) 704-6288

Estimated Assets: More than $100 Million

Estimated Debts:  More than $100 Million


A. M. Fabrikant & Sons, Inc.'s 25 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
ABN AMRO Bank N.V.            Bank Debt              $13,854,000
Pelikannstraat Street 70-76
2018 Antwerpen, Belgium

Antwerpse Diamanbank NV       Bank Debt               $8,804,000
Pelikannstraat 54
B-2018 Antwerpen 1

Union Bank of Israel          Bank Debt               $7,870,000
Diamond Exchange Branch
3 Jabotinski Street
P.O. Box 3006
Ramat Gan 52310
Israel

H. Dipak & Co.                Trade Debt              $5,671,876
D-10, Road No-21, MIDC
Andheri (E)
Mumbai, 400 063
India

Blue Star                     Trade Debt              $5,554,113
312A Prasad Chambers,
Opera House
Mumbai, 400 004
India

Hong Kong & Shanghai          Bank Debt               $4,509,000
Banking Corporation Limited
HSBS Main Building
1 Queen Road Central
Hong Kong

Israel Discount Bank          Bank Debt               $3,396,000
Diamond Exchange Branch
3 Jabotinski Street
Ramat Gan 52310
Israel

K. Girdharlal International   Trade Debt              $2,288,357
Pvt Ltd
1003 Panchratna, Opera House
Mumbai, 400 004
India

K P Sanghvi & Sons            Trade Debt              $1,807,075
1301 Prasad Chambers
Opera House
Mumbai 400 004
India

Bhavani Gems                  Trade Debt              $1,479,016
101 Prasad Chambers
M.P. Marg, Opera House,
Bombay, 400 004
India

Disons Gems, Inc.             Trade Debt              $1,341,372
22 West 48th Street
Suite #300
New York, NY 10036

Chaim Ausch Diamonds          Trade Debt              $1,165,743
18 East 48th Street
4th Floor
New York, NY 10017

Laxmi Diamond                 Trade Debt              $1,052,886
416 Prasad Chamber,
Opera House
Mumbai, 400 004
India

K.G.K. Enterprises            Trade Debt                $499,173
647 - A Panchratna
Opera House
Mumbai, 400 004
India

M. Suresh & Co. Pvt. Ltd.     Trade Debt                $470,593
419 Parekh Market,
Opera House
Mumbai, 400 004
India

Kiran Exports                 Trade Debt                $439,266
109 Prasad Chambers
Opera House
Mumbai, 400 004
India

Dhanraj Dhadda Exports        Trade Debt                $400,147
1208 Panchratna
Opera house
Mumbai, 400 004
India

Shree Ramkrishna Export       Trade Debt                $392,461
214 Prasad Chambers
Opera House
Mumbai, 400 004
India

Bluerays, Inc.                Trade Debt                $377,325
22 West 48th Street
Suite #1006
New York, NY 10036

Impex Diamonds                Trade Debt                $317,658
302 Dharam Place
100/103 Hughes Road
Mumbai, 400 007
India

Asian Star Company Ltd.       Trade Debt                $308,295
114 Mittal Court-C
Nariman Point
Mumbai, 400 021
India

Schain Leifer Guralnick       Trade Debt                $281,031
10 East 40th Street
Suite 2710
New York, NY 10016-0348

Enlink Inc.                   Trade Debt                $250,078
10 Parsonage Road
Suite 312
Edison, NJ 08837

Diashine Exports              Trade Debt                $232,639
2504 Panchratna
Opera house
Mumbai, 400 004
India

EMA                           Trade Debt                $203,476
Molla Fenari MH.
Vezirhan CD. #42/47
Cerberlitas 34120
Istanbul, Turkey


B. Fabrikant-Leer International, Ltd.'s 20 Largest Unsecured
   Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Vaishali Diamond Corp.        Trade Debt              $2,043,674
579 Fifth Avenue
Suite 1475
New York, NY 10017

Providence Chain Co.          Trade Debt                $362,617
225 Carolina Avenue
Providence, RI 02905-4538

Gramercy Jewelry Mfg. Corp.   Trade Debt                $214,755
115 West 30th Street
10th Floor
new York, NY 10001

National Stampcast, Inc.      Trade Debt                $208,424
15 West 37th Street
New York, NY 10018

Findings, Incorporated        Trade Debt                $200,700
P.O. Box 847440
Boston, MA 02284-7440

M&Z Creations, Ltd.           Trade Debt                $155,895
dba Ordan Corp.
Suite 201
New York, NY 10036

JAH Advisors Inc.             Services                  $109,600
1350 South Grandstaff
Auburn, IN 46706

International Gemmological    Trade Debt                 $85,957
Institute
589 Fifth Avenue
4th Floor
New York, NY 10017

J.S.A. Jewelry, Inc.          Trade Debt                 $81,510
10 West 47th Street, #1307
New York, NY 10036

C.D. Jewels                   Trade Debt                 $80,450
576 Fifth Avenue
Suite 200-B
New York, NY 10036

Leo Wolleman, Inc.            Trade Debt                 $75,180
45 West 45th Street
10th Floor
New York, NY 10036

Manufacturing USA Ent., Inc.  Trade Debt                 $73,778
632 Irving Avenue
Glendale, CA 91201

BK Jewelry Contractors, Inc.  Trade Debt                 $63,411
64 West 48th Street
Suite #600
New York, NY 10036

Companion Trading Co., Inc.   Trade Debt                 $60,313
P.O. Box 580002
Flushing, NY 11358

R.S. Importing Ltd.           Trade Debt                 $59,804
2 West 46th Street
Suite 407
New York, NY 10036

Keystone Findings, Inc.       Trade Debt                 $46,561
600 Emlen Way
Telford, PA 18969

Fremada Gold Inc. '04         Trade Debt                 $40,505
2 West 45th Street
Suite 1605
New York, NY 10036

Limited Parcel Service        Services                   $35,255
P.O. Box 7247-0244
Philadelphia, PA 19170-0001

Pacific Northern, Inc.        Trade Debt                 $30,707
3116 Belmeade Drive
Carrollton, TX 75006

Real Gems, Inc.               Trade Debt                 $29,245
18 East 48th Street
Room 801
New York, NY 10017


MITSUBISHI MOTORS: Sells Properties to Daiwa House for JPY38BB
--------------------------------------------------------------
Mitsubishi Motors Corp. has sold about 30 properties to Daiwa
House Industry Co. for JPY38 billion, AFX News Limited reports,
citing the Nihon Keizai Shimbun.

According to the report, the sold properties are mostly
dealerships.

AFX explains that under a lease agreement through the end of
2013, Mitsubishi Motors will continue to use the sold facilities
as a tenant and it will pay about JPY2 billion a year in rent to
Daiwa House.

After the lease expires, Daiwa House plans to convert the
acquired properties into shopping centers, which will then be
put up for sale, the report says.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few    
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on January 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

As reported by the Troubled Company Reporter - Asia Pacific on
September 29, 2006, Standard & Poor's Ratings Services raised
its long-term  corporate credit and senior unsecured debt
ratings on Mitsubishi Motors Corp. to B- from CCC+, reflecting
progress in the company's revitalization efforts and reduced
downside risks in its earnings and financial profile.  The
outlook on the long-term rating is stable.

As reported by the Troubled Company Reporter - Asia Pacific on
August 4, 2006, Rating & Investment Information Inc. has
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.

As reported by the Troubled Company Reporter - Asia Pacific on
July 19, 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors Corp.'s senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


US AIRWAYS: Fitch Holds CCC Issuer Default Rating
-------------------------------------------------
Fitch Ratings has affirmed its ratings of US Airways Group,
Inc., as:

    -- Issuer Default Rating (IDR) at 'CCC';
    -- Secured Term Loan Rating at 'B/RR1';
    -- Senior Unsecured Rating at 'CC/RR6'.

Fitch's ratings apply to approximately US$1.4 billion in debt
obligations.  The Rating Outlook has been revised to Stable from
Positive.

The revision in Fitch's outlook on US Airways reflects the
airline's announcement that it has made an unsolicited offer to
merge with Delta Air Lines, Inc., which has been operating in
Chapter 11 bankruptcy protection since September 2005.  US
Airways' offer totals US$8 billion and consists of US$4 billion
in cash and 78.5 million shares of US Airways common stock,
valued at US$4 billion.  US Airways has arranged US$7.2 billion
in committed financing from Citigroup to fund the cash portion
of the transaction, as well as to refinance US$1.25 billion in
outstanding term loan obligations at US Airways and US$1.9
billion in debtor-in-possession financing currently outstanding
at Delta.

US Airways estimates that the merger will produce US$1.65
billion in annual synergies, primarily through network
optimization initiatives valued at US$935 million, as well as
cost savings of US$710 million.  The combined carrier would
operate under the Delta brand and would add Delta's extensive
international presence to US Airways' existing low-cost domestic
operations.  Although achievement of synergy benefits has
historically been difficult in airline mergers, the relative
success of the US Airways/America West merger lends credence to
the synergy estimates and to management's ability to
successfully combine the Delta and US Airways operations.  The
merged company would be highly levered, however, carrying over
US$20 billion of lease-adjusted debt.

As with all airline mergers, challenges include the merging of
labor groups and fleet types.  Approval from the Department of
Justice could also require the sale of Delta's shuttle operation
on the East Coast, which competes with US Airways' shuttle
operation.  Labor integration could be somewhat easier than with
most other airline mergers, as most of Delta's labor force is
non-union, the primary exception being its pilots. US Airways is
still working through labor discussions with most of its own
labor groups as a result of the AWA merger, however, and those
discussions could be complicated by the announcement.  In terms
of fleet, US Airways has recently tended to favor Airbus for its
new aircraft, while Delta has favored Boeing.  However, both
carriers operate Boeing 737s, 757s and 767s, so there is some
commonality between fleets.

As US Airways' offer was unsolicited, it is possible that other,
competing offers for Delta could be made, either from another
airline or from private equity.  Although no other potential
airline suitor has a strong balance sheet, United has been vocal
about its desire to take part in airline consolidation and has
hired Goldman Sachs as an advisor.  It is unclear how US Airways
would respond to a competing offer.

Prior to the announcement, US Airways had shown good progress on
attaining the synergies anticipated from its merger with AWA.  
As a result of the positive trends in its credit profile,
Fitch's previous Rating Outlook on the airline was Positive.  
With the announcement, the Rating Outlook has been revised to
Stable, as the proposed transaction adds a level of risk to US
Airways credit profile that lessens the likelihood of an upgrade
in the near term.  Fitch does not believe that the transaction,
if successfully completed as envisioned today, would result in a
downgrade of US Airways' ratings.  The recovery rating of 'RR6'
on US Airways' senior unsecured debt obligations reflects the
very low level of recovery expected in a default scenario.  
Likewise, the recovery rating of 'RR1' on US Airways' term loan
facility reflects the facility's strong collateral backing and
outstanding recovery prospects in a default.  It is important to
note that the term loan facility would be refinanced with
proceeds from the Citigroup term loan if the Delta merger is
successful.

US Airways has operations in Australia, China, Costa Rica,
Japan, Philippines, and Spain, among others.


YOSHIHIKO KOKURA: Chapter 15 Petition Summary
---------------------------------------------
Petitioner: Maruhito Kondo, Esq.
            Maruhito Kondo Law Office
            7th Floor, 21 Chuo Building 821,
            Ginza 1-chome, Chuo-ku,
            Tokyo 104-0061, Japan

Debtor: Yoshihiko Kokura
        6-11, Kanahori-cho, Hakodate-shi,
        Hokkaido (Hakodate-Shounen-Keimusho), Japan

Case No.: 06-00849

Type of Business: Pursuant to an order of the Tokyo District
                  Court (Heisei 16 (Fu) No. 16333) dated
                  Oct. 22, 2004, Mr. Kokura was declared
                  insolvent under Article 126 of the Bankruptcy
                  Law of Japan (Law No. 71, 1922) and Mr. Kondo,
                  the foreign representative, was appointed
                  Bankruptcy Trustee of the Bankruptcy Estate of
                  Kokura, under Article 142 of the Bankruptcy
                  Law of Japan.

                  Mr. Kokura owns the real property identified
                  as Apartment No. 32G-4 of the "Bay Villas"
                  condominium project located at Kapalua in
                  Maui, Hawaii.

Chapter 15 Petition Date: November 21, 2006

U.S. Bankruptcy Court: District of Hawaii (Honolulu)

Petitioner's Counsel: Emma S. Matsunaga, Esq.
                      Kessner, Duca et.al
                      220 South King, 19th Floor
                      Honolulu, HI 96813
                      Tel: (808) 536-1900
                      Fax: 9808) 529-7177

Estimated Assets: US$100,000 to US$1 Million

Estimated Debts: More than US$100 Million

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

HANAROTELECOM: Taps Alcatel for GPON System Trial in Korea
----------------------------------------------------------
hanarotelecom Inc. taps Alcatel for its Gigabit Passive Optical
Networking trial in Korea.

The GPON trial, which started in October 2006, is using a
future-proof fiber access technology capable of delivering
ultra-high speeds of 100 Mbps, Alcatel states in a press
release.

According to the release, the successful completion of the trial
will enable hanarotelecom to build an all-fiber access network,
allowing it advanced triple play services -- including high-
speed internet, high definition video, and multi-player
interactive gaming -- much to the benefit of Korean households.

"By trailing GPON with Alcatel, we are achieving our target in
terms of innovation and performance and creating the framework
for an ultra-high speed broadband access network," Minho Bae,
Senior Manager at hanarotelecom, says.

                      About hanarotelecom

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

                          *     *     *

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

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


KOREA EXCHANGE BANK: Lone Star Close to Terminating Kookmin Deal
----------------------------------------------------------------
Lone Star Funds is close to terminating the deal to sell Korea
Exchange Bank to Kookmin Bank, the Financial Times reported
yesterday.

According to the Troubled Company Reporter - Asia Pacific on
March 24, 2006, Lone Star agreed to sell its stake in KEB to
Kookmin.  The deadline to complete the deal had been put off
because of, among others, the investigation by South Korean
prosecutors over allegations of stock-price manipulation.

Lone Star's decision is expected to be finalized in the next few
days, FT says.

A subsequent TCR-AP report on November 21 stated that the Seoul
Central District Court issued warrants detaining Lone Star's
vice chairman, Ellis Short, and general counsel, Michael
Thomson.  The Prosecutors also recently indicted Lone Star on
stock-tampering charges related to the KEB's credit card unit,
KEB Credit Services Co.

                      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.


LUCENT TECH: Reserves US$284 Mil. for Winstar Contract Dispute
--------------------------------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, Lucent Technologies, Inc., reported that it
has set aside a contingency fund totaling US$284 million in
connection with its breach of contract litigation against
Winstar Communications LLC.

David W. Hitchcock, Lucent's corporate controller, said the
company recognized the US$284 million as a charge in its 2006
financial statements:

    * US$278 million charge -- including related interest and
      other costs of approximately US$34 million -- in the first
      quarter of fiscal 2006; and

    * US$6 million charge for post-judgment interest during the
      nine months ended June 30, 2006.

Cash, totaling US$311 million, was used to collateralize a
letter of credit that was issued during the second quarter of
fiscal 2006 in connection with the litigation, Mr. Hitchcock
adds.

Mr. Hitchcock said additional charges for post-judgment interest
will be recognized in subsequent periods until the dispute is
resolved.

                 Attempt to Settle Dispute

In an attempt to settle the dispute between Christine C.
Shubert, the Chapter 7 Trustee of Winstar Communications, Inc.,
et al.; and Lucent Technologies, Inc., District Court Judge
Joseph J. Farnan appointed as mediator, Ian Connor Bifferato,
Esq., at Bifferato, Gentilotti, Biden & Balick, in Wilmington,
Delaware.

The Appeal, including briefing, was held in abeyance pending the
mediation.

Mr. Bifferato met with the parties on May 8, 2006, for a
mediation session, but the parties did not settle.  As a result,
Lucent and Winstar proceeded with the briefing on the Appeal.

                    Parties File Briefs

(A) Lucent

Lucent Technologies sought authority from the U.S. District
Court for the District of Delaware to reverse the Bankruptcy
Court's rulings relating to the Trustee's preference claim,
subcontract claim, and equitable subordination claim.

According to James M. Madron, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, the decisions of the
Bankruptcy Court can only be understood against the backdrop of
the rapid rise and fall of the telecommunications sector -- the
bursting of the 1990s telecom bubble.

Winstar was one of many telecommunications companies founded in
1990 that sought to build a global broadband network to provide
high-speed telecommunications services to business customers.

Following the passage of the Telecommunications Act of 1996,
which deregulated the industry, capital flooded into that sector
of the economy, Mr. Madron relates.  At that time, many
companies racked up huge debts laying redundant fiber-optic
cables over the same city-to-city routes on the mistaken -- and,
in retrospect, wildly unrealistic -- assumption that demand
would keep pace.

Because much of the investment was vendor-financed,
manufacturers including Lucent, Nortel, Motorola, Alcatel and
Cisco, lent billions of dollars to the telecom companies that
purchased their equipment, Mr. Madron says.  But when
the demand for telecom services did not match expectations,
competition in various markets across the industry and "vicious"
price wars ensued, driving down overall industry and individual
company revenues.

As some telecom companies began to fail and enter bankruptcy,
others resorted to fraud and deception to mask those core
fundamental problems facing their companies, Mr. Madron says.
"Some went so far in their deception to not only mask failure,
but to inflate, artificially, revenue growth -- to make it look
like the dream was real," he adds.

Winstar's bankruptcy case arises from that environment, Mr.
Madron tells the District Court.  During the heady days of the
telecommunications boom, Winstar and Lucent entered into
agreements intended to create a mutually beneficial strategic
relationship.

In the course of that relationship, Lucent and Winstar
concededly engaged in some of misconduct, Mr. Madron says.  As
the telecom sector was collapsing, the parties' relationship
deteriorated.  When Winstar ultimately filed for
bankruptcy, it sued Lucent for, among others, breach of
contract.

Subsequently, the bankruptcy case was converted to Chapter 7.  
The Trustee, Ms. Shubert, took over the action, adding a new
claim -- that Lucent received an improper preferential payment
from Winstar prior to the bankruptcy.

The Trustee's case focuses heavily on the allegations of
corporate misconduct that she leveled against Lucent, Mr. Madron
notes.  Neither the preference statute nor state contract law,
however, is intended to provide a remedy for claims of improper
accounting or other financial irregularities, Mr. Madron argues.

Losing sight of that fact, the Bankruptcy Court made the
fundamental error of allowing its distaste for Lucent's conduct
to override its obligation to follow governing law, Mr. Madron
says.  In so doing, he continues, the Bankruptcy Court upset
previously settled principles that are critical to commercial
lending.

The Bankruptcy Court's errors will thus have serious adverse
consequences, not only for Lucent, but also for any party doing
business with companies that may seek bankruptcy protection in
Delaware, Mr. Madron asserts.

Mr. Madron notes that Lucent was not an "insider" of Winstar.
The Bankruptcy Court, among other things, applied the wrong
standard in concluding that Lucent was a "person in control" of
Winstar, Mr. Madron argues.

Winstar's payment in December 2000 to Lucent was not a transfer
of the Debtors' property because it came from earmarked funds,
from a loan that Winstar contracted with Siemens, Mr. Madron
contends.  Lucent says it is entitled to a new value defense
because it provided Winstar new value in the form of equipment
and related services.

Moreover, Lucent did not breach any obligation to Winstar's
subsidiary, Winstar Wireless, Inc., under a March 1999
subcontract, Mr. Madron argues.  Additionally, he says, the
Bankruptcy Court erred in equitably subordinating Lucent's
claims by relying on the erroneous conclusion that Lucent was an
insider of Winstar, and by improperly disregarding the
Bankruptcy Code.

A full-text copy of Lucent's Opening Brief on the Appeal is
available for free at http://ResearchArchives.com/t/s?1566

Because of the complexity of the issues of law involved, Lucent
also sought permission from the District Court to conduct an
oral argument on the case.

(B) Winstar

Lucent is changing its strategy and concedes that it engaged in
"misconduct" and "suspect" transactions, but does specify the
facts underlying that "misconduct" and those "suspect"
transactions, Sheldon K. Rennie, Esq., at Fox Rothschild LLP, in
Wilmington, Delaware, points out, on behalf of the Chapter 7
Trustee.

Mr. Rennie says these facts are at the heart of the Bankruptcy
Court's insider determination -- "a series of last minute,
massive end of quarter sales and related conduct in which Lucent
repeatedly caused Winstar to do Lucent's bidding, including
participation in numerous schemes and outright fraud to create
hundreds of millions of dollars of fake revenue so that Lucent
could appear to be more profitable than it was."

What began as a "strategic partnership" to benefit both parties
degenerated into a relationship in which the much larger company
-- Lucent -- bullied and threatened the smaller company --
Winstar -- into taking actions that were designed to benefit the
larger at the expense of the smaller, Mr. Rennie points out.

Hence, the Trustee sought authority from the District Court to
affirm in all respects the Bankruptcy Court's findings regarding
the Preferential Claim.

The Bankruptcy Court, according to Mr. Rennie, found that
Winstar satisfied both:

     (i) the statutory definition that Lucent was a "person in
         control" of Winstar; and

    (ii) the non-statutory test, by finding that Lucent and
         Winstar did not deal at arm's length.

Regardless of which test is applied, insider status is
determined case-by-case, by a "fact-intensive" inquiry into the
closeness of the relationship, Mr. Rennie points out.

The December 2000 Transfer was not earmarked for Lucent, Mr.
Rennie argues.  The parties agree that to establish an
earmarking defense, there must be:

    (1) an agreement between the new lender -- Siemens -- and
        Winstar that the loan funds would be used exclusively to
        pay a specified antecedent debt;

    (2) performance of the agreement in accordance with its
        terms; and

    (3) no diminution of Winstar's estate as a result of the
        transaction.

Mr. Rennie asserts that Siemens did not require Winstar to use
the Siemens funds to pay Lucent.  Instead, the Siemens loan was
to be used as Winstar's working capital.  In addition, Mr.
Rennie continues, Lucent waived the earmarking defense by
failing to raise it in its answer or in the pre-trial
memorandum.

According to Mr. Rennie, the Bankruptcy Court properly rejected
Lucent's new value defense under Section 547(C)(4) of the
Bankruptcy Code because Lucent failed to prove that it provided
to Winstar new value for goods and related services after
Dec. 7, 2000, and that the new value was unsecured.

The Trustee sought permission from the District Court to affirm
the Bankruptcy Court's decision equitably subordinating Lucent's
claims due Lucent's breach of the Wireless Subcontract.

A full-text copy of the Trustee's Brief in Opposition of
Lucent's Appeal is available for free at:

              http://ResearchArchives.com/t/s?1567

                      Lucent's Reply

Neither the bankruptcy preference statute nor the New York
contract law provides a remedy for allegations of securities
fraud that lie at the heart of the Trustee's story, Mr. Madron
reiterates.

A creditor is not a "person in control" unless it exercised
actual managerial control over the debtors' business affairs,
Mr. Madron asserts.  The Bankruptcy Court nevertheless
erroneously concluded that Lucent "controlled" Winstar even
though the two companies were managed by separate and
independent directors and officers, Mr. Madron points out.

The question on the Appeal focuses on whether the particular
laws under which the Trustee has asserted her claims -- the
Bankruptcy Code and the New York contract law -- gave it the
relief, which the Bankruptcy Court has granted.  The Bankruptcy
Code and the New York contract law, Mr. Madron insists, cannot
provide that relief to the Trustee.

The Trustee's efforts to defend the Bankruptcy Court's faulty
reasoning fail and her arguments are contradicting, Mr. Madron
points out.  Moreover, the standard of review for the Appeal
does not depend on the subject matter of the claim, but only on
the nature of the Bankruptcy Court's conclusions, Mr. Madron
says.

The Bankruptcy Court's conclusions of law and its application of
law to facts must be reviewed de novo regardless of the subject
matter, Mr. Madron further asserts.

A full-text copy of Lucent's Reply Brief is available for free
at: http://ResearchArchives.com/t/s?1568

                        About Winstar

Headquartered in New York, New York, Winstar Communications,
Inc., provides broadband services to business customers.  The
Company and its debtor-affiliates filed for chapter 11
protection on April 18, 2001 (Bankr. D. Del. Case Nos. 01-01430
through 01-01462). The Debtors obtained the Court's approval
converting their case to a chapter 7 liquidation proceeding
in January 2002.  Christine C. Shubert serves as the Debtors'
chapter 7 trustee.  When the Debtors filed for bankruptcy, they
listed US$4,975,437,068 in total assets and US$4,994,467,530 in
total debts.

                   About Lucent Technologies

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

                          *     *     *

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

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

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

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


* South Korea Plans Further Deregulation within FEZs
----------------------------------------------------
South Korea plans further deregulation within free economic
zones that center on cutting tax burdens on foreign investors
and providing them with a variety of other incentives, the
country's government Web site states, citing the Finance
Ministry.

The plans provides, among others:

   -- the holding off of some quasi-taxation imposed on plants
      and industrial complexes in the FEZs;

   -- the exemption of foreign educational institutes that
      acquire land or buildings for public purposes from local
      taxes;

   -- streamlining of the import procedures for medical
      equipment and goods used by foreign hospitals which want
      to operate in any of the country's three FEZs; and

Also under the plan, FEZs will be allowed to sell bonds to
finance their developments.

Korean.net points out that Seoul had already offered tax breaks
to various foreign-invested businesses in the manufacturing,
distribution and tourism sectors if they build facilities and
offices in the three FEZs being built in the cities of Incheon,
Busan and Gwangyang.


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

MBf CORPORATION: Gains MYR87 Million in Fourth Quarter 2006
-----------------------------------------------------------
MBf Corporation Bhd posted MYR87.023 million net profit on
MYR8.509 million revenues in the fourth quarter ended September
30, 2006, as compared with MYR4.61 million in net loss on
MYR7.92 million revenues in the same period last year.

The company's consolidated balance sheet as of September 30,
2006, showed current assets at MYR153.528 million while current
liabilities aggregated MYR90.880 million.

As of September 30, 2006, total assets of the company amounted
to MYR398.144 million while liabilities amounted to MYR268.977
million.  Shareholders' equity in the company reached MYR129.167
million.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  

The Group operates in three main areas, namely, Malaysia,
Indonesia and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.

As reported by the Troubled Company Reporter - Asia Pacific on
October 4, 2006, MBf Corp has completed its proposed disposal of
Hasrat Mulia Sdn Bhd and of KIP Land Sdn Bhd to SJ Molek Sdn
Bhd, for MYR12,515,000 in aggregate.


MOL.COM BHD: Posts MYR1.62-Mil. Net Loss in Qtr. Ended Sept. 30
---------------------------------------------------------------
Mol.Com Bhd incurred MYR1.620 million net loss on MYR13.013
million revenues in the quarter ended September 30, 2006, as
compared with MYR1 million net loss on MYR10.12 revenues in the
same quarter last year.

As of September 30, 2006, the company's balance sheet reflected
strained liquidity with current assets at MYR37.294 million
available to pay MYR43.059 million liabilities coming due within
the next 12 months.

Total assets of the company as of September 30, 2006, amounted
to MYR74.996 million while its liabilities totaled MYR67.106
million.  Shareholders' equity in the company is at MYR7.890
million.

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

    http://bankrupt.com/misc/may233.pdf


                          *     *     *

Based in Malaysia, Mol.Com Bhd's principal activities are
provision of electrical engineering services and contracting and
trading of electrical machinery and apparatus.  Other activities
include operation and maintenance of web portals, registration
and marketing of internet domain names, provision of web and
information technology solutions, advertising, promotional
activities and investment holding.

Operations are carried out in Malaysia, British Virgin Islands
and Singapore.

                          Going Concern

The auditors raised a substantial doubt on the company's
operation as going concern after auditing Mol.Com Bhd's Annual
Audited Financial Statement as of June 30, 2006.  

They specifically pointed at the company's current liabilities
exceeding its current assets by MYR6.3 million as of June 30,
2006.

In addition, the ability of the company to continue as a going
concern is dependent upon the successful outcome of the proposed
disposal of a property and the company's plan to regularize its
financial condition, continuing financial support from a
significant shareholder and financial institutions as well as
achieving successful future operations.


PAXELENT CORPORATION: Unit Files Motion to Defer Wind-Up
--------------------------------------------------------
The Troubled Company Reporter - Asia Pacific on November 9,
2006, reported that Paxelent Corporation Bhd's subsidiaries,
Konsortium Multimedia Swasta Sdn Bhd and Mass Media Interactive
Sdn Bhd, along with Dibena Enterprise Sdn Bhd, were named
respondents to a wind-up petition filed by CSA MSC Sdn Bhd.

Mass Media, Dibena Enterprise and CSA MSC are the shareholders
of Konsortium Multimedia.

According to the TCR-AP, CSA applied for the wind up of
Konsortium Multimedia on just and equitable grounds claiming
that there is a deadlock and lack of probity in Konsortium's
management.  No monetary sum is claimed under the petition.

As an update, Paxelent disclosed that on November 13, 2006, Mass
Media Interactive filed a motion seeking, among others, that:

    (a) an injunction be granted to restrain CSA MSC Sdn Bhd
from
        filing, serving, advertising, gazetting and otherwise
        publishing in any manner whatsoever, the existence and
        contents of the Wind-Up Petition;

    (b) an injunction be granted to restrain the Petitioner from
        initiating or continuing with all further proceedings or
        actions on the Petition including the appointment of
        provisional liquidators; and

    (c) additionally or alternatively, all proceedings on the
        Petition be stayed until further order;

The High Court of Kuala Lumpur will hear Mass Media's request
today.

                          *     *     *

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


PAXELENT CORP: Court Junks Dibena's Appeal to Set Aside Ruling
--------------------------------------------------------------
On September 22, 2006, the Troubled Company Reporter - Asia
Pacific reported that Dibena Enterprise Sdn Bhd filed an
application to set aside a judgment in default obtained by
Paxelent Corporation Berhad's subsidiary, Mass Media Interactive
Sdn Bhd.

However, the Court on November 16, 2006, ruled that the judgment
is in order and dismissed Dibena's application.

Under the judgment, Mass Media is asserting payment of
MYR1,000,000 together with pre-judgment interest of MYR9,424 and
post-judgment interest at the rate of 8% per annum on
MYR1,009,424 from the date of judgment until the date of full
payment, the TCR-AP added.

                          *     *     *

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


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

BEDROCK CONTRACTING: Shareholders Appoint Liquidators
-----------------------------------------------------
On Oct. 26, 2006, shareholders of Bedrock Contracting Ltd
appointed Glen Allan Stapley and David Stanley Duns as the
company's liquidators.

Accordingly, Liquidators Stapley and Duns require creditors to
submit their proofs of debt before Nov. 30, 2006, to be included
in the company's distribution of dividend.

The Liquidators can be reached at:

         Glen Allan Stapley
         David Stanley Duns
         Level Sixteen, PricewaterhouseCoopers Centre
         119 Armagh Street (P.O. Box 2056)
         Christchurch
         New Zealand
         Telephone:(03) 365 0768
         Facsimile:(03) 365 2362
         Email: glen@duns.co.nz


CAPITAL BUSINESS: Court to Hear Liquidation Petition on Nov. 30
---------------------------------------------------------------
A liquidation petition filed against Capital Business Technology
Ltd will be heard before the High Court of Auckland on Nov. 30,
2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Aug. 17, 2006.

The Solicitor for the Petitioner can be reached at:

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


CARTER HOLT HARVEY: Seeks NZ$2 Billion Loan for G. Hart Dividend
----------------------------------------------------------------
Carter Holt Harvey Ltd is seeking to borrow more than
NZ$2 billion to pay dividends to its owner, Graeme Hart, the New
Zealand Herald says, citing a report from Bloomberg News.

Carter Holt has hired Credit Suisse Group to arrange a loan for
longer than one year, the report relates.

According to NZ Herald, other lenders are being invited to join
the facility.

Bloomberg recounts that in March, Mr. Hart completed his
NZ$3.3-billion purchase of Carter Holt, which allowed him to
sell the company's assets to restore profits.

Credit Suisse arranged a record NZ$3.42 billion loan to Mr.
Hart's Rank Group in September 2005 to fund the purchase of
Carter Holt, NZ Herald relates.

                      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.


FELTEX CARPETS: AIRC Rejects Godfrey Hirst's AWAs
-------------------------------------------------
On November 13, 2006, the Troubled Company Reporter - Asia
Pacific cited a report from News.com.au stating that the
Australian Industrial Relations Commission heard a dispute
between Godfrey Hirst and the Textile Clothing & Footwear Union
of Australia over Feltex Carpets Limited.  The report noted that
the Union has accused Godfrey Hirst of seeking an exemption from
paying redundancies to workers who did not sign Australian
Workplace Agreements.

The Australian Associated Press relates that Feltex, under
control of receivers McGrathNicol+Partners, took Godfrey Hirst's
offer of Australian Workplace Agreements to the AIRC seeking a
ruling that they were acceptable alternative employment.

On November 21, 2006, the AIRC ruled that the AWAs were
unacceptable, ABC News Online reports.

AAP cites the Union's Victorian secretary, Michele O'Neil
explaining that the ruling meant Feltex staff would not have to
sign the AWAs they were offered by Godfrey Hirst or lose their
jobs without receiving a redundancy payout.

As noted in the TCR-AP on October 31, 2006, the Union alleged
that Godfrey Hirst told the employees to sign individual
contracts otherwise they will lose their jobs and will not
receive any redundancy entitlements.

"On balance, weighing up all of the relevant matters. . .I am
not satisfied that the employment offered in the AWAs. . .
constitutes acceptable alternative employment," The Age cites a
ruling from senior deputy AIRC president Ian Watson.

According to Ms. O'Neil, about 320 textile workers at Feltex
were affected by the ruling, in a month-long dispute.

However, Feltex said the decision does not resolve any of the
uncertainty for employees, ABC News relates, noting that the
company is reviewing the decision and will revise its offer to
workers.

                  Union Takes Separate Action

AAP relates that the Union has taken a separate legal action
against Godfrey Hirst in the Federal Court claiming the carpet
maker breached Freedom Of Association provisions in the
Workplace Relations Act because Feltex workers were entitled to
the benefit of their current union agreement.

Ms. O'Neil said the company tried to use a loophole in the new
WorkChoices laws, ABC News relates.

However, Godfrey Hirst hopes to resolve the dispute thus, calls
on the Union to return to the negotiating table.

                          About Feltex

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

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

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

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


FORT'E CONSTRUCTION: Creditors Must Prove Debts by Nov. 27
----------------------------------------------------------
On Oct. 30, 2006, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of Fort'e Construction Ltd.

The Liquidators will be receiving proofs of debt from the
company's creditors until Nov. 27, 2006.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Anna Groen
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace (P.O. Box 3978)
         Christchurch
         New Zealand
         Telephone:(03) 379 7929


FUTURE ELECTRICAL: Creditors Must Prove Claims by November 30
-------------------------------------------------------------
On Oct. 31, 2006, the shareholders of Future Electrical Ltd
appointed Gerald Stanley Rea and Paul Graham Sargison as
liquidators.

Subsequently, Mr. Rea fixed Nov. 30, 2006, as the last day for
creditors to prove their claims.

The Joint Liquidators can be reached at:

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


KOL NETWORKS: Creditors' Proofs of Claim Due on November 28
-----------------------------------------------------------
John Michael Gilbert was named liquidator of KOL Networks Ltd
after the commencement of the company's liquidation on Oct. 31,
2006.

Mr. Gilbert requires the company's creditors to submit their
proofs of claim by Nov. 28, 2006, or they will be excluded from
sharing in any distribution the company will make.

The Liquidator can be reached at:

         John Michael Gilbert
         C & C Strategic Limited
         Private Bag 47-927
         Ponsonby, Auckland
         New Zealand
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


MUSIC SYSTEMS: Faces Liquidation Proceedings
--------------------------------------------
A petition to liquidate Music Systems (Software) Ltd was heard
before the High Court of Wellington on Nov. 20, 2006.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 5, 2006.

The Solicitor for the Petitioner can be reached at:

         Marcus James McMillan
         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 1379
         Facsimile:(04) 890 0009


ORIGIN PACIFIC: Owes More Than NZ$21 Million, Receiver Says
-----------------------------------------------------------
Origin Pacific owes more than NZ$21 million to creditors, but
only its former staff are likely to get some money back, The
Marlborough Express reports, citing Origin Pacific's receiver,
Murray Allott.

In his first report and preliminary findings, Mr. Allot
indicated that Origin's debt includes just over NZ$1 million
owed to its founder and managing director, Robert Inglis, and
his business partner, Nicki Smith.  However, Mr. Inglis declined
to comment before speaking with Mr. Allot, the paper relates.

On October 17, 2006, the Troubled Company Reporter - Asia
Pacific cited a report from The Nelson Mail stating that
Mr. Inglis has lost more than NZ$20 million trying to prop up
the airline.

Mr. Allott's report further showed that more than 200 redundant
staff due to the airline's collapse were owed NZ$436,867 in
wages and holiday pay, plus NZ$1.56 million in redundancy pay,
stuff.co.nz reveals.

Moreover, as noted in the TCR-AP, Origin Chief Financial Officer
Greg Ruding said that Origin staff had received wages but was
still owed holiday pay.

According to The Marlborough Express, Mr. Allot expected holiday
pay to be paid in full and that staff would get part of the
redundancy compensation.

However, The Dominion Post says the it is understood that wages
had been paid out before the receivership using money in a trust
account set up to safeguard passengers' money.  Thus, customers
who had prepaid for travel were unlikely to see any of the
NZ$1.6 million they were owed.  Mr. Allott said the money in the
trust account belonged to customers, the paper relates.

No other creditors would be paid from the receivership,
Mr. Allot noted.

The Dominion Post reveals that trade creditors were owed a total
of NZ$9.8 million and Inland Revenue NZ$1.96 million.

                   Customers File Complaints

The Marlborough Express relates that there were claims that
Origin was holding pre-paid airfares or Flexiflyer account
balances in a trust account.  Mr. Allot said his solicitors had
reviewed that matter and a letter had been sent to affected
parties, the paper relates.

Mr. Allot's report revealed that the Ministry of Economic
Development is also reviewing the trust account issue.  It would
also be referred to liquidators when they were appointed,
stuff.co.nz relates.

Traveller, Graeme Percy filed a complaint against Origin
claiming that he was owed NZ$466 for a cancelled flight, The
Marlborough says, noting that the complaint was laid with
Blenheim police, and forwarded to Nelson because the airline had
been based there.

The Blenheim police expects to receive more complaints.

According to Mr. Percy, he would also be laying a complaint with
the Serious Fraud Office and had applied for a court order,
stuff.co.nz says.

However, a representative from the Serious Fraud Office could
not comment on whether the case would be followed up, The
Marlborough Express says.  The Office dealt with fraud over
NZ$500,000 or fraud that was of major public interest or
concern, the representative noted.

                       Assets to be Sold

Stuff.co.nz reveals that Origin had at least NZ$1 million of
assets.  The company's office plant and equipment will also be
sold to recover some money, and its stock of aircraft parts and
equipment would be offered for sale by tender, Stuff.co.nz cites
Mr. Allott, as saying.

                      About Origin Pacific

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

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

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

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


PICTON STREET: Names M. A. Clarke as Liquidator
-----------------------------------------------
Picton Street Traders Ltd commenced a liquidation of its
business on Oct. 31, 2006, and appointed Michael Andrew Clarke
as liquidator.

The Liquidator can be reached at:

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


TM PRODUCTIONS: Court Sets Date to Hear Liquidation Petition
------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition to
liquidate TM Productions Ltd on Jan. 25, 2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition before the
Court on Oct. 9, 2006.

The Solicitor for the Petitioner can be reached at:

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


TREEHOUSE CONCEPTS: Appoints M. A. Clarke as Liquidator
-------------------------------------------------------
On Nov. 1, 2006, Treehouse Concepts Ltd commenced a liquidation
of its business and appointed Michael Andrew Clarke as
liquidator.

The Liquidator can be reached at:

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


WAITARUNA LTD: Liquidation Hearing Set on November 30
-----------------------------------------------------
On Sept. 29, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Waitaruna Ltd before the High Court
of Napier.

The petition will be heard on Nov. 30, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         R. J. Collins
         Elvidge & Partners
         corner of Raffles and Bower Streets
         Napier
         New Zealand


XCHECKER SECURITY: Court Hears CIR's Liquidation Petition
---------------------------------------------------------
The High Court of Wellington heard a liquidation petition
against Xchecker Security Ltd on Nov. 20, 2006.

The Commissioner of Inland Revenue filed the petition on
Oct. 11, 2006.

The Solicitor for the Petitioner can be reached at:

         Aaron Reynolds Lyne
         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 1079
         Facsimile:(04) 890 0009


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

CHIQUITA BRANDS: Secures Amendment to Financial Covenants
---------------------------------------------------------
Chiquita Brands International, Inc., disclosed that, as
anticipated, the company amended its credit agreement dated as
of June 28, 2005, with a syndicate of banks and financial
institutions.  This amendment modifies certain financial
covenants relating to leverage and fixed charge coverage;
establishes new levels for compliance with those covenants to
provide additional financial flexibility; and amends the
interest rate applicable to borrowings outstanding under the
credit agreement.

The amendment to the credit agreement, effective Nov. 8, 2006,
among Chiquita Brands LLC, Chiquita Brands International, Inc.,
certain financial institutions as lenders, and Wachovia Bank,
N.A., as administrative agent, was filed as an exhibit to the
company's Quarterly Report on Form 10-Q.

                         About Chiquita

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an    
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.

                          *     *     *

On November 8, 2006, the Troubled Company reporter reported that
Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C. (senior secured to B1 from Ba3), as well as for
its parent Chiquita Brands International, Inc. (corporate family
rating to B3 from B2).  The outlook on all ratings is stable.

On November 5, 2006, Standard & Poor's Ratings Services lowered
its ratings on Chiquita Brands, including its corporate credit
rating, from 'B+' to  'B'.  The ratings remain on CreditWatch
with negative implications where they were placed on Sept. 26,
2006, following the company's announcement that third-quarter
operating performance was expected to be significantly affected
by continued weak banana prices in European and trading markets,
excess fruit supply, and lower sales/higher costs in its Fresh
Express business because of recent industry health concerns
related to E.-coli-tainted spinach.


CHIQUITA BRANDS: S&P Affirms B Rating After Covenant Amendment
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on Cincinnati, Ohio-based
Chiquita Brands International Inc. and Chiquita Brands LLC.  The
ratings were removed from CreditWatch with negative implications
where they were placed on Sept. 26, 2006, after the company's
report that third quarter operating performance was expected to
be weak.

Ratings were subsequently lowered by one notch on Nov. 3, 2006.  
Chiquita recently received an amendment to its credit facility
to relax covenants over multiple quarters.  As indicated in our
CreditWatch update on Nov. 3, 2006, ratings would be affirmed
and withdrawn from CreditWatch upon receipt of such an
amendment.

The outlook is negative.  Total debt outstanding at the company
was about US$990 million as of Sept. 30, 2006.

"The ratings on Chiquita reflect the company's high debt
leverage, weak credit measures, and its product concentration in
bananas," said Standard & Poor's credit analyst Alison Sullivan.

Also, the company competes in the mature fruit and vegetable
industry, which faces uncontrollable factors such as global
supply, world trade policies, political risk, currency swings,
weather, and disease.

Chiquita is a leading producer, marketer, and distributor of
bananas and other fresh and processed foods sold under the
Chiquita brand name and other brand names.  The company has the
No.1 banana market position in Europe and the No. 2 position in
North America.

In addition to bananas, the company's fresh products include
tropical fruits such as mangoes, pineapples, melons, and kiwi
fruits.  The June 2005 acquisition of Fresh Express added
packaged salad products.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an    
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.


CHIQUITA BRANDS: Obtains Permanent Amendment to Credit Facility
---------------------------------------------------------------
Chiquita Brands International, Inc., has amended its credit
agreement dated as of June 28, 2005, with a syndicate of banks
and financial institutions.

On Nov. 8, 2006, the company obtained a permanent amendment to
cure the covenant violations that would have otherwise occurred
when the temporary waiver expired.

The amendment revised certain covenant calculations relating to
financial ratios for leverage and fixed charge coverage,
established new levels for compliance with those covenants to
provide additional financial flexibility, and includes interest
rates on the Revolving Credit Facility of LIBOR plus a margin
ranging from 1.25% to 3%, and on the Term Loans of LIBOR plus a
margin ranging from 2% to 3%, in each case depending on the
company's consolidated leverage ratio.  Initially, the interest
rates on both the Revolving Credit Facility and the Term Loans
will be LIBOR plus 3%.  In addition, Chiquita Brands L.L.C. is
required to pay a fee on the daily unused portion of the
Revolving Credit Facility of 0.25% to 0.50% per annum.

Under the amended CBL Facility, CBL may distribute cash to CBII
for routine CBII operating expenses, interest payments on CBII's
7 1/2% and 8 7/8% Senior Notes and payment of certain other
specified CBII liabilities.  Until Chiquita meets certain
financial ratios and elects to become subject to a reduced
maximum leverage ratio,

   (i) CBL's distributions to CBII for other purposes, such
       as dividend payments to Chiquita shareholders
       and repurchases of CBII's common stock, warrants
       and senior notes, are prohibited; and

  (ii) the ability of CBL and its subsidiaries to
       incur debt, dispose of assets, carry out mergers
       and acquisitions, and make capital expenditures
       is further limited than under the original
       CBL Facility.

The amendment to the credit agreement, effective Nov. 8, 2006,
among Chiquita Brands LLC, Chiquita Brands International, Inc.,
certain financial institutions as lenders, and Wachovia Bank,
N.A., as administrative agent, was filed [Thurs]day as an
exhibit to the company's Quarterly Report on Form10-Q.

                         Background

The company and Chiquita Brands L.L.C., the main operating
subsidiary of the company, have a secured credit facility with a
syndicate of bank lenders comprised of two term loans and a
revolving credit facility.

In June 2006, the CBL Facility was amended to modify certain
financial covenants.  In connection with the amendment, the
Revolving Credit Facility was increased by US$50 million to
US$200 million.

At Sept. 30, 2006, no borrowings were outstanding under the
Revolving Credit Facility; however, US$23 million of credit
availability was used to support issued letters of credit,
leaving US$177 million of credit available under the Revolving
Credit Facility.  The company borrowed US$14 million under the
revolver in early November 2006.

On Oct. 5, 2006, the company obtained a temporary waiver from
compliance, for the period ended Sept. 30, 2006, with certain
financial covenants in the CBL Facility, with which the company
otherwise would not have been in compliance.  The temporary
waiver was effective through Dec. 15, 2006.

As previously reported in the TCR-Europe on Oct. 12, Chiquita
Brands International Inc. and Chiquita Brands LLC, its main
operating subsidiary, entered into Waiver Letter No. 1 with the
lenders under the credit agreement dated as of June 28, 2005, on
Oct. 5, 2006.

In accordance with the terms and conditions under the waiver
letter, compliance with certain financial covenant provisions in
the Credit Agreement has been waived through Dec. 15, 2006.

                       About Chiquita

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an    
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 60 countries including the Philippines and Australia.  It
also distributes and markets fresh-cut fruit and other branded,
value-added fruit products.

                          *     *     *

On November 8, 2006, the Troubled Company reporter reported that
Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C. (senior secured to B1 from Ba3), as well as for
its parent Chiquita Brands International, Inc. (corporate family
rating to B3 from B2).  The outlook on all ratings is stable.

On November 5, 2006, Standard & Poor's Ratings Services lowered
its ratings on Chiquita Brands, including its corporate credit
rating, from 'B+' to  'B'.  The ratings remain on CreditWatch
with negative implications where they were placed on Sept. 26,
2006, following the company's announcement that third-quarter
operating performance was expected to be significantly affected
by continued weak banana prices in European and trading markets,
excess fruit supply, and
lower sales/higher costs in its Fresh Express business because
of recent industry health concerns related to E.-coli-tainted
spinach.


MAYNILAD WATER: Three Bidders Submit Bid Documents on Time
----------------------------------------------------------
On November 21, 2006, three groups have submitted their bids for
Maynilad Water Services Inc., Likha C. Cuevas of Manila Times
reports.  The Groups were:

   1. Ayala family-led Manila Water Co., with JW International
      and BPI Capital Corp.;

   2. the Consunji family-controlled DMCI Holdings Inc., with
      Metro Pacific Corp.; and

   3. Rubia Holdings with Noonday Asset Management Asia PTE Ltd.
      and YTL Power.

Manila Times notes that India's Infrastructure Leasing &
Financial Services Ltd.-Strategic Alliance, which was among the
parties that passed the pre-qualification bid earlier -- failed
to submit its financial and technical bid documents on time.

The paper cites Agnes Devanadera, chief of the Office of the
Government Corporate Counsel and vice-chairman of the Special
Bids and Awards Committee, as saying, the auction of the
government's stake is aimed at handing over management of the
previously Lopez family-led company to the private sector.  In
this regard, revenues that the sale would generate are of
secondary importance, Ms. Devanadera said.

Ms. Devanadera further stated that the sale would also relieve
the government of the responsibility of paying off Maynilad's
outstanding obligations of US$270 million, of which:

   -- US$150 million is in the form of commercial debts; and

   -- US$120 million represents unpaid concession fees owed to
      state-run Metropolitan Waterworks and Sewerage System.

According to Justin Ocampo, bidding committee financial adviser,
the bidder needs a PHP6-billion minimum capitalization and a
standby letter of credit amounting to PHP6 billion or cash of
the same amount in escrow, Manila Times relates.

The minimum bid for the water utility company is US$57 million,
the paper cites Ms. Devanadera, as saying, adding the amount
would go to the MWSS with the excess to be turned over to
Maynilad as additional equity.

According to Manila Times, aside from the minimum bid, the
winning bidder has to shell out a performance bond to assure the
government that it would honor its contract.  However, Ms.
Devanadera clarified that the winning bidder may pay for
Maynilad's total liabilities through future earnings, noting
that Maynilad has been earning about PHP8 billion a year, the
paper says.

Ms. Devanadera disclosed that if each of the consortium's
technical bids are acceptable to the committee, their financial
bids would be opened on December 8, 2006.

                      About Maynilad Water

Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

According to a report by the TCR-AP on November 19, 2003, the
Company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.

On August 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.


PHILIPPINE LONG DISTANCE: Five Parties Interested in PTIC Stake
---------------------------------------------------------------
On November 20, 2006, five companies attended a pre-bidding
conference held by the Philippine Government, which is looking
to sell a sizeable stake in Philippine Telecommunications
Investment Corp., owner of a 14% interest in Philippine Long
Distance Telephone Company, TeleGeography reports.

During the conference, the parties discussed the terms of the
auction, which is thought to have garnered interest from several
international investors, the report says.

Bidders' letters of intent are due on November 24, 2006, and
pre-bid documents are expected by November 27.

According to TeleGeography, the Philippine Government plans to
dispose of 111,415 shares in PTIC on December 4, 2006.  The
government holds a 46% stake in the investment group through
Prime Holdings, while First Pacific controls the remaining 54%,
the paper reveals.

Finance Undersecretary John Philip Sevilla, chairman of the Bids
and Awards Committee, clarifies that more bidders could still
join the bidding despite their absence in the pre-bidding
conference, Manila Standard Today relates.

According to Mr. Sevilla, the government would evaluate the pre-
qualification documents on Nov. 29, noting that pre-qualified
bidders, meanwhile, must submit their financial bids on Dec. 4.

Manila Standard cites Mr. Sevilla, as saying that bidders should
have access to PHP25 billion in the form of cash deposits,
liquid financial instruments, committed credit lines from
reputable financial institutions, and underwriting agreement
from institutions.

The winning bidder should pay the purchase price in one lump sum
within 30 days from the execution of the share purchase
agreement, Mr. Sevilla noted, adding that interested bidders are
free to form groups or consortia to boost their financial
capabilities in the acquisition of the government's stake in
PTIC.

                          About PLDT

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

                          *     *     *

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

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


WENDY'S INT: Reports Preliminary Results of Dutch Auction
---------------------------------------------------------
Wendy's International, Inc., disclosed the preliminary results
of its modified "Dutch Auction" tender offer, which expired at
5:00 p.m., Eastern Time, on Nov. 16, 2006.

In accordance with the terms and conditions of the tender offer,
and based on the preliminary count by American Stock Transfer &
Trust Company, the depositary for the tender offer, the company
expects to accept for purchase approximately 22,418,000 of its
common shares (including approximately 4,644,000 shares tendered
through guaranteed delivery procedures and 90,000 shares
tendered subject to conditions) at a purchase price of US$35.75
per share, for a total cost of approximately US$800 million.

Based on a preliminary count by the depositary, approximately
22,418,000 common shares were properly tendered and not
withdrawn at prices at or below the purchase price.  
Approximately 27,887,000 common shares were properly tendered
and not withdrawn in total.

Shareholders who deposited common shares in the tender offer at
or below the purchase price will have all their tendered common
shares purchased, subject to certain limited exceptions.

The number of shares to be purchased and the purchase price per
share are preliminary.  Final results for the tender offer will
be determined subject to confirmation by the depositary of the
proper delivery of the shares validly tendered and not
withdrawn.  The actual number of shares to be purchased and the
purchase price per share will be disclosed following the
completion of the confirmation process.

The number of shares the company expects to purchase in the
tender offer represents approximately 19% of its currently
outstanding common shares.  In the tender offer, the company
offered to purchase up to approximately 22.2 million of its
common shares at a price between US$33.00 and US$36.00 per
share, for a maximum aggregate repurchase price of up to
US$800 million.  The company also had the right to purchase up
to an additional 2% of its shares outstanding in the event more
than 22.2 million shares were tendered without extending the
offer.

All inquiries about the tender offer should be directed to the
information agent at:

          Georgeson Inc.
          Tel: 1-866-277-0928

                         About Wendy's

Wendy's International Inc. (NYSE:WEN) -- http://www.wendys-
invest.com/ -- is a restaurant operating and franchising company
with more than 9,900 total restaurants and quality brands,
including Wendy's Old Fashioned Hamburgers(R) and Baja Fresh
Mexican Grill.  The company also has investments in three
additional quality brands -- Tim Hortons, Cafe Express and Pasta
Pomodoro(R).  There are Wendy's restaurants in Asia, including
the Philippines.

                          *     *     *

On July 12, 2006, Moody's Investors Service assigned Wendy's
International Inc.'s long-term corporate family rating and
senior unsecured debt rating at Ba2.

Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Wendy's International Inc.  
to 'BB+' from 'BBB-'.  At the same time, the short-term rating
was lowered to 'B-1' from 'A-3'.  The outlook was negative.


WENDY'S INT'L: Gets Tenders for 27,887,000 Common Shares
--------------------------------------------------------
Wendy's International Inc. announced that based on a preliminary
count by American Stock Transfer & Trust Company, the depositary
for tender offer, a total of approximately 27,887,000 common
shares were properly tendered and not withdrawn in the "Dutch
Auction" tender offer.

The Company disclosed that 22,418,000 common shares were
properly tendered and not withdrawn at prices at or below the
purchase price.  The tender offer expired at 5:00 p.m., Eastern
Time, on Nov. 16, 2006.

The Company also disclosed that it expects to accept for
purchase approximately 22,418,000 of its common shares,
including approximately 4,644,000 shares tendered through
guaranteed delivery procedures and 90,000 shares tendered
subject to conditions, at a purchase price of US$35.75 per
share, for a total cost of approximately US$800 million.

Shareholders who deposited common shares in the tender offer at
or below the purchase price will have all of their tendered
common shares purchased, subject to certain limited exceptions.

The number of shares to be purchased and the purchase price per
share are preliminary, the Company disclosed.  Final results for
the tender offer will be determined subject to confirmation by
the depositary of the proper delivery of the shares validly
tendered and not withdrawn.  Payment for the shares accepted for
purchase will occur after the completion of the
confirmation process.

The number of shares the Company expects to purchase in the
tender offer represents approximately 19% of its currently
outstanding common shares.  In the tender offer, the Company
offered to purchase up to approximately 22.2 million of its
common shares at a price between US$33 and US$36 per share, for
a maximum aggregate repurchase price of up to US$800 million.  
The Company also had the right to purchase up to an additional
2% of its shares outstanding in the event more than 22.2 million
shares were tendered without extending the offer.

All inquiries about the tender offer are to be directed to the
information agent, Georgeson Inc., at 1-866-277-0928.

                         About Wendy's

Wendy's International Inc. (NYSE:WEN) -- http://www.wendys-
invest.com/ -- is a restaurant operating and franchising company
with more than 9,900 total restaurants and quality brands,
including Wendy's Old Fashioned Hamburgers(R) and Baja Fresh
Mexican Grill.  The company also has investments in three
additional quality brands -- Tim Hortons, Cafe Express and Pasta
Pomodoro(R).  There are Wendy's restaurants in Asia, including
in the Philippines.

                          *     *     *

On July 12, 2006, Moody's Investors Service assigned Wendy's
International Inc.'s long-term corporate family rating and
senior unsecured debt rating at Ba2.

Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Wendy's International Inc.
to 'BB+' from 'BBB-'.  At the same time, the short-term rating
was lowered to 'B-1' from 'A-3'.  The outlook was negative.


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

AXS-ONE: Revenue Down by 39.8% at US$2.23 Mil. for 3rd Qtr. 2006
----------------------------------------------------------------
On Nov. 20, 2006, AXS-One Inc. posted its financial results for
the third quarter ended Sept. 30, 2006.

For the quarter under review, the company's revenue decreased by
39.8% to US$2.23 million from US$3.70 million for the same
quarter last year.

Moreover, the company recorded a net loss of US$2.84 million in
the third quarter of 2006, as compared with the US$177,000 net
profit for the third quarter of 2005.

As of Sept. 30, 2006, the company's balance sheet showed
strained liquidity with total current assets of US$4.5 million
available to pay US$8.4 million in total current liabilities
coming due within the next 12 months.  The company's
total assets as of the end of September 2006 amounted to
US$7.30 million while total liabilities amounted to
US$17.05 million, resulting in a stockholders' equity deficit of
US$9.79 million.

A full text copy of the company's financial report for the third
quarter ended Sept. 30, 2006, is available for free at:

           http://bankrupt.com/misc/tcrap-axs-one.xls

                      About AXS-ONE Inc.

AXS-One Inc. (AMEX: AXO) -- http://www.axsone.com/-- provides  
high performance Records Compliance Management solutions.  The
AXS-One Compliance Platform enables organizations to implement
secure, scalable and enforceable policies that address records
management for corporate governance, legal discovery and
industry regulations such as SEC17a-4, NASD 3010, Sarbanes-
Oxley, HIPAA, The Patriot Act and Gramm-Leach Bliley.
Headquartered in Rutherford, New Jersey, AXS-One has offices
worldwide including in the United States, Australia, United
Kingdom, South Africa and Singapore,.

As of June 30, 2006, the company's balance sheet showed
US$9,799,000 in total assets and US$16,887,000 in total
liabilities, resulting in a US$7,088,000 stockholders' deficit.

Moreover, the company's total assets as of the end of September
2006 amounted to US$7.30 million while total liabilities
amounted to US$17.05 million, resulting in a stockholders'
equity deficit of US$9.79 million.


BRIZAY HOLDINGS: Receiving Proofs of Debt Until Dec. 18
-------------------------------------------------------
Neo Ban Chuan and Yeap Lam Kheng, as liquidators for Brizay
Holdings Ltd, will be receiving proofs of debt from the
company's creditors until Dec. 18, 2006.

Failure to comply with the requirement will exclude a creditor
from sharing in the company's distribution of dividend.

The Liquidators can be reached at:

         Neo Ban Chuan
         Yeap Lam Kheng
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


CHINA AVIATION: Earns SGD12.5 Million for 3rd Quarter 2006
----------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd., on Nov. 22,
issued its financial results for the third quarter ended
Sept. 30, 2006.

For the third quarter of 2006, the Group has recorded a
SGD12.5-million net profit on SGD1.5 billion in revenues, a
turnaround from the SGD64,000 net loss on SGD4 million in
revenues for the same quarter last year.

As of Sept. 30, 2006, the Group's balance sheet showed
SGD786.08 million in current assets available to pay
SGD736.20 million in current liabilities coming due within the
next 12 months.  Moreover, the company's balance sheet as of
end-September 2006 showed SGD1.02 billion in total assets and
SGD843.47 million in total liabilities, resulting in
shareholders' equity of SGD174 million.

A full text copy of China Aviation's financial report for the
third quarter ended Sept. 30, 2006, is available for free at:

              http://bankrupt.com/misc/trap-china

              About China Aviation Oil (Singapore)

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

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

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


DELL INC: Keller Rohrback to File Amended 401(k) Complaint Jan.
--------------------------------------------------------------
Keller Rohrback, LLP, is broadening its investigation of Dell  
Inc. in light of the company's recent announcement that the
United States Securities and Exchange Commission had commenced a
formal investigation into certain accounting and financial
reporting matters at Dell.  

In August, the company had disclosed it was the subject of an  
informal SEC investigation for unspecified accounting issues.

Additionally, Keller Rohrback said that it would file an amended
complaint on January 31, 2007, pursuant to a court order signed
on November 16, 2006.   

On Oct. 4, Keller Rohrback L.L.P. initiated a class action in
the U.S. District Court for the Western District of Texas
against Dell and various defendants on behalf of the  
participants and beneficiaries of the Dell Inc. 401(k) Plan.

The complaint alleges that Dell and the various defendants  
breached their fiduciary duties owed to Plan participants by:

   -- failing to prudently and loyally manage the Plan's assets;
      
   -- failing to provide participants with complete, accurate a
      and material information concerning the problems with
      Dell's business and financial condition necessary for
      Participants to make informed decisions concerning the
      prudence of directing the Plan to invest in the Dell
      stock fund; and  

   -- failing to appoint and monitor the performance of the
      other fiduciaries.

For more information on the case, contact:

         Jennifer Tuato'o;
         Erin Riley;
         Derek Loeser; or
         Lynn Sarko all of Keller Rohrback L.L.P.,  
         Telephone: (800) 776-6044
         E-mail: investor@kellerrohrback.com
         Website: http://www.erisafraud.com

                           About Dell

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

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

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


EVERGREEN SEASONS: Commences Wind-Up Proceedings
------------------------------------------------
Singapore Food Industries Limited has filed a petition to wind
up Evergreen Seasons Pte Ltd.

Accordingly, the High Court of Singapore has entered an order on
Nov. 3, 2006, to wind up the operations of Evergreen Seasons.

In this regard, all creditors of Evergreen Seasons are required
to submit their proofs of debt to the company's liquidator.

The liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


REFCO INC: RCMI's Section 341(a) Meeting Scheduled for Nov. 27
--------------------------------------------------------------
Diana G. Adams, Acting United States Trustee for Region 2, will
convene a meeting of Refco Commodity Management, Inc. creditors
on November 27, 2006, at 3:30 p.m., prevailing Eastern Time, at
80 Broad Street, 2nd Floor, in New York.

This is the first meeting of creditors required under Sec.
341(a) of the Bankruptcy Code in RCMI's Chapter 11 case.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible officer of
the Debtors under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                        About Refco Inc.

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

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

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

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

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

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


REFCO INC: Chap. 7 Trustee Needs Time to Decide on Contracts
------------------------------------------------------------
As of Oct. 31, 2006, Albert Togut, the Chapter 7 trustee
overseeing the liquidation of the Refco, LLC estate, has
identified and disposed of approximately 800 executory
contracts.  However, there are a handful of additional executory
contracts still being evaluated and whose final disposition has
not yet been determined.  The few remaining executory contracts
are with ongoing service suppliers who provide records storage
and similar services to Refco LLC's estate.

Accordingly, the Chapter 7 Trustee asks the United States
Bankruptcy Court for the Southern District of New York to extend
until Jan. 10, 2007, the time within which he may assume or
reject the executory contracts so he may continue evaluating
those which, may be necessary for the estate's administration.

The extension request will be without prejudice to:

     (i) the rights of any of the non-debtor counterparties to
         seek an earlier date on which the Chapter 7 Trustee
         must decide on a specific contract; and

    (ii) the Chapter 7 Trustee's right to seek further extension
         if necessary and appropriate.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
asserts that the extension will assist the Chapter 7 Trustee in
fulfilling his fiduciary duty of maximizing the value of the
Chapter 7 Debtor's estate for the creditors' benefit.

                        About Refco Inc.

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

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

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

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

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

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


TAT WEI: Court Orders Wind-Up of Operations
-------------------------------------------
Standard Chartered Bank filed a petition to wind up Tat Wei
Printing Packaging Pte Ltd.

On Nov. 3, 2006, the High Court of Singapore entered an order
directing Tat Wei to wind up its operations.

Accordingly, creditors of Tat Wei are required to submit their
proofs of debt to the company's liquidator.

The liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


VELOOCO GENERAL: Creditors and Contributories to Meet on Dec. 1
---------------------------------------------------------------
Velooco General Contractors Pte Ltd, which is in liquidation,
will hold a meeting for its creditors and contributories on
Dec. 1, 2006, at 18 Cross Street, #08-01 Marsh & McLennan Centre
(China Square Central) in Singapore.

At the meeting, these agenda will be presented:

   -- to update on the status of liquidation;

   -- to approve the dividend in favor of preferential
      creditors;

   -- to approve the liquidators' fees; and

   -- discuss other business.

The company's liquidators can be reached at:

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


WAH HENG: High Court to Hear Wind-Up Petition on Dec. 1
-------------------------------------------------------
On Nov. 9, 2006, SW SW Pte Ltd filed a petition to wind up Wah
Heng Glass Holdings Pte Ltd's operations.

The wind-up petition will be heard before the High Court of
Singapore on Dec. 1, 2006, at 10:00 a.m.

The Petitioner's solicitor can be reached at:

         Drew & Napier LLC
         20 Raffles Place
         #17-00 Ocean Towers
         Singapore 048620


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

ABICO HOLDINGS: SET Suspends Trading of Securities
--------------------------------------------------
The Stock Exchange of Thailand suspended the trading of Abico
Holdings Pcl's securities starting November 21, 2006, onwards.  

According to the SET, they were informed that the Securities and
Exchange Commission is asking for Abico's amended financial
statements for the year 2005 and for the period ended June 30,
2006.

The SEC asked for the amended report after they found out that:

    1. ABICO did not comply with the general accounting
       standard in recording the revenues and liabilities of its
       subsidiary; and

    2. ABICO is ordered to submit a special audit report
       concerning the relationship between ABICO and two unnamed
       companies.

SEC believes that these reasons may bring to the amendment of
the company's financial report for the year 2005 and for the
period ended June 30, 2006.

In this regard, the company is requested to submit a special
audit report and its amended financial statements to the SEC by
January 3, 2007.

The request is also in accordance with the SEC's investigation
regarding Abico's appeal for exclusion from being delisted.

SET will lift the suspension on the securities upon Abico's
submission of the audit report and the two financial statements.

                          *     *     *

Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading  
palm oil, real estate development and raw milk producer and
distributor.

On April 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as the rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.   

As reported by the Troubled Company Reporter - Asia Pacific on
September 7, 2006, Abico Holdings Pcl posted a consolidated
THB9.485-million net profit for the quarter ended June 30, 2006.

However, the company's consolidated balance sheet as of June 30,
2006, showed strained liquidity with consolidated current assets
at THB67.897 million available to pay THB181.787 million in
current liabilities.


TRUE CORP: Unit Plans on Issuing Dollar Bond
--------------------------------------------
True Move Co. Ltd., a wholly owned subsidiary of True Corp Pcl
plans to issue a U.S. dollar-denominated bond and will begin
marketing the offer this week, a market source told Reuters.

According to the source, the promotional tour would be held in
Singapore today, before moving to Hong Kong the following day.  
The tour would then go to London on Nov. 27, and to Frankfurt
and Munich on Nov. 28 and culminate in the United States from
November 29 to December 1, 2006.

No details were given on the size and the maturity of the issue.

                          *     *     *

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/--- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

Standard & Poor's Ratings Services, on July 27, 2006, affirmed
its BB long-term corporate credit rating on True Corp Public Co
Ltd.  The outlook is stable.

True Corp also currently carries Moody's corporate family rating
at Ba3, with stable outlook.


* Central Bank Drafts New Rule Aiming to Cut NPLs
-------------------------------------------------
The Bank of Thailand is finalizing a new reporting standard for
bank asset quality that will help reduce non-performing loans
within the banking sector, sources told the Bangkok Post.

Sources relate that the new standard will be adopted in three
phases, with the first phase to be completed by the end of the
year and covering assets pledged against loan cases currently
under legal proceedings.

Phase two will be implemented for loan assets over six months
past due and take effect from June 2007, with the last phase
covering loan assets over three months past due and due for
implementation at the end of 2007, the Post says.

Based on the planned standard, regulators could allow banks to
report net bad-loan figures, after allowing for loan-loss
reserves, rather than gross non-performing loans as reported
now, the paper relates.  Thus, a bank with a non-performing loan
figure of 9% of total loans and reserve coverage of 7% would be
allowed to report net bad loans of 2% of total loans.

Authorities told the Post that the change would help give a
better picture of each bank's asset quality by also considering
the amount of reserves set against bad debt.

If loan-loss coverage were included, overall net figures would
fall considerably, as the largest Thai banks typically maintain
reserve coverage of 50% to 70% against their bad debt, the paper
relates.

At the same time however, banks are likely to face increased
reserve requirements following the adoption of IAS 39, a new
accounting standard that will require banks to calculate the
value of pledged collateral based on the economic value of the
asset.  

The central bank notes that non-performing loans in the banking
system at the end of September totaled THB465.19 billion, or
8.86% of total loans.

The central bank had previously announced a target to cut bad
loans to 2% of total loans by the end of next year, the Post
recounts.


                            *********

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 ***