TCRAP_Public/061124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, November 24, 2006, Vol. 9, No. 234


                            Headlines

A U S T R A L I A

ASSET TEMPORARY: Liquidator to Present Wind-Up Report on Dec. 21
BOXY PTY: Final Meeting Schedules for December 19
BRASHS PTY: To Declare Final Dividend for Unsecured Creditors
ETC ELECTRONIC: Members Resolve to Wind Up Firm
ETC HOLDINGS: Members Opt for Voluntary Wind-Up

FORTESCUE METALS: Replaces Connell as Pilbara Project Engineer
GIPPSLAND DEVELOPMENT: Members' Final Meeting Slated for Dec. 20
ISECURE PTY: Members Decide to Close Operations
MITSUBISHI MOTORS AUSTRALIA: Posts AU$225 Mln Loss for FY 2006
PRANA BIOTECHNOLOGY: Raises AU$7.8 Million from Investors

PRANA BIOTECHNOLOGY: To Hold EGM of Shareholders on December 28
RIVERWORLD PTY: Members to Receive Wind-Up Report on Dec. 20
SALACIOUS SOLUTIONS: Liquidator to Present Wind-Up Report
SECURENET AUSTRALIA: Members Resolve to Wind Up Operations
WORLD PROPERTY: To Declare First and Final Dividend on Dec. 7


C H I N A   &   H O N G  K O N G

CENTRE OF CHINA: Schedules Final Meeting on December 18
CHINA ORIENWISE: Moody's Rates Proposed U.S. Dollar Bonds at Ba3
CHINATRUST SECURITIES: Fitch Keeps Individual D Rating
CHINA SOUTHERN: Expects US$37.8 Mil. from Planes & Engines Sales
CRAWTEX APPAREL: Members' Final Meeting Slated for Dec. 20

DAIMLERCHRYSLER: Head Confirms Car Venture in China
FHK COMPANY: Creditors Must Prove Debts by December 22
FOUNDATION OF CHINA: To Hold Final Meeting on December 18
KAM YUEN: Appoints Ng Kam Wan as Liquidator
KARALEE LTD: Members Appoint Kevin Chung Ying Hui as Liquidator

LUXLAND DEVELOPMENT: Creditors to Prove Claims on December 16
MASPON COMPANY: Names Kevin Chung Ying Hui as Liquidator
PRESS CARGO: Receives Proofs of Claim Until December 7
SINO AUSTRALIAN: Creditors' Proofs of Claim Due on Dec. 12
WORLDPURSE ENTERPRISES: Appoints Joint Liquidators


I N D I A

BRITISH AIRWAYS: Gives Workers Option to Retire at 60
BRITISH AIRWAYS: American Airlines Sell Iberia Stake for EUR19MM
UCO BANK: Third Quarter 2006 Net Profit Up 2.9%
TATA POWER: Director Sanjay S Bhatia Resigns
UNION BANK OF INDIA: Ties Up with BOI & IDFC on Loan Syndication

UNION BANK OF INDIA: Forms Strategic Alliance with IL&FS Ltd
UTI BANK: Raises US$46 Mil. From Hybrid Tier I Bonds
UTI BANK: Will Raise INR200 Crore By Upper Tier II Debentures
VISTEON CORP: GKN Eyes European & South American Assets


I N D O N E S I A

ANEKA TAMBANG: To Increase 2007 Ferronickel Output by 40%
FREEPORT-MCMORAN: US$25.9-Bln Merger Deal Cues S&P's Watch Neg.
LIPPO KARAWACI: Moody's Changes B1 Rating Outlook to Negative
PT PERTAMINA: Says No Extra Diesel Imports After Explosion


J A P A N

AOZORA BANK: Net Income Ups 18.8% to JPY53.4 Bil. for 1st Half
BANCO BRADESCO: Earns BRL5.03 Billion in Third Quarter 2006
BANCO BRADESCO: Offering Cheap Insurance Products Through Postal
BANCO BRADESCO: Selling Stakes in Firms Outside Core Business
CAPCOM CO: Records Mid-Term Net Sales of JPY29.18 Billion

DAIWA SECURITIES: FSA Finds Insider Trading Involvement
DURA AUTOMOTIVE: Can Access US$300-Million DIP Financing
ELAN CORP: Increases Senior Notes Offer to US$615 Million
FORD MOTOR: Restates First & Second Quarter Financial Statements
MITSUBISHI GAS: Posts 48.8% Increase in Half-Year Net Income

OM GROUP: Selling Nickel Assets to Norilsk for US$408 Million
OM GROUP: Moody's Changes Outlook to Positive on Sale Agreement
OM GROUP: Nickel Assets Sale Prompts S&P to Revise Outlook
SANYO ELECTRIC: To Sell Cellphone and Semiconductor Business
SANYO ELECTRIC: S&P Places Ratings on CreditWatch Negative

SOFTBANK CORP: Unit Fails to Declare JPY8-Bil. Taxable Income


K O R E A

CJ CORP: To Acquire U85% Stake in Omni Food for US$6.8 Million
EUGENE SCIENCE: Inks Distribution Deal with RexGene Biotech
KOREA EXCHANGE BANK: President Rejects Stock-Rigging Allegations
KOREA EXCHANGE BANK: Lone Star Comments on Execs' Warrants
NOVELIS CORP: Moody's Confirms Ba2 Sr. Secured Term Loan Rating

SC FIRST BANK: Net Income for Sept. 2006 Quarter Rose 149%
* Korea's Corporate Earnings Rose 11% in Third Quarter


M A L A Y S I A

AKTIF LIFESTYLE: Bursa to Delist Securities on November 27
ANTAH HOLDINGS: General Meeting Set on December 15
FOREMOST HOLDINGS: Cuts Net Loss to MYR220,000 in 3rd Qtr. 2006
TT RESOURCES: Posts MYR2.75 Mil. Net Loss in 3rd Qtr. 2006


N E W   Z E A L A N D

AIR NEW ZEALAND: Board Appoints Jim Fox as Additional Director
COASTLINES LTD: Liquidation Hearing Set on November 27
FREESTYLE EQUIPMENT: Appoints Joint Liquidators
FREESTYLE NZ: Names Graham and Gibson as Liquidators
KTB PROPERTIES: Creditors Must File Proofs of Debt by Nov. 30

MAINLAND FARMS: Creditors' Proofs of Debt Due on November 30
PARTY JUKEBOX: Court Hears CIR's Liquidation Petition
SHIRE HOMES: Court Sets Liquidation Hearing on February 8, 2007
SIMPLY STOPPING: Creditors' Proofs of Debt Due on Feb. 10
SWINGLINE HOLDINGS: Creditors' Proofs of Claim Due on Dec. 15

THEY SAY: Faces Liquidation Proceedings
WOOD'S STEEL: Court to Hear Liquidation Petition on Nov. 30


P H I L I P P I N E S

FAIRCHILD SEMICONDUCTOR: Loses 1st Phase Trial in POWI's IC Suit
HERTZ CORP: S&P Holds BB- Corp Credit Rtg with Negative Outlook
HERTZ CORP: Parent Selects VDM Specialists to Commence IPO
SBARRO INC: Moody's Assigns Loss-Given-Default Ratings
* Fitch Unlikely to Upgrade Philippines' Credit Rating


S I N G A P O R E

FIVE LINE: High Court Enters Wind-Up Order
FREESCALE: Extends Tender Offer for Senior Notes to Nov. 29
LEAR CORP: Hikes Amount of Offered Notes to US$900 Million
LEAR CORP: Launches Private Offering of US$700MM Senior Notes
LEAR CORP: Moody's Rates US$700-Million Sr. Notes Offering at B3

PDC CORP: Posts Update on Subsidiary's Co-operation Agreement
PDC CORP: Appoints Teng Paul Piang-Siong as Director
PDC CORP: Shareholder Reduces Holdings of Direct Shares
SEE HUP SENG: Updates on Placement Agreement with Subscribers
SELCO NAVIGATION: Pays First and Final Dividend

TRADEWIND GROUP: High Court to Hear Wind-Up Petition on Dec. 1
VITASENCE BIOTECHNOLOGY: Wind-Up Petition to be Heard on Dec. 8


T H A I L A N D

BANGKOK STEEL: Files Amended Petition to Modify Rehab Plan
TANAYONG PCL: Shareholders' Meeting Slated for Dec. 18
TANAYONG PCL: Completes Rehab Plan; Names New Investors
THAI DURABLE: Mulls on Changing Business to Property Development


* Large Companies With Insolvent Balance Sheets
* Leveraged Buyouts in Asia-Pacific Still Evolving, Fitch Says

     - - - - - - - -

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

ASSET TEMPORARY: Liquidator to Present Wind-Up Report on Dec. 21
----------------------------------------------------------------
A final meeting of the creditors of Asset Temporary Personnel
Pty Ltd will be held on Dec. 21, 2006, at 11:00 a.m.

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

The Liquidator can be reached at:

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

                     About Asset Temporary

Asset Temporary Personnel Pty Limited is located in New South
Wales, Australia.  The company operates employment agencies.


BOXY PTY: Final Meeting Schedules for December 19
-------------------------------------------------
The members and creditors of Boxy Pty Ltd will meet for their
final meeting on Dec. 19, 2006, at 11:00 a.m., to receive the
liquidator's account of the company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on April 12, 2006.

The Liquidator can be reached at:

         R. D. M. Smith
         126 George Street
         Morwell, Victoria 3840
         Australia

                         About Boxy Pty

Boxy Pty Ltd is also trading as Moe Foodrite.  The company
operates grocery stores.  Boxy Pty is located in Victoria,
Australia.


BRASHS PTY: To Declare Final Dividend for Unsecured Creditors
-------------------------------------------------------------
Brashs Pty Ltd will declare the final dividend for its unsecured
creditors on Dec. 18, 2006.  Creditors who cannot prove their
claims by Dec. 12, 2006, will be excluded from sharing in the
distribution.

The joint and several deed administrators can be reached at:

         Lindsay Philip Maxsted
         KPMG
         Level 2, 161 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9288 5555

                        About Brashs Pty

Brashs Pty Ltd is an Australian consumer electronics and music
retailer, which is located in Victoria, Australia.


ETC ELECTRONIC: Members Resolve to Wind Up Firm
-----------------------------------------------
At a general meeting held on Nov. 2, 2006, the members of ETC
Electronic Trading Concepts Pty Ltd resolved by way of special
resolution to voluntarily wind up the company's operations.

The joint and several liquidators can be reached at:

         Simon A. Wallace-Smith
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                      About ETC Electronic

ETC Electronic Trading Concepts Pty Ltd -- http://www.etc.com.au
-- is a provider of electronic commerce constancy and research
services.  The company was established in 1991 by the merger of
independent consulting practices.

The company is based in Sydney with offices in Canberra and
Melbourne, Australia.


ETC HOLDINGS: Members Opt for Voluntary Wind-Up
-----------------------------------------------
The members of ETC Holdings Pty Ltd met on Nov. 2, 2006, and
resolved to voluntarily wind up the company's operations.

The Joint and Several Liquidators can be reached at:

         Simon A. Wallace-Smith
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                       About ETC Holdings

ETC Holdings Pty Limited specializes in durable goods.  The
company is located in New South Wales, Australia.


FORTESCUE METALS: Replaces Connell as Pilbara Project Engineer
--------------------------------------------------------------
Connell Wagner lost its contract on Fortescue Metals Group's
AU$3.7 billion Pilbara iron ore project after a dispute over
fees, WA Business News reports.

WA Business relates that Connell Wagner had the unusual role of
independent engineer and it was charged with protecting the
interests of note holders that had loaned Fortescue with
AU$2.6 billion.  Specifically, Connell was tasked to audit
expenditure on the project.

The report cites Fortescue executive director Graeme Rowley
asserting that Connell Wagner's fees were "above what we
expected."  Therefore, it had agreed to step down from the role,
Mr. Rowley said.

Accordingly, The Bank of New York, in its capacity as trustee
for the note holders, appointed international firm Behre Dolbear
as the replacement independent engineer, WA Business relates.

Fortescue's wholly owned subsidiary -- FMG Finance Pty Ltd --
advises that the appointment of a new Independent Engineer was
pursuant to the secured notes that are listed on the Singapore
Stock Exchange.

Mr. Rowley clarified that Behre's appointment did not reflect on
the project's progress, noting that work is continuing according
to plan, WA Business says.

Mr. Rowley added that WorleyParsons role as the main engineering
contractor is unaffected.

WA Business states that the forecast capital costs for
Fortescue's project is AU$2.2 billion, which includes a
contingency of AU$198 million.

WA Business recounts that Fortescue previously disclosed
obtaining regulatory and environmental approvals have delayed
work on the project.  Thus, Fortescue increased the number of
"work faces" on its rail line and doubled shifts in certain
areas.

According to WA Business, the extra cost of the revised program
was estimated at AU$15 million and was designed to enable the
company to meet its target of commissioning the project in the
first quarter of 2008.

Behre Dolbear has extensive experience across the international
mining and engineering industry and has provided Independent
Engineer services on many large projects.

                        About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                          *     *     *

Fortescue reported total assets of AU$221 million and total
liabilities of AU$84 million as of June 30, 2006.

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.


GIPPSLAND DEVELOPMENT: Members' Final Meeting Slated for Dec. 20
----------------------------------------------------------------
Gippsland Development Ltd, which is in liquidation, will hold a
final meeting for its members on Dec. 20, 2006, at 11:00 a.m.

During the meeting, Liquidator R. D. M. Smith will present an
account of the company's wind-up proceedings.

The Liquidator can be reached at:

         R. D. M. Smith
         126 George Street
         Morwell, Victoria 3840
         Australia

                  About Gippsland Development

Gippsland Development Ltd --
http://www.gippslanddevelopment.com.au/-- which was established  
in August 1995, is a regional development body formed to be a
catalyst for economic development across the Gippsland region
linking the efforts of participating Shires and the private
sector at state, national, and international levels.


ISECURE PTY: Members Decide to Close Operations
-----------------------------------------------
On Nov. 2, 2006, the members of ISecure Pty Ltd held a general
meeting and resolved by way of special resolution to voluntarily
wind up the company's operations.

The Joint and Several Liquidators can be reached at:

         Simon A. Wallace-Smith
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                       About Isecure Pty

Isecure Pty Ltd is located in ACT, Australia.  The company is
engaged with security systems services.


MITSUBISHI MOTORS AUSTRALIA: Posts AU$225 Mln Loss for FY 2006
--------------------------------------------------------------
Mitsubishi Motors Australia Ltd. posted an improved
AU$226-million loss for the year to March 31, 2006, compared
with the previous year's AU$614-million loss, The Age reports.

According to the report, the loss meant that the company
continues to be dependent on its parent -- Mitsubishi Motors
Corporation of Japan -- for survival.

However, MMC has no plans to close its assembly factory in
Australia, Naoko Fujimura of Bloomberg News reports.

Mitsubishi Motors Australia's loss was attributed to the
company's operating losses and further write-downs, the report
says.

The operating loss reflected the financial strain of launching
the 380, after an investment of more than AU$600 million, The
Age reveals.  

According to the paper, Mitsubishi Motors Australia's unit sales
and market share have eased this year, partly due to the
disappointing reception given the 380 and the withdrawal from
production overseas of models that sold well in Australia.

According to chief executive Rob McEniry, the 380's reduced
pricing structure had resulted in repayments of AU$3.6 million
to early buyers of the 380.  The decision was made early this
year, The Age notes.

Mr. McEniry asserted that the car was proving the best
Mitsubishi Motors Australia had built, the paper relates.

Mr. McEniry also explained that more than half the reported loss
related to costs associated with closing the Lonsdale engine
plant in late 2005 as well as the retrenchments in the car
assembly operation, The Age relates.

The redundancies cost AU$18.8 million and the asset write-down
flowing from the Lonsdale closure cost a further AU$117 million,
Mr. McEniry revealed.

                Auditor's Going Concern Doubt

In its report, the auditor of Mitsubishi Motors Australia --
PricewaterhouseCoopers -- said that there was "significant
uncertainty" about the company's status as a going concern, The
Age reveals.

The Age cites PWC's report as saying, ". . .there is significant
uncertainty whether MMAL will continue as a going concern, as
MMC's financial report discloses a significant doubt about the
premise of MMC continuing as a going concern."

The paper notes that the auditor questioned the strength of the
undertaking of the parent company's directors, which provided
sufficient financial assistance to sustain Mitsubishi Motors
Australia's operations.

The Age discloses that MMC posted a JPY5.5 billion (AU$60
million) loss for the six months to September 30, 2006, an
improvement from a AU$216 million loss in the previous
corresponding period.

The paper says, Mitsubishi Motors Australia's loss left the
company with shareholders' funds of just AU$12.6 million.  The
company's report however, did not indicate whether MMC plans to
inject more capital, The Age relates, noting that MMC converted
AU$220 million of loans into equity in the previous year.

According to Bloomberg, Mitsubishi Motors Australia's factory in
Adelaide has been operating at partial capacity due to a lack of
customers.  The plant's production fell to 36% to 5,340 vehicles
in the six months ended Sept. 30, 2006, from 8,338 in the same
period a year ago.  The plant was built for a capacity of 29,000
units a year, Bloomberg notes.

Sales in Australia and New Zealand fell 8% to 30,600 units in
the six-month period, Bloomberg relates.

However, The Age notes that Mitsubishi Motors Australia has been
performing better this year and has already reported two
payments to MMC during the year.

                About Mitsubishi Motors Australia

Mitsubishi Motors Australia, Ltd. -- http://www.mitsubishi-
motors.com.au/ -- headquartered in Clovelly Park, Adelaide,
South Australia -- is a fully owned subsidiary of Mitsubishi
Motors Corporation of Japan.  Mitsubhishi Australia has branch
offices in Brisbane, Sydney, Melbourne, and Perth.

Mitsubishi Motors Australia is both a domestic manufacturer and
importer of vehicles.  In 2005, Mitsibishi Motors brought a
number of new and exciting models to Australia including the
Lancer Evolution IX, Grandis, Outlander and Colt. These vehicles
join the well-established Mitsubishi range which includes
Pajero, Triton, Lancer, and the locally produced 380.

Mitsubishi Motors has over 2,000 direct employees and a 200-plus
strong national dealer network.


PRANA BIOTECHNOLOGY: Raises AU$7.8 Million from Investors
---------------------------------------------------------
On November 21, 2006, Prana Biotechnology Limited disclosed that
it has entered into agreements to raise AU$7.8 million (US$6.0
million) from new institutional investors in Australia, existing
institutional investors in the United States, and a founding
member of the Company.

As a result, the Company now has AU$13.2 million (US$10.2
million) in cash to immediately commence its Phase IIa trial of
PBT2 in Patients with early Alzheimer's disease, for which it
has received full regulatory approval in Sweden.

As reported in the Troubled Company Reporter - Asia Pacific on
October 23, 2006, the company disclosed that it has received
regulatory approval from Sweden's Medical Products Agency to
start a Phase IIa clinical trial of its proprietary lead
compound, PBT2, in patients with early Alzheimer's disease.

The investment involves the purchase of approx. 21.8 million
ordinary shares (equivalent to 2.18 million ADRs) at a price of
AU$0.357 per ordinary share (approximately US$2.80 per ADR).  In
addition, the investors receive three-year options to purchase
an additional 4.35 million ordinary shares (equivalent to
435,000 ADRs) at an exercise price of AU$0.446 per ordinary
share (approximately US$3.40 per ADR), which could raise an
additional AU$1.94 million (US$1.5 million) for the Company.

Geoffrey Kempler, Chairman and CEO, says the proceeds raised in
this private offering will fully fund the upcoming Phase IIa
clinical trial of PBT2 to its conclusion.

Prana has received the regulatory and ethics approvals needed to
start the Phase IIa study of patients with early Alzheimer's
disease at seven Swedish sites. Screening of patients will
commence next week.  The Company plans to announce the results
of the PBT2 Phase IIa trial in the fourth quarter of calendar
year 2007.

Mr. Kempler concludes "[Prana] plans to use the balance of the
funds raised [on Nov. 21] for other activities over the next 12
months. . ."

Prana Biotechnology had 12.84 million ADRs (128,394,260 ordinary
shares) outstanding as of September 21, 2006.  This private
placement will increase the total issued shares to 14.99 million
ADRs (149,974,092 ordinary shares).  Each 10 Prana ordinary
shares traded on the ASX (ticker: PBT) is equivalent to a single
ADR traded on the NASDAQ Stock Market (ticker: PRAN).

The placement will proceed in two stages:

   1. in respect of shares available for immediate issue (to
      raise a total of approximately AU$5.6 million); and

   2. with the balance to be issued upon the Company receiving
      shareholder approval at a general meeting which will be
      called shortly.

                   About Prana Biotechnology

Based in Melbourne, Australia Prana Biotechnology Limited
(Nasdaq: PRAN, ASX: PBT) --http://www.pranabio.com/-- provides  
and develops therapies for age-related disease, initially
focussing on the treatment of Alzheimer's Disease.  Other
potential applications for the company's technology include
Cataracts, Tardive Dyskinesia, Creutzfeldt-Jakob Disease, Motor
Neuron Disease and Parkinson's Disease.

                         *     *     *

On October 23, 2006, the Troubled Company Reporter - Asia
Pacific reported that Prana Biotechnology' independent
registered public accountants -- Deloitte Touche Tohmatsu --
expressed substantial doubt about the company and its
subsidiaries' ability to continue as a going concern after
auditing Prana Biotechnology's financial statements for the
fiscal years ended June 30, 2006 and 2005.  The auditing firm
pointed to the company's recurring losses from operations and
negative cash flows from operations.

Prana Biotechnology recorded loss from operations amounting to
AU$12,481,332 for the year ended June 30, 2006, and
AU$18,691,564 for the year ended June 30, 2005.  Net loss for
the year ended June 30, 2006, was AU$11,719,309, and for the
year ended June 30, 2005, was AU$17,799,429.

The TCR-AP also noted that as a result of obtaining regulatory
approval to initiate a Phase IIa clinical trial of its
proprietary lead compound, PBT2, in patients with early
Alzheimer's disease, the company will need to raise additional
cash.


PRANA BIOTECHNOLOGY: To Hold EGM of Shareholders on December 28
---------------------------------------------------------------
Prana Biotechnology Limited will hold an Extraordinary General
Meeting of Shareholders at 9:00 a.m., on December 28, 2006, at
Suite 1, 1233 High Street, in Armadale, Victoria.

At the meeting, it will be considered and, if deemed advisable,
to adopt these resolutions as ordinary resolutions with or
without amendment:

   1. Approval of Prior Issue of Securities:

      "That the Members approve the issuance of 15,616,246
       ordinary shares and grant of options to purchase
       3,123,248 ordinary shares of the Company that were
       previously issued and granted by the Company pursuant to
       the terms stated in the Explanatory Memorandum;" and

   2. Approval of Issue of Securities:

      "That the Members approve the issuance of 6,148,222
       ordinary shares and grant of options to purchase
       1,229,645 ordinary shares of the Company that will be
       issued pursuant to the terms stated in the Explanatory
       Memorandum."

The Explanatory Memorandum is attached to the notice of the
meeting posted at the company's Web site.

                   About Prana Biotechnology

Based in Melbourne, Australia Prana Biotechnology Limited
(Nasdaq: PRAN, ASX: PBT) --http://www.pranabio.com/-- provides  
and develops therapies for age-related disease, initially
focussing on the treatment of Alzheimer's Disease.  Other
potential applications for the company's technology include
Cataracts, Tardive Dyskinesia, Creutzfeldt-Jakob Disease, Motor
Neuron Disease and Parkinson's Disease.

                         *     *     *

On October 23, 2006, the Troubled Company Reporter - Asia
Pacific reported that Prana Biotechnology' independent
registered public accountants -- Deloitte Touche Tohmatsu --
expressed substantial doubt about the company and its
subsidiaries' ability to continue as a going concern after
auditing Prana Biotechnology's financial statements for the
fiscal years ended June 30, 2006 and 2005.  The auditing firm
pointed to the company's recurring losses from operations and
negative cash flows from operations.

Prana Biotechnology recorded loss from operations amounting to
AU$12,481,332 for the year ended June 30, 2006, and
AU$18,691,564 for the year ended June 30, 2005.  Net loss for
the year ended June 30, 2006, was AU$11,719,309, and for the
year ended June 30, 2005, was AU$17,799,429.

The TCR-AP also noted that as a result of obtaining regulatory
approval to initiate a Phase IIa clinical trial of its
proprietary lead compound, PBT2, in patients with early
Alzheimer's disease, the company will need to raise additional
cash.


RIVERWORLD PTY: Members to Receive Wind-Up Report on Dec. 20
------------------------------------------------------------
Riverworld Pty Ltd, which is in liquidation, will hold a final
meeting for its members on Dec. 20, 2006, at 10:00 a.m.

At the meeting, the members will receive a report regarding the
company's wind-up proceedings from Liquidator G. J. Keith.

The Liquidator can be reached at:

         G. J. Keith
         Grant Thornton
         Rialto Towers
         Level 35, South Tower
         525 Collins Street, Melbourne
         Australia

                      About Riverworld Pty

Riverworld Pty Ltd is involved with real estate investment
trusts.  The company is located in Victoria, Australia.


SALACIOUS SOLUTIONS: Liquidator to Present Wind-Up Report
---------------------------------------------------------
The members and creditors of Salacious Solutions Pty Ltd will
hold a final meeting on Dec. 22, 2006, at 9:15 a.m., to receive
the liquidator's report on the company's wind-up proceedings.

The Liquidator can be reached at:

         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         East Hawthorn, Victoria 3123
         Australia
         Telephone: 9882 6666

                    About Salacious Solutions

Salacious Solutions Pty Ltd is located in Victoria, Australia.  
The company manufactures physical fitness facilities.


SECURENET AUSTRALIA: Members Resolve to Wind Up Operations
----------------------------------------------------------
At a general meeting held on Nov. 2, 2006, the members of
Securenet Australia Pty Ltd resolved by way of special
resolution to voluntarily wind up the company's operations.

The Joint and Several Liquidators can be reached at:

         Simon A. Wallace-Smith
         Timothy B. Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000

                    About Securenet Australia

Securenet Australia Pty Ltd is involved with unit investment
trusts, face-amount certificate offices, and closed-end
management investment offices.  The company is located in
Victoria, Australia.


WORLD PROPERTY: To Declare First and Final Dividend on Dec. 7
-------------------------------------------------------------
The World Property Investment Pty Ltd, which is subject to a
deed of company arrangement, will declare the first and final
dividend on Dec. 7, 2006.

Creditors are required to submit their proofs of debt by Dec. 5,
2006, or they will be excluded from sharing in the distribution.

The Deed Administrator can be reached at:

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

                      About World Property

World Property Investments Pty Ltd is located in Victoria,
Australia.  The company developes land subdividers except
cemeteries.


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

CENTRE OF CHINA: Schedules Final Meeting on December 18
-------------------------------------------------------
Centre of China Studies Ltd, which is in liquidation, will hold
a final general meeting for its members and creditors on Dec.
18, 2006, at 3:00 p.m.

At the meeting, Liquidator Chang Lai Ying will present an
account of the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         Chang Lai Ying
         Room Y7315, City University of Hong Kong
         Tat Chee Avenue, Kowloon
         Hong Kong


CHINA ORIENWISE: Moody's Rates Proposed U.S. Dollar Bonds at Ba3
----------------------------------------------------------------
On November 22, 2006, Moody's Investor Service assigned a Ba3
foreign currency senior unsecured rating to the proposed US$
bonds of China Orienwise Limited.  The rating outlook is stable.

This senior unsecured bond rating follows Moody's earlier
assignment of a Ba3 corporate family rating to China Orienwise.

Moody's expects to affirm and remove the bond rating from its
provisional status upon the bond's issuance.

The proposed bonds will mature in 2011.  However, if the company
becomes a publicly listed company, it will have an option to
call 35% of the bonds at a premium equal to the coupon.  The
bond is issued together with certain units of warrants, which
are not rated by Moody's.

The corporate family rating is based on the group's combined
credit worthiness.  China Orienwise is an offshore holding
company for its business operations in China.  "Although China
Orienwise is structurally subordinated to its operating
subsidiaries in China, Moody's did not notch the bond from the
company's corporate family rating of Ba3, reflecting the fact
that the company and its subsidies are restricted from taking on
debt except for regular business operations," says May Yan, a
Moody's VP/Senior Credit Officer.

China Orienwise and its subsidiaries are designated as
restricted entities in the bond covenants and are subject to
standard high-yield covenants such as limitation on the
incurrence of additional indebtedness and limitations on
transferring assets outside of the restricted entity etc," says
Yan.

"The rating further factors in the expectation that the
company's ultimate parent Credit Orienwise will not take on
additional debt before the bonds mature or are fully redeemed,"
says Yan.

"In addition, the preference shares of the strategic investors,
which were invested into the parent company Credit Orienwise,
will be 100% convertible to common shares on a mandatory basis
if the group lists publicly," adds Yan.

"The preference shares further contain put options which would
return the shares to the parent, but they can only be exercised
after the proposed bonds mature or are fully redeemed.
Similarly, dividends paid out against the preference shares are
cumulative, but only payable after the bonds mature or are fully
redeemed," says Yan.

The Ba3 rating is contingent upon the final offering terms and
conditions for the US$ bonds not showing any significant
difference from those already reviewed by Moody's.

China Orienwise Limited, headquartered in Shenzhen, is a leading
private guarantee company in China.  Its key businesses include
corporate, individual and performance guarantees, entrusted
lending, and advisory services.

As of August 31, 2006, the company had total assets of CNY2.6
billion. The company is 100% owned by the ultimate parent Credit
Orienwise Group, which is in turn majority owned by the founder
Mr. Zhang Kai Yong through Credit Orienwise International.

Other strategic investors for the Credit Orienwise Group include
the Asian Development Bank, Citigroup Venture Capital
International and Carlyle.


CHINATRUST SECURITIES: Fitch Keeps Individual D Rating
------------------------------------------------------
On November 22, 2006, Fitch Ratings affirmed the ratings of
Chinatrust Securities Co and the outstanding debt issues:

   * Long Term Foreign Currency IDR:  BBB+;
   * Short Term Foreign Currency IDR: F2;
   * National Long-term:  AA-(twn);
   * National Short-term: F1(twn);
   * Individual D; and
   * Support 2.

The Outlook for all the ratings is Negative.

At the same time, Fitch Ratings affirmed the ratings of
Chinatrust Financial Holding Company and its subsidiaries
Chinatrust Commercial Bank and Chinatrust Bills Finance.

The ratings affirmation is based on Chinatrust's strong market
presence in major consumer and institutional banking segments,
diversified revenue profile, and sound capitalization.  The
ratings of CTBF and CTSC also incorporate the obligated support
by its parent CFHC.  The Negative Outlook of the group's ratings
reflects the anticipated below-trend profitability of the
principal operating subsidiary CTCB in the next six to 12 months
and concerns over the investigation of the fraudulent
investments of Mega Financial Holding, which may negatively
affect the stability of the management.

Fitch views the group's ability to maintain their current
capital strength and management stability as critical rating
factors to support their existing rating levels.

Chinatrust's profitability has been among the strongest in the
Taiwanese financial industry except the loss made in the period
January to September 2006 as a result of the sizeable
provisioning to absorb CTCB's unsecured consumer lending credit
losses.  Nonetheless, its pre-provision profit -- up 12% year on
year -- remained good due to the strong increase in wealth
management fees and securities trading income, and moderate
decrease in operating expenses, offsetting the decreased
revenues from its shrinking unsecured consumer lending
portfolio.

Fitch expects to see gradual decline in CTCB's provisioning
throughout H206 and 2007 after the sizable charge-offs and
industry-wide debt restructuring efforts.  Nonetheless, bottom-
line profits would remain weak for the next six to 12 months,
negatively affected by additional provisioning needed to tackle
lapsed repayments coming out of restructured debts and decreased
revenues from the bank's shrinking unsecured consumer lending
business.

CFHC and its major subsidiaries have sound capitalisation
although CTCB suffered a loss in the first three quarters of
2006.  Fitch foresees the bank's capital strength to gradually
improve under the expectations that its profitability should
return to a better level after a rather difficult 2006.

Chinatrust has been acquisitive aiming at raising its regional
competitiveness.  The latest acquisition of 15% of the state-
controlled Mega, Taiwan's third largest financial group, is
currently under prosecutors' investigation for accusation of
related parties' profiteering from the share transactions.  The
episode exposes the weakness of the company's corporate
governance, although Fitch reckons the related financial
impacts, if any, is limited.

Last but not the least, the heightened investigations and media
coverage of this scandal could work in a positive way, in
Fitch's view, as it could push the company towards adopting a
better corporate governance regime.

Chinatrust is a bank-centric financial holding group.  CTCB, the
flagship member of the group, constitutes over 90% of the
consolidated assets and is the largest private-sector bank in
Taiwan.  Assisted by its sister companies, the bank operates an
open and integrated sales platform to provide comprehensive
wholesales banking and retail banking services.  CTBF has
positioned itself as a professional dealer for money market and
fixed-income papers.

CTSC targets institutional investors focusing on wholesale
investment banking and related market making and has a relative
small brokerage business.


CHINA SOUTHERN: Expects US$37.8 Mil. from Planes & Engines Sales
----------------------------------------------------------------
China Southern Airlines Co Ltd is expecting a gain of CNY297
million or US$37.8 million from the sale of three planes and two
spare engines, Reuters reports.

China Southern said in a statement that it had agreed to sell
the B757-200 planes and engines to Dart Group Plc at an
undisclosed sum, the report notes.

                          *     *     *

Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings has downgraded China Southern
Airlines Company Limited's Foreign Currency and Local Currency
Issuer Default Ratings to B+ from BB-.

The Troubled Company Reporter - Asia Pacific reported in April
2006, that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


CRAWTEX APPAREL: Members' Final Meeting Slated for Dec. 20
----------------------------------------------------------
Crawtex Apparel Manufactory Ltd, which entered a wind-up of its
operations, will hold a final general meeting for its members on
Dec. 20, 2006, at 2:30 p.m.

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

The Liquidator can be reached at:

         Oliver Chi Choi Kwong
         Unit 511, 5/F
         Tower 1, Silvercord
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


DAIMLERCHRYSLER: Head Confirms Car Venture in China
---------------------------------------------------
Dieter Zetsche, CEO of DaimlerChrysler AG, confirmed that a
possible joint venture is being discussed with Chinese
automakers that would make cars for the Dodge brand for sale in
the United States, Reuters reports.

Mr. Zetsche, during a visit prior to the Beijing Auto Show said
"the company was in talks with several possible partners about
producing smaller, more fuel-efficient cars as demand for SUVs
and larger models decline," the report relates.

Asked by Reuters if Chery was the preferred partner, he replied:
"It's fair to say."

On October 2, 2006, The Troubled Company Reporter - Asia Pacific
reported on the company's plans for a partnership with China's
Chery Automobile to produce cars for sale in the United States
and other markets.  

Mr. Zetsche said that a decision would be reached in the "not so
far future," but did not provide a timetable.

China, Reuters relates, has the world's second-largest car
market after the United States, with 7 million new vehicle sales
per year.

In September, DaimlerChrysler formally opened its first factory
to make Mercedes-Benz and Chrysler sedans in China -- part of
the company's US$1.9 billion investment in China, Reuters
recounts.  

The Beijing factory, which produces Mercedes E-Class and
Chrysler 300C sedans, as well as Mitsubishi's Outlander sport
utility vehicles, is a joint venture with a Chinese partner,
state-owned Beijing Automotive Industries Corp.

                      About DaimlerChrysler

DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- engages  
in the development, manufacture, distribution, and sale of
various automotive products, primarily passenger cars, light
trucks, and commercial vehicles worldwide.  It primarily
operates in four segments: Mercedes Car Group, Chrysler Group,
Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and accessories
under the MOPAR brand.

DaimlerChrysler has operations in China, Australia, Indonesia,
Japan, Korea, Malaysia, and Thailand.

                         *     *     *

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

To improve the earnings situation of the Chrysler Group as
quickly and comprehensively, measures to increase sales and cut
costs in the short term are being examined at all stages of the
value chain, in addition to structural changes being reviewed as
well.


FHK COMPANY: Creditors Must Prove Debts by December 22
------------------------------------------------------
Creditors of FHK Company Ltd are required to submit their proofs
of debt to Liquidator So Man Sing by Dec. 22, 2006, for them to
share in any distribution the company will make.

The Liquidator can be reached at:

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


FOUNDATION OF CHINA: To Hold Final Meeting on December 18
---------------------------------------------------------
The final general meeting of the members and creditors of
Foundation of China Studies Ltd will be held on Dec. 18, 2006,
at 3:30 p.m.

During the meeting, Liquidator Chang Lai Ying will give an
account of how the company was wound up and the manner its
properties were disposed of.

The Liquidator can be reached at:

         Chang Lai Ying
         Room Y7315, City University of Hong Kong
         Tat Chee Avenue, Kowloon
         Hong Kong


KAM YUEN: Appoints Ng Kam Wan as Liquidator
-------------------------------------------
Ng Kam Wan was appointed liquidator of Kam Yuen Building
Supplies Ltd by a special resolution passed on Nov. 17, 2006.

The Liquidator can be reached at:

         Ng Kam Wan
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


KARALEE LTD: Members Appoint Kevin Chung Ying Hui as Liquidator
---------------------------------------------------------------
At an extraordinary general meeting held on Nov. 10, 2006, the
members of Karalee Ltd appointed Kevin Chung Ying Hui as the
company's liquidator by virtue of a special resolution.

The Liquidator can be reached at:

         Kevin Chung Ying Hui
         16/F, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


LUXLAND DEVELOPMENT: Creditors to Prove Claims on December 16
-------------------------------------------------------------
Creditors of Luxland Development Ltd are required to submit
their proofs of claim to Liquidators Chan Kwai Ping and Wong
Kwok Wai Albert by Dec. 16, 2006.

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

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


MASPON COMPANY: Names Kevin Chung Ying Hui as Liquidator
--------------------------------------------------------
Kevin Chung Ying Hui on Nov. 10, 2006, was appointed liquidator
of Maspon Company Ltd by virtue of a special resolution.

The Liquidator can be reached at:

         Kevin Chung Ying Hui
         16/F, Ocean Centre
         Harbour City, Canton Road
         Kowloon, Hong Kong


PRESS CARGO: Receives Proofs of Claim Until December 7
------------------------------------------------------
Liquidators Bruno Arboit and Simon Blade are receiving proofs of
claim from creditors of Press Cargo (Hong Kong) Ltd until
Dec. 7, 2006.

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

The Liquidators can be reached at:

         Bruno Arboit
         Simon Blade
         12/F, China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road, Central
         Hong Kong


SINO AUSTRALIAN: Creditors' Proofs of Claim Due on Dec. 12
----------------------------------------------------------
Liquidator James Andrew Ward requires the creditors of Sino
Australian Vocational Enterprises Ltd to submit their proofs of
claim by Dec. 12, 2006.

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

On November 23, 2006, the Troubled Company Reporter - Asia
Pacific reported that shareholders of Sino Australian passed a
special resolution to voluntarily wind up the company's
operations.

The Liquidator can be reached at:

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


WORLDPURSE ENTERPRISES: Appoints Joint Liquidators
--------------------------------------------------
On Nov. 8, 2006, James T. Fulton and Cordelia Tang were
appointed as joint and several liquidators of WorldPurse
Enterprises Ltd.

The Joint and Several Liquidators can be reached at:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong

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

BRITISH AIRWAYS: Gives Workers Option to Retire at 60
-----------------------------------------------------
British Airways Plc met its trade unions Thursday to continue
consultation over tackling the GBP2.1 billion deficit in its New
Airways Pension Scheme.

The meeting follows an agreement in principle between the
airline and the NAPS trustees on a funding plan to pay off the
deficit, subject to staff accepting benefit changes.

A major issue for the staff and unions is the raising of the
normal retirement age to 65 from 55 for aircrew and 60 for
ground staff.

The airline has now included the option of a normal retirement
age of 60 in return for increased contribution rates:

    * For ground staff: an increase from 5.25 percent to 10
      percent; and

    * For air crew: 6.5 percent to 11.25 percent increase for
      the first five years.  

After five years, rates will be harmonized at 10 percent for
all.

BA will raise its annual contributions from GBP235 million to
GBP272 million.

"We recognize that normal retirement age was a sticking point
and we have put forward an option that allows staff to retire at
60," British Airways chief financial officer Keith Williams
said.  "Staff can still choose not to pay any extra but it will
mean working longer to get the same pension."

                    Funding Plan Agreement

As reported in the TCR-Europe on Nov. 20, British Airways and
the NAPS trustees have agreed in principle a ten-year funding
plan to tackle its GBP2.1 billion deficit.

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

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

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

                       About the Company

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

                          *     *     *

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


BRITISH AIRWAYS: American Airlines Sell Iberia Stake for EUR19MM
----------------------------------------------------------------
British Airways Plc purchased American Airline's remaining stake
in Iberia, which amounts to around one percent of Iberia's
issued share capital for around EUR19 million (or GBP13
million).

This now takes BA's total share holding from some nine to ten
percent.  The company said the transaction is intended to
preserve British Airways' two seats on the Iberia board.

                       About the Company

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

                          *     *     *

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


UCO BANK: Third Quarter 2006 Net Profit Up 2.9%
-----------------------------------------------
UCO Bank Limited recorded INR1.007 billion in net profit for the
quarter ended September 30, 2006, a 2.9% increase from the
INR978.7 million in the corresponding quarter last year.

Total income rose by 21.17%, to INR14.106 billion in the
September 2006 quarter from INR11.641 billion in the September
2005 quarter.

Expenses also rose in the 3rd quarter of 2006.  For the
September 2006 quarter, the bank incurred expenses totaling
INR11.899 billion, up 19.35% from last year's INR978.7 million.

                        About UCO Bank

UCO Bank Limited -- http://www.ucobank.in/-- is a commercial    
bank that also operates two international financial centers, in
Hong Kong and Singapore.  It has approximately 2000 service
units spread all over India.  It undertakes foreign exchange
business in more than 50 centers in India.  The company also has
foreign exchange dealing operations at four centers.  It caters
to the segments of economy, such as agriculture, industry, trade
& commerce, service sector and infrastructure sector.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual
rating to 'D' from 'D/E'.  At the same time, Fitch affirms the
bank's support ratings at 4.  All ratings are with a stable
outlook.


TATA POWER: Director Sanjay S Bhatia Resigns
--------------------------------------------
Tata Power Company Ltd informed the Bombay Stock Exchange that
Sanjay S Bhatia, State Government Director on the company's
board, tendered his resignation.

Mr. Bhatia's resignation from the director post took effect on
October 27, 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.


UNION BANK OF INDIA: Ties Up with BOI & IDFC on Loan Syndication
----------------------------------------------------------------
Bank of India and Union Bank of India joined hands with
Infrastructure Development Finance Co. Ltd. for loan
syndication.

Announcing the arrangement at Mumbai, BOI Chairman and Managing
Director Shri M. Balachandran said that the two banks, who have
a good number of common customers, would like to give a single
stop service to such customers to meet all their financial needs
including arranging long term fund requirements for setting up
new projects or expansion of existing facilities.

Shri M. V. Nair, chairman and managing director of UBI, said
that this is the first time two public sector banks have entered
into a formal working arrangement to pool their skill sets to
provide a single window solution to customers.

Dr. Rajiv Lall, managing director and chief executive officer of
IDFC, said that the company has vast experience in appraising
large infrastructure projects whereas BOI and UBI have
experience in appraising working capital finance apart from
project financing.  In the present days of large project
funding, pooling of skills of the three organizations will not
only help handling the project finance requirement with speed,
but also help these organizations to develop talents over a wide
spectrum of industries.

The arrangement will facilitate joint identification, marketing,
appraisal and underwriting of project finance, which will
provide a total solution to the promoters.

At the same platform BOI and UBI announced a few more
initiatives of working together.  One such initiative is to
offer Cash Management Services leveraging the technology and
branch network of each other.  Both the Banks are using the same
IT platform.

While BOI has implemented Core Banking Solution in 1008 branches
covering more than 300 cities in 17 States, UBI has implemented
Core Banking Solutions in 850 branches covering 241 cities in 22
states.

The arrangement will enable both banks to offer speedier and
much efficient cheque collection facilities to their customers.
Apart from a very strong presence in Western India, the inter-
connected branch network of both the banks in other parts of the
country will supplement the geographical spread and pass on the
benefits to the customers.  Such services till now available to
corporate customers only will be made available to individual
customers.

"Time has now come to pass on the benefits of technology
implementation in banks to the individual customers of the banks
in the form of improved collection services," said Shri
M.V.Nair.

Yet another area where the banks will join hands is in
international operations.

BOI will be the preferred bank for UBI for their
overseas operations.  

Commenting on the arrangement Shri Balachandran said
that BOI is having a strong international presence with 24
offices in 12 countries and will be soon expanding its
operations to four more countries.  This extensive network will
be made available to Union Bank of India for all their
overseas operations including raising of resources.

Both the banks will be sharing their extensive training
facilities for mutual benefits.  While BOI has their Management
Development Institute at Belapur, Navi Mumbai and Staff Training
Colleges at NOIDA (UP), Bhopal (MP), Kolkata (WB) and Chennai
(TN) and state of the art IT Training facility at Pune, UBI is
having their major training facility and Union Bank School of
Management at Bangalore.  Apart from training college, UBI has
its Training Centres at Gurgaon (Haryana), Lucknow (UP),
Ahmedabad (Gujarat), Bhopal(MP), Bhubaneswar (Orissa), Mumbai
and Aluva (Kerala).

The unique sharing arrangement will help both the Banks to
effectively use their resources to optimum level and at the same
time achieve economies of scale and cost saving.  The
arrangement will not only help in taking training to the
doorsteps of the trainees thereby saving on cost and time but
also help in sharing expertise and infrastructure developed by
both the banks over a period of time.

Both the banks are also looking for working together in some
more areas, which are under discussion.  The whole idea is to
pool the limited and scarce resources/expertise together so as
to achieve benefits in terms of costs and improve delivery to
the customers.

                     About Union Bank of India

Union Bank of India -- http://www.unionbankofindia.com/-- is    
one of the ten largest Indian banks with total assets of over
INR800 billion as on March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

For the year ended March 31, 2006, Union Bank reported a PAT of
INR6.7 billion on total income (net of interest expenses) of
INR23.74 billion.  For the quarter ended June 2006, the bank
reported a PAT of INR1.7 billion (INR2.4 billion for the
corresponding period of the previous year) on a total income of
INR6.35 billion.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgrades the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UNION BANK OF INDIA: Forms Strategic Alliance with IL&FS Ltd
------------------------------------------------------------
Union Bank of India and Infrastructure Leasing & Financial
Services Limited entered into a Strategic Alliance by signing a
Memorandum of Understanding on November 21, 2006, the parties
said in a press release.

According to the release, the MoU aims to establish a platform
for providing Banking and Custodian-cum-Demat services to
Foreign Institutional Investors investing in Indian Capital
Market.

The alliance is envisaged between the two entities, primarily to
tap business opportunities generated from investments made by
FIIs in Indian Capital Market.   With sustained growth in
economy and benchmark stock indices reaching record highs, UBI
and IL&FS believes strong interests from FIIs will continue in
the coming years too.

Under the arrangement, IL&FS will jointly offer Banking and
Custodial Services to FII clients.  While IL&FS will play the
role of Domestic Custodian to the FII clients and will undertake
the settlement of the FII trades executed on the Exchanges and
provide electronic safe-keeping and corporate action management
of their Investments, Union Bank will act as Banker to the FIIs
and manage the remittance of funds, computation of tax and other
related banking activities.

IL&FS is one of India's leading infrastructure development and
finance companies, promoted by leading Indian and Foreign Banks
and Financial Institutions with twin mandates:

   -- to develop infrastructure projects under a commercial
      format; and

   -- to provide a comprehensive range of financial services.

                         About the Bank

Union Bank of India -- http://www.unionbankofindia.com/-- is    
one of the ten largest Indian banks with total assets of over
INR800 billion as on March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

For the year ended March 31, 2006, Union Bank reported a PAT of
INR6.7 billion on total income (net of interest expenses) of
INR23.74 billion.  For the quarter ended June 2006, the bank
reported a PAT of INR1.7 billion (INR2.4 billion for the
corresponding period of the previous year) on a total income of
INR6.35 billion.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgrades the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UTI BANK: Raises US$46 Mil. From Hybrid Tier I Bonds
----------------------------------------------------
UTI Bank Ltd raised US$46 million of capital through the
issuance of Hybrid Tier I bonds in the international market on
November 9, 2006, the bank informs the Bombay Stock Exchange.  
The issue is part of UTI's MTN program for EUR1 billion.

As reported in the Troubled Company Reporter - Asia Pacific on
November 8, 2006, Moody's Investors Service assigned a Ba1
rating to the debt.

Earlier, UTI raised US$150 million through the issuance of Upper
Tier II bonds in August 2006.

The current issuance, Hybrid Tier I, is a perpetual bond with a
call option at the end of 10 years.  According to the bank, the
transaction was tightly priced at 7.1670% (equivalent to around
L+179 bps over 6 months LIBOR) as on November 08, 2006.

Barclays Capital was the sole lead manager for the issue.

Other details of the issue are:

   * Call Date: November 16, 2016

   * Yield: 10 yr T+252.2 bps

   * Step-Up: Priced with a fixed rate coupon of 7.1670 %
     (equivalent to 200 bps over Mid- Swaps) plus a step up of
     100 bps at the end of 10 years

   * Trade Date: November 09, 2006

   * Settlement Date: November 15, 2006

                        About UTI Bank

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other    
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Standard & Poor's Ratings Services assigned
its BB+/B counterparty credit ratings to UTI Bank Ltd.  The
outlook is positive.  S&P also assigned its C bank fundamental
strength rating to the bank.

At the same time, S&P assigned its ratings to UTI Bank's
proposed debt issues under its EUR1 billion medium-term note
program.  The agency rated UTI Bank's proposed senior unsecured
notes BB+, its lower Tier II subordinated notes BB, and its
upper Tier II subordinated notes 'BB-'.  The lower Tier II
subordinated notes will have a minimum tenor of five years, and
the upper Tier II subordinated notes will have a minimum term
of 15 years.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the ratings is stable.


UTI BANK: Will Raise INR200 Crore By Upper Tier II Debentures
-------------------------------------------------------------
UTI Bank Ltd will raise INR200 crores with an option to retain
oversubscription by issue of Upper Tier II Unsecured Redeemable
Subordinated Debentures.

The terms of the issue include:

   Face Value: INR10,00,000 per debenture

   Issue price: INR10,00,000 per debenture (at par)

   Coupon Rate: 9.35% p.a.

   Coupon Payment: Annually

   Redemption: 15 years from deemed date of allotment; Upper
   Tier II instruments will not be redeemable at the initiative
   of the holder; all redemptions will be made only with the
   prior approval of the Reserve Bank of India.

   Step up of coupon: 50 bps over and above coupon rate of 9.35%
   i.e. 9.85% p.a. annually if the call option is not exercised
   by the Bank.

UTI will have an option for redemption "i.e. Call Option" to
redeem the Bonds at par at the end of 10th Year from the Deemed
Date of Allotment (exercisable only with RBI approval).

The Debentures are listed on Bombay Stock Exchange Ltd (and
National Stock Exchange of India Ltd.

The Arrangers for the transaction are Citibank N.A., Barclays
Bank, Allianze Securities Ltd and UTI Bank Ltd.

The Deemed Date of Allotment is November 24, 2006.  UTI,
however, reserves the right to change the issue timetable
including the Deemed Date of Allotment at its sole discretion,
without giving any reasons or prior notice.

                        About UTI Bank

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other    
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Standard & Poor's Ratings Services assigned
its BB+/B counterparty credit ratings to UTI Bank Ltd.  The
outlook is positive.  S&P also assigned its C bank fundamental
strength rating to the bank.

At the same time, S&P assigned its ratings to UTI Bank's
proposed debt issues under its EUR1 billion medium-term note
program.  The agency rated UTI Bank's proposed senior unsecured
notes BB+, its lower Tier II subordinated notes BB, and its
upper Tier II subordinated notes 'BB-'.  The lower Tier II
subordinated notes will have a minimum tenor of five years, and
the upper Tier II subordinated notes will have a minimum term
of 15 years.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the ratings 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
=================

ANEKA TAMBANG: To Increase 2007 Ferronickel Output by 40%
---------------------------------------------------------
PT Aneka Tambang Tbk will increase ferronickel output by more
than 40% to around 20,000 tonnes in 2007, Reuters News says,
citing the company's president director.

The increase was disclosed after Aneka Tambang missed its target
in 2006 due to problems with its new smelter.

According to the report, Aneka Tambang's ferronickel output in
2006 is expected to be around 13,000-14,000 tonnes, lower than
an initial target of 20,000 tonnes after the third ferronickel
smelter was shut for repairs in July after a delayed startup in
May.

Dedi Aditya Sumanagara told reporters that the company had
switched on the smelter on Oct. 13 and that the furnace capacity
will be gradually increased until it reaches maximum power in
2007, the report notes.

Mr. Sumanagara said that with the operation of FeNi 3, they are
optimistic that the ferronickel output in 2007 would be around
20,000 to 22,000 tonnes, Reuters relates.  The FeNi 3 smelter
has an annual capacity of around 15,000 tonnes of nickel.

Aneka Tambang said that it had produced 9,923 tonnes of
ferronickel in the first nine months of the year, up 148% from
the same period in 2005, according to Reuters.

Mr. Sumanagara said that in line with the up trend in nickel
prices in the international market, average prices of
ferronickel received by the company are expected to rise to
US$10-11 a pound in 2007, the report notes.  Reuters says that
the average price of ferronickel received by the company in the
first nine months of this year was US$8.59 per pound.

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,  
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and West
Java (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

As the Troubled Company Reporter - Asia Pacific reported on
December 19, 2005, Moody's Investors Service changed the outlook
for Aneka Tambang's local currency B1 corporate family rating to
positive from stable.  The B2 foreign currency bond rating
remains unchanged with a positive outlook, which is in line with
the positive outlook for Indonesia's sovereign rating.

Standard & Poor's Ratings Services gave Aneka Tambang 'B' long-
term local and foreign issuer credit ratings, effective Aug. 26,
2003.


FREEPORT-MCMORAN: US$25.9-Bln Merger Deal Cues S&P's Watch Neg.
---------------------------------------------------------------
Standard & Poor's placed its 'BB-' corporate credit and its
other ratings on Freeport-McMoRan Copper & Gold Inc. on
CreditWatch with positive implications and its 'BBB' corporate
credit and its other ratings on Phelps Dodge Corp. on
CreditWatch with negative implications.

The actions followed the report that Freeport entered into an
agreement with Phelps Dodge to acquire Phelps in a transaction
valued at US$25.9 billion.

New Orleans, Louisiana-based Freeport will fund the acquisition
with approximately US$18 billion in cash and US$8 billion of
equity. Standard & Poor's expects the US$18 billion cash
componentto be funded by US$2.5 billion of existing cash
balances and approximately US$16 billion of debt.

Pro forma for the transaction, at Sept. 30, 2006, total debt,
including Standard & Poor's adjustment for debt-like
liabilities, will approximate an aggressive US$17.8 billion.

A successful acquisition of Phoenix, Arizona-based Phelps Dodge
would markedly enhance Freeport's position in the mining
industry by augmenting its reserve, production, and geographic
diversity while somewhat mitigating the company's exposure to
the political and legal risks of operating in Indonesia, which
historically have been key risk factors in the assessment of
Freeport's corporate credit ratings.

"However, we are concerned about the combined entity's
aggressive debt levels and the ability to reduce debt to more
appropriate levels within a reasonable timeframe," said Standard
& Poor's credit analyst Thomas Watters.

"We acknowledge the strong metals price environment but do not
expect current prices to remain near these levels during the
next several years.  Hence, it is quite possible the combined
entity will not be investment-grade, which would represent at
least a two-notch downgrade of our existing corporate credit
rating on Phelps Dodge."

"As part of our review, we will assess the company's ability to
reduce debt, which will encompass a review of the company's
capital expenditure plans and the potential for assets sales.  
However, given the current very active state of mergers and
acquisitions in the metals and mining industry, it is quite
possible further, more aggressive competing bids could emerge,"
Mr. Watters added.

Standard & Poor's also plans to assess and review the final
corporate structure and the relative position of the various
debt issues in this structure.

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,  
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.


LIPPO KARAWACI: Moody's Changes B1 Rating Outlook to Negative
-------------------------------------------------------------
Moody's Investors Service has changed to negative from stable
its outlook for PT Lippo Karawaci Tbk's B1 corporate family
rating and the B1 senior unsecured bond rating of Lippo Karawaci
Finance BV and guaranteed by LK.

"The outlook change is in response to LK's weaker than
anticipated financial results for the first nine months of
2006," says Moody's Lead Analyst for LK, Kaven Tsang.

"An operating cash flow deficit was reported because of lower
sales of strata-title mall due to 1) softened market demand for
lower-class shopping malls and 2) the company's shift in
strategy to lease malls.  Projected key metrics for 2006,
including operating cash flow interest coverage of around 1x,
are considered weak for the current B1 rating," adds Mr. Tsang.

Weakened operating cash flow has also led to lower-than-
anticipated cash reserves, creating uncertainty as to the
strength of the company's liquidity profile.  However, Moody's
notes that LK is in the process of spinning off its hospital and
hotel assets through a REIT listing in Singapore.  Completion of
this transaction would provide the company with additional funds
for future development.  Some comfort is also drawn from the
fact that the company does not have imminent refinancing risk.

Moody's also notes that LK is adjusting its business strategy
from strata-title malls construction to developing lease malls.
The latter target the high-end of the market and are therefore
less price sensitive.  While this change would help the company
to build up an investment portfolio for recurring cash flow
generation over the medium-to-long term, it would lower cash
flow generation in the near term.

Downgrade pressure would evolve if LK fails to execute its
strategy as planned or its operating results in the coming
quarters continue to underperform.  Heavy capex spending without
a corresponding increase in cash inflow, adverse changes in the
Indonesian economy or property market, or material depreciations
in the Rupiah and hence increasing in the company's debt-
servicing obligations would also be negative for the rating.

In terms of financial metrics, Moody's would consider operating
cash flow/adjusted gross interest consistently under 3x and
adjusted leverage rising above 50% as indications that a
downgrade may be necessary.

The rating is unlikely to be upgraded given the negative
outlook.  For the outlook to return to stable, Moody's would
need to see improvement in LK's sales performance and cash flow
generative ability, such that operating cash flow/adjusted gross
interest trended towards above 3-4x, and adjusted leverage
remained at 45-50%.

PT Lippo Karawaci Tbk is one of the largest property developers
in Indonesia and has a market capitalization of over
US$550 million.  As of end-2005, it possessed a huge land bank
reserve of 2,079 hectares.  It also operates four hospitals and
four hotels in Indonesia.


PT PERTAMINA: Says No Extra Diesel Imports After Explosion
----------------------------------------------------------
PT Pertamina Tbk will not have to import more diesel oil to meet
a request from the state power firm for more supply after a gas
pipeline explosion in East Java, Reuters News reports, citing a
Pertamina official.

According to the report, the explosion, in which officials said
at least seven people were killed and dozens reported missing,
occurred at around 7:30 p.m. on November 22 in part of the
state-owned PT Pertamina East Java Gas Pipeline near the city of
Surabaya.

Reuters relates that Deputy Marketing Director at PT Pertamina
Hanung Budya said via text message that there is no addition of
imports.

The report notes that a Pertamina spokesman said it was too soon
to assess when the pipeline might be repaired, but confirmed a
plan to move the pipe, which runs right through an area that has
been swamped by a huge mud flow from an oil drilling accident.

A spokesman for PT Perusahaan Listrik Negara said that the power
firm had requested extra 1,000 kilolitres per day of the oil
product from PT Pertamina to replace gas used to generate
electricity in the area, Reuters notes.

The report relates that a spokesman for PT Perusahaan Muljo Adji
said that because the gas supply has been stopped to the Gresik
power plant, the company would use more diesel oil to generate
electricity.

Additionally, PT Pertamina's marketing chief, Djaelani Sutomo,
told Reuters that the company currently has 22.6 days of diesel
oil stocks, an amount considered comfortable for Asia's top
diesel importer.

Mr. Sutomo said that their refineries now have a good position
of diesel output and Pertamina has not had many problems so far,
Reuters reports.

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
=========

AOZORA BANK: Net Income Ups 18.8% to JPY53.4 Bil. for 1st Half
--------------------------------------------------------------
Aozora Bank, Ltd., reported strong financial results for the six
months ended September 30, 2006.  Aozora posted record first
half net income for the second consecutive year, helped by
growing contributions from the Bank's specialty finance and
corporate lending businesses, combined with prudent cost
controls.

Consolidated 2006 First Half Financial Highlights:

   -- Net income climbed 18.8% to JPY53.4 billion for
      the half from a year earlier.  This improvement exceeded
      forecast of JPY50.9 billion;

   -- Net revenue grew 8.3% to JPY58.1 billion for the half from
      a year earlier;

   -- The loan book continued to expand, reaching JPY3,489.3
      billion, representing an increase of 11.3% since March 31,
      2006;

   -- Core net interest income (excluding the impact of the
      macro hedge, funding of additional non-interest bearing
      assets and increased liquidity reserves) increased 11% for
      the half from a year earlier;

   -- Non-interest income continued to grow, up 36.5% for the
      half from a year earlier;

   -- The overhead ratio was 45.3% for the half;

   -- Operating profits increased 29.5% to JPY33.4 billion for
      the half from a year earlier, demonstrating the earnings
      efficiency of relatively low overhead ratio;

   -- ROA for the half was 1.6% on an annualized basis.  ROE for
      the half was 14.0% on an annualized basis;

   -- Basic EPS for the half was JPY37.64 and fully diluted EPS
      for the half was JPY25.22;

   -- Aozora is maintaining its full year March 31, 2007
      forecasts of JPY81.0 billion for net income and
      JPY65.2 billion for operating profits.

Aozora Bank Chairman and CEO Michael E. Rossi said: "This
business performance is the result of strong execution of our
strategy of being a wholesale bank that delivers superior growth
and returns through a client-focused organization dedicated to
excellence in risk management, innovation and agility.  As a
newly-listed company on the Tokyo Stock Exchange Aozora
reaffirms its commitment to deliver shareholder and customer
value by aggressively pursuing opportunities in the Japanese
corporate and commercial banking and finance markets."


Earnings Review

Net revenue rose 8.3% to JPY58.1 billion compared with the same
period a year earlier.  This increase reflects Aozora's strategy
of diversifying earnings into areas such as specialty finance,
derivative sales and fund investments where the Bank can more
effectively leverage its core structuring and risk management
expertise.

Average yield on consolidated loans improved to 2.05% in the
half from a 1.92% average in the second half of last year.  The
average margin on consolidated loans above the average interest
cost of debentures and deposits rose to 1.59% in the half from
1.54% in the second half of last year.  This 5 basis point
margin increase, together with an overall JPY353 billion
increase in consolidated loan volume since March 31, 2006, drove
the underlying net interest income improvement.

Core net interest income increased JPY2.4 billion, or 11%, to
JPY24.7 billion compared with the same period a year earlier,
after adjusting for the absence of macro-hedge income
(JPY4.7 billion), a net increase in funding costs on non-
interest bearing assets (JPY2.6 billion) and increases in
liquidity reserves for the half.  Reported net interest income
declined by JPY5.3 billion to JPY21.7 billion compared with the
same period a year earlier.

Non-interest income advanced 36.5% to JPY36.4 billion compared
with the same period a year earlier.  The main contributors were
net fees and commissions (JPY7.8 billion), net trading revenues
(JPY3.1 billion) and net other operating income
(JPY25.4 billion).

The principal components of net other operating income in the
first half were generated at the Bank on a non-consolidated
basis from returns on investments in real estate investment
partnerships (JPY6.2 billion), gains on sales of REIT
investments (JPY4.4 billion), gains on hedge fund investments
(JPY4.0 billion), returns from NPL-related investment
partnerships (JPY2.6 billion) and gains on sales of foreign debt
investments (JPY2.5 billion).  Net non-interest income accounted
for 62.6% of net revenue for the half, versus 49.7% a year
earlier.

General and administrative expenses increased 6.9% to
JPY26.3 billion for the half compared to a year earlier.

Personnel costs and information technology spending rose as
Aozora continued to invest in its technology platform and
people.  At the same time, management continued to push forward
with efficiency initiatives and cost control measures as its
costs increased, producing an overhead ratio of 45.3% for the
half.

Business profit grew 9.6% to JPY31.8 billion and operating
profits rose 29.5% to JPY33.4 billion for the half compared to a
year earlier.

Income before income taxes rose 23.1% to JPY53.3 billion for the
half compared to a year earlier.

Net income rose 18.8% to JPY53.4 billion for the half compared
to a year earlier.


ROA, ROE and Earnings Per Share

Aozora's annualized Return on Assets ratio for the first half
was 1.6%, based on a 0.8% ROA for the interim period calculated
by dividing first half net income by total assets as of
Sept. 30, 2006.

The Bank's annualized Return on Equity ratio for the first half
was 14.0%, based on a 7.0% ROE for the interim period calculated
by dividing first half net income by total stockholders' equity
as of Sept. 30, 2006.

Basic earnings per share for the half was JPY37.64, based on net
income of JPY53.4 billion and the number of shares of common
stock outstanding as of Sept. 30, 2006.

Fully diluted earnings per share for the half was JPY25.22,
based on net income of JPY53.4 billion and the number of shares
of common stock that would have been outstanding as of Sept. 30,
2006, assuming full conversion of the outstanding preferred
stock.


Balance Sheet Summary

Total assets were JPY6,438.8 billion as of Sept. 30, 2006, a
gain of JPY442.8 billion, or 7.4%, over total assets as of
March 31, 2006.  Increases in loans and bills discounted and
securities contributed to asset growth for the half.

Loans and bills discounted increased JPY353.0 billion, or 11.3%,
to JPY3,489.3 billion as of Sept. 30, 2006.  The main drivers
were non-recourse loans, funding to the information technology
and telecommunications sectors, and additional international
lending.

Securities holdings increased JPY190.3 billion, or 11.7%, to
JPY1,818.5 billion as of Sept. 30, 2006, due principally to
increased holdings of treasury bills and financing bills as the
bank increases its liquidity reserves.

On the funding side, deposits (excluding negotiable CDs) rose
JPY13.9 billion, or 0.6%, to JPY2,339.3 billion as of Sept. 30,
2006, as net inflows from retail customers offset a reduction in
the level of corporate deposits.  Aozora's primary sources of
funding for asset growth in the half were negotiable CDs,
debentures and retained earnings.

Consolidated regulatory capital was JPY774.1 billion as of
Sept. 30, 2006, up JPY42.8 billion, or 5.8%, from six months
earlier.  Risk-weighted assets stood at JPY4,129.3 billion as of
Sept. 30, 2006, up JPY374.4 billion, or 10.0%, from March 31,
2006.  As growth in risk assets exceeded growth in regulatory
capital, Aozora's capital adequacy ratio declined to 18.74%,
versus 19.47% six months earlier.  In addition, Aozora's Tier-1
capital ratio declined to 18.52% from 19.12%.  While these
ratios decreased slightly during the half they remain among the
highest within Aozora's peer group in Japan.


Recent Developments

   -- Aozora shares were successfully listed on the First
      Section of the Tokyo Stock Exchange on November 14, 2006;

   -- On October 23, 2006, Fitch Ratings Ltd. raised its long-
      term rating on Aozora from "BBB+", to "A-" and its short-
      term rating from "F2" to "F1".  Fitch cited its favorable
      view of Aozora's balance sheet, the solid recovery in the
      Bank's financial performance and its robust
      capitalization.  Fitch maintains a "stable outlook" on
      Aozora;

   -- On September 26, 2006, Standard & Poor's upgraded its
      outlook on Aozora from "stable", to "positive".  S&P cited
      earnings improvement, strong capitalization levels and
      asset quality;

   -- On November 20, 2006, Aozora opened its first new retail
      branch in 15 years, in Nihonbashi, Tokyo.  The branch is
      targeted at delivering wealth management services through
      consultants trained to offer diverse financial products
      and services to meet the asset management needs of
      individual customers.


Operational Highlights

   -- In May 2006, Aozora announced the establishment of its
      Aozora Securities Ltd. brokerage subsidiary.  The new
      subsidiary is part of the Bank's ongoing effort to expand
      the range and quality of the services it offers to clients
      and will play a key role in its plans to grow non-interest
      income and further diversify its earnings base.
      Headquartered in Tokyo, Aozora Securities launched
      operations in August 2006.  Headed by President and
      Representative Director Masaya Mizobuchi, Aozora
      Securities will initially offer a range of structured debt
      products to financial institutions and public service
      corporations;

   -- In April 2006, Aozora raised JPY100 billion through the
      Bank's first corporate bond offering.  The 5-year bond
      offered investors a 1.65% interest rate and was rated "A-"
      by Rating and Investment Information, Inc. and Japan
      Credit Rating, Ltd.  The offering reflects Aozora's
      ongoing strategy of diversifying its fund-raising
      activities and highlights a key benefit of its change of
      status to a full-service commercial bank;

   -- On April 1, 2006, Aozora completed the transition from
      long-term credit bank status to become an "ordinary bank"
      - a major step forward in enhancing its capabilities for
      existing and new clients.  Aozora is now able to be more
      flexible in meeting the needs of its clients based on the
      removal of restrictions applicable only to long-term
      credit banks.

   -- Aozora's Global Finance Unit has expanded its operations
      through Aozora Investment Management Limited, a new
      London-based subsidiary company established to pursue
      growth in participations in the European and North
      American syndicated loan markets.


Outlook

Aozora is maintaining its current forecasts for the full fiscal
year ending March 31, 2007, of net income of JPY81.0 billion and
operating profits of JPY65.2 billion on a consolidated basis.

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit     
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

Fitch Ratings, on October 23, 2006, affirmed the Bank's
individual and support ratings at 'C' and '3'.  The outlook on
the ratings is stable.


BANCO BRADESCO: Earns BRL5.03 Billion in Third Quarter 2006
-----------------------------------------------------------
Banco Bradesco posted, in the first nine months of 2006,
excluding extraordinary goodwill amortizations that took place
in the period, net income of BRL5.029 billion.

The reported Net Income, adjusted by goodwill amortization
effects, is:

BRL million

Effects in Net Income             3rd Quarter/06    9 months/06

Reported Net Income ........            219            3,351
(+) Full Goodwill
    Amortization - 3Q06 ....          2,109            2,109
(-) Tax Effect of Full
    Goodwill Amortization...          (717)            (717)

Adjusted Net Income ........          1,611            4,743
(+) Goodwill
    Amortization - 1H06 ....             -               433
(-) Tax Effect of Goodwill
    Amortization............             -             (147)

Net Income without effects
of Goodwill Amortization....          1,611            5,029


                        Highlights:

   -- In this quarter we recorded a supplementary provision for
      labor proceedings, in compliance with CVM Resolution #489,
      of BRL309 million (BRL204 million net of taxes) which was
      totally neutralized by the activation of tax credits of
      previous periods.

   -- The Adjusted Net Income in the nine-month period of 2006
      stood at BRL4.743 billion, 17.1% higher than in the 9M05
      (equivalent to EPS of BRL4.84), while the 3Q06 Adjusted
      Net Income was BRL1.611 billion, 0.6% higher than the
      previous quarter.

   -- In the nine-month period of 2006, the annualized Return on
      Average Stockholders' Equity or ROAE stood at 31.5% (33.6%
      in 9M05), and at 32.7% in the quarter (35.0% in 2Q06).

   -- Total Assets reached BRL243.2 billion, up by 20.4% when
      compared with 9M05 and by 4.4% when compared to 2Q06, of
      which BRL92.0 billion (or the equivalent to 37.8%)
      represented Loan Operations.

   -- Unrealized Net Income, represented by the difference
      between the market values of assets and liabilities and
      their respective book values, stood at BRL2.628 billion
      in September/06 vis-a-vis BRL1.781 billion in June/06,
      a BRL847 million increase.

   -- Net Income Breakdown in the nine-month period of 2006
      was 33% originated by Insurance, Pension Plans and Savings
      Plans, 22% by Loans, 26% by Fees, 11% by Securities and
      Treasury and 8% by Funding results.

   -- Adjusted Net Interest Income of BRL14.793 billion in the
      9M06 was 23.8% higher than 9M05. In the q-o-q analysis
      (3Q06 against 2Q06), there was a 1.7% decrease.

   -- Fee Income grew BRL1.135 billion, or 21.3%, between
      September 2005 and 2006, totaling BRL6.474 billion.
      Compared with the 2Q06, Fees expanded by BRL252 million,
      or 12.1%.

   -- Operating Efficiency Ratio for the accumulated 12-month
      period continues to present consistent improvement,
      standing at 47.0% in September 2005, 43.2% in June 2006
      and, finally, 42.4% in September 2006.

   -- Remuneration to Stockholders' as Interest on Own Capital/
      Dividends paid and provisioned until Oct. 5, 2006
      amounted BRL2.120 billion (compared with BRL1.537 billion
      in the same period of 2005).

   -- As of Sept. 30, Banco Bradesco's Market Capitalization
      reached BRL68.575 billion, corresponding to a 32.8% jump,
      in 12 months, higher than Ibovespa's, which evolved by
      15.4% in the same period.  Based on the most recent stock
      price, of Nov. 3, 2006, Bradesco's Market Cap already
      stands at BRL73.337 billion.

   -- On May 19, Standards & Poor's attributed the credit
      ratings in international scale in foreign currency and
      domestic currency "BB+/B" (long and short term) to
      Bradesco.  These ratings are one notch above the
      sovereign credit rating in foreign currency attributed to
      Brazil.

   -- On Oct. 27, Moody's attributed to Bradesco, by means of
      the Grand Cayman branch, the investment grade
      classification for foreign currency long-term securities.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and   
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2006, Fitch Ratings took these rating actions on Banco
Bradesco S.A.:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Short-term Local Currency rating affirmed at 'F3';

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.


BANCO BRADESCO: Offering Cheap Insurance Products Through Postal
----------------------------------------------------------------
Marcio Cypriano, Banco Bradesco's chief executive officer, told
Business News Americas that the bank will offer low-priced
insurance products through Banco Postal, its financial services
joint venture with the Correios national post office.

BNamericas underscores that Banco Postal does not offer
insurance yet.  However, Banco Bradesco has been planning to
market low-priced policies at Banco Postal since 2003.

According to BNamericas, Banco Bradesco bid BRL200 million in
2001 to become Correios' partner in Banco Postal, beating Banco
Itau and Caixa Economica Federal.  Banco Bradesco's contract
with Banco Postal runs until 2011.

The report says that Banco Postal launched operations in 2002
and has since expanded to 5,556 points of sale in post offices,
many in areas where no other financial institutions exist.

Banco Bradesco recovered its initial investment in Banco Postal
and now offers services, from credit cards and personal loans to
checking and savings accounts for low-income customers,
BNamericas says, citing Mr. Cypriano.

Luiz Carlos Trabuco -- chief executive officer of Bradesco
Seguros, a Banco Bradesco insurance unit -- told BNamericas that
the Brazilian insurance sector will reach up to 8% of gross
domestic product after Brazil is classified as investment grade.

Auto, life and private pension plans are the three main growth
segments for the next 5-10 years, BNamericas says, citing Mr.
Trabuco.

Mr. Trabuco told BNamericas, "In Brazil, there are roughly 30
million vehicles, but around 21-22 million don't have insurance.  
Only 8 million vehicles are insured, so there is a lot of room
for growth."

"The insurance business is fundamentally important to Bradesco:
it accounts for 30% of profits," BNamericas states, citing Mr.
Cypriano.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and  
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                          *     *     *

Fitch Ratings upgraded Banco Bradesco S.A.'s short-term local
currency rating to 'F3' from 'B.'

Fitch has earlier taken these rating actions on Banco Bradesco:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.

Moody's Investors Service upgraded these ratings of Banco
Bradesco S.A.:

   -- long-term foreign currency deposits to Ba3 from B1; and

   -- long- and short-term global local currency deposit
      ratings to A1/Prime fom A3/Prime-2.

The ratings outlook is stable.


BANCO BRADESCO: Selling Stakes in Firms Outside Core Business
-------------------------------------------------------------
Marcio Cypriano, Banco Bradesco's chief executive officer, told
reporters that the bank will keep selling stakes in firms not
related to its core business.

"We are leaving all participations that are not relevant to our
business," BNamericas says, citing Mr. Cypriano.

BNamericas relates that Banco Bradesco sold a 2.8% stake in
Usiminas to Camargo Correa and Votorantim Participacoes last
week.

Banco Bradesco told BNamericas that it would earn BRL219 million
from that sale.

In the five years since Banco Bradesco debuted on the New York
Stock Exchange, the bank's market value increased 397% to
US$35.3 billion and its net assets doubled to US$113 billion,
BNamericas says, citing Mr. Cypriano.

"We are the only private sector bank in Latin America to figure
among this select group with assets above US$100 billion," Mr.
Cypriano told BNamericas.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and  
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                          *     *     *

Fitch Ratings upgraded Banco Bradesco S.A.'s short-term local
currency rating to 'F3' from 'B.'

Fitch has earlier taken these rating actions on Banco Bradesco:

   -- Foreign Currency Issuer Default Rating upgraded to
      'BB+' from 'BB', Outlook remains Stable;

   -- Short-term Foreign Currency rating affirmed at 'B';

   -- Local Currency Issuer Default Rating affirmed at 'BBB-',
      Outlook Stable;

   -- Individual rating affirmed at 'B/C';

   -- Support rating affirmed at '4';

   -- National Long-term affirmed at 'AA+(bra)', Outlook remains
      Stable; and

   -- National Short-term affirmed at 'F1+(bra)'.

Moody's Investors Service upgraded these ratings of Banco
Bradesco S.A.:

   -- long-term foreign currency deposits to Ba3 from B1; and

   -- long- and short-term global local currency deposit
      ratings to A1/Prime fom A3/Prime-2.

The ratings outlook is stable.


CAPCOM CO: Records Mid-Term Net Sales of JPY29.18 Billion
---------------------------------------------------------
Capcom Co., Ltd. has announced its financial results for the six
months ended September 2006.

               Operating Results & Financial Status

Overview of the Six-Month Period Ended September 30, 2006

The Japanese economy during this six-month period (ended
September 30, 2006) was on a recovery path in spite of sluggish
stock market and high crude oil prices.  The supporting factors
for the trend were solid capital investments, improved
employment conditions and steady consumer spending.

As for the video game industry, the profusion of current
hardware has impacted the home video game market.  While waiting
for the full-scale release of the next generation game consoles,
the portable game console led market growth, expanding its user
base into novice female and the middle-aged game players.  The
online game market grew steadily due partially to the diffusion
of the internet-capable portable game consoles.

The overseas market showed favorable growth in general.  One of
the supporting factors was the hardware price reduction in the
North American market.

Arcade operations stayed on a recovery path backed up by the
growing popularity of card-dispending games and the construction
of large-scale arcades.

Under these circumstances, the Capcom group pushed forward
effective product development, elaborate sales-promotion events,
and the aggressive expansion of its amusement arcades chain.  

Additionally, Capcom acquired Cosmic Infinity Inc., a mobile
platform game company in Canada, for the purpose of
strengthening the game distribution to mobile phones.  The
company acquired all shares of the company through its U.S.
subsidiary, making Cosmic Infinity a full subsidiary of Capcom.

As part of the efforts to diversify its customer base to include
girls and younger children, the company collaborated with
TakaraTomy in the areas of sales and development of character-
related products.  The company advanced a cooperative business
development plan that takes full advantage of its popular
products.  In addition, the company entered into the market of
trading card game, which are popular among the young, with the
expectation of creating synergistic effects from the characters
and products.

The resulting net sales were JPY29.18 billion (up 4.90% from the
same term last year).  As for profits, the operating income
increased to JPY3.04 billion (up 356.40% from the same term last
year) and the ordinary income also increased to JPY3.79 billion
(up 317.20% from the same term last year), due to a decrease in
COGS.  However the net profit for the current mid-term period
decreased to JPY1.92 billion (down 38.60% from the same term
last year).  

              Status of Each Operational Department

Home Video Game

In this business segment, Dead Rising (for Xbox 360) performed
beyond expectations and became a hit in the North American and
European markets.  Devil Kings 2 (for PlayStation 2) also grew
favorably.

The innovative new software Okami (for PlayStation 2), that
embraced Japanese tradition, performed strongly along with
Phoenix Wright: Ace Attorney (Best Price!) (for Nintendo DS).

Monster Hunter Freedom (for PlayStation Portable), which was
released in the previous term, also achieved continuous growth
supported by repeat orders.

Net sales increased to JPY15.74 billion (up 9.50% from the same
term last year), the operating income increased to JPY2.26
billion realized through controlled development costs.

Arcade Operations

The company has been trying to attract more customers with
various strategies to energize this business segment.  Such
activities included holding customer appreciation events for
local residents and introducing popular game machines that
satisfy diverse customer needs.  At the same time, the company
was engaged in ambitious operation development to expand its
business base.

Having the strategy of Chiiki Ichiban Ten (No.1 Arcade in the
Regional Community) as a base, the company opened three new
facilities in Chiba Prefecture to solidify the business
foundation in the Metropolitan area.   With the opening of Plaza
Capcom Chiba New Town, Plaza Capcom Chiba Naganuma, and Plaza
Capcom Chiba Marinpia Senmonkan, the current number of Plaza
Capcom totals 33.

The resulting net sales increased to JPY6.47 billion (up 14.60%
from the same term last year) and the operating income decreased
to JPY1.14 billion  (down 3.20% from the same term last year).

Arcade Games

Sales of Mobile Suit Gundam SEED DESTINY: Federation vs.
Z.A.F.T.  II steadily expanded thanks to its established
popularity.  Wantame Music Channel was released in the end of
September 2006.  The much-admired Wantame Music Channel targeted
girls and younger children and received great publicity.  
However, sales of other major games were not favorable and net
sales decreased slightly from the same term last year.
The resulting net sales were 4,367 million (down 0.80% from the
same term last year) and the operating income was JPY893 million
(down 10.00% from the same term last year).

Contents Expansion

In this business segment, the game distribution to mobile
phones, especially to i-Mode, expanded steadily.

As part of the company's efforts to enhance the overseas
strategy, it acquired a Canadian mobile game development
company, making it a full subsidiary of Capcom.  Such activity
placed it in a favorable position in North America where the
market still has the capacity to grow.  The provision of the LCD
unit for PACHINKO and PACHISLO machines remained at a low level
as we went into preparation for the full-fledged operation
expansion.  While waiting for this expansion, which is to come
in the latter half of this fiscal year, the overall performance
was very sluggish (in comparison with that of the same term last
year).

The resulting net sales decreased to JPY1.33 billion (down
39.70% from the same term last year), and the operating income
decreased to 72 million yean (down 90.80% from the same term
last year).

Other Businesses

The net sales from other businesses, mainly character-related
licensing royalties, increased to JPY1.29 billion (up 8.70% from
the same term last year), and the operating income decreased to
JPY42 million.

         Overview of Business Performance in Each Region

Japan

The majority of the software sold consisted of small-scale
titles as well as those titles developed under the collaboration
with other companies; thus, the overall sales remained low.  
However, Devil Kings 2 (for PlayStation 2) grew steadily and
Okami (for PlayStation 2) along with Phoenix Wright: Ace
Attorney (Best Price!) (for Nintendo DS) performed favorably.

Monster Hunter Freedom (for PlayStation Portable), which became
a big hit in the previous term, also showed continuous growth.

As for the arcade operations, the company pursued profit
increases by promoting the aggressive expansion of the arcade
chain and implementing a scrap-and-build strategy.
In the arcade game sales, Mobile Suit Gundam SEED DESTINY:
Federation vs. Z.A.F.T. II performed strongly while others did
not reach expectations.

In the contents expansion business, the game distribution to
mobile phones showed a healthy growth, while the provision of
the LCD unit for PACHINKO and PACHISLO machines struggled.

The overall performance of this segment remained at low levels.

The resulting net sales decreased to JPY21.73 billion (down
1.10% from the same term last year) and the operating income
increased to JPY2.94 billion (up 19.30% from the same term last
year).

North America

The North American market expanded partially due to the healthy
growth of Xbox 360, which was released in November 2005.  Under
these circumstances, Dead Rising (for Xbox 360) performed beyond
expectations.  Monster Hunter Freedom (for PlayStation
Portable), which was popular in Japan, achieved steady sales,
and Devil May Cry 3 Special Edition (for PlayStation 2) also had
performed well.

The company has been working on operational restructuring to
push forward global management reforms.  Such activities
included enhancing marketing strategies as well as improving
management structures of the U.S. subsidiary.

The resulting net sales increased to JPY6.78 billion (up 43.70%
from the same term last year) and the operating income increased
significantly to JPY955 million.

Europe

In Europe, one of the three major markets in the world, Dead
Rising (for Xbox 360) achieved healthy growth.  Monster Hunter
Freedom (for PlayStation Portable) and Devil May Cry 3 Special
Edition (for PlayStation 2) also performed favorably, but other
products struggled due partially to the lack of leading software
titles.

The resulting net sales decreased to JPY3.09 billion (down 2.80%
from the same term last year), however the operating income
improved to JPY455 million because of a reduction in costs.

Other Regions

In Asia, the problem of illegally copied software is still
unsolved.  This situation places limitations on the sales of the
packaged products, resulting in the core of the Asian game
market being online games for PCs.

Under these circumstances, the company carried out an aggressive
business development, and the software for PlayStation Portable
performed strongly, leading sales in the region.

The resulting net sales increased to JPY538 million (up 319.30%
from the same term last year), and the operating income turned
slightly into the black to JPY82 million.

             Prospects for the Current Financial Year

It is expected that the competition in the home video game
market will further intensify when the full release of the
internet-capable next generation game consoles is completed by
the end of this year.

The game industry may go through a major reformation as new
competitors from other industries enter into both the hardware
and software markets.  We will soon be seeing a clear
distinction of winners and losers in the industry.

Under these circumstances, Capcom will concentrate its business
resources for the Christmas-New Year season, the biggest
shopping time of the year for home video games.  Those areas on
which the company are focusing include introducing products that
precisely match market demands, improving sales systems, and
strengthening marketing strategies.  In arcade operations, it
will implement elaborate projects to attract more customers.  
The goals of such effort are to improve customer satisfaction in
every business segment of Capcom, to establish a superior
competitive edge, and to increase sales and profits.

As part of its development strategy to reinforce the core
competence of Capcom, the company is employing PC-based product
development as used by game software manufacturers in the US and
Europe.  This method will allow them to efficiently develop
multi-platform products, as well as to control rising
development costs associated with the release of the next
generation game consoles.  Another area on which the company is
focusing is the enhancement of online games to meet the rapidly
growing network game market.

Capcom started extensive operations for expanding business
fields and obtaining new customers.  As part of such activities,
they co-founded Daletto Co., Ltd., the online portal site
management company, with the Dwango Group in October 2006.

Capcom will strengthen its business by fulfilling its growth
plans and adapting to changes in the managerial environment.  
The improvement of operation efficiency, the reformation of the
financial structure, and the promotion of partnerships with
other companies are among such efforts to achieve these goals.

The company is projecting the net sales of JPY68.40 billion,
ordinary income of JPY7.00 billion, and net profit of
JPY3.90 billion for the current fiscal year.

Headquartered in Osaka, Japan, Capcom Co., Ltd. --
http://www.capcom.co.jp-- is one of Japan's leading developers  
of home video-game software.  The company also engages in arcade
operations and arcade games sales businesses.  Its consolidated
sales in FYE3/2006 were JPY70.3 billion.

The Troubled Company Reporter - Asia Pacific reported on
November 22, 2006, that Moody's Investors Service placed Capcom
Co. Ltd.'s Ba2 senior unsecured long-term debt rating under
review for possible upgrade.  


DAIWA SECURITIES: FSA Finds Insider Trading Involvement
-------------------------------------------------------
Japan's Financial Services Agency called for a disciplinary
action against Daiwa Securities Group Inc. after it was found
that the brokerage firm had been involved in insider trading,
Reuters reports.

According to The Japan Times, the Securities and Exchange
Surveillance Commission will recommend that the FSA sanction
Daiwa Securities for its involvement in the insider trading of
shares in a chemical maker.

The Times relates that the FSA found that a senior managing
director of a chemical maker bought shares in Daiwa Securities
in an effort to increase the assets of the company and its
president before the firm announced a stock split in October
2005.

The FSA said that the purchase constituted insider trading and
the chemical maker -- whose name, according to The Times, was
not provided -- became the first company listed on a Japanese
stock exchange to be fined for insider trading.

The report says that the SESC found that an unspecified number
of Daiwa Securities employees handled the share-purchase orders
placed by the senior managing director.

Moreover, Reuters cites the SESC as saying that Daiwa conducted
share transactions in the knowledge that the transactions could
constitute insider trading.

Reuters relates that penalties typically range from warnings to
improve internal controls to temporary suspensions of some
operations.

The FSA is expected to consider issuing a business improvement
order to the securities company, a wholly owned unit of Daiwa
Securities Group Inc., The Times says.

                   About Daiwa Securities Group

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/ -- is a Japan-based securities company.  
The company primarily is engaged in the securities, investment,
financing and service businesses.  Daiwa Securities Group is
comprised of 46 consolidated subsidiaries and five associated
companies, which are engaged in the securities, investment
trust, information service, real estate leasing, venture
capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both
domestic and overseas markets, including Japan, the United
Kingdom, the United States, the Netherlands, Hong Kong and
Singapore.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 25, 2006, affirmed the company's 'C'
individual rating.


DURA AUTOMOTIVE: Can Access US$300-Million DIP Financing
--------------------------------------------------------
DURA Automotive Systems Inc. received Court approval for the
US$300 million Debtor-in-Possession financing it arranged from
Goldman Sachs, GE Capital and Barclays, as part of DURA's
Chapter 11 filing, which encompasses the company's U.S. and
Canadian subsidiaries.

The company and its lenders will finalize the lending agreements
and close the loan facilities Monday, Nov. 27, 2006.

"We are pleased that we have accomplished our initial objectives
to stabilize the company while entering Chapter 11," said Larry
Denton, chairman and chief executive officer of DURA Automotive
Systems.  "While there is much work to be done to complete our
plan of reorganization, we are currently on schedule and
confident in our strategy.  The company's primary focus has
shifted back to running our business, delivering on our customer
commitments and competing for new business."

As part of the company's first day motions granted on October
31, DURA received approval to access US$50 million of its
approximately US$300 million in DIP financing.  Access to the
balance of the DIP facility was subject to the hearing held
today by U.S. Bankruptcy Court for the District of Delaware.  
The Court's approval,
allowing DURA full access to the DIP financing, ensures that
DURA can fund normal business operations and continue its
operational restructuring program, key goals of its Chapter 11
financial restructuring.

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

                          *     *     *

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

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

                          *     *     *

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


ELAN CORP: Increases Senior Notes Offer to US$615 Million
---------------------------------------------------------
Elan Corp. Plc disclosed of the pricing of the offering of
US$615 million aggregate principal amount of Senior Notes by its
wholly owned subsidiaries, Elan Finance public limited company
and Elan Finance Corp.

Elan increased the size of the offering from the US$500 million
aggregate principal amount previously announced.  The Senior
Notes consist of US$465 million aggregate principal amount of
8.875% Senior Fixed Rate Notes due 2013 and US$150 million
aggregate principal amount of Senior Floating Rate Notes due
2013.  

The Floating Rate Notes will bear interest at a rate, adjusted
quarterly, equal to three-month LIBOR plus 4.125%.

Elan and certain of Elan's subsidiaries will guarantee the
Senior Notes. The Senior Notes are being offered to investors at
a price of 100% of principal amount. The offering is expected to
close on November 22, 2006, subject to customary closing
conditions.

Following the offering, Elan expects to, through its wholly
owned subsidiary Elan Capital Corp., Ltd., issue a redemption
notice for the outstanding US$254 million aggregate principal
amount of 6.5% Convertible Guaranteed Notes due 2008 issued by
Elan Capital Corp., Ltd. and guaranteed by Elan.

The net proceeds from the offering are expected to be used to
repay any Convertible Notes not converted into equity of Elan
(at a conversion price of US$7.42 per share) prior to the
redemption date and the remaining net proceeds are expected to
be used to repay a portion of the outstanding US$613 million
aggregate principal amount of 7.25% Guaranteed Senior Notes due
2008 issued by Athena Neurosciences Finance, LLC, a wholly owned
subsidiary of Elan, and guaranteed by Elan, in each case, within
90 days of consummation of the offering.

                        About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

The company has locations in Bermuda and Japan.

                          *     *     *

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.  Elan Finance plc is a wholly owned subsidiary of
Dublin, Ireland-based specialty pharmaceutical company Elan
Corp. plc.  The notes are guaranteed on a senior unsecured basis
by Elan and all of its existing material subsidiaries.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  The ratings
outlook is stable.

Also, Moody's Investors Service assigned a B3 rating to the
proposed new senior unsecured notes of Elan Finance plc
reflecting a guarantee from Elan Corporation plc and material
subsidiaries.  At the same time, Moody's affirmed Elan's
existing ratings (B3 Corporate Family Rating) and the stable
rating outlook.

The rating outlook is stable.

Rating assigned:

Elan Finance plc

    * B3 fixed rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

    * B3 floating rate senior notes due 2013 (guaranteed by
      Elan Corporation, plc and subsidiaries)

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

    * B3 fixed rate senior notes of US$850 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

    * B3 floating rate senior notes of US$300 million
      due 2011 (guaranteed by Elan Corporation, plc
      and subsidiaries)

Athena Neurosciences Finance, LLC

    * B3 senior notes of US$613 million due 2008 (guaranteed
      by Elan Corporation, plc and subsidiaries)

Moody's does not rate Elan's US$254 million convertible notes
due 2008.


FORD MOTOR: Restates First & Second Quarter Financial Statements
----------------------------------------------------------------
Ford Motor Company filed its amended financial statements for
quarterly periods ended March 31, 2006, and June 30, 2006, with
the United States Securities and Exchange Commission, to restate
consolidated and sector statements of income, balance sheets and
cash flows.

The restatements are related to an amended 2005 10-K Report
published in Troubled Company Reporter on Nov. 15, 2006.  The
amended annual report includes amended financial statements for
each of the years ended Dec. 31, 2003, 2004, and 2005, and
selected financial data for each of the years 2001 through 2005
to correct accounting for certain derivative transactions under
Paragraph 68 of the Statement of Financial Accounting Standards
133, Accounting for Derivative Instruments and Hedging
Activities.

             Restated First and Second Quarter Results

For the three months ended March 31, 2006, the Company incurred
a US$1.4 billion net loss on US$36.9 billion of net revenues
compared to US$875 million of net income earned on
US$39.4 billion of net revenues for the same period in 2005.

At March 31, 2006, the Company's restated balance sheet showed
total assets of US$269 billion, total liabilities of
US$255.6 billion and total stockholders' equity of
US$12.2 billion.

For the three months ended June 30, 2006, the Company incurred a
US$317 million net loss on US$37.8 billion of net revenues
compared to US$1.2 billion of net income earned on
US$38.7 billion of net revenues for the same period in 2005.

At June 30, 2006, the Company's restated balance sheet showed
total assets of US$277 billion, total liabilities of
US$261.1 billion and total stockholders' equity of
US$14.7 billion.

A Full-text copy of the company's amended financial statements
for the quarter ended March 30, 2006, are available for free at:

               http://researcharchives.com/t/s?1560

A Full-text copy of the company's amended financial statements
for the quarter ended June 31, 2006, are available for free at:

               http://researcharchives.com/t/s?1561

                         About Ford Motor

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

The Comapny has operations in Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 24, 2006,
Standard & Poor's Ratings Services placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-'from 'CCC.'

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

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


MITSUBISHI GAS: Posts 48.8% Increase in Half-Year Net Income
------------------------------------------------------------
Mitsubishi Gas Chemical Co., Inc. posted a JPY22.08-billion net
income for the six months ending September 2006, a 48.80%
improvement over the JPY14.84 billion net income it posted in
the previous corresponding period.

The company experienced a 11.9% increase in net sales to
JPY231.57 billion in the period in review, which gave rise to a
26.50% increase in operating income to JPY19.84 billion.

The company's interim results for the six months to
September 30, 2006, (in JPY million) are:

                                   Half-year ending
                            September 2005   September 2006
                            --------------   --------------
        Net sales                 231,569          207,004
        Operating income           19,838           15,677
        Ordinary income            29,414           20,642
        Net income                 22,078           14,944

                        Dividends Increase

Mitsubishi Gas Chemical Company, Inc. said in a press release,
that it has resolved to upwardly revise the forecast interim and
final dividend per share for the fiscal year ending March 31,
2007.

The company's fundamental policy on the allocation of profits is
to retain sufficient earnings to strengthen and expand the
company's business foundation, while also declaring dividends,
taking into account such factors as business performance, the
operating environment and potential business development.

Reflecting MGC's business results for the first half of the
fiscal year ending March 31, 2007, MGC intends to increase the
interim dividend per share to JPY6, JPY1 higher than the
previous dividend forecast, and JPY2 higher than the previous
interim period.  The forecast final dividend is also being
upwardly revised to JPY6 per share, JPY1 higher than the
previous forecast, reflecting the positive outlook for business
performance through the full year.  The annual dividend per
share for the fiscal year is therefore estimated at JPY12, a
year-on-year increase of JPY2.

              About Mitsubishi Gas Chemical Company

Headquartered in Tokyo, Japan, Mitsubishi Gas Chemical Company,
Inc. -- http://www.mgc.co.jp/-- is engaged in the manufacture  
and sale of organic and inorganic chemicals, petroleum-derived
chemicals, chemical fertilizers, agricultural chemicals and feed
additives.  It also offers synthetic resins, synthetic rubber,
dyes, pigments and paints and adhesives.  Mitsubishi Gas
Chemical also manufactures and sells pharmaceutical products,
quasi-drugs, biochemical products, detergents and elements used
for civil engineering construction, agriculture and fisheries.  
Mitsubishi Gas Chemical also is involved in the mining and sale
of natural gas, petroleum and other minerals, as well as the
provision of consultation work.  In addition it is engaged in
the design, manufacture, sale, operation, supervision and
consulting of various machines used in chemical industries and
environmental preservation, and other activities.  The company
has operations in Germany, Singapore, and Taiwan.

Standard and Poors Ratings Service gave the company BB+ long-
term foreign and local issuer ratings on June 21, 2005.


OM GROUP: Selling Nickel Assets to Norilsk for US$408 Million
-------------------------------------------------------------
OM Group Inc. has entered into a definitive agreement to sell
all of its nickel assets to Norilsk Nickel for US$408 million in
cash, on a debt-free/cash-free basis, plus a potential post
closing adjustment for net working capital.  

The transaction, which has been unanimously approved by the
Board of Directors of both companies, is subject to approval by
regulatory authorities as well as other customary closing
conditions.

The announcement is in line with OM Group's previously stated
business objective to monetize its nickel business, which
management has concluded is a non-core asset.  The company
expects to use the proceeds of the transaction to improve its
financial flexibility and strengthen its position to grow
operations, including through potential strategic acquisitions
and increased new product development.

"This transaction represents an important step in our effort to
re-tool OM Group's business model into one that delivers more
predictable and sustainable financial results, and better
positions us to continue to build long-term value for our
shareholders," said Joe Scaminace, chairman and chief executive
officer.  "Through this transaction, we would simultaneously
achieve three mission-critical objectives in our strategic
transformation into a diversified specialty chemicals and
advanced materials company.  Those objectives are to focus the
company on its strengths in developing and producing value-added
specialty products for customers that serve dynamic markets; to
lessen the impact of metal price volatility on our bottom line;
and to support our aggressive growth plans."

The company believes that the timing for such a transaction is
ideal given today's historically high nickel prices.  "While our
intent was not to try to time the market, we believe this is an
ideal time in the base metals cycle to exit the nickel business.
In our estimation, the current value of the business is greater
than its future value as it's a capital intensive business for
us where we have faced raw material feed constraints and
significant price volatility," Scaminace said.  "More important,
we believe we have found a unique buyer for this business - one
that is well-positioned to create a broader working relationship
with us."

Given the complementary geography and operations, OM Group
believes there are unique synergies between the two companies
that could be leveraged to advance their respective strategies,
build on their core competencies and unlock value for their
shareholders.

"At the conclusion of this transaction, OMG's Specialties
segment will enter into five-year supply agreements with
Norilsk's trading subsidiary that will, among other things,
further strengthen our supply chain and secure consistent raw
materials for our specialties business," said Scaminace.  'The
supply agreements include: up to 2,500 metric tons (mt) per year
of cobalt metal, up to 2,500 mt per year of crude cobalt
hydroxide concentrate and up to 1,500 mt per year of crude
cobalt sulfate, along with various nickel-based raw materials
used in OMG's electronic chemicals business."

The transaction is expected to close in the first quarter of
2007.  The nickel business will be classified as a discontinued
operation, including reclassification of prior periods, in all
future filings.  OM Group remains committed to providing the
highest level of service to its nickel customers through the
transition period, and it expects the change to new ownership to
be seamless for employees and customers.

                    About MMC Norilsk Nickel

OJSC MMC Norilsk Nickel is Russia's largest mining and
metallurgical company and the world's largest producer of nickel
and palladium, as well as a major producer of platinum and
copper.  OJSC MMC Norilsk Nickel is listed on the MICEX and RTS
Russian stock exchanges (GMKN_RU), and the company's ADRs are
traded over the counter in New York (NILSY_US), London (MNOD_LI)
and Berlin (NNIA_GR).

                       About OM Group, Inc.

Headquartered in Cleveland, Ohio, OM Group, Inc. (NYSE: OMG)
-- http://www.omgi.com/-- produces metal-based specialty  
chemicals for about 30 industries, including aerospace,
automotive, computer, construction and consumer electronics.  OM
Group's base metal chemistry products include organics,
inorganics, powders and metals (nickel, cobalt and copper).  The
company offers about 1,500 products to roughly 3,300 customers,
and has operations in Japan and Finland

                          *     *     *

Moody's Investors Service affirmed OM Group Inc.'s B2 corporate
family rating and B3 rating on its US$400 million notes due
2011, and moved the ratings outlook to under review for possible
upgrade.

The change in outlook follows the report by the company that it
had signed an agreement with Norilsk Nickel regarding the sale
of OMG's nickel business.

Ratings under review:

      -- Corporate family rating at B2

      -- US$400 million guaranteed senior subordinated notes due
         2011 at B3, LGD4, 58%


OM GROUP: Moody's Changes Outlook to Positive on Sale Agreement
---------------------------------------------------------------
Moody's Investors Service affirmed OM Group Inc.'s B2 corporate
family rating and B3 rating on its US$400 million notes due
2011, and moved the ratings outlook to under review for possible
upgrade.  

The change in outlook follows the announcement by the company
that it had signed an agreement with Norilsk Nickel regarding
the sale of OMG's nickel business.

Ratings under review:

   -- Corporate family rating B2; and

   -- US$400-million guaranteed senior subordinated notes due  
      2011 B3 (LGD4, 58%).

OMG's sale of its nickel business includes the sale of the
nickel refinery in Harjavalta, Finland, the mining and leaching
plant in Cawse, Australia and equity investments in MPI Nickel
Pty. Ltd. and Talvivaaran Kaivososakeyhtio on a debt-free, cash-
free basis for a cash purchase price of US$408 million, subject
to a post closing working capital adjustment.  

Additionally, OMG has negotiated five supply agreements with the
buyer for the supply of certain raw materials to its remaining
cobalt-based Specialties business and nickel-based raw materials
used in OMG's electronic chemicals business.  The boards of
directors of both companies have approved the transaction, which
will take OMG out of the nickel business and represents a
significant step in the firm's strategy of becoming a specialty
chemicals and advanced materials company with less volatile
earnings.

The review for a possible upgrade will consider the closing of
the nickel business sale, the ultimate use of net sale proceeds,
and whether the firm's operating margins and cash flow continue
to be supportive of a higher rating.   The company's
subordinated notes are callable at a price of 104.625% of the
face amount during the year starting December 15, 2006.  
However, OMG could also invest in strategic acquisitions and
increased new product development as it pursues its strategic
growth and diversification plans.

Following the transaction, OMG will benefit from decreased
volatility in earnings as the profitability of the nickel
business is tied to commodity nickel prices that have
experienced significant volatility in the past year.  However,
Moody's notes that the fortunes of OMG's earnings are still
partially tied to the price of cobalt, which can be volatile.
The divestiture will also lead to a reduction in net debt such
that the firm will have cash balances exceeding its outstanding
debt, increased liquidity, and flexibility in financing internal
and external growth opportunities.  Moody's believes that the
company will be in a strong position to make modest acquisitions
to support its new strategy, but significant additional debt
above current levels could limit upward movement of the ratings.

OMG is a vertically integrated international producer of cobalt
and nickel-based specialty chemicals, whereby the company
applies proprietary technology to unrefined cobalt and nickel
raw materials to market more than 1,500 different products used
in many end markets such as rechargeable batteries, coatings,
custom catalysts, and liquid detergents.  OMG's revenues for the
LTM ended Sept. 30, 2006 were approximately US$1.3 billion.

Headquartered in Cleveland, Ohio, OM Group, Inc. (NYSE: OMG)
-- http://www.omgi.com/-- produces metal-based specialty  
chemicals for about 30 industries, including aerospace,
automotive, computer, construction and consumer electronics.  OM
Group's base metal chemistry products include organics,
inorganics, powders and metals (nickel, cobalt and copper).  The
company offers about 1,500 products to roughly 3,300 customers,
and has operations in Japan and Finland


OM GROUP: Nickel Assets Sale Prompts S&P to Revise Outlook  
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
OM Group Inc. to positive from stable.  The 'B+' corporate
credit rating on this Cleveland, Ohio-based company was also
affirmed.

The outlook revision reflects the potential for a strengthening
of the business risk profile as management invests the proceeds
from the planned sale of its nickel assets into businesses
capable of delivering more stable and predictable earnings.

"Moreover, there are indications that management's financial
policies and approach to strategic acquisitions favor less
reliance on debt as it transforms OM Group's business model,"
said Standard & Poor's Ratings Services credit analyst
Wesley E. Chinn.

Headquartered in Cleveland, Ohio, OM Group, Inc. (NYSE: OMG)
-- http://www.omgi.com/-- produces metal-based specialty  
chemicals for about 30 industries, including aerospace,
automotive, computer, construction and consumer electronics.  OM
Group's base metal chemistry products include organics,
inorganics, powders and metals (nickel, cobalt and copper).  The
company offers about 1,500 products to roughly 3,300 customers,
and has operations in Japan and Finland


SANYO ELECTRIC: To Sell Cellphone and Semiconductor Business
------------------------------------------------------------
Sanyo Electric Co. plans to sell its cellphone operations and
its semiconductor division as part of a new restructuring plan,
Reuters says, citing the Nihon Keizai newspaper.

According to the report, Sanyo is headed for its third straight
loss this business year.  The report recounts that the company,
earlier in 2006, issued US$2.6 billion worth of preferred shares
on very favorable terms to Goldman Sachs and two other financial
institutions to ensure its survival.

Nihon Keizai said that Sanyo would spin off its cellphone
division as early as in the next financial year starting in
April and then sell the majority of the new company to a
competitor.

Reuters recalls that Sanyo embarked on large-scale restructuring
in 2005, aiming to cut 15% of its workforce, close factories,
and trim unprofitable operations.  However the company has not
achieved the desired result, Reuters observes.

A company source told Reuters last week that Sanyo would likely
post a net loss of up to JPY50 billion (US$428 million) for the
business year to March 2007, missing its initial forecast for a
profit of JPY20 billion.

Sanyo, notes the news agency, has been hit by weak demand for
its mobile phones in North America, sliding sales of digital
cameras, and larger-than-expected costs for job cuts and
consolidation of production facilities.

Moreover, Sanyo looks to sell its chip operations, which it spun
off in July.  Other steps include ending domestic sales of air
conditioners, cutting advertising and promotion expenses, and
shifting digital camera production in Japan and South Korea to
other parts of Asia, the Nihon Keizai said.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading    
manufacturers of consumer electronics products.

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

Fitch noted that the company is restructuring its operations and
its financial flexibility has relatively improved due to new
capital injection in March 2006.

Also, the TCR-AP reported on May 25, 2006, that Standard &
Poor's Ratings Services affirmed its negative BB long-term
corporate credit and BB+ senior unsecured debt ratings on Sanyo
Electric.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


SANYO ELECTRIC: S&P Places Ratings on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit and 'BB+' senior unsecured debt ratings on Japan's Sanyo
Electric Co. Ltd. on CreditWatch with negative implications
on increasing concerns over the company achieving the
performance and financial improvement targets stated in its
medium-term management plan announced in November 2005.

Whether Sanyo Electric can achieve the targets in its medium-
term management plan is increasingly uncertain due to intense
competition in digital cameras and mobile telephones, plus
possible additional restructuring costs, as reported by media
recently.  Additionally, there are cases in which the company's
negotiations with potential alliance partners have not proceeded
according to initial plans, for example termination of
negotiations on a business tie-up in mobile telephones and a
scaling back in plans for flat-panel televisions.

"As competition is expected to intensify further, it remains
unclear if Sanyo Electric will be able to stabilize its earnings
in the medium to long term," said Standard & Poor's credit
analyst Katsuyuki Nakai.  Standard & Poor's will re-evaluate
whether Sanyo Electric can achieve a recovery in its performance
and lift its financial profile in the medium-term following the
company's announcement on Nov. 24, 2006, of its financial
results for the first half of fiscal 2006 (ended Sept. 30, 2006)
and its full year forecast, noting any additional measures to
deal with unprofitable businesses.  If the company revises its
medium term management plan, the rating may be removed from
CreditWatch after Standard & Poor's assesses the likelihood that
the company can fulfill the new plan, as well as any impact on
the principal financial institution shareholders' willingness to
extend support.


SOFTBANK CORP: Unit Fails to Declare JPY8-Bil. Taxable Income
-------------------------------------------------------------
Softbank Corp.'s subsidiary, Softbank Finance, failed to declare
taxable income of about JPY8 billion over five years to March
2005, AFX News Limited says, citing the Jiji Press news agency.

According to AFX, Jiji Press, without identifying its sources,
said that Softbank Finance bought shares in a real estate
company from its founding family and had sold back the shares to
the same family in October 2000 for far less than their market
value.

The report says that the tax authorities regarded the losses on
the transaction as a taxable payoff to the founding family.

Softbank, AFX notes, confirmed in a written statement that the
tax authorities had investigated the subsidiary and "raised
issues related to some transactions."

Softbank's statement added: "Although we disagreed with them, we
obeyed the instructions from the authorities and corrected the
tax filing.  There was no order to pay penalty taxes nor back
taxes."

                   About Softbank Corporation

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation, with operations in
broadband, fixed-line telecommunications, e-Commerce, Internet,
broadmedia, technology services, finance, media and marketing,
and other businesses.  SoftBank was established on September 3,
1981, and had a market capitalization of approximately
US$32.8 billion at February 28, 2006.

SoftBank's corporate profile includes various other companies
such as Japanese broadband company Cable & Wireless IDC, cable
company BB-Serve, and gaming company GungHo Online
Entertainment.  On March 17, 2006, SoftBank announced its
agreement to buy Vodafone Japan, giving it a stake in Japan's
US$78 billion mobile market.

                          *     *     *

According to the Troubled Company Reporter - Asia Pacific on
April 18, 2006, Standard & Poor's Rating Services agency
affirmed its 'BB-' long-term corporate credit rating on the
company, with negative implications.

Moody's Investors Service had, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2 from Ba3, concluding a review initiated on March 17,
2006, when the company announced that it would acquire a 97.7%
stake in mobile phone giant Vodafone Group's Japanese unit,
Vodafone K. K.


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

CJ CORP: To Acquire U85% Stake in Omni Food for US$6.8 Million
--------------------------------------------------------------
As widely reported, CJ Corp. entered into a memorandum of
understanding to buy United States-based Omni Food Inc. for
US$6.8 million.

The transaction is CJ Corp.'s first acquisition of a production
line in the U.S., enabling the company to begin making food
products in the U.S. under its own brand, CJ spokeswoman, Bae
Soo Jung, told Bloomberg News.

CJ markets a range of processed food and commodities around the
world, AP-foodtechnology.com says.  "It is now looking for
expansion in the US market, aiming to make KRW120 billion in
sales there by 2013," the Web site adds.

According to Chosun Ilbo, Omni Food produces dumplings, noodles,
frozen rice and processed-meat products. It has its own brand
Ohana and is an OEM-supplier in the U.S. for Korean food makers
Daesang and Pulmuone.  

Omni recorded US$5.5 million in sales last year, the Korean
newspaper notes.

                About CJ Corporation and CJ Food

CJ Corp. -- http://www.cj.net/-- manufactures processed food  
products.  The company's products include refined sugar,
monosodium glutamate, condiment, wheat powder, flour, cooking
oil, processed meats, and animal feed.  CJ also manufactures
pharmaceutical and household products.  The Company reported a
total revenue of KRW642.99 billion and a net income of
KRW76.9 billion for the first three months of 2006, and a full
year revenue of KRW2.46 trillion and full year net income of
KRW132.50 billion in 2005.

CJ Food System Co., Ltd. -- http://www.cjfood.com/--  markets  
and provides various groceries to food service companies and
restaurants.  The Company also caters to company restaurants,
schools, airports, and private restaurants and processes
agricultural products.

As reported in the Troubled Company Reporter - Asia Pacific on
July 4, 2006, CJ Group entered into a crisis when more than
2,300 students at 30 Korean schools became sick after eating
school meals supplied by CJ Food System Co., Ltd.

As it takes responsibility for the poisoning, CJ Food decided to
stop its school meal business.  CJ Food ceased business in 93
elementary, middle and high schools and 35 universities
nationwide.  Industry and market experts believe that not only
CJ Food System, but CJ Group as a whole, will have to take the
brunt of the poisonings.


EUGENE SCIENCE: Inks Distribution Deal with RexGene Biotech
-----------------------------------------------------------
Eugene Science, Inc., established a strategic distribution
alliance with RexGene Biotech under which RexGene will
manufacture and market several cholesterol-lowering
nutracuetical products containing Eugene Science's patented
CZ(TM) ingredient.

Founded in 1995, Seoul, Korea-based RexGene is a publicly traded
major manufacturer, marketer and distributor of various health
and nutritional products.  With sales of more than $20 million,
it has a proprietary catalog of 180 popular products ranging
from a phytoestrogen female hormone supplement to gamma-linoleic
acid for blood circulation and glucosamine for joint function.

The companies have signed a signed a memorandum of understanding
under which RexGene will purchase Eugene Science's water soluble
CZ(TM) plant sterol ingredient for inclusion in a new line of
RexGene cholesterol-lowering nutraceutical products such as
capsules, beverages and more.

Definitive product distribution agreements will be put in place
in the weeks ahead as RexGene is to develop and launch the first
of several CZ(TM)-based products beginning in January, followed
by other product launches throughout the first half of 2007.

Based on its considerable experience, RexGene's forecast for
CZ(TM) purchases to support a mass-market, multi-product line of
cholesterol-lowering supplements indicate RexGene would become
one of Eugene Science's largest customers in early 2007.

RexGene has large-scale nutritional supplement manufacturing
facilities, extensive marketing reach and capability with nearly
30 distribution channels including large corporations such as
KT&G, High-living, Korea's largest drugstore chain Onnuri, Sanga
Pharmaceutical Co., online shopping malls and many others.

To build brand value rapidly, RexGene will market its CZ(TM)
product line through multiple channels including network
marketing, drug store chains, online shopping malls and direct
response home shopping television starting in January.

Additionally, the Eugene Science retains overseas distribution
rights, to include the United States, for RexGene-manufactured
CZ(TM) finished products, providing Eugene Science distribution
leverage with added product to push through its existing and new
distribution channel partners throughout Asia and elsewhere.

"The Eugene Science water soluble CZ(TM) ingredient is the ideal
platform upon which RexGene will create a large and important
new product line that we are confident will by met with strong
demand by South Korea's 50 million consumers," said IL Jae Jung,
Senior Marketing Manager, RexGene.  "Both companies share a deep
commitment to bringing state-of-the-art nutraceutical products
to market, and we believe this strategic alliance offers great
potential."

"RexGene is a terrific company with powerful integrated
development, manufacturing and marketing ability," said Seung
Kwon Noh, Chief Executive Officer, Eugene Science.  "Their
product development and sales capability is second to none and
will enable Eugene Science to rapidly build CZ(TM) sales in
Korea while putting new products through our growing overseas
distribution network."

"Our marketing team is continuing to develop new product and
market opportunities and I expect we will establish additional
distribution agreements in the weeks ahead," Mr. Noh added.

                       About Eugene Science

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

As reported in the Troubled Company Reporter - Asia Pacific on
November 22, 2006, Eugence Science's independent accountants
expressed substantial doubt on the company's ability to continue
as a going concern.  The independent accountants pointed to
recurring losses from operations and working capital
deficiencies as of September 30, 2006 and 2005.


KOREA EXCHANGE BANK: President Rejects Stock-Rigging Allegations
----------------------------------------------------------------
Korea Exchange Bank President and Chief Executive Officer
Richard Wacker rejected allegations that the bank's board of
directors fixed share prices of its credit card subsidiary, KEB
Credit Services, The Korea Times reports.

As reported in the Troubled Company Reporter - Asia Pacific on
November 22, 2006, South Korean prosecutors indicted KEB along
with Lone Star Funds on stock-manipulation charges related to
the bank's merger with the credit card unit.

According to the Times, Mr. Wacker asserts that the bank's board
acted appropriately.

"In fact, the board's timely decisions rescued KEBCS from
imminent default that would have collapsed the company and
further undermined confidence in the Korean financial sector at
a very difficult time," the newspaper cites Mr. Wacker as saying
in a letter to KEB's employees.

KEB, Mr. Wacker pointed out, has cooperated fully in the
numerous investigations conducted by the authorities and will
continue to do so.  "We intend to vigorously defend the bank in
the judicial proceedings to come and we are confident that the
actions of the bank and KEB's board of directors will be
vindicated," he added.

                    About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  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.


KOREA EXCHANGE BANK: Lone Star Comments on Execs' Warrants
----------------------------------------------------------
Lone Star Funds expressed its deep disappointment at the actions
taken by the Korean Supreme Prosecutors Office.  As reported in
the press, the SPO has sought to arrest and detain four persons
related to Lone Star, including its Vice Chairman, Ellis Short;
its general counsel, Michael Thomson; the current head of its
Korean affiliate, Paul Yoo; and its former head, Steven Lee.

John Grayken, Chairman of Lone Star, stated that, "After almost
a full year of intensive investigation, with Lone Star's full
cooperation throughout, we now face a new attempt by the SPO to
attack Lone Star and its officers with spurious allegations of
vague conspiracies, without any hard evidence.  It is especially
disappointing that the SPO has gone forward in this manner
without any real attempt to obtain the testimony of the various
members of KEB's Board of Directors.  We will vigorously defend
our company and our officers from these baseless accusations."

Mr. Grayken explained that, "This latest allegation has nothing
to do with Lone Star's original investment in Korea Exchange
Bank.  Rather, it relates to KEB's subsequent rescue of its then
minority-owned credit card affiliate, KEB Credit Services, from
the brink of failure in November 2003.  If KEB had not stepped
in and provided this rescue package, KEB Card would have failed,
causing all of its shareholders' investment to be totally wiped
out."

Mr. Grayken also pointed out that, "The fundamental allegation
pursued by the SPO is that KEB Card's share price was
artificially driven down by an intentional misstatement by the
KEB Board of Directors that KEB Card was at the brink of failure
and thus would have to bear a significant capital reduction in
connection with a merger of KEB Card with KEB.  This accusation
is totally false, and is not supported by any hard facts. It was
crystal clear to anyone observing the situation at the time that
KEB Card was suffering a dramatic liquidity crisis and on the
verge of insolvency.  Thus, a capital reduction was one of the
events already anticipated by the market.  No one needed to make
any false statements about the severity of KEB Card's situation.
In fact, Lone Star only reluctantly supported KEB's rescue of
KEB Card under strong pressure from the Korean banking
regulators."

"It is also shocking that this allegation of share-price
manipulation is being directed only at those members of KEB's
Board of Directors who were officers of Lone Star.  These
individuals participated in the resolution of the KEB Card
crisis as Directors of KEB, in fulfillment of their fiduciary
duties to all of KEB's shareholders.  It is outrageous that
these individuals are being singled out as the SPO's target."

Mr. Grayken concluded by saying that, "KEB should be
congratulated for shouldering the burden of single-handedly
rescuing KEB Card, without any need for government intervention
or the assistance of KEB Card's other lenders.  This is in stark
contrast to the government-administered bailout of LG Card,
which completely wiped out LG Card's shareholders.  I have to
conclude that this is further evidence of a politically
motivated investigation driven by anti-foreign investor
sentiment that persists in certain segments of Korean society.  
I cannot express strongly enough my disappointment with today's
events."

                    About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  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.


NOVELIS CORP: Moody's Confirms Ba2 Sr. Secured Term Loan Rating
---------------------------------------------------------------
Moody's Investors Service confirmed Novelis Inc.'s corporate
family rating at B1, and its B1 PDR and also confirmed the Ba2
rating on its US$500 million senior secured credit facility, and
the Ba2 rating on its senior secured term loan.  The
US$1.4 billion senior unsecured notes were upgraded from B3 to
B2.

Moody's also confirmed the Ba2 senior secured term loan rating
for Novelis Corp., guaranteed by Novelis Inc.  At the same time,
Moody's changed Novelis's speculative grading liquidity rating
to SGL-2 from SGL-4.  The outlook is stable.  This concludes the
review of debt ratings for possible downgrade, initiated on
May 16, 2006, following Novelis's announcement to further delay
the filing of its financial statements, the downgrade review of
which continued after Novelis's long-term debt ratings were
downgraded on Sept. 5, 2006.

The confirmation reflects the progress Novelis has made in
getting current on its financial reporting requirements and the
elimination of any potential default under the senior unsecured
notes, which could have forced an acceleration of payment.  

In addition, the confirmation reflects Novelis's substantial
global footprint in the aluminum rolled products industry and
Moody's expectation that improving performance will be evident
in 2007 as the negative drag of the can price ceiling diminishes
on contract restructuring.  The upgrade of the senior unsecured
notes reflects their improved standing in the waterfall under
Moody's loss given default methodology following further paydown
in the secured term loans (to US$711 million in aggregate) and
the increased proportion of these unsecured notes in the capital
structure.

The B1 corporate family rating reflects the challenges Novelis
is facing in its 2006 performance and the resultant
deterioration in earnings and debt protection metrics.  Novelis'
performance has suffered due to its remaining exposure to
certain can contracts with price ceilings (which are below the
current aluminum prices) and the worse-than-expected impact of
the differential between used beverage can prices and primary
aluminum prices (which impacts the company's expected internal
hedge position).

In addition, the rating considers the increased cost profile
from both an operational perspective and as a result of the
increased costs associated with the review and restatement of
Novelis's financial statements since its spin-off from Alcan,
the increased interest costs due to waivers required under the
bank agreements, and the step-up in the interest rates on the
notes due to non-registration.  However, the rating acknowledges
the company's substantive global position in the aluminum rolled
products markets and its debt reduction performance since its
spin-off from Alcan.

Moody's sees 2006 as a transition year for Novelis both
operationally and from a management and reporting perspective.
With the delayed filing and restatement of financial statements
now behind the company, as well as the weak performance through
the first three quarters of 2006, which resulted largely from
price caps on some of its can sheet contracts, Moody's expects
improved operating margins and a continued focus on debt
reduction throughout 2007.

The stable outlook reflects Moody's expectation that the current
favorable business environment for aluminum rolled products for
aerospace, automotive, commercial construction and industrial
applications will continue into 2007 allowing for improved
earnings and cash flow generation.  

Moody's also expects that losses associated with certain
contracts with price ceilings (which are below current aluminum
prices), recorded at approximately US$115 million for the 2006
third quarter alone, will be significantly reduced as roughly
half of the affected contracts move to more market based pricing
in 2007.  Moody's also believes that hedging strategies
implemented in the third quarter should help mitigate the degree
of exposure to losses on the remaining contracts.

The change to SGL-2 reflects Novelis's improved liquidity
following the timely filing of its third quarter 10-Q and the
improved cushion under its renegotiated financial covenants in
its bank revolver and term loan facilities.  The SGL-2 rating
also captures the expectation that, despite negative free cash
flow generation in Q2 and Q3, 2006, the company will demonstrate
improved performance in 2007 as a substantial portion of
contracts with price ceilings begin to move to a more market
based pricing.

Novelis Inc.

Ratings Confirmed:

    * Corporate Family Rating, B1
    * Probability of default rating. PDR-B1
    * Gtd. Sr. Sec. Revolving Credit Facility, Ba2, LGD2, 24%
    * Gtd Sr. Sec Term Loan B, Ba2, LGD2, 24%

Ratings Upgraded

    * Sr. Global Notes to B2, LGD5, 74% from B3, LGD5, 76%
    * Speculative Grade Liquidity Rating to SGL-2 from SGL-4

Novelis Corp.

Ratings Confirmed

    * Gtd. Sr. Sec Term Loan B Ba2, LGD2, 24%

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


SC FIRST BANK: Net Income for Sept. 2006 Quarter Rose 149%
----------------------------------------------------------
SC First Bank Korea Ltd.'s earnings more than doubled in the
third quarter of 2006 from a year earlier due to interest income
from mortgage lending and loans to small and medium-sized
businesses, Asia Pulse Businesswire reports, citing a company
statement.

The steady growth in non-interest income also contributed to the
sharp rise in profits.

The bank posted KRW6.6 billion in net income for the quarter
ended September 30, 2006, a 149% increase from the corresponding
period last year.  Cumulative earnings in the first nine months
ended Sept. 30, 2006, totaled KRW218.4 billion, Asia Pulse
notes.

                      About SC First Bank

Standard Chartered First Bank Korea Ltd. --
http://www.scfirstbank.com/-- is a commercial bank that offers    
a  wide range of financial services.  The company's offerings
include loans, deposits, credit card, trust accounts, financial
derivative transactions, corporate banking, consumer banking,
and investment banking services.  SC First Bank is the sixth
largest commercial bank in Korea with total assets of KRW60.2
trillion as of March 31, 2006.  Through its nationwide network
of 404 branch offices, SC First Bank serves some 3.5 million
clients in Korea.

Moody's Investors Service gave SC First Bank a Bank Financial
Strength Rating of 'D+'.

Fitch Ratings gave the bank a 'C' Individual Rating.


* Korea's Corporate Earnings Rose 11% in Third Quarter
------------------------------------------------------
Korean companies showed noticeable improvements in their
earnings in the third quarter of 2006 due to falling oil prices
and relatively stable foreign exchange rates, the Government's
Web site, Korean.net, states.

The Korea Exchange made these observations on 544 companies
listed on the main bourse that closed their books at the end of
December:

   -- the companies posted a combined net profit of KRW11.5
      trillion (US$12.2 billion) in the first nine months of the
      year, up 11.3% from the previous quarter; and

   -- their operating profit increased 8.9% to KRW13.1 trillion,
      and sales increased 2.12% to KRW169.8 trillion.

Korea Exchange also noted that 535 Korean manufacturing
companies' earnings jumped 22% to KRW10 trillion in the third
quarter from the previous quarter, with operating profit rising
14.8% to KRW11.4 trillion.  Their ratio of operating income to
sales stood at 7.14% in the third quarter, up from 6.4% the
previous quarter while average debt-to-equity ratio was 85.6% as
of the end of September, down from 86.6% from the end of last
year.

Financial firms reported KRW9.6 trillion in sales, down 8.85%,
with operating profit down 19.7% to KRW1.7 trillion and net
profit down 31% to KRW1.4 trillion, the Exchange added.


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

AKTIF LIFESTYLE: Bursa to Delist Securities on November 27
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific on June 14, 2006,
reported that Bursa Malaysia Securities Bhd commenced delisting
procedures against Aktif Lifestyle Corp.

According to Bursa Securities, Aktif failed to ensure that its
level of operations is adequate in accordance to listing
requirements.

The delisting was, however, deferred after Aktif Lifestyle
appealed the decision.

In an update, Aktif Lifestyle on November 15, 2006, said that
Bursa Securities has resolved the appeal and decided to continue
with the delisting.

Hence, Aktif's securities will be removed from the Official List
of Bursa Securities on November 27, 2006, at 9:00 a.m.

As for Aktif's securities that are currently deposited with
Bursa Malaysia Depository Sdn Bhd, the securities may remain
deposited with Bursa Depository despite the delisting.  

The company's shareholders who intend to hold their securities
in the form of physical certificates can withdraw these
securities from their Central Depository System accounts
maintained with Bursa Depository at anytime after the securities
of the company have been delisted.  

This can be effected by the shareholders submitting an
application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.  The shareholders can
contact any Participating Organization of Bursa Securities
and/or Bursa Securities' general line at: 03-2034 7000

                          *     *     *

Headquartered In Kuala Lumpur, Malaysia, Aktif Lifestyle
Corporation Berhad's principal activities is the operation of
specialty retail stores.  Other activities include investment
holding.

The Company has defaulted on several loan facilities and
incurred continuous losses.  It embarked on various corporate
exercises aimed at regularizing its financial condition.  In
2005, the Company presented a proposed restructuring scheme,
which did not win the Securities Commission's favor due to
uncertainty in assets valuation and concerns on corporate
governance issues.  An appeal to the SC to review its decision
on the Proposed Restructuring Scheme was already submitted.


ANTAH HOLDINGS: General Meeting Set on December 15
--------------------------------------------------
Antah Holdings Bhd will hold an extraordinary general meeting on
December 15, 2006, 3:00 p.m. at Balai Tunku Abdul Rahman, Royal
Commonwealth Society, No. 4, Jalan Birah, Off Jalan Batai,
Damansara Heights, 50490 Kuala Lumpur.

During the meeting, Antah Holdings will:

    -- receive the Audited Financial Statements for the
       financial year ended June 30, 2006, together with the
       Reports of the Directors and the Auditors thereon;

    -- approve the payment of Directors' Fees for the financial
       year ended June 30, 2006.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.  The Group discontinued its
beverage and security services operations.  The Group operates
in Malaysia, Australia, United Kingdom, and Singapore.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR678.492 million and total liabilities of MYR1.039
billion, resulting into a shareholders' equity deficit of
MYR361.167 million.


FOREMOST HOLDINGS: Cuts Net Loss to MYR220,000 in 3rd Qtr. 2006
---------------------------------------------------------------
Foremost Holdings Bhd posted MYR220,000 net loss on MYR7.010
million revenues in the third quarter ended September 30, 2006,
as compared with MYR5.63 million net loss it incurred on
MYR51.312 million revenues in the same quarter last year.

Operating expenses sharply fell to INR7.192 million in the
September 2006 quarter from INR56.131 million in the
corresponding period last year.

As of September 30, 2006, the consolidated balance sheet of the
company showed current assets at MYR29.11 million while current
liabilities amounted to MYR15.88 million.

A full-text copy of the company's financial statement for the
third quarter ended September 30, 2006, can be viewed for free
at http://bankrupt.com/misc/foremost-fr-06.xls  

                          *     *     *

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

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


TT RESOURCES: Posts MYR2.75 Mil. Net Loss in 3rd Qtr. 2006
----------------------------------------------------------
TT Resources Bhd incurred MYR2.75 million net loss on MYR36.94
million revenues in the third quarter ended September 30, 2006,
as compared with MYR1.95 million net loss on MYR36.32 million
revenues it posted in the same period last year.

The company's consolidated balance sheet as of September 30,
2006, showed strained liquidity with MYR26.91 million in current
assets available to pay MYR41.03 million in current liabilities.

As of September 30, 2006, total assets of TT Resources Bhd
amounted to MYR68.57 million while total liabilities is at
MYR54.22 million.  Shareholders' equity in the company reached
MYR14.351 million.

A full-text copy of TT Resources' financial statements for the
third quarter ended September 30, 2006, can be viewed for
free at http://bankrupt.com/misc/TTRB-is-06.xlsand  
http://bankrupt.com/misc/TTRB-Q3'06.xls

                          *     *     *

TT Resources Berhad's principal activities are the operation of
Chinese and Western restaurants, provision of catering, seafood
trading and operation of cafe and other food related business.  
Other activities include operation of musical entertainment
centres, investment holding, photography, studio portrait and
film and colour developing and printing.

The Group operates in Malaysia, Singapore, Thailand and China.


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

AIR NEW ZEALAND: Board Appoints Jim Fox as Additional Director
--------------------------------------------------------------
The Board of Air New Zealand has appointed Dr. Jim Fox as an
additional non executive Director.

Dr. Fox is a businessman regarded as one of the leading
developers of technology-based businesses in Australia.  He was
the founder and is currently the Managing Director of Vision
Systems Ltd, an ASX-listed technology company with a market
capitalization of more than AU$800 million.  His experience as a
director includes ASX listed Futuris Corporation Ltd and in the
UK, The Technology Partnership Plc.

Dr Fox has a doctorate in Engineering and has been a member of
the Innovation Economic Advisory Board in Victoria since 2002.

In addition to his business and engineering interests, Dr. Fox
takes a strong interest in aviation including experience as a
private pilot.

Air New Zealand Chairman, John Palmer says Dr. Fox's
"international experience will be invaluable in bringing a
different perspective to the development of the company's
strategy."

Air New Zealand's Constitution allows for between 5 and 8
directors to be appointed.  Dr. Fox's appointment will fill the
eighth position.

                      About Air New Zealand

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

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

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


COASTLINES LTD: Liquidation Hearing Set on November 27
------------------------------------------------------
On Oct. 10, 2006, the Commissioner of Inland Revenue filed with
the High Court of Palmerston North a petition to liquidate
Coastlines Ltd.

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

The Solicitor for the Petitioner can be reached at:

         Kerri Ann Doherty
         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 1045
         Facsimile:(04) 890 0009


FREESTYLE EQUIPMENT: Appoints Joint Liquidators
-----------------------------------------------
The members of Freestyle Equipment Ltd -- formerly Nationwide
Equipment Ltd -- appointed Grant Robert Graham and Brendon James
Gibson as joint and several liquidators on Oct. 27, 2006.

The Joint and Several Liquidators can be reached at:

         Grant Robert Graham
         Brendon James Gibson
         Ferrier Hodgson & Co
         Level Sixteen, Tower Centre
         45 Queen Street (P.O. Box 982)
         Auckland
         New Zealand
         Telephone:(09) 307 7865
         Facsimile:(09) 377 7794


FREESTYLE NZ: Names Graham and Gibson as Liquidators
----------------------------------------------------
On Oct. 27, 2006, the members of Freestyle New Zealand Ltd --
formerly Hirepool Ltd -- appointed Grant Robert Graham and
Brendon James Gibson as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Grant Robert Graham
         Brendon James Gibson
         Ferrier Hodgson & Co
         Level Sixteen, Tower Centre
         45 Queen Street (P.O. Box 982)
         Auckland
         New Zealand
         Telephone:(09) 307 7865
         Facsimile:(09) 377 7794


KTB PROPERTIES: Creditors Must File Proofs of Debt by Nov. 30
-------------------------------------------------------------
Liquidator John Francis Managh requires creditors of KTB
Properties Ltd to file their proofs of debt by Nov. 30, 2006.

Failure to file proofs of debt by the due date will exclude a
creditor from sharing in any distribution the company will make.

The Liquidator can be reached at:

         John Francis Managh
         Gladstone Chambers
         50 Tennyson Street (P.O. Box 1022)
         Napier
         New Zealand
         Telephone/Facsimile:(06) 835 6280
         Email: jmanagh@xtra.co.nz


MAINLAND FARMS: Creditors' Proofs of Debt Due on November 30
------------------------------------------------------------
On Oct. 30, 2006, Stephen John Tubbs and Warren Michael
Johnstone were appointed as joint liquidators of Mainland Farms
Ltd by order of the High Court.

Accordingly, the liquidators fix Nov. 30, 2006, as the last day
for the company's creditors to prove their debts.

The Joint Liquidators can be reached at:

         Stephen John Tubbs
         Warren Michael Johnstone
         c/o Barbara King
         BDO Spicers
         Level Six, Spicer House
         148 Victoria Street, Christchurch
         New Zealand
         Telephone:(03) 379 5155
         Facsimile:(03) 353 5526


PARTY JUKEBOX: Court Hears CIR's Liquidation Petition
-----------------------------------------------------
The High Court of Wellington heard a liquidation petition
against Party Jukebox & Karaoke (WN) Ltd on Nov. 20, 2006.

The Commissioner of Inland Revenue filed the petition 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


SHIRE HOMES: Court Sets Liquidation Hearing on February 8, 2007
---------------------------------------------------------------
On Oct 24, 2006, National Aluminium Ltd -- trading as Bradman's
Windows & Doors New Zealand -- filed before the High Court of
Auckland a liquidation petition against Shire Homes Ltd.

The Court will hear the petition on Feb. 8, 2007, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Alan John Sherlock
         Hesketh Henry
         Lawyers
         Level Eleven, 41 Shortland Street
         Auckland
         New Zealand


SIMPLY STOPPING: Creditors' Proofs of Debt Due on Feb. 10
---------------------------------------------------------
Joint Liquidators Vivian Judith Fatupaito and Colin Thomas
McCloy require the creditors of Simply Stopping Ltd to submit
their proofs of claim by Feb. 10, 2006.

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

The Joint Liquidators can be reached at:

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


SWINGLINE HOLDINGS: Creditors' Proofs of Claim Due on Dec. 15
-------------------------------------------------------------
Shareholders of Swingline Holdings Ltd appointed Graham Leonard
Hawkes as liquidator on Oct. 31, 2006.

Mr. Hawkes requires the company's creditors to submit their
proofs of claim by Dec. 15, 2006, for them to share in any
distribution the company will make.

The Liquidator can be reached at:

         G. L. Hawkes
         Graham Hawkes & Associates
         P.O. Box 90
         Kaiwaka
         New Zealand
         Telephone:(09) 431 2559


THEY SAY: Faces Liquidation Proceedings
---------------------------------------
A liquidation petition filed against They Say Consultants Ltd
was heard before the High Court of Auckland on Nov. 23, 2006.

AB Rental Ltd filed the petition with the Court on Aug. 7, 2006.

The Solicitor for the Petitioner can be reached at:

         G.P. Blanchard
         Kensington Swan
         18 Viaduct Harbour Avenue
         Auckland
         New Zealand


WOOD'S STEEL: Court to Hear Liquidation Petition on Nov. 30
-----------------------------------------------------------
The Commissioner of Inland Revenue on July 20, 2006, filed
before the High Court of Auckland a liquidation petition against
Wood's Steel Ltd.

The Court will hear the petition on Nov. 30, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Jonathan Ridling
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City
         New Zealand
         Telephone:(09) 262 9227)


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

FAIRCHILD SEMICONDUCTOR: Loses 1st Phase Trial in POWI's IC Suit
----------------------------------------------------------------
A jury found on Oct. 10, 2006, that Fairchild Semiconductor
International Inc. and Fairchild Semiconductor infringed four of
Power Integrations Inc.'s patents through their pulse width
modulation integrated circuit products.

The trial, held from Oct. 2 until Oct. 10, 2006, was the first
phase of POWI's patent infringement suit against the Company and
its subsidiary Fairchild Semiconductor.  In its decision, the
jury also found that the infringement was willful and assessed
damages of about US$34 million against the Company.  The final
damages award will be determined after resolution of the
remaining two phases.

The first phase covered infringement and damages issues. The
second phase, scheduled for trial on Dec. 4, 2006, pertains to
patent validity. The third phase will cover patent
enforceability concerns and will be held before the judge
overseeing the case.

POWI filed this suit on Oct. 20, 2004 in the United States
District Court for the District of Delaware, seeking permanent
injunctive relief from the manufacture, sale and importation of
infringing products into the United States. POWI also sought
monetary damages for past infringement.

The Company, along with Intersil Corp., also filed suit on
April 11, 2006, against POWI in the U.S. District Court for the
Eastern District of Texas. The Company claimed violation of U.S.
Patent No. 5,264,719, which is owned by Intersil, by POWI's PWM
products. The Company claims to have held exclusive rights to
this patent since 2001, and to have recently secured exclusive
rights to assert this patent against POWI. Plaintiffs seek a
Court order barring POWI from manufacturing, selling and
importing its PWM products, and to obtain monetary damages from
the allegedly infringing activities.

                        About Fairchild

Fairchild Semiconductor -- http://www.fairchildsemi.com/--  
supplies power products critical to leading electronic
applications in the computing, communications, consumer,
industrial and automotive segments.  Fairchild's 9,000 employees
design, manufacture and market power, analog & mixed signal,
interface, logic, and optoelectronics products.  The company has
locations in Korea, Malaysia, and the Philippines.

                          *     *     *

On November 10, 2006, the Troubled Company Reporter - Asia
Pacific reported that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. technology
semiconductor and distributor sector, the rating agency affirmed
its Ba3 corporate family rating on Fairchild Semiconductor Corp.


HERTZ CORP: S&P Holds BB- Corp Credit Rtg with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Hertz
Corp., including the 'BB-' corporate credit rating, and removed
them from CreditWatch, where they were placed with negative
implications June 26, 2006.

The outlook is negative.

"The rating affirmation is based on the successful completion
yesterday of a US$1.3 billion IPO by Hertz Global Holdings Inc.,
Hertz Corp.'s parent, of which US$1 billion proceeds will be
used to repay a US$1 billion loan that financed a US$1 billion
dividend to Hertz's owners in June 2006," said Standard & Poor's
credit analyst Betsy Snyder.

"However, the negative outlook reflects the company's more
aggressive financial policy, with all of the proceeds from the
IPO paid to the company's owners in the form of a dividend,
rather than retaining some proceeds at Hertz."

The ratings on Park, Ridge, New Jersey-based Hertz reflect a
weakened financial profile following its $14 billion leveraged
acquisition in December 2005, its owners' very aggressive
financial policy, and the price-competitive nature of on-airport
car rentals and equipment rentals.

Ratings also incorporate the company's position as the largest
global car rental company and the strong cash flow its
businesses generate.

Hertz was acquired from Ford Motor Co. by Clayton, Dubilier &
Rice Inc., The Carlyle Group, and Merrill Lynch Global Private
Equity, who combined now own a 72% stake after the US$1.3
billion IPO.

The acquisition, which added over US$2 billion of debt to
Hertz's balance sheet, has resulted in an increase in its
borrowing costs, and credit ratios have weakened from their
previous relatively healthy levels.  Hertz's financial policy
has become significantly more aggressive since its acquisition.  
Its owners completed a US$1 billion debt-financed dividend just
six months after acquiring the company and proceeds of the IPO,
after US$1 billion is used to repay debt incurred for the
dividend, will be paid to the owners as a dividend.

In addition, around two-thirds of the company's tangible assets
are now secured, versus around 10% prior to its acquisition.

Hertz, the largest global car rental company, participates
primarily in the on-airport segment of the car rental industry.  
This segment, which generates approximately 56% of Hertz's
consolidated revenues, is heavily reliant on airline traffic.  
Demand tends to be cyclical, and can also be affected by global
events such as wars, terrorism, and disease outbreaks.

Hertz's financial policy has become considerably more
aggressive.  Its owners have taken US$1.3 billion of dividends
from the company in less than a year, partially funded through
debt that was subsequently repaid with proceeds from an IPO.

Additional significant dividends would result in a downgrade.  
If the company were to delever without further significant
dividends, the outlook could be revised to stable.

                       About Hertz Corp.

Hertz Corp. -- https://www.hertz.com/ -- the largest global car
rental company, participates primarily in the on-airport segment
of the car rental industry.  This segment, which generates
approximately 69% of Hertz's consolidated revenues, is heavily
reliant on airline traffic.  Demand tends to be cyclical, and
can also be affected by global events such as wars, terrorism,
and disease outbreaks.  Through its Hertz Equipment Rental Corp.
subsidiary (HERC, 18% of consolidated revenues), Hertz also
operates one of the larger industrial and construction equipment
renters in the U.S., along with some European locations.  Hertz
has operations in Philippines, Hungary, and Peru, among others.


HERTZ CORP: Parent Selects VDM Specialists to Commence IPO
----------------------------------------------------------
VDM Specialists, LLC has commenced the trading of Hertz Global
Holdings, Inc., the largest worldwide general use car rental
brand, on the New York Stock Exchange (NYSE).  The initial
public offering or IPO comprised the sale of 88.2 million shares
of common stock priced at US$15 raising approximately US$1.32
billion for the company.

"We are excited to have joined the ranks of some of the world's
largest and most prestigious companies listed on NYSE," stated
Mark P. Frissora, Chief Executive Officer of Hertz Global
Holdings.  "VDM's guidance and support were instrumental to our
IPO's launch, and we look forward to working closely with our
new partner."

Commenting on the announcement, Robert Fagenson, CEO of VDM
Specialists, said, "Hertz is one of the most well-known brand
names in the world.  We are proud to have been chosen to
represent them.  As we continue to deliver quality markets in
the stocks we trade, Hertz's addition to our
family of NYSE-listed companies is another wonderful example of
the value-added partnerships we have with our listed company
clients."

VDM Specialists represents a variety of leading brand names,
including Coach Inc., Four Seasons Hotels Inc., Harley-Davidson
Inc., Hewlett-Packard Co., Saks Inc., Sealy Corp., Tiffany &
Co., and The Walt Disney Co.

              About Hertz Global Holdings, Inc.

Hertz Global Holdings, Inc., the indirect parent corporation of
The Hertz Corp., is the largest worldwide general use car rental
brand and one of the largest equipment rental businesses in the
United States.  In its car rental business segment, Hertz and
its independent licensees and associates accept reservations for
car rentals at approximately 7,600 locations in approximately
145 countries.

                       About Hertz Corp.

Hertz Corp. -- https://www.hertz.com/ --  the largest global car
rental company, participates primarily in the on-airport segment
of the car rental industry.  This segment, which generates
approximately 69% of Hertz's consolidated revenues, is heavily
reliant on airline traffic.  Demand tends to be cyclical, and
can also be affected by global events such as wars, terrorism,
and disease outbreaks.  Hertz has also grown its off-airport
business (12% of consolidated revenues), the segment of the car
rental business that is less cyclical and more profitable, but
which is dominated by 'A-' rated Enterprise Rent-A-Car Co.  
Through its Hertz Equipment Rental Corp. subsidiary (HERC, 18%
of consolidated revenues), Hertz also operates one of the larger
industrial and construction equipment renters in the U.S., along
with some European locations.  Hertz has operations in
Philippines, Hungary, and Peru, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its ratings on Hertz
Corp., including the 'BB-' corporate credit rating, and removed
them from CreditWatch, where they were placed with negative
implications on June 26, 2006.  The outlook is negative.


SBARRO INC: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Restaurant sector, the rating agency held
its
Caa1 Corporate Family Rating for Sbarro, Inc., and held its Caa1
rating on the company's $255 million Guaranteed 11% Senior
Unsecured Notes due on September 2009.  Moody's also assigned an
LGD4 rating to those bonds, suggesting noteholders will
experience a 53% loss in the event of a default.

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

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

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

                          About Sbarro

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in  
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of April 23, 2006, the
company owned and operated 482 and franchised 491 restaurants
worldwide under brand names such as "Sbarro,", "Umberto's," and
"Carmela's Pizzeria".  Total revenues for fiscal 2005 were
approximately US$348 million.  The company has restaurants in
Australia, Japan, New Zealand and the Philippines.


* Fitch Unlikely to Upgrade Philippines' Credit Rating
------------------------------------------------------
The Philippines is unlikely to receive an upgrade for its
sovereign debt rating from Fitch Ratings because of high
government debt and worries that the government will fail to
meet its fiscal targets next year due to the upcoming elections
next year, the Inquirer reports.

The Inquirer relates that James McCormack, Fitch's head of Asia
Sovereigns, told reporters that the Philippines had relatively
high debt as a percentage of the gross domestic product: 70%
last year.

"The country's debt to GDP ratio should fall to 40% to post
significant progress in economic growth and it should come down
to a ratio relative to the other countries' rating level," the
paper cites Mr. McCormack, as saying.

Inquirer notes that Fitch has a "BB" foreign currency issuer
default rating for the Philippines and a "BB+" local currency
rating.  This year, the agency raised its outlook on the
country's sovereign debt rating to "stable from "negative," the
paper adds.

Fitch will review the country's sovereign classification in the
first quarter of 2007, Inquirer says, noting that a credit
rating upgrade would substantially reduce the country's debt
service costs and attract long-term foreign investors.

                          *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."

On November 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


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

FIVE LINE: High Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered on Nov. 10, 2006, an order
to wind up the operations of Five Line Trading Pte Ltd.

Scanwell Investment Pte Ltd filed the wind-up petition against
the company.

Accordingly, all creditors of Five Line are required to submit
their proofs of debt to the company's liquidator.

The company's liquidator can be reached at:

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


FREESCALE: Extends Tender Offer for Senior Notes to Nov. 29
-----------------------------------------------------------
Freescale Semiconductor, Inc., has extended the expiration date
for its previously announced tender offers and consent
solicitations for any and all of its outstanding US$350,000,000
aggregate principal amount of 6.875% senior notes due 2011 and
any and all of its outstanding US$500,000,000 aggregate
principal amount of 7.125% senior notes due 2014 pursuant to the
Offer to Purchase and Consent Solicitation Statement, dated
Oct. 23, 2006.

Freescale announced that it is extending the expiration date for
the tender offers to 5:00 p.m. prevailing Eastern Time on
Nov. 29, 2006.  Freescale expects the settlement date for the
tender offers will be on Dec. 1, 2006.

The tender offers remain open and are scheduled to expire on the
expiration date, unless extended or earlier terminated.  The
tender offers are subject to the satisfaction of certain
conditions, including the receipt of specified financing, the
consummation of the merger pursuant to the previously announced
Agreement and Plan of Merger dated as of Sept. 15, 2006, by and
among Freescale, Firestone Holdings LLC and Firestone
Acquisition Corporation and certain other customary conditions.

As of 5:00 p.m. prevailing Eastern time on Nov. 20, 2006,
US$349,889,000 in aggregate principal amount of the 2011 Notes,
representing approximately 99.97% of the outstanding 2011 Notes,
had been validly tendered and US$499,925,000 in aggregate
principal amount of the its 2014 Notes, representing
approximately 99.98% of the outstanding 2014 Notes, had been
validly tendered.

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

Any questions or requests for assistance may be directed to
either:

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

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

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

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

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

                      About Freescale

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

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

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

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

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


LEAR CORP: Hikes Amount of Offered Notes to US$900 Million
----------------------------------------------------------
Lear Corp. has priced the offering of US$900 million in new
senior notes.  This offering is an increase of US$200 million
from the US$700 million offering amount previously announced by
Lear.

The US$900 million offering includes US$300 million in senior
notes due 2013 and US$600 million in senior notes due 2016. The
notes will be senior unsecured obligations of the company.  The
US$300 million of seven-year notes will be sold at par and will
bear interest at a rate of 8.50%.  The US$600 million of ten-
year notes will be sold at par and will bear interest at a rate
of 8.75%.  The financing is scheduled to close on November 24,
2006.

These new notes will be purchased by Citigroup Global Markets
Inc. and are expected to be eligible for resale under Rule 144A
of the Securities Act of 1933.

Lear intends to use the net proceeds from this offering to pre-
fund the repayment or repurchase of any and all of Lear's
outstanding 8.125% senior notes due 2008 and a substantial
portion of the outstanding 8.11% senior notes due 2009.

This news release is not an offer to purchase, nor a
solicitation of an offer to sell, any securities.  The notes
have not been registered under the Securities Act of 1933, as
amended, or applicable state securities laws and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws.

                    About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior   
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, the Philippines and Thailand.

                          *     *     *

Moody's Investors Service assigned on Nov. 20, 2006, a B3, LGD4,
61% rating to Lear Corp.'s new offering of US$700 million of
unsecured notes.  At the same time, Moody's affirmed Lear's
Corporate Family Rating of B2, Speculative Grade Liquidity
rating of SGL-2 and negative outlook.  All other long-term
ratings are unchanged.

Standard & Poor's Ratings Services also assigned its 'B-'
ratings to Lear Corp.'s US$300 million senior notes due 2013 and
its US$400 million senior notes due 2016.  Lear's 'B+' corporate
credit and other ratings were affirmed.  S&P said the outlook is
negative.

Standard & Poor's also affirmed the 'B+' rating on the US$1
billion first-lien term loan.  Standard & Poor's corporate
credit rating on Lear Corp. is B+/Negative/B-2.  The
speculative-grade rating reflects the company's depressed
operating performance caused by severe industry pressures.


LEAR CORP: Launches Private Offering of US$700MM Senior Notes
-------------------------------------------------------------
Lear Corp. is offering US$300 million aggregate principal amount
of senior unsecured notes due 2013 and US$400 million aggregate
principal amount of senior unsecured notes due 2016.  The notes
will be guaranteed by certain direct and indirect subsidiaries
of Lear Corporation. Lear also intends to commence a tender
offer of up to US$700 million for its existing 2008 and 2009
senior notes.

The new notes will be privately placed to eligible purchasers
and are expected to be eligible for resale under Rule 144A of
the Securities Act of 1933.  The private offering of the notes
will be made within the United States to qualified institutional
buyers and outside of the United States to non-U.S. investors.

The notes being offered have not been registered under the
Securities Act of 1933, as amended, or applicable state
securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws.

Lear intends to use the net proceeds of the note offering to
pre-fund the repayment or repurchase of Lear's outstanding
8.125% senior notes due 2008 and a portion of outstanding 8.11%
senior notes due 2009 through the commencement of a cash tender
offer for up to US$700 million (or its equivalent) in face
amount.  Pending such repayment or repurchase, the net proceeds
will be used for general corporate purposes.

The terms and conditions of the tender offer will be stated in
Lear's Offer to Purchase and will be conditioned upon, among
other things, completion of the US$700 million private offering
referred to above and other customary closing conditions.  Lear
intends to offer to purchase the 2008 Notes for cash at a
purchase price of EUR1.045 per EUR1,000 principal amount at
maturity plus accrued interest and the 2009 Notes at a purchase
price of US$1,055 per US$1,000 principal amount at maturity plus
accrued interest.

                     About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior   
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, the Philippines and Thailand.

                          *     *     *

Moody's Investors Service assigned a B3, LGD4, 61% rating to
Lear Corp.'s new offering of US$700 million of unsecured notes.  
At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.  All other long-term ratings are unchanged.

Standard & Poor's Ratings Services also assigned its 'B-'
ratings to Lear Corp.'s US$300 million senior notes due 2013 and
its US$400 million senior notes due 2016.  Lear's 'B+' corporate
credit and other ratings were affirmed.  S&P said the outlook is
negative.

Standard & Poor's also affirmed the 'B+' rating on the US$1
billion first-lien term loan.  Standard & Poor's corporate
credit rating on Lear Corp. is B+/Negative/B-2.  The
speculative-grade rating reflects the company's depressed
operating performance caused by severe industry pressures.


LEAR CORP: Moody's Rates US$700-Million Sr. Notes Offering at B3
----------------------------------------------------------------
Moody's Investors Service has assigned a B3, LGD4, 61% rating to
Lear Corp.'s new offering of US$700 million of unsecured notes.  
At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.  All other long-term ratings are unchanged.

The new unsecured notes will consist of a US$300 million issue
with a seven-year maturity and a US$400 million issue with a
ten-year maturity.  Both issues will benefit from upstreamed
guarantees from the identical set of subsidiaries that guarantee
its secured bank debt and its other unsecured notes. Lear will
use the proceeds from the new notes to tender for all of its
outstanding EUR237 million (approximately US$304 million) notes
due in 2008.  The remainder of the proceeds will be used to
repurchase a portion of its 2009 notes, of which US$593 million
in aggregate principal were outstanding in mid-November.  Both
the 2008 and 2009 issues are unsecured obligations.  Should the
tender and repurchase be successful, there would be no material
increase in the level of Lear's indebtedness.  Depending upon
the coupon established on the new notes, interest expense may
change, but no significant variance is anticipated. The
financing will also extend the company's debt maturity profile.

Lear's Corporate Family rating of B2 considers weak scores under
the Auto Supplier methodology for profitability, leverage and
cash flow variability, which have evolved over the last 18
months.  Lear's EBIT margins, currently 2.3% on an LTM basis,
and its EBIT/interest coverage of 1.4 times are more
characteristic of single B credits.  Nonetheless, the
methodology would suggest a higher rating from strong scores for
substantial scale, leading global market share, operating
efficiencies, improved liquidity, and increasing customer and
geographic diversification.  The methodology also recognizes
healthier scores for Lear's reinvestment rate in support of new
business awards.  Those awards are expected to grow revenues and
enhance customer diversification over time.  However, the B2
rating emphasizes current pressures within the cyclical
automotive supplier industry, the company's elevated leverage,
and, importantly, Lear's ongoing dependence upon revenues with
General Motors (with 28% of global revenues in 2005) and Ford
Motor Company (with 25%).  In part, this pressure arises from
lower volumes in Ford and GM's truck and SUV models on which
Lear historically has had significantly higher content per
vehicle.

The negative outlook considers the challenging environment for
profitability in North America as build-rates at Lear's major
customers have declined and commodity costs have not been fully
recovered or offset through other efficiencies.  The outlook
also incorporates the downside risks from North American
consumer interest in light trucks, exposure to developments in
General Motors' and Ford's North American market shares, as well
as industry uncertainty arising the expiration of labor
agreements between the Big 3 North American OEMs and the UAW in
the fourth quarter of 2007.  Should satisfactory accords not be
reached prior to the end of the contracts, any prolonged
disruption to production could adversely affect Lear's volumes
and potentially stress other suppliers with whom it may have
some dependency.  Lear has recently received US$200 million in a
new equity investment from funds managed by Mr. Carl Icahn,
which has enhanced its capital structure and liquidity profile.  
Similarly, it is evaluating contributing substantially all of
its North American Interior business into venture being
structured with an entity controlled by Mr. Wilbur Ross.  Should
an agreement be concluded, and depending upon its final
structure and timing, Lear's credit metrics may improve, as its
North American Interior segment has generated negative EBITDA
over the last twelve months.

Moody's assigned these ratings:

   -- Senior unsecured notes maturing in 2013, B3 LGD4, 61%; and

   -- Senior unsecured notes maturing in 2016, B3 LGD4, 61%.

Moody's affirmed these ratings:

   -- Corporate Family, B2;

   -- Probability of Default, B2;

   -- Outlook, negative;

   -- First Lien Term Loan, B2 LGD4, 50%;

   -- US$400 million 5.75% Senior Unsecured notes,
      B3 LGD4, 61%;

   -- EUR250 million 8.125% notes, B3 LGD 4, 61%;

   -- US$800 million 8.11% notes, B3 LGD4, 61%;

   -- US$515 million zero-coupon convertible notes,
      B3 LGD4, 61%;

   -- Senior unsecured shelf, (P)B3 LGD4, 61%;

   -- Subordinated shelf, (P)Caa1 LGD6, 97%;

   -- Preferred shelf, (P)Caa1 LGD6, 97%; and

   -- Speculative Grade Liquidity rating, SGL2.

The last rating action was on Nov. 7, 2006, when Lear's
liquidity rating was renewed at SGL-2.  Should the entire amount
of Lear's 2008 notes be redeemed, ratings on those notes will be
withdrawn.

The B3 LGD4, 61% rating assigned to the new notes recognizes
their junior position relative to the company's senior secured
bank debt, which consists of a US$1.7 billion revolving credit,
which is not rated, and a US$1.0 billion term loan.  Collateral
supporting the bank debt consists of shareholdings in certain
material domestic and international subsidiaries and certain
other assets.  However, negative pledge clauses under Lear's
indentures limit the extent of assets which can pledge to
lenders without equally and ratably securing the notes.
Currently, the more restrictive of those clauses are in the
indentures covering the 2008 and 2009 notes.  They specify a
basket of 5% of defined consolidated assets (as well as certain
other carve-outs).  The recovery rates on both secured and
unsecured obligations reflect the benefits and limitations of
those restrictions.

Indentures for the new notes are proposed to have a different
lien basket than those in Lear's earlier notes.  Lear's notes
due in 2014 (principal amount of US$400 million) have a general
lien basket of 10% of defined consolidated assets.  The new 2013
and 2016 notes will also have a 10% basket but will exclude
liens securing the company's senior bank credit facilities up to
US$3 billion less amounts of the 2014 notes which might be given
equal and ratable treatment.  However, while amounts remain
outstanding under the indenture covering the 2008 and 2009
notes, those note holders continue to benefit from their more
restrictive provisions.  This could permit a future situation in
which the bank credit facilities could expand their collateral
(potentially with equal and ratable treatment to the 2014 note
holders) without providing equal and ratable treatment to the
2013 and 2016 note holders.  The indentures for the 2013 and
2016 notes will have a more specific change in control provision
than earlier issues.  However, should control be deemed to have
passed to funds managed by or affiliated with Mr. Icahn, no
defined change in control event will have occurred.

                    About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior   
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, the Philippines and Thailand.


PDC CORP: Posts Update on Subsidiary's Co-operation Agreement
-------------------------------------------------------------
As reported in the Troubled Company Reporter -- Asia Pacific on
Nov. 21, 2006, PDC International Pte Ltd, a wholly owned
subsidiary of PDC Corp Ltd, has inked a Co-operation Agreement
with the Regency Government of Toba Samosir/Pemerintah Kabupaten
Toba Samosir, for the proposed development of corn plantations.

In relation to this, the Group has built a team with the
requisite experience and expertise to carry out the proposed Co-
operation Agreement.

The team consists of:

   * Professor Paul P.S. Teng

     Professor Paul P.S. Teng was appointed as the company's
     non-executive independent director on Nov. 16, 2006.  
     Professor Teng graduated in 1973 with First Class Honors
     in Bachelor of Agricultural Science, from Lincoln
     College, University of Canterbury, New Zealand and
     obtained on 1978, a Ph.D. in agricultural
     microbiology/systems research from the same university.
     He specializes in epidemiology, agricultural/food
     systems research, science communication and development
     management.

     Professor Teng currently holds these positions:

     -- Head of the Natural Sciences & Science Education
        Academic Group of the National Institute of Education,
        an institute of Nanyang Technological University in
        Singapore;

     -- Vice chairman of the board of the International Service
        for the Acquisition of Agri-biotech Applications;

     -- President of the board of the Asia-Pacific Regional
        Technology Center, Thailand; and

     -- Member of the editorial boards of Agricultural Systems
        and the Chinese Journal of Agricultural Biotechnology.

   * Professor Zhou Yuche

     Professor Zhou Yuche will be appointed on Nov. 28, 2006,
     as a director of HLH Agri R&D Pte Ltd, a wholly-owned
     subsidiary of PDC Corp.  Professor Zhou graduated in 1990
     with First Class Honours of Bachelor in Agricultural
     Science, from Beijing Agricultural University, currently
     known as China Agricultural University.  Professor Zhou
     used to head the Agriculture R&D in Jilin Agriculture
     Research Centre and specialized in corn research.  

   * Professor Hsiao Wen Yun

     Professor Hsiao Wen Yun obtained his master degree in
     Aquaculture from the Taiwan Ocean University and his
     doctorate degree in Aquaculture from the Philippines
     University, Aquaculture Department.  He was appointed as
     the director of Agri Aqua Biotechnologies (Singapore) Pte
     Ltd on Nov. 20, 2006.

PDC Corp estimates to invest approximately US$50 million in the
proposed Co-operation Agreement, which will be funded through
bank borrowings and equity fund raising.  The amount is expected
to be disbursed over a period of 18 months commencing from the
second quarter of 2007.  

On the other hand, the proposed Co-operation Agreement
represents an augmentation of a new business aside from the
Group's current business, which is property development and
construction.  The proposed Co-operation Agreement in the
agriculture business segment is believed to generate a potential
new revenue stream.  Accordingly, the company will seek the
approval of its shareholders concerning the Co-Operation
Agreement.

                         About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued a report on
the company's financial statement for the year ended Dec. 31,
2005, highlighting a going concern issue, but without qualifying
their opinion.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


PDC CORP: Appoints Teng Paul Piang-Siong as Director
----------------------------------------------------
PDC Corp Ltd has appointed Teng Paul Piang-Siong as Non-
Executive Independent Director of PDC Corp, effective on
November 16, 2006.

Accordingly, the company's Board of Directors comprises of:

   * Dr. Wang Kai Yuen -- Chairman-Non-Executive Independent
     Director;

   * Gan Wui Koh -- Chief Operation Officer and Executive
     Director;

   * Mah Peek Sze Patsy -- Executive Director;

   * Luar Eng Hwa -- Non-Executive Independent Director;

   * Dr. Chen Seow Phun, John -- Non-Executive Independent
     Director;

   * Professor Teng Paul Piang-Siong -- Non-Executive
     Independent Director; and

   * See Tow Siew Chuan -- Non-Executive Director

Mr. Teng has been the chairman and member of the Board of Asia
Biobusiness Pte Ltd.

                         About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued a report on
the company's financial statement for the year ended Dec. 31,
2005, highlighting a going concern issue, but without qualifying
their opinion.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


PDC CORP: Shareholder Reduces Holdings of Direct Shares
-------------------------------------------------------
Teo Kee Bock, a substantial shareholder of PDC Corp Ltd has on
Nov. 16, 2006, reduced the number of direct shares he held in
the company due to the sales in the open market at his
discretion.

Before the change, Mr. Teo held 87,500,000 direct shares with
7.06% issued share capital.  Presently, Mr. Teo holds 72,500,000
direct shares with 5.85% issued share capital.

                         About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued a report on
the company's financial statement for the year ended Dec. 31,
2005, highlighting a going concern issue, but without qualifying
their opinion.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


SEE HUP SENG: Updates on Placement Agreement with Subscribers
-------------------------------------------------------------
The Troubled Company Reported Asia - Pacific reported on
July 26, 2006, that See Hup Seng Limited has entered into a
placement agreement with its subscribers to undertake an
aggregate of 18,800,000 new ordinary shares in the company's
capital at SGD0.11 per placement share.

In relation with this, See Hup Seng, on Nov. 21, 2006, disclosed
that Pek Choon Heng and Chan Hiang Ngee, two of its subscribers,
have submitted a notice to exercise their option to subscribe
for their full entitlement of 1,000,000 placement shares each at
an option price of SGD0.12 per new share.

The listing and quotation of the 2,000,000 new shares in the
Stock Exchange of Singapore Dealing and Automated Quotation
System is expected to take place on Nov. 28, 2006.

Moreover, on Nov. 9, 2006, subscribers Lee See Kee and Aw Yong
Wee, have also submitted a notice to exercise their options to
subscribe for their full entitlement of 2,800,000 and 2,000,000
placement shares respectively at an option price of SGD0.12 per
share.

The listing and quotation of the 4,800,000 new shares on the
SGX-Sesdaq had taken place on Nov. 16, 2006.

                      About See Hup Seng

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

                       Significant Doubt

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


SELCO NAVIGATION: Pays First and Final Dividend
-----------------------------------------------
Selco Navigation Pte Ltd, which is in compulsory liquidation,
has paid the first and final dividend to its creditors on
Nov. 20, 2006.

The company paid 2.9277% to a dollar to all submitted proofs of
debt.

The company's liquidators can be reached at:

         Ramasamy Subramaniam Iyer
         Goh Thien Phong
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


TRADEWIND GROUP: High Court to Hear Wind-Up Petition on Dec. 1
--------------------------------------------------------------
On Nov. 6, 2006, SG Universal Trading Pte Ltd filed before the
High Court of Singapore a petition to wind up Tradewind Group
Pte Ltd.

Accordingly, the High Court of Singapore will hear the wind-up
petition on Dec. 1, 2006, at 10:00 a.m.

SG Universal's solicitors can be reached at:

         Tan, Lee & Choo
         No. 1 Park Road
         #04-04 People's Park Complex
         Singapore 059108


VITASENCE BIOTECHNOLOGY: Wind-Up Petition to be Heard on Dec. 8
---------------------------------------------------------------
Vitasence Biotechnology Pte Ltd has been presented a wind-up
petition by Ogilvy & Mather (Singapore) Pte Ltd on Nov. 13,
2006.

The High Court of Singapore will hear the wind-up petition on
Dec. 8. 2006, at 10:00 a.m.

The Petitioner's solicitor can be reached at:

         Acies Law Corporation
         1 Raffles Place
         #39-01 OUB Centre
         Singapore 048616


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

BANGKOK STEEL: Files Amended Petition to Modify Rehab Plan
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Oct. 3,
2006, that Economic Intellect Co Ltd and CJ Morgan Co Ltd, as
plan administrators of Bangkok Steel Industry Pcl, filed a
petition before the Central Bankruptcy Court to modify its
rehabilitation plan.  

Hearing of the petition originally was originally set on
November 6 and later moved to November 13 due to a petition
filed by Thai Asset Management Co Ltd -- the company's creditors
-- objecting to the modification.

On November 17, 2006, the plan administrators filed an amended
petition -- taking into account the resolution of the company's
creditors' meeting and the consideration of the Bankruptcy Court
-- before the official receiver.

The Amended Petition to Modify Rehabilitation Plan, among
others, provides:

1. The adjustment of the capital structure:  

       The quantity of increased common shares to be allocated
       to pay debts to creditors, in case of converting debt to
       equity, will not exceed 1,440 million shares based on the
       regulation of distributing shares to minor shareholders
       of the Stock Exchange of Thailand.

2. The payment to creditors on behalf of the guarantor's company
   and or the mortgager of assets as collateral:  

       The condition and payment method is based on the mutual
       agreement between the company's guarantors and
       mortgagers and the creditors in order to prevent the
       company from making double payment.

3. The designation of the plan administrators to adjust payment
   schedule and claim back assets or sum of money which
   creditors have been overpaid by the company.  This is in
   conformance with the ultimate order which allows creditors to
   receive payment less than what is specified the  in the
   application to receive performance as the payment schedule
   was calculated from the base of debt in the application of
   each creditors.

   The official receiver has currently ordered, based on the
   Adjustment of debt, to reduce the debt of many creditors to
   Approximately THB13.542 million and is currently waiting for
   the approval of the Central Bankruptcy Court.

4. The payment of debt before maturity date:  

       The plan administrators will be allowed to pay debts
       before its maturity date as equivalent to its present
       value and setting it as the criteria of payment of the
      plan administrators to all the company's creditors.

The company's creditors will hold a meeting to consider the
amended petition to modify the rehabilitation plan on Dec. 13,
2006, 9:30 a.m. at Conference room No. 1103, 11th Floor, Bangkok
Insurance Bldg., South Satorn Road, Bangkok.

                          *     *     *

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel  
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the Company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

On December 22, 2003, the Supreme Court ordered the Company to
rehabilitate its business in accordance with Thailand's
Bankruptcy Act.  On April 19, 2004, the Central Bankruptcy Court
appointed C.J. Morgan Co., Ltd. and Panya Intellect Co., Ltd. to
be its business rehabilitation planners.  The comptroller of
Bankruptcy head invited the debtors, creditors and lenders to
lodge the claim for settlement of debts with the Company.  The
total claims lodged by the appellants amounted to approximately
THB59.09 billion which were the outstanding balance in the
Company's accounts approximately THB18.91 billion and
commitments and contingent liabilities of THB40.18 billion.

The Company's business rehabilitation plan, dated December 19,
2004, was accepted three days later, and on February 7, 2005,
Thailand's Central Bankruptcy Court entered an order approving
that plan.   

On November 30, 2005, the creditors' meeting moved to amend the
Company's business rehabilitation plan, which the Central
Bankruptcy Court agreed to on December 26, 2005.


TANAYONG PCL: Shareholders' Meeting Slated for Dec. 18
------------------------------------------------------
Shareholders of Tanayong Pcl will hold their extraordinary
general meeting on December 18, 2006, at 10:30 a.m.

The meeting will be held at Four Seasons Hotel, Ballroom, 155,
Rajadamri Rd. Lumpini, Pathumwan, Bangkok.

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with certain SET
requirements.

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

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

                             Going Concern

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

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


TANAYONG PCL: Completes Rehab Plan; Names New Investors
-------------------------------------------------------
On November 22, 2006, Tanayong Pcl's chairman, Keeree Kanjanapas
named the company's new strategic investors following completion
of its rehabilitation plan, The Nation reports.

The four strategic investors are:

    -- K2J Holding, owned by the Kanjanapas family, holding
       37.5% stake in Tanayong;

    -- Dubai Investment Group, taking 16.5% stake;

    -- Cheng Yu Tung, chairman of the New World Group, owning
       7.5% stake; and

    -- UOB Asia, taking 10%.

Other financial investors will hold 8.5%.

According to Mr. Keeree, "the new strategic investors would
strengthen the company's financial status and real-estate
operations as its new investors have global investment
portfolios and a large market base."

In addition, Tanayong would have a new management team with new
directors as representatives of the new investors.

The team, according to the Bangkok Post will now focus
exclusively on property, after having run up tens of billions of
baht as the largest investor in the Bangkok skytrain.

"Our revenue from now on will stem from two main streams:
ongoing projects; and new development projects focusing on the
high-end niche market," Rangsin Kritalug, Tanayong's deputy
manager, told the Post.

Currently, Tanayong is developing a THB300-million residential
area of 6,000 square meters on Rajdamri Road that will generate
THB20 million a month from rentals, the Nation relates.   

The second project is the 27,000-square-metre Thana City
Condominium, worth THB500 million to THB600 million, and there
are 20,000 Ua Athorn units, worth a total of THB8.4 billion,
which is expected to realize full revenues in 2007-09.

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with certain SET
requirements.

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

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

                          Going Concern

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

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


THAI DURABLE: Mulls on Changing Business to Property Development
----------------------------------------------------------------
Thai Durable Group Plc plans to change its core business to
property development after it closed its yarn, fabric and
garment factories and laid off nearly all its employees, the
Bangkok Post reports.

Thai Durable went into massive layoffs starting last year.

Currently, Thai Durable has just 61 staff members, down from
1,045 to slash operating costs and reduce its debt burden, the
Post relates.

As reported by the Troubled Company Reporter - Asia Pacific on
April 19, 2006, Thai Durable disclosed that it is conducting a
feasibility study to change its business nature from textile to
property development.

According to the TCR-AP, the company will use its 100-Rai land
worth THB1 billion -- located at 33 Moo 4 Suksawadi Road,
Thumbon Bangjak, in Phrapradang District, Samutprakarn Province
-- and is seeking a joint venture with foreign investors.

Thai Durable, in a disclosure statement filed before the Stock
Exchange of Thailand on Nov. 21, said it had contacted financial
institutions, including Lehman Brothers Asia, for advise on its
property development strategy.

However, Lehman said, after appraising the lot in July and
August this year that it would not be able to provide financial
support or invest in the company.

Nonetheless, they are still looking for other financial
institution and other investors, the company told the SET.


                          *     *     *


The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

The Company is currently under the Non Performing Group Sector
of the Thailand's Stock Exchange.

As reported buy the Troubled Company Reporter - Asia Pacific on
November 22, 2006, Thai Durable posted a THB47.085 million net
loss on THB19.781 million revenues in the second quarter ended
June 30, 2006.

In addition, as of June 30, 2006, the company's consolidated
balance sheet reflected strained liquidity with THB71.154
million in current assets available to pay THB863.28 million in
current liabilities.

                       Going Concern Doubt

After auditing Thai Durable's financial report for the second
quarter ended June 30, 2006, Jadesada Hungsapruek of Karen Audit
Co Ltd raised substantial doubt on the company's continued
operation as a going concern.

The auditor specifically pointed at the company's recurring
losses from operations and to the company's capital deficit of
THB2.228 million as of June 30, 2006.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
------                         ------     ------   ------------

AUSTRALIA

Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Orbital Corporation Limited       OEC      14.01       -4.86
RMG Limited                       RMG      22.33       -2.16
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      97.05      -70.08


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      18.76      -44.61
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology Holdings      8057      14.10       -2.07
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Fujian Sannong Grp. Co. Ltd.      732      44.23      -92.62
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54  
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiamusi Paper Co. Ltd.            699     101.37      -67.36
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Magnum International Holdings
   Limited                        305      10.35       -5.83
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     242.25      -21.46
New World Mobile Holdings Ltd     862     295.66      -12.53
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd                1013      24.00       -3.15
Shandong Jintai Group Co. Ltd.  600385     19.58      -12.18
Shanghai Xingye Housing
   Company Ltd                 600603      14.90      -72.98
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Sun's Group Manufacturing
   Company Limited                988     103.02      -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.48       -7.15
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Sporting and
  Touring Goods Co. Ltd.          925      27.73      -31.93


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Voksel Electric Tbk              VOKS      44.01      -11.74
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe Tbk                  SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Unitex Tbk                       UNTX      29.08       -5.87


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Antah Holdings Bhd                ANT     184.65      -98.29
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      50.74      -25.55
Gefung Holdings Bhd              GFHB      21.68       -1.74
Jin Lin Wood Industries Berhad    JLW      21.68       -1.74
KIG Glass Industrial Berhad       KIG      15.76      -24.61
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     188.83      -60.07
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Global Equities Inc.              GEI      24.18       -1.81
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      57.98       -5.20
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
SungKwang Co., Ltd.             41140      19.06       -1.60
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96  


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98  
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80  
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      12.69       -6.13  
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24



* Leveraged Buyouts in Asia-Pacific Still Evolving, Fitch Says
--------------------------------------------------------------
In a special comment published on Nov. 22, 2006, Fitch notes
that leveraged buyout activity in Asia-Pacific is growing
rapidly, reflecting strong global liquidity, favorable
macroeconomic conditions and the improved credit profiles of
target companies in the region.

However, LBO activity in Asia-Pacific remains in its infancy
compared to mature markets in Europe and the US, and the ongoing
development of the market here will continue to be challenged by
factors unique to the region.

"The LBO financing model in Asia-Pacific has to differ from
those in the US and Europe for a number of reasons, including
the fact that Asia-Pacific is a less homogeneous market, with
each country in the region having its own distinct legal and
regulatory framework," said Siew Huey Loong, director in Fitch's
Asia-Pacific Corporate Ratings Group.  "Given the unique issues
faced in some of the key Asian markets, financing structures
that address these issues efficiently and robustly will need to
evolve over time."

In the commentary, Fitch highlights some of these issues and
challenges faced in arranging LBOs in certain Asian countries,
including obtaining legal and regulatory approval for
transactions as well as difficulties in servicing offshore debt
from onshore assets and the typical presence of structural
subordination for even the senior debt in the financing
structure.  Additionally, a comparison is made between the LBO
financing model in Asia and those in Europe and US, reflecting
the fact that LBOs in Asia trail behind US and Europe in
evolution.  "Although the European LBO market has had to cope
with a myriad of legal, tax and regulatory considerations, it is
a relatively more mature market and sophisticated financing
structures have been developed to address these issues in recent
years," Ms. Loong added.

The commentary also focuses on recovery analysis, which is a key
consideration in LBO transactions, given its impact on the
ratings of the debt instruments within a financing structure.
Fitch's view of the anticipated level of recovery for any given
debt instrument is reflected in the Recovery Ratings it assigns.
Recovery Ratings take into consideration security enforceability
and insolvency regime within each jurisdiction.  Given the
uncertainties surrounding security enforceability and the
untested insolvency regimes in countries such as India, China
and Indonesia, Fitch does not give credit to security when
assessing Recovery Ratings in these jurisdictions, meaning that
instrument ratings on apparently well-secured debt cannot be
notched up from the relevant Issuer Default rating.

The publication of Fitch's commentary coincides with an
increasing number of leveraged buyouts in Asia, with significant
growth experienced in certain countries such as Australia and
Taiwan, and China and India earmarked as potential growth
markets.  This recent growth has been facilitated by a number of
factors including improved business stability and growth, strong
liquidity in the region and strong credit profiles of the
corporate universe following significant deleveraging.

The special commentary is available on the agency's Web site at
http://www.fitchratings.com and is the first of a series of  
commentaries that will review the leveraged buyout market in the
Asia-Pacific region.


                            *********

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 ***